A lot has been happening in the world of cryptocurrency of late and as a flag off, we will be bringing you five juicy news stories from the industry this week. Stay tuned as we delve into news.
- 1 Analyst Predicts Boom for Bitcoin
- 2 Top Indian Companies Bank On Cryptocurrency For Internal Use
- 3 Bittorrent Launches Cryptocurrency
- 4 South Africa Constitutes Working Group To Explore Cryptocurrency Potential
- 5 Paying Taxes In Bitcoin: Retailer Overstock Says It Will Pay Ohio Using Digital Money
Analyst Predicts Boom for Bitcoin
Clem Chambers, an author on Trading Cryptocurrencies, told the Standard that he invested between $1,000 and $2,500 on most of his initial Bitcoins and sold them at $18,000.
He predicts another boom for the cryptocurrency in the future.
“Bitcoin will boom again in a year and blockchain/cryptocurrencies and other applications will define the next 25 years in the same way as online/dotcom has defined the last 25,” he said.
Personal comment: I believe that it is quite a bit early for anyone to predict the kind of year which Bitcoin will have, especially going with the fact that it has not been performing so well. If you are thinking of investing, I want you to take a little time to look at the trends before you make the choice to invest.
Top Indian Companies Bank On Cryptocurrency For Internal Use
Several top corporates and banks are experimenting with virtual currency as a more transparent treasury management tool for optimal utilisation of working capital, settlement among subsidiaries and paying vendors and suppliers while being cautious about regulatory compliance.
Even as bitcoin loses sheen, some companies and banks are looking to use digital currency for their internal operations based on blockchain technology, said people with direct knowledge of the matter. They said Hindustan Unilever Ltd (HUL), Reliance Industries Ltd (RIL), HDFC Bank and ABG Shipyard are among those running such pilots for internal treasury management, record keeping and trade finance functions. ET spoke to some of the people working directly on blockchain pilots.
Personal comment: On a regular basis, I have noticed that the news coming from India’s cryptocurrency sector has been positive. The government has been showing positive stand towards the industry and this particular news is very good. It helps to reinstate the validity of cryptocurrency and show that it will take over traditional currencies.
Bittorrent Launches Cryptocurrency
Peer-to-peer file sharing platform BitTorrent will launch its own cryptocurrency with the aim of creating an economy around networking, bandwidth and storage.
Crypto tokens, dubbed BitTorrent (BTT), will be added to the company’s widely-used Windows client uTorrent.
Personal comment: I believe this is a positive move for the industry as BitTorrent is one of the world’s largest sharing sites. More than a billion people use torrent and I think it would be a nice investment for any aspiring investor since the popularity of BitTorrent is undisputed.
South Africa Constitutes Working Group To Explore Cryptocurrency Potential
According to a recent report on local news media Business live, the South African government has constituted a regulatory working group to evaluate the prospects of cryptocurrency and blockchain in the country. The crypto industry is exponentially growing in South Africa, and the growth has mandated the government to come up with some kind of regulatory framework to bring the digital coins under its purview.
Personal comment: Some time ago, some experts stated that the craze of cryptocurrencies would die down and countries would not consider them. I wish those experts are here to see this news. Slowly, Africa is warming up to the embrace of Cryptocurrencies and it will not be long before other heavyweight countries like Nigeria, Egypt, Ghana and others choose to embrace cryptocurrencies. Hopefully, there would be a burst of ICO launch from that part of the globe
Paying Taxes In Bitcoin: Retailer Overstock Says It Will Pay Ohio Using Digital Money
Online retailer, Overstock, announced it would pay a part of its Ohio state business tax using the famous digital currency. The move comes after the state last fall unveiled a first-of-its-kind payment portal called OhioCrypto, which lets companies remit taxes using cryptocurrency.
In an interview with Fortune, Ohio Treasurer Josh Mandel said the Bitcoin tax collection program is aimed at providing convenience to businesses, and branding the state as a leader in the adoption of blockchain technology.
Personal comment: it is comforting to see that many organizations are slowly getting to make use of the Blockchain Technology in their business practice. Also, the fact that a big company has decided to pay its taxes in Bitcoin speaks a lot of positive volumes for the industry. With Overstock making this bold move, we will be seeing a glut of more companies paying their taxes with Bitcoin and other coins.