Opinions

Bitcoin This Week, from Sacrifices to Leading the Market

Bitcoin has Sacrificed Many Times

Hugo Nguyen, a crypto analyst, expressed his thoughts on the debate started by Tuur Demeester, founder of Adamant Capitol. On the topic which compared ethereum with bitcoin, Hugo added his consent by explaining the singular aspects of bitcoin. He said that bitcoin maintained its status and worth to its users by sacrificing for quite long. He further added that this was something so unique about bitcoin that no other cryptocurrency shared this trait with the bitcoin. He concluded that bitcoin was more probable to be adopted instead of ethereum.

Mati Greenspan Predicts 2019 to be Great for Bitcoin

Mati Greenspan, a senior market analyst of eToro, considers last year to be great for bitcoin. He said that like last year, this year will be promising and prospective for bitcoin as well. He disclosed that Bakkt could pave way for bitcoin’s mass adoption. He also commented on ETF by telling that he didn’t expect ETF to happen any soon. Apart from this, Mati expects that the process of regulation in many countries will see progress in the near future.

Bitcoin and Blockchain are not the Same

People have been possessing a misconception regarding crypto and blockchain. Bitcoin started out as a blockchain but later evolved into a cryptocurrency so people apply the same meaning to both, crypto and blockchain. Blockchain is the technology behind cryptocurrency. While communicating with BlockPublisher, Greg Misiorek who is a member at BIS LLC compared both, crypto and blockchain. He said that both of them are permissionless and open to access but, only, blockchain had sponsors and admins.

Bitcoin will Manage to Survive

Many experts hold a different school of thought for bitcoin and its performance in the future. For instance, Anthony Parker, founder of Cuberoot64, predicts that bitcoin and ethereum will survive the year whereas many other tokens are likely to die. Thomas Power, a board member at Blockchain Industry Compliance and Regulation Association (BICRA), thinks this year will be not the year of crypto. He said that crypto will prevail from the year 2020 to 2022 as this would be the time when fiat would be collapsing, leaving a gap to be filled by crypto.

Overstock Steps in Bitcoin Tax Payment

In the past, Ohio State took the initiative of allowing bitcoin tax payments. Overstock, a retail giant, is the first major company who has decided to pay their taxes in the form of bitcoin. It was suggested that Overstock would be paying its cover commercial activity taxes (CAT) in the month of February while using bitcoin. Overstock is always at the front when it is about bitcoin. In 2014, they were the first one among major companies to accept bitcoin and now, they are the first one to pay taxes by using bitcoin.

Bitcoin can Lead the Market

Ethereum has been rebounding since the last Christmas so people have again got their hopes high for the market. Anthony Parker, the founder of Cuberoot64, clarified his thoughts on the matter by explaining that it will be bitcoin who will be leading the market. He said that bitcoin had much more market cap. than ethereum so bitcoin is the index. He concluded that bitcoin rebound can lead the overall market if it happens in the future.

Fatir Malik

Electrical engineer by profession, turned into blockchain developer. Fatir contributes regularly with his insights about latest developments in fintech sector. Contact the editor at editor.opinions@blockpublisher.com

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