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The bitcoin rate rose again above $7600 after the rollback to $6000

Friday, 17 November 2017 01:00
The bitcoin rate rose again above $7600 after the rollback to $6000

In recent days, the volatility of the first cryptocurrency hits all records. Literally, at the beginning of the week, the bitcoin price hardly reached $6000 after the news of the SegWit2x hard fork cancellation, and today its price surged again above $7600. Over just four days, the BTC rate increased by more than $1500, and there are several reasons for that.

Successful testing of confidential transactions has passed in the bitcoin network

The other day, one of the developers of the Bitcoin Core system, Greg Maxwell, announced that he managed to achieve considerable progress in implementing the possibility of making confidential transactions in the network. Due to this function, you can hide not only the payment amount, but also the e-mail addresses of the recipient and the sender. To achieve full privacy, Maxwell offers to combine several transactions into one common, which will hide the chain of connections between users. He also was able to reduce the energy intensity of such transactions, making adjustments to the list of indicators.

Anonymity is the main advantage of cryptocurrency, but now the user can be identified by the number of his public key, which is displayed in transactions. Therefore, information about the possibility of conducting transactions involving complete confidentiality, has become the reason for the increased demand for cryptocurrency.

In London a cryptocurrency Visa payment card was launched

The London Block Exchange company announced the launch of a payment card, using which you can pay cryptocurrency for goods and services, as well as withdraw funds at ATMs. The card, called Dragoncard, operates on the basis of the Visa payment system. It will be tied to the user’s cryptocurrency wallet through the smartphone’s application. The card costs 20 British pounds. You need to conclude an agreement with the LBE to obtain it. 

Dragoncard involves the possibility to pay with popular cryptocurrency, such as Bitcoin, Bitcoin Cash, Ethereum, Litecoin and etc. When withdrawing funds from the ATM, it will automatically convert to pounds sterling.

This message also became a “bullish” factor for bitcoin. Now, the major problem of cryptocurrency is that the percentage of is application in the real economy is very small.  Therefore, the appearance of a card, using which it is possible to pay freely with digital money, is an important stage in the development of the cryptocurrency community.

However, today, there is information that can again cause a collapse of the bitcoin rate. It became known that the European Central Bank is considering the possibility to prohibit the trade in cryptocurrencies on the territory of the EU, as did the Chinese government.

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David Melton
David Melton

Financial expert. I work with investors and different companies. I write analytical reviews for newspapers and TV channels and I also manage researching projects