Today's Ethereum fork (Constantinople) was postponed due to security bug.
We chose the most important events in the crypto industry which you could miss
1. Ethereum overtook XRP and became second by market capitalization. Now Ripple lost Ethereum about 700 million dollars capitalization. The hard fork Constantinople is coming, previously we wrote a post about it.
2. The mining difficulty increased by 10% for the first time since October 2018. It happened because more enthusiasts had rushed to mine bitcoins. Probably, the miners received pretty high rewards while some people were enjoying the New Year holidays and mining difficulty was low. It is believed that the miners stay optimistic and hope that BTC will surge. For this reason, they do not stop mining cryptocurrency. We saw the opposite trend in December 2018, when everyone was trying to get rid of his mining equipment by selling it as mining became unprofitable.
3. Ethereum Classic 51% attack. The hackers stayed cautious and earned well. Coinbase research says that Ethereum Classic lost 88,500 coins (approximately $460,000). Now crypto exchanges are racking their brains about paying damages to the victims. If you are one of them, think carefully who you can address to for compensation.
4. Cryptocurrency TRON outperformed Bitcoin SV by market capitalization. In January the coin’s price went up by 34% which is a great New Year surprise to those who invested in it.
Dash, KFC, Venezuela
While paying for coffee with cryptocurrencies is not a routine yet, it's getting more and more common in...Venezuela! Venezuelans can already buy sandwiches or pizza with cryptocurrency Dash in Subway, Papa John's and KFC.
In November Dash launched a new sms payment service enabling crypto transactions without internet. Those who have no smartphone or internet access (approximately 60% of Venezuelan population) can now easily make purchases with cryptocurrencies. Today almost 2500 different merchants in the country accept Dash for payments.
Why Is It Important?
Back in summer Vitalik Buterin spoke about the necessity to focus on ordinary people, not crypto enthusiasts, when speaking about blockchain implementation. In his opinion, it will make the crypto market develop faster. We share this point of view and that is why we support attempts of Venezuela to use cryptocurrencies in everyday life. We look forward to seeing the rest of the world doing the same.
Individuals do not have the right to do it yet but they will get it soon too. All the payments will be converted to fiat and processed via crypto payments service BitPay.
It is an important step for the U.S. and the world as a whole because we can consider that as partial legalization of cryptocurrencies. Besides, it will expand the usage of a bitcoin which will increase its value and consequently, the demand for it. We will see how this decision will impact BTC price bythe end of the yearwhen entities will be filing tax reports and paying taxes.
Are you still hodling bitcoins and hope that BTC has a bright future? You are doing it right.