The week in bitcoin

In big news – bitcoin still isn’t dead as predicted again an again. Although, the price has slowly declined recently it is finding some resistance just under US$400. Whether it will last or not, Bitcoin certainly has had an effect on the world.

Although bitcoin is really just a currency, often touted as a global currency, it has proven to be so much more than that. While the developed economies are partial snubbing bitcoin as a currency and oohing and ahhing about blockchain technology, developing economies are looking to it as a stabilization measure and couldn’t give a toss about public ledgers.

An interesting article by Pablo Gonzalez from Bitcoin Magazine about bitcoin in Mexico appeared during the week. Gonzalez states the mistrust of governments and banks combined with the accessibility of cell phones makes bitcoin much more likely proposition and could see it adopted and succeed.

At the opposite end of the spectrum, a bill to allow bitcoin as payments for taxes and fees in the state of New Hampshire in the Unites States has been voted down by 264 to 74. This is obviously a unanimous decision against, it does demonstrate that bitcoin is gaining traction in large economies.

The Australian Stock Exchange announced it is looking to update it’s outdated clearing and settlement service (known as CHESS) with a new system based on blockchain distributed ledger technology. However, the the ledger will be a little different as it will be private. Hopefully they will also do away with the paper-wasting correspondence rort and move to electronic correspondence.

A study from Rutgers University reveals that many hold common misconceptions about bitcoin. The exhaustive study of 20 people found that many were negative towards government regulation but still wanted government regulation and that bitcoin was “too scary to use”. Did we really need a study for that?

The same study also found that you don’t need to understand bitcoin to use it. I could have told you that a while ago. I even blogged about it here.

In alt-coin news, the new digital currency Ethereum has overtaken Litecoin to become the third largest in terms of total coin market cap. The price of Ethereum has grown by more than 300% since the beginning of January and is not looking back. It has an advantage over bitcoin in that it eliminates the block size problem plaguing bitcoin at the moment.

Lastly, if you are in Finland you can now buy a brand new Tesla vehicle entirely with bitcoin. The EconoTimes reports that Auto-outlet Helsinki Oy sold a Tesla for a retail price of 140,000 euros. Anyone know what that is in bitcoin?

Anyway, until next week, keep stacking up your coin.

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