BitBuzz Daily

Monday 07 October 2013

Bitcoin Payment Protocol Overhaul Nears Completion

A Fascinating Article by Justin O'Connell @ Coinbase on how Bitcoin's Core Devs are moving the protocol forward...

The bitcoin community is getting closer to the merchant-friendly payment system that we first wrote about in July. Now, it’s a matter of months away from being backed into the official bitcoin client – and other wallets will support it, too.

The core devs originally announced aninitiative to introduce a bitcoin payment message (BPM) specification into bitcoin in July. Since then, it became a Bitcoin Improvement Proposal (BIP)...

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Bitmunchies!

The Bitcoin Wife flags up the re-birth of Bitmaunchies - the Online Food Market

The BitMunchies online store is a relic in Bitcoin history. Back when Bitcoin commerce was as bare as Old Mother Hubbard’s cupboards,BitMunchies offered the first and only grocery option, which was welcomed with open arms. With offerings such as Red Bull, Ramen Noodles, and Slim Jims, the “munchies” aspect of the site did not disappoint. And then…the store just disappeared, like a puff of smoke.

Fear not Bitcoiners, for BitMunchies is back…back with a new owner, some junk in the trunk and way more than just snacks to soothe late night noshing. With over 20,000 grocery and household goods available with immediate shipping (and free to boot for orders over $50) BitMunchies is again setting the standard for the Bitcoin food market online...

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Trezor Arrives!

Marek Palatinus, of Trezor, addresses the European Bitcoin Convention - 2013

Watch the Video Here...

Will Ripple be able to Challenge Bitcoin?

Deepak Tiwari, of Forexminute considers the 'threat', or otherwise that Ripple poses to Bitcoin

There was some very important news that Bitcoin is going to face an immense challenge from ‘Ripple,’ as according to Ripple Labs’ CEO, Chris Larsen, Ripple has several advantages over Bitcoin. He said that while Bitcoin is a single currency used within a closed economy, Ripple allows users to make payments in any currency across disparate economies.

He also opined that users could say that Ripple plays well with others as it was designed to integrate seamlessly with existing economic systems while also providing users with the advanced utility of the next generation of FINTech.

Some other advocates of Ripple said that another advantage it has over Bitcoin is that whereas Bitcoin has a limited circulation of 21 million coins, Ripple has set a cap of 100 billion coins on its digital currency...

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BitScan's Daily Market Analysis for the Coming Week

Well, since the plunge provoked by news of Silk Road's shutdown, bitcoin has done nothing but rally and this is a clear indication that the majority of market participants viewed the news driven sell-off as an opportunity to pick up bitcoin at bargain prices.

This is how it looks on a chart:

 

That the shutdown of bitcoin's biggest illicit marketplace should manifest itself as nothing more than a speed-bump is, in our opinion significant, as it underlines the fact that the bitcoin ecosphere is ready to shed the darker of its roots and reach for the next stage in its path to global adoption.

Also, from a technical standpoint, the market has cleared out all of the weaker trading hands and recharged itself for a move higher. Like a bow that has been pulled taut again, the market is setting itself up for a surge through resistance (at $150) and territory that hasn't been seen since the blow-off top of the Spring.

As we write, $135 looks like it is shaping to be the springboard for the next buying surge, although a leakage back to the $130 area is possible. Whatever, it is only a matter of time before the next tranche of buying propels us up to re-challenge and quite possibly pierce the $150 top.

While a trader should always consider the counter-thesis that's a struggle in this particular scenario, so we will continue to monitor the situation closely and would, on reflection, re-consider our strongly bullish sentiment if the market stalls in place for an extended period.

But for the time being, when one considers this latest potential set-back in the context of the regulatory assault that has beset bitcoin since the first quarter of 2013, the only conclusion to be drawn is that the bitcoin ecosphere has become incredibly resistant to bad news - and this price resilience is proof positive that new demand is entering this market every day.

For holders of bitcoin and anyone building a business in this young economy this is, of course, great news. And for those continuing to watch from the side-lines, our advice would be to get off the fence before you miss a new buying wave that might well be parabolic in nature.

Happy Sunday.

Rob @ BitScan

 


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