Bitcoin [BTC] enthusiasts discuss recent price surge, state of crypto-ecosystem

Bitcoin [BTC] enthusiasts discuss recent price surge, state of crypto-ecosystem

During Consensus 2019, CNBC Crypto Trader, Ran NeuNer interacted with notable names in the crypto-world and spoke about bitcoin’s recent movements and the ecosystem.

McCormack, the host of ‘What bitcoin Did’ podcast, pointed out a number of reasons for the recent price rally and said:

“…More buyers, more sellers is the old argument…  considering timing of the market and market cycles, we seem to have had a bottom. We didn’t seem to want to go below the kind of 3,200 but we’ve had some interesting announcements. The Microsoft announcement that they are building on bitcoin and the Walgreens announcements. It can be whole bunch of things…”

Concluding his reasons, McCormack focused on the structure of the market as the main cause for the recent bull wave.

Another prominent figure that NeuNer talked to was the CEO of Blockstrem, Adam Back. Back explained how Blockstream put bitcoin blockchain on satellites and were sending and confirming transactions up in space. The CEO also added that the company had launched additional coverage on their network, nearly attaining a global coverage of the full population with geosynchronous satellites, after successfully running for a year.

Using Blockstream technology, the bitcoin transactions and blocks are broadcasted in real time with the purpose of overcoming network disruption for businesses that require redundant internet connection. Blockstream has partnered with Go Channel to enable the broadcasting of the transactions received on the network.

Speaking on Blockstream’s utility, Back said:

“Someone who needs to access money at the time of political turmoil in the country and in extreme circumstances, governments have shut off the internet, in times of coup or in some countries during the Arab Spring and what this allows is for people to continue to transact at a time when it really matters to access their insurance policy of Bitcoins.”

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Published at Mon, 20 May 2019 07:16:16 +0000