Well that was random. Does anyone like turtles btw? Let me know in the comments if you do.
Pretty hype news today, no price activity. Aaaah. Today we have news that a few organisations, but Microsoft and Starbucks primarily, are integrating BTC payment methods: https://www.nasdaq.com/article/intercontinental-exchange-plans-to-form-bakkt-20180803-00433
Noice.
In terms of retailers it doesn’t get much bigger than Starbucks. There are more Starbucks locations than there are McDonalds in the states. I’m assuming this BTC payment solution will only be implemented in US stores at first.
The way they’re going to implement it isn’t quite what you think. It’s not a point of sale device which directly transacts on the Bitcoin blockchain. No, bitcoin is far too slow for that. More like a 3rd party exchange where you send Bitcoin to a wallet they control and you can instantly trade your coins and that transaction is later settled on the actual blockchain. The article says it’s going to be like the lightning network, but not really, or could you use, you know, the lightning network.
Still fantastic news, brilliant to see a major retailer pick up Bitcoin. Expected to be rolled out later this year. Amazon next.
Now we’ve long known about the next coins on CoinBase. https://dailyhodl.com/2018/08/03/confirmed-coinbase-custody-exploring-ripples-xrp-eos-neo-and-stellar-among-37-cryptocurrencies/ Lots of speculation about Ripple, about 0x.
Coinbase custody, not the same thing as coinbase, a custodial service for institutional investors with big money, have come out with a statement, or rather a list, of 37 coins they may potentially list including some as of yet undisclosed ERC20 tokens.
Will this effect the market? Well the news of it won’t clearly, maybe on the day of confirmed listing, nothing confirmed as of yet, I think they’re doing it this way to not get into any legal trouble for causing price pumps, but will use of this platform cause price action?
Short term it’s unlikely. There are a few ways institutional money can get involved in cryptocurrency, futures contracts for example, while the volume is growing for these types of investment methods, the volume is rather low on a grand scheme of things.
Still it ties into what I was describing yesterday in my video What Scares me Most About Crypto, in that all these platforms could effectively reduce the duration of a bear market.
According to Coinbase, any cryptocurrency additions made on Coinbase Custody have no bearing on whether they will be added to other Coinbase products.
Smash like if you enjoyed this video. Thank you for all of the support, and I’ll see you in the next one.
