Bitcoin This Week: CEO Of Ripple Claims Bitcoin’s Influence Could Diminish, Bitcoin Prices And More


Bitcoin Lightning Wallet Launches On Android

Google Play Store has added a new app called Bitcoin Lightning Wallet. The app, which already has over 30 positive reviews by users, is the first functional Android wallet for Bitcoin that uses Lightning Network’s protocol. The new protocol seeks to lower transaction fees, solve scalability issues and optimize Bitcoin transaction speeds; causing quite an enthusiastic reaction among Bitcoin users and developers.

Lightning Wallet will offer users the possibility to make transactions in Bitcoin, with what could be one of the lowest rates out there, 1 Satoshi per transaction, which means less than $0,0000744141. According to the description of the app, it is independent and will store the cryptocurrency on the phone itself, meaning that nobody can freeze accounts or cancel transactions; however, this may make users somewhat vulnerable to having their funds stolen if their phone gets lost or stolen. The team has thought of this and has included a security measure to enable recovery of funds in and out of the network.

Having completed its development for Segwit, the latest fork for Bitcoin to help improve the scalability issues, Lightning Network, is still in its adoption phase and is currently at 44,68% of its main goal. The network is still being tested and developed, which could cause issues for wallet users, at least until they deploy a fully functional version that has mitigated most of the security risks.

Wall Street Analyst Says BTC Is A Great Investment

Spence Bogart, a renowned Wall Street analyst and expert in risk capital for Blockchain startups, has commented on CNBC on the increased usage of Bitcoin (BTC), proving how the cryptocurrency is becoming institutionalized. In the interview, he claimed that Bitcoin (BTC) was still a great option for investment, despite the losses experienced throughout 2018 and in comparison to previous highs at the end of 2017.

The Blockchain Capital partner considers that every financial entity in the world is looking into the cryptocurrency industry and studying whether to offer it as a financial product or to create new platforms for institutional investors. Bogart only showed interest in Bitcoin (BTC), commenting that Altcoins seem more promising than they really are, and affirming that a lot of tokens are currently overvalued. According to the financial analyst, Bitcoin is the only cryptocurrency that is worth buying at this point, stating that in his opinion it will reach a value of $10,000 by the end of 2018.

The First Ever Candy Dispenser To Take BTC

David Knezić, a software developer, has become quite a sensation after developing a candy dispenser that takes Bitcoin (BTC). The young developer posted a video on Twitter demonstrating how it works. “Sweetbit” has a code bar, which can be easily scanned with a smartphone. The device activates after receiving the Bitcoins (BTC) through and then supplies the purchased amount of candy. The mechanism is built with a microprocessor chip, which allows its manipulation via a USB port.

The crypto enthusiast created the project to demonstrate how easy it was to integrate Bitcoin (BTC) as a payment mechanism in all sort of transactions, especially those as sweet as candy. Although Bitcoin (BTC) is still battling its scalability issues and high transaction fees, Lightning Networks may prove a solution to its issues and perhaps allow an easier transition into mainstream adoption.

CEO Of Ripple Claims Bitcoin’s Influence Could Diminish

The CEO of Ripple, Brad Garlinghouse, recently commented that Ripple (XRP) was still very much dependent on Bitcoin (BTC) with regards to its price volatility. Both cryptocurrencies represent different platforms and technologies that are independent of one another, so perhaps the market will begin to notice this distinction, allowing Ripple (XRP) to grow regardless of Bitcoin (BTC).

The relationship between both cryptocurrencies was heavily marked through the beginning of 2018, with a drop in prices of over 50% in general for all digital currencies and 70% in the case of Ripple (XRP). Garlinghouse blames the youth of the industry for driving the high volatility in the market. According to the CEO, it’s just a matter of time before people realize how different cryptocurrencies are from one another and the value that each one has in relation to what they have to offer, regardless of Bitcoin (BTC). Additionally, Garlinghouse also commented on how of the over 1500 cryptocurrencies that currently exist in the market, only a few would survive in the next few years given that not all have a practical use.

Bitcoin Holding Steady At The $7,000 Mark

After opening the week at $7,300, Bitcoin (BTC) experienced quite a downfall on Tuesday, reaching its lowest point of $7,110. It then showed improvement through the week, climbing back up to the $7,500 mark on Wednesday, losing and gaining about $200 through the next few days to eventually close the week at the $7,700 mark. The market is very volatile, with daily fluctuations that range from 5% to 15%. See current prices here.