Today's Crypto Updates:
- Bitcoin Challenges $11,200 Before $12k Resistance Halts ProgressNewsstands In Win For Adoption
- UK Secretary Diane Abbott: If Everyone Used Bitcoin ‘The Whole Thing Would Collapse’
- Walmart To Implement Blockchain-Based Delivery System
- Pay With REQ Button On It's Way
Summary Of Today's News:
Bitcoin rises above $11,000 again. Misinformed people talk about Bitcoin. Walmart utilizing blockchain technology? Pay with REQ button coming soon. Read all about it below!
1. Bitcoin Challenges $11,200 Before $12k Resistance Halts Progress
Source: https://cointelegraph.com/news/bitcoin-challenges-11200-before-12k-resistance-halts-progress
Key Highlights:
"Bitcoin prices reached weekly highs of $11,189 Monday, Feb. 19 as the largest cryptocurrency met resistance around $12,000."
"The latest peak is around $700 lower than Bitcoin’s 2018 high of $11,901, achieved Feb. 21 before a widely forecast capitulation took hold. Prices subsequently dropped to around $9,500 last week."
Crypto Phil's Take:
Bitcoin has had some good news as of late. Between SegWit adoption and bullish statements from several financial institutions, it definitely appears that market sentiment is improving. I think it's only a matter of time until we're over $12,000 again.
2. UK Secretary Diane Abbott: If Everyone Used Bitcoin ‘The Whole Thing Would Collapse’
Key Highlights:
"Diane Abbott, the United Kingdom’s sitting Shadow Home Secretary, said in an interview with The House magazine that Bitcoin “is just a gigantic Ponzi scheme,” and promised that the Labour party, of which she is a member, would regulate it if elected"
“And if everyone took their bitcoin money and tried to buy a new car all at once the whole thing would collapse.”
Crypto Phil's Take:
It seems like for every positive announcement we get with Bitcoin, we get a corresponding piece of FUD. Of course this spokesperson used the term "ponzi scheme" again which just shows they have zero understanding of the underlying technology.
3. Walmart To Implement Blockchain-Based Delivery System
Source: https://cointelegraph.com/news/walmart-to-implement-blockchain-based-delivery-system
Key Highlights:
"The application of US retail giant Walmart to patent its “Smart Package” system has been released by the US Patent and Trademark Office (USPTO) on Thursday, March 1"
"Walmart’s “Smart Package” patent employs a Blockchain-based tool to track package contents, environmental conditions, location, and other details."
Crypto Phil's Take:
Blockchain technology scores another big win here. Moves like this by gigantic companies showcase how powerful the underlying technology of cryptocurrencies are.
4. Pay With REQ Button On It's Way
Key Highlights:
"In the last few weeks, we have designed the Online Payments use case experience."
"Thanks to the community and the abundant feedback provided in this Reddit thread, we created a first set of Request buttons."
Crypto Phil's Take:
REQ is an exciting project that will hopefully one day allow us to easily set accept online payments and send invoices to other people with needing to use a centralized company such as PayPal. The reason I wanted to focus on this particular piece of news however is because it's example of blockchain technology that will be immediately beneficial to people around the world.
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