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Is Pizza Day 2.0 a Sign of Things to Come?

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  • Darryn Pollock
    ⭐ Features

    Pizza Day 2.0 could be a sign of things to come as Bitcoin again pushes to be functional currency

Is Pizza Day 2.0 a Sign of Things to Come?
Cover image via u.today

Back in 2010, when Bitcoin was merely being muttered around indistinct forums and making its way into being a tool of the dark web, those believers in the technology wanted a use case to pin their proof of concept on. This ended with a Pizza being bought, proving the potential of this digital currency.

Now, some eight years on and with Bitcoin in a very different space, the same experiment has been created for the same ends, but with different means. Bitcoin has become so big that it is no longer a functional currency anymore. However, this last experiment again is showing that Bitcoin can have a use.

The Bitcoin Pizza 2.0, also bought by Laszlo Hanyecz, but using the Lightning Network could send a ripple in time and cause history to repeat itself somewhat as Bitcoin shows it has the potential to be what it set out to be eight years ago.

The vision of Bitcoin

Bitcoin’s direction since its early days, as laid out in the white paper, has swung and swayed and eventually settled on being a digital store of value and an asset that people are looking to hold.

Indeed, this is perfectly within Bitcoin’s scope and range to be, but it is slightly away from its vision to be a disruptive and functional currency. This is Roger Ver’s big argument with Bitcoin Cash, stating that his coin offers the true vision of Bitcoin.

However, Bitcoin’s vision is not totally removed from the digital currency, and it is experiments like Pizza 2.0 that prove there is a chance for it to go back to being a cheap, quick and functional digital currency that can be used for micropayments.

A new era

It seems almost too perfect that the same man, doing the same thing that launched Bitcoin’s path to the mainstream, is doing it again, and for similar or same reasons. Hanyecz says that Lightning has the potential to make Bitcoin functional again, and this little experiment kind of proves it.

Of course, there are a lot of kinks to work out, and there still needs to be a lot of work done in order to get Lightning up and going and accepted. The battle for Bitcoin is to stay relevant in a market full of altcoins which all claim to be better and brighter than the original.

Bitcoin can enter a new era if things go according to plan, and just like crypto heads looked back on May 22, 2010, they may well look at Feb. 26, 2018, as a new starting point in Bitcoins growth to be a disruptive financial force.

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About the author

Darryn Pollock is an award winning  journalist from Durban, South Africa. He picked up Vodacom’s Regional Sports Journalist Award in 2017 while expanding his Blockchain and cryptocurrency reach.  He is a contributor to Forbes, Cointelegraph, Binary District, and of course, U.Today. Darryn’s belief is that Blockchain technology will be the driving force of the next technological wave and it is the obligation of journalists and writers to tell its emerging story with integrity and pride.

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Why China Fever on Bitcoin is Already Dropping After 1 Month of Blockchain Optimism

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  • Joseph Young
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    The so-called “China fever” on crypto like bitcoin has noticeably declined since President Xi’s speech on October 28.

Why China Fever on Bitcoin is Already Dropping After 1 Month of Blockchain Optimism
Cover image via 123rf.com

Since Chinese President Xi Jinping expressed his support for blockchain technology on October 28, the so-called “China fever” on crypto like bitcoin has noticeably declined.

The price of bitcoin fell from around $10,600 to $8,500 and cryptocurrencies that are known have Chinese development teams such as NEO, Ontology, and TRON have slightly increased over the past three weeks, but not enough to be described as a speculative mania.

Why demand for bitcoin and other cryptocurrencies is not on the rise

Following the newly established vision of the Chinese government to push the development of blockchain technology, expectations for strengthened momentum of the cryptocurrency market rapidly increased.

Initially, such expectations combined preceded an abrupt overnight increase in the price of bitcoin to above a key “psychological level” at $10,000, but the price fell back to “pre-Xi” levels in a relatively short period.

Global markets analyst Alex Krüger said:
“Have mainland China investors increased their demand for bitcoin? BTC volumes quickly dropped back to pre Xi news levels; online searches in China are back down to pre Xi news levels; website traffic for exchanges catering to China barely changed since the news.

The ‘Chinese tokens,’ NEO, ONT and TRX, have all done well since the aftermath of the news, while VET (a supply chain oriented blockchain) has been cruising on China news. Don't think though this is a sign of a ‘speculative fever’ of any kind.”

The analyst emphasized that prior to the statement of President Xi on the focus of China to facilitate the development and implementation of blockchain technology, the penetration of cryptocurrencies in the region was already high.

Also, most mainland Chinese cryptocurrency investors are said to have been trading digital assets through overseas markets like Hong Kong, purchasing stablecoins like Tether with the Hong Kong dollar.

Hence, it is possible that the public already anticipated the government of China to eventually reiterate its plans to encourage blockchain development with the People’s Bank of China (PBoC) consistently stating that its plans for a state-operated digital currency is in the works.

“It is without doubt that with the announcement of Libra, governments, regulators and central banks around the world have had to expedite their plans and approach to digital assets,” Dave Chapman, BC Technology Group executive director, said.

Is this the end of the Xi-effect?

Some technical analysts have suggested that the upside movement of bitcoin to $10,600 in late October may have not been primarily fueled by the optimism around China’s blockchain development initiative, and that a cascade of short liquidations amidst a build up of sell pressure caused the rally.

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About the author

Joseph Young is an analyst based in South Korea that has been covering finance, fintech, and cryptocurrency since 2013. He has worked with various recognized publications in both the finance and cryptocurrency industries.

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