- An Argentinian bank decides to let its customers select Bitcoin as a cross-border payment option
- Some analyses suggest the Bitcoin network could be using as much electricity as the whole of Austria by the end of the year
- Nobel-winning economist Robert Shiller says Bitcoin could be just another failed currency experiment
Argentina is desperately seeking ways to end its currency crisis but it is unexpected to be terminated any time soon. Over the recent month the Argentinian peso has lost over 17% to the US dollar, and in response to such a move the central bank lifted rates to an unprecedented level 40% from below 30%. At the same time the inflation rate has been hovering above 25% highlighting woes the South American country needs to address. Such an environment seems to foster other forms of payment like cryptocurrencies, hence from this point of view no one should be surprised the latest decision of an Argentina’s bank. The Banco Masventas revealed earlier this week that it is going to enable its customers to select Bitcoin as a option to make cross-border payments. The option has become possible after the bank has hooked up with Latin American cryptocurrency exchange Bitex. Although we are not 100% certain, but it could be the first domestic bank in the world allowing clients to do so. According to a statement customers will now be able to send money to over 50 countries in less than 24 hours with a fee of 3% + VAT. The bank points that this option is to be an alternative to SWIFT. The decision is coming into effect today.
Bitcoin has been hardly changed at higher intervals, hence today we’re deciding to look at an hourly time frame. It could give hope for sellers as the price has been constantly moving within the bearish channel after failing to break above $8370. Therefore, one may count on a further downward toward a lower bound of the channel followed by $8050. Source: xStation5
Some analyses suggest the Bitcoin network could be using as much electricity as the whole of Austria by the end of the year
Can you imagine that the Bitcoin network could need as much electricity as the whole of Austria by the end of this year? It sounds crazy, but it may prove to be true if the stunning pace keeps its momentum in the months to come. The accurate number is 7.67 gigawatts, that’s the amount Austria has to produce to meet consumers and businesses needs. Nowadays the Bitcoin network is estimated to consumer at least 2.55 gigawatts, so what would have to happen to see such an incredible jump in terms of electricity usage? So, it’s all about assumption when making any predictions, and this time is not different. Among assumptions Alex de Vries, an economist and an author of this estimate, has taken there is a degree of energy usage of the Antiminer 9, the specialized mining chip produced by the market leader Bitmain. He also assumes this device will be used through 1-2 years, while an average electricity cost will be at $5 cents per kWh, and a production cost of $500.
Nobel-winning economist Robert Shiller says Bitcoin could be just another failed currency experiment
A Noble-winning US economist Robert Shiller claims that cryptocurrencies resemble some of the most famous failed currency experiments throughout history. He noticed that enthusiasm around the thousands of existing digital currencies remains strong despite warnings from investors such as Warren Buffet suggesting they are worthless. At the end of the day, “Practically no one, outside of computer science departments, can explain how cryptocurrencies work, and that mystery creates an aura of exclusivity, gives the new money glamour, and fills devotees with revolutionary zeal”, Shiller says.