[Daily Discussion] - Tuesday, July 13, 2021 Bitcoin Markets

[Daily Discussion] - Tuesday, July 13, 2021
JPMorgan Opines El Salvador BTC Move Could Crumble Bitcoin Network
Bitcoin markets doesn’t seem to be very informative.
[Daily Discussion] - Monday, July 12, 2021

[Daily Discussion] - Tuesday, July 13, 2021

Posted: 12 Jul 2021 09:00 PM PDT

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JPMorgan Opines El Salvador BTC Move Could Crumble Bitcoin Network

Posted: 12 Jul 2021 06:24 PM PDT

Wall Street giant JPMorgan Chase & Co. opines El Salvador's bitcoin (BTC) adoption could be a detriment to the Bitcoin blockchain.

Questioning the Robustness of the Bitcoin Network

A team from JPMorgan Chase & Co. believes El Salvador's embrace of bitcoin could be counter-productive for the Bitcoin blockchain.

According to the team, bitcoin trading volumes are normally within the $40-$50 billion range per day. However, most of this volume is handled by major cryptocurrency exchanges across the globe which leverage their high-performance centralized infrastructure to ensure quick BTC transactions.

Further, a considerable part of BTC is locked up in illiquid entities with over 90% of them not moving anywhere in the past year. Additionally, a "significant and rising fraction (of BTC) is held by wallets with light turnover," the report reads.

That being said, the report adds that daily payment activity in El Salvador would represent close to 4% of recent on-chain transaction volume and over 1% of the total value of tokens that have moved between wallets in the past year. However, the illiquidity and nature of the volume is "potentially a significant limitation on its (bitcoin's) potential as a medium of exchange," the report concludes.

It must be recalled that in June, the El Salvadorean Congress approved President Nayib Bukele's bid to make bitcoin a legal tender in the country.

Since the monumental development, however, there has been a divisive opinion as to the long-term viability of making BTC a legal tender.

While the current regime is leaving no stones unturned to foster bitcoin adoption among its citizens, the citizens do not appear to be big fans of the monetary experiment.

However, Bukele holds a firm conviction that bitcoin will help bank the unbanked El Salvadoreans and vastly cut the cost of sending remittances. On the contrary, the IMF is among the organizations that have questioned Bukele's ambitious decision.

Lightning Network to the Rescue?

While there is skepticism regarding bitcoin's ability to handle high transaction volume, the Lightning Network continues to scale the world's premier cryptocurrency.

Earlier this year, BTCManager reported how US-based payment API platform Strike had inked a deal with crypto exchange Bittrex to bring the Lightning Network payments to over 200 countries.

https://btcmanager.com/jpmorgan-el-salvador-btc-bitcoin-network/.

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Bitcoin markets doesn’t seem to be very informative.

Posted: 13 Jul 2021 04:11 AM PDT

Most content you release is opinion based mainstream media that really lacks perspective and they often have an agenda. I question whether this thread is for or against bitcoin. The facts are there and the technology is incredible, I'm a Bitcoin miner and my investment is allowing me to do more with my life, I'm also deep down the rabbit hole with nfts and the blockchain games etc, domain names, god you name it I'm playing around with it. There's loads to look at, Far more important things for bitcoin community to look at, instead of JP Morgan, the bank (bitcoin replaces the need for them) duhh Think of what they really want. It isn't for your success, or bitcoins. I know. Bitcoin markets up your game, the community deserves better. Let's discuss blockstacks, and proof of transfer, let's talk about taproot, Let's show glass node stats, let's discuss new uses for bitcoin.

Not another word from banks. They're rats.

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[Daily Discussion] - Monday, July 12, 2021

Posted: 11 Jul 2021 09:00 PM PDT

Thread topics include, but are not limited to: