Elon Musk: Paper Money is Going Away and Crypto is a Much Better Value
He said that Bitcoin is interesting and could be a good way to transfer money.
Tesla boss and billionaire entrepreneur Elon Musk recently denied that the electronic car company has plans to participate in the digital currency market. In a recent podcast with ARK Invests Cathie Wood, Musk said that he would not put Tesla’s resources into cryptocurrency but praised Bitcoin, nonetheless.
Elon Musk tweeted about Bitcoin in October, giving rise to speculation that he could be involved with the world’s premier digital coin. There are even theories going around the internet that Musk is the real Satoshi Nakamoto, the famed but anonymous creator of Bitcoin.
People suggest that Musk has adopted an eerily silent attitude on Bitcoin, except for that one tweet, while he has been vocal about new and emerging technologies in the past. He, however, has denied being Nakamoto.
The majority of his conversation with Wood and ARK Invest analyst Tasha Keeney in the Tuesday podcast focused on Tesla’s future in electric vehicles and automation. He said that the company would have the technology needed to operate driverless vehicles by the end of this year.
In the podcast, he said that “Bitcoin is interesting and could be a good way to transfer money. Bitcoin’s structure is brilliant, but I don’t think it would be a good use of Tesla’s resources to get involved in crypto,” he told Cathie from ARK Invest, which has holdings in the electric car manufacturer.
Musk talked about Bitcoin’s ability to circumvent currency controls and control paper currency. However, he also highlighted the flaw with mining cryptocurrencies.
Bitcoin follows a consensus algorithm called Proof of Work which allows miners around the world to compete to solve complex mathematical puzzles to create a new block. This helps in validating transactions on the network, but only the first miner who is able to mine the block first gets the block reward.
He noted that his October tweet about Bitcoin was a tongue in cheek response and his account even got temporarily suspended by Twitter because there is some automatic rule on the platform about selling Bitcoin. He said that he was only joking in that tweet.
Such Elon Musk’s position confirmes why he have always remained silent during the Lightning Network torch challenge.
FACEBOOK MAY BE EYING ‘FACECOIN’ AS IT EXPANDS ITS BLOCKCHAIN TEAM
Social media giant Facebook is looking to expand its blockchain team. Could ‘FaceCoin’ follow JPMorgan’s recently unveiled JPM Coin as companies vie for the prized online payments market.
FACEBOOK’S HIRING: BLOCKCHAIN EXPERTS
According to Facebook’s official careers page, the social media giant is looking to expand its team operating in the field of blockchain technologies.
As per the job board, the company is hiring different experts spanning from business product and business operations managers to software engineers and even a technology communications director in the space.
Bitcoinist reported earlier in February that the company ‘acqui-hired’ a blockchain startup called Chainspace.
As previously noted by a spokesperson from Facebook, the company is exploring different ways to leverage blockchain technology.
ARE WE GETTING CLOSER TO ‘FACECOIN’?
In addition to the currently available blockchain-related positions at Facebook, the company’s official LinkedIn page also reveals that there’s a position for a Technical Program Manager, Marketplace Payments, Blockchain specialist.
While the position is no longer accepting applications, this could add more weight to the report, which started circulating in late 2018 that Facebook is working on a stablecoin allowing WhatsApp users to transfer money in-app.
As outlined by anonymous sources familiar with the matter, Facebook’s initial target will be the lucrative remittance market in India as the regulatory landscape there are starting to take shape.
The company’s blockchain effort gained substantial momentum back in August 2018 when David Marcus, a former member of Coinbase’s board of directors stepped into Facebook to spearhead a “new group around blockchain”.
According to LinkedIn, this “small” group has grown substantially, as there are currently 49 employees with their business profiles stating they’re occupied on the company’s blockchain arm.
The bigger story here, however, is that the floodgates have been officially opened by banking giant JPMorgan. Last week, it unveiled its ‘JPM Coin’ virtual currency.
Now, with the social media giant ramping up its blockchain effort, don’t be surprised if Facebook serves up a ‘Facecoin’ in the near future.
GOOGLE INTRODUCES BITCOIN SYMBOL ON IOS KEYBOARDS
Google now enables the Bitcoin symbol on keyboards for iOS mobile devices, suggesting that the IT giant recognizes Bitcoin as a mainstream currency.
GOOGLE’S LEGITIMIZATION OF BITCOIN
Users of iOS mobile devices can now use the capital letter serif B, traversed with two vertical lines. Crypto journalist Tim Copeland explains,
“To access it, make sure you’re using the Google keyboard, not just the default Apple one, and hold down the dollar symbol to see a pop up of several of the world’s major currency symbols. The Bitcoin symbol is located on the far left.”
Actually, Google’s decision to incorporate the cryptocurrency symbol in its keyboard might be Google’s second step towards considering Bitcoin a mainstream currency.
In September 2018, the tech giant lifted the ban it had imposed four months earlier on cryptocurrency advertising. In the announcement, Scott Spencer, Google’s Director of Product Management, Sustainable Ads, stated:
According to Copeland, these moves by Google might not help to dramatically increase Bitcoin’s rate of adoption,
TECH GIANTS ARE STEPPING UP THEIR SUPPORT FOR BITCOIN
The symbol representing the Bitcoin currency unit is already part of the Unicode standard, version 10, and it has been since June 2017. The Unicode character assigned to Bitcoin is 20BF.
Thus, for example, Microsoft products allow users to insert the cryptocurrency symbol, ?, by typing 20BF plus ALT. In addition, Microsoft accepts payments in Bitcoin for media content on its Windows and Xbox stores.
Although Apple has not yet officially enabled the Bitcoin symbol, last September, its mobile operating system iOS12 added two Bitcoin glyphs as part of the Siri Shortcuts app.
Now, Bitcoin enthusiasts are waiting for Google to further legitimize the cryptocurrency by also making the Bitcoin symbol available to Android operating devices.
Saudi Arabia’s ICD Bank Announces Blockchain Powered Islamic Banking Solutions
The Saudi media reported that the Islamic Corporation for the Development of the Private Sector (ICD) is planning to develop sharia-compliant blockchain product. ICD’s plan of rolling financial products powered by blockchain is to enable Islamic banks to manage their liquidity needs.
With the proposed plan for developing blockchain solutions for an Islamic bank, ICD has already incorporated an agreement with I-FinTech Solutions (IFTS), a Tunis-based company. ICD is a branch of Islamic Development Bank Group which claim that the product penned with IFTS is solely designed to attempt liquidity management issues.
The first blockchain product in a row seems like RippleNet solutions by Ripple Lab Inc., however, the report further called it a ’real-time platform’. On top of all, it aims at streamlining the real-time transactions, eradicating any kind of inter-banking issues between banks and making it in-compliance with Sharia laws. By employing the disruptive technology, the product can better perform financial activities whilst keeping everything transparent and traceable.
Nevertheless, ICD claims that this product is built to condense the total transaction times while assuring less cost of financial and commercial transactions at the same time.
Ayman Sejiny, ICD CEO says that;
Also, CEO-Founder of IFTS, Mr. Mohamed Anouar Gadhoum is glad about his firm’s contribution to global adoption of blockchain technology. This tie-up is likely to help ICD provide faster banking solutions to end users or clients.
Sharia law, bitcoin, and blockchain is often a conflicting topic and following the year 2017, there are various firms and fintech plans to launch their own projects based on blockchain making it a sharia law complying projects. Similarly, Al Hilal Bank from UAE became the first ever Islamic bank to debut blockchain solutions.Source:coingape.com
Overstock’s Founder Focuses on Creating a Government-as-a-service Based on Blockchain
He said that his focus is on creating government-as-a-service, which means a set of apps and firms since both can bring various services that the establishment provides.
Overstock.com founder and CEO, Patrick Byrne, who is also a crypto evangelist, believes that blockchain technology can bring about drastic transformation in government services. He even bets that Venezuela issues could be fixed easily with the help of just six laptops with emerging technology. For his company, the digital coin supporter is having some brave intentions in the field of distributed ledger technology (DLT), which goes beyond the cryptocurrency platform.
One of the initial promoters of digital coin and Distributed Ledger Technology, Byrne thinks that it is the right time to have blockchain technology for drastic transformation. He said that his focus is on creating government-as-a-service, which means a set of apps and firms since both can bring various services that the establishment provides.
As a result, the government will become super efficient with less cost involved besides eliminating bribe from the system. In some of the frontier nations, his vision has reached a culmination point of encouraging emerging technology.
For instance, in Zambia, Medici Ventures has executed DLT in land-governance services with close to 50,000 homes. Medici’s parent firm is tZero where Byrne is the chairman. Aside from this, the government has given rights to 300,000 more homes with the hope of extending it to the whole of the country.
Byrne indicated about creating a platform from which one could interact with the establishment digitally, i.e., paperless. Incidentally, he reached a concluding point that DLT could overall the conventional financial services considerably than anyone would have thought it to be.
Overstock.com CEO Contention is that if DLT could be used in frontier nations, then it could be useful for Venezuela also to overhaul its services. The South American country is already facing numerous issues from economic and politic fronts due to corruption and the dysfunctional financial system there.
He believes that a central bank could be brought in on the laptop:
As far as his company is concerned, it is clear that it is moving towards the DLT basket and intends to divest retail wings in the upcoming months. Significantly, tZero unveiled the security-token trading platform only a few weeks ago. Though he has set his agenda clear about DLT disrupting financial services, he is not ready to bet any price target on big cryptocurrencies like bitcoin.Source:cryptovibes.com