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Thursday, July 23, 2015

The Future of Money; Bitcoin and Ether Shake it up with Crypto-Currencies That Disrupt and Innovate

The Future of Money; Bitcoin and Ether Shake it up with Crypto-Currencies That Disrupt and Innovate

“Traditional payment providers or processers are likely going to need to innovate by either incorporating bitcoin or another form of digital payments to increase efficiency and reduce costs in order to survive” - The Bitcoin Investment Trust

Point Roberts WA, New York, NY – July 23, 2015 - Investorideas.com, a global news source covering leading sectors including Bitcoin and payment technology release  commentary about new crypto-currencies including Bitcoin and Ether. Experts from both sectors talk about the future of money as we know it and how to prepare for this new future.

Brad Moynes of Bit-X Financial (OTCQB: BITXF), Ryan Rabaglia, head of Wholesale, ANX, Terrence Dempsey of The Bitcoin Investment Trust (OTCQX: GBTC) and Gavin Wood of The Ethereum Project talk about disruption, opportunity and crypto-currencies.


Wedbush’s recent bullish prediction of $400 Bitcoin prices has created buzz in the space and the industry is full of headlines - with new entries from traditional financial institutions. Two pure public plays in the sector share insight from their perspectives and experience in Bitcoin.

Brad Moynes, CEO of Bit-X Financial (OTCQB: BITXF) recently launched a new Bitcoin exchange branded under the name Digatrade (https://digatrade.com/) and discussed how he sees Bitcoin as a disruptive currency with a long term future.

Brad’s financial markets background that includes investment banking and corporate finance makes him pay attention to the recent entries into the Bitcoin market from key players on Wall Street, he told us. He sees regulation shaping the future of Bitcoin as it moves forward but his regulatory compliance background makes him comfortable with the process.

Digatrade (powered by ANX Technology) just launched at the end of June with Canadian currency and is working on multi-currency payment processing including USD, GBP & EUR next. It also recently announced it has enabled Canadian-based customer deposits via eCheck; “a significant milestone”, Brad said, “Bitcoin is transforming the way consumers and businesses operate. Whether for cost-savings, speed, security or opening new market opportunities, visionary companies all over the world are turning to Bitcoin for their next phase of growth.

Brad also stated, “The evolution of finance is here for institutions. DigaTrade works with financial institutions across the world to enable them to harness the power of digital-currency. We provide a range of institutional storage and liquidity tools for accredited clients and provide access to advanced crypto-fiat transfer protocols and solutions.” 

He went on to say, “We believe we are creating an exchange that will give traders, businesses and institutions a world-class platform that is secure and user-friendly, creating an even playing field for anyone wanting to trade Bitcoin and participate in the future of money.”

Ryan Rabaglia, head of Wholesale ANX, a Hong Kong-based company that is one of the most used Bitcoin exchange platforms worldwide said, “It should come as no surprise that the consistently intensifying attraction to Bitcoin in China is very real.  Transaction volumes out of China have been leading the way from a global perspective even prior to us experiencing peak prices in December 2013 and today is no different.  With market prices and general trading interest recently being revived, a drive towards steady trading activity has been viewed here in Asia, on and off exchange.”  

He also said, “This, of course, has much deeper implications than the daily price of Bitcoin. We are seeing a real interest from a payments and funds transfer perspective as well.  The interest for sizeable foreign investment has long been a stumbling block for Chinese citizens and Bitcoin offers that potential gateway.”   

Investorideas.com also talked to Terrence Dempsey of The Bitcoin Investment Trust (OTCQX: GBTC) to explain to investors the direct relationship of the Bitcoin pricing to the estimated share price of the recent ‘outperform rating’ on the stock from Wedbush.

Terrence explained, “The Bitcoin Investment Trust was created to give investors the ability to gain exposure to the price movements of Bitcoin without the challenges of buying and storing Bitcoin on their own and providing this exposure through a traditional titled security. As such, the Net Asset Value of the Trust is a direct representation of the price of Bitcoin. Each share of The Bitcoin Investment Trust represents approximately 0.1 Bitcoin and the Trust’s Net Asset Value is set each business day using a 24-hour volume weighted price of Bitcoin based on TradeBlock’s XBX Index.”

He went on to explain, “The Bitcoin Investment Trust is a passive investment vehicle that only adds Bitcoin based on new investments and does not engage in the forecasting of prices or rely on any external research.”

He also said, “Traditional payment providers or processers are likely going to need to innovate by either incorporating Bitcoin or another form of digital payments to increase efficiency and reduce costs in order to survive. We believe that many of these firms are actively looking at Bitcoin as a potential solution.”

In talking about the future he noted, “In the short-term, Bitcoin has the opportunity to disrupt and innovate the payment space, particularly in global remittances and micro-payments. The ease of transacting and reduced costs when using Bitcoin compared to alternatives makes it a compelling choice. Further, with the influx of interest and investment from Wall Street in Bitcoin and Bitcoin related start-ups, it has the opportunity to overhaul the existing financial system making for more efficient trading and settlement of assets.”

Gavin Wood of The Ethereum Project told Investorideas.com, “It exists as platform for managing the core ‘business logic’ of decentralised applications; the component typically managed by a server, databases and so forth for traditional, centralised applications. Through using blockchain technology, Ethereum provides unprecedented guarantees of security, auditability, availability and interoperability for all kinds of applications. To avoid a potential ‘spamming’ problems with, the Ethereum platform has an internal token (‘Ether’) allowing users of the platform to pay the validators (‘miners’) for their contribution in doing the computation and securing the network.

In some ways, Ether could be considered similar to the crypto-currency Bitcoin, however it differs in so much as Ether is not intended to be used as a general means of payment.

In simple terms, the notion of a decentralised web is a web without web servers. At present all web applications, such as eBay and Facebook, are 100% dependent on centralised servers, operated by specific for-profit corporations. Being centralised, they slurp up as much information on their users in an effort to boost their power and future profits.

Such corporations, we have painfully learnt, care very little about the privacy of their users or the integrity of their users' data. All too often important data (e.g. buying habits, payment information) is sold by, leaked by or stolen from the corporation. Punishment is rare and insignificant. Users are becoming increasingly savvy but as yet, few reasonable options exist for those displeased with the present state of affairs.

The decentralised web, or "Web 3.0", is a collection of technologies that utilise modern peer-based network designs to decentralise all aspects of data publication, application logic and signaling. Through protocols such as Whisper, Ethereum and Swarm we can start to imagine how rich web and mobile applications like eBay, Facebook, and Uber could be realized, without the need of centralised servers or an expensive intermediary. Users would share the maintenance of all infrastructure and consolidate the application logic such a reputation systems and payment mechanisms themselves. Well understood mathematical principles, similar to those on which Bitcoin is based, would guard users from disreputable operators or insecure payments.

A vastly simplified software infrastructure and smooth interoperation would allow services to be "mashed-up" (combined) to unleash exciting potential business opportunities previously possible only through cumbersome cross-industry partnerships (e.g. imagine AirBnB with a simple checkbox for an Uber-based airport pickup). Through all of this, users would be safe in the knowledge that they share only as much data as is strictly required for the application to function; never giving away sensitive payment information and never having to trust one faceless organization over another. While this is an inconvenient truth now, it will become ever more important as the data that our device manufacturers own, begins to include information of a decidedly private and personal nature never before collected; how we sleep, how much we exercise, who we sleep with, our passing interests and so on.

Ethereum, or more accurately, the Ethereum Foundation, a non-profit organization based in Switzerland tasked with the initial development of the Ethereum Protocol and its subsequent advocacy and education, has developed the first piece of the puzzle. The efforts over the past 18-or-so months of myself, Vitalik and Jeff together with our many developers and support staff are nearly at a culmination with the release of the so-called "Frontier" software, the first version of Ethereum capable of forming a secure network. However, decentralising the web is a lofty goal and is unlikely achievable by the foundation's efforts alone. I think it will take the cooperation of a number of projects such as IPFS, Telehash and well-aligned profit-orientated enterprises before we really begin to see the bigger picture. Once the foundation bows out from its tenure as a software developer, I fully expect to see many from the Ethereum Project move to develop within the ecosystem under a more entrepreneurial venture.”

For investors considering investing in crypto-currency opportunities, be prepared for a fast and furious ride as the future of money races ahead of all us.

Bit-X Financial Corp. (OTCQB: BITXF) is a Vancouver; British Columbia based Company listed on the OTC.QB under the trading symbol BITXF. The Company owns and operates a digital currency exchange and internet financial services company; DIGATRADE™. BITXF is a reporting issuer in the Province of British Columbia, Canada with the British Columbia Securities Commission "BCSC" and in the United States with the Securities Exchange Commission "SEC". https://digatrade.com/

ANX - Your Crypto Connection
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About The Bitcoin Investment Trust (OTCQX: GBTC)
The Bitcoin Investment Trust is a private, open-ended trust that is invested exclusively in Bitcoin and derives its value solely from the price of Bitcoin. It enables investors to gain exposure to the price movement of Bitcoin without the challenge of buying, storing, and safekeeping Bitcoins. The BIT's sponsor is Grayscale Investments, a wholly-owned subsidiary of Digital Currency Group.

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