CryptoMonday 3 – The End Of Blockchain?

Maja Mazur
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It was a dreadful weekend for cryptomaniacs. Especially, for those who have bitcoins in their wallets. The most popular cryptocurrency dropped again, this time reaching alarming 3,200 USD. On a more positive note though, India issued a report on a new legal framework for cryptos and Bithumb which launched a voting platform. But also, South Korea plans to implement a crypto taxation.

Trouble in paradise

Some time ago, we wrote about Bitcoin’s price being the lowest in a year. And that was when it was still worth over 5,500 USD. Then, the index rate kept dropping further. On Friday, 7th of November, Bitcoin was worth 3,284 USD at it hit rock-bottom on that day. Let’s remember that at the beginning of the year, its price was reaching almost 20,000 USD. Fortunately, later over the weekend, the index was continuously rising again, but still oscillated around only 3,500 USD.

chart bitcoin

What’s most important though, when all of the attention is directed towards Bitcoin, other cryptos nosedive as well. According to the CoinCodex listing, one of the most popular altcoins, Ethereum, fell by around 20% in the last week. Ripple’s lost over 16%, Stellar – 26%. And Bitcoin Cash, still struggling after the recent fork, noted the biggest drop of over 34% in the last week. It seems like the Bitcoin’s crisis is affecting most crypto and the deadlock will continue as long as Satoshi Nakamoto’s creation doesn’t go back up again.

India discusses crypto

A state panel was appointed to set standards for cryptocurrencies in the country. During its session an official report has been submitted to the Indian government. Finally, framing new law regulations is an important issue for India. Since the beginning of the year, cryptocurrencies have been considered as an outlawed territory. But officially, transactions in crypto are not illegal. Taking under consideration the rising popularity of crypto, the Indian government might consider loosening its strict outlooks on the matter. As of right now, the content of the report remains unknown.

Changes in South Korea

South Korea is one of the most friendly crypto environments in the world. Recently, it has been announced that South Korean government will start taxing cryptocurrencies on ICOs. Fully understanding the potential of digital assets, the Asian country tries to make the most of it. But, at the same time, the government eagerly supports blockchain technology development. In 2019, the equivalent of 880 million dollars is planned to be spent on this matter only. It means that the trader’ tax money will most definitely be invested well.

Bithumb introduces public voting

But we also have some good news from South Korea. Their biggest cryptocurrency exchange, Bithumb, has launched a public voting system for implementing new coins. For now, it’s just a beta phase of the project. Solutions like that are not a novelty in the cryptocurrency world, for example a Polish exchange – CoinDeal has been offering this feature for months now. But still, it is an important step towards transparency and fairness for Bithumb. Letting users choose themselves a crypto that they will be able to trade is a nice gesture that every exchange should consider.

So, despite what Forbes might say about the near end of blockchain as such, it’s not going to happen. Even though we now experience a little drop in both price and hope for the cryptocurrencies, blockchain as a technology is still doing well. Sequent reports about new solutions and development projects from around the world confirm that.

 

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