Week in Review – Bitcoin Hits All-Time High; Bitcoin Cash; Filecoin

Wow, has it been a crazy week in the world of Cryptocurrency. Not many people expected this week’s headline to be: “Bitcoin hits all-time high”.  A fork in Bitcoin created Bitcoin cash (not to be confused with Bitcoin). Prior to its ICO launch Filecoin received $52 million during a pre-sale.  Intro to Crypto gets up and rolling as summer vacation comes to a close.

Bitcoin Hits All-Time High

Bitcoin broke $3,000 this week to set a new all-time high.  The first of August was a key date for Bitcoin. Bitcoin had a scaling issue stemming from the fact that each block is limited to 1 megabyte.  This limitation was slowing down the entire network.  A number of solutions were suggested to improve the situation.  Due to the nature of the protocol, a large majority of the people involved in the network had to agree on which solution they wanted to use.  August 1st was the deadline for making the decision, and there was enough disagreement heading toward that date to cause concern.  The various parties reached a consensus, allowing the value of Bitcoin to continue climbing.

Bitcoin Cash is Created

Bitcoin cash is a branch of Bitcoin.  It was created on August 1st by a number of miners who grew frustrated with the scaling debate.  They decided to fork off of Bitcoin and simply increased the block size to 8mb.  Because it was a fork of the original chain, anyone who owned Bitcoin at the time of the fork owned the same amount of Bitcoin cash when it was created. Traders were aware that this was going to take place.  Many traders pulled out of other altcoins and purchased Bitcoin in the week or so leading up to the fork.  It appears there has been a large sell off of the new Bitcoin Cash and it is yet to be seen if it will retain value or simply die off.  For a more detailed technical analysis, check out Ivan on Tech.

Filecoin ICO

Filecoin is a new altcoin that is preparing to launch its ICO (Initial Coin Offering) this week.  It is a decentralized, blockchain-based storage network.  It will allow people to sell (rent?) their unused storage or buy someone else’s storage, using Filecoin as the marketplace’s currency. What is interesting about this particular ICO is that it raised $52 million in a pre-sale this week. The cryptocurrency hasn’t even officially launched and it has already raised a significant sum of money.

Here’s their pitch:

Intro to Crypto Status

Intro to Crypto is up and running.  I spent much of my summer vacation learning about this realm of cryptocurrency. Sifting through technical jargon and watching YouTubers on the subject replaced Netflix binges and late night gaming sessions. In all that research, I never came across something like I’m working to create here: a site that attempts to simplify these topics and introduce them to people not already in the space.  I feel I have come far, but know I have a lot further to go.

If anything doesn’t make sense or you have suggestions for me, please get in touch.

 

News Links From This Week

Crazy For Cryptocurrency: Why South Koreans Are Risking It All On Ethereum

Road to $10,000: How Bitcoin Price Broke $3,000 and What’s Ahead

Crypto Currency and ICOs: Where is the World of Digital Money Headed?

 

Posted by Travis Ball

This is some information about Travis Ball. He is a lifelong traveler, technology enthusiast, photographer, blogger and high school math teacher. Not enough detail? Find out more about Travis here.

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