Bitcoin Transaction Numbers Increasing Set To Beat Mastercard

The daily average of Bitcoin transaction is projected to overtake that of Mastercard’s.

Mastercard is reported to have an average of $11 billion a day, while Bitcoin has around $8 billion in the past 24 hours.

In its recent quarterly report MasterCard said it has processed around $4.4 trillion in the year to date.

Extrapolating from the daily transaction volume of Bitcoin, it has around $3 trillion.

Visa on the other hand has a far more transaction volume than Mastercard and Bitcoin transaction combined.

In their self-disclosed stats, its daily transaction volume is about $30 billion a day which is around $11 trillion a year.

It is interesting to note that Bitcoin can only handle around 7 transactions per second which is about 0.01% of Visa’s and yet bitcoin transfers about 25% of Visa’s amount of value processing.

It seems that many of bitcoin transactions are being done off-chain or in away being consummated without touching the blockchain.

It is also can be seed based on the data that Visa is likely being used to make small purchases while bitcoin is being use to transfer high value transactions.

It has been reported that the media value of bitcoin transfer is about $400 with the average being around $27,000.

This only points to bitcoin being used as a settlement layer by businesses.

Bakkt and Fidelity Will Bring Bitcoin Liquidity

The head of digital assets at Susquehanna, Bart Smith have recently revealed that the lack of liquidity of Bitcoin markets has exposed the leading cryptocurrency to large sell-off as a result to the ongoing Bitcoin Cash hash power war and hard fork.

He also states that the entry of Fidelity, ICE and Bakkt into the cryptocurrency market could help the liquidity of BTC that can help mitigate big sell-offs like what recently happened.

He further explains that the on-ramp for new capital is very difficult coming from a global institution or a very wealthy individual.

There might not be enough avenues where they can invest the way they like it.

He notes that a high net value individual from the G.I. generation will not take a high resolution picture of their driver’s license and send them over to an exchange and send large amount money into it.

However with the aforementioned traditional financial institution, they probably would.

Fidelity and Bakkt are leaning towards institutional investors as their primary target clients.

However, if these Wall Street behemoths start offering crypto investment services to retail traders, it could substantially increase those coming from individual investors in the crypto space.

A case in point, many believed that the late 2017 and early 2018 crypto bull ran was mainly fuelled by retail investors.

V-Bucks From Fortnite Ranks Higher Than Cash On Teens’ Holiday Wish Lists

According to investment bank and asset management firm Piper Jaffray, for the first time teenagers prefers cryptocurrency and fortnite “V-bucks” instead of cash, gift cards and gas money.

This was released on their Holiday 2018 consumer report last Wednesday.

V-bucks is a virtual currency used in the game Fortnite in which players can buy in-game items, battle-pass, outfits and skins for their characters which ranges from 500 to 2,000 V-bucks.

Players can buy 1,000 V-bucks for $9.99.

However, this is the number 1 product teenagers are craving for.

According to the report the No.1 item on U.S. teenager’s wish list this holiday came from Apple with their iPhone.

In fact their top four products come from Apple.

These products include Apple Watch, MacBooks and Airdpods.

Given the popularity of cryptocurrencies to younger audience who are not afraid of new technologies, it is not surprising that virtual currencies (actual crypto or not) are popular amongst teenagers.

However, only time will tell if the next generation will embrace the emerging asset class.

Cryptocurrencies used in video games will play a significant role for its mass adoption.

$3M Palazzo For Sale For Bitcoin Only

A 421 year-old palazzo is currently up for sale in Malta and the owner is only accepting Bitcoins as the only mode of payment for the $3 million building in the heart of Valletta, the country’s capital.

The prime estate is a traditional palazzo which could serve a wide range of different purposes.

It has permits for various activities and has been reinforced to guarantee its stability without affecting its authenticity and traditional appeal.

However, real state managers are quick to argue that such a high profile deal is difficult to consummate as it is hard to align both the seller and the buyer on using cryptocurrencies.

The volatility of the price of the cryptocurrency makes it especially difficult for this type of transactions as property deals take time to settle.

A sudden change in price might cause unforeseen complications on the deal.

From Malta, the U.S. and even in Dubai there has been an increasing number of developers, owners and sellers of real estate properties that are targeting cryptocurrency holders.

This only shows the growing number of people from around the world who are recognizing Bitcoin as a legitimate financial mechanism that can be used to settle property acquisition and as a store of value.

Bitcon Price Index Based On OTC Platform Released By VanEck

The New York-based investment fund VanEck has created the first Bitcoin Price Index that is sourced from OTC trading platforms for digital assets.

This is the same investment firm that is awaiting the results of Bitcoin Exchange Traded Fund approval from SEC.

The new crypto-related financial instrument dubbed as MVIS Bitcoin US OTC Spot Index (MVBTCO) tracks performance based on spot prices form three over-the-country (OTC) liquidity providers for digital assets.

The said index will be under the management of the firms subsidiary, MV Index Solutions which will be focusing on developing and monitoring investable benchmark indices.

Price feed for the index will come from Genesis Trading, Cumberland and Circle Trade.

Managing director of MV Index Solutions, Thomas Kettner has expressed his delight for the company’s major milestone stating that he is excited for his company to be the first provider to launch a bitcoin index based on the pricing feed of OTC trading desk.

This initiative seems to coincide with the Bitcoin EFT application in which one of the main concerns of SEC is the fact that pricing data comes mostly from unregulated cryptocurrency exchanges.

The company hopes that by using this new pricing feed it would quell some of the concerns of SEC regarding this matter.

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