Cloud Miner On Trends Making Bitcoin Attractive Now: Japan, Litecoin, Dwindling Fiat
Mining company Hashflare highlights three positive trends that are going on right now in the Bitcoin world.
While the Ethereum Foundation team is working on improving their Blockchain, the world of cryptocurrencies continues to evolve. To support its claim, the mining company Hashflare cites three positive trends that are going on right now in the Bitcoin world.
Electricity Bills Payment with Bitcoin in Japan
“The Bitcoin price continues to grow as Japan declared its new policy to accept BTC for utility payments. This is an important development stage for the cryptocurrency as it means the growth of interest and trust which leads to a positive impact on the value of BTC.”
By this, the company means the recent announcement by ResuPress Inc. the company which operates Coincheck, a Bitcoin payment service, which stated that it has partnered with Mitsuwa Industry Co. Ltd to allow Japanese users to pay utility bills with Bitcoin. To be launched in November 2016, heavy Bitcoin users could save between 4-6% on electric bill when the service is operational.
Litecoin’s Soaring Value
The miner also believes the soaring value of the fourth most valuable cryptocurrency Litecoin is a factor that is making Bitcoin attractive of late.
“The Litecoin growth is also unstoppable. According to numerous cryptocurrency markets, Chinese investors seem to be very interested in the digital silver. Taking the global lack of Scrypt hardware into the account we can be sure that the value of LTC will continue to grow.”
There has been a surge in the price of Litecoin after GDAX, the cryptocurrency exchange used by Coinbase, added Litecoin for dollar trading in August. The new integration means that customers are now able to trade Litecoin, both for Bitcoin and directly for dollars.
Dwindling Fiat Values
Several global currencies - the British pound in particular - have not been doing well. The pound came closer to reaching its 31-year low value of late. The trouble seems to have worsened since the Brexit vote when the pound started struggling in dealing with its declining value. Like most of the world’s other monetary systems, they are based on debt. This is another factor that has made Bitcoin attractive, according to Hashflare. It says:
“Due to constant geopolitical and economic changes, many classical currencies (like USD, EUR or GBP) are struggling and losing their value. This is one of the main reasons why BTC and LTC continues to grow across the globe.”
Bitcoin is attractive because, unlike the fiat system, its value as an independent currency solely depends on its market demand.