Weekly Blockchain Update

Bitcoin’s market cap surpasses seven bnUSD

  • Bitcoin’s market capitalization has recently surpassed seven bnUSD

  • The price of bitcoin has increased from about 230 USD to over 450 USD which has brought the market capitalization to double

  • This benchmark has not been seen since August of 2014

  • This makes bitcoin a more used solution than Western Union and a growing contender to PayPal’s volume of about 49 bnUSD per year


Russia more positive towards bitcoin

  • The Russian government is changing their mind about bitcoin and cryptocurrencies towards a much more positive stance

  • They have previously been discussing an outright ban on bitcoin and the use of crypto currencies by both businesses and individuals

  • Additionally, any news source discussing the topic have been in the risk zone of being banned by state media

  • They are now looking to understand the technology better and are launching an event named “Electronic Currency in Light of Contemporary Legal and Economic Challenges.”

  • The change comes as a reaction to try to increase the speed of innovation in the Russian financial sector


Bitcoin could save India 4 bnUSD in remittance fees every year

  • By the end of 2016, India will have almost 700 million mobile phone users

  • It is also the world’s largest remittance market at more than 70 bnUSD per year

  • Bitcoin could help save the end customer over seven bnUSD per year if used as a means of payment instead of using traditional remittance companies

  • Since bitcoin transactions have a relatively flat transaction fee structure, smaller payments could benefit the most from bitcoin

  • Since India has a majority of its transactions below 200 USD, it would be an ideal market for increased bitcoin usage


Steam to start accepting bitcoin

  • Steam, a digital distribution platform, managed by the Valve Corporation, will start accepting bitcoin

  • “We’re using an external payment provider to process bitcoin payments to help partners reach more customers on Steam. Bitcoin is becoming an increasingly popular online payment method in some countries, and we’re enabling a system that insulates partners from risk and volatility while still providing value to end customer.”