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XRP Won’t See $1 Again, Here’s Why

XRP Won't Hit $1

The XRP digital coin, distributed far and wide by Ripple, Inc., is among the most talked-about assets on social media. But despite the highly active community, and the millions of coins given away, XRP is stuck beneath $0.30.


XRP Went to Extraordinary Peak Values

XRP reached a peak above $3.65 back at the start of 2018, before starting its deep crash, losing more than 90% of its value. The peak prices were achieved under the impression that the token would gain adoption and easily command $5 prices, at least until it shot up to $500 when it completely destroyed Bitcoin (BTC). But others believe XRP is stuck, and will not go above $1.

The coin is among the worst performers in 2019, failing to recover to a higher price range. XRP peaked above $0.47 in July, and has been sliding ever since. In the past few months, the #3 crypto has been held down below $0.30.

Why It Won’t See $1 Again

(1) XRP Will Never Recover Against BTC: XRP is currently at around the 3,000 Satoshi range, down from a peak above 19,000 Satoshi. It is highly improbable that enough people would sell BTC to buy XRP – its price rarely moves in line with new announcements and Bitcoin attracts significantly more investors. BTC has established itself as the leader, and Ripple’s token simply does not inspire enough confidence.

Selling Pressures: The Ripple company constantly unlocks XRP and sells it in monthly tranches. True, the sales are happening on OTC markets, and are not leading to price slippage. But there are simply too many XRP tokens going around, with multiple giveaways to banks, companies, or individuals. Then, there is the escrow of Ripple itself, the stash of co-founder Jed McCaleb, who is selling almost constantly, as well as an undisclosed settlement with R3. With that type of oversupply, the asset is simply not scarce enough to boost prices. According to the figures, there are still a further 220 monthly tranches of 227.3 million XRP tokens to be released and sold by Ripple.

No Robust Enough Use Case: Ripple has been careful about disclosing the facts around the real necessity of XRP. The RippleNet ecosystem is built so it can handle transactions without using XRP – neither for payment, or as a carrying vehicle. Hence, the hope that banks would mop up the token to use in their transactional activity is actually never happening. XRP will likely only be used by its die-hard fan base, and its price would be set based on speculations on a handful of exchanges.

As Korean traders lost their enthusiasm and taste for risk, XRP is seeing lower trading activity. ZB.com remains the leading exchange, although it’s been regularly reported that this particular platform heavily wash trades its volumes so we can’t know for sure. But even with volumes above $1.66 billion in 24 hours, the token has lost much of its appeal, and a jump to $1 is highly improbable.

What do you think about the price performance of XRP? Share your thoughts in the comments section below!


Images via Shutterstock

The post XRP Won’t See $1 Again, Here’s Why appeared first on Bitcoinist.com.

Source: Bitcoininst

5 Reasons McAfee’s $2 Million Bitcoin Prediction May Not Be So Crazy

John McAfee $2 Million Bitcoin 2020

McAfee’s latest call for a $2 million bitcoin by the end of 2020 may seem a bit far-fetched but hear him out. Despite even the most optimistic models falling short of that value, here are five reasons why his prediction may not be so crazy.


$2 Million Bitcoin by End of 2020

During an interview with AIBCSummit, McAfee made the seemingly outlandish statement, doubling down on his previous prediction that Bitcoin would hit $1 Million by 2020:

Run the f***ing numbers. If Bitcoin is less than $2 million by the end of 2020, then mathematics itself is a flawed disappointment.

While most sane people, analysts, and economists remain healthily skeptical at McAfee’s words, if Bitcoin has shown us anything so far, it’s that anything can happen.

1. Bitcoin’s Scarcity Will Lead to a Price Surge

Bitcoin is scarce in nature with a capped supply of 21 million. On top of that, seven million have already been lost forever.

As the infrastructure and regulatory landscape continue to improve for institutional investors, the demand for Bitcoin will increase. Increased demand plus scarcity equals a massive price surge. Maybe even all the way to a $2 million bitcoin.

2. $2 Trillion+ Institutional Investment Dollars

Bakkt’s launch has been dire so far, but that doesn’t mean things will continue this way. Institutional investors are likely stalling due to the uncertain regulatory climate in the US.

However, according to data from the Federal Reserve Bank of St Louis, there are currently some $2.14 trillion dollars parked in institutional money funds right now just looking to find a home.

$2 Million Bitcoin Prediction John Mcafee

John Mcafee predicts Bitcoin will reach $2 million by 2020

If just a tiny percentage of these find their way into Bitcoin, the price would go hyperbolic.

3. Bitcoin Halving in May 2020

The next Bitcoin halving is coming up around May 2020. This event will hack the mining block reward in half.

Looking back at historical patterns, Bitcoin price tends to boom about a year after each previous halving. That may leave McAfee’s $2 million bitcoin prediction out of time by the end of 2020, but it could be a reality for early 2021.

4. Governments Holding BTC in Central Bank Reserves

OK, so this may not have happened yet. And it may be just starting with Venezuela considering the option, but let’s take a leap here.

If all countries follow the same trend as Pomp enthusiastically believes, the price of bitcoin could indeed go to the moon.

5. A Global Recession in 2020

The jury is still somewhat out on whether investors consider Bitcoin a safe-haven asset. However, as we’ve seen recently in Hong Kong, Venezuela, and Argentina when macro conditions are ripe, the stock markets tumble, and many investors drift toward Bitcoin.

If economists are right and there is a global recession next year, BTC could get a massive influx. With the network fundamentals better than ever, this could send things into the stratosphere.

A $2 million bitcoin by 2020 end? Highly unlikely. But there’s definitely potential for Bitcoin to become so much more than it is today.

Do you think Bitcoin will ever reach $2 Million per coin? Add your thoughts below!


Images via Shutterstock, Twitter @APompliano, Fed chart by fred.stlouisfed.org, video via Youtube @AIBCsummit

The post 5 Reasons McAfee’s $2 Million Bitcoin Prediction May Not Be So Crazy appeared first on Bitcoinist.com.

Source: Bitcoininst

Stablecoin Flows Between Exchanges Down $100M This Week

Stablecoin exchange flows down $100M

The flows of stablecoins between exchanges has slowed down dramatically over the past few days, signalling that no new sums are prepared to boost price action.


Stablecoin Parked on Exchanges, Awaiting Action

Stablecoins moving between exchanges are an indicator of potential trading activity. The past few days saw a surge of coin movements, followed by diminishing levels of inflows and outflows. Following those events, Bitcoin (BTC) was ready for the relief rally late on Sunday.

Stablecoins still offer significant support to BTC, with several assets taking the lead beyond Tether (USDT). Currently, more than 70% of BTC trading happens in the BTC/USDT pair, aided by other coins like USDC, PAX, and TUSD.

Token Analyst closely observes stablecoin weekly activity, as sending funds to exchanges is often a proxy for upcoming rallies.

Some stablecoins are starting to look more appealing than others, and are displacing the market share of USDT, shrinking it down to 95% of the entire stablecoin market. USDC doubled its supply in the past day, and TUSD and PAX are close behind. PAX and TUSD are two of the coins where the supply is turned over more than once each day. PAX sees a turnover of 139%, while TUSD moves each coin 1.12 times per day. The turnover for USDT is 474%, down from a peak of over 1,000%.

USDT Becoming Increasingly Influential

Heightened stablecoin activity can often foreshadow a short-term price movement for BTC, as well as act as a precursor to an altcoin relief rally. USDT is currently supporting a highly active Ethereum (ETH) trade, and is boosting Litecoin (LTC), XRP, and EOS volume.

The movement of stablecoins is unpredictable, and the pace may pick up again, especially after Monday’s minting of 10 million USDT. Later, transactions of millions of USDT were also seen moving onto leading exchanges.

Currently, crypto assets are at a decisive moment. BTC is seeking reassurance that the recent bottom of $7,800 was the last one, and that further recovery may be seen.

Trading volumes for the entire crypto market have remained relatively changeless in the past three months, with short-term spikes in activity. On most days, the trading volumes are between $50 billion and $60 billion in 24 hours. Stablecoin activity picked up as BTC shot up to the $8,200 range. Briefly, USDT “flippened” Bitcoin Cash (BCH), climbing to position four based on its market capitalization. A few days ago, USDT reached a record supply above 4.16 billion coins, and currently, the supply is above 4.108 billion coins.

What do you think about stablecoins and price action? Share your thoughts in the comments section below!


Images via Shutterstock, Twitter @thetokenanalyst, @whale_alert

The post Stablecoin Flows Between Exchanges Down $100M This Week appeared first on Bitcoinist.com.

Source: Bitcoininst

4 Reasons Why Bitcoin is So Popular in South Africa

Bitcoin south africa

Bitcoin and cryptocurrencies, in general, continue to thrive in South Africa even as such interest comes with a multitude of scams and fraudulent investment schemes. The country even ranks second in the world for bitcoin searches according to Google Trends. Here are four reasons for the continued interest in bitcoin among South Africans.


(1) Internal and External Remittance

South Africa’s remittance market continues to grow, triggered by both rural to urban migration and the influx of migrant workers from neighboring nations.

According to Bloomberg, the country’s remittance market is expected to reach R34 billion ($2.3 billion) by 2023.

Bitcoin offers a cheaper alternative for sending money to relatives in rural South Africa or in neighboring countries.

Commenting on the role of bitcoin and crypto payments in the country’s remittance arena, Marius Reitz, general manager for Africa at crypto exchange platform Luno, opined:

There are large remittance flows from South Africa to other countries in the SADC region, of which a portion is informal due largely to the high costs and complexity involved. It is vital that we reduce the cost and complexity associated with moving money seamlessly across the continent.

Bitcoin Google Trends South Africa

(2) High Fintech Literacy

South Africa remains the sole fintech hub in Africa. Data from the United Nations Economic Commission for Africa (UNECA) shows that South Africa accounts for 31.2% of the fintech startups on the Continent.

This relatively high fintech literacy also extends to mobile money adoption. Bitcoin in many ways constitutes an extension of a payment system already familiar and in popular use by the South African public.

South Africa also presents a departure from the norm in Sub-Saharan Africa as far as the unbanked population is concerned. While more than half the population in Sub-Saharan Africa is unbanked, more than 80% of South Africa is banked.

This degree of banking and mobile money penetration has made it easy for South Africans to purchase bitcoin from platforms like Luno.

Bitcoin Trading in South Africa

(3) Volatile Rand

According to Bloomberg, the South African rand — the country’s fiat currency, was the most volatile among the “major currencies.” Like in other countries experiencing such volatility, bitcoin presents a viable alternative.

According to Reitz, daily bitcoin trading in South Africa averages R90 million ($6 million). Data from Coin Dance shows an average of R15 million ($1 million) traded via P2P platform Localbitcoins for the month of October 2019.

(4) Absence of Stringent Regulations

Finally, South Africa is yet to enact strict cryptocurrency laws that might dampen enthusiasm for bitcoin. Apart from tax regulations and AML/KYC compliance, the country’s crypto space isn’t highly regulated.

However, as reported by Bitcoinst, there are plans by authorities in the country to begin robust crypto tracking modalities.

Do you think South Africa can become the leading crypto and blockchain hub in Africa? Let us know in the comments below.


Images via Shutterstock, Google Trends and Coin Dance.

The post 4 Reasons Why Bitcoin is So Popular in South Africa appeared first on Bitcoinist.com.

Source: Bitcoininst

Could Ransomware Be Driving Up Bitcoin Prices?

Bitcoin Price Ransomware

Research is suggesting that the number of ransomware incidents has risen in 2019. The payment method of choice for the majority of this cybercrime is cryptocurrency, predominantly bitcoin. Could BTC price fluctuations be linked to the increase in this online nefarious activity?


Bitcoin Price and Ransomware

US state departments, public sector facilities schools, hospitals, and businesses are increasingly falling victim to ransomware attacks. According to a report by Malwarebytes, there has been a 363% year-over-year increase in the first half of 2019.

The attack uses malware to encrypt files on the victim’s computer. A small ransom is then demanded to decrypt the files and cryptocurrency is the payment method of choice.

Further research by cybersecurity company Emisoft claims that the average ransom increased by 89% to $12,762 in the first quarter of this year. It added that bitcoin was used in 98% of all ransom payments over the period and 96% of companies that paid the ransom received a working decryption tool.

Bitcoin is still the primary demand in these attacks though the remaining 2% is usually privacy-focused coins such as Monero and Dash. There is a possibility that those paying up are pushing up BTC demand and consequently its price.

In a medium post, it was suggested that the 2017 WannaCry attack, which infected more than 300,000 computers across the globe, had an impact on BTC prices at the time. Emisoft spokesman, Brett Callow, added that there appears to be a correlation between high-profile ransomware incidents and bitcoin prices.

This year, a variety of ransomware platforms obtained bigger ransom payout amounts. One of them was Ryuk which targeted logistics and technology companies as well as small municipalities according to TrendMicro.

Cybersecurity professor Alan Woodward added that ransomware may be part of it but the price of bitcoin is so volatile and has had such a dynamic range, it could be many factors combined. One of those factors could be that companies expecting a ransomware attack may have bought bitcoin in preparation.

Callow continued;

We know a considerable number of companies hoard bitcoin in case they are hit with ransomware and need to pay a demand. It would seem to make sense that the bigger the demands come and the more high-profile cases there are, the more companies will start to buy. We suspect that that is what is driving the increase in prices, rather than the actual ransom demands themselves.

The US currently gets the lion’s share of attacks with 53% according to reports, and now that cybercriminals are switching to higher-profile targets, more companies could start buying up bitcoin which of course will affect its price.

Could ransomware be affecting bitcoin price? Add your thoughts below


Image via Bitcoinist Image Library

The post Could Ransomware Be Driving Up Bitcoin Prices? appeared first on Bitcoinist.com.

Source: Bitcoininst

Bitcoin Price Bounces Back Above $8200, Are Bulls Finally Here?

bitcoin btc price bouncing

With most of the past two days spent below $8k bitcoin price has been looking extremely bearish. A big bounce in late trading on Sunday, however, sent BTC back above resistance to top out at $8,300. Altcoins are also having a green Monday as the bears are kept at bay for now.


Bitcoin May Have Bottomed

Last week was all bearish for bitcoin which fell back to $7,800 again. Support held out and a 4.5% bounce has kept the top crypto well within its range-bound channel again as it continues to consolidate above $8,200.

bitcoin

BTC price hourly chart – Tradingview.com

BTC has now remained within this range for almost a month so something must give soon. The death cross on the daily chart looks set to occur this week as the 50 day moving average drops below the 200 day signaling a continuation of the downtrend.

Trader and analyst Josh Rager pointed out that nothing much has really changed until we get some bullish momentum above current levels in a push up to $8,800.

“BTC is still in this sideways range, nothing really has changed outside of short term bullish price action until we see higher highs”

The bearish momentum could be starting to wane however and evidence is suggesting that long positions are beginning to accumulate. According to Skew, October has seen an increase in long BTC positions from institutional traders for CME futures.

He added that these are likely to be from pension funds, endowments, insurance companies, mutual funds and portfolio/investment managers whose clients are predominantly institutional.

Increasing economic turbulence and central bank interventions are likely to spur more institutional investment into safe-haven assets such as bitcoin and gold. If a global recession does materialize things could get very interesting for BTC and crypto markets.

Looking at previous market cycles bitcoin has bottomed in October only to rally in November then surge to new heights in December.

Altcoins Awaken

Bitcoin’s move has, as usual, been beneficial to the altcoins which are largely in the green during Asian trading this Monday morning. Ethereum has made a minor gain to reach $175 again but is generally still bearish.

Ripple’s XRP has held on to last week’s gains but failed to conquer the $0.30 barrier and remains just below it at the time of writing. The Swell event in Singapore next month could be the catalyst for XRP to push higher.

Bitcoin’s two offshoots, BCH and BSV are both grabbing 6% at the moment and Chainlink is going strong with a 7% pump on the day. Total crypto market capitalization has gained $7 billion on the day to reach $223 billion.

Has bitcoin price bottomed yet and will it rally for Halloween? Add your comments below.


Images via Bitcoinist Media Library, BTC/USD Charts by TradingView, Twitter: @Josh_Rager, @skew_markets

The post Bitcoin Price Bounces Back Above $8200, Are Bulls Finally Here? appeared first on Bitcoinist.com.

Source: Bitcoininst

HTC Launches Exodus 1, ‘To Make The Leap To Bitcoin From Fiat’

HTC bitcoin wallet cum smartphone

The advent of Bitcoin is fueling the evolution of financial technologies, including telecommunications, and hardware with crypto-friendly features. The latest innovation, HTC’s cryptophone Exodus 1, will hit the market in December 2019. This device performs both as a smartphone as well as a Bitcoin cold wallet.


Chen: “For the smartphone category to grow again, we need more adoption of cryptophones.”

HTC Corporation, a Taiwanese phone maker, is shifting its business strategy towards new technologies. In this regard, Phil Chen, HTC’s chief decentralized tech officer, told CNBC that HTC sees the opportunities that the crypto space offers to reinvigorate the smartphone market. Chen explained,

Initially considered a gimmick by some, crypto technology is the next frontier of smartphone innovation. For the smartphone category to grow again, we need more adoption of cryptophones.

Thus, on October 19, 2019, HTC launched a smartphone that integrates Zion, an HTC developed electronic wallet. To enhance security and keep the user’s digital assets safe, Exodus 1 isolates the crypto area from the Android operating system.

As a result, the smartphone Exodus 1 functions as a hardware cryptocurrency wallet using Zion.  Zion allows users to keep their private keys in a secure Trusted Execution Environment (TEE). Login is not required, and Zion does not collect user’s personal data. The HTC team argues that Zion is more secure because

“Zion utilizes the TEE to generate and keep your keys safe, even from the Android OS. The Zion trusted UI creates a safe environment for when you need to authorize a transaction with your crypto assets so that malware running on your phone’s OS cannot steal your information.”

Thus, the Exodus team claims that Exodus 1 users can easily and safely exchange and store cryptocurrencies on the phone, protected from hackers and malware attacks.

Exodus 1 Can Only Be Bought with Cryptocurrencies

HTC Bitcoin Cold Wallet cum Cryptophone

HTC Bitcoin Cold Wallet cum Cryptophone

Besides functioning as an electronic wallet, the smartphone Exodus 1 includes:

  • A 16-megapixel dual main camera and an 8MP dual front camera with 4K video.
  • A six-inch display with a Quad-HD+ resolution.
  • A Qualcomm Snapdragon 845 processor.
  • Six gigabytes of RAM and 128GB of storage.

The cryptophone can only be bought with cryptocurrencies. The pre-order price is 0.15 BTC or 4.78 ether tokens. HTC plans to ship the phones by December 2019.

Do you think blockchain-based phones will impact Bitcoin adoption? Let us know your thoughts below!


Images via Bitcoinist Media Library, HTC Exodus

The post HTC Launches Exodus 1, ‘To Make The Leap To Bitcoin From Fiat’ appeared first on Bitcoinist.com.

Source: Bitcoininst

Sunday Digest: Bitcoin Price And The Week’s Top Stories

Bitcoin Sunday Digest

If you feel like your personal freedoms are being eroded by [insert your government here] becoming increasingly undemocratic in the name of ‘the public good’, then thank [insert your choice of deity here] that you don’t live in Eritrea… unless you do live in Eritrea. Either way, you can improve your monetary sovereignty at least, by investing in and holding Bitcoin.


Bitcoin Price

The start of the week saw bitcoin price clinging on to $8400 with its fingernails, as some analysts predicted a swift return to $7700 lows.

Bitcoin’s failure to overcome resistance saw its ‘dominance’ rating fall by a percentage point, as altcoins took the opportunity to catch up.

In the current climate we are looking for any indicator to give us a clue when the price will pick up again, so why not network activity? Or perhaps we should pin our hopes on another ‘Halloween pump‘ to lift us out of the current consolidation period?

And then, naturally, we were hit by another drop. Not as low as the $7700 predicted, but back below $8000. And this time altcoins led the downwards charge, wiping out gains against bitcoin from earlier in the week.

But of course, none of this is anything to worry about. As anyone whose introduction to Bitcoin preceded the 2017 bull-run will tell you, 40% corrections happen regularly before a serious rally starts.

News In Brief

Litecoin founder, Charlie Lee, celebrated the altcoin’s 8th birthday by dismissing recent rumors of the Litecoin Foundation’s imminent bankruptcy.

Facebook’s Libra is facing the scrutiny of almost everyone these days. On Monday, it was the turn of a G7 taskforce to express its concerns.

In order to deflect all this attention, Libra decided it needed a financial industry insider to be seen managing the project. Someone like an ex-Federal Reserve boss, suggested project lead, David Marcus.

Grayscale won the first US approval for cryptocurrency-based security when the Financial Industry Regulatory Authority (FINRA) gave its digital large-cap fund the green light.

‘Satoshi’ entered the Oxford English Dictionary, with the definition: The smallest monetary unit in the Bitcoin digital payment system, equal to one hundred millionth of a bitcoin.

Binance announced that it would allow futures trading with up to 125x leverage, urging customers to use this with caution. Reactions from the crypto community suggested that nobody had a clue how to use 125x leverage with caution, so it looks like nobody will be able to take Binance up on the offer.

And Finally…

Despite being called out as a ‘Pumpkin Man’ earlier this week, (Dr) Craig S Wright isn’t the feature act of our final story for once.

That honor goes to Nouriel Roubini, commonly known as Dr. Doom, but also not a real doctor. At the CC forum in London, Doom (as his friends know him), debated both Roger Ver and Bobby Lee. Although the term ‘debated’ is debatable, as Roubini simply spouted his standard tired old tropes.

So gather round folks. It’s time for a debunking.

What do you make of this week’s bitcoin and crypto news? Let us know your thoughts in the comment section below!


Image via Bitcoinist Media Library

The post Sunday Digest: Bitcoin Price And The Week’s Top Stories appeared first on Bitcoinist.com.

Source: Bitcoininst

Better SoV: Bitcoin Running 24X7 With 99.98% Uptime Since 10 Years

bitcoin running 24x7 since 10 years

Bitcoin offered a wild, outlandish upside in comparison to gold. Despite the “gold rush” of the past two decades, BTC turned out to be a unique “wild card” when it comes to hedging against inflation.


Investing Just $100 with Wildly Different Outcomes

Even with bitcoin trading below its 2017 peak price, the cryptocurrency holds humongous potential for returns compared to gold. $100 invested in gold 20 years ago, would fetch just $500, whereas BTC with a similar amount would have returned $16,381,493.

Granted, the $100 BTC investment should have happened at rock-bottom prices, while the asset had almost no price discovery history. In almost 11 years, BTC has moved from its initial trading under $1 and to a price of 00.

Gold, on the other hand, has had a history of thousands of years. However, in the 21st century, not all gold investments are alike. Buying into an ETF or another type of fund may mean the actual gold is physically kept somewhere far. It may be a store of value and offer some speculative gains, but it is not an alternative means of payment.

Bitcoin is Store of Value, Easier to Transport

Owning and storing physical gold, as a potential means of payment in the case fiat payments break down, also has its limitations. Bitcoin storage, on the other hand, is much more hassle-free, and access is immediate. For owners who are well-aware of protecting their private keys, there is also little risk of theft or confiscation. Traveling with gold coins is a risk – traveling with a seed phrase or a private key is practically invisible. BTC is infinitely more transportable.

BTC payments are still completely censorship-free. Controlling the private keys means a tool for limitless, cross-border payments is always available. The Bitcoin network has also proven incredibly resilient, not only surviving but thriving and expanding over the past decade.

In the longer term, BTC also works as a store of value, analysts believe, despite short-term volatility.

What is even more curious, BTC has preserved its state without centralized guidance beyond the creation and testing of the core code. The network has also worked with only accidental downtime. Currently, the network has above 9,000 nodes on average, allowing the record of the blockchain to be kept on multiple locations.

The chief fear about bitcoin is the price would “go down to zero”. However, BTC has always recovered and has found growing demand.

In 2019, BTC also proved to be much more resilient than the last batch of altcoins. The altcoin bear market renewed bitcoin maximalism, and the drive to at least some coin ownership. Owning BTC may be as limited as starting with Satoshi payments, as a bet the price would continue to an even higher valuation. Then, there is also the drive to become a “onecoiner”, owning one whole bitcoin. And the network reveals a significant number of 1,000 BTC wallets, an expensive bid that may pay in the future.

What do you think about bitcoin’s ROI versus gold? Share your thoughts in the comments section below!


Images via Bitcoinist Media Library, Twitter: @Thrillmex, @DTAPCAP, @fernandoulrich

The post Better SoV: Bitcoin Running 24X7 With 99.98% Uptime Since 10 Years appeared first on Bitcoinist.com.

Source: Bitcoininst

Bitcoin-Integrated Battle Royale Game Lightnite Lets Players Earn BTC

lightnite bitcoin game

Multi-player battle gaming can now happen on the Bitcoin Lightning Network, courtesy of Satoshis.Games. The platform, introduced during the latest LN conference, allows players to earn and spend BTC directly, during the gaming process.


Game Integrates with Bluewallet and LN Payment Channels

The Lightning Network has opened doors to long-awaited BTC microtransactions, and has found one of its use cases in gaming.

Leveraging the potential of Lightning Network for micropayments, Lightnite by Satoshis.Games directly debits and credits BTC matched to in-game points, to players.

Lightnite is an online multiplayer battle royale game where every specific digital interaction between players triggers a monetary reward or penalty. In simple words, players earn bitcoin by shooting other players and lose bitcoin when they get shot,” explained the Satoshi.Games team.

Players will also be able to purchase in-game items directly through their wallet, or through their in-game balance. The Satoshi.Games team has recommended Bluewallet as a tool to access the Lightning Network.

The increasing prominence of Bitcoin LN has created speculation that even a major gaming company could use the technology.

But so far, only Ethereum offered a way to link gaming with digital coins. This, however, had to be done on the main blockchain, achieving a much slower and expensive interaction. Networks like WAX offer faster transactions but use an asset with a volatile market price.

Lightning Network Offers New Path to BTC Adoption

Satoshi.Games, joins the list of companies using the Lightning Network as the primary interaction medium for new BTC users. Lightnite’s creation arrives at a moment when new startups are arriving to use the LN directly, through compatible wallets. Satoshi.Games requires an upload of a chosen amount of bitcoin onto the Lightning Network, but there are companies that have already tested options for fiat-to-lightning payments.

The Lightning Network still has a great potential to carry transactions, currently having the potential to move above 800 BTC. Bitcoin payment channels keep adding to the network offering safer pathways.

Currently, the Bitcoin network processes above 300,000 transactions per day, but at a higher fee, and is not viable for microtransactions. The Lightning Network is seen as relatively risky, but the small sums sent and received match the risk. Since its launch, the Lightning Network has diversified its payment channels, and the pathways are no longer concentrated with a few players controlling multiple nodes.

What do you think about Lightnite’s in-game bitcoin transaction option? Share your thoughts in the comments below!


Images via Satoshis.Games, Twitter: @SatoshisGames, @LNstats, @_ConnerBrown_

The post Bitcoin-Integrated Battle Royale Game Lightnite Lets Players Earn BTC appeared first on Bitcoinist.com.

Source: Bitcoininst