Some information about us
Visa has changed its mind on crypto. Goldman Sachs stuck in crypto scandal. Bitcoin's safety is under threat.
Turns out the global payment system Visa started planning launching its own cryptocurrency back in late 2018. Already then the representatives of VISA International Service Association in San Francisco filed an application for a patent to make an e-currency.
Visa only made an official announcement on sending a request to the United States Patent and Trademark Office on May 14th, 2020.
It is believed that the new cryptocurrency will be based on the Ethereum blockchain platform.
It was claimed that the coin will be balanced by retrieving actual physical currency from the fiat system. The algorithm is as follows: for every e-coin generated one physical 1-dollar banknote will be retrieved from circulation. This is how they are planning to regulate the rate of the new cryptocurrency. The same will work for several other fiat currencies, including Euro, Japanese Yen, British Pound, etc.
Twitter has become a battleground on the opinion voiced by the analysts from Goldman Sachs: they pointed out how unstable Bitcoin is for investing. Crypto community rebuts the arguments given by the financial specialists.
In particular, Winklevoss brothers, the Gemini exchange founders, have denounced Goldman Sachs of double standards reminding how very recently the bank has paid out a fair fine for taking part in the money-laundering case of the sovereign wealth fund Malaysia Development Berhad, while now the financial institution accuses Bitcoin of being a useful tool for illegal actions.
Another crypto analyst, a former JP Morgan employee Ton Weiss suspects Goldman Sachs of deliberately pushing Bitcoin rate down with their negative comments to buy crypto cheaper and then sell for more.
Whatever it is, there are more and more people who believe in Bitcoin's bright future.
Creating systems for mining Bitcoin is a pretty expensive business, the equipment and software outdate fairly quickly, while new ones come and outrun them with their capacity. Not so long ago outdated miners were forced to leave the network due to their low productivity and, therefore, low liquidity of their results.
But now Bitcoin is showing a good bullish trend even after the recent halving, so many owners of outdated mining farms could come back to blockchain network. However, analysts believe that larger numbers of outdated miners may threaten the Bitcoin network safety.