 QUOTE OF THE DAY  |
| “When I first heard about Bitcoin, I thought it was impossible. How can you have a purely digital currency? Can’t I just copy your hard drive and have your bitcoins? I didn’t understand how that could be done, and then I looked into it and it was brilliant.” - Jeff Garzik |
Happy Monday! So many things are happening in the crypto space at such a fast pace sometimes we forget to stop and look at what has been accomplished. Cheers to the progress that has already made. In ten years we'll either be fools or very happy we took the leap of faith.
Cheers,
Blockchain Brew Team
| COIN | PRICE | 24H |
|
| BTC | $7,702.96 | +3.32% |
|
| ETH | $462.222 | -0.88% |
|
| XRP | $0.452542 | -0.38% |
|
| BCH | $812.066 | +1.92% |
|
| EOS | $8.12668 | -0.09% |
|
*Information as of 9:30 AM EST
Cryptocurrency Can Change the World and the Banks Know It
CRYPTO EMERGENCE
- Cryptocurrency was born and prospered in a time when banks were failing during the financial crisis of the previous decade
- People's trust in banks was broken and emerged a new form of currency, not controlled by a central entity, rather a decentralized network backed by mathematics
- Bitcoin was the first pioneer to transfer the power and wealth from 'too big to fail' financial institutions into the hands of the common mass
BANKS THREATENED
- Banks have since recovered from the mortgage and credit crisis of the previous decade, but cryptocurrencies have also increase in number, size, and adoption
- As much as banks and famous investors criticize cryptocurrencies, they are aware that they directly threaten their core business which has been around for centuries
- Institutions are starting to realize that they can no longer just sit on the sidelines or else their existence may be in question in the future
Salvador Casquero who has worked as an executive at some of the world's biggest institutions like JP Morgan and BBVA said:
“Experience in the industry and knowledge of how fintech companies work, the unexpected technology we have seen in the cryptocurrency industry has unsettled the banks. These major banking establishments were controlling mass sections of the economic stratosphere and are now competing with small yet dynamic crypto and fintech firms that are revolutionizing the flow of resources, business models and also technology that are geared towards specific products.”
TIME TO ACT
- Times are changing and with new innovations banks are know scurrying to keep pace with the rapid growth of new competition
- Banks are at somewhat of a disadvantage, because they are so large and heavily regulated, they struggle to adapt to new change and innovation
- It seems like everyday you see news of a bank frantically applying for a new blockchain related patent or researching and testing a blockchain implementation
CAN CRYPTO CHANGE BANKING
- Our financial system has been established for centuries, but has never seen a direct threat of replacement like cryptocurrencies
- Cryptocurrencies has started a revolution, but it is no where near following through on its mission
- Mass adoption needs to happen for cryptocurrencies to take over, cryptocurrency is complex and many people are uncertain about using it and see no problems with banks
- Mass adoption needs to happen for cryptocurrencies to take over, cryptocurrency is complex and many people are uncertain about using it and see no problems with banks
Coinbase Ads are Back on Google, Set to Rope in Millions of New Investors
AD APPROVAL
- After months of ad disapproval, Google is now allowing Coinbase to advertise to its users again
- This information comes after CEO Brian Armstrong announced that Coinbase is now whitelisted for Facebook ads earlier this week
To be approved, Google's new ad policy, effective June 2018, makes sure the website complies with all legal requirements in its respective country:
"Our policies are designed to give users information to weigh the costs associated with financial products and services and to protect users from harmful or deceitful practices. For the purposes of this policy, we consider financial products and services to be those related to the management or investment of money and cryptocurrencies, including personalized advice."
A Reddit user posted a Coinbase ad running on Google:
BIG IMPLICATIONS
- With both Facebook and Google ads running for the San Francisco-based exchange, Coinbase has the potential to reach billions of new users
- The blanket ad ban by Silicon Valley tech companies was seen as a significant event causing a bear market
- Now, Coinbase has a wide open marketing tool kit with Facebook and Google ads that could cause the next big wave of investors to jump down the crypto rabbit hole soon
G20 Says Cryptocurrencies Can Bring 'Significant Benefits' to Worldwide Economy
SIGNIFICANT BENEFITS
- A new report shows from G20's meeting in Argentina proclaims that the members believe cryptocurrencies can bring "significant benefits to the financial system"
- This is the first statement about cryptocurrencies released by G20 since March when the members stated that they need to gather more information about the impact of cryptocurrencies before committing to regulation
NOT ALL SUNSHINE
- In addition to the positive statements about cryptocurrencies, the G20 report also mentioned that cryptocurrencies can "raise issues with respect to consumer and investor protection"
- This statement stems from the unclear regulation surrounding the industry right now
- Moreover, the report mentioned that cryptocurrencies "lack the key attributes of sovereign currencies", making them less likely to be adopted by governments
To end, the G20 report stated that cryptocurrencies will continue to be monitored and acted on if they become a threat to financial stability:
"While crypto-assets do not at this point pose a global financial stability risk, we remain vigilant. We welcome updates by the FSB and the SSBs and look forward to their future work to monitor the potential risks of crypto-assets, and to assess multilateral responses as needed."
Lufthansa and SAP Launch Competition to Seek 'Groundbreaking' Use Case
ABC CHALLENGE
- Announced Friday, Lufthansa is collaborating with SAP to create an Aviation Blockchain Challenge aimed at finding "groundbreaking ideas" for blockchain uses in the aviation industry
- The collaboration effort comes after noticing there was limited action regarding exploring blockchain in the aviation industry
Lufthansa commented on the industry's lack of action as it pledged to work with SAP:
"While many industries have found their first use cases, the impact on the aviation sector is not noticeable yet. We want to change that together with SAP and see substantial potential in our industry to utilize blockchain and other plays of decentralized networks."
USE CASES
- To give challenge participants direction, Lufthansa is looking for blockchain use cases in these areas: flight booking, loyalty programs, internal data processing, and supply chain
- Allegedly, since October 2017, Lufthansa has been exploring how to put reservations and travel itinerary information on a decentralized network through a partnership with an Ethereum blockchain startup
- However, now it seems clear that Lufthansa is taking its own internal initiative to bring blockchain use cases to its business
- Crypto Analyst Believes Bitcoin ‘Could Replace Gold’
- Asian Asset Manager Focusing on Family Offices to Launch Crypto-Custody Solution
- Cryptocurrencies in India are at Par with Electronic Means of Payment, States the Law Commission of India
Bytecoin (BCN)
"With this release we present an internal guard mechanism (payment queue) that will be able to bear any high load instances..."
Cardano (ADA)
"ADA will be listed on the OKEx from Friday 20th, July 2018 and the listing will be supported by ADA/BTC, ADA/ETH, ADA/USDT and ADA/ OKB."
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