BEST OF THE BEST THE GUARDIAN: The most impressive feature of bitcoin
is that it still exists, even after surviving crash after crash, writes Tibor Fischer, a British novelist and short story writer, in an op-ed article published on The Guardian.
That being said, widespread adoption of bitcoin as a currency is unlikely in the near future, he says, claiming that the leading cryptocurrency is almost useless, as one can buy all sorts of products for everyday life with a contactless Visa card.
While Fischer finds the claims that crypto can enrich the unbanked and poor "ludicrous," he says that it seems likely that the future growth of bitcoin will be in countries with "ailing, corrupt or authoritarian governments" and unstable currencies.
Otherwise, there is still no real need for bitcoin, he writes.
THE REST MIT TECHNOLOGY REVIEW: Blockchain will become
“boring” but “more useful” this year, according to a piece from MIT Technology Review. The entrance of major companies like Walmart, Fidelity and the Intercontinental Exchange (ICE) will help to normalize the space, introducing new users and bringing blockchain tools into mainstream use.
In particular, Walmart has already announced that it will use an IBM blockchain system to track certain food items, while ICE, the owner of the New York Stock Exchange, plans to launch a digital asset exchange this year. Fidelity has likewise announced its own crypto trading platform, Fidelity Digital Assets.
On a technical side, smart contracts technology continues to improve, and more practical use cases should emerge this year. And from a government standpoint, state-backed digital currencies could make their first appearance as central banks from at least 15 different nations are closely looking at developing such tokens.
THE NEW PAPER: Singapore resident David Lau is
using ethereum to help pay for a new car, reported The New Paper. Lau, a business development manager, purchased a Honda Vezel worth about SG$84,000 ($61,683 U.S.), using roughly SG$10,000 ($7,342) as a down payment.
Lau also plans to place another SG$32,000 ($23,497) in ethereum over the coming weeks toward the car, which he bought through MHG Cars. The remainder of the car will be financed through a bank loan.
Lau explained that he was looking to divest from his ethereum holdings due to the current crypto bear market, adding that "It's currently not so bullish, so I want to put my money into other investments."
MHG Cars company director Lydia Ang told The New Paper that using crypto helps save on transaction fees. Using crypto means only about 1 percent of the total cost goes to fees, compared to 3 percent on credit cards.
