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Bitcoin [BTC] has different use cases depending on where the user is; Venezuela is a good example, says Shapeshift’s Eric Voorhees

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Proponents in the cryptocurrency industry have always made the effort to inform users and holders of coins about what is going on around them, in terms of use cases as well as regulations. The latest person to speak about the industry, more specifically Bitcoin [BTC], was Eric Voorhees, CEO of Shapeshift, a popular cryptocurrency exchange.

In discussion with Bloomberg, Voorhees stated that BTC’s price fluctuations and bubbles pave the path for establishing itself as a legitimate form of transaction. Voorhees was also asked whether Bitcoin will always remain a speculative asset or will it be used for actual purposes. To this, the Shapeshift CEO replied,“The usage of Bitcoin actually depends on where the user is. In Venezuela, people are using it to escape inflation while in other countries people have started using in actual transactions. I agree that a majority of the use cases are still speculative but that will change as soon as people fully embrace it.”

Voorhees admitted that it has been a rough year for Shapeshift because of the addition of the Know Your Customer [KYC] feature on its wallets. He stated,

“We wanted a model that was supposed to be frictionless and aimed to increase the user’s privacy. All of us at Shapeshift wanted to build something that was useful but with the advent of KYC, it has become difficult. I have been a believer in Bitcoin since 2011 because as soon as I saw its application in terms of cross border transactions, I was hooked.”

The CEO opined that the legitimacy of cryptocurrency does not increase due to comments by groups of people, but rather from usage. He even commented on the entry of institutions into crypto by saying that established companies will hold a minority position for the foreseeable future.

Eric Voorhees was in the news recently after claiming that Bitcoin’s success rate was really minor in its early days, when compared to recent times. He had said,“… the first bubble I was in, early-mid 2011, was bigger in terms of percentage gain but the industry was small back then, the people talked in terms of hundreds of thousands of dollars not multi-billion dollars. This is a big industry at this point and when this whole industry rises by a 100x in 2017 and then collapses back down by 90x, it has a big effect”

Bitcoin

Bitcoin price prediction: BTC/USD stuck between strong levels of support and resistance – Confluence Detector

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  • BTC/USD went down slightly from $8,811.45 to $8,750.50 this Wednesday.
  • BTC/USD has three healthy resistance levels on the upside at $8,800, $8,990 and $9,000.

After suffering a slightly bearish Wednesday, wherein it fell from $8,811.45 to $8,750.50, BTC/USD has had a bullish start to this Thursday and is currently priced at $8,768.85. Since the price is sandwiched between strong resistance and support levels, further growth might be hampered. On the upside, there are three healthy resistance levels at $8,800, $8,990 and $9,000. While on the downside, healthy support levels lie at $8,755 and $8,530.

BTC/USD Confluence Detector

fxsoriginal

Looking at the resistance levels – $8.800 has the one-hour Previous High, 4-hour Bollinger Band middle curve, 15-min Bollinger Band upper curve, one-hour Bollinger Band upper curve, one-day Fibonacci 61.8% retracement level and 100-day Simple Moving Average (SMA 100), while $8,990 has no confluence detected. $9,000 has the 4-hour Bollinger Band upper curve and SMA 10.

On the downside, $8,755 has the SMA 5, SMA 10, SMA 50, SMA 100, SMA 200 and one-hour Bollinger Band middle curve. Finally, $8,530 has the one-month Fibonacci 61.8 retracement level.


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Bitcoin to soon be accepted at 65,000 Swiss Retailers

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  • 65,000 Swiss Retailers will be able to soon start accepting Bitcoin.
  • The new development comes on the back of a partnership between Bitcoin Suisse and Worldline. 

It is reported that a new system will be available for the 65,000 Swiss merchants currently using Wordline’s nationwide payments infrastructure, dubbed SIX Payment Services. 

65,000 Swiss retailers will shortly be able to start accepting Bitcoin as a means of payment. It comes following a partnership announcement between the Swiss broker Bitcoin Suisse and the European payment and transaction services provider Worldline. 

It is reported that local publication Switzerland Global Enterprise has announced that both companies have signed a letter of intent. It covers ground that they promise to offer Swiss traders and consumers the possibility of paying with BTC. In terms of the partnership, it will be allowing the country’s 65,000 retailers who already use Wordline’s infrastructure to accept Bitcoin payments.

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Bitcoin technical analysis: BTC/USD price is consolidating outside of bullish flag

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  • 2Bitcoin price is trading in positive territory, up some 0.50% in the second half of the session. 
  • BTC/USD price action is within consolidation mode, failing to attract commitment. 
  • The bulls must again breakdown and hold above the $9000 price mark for greater upside. 

BTC/USD weekly chart

The price is sitting just on top of a breached weekly flag structure. 

BTC/USD daily chart

Daily price action is also moving within a bullish flag, subject to a potential breakout higher. 

Spot rate:                   8,771.49

Relative change:       +0.50%

High:                          8,838.90

Low:                           8,707.85

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