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UK Artist Sells 19 Paintings for 490 Bitcoin

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A UK artist has announced that he has sold a collection of 19 paints for a total of 490 Bitcoin.  The price fetched for the collection at the time of writing is just less than $4.9 million.

Lincoln Townley, the creator of the collection, has a history of selling his artworks for Bitcoin. In fact, the celebrated London-based artist made what is widely believed to be the first example of piece of artwork auctioned in which Bitcoin was used as the payment method.

Another Art Collection Sells For Bitcoin

According to a report in UK news publication Evening Standard, the popular UK artist Lincoln Townley h

as just sold more of his artwork for Bitcoin. An unnamed Singaporean business man bought the collection, titled “Greed”. He reportedly paid 490 BTC, or almost $4.9 million for the 19 paintings.

The works were due to go on display at The Saatchi Gallery in London, next month. However, following the sale, which took place with the help of an Swiss agent, the gallery will only display the works for a a single day this month.

Townley is no stranger to receiving Bitcoin as a means a payment for his work. The artist is widely credited as the first artist to make an official sale of their work using the cryptocurrency. In 2017, he sold the piece “Homage to Francis Bolton” for 40 Bitcoin. At the time of the sale, this was around $640,000.

The artist is not only famous for his acceptance of Bitcoin, he has a list of high profile, A-list fans including Michael Caine, Al Pacino, Sting, and Ronaldinho. Meanwhile, other big names have been the subject of the artist’s work. For example, Kate Moss and the late David Bowie have been painted by Townley. He also famously sold a diamond-encrusted portrait of Princess Diana for a cool $1.23 million in 2017.

In addition to the artist’s embrace of alternative payment methods, he has also made a name selling his work via social media. In 2018, NewsBTC covered an auction that took place online and exclusively in cryptocurrency. The event was held over the course of a weekend last year.

Townley believes his unorthodox sales are about more than novelty, however. He claims that such experimentation could well transform the art industry. He stated at the time of the 2018 sale:

“The best thing is it fuels my belief that galleries are secondary to an artist’s success – they just need to look at galleries as another string to their bow. There are so many other ways to get sales with technology.”

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Visa continues to dwarf Bitcoin in this important metric

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Despite optimistic predictions, Bitcoin still has a long way to go before it can compete with companies such as Visa. The fiat currency giant reported transaction volume of over $11.2 trillion in 2018, while Bitcoin network only managed to transact around $2.2 trillion until 2019.

Visa dominates all payment processors with $11 trillion transaction volume

While the crypto industry as a whole seems confident that digital assets will ultimately replace traditional fiat currencies, the reality is that there’s a long way to go before the two can even compete in the same category.

The growing transaction volume of most high-market cap cryptocurrencies definitely shows that major improvements are made. However, most of that growth fades away when compared to the big players in the payment processing industry.

According to its annual performance report, Visa saw a total transaction volume of just over $11.2 trillion. The volume is the sum of both the payment volume and cash volume, with the payment volume being the total monetary value of transactions on Visa-branded cards and payment products, the company explained in the report.

This is a huge increase from the $10.3 trillion the company reported in 2017 and an even bigger increase from the $8.1 trillion in total volume

reported in 2016.

Image showing total volume recorded by Visa in 2016, 2017, and 2018
Image showing total volume recorded by Visa in 2016, 2017, and 2018. (SourceVisa)

Bitcoin still has a long way to go to catch up with Visa

Bitcoin‘s numbers aren’t nearly as impressive as these. However, it’s worth noting that digital asset data can often be misleading and can never be taken at face value. As a Fidelity Digital Assets research put it, one of the most commonly overstated measures is Bitcoin’s transaction volume.

Most data providers use an unspent transaction output (UTXO) system, which doesn’t distinguish between economic and non-economic transactions. Because of that, the difference between the adjusted and unadjusted transaction value figures are often very significant.

According to the report, Bitcoin’s total adjusted transaction value from inception to Dec. 11, 2019, was approximately $2.2 trillion. It’s unadjusted transaction volume, however, stands at approximately $7.5 trillion.

Chart showing the difference between cumulative raw transaction value and the adjusted value
Chart showing the difference between cumulative raw transaction value and the adjusted value. (SourceCoinMetrics)

While the $2.2 trillion is a significant achievement for a system as young and as novel as Bitcoin is, it’s still a long way behind Visa. Bitcoin’s transaction volume was amassed over a period of more than 10 years, while Visa recorded its $11.2 trillion from September 2017 to September 2018.

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Bitcoin (BTC) Cannot Be Used for Payments, Your Coffee Will Be Cold, says Ripple CEO

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Ripple CEO: Bitcoin (BTC) Cannot Be Used for Payments, Your Coffee Will Be Cold

Ripple CEO Brad Garlinghouse sat down for an interview in Davos, Switzerland, to talk about the rapidly changing financial industry. Among many other things, Garinghouse discussed Bitcoin’s use cases and his company’s IPO plans. 

A failed means of payment 

Garlinghouse reiterated that Bitcoin is not suitable for micropayments. He took a jab at the coin’s scalability problem, claiming that your coffee will be cold if you order it with BTC at Starbucks.

“You don’t want to use BTC at Starbucks b/c by the time you get your coffee, it’ll be cold.”

Bitcoin is only capable of processing about seven transactions per second, which prevented it from becoming a widely accepted means of payment. For comparison, XRP is able to process up to 1,500 transactions per second.   MUST READRipple CEO Brad Garlinghouse: 99 Percent of All Crypto Goes to Zero – 

Still bullish on Bitcoin  

Nevertheless, Garlinghouse is still bullish on Bitcoin as a store of value, which means that he sees

the orange coin in the same category as gold. However, numerous skeptics in the likes of Bridgewater Associates co-founder Ray Dalio believe that Bitcoin cannot retain its value because of its immense volatility. 

The price of the leading cryptocurrency has recently plunged by nearly 10 percent in just four days.   MUST READRipple CEO Buys Bitcoin (BTC) with XRP Dumped on Retail: Adam Back – 

Is Ripple going public?

Garlinghouse also predicted that 2020 will be the year when many cryptocurrency companies will follow the lead of Canaan Mining and go public. He considers an IPO to be “a natural evolution” for Ripple but didn’t specify the exact time when the blockchain giant is going to hear the sound of bell ringing. 

“In the next 12 months, you’ll see IPOs in the crypto/blockchain space. We’re not going to be the first and we’re not going to be the last, but I expect us to be on the leading side… it’s a natural evolution for our company.”  

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Bitcoin Price Analysis: BTC/USD is at risk of an extended sell-off towards $8,000

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  • The number of Bitcoin addresses with unrealized gains decreased significantly.
  • BTC/USD needs to regain $8,6500 as soon as possible.

Bitcoin (BTC) is under selling pressure on Thursday. The first digital coin has lost over 3.5% since the beginning of the day amid growing bearish sentiments and expanding volatility. At the time of writing, BT/USD is changing hands at $8,350. Bitcoin’s market share has settled at 65.8%.

Notably, the share of Bitcoin addresses “in the money” dropped from 74% on Wednesday to a mere 63% by press time, according to the statistics provided by Intotheblock. The breakeven point for the vast majority of Bitcoins is located around $12,000, which means that an even moderate push towards that area might improve the sentiments significantly. However, considering the recent developments, it seems that we will have to live through another bearish wave

before things turn for the better.

BT/USD: technical picture

BTC/USD bears try to take the price below critical support area created by 50% Fibo retracement for the upside move from December 2018 low to July 2019 high. If they are successful enough to engineer a sustainable sell-off below this level, a psychological $8,000 will come into focus. This zone is reinforced by SMA100 daily, and it has the potential to slow down the bears.

On the upside, we will need to see a strong move above $8,650 to mitigate the initial downside pressure and create a pre-condition for a recovery. This area served as a support zone in recent days, which means it may take some time to take it out as resistance. Once it is out of the way, the upside is likely to gain traction with the next focus on $9,000. This is an ultimate short-term target for Bitcoin bulls protected by SMA200 daily.

BT/USD daily chart

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