Daily: Bitcoin Waits for Fork / Graphene / Argentinian exchange to list Bitcoin?

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Description

Bitcoin and Cryptocurrencies prices stay stagnant as the upcoming hard fork looms over people's minds. 0:40 Market Analysis- Waiting for the Bitcoin Fork 3:39 Graphene? A new way to pack blocks? 5:20...

AI Analysis

Bitcoin and cryptocurrency prices are pretty stagnant right now, largely because everyone is holding their breath for the upcoming Bitcoin hard fork. Beyond the market suspense, there's buzz about Graphene, a new protocol aiming to make blocks much more efficient, and surprisingly, Argentina's biggest futures market is considering listing Bitcoin. Plus, crypto is making its way into mainstream entertainment, from Bjork's new album offering crypto payments to a South Korean TV show where celebrities have to survive using only Bitcoin.

Here's a breakdown of what's happening:

* Market Analysis – Waiting for the Bitcoin Fork
* Bitcoin has been holding steady around the $7,300 mark, even after a dip to $7,175, showing strong interest despite the uncertainty.
* Korea and Japan continue to dominate Bitcoin trade volume.
* Many people are intentionally waiting for the hard fork, anticipating two coins: the original Bitcoin and the 2x coin, which they expect could be valuable even if Bitcoin's price drops to $5,000. It's a risky time due to high uncertainty, but the lure of two coins is strong.
* Ethereum has been stable all week, while Bitcoin Cash saw a slight increase. Interestingly, Ethereum Classic surged by 24% and NEM by 9%, making them top performers in the top 10 range.
* Most other cryptocurrencies are static, primarily due to this "wait and see" approach as the Bitcoin hard fork approaches in about nine days.
* There's a "civil war peak" happening in the Bitcoin community, especially visible on Reddit. R/Bitcoin is mostly pro-Core (no 2x), while R/BTC is pro-2x. It's a very heated and political argument, leading to a lot of misinformation from both sides.
* The core issue is that Bitcoin is expected to split into two coins, and both factions want their version to be called "Bitcoin" and claim to represent Satoshi's original vision.
* It's really important to have your Bitcoin under your own control (not on an exchange) at the time of the fork to ensure you get both coins. A video on how to prepare for this is in the works.

* Graphene: A New Way to Pack Blocks?
* A new protocol called Graphene aims to revolutionize blockchain block propagation.
* One of the authors is Gavin Andreasson, a former Bitcoin core developer who has since been "exiled" from that community, making his involvement noteworthy.
* Graphene claims it can pack almost eight times as much information into a block, which would be a massive efficiency improvement for the blockchain.
* The big question is whether the Bitcoin Core developers will adopt this technology, or if it will find its way into other Bitcoin implementations.
* This topic is generating significant discussion and excitement on both sides of the Reddit community.

* Argentina’s Biggest Futures Market to Add Bitcoin
* Rolfx, Argentina's largest futures market, is exploring the possibility of adding Bitcoin.
* This move is especially significant because Argentina is currently experiencing high inflation, around 300% this year.
* Bitcoin tends to gain traction in countries facing hyperinflation or a loss of faith in traditional government-backed currencies, much like what has been seen in Venezuela, where interest in Bitcoin and mining surged due to their economic crisis.
* The adoption of Bitcoin in such scenarios shows its growing importance as an alternative asset.
* Interestingly, there's a noticeable influx of new people into crypto; about 11% of the channel's audience just joined this week, indicating growing mainstream interest.

* Entertainment Embraces Crypto
* Bjork's Latest Album: The artist Bjork is accepting Bitcoin, Dash, AudioCoin, and Litecoin (alongside PayPal and credit cards) for her new album. She's also giving out some AudioCoins with each album purchase, aiming to introduce more people to cryptocurrency. While buying physical albums might be less common these days, it’s a cool way to push crypto into the mainstream.
* South Korean Bitcoin TV Show: South Korea has a new reality TV show where celebrities try to "survive" in the city by only spending Bitcoin. They visit stores that accept Bitcoin and have to navigate their daily lives using only the cryptocurrency.
* This show highlights two key points: first, there's enough general public interest in crypto to support a non-technical, fun show like this, which is a great sign for mainstream adoption. Second, it promotes businesses that accept Bitcoin, reinforcing its utility as a medium of exchange.
* However, while it's exciting to see Bitcoin used for everyday spending, it's acknowledged that high Bitcoin transfer fees still make it more efficient for buying luxury items rather than small, everyday purchases.

In the pipeline, there will be a discussion about over-the-counter (OTC) trades in China, which are heating up after the Chinese government banned cryptocurrency exchanges.

Transcript

What's up everyone, my name is Michael and welcome to Box Mining Daily. Today we're going to start off with the market analysis and it seems like everyone's going to wait for the Bitcoin fork. We also have graphene, so it's a new way to pack blocks and we're going to take a closer look at that. And of course we have Argentina, one of the biggest futures market in Argentina might be adding Bitcoin onto its array. And of course in terms of entertainment, we have Bjork's latest album and it's goin...