In today’s edition of Crypto Daily News, we’ll cover the updates of nearly one trillion dollars worth of Bitcoin (BTC) has already been traded in 2018 and Coinbase making steady progress in enhancing its platform.
Crypto Daily News: August 16th, 2018
Almost One Trillion Dollars Worth of BTC
According to Trustnodes, an estimated $830 billion worth of Bitcoin (BTC) has been traded so far this year. Coinmetrics composed the data and removed items that often mess with the price of Bitcoin, including “mixers, self-churn, privacy enhancements, spam, and change outputs.“
“From the perspective of the blockchain, all transactions are equally valid – but from the perspective of an analyst or economist, it’s useful to isolate only the meaningful economic transactions, so that’s what we’ve done here,” says Coinmetrics in a statement introducing the new measure.
The majority of the money moved into Bitcoin (BTC) took place at the beginning of the year, no surprise there. According to their data, Money being moved in and out of BTC has declined each month of the year.
The figures composed are just estimates, so they may be off by 10% or so.
Coinbase Continues to Make Moves
This week, Coinbase’s CEO Brian Armstrong spoke at Bloomberg’s Players Technology Summit in San Francisco. He told the panel and crowd at the conference that, at one point in 2017, Coinbase was signing up 50,000 users a day.
This news is unsurprising as cryptocurrency was the hot new craze towards the latter half of 2017 and a lot of the popular cryptocurrency exchanges had to halt new user registrations because their systems were at max capacity.
Armstrong didn’t comment on how many new users Coinbase is currently signing up daily, but he did mention that his company is still rapidly growing and has more than 1,000 employees now.
Yesterday, Coinbase announced that it acquired the San Francisco-based Distributed Systems Inc, which works on decentralized identity solutions. Coinbase’s know-your-customer (KYC) protocols have seriously been lacking, as that has been its customers’ biggest complaints. Since it hired new employees, service has gotten a lot better but it seems the company wants to try and streamline the process.
The company must follow the guidelines that the SEC has in place and Distributed Systems will help the company with this.
Featured Image: Depositphotos/© Fotofabrika
Author: Chelsea Roh