Bitcoin in Brief Monday: Snatching Blockchain, Tracking Bitcoin
No one likes missing the train. Of course, jumping on the wrong one is sure to delay the arrival even more. In today's Bitcoin in Brief, we cover the latest attempts by big corporations to stay close to the crypto waters without really wetting their feet. Also, do you want to know how Cryptokitties have inspired a new Ebay-like platform for crypto enthusiasts'
Also read: This Week in Bitcoin: Taxes, Forks, Pranks and Porn
Another Badge of Patents
While it is somewhat understandable when central banks want the blockchain but not bitcoin, it isn't that clear why serious businesses make similar choices. Some of them prefer to shy away from the decentralized cryptocurrency, for which the awesome technology was actually invented. Getting on the crypto train has the power to lift stock prices. If it's the wrong train, however, it could also postpone the arrival at the final destination.
The planners at Walmart may not have noticed, but processing encrypted payments on the bitcoin blockchain has been working flawlessly for many years. Much smaller businesses, like some companies in the Baltic states, have realized that already. Besides, instant conversion to fiat, offered by crypto payment providers, eliminates the risk that comes with the volatility in crypto markets. So, what's so scary about using bitcoin and its blockchain'
Tracing the Untraceable
Realizing, probably, that bitcoin is here to stay, another giant, Amazon, has recently obtained a bitcoin tracking patent. The online retail behemoth wants to track multiple datastreams, combine the information, and sell the data. The patent explicitly mentions bitcoin. Amazon claims that every time a bitcoin transaction takes place, related data can be captured and correlated. That's interesting! 'Untraceable and anonymous' transactions have often been cited among the 'mortal sins' of cryptocurrencies.
Here Comes a 'Rare' Competitor
Another global retailer, Ebay, may soon feel competition from a young fintech startup. Rare Bits brands itself as an Ebay-like platform for crypto enthusiasts who want to buy digital assets. The platform allows users to purchase, sell and search for virtual assets denominated in cryptocurrency. The startup launched just a couple of months ago but has since raised $6 million. As CNBC reports, some big names are on the investors list, including Spark Capital, First Round Capital, Twitch CEO Emmett Shear and founder and former CEO Justin Kan.
The platform focuses on consumers familiar with cryptocurrencies but its co-founder Amitt Mahajan says there is plenty of room for new people to get on board. 'Imagine if a celebrity like Beyoncй or someone really well known were to release ten backstage passes on the blockchain' How many millions of people do you think would go out of their way to acquire one of those things''
What do you think about businesses trying to separate blockchain technologies from decentralized cryptocurrencies like bitcoin' Share your thoughts on the subject in the comments section below.
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