Bitcoin price continues to toy with trader sentiment, after making an unexpected recovery to trade back above USD 10,000, if only just slightly. Altcoin markets were happy to follow suit, themselves witnessing only 24 hours of red lines on charts and seem back en route to new highs for the month.
For now, Bitcoin is only a few hours away from making sure that a full 24 hours has passed since price went back up above the key milestone at around 4:45 pm UTC (CoinDesk).
The news is scant in terms of real developments, and some site headlines like “Bitcoin Downtrend Persists After Saudi Arabia Attacks” (with no actual correlation noted in the story itself) are belying a desperation from certain quarters to find some meaningful news on a dry week.
However, staunch Bitcoin ultras will be quite pleased to hear the call from a wallet developer to boycott Bitcoin payment processors in favor of Lightning Network. Zap Solutions wallet developer and founder Jack Mallers announced this in a blog post launching Olympus. It is a special tool that allowed people to spend Bitcoin from bank accounts even without the Zap wallet, simply by using the second-layer solution atop of Bitcoin.called Lightning Network.
I just published Announcing Olympus: Lightning-enabled fiat ramps by Zap
What if you could go from fiat in your bank account to non-custodial Lightning payments in seconds? What does onboarding the masses look like?
— Jack Mallers (@JackMallers) September 19, 2019
According to Mallers, the tool is specifically designed to sidestep current popular solutions such as BitPay and Coinbase, ensuring fast and cheap Bitcoin payments while keeping Know Your Customer (KYC) processes to a bare minimum.
Olympus is built as a standalone component and joins a host of new customer-centric products launched over the past year to hasten Lightning Network adoption among Bitcoin users. Zap is apparently applying for money transmitter licenses in each US state before its full roll out, planned for next year. Mallers explained the Olympus idea:
“Someone who has never experienced Bitcoin before should be able to swipe their debit card, get Bitcoin delivered to them directly onto the Lightning Network, and make inexpensive instant micropayments within seconds of purchase.”
While Coinbase and BitPay are among the most-used Bitcoin payment processors worldwide, they have often been criticisized for being closed source and being too slow to adopt new Bitcoin technology such as SegWit upgrades and now, Lightning Network. BitPay has most recently been under fire for arbitrary rejection of certain payments, including a charity donation that couldn’t make it to a body fighting against the Amazon forest fires. The outrage from the Bitcoin community is clearly felt by some developers when Mallers wrote:
“Do we wait for Coinbase and BitPay to come around to Lightning? Leave it up to the closed-source elites that have misrepresented bitcoin for years to take the baton and run to the finish line? No. F*** that.”
Meanwhile, we return to the theme of millennials loving Bitcoin, as we covered in a previous analysis. This time, it is p2p Bitcoin exchange Paxful that continues to find more evidence that the younger adult generation is the ones most enamored with Bitcoin. The new study, conducted by UK researcher One Poll, says that those as young as Generation Z are definitely piling on the interest in Bitcoin.
However, this interest isn’t exactly backed up by a good understanding, as many among the 500 people surveyed admitted that they not knowing the currency very well, and others are yet to actually trust Bitcoin.
Despite the lack of trust as yet, the surprising news is that of these 18- to 42-year olds, 43% believe crypto could replace the financial system in the US right now. Paxful CEO Ray Youssef told Decrypt this is only a reflection of the actual situation with Americans and their approach to money and investment:
“Many people are not gamblers. They just want to make money and make their lives easier. Crypto can make lives easier, but nobody is doing enough to educate themselves. There is too much focus on speculation. I’m sure many of these young people have only heard of crypto from pump-and-dumps.”
Even more interesting to us at BitcoinNews.com is that these younger investors appear to want a return to the roots of Bitcoin as a peer-to-peer digital currency. More than half of the respondents claimed that they were less interested in buying Bitcoin from an exchange to hold. Instead they were interested in crypto’s capacities in peer-to-peer trading. Two-thirds of them even associated crypto with globalization.
So, will we see people use Bitcoin more and hold it less? And when they use it, will they ditch BitPay and stick to solutions that help them send money to each other? It does make for a positive change in attitudes!
Image Courtesy: Pixabay