We started our analysis yesterday with how we could have been speaking to soon about the price movement of Bitcoin, only for its fortunes to change quickly again almost right after we published. Typical, isn’t it?
The ongoing resurgence is not a large one, but against the odds, Bitcoin has completed 24 hours without ever going down below USD 10,000 — barely, at the day’s low at USD 10,003, but there — amid an unusually volatile range with three touches of the daily highs taking place alongside two daily lows. All this is also happening in very tight ranges of less than USD 200, or 2% only.
Currently, Bitcoin is at USD 10,193 at 1:20 pm GMT (CoinDesk) as London afternoon is underway.
Trending on the horizon today for Bitcoin is reports that payment processor BitPay has rejected a Bitcoin donation worth USD 100,000 that was meant to go towards the efforts in fighting the forest fires now raging throughout the Amazon basin.
The incident is turning out to be a huge publicity debacle for one of the largest crypto processors in the world, with charity organization AmazonWatch’s Twitter account sharing updates about what supposedly took place.
@BitPay @BitPaySupport a donor, no doubt upset about horrific #AmazonFires tried to donate $100,000 to our account today and it was rejected as too high. We want to reach out to this person to resolve this issue, but have no way to do so. We need your help, ASAP. Thank you.
— AMAZON WATCH (@AmazonWatch) August 23, 2019
Posted 10 hours ago, the complaint immediately received responses from HelperBit and BTCPayServer, two alternatives to BitPay. The latter is open source and allows merchants to remain in full control of their Bitcoin wallets when receiving payments in BTC.
BitPay did respond within the hour, but people will probably be criticizing their initial response, which instead of providing a solution, asked the charity to pay more:
“Hi! We will escalate this issue ASAP to see if the donor can be contacted. In the meantime, if you wish to upgrade your approved volume to accept donations of this size, please go to your merchant dashboard Settings > Approved Volume:”
BitPay has received severe criticism from users, because it utilizes a fee system that tends to overestimate the miner fee required for quick confirmations on the Bitcoin network. Pay too little and your transaction can be marked as Unconfirmed, even though it has confirmed on the actual network. It has even marked Replace-by-Fee (RBF) transactions as unconfirmed, even though it is a legitimate setting by the network to allow people to set a higher fee in the event on unexpected network congestion.
Other commentors urged AmazonWatch not to trust centralized payment processors, and to choose to use Bitcoin wallets itself directly. It’s also what we’d recommend, whenever not inconvenient, to be truly in charge of your funds (and save on intermediary fees too, why not?). With plenty of methods to liquidate bitcoin to fiat, there’s little reason to use BitPay unless you are sorely dependent on fiat settlements.
Other news has also emerged from the United Kingdom, providing even more proof that more and more individuals are now willing to make the switch from traditional money to Bitcoin in an effort to exert more self control and influence over their finances.
British developer Zakk Lakin, in an interview with The Mirror, revealed why he had finally decided to go all in on Bitcoin, choosing to receive 100% of his salary in the world’s most popular digital asset. And, contrary to what many might choose to believe, his contrarian decision hasn’t had any negative impact on his way of life. Lakin explained:
“People always ask how I am coping with living on Bitcoin but the truth is that my lifestyle hasn’t really changed… buying things with crypto is easier than people think…”
Earlier this year, we gave our team the option to take home their salary in #cryptocurrency.
All employees opted to receive part of their salary in #crypto with @CoinCornerZakk choosing to take his full salary home in #Bitcoin 😎👊 https://t.co/03g5phFYDe
— CoinCorner (@CoinCorner) August 22, 2019
An employee of CoinCorner crypto exchange, he further enjoys a waiver of all fees from the platform when selling and trading his bitcoin for fiat money. Lakin basically converts all his permanent commitments such as rent and bills to British pound sterlings on salary to minimize his exposure to price volatility. The rest, he says, is stored as disposable income and savings.
Lakin sees himself as fulfilling the original premise of Bitcoin, to be used as a new form of digital currency. He is part of a growing wave of people now keen to use Bitcoin in the same way — and not simply as a speculative store of value as other holders would consider it.
Bitcoin maximalists will certainly be happy to see that trend grow, and especially now with Facebook’s Libra project now seemingly under internal threat, it could be that Bitcoin is the only way forward as a true global decentralized currency. If reports from the Financial Times about Libra’s investors getting spooked by the harsh regulatory criticisms of the crypto project, then this is already proof that any global crypto movement must not depend on centralized efforts for success.
In this case, only Bitcoin is immune to such uncertainty.
Image Courtesy: Pixabay