Weekly Industry Bytes – 28th October

Before you dive into the juicy details of last’s week news here’s what you should know. Most of the people working in the blockchain sector work with cryptocurrency exchanges and they make up about 42%. Is this why exchanges see the most innovations?

Also, new data reveals that Bitcoin has recorded a total of $11 trillion transfers since 2009. This is remarkable news as Bitcoin will be hitting its 11th year on October 31st this week.

36.5 Million Americans Own Crypto

A survey from Finder has revealed that the number of Americans investing in cryptocurrency has doubled in the past few months. This is a little surprising because this year hasn’t been quite exhilarating for crypto investors.

Finder did a survey involving 2,068 participants and discovered that the number of participants had doubled from 7.95% in 2018 to 14.4% in 2019 which was an increase of 81% in one year alone. It also means that about 36.5 million Americans own some form of crypto.

Would Crypto Replace the US Dollar?

A United States Congressman named Brad Sherman, known for his arguments against cryptocurrency has come forward to mention his reservations about the growth of cryptocurrency. In his fresh set of arguments, his primary reservation is that cryptocurrency is likely to grow so much and become so powerful to the point where it replaces the US dollar. 

Sherman is known for his constant critics of cryptocurrency and consequently Libra. He made his fresh stance against crypto known in the last Libra hearing held a few days ago on October 23rd.

Crypto Exchanges Employ 42% of Blockchain employees 

New research revealed that close to half of the people who work in the blockchain industry work with cryptocurrency exchanges. To arrive at this data, The Block analyzed 158 companies. Cryptocurrency exchanges topped the chart with 42% of blockchain industry workers working at cryptocurrency exchanges. Coming after cryptocurrency exchanges were crypto mining equipment producers with 11% and cryptocurrency governing bodies like Ripple and TRON with 10%.

The report also revealed that at least 50 companies in the blockchain industry have more than 100 persons employed. Topping the chart with the highest number of employees was Bitmain which had 1,500 employees. Closely following Bitmain with 1,300 employees is Huobi. And, just right behind them are Coinbase and OKEx with 1,000 and 950 employees respectively. 

Evaluate Blockchain Risks

The Accounting Blockchain Coalition (ABC) has launched a tool that would help companies evaluate specific considerations for how their business is organized and how they’re actually using digital assets and blockchain technology.  

The ABC educates businesses and organisations on accounting matters in relation to digital assets and blockchain. Members of the coalition include Microsoft; ConsenSys; SM and Vertex, Inc.

Bitcoin Over Gold

On 19th September,  Bitcoin investor, Alistair Milne, announced a giveaway on Twitter. The prize, a $2,600 worth Denarium Bitcoin Decennium 2019. The Denarium Bitcoin Decennium is a limited edition device which combines a 1.097-ounce gold bar and built-in Bitcoin cold storage wallet.

The winner for the giveaway was selected BUT, the winner was in India. 

As Milne puts it, there was every possibility that the reward could get lost, stolen or seized en route.

There was one alternative though. He could send the equivalent of the reward in Bitcoin. And that was what he did. 19-year-old Krish Patel who was the winner of the giveaway was fine with the arrangement. Thus, it was settled with sending Bitcoin.

“Gold is pretty, shiny, etc. but you can’t send it anywhere in the world within minutes as you can with Bitcoin. This is why I [love] Bitcoin. No borders. No limits. No permission. No trust. Just two strangers on the Internet transacting & one family’s life changed.”

                                                                                  – Alistair Milne

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