Bitcoin named "Currency of the Internet" and best bet for crypto investors

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Bitcoin's functionality as cryptocurrency has garnered support of Bart Smith, head of digital asset at trading giant Susquehanna International Group. While assets such as gold has limited functional use today, Smith has noted that "the use case for bitcoin is valid today, which is the currency of the internet."

"If you’re looking at these other use cases, smart contracts, or lightning network or these different technological advancements, I think people are coming to realize, those things are very difficult and aren’t coming anytime soon," Smith said.
Source: CNBC - Kellie Ell

While Bitcoin continues to take its position as No. 1 in the cryptocurrency market, Ethereum's focus on smart contracts sees pay-off much later. Most of today's ICOs were built on Ethereum's blockchain via smart contracts, particularly highlighting Golem's success in their launch after two years of development. See: bitcoinmagazine - Amy Castor. Ethereum's progress takes an alternate view on how the blockchain can function as well as assist in developing the infrastructure for the future of blockchain.

Image source: pixabay - BlueGarou

The immediate solution to cross country payments could be resolved via Bitcoin payments. As Bitcoins are not stored but used in the transfer process, many traditional exchange and wire services now face increasing competition. Banks may be good at storing money, but transferring funds between banks always seem to be a major bottleneck.

"They use Western Union, traditional banks; It is slow and it is expensive. ... And there are people that can stop you from sending that money, whether that's good or bad. With bitcoin, I can send money. It's fast. It's cheap. And frankly, no one can stop me." Bart "Crypto King" Smith said.
Source: CNBC - Kellie Ell

Image source: pixabay - Free-Photos

There have been new year-end estimates to Bitcoin prices by the Trefis Research Team who have adjusted their forecast based on transaction volumes. Year-end price estimate remains bullish at $10, 000 as compared to Bitcoin prices this month at $6,400. In their article, Trefis stated on how the entrance of regulations by financial institutions have caused prices to slide.

Many of these developments had a negative impact on the growth prospects of cryptocurrencies, like restrictions by banks on the use of credit cards to buy cryptocurrencies, and calls by financial regulators across the world for caution while investing in digital currencies (with some countries even banning their use).
Source: Forbes - Trefis Team

As the industry warms up to cryptocurrency, Bitcoin prices are expected to rise.

-tysler