October 2018 News Report

In Short

In the last month, current cryptocurrency trends have continued with the overall market dropping from 223.2B to 203.4B according to CoinMarketCap. Bitcoin has dropped from $6619 too roughly $6323. Cryptocurrency projects and companies have continued to boom however though with many new innovative ideas/projects still coming to light which makes the future of cryptocurrency bright.

 

Bitcoins White Paper is now 10 years old

October has celebrated the 10th anniversary of the original Bitcoin whitepaper. The original paper can be read here and was written by Satoshi Nakamoto who as we know is anonymous. Bitcoin has given a chance for people to compete with centralized financial services such as banks, and allow for a global digital currency. Although Bitcoin has changed since its first paper release in 2008, it has survived and boomed to a peak of roughly $19,000 USD. Bitcoin has come a long way and will continue to grow and work with innovative applications as the market has called for change.

 

Bank of America lanches a new blockchain patent

On October 30th Bank of America announced its plans to move its private key storage forward. The patent states the reasoning is such that “A need exists for a secure means for storing private cryptography keys. The desired storage means should reduce the risk of misappropriation of keys due to the keys being stored internally within a computing node that is frequently or, in some instances, continuously accessible via a public communication network, such as the Internet.” This is very important for blockchain technology as Bank of America, although a centralized company shows signs of real world use and application. Security has always been a concern in the blockchain/cryptocurrency market and so BoA could actually make some good advancements if they are able to complete what they aim to. Oodlebit which is launching in early 2019, is also taking the initiative of prioritizing security.

Coinbase Cuts Employees

According to Yahoo Finance Coinbase has recently cut an undisclosed amount of workers in the customer support, compliance, and fraud departments. Cryptocurrency exchanges should pride themselves on customer support which has been an issue with past exchanges like Poloniex. Fraud detection and compliance is also a big challenge for cryptocurrency exchanges as regulation has recently been a huge concern. So by cutting some important roles, Coinbase is going to face many challenges moving forward. At Oodlebit we want to put the customer first, and so we offer state of the art customer service that is dedicated to supporting any needs.

Possibly a new Hardware wallet

 

On October 23rd, Sony announced plans to create a new hardware wallet that could have many new use cases. The smart card technology would be able to communicate with Bitcoin and allow for safer transactions when dealing with it. This isn’t the first time Sony has worked in the blockchain sector, Sony has launched two different patents. (1 and 2 ) It is not guaranteed that Sony would launch a cryptocurrency product since it has not publicly announced, but if Sony does decide to launch the product it would greatly increase the utilization of cryptocurrency.

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