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13 Years After Its ‘Birth’, Bitcoin Adoption Continues To Accelerate

13 Years After Its ‘Birth’, Bitcoin Adoption Continues To Accelerate

The 13th birthday of the Bitcoin white paper has crept up just as the world continues to deal with a global pandemic, inflation fears, an astounding memecoin mania trend and

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13 Years After Its 'Birth', Bitcoin Adoption Continues To Accelerate

The 13th birthday of the Bitcoin white paper has crept up just as the world continues to deal with a global pandemic, inflation fears, an astounding memecoin mania trend and growing institutional adoption of the cryptocurrency space.

image courtesy of CoinTelegraph

As CoinTelegraph's Francesco Rodrigues details, on October 31, 2008, Satoshi Nakamoto released the Bitcoin white paper to a cryptography mailing list hosted by Metzdow. The Metzdow mailing list was run by a group of cypherpunks and was filled with ideas meant to create a form of digital currency: some of these have even been cited in the Bitcoin white paper.

Satoshi’s white paper came in a message titled "Bitcoin P2P e-cash paper," in which Nakamoto explained that his digital currency is fully peer-to-peer (P2P) and requires no trusted third party for a transaction to occur. Through a peer-to-peer network, Bitcoin solved the double-spending problem. Bitcoin also allowed network participants to remain anonymous and was secured through a proof-of-work (PoW) consensus algorithm.

At the time, the white paper wasn't received the way people would expect it to be, knowing what they know today. Only a handful of people saw Nakamoto’s email and replied with their thoughts and concerns surrounding Bitcoin.

But as Jacques Chirac writes at Bitcoin Magazine, the Bitcoin network has come to dominate and even define the cryptocurrency space, spawning a legion of altcoin followers and representing an alternative to fiat government currencies such as the U.S. dollar and the Euro, and to metal currencies such as gold and silver coins.

Global cryptocurrency usage has increased by 880% in the last year, particularly in Vietnam, India, Pakistan, and other developing countries. The 2021 Global Crypto Adoption Index, titled "Geography of Cryptocurrency," compared countries' cryptocurrency adoption based on three primary parameters: on-chain retail value transferred, on-chain cryptocurrency value received, and peer-to-peer exchange trade volumes

According to specialists from these nations, many people utilize peer-to-peer cryptocurrency exchanges as their main on-ramp into cryptocurrencies frequently because they do not have access to centralized exchanges. Significant currency depreciation in many developing countries leads individuals to buy cryptocurrencies on peer-to-peer platforms to protect their investment value.

International transactions are also prevalent in these areas, whether for individual remittances or business use cases like buying products to import and sell. The quantity of national currency that people may move out of the country is limited. Although China was ranked fourth and the United States was ranked sixth in last year's survey, their positions have dropped to 13th and eighth, respectively.

What Are The Advantages And Disadvantages Of Bitcoin?

Advantages:

  • Bitcoin users have comprehensive control over their reserves.

Traditional fiat currencies are responsive to several restrictions and hazards. Banks, for example, are flashed to economic booms and busts. As has happened in the past, these circumstances may sometimes result in bank runs and crashes. This implies that consumers do not have complete control over their funds.

  • There are no costs associated with Bitcoin transactions.

Bitcoin users are not subjected to the invocation of conventional banking costs associated with fiat currencies. While fiat currency exchanges impose so-called "maker" and "taker" fees, as well as occasional deposit and withdrawal fees, Bitcoin users are not subject to these fees. This adds, amongst other things, no account sustaining or minimum balance fees, no overdraft costs, and no returned deposit penalties.

  • For international payments, Bitcoin transactions offer minimal transaction costs.

Fees and currency charges are expected in standard wire transfers and international transactions. Transacting via the Bitcoin network is typically cheaper than bank transfers since there are no intermediate organizations or governments involved. This may be an essential benefit for tourists. Furthermore, bitcoin transfers are instantaneous, bypassing the hassle of usual permission methods and delivery times.

  • Bitcoin transactions are entirely safe.

Bitcoin is not physical money. As a result, robbers will be unable to physically steal it. Hackers may steal a person's cryptocurrency if they have access to the wallet's private keys. However, stealing bitcoin is theoretically impossible with adequate protection and industry-standard practices. While there have been many other allegations of cryptocurrency exchange hacks, bitcoin transactions have remained unaffected. In conclusion, transactions offered out between two (or more) addresses are protected.

Disadvantages:

  • Bitcoin is not yet accepted across the nation

Bitcoin is still only accepted by a limited number of internet businesses. As a result, relying only on bitcoin as a currency is near impossible. It's also possible that governments may compel firms to stop accepting bitcoin in order to monitor consumers' transactions.

  • Wallets can be misplaced

One’s bitcoin is dramatically "lost" if a hard drive fails or a virus corrupts data, and the wallet file is damaged. There is nothing that can get the money back. These coins will remain orphaned in the system. This has the potential to bankrupt a wealthy bitcoin investor in a matter of seconds, with no means of replacement. The investor's coins will be enduringly orphaned as well.

  • There is no buyer protection.

When things are purchased with bitcoin, and the vendor fails to deliver the goods, there is no way to reverse the transaction. The problem can be approached by utilizing a third-party escrow service such as ClearCoin. However, escrow services would then take on the role of banks, making bitcoin more like conventional currencies.

  • Technical flaws that aren't known

The Bitcoin system may have vulnerabilities that have yet to be discovered. Because this is a relatively new method, if bitcoin were extensively accepted and a vulnerability was found, it might result in enormous riches for the exploiter at the cost of the Bitcoin economy.

How Is Bitcoin Used In Other Counties?

Since its commencement in 2009, bitcoin and the other cryptocurrencies that followed have been fraught with contention and controversies. While bitcoin has been extensively attacked for its volatility, use in illicit activities, and the amount of energy required to mine it, some people, especially in developing countries, view it with great hope amidst economic storms.

However, as many individuals turn to bitcoin as an investment, these problems have materialized in a slew of new limitations on how they may be used. The authoritative position of bitcoin varies significantly from nation to nation, with specific relationships still being established or changing often. While most governments do not make it unlawful to use bitcoin, its position as a payment method or a commodity differs, with different regulatory consequences.

Some nations have imposed restrictions on how bitcoin may be used, with banks prohibiting their clients from transacting in cryptocurrencies. Other countries have explicitly outlawed the usage of bitcoin and cryptocurrencies, imposing stiff fines on anybody who transacts in them. These are the nations where bitcoin and the state have a tense relationship. Despite this, it appears that the future may hold more countries continuing to look to bitcoin.

This is a guest post by Jacques Chirac. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

Tyler Durden Sun, 10/31/2021 - 17:40

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Analyst reviews Apple stock price target amid challenges

Here’s what could happen to Apple shares next.

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March 12, 2024

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They said it was bound to happen.

It was Jan. 11, 2024 when software giant Microsoft  (MSFT)  briefly passed Apple  (AAPL)  as the most valuable company in the world.

Microsoft's stock closed 0.5% higher, giving it a market valuation of $2.859 trillion. 

It rose as much as 2% during the session and the company was briefly worth $2.903 trillion. Apple closed 0.3% lower, giving the company a market capitalization of $2.886 trillion. 

"It was inevitable that Microsoft would overtake Apple since Microsoft is growing faster and has more to benefit from the generative AI revolution," D.A. Davidson analyst Gil Luria said at the time, according to Reuters.

The two tech titans have jostled for top spot over the years and Microsoft was ahead at last check, with a market cap of $3.085 trillion, compared with Apple's value of $2.684 trillion.

Analysts noted that Apple had been dealing with weakening demand, including for the iPhone, the company’s main source of revenue. 

Demand in China, a major market, has slumped as the country's economy makes a slow recovery from the pandemic and competition from Huawei.

Sales in China of Apple's iPhone fell by 24% in the first six weeks of 2024 compared with a year earlier, according to research firm Counterpoint, as the company contended with stiff competition from a resurgent Huawei "while getting squeezed in the middle on aggressive pricing from the likes of OPPO, vivo and Xiaomi," said senior Analyst Mengmeng Zhang.

“Although the iPhone 15 is a great device, it has no significant upgrades from the previous version, so consumers feel fine holding on to the older-generation iPhones for now," he said.

A man scrolling through Netflix on an Apple iPad Pro. Photo by Phil Barker/Future Publishing via Getty Images.

Future Publishing/Getty Images

Big plans for China

Counterpoint said that the first six weeks of 2023 saw abnormally high numbers with significant unit sales being deferred from December 2022 due to production issues.

Apple is planning to open its eighth store in Shanghai – and its 47th across China – on March 21.

Related: Tech News Now: OpenAI says Musk contract 'never existed', Xiaomi's EV, and more

The company also plans to expand its research centre in Shanghai to support all of its product lines and open a new lab in southern tech hub Shenzhen later this year, according to the South China Morning Post.

Meanwhile, over in Europe, Apple announced changes to comply with the European Union's Digital Markets Act (DMA), which went into effect last week, Reuters reported on March 12.

Beginning this spring, software developers operating in Europe will be able to distribute apps to EU customers directly from their own websites instead of through the App Store.

"To reflect the DMA’s changes, users in the EU can install apps from alternative app marketplaces in iOS 17.4 and later," Apple said on its website, referring to the software platform that runs iPhones and iPads. 

"Users will be able to download an alternative marketplace app from the marketplace developer’s website," the company said.

Apple has also said it will appeal a $2 billion EU antitrust fine for thwarting competition from Spotify  (SPOT)  and other music streaming rivals via restrictions on the App Store.

The company's shares have suffered amid all this upheaval, but some analysts still see good things in Apple's future.

Bank of America Securities confirmed its positive stance on Apple, maintaining a buy rating with a steady price target of $225, according to Investing.com. 

The firm's analysis highlighted Apple's pricing strategy evolution since the introduction of the first iPhone in 2007, with initial prices set at $499 for the 4GB model and $599 for the 8GB model.

BofA said that Apple has consistently launched new iPhone models, including the Pro/Pro Max versions, to target the premium market. 

Analyst says Apple selloff 'overdone'

Concurrently, prices for previous models are typically reduced by about $100 with each new release. 

This strategy, coupled with installment plans from Apple and carriers, has contributed to the iPhone's installed base reaching a record 1.2 billion in 2023, the firm said.

More Tech Stocks:

Apple has effectively shifted its sales mix toward higher-value units despite experiencing slower unit sales, BofA said.

This trend is expected to persist and could help mitigate potential unit sales weaknesses, particularly in China. 

BofA also noted Apple's dominance in the high-end market, maintaining a market share of over 90% in the $1,000 and above price band for the past three years.

The firm also cited the anticipation of a multi-year iPhone cycle propelled by next-generation AI technology, robust services growth, and the potential for margin expansion.

On Monday, Evercore ISI analysts said they believed that the sell-off in the iPhone maker’s shares may be “overdone.”

The firm said that investors' growing preference for AI-focused stocks like Nvidia  (NVDA)  has led to a reallocation of funds away from Apple. 

In addition, Evercore said concerns over weakening demand in China, where Apple may be losing market share in the smartphone segment, have affected investor sentiment.

And then ongoing regulatory issues continue to have an impact on investor confidence in the world's second-biggest company.

“We think the sell-off is rather overdone, while we suspect there is strong valuation support at current levels to down 10%, there are three distinct drivers that could unlock upside on the stock from here – a) Cap allocation, b) AI inferencing, and c) Risk-off/defensive shift," the firm said in a research note.

Related: Veteran fund manager picks favorite stocks for 2024

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Major typhoid fever surveillance study in sub-Saharan Africa indicates need for the introduction of typhoid conjugate vaccines in endemic countries

There is a high burden of typhoid fever in sub-Saharan African countries, according to a new study published today in The Lancet Global Health. This high…

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There is a high burden of typhoid fever in sub-Saharan African countries, according to a new study published today in The Lancet Global Health. This high burden combined with the threat of typhoid strains resistant to antibiotic treatment calls for stronger prevention strategies, including the use and implementation of typhoid conjugate vaccines (TCVs) in endemic settings along with improvements in access to safe water, sanitation, and hygiene.

Credit: IVI

There is a high burden of typhoid fever in sub-Saharan African countries, according to a new study published today in The Lancet Global Health. This high burden combined with the threat of typhoid strains resistant to antibiotic treatment calls for stronger prevention strategies, including the use and implementation of typhoid conjugate vaccines (TCVs) in endemic settings along with improvements in access to safe water, sanitation, and hygiene.

 

The findings from this 4-year study, the Severe Typhoid in Africa (SETA) program, offers new typhoid fever burden estimates from six countries: Burkina Faso, Democratic Republic of the Congo (DRC), Ethiopia, Ghana, Madagascar, and Nigeria, with four countries recording more than 100 cases for every 100,000 person-years of observation, which is considered a high burden. The highest incidence of typhoid was found in DRC with 315 cases per 100,000 people while children between 2-14 years of age were shown to be at highest risk across all 25 study sites.

 

There are an estimated 12.5 to 16.3 million cases of typhoid every year with 140,000 deaths. However, with generic symptoms such as fever, fatigue, and abdominal pain, and the need for blood culture sampling to make a definitive diagnosis, it is difficult for governments to capture the true burden of typhoid in their countries.

 

“Our goal through SETA was to address these gaps in typhoid disease burden data,” said lead author Dr. Florian Marks, Deputy Director General of the International Vaccine Institute (IVI). “Our estimates indicate that introduction of TCV in endemic settings would go to lengths in protecting communities, especially school-aged children, against this potentially deadly—but preventable—disease.”

 

In addition to disease incidence, this study also showed that the emergence of antimicrobial resistance (AMR) in Salmonella Typhi, the bacteria that causes typhoid fever, has led to more reliance beyond the traditional first line of antibiotic treatment. If left untreated, severe cases of the disease can lead to intestinal perforation and even death. This suggests that prevention through vaccination may play a critical role in not only protecting against typhoid fever but reducing the spread of drug-resistant strains of the bacteria.

 

There are two TCVs prequalified by the World Health Organization (WHO) and available through Gavi, the Vaccine Alliance. In February 2024, IVI and SK bioscience announced that a third TCV, SKYTyphoid™, also achieved WHO PQ, paving the way for public procurement and increasing the global supply.

 

Alongside the SETA disease burden study, IVI has been working with colleagues in three African countries to show the real-world impact of TCV vaccination. These studies include a cluster-randomized trial in Agogo, Ghana and two effectiveness studies following mass vaccination in Kisantu, DRC and Imerintsiatosika, Madagascar.

 

Dr. Birkneh Tilahun Tadesse, Associate Director General at IVI and Head of the Real-World Evidence Department, explains, “Through these vaccine effectiveness studies, we aim to show the full public health value of TCV in settings that are directly impacted by a high burden of typhoid fever.” He adds, “Our final objective of course is to eliminate typhoid or to at least reduce the burden to low incidence levels, and that’s what we are attempting in Fiji with an island-wide vaccination campaign.”

 

As more countries in typhoid endemic countries, namely in sub-Saharan Africa and South Asia, consider TCV in national immunization programs, these data will help inform evidence-based policy decisions around typhoid prevention and control.

 

###

 

About the International Vaccine Institute (IVI)
The International Vaccine Institute (IVI) is a non-profit international organization established in 1997 at the initiative of the United Nations Development Programme with a mission to discover, develop, and deliver safe, effective, and affordable vaccines for global health.

IVI’s current portfolio includes vaccines at all stages of pre-clinical and clinical development for infectious diseases that disproportionately affect low- and middle-income countries, such as cholera, typhoid, chikungunya, shigella, salmonella, schistosomiasis, hepatitis E, HPV, COVID-19, and more. IVI developed the world’s first low-cost oral cholera vaccine, pre-qualified by the World Health Organization (WHO) and developed a new-generation typhoid conjugate vaccine that is recently pre-qualified by WHO.

IVI is headquartered in Seoul, Republic of Korea with a Europe Regional Office in Sweden, a Country Office in Austria, and Collaborating Centers in Ghana, Ethiopia, and Madagascar. 39 countries and the WHO are members of IVI, and the governments of the Republic of Korea, Sweden, India, Finland, and Thailand provide state funding. For more information, please visit https://www.ivi.int.

 

CONTACT

Aerie Em, Global Communications & Advocacy Manager
+82 2 881 1386 | aerie.em@ivi.int

Journal

The Lancet Global Health

Method of Research

Observational study

Subject of Research

People

Article Title

Incidence of typhoid fever in Burkina Faso, Democratic Republic of the Congo, Ethiopia, Ghana, Madagascar, and Nigeria (the Severe Typhoid in Africa programme): a population-based study

Article Publication Date

12-Mar-2024

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US Spent More Than Double What It Collected In February, As 2024 Deficit Is Second Highest Ever… And Debt Explodes

US Spent More Than Double What It Collected In February, As 2024 Deficit Is Second Highest Ever… And Debt Explodes

Earlier today, CNBC’s…

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US Spent More Than Double What It Collected In February, As 2024 Deficit Is Second Highest Ever... And Debt Explodes

Earlier today, CNBC's Brian Sullivan took a horse dose of Red Pills when, about six months after our readers, he learned that the US is issuing $1 trillion in debt every 100 days, which prompted him to rage tweet, (or rageX, not sure what the proper term is here) the following:

We’ve added 60% to national debt since 2018. Germany - a country with major economic woes - added ‘just’ 32%.   

Maybe it will never matter.   Maybe MMT is real.   Maybe we just cancel or inflate it out. Maybe career real estate borrowers or career politicians aren’t the answer.

I have no idea.  Only time will tell.   But it’s going to be fascinating to watch it play out.

He is right: it will be fascinating, and the latest budget deficit data simply confirmed that the day of reckoning will come very soon, certainly sooner than the two years that One River's Eric Peters predicted this weekend for the coming "US debt sustainability crisis."

According to the US Treasury, in February, the US collected $271 billion in various tax receipts, and spent $567 billion, more than double what it collected.

The two charts below show the divergence in US tax receipts which have flatlined (on a trailing 6M basis) since the covid pandemic in 2020 (with occasional stimmy-driven surges)...

... and spending which is about 50% higher compared to where it was in 2020.

The end result is that in February, the budget deficit rose to $296.3 billion, up 12.9% from a year prior, and the second highest February deficit on record.

And the punchline: on a cumulative basis, the budget deficit in fiscal 2024 which began on October 1, 2023 is now $828 billion, the second largest cumulative deficit through February on record, surpassed only by the peak covid year of 2021.

But wait there's more: because in a world where the US is spending more than twice what it is collecting, the endgame is clear: debt collapse, and while it won't be tomorrow, or the week after, it is coming... and it's also why the US is now selling $1 trillion in debt every 100 days just to keep operating (and absorbing all those millions of illegal immigrants who will keep voting democrat to preserve the socialist system of the US, so beloved by the Soros clan).

And it gets even worse, because we are now in the ponzi finance stage of the Minsky cycle, with total interest on the debt annualizing well above $1 trillion, and rising every day

... having already surpassed total US defense spending and soon to surpass total health spending and, finally all social security spending, the largest spending category of all, which means that US debt will now rise exponentially higher until the inevitable moment when the US dollar loses its reserve status and it all comes crashing down.

We conclude with another observation by CNBC's Brian Sullivan, who quotes an email by a DC strategist...

.. which lays out the proposed Biden budget as follows:

The budget deficit will growth another $16 TRILLION over next 10 years. Thats *with* the proposed massive tax hikes.

Without them the deficit will grow $19 trillion.

That's why you will hear the "deficit is being reduced by $3 trillion" over the decade.

No family budget or business could exist with this kind of math.

Of course, in the long run, neither can the US... and since neither party will ever cut the spending which everyone by now is so addicted to, the best anyone can do is start planning for the endgame.

Tyler Durden Tue, 03/12/2024 - 18:40

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