Bitcoin Gold is the hard fork of Bitcoin launched in late October, the crypto currency which was once the fifth most valuable crypto currency in the world is now struggling to be in top 20 and currently standing at the 16th Position with $4 billion in market cap behind currencies like Monero, NEO and many others.
Price trend down
Price trend in Bitcoin Gold is down with low volumes, it seems like market is not focusing on Bitcoin Gold and currently more interested in emerging coins than the old fork of world’s largest crypto currency. Price of Bitcoin Gold started at around $560 when fork was just launched in late October but later went down to as low as $150 in following days. Currently Bitcoin Gold is trading in a price range of $250-$300 which is way below then the starting price of more than $500, despite of recent Bull trend in the crypto market, Bitcoin Gold is struggling to follow the market trend and it seems like a Lost child in Crypto market with no direction.
Lack of Interest
Lack of Interest is another big reason why Bitcoin Gold is not getting as much attention as it should have, Investors are pouring their money in new coins and taking a break from Bitcoin and its forks, recent performance by Bitcoin and Its forks and other crypto currencies like Ripple , Ethereum and TRON is an example. While Bitcoin and forks like Bitcoin Cash and Bitcoin Gold struggled to keep up with their price, Ripple and Ethereum had crazy Bull run in the market with more than 500% gain in the market for Ripple and more than 200% gain for Ethereum.
If we take a look at projections in coming days, there is no doubt about the fact that sooner or later Bitcoin and forks will get attention from investors and they will start pouring their money in. It’s a wait and watch sort of situation for the currency
Is Toronto Next to Accept Bitcoin for Property Taxes?
Toronto is the biggest city of Canada with a population of more than 6 million. It’s also one of the leading global financial centers which makes it an attractive place for investors.
Bitcoin has emerged as the leading cryptocurrency in the world and attracted a lot of attention from financial investors. There are many crypto exchanges and investors in Toronto, which makes it an important destination for crypto startups and investors.
Recently, there has been a surge in usage of Bitcoin in the Real Estate world as lot of companies around the world are now accepting Bitcoin for buying and selling of properties. In April 2019, Innisfil, A town located in Ontario, at a distance of about 1 hour drive from Toronto, announced that they will accept Bitcoin for property taxes at the municipal level. In July this year, Richmond Hill announced that they are ready to accept Bitcoin as a payment method for property taxes.
Evan Kuhn, Co-Founder of a Toronto based crypto exchange Coinberry believes that integration of Bitcoin as a payment method for property taxes in Toronto can reduce cost, not only for tax payers, but for municipalities as well. Kuhn mentioned
“It doesn’t cost homeowners to use the service, and it costs the municipalities far less in processing fees”
“A credit card company charges a 3% fee,” he said. “Our fee is .5%, so that’s a lot more beneficial for the municipalities.”
He further explained the entire process to make it simple for the users and for the authorities. “When a resident makes a payment through our exchange, the company immediately converts the Bitcoin into Canadian Dollars and pays the relevant authority, so in basic concept this entire process works like a credit card system but with lower fee for both parties”
Morning Crypto Roundup
- Crypto market entered into a consolidation phase, with market cap at around $265 billion, market is currently trading in a range
- Bitcoin stays above $10,000
- Gray scale reported in a recent report that there are 7.1 million active Bitcoin users worldwide with more than 32 million Bitcoin wallets.
- After Innisfil and Richmond Hills, is Toronto next to explore an opportunity to pay property taxes through Bitcoin?
- According to a report from CryptoCompare.com, Untrusted crypto exchanges are dominating the crypto volume with more than 2/3 share