Bitcoin’s dominance in Crypto market is 53% , currently valued at $9700 per BTC and market cap of $160 billion
Bitcoin was founded in 2008 by an unknown person called Satoshi Nakamoto, identity of that person is still unknown but the thing that he has created is known by everyone. Bitcoin has gained more than 1000% this year alone making it world’s leading crypto currency. According to coin market cap, Market capitalization of Bitcoin is around $160 as time of writing. Dominance of Bitcoin as leading crypto currency is visible through numbers.
Bitcoin is not a Bubble
There were 2 forks of Bitcoin this year, Bitcoin Cash and bitcoin Gold, both of them has done really well in terms of growth and numbers, but Bitcoin is still the leader, there were many rumors about Bitcoin Cash taking on Bitcoin as there were news in the market that there will not be any fork coming this year for Bitcoin as Segwit 2x was cancelled, But Bitcoin is still going strong without any issue, and price is heading towards $10000 mark, acceptability of Bitcoin is making its price soar to all time highs, price is making records, many people criticize it as a bubble but there is difference between a bubble and a valuable asset, in Bubble there is small or no profit taking unit it burst all the way down to the bottom but in this case what we have seen that there were some extreme down turns all the way through this year in the price and price depreciated 30-40% on couple of occasions making it different from a bubble
Bitcoin is still the Boss
Despite of Strong competition from Ethereum and Bitcoin Cash, Bitcoin is still leading the numbers and is way ahead of all its competitors in terms of market cap and share in the market.
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