Australian Bank Official: Bitcoin is a Risky Investment

Tony Richards, the Reserve Bank of Australia’s (RBA) head of payments policy, has claimed Bitcoin a fascinating development but it is risky as it is not money
26 June 2018   1331

Though the RBA has been analyzing cryptocurrencies during 5 years, Richards hopes cryptocurrencies do not raise major concerns and are not significant threats to the bank since there is a rather small number of active people in the cryptocurrency community. While the cryptocurrency industry has a general market capitalization of $250 billion, Richards declared “to put this in context, the global equity market is valued at around $80 trillion and the global money supply is something around $15 trillion for currency and $90 trillion for broad money.”

Bitcoin and other cryptocurrencies are yet to establish themselves as reliable stores of value. This is most obvious in a comparison of the volatility of Bitcoin as opposed to national currencies like the Australia dollar. Using cryptocurrencies in Australia is just so trivial it doesn’t have an affect and I think we can assume that will be the case for a long time.
Tony Richards
Head of Payments Policy, RBA

Richards is fairly confident that the volatile nature of cryptocurrencies will prevent its mainstream adoption as a medium exchange, especially since there are more stable, trusted, and regulated fiat alternatives. He even underlined, while countries that were inclinated to financial disruption may apply cryptocurrencies, these cryptocurrencies are not being used in a similar manner to the US dollar.

What we have seen, is that countries with less developed financial infrastructure are more prone to disruption. But with cryptocurrencies, unless people want to transact and hold these cryptocurrencies, then they still have to get in and out of their domestic currency.
Tony Richards
Head of Payments Policy, RBA

He adverted that many states that do not trust their domestic currency use the US dollar instead of cryptocurrencies. He alerted others that Bitcoin and other cryptocurrencies are extremely risky investments and are not available as a mean of exchange. When Richard managed to find a Sydney cafe open to accepting Bitcoin, he pointed out that not many of them actually exist.

Casa to Launch Lightning Node Mobile App Called Sats

Casa to Launch Sats App With Lightning Network Support
04 July 2019   1077

Casa startup, specializing in the creation of secure storage systems for private keys, introduced a mobile bitcoin application Sats App, which makes it easy to manage Lightning-node.

Sats App is positioned as a non-custodial bitcoin wallet "with unique functions." According to Casa CEO Jeremy Welch, the SatsBack reward program will soon be launched, under which users will receive small amounts in BTC. For example, for connecting an application and a Casa Node device to each other, the user will receive 20,000 Satoshi.

Features are focused on increasing adoption of bitcoin and lightning nodes. You will be able to earn bitcoin if you don’t have a Casa node, but you will be able to earn bitcoin faster if you have a node.

Jeremy Welch 

CEO, Casa

He also added that the application, available for iOS and Android, is “secure, private and connects via Tor”.

According to CoinDesk, the startup earlier raised $ 3.5 million from Castle Island Ventures, Boost VC and Compound, and several other investors. Currently, a startup staff of 25 people serves users from 60 countries.