Bitcoin News in Review: Price Drops, Apple Pay, Peercoin, and More

Journalist:
Neil Sardesai @@neilsardesai
September 22, 2014

Welcome back to another Bitcoin News in Review, where we feature some of the biggest stories of the week here on CryptoCoins News. This week, we saw a substantial drop in the bitcoin price, saw Walmart and Best Buy reject Apple Pay, saw a surge in the Peercoin price, and more. Check out this Bitcoin News in Review after the break.

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Bitcoin Price Drop

At the time of this writing, one bitcoin is worth $402, and was in the $300’s earlier this week. What could have caused this large price drop? One theory is that Alibaba’s U.S. IPO caused the crash. While it’s impossible to know for sure where the bitcoin price will be in the coming weeks, you can check out CCN’s latest price forecast to get a good idea of the price trends. As always, trade and invest at your own risk.

Walmart and Best Buy Reject Apple Pay

Last week, Apple announced Apple Pay, the company’s next major step into the mobile payments industry. Apple Pay aims to entirely replace the physical wallet by relying on technologies such as NFC and biometrics. However, for Apple Pay to truly succeed, it needs to see adoption from merchants, and two prominent retailers – Walmart and Best Buy, have already rejected Apple Pay. Instead, these two retailers have opted for MCX, a software-based solution (as opposed to the hardware-based NFC) that can be used on more devices than just the iPhone 6. Similar to Bitcoin, Apple Pay’s success depends largely on merchant adoption, and how Apple’s new payment system plays out remains to be seen.

Peercoin Price Surge

For most of 2014, Peercoin has seen a steady decline in price. However, in an unexpected turn of events, Peercoin recently shot up in price by nearly 40% in a single day. The price rise came in response to Peershares developer Jordan Lee announcing “Nubits,” a semi-secret project launching in just two days, this Tuesday. Without providing any specifics, Lee claims that the project “completely solves the volatility problem cryptocurrencies have experienced”.

“It does so with zero counterparty risk using a decentralized network. Much of the network revenue will be delivered to shareholders in the form of Peercoins. The network is an exciting advance I am pleased to have the opportunity to unveil.”

-Jordan Lee

Nubits is certainly an ambitious project. How the project works should be revealed this Tuesday. But how successful Nubits is in the long run remains to be seen.

OpenBazaar and the Rise of Decentralised Marketplaces

CCN has covered OpenBazaar before. For those not familiar with the service, OpenBazaar is a decentralised marketplace that directly connects buyers and sellers (as opposed to centralised marketplaces like eBay and Amazon). By eliminating the middlemen, users of OpenBazaar can trade practically anything without censorship or high fees. CCN recently interviewed OpenBazaar Operations Lead – Sam Patterson, and you can read the full transcript of the interview here.

“We’ve all been involved in the bitcoin movement for a while, and felt that our decentralized and censorship-resistant money needed a decentralized and censorship-resistant platform to go with it. Once someone got the effort in gear, we decided it was time to make this happen for real.”

-Sam Patterson

That’s all we’ve got for this week. Be sure to follow CryptoCoins News on Facebook and Twitter for the latest cryptocurrency news.

Images credited in their respective articles.

Last modified (UTC): September 22, 2014 08:27

Neil Sardesai @@neilsardesai

I enjoy keeping up with the latest stuff in science and technology and have been following Bitcoin for a few years now. I also occasionally post cool stuff on twitter.