The Wild West Crypto Show Highlights Bitcoin’s First Killer Apps
On episode 111 of the Wild West Crypto Show, it was apparent that bitcoin continues to lead the crypto charge.
The cryptocurrency is playing a central role as new digital technologies supplant traditional financial services. Hosts Drew Taylor and Brent Bates started the show, which is designed to inform and entertain the crypto community, with kudos for the SpaceX launch. On Saturday, May 30, a white Falcon 9 rocket bearing two astronauts took off on a flight to the International Space Station.
The show also ran snippets of the Memorial Day interview with Bo Polny, whose premonitions proved to be right on the money once again. Polny said that cryptos would be flat, and, presently, cryptos are flat. Manny Alicandro dropped in for his New York moment and so, too, did Jonathan Keim, communications director of CryptoCurrencyWire, with his weekly trifecta of interesting news stories.
South Korea’s largest chaebol is ahead of the curve, as usual, as an intriguing headline – ‘Samsung Elevates Data Protection for Mobile Devices with New Security Chip Solution’ – demonstrates (http://nnw.fm/mY2sR). The group’s semiconductor division, Samsung Electronics, has developed a cybersecurity protection system that employs a dedicated chip. Typically, cybersecurity defenses are software solutions. The product is made up of a Secure Element (SE) chip combined with enhanced security software, which offers protection for tasks such as booting, isolated storage, mobile payment and other applications. The security chip is Common Criteria Evaluation Assurance Level (CC EAL) 6+ certified, the highest level possible for a mobile component.
Bitcoin dominance is not just in the cryptocurrency arena. Traditional financial services are giving ground to its rapidly growing sway, as Forbes reported in a piece with a lengthy label: ‘Exploding Past $10 Billion, Interest Income and Lending Are Bitcoin’s First Killer Apps’ (http://nnw.fm/9nXe2). A vibrant industry has developed around deposits and loans of cryptocurrencies, similar to how traditional banks operate.
The reasons are obvious. Cryptocurrency owners can park their holdings at institutions such as Genesis Capital and Celsius and earn as much as “8.1% annual percentage rate (APR) on their first deposited Bitcoin (BTC),” all while it would be difficult to find a fixed deposit that offers an APR over 2% with traditional fiat currency (http://nnw.fm/YGS4i). There are benefits for borrowers, as well. They have the opportunity to receive cash without having to dispose of their crypto assets, which means that they not only retain exposure but avoid the capital gains taxes that selling would trigger.
Bitcoin was featured once again in the final news item: ‘Bitwage Rolls Out Bitcoin 401(k) Plan with Help from Gemini’ (http://nnw.fm/Po1af). Bitwage, which offers crypto payroll services, launched its bitcoin 401(k) employee pension account. The company plans to start offering the product to businesses that are struggling to meet the 75% payroll requirement in the federal Paycheck Protection Program (PPP). To date, some $660 billion has been channeled to small businesses under the PPP established by the CARES Act. The program is meant to reduce layoffs as the economy falls into a possible corona virus-induced recession.
For the latest episode, which includes CryptoCurrencyWire’s ongoing segment featuring the latest news from around the world, visit http://nnw.fm/Fk2oT
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