An Otherwise Quiet Week in Crypto Disturbed by Noise from Greece

What could have been one of the quietest weeks in the cryptocurrency sector this year was rudely disturbed by the drama coming out of Greece.

Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term businesses such as Coinbase have been promoting crypto to Greeks and Europeans looking for a safe haven. A number of bitcoin exchanges have experienced a surge in interest from prospective customers in Greece, and businesses are improvising new forms of virtual money.

Otherwise, the holiday-shortened week was quiet. It was the first week in several with no announcements of venture investment in the industry.

Even Citi's testing of Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term technology turned out to be a revelation of something it has already been doing for years, likely pre-dating the half-dozen other banks announcing research initiatives this year.

Another attempt at proving the unsustainability of Bitcoin's block size limitations was inconclusive. The 'stress test', performed by previously unknown Coinwallet.eu, managed to delay low-fee transactions and raise the backlog of unconfirmed requests to over 15,000. However, life returned to normal once the test concluded, and it failed to grab the same attention as the first attempt a week earlier.

In choppy trade, bitcoin prices gained 3.4% to close the week at $260, and litecoin surged 34% to $4.10. In raising the level of uncertainty around the euro zone economy and its common currency, the Greece developments likely fueled further demand for non-fiat currencies.