This week our experts brought you the following insights based on their experience as investors, entrepreneurs & executives.
Monday Ilias Hatzis our Greece-based crypto entrepreneur (Founder & CEO at Kryptonio a “keyless” non-custodial bitcoin and cryptocurrency wallet, that lets users manage bitcoin and crypto, without private keys or passwords and Weekly Columnist at Daily Fintech) @iliashatzis wrote Bitcoin stronger than ever
Bitcoin hit $55,000 for the first time since mid-May, as cryptocurrency prices continue to rise in October. Bitcoin exceeded $55,833 according to Coinmarketcap on Friday.
The last time it moved at similar levels was in May before it collapsed after Elon Mush tweeted that Tesla would stop accepting bitcoin for car purchases due to environmental concerns.
Editor note: Bitcoin is a fortunate pawn in the geopolitical Cold War between America and China. If China bans crypto, America will embrace the wealth producing capability of crypto.
Tuesday Bernard Lunn, CEO of Daily Fintech and author of The Blockchain Economy wrote: Part 2 Ethereum’s big transition to Proof Of Stake
A much heralded part of Ethereum 2.0 is the transition to Proof Of Stake. It may happen during 2021 or 2022.
With Proof Of Stake, users validate transactions based on the number of coins they hold. For example, the more ETH a user has, the more power they possess. This is not mining, it is more like voting shares. Voting eliminates the energy needed for mining and should be faster, so that transactions can be done in under 3 seconds (ie “human real time”, short enough to impact consumer behaviour, as in “did you get my payment”, “wait, OK I see it, thanks”).
Proof Of Stake (POS) appeals to the financial establishment for 4 reasons.
Editor note: Some subjects are too complex for our short attention spans, so we do 4 posts one week apart, each one short enough not to lose your attention but in aggregate doing justice to the complexity of the subject. Stay tuned by subscribing.
Rintu Patnaik, an Insurtech expert based in India, wrote: Win Some, Lose Some in Accelerated Life Insurance Underwriting
Life insurance ownership has seen a decline in the recent past. There was an estimated $25 trillion gap between coverage purchased and needed in the event of a loved one’s death in 2016, in the US alone. Suboptimal processes might have contributed to this shortfall. Consider something as basic as getting a physical examination, often required to buy a policy. Research found that half of respondents were more likely to purchase if this invasive step was removed.
Editor note: Of course life insurers need to know our health to estimate our longevity but the physical exam is a) only a snapshot in time and b) a huge hurdle to adoption.
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