Bitcoin prices have been running, and it rose above $2,700 for one bitcoin, recently. Now, there were some key developments in the industry that caused some bitcoin-related stocks to rise significantly, one of which was BITCOIN SERVICES I COM USD0.001(OTCMKTS:BTSC). BTSC shares rose over 40% in one day, and was up over 200% in a three-month period recently. Before we get into the ongoing developments in the industry, let’s take a look at what Bitcoin Services Inc does.
Bitcoin Services Inc has Internet-based operations and consist of two separate revenue streams, which includes bitcoin mining and blockchain software development. The company’s principal products and services are the mining of bitcoins, and the development and sale of blockchain software. The market for the company’s services and products is worldwide, and could be sold and marketed on the Internet. That in mind, with the recent demand for cryptocurrencies, like Bitcoin, Bitcoin Services Inc. could potentially rise.
BITCOIN SERVICES I COM USD0.001(OTCMKTS:BTSC) currently offers three services, which include: escrow service, Bitcoin mining and Bitcoin blockchain. The company’s bitcoin escrow service acts as a neutral third party between buyer and seller when doing business online. That in mind, its escrow service could potentially provide safer transactions, when using bitcoin, and the company holds the buyer’s coins in escrow, and are released after both parties are satisfied with the transaction.
BITCOIN SERVICES I COM USD0.001 also engages in Bitcoin mining, which is accomplished by running SHA256 double round hash verification processes in order to validate Bitcoin transactions and provide the requisite security for the public ledger of the Bitcoin network. According to the company, “The Bitcoin network compensates Bitcoin miners for their effort by releasing bitcoin to those who contribute the needed computational power. This comes in the form of both newly issued bitcoins and from the transaction fees included in the transactions validated when mining bitcoins. The more computing power you contribute then the greater your share of the reward.”
Bitcoin Services Inc also develops blockchain software. Bitcoin Blockchain is considered one of the technology backbones of the network and provides a tamper-proof data structure, providing a shared public ledger open to all. All confirmed transactions are embedded in the bitcoin blockchain. This could further add a layer of safety for those using Bitcoin, and could potentially attract more customers.
Let’s get into some industry news. Now, one of the main reasons for the meteoric rise in Bitcoin prices recently was due to the Bitcoin Scaling Agreement at Consensus 2017. According to the Digital Currency Group, “We agree to immediately support the following parallel upgrades to the bitcoin protocol, which will be deployed simultaneously and based on the original Segwit2Mb proposal:
- Activate Segregated Witness at an 80% threshold, signaling at bit 4
- Activate a 2 MB hard fork within six months”
Now, multiple bitcoin companies have signed this agreement, and the group currently includes 56 companies located in over 20 countries, which have over 80% of hashing power, 20.5M bitcoin wallets, and $5.1B monthly on chain transaction volume. Not only that, but there have been some countries adopting the use of bitcoin, most recently Japan announced that bitcoin became a legal payment method.
If you missed this move in Bitcoin Services Inc recently, you might want to subscribe to our free newsletter. You just have to enter your email address below, and you’ll receive any updates on key developments, if any, on BTSC. There are many ongoing changes in the bitcoin industry, and since BTSC is exposed and primarily derives its revenues from bitcoin-related services, it could continue its recent run, if another positive catalyst surfaces.
Disclosure: No one at Street Register has been compensated in any way for the publishing of this article, nor do we hold any position in BTSC stock, short or long.