Reports suggest Google is creating a bitcoin payment system as a temporary rise in digital currency prices causes a market-wide resurgence
Google has announced it is currently testing a new payment system known as Plaso. Seen as a direct rival to Apple Pay – a mobile payments system – Plaso is believed to allow customers to carry out bitcoin transactions using their Android smartphones to purchase goods.
Following the news on Thursday 12, it was reported that the top 10 most valuable digital currencies all underwent a resurgence and increased in value over a 24-hour period. This is not the first time investments in the digital currency have caused a market-wide surge. In 2014 Microsoft began accepting bitcoin payments for its digital products and the prices of cryptocurrency surged by $20.
On Friday darkcoin, dogecoin, paycoin and litecoin all saw gains between one and four percent, with fuelcoin rising by more than 30 percent. Bitcoin experienced sustained stability throughout the week and soared 20 percent on the weekend to its highest price in nearly three weeks, with a price rise of seven percent and a market cap just above $3bn.
This growth was short lived as within 12 hours bitcoin had dropped 17 percent to $220, failing to advance beyond its $265 three-week high. Bitcoin payments are believed to be more efficient as it cuts out the middleman and it is hoped the success of Plaso will promote more investment and more of a long-lasting boost to the market.
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