Cryptocurrency is doing what internet once did. It's replacing an entire industry with a few lines of code.
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MrCoin

Weekly Crypto Recap

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“As the adage of the entire internet once went, ‘I just replaced your entire industry with 100 lines of Python code.’ that’s exactly what we’re doing with bitcoin.” ~ Andreas M. Antonopoulos, author of “The Internet of Money”

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Market State

BTC: €6,835.84 | +19.49% since last week

ETH: €402.58 | -0.49% since last week

BCH: €715.85 | +5.36% since last week

LTC: €73.91 | +3.82% since last week

Over the last week the cryptomarket rebounded sharply. The overall market cap rose by 8,1% to €250,74 billion. Bitcoin is up by almost 20% to €6,835.84 while ether started to rise during early last week then fell back to €402.58. Bitcoin is finally rising while altcoins are still falling. As a result bitcoin dominance index rose over 46% for the first time in 2018.

The bitcoin dominance index shows the overall market direction. The higher the dominance index the more funds are flowing into Bitcoin and less funds are in altcoins. The increase in Bitcoin might be due to Bitcoin ETF to be approved on August 10, 2018 which will allow Bitcoin based financial instruments to be launched on public stock market.

Quiz of the week

What purpose do miners serve?

  1. They create new coins
  2. They control how many bitcoins are issued every 10 minutes
  3. They provide security for the network by collectively synchronizing on a single history of transactions

Scroll down to see the answer at the end of the newsletter.

Top stories of the week

Coinomi

CFA Exam adds crypto and blockchain topics

The globally recognized Chartered Financial Analyst (CFA) accreditation exam is adding cryptocurrency and blockchain topics to its programme starting from 2019. The CFA decided to introduce crypto topics after receiving rising interest from financial institutions. The CFA is a self-study, graduate-level program which has trained more than 150,000 financial professionals. Materials for the 2019 exams will be released in August, giving candidates their first opportunity to start preparing a recommended 300 hours of study time.

Ethereum10

MyEtherWallet is adding credit card purchases

MyEtherWallet, also known as MEW, a popular Ethereum web wallet has announced a partnership with Simplex to allow users buy Ether with their credit cards. Simplex, a fully regulated fintech company has integrated its AI algorithm with MEW, so anyone can buy Ether instantly. Users will have to verify themselves to ensure that they’re not involved in money laundering or other illicit activities. The company failed to mention the credit card purchase fee, which is about 7-9% of the purchasing amount.

Reddit

Samsung accepts cryptocurrency payments

In January Samsung revealed that it was making cryptocurrency mining devices. Last week Samsung stores in Baltic region announced that they would be accepting crypto payments for their products. They will accept Bitcoin, Litecoin, Ether, Dash, Ripple, NEM and Steem through crypto payment processing firm CopPay. Residents of Tallinn (Estonia), Riga (Latvia), Vilnius and Kaunas (Lithuania) will be able to purchase Samsung smartphones, tablets, laptops, TV sets and more products with cryptocurrency.

Telegram

Augur settles the first bets

Augur has paid out $20,000 worth of Ether to its first users who correctly bet on the World Cup semifinal. Augur is a decentralized prediction market protocol that runs on Ethereum blockchain. Three years after its $5.5 million ICO, the mainnet of Augur has finally launched on July 09. Augur allows users to bet on almost anything. Here you can explore the prediction markets on Augur predictions.global. Augur is accessible through a desktop application and is freely available for anyone to use.

Bitcoin Mining

Cloud-mining platform Hashflare halts services

Hashflare, one of the largest cloud mining service, announced on Facebook that it was cancelling all its contracts and shutting down Bitcoin mining hardwares. Cloud mining allows users to purchase a portion of cryptocurrency mining power and get paid according to how much power they own. Hashflare failed to mention how they would refund its users which caused a lot of outrage and suspicion of ponzi scheme.

Crypto exchange rating system

Crypto Exchange Ranks (CER) is a cryptocurrency exchange ranking system developed by Hacken, a white hat hacker community with their own token HKN. CER  pulls in open source data from over 200 exchange APIs and aggregates the data in order to provide real-time analytical data  and improve more transparency around  crypto exchanges. The four parameters CER uses to rank exchanges are cybersecurity, liquidity, public opinion withdrawals and limits.

Tweet of the week

Bitcoin Network

Meme of the week

Bitcoin Network
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Crypto word of the week

Bitcoin Network

Cloud mining allows you to mine a cryptocurrency without having to buy a physical mining hardware. Cloud mining is useful for those who don’t want to invest in expensive mining rig or who don’t have technical knowledge to install and maintain mining devices. It has become increasingly difficult to mine a coin on your own unless you have low electricity costs. With cloud mining users can rent computing power of a mining equipment and get paid according to how much hash power you own. However there is always risk involved in cloud mining services. Since users don’t own the mining equipments there is no guarantee whether the cloud mining service is actually mining cryptocurrency. Keep in mind that cloud mining services can go out of service or end up as a scam.

Quiz answer

What purpose do miners serve?

The correct answer is : “C”

Miners collectively decide which transactions are getting included in the next blockchain. Based on the previous block miners vote for the chain to be continued. When miners disagree on the latest mined blocks there can be a network split.  As a reward for their work miners get newly mined bitcoins and also transaction fees paid by the users. The purpose of miners isn’t to create new bitcoins though this is what incentivizes them to mine blocks. In 2140 when Bitcoin reaches 21 million supply limit, miners will stop receiving new bitcoins and will only get transaction fees to make money.

 

Thank you for reading :) 

Have a great day!

MrCoin

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