Leading car manufacturers start to test blockchain payments in cars. View in browser

“The 18 millionth Bitcoin was mined today. What are you doing today to get your hands on this scarce asset?” ~ Jason Yanowitz, entrepreneur

Market State

During the last week the overall market cap dropped from $227 billion to $222 billion. Bitcoin is currently trading at $8225 which is about 1% drop compared to last week. The 18 millionth Bitcoin was mined last week. This is 85.7% of the total Bitcoin supply that took just over 10 years to mine. This leaves 3 million Bitcoin behind which will take 120 years to be mined due to block reward halving which occur every 210000 blocks (about every 4 years). The next halving is estimated to happen in May, 2020 when the block reward will be cut from 12.5 to 6.25 Bitcoins. A strict algorithm determines the frequency, specific time and number of Bitcoins issued which is the feature that makes Bitcoin scarce. 

The price of Ether dropped below $180 currently it’s trading around $174 which is 5% dip compared to last week. After celebrating its 8th birthday Litecoin still remained under downward pressure. Litecoin fell by 5% to $54 since last week.

Central banks and financial institutions are increasingly turning their attention to cryptocurrency. The latest country that joins the list of countries looking to launch their own digital currency is Canada. It has been leaked that bank of Canada has been exploring the development of a national digital currency. Governments around the world are still contemplating how to control cryptocurrency industry. Regulators are concerned that cryptocurrencies have given rise to criminal industry. However cryptocurrencies such as Bitcoin are not actually anonymous. It is possible to track down the flow of illicit transactions by using sophisticated analytical tools on public blockchain. The recent crackdown of illegal child porn site has proved that criminals can’t hide their activities just because they’re using Bitcoin.

Check the latest Bitcoin Price
Quiz of the week

Is Bitcoin anonymous?

  1. Yes. It’s completely anonymous.
  2. Sort of - if people know your Bitcoin address they can see what you've spent.
  3. No. It’s completely non anonymous.

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

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Top stories of the week
Chainalysis Helped Shutdown Largest Child Pornography Website

The US Department of Justice (DOJ) announced that it had shut down the largest child porn website by content volume. The website, called Welcome to Video (WTV) offered its users to buy videos where Bitcoin was used as the only payment method. Chainalysis, a blockchain analytics firm, helped investigating the Bitcoin transactions and identifying the customers and the operator of the website. The law enforcement seized more than 8 terabytes of child pornography,  equivalent of about 4,000 hours of video or more than 250,000 unique videos. Jong Woo Son, 23, the operator of the site is currently serving his sentence in South Korea. Some of the users sent Bitcoin directly from exchange accounts where they had to go through KYC process. The site received Bitcoins from various exchanges. The authorities have arrested 337 site users across 38 countries and rescued 23 children from their abusers.

Leading Car Manufacturers Start to Test Blockchain Payments in Cars

Leading car manufacturers BMW, General Motors, Ford, Renault and Honda will start testing a blockchain car identification and payment system next month in the United States. Automakers have partnered up with Mobility Open Blockchain Initiative (MOBI) to implement the system for automated payments. The initiative aims to use blockchain and related technologies to make mobility safer, greener, cheaper and more accessible. During the test vehicles will be assigned a unique digital identification which is linked to ownership, service history and a wallet. The wallet will allow the vehicles to automatically pay the parking fees or highway tolls without the need of any specialized hardware. The system will be applied to electric vehicles and data will be collected from thousands of cars. Car drivers can earn rewards by providing data to the blockchain.

Bermuda The First Country To Accept USDC for Taxes

Bermuda has announced it will accept USD Coin (USDC) for taxes, fees and other government services. The move is a part of the Bermuda government’s initiative directed towards stimulating the FinTech industry on the islands of Bermuda. USDC is an Ethereum based stablecoin pegged to the US dollar launched a year ago by CENTRE, a consortium co-founded by cryptocurrency exchange Coinbase and crypto finance startup Circle. In one year, there are over $1 billion worth of USDC has been issued and the project has become the second most issued stablecoin. Bermuda has also announced that it would be collaborating with blockchain startup Shyft Network to launch a digital identification program that will be useful for people doing business in the country.

Bitcoin Is Nearing $15 Billion Worth of All Time Miner Revenue

This year Bitcoin has achieved the yearly peak of $13920. Since then the price of Bitcoin experienced sharp declines. Though the prices don’t show an indication of a healthy market, the Bitcoin network has never been stronger. According to the latest study by Coin Metrics Bitcoin is nearing $1 billion in total all time transaction fees and $15 billion in all time miner revenue. Miner revenue consists of block rewards (currently 12.5 Bitcoins per block) and transaction fees, which are paid to miners. Interestingly the mining revenue increased by $1 billion just in the past two months alone. The report predicts that the network should reach the $15 billion all-time mining revenue mark in early 2020.

Former CEO of Google Africa Said Bitcoin is a ‘Gift’ That Will Change Humanity

Stafford Masie, a computer scientist, a former CEO of Google Africa and general manager at WeWork South Africa, a shared workspace provider, believes that Bitcoin will have more of an impact on humanity than any other technological innovation. In a speech titled “Reimagining the future of humanity”, delivered at the Singularity University South Africa Summit, Masie said that Bitcoin an exchange of value without intermediaries is the greatest gift mankind has ever received technologically. He continued “Bitcoin’s main potential is for the third economy, where people don’t have access to electronic forms of money. Think of the people who live two hours outside Shanghai, China’s central coast. They will use Bitcoin to trade and unlock international transactions outside of the existing frameworks in a manner that you and I cannot imagine.”

Shellfish Plant Is Using Blockchain Technologies to Track Fresh Scallops

Raw Seafoods, a shellfish plant is partnering with IBM Food Trust to trace their catch from harvest to end user. The shellfish plant will upload information on every catch in a particular fishing ground to the blockchain technology. The system records boat’s longitude, latitude and name, and the time the shellfish was caught. All this information will be sent to IBM's blockchain via satellite. The workers on-board the boat will then store these scallops safely in a package and label it using a barcode that contains the same information recorded by the system. Raw Seafoods plans to launch a mobile app in November that enables users to access scallop provenance. The data will be shared with with suppliers, retailers, and distributors. The goal of the initiative is to build trust with their customers in their products. 

Tweet of the week
Meme of the week
Quiz answer

Is Bitcoin anonymous?

The correct answer is “B”.

Thank you for reading :) 

Have a great day!



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