Blockchain enabled 98% reduction in transactions fees related to refugee donations for the UN. View in browser

“The greatest gift Satoshi Nakamoto gave us was Bitcoin. The second greatest gift was then disappearing.” ~ Rhythm, Twitter user

Market State

Over the last week the cryptocurrency market has been bouncing between $241 billion and $251 billion. Bitcoin has been trading above $9000. It is currently standing at around $9315. Most coins either seeing gains or losses in the range of 1-3%. Last week Bitcoin celebrated its 11th birthday of Bitcoin whitepaper. On 31th of October, 2008 the anonymous Satoshi Nakamoto published the Bitcoin whitepaper, which is a document that contains the description of how Bitcoin works. The Bitcoin blockchain didn’t officially launch until the 3rd of January, 2009. 

Since its creation, Bitcoin has been consistently setting new records. Over the years Bitcoin’s all time appreciation in price has been 304 033 233%. Bitcoin’s first-ever recorded trading price was noted on Mar. 17, 2010 — on the now-defunct trading platform bitcoinmarket.com, when one whole Bitcoin was worth $0.003.

85% of Bitcoin supply has already been mined now there are less than 3 million Bitcoin has been left to be mined. Since Bitcoin’s genesis block miners have earned $15 billion revenue and $1 billion of all miner revenue came from cumulative transaction fees. Bitcoin is already helping people in countries where economic and political instability reign, combined with the risk of inflation. The purpose of Bitcoin is to put the power back into the hands of the people and reduce the need for a central authority.

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Quiz of the week

What is the name of the research paper that brought Bitcoin to the world?

  1. Bitcoin: a decentralised electronic cash system
  2. Bitcoin: a peer-to-peer digital money system
  3. Bitcoin: a peer-to-peer electronic cash system

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

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Top stories of the week
French High School Students Will Now Learn About Bitcoin and Cryptocurrency

French high school students are among the first to have cryptocurrency integrated officially in their curriculum. In June of this year the French Ministry of National Education amended its syllabus for Economics and Social Sciences to incorporate the study of cryptocurrency. The ministry has provided the teachers with three explainer videos that address questions such as “Is Bitcoin, the currency of the future? Is it possible for Bitcoin to replace the Euro?” and “Do you trust your currency?” During the course, students are be expected to compare Bitcoin with fiat currencies and also understand the impact of cryptocurrencies on the French and global economies. The initiative is welcomed among crypto community as cryptocurrencies become more popular, having a basic knowledge is of great importance. Though it is only an introductory course, it has a huge importance as all french high students receive basic knowledge about cryptocurrency.

Canadian Fund Manager to List Bitcoin Fund on The Ontario Stock Exchange

A Canadian investment fund manager 3iQ has announced that it has received approval to launch a Bitcoin fund on the Ontario Stock Exchange. Toronto, Ontario-based 3iQ, founded in 2012 and focuses on providing innovative investment products. The company claims it will be the first regulated, major exchange listed Bitcoin fund in the world. The instrument is expected to launch by the end of the year. The Bitcoin investment fund will allow retail investors to invest in Bitcoin through a regulated, listed fund. Custody of Bitcoins will be handled by a cryptocurrency exchange Gemini while index and market data will be provided by a regulated index provider VanEck. Both Gemini and VanEck are based in New York and both have failed to gain approval for Bitcoin exchange traded fund (ETF) from US regulators. This suggests that Canadian regulators have softer and progressive stance on Bitcoin ETFs than its US counterpart. 

Association of Over 200 German Private Banks Calls for Programmable Digital Euro

The Association of German Private Banks (Bankenverband) which represents more than 200 private commercial banks including Deutsche Bank, Credit Suisse and Commerzbank has issued a statement and called for the creation of a common pan-European payments platform for the programmable digital euro. According to the statement - which mentions Facebook’s Libra in the beginning of the text -  “there can be no question that responsibility for the monetary system lies, and will continue to lie, with sovereign national states. Any currency provided either by banks or by other private companies must therefore fit into the state-determined system. Anything else would ultimately lead to chaos and instability.” 

The association states their position across eleven points. They believe it is important to achieve a social consensus on how programmable digital money can be integrated into the existing financial system. According to their opinion the main burden of this public-policy (in the best sense of the term) task rests with central banks, governments, parliaments and regulators. Protection for consumers, deposit guarantee and data protection proposals are set out in point 11. The association wants the users of a digital euro to be clearly identifiable, just as bank customers, the regulatory standards for digital euro to be clarified and ensure legal certainty and transparency for the future monetary system in which both traditional money and digital money are present.

Blockchain Enabled to Reduce Transaction Fees Related to Refugee Donations by 98%

Building Block was launched in 2017 by the United Nations World Food Programme as the largest blockchain project in the humanitarian sector. Today the project serves 110 000 Syrians living in refugee camps in Jordan. In 2012, Former U.N Secretary General, Ban Ki Moon said that 30% of donations failed to reach beneficiaries due to middlemen and corrupt officials. However through blockchain corruption is impossible. Blockchain allows UN to track every cent from an instant a donation is made to when a physical good is bought. Every person is given 20 dinars (about €25) for themselves and their children with which they can buy the food they want from the supermarket. Refugees buy through a biometric payment system without exchanging cash. Iris scanners are positioned at supermarket cashiers enabling to draw the required amount from their aid allowance. By removing third parties with blockchain the UN has reduced their transactional cost by 98% which equates to around $40,000 a month.

BitMEX Cryptocurrency Exchange Accidently Leaked Thousands of User Emails

Cryptocurrency derivatives exchange BitMEX has accidentally leaked thousands of user emails. The exchange sent out a mass email to their entire user base but they forgot to use "blind copy" function. Users who received the latest BitMEX update email can view the other recipients in plain text. Larry Cermak, a BitMEX user claimed that he has access to 23,000 emails that were leaked by BitMEX. The privacy breach might have major consequences as hackers could pretend to be real users by using their identity information. Many users find it outrageously incompetent especially from an exchange that isdealing with people’s money and particularly with Bitcoin which is irreversible once stolen. BitMEX users are strongly advised to change their BitMEX account email addresses and passwords and enable two factor authentication. 

Argentina Bans Bitcoin & US Dollar Purchases

Two months ago Argentina has imposed capital controls in order to stabilize a sharp drop in the value of the peso. Argentinians were limited to dollar purchases of no more than $10000 a month. Last week the Argentina’s central bank has further imposed restrictions on US dollar purchases to from $10 000 to just $200 per month. After the restriction many have opted for Bitcoin to get around the capital control which caused notable spikes in the weekly Bitcoin volume on Argentinian LocalBitcoins. In response the central bank of Argentina has announced that citizens are prohibited the purchasing of Bitcoin with credit and debit cards and prepaid cards as of 31th of October. Despite the capital control cryptocurrency trend is spreading in Argentina. The country is filled with an abundance of local cryptocurrency exchanges, Bitcoin brokers and Bitcoin ATMs. 

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Quiz answer

What is the name of the research paper that brought Bitcoin to the world?

The correct answer is “C”.

Thank you for reading :) 

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MrCoin

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MrCoin

96 Kensington High Street, London, W8 4SG, UK

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