Visa was down, Bitcoin has never gone down

MrCoin

Weekly Crypto Recap

To believe in crypto, you have to believe in math and software code. ~ Anthony Pompliano

Market State

BTC: €6,422.67 | +3.42% since last week

ETH: €500.29 | +9.91% since last week

BCH: €943.87 | +18.21% since last week

LTC: €102.19 | +4.04% since last week

The total market cap is currently at around €337.81 billion which is 8% above the level of last week. Bitcoin showed 3.42% recovery to €6,422.67. While Ether has increased 9.91% to €500.29. There were several good news in the crypto world last week, still the market remained slow. The biggest news that had positive impact on the market was the South Korean government’s proposal to allow domestic ICOs. Altcoins began to increase right after the news. Also during the week, China’s president publicly mentioned blockchain for the first time. In his speech he said “new generation of industrial revolution is substantially reshaping the global economic structure”. Despite the good news trading volume during the past week was one of the lowest this year.

Quiz of the week

How many transactions can the Bitcoin network handle in a second?

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

Top stories of the week

South Korea Moves to Allow Domestic ICOs

Eight months after its September 2017 ban on ICOs, South Korean government is re-legalizing domestic ICOs in the country. During the ICO ban several Korean projects such as ICON ($42 million, Switzerland), EdenChain ($24 million, Singapore) and Hdac ($20 million, Switzerland) moved to crypto-friendly countries. South Korea is the third largest crypto market in the world. Lifting the ICO ban will definitely have positive effect on the crypto market.

China’s President Endorses Blockchain

Chinese President Xi Jinping gave a speech at a conference hosted by the Chinese Academy of Sciences. He acknowledged the potential of blockchains in his speech and expressed support for blockchains by saying that the innovation is a critical part of a tech revolution. On May 24, the State Council of China ordered local financial authorities to allocate more resources in developing, deploying, and commercialising the blockchain.

Bittrex Accepting US Dollars

US based crypto exchange, Bittrex announced it will offer USD trading pairs to its customers after partnering with a New York-based Signature Bank. Bittrex has been only a crypto to crypto exchange and it offers the biggest selection of cryptos. Its competitor Coinbase offers only 4 coins currently. Bittrex is offering more options for people to get into cryptocurrency.

EOS Mainnet Launch

On June 2nd Block.one has released EOS.io software under an open-source licence. EOS is a smart contract platform that will directly compete with Ethereum. There are no transaction fees on the EOS network and it offers 6000 transactions per second. If Ethereum is unable to accomplish their scalability goals, EOS might become the dominant smart contract platform.

Venezuela Bans Imports of Cryptocurrency Mining Equipment

Venezuela is the cheapest country in the world to mine Bitcoin. But is it also the most expensive place to live. The bolivar, Venezuela’s national fiat currency, has lost 99.99% of its value over the last five years. While the government has embraced cryptocurrency with the launch Petro, the local miners are not welcome. The country banned cryptocurrency mining related computer equipment from entering the country.

First Crypto-Friendly Airport

Brisbane International Airport in Australia is now accepting major cryptocurrencies in every store. Travelers can now spend Bitcoin, Ether, Litecoin, Dash, Bitcoin Cash, and NEM. The Brisbane Airport is the first crypto-friendly airport in the world. They achieved it in partnership with a small local start-up business TravelbyBit. Payments are made via a smartphone app and QR code scanning with no additional hardware requirements.

VISA Was Down

On 1st of June, Visa credit and debit card holders were unable to use their cards. Suddenly people who were trying to buy tickets for a train or bus ride home after work, found themselves with a useless piece of plastic card which made them think about an alternative way of payment method. More people than ever are now looking at cryptocurrencies to avoid future problems.

Lightning Network Mobile Wallet is Live

The first Bitcoin wallet featuring full lightning network support went live on Google Play May 31. You can now send and receive Bitcoin over lightning network and take advantage of instant, near-zero fee, micro bitcoin transactions. Developers are building lightning apps and wallets. Check out the full list of lightning wallets here.

Tweet of the week

Meme of the week

The image on the IMF website at the moment

Crypto word of the week

Lightning network is a payment channel that aims to provide instant, feeless, tiny Bitcoin transactions. The transactions are feeless because you don’t use the Bitcoin blockchain where you have to pay miners. Instead you use a payment channel that is built on top of the Bitcoin blockchain. To open a payment channel users need to pay a fee for miners just like normal Bitcoin transactions and deposit the amount of Bitcoin you would like to transact. Once you’re on a payment channel you can can transact as much as you want without paying fee for miners. Since transactions are not taking place on the blockchain, you can be sure that your transactions are private. When you finish transacting, you close the channel for which you pay miners. Your final balance is entered back to the blockchain. You don’t have to worry about all these steps, your lightning network wallet will do it for you.

Quiz answer

How many transactions can the Bitcoin network handle in a second?

The correct answer is : “B”

Currently Bitcoin network can process maximum 7 transactions per second.

Thank you for reading :)

Have a great day!

MrCoin

MrCoin

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+36 1 812 22 50

MrCoin will be more than happy to answer your questions at hello@mrcoin.eu

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