Bitcoin doesn't need institutional investors. Institutional investors need Bitcoin.

MrCoin

Weekly Crypto Recap

“Bitcoin doesn't need institutional investors. Institutional investors need Bitcoin.” ~ Jameson Lopp, creator of satoshi.info

Market State

BTC: €6,929.84 | +1.37% since last week

ETH: €384.50 | -4.49% since last week

BCH: €684.01 | -4.45% since last week

LTC: €69.71 | -5.67% since last week

During the last week the overall crypto market dropped by 1,71% to €247,24 billion. The main news that influenced the market was the rejection of Bitcoin Exchange Traded Fund proposal by Winklevoss brothers. According to the US Securities and Exchange Commission (SEC) bitcoin doesn't provide the safety against price manipulation. Responding to the news bitcoin dropped down by 5% to €6,720.70 within few hours and then eventually recovered. Currently bitcoin is sitting at around €6,929.84 which is 1.37% since the last week. Unfortunately the altcoins haven’t managed to recover following the news.

Bitcoin ETF would allow institutional investors to own bitcoin without actually buying bitcoin as the ETF would buy bitcoins on behalf of the investors. In the past when gold ETF was introduced the price of gold skyrocketed. The crypto community is expecting the same thing for crypto market and anticipating a huge institutional money flowing into bitcoin once bitcoin ETF gets approved. There are still several other Bitcoin ETFs lined up waiting for US SEC approval which might be denied for the same reasons Winklevoss brothers’ bitcoin ETF was disapproved.

Quiz of the week

What is a private key?

A password to your digital wallet.
A string of letters and numbers, which is used to sign transactions that spend bitcoins in your wallet.
A key given to public.

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

Top stories of the week

Ethereum is testing code for its next hard fork

Ethereum’s hard fork Constantinople will be launched during the second week of October, 2018, before Devcon4 Ethereum conference in October. Hard fork doesn’t always mean network split. If the whole community agrees to it there will be no split. In the case of Constantinople, it is a system upgrade that will make Ethereum network more efficient and less costly to use. Developers are already testing the code for Constantinople to make sure the transition occurs smoothly.

Crypto-millionaires, crypto version of 40 under 40

The crypto version of “40 under 40” is here. Fortune presents 40 crypto superstars who are transforming the crypto industry. Many of these crypto millionaires were early adopters who invested in the crypto technology when it was almost worthless. Last year’s exponential increase in crypto industry led many of these young people to become millionaires. The top three spots are secured by Brian Armstrong, Co-founder & CEO of Coinbase, Vitalik Buterin, Co-founder of Ethereum and Jihan Wu, Co-founder of Bitmain.

Mobile app for MyEtherWallet

MyEtherWallet (MEW), one of the most popular wallets for Ethereum and ERC-20 tokens is launching a mobile app to for secure login. MEW connect app is not officially listed on Apple Store or Google Play yet. MEW developers are testing the beta version for iPhone users, the Android version is in progress. The app will let users access their wallet by scanning the QR code instead of typing their private key. The website version of MEW warned users against entering their private keys because of phishing sites. MEW connect app uses encryption which retains your data on your device.

Misthos Bitcoin multisig wallet

Misthos is an advanced Bitcoin mutlisig wallet for businesses which has launched on top of Blockstack’s decentralized application platform. Misthos was built to make multisig wallet easier to use and manage financial assets and cashflows easily as a team or business. Unlike other Bitcoin multisig wallets, Misthos allows you to add and remove people. Misthos takes a small withdrawal fee to keep the company in business otherwise the Misthos muiltisig wallet is free of charge and easy to use.

Antiguan citizenship available for 12 bitcoin

Antiguan and Barbudan citizenships can be acquired with US$100,000. The government of Antigua and Barbuda now allows payment to be made in bitcoin and other cryptocurrencies. At current prices 12 bitcoins are needed to become a citizen of the Caribbean country. Antigua decided to accept cryptocurrencies as a form of payment to make it easy for cryptocurrency hodlers and attract people from around the world. To avoid volatility of cryptocurrency, payments made in digital currency will be converted to US dollars on a daily basis.

TransferGo Offers Crypto via Remittance App

TransferGo, a London-based payment remittance service company, announced to offer a cryptocurrency trading service in response to a strong demand for cryptocurrency. Over 650,000 registered users use TransferGo service to send money back home from developed countries. TransferGo now lets their customers to buy and sell five major cryptocurrencies, Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), BitcoinCash (BCH) and Litecoin (LTC). With this TransferGo has become the first remittance service that has launched cryptocurrency trading.

Tweet of the week

Meme of the week

Crypto word of the week

Multisig is a short form for multisignature addresses. Multisignature addresses are like a joint bank account where two or more private keys are necessary to sign a transaction and spend the funds. A normal bitcoin address has just one private key and if you lose your private key or someone gains access to it, your bitcoins are gone forever. With multisig addresses you have a bitcoin address with 3 or 5 private keys and any two or three of the private keys are needed to spend the coins. Two of three multisig addresses are the most popular where any of the two private keys are required to sign off the transactions.

Quiz answer

What is a private key?

The correct answer is : “B”

A private key is needed in order to spend bitcoins stored on addresses generated by bitcoin wallet. Losing your private key is equivalent to losing your bitcoins as you won’t be able to access your bitcoins without it. Make sure you backup your private key by saving your 12-24 recovery phrases and store it safely.

Thank you for reading :)

Have a great day!

MrCoin

MrCoin

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