Fun fact, by 2040, 99.8% of all Bitcoins will have been mined. The remaining 0.2% Bitcoin will be emitted throughout the next 100 years.
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Weekly Crypto Recap

"Bitcoin's value increases steadily over time, while Bitcoin's price attempts to find it.” ~Erik Voorhees, CEO of Shapeshift

Bitcoin Network

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Market State

BTC: €3,412.39 | 7.87% since last week

ETH:    €116.19 | 37.36% since last week

BCH:   €153.06 | 96.96% since last week

LTC:      €27.84 | 7.33% since last week

Last week in 2017 Bitcoin crashed to $11,800 in just 5 days from reaching its all time high of $20,000. This is how volatile Bitcoin can be. Since then the price of Bitcoin have been dropping for 365 days. Everyone should have left the crypto market by now. Still the crypto market is getting a lot of attention from the big companies and institutions who are willing to support cryptocurrencies even when the prices are falling. Despite the falling prices the number of BTMs (Bitcoin ATMs) doubled this year.

Finally last week we saw some gains in crypto market. The overall market cap went up from $104 billion to $128 billion. Bitcoin is back above the $3500 level and is up by 7.87% since last week. The price of Ether rose by 37% during the last week. Still Ether is down by 91% from its all-time high at $1448. Bitcoin Cash price surged sharply over the last week even reaching $220 last friday, which represented over 200% growth.

 

Quiz of the week

What is a Bitcoin block?

  1. A Bitcoin transaction that has more than 1MB of data in it
  2. A confirmation issued every 10 minutes by Bitcoin miners, stating all recent transactions are valid
  3. Cryptographically verified transactions, bundled together and written on the blockchain

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

Top stories of the week

Coinomi

Facebook creating stablecoin for WhatsApp

Facebook is currently developing a stablecoin for WhatsApp that will be pegged to one US dollar. The coin will focus on the remittances market in India and enable Indian workers abroad to send money back home. India has more than 200 million WhatsApp users. The World Bank reported that India was the top remittance receiver with $69 billion last year. WhatsApp was acquired by Facebook for $19 billion in February 2015. Facebook has a huge market share with the most active users. Once Facebook launches its stablecoin it may become the most popular product. But is Facebook coin really a cryptocurrency? Not really, as it will be centralized and controlled by Facebook.  

Ethereum10

Western Union Is Ready For Cryptocurrency

Global remittance giant Western Union published a video announcing that they are ready to support cryptocurrencies. The president of Western Union, Odilon Almeida said: “We already operate with 130 currencies. If we one day feel like it’s the right strategy to introduce cryptocurrencies to our platform, technology-wise it’s just one more currency”. He also pointed out some of the limitations of cryptocurrencies which include volatility, governance, and compliance. Almeida stated: “Cryptocurrency might become one more option for a way for assets to be exchanged between people and countries. If that happens we would be ready to launch”.

Reddit

90% of Monero Has Already Been Mined

There will be a total of 18.4 million Moneros (XMR) in circulation by May 31 2022. According to MoneroBlocks.info, 16.6 million of the privacy currency has been mined which is the 90% of the total Monero supply. While Bitcoin has a fixed supply of 21 million Bitcoins, Monero has a feature known as “tail emission”. After all Moneros are mined in 2022, Monero will continue to generate 0.6 XMR block rewards indefinitely in a “tail emission”. Currently Monero block reward is 3.41 XMR. Tail emission will attract miners to mine Monero and provide constant incentives even after all Moneros are mined. Fun fact, by 2040, 99.8% of all Bitcoins will have been mined. The remaining 0.2% Bitcoin will be emitted throughout the next 100 years.  

Telegram

Bitcoin Can Survive Without The Internet

Blockstream, a blockchain technology company announced that its satellite service has been expanded to the Asia-Pacific region and providing internet free Bitcoin transactions. Previously Blockstream satellite service was limited to North and South America, Europe, and Africa. Now Blockstream’s five satellites are orbiting around the earth covering the most populous regions except for Greenland and Antarctica. They also announced that in January, 2019 a new Application Programming Interface (API) is coming up that will let users to send encrypted messages paid with Bitcoin using Lightning Network, the micropayment network.  

Bitcoin Mining

Vitalik Buterin donated $300k in Ether to startups

The co-founder of Ethereum, Vitalik Buterin sent 1000 Ethers each (currently is about $384,750) to three different startups working on Ethereum 2.0. The donation was based on a Twitter conversation, where Ethereum developers complained about the lack of funding as a reason for slow development. The three startups that received the 1000 ETH donations are Prysmatic Labs, ChainSafe Systems and Sigma Prime. In 2014 Buterin himself received the Thiel Fellowship grant, which gives $100,000 to young people who want to build new things. After the donation the balance of Buterin’s Ether wallet lowered to around 7,600 ETH.

Coinbase: Earn while you learn

Coinbase, the American crypto exchange launched an educational programme called Coinbase Earn. With Coinbase Earn users can earn cryptocurrency while they learn about cryptocurrencies. The program is launched in invite-only mode with a single asset ZRX for their verified users. Anyone can view the educational content for free but users need an invitation to earn 0x coins. Invited users need to watch short video lessons and take quizzes as a reward they will receive a small amount of ZRX. Coinbase also plans to add more educational content and the ability to earn other cryptocurrencies.

Tweet of the week

Bitcoin Network

Meme of the week

Bitcoin Network

Crypto word of the week

Bitcoin Network

Lindy Effect refers to longevity of things like songs and systems that survive and thrive longer than others. These things do not age like people instead they survive the test of time and age in reverse. Lindy Effect suggests that the longer has something been around the more likely it is to continue to be around in the future as well. The 3rd of January 2019 marks the 10th anniversary of the Bitcoin Genesis Block. Bitcoin is turning 10 years old. Bitcoin's Lindy Effect is getting stronger. Don’t forget to join the annual Proof of Keys celebration by removing all your Bitcoins from exchanges to a wallet where you hold your private keys and be your own bank.

Quiz answer

What is a Bitcoin block?

The correct answer is : “C”

Miners spend computing power and electricity to find the next block which they then are free to fill with any pending transactions. When a transaction is included into the block, it is considered to be confirmed. Thus a block is a bunch of confirmed transactions bundled together and written onto the blockchain.

 

Thank you for reading :) 

Have a great day!

MrCoin

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