Bitcoin will be accepted at 25000 French retailers in 2020 View in browser

“Combining the internet with Bitcoin gives us a real chance of achieving the original promise of the internet; freedom of speech, commerce and finance.” ~ Kim Dotcom, entrepreneur

Market State

It has been a tough week for the cryptocurrency market. The total crypto market capitalization dropped a whopping $33 billion from $222 billion. Last Tuesday the price of Bitcoin dropped $1000 in only 30 minutes plunging below $8380 level several times. It was the third biggest daily drop in price for Bitcoin this year. Currently it is trading at $7885 which is the lowest price level since 12th of June. All altcoins suffered one of its steepest falls of the year. Ether plunged by 10% to $179. Ripple dropped by 16% to as low as $0.23. Currently XRP is trading around $0.25. Tether, the stablecoin has benefited from the from the market’s crash and briefly become the 4th largest coin by its market cap leaving Bitcoin Cash and Litecoin behind. Traders are using Tether as a hedge to protect themselves from the falling price of cryptocurrencies. Even though the prices have dropped significantly the crypto community suggests to stay calm and zoom out (which means to stop worrying about daily, weekly and monthly charts instead look at the charts in long term trendline). The prices have still doubled since the beginning of the year. 

According to Arcane Research Bitcoin futures market negatively influence the price of Bitcoin. Bitcoin’s futures market is where people can speculate on the future price of Bitcoin. Analysts at Arcane Research have looked closely at the numbers and revealed that the price of Bitcoin tend to drop head of Bitcoin futures contract expiry at CME (Chicago Mercantile Exchange). CME has launched its Bitcoin futures trading in December 2017. Traders receive or pay the difference between the spot price and the futures price. If the futures contracts are set to assume that Bitcoin’s price is going to below certain price for example below $8500 then there may be many traders would have the incentives to manipulate the price of Bitcoin in order to minimize their loss.

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Quiz of the week

What is a Bitcoin Vanity address?

  1. A reusable stealth Bitcoin address
  2. An address printed on a piece of paper
  3. A personalized Bitcoin address that has human readable characters

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

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Top stories of the week
Ukraine Plans to Officially Legalise Cryptocurrencies

The Ukranian government has plans to legalize cryptocurrency to bring them out of their current legal “grey zone.” Ukraine’s Ministry of Digital Transformation stated that legalizing cryptocurrencies is a top priority and cryptocurrencies are currently not illegal but legalizing cryptocurrencies will benefit Ukraine‘s government via taxation. In addition to legalizing cryptocurrencies, Ukraine is planning to transfer public registries and documents to a public distributed ledger managed by the government. The new regulatory concept will allow crypto companies to gain access to banking services and attract more capital through regulated token sales. The ministry noted that due to the legal uncertainty, these businesses face many difficulties, while the industry remains largely part of the shadow economy. With the new regulations the country hopes to attract foreing investment while stimulating the development of the digital economy. 

Bitcoin Will Be Accepted at 25000 French Retailers in 2020

30 major French retail brands such as Decathlon and Sephora have announced to accept Bitcoin at over 25,000 stores in France by 2020. The new payment integration was revealed on the occasion of Paris Retail Week, on the 24th of September. Users will be able to pay in Bitcoin, but the funds will be automatically converted into euros. The Bitcoin payments are enabled by a partnership between French company Global POS and EasyWallet application and payments platform Easy2Play. According to a recent EasyWallet study, more than 4 million French people own cryptocurrencies and this new solution aims to allow the mass adoption of cryptocurrencies. Bitcoin is planned to be the main cryptocurrency to be used, however Global POS intends to introduce altcoins in the future.

Central Bank of Venezuela is Considering to Store Bitcoin and Ether

The central bank of Venezuela is is exploring the possibilities of including Bitcoin and Ether to its international reserves at the request of the state run oil company Petroleos de Venezuela SA (PDVSA). Due to US sanctions, the oil company has struggled to receive payments from its customers or pay its suppliers. In order to bypass the US sanctions the company has been using cryptocurrency. It remains unclear how PDVSA came to acquire Bitcoin and Ether or the actual value of their cryptocurrency holdings. PDVSA has delayed to sell its crypto holdings on the open market as it would require them to register with an exchange. Instead the company is looking to transfer its crypto holdings to the central bank of Venezuela in the hope that central bank would pay PDVSA’s suppliers smoothly.

Crypto Friendly New Medici Bank to Launch in Puerto Rico

Puerto Rico-based Medici Bank, founded by a direct descendant of the Italian Medici dynasty in May 2019, is about to take on its first crypto clients and is launching private beta testing of its digital onboarding process, web portals and its application programming interface (API) in October. The bank will test its beta version with five international firms. Ed Boyle, CEO of Medici said “Two or three of those companies will be crypto businesses and at least one of them will be an exchange. Crypto companies are high-throughput types of clients. If we can handle that, we can handle anything.” Boyle also said the bank’s goal is to have a pool of clientele split evenly between the fintech sector including crypto, private wealth clients, and import-export companies. The bank is willing to have crypto clients make up no more than two-thirds of its clientele. Medici Bank will fully launch in the first quarter of 2020 with a goal of $1 billion in combined deposits and assets under management within three years.

95% of Bitcoin Day Traders Lose Money and Fail

“95% of all day traders lose money and fail” is one of the most popular trading related statistics. However research suggests that the actual figure is much, much higher. Economists have discovered a few surprising statistics by analyzing actual broker data and the performance of traders to explain why most traders lose money. According to online educational resource Tradeciety: 80% of all day traders quit within the first two years; Among all day traders, nearly 40% day trade for only one month; Within three years, only 13% continue to day trade. After five years, only 7% remain; Active traders underperform by 6.5% annually; Traders with up to a 10 years negative track record continue to trade. Now that we’re in a bear market traders are even more uncertain where the market is heading. Trading isn’t easy so as holding on to your crypto assets while they are dropping.

Google Claims It has Reached Quantum Supremacy

According to a leaked scientific paper published - and later deleted - by NASA, Google created a quantum computer that is able to perform calculations in just 3 minutes 20 seconds that would take a normal computer 10 000 years to perform. We’ve been warned that quantum computers are a threat to the security of blockchains. Bitcoin’s SHA-256 encryption can be cracked by a quantum computer. This means our private keys that secure coins will be vulnerable. According to crypto community Google's quantum breakthrough is for a primitive type of quantum computing that is nowhere near breaking cryptography. However the rate of advancements in quantum technology is increasing. Thankfully developers have already started working on quantum proof algorithms such as Quantum Resistant Ledger

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Quiz answer

Mi az a Bitcoin "Vanity address”?

The correct answer is “C”.

Thank you for reading :) 

Have a great day!



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