Dispelling the Myth That Bitcoin Proponents Want a Cashless Society

Bitcoin and a great number of other cryptocurrencies are electronic versions of currency. Many people falsely assume that crypto proponents are for a cashless society and this is certainly not the case. If we removed the central banks’ printing fiasco and the inflationary practices from cash, we all know that cash is great for anonymity and fungibility. But the nation-states and central banking cabal are in charge of the fiat game and the monetary system today does come with serious manipulation and inflation. Most crypto supporters, just because they support…

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Five Years Since Launch, Is Ethereum Creating a New Boom?

A look into DeFi versus ICOs as another year passes for Ethereum. The Ethereum network has just turned five years old. Although the project was first announced at the North American Bitcoin Conference in January 2014, its genesis block was only mined on July 30, 2015. Since then, Ether (ETH) has become the dominating altcoin in market capitalization, popularity and network value settlement, having even surpassed Bitcoin in the latter. Ethereum was created with myriad possibilities in sight, allowing for smart contracts, powerful tokenization, complex decentralized applications and decentralized fundraising…

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After the US Senate Pros and Cons on Digital Money — What Do We Do With It?

The crypto industry has the best historical moment to change the discourse about cryptocurrency and its reputation into a successful innovative tech sector. The COVID-19 pandemic has certainly accelerated the digitalization of economies across the globe, opening up discussions on the future of digital financial services and whether our economy should advocate for the financial inclusion of Bitcoin (BTC) and other digital assets. Yet, despite the horror we have been seeing as our industries continue to suffer, the digital payments industry is expected to thrive, based upon recently reported data…

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3 Reasons Why Ethereum Price Rallied 75% to Hit a 2-Year High at $395

Ethereum price hit a 2-year high today and 3 factors suggest the altcoin could rally even higher. In the last two weeks, Ether (ETH) price increased by 75% as the price rallied from $222 to $390. Many investors believe Ether’s momentum is buoying the entire market, and possibly even pushing Bitcoin (BTC) upwards. ETH-USD daily chart. Source: TradingView.com Three factors that appear to be triggering the strong Ether rally are: DeFi, ETH 2.0, and the current prolonged rally taking place in the altcoin market. DeFi growth is pumping altcoins but…

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Big Travel Firm CWT Pays $4.5 Million Bitcoin Ransom to Hackers

CWT, one of the biggest travel companies in the U.S., this week paid $4.5 million in bitcoin to hackers who infiltrated the firm’s computer system, stealing sensitive corporate data. It is unclear whether customer information was also compromised. Reuters reported that the bitcoin wallet owned by the cyber thieves received 414 BTC on July 28 as payment for the ransom. At current prices, the ransom would be worth more than $4.8 million. According to the report, the attackers infected CWT’s computer network with a ransomware called Ragnar Locker, which encrypted…

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Cryptojacking Attacks Are Seriously Underestimated, Says BlackBerry VP

BlackBerry exec believes that many businesses don’t have a great visibility about the combination of crypto mining apps with malware. Cryptojacking attacks are both an internal and external threat, as the hacking groups are getting more organized in attempts to exploit vulnerabilities in the networks. However, there are also cases where some admins use valid entitlements to make money from illegally mining crypto using the firm’s network resources, and many organizations “don’t have great visibility” about it, says Josh Lemos, VP of research and intelligence at BlackBerry. Lemos told Cointelegraph…

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Major Chinese Banks Bar Customers From Buying Gold, Precious Metals

Major Chinese banks have taken measures to prevent customers from buying gold, platinum, palladium, and other precious metal-related products through them. The Shanghai Gold Exchange also says it may take necessary measures to curb gold trading to “protect investors.” Chinese Banks and Regulators to ‘Cool Gold Rush’ Chinese regulators and major banks are taking measures to curb the trading of gold and other precious metals by investors in order “to cool [the] gold rush,” Reuters reported Wednesday. Gold prices hit record highs this week as investors look for safe-haven assets…

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Decentralized Exchanges Are Building a Life Raft but Need a Bridge

Despite the significant growth of decentralized crypto exchanges, their centralized counterparts still control the majority of industry trade volume. Recently, crypto traders have shown a lot of enthusiasm for decentralized exchanges, or DEXs. The enthusiasm is warranted. We’re starting to see the fruits of many years of hard work pay off with DEX trading volume and use increasing every day.  In spite of this growth, the vast majority of crypto trading still takes place on centralized exchanges. DEXs offer a clear set of benefits in terms of fund security, flexible…

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Single Miner Reorgs Ethereum Classic – Devs Report a Chain Split

Members of the Ethereum Classic team reported that the network suffered a reorganization (reorg) today. The blockchain network is asking service providers to halt deposits while it carries out maintenance of the chain. The latest event follows a similar attack in January 2019, which led to some exchanges taking pre-emptive action. Both Ethereum Classic (ETC) and one of the founders have since put out a statement acknowledging this event which they term a chain split. ETC suffered a reorganization (reorg) of approximately 3,693 ETC blocks which occurred at block 10,904,146.…

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Bitcoin Reddit Roundup – July 2020

Welcome to the second edition of Reddit Roundup by Nik and Flip of Bitcoin Magazine! This roundup contains 45 links to the best quality content that was uploaded to Bitcoin Reddit this month. Most links come from the popular r/bitcoin, but we also retrieved posts from other forums as well, such as r/BitcoinMining. In this roundup there are 10 different categories of links: Privacy, Adoption, Development, Security, Mining, Business, Education, Regulation & Politics, Archaeology (Financial Incumbents) and, last but not least, Memes, Fun, And Other. Big shoutout to Sam Wouter,…

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