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Instant Withdrawals For US And Europe Users Now Available On Coinbase

Coinbase added support for instant withdrawals for US and European uses according to the announcement today as we are reading more in our coinbase news today. The San Francisco-based crypto exchange announced today that it added to support the instant withdrawals in 40 countries including the US, the UK, and Europe. The issue it claims to solve is that after today’s announcement, the withdrawals on Coinbase can take up to a few days but they are more or less instant. As per Coinbase’s help page, in “most cases” the withdrawals for users in these jurisdictions will be completed in less…

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US Consumers Flock To the First Mastercard Branded BitPay Card

New data from BitPay shows that American consumers are flocking to load the first Mastercard branded BitPay card with top digital assets. The popular cryptocurrency payment services provider debuted the new card in June 2020 and the company’s transactions reached a new high in July. The data also shows how crypto cards usage is changing, with more users choosing to load with a selection of top digital assets. Not All Crypto Cards Are Created Equal BitPay, the Atlanta-based cryptocurrency services provider, has recently released blockchain payment statistics that show how the market performed in 2020. Among other interesting points, the…

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The Moss Piglet Dilemma: Paypal Bans Payments to Merchants Using the Word ‘Tardigrade’

The popular payment provider Paypal has been known for cutting off a number of merchants and organizations over the years. This week, the public found out that Paypal has been censoring merchants that sell items related to the name “tardigrade” just because a Balkan arms dealer uses the same name. The story shows just how beneficial censorship-resistant money is today and how centralized monetary systems are ultimately doomed. Ever since Paypal came out in 2001, the payment platform has seen broad use and a great number of users worldwide leverage the system. However, the payment processor is a centralized system,…

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Blockchain Battle With China Ensues With New US Congress Bill Proposal

Members of the US Congress have sponsored a non-partisan bill in the hopes of catching up with China’s blockchain development. The “American Competitiveness Of A More Productive Emerging Tech Economy Act,” or COMPETE Act for short, is currently being discussed as a way to accelerate blockchain development in the US. While the rest of the world, including the US, have been somewhat cautious, China has jumped in both feet first. As a result, it’s streets ahead of the pack in terms of national infrastructure development. The most prominent example is perhaps the Blockchain-based Service Network (BSN). This intends to help…

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The US Air Force Wants to Use Blockchain Tech for Flight Battle Systems

The U.S. Air Force’s (USAF) continuing series of blockchain investments is entering the space of battle management systems using the technology, according to news outlet Coindesk. US Air Force Looks to Blockchain Raytheon BBN Technologies said in a statement this week that it won a $495,039 contract titled: “Characterizing the applicability and relevance of DLT Read MoreRead More. The post by Aisshwarya Tiwari appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News

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US: IRS Declares Crypto Earned via Microtasking is Taxable Income

The U.S. Internal Revenue Service (IRS) continues to keep a keen eye on crypto-transactions. IRS to Tax Crypto Earned via Microtasks According to a report by The Block, the U.S. tax watchdog is set to tax cryptocurrencies earned via microtasking jobs. The IRS’s Office of Chief Counsel has published a response to a request on Read MoreRead More. The post by Aisshwarya Tiwari appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News

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China Digital Currency Battle Heats Up as Fed Enlists Help From MIT

Just when you thought China was advancing unopposed in the national digital currency race, the Fed finally steps up. The Federal Reserve Bank of Boston, in conjunction with the Massachusetts Institute of Technology, is developing a digital currency geared towards “central bank use.” On that, Boston Fed Assistant VP Robert Bench said developing the project is about balancing progress with maintaining system integrity. “Within something as important as the U.S. dollar, we need to move fast, but deliberately, because this is the highest possible stakes.” But he was quick to point out that the project is far from being a…

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The Bitcoin Network Now Consumes 7 Nuclear Plants Worth of Power

The SHA256 hashrate that secures the Bitcoin network has grown massively during the last few years, as Bitcoin’s processing power has touched all-time highs in 2020. Moreover, the gigawatts of electrical consumption powering industrial bitcoin mining today consumes as much as seven nuclear power plants. Bitcoin mining is a process where groups of miners compete in order to capture as many block rewards as they can. Bitcoin miners essentially plug machines into the wall that consume electricity in order to hash away at the Bitcoin network’s consensus algorithm so they can outpace competitors. Hashrate is how analysts measure the amount…

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US Feds Just Realized Bitcoin Is “Different” Than Fiat Money

The US Federal Reserve in New York said the framework for discussing digital currencies is flawed, in a blog post yesterday. They stated that Bitcoin had “changed” how society thinks of money. Distinctions on currencies made Bitcoin has changed things and the definition of money said the New York Federal Reserve in a candid blogRead MoreRead More. The post by Shaurya Malwa appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News

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Bitcoin-Hating Federal Reserve Official Is Suggesting More Inflation Ahead

Neel Kaskari, a cryptocurrency critic and President of the Federal Reserve Bank of Minneapolis, called for another strict lockdown in the United States last week while speaking favorably about supporting inflation, he wrote in a New York Times op-ed. Bitcoin is “Garbage,” but Fed Prints Money Kashkari’s calls for another lockdown to save the USRead MoreRead More. The post by Shaurya Malwa appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News

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How U.S. Restrictions on Wechat & Other Chinese Brands Could Boost Crypto

The ongoing tensions between the U.S. and China could boost crypto should certain events transpire, say certain investors. Related Reading: Crypto Tidbits: Ethereum Surges 20%, US Banks Can Hold BTC, ETH’s DeFi Space Still in Vogue Ongoing China-US Tensions May Be Able to Boost Crypto: Dovey Wan & Others President Trump announced that U.S. businesses can no longer transact with Tencent and ByteDance. Tencent is best known for WeChat and ByteDate is best known for TikTok. Although it seems that this move was to pressure those two platforms, some think that the fundamental value of crypto is boosted if Trump next…

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U.S. Public Company is Moving $250 Million into Bitcoin, Gold to Protect Against Inflation

An American public company is choosing alternative assets like Bitcoin and gold to battle the rising threat of overinflation, per an announcement on August 5. Moving into Bitcoin MicroStrategy, a publicly-traded company on the NASDAQ worth over $1.2 billion at press time, told shareholders last week that it plans to invest $250 million in “alternativeRead MoreRead More. The post by Shaurya Malwa appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News

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Bitcoin Trends on Twitter in the U.S. and Canada as Price Jumps 15%

It’s been an absurd day for Bitcoin. The asset is up in excess of 10% in the past 24 hours, surging higher as crucial resistances fall to buyers. With one of the best daily performances in months and an extremely impressive macro setup, investors around the world are taking notice of Bitcoin. Multiple reports have indicated that the asset is going viral on Twitter, trending in at least the U.S. and Canada. Related Reading: Crypto Tidbits: Twitter’s “BTC Scam,” Elon Musk & Dogecoin, Institutions Want BTC & ETH Bitcoin Trends on Twitter and Canada as Price Surges Michael Goldstein, a prominent…

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Why Regulators Allowing US Banks to Hold Bitcoin Is So Positive for Crypto

On Wednesday, the Bitcoin and crypto market was treated with positive news from U.S. regulators. The Office of the Comptroller of the Currency (OCC) wrote on July 22nd that American banks are allowed to hold cryptographic keys. That’s to say, U.S. financial institutions can be a custodian to one’s cryptocurrency. This letter from the regulator was immediately seen as one of the biggest Bitcoin-related news in months and years. Here’s more on why this news is so positive for the industry. The Importance of U.S. Banks Holding Bitcoin and Crypto Preston Byrne, a partner of Anderson Kill corporate technology group,…

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EU Leaders Approve $2.1 Trillion Budget, US Lawmakers Expect Another Round of Covid-19 Relief Money

The world’s bureaucrats have been on a money creation spree and on July 21, the European Union approved an unprecedented $2.1 trillion coronavirus relief budget. Additionally, American leaders are in the midst of approving a new stimulus relief act amid July’s unemployment extension benefits expiring. Reports say that the estimated $3 trillion HEROES Act will pay American taxpayers another payout round similar to the last cash injection, but it adds additional money for individuals who meet certain criteria. Global politicians and central bank leaders believe that creating money out of thin air will save the economy from pending doom. No…

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Vegasbetting.com Study Found US Sports Betting Market Is Leading the Way

Ten out of ten major US sportsbooks accept Bitcoin deposits while only one in ten sportsbooks with a global footprint process Bitcoin payments. VegasBetting.com study found that the US sports betting market is leading the way when it comes to accepting bitcoin as a payment method. The study looked at the top 10 sportsbooks Globally, in the US and in Canada. All US sportsbooks welcome Bitcoin deposits with open arms. Exactly 50% of the Canadian sportsbooks in the study have started accepting crypto currency payments. Internationally the picture is the opposite: none of the Top 5 global sportsbooks have integrated…

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Report Cuts China’s Bitcoin Mining Capacity to 50% of World Total, Raises US’ to 14%

A new report by crypto research company Bitooda claims that China accounts for only 50% of global Bitcoin mining capacity, and the U.S. 14%. The data is in sharp contrast with earlier findings from the University of Cambridge Centre for Alternative Finance (CCAF), which put China’s share of the world hash rate at 65% and about 7.2% for the U.S. In the July 15 report, produced with support from asset manager Fidelity Investments, Bitooda says it reviewed several public sources, including “confidential conversations” with miners, rig manufacturers and dealers to determine the areas with the most BTC mining capacity. “We…

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Grayscale Crypto Trust Fund Reports Largest Quarterly Inflows in Q220

Grayscale Investments LLC. reports yet another high in quarterly inflows with $905.8 million in 2Q20, totalling $1.4 billion since the beginning of the year. The Trust Fund indices which are only available to accredited and institutional investors also saw a significant increase of new investors. Reportedly, ‘new investors accounted for $124.1 million of inflows and 57% of the investor base.’ The institutional investors accounted for 84% of the investment. Moreover, 60% of the total inflow was from outside the U.S. The Bitcoin Trust fund, $GBTC, accounted for nearly 83% of the inflows, followed by Ethereum at 15%. Cumulative Asset Under Management of Grayscale Moreover, the…

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