Most bitcoiners will tell you that last week was one of the most weirdest times ever within the cryptocurrency ecosystem. On August 1 a group of rogue individuals and businesses forked the network and went their own separate way with a blockchain and token called Bitcoin Cash (BCC/BCH). One would think that the price of bitcoin would have dropped but it didn't and suddenly spiked to an all time high well above $3000 per BTC. At press time the currency is currently hovering around $3380, and the price doesn't seem like its going down anytime soon.
Coinmama’s Weekly Roundup
A New U.S. Sanctions Bill Aims to Research Cryptocurrency
This week the U.S. president Donald Trump signed a new foreign sanctions bill which mentioned the use of digital currencies. According to reports, Trump described the bill as “flawed” but signed the measure anyway. The text describing cryptocurrencies states, "A discussion of and data regarding trends in illicit finance, including evolving forms of value transfer such as so-called cryptocurrencies, other methods that are computer, telecommunications, or internet-based, cybercrime, or any other threats that the Secretary may choose to identify." The U.S. has been tightening regulations towards digital currencies in a swift manner as of late.
Mastercard Applies for a Cryptocurrency Patent
The credit card giant Mastercard has been very interested in blockchain technology and cryptocurrency recently most notably with Ethereum. According to a new published patent with the U.S. Patent and Trademark Office (USPTO) and reveals an intervention aimed at cryptocurrency refunds. The invention is called an “Information Transaction Infrastructure” and is a “method of transferring information with verification from a first party to a second party using suitably programmed computing apparatus is described.” Mastercard has written many reports about the use of blockchain technology and leveraging the Ethereum ecosystem.
Japanese Department Store ‘Marui’ Now Accepts Bitcoin
One of the first major retail stores in Japan now accepts bitcoin as a form of payment for goods and services. Marui is a well-known department center and one of the most popular stores in the region. The store aims to entice a younger generation, and the recent acceptance of bitcoin is one reason it started. The store is currently trialing bitcoin payments in one location but may open up to its 31 other stores in the near future. It's also worth noting that Marui is one of the oldest stores in the country opened in the thirties.
Ukraine Will Host 150 New Bitcoin Automated Tellers (ATMs)
According to the company, Kuna Bitcoin, over 150 new Cryptomat bitcoin ATMs will be installed in the Ukraine in the near future. Furthermore, the company will also add 30 new machines in the Kiev region as well. Michael Chobanian, the founder of Kuna Bitcoin, said, “by the end of the year, around 150 Bitcoin ATMs will be installed throughout Ukraine. This is at the request of one customer who contacted us. Plus, there is a constant demand from entrepreneurs across Ukraine who want to engage in this business, that is, buy terminals and sell cryptocurrencies.” The Ukraine, Russia, and Kiev region has been bustling with cryptocurrency fever, and government officials are starting to warm up towards bitcoin.
Gwyneth Paltrow Joins the Bitcoin App Startup Abra
Celebrities are getting involved with bitcoin as the decentralized currency becomes more popular. Now the actress Gwyneth Paltrow has joined the bitcoin-based startup Abra as an advisor. Bill Barhydt hosted an episode of Apple’s “Planet of the Apps” which showcased Paltrow getting involved within the cryptocurrency space. Barhydt says that having Paltrow help has been really successful. “[Gwyneth Paltrow] has been a huge value add,”the show’s host detailed. “She’s opened up her network to us, given us valuable business advice,” adding that she also shared “her insights on running a consumer business with hundreds of thousands of paying customers.”
Overall the entire week in bitcoin-land has been exciting and very much like being on the set of Michael Jackson’s Thriller video. The network has never experienced a blockchain split like this before and many wonder if Bitcoin Cash will survive. The closest memory we have to the fork event is when Ethereum split into two, and Ethereum Classic formed. Further, the price of bitcoin is higher than ever before and has gone up 100X in value since 2011.
Coinmama’s weekly review is always on a mission to find the very best topics of interest being discussed within the digital currency space. Follow us here every week to keep up-to-date with current events concerning Bitcoin, Ethereum, and blockchain technology innovation.