Bitcoin’s Price Grows Stronger As Consensus Changes Approach

31st July 2017

Bitcoin enthusiasts and holders are currently preparing for a hard fork on the network come August 1st. This has been the central theme of discussion amongst many avid cryptocurrency proponents over the course of the past week and that time is nearly here. In our previous weekly updates, Coinmama has described the current proposals on the table concerning bitcoin scaling. At the moment a large majority of the community is backing the Segwit2x roadmap, but a rogue group of individuals are not satisfied with the compromise and plan to fork away from the network. This will produce another cryptocurrency called Bitcoin Cash (BCC), and every person who holds bitcoin in a non-custodial wallet will receive the coin. The split is expected to occur around or shortly after 12:20 UTC on August 1. Our exchange here at Coinmama will disable all buying services on July 31st at approximately 12:20 UTC. For more information on how we will handle the situation read our statement here.

The Russian Exchange BTC-e is Taken Down By U.S. Law Enforcement

The long running bitcoin exchange BTC-e has been seized by U.S. law enforcement this past week, and the trading platform is no longer operational. According to police the exchange and its alleged operator Alexander Vinnik laundered $4B worth of BTC since 2011. The arrest indictment detailed that BTC-e and Vinnik took money from dark net markets, ransomware, and the notorious Mt Gox funds that were stolen in 2013. However, on Monday, July 31 the BTC-e exchange announced a message to its customers detailing the FBI takedown. Further, the operators have detailed that customers may get a refund after they tally how many bitcoins were taken by the FBI. Additionally, the trading platform says they have no affiliation with Vinnik, and he did not operate the exchange.

Japanese IT Giant Fujitsu is Developing Blockchain Technology  

At the P2P Financial Systems 2017 conference, the large Japanese firm Fujitsu revealed it was working with the Hyperledger Project and the open source Fabric software. The firm tested a wide spectrum of transactions that were 2.7 times faster than expected. According to Fujitsu, the IT tech giant wants to capitalize and commercialize the blockchain product by next year. “Fujitsu Laboratories implemented this technology in Hyperledger Fabric v0.6.1 and measured transaction performance on a blockchain platform consisting of four servers,” explains Fujitsu Labs. “Whereas the previous method could handle 500 transactions per second, Fujitsu Laboratories achieved 1,350 transactions per second using this newly developed technology, an improvement of approximately 2.7 times.”

The U.S. Securities and Exchange Commission Releases Report on ICOs

This past week the U.S. Securities and Exchange Commission (SEC) revealed its opinions on the recent Initial Coin Offering (ICO) hype taking place over the previous year. According to SEC token sales or ICOs like the recent DAO project are subject to U.S. law and are to be considered securities. Offers and sales of digital assets by ‘virtual’ organizations are subject to the requirements of the federal securities laws,” explains the SEC report. “Such offers and sales, conducted by organizations using distributed ledger or blockchain technology, have been referred to, among other things, as ‘Initial Coin Offerings’ or ‘Token Sales.’” Many cryptocurrency enthusiasts are uncertain what this news will bring to Ethereum based ICOs currently running and launching in the near future.

Popular Author Alex Tapscott Launches $20M Digital Asset Fund

This past week the co-author of the book, “Blockchain Revolution” launched his own digital asset investment startup. The firm will be backed by $20 million in finance capital and will be called “Nextblock Global.” Alex Tapscott, son of the famous Don Tapscott, stated, “We saw tremendous demand from institutional and strategic investors who are looking to get exposure to this new asset class. Nextblock will immediately begin to deploy capital, giving investors diversified exposure to the most promising investments in this space.” Over the past few months, many investment firms and funds such as Nextblock have flocked in great number surrounding the digital currency space.

The Largest Chemical Producer in the World Tests Blockchain

The biggest chemical manufacturer globally, BASF, has announced its partnership with the IoT company Ahrma, and blockchain firm Quantoz utilizing blockchain technology. The firm wants to track the chemical supply chain by tracing deliveries and the shipment of goods. BASF presented the experiment on July 25 at the company’s exposition day. BASF executive Jürgen Becky explained, “We believe that big ideas start small. That’s why we work with young entrepreneurs who have the potential to change the future of mobility and production.” If BASF continues with its blockchain R&D, it’ll be the first known chemical provider that utilizes a distributed ledger for its supply chain.       


97 Percent of India Residents Are Aware of Bitcoin

India has been hot for bitcoin lately, and as Coinmama reported in our past weekly updates, the country may legalize the digital currency shortly. The region’s PHD Chamber of Commerce and Industry (PHDCCI) held an event called the “Roundtable on Industry Perspective on Bitcoins” which accompanied a survey. According to the survey “97 percent of the respondents were aware of bitcoins.” The PHD Research Bureau survey-based findings in order to better articulate the future of the decentralized currency in the country.

Coinmama will be following the events of August 1 and thereafter very closely and will be sure to keep our readers informed of any developments. As usual, it’s sure to be an exciting week in crypto-land but most notably in the bitcoin space with the upcoming scaling proposals and possible fork on Tuesday, August 1.

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.

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