07 NOV

Coinmama's Weekly Review Oct. 31st - Nov. 7th

Coinmama’s Week In Review

Chinese Bitcoin Rumors Flare

This past week started out with the price of Bitcoin almost touching $750. However, news from the publication ZeroHedge and others seems to have pushed the value down. The news outlet reported on the Chinese government possibly trying to stop capital outflow from entering the Bitcoin network. The reports came from sources stemming from the mainstream media outlet Bloomberg. These sources have yet to be confirmed or denied. The price as of press time has steadily remained hovering back at the $690-705 range since then.

The Mining Operation Bitmain Is Building a Mining Facility in China’s province of Xinjiang

In other news within China is the Bitcoin mining operation Bitmain has officially revealed its plans to create a mining facility in Xinjiang. The new building is designed to be cool, and dust-free says the Chinese firm. The data center being built will consume 135 megawatts of power with wind and solar energy feeding most of the electricity. The company has detailed it has worked with the provincial authorities to build and get support for the Xinjiang operation.

Italy’s Taxi Service Cooperativa RadioTaxi 3570 Now Accepts Bitcoin

One of the largest taxi services within Italy has decided to accept the cryptocurrency Bitcoin. Cooperativa RadioTaxi 3570 (CRT3570) is a service that provides over 10 million taxi rides annually. The partnership between CRT3570 and Chainside initiated the company to start accepting Bitcoin. Now within the company’s payment method section users can choose between PayPal, Bancomat, and the decentralized cryptocurrency.

Moscow Hosts Bitcoin and Blockchain Conference   

On November 10 Moscow will be hosting a blockchain and Bitcoin-related event. The Moscow conference will have entrepreneurs, startups, and developers convening to discuss the importance of blockchain technology. Representatives from one of Russia’s largest banks Sberbank will be in attendance alongside executives from QIWI, Microsoft, and IBM. The event will take place at Moscow, 6 Bersenevskaya promenade, bldg. 3.

Authorities In Switzerland Plan Cryptocurrency Regulation

Swiss officials from the Federal Department of Finance (FDF) have revealed plans to introduce regulations in the fintech sector. The report details that lawmakers are interested in creating a fintech license. This would affect digital currency and blockchain services operating within the region. The Federal Council has instructed the FDF to initiate a draft of amendments by Q1 2017. Statements within the report detail “reducing further barriers to market entry for fintech firms” and the “legal treatment of virtual currencies and assets.”        

The Central Bank of Canada Tests Blockchain Protocol

Central banks worldwide have been interested in blockchain technology. Now the Bank of Canada (BoC) has revealed it will soon publish a report concerning its trial of a federated distributed ledger. According to Reuters, Carolyn Wilkins, the central bank’s senior deputy governor told the press the central bank was testing for positives and negatives. Wilkins and BoC have been very liberal towards this new technology for quite some time. With so many central banks testing this blockchain worldwide, many people wonder if these banks will issue a cryptocurrency that acts like legal tender.    

The Thai Kasikornbank Works With IBM Researching & Developing Blockchain Certification

A financial incumbent in Thailand Kasikornbank is working with IBM on a blockchain joint effort. The two organizations are specifically working on a platform that certifies and validates documents. Kasikornbank is using IBM’s open-source Hyperledger project Fabric that adds a notarization layer on top of the blockchain. Financial participants will be able to use the application for a wide variety of business-related use cases. As a result, the blockchain can be more efficient and cost friendly than traditional methods used today.

Colorado Cannabis Operations Resort To Bitcoin

A recent report from Motherboard the publication describes Colorado hemp farmers are looking to Bitcoin for banking solutions. The article describes a few residents from the area being censored by banks and payment processors like PayPal. Edgar Hamm and Veronica Carpio have started accepting Bitcoin to overcome these banking issues. The pair has also created an educational resource for cannabis businesses to learn about the alternative cryptocurrency.

The Bitcoin White Paper Anniversary and $100 Billion in Transaction Volume

The Satoshi Nakamoto drafted white paper turned eight years old on October 31 this year. The extraordinary white paper has changed how the whole world understands money and has innovated thousands of ideas. Bitcoin is the first of its kind peer-to-peer network that is decentralized and open source. Furthermore, the Bitcoin blockchain has had $100 billion worth of transactions since the protocol was initiated in January of 2009. Many in the community see the Bitcoin network reaching this volume over the years is quite the milestone.

Residents From The Latin American Nation of Venezuela Turn To Bitcoin

Venezuelan citizens have been flocking to Bitcoin during the country's economic turmoil according to reports. The nation of Venezuela has been suffering from severe hardships as the nation's currency is almost worthless. Trade volumes over the past few months have risen exponentially as Venezuelans are converting their bolivar earnings into cryptocurrency. Throughout lots of nations whose economic systems are crumbling many residents turn to Bitcoin as a safe haven from inflation and devalued fiat currency.       

Coinmama’s Conclusion

At press time Bitcoin’s price has been trending upwards and hit a high of $714 on Sunday. The four-hour chart suggests the price may maintain in this range holding some stability. It’s never a dull day in Bitcoin-land, and things have been progressing very well this year. Coinmama will keep our readers up to date on the various highlights of the week as the Bitcoin blockchain continues forward innovating our lives.

Stay tuned next week as Coinmama reviews the hottest most trending movements within the cryptocurrency circuit.

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