Bitcoin and other cryptos have finally experienced some price volatility this week and some speculate that this will come as a result of some news concerning Banks of America. Banks in the US will now be able to hold crypto currency for customers following a ruling by the country’s Office of the Currency Manager. While we still recommend that consumers hold their own funds, this move will undoubtedly increase mainstream and institutional crypto adoption in the United States.
Russian draft bill for updated digital asset regulation to treat cryptocurrency as a taxable property. The law recognizes the legal status of cryptocurrency as tangible, nonetheless prohibits using crypto to pay for goods or services. The law is likely to come into effect early next year.
Mastercard, one of the world’s largest traditional payments companies, is expanding its presence in the crypto space. Mastercard will now allow the crypto company, Wirex, to issue Mastercard-backed payment cards to consumers. Wirex allows users to exchange crypto payments into fiat using traditional card payments.
According to a new report by Whale Alert, creator of Bitcoin nickname, Satoshi Nakamoto may have mined over 1.1 million BTC. In the early days, Satoshi used CPUs for mining to secure the network during the infancy of the project. Given the current market price, the anonymous Bitcoin creator could be holding about $ 10.9B worth of BTC.
Before we close, this week’s “Bitcoin quick question” is how does multisig work?
Multisig stands for multi-signature, because it is a kind of wallet that requires multiple parties to digitally sign their cryptocurrency transactions.
Let’s assume the three of us start a business together – 99bitcoins, you, and me. If we normally did, we would open a joint bank account and add permissions: what we could or could not discuss.
But if we opened a multi-wallet, we could define that each time we want to negotiate we would need two or any other number of parties to sign the transaction.
In the practical sense, one party must first create and sign the transaction on its wallet, share the signed transaction with the next party, and only after the minimum number of trustee signatures has been reached – the transaction can be broadcast to the network.
If you want to learn more about how multi-signature works, visit the link in the description below.
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That’s what happened this week in Bitcoin. See you next week.