Let’s take a look at last week’s news summary! Iran implements gold-backed cryptocurrency, Wikipedia introduces new crypto payment method, South Korean exchanges cooperate to prevent money laundering, Binance enables crypto purchases via Visa and MasterCard, the world’s biggest weapon auctions site GunBroker.com implements Stablecoin. See the details below:
Iran to “survive” US sanctions due to cryptocurrency?
Iran has officially launched its own gold-backed cryptocurrency called Peyman which is supported by the government. The purpose is to improve the economy after receiving sanctions from the USA.
In the meanwhile, the Central Bank of Iran has published preliminary draft legislation on cryptocurrencies, repealing the previous “Bitcoin ban”. However, the cryptocurrency restrictions in Iran are still strict – Bitcoin can be used only for international transfers, never inside the country.
— TomoNews US (@TomoNewsUS) February 4, 2019
New payment method on Wikipedia: Bitcoin Cash
The world’s largest e-encyclopedia began to allow users to donate to its development in Bitcoin Cash. Previously, such a possibility was available via BTC.
Transactions are available through the BitPay system, previously they were supported by CoinBase. Let us recall that donations on Wikipedia through BTC are possible from 2014.
— Bitcoin News (@BTCTN) January 30, 2019
Binance adds support for Visa and MasterCard purchases of crypto
In the press release, which CoinTelegraph received from the world-leading Binance cryptocurrency exchange, it was announced that it adds support for crypto purchases via Visa and MasterCard. Binance users will be able to use these cards to purchase BTC, ETH, LTC and XRP.
Binance announces a partnership with Simplex to enable purchases w/ Visa and MasterCard credit cards. They are supporting credit card purchases for bitcoin (BTC), ether (ETH), litecoin (LTC) and XRP. These can then be traded against up to 151 other tokens offered by the exchange.
— Coinbus Pro (@Coinbus1) February 1, 2019
South Korean exchanges are collaborating to prevent money laundering
Four cryptocurrency exchanges from South Korea: Bithumb, Upbit, Corbit and Coinone are undertaking joint activities that will improve the methods of preventing money laundering. The main intention is to be able to block one user simultaneously on several platforms after noticing suspicious transactions.
GunBroker.com is about to implement Stablecoin
According to a press release, the world’s largest weapon auctions site – GunBroker.com – intends to implement stablecoin “FreedomCoin”. According to statistics, the website has about 4.7 million customers, and the annual turnover of the transaction through the website reaches USD 600 million.
Bitcoin is massively undervalued?
Recently, we have informed that JP Morgan bank analysts stated that Bitcoin price may decrease to below 1300 USD. However, not every analyst is that pessimistic. PlanB, a leading cryptocurrency-friendly researcher who is hidden on Twitter under a nickname “100trillionUSD” presents interesting predictions. In his opinion, for now Bitcoin is “3x undervalued”, and after halving in 2020 it may reach even 10-100 times bigger price!
#bitcoin could be MASSIVELY undervalued
Satoshi: BTC is like a "metal as scarce as gold + can be transported over a communications channel"
Scarce metals (gold, silver, palladium, platinum) can be valued on stock-to-flow ratio. BTC: now 3X undervalued, after 2020halving 10-100X pic.twitter.com/Xx5XbD4pqe
— planB (@100trillionUSD) February 3, 2019
Two groups of hackers stole 60% of crypto
According to blockchain analysis firm Chainanalysis, about $1 billion of cryptocurrencies in 2018 was stolen by only two hacking groups. That’s about 60% of the total amount stolen – $1.7 billion! It is suspected that these two groups are still active.
Liqui exchange shuts down
Liqui exchange stops providing its services, as it can’t provide liquidity anymore.
“Liqui is no longer able to provide liquidity for the Users left. We also do not see any economic point in providing you with our services. However, we do not want to return to where we were a month ago. Hence, we decided to close all accounts and stop providing our services. It broke our hearts to do that.”, informed Liqui owners in a statement.
R.I.P. Liqui Exchange
— Crypto_Ed_NL (@Crypto_Ed_NL) January 28, 2019
Twitter CEO: Bitcoin to become the currency of the Internet
In the podcast of the well-known actor and comedian, Joe Rogan, Twitter CEO Jack Dorsey talked about his predictions about Bitcoin.
I believe the Internet will have a native currency and I don’t know if it’s Bitcoin. I think it will be [Bitcoin] given all the tests it has been through and the principles behind it, how it was created. It was something that was born on the Internet, was developed on the Internet, was tested on the Internet, [and] it is of the Internet.
What do you think about last week’s news? Tell us in comments!