This week in Bitcoin – Jan 27th, 2020

This week in Bitcoin – Jan 27th, 2020


Hi, I’m Nate Martin from 99Bitcoins.com and here’s what happened this week in Bitcoin. LocalBitcoins traders from six different African
countries have had their accounts disabled. The P2P platform cites guidance from an EU commission on countries requiring “an enhanced due diligence process”
before they can be allowed access. These countries include Nigeria, Ghana,
Ethiopia, Botswana, Libya and Tunisia. However, traders in other African countries
are also reporting suspensions. The CEO of Ripple, the company behind XRP, dropped a hint that the company may
seek a stock exchange listing this year. Speaking at the World Economic Forum
in Davos, Switzerland, Ripple’s CEO stated that he expects other crypto
companies to open for public investment, in what could become an interesting new trend. In more news out of Davos,
the World Economic Forum seeks to set itself up as an international body for the regulation of digital currency, including crypto and stablecoins. The so-called Global Consortium for
Digital Currency Governance, announced that it looks to develop, implement, and standardize digital currency
rules around the world. According to data released by Longhash,
cryptocurrency exchange Coinbase’s cold wallets contained around 970,000 BTC
(equaling about $8 billion) as of January 1st. If current growth continues, the company will
reach the 1 million BTC mark by February. The trend underscores the growing
tendency on exchanges that despite the dangers of trusting third parties, it appears that consumers in general still prefer
not to control their coins themselves. Before we conclude,
this week’s “Bitcoin quick question” is: Is Bitcoin anonymous? Every Bitcoin transaction conducted is publicly recorded on the Bitcoin ledger of
transactions known as the blockchain. While all transactions are visible,
you can’t tell who sent what to whom, since all you can see are Bitcoin addresses
with no identifiable information. Having said that, once you link
an identity to a Bitcoin address, you can easily track all of the financial activity related to that address using a block explorer – a tool that helps you fetch
information from the blockchain. Therefore Bitcoin is considered
to be pseudonymous – anonymous to the extent you don’t link
your identity with your Bitcoin address. But today, this is becoming
increasingly difficult to do as each legitimate exchange you’ll use to buy
Bitcoin will ask for identity verification. If you want to read more about Bitcoin and
anonymity visit the link in the description. Have a question you want us to answer?
Just leave it in the comment section below. And if you want to support our videos,
consider using the Brave browser for faster, ad free browsing that can also earn you rewards. Just visit the link in the description below. That’s what happened this week in Bitcoin.
See you next week.

10 thoughts on “This week in Bitcoin – Jan 27th, 2020

  1. Keep your updates coming Nate. Your presentations are awesome. No hype just simple clear statements. I'm always on the lookout for crypto that supports decentralisation, anonymity and security. Same with the wallets.

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