South Korean Beachgoers Can Now Use Bitcoin to Pay for Services

A pilot project run by Bitbeat-affiliate company CIC Enterprise wants to provide crypto payment solutions at two of the busiest beaches of the country for tourists to use. According to ZDNet Korea, the firm partnered with card and cash payments provider Innotech for the token-powered payments solution in the Haeundae Beach System on the beaches of Busan in South Korea famous with tourists. The program will allow people to pay for water sports-related activities, life jackets, and even parasol rentals, among others, with Bitcoin (BTC), Ethereum (ETH), along with MCI…

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Bitcoin is Almost as Big as Bank of America

All the speculative capital invested in Bitcoin (BTC) at the moment totals just a few billion dollars shy of Bank of America’s market valuation. Bitcoin’s current market cap sits just over $217 billion, according to Cointelegraph data at press time, while Yahoo Finance shows Bank of America’s market cap holding slightly over $226 billion — a comparison introduced in a recent article from The Next Web.  Bitcoin’s market cap climbing in comparison Although it has endured its fair share of dramatic price fluctuations, Bitcoin’s price has grown substantially in 2020,…

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Major South Korean Bank Joins the Crypto Custody Business

KB Kookmin Bank, one of the largest banks in South Korea, has partnered with blockchain venture fund, Hashed, and crypto trading platform, Cumberland Korea, to establish “strategic technology cooperation” on the custody of digital assets. The companies belonging to the partnership state that their inception into the crypto custody business is a response to regulatory changes. These changes encouraged them to look into new business models — specifically ones which rely on blockchain technology. Simon Kim, CEO of the Seoul and San Francisco-based firm, Hashed, stated: “Combining our insight in…

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Monero’s Hashrate Experienced Its Largest Single Day Gains Ever

August 6, Monero (XMR) has experienced its biggest increase in hashrate since the network’s creation in 2014. Monero hashrate. Source: Coin Metrics. The Monero hashrate increased from 1.67 GH/s on August 5 to 2.2 GH/s on August 6. That 0.52 GH/s single day gain is the highest in the project’s history. Prior to this, most significant daily percentage gains came in the project’s early days when the base was much smaller. Banks should embrace privacy coins to protect their clients On August 3, Coin Center submitted comments to the Office…

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US Dollar Is Now a ‘Funny Money’ Endorsement of Bitcoin

The United States’ failure to agree on Coronavirus stimulus shows that the dollar is “funny money” and endorses Bitcoin (BTC), says Cameron Winklevoss. In a tweet on Aug. 6, the Gemini exchange co-founder delivered a damning appraisal of the lack of progress in Washington to deliver more financial aid. A “wake-up call and endorsement of Bitcoin” Talks between Democrats and Republicans were “on the brink of collapse,” CNN reported on Friday, as the two sides’ desired stimulus totals differed by several trillion dollars. For Winklevoss, the idea that politicians could…

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‘It May Not Be Worth Owning Any Asset Other Than Bitcoin’

CEO and founder of Real Vision Raoul Pal says his “conviction levels” in Bitcoin are rising on a daily basis as he compares the crypto asset to traditional investments on various timescales. Applying economic cycle theory in a series of charts posted to Twitter on Aug. 6, the former Goldman Sachs fund manager stated that although many investors choose gold as an alternative to fiat, Bitcoin (BTC) has been the only asset in the world to “offset the growth of the G4 balance sheet.” The G4 refers to the Bank…

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Grayscale Ethereum Trust Files To Become An SEC Reporting Company

On August 6, Grayscale Ethereum Trust filed to become an SEC reporting company. Amidst the Ethereum (ETH) bull run, Grayscale Investments voluntarily decided to make its Ethereum Trust an SEC reporting company. The company’s best known investment product is a Bitcoin Trust that holds around 400,000 Bitcoin (BTC). Additionally, its Ethereum Trust currently has 1.9 million ETH in its possession. Together, this represents $746 million in assets under management. As with other Grayscale products, Coinbase is acting as a custodian. Grayscale noted that the filing is under review. If approved,…

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Santiment Reveals Top DeFi Platforms by Development Activity

Santiment research has revealed that the top DeFi platforms in July in terms of development activity include Maker, Synthetix, Band Protocol, and Augur. But it also revealed that some of the platforms that saw the biggest gains in price or locked collateral recently did not have much developer activity comparatively including Compound, Aave, Balancer, and Yearn Finance. The report delved into the top ERC-20 projects (not exclusively DeFi projects) with the highest-recorded developer action using its own ranking system called Sanbase. It defines development activity as a demonstration of “month-to-month commitment…

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Chainlink Partnership Proposes its Own Take on Human Readable Ethereum Names

Chainlink (LINK), in partnership with a video game called War Riders, has introduced human readable Ethereum (ETH) names. These names will use a different approach than the Ethereum Name Service, or ENS. Removing friction for newcomers War Riders employs blockchain elements like non-fungible tokens which represent in-game items. It also has its own native cryptocurrency (BZN) that the gamers mine while playing. However, as with all such games, there is a certain amount of friction that gamers must overcome. For example, Ethereum wallets have long alpha-numeric addresses and hashes instead…

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Why $11.5K Is the ‘Most Important’ Level for Bitcoin, Traders Explain

The price of Bitcoin (BTC) is hovering at $11,300 and is nearing a pivotal technical level, which some traders are arguing makes $11,500 “the most important” level to confirm a new bull cycle for BTC.  If Bitcoin stays above $11,500 then by Aug. 10 it would be the highest weekly close for BTC price since mid-2019. The weekly candle in August 2019 closed slightly above $11,500. In other words, a close above this level would print the best weekly candle since the 2017 bull run.  A closure above $11,500 would…

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