4 News From This Week You Should Know (4 to 10 May)

4 News From This Week You Should Know (4 to 10 May)

By McAlex7 | justsomenews | 10 May 2020


As you all know this week was the last one for the cryptocurrency world before the most awaited event of this year : Bitcoin 3rd halving on May 12. As a result this week's major news were Bitcoin related so through this article I'm only going to deal with Bitcoin news from this week. 

If you're still not aware Bitcoin is halving in 2 days for the third time, it means the reward for miners is divided by 2 for a single block (12.5 BTC to 6.25 BTC per block). No one can be sure if Bitcoin price is going to explode or collapse, however a lot of ideas, opinions and news rushed during this week. So let's dive into the major news from this week around Bitcoin !

1. First let's begin with Blockstream revolutionary wallet in partnership with Ledger :

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I have talked about it in this article  if you want more details but indeed Blockstream who developed Liquid Network (a Sidechain in conjunction with Bitcoin's blockchain) concluded a partnership with Ledger, the french society of hardware wallets. This partnership mainly aim to improve the user's experience while trading Bitcoin and other cryptocurrency, but how does this work ?

As you might know Ledger develop hardware wallet (or Cold Wallet), a secured wallet which is offline (not connected to internet like a traditional wallet), a wallet in which you can stock your cryptocurrencies and private keys. This project has a simple goal but very ambitious, Blockstream want to use their Sidechain (Liquid Network) and implant it into a Ledger's wallet. Basically the user will be able to trade Bitcoin and other cryptocurrencies thanks to Liquid Sidechain and will still benefit the advantages offered by Ledger's wallets in terms of privacy and security.

2. Let's move to a fun fact, the American series Billions is indirectly participating to democratize Bitcoin :

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If you didn't know this series named Billions well it is about the life of Preet Bharara, a former district attorney from New York. During last episodes the series was mainly dealing with legal conflicts with hedge fund managers and manipulation of conventional stock markets. A series followed by a lot of people worldwide, and recently the first episode of season 5 was released and that mainly talked about Bitcoin. 

This anecdote might seem meaningless to you but the way the series decided to approach this cryptocurrency was really good, furthermore the advantages brought by Bitcoin as a currency were perfectly described in the episode. As a result everyone who saw this episode wanted to know more about what Bitcoin really was, it's an ideal moment for Bitcoin to gain in popularity especially because the halving is coming soon. If you have the time I invite you to watch this episode and make your opinion about it.

3. A more concrete news, the domination of China in the mining system has decreased :

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The actual geographic repartition of Bitcoin's miners was pretty unfair especially because of China domination. If you want to know more about the exact locations of mining pools the University of Cambridge managed to create a map of this repartition and allowing to see the evolution of those locations. This map also recreate where the mining pools migrate since September 2019.

This map showed us that China have 65% of the global hashrate for Bitcoin mining since the start of year 2020, basically the hashrate is the power of mining from the machines. However this big percentage, this map also revealed that this domination is actually decreasing, if you pick the data since December 2019 China lost 10% of this global hashrate. And with the halving coming closer and closer the situation could evolve faster than we think, this is a great news in order to have a fair distribution of Bitcoin's mining pools in the world. 

4. To finish let's talk about what I mentioned maybe 200 times throughout this article : Bitcoin halving :

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It's finally arriving, Bitcoin 3rd halving since its creation, but why everyone is talking about it ? Mainly because during the last two halving Bitcoin's value completely exploded, especially in 2017 quite after the second halving it reached heights with $20.000. I think you noticed it from last days but Bitcoin’s price increased multiple times in short periods of time (especially on April 29 with a 12% growth in few minutes), the global interest around Bitcoin has never been so high since its price record 3 years ago. 

As i'm writting those line Bitcoin's price is over $9.700 (it actually dropped to $8.800 during this night, this confirms the fact that the price is rising and falling at the moment). A lot of people are enthusiastic about this third halving and predict that Bitcoin will reach values we have never seen before, but others are more pessimistic and think that the miners aren't as influencing as before and as a result Bitcoin price will fall apart.

Only future will tell us what will happen but we can be sure of one thing : after the halving the façade of Bitcoin and cryptocurrency in general is going to be very different. Stay tuned !

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McAlex7
McAlex7

i'm alex and i'm here to bring you news, informations and some of my knowledge about the cryptocurrency world !


justsomenews
justsomenews

Just bringing few information, knowledge and news around the crypto world

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