This week in Bitcoin – Oct 7th, 2019


Hi, I’m Nate Martin from 99Bitcoins.com and here’s what happened this week in Bitcoin. Coinbase’s specialized exchange
for advanced traders, Coinbase Pro, unexpectedly hiked its fees significantly. Beginning Monday, Coinbase Pro
introduces a new tiered system whereby anyone trading under $10,000 per
month will pay half a percent fee on every trade. Small traders are understandably
unhappy with the new fee structure. Crypto custodian BitGo
has added staking to its services, beginning with cryptocurrencies
Dash and Algorand. Through BitGo Staking, coin holders can earn
between 7 and 13 percent annual returns. The coins will earn staking rewards
while remaining in cold storage. We recently covered the refusal by
French and German officials to allow Libra to operate in their respective nations. Corporations are now joining the pushback,
with Apple’s CEO, Tim Cook, characterizing Libra as a
“power grab by a private company”. Even more damaging, PayPal withdrew
from the Libra Association. Facebook’s growing difficulties show the advantage of a decentralized cryptocurrency with no identifiable controlling entity. Various banks around the world
experienced significant issues this week, highlighting the need for
cryptocurrency as an alternative. Turkey’s government has frozen up to 3.9 million bank accounts and one of India’s major banks, PMC, has engaged in fraud. And finally, despite its recent price struggles,
Bitcoin is the best performing asset in 2019, outpacing gold, tech stocks, and bonds. Bitcoin has more than doubled this year,
whereas the best performing US stock sector is only up 31 percent. That’s what happened this week in Bitcoin.
See you next week.

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