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Bitcoin News Summary – July 6, 2020

The post Bitcoin News Summary – July 6, 2020 appeared first on 99 Bitcoins.

 ZenGo research team just disclosed a vulnerability related to the Replace By Fee (RBF) …

Bitcoin News Summary – July 6, 2020 Read More »

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ZenGo research team just disclosed a vulnerability related to the Replace By Fee (RBF) feature which affects the displayed balance within several Bitcoin wallets. The vulnerability named “BigSpender” allows an attacker to send a Bitcoin transaction with a minimal fee and then, before this transaction is confirmed, replace it with another higher-fee transaction sending the same coins to a different address. Ledger Live and BRD have already patched the issue, Edge intends to address it soon.

Major crypto payments portal, BitPay, will finally integrate SegWit for Bitcoin transactions in the months ahead. SegWit considerably reduces fees for users and eases network traffic. The move was long resisted by BitPay, which accounts for a considerable volume of Bitcoin traffic. 

Bitcoin, Ethereum, and Dash will soon be accepted at over 2,500 locations across Austria, via the A1 Payment network in collaboration with crypto services firm, Salamantex. If all goes well, the rollout of the crypto payment service will continue in neighboring countries in the near future.

A bug in Ravencoin’s wallet code led to the illegal minting of roughly $5.7 million worth of  RVN above its maximum intended supply. While no RVN was lost from user holdings, the value of their holdings has been diluted by the uncontrolled inflation, which constitutes about 1.5% of the coin’s intended supply. While a patch was released, it’s unlikely that the extra coins can be removed from circulation.

Before we conclude, this week’s “Bitcoin quick question” is how to stake coins?

To stake coins is to “lock” coins in a designated wallet, in order to earn rewards. Behind the scenes, stakers participate in the verification process of the blockchain network’s rules.

The first step is to decide which coin to stake, taking into consideration the expected rewards and the minimum requirements. 

Then, you must download the coin’s wallet from its official website, acquire the amount of coins you wish to stake using an exchange, then move them from the exchange and lock them in the wallet. 

Keep in mind that the wallet has to be fully synchronized with the blockchain at all times in order to obtain the rewards.

Alternatively, you may choose to participate in a Staking Pool. Staking Pools remove the minimum requirements by allowing numerous stakers to join forces and split the rewards between them. However, they are prone to another layer of risks such as hacks or scams.

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’s happened this week in Bitcoin. See you next week.

Source: https://99bitcoins.com/bitcoin-news-summary-july-6-2020/

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Decred (DCR) Surges 50%, Outperforming DeFi Coins and 2017-Era Alts

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Decred (DCR) has surged seriously higher over the past day. According to Coin Gecko, a top data source in crypto, the price of the » Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin is up 50% in the past 24 hours.

The » Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin is currently trading at its highest price since the 2018 crash in November of that year. DCR is up over 250% from its multi-month low near $11 a number of weeks ago in October.

Decred is the best performing top 100 digital asset of the past 24 hours. It is strongly outpacing Bitcoin, which is up 2% in the past 24 hours and ETH, up 0.3% over that same time frame.

Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

What Could Be Next for Decred?

According to a Decred-focused analyst, there is a good likelihood that the cryptocurrency could continue slightly higher from here:

“#Decred is breaking out again. Quick overview of some charts and potential short term targets. Now firmly above Realised price. This is a bull market folks. MVRV upper band with 20% probability of mean reversion is $34 and trending higher. Mayer multiple 5% prob is $42. Ye Olde Stock-Te-Flow model calls for around $44. As with all models, look for confluence, S2F is but one metric in the bowl of salt. Use as a yardstick, not gospel. My model uses daily close price vs S2F. I don’t select choice cuts of data to fit a model, I analyse it all.”

Analysts are also confident in the cryptocurrency for technological reasons, as Decred’s decentralized exchange gains traction.

Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin

Outperforming DeFi, At Least Today

DCR is strongly outperforming top DeFi coins today.

DCR is up over 50% in the past 24 hours while top DeFi coins have only gained 10-15% over that same time period.

It is unclear if this trend will continue, though DCR is almost outperforming some of the top DeFi players since October’s lows as it begins its ascent.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock
Price tags: dcrusd, dcrbtc Charts from TradingView.com
Decred (DCR) Surges 50%, Outperforming DeFi Coins and 2017-Era Alts

Source: https://www.newsbtc.com/analysis/decred-dcr-surges-50-outperforming-defi-coins-and-2017-era-alts/

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Why New Bitcoin Investors Shouldn’t Be Deterred By The Scarce BTC Supply

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Bitcoin has recently caught fire with institutions, corporations, and hedge funds in 2020, as a defensive strategy to protect wealth against the non-stop money printing press that was turned on after Black Thursday.

The store of value and safe haven narrative is focused primarily on the cryptocurrency’s hard-coded scarce supply of just 21 million BTC. But a long-time crypto advocate and Fidelity Investments alum says that investors shouldn’t worry about the cost per » Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin due to an overall supply shortage and that because the asset is divisible the remaining units can be repriced and further split up if needed. Here’s why this sort of talk is the early signs of Bitcoin’s new narrative developing – where it becomes not only a “store of value” but a also “unit of account.”

Don’t Be Deterred By $20K Per BTC Prices Or Scarce Supply, Bitcoin Can Be “Repriced” Into » Read more

” href=”https://www.newsbtc.com/dictionary/satoshi/” data-wpel-link=”internal”>Satoshi

Human brains are hard-wired to recognized and remember patterns, as well as finding the path of least resistance, reducing life’s challenges we encounter along the way and prolonging life expectancy.

These reasons are exactly why assets often trade around rounded numbers, like $10, $1,000, $10,000, and $20,000, or at repeating numbers like $18,888 – a number you’ve likely seen flash on the price sticker recently.

Related Reading | Bitcoin Mathematics: Why 21 Million BTC May Have Been Chosen

As simple as it sounds, and it is, this due to how few movements of the finger it requires to place the order and how little thought goes into placing such an order.

Ever wonder why Bitcoin has now topped out twice just before $20,000? That’s because smart money takes the extra few seconds to place orders that front run rounded numbers, leaving the lazy retail investors behind who didn’t plan properly.

btcusd bitcoin rounded and repeating

Bitcoin price often trades at rounded or repeating numbers  | Source: BTCUSD on TradingView.com

Humans also like to have whole numbers, and not a fraction of something, which is exactly why when Bitcoin gets this expensive, investors turn to altcoins.

However, Nic Carter, early crypto adopter and believer in Lockean property rights says that although digital scarcity is a key narrative for Bitcoin, there can never be a shortage of the ultra-rare asset. And here’s why.

It is true that only 21 million Bitcoin will ever exist, each BTC is divisible into one-hundred million “» Read more

” href=”https://www.newsbtc.com/dictionary/satoshi/” data-wpel-link=”internal”>satoshi” – the smallest unit of measurement of the cryptocurrency, which translates to 0.00000001 BTC.

When or if Bitcoin becomes the global reserve currency and monetary revolution, or any such scenario where BTC becomes the primary store of value, each » Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin can be “repriced” further sat by sat, or even decimalized further if necessary.

Related Reading | The Dollar Losing A Decade Long Trendline Could Send Bitcoin Skyrocketing

In theory, even just one BTC could support an entire market, if broken down enough times, according to Carter and Bloomberg TV Editor Joe Weisenthal.

So before new investors FOMO into altcoins like the last crypto bubble, think again before you’re put off by the fact you can’t own a whole Bitcoin. What tiny fraction of BTC you can buy now, it could outperform thousands of other coins if it reaches its full potential.

The comments are especially notable, as the store of value narrative begins to take a backseat to the “unit of account” narrative that could transform the cryptocurrency from safe haven to global reserve currency over the next ten years.

Featured image from Deposit Photos, Charts from TradingView.com

Source: https://www.newsbtc.com/news/bitcoin/why-new-bitcoin-investors-shouldnt-be-deterred-by-the-scarce-btc-supply/

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The road not taken: Jealous brother claims twin earned $10M in Bitcoin

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Many late adopters of Bitcoin often lament the fact they missed out on the chance to purchase coins when the price was under $1,000, $100, or even $1. However, one Redditor says his own situation is even worse as he’s forced to compare his “dumb” decision to invest in silver against his twin brother’s much wiser decision to back Bitcoin. 

The story — which may be apocryphal given the source is a throwaway account named “TheDumbTwin” — claims the two brothers each received a $100,000 inheritance in 2013 but took drastically different financial paths.

“I’ve been a silver bug, and I argued that silver was, IMO, the best alternative investment to stocks and bonds,” said the Redditor.

“He had just learned about Bitcoin and was adamant that the return could be exponential. I had vehemently argued against Bitcoin, saying that it was pure speculation and would be a total waste of money.”

TheDumbTwin claimed that despite his protests, his brother invested roughly $50,000 in Bitcoin (BTC) when the price was $100 (the crypto asset stayed below $200 until late October 2013) meaning he may have purchased around 500 BTC. With Bitcoin recently topping the 2017 (former) all-time high the coins would be worth roughly $9.6 million today.

The twin claims his brother’s investments are now valued at more than $10 million, while the $30,000 he chose to put into silver has dropped to $26,000 in value. In January 2013, silver was worth more than $30 per ounce, while today the precious metal is roughly $24 per ounce.

“His wealth in Bitcoin alone is more than 100 times greater than my entire net worth,” he said.

“He had just learned about Bitcoin and was adamant that the return could be exponential. I had vehemently argued against Bitcoin, saying that it was pure speculation and would be a total waste of money.”

While the story cannot be independently verified, the concept of missed opportunities is one which Bitcoiners are familiar with, given the crypto asset is within striking distance of $20,000 for the first time in three years. Redditors were quick to offer their thoughts and advice:

“Pretty much every single day of your life, you miss out on an investment opportunity that could make you millions,” said jackgundy.

“Never put all of your eggs in one basket,” said spatialsilver88. “You didn’t have to choose between silver and crypto. You could have done both.”

Unlike well-known twins in the crypto space like Tyler and Cameron Winklevoss whose wealth appears to have risen in tandem given they founded Gemini together, the “dumb” twin claims he “can’t get over the overwhelming thought” of why he didn’t take the same financial path as his brother.

“I try to be thankful for what I do have, and I try to be thankful since I know that many other people in the world have it way worse,” he said. “But I don’t know if I’ll ever get over it.”

Redditor folkwoodswest, summed it up best with a quote attributed to U.S. President Theodore Roosevelt: 

“Comparison is the thief of joy.”

Source: https://cointelegraph.com/news/the-road-not-taken-jealous-brother-claims-twin-earned-10m-in-bitcoin

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