Here’s what happened this week in Bitcoin in 99 seconds.
The Reserve Bank of India (RBI) has announced that the bank will no longer provide services to any person or business that deals with cryptocurrencies, adding that it is also looking into releasing its own cryptocurrency in the future. While many people mistakenly took this as a ban by the Indian government on cryptocurrencies, this does not seem to be the case according to local Indian sources.
The Lightning Network’s first mobile app is now available through Google Play – but then just as quickly it was taken down. Known as the Eclair Wallet, offered specifically to Android users. The app was released on April 4, 2018, via French technology startup ACINQ to take full advantage of Lightning Network’s technology, which allows instant and nearly feeless transactions in Bitcoin. Its emergence has been much awaited in the Bitcoin community and could increase adoption and usage for the cryptocurrency substantially. However in a Tweet delivered by the official ACINQ Twitter account, the company has irretrievable lost its signing key and it has advised users to discontinue using the app.
Privacy-centric cryptocurrency Monero has followed through on its promise to alter its mining algorithm to maintain ASIC resistance. Monero activated its semi-annual hard fork on Friday, bringing a host of new upgrades to the 10th-largest cryptocurrency. However, this change was not accepted by 100% of the Monero community and it seems that Monero might soon fork to Monero and Monero Classic.
Bitcoin Cash (BCH), the fork of the original Bitcoin that supports bigger transaction block size, plans on forking on May 15 to allow even bigger block sizes of 32 megabytes along with some other adjustments.
That’s what happened this week in Bitcoin. See you next week.