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Bitcoin News Summary – August 5, 2019

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Here’s what happened this week in Bitcoin in 99 seconds.

America’s Internal Revenue Service published on its official site regarding the 10,000 notices it sent out to crypto exchange users. The names of these taxpayers were obtained through various ongoing IRS compliance efforts. The notices remind citizens of their tax obligation and threaten consequences for evasion.

Retail giant Walmart has applied for a cryptocurrency patent. In its application with the U.S. Patent and Trademark Office, Walmart touts the concept of a digital currency tied to a regular currency, commonly known as a stablecoin. The filing suggests that the proposed coin could help provide finance for those with limited access to banking services.

The US financial services regulator, the Securities and Exchange Commission, is contracting a company to run a Bitcoin node, a computer that holds a full updated copy of the blockchain and is connected to the Bitcoin network. The SEC is seeking for a solution to support its efforts to monitor risk and improve compliance with respect to digital assets.

The Austrian State Printing House, which makes identification documents and provides e-government services, has created its own physical cold wallet for the storage of crypto. The device, known as Chainlock is reportedly capable of generating the private key, and is also water and heat resistant.

And finally, in the Brazilian city of Fortaleza, citizens will be able to buy bus tickets with Bitcoin through a new mobile app.

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

Having delved into futures trading in the past, my intrigue in financial, economic, and political affairs eventually led me to a striking realization: the current debt-based fiat system is fundamentally flawed. This revelation prompted me to explore alternative avenues, including investments in gold and, since early 2013, Bitcoin. While not extensively tech-savvy, I've immersed myself in Bitcoin through dedicated study, persistent questioning, hands-on experience with ecommerce and marketing ventures, and my stint as a journalist. Writing has always been a passion of mine, and presently, I'm focused on crafting informative guides to shed light on the myriad advantages of Bitcoin, aiming to empower others to navigate the dynamic realm of digital currencies.

View all Posts by Alexander Reed

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