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Bitcoin News Summary – January 13, 2020

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Bitcoin reacted to the US airstrike in Iran by rising dramatically. Gold, the traditional safe-haven asset, also rose similarly over the same period as the threat of war loomed, raising the interesting prospect of whether Bitcoin is acting as a hedge against geopolitical risk.

Two major Japanese corporations, GMO and SBI are to establish a huge mining facility in Texas. 300 megawatts capacity is planned, rising to 1 gigawatt by year-end, which is three times bigger than Bitmain’s facility in the same state. Both GMO and SBI are involved in other major crypto ventures.

Dutch crypto derivatives exchange, Deribit, is changing ownership, moving from a Dutch company to a wholly-owned Panamanian subsidiary. The move comes in response to new EU AML regulations, which the Netherlands has adopted in stringent form. 

The Cobinhood exchange is shutting down for an audit. The exchange, which also runs the COB exchange token, claims that it will reopen on the 10th of February. Users are warned against depositing any coins in the meantime. Some in the community are concerned by the news, suggesting that the exchange might be pulling an exit scam.

Major French video game company, Ubisoft intends to incubate blockchain-based game startups. Between May and November of this year, the company will be focusing its Entrepeneur’s Lab on blockchain-based and social gaming. Developers from all over the world may apply to the program.

Before we conclude, this week’s “Bitcoin quick question” is why does my Bitcoin address keep changing in my wallet? Well, since all Bitcoin transactions are easily visible on the blockchain, it’s considered best practice to use a different address each time you receive Bitcoins. While it’s possible to use the same address each time you receive funds, doing so makes it easy for anyone to track your entire payment history by analyzing that one address. Today many wallets will automatically present you with a new address when you’re expecting payment. This way your coins are spread around multiple, seemingly unrelated addresses,  making it much harder to track your financial activity. 

Have a question you want us to answer? Just leave it in the comment section below.

That’s what’s 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.

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2 comments on “Bitcoin News Summary – January 13, 2020”

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  1. Hi Nate,

    What happens if I send my Bitcoins to one of the old addresses provided by the wallet, because I saved my old address on Kraken and verified it as my Bitcoin address for withdraw.

    This weeks question was that why does Bitcoin wallets change their address after each deposit,
    so what happens to the coins if I send it to an older address displayed by my Bitcoin wallet ?

    Will I receive the coins or will it be lost ?

    Kind Regards and have a wonderful new year to all crypto fans !
    Koncz Tamás

    1. Hi Koncz,

      So long as the Bitcoin address is still “in” (or controlled by) your wallet, your withdrawal from Kraken to your wallet will work fine.

      You will only not receive your coins if your old address belong to an old wallet. For example, if you were using Bitcoin Core wallet then got a new wallet, such as Electrum, then any BTC sent to the old address controlled by your Bitcoin Core wallet will not appear in your Electrum wallet.

      It’s much like if you gave someone your old banking details for an account you closed, instead of your current banking details.

      If this is the case – you moved to a new Bitcoin wallet but sent coins to an address controlled by an old wallet – then the coins will be lost unless you have a backup of the old wallet’s private keys. If you have the keys (and possibly the password required to access them) backed up, then you’ll be able to access the BTC sent to the old wallet’s address.

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