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Bitcoin News Summary – July 1, 2019

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

A video surfaced this week of an Iranian Bitcoin mining operation running inside a mosque, buildings which receive free electricity in the country. It was reported that $260k worth of Bitcoin has been mined inside 100 different Iranian mosques. Meanwhile, the government is shutting off power to identified Bitcoin miners and seized about 1,000 ASIC miners from two abandoned factories.  

Square’s Cash App is launching bitcoin deposits. Cash App users can purchase and sell Bitcoin and they can also make cryptocurrency transfers to other wallets. The app might have started rolling out the feature prior to full launch according to Bitcoiners on Twitter as deposits are not yet available for all Cash App users.

The Commodity Futures Trading Commission (CFTC) has cleared Bitcoin derivatives provider LedgerX to offer physically settled Bitcoin futures contracts. Unlike the cash-settled Bitcoin futures, in a physical settlement, the buyer receives Bitcoin when a contract expires, rather than the fiat equivalent. LedgerX is the second company to receive approval to offer physically settled Bitcoin futures. 

And finally, Coinbase released a report stating that 58% of Americans are able to identify Bitcoin as a cryptocurrency, whereas 37% are aware of it in general. Also, Bitrefill has unveiled a new Recharge service which allows Lightning Network integration with Coinbase. Coinbase users will be able to easily leverage the full capabilities of the Lightning Network through their Coinbase accounts. 

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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2 comments on “Bitcoin News Summary – July 1, 2019”

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  1. I wonder if Cash App will reduce bitcoin minimum withdrawals amounts since transaction fees are very low right now?

    1. There’s really no way to know, though it’s certainly possible. You’ll want to keep your eyes open for any Cash App-related announcements and see if that comes up at some point.

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