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American Banks Allowed to Hold Crypto | Bitcoin News Summary July 27, 2020

Bitcoin and other cryptos finally experienced some upwards price volatility this week and some speculate this comes as a result of some news related to American Banks. Banks in the US will now be able to hold crypto funds for customers following a ruling from the country’s Office of the Comptroller of the Currency. While we still recommend that users hold their own funds, this move will certainly increase mainstream and institutional crypto adoption in the States.

A Russian draft bill for the regulation of digital assets has been updated to handle cryptocurrency as taxable property. While the law recognizes the legal status of cryptocurrency as ownable property, it nevertheless forbids the use of crypto to pay for goods or services. The law will likely come into effect early next year.

Mastercard, one of the world’s largest traditional payments companies, is expanding its presence in the crypto space. Mastercard will now allow crypto firm, Wirex, to issue Mastercard-backed payment cards to users. Wirex allows users to exchange crypto holdings into fiat using traditional card payments.

According to a new report by Whale Alert, the pseudonymous creator of Bitcoin, Satoshi Nakamoto may have mined over 1.1 million BTC. During the early days, Satoshi used CPUs for mining in order to secure the network during the project’s infancy. Given the current market price, the unknown Bitcoin creator could be holding about $10.9B worth of BTC.

Before we conclude, this week’s “Bitcoin quick question” is how does multisig work?

Multisig stands for multi-signature, because it is a type of wallet that requires multiple parties to digitally sign their cryptocurrency transactions.

Let’s assume the three of us are starting a business together – 99bitcoins, you, and myself. If we were to do it normally, we would open a joint bank account and add permissions: what we may or may not transact for.

But if we would’ve opened a multi-sig wallet, we could define that every time we wish to transact, we’d need two or any other number of parties to sign the transaction.

In the practical sense, one party has to create and sign the transaction first on his wallet, share the signed transaction with the next party, and only when having reached the minimum number of trustees’ signatures – can the transaction be broadcast to the network.

If you want to learn more about how multi-signature works, visit the link in the description below.
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That’s what’s happened this week in Bitcoin. See you next week.

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