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Bitcoin News Summary – July 6, 2020

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ZenGo research team just disclosed a vulnerability related to the Replace By Fee (RBF) feature which affects the displayed balance within several Bitcoin wallets. The vulnerability named “BigSpender” allows an attacker to send a Bitcoin transaction with a minimal fee and then, before this transaction is confirmed, replace it with another higher-fee transaction sending the same coins to a different address. Ledger Live and BRD have already patched the issue, Edge intends to address it soon.

Major crypto payments portal, BitPay, will finally integrate SegWit for Bitcoin transactions in the months ahead. SegWit considerably reduces fees for users and eases network traffic. The move was long resisted by BitPay, which accounts for a considerable volume of Bitcoin traffic. 

Bitcoin, Ethereum, and Dash will soon be accepted at over 2,500 locations across Austria, via the A1 Payment network in collaboration with crypto services firm, Salamantex. If all goes well, the rollout of the crypto payment service will continue in neighboring countries in the near future.

A bug in Ravencoin’s wallet code led to the illegal minting of roughly $5.7 million worth of  RVN above its maximum intended supply. While no RVN was lost from user holdings, the value of their holdings has been diluted by the uncontrolled inflation, which constitutes about 1.5% of the coin’s intended supply. While a patch was released, it’s unlikely that the extra coins can be removed from circulation.

Before we conclude, this week’s “Bitcoin quick question” is how to stake coins?

To stake coins is to “lock” coins in a designated wallet, in order to earn rewards. Behind the scenes, stakers participate in the verification process of the blockchain network’s rules.

The first step is to decide which coin to stake, taking into consideration the expected rewards and the minimum requirements. 

Then, you must download the coin’s wallet from its official website, acquire the amount of coins you wish to stake using an exchange, then move them from the exchange and lock them in the wallet. 

Keep in mind that the wallet has to be fully synchronized with the blockchain at all times in order to obtain the rewards.

Alternatively, you may choose to participate in a Staking Pool. Staking Pools remove the minimum requirements by allowing numerous stakers to join forces and split the rewards between them. However, they are prone to another layer of risks such as hacks or scams.

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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.

View all Posts by Alexander Reed

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1 comments on “Bitcoin News Summary – July 6, 2020”

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  1. It is so important to keep updated with last version of your crypto wallet, or the wallet of your preference, latest patched installed be careful with your coins. ***Link Removed*** just released last may the latest version and remains working to improve it, taking care of new features.

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