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Bitcoin News Summary – October 21, 2019


It was not a good week for Facebook’s Libra project – again. Hotel reservation company,, joined PayPal, Visa, and Mastercard to become the 7th major company to exit the project. Furthermore, a US Congressman said Facebook should drop Libra and instead implement Bitcoin. Warren Davidson criticized Facebook’s speech filters and feared similar filters on transactions.

The tax haven island of Bermuda is set to accept US Dollar-pegged Stablecoin, USDC, for tax payments. USDC is issued by the major US exchanges, Coinbase and Circle. Bermuda is known for its lenient approach to crypto taxation and legislation and now becomes the first nation to accept a stablecoin for tax payments.

Binance, the largest crypto-to-crypto exchange brought in approximately $186 million in profits in Q3; up 56% from Q2. Every quarter Binance burns BNB worth 20% of its quarterly profits. During the 9th burn, Binance sent 2 million BNB valued at 36 million USD to an inaccessible address. Cumulatively, the exchange has made more than $1 billion in a little over two years of existence.

The supply of Bitcoin reached 18 million BTC out of the maximum of 21 million. This means that over 85% of Bitcoin’s total supply has been issued. It’s expected to take another 120 years before all coins are mined.

And finally, Oxford University Press has added the term “satoshi” to their famous dictionary. The word “Bitcoin” was added in 2014.

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

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2 comments on “Bitcoin News Summary – October 21, 2019”

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  1. Can you tell me how much of the 85% mined is actually in circulation. I’ve heard about one third of the existing BTC has been lost in cyberspace. What say you?

    1. John West (staff)

      Hi Wade,

      I’ve also seen such estimates although 1/3 sounds high to me. The figures I usually see are more like 1/4 or less. I’d say the biggest unknown is whether anyone still controls Satoshi’s private keys. If so, then that’s a large chunk of supply assumed “lost” which is still potentially under human control.

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