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Bitcoin Goes Mainstream?? 100+ Million Users | This Week in Crypto – Sep 28, 2020

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A study conducted by the University of Cambridge estimates a total of 101 million crypto users around the world. In 2018, the study found only 35 million global users, representing a 189% increase in users over 2 years. 

KuCoin exchange announced that its hot wallets have been hacked and large amounts of cryptos were withdrawn. The exchange reports that its cold wallets are safe but the full extent of the losses has not yet been disclosed. Deposits and withdrawals are currently suspended. KuCoin promised to cover all user losses. 

Binance crypto exchange has announced that it’s now in the list of prohibited websites in Russia. The list, run by Russia’s internet censorship agency, has been growing since 2015. The exchange has assured its Russian users that their funds are safe and that Binance was consulting its lawyers on the matter.

The U.S. ruled that banks in the country may hold monetary reserves used as backing for stablecoins. Such holdings must be pegged at a 1 to 1 ratio between fiat currency and stablecoins. The new ruling provides a lot of clarity for stablecoin issuers and banks alike and should lead to growth in the industry.

Gemini, a leading crypto trading platform, has expanded into the United Kingdom, where crypto users can now make deposits in British Pounds. Earlier this year,  Gemini was recognized by the UK’s Financial Authority and received an electronic money institution license.

And now, this week’s Bitcoin Quick Question is: Why is my bitcoin transaction still pending?

Every bitcoin transaction includes a fee that rewards the bitcoin miners, who act as accountants, for handling your transaction. Transaction fees are a market of its own. The higher the transaction fee you pay, the higher the odds that miners will handle the transaction faster, as it rewards them more. When the bitcoin network is very busy, transactions can get delayed. 

The ways to overcome it include checking the network’s capacity beforehand, in order to estimate the fee you should be sending, or to issue another transaction to cover the fees for the previous one, if it was already sent.

If you want to learn more about how Bitcoin transaction fees work, visit the link in the description below.

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

 And a huge thanks to eToro for supporting us in putting this video together.

That’s what’s happened this week in crypto. 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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