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Bitcoin News Summary – September 23, 2019

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Financial giant, Wells Fargo is developing a U.S. dollar-linked stablecoin that will run on the firm’s blockchain platform. Dubbed Wells Fargo Digital Cash, the tokenized dollar will be used in a pilot for internal settlement across the company’s business. 

Snowden’s new book, “Permanent Record,” sheds further light on global surveillance by US agencies. In the wake of its release, the US government is suing Snowden for not obtaining clearance from the CIA or NSA for information revealed in the book. This week, Snowden tweeted regarding the lawsuit, saying that “this is good for Bitcoin.”

About 6,000 retail stores in The Philippines, including all 7-Elevens, are now selling Bitcoin. The new service is offered in partnership with crypto firm, Abra. Filipinos will be able to buy Bitcoin for cash, in amounts between 500 and 100,000 Philippine pesos, at a 2% fee.

The recent high gas prices on the Ethereum network stem from a single smart contract. The contract is shown to belong to “Fair Win,” a Chinese gambling contract said to be a Ponzi scam, and has used nearly $1 million in gas over the last 30 days.

And finally, just like Iran and Venezuela, North Korea is creating a national cryptocurrency as a way to counter severe economic sanctions. Details are scarce at this time but it seems the new coin will be a separate asset, and not linked to the North Korean won.

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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