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Bitcoin News Summary – September 3, 2018

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Here’s what happened this week in Bitcoin in 99 seconds.

Bitcoin’s hashrate jumped by as much as 35% over the past week reaching an all-time high of 61 exahash. Some speculated that new ASIC manufacturers are powering up their new hardware.

The nation of Iran unveiled its plan for a national cryptocurrency, designed to get around Western sanctions. This Rial-backed crypto is similar to Venezuela’s Petro coin, as it’s fully centralized and issued only by the country’s central bank.

The world’s most widely-read finance site, Yahoo Finance, announced that it will integrate the trading of cryptocurrencies into its iOS app. Trades will take place via Coinbase or the Robinhood app.

News broke of another major security vulnerability in the new Bitfi hardware wallet, endorsed by John McAfee. Researchers claim the new hack can drain all funds from the wallet. In response, Bitfi has issued a statement saying it will no longer describe its service as “unhackable”.

“Japan’s Amazon,” e-commerce firm Rakuten bought out a small Japanese exchange, known as Everybody’s Bitcoin, for $2.4 million. Rakuten’s comments indicate that they intend to support crypto payments.

Finally, Ethereum developers decided to reduce block rewards from 3 to 2 ETH. The change will occur in roughly one year. Some have criticized the centralized nature of the decision-making process which can be viewed on YouTube. It’s expected that less supply may eventually lead to a higher ETH price.

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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3 comments on “Bitcoin News Summary – September 3, 2018”

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  1. Just wanted to say I enjoy these weekly updates. Nate does a very good job: friendly, pleasant voice, concise, no hype.

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