Bitcoin News Summary – April 20, 2020

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Leaked photos of an interface of a digital Yuan recently came to light. Despite lacking confirmation from Chinese authorities, the report outlined basic functions noticeable from the screenshot including the possibilities of both online and in-person transactions. The country is inching closer towards launching its central bank digital currency.

Purse.io is dissolving operations after 6 years. The crypto startup, which allowed people to buy items on Amazon at discount rates, has disabled all new signups and will turn off other features in the coming weeks. Customers are advised to withdraw all digital funds “as soon as possible,” as Purse.io will shut down completely in June.

Fold crypto app known for offering discounts for crypto users is now joining Visa’s Fintech Fast Track Program to offer rebates of up to 10% of the purchase value, paid back in Bitcoin. This development is significant given that major credit card companies are Bitcoin’s biggest competitors in the payment space. 

We’ve previously warned against the risk of installing malicious Chrome browser extensions. Google has removed another 49 such extensions from its Web Store this week. Be aware that many of these dangerous extensions emulate existing wallets or other crypto software.

Crypto analytics firm, Glassnode estimated that around 430,000 new Bitcoin wallets have been created over the past two months, which contain at least 0.01 BTC, currently worth about $70. The upcoming halving and current economic difficulties were proposed as motivating factors behind the rising number of Bitcoin users.

Before we conclude, this week’s “Bitcoin quick question” is how will the Bitcoin halving affect Bitcoin’s price?

In a little less than a month from now, the pace of new Bitcoins created will halve. Only 6 and a quarter Bitcoins will be issued every 10 minutes on average, instead of the current mining reward of 12 and a half Bitcoins. This is known as the halving and it happens roughly every 4 years.

Many believe that the halving will increase Bitcoin’s price as the supply of new Bitcoins slows, while others believe that the price will drop as miners will find it less attractive to mine Bitcoin and will move to different cryptocurrencies making the network slower until mining difficulty adjusts itself.

Previous halvings in 2016 and 2012 show that no major price change was recorded at the halving date, but several months after the event Bitcoin rallied. Having said that, we can’t link the halving events with those rallies for certain.

How do you think the halving will affect Bitcoin’s price? Let us know in the comment section below, and if you want to learn more about the Bitcoin halving visit the link in the description.

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



Source link Coin Telegraphs

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