Bitcoin This Week: MailChimp Bans Crypto Ads, Reddit Eliminates Bitcoin As Payment And More
3 weeks ago kakp2 Comments Off on Bitcoin This Week: MailChimp Bans Crypto Ads, Reddit Eliminates Bitcoin As Payment And More
This episode is sponsored by Cointracking.com. They’re the leading real-time portfolio tracker, trade analyzer and tax-reporting tool for digital currency, powered by historical and current data for over 5,258 existing currencies. Don’t forget US tax filings are due on April 17th: you need to report your crypto income and CoinTracking allows you to do this by easily generating a Tax Report you can download and attach to your filing. You can choose from eight different tax methods including First In, First Out to generate your report. CoinTracking adapts to the laws, financial statements, and forms of different countries such as IRS Form 8949 and Capital Gains. Report mined coins, income, gifts, donations, expenses, and lost or stolen coins to the IRS or tax authority of your country. Learn more at Tax.CoinTracking.com
MailChimp Bans Crypto Ads
MailChimp, the marketing automation platform and email marketing service company, has updated their Acceptable Use Policy including the marketing or production of cryptocurrencies, virtual currencies and any digital assets related to ICOs as prohibited content. The ban follows similar paths other major companies in the US have taken in the recent past, such as Facebook, Google and Twitter, which all banned crypto-related ads. The decision comes as a security measure from MailChimp to prevent being associated to any scam, fraud, phishing or potentially misleading business practice.
Furthermore, they stated they would shut down any account related to ICO or blockchain activity. Customer’s soon began to react furiously to the measure, even labeling it as censorship and a centralized capricious power. This line of events went on after the announcement from SEC on ICOs and their plan on how to start handling the market.
Reddit Eliminates Bitcoin As Payment Method
Reddit, the social news and discussion website, recently removed Bitcoin as one of their payment methods for their Gold membership. A Reddit moderator indicated that the change was due to the upcoming Coinbase change and some other bugs related to Bitcoin payments, although the same moderator did point out that they would reconsider the measure after they could further study the progression of Coinbase Commerce.
Users soon began to complain about the measure, which took them by surprise, given that Reddit holds a very large community of crypto lovers, and much discussion is taking place in this channel related to blockchain technology where thousands of users participate on a daily basis.
Hotels In Russia Will Take Bitcoin As Payment During The FIFA World Cup
Russian hotels surprised everybody after announcing the possibility of allowing clients to pay for their stay during the FIFA World Cup with Bitcoin. Anna Subbotina, manager of Apartments Malina, commented that due to increasing interest in cryptocurrencies, they would allow fans to pay for services in Bitcoin. Subbotina’s company will partner with Free-Kassa, a pro-crypto company that accepts Bitcoin as payment and provides electronic payments in Russia. Due to the incredible hype that surrounds the World Cup, it is expected that each room could cost up to $300 for some of the major dates of the event.
The idea is to attract more and more people to join the celebrations for the biggest event in soccer. Russia has also been working on new regulations for cryptocurrencies and ICOs in support of blockchain industry.
Car Dealership In Japan Will Take Bitcoin As Payment
bitFlyer, one of the largest exchanges in Japan, has just announced their partnership with a luxury car dealership located in Japan, by the name of L’Operaio, who are planning to start accepting Bitcoin (BTC) as a payment method from customers with wallets in the Tokyo exchange bitFlyer. The press release states that clients can use their digital wallets for a maximum amount of 100 million yen (around $942,000), and that the process could take up to a few seconds only. This move seems to be spreading, since it’s also been reported that Bithump would offer users the option to pay in cryptocurrency in 8,000 stores.
More and more companies start joining the cryptocurrency world and it seems like they will start offering them as payment methods as well.
Intel starts developing software for miners
It was reported that Intel, a major computer manufacturing company, just filed for a patent to develop hardware to optimize Bitcoin (BTC) mining processes. The patent application seeks to provide Intel with the ability to develop a unique product capable of reducing the incredible amount of energy consumption the Bitcoin mining industry represents. They plan on: “optimizing the critical paths in the computation intensive message digest and scheduler datapaths” which could “reduce switching capacitance or scale the supply voltage” creating a “15% combinational area and 35% combinational power improvement in the message digest logic.”
Intel wants to be part of the battle for the Bitcoin rush and make profits out of it as well. Let’s remember that other huge computer companies such as NVIDIA and AMD have joined the fight, focusing some of their products on cryptocurrency mining. This whole market has seen an incredible outburst thanks to the blockchain industry where users are affected by increasing prices that companies have now imposed to their users due to supply and demand.
Another Difficult Week For Bitcoin
This week, Bitcoin (BTC) has experienced quite the downfall. It started at $8,600 last Monday, and stayed at the $8,000 mark until Wednesday, when it slipped and positioned itself just below $8,000. It all went south from there, between Thursday and Friday Bitcoin took a fall of $1,000, reaching a new low of $6,700. Saturday was a brighter day, and Bitcoin saw its first glimpse of improvement, getting back up to $7,000 and closing the week at its lowest point of $6,500 but then recovered back up to $7,000. Many people were hoping that Bitcoin would surpass the $7,200 mark and show recovery signs but it seems like we’ll be staying at $7,000 for a bit longer. To see current prices click here.