Weekly Cryptocurrency Bytes – 21st October

Last week, there were a few new developments around blockchain and cryptocurrency adoption in government quarters and luxury items. Dictionary inclusions weren’t left out too.

Then, there were Bitcoin ATMs on the rise. In case you’re looking to make a quick cash withdrawal you can find a Bitcoin ATM close to you or withdraw to your bank account using Quidax, in half the time.

Buy a Car With Bitcoin

“We are opening our platform to serve as a testbed to help convert theoretical blockchain applications to practical use,” 

Lance Zhou (CEO, Karma Automotive)

You can now buy a car from Karma automotive with cryptocurrency if you’re anywhere close to Newport Beach, California. 

Californian based electric car manufacturer, Karma Automotive, has started accepting digital currency, as a payment option for new automobiles purchased as well as other related services provided at the store.

Karma’s move is another step towards Bitcoin finding its way into the luxury merchandise space. Last year, Swiss luxury watch brand, Hublot, released an exclusive wristwatch that could only be purchased with Bitcoin.

Cars, watches, what would come next? We’re betting it’s a 15-bedroom mansion.

Bitcoin Compensation

“Adoption happens when you’re able to earn cryptocurrency, and then go on to spend it.”

Eric Brown (CEO, Aliant)

As part of its Bitcoin adoption, US-based, Aliant payments, will start paying a part of its employees’ compensation packages in Bitcoin and Litecoin.

According to Aliant, this would make its employees’ active participants in the move towards digital currency.

More Accountability With Public Funds

Imagine you knew what every kobo of the public funds was used for. Who it was sent to, the projects it was used to pay for, the services it facilitated and down to how it was collected. United States based accounting firm Ernest and Young (EY) have made it a possibility.

With a platform named “EY OpsChain Public Finance Manager (PFM)” which was built on the blockchain, governments can make public funds management transparent by keeping track of budgets and expenditures while employing the blockchain characteristics of immutability.

Bitcoin After Death

Prior to this time, the fear had been that death of the owner equalled loss of the Bitcoin as there was no obvious way to transfer ownership. And, no one is going to go about sharing their passwords with the thought that they’d die someday. 

Casa, a foremost provider of multi-signature Bitcoin security announced the launch of a novel service on Wednesday. According to them, this new service will make it possible for people to transfer their cryptocurrency tokens to an heir before they die. 

With this, holders of Bitcoin do not have to be terrified of what would become of their digital assets after death. 

The project was worked on for 10 months prior to its launch. It’s name?? Casa Covenant.

How About a Government-Run Digital Currency?

What would the economy of your country look like if the primary currency was crypto?

Well, we may be seeing that soon enough.

As the weeks go by, more countries are beginning to explore the possibilities.

In an exclusive presentation, it’s been revealed that The Bank of Canada which is the Canadian apex bank, is contemplating launching its own digital currency. The reason behind this new move is for the Canadian government to be able to diminish the “danger” cryptocurrency poses on financial systems. 

The idea is that the digital currency would work alongside fiat money at first before it goes into operating independently of it. 

The exclusive presentation was made for the Bank of Canada’s governor and board of directors. 

Along the same line, Wales is also launching her own digital currency. The launch of this new digital currency by the Wale government is aimed at boosting SMEs. The new digital currency would provide a credit system that’ll be used by businesses in the country. 

Oxford Dictionary “Satoshi”

The word “Satoshi” now appears in the Oxford English Dictionary. It was a part of the new words that were added to the dictionary this month, October 2019. 

Here’s the definition of satoshi:
the smallest monetary unit in the Bitcoin digital payment system, equal to one hundred millionth of a bitcoin.

It also goes ahead to point out that the word is derived from the founder of Bitcoin, Satoshi Nakamoto.  

Pay Your Tax in Cryptocurrency

Bermuda is now accepting tax payments in USDC. That’ll make Bermuda the first country in the entire world to start accepting tax payments in cryptocurrency. 

Residents of Bermuda can now pay their tax in cryptocurrency. 

This new move is in line with the Bermudan government’s aim to support the adoption of USD backed stable coins as well as decentralized finance protocols and services.  

Bermuda is embracing stable coins as the future of financial systems.

More Bitcoin ATMs

A new Bitcoin ATM has been positioned at the Miami international airport. 

A little info about the Miami International Airport: In terms of international passenger volume, the Miami airport is one of the liveliest in the world. Plus, the airport is an entry point between the United States and Latin America.

The new ATM was installed by Bitstop, a Bitcoin technology startup based in Miami. Bitstop is also the largest Bitcoin ATM operator in Florida.

Some of the actions customers will be able to carry out with this new ATM include buying and selling of Bitcoin for cash. This means that they can exchange their Bitcoin for cash conveniently while travelling. 

Bitcoin ATMs are fast becoming a thing. According to records, the number of ATMs around the world from 2016 up until now has crossed 5000. 

Records by Statista place the number of ATMs in the world today at 5,457.

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