PayPal Cryptocurrency service launches in the UK
PayPal will now let British customers buy, hold and sell Bitcoin, Ethereum, Litecoin and Bitcoin Cash
British customers cannot spend it yet (that will come later)
The Wealth Gap View: PayPal was the most used online payment method in 2019 and has a vast customer network. With crypto purchases being offered for as little as £1 PayPal makes it easy for its customers to dabble in the crypto space. This move will boost familiarity reduce
Iran to Reallow Crypto Mining in September
Iranian authorities are to lift the ban on crypto mining after a 4 month ban. The ban had originally been implemented to ease the countries power consumption. Officials noted that while the energy drain by legal miners was relatively low, the estimated drain by illegal miners was substantial.
Iran isn’t opposed to cryptocurrencies and appears to be taking a fairly moderate approach with their legislation. Mining activities will be allowed to resume from 22 September.
Ethereum’s Buterin to Join Dogecoin Advisory Board
The Dogecoin foundation has been reunited with Ethereum’s Vitalik Buterin also taking a seat at the table. Elon Musk is also involved and has sent Jared Birchall to be a legal and financial advisor.
You can see the other players here
The advisory board was originally founded in 2014 but didn’t do a lot. This time around they are hoping to secure a budget actually hire some full time developers as Dogecoin currently doesn’t have any (lol!)
Jack Maller sent $10 to Nigeria via Bitcoin Strike
Why is this a big deal?
It is now possible to send money anywhere in the world, instantly for a fraction of the cost without using an intermediary or middleman (bank). Unlike with banks and existing currency transfer frameworks, this is not only instant but runs 24/7. As this is done without going through a centralised party, payments cannot be stopped by sanctions or regulations. What could take up to 5 days to clear is now done instantly using the bitcoin network.
The Wealth Gap View: This is insanely impactful and bullish. Few are aware of the future benefits and consequences because we are so use to existing system with the current middle man that the above is hard to fathom. As this has only just happened it hasn’t been factored into the Bitcoin price yet.
Imagine a world where you can send money to anyone anywhere without having to worry about borders or broker fees. That world has just arrived.
Wester Union Does its Part to Screw the People of Afghanistan
Western Union (WU) is a huge company used by people to send money around the world. Since the Taliban took over they have suspended all services in Afghanistan. We get the situation is scary but this doesn’t feel right and highlights once again the risks of a centralised power controlling the flow of money. Being unbanked and having access to money can be a life or death situation
The Wealth Gap View: Stuff like this is why we believe in Bitcoin and its ability to support people who cannot access the mainstream financial system. With Bitcoin you aren’t as vulnerable to the whims of centralised systems.
More Banks Register Bitcoin funds with US Securities Exchange
Wells Fargo and JP Morgan joins many other banks developing Bitcoin funds for their customers. Read it here
Until Next Time
The Wealth Gap Team