Crypto Watch 👀 011
A Weekly Roundup of the Crypto News
There has been a lot of positive price action this week with Bitcoin moving above $50,000 and Ethereum briefly moving above $4,000. A lot of this action is being led by Ethereum, possibly because the amount of Eth burned by the latest update (EIP 1559) is now greater than the amount of Eth being created.
Tech Facts:
The smallest unit of Ether is called a ‘Wei’.
1 Wei is worth 0.000000000000000001 Eth (that’s seventeen 0’s and a 1).
The smallest unit of Bitcoin is called a ‘Satoshi’ or ‘Sat@
1 Sat is worth 0.00000001 BTC (that’s seven 0’s and a 1)
Bitcoin to Become Legal Tender in El Salvador on Tuesday 7th September
There have been protests in El Salvador regarding the implementation of Bitcoin as a legal currency. People have taken to the streets because they are concerned with Bitcoins notorious volatility:
El Salvador’s president, Nayib Bukele, also confirmed via Twitter that the country is buying Bitcoin. This makes El Salvador the first country to do so.
Meanwhile cryptocurrency enthusiasts all over the world are planning to spend $30 on Bitcoin to commemorate the day El Salvador made Bitcoin Legal Tender. The organisers are suggesting this is a show of support rather than a price pump. Looks like the idea is gathering steam so it could be a price pump (who knows).
Twitter to Allow Bitcoin & Ethereum tips for Tweets
In May 2021 Twitter (the big social media platform that banned Trump) launched a tipping Jar feature that allows you to send money to your favourite talking heads:
The Tip Jar feature is now reported to be including Bitcoin and Ethereum payments in a future update. That’s pretty cool.
BBC Reports on Bitcoin mining exodus from China and its move to Texas.
The BBC reports here about the exodus of Bitcoin Miners and their relocation to Texas USA.
After China shut down all the crypto mining companies those same firms were forced to set up shop elsewhere. Texas, with its relaxed regulatory framework has been one of the big winners.
Ethereum Facebook Group
We have recently re-joined one of the biggest Ethereum groups on facebook. It has 450,000 followers and the posts in the group typically fall into one of the following categories:
People shilling shitcoins they bought hoping other people will buy them too
People asking how much Ether everyone has
People asking for portfolio advice (crazy)
People complaining about Ethereum transaction fees
People trying to influence the price
Scammers
As the group is open to everyone its impossible to keep the rubbish out. Originally we joined because we thought it might be a good price barometer. It might be for the administrators but not for anyone else.
It can still be entertaining though but its best not to share any personal details with anyone either in the threads or via personal message.
Until Next Time
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