Bitcoin News Summary – June 29, 2020

bitcoin-news-summary-–-june-29,-2020

The biggest news this week was that the PayPal company is planning direct sales of Bitcoin through its Venmo and PayPal payment services. The corporation has around one-third of a billion customers, so any such move could massively boost crypto adoption. A crypto wallet will reportedly also be added to PayPal’s service offerings. However, this report has yet to be explicitly confirmed by PayPal itself.

Bitcoin sales are being rolled out at 7-Eleven convenience stores across America, as well as Rite Aid and CVS pharmacies. The crypto sales service is provided by LibertyX, the Bitcoin ATM company. Buyers will need to undergo basic ID verification in order to make purchases.

The legal battle over Telegram’s TON token issuance within the US has reached settlement, it was reported Thursday. The US Securities and Exchange Commission will demand $18.5 million from the Telegram company if they issue any further tokens over the next 3 years. Telegram was blocked by the SEC from issuing their tokens and has so far returned $1.2 billion of funds raised.

Crypto.com announced that its crypto card services have been temporarily halted across Europe and Britain. The company assured customers that their funds are safe. The issue lies with the company which issues the cards; Wirecard UK’s operations have been halted by Britain’s financial regulator.

Before we conclude, this week’s “Bitcoin quick question” is how many people use Bitcoin?

Well, the correct and honest answer is that no one knows for sure.

However, we can make educated guesses. You see, there are more than 30 million bitcoin wallets with non-zero balances in them. But there are two issues preventing us from knowing the exact number of users:

  1. Anyone can create more than a single wallet and split any Bitcoin they have between them
  2. There are many Bitcoin users who are using a custodian service or an exchange, therefore not holding the funds in their own wallet

According to a 2018 report by Chainalysis, a blockchain analysis company, there was an estimated sum of 7.1 million active users, mostly price speculators. Due to the increase in Bitcoin’s price, it’s safe to say their current estimations must be higher.

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

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