Weekly Update #20: Christmas Spirit

Dominik Olech
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In this very last moment before Christmas, we are here to give you some updates from the cryptocurrency industry!

The previous week was quite calm for the crypto world – but we learned some interesting news about blockchain use in the banking sector. Let’s check what the last 7 days brought up this time!

Blockchain in courts

Apparently, the Chinese plans for expansions into the direction of blockchain are gaining momentum. After the announcement of the incoming shift toward this technology, more and more examples of new implementations of it will likely occur. This time, the incoming use concerns courts.

According to the latest announcements, more than 3 million litigation activities were conducted via blockchain this year. Although the idea itself isn’t a new one (the first realization of facilitating litigation processes happened in China ina 2017) but the scale of the process is impressive.

HEX listen on Bitcoin.com exchange

The community of Bitcoin.com, a website devoted to the Bitcoin’s offshoot, Bitcoin Cash, has recently faced some disturbing news. The exchange related to the service surprised the cryptocurrency world with listing the HEX coin – a suspicious cryptocurrency related to the alleged crypto scheme of the same name.

Hex is the cryptocurrency project made by Richard Heart. According to him, it is the first high-interest blockchain certificate of deposit, allowing contributors to gain profit from staking assets. What’s disturbing is the Heart’s project is the existence of so-called “origin address,” which takes a significant share from every stakeholder.

The decision to list such cryptocurrency on the exchange met with immediate criticism from the community. You may read more about the whole case in our article concerning the HEX cryptocurrency.

Venezuelan Petro as a Christmas gift?

Do you remember Petro – an infamous cryptocurrency made by the Venezuelan government to overcome the crisis in this country? The coin was meant to be an asset backed by national oil supplies, but it didn’t succeed and quickly became a symbol of government’s incompetence in the matter of implementation blockchain technology. 

But, surprisingly, the Venezuelan authorities don’t forget about their cryptocurrency. President Nicolás Maduro announced that retirees and public workers will receive half of Petro as a gift for Christmas. Previously, the government established the fixed value of the coin at $60, so the citizens are going to receive $30. As long as everything will go according to plan – because Venezuelan authorities are already pretty good in not delivering on promises.

McAfee quit from promoting blockchain projects

It’s been a long time since the last update about our favorite crypto influencer, John McAfee. This time, we have bad news for his fans (or good – it’s all depending on the perspective). Asked why he stopped promoting new blockchain projects, he announced that he needs to quit this practice because of his focus on the upcoming presidential campaign. 

Moreover, McAfee added that he has no chance for winning the election, and he is aware of it. Famous computer programmer explained that the only reason why he is doing so is the will for popularizing cryptocurrencies in the United States.

Is ISIS using blockchain?

Unfortunately, we also have more disturbing news connected to the blockchain technology. ISIS, a dangerous terrorist organization that threatens the world for quite a time, is known for spreading its propaganda material via various online channels. Such a strategy helped terrorists to gain power back in the 2014 when the range of ISIS was the most significant. 

Thankfully, the organization is now mostly defeated, but they are still active and posses the threat to global peace. Its accounts on social media were successfully banned, but it forced ISIS to take a new tactic. At first, terrorists were using encrypted Telegram to communicate with their supporters. But when the Telegram has also taken measures to suppress ISIS activity, the organization apparently choose blockchain as an alternative.

Allegedly, the organization is now using BCM Messenger (“Because Communication Matters”) to communicate. Based on blockchain, the application allows for both direct messages between users and creating massive conversations for up to 100,000 people. End-to-end encryption and lack of phone number or email address needed to participate in are making it a perfect – and dangerous – tool for ISIS. 

Bitcoin price for the Christmas 

Last but not least: we have some updates for Bitcoin’s price changes in the week before Christmas. In the previous week, the leading cryptocurrency noted a severe price drop. It was likely to be related to people’s cashing their coins before for the incoming holidays. Sadly, it is a prove that Bitcoin is still not reliable for acting as a real payment measure.

The price dropped below the $7,000, and the risk for further downfall was high. Thankfully, the situation went back to normal, and the price of the Bitcoin in the moment of writing the current Weekly Update is set on $7,500. Let’s hope that this positive trend will hold up for the rest of Christmas.

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