Bitcoin Weekly Recap 5-6-2016

Bitcoin Weekly Recap 5-6-2016


Wright Backtracks from Vow to Prove He’s Satoshi

As most Bitcoin enthusiasts are aware, the actual identity of the currency’s creator, Satoshi Nakamoto, remains shrouded in mystery. For a while last year, many believed that Australian computer scientist Craig Steven Wright was Satoshi, though no compelling evidence was ever presented to that effect. Earlier this week, Wright made news by publishing a blog post that admitted that he is Satoshi – and even provided what initially seemed to be proof.

That was followed by a promise to provide even more incontrovertible evidence, after experts questioned the validity of that initial proof. Instead, however, Wright cleared his blog and replaced it with an apology:

“I believed that I could do this. I believed that I could put the years of anonymity and hiding behind me. But, as the events of this week unfolded and I prepared to publish the proof of access to the earliest keys, I broke. I do not have the courage. I cannot.”

Google Trends Notes Bitcoin Searches Have Doubled

Over the last week, Google searches for information related to Bitcoin have more than doubled, according to Google Trends. That two-hundred percent increase apparently began at the beginning of the week and has remained steady to date. Given that such dramatic increases in searched topics usually coincides with some notable news events, some are already linking its occurrence to the controversy surrounding Craig Wright’s attempt to identify himself the Satoshi Nakamoto, Bitcoin’s legendary creator.

Two-Way Bitcoin ATM Finally Placed in Akron

Akron, Ohio recently became one of the latest sites to host a Bitcoin ATM, in a move that continues the ongoing effort to place similar machines throughout the world. The Akron machine was no easy install, however, since the development team had to undergo months of work just to create anti-money-laundering software that would enable the machine to meet state and national regulatory requirements.

Swiss Fintech Hub Zug Approves Bitcoin Program

In the storybook town of Zug in scenic Switzerland, the City Council recently gave its approval to a pilot program designed to permit town resident to use Bitcoin to pay for municipal services that cost no more than 200 Swiss Francs. The program will last through the end of the year, and may be expanded if the Council and Mayor believe it to have been successful. The move is part of an ongoing effort by Zug to establish the town as a haven for Fintech companies and innovative technological solutions. With some fifteen FinTech firms already calling the town home, it’s no wonder many entrepreneurs refer to it as Crypto Valley.

Australia Announces Intent to Lower Bitcoin Transaction Taxes

For months now, Australia has been one of those areas of the world where Bitcoin’s status has remained an ongoing source of controversy. The nation was also unusual in that it taxed Bitcoin earnings in a way few other countries have attempted. Now, however, the government has seemingly reversed its position of opposition, and has suggested it seeks to reduce that taxation. The move is already being seen as a positive step toward eliminating the double taxation Australian Bitcoin users currently face, and could help to attract some of the FinTech business the nation lost when its double-taxation system was first created.

CME Plans Real Time Index for Bitcoin

Bitcoin fans who have long struggled to determine the actual price of the world’s most well-known digital currency at any given point in time will soon have a solution, if CME Group has anything to say about the matter. The company is readying its Bitcoin Real Time Index for launch in the last few months of 2016, an index that will update the cryptocurrency’s price each second. The real time price will be shown in U.S. Dollars, as will the daily settlement price that the company plans to publish at the end of each day’s trading.

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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