Alternative Finances

Bitcoin Tracker Week 22

bitcoin tracker

Tencent and others have joined The People’s Bank of China and banned accountholders from engaging in Bitcoin-related activity. That caused the price of bitcoin to drop – The Bitcoin Price Index can show you how much. Between that and a search to replace the members of the Bitcoin Foundation which seems to have hit a speed bump, it’s been a tough week for Bitcoin.

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Bitcoin Tracker | Week 22

Bitcoin prices fell this this week, thanks to the edict from the People’s Bank of China banning  accountholders from engaging in Bitcoin-related activity; it fell to 461.49 after trading as high as 496.93 just a week ago on April 24th, according to the Bitcoin Price index. The Bitcoin Foundation Board, in an attempt to replace the members that were shipped off to the pokey, held an election to fill the two open seats on the board. The voting was scheduled to end on the night of the 29th but due to technical difficulties, voting was extended.  One major payments network is paying lobbyists to concentrate on Bitcoin and mobile payments at the same time MIT is giving incoming students $100 of Bitcoins to see what would happen if MIT became a Bitcoin economy. And, in a hot-off-the-presses report from economist who surveyed people who owned the currency, most people said that they viewed Bitcoin as more of a lottery ticket, trading it as a commodity in the hopes of striking it rich. No currency aspirations for them, and no little interest in using their Bitcoins to buy shoes or underwear at their local retailer.


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On the Plus Side …

Bitcoin and digital currencies are being used to do good in the world. In parts of Africa, developments are being made to use digital currencies as a form of remittance. In Mexico, Bitcoin is being used to buy everyday items like food and home wares. And former Treasury Secretary, Larry Summers, didn’t go so far to endorse crypto currencies but he did warn naysayers against dismissing changes in payments.

  • May 1, 2014 – MasterCard is paying lobbyists to concentrate on Bitcoin and mobile payments.
  • May 1, 2014 – The first Bitcoin ATM went live in Seattle.
  • April 30, 2014 – The Bitcoin Project at MIT will give each student at the beginning of the fall semester, $100 dollars to see what they will do with the digital currency if everyone has it.
  • April 30, 2014 – While not endorsing digital currencies, Larry Summers warned naysayers to not ignore change in the payment and monetary systems.
  • April 30, 2014 – Some say that Bitcoin could be used to prevent insider trading since the protocol can’t be rigged to game the markets.
  • April 29, 2014 – Cryptonator released a digital currency conversion app that can be downloaded for on the Apple App store.
  • April 28, 2014 – Now Businesses that accept Bitcoin are marked as such on Yelp.
  • April 28, 2014 – Bitcoin is empowering Méxicans to buy everyday necessities.
  • April 25, 2014 – Bitcoin has helped to move money in Africa, among tech-savvy men in urban centers and companies are working to spread the use of the innovation for sending remittances.


On the Dark Side …

First it was federal warnings and now the independent states have come forward with warnings against investing in digital currencies. Missouri, Nevada, California, and New Mexico have all issued warnings against investing in and dealing with digital currencies. Banks in China have continued to drive the trading price of Bitcoin down by stopping their account holders from engaging in Bitcoin activity and a dark wallet was launched to make the holding and use of Bitcoins completely anonymous. And, miners (those clever people) found a way to take over Android apps and use them to hijack phones and computers to mine for Bitcoins.

  • May 1, 2014 – Idaho’s Department of Finance released a guidance to inform citizens of the states of potential dangers one may face when investing in digital currency.
  • April 30, 2014 – Bitcoin declines in China after Tencent, China Construction Bank and Bank of China stop their account holders from engaging in Bitcoin activity.
  • April 30, 2014 – The California Department of Business Oversight and the New Mexico Taxation and Revenue Department have issued releases warning consumers about the potential downsides of investing in digital currency.
  • April 30, 2014 - North American Securities Administrators Association warned against Bitcoin.
  • April 30, 2014 – A dark wallet launched for Bitcoin, to take currency “off the grid”. Great news for the black market.
  • April 29, 2014 – Ex-Bitcoin Foundation Vice Chairman, Charlie Sherm pleads not guilty to charges.
  • April 29, 2014 - U.S. and Canadian customers of failed Mt. Gox have agreed to settle their proposed class action lawsuits that alleged the company defrauded them of hundreds of millions of dollars.
  • April 28, 2014 – The State of Nevada Department of Business & Industry and the Financial Intuitions Division warned against cryptocurrencies.
  • April 25, 2014 – Google removes malware Android apps that were used to secretly mine Bitcoins.
  • April 25, 2014 – The Secretary of State of Missouri warned investors against putting their money in digital currencies.



The September 2020 Leveraging The Digital Banking Shift Study, PYMNTS examines consumers’ growing use of online and mobile tools to open and manage accounts as well as the factors that are paramount in building and maintaining trust in the current economic environment. The report is based on a survey of nearly 2,200 account-holding U.S. consumers.

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