Bitcoin News Summary – June 15, 2020

Bitcoin News Summary – June 15, 2020



Lichtenstein’s Bank Frick is using Circle exchange’s USDC stablecoin instead of SWIFT for transferring money internationally. Bank Frick is a leader in integrating crypto services, and claims USDC is significantly faster than SWIFT. If this trend continues as expected, SWIFT technology, first implemented in the 1970’s, could soon be replaced.

Soft drink vending machines across Australia and New Zealand will now accept Bitcoin, as part of a collaboration between Coca Cola Amatil and crypto services company, Centrapay. To use the new payment methods, the Sylo Smart Wallet app is required. The new move is cited as a way to make real-world payments in a more hygienic, hands-off way.

The bestselling book about the Winkelvoss twins and their investment into Bitcoin, “Bitcoin Billionaires”, will be made into a feature film. The book is a follow up to “The Social Network” and it picks up after the twins’ exit from Facebook. The movie will likely lead to a lot of positive exposure for Bitcoin.

A new type of Exchange-Traded Product, called the Bitcoin Exchange Traded Crypto, will be launching on the Deutsche Borse trading market. Clients will be able to gain exposure to Bitcoin’s price via a regulated security with the added ability to convert their holdings into real Bitcoin.

Bakkt, the ICE-owned Bitcoin futures trading platform, has teamed up with Mike Novogratz’s Galaxy Digital. The joint project will aim to provide both Bitcoin trading and custody services for institutional-grade investors.

Before we conclude, this week’s “Bitcoin quick question” is can I make money with an airdrop?

An airdrop is a free distribution of cryptocurrencies, and it is mainly used as a marketing maneuver by projects who wish to grow their community and coin holders. 

Usually, in order to participate in an airdrop, users need to register by providing personal details, or are requested to hold a different type of cryptocurrency such as Ethereum in their wallet at a specific time – thereby using the coin’s reputation to promote the airdrop project.

While it seems to be “free money”, nobody can guarantee that the freely distributed coins will have value, or will even be listed for trading on a cryptocurrency exchange. Most importantly however, airdrops have hidden risks such as privacy leaks, and volatility exposure to the cryptocurrency users must hold in order to participate in the airdrop itself.

Therefore it is important to assess and manage the risks properly: if you are seeking short-term gains, consider what happens if the value of the base cryptocurrency drops further than the value of the airdropped token. And if you are seeking long-term gains make sure you have properly researched the project.

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

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