• Hackers don't want Bitcoin, some now like Monero

    ... Which hides virtually all transaction details, and is considered a privacy token. With Monero, it's more difficult to see who the sender and recipient are, and transaction amount. 90-95% of ransoms are still paid in Bitcoin, but Monero is increasingly popular.

    Bitcoin is public ledger and stores all transaction history. It was headline news this month how the FBI recovered payments made with Bitcoin to the Colonial Pipeline hackers.

    Difficulties with using Monero include that many regulated exchanges have chosen not to list it to to regulatory concerns, meaning it's less liquid and can't be cashed out as easily as Bitcoin.

     
  • El Salvador adopts Bitcoin

    The country doesn't have their own currency and uses USD. This means they can't print money, and that can be an issue when you're a net importer like El Salvador is (they could run out of dollars without the ability to print).

    They also have high unemployment, and 70% of the population doesn't have a bank account, and many Salvadoreans receive money from relatives working in more prosperous countries (about 25% of Salvadoreans live outside the country, and the money they send accounts for 20% of El Salvador's GDP). Money transfers are always a challenge with conventional institutions, and can involve high fees for each transfer (sometimes as high as 10%, which is of course good for banks).

    The bill passed Congress (62 out of 84 votes) to make El Salvador first country to accept crypto as an official method of payment ('unrestricted legal tender') beside the USD.

     
  • Bitcoin drops 30%

    Basically all crypto dropped significantly, after months of increased speculative buying.

    Other factors in the drop: further talk of regulation, ESG (energy use) concerns regarding mining, and China cracking down on crypto.

    In somewhat related crypto news, Bitmix reportedly ceased operations, not long after the tentative conclusion of the DarkSide pipeline hack. Bitmix was a crypto money laundering service used by ransomware hackers.

    Musk tweeted a "diamond hands" image, signifying he wasn't selling.

    About a month later, Musk tweeted a more positive comment on energy concerns with crypto mining, causing Bitcoin to rise from around $35k to around 40k.



     

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