Bitcoin News: 085
Bitcoin’s Lightning Network Finally Launches on Mainnet
After years of development, the Lightning Network, a second layer payment protocol designed to increase Bitcoin’s scalability and reduce transaction fees, has finally launched on mainnet. The network allows users to make instant, off-chain payments with near-zero fees.
Ethereum Miners Express Concerns Over High Gas Fees
Ethereum miners have raised concerns over the network’s high gas fees, which have surged to record levels in recent weeks. The fees are a barrier to entry for smaller users and developers, and are threatening to slow the adoption of the network.
PayPal Partners with Paxos for Crypto Offering
Payment giant PayPal has partnered with Paxos Trust Company to offer cryptocurrency trading and custody services to its 377 million active users. The move is a significant step in bringing cryptocurrency to the mainstream.
MicroStrategy Acquires Additional $489 Million Worth of Bitcoin
Business intelligence company MicroStrategy has further expanded its Bitcoin holdings, purchasing an additional 13,005 BTC at an average price of $37,617. This brings the company’s total Bitcoin investments to over $3 billion.
El Salvador Announces Bitcoin as Legal Tender
In a historic move, El Salvador has become the first country to adopt Bitcoin as legal tender. The law will require businesses to accept Bitcoin as a payment method and will grant tax exemptions on Bitcoin-related transactions.
US Infrastructure Bill Includes Provision for Crypto Tax Reporting
The US Infrastructure Investment and Jobs Act includes a provision that could impose new reporting requirements on cryptocurrency transactions. The provision defines cryptocurrency brokers as “brokers” under the Internal Revenue Code, potentially requiring them to report customer information to the IRS.
Blockchain Technology Drives Innovation in Healthcare
Blockchain technology is gaining traction in the healthcare industry, with applications in areas such as patient record management, drug supply chain transparency, and precision medicine. Its use promises to improve patient outcomes and reduce costs.
Binance and FTX Race to Acquire FTX.US
Cryptocurrency exchanges Binance and FTX are reportedly competing to acquire FTX.US, the American subsidiary of FTX. The acquisition would give the winning exchange a dominant position in the US crypto market.
Conclusion
This week’s Bitcoin news highlights significant developments in the cryptocurrency space, including the launch of the Lightning Network, concerns over Ethereum gas fees, PayPal’s crypto partnership, and the rise of blockchain technology in healthcare. As the industry continues to mature, we can expect to see continued innovation and adoption of cryptocurrency and blockchain solutions.
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