Welcome back to another Bitcoin News in Review, where we feature some of our top stories of the week here on CryptoCoins News. This week, Apple revised its App Store Review Guidelines to allow bitcoin (and other cryptocurrency) apps, Facebook approved a Dogecoin tipping app, Citibank missed the point of Bitcoin, and more. Check out this week’s video and keep scrolling to read this week’s Bitcoin News in Review.
But First, an Important PSA
At the time of this post, GHash.io controls 40% of the hashrate. The pool that’s “trusted by 180k users” is becoming dangerously big. If anyone controls over 50% of the network hashrate, he/she can likely successfully double spend his/her bitcoins, which could have a domino effect that could destroy Bitcoin. Bitcoin was designed to be decentralised, and it’s important to ensure that no entity gains too much control over the network. Please consider moving to a smaller pool or using P2Pool to avoid the threat of a 51% attack.
Apple Reverses its Anti-Bitcoin App Policy
Until recently, apps that accepted or sent cryptocurrencies were not allowed on the iOS App Store, and existing apps such as Blockchain’s wallet and CoinJar were removed. However, in an unexpected turn of events, Apple has revised its App Store Review Guidelines to re-allow apps that “facilitate transmission of approved virtual currencies provided that they do so in compliance with all state and federal laws for the territories in which the app functions.” CoinJar is now back on the App Store, and its likely that more apps will follow suit. It’s unclear why Apple originally banned these types of apps, but most likely, Apple was waiting for governments to give more definitive statements about the legality of bitcoin and other virtual currencies. Regardless of the reason for Apple’s change of heart, iPhone-owning bitcoin users will be glad to know that they can now send and receive BTC with their iDevices.
Facebook Approves a Dogecoin Tipping App
Apple’s not the only company changing its stance on virtual currencies. Facebook’s app terms state that apps must go through Facebook Payments for any type of currency transaction. However, despite this restriction, Facebook has surprisingly approved its first cryptocurrency tipping app – The Doge Tipping App. The app’s developer also submitted a Multicoin Tipping App, which was also approved. This app supports Quark, Mintcoin, Reddcoin, and more.
Citibank Doesn’t Get Bitcoin
Like some other prominent financial figures, Citibank feels that bitcoin (the currency) should be separated from the blockchain. Rather than sticking with the current system, Citibank believes that bitcoin should be tied to fiat currency. However, this entirely misses the point of bitcoin and the intrinsic value of the blockchain. Satoshi Nakamoto designed bitcoin to be a trustless and decentralised payment system. What Citibank wants would turn bitcoin into everything Satoshi disliked about modern financial systems. It’s clear that the general public still doesn’t entirely understand Bitcoin, and as a result, bitcoin still has a long way to go until it sees widespread adoption.
ECB Announces Negative Interest Rates
Bitcoin price jumped 2% after a recent announcement from the European Central Bank. It seems that the ECB will charge a negative 0.1% interest to banks wishing to store Euros within central bank vaults. This is to depreciate the Euro relative to other currencies, which should increase the competitiveness of European exporters. While individuals will most likely not see a negative interest on their savings accounts, this clearly shows weaknesses in the established monetary systems.
eBay CEO Talks Bitcoin
Those were the words of eBay CEO John Donahoe. When discussing the future of his company, Donahoe showed a positive but cautious outlook on bitcoin and other cryptocurrencies. This should come as no surprise to those who have been following recent Bitcoin news. Back in April, eBay added a virtual currency category to its website. Overall, it’s exciting to see eBay and PayPal getting closer to integrating with bitcoin.
That concludes this Bitcoin News in Review. For more cryptocurrency news, check out our other articles here on CryptoCoins News.