Bitcoin News in Review: Stable BTC Price, Earliest Bitcoins, BTC.com, and More

By
Neil Sardesai @@neilsardesai
August 10, 2014

Happy Sunday, and welcome back to another Bitcoin News in Review, where we revisit some of our best stories of the week here on CryptoCoins News. This week (3 August – 10 August), we continued to see a remarkably stagnant Bitcoin price. saw the earliest bitcoins moving through the blockchain, saw GAW Miners purchase BTC.com for a cool $1 million, and more. Check out this Bitcoin News in Review after the break.

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Bitcoin Price – Stable or Stagnant?

The Bitcoin price hasn’t really changed much in a while.

Bitcoin is perhaps one of the most volatile currencies in existence. Prices have fluctuated by over $100 in less than a month. That’s why it seems surprising that BTC has settled at $590 since the end of July. Despite plenty of news, both good (Dell, Wikipedia, and others accepting Bitcoin) and bad (the whole BitLicense situation), the Bitcoin price has remained largely unaffected. There are several proposed theories as to why the price has become relatively stable. Some suggest that the price is being manipulated. Others believe that speculation may have dropped off. It’s even possible that the good news and the bad news cancelled each other out, causing what seems to be a stagnant price. What do you think?

Earliest Bitcoins Seen Moving

Where are they being sent? Why are they being sent? Who owns them?

After years of dormancy, the earliest mined bitcoins (believed by some to belong to Satoshi Nakamoto himself), have been seen moving through the blockchain. Proving that these bitcoins weren’t just “dead” and were instead controlled by people, these recent Bitcoin transactions raise several questions, with the most important being “Why?”. Why have these bitcoins suddenly been moved after remaining dormant for so long? Perhaps they are simply being moved into a safer, cold storage wallet. Check out the detailed analysis on this story here.

GAW Miners Aquires BTC.com for $1 Million

6 letter domain; 7 figure price

Josh Garza of GAW Miners recently purchased the domain BTC.com for $1 million. BTC.com used to be owned by a mysterious and anonymous seller who was supposedly going to launch “something amazing” soon. The current page still shows the old announcement, but it is either no longer valid and will be changed, or GAW Miners has something up their sleeve. But why invest a whopping one million dollars on a domain name anyway? Josh Garza has an answer:

“There is no better way to show you believe in something than by investing your money and time. Back it up with your checkbook. For me, I believe in this industry, and I am willing to invest my money I have made in my other companies to support it and help it grow.”

Bitcoin Debit Card Fees

Excessive fees are making Bitcoin debit cards impractical

Xapo’s recent debit card launch has been marred by reports of extreme fees. While a Bitcoin debit card is a highly convenient and innovative way to shop with BTC, companies like Xapo and ANX are charging all sorts of fees that are simply unreasonable to most bitcoiners. While Xapo is reimbursing some fees, Bitcoin debit cards don’t seem to be too practical in their current state. Hopefully, competition will lead to innovation, and companies will develop better solutions that benefit their customers and make the Bitcoin debit card dream come true.

That wraps up this week’s Bitcoin News in Review. Be sure to follow CCN on Facebook and Twitter for the latest cryptocurrency news.

‘Bitcoin’ image from Shutterstock. Other images have been credited in their respective articles.

Last modified (UTC): September 4, 2014 12:11

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