Bitcoin This Week: Reddit To Reintegrate Bitcoin As Payment, Bitcoin Mining Goes To Space And More


Today on Bitcoin This Week, we investigate the comments of Reddit’s CTO on reintegrating Bitcoin as a payment method, we discuss Miner One and their publicity stunt involving sending a Bitcoin Mining Rig to space, we analyze Bitcoin Prices for the week and more.

Reddit To Reintegrate Bitcoin As a Payment Method

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The CTO of Reddit, Chris Slowe, who recently blamed high fees as their reason behind no longer accepting Bitcoins as a payment method in the platform, has commented on their plans to reintegrate it. According to Slowe, given that Coinbase is about to retire their Merchant Tools in exchange for a new system, developers are now having difficulty adapting their payment mechanisms with the platform, which is why they supposedly dropped the payment option.

According to the interview given to Cheddar, Slowe commented on reintegrating Bitcoin Payments to the platform, along with adding other cryptocurrencies such as Ethereum and Litecoin. Reddit’s IT department is waiting for Coinbase to fully launch their new payment system before starting work on the API integration. What was evident from the interview with Slowe was that Reddit’s community is now, and always has been, fully supportive of cryptocurrencies. Therefore it was only natural for it to find its way back to accepting them as a payment method.

President of The Brazilian Central Bank Supports Bitcoin

The President of the Brazilian Central Bank, Ilan Goldfajn, has changed his stance on Bitcoin. Just a few months back, he declared Bitcoin a “ponzi scam” and a “bubble”, but it seems that time has made him change his mind. During an event for the Brazilian Federation of Banks, Goldfajn referred to the cryptocurrency as an asset, that although risky, was an innovative technology.  

The executive is eager to support the blockchain technology and companies that plan to expand through innovative methods such as this one. It is highly likely that after such announcements, we will see more positive action from legal authorities in Brazil with regard to regulation of Bitcoin.

L.A. Court Charges Bitcoin Scammers

A Los Angeles Court has charged a group that scammed hundreds of clients with the fraudulent purchase of Bitcoins. According to the L.A. District Attorney’s Office, the group named “Discount Bitcoin Bandits”, were charged with stealing thousands of dollars from people who thought they were buying Bitcoins. Counts included robbery, child abuse and theft.

According to prosecutors, the defendants allegedly stole more than $87,000 USD from six people during the months October to February, using online notices and communications, advertising the sale of discount Bitcoins. The case remains under investigation by the Los Angeles Police Department and is awaiting a preliminary hearing on Wednesday.

Miner One Launches First Bitcoin Miner To Space

Miner One, a company dedicated to cryptocurrency mining, has launched a Mining Rig into space as part of its publicity campaign. The project named Space Miner One launched the Mining Rig equipped with a mobile satellite device, along with an ASIC chip attached to a meteorological balloon which reached over 35,000 meters.

Throughout the publicity campaign, Miner One wanted to remind people that Bitcoin and Cryptocurrencies, alongside Blockchain are the future of markets. During the two hour ride, the Rig was activated and mined Bitcoins before the balloon exploded. Surprisingly enough, it appears that part of the Mining Rig survived the fall. Miner One is a strong believer in the future of Bitcoins and Cryptocurrencies in general, having their own ongoing ICO which has so far obtained over $10 million in funding. This funding will be used to open a mining center in Switzerland, as electricity costs are not as high there as in other European countries.    

A Week Hoping For $10,000

Bitcoin (BTC) has done remarkably well in the last week. It started at $9,300 only to drop slightly on Tuesday to the $8,900 mark before climbing back to $9,000 on Wednesday. By Thursday the price reached $9,600 and continued rising to the $9,900 mark on Saturday. Unfortunately on Sunday it went down, closing the week at $9,500. It’s safe to say that the whole community was hoping Bitcoin prices would reach the $10,000 mark this weekend, but the pending decision from the Securities and Exchanges Commission could have played a large part in the price fluctuation on Sunday.

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