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Bitcoin Network Hash Rate Hits Record High

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If hash rate is an indication of efficiency, then Bitcoin has never been more efficient, as it is today. Bitcoin hash rate has broken all the records of previous highs to hit a whopping number of 82.5 TH/s, according to the data from https://www.blockchain.com 

What about Price?

Although, hash rate has not been the only driver of price movement but it can make fundamentals strong. Hash rate or Hashing (also known as computing power) is a parameter to measure the number of calculations a network can perform per second.

Higher Hash Rate = More competitive environment for Miners = More secure network

As fundamentals are looking strong, many analysts believe that the price is bound to follow the fundamentals.

The Way Forward 

Bitcoin community is looking at May 2020, when the block reward for miners will be halved. One side of the story suggest that due to the factor of scarcity, price may see a bullish trend following the halving event. Other side of the story suggest that halving can have negative impact on Network’s hashing power and network participants.

 

 

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Crypto Roundup

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Is Toronto Next to Accept Bitcoin for Property Taxes?

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Toronto is the biggest city of Canada with a population of more than 6 million. It’s also one of the leading global financial centers which makes it an attractive place for investors.

Bitcoin has emerged as the leading cryptocurrency in the world and attracted a lot of attention from financial investors. There are many crypto exchanges and investors in Toronto, which makes it an important destination for crypto startups and investors.

Recently, there has been a surge in usage of Bitcoin in the Real Estate world as lot of companies around the world are now accepting Bitcoin for buying and selling of properties. In April 2019, Innisfil, A town located in Ontario, at a distance of about 1 hour drive from Toronto, announced that they will accept Bitcoin for property taxes at the municipal level. In July this year, Richmond Hill announced that they are ready to accept Bitcoin as a payment method for property taxes.

Evan Kuhn, Co-Founder of a Toronto based crypto exchange Coinberry believes that integration of Bitcoin as a payment method for property taxes in Toronto can reduce cost, not only for tax payers, but for municipalities as well. Kuhn mentioned


“It doesn’t cost homeowners to use the service, and it costs the municipalities far less in processing fees”



“A credit card company charges a 3% fee,” he said. “Our fee is .5%, so that’s a lot more beneficial for the municipalities.” 


He further explained the entire process to make it simple for the users and for the authorities. “When a resident makes a payment through our exchange, the company immediately converts the Bitcoin into Canadian Dollars and pays the relevant authority, so in basic concept this entire process works like a credit card system but with lower fee for both parties”

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Morning Crypto Roundup

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  1. Crypto market entered into a consolidation phase, with market cap at around $265 billion, market is currently trading in a range
  2. Bitcoin stays above $10,000
  3. Gray scale reported in a recent report that there are 7.1 million active Bitcoin users worldwide with more than 32 million Bitcoin wallets.
  4. After Innisfil and Richmond Hills, is Toronto next to explore an opportunity to pay property taxes through Bitcoin?
  5. According to a report from CryptoCompare.com, Untrusted crypto exchanges are dominating the crypto volume with more than 2/3 share

 

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