This has been a busy week in the world of cryptocurrencies. Here are some updates, both local and international.
Bitcoin’s value goes up
The most famous virtual money in the world has been a tear.
Tonight (Vancouver time), a Bitcoin has pierced the $ 13,000 Canadian currency mark, according to Morningstar.
On Monday (July 20), it dropped to $ 12,403 for a Bitcoin. Although it is not a worldwide gain, it represents a five percent increase in one week. Not bad for something that billionaire Warren Buffett insists is worthless.
Court rules in favor of Bitcoin
The most recent increase in Bitcoin came after Coindesk reported that a U.S. judge ruled that Bitcoin is a “form of money”.
Judge Beryl Howell handed down the decision in the U.S. District Court for the District of Columbia in a case involving Larry Dean Harmon.
He faced three charges in connection with Helix’s operation as an underground cup for Bitcoin on Darknet.
Judge Howell denied Harmon’s motion to reject two charges, as well as his motion to release 160 Bitcoins seized by the government. They are currently worth more than $ 2 million.
She also stated that Helix meets the definition of “unlicensed money transfer business”.
Apple co-founder sues Google
Meanwhile, Verge reported that Apple co-founder Steve Wozniak and several other authors have named YouTube and Google as defendants in a lawsuit over false Bitcoin promotions.
Wozniak’s face appeared in videos suggesting that he would give the cryptocurrency.
The lawsuit was filed in California.
“With full knowledge of this scam, YouTube resisted dropping the videos, allowed them to multiply and contributed to the scam, making them look legitimate,” says the complaint. “YouTube and Google have taken another step towards promoting and profiting from these scams, providing paid advertising targeted to users most likely to be harmed.”
The faces of other high-tech people were used in the coup, which gained global attention after Twitter was hacked on July 15 to spread the message more widely.
Among the victims were Bill Gates, Elon Musk, Mark Zuckerberg and Apple Inc.
Wozniak claimed that YouTube did not respond to his repeated efforts to prevent the unauthorized use of his face and likeness.
“In contrast to YouTube, when faced with this attack, Twitter took quick and decisive steps to protect its users, closing the hijacked accounts even after Twitter regained control,” the complaint alleges.
“As a result, the massive Twitter hack resulted in only about $ 120,000 in losses, while the YouTube scam generated many millions of dollars in stolen cryptocurrencies.”
None of the allegations have been proven in court.
NetCents reaches international merchants
A Vancouver cryptocurrency payment technology company says it is attracting more international merchants to use its service.
NetCents Technology Inc. says that in 2019, only 27% of merchants using its service were outside the United States.
It says that this year it reached 67%.
In addition, NetCents Technology claims that the average transaction for exchanges between companies reached $ 25,000.
On July 4, it announced that it is forming a subsidiary in Germany to support its business in Europe.
NetCents Technology insists on having a “white label solution”, which can be provided to commercial banks interested in allowing their customers to trade in cryptocurrencies.
Last month, the company said it had received a $ 1.4 billion institutional credit line “to feed businesses.”
The term is 15 months, according to the company, with “automatic renewal of one year” and without interest for the credit line. In addition, the company stated that there are no fees in the first three months.
The funds from the sale of coins are in a fiduciary account managed by the company’s legal adviser.
NetCents Technology disclosed on July 6 that, at the end of April, “the funds were being held in custody subject to an investigation by the British Columbia Securities Commission”.
“The outcome of this investigation is unknown and the funds must remain confidential until the BCSC investigation is completed.”
On July 24, NetCents Technology closed at $ 1.12 on the Canadian Stock Exchange, down 10.4% on the day.