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Canadian Mayor Says Bitcoin Is Much Cheaper Than Credit Cards

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Canadian Mayor Lynn Dollin of Innisfil stated that bitcoin as a tool for paying property taxes cuts down on costs much better than Credit cards do. In our coming altcoin news today, we read more about her statement.

Lynn Dollin pointed out:

 “The advantage of doing it as opposed to [using] a credit card is the transaction costs are so much cheaper.’’

Innisfil is among the first towns in Canada to allow citizens to use bitcoin in order to pay their taxes. The Canadian Mayor believes that the one-year pilot program turned out to be a great success by using the Coinberry Pay crypto-based company.

The official program will be launched later this week. Lynn Dollin embraces the project with arms wide open because she wants to welcome entrepreneurs to her town of about 36,000 people and to make the town a crypto hub in the near future.

The Canadian Mayor also stated:

 “It could attract us some opportunities as far as economic development within our community.”

Lynn Dollin explained she understands Bitcoin was a controversial topic in the past after being involved in many scandals. She also understands its unregulated nature but she feels she’s been cautious. Lynn also pointed out that the town administration is not afraid of trying new things but they will remain careful in the future since the taxpayer’s money is in the game:

“We have to be careful. We’re responsible for taxpayers’ dollars. So certainly, we don’t want to bring any risk to the taxpayers.”

The Canadian Mayor is focused on bringing Innisfil to the group of small towns around the world that are among the most bitcoin-friendly towns.

As previously reported in our latest cryptocurrency news, the Governor of Colorado Jared Polis signed the Digital token act back in March. The new token act will take effect in August. Colorado also aims to become the perfect tech hub by making it easy for entrepreneurs to open blockchain based businesses.

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Regulators Can Shut Down Bitcoin When They Want: Bloomberg Editor

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Bitcoin can be shut down anytime, according to Bloomberg Digital and the lead executive editor Joe Weisenthal. As per him, the regulators can shut down and decide to bring an end to BTC and cryptocurrency in general, putting a full stop against creating Bitcoin-based investment products.The editor at Bloomberg was in the crypto news for warning institutions against creating a Bitcoin-based investment product and stated that they could become a tool to take capital from the fiat markets. He cited a Bitcoin exchange-traded fund and said that no regulators would want to approve fiat onramps to pump money in the Bitcoin ecosystem.First, the editor believes that such a move would make fiat unattractive to investors. Second, he knows that it would increase the amount of illicit financial transactions. According to Weisenthal, regulators can shut down BTC because of its one critical use case: to facilitate trades that the governments and regulators do not want anyone to make.This is what makes the cryptocurrency an ideal tool that is designed to serve criminals - and criminals only. Creating the new markets to inject more Bitcoin, therefore, would likely increase the number of financial crimes. One way or another, the editor believes that an average law enforcement agency would attempt to get rid of Bitcoin once and for all.
“If you’re building or launching these institutionally-grade products, how sure are you that down the road regulators won’t come in and shut it all down,” questioned Weisenthal. “There is so much interest in this space, but is anyone thinking this through?”
Aside from the fact that regulators can shut down BTC, Weisenthal thinks that Bitcoin is an ecosystem run by two kinds of users: speculators and transactors.The editor at Bloomberg also noted that the Bitcoin protocol works when certain people expect more massive profits out of their so-called Bitcoin investments - or when they use BTC to conduct transactions away from the eyes of regulators. He even took it to Twitter and clarified his point.https://twitter.com/TheStalwart/status/1184786875262885890Even though there are many people who disagree with Weisenthal such as Anthony Pompliano, the editor definitely raised some eyebrows with his analysis. In response to his view, the co-founder and partner at Morgan Creek Digital Anthony Pompliano said:
“You’re claiming that non-censorship is the only value prop of Bitcoin. What about the non-seizure element? What about the disinflationary monetary supply? Or the sound money element? Or pseudonymity? Please stop writing nonsense & misinformation.”
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BTC In Sidechains: Here Is How Much Bitcoin Is Locked Up

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Around $77 million of Bitcoin (BTC) is currently unavailable to use on the network, the latest Bitcoin news show. The real reason is not because it is lost but because that amount of Bitcoin (BTC) is locked up in sidechains. The BTC in sidechains information comes from data from block explorers which confirms that as of October 17, a total of 9,661 BTC ($76.96 million) or a tiny 0.054% of today's Bitcoin supply resides in three major sidechain projects.For those of you who never heard about BTC in sidechains, a sidechain is basically a separate blockchain tied to a cryptocurrency and its regular blockchain known as mainchain. Users can interact with it via a pegging mechanism - they will send funds to and from the sidechain with the security features ensuring that the coins are not available on both chains at once.The two-way peg enables interchangeability of assets at a predetermined rate between the parent blockchain and the sidechain. The original blockchain is usually referred to as the 'main chain' while all additional blockchains are referred to as 'sidechains'.We have featured sidechains in the crypto news before. In fact, they have existed for several years and have various functions that depend on the developers' aims. The Blockstream Liquid sidechain, known as LBTC, for example, focuses on the interexchange operability while giving traders improved features that are not yet available on the Bitcoin mainchain.Liquid, which launched in October 2018, is right now including a modest 89 BTC ($709,700). This figure is currently dwarfed by the largest sidechain, Binance Chain, which has 9,001 in BTC (around $71.4 million).The BTC in sidechains is popular right now - and even the Wrapped Bitcoin (WBTC) sidechain which is in fact an Ethereum-based ERC20 standard token has around 571 BTC worth $4.55 million - which is again, more than Liquid.WBTC debuted in January 2019, while Binance Chain (which is the in-house crypto project by Binance) got its mainnet unveiling in April this year.This week, we saw the wallet provider Blockchain and the digital asset manager CoinShares launching a Bitcoin sidechain of their own in the form of a gold token network.Currently, BTC in sidechains is part of several popular sidechain platforms including RSK (Rootstock) and Ardor's Blockchain.
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Bitcoin Back Below $8,000: The Trend Is Definitely Bearish Now

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The Bitcoin news today are quite disappointing for many traders, as BTC went back below the $8,000 region and proved that bears are controlling the market. There are not much updates in the latest news as to what affected the price of Bitcoin - but what is clear is the fact that we see Bitcoin back below $8,000 and that is beyond awful.While the Bitcoin bears are celebrating, the price of the dominant cryptocurrency remains range-bound as it can be seen clearly on the daily chart. The BTC price has been trading in this range since September 25th but yesterday showed that the bulls are in no control at all.Speaking of, with Bitcoin back below $8,000, the bulls will be looking for a break above the range to signal likely price appreciation. The bears, on the other hand, have their eyes on the bottom for a breakdown and further downside. The price closed below the equilibrium (dashed centerline) of the range yesterday and led to a further depreciation and a likely trip to the lows.When seeing things monthly, the latest cryptocurrency news show the most important line for Bitcoin which actually coincides with the range lows on the daily chart. There are a few clear support and resistance areas on the large time frame. However, the price of BTC has been hovering above one of them and was at $7,777 for weeks.When it comes to the actual price action, BTC has been bullish but a monthly close with Bitcoin back below $8,000 will prove that the market is bearish. The last four monthly candles show that in detail and indicate strong selling interest from the present price to the recent $13,800 highs.In the weekly chart, we can spot a hidden bullish divergence with the Relative Strength Index (RSI) which was confirmed two weeks ago. This was a strong sign of a possible price appreciation - as Bitcoin moved from the range lows around $7,000 to the range highs of $8,800 on this signal.The big question now is - with Bitcoin back below $8,000, is there a potential for a move higher?Bitcoin continues to move within a descending channel which began at the local highs near $13,800. The pattern has been confirmed and remains valid until a clear break above $9,000 occurs, proving that the bulls are in control again.
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Crypto Markets Are Red: BTC Takes A Beating Below $8,200

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The Bitcoin news today show that the most dominant cryptocurrency is still trading sideways for most of the day. BTC managed to take a sudden dip in recent hours and has traded flat for the better part of the last 24 hours. With an intraday high of around $8,400, BTC took a sudden dip below the $8,200 and is the first sign that the crypto markets are red.The average daily trading volume right now hovers about $15 million, while its market share decreased to 66.3% which is the lowest level we have seen since the beginning of August. According to analysts, Bitcoin needs to take a further dip and test the $8,000 price mark once again.On the good side, the crypto markets are red but BTC is still up 120% since the beginning of the year, when it was trading in the range of low $3,000s. Meanwhile, the ETH news show that Ether is not doing much better and is back in its $180 price mark. The biggest altcoin of all hit an intraday high of $187 but has since been declining to its current trading price and is down by 3% at press time.A lot of analysts hoped to see Ethereum climbing towards the $200 level. However, knowing that the crypto markets are red, the approach to the next critical resistance area was seemingly too much to handle for this altcoin.XRP is also reporting a minor loss of less than 1% overnight and is trading at $0.2878 per coin. With this, Ripple's XRP is part of the altcoins which are showing a price downturn that might be sign of worse things to come.The top 20 cryptocurrencies by market cap are mostly showing reds, and EOS is being hit with a loss of more than 6%. Meanwhile, Tron (TRX), Cardano (ADA) and Chainlink (LINK) are all showing losses of around 5% on the day.The only exception is Bitcoin SV (BSV). While the crypto markets are red, BSV is showing gains of almost 4% on the day, and right now we can see that one BSV trades at nearly $90. The overall cryptocurrency market cap lost around $4 billion overnight and is now trading in the $221 billion region.
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