The Wild West Crypto Show Applauds as $9 Billion Worth of Bitcoin Gets Moved for Sixty-Cent Transaction Fee

Episode 87 of the Wild West Crypto Show got off to a great start by highlighting the ‘Highest Hourly Transaction in Bitcoin History’. Halfway through the show, hosts Drew Taylor and Brent Bates discussed the news which, in a sign of the times, was disclosed in a tweet. Rafael Schultze-Kraft, the cofounder of on-chain market platform Glassnode, tweeted on December 4: “$8.9 billion in #Bitcoin were moved on-chain in a single hour this afternoon. It’s the highest hourly USD transaction volume in Bitcoin’s history” (http://ccw.fm/U1Ecw).

The great money-transfer services must be quaking in their boots. If transferring $9 billion costs less than a dollar, how can they justify $15 for the typical person-to-person transfer of $300. The global average cost of transferring money, including transaction and foreign exchange fees, is approximately 5% of the amount being transferred (http://ccw.fm/8P7ih).

In addition to discussing that news, Taylor announced a new segment of the show featuring attorney Manny Alicandro. In the inaugural segment, Alicandro discussed the curious case of Virgil Griffith, who was arrested by the FBI on Thanksgiving for “assisting North Korea in evading sanctions.” Despite being denied permission, Griffith travelled to North Korea, “where he taught his audience how to use blockchain technology to evade sanctions.”

Alicandro also announced that Fidelity Digital Assets (FDA), a unit of financial services giant Fidelity Investments, has been granted a BitLicense by New York state regulators. The BitLicense will allow FDA to offer its cryptocurrency trading and custody services to companies based in the state of New York.

Jonathan Keim, communications director of CryptoCurrencyWire (CCW), appeared with his usual trifecta, starting with news that the North American Bitcoin Conference, the world’s most attended blockchain gathering, was returning to Miami. Organized by event manager Keynote, the conference takes place January 15-17, 2020, at the James L. Knight Center in downtown Miami (http://ccw.fm/gNrB8).

In other news, Keim revealed that Riot Blockchain (NASDAQ: RIOT) had announced the purchase of an additional 1,000 Bitmain S17 Pro Antminers in a move that completes the upgrade of the company’s Oklahoma City mining facility. Riot Blockchain builds, operates and supports blockchain technologies. The company’s primary business is cryptocurrency mining, although it plans to operate a cryptocurrency exchange sometime in the future (http://ccw.fm/4tKXp).

Finally, in a joint press release, BitGive Partners and CoinsTax announced that they have teamed up to make the preparation of tax returns simpler for crypto donors. The collaboration offers owners of cryptocurrencies a way to calculate their tax liability, which they can then conveniently offset by making donations to BitGive directly from their Bitcoin Tax accounts (http://ccw.fm/42IdZ).

For the latest episode, which includes CryptoCurrencyWire’s ongoing segment featuring the latest news from around the world, visit http://ccw.fm/7ZRao

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