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Chinese microchip company says it’s now accepting Bitcoin as payment 

Huangzhou-based crypto mining chip maker Nano Labs saw its share price rise slightly after announcing it will start accepting Bitcoin as payment.

Shares in China-based crypto mining chip designer Nano Labs rose slightly after announcing it is now accepting Bitcoin as payment for its goods and services through a business account on Coinbase.

In a Nov. 11 statement, the Huangzhou-based crypto mining chip maker, which is listed on the Nasdaq, said the move was part of a “commitment to embracing the latest in financial technology” as demand increases for “digital currency transactions in the technology sector.”

Nano Labs said it was taking a “proactive stance in the evolving digital economy” as crypto “adoption continues to grow, particularly among businesses seeking efficient and secure cross-border transactions.” 

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Barstool’s Dave Portnoy Accepts Bitcoin From Kraken in Sponsorship Deal

Barstool’s Dave Portnoy Accepts Bitcoin From Kraken in Sponsorship DealBarstool Sports founder Dave Portnoy has expressed his hesitation to buy bitcoin at its current price but is open to accepting the cryptocurrency as payment. He disclosed that he accepted bitcoin from crypto exchange Kraken as part of a sponsorship deal, highlighting his belief in the cryptocurrency. Dave Portnoy Embraces Bitcoin Payments Dave Portnoy, founder […]

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Inside Lugano’s crypto revolution — A documentary

Bitcoin journalist Joe Hall tests Lugano, Switzerland, to see if it truly merits the title of the world’s most crypto-friendly town.

Bitcoin journalist Joe Hall recently visited Lugano, a Swiss city at the forefront of cryptocurrency payments. Known for its progressive embrace of digital currencies, Lugano has become a leading hub for Bitcoin transactions in recent years. Hall explored the city’s Bitcoin School, which educates the public on blockchain technology and cryptocurrency use, highlighting Lugano’s commitment to fostering a crypto-friendly environment.

During his visit, Hall interviewed industry giants like Adam Back, CEO of Blockstream, and Paolo Ardoino, CEO of Tether. These conversations provided insights into Bitcoin’s future and emphasized Lugano’s role as a center for crypto innovation.

A major focus of Hall’s trip was to investigate whether it is truly possible to survive in Lugano using only Bitcoin (BTC). He tested the practicality of Bitcoin payments for everyday expenses, from dining to shopping. His experience revealed that Lugano not only supports but actively encourages the use of Bitcoin, making it feasible to live a Bitcoin-based lifestyle.

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Julian Assange Bitcoin donation shows how crypto can support transparency

The Bitcoin community came to Julian Assange’s aid, helping ensure the WikiLeaks founders’ safe and debt-free return to Australia.

WikiLeaks founder and prominent free speech advocate Julian Assange has developed strong connections with the Bitcoin community. 

Both he and WikiLeaks have benefited from the unique properties of Bitcoin (BTC) as a cryptocurrency, as well as from its vibrant community.

Assange and WikiLeaks have also played a crucial role in boosting the relevance of Bitcoin, with the symbiotic relationship being mutually beneficial and contributing to Bitcoin and WikiLeaks’ survival and progress.

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US senators target cryptocurrency use in child abuse trade

Senators Elizabeth Warren and Bill Cassidy are asking federal agencies about their technical capacity to combat crypto payments in the sale of child abuse material.

A crackdown on individuals buying and selling child sexual abuse material (CSAM) using cryptocurrencies is underway in the United States.

U.S. Senators Elizabeth Warren and Bill Cassidy want to ensure that federal agencies are fully equipped to track down crypto transactions linked to the sale of child abuse content.

In this effort to bring an end to CSAM, the Department of Justice (DOJ) and Department of Homeland Security (DHS) were asked to reveal their current technical capacity.

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Square merchants can now convert up to 10% of sales to Bitcoin via CashApp

Block gets one percent of every conversion.

Jack Dorsey’s fintech firm, Block, recently announced that it was integrating a new feature for Square merchants that would allow them to allocate a portion of their daily sales to bitcoin, with on-demand payouts via CashApp. 

Qualified merchants in the U.S. can currently allocate between one and ten percent of their daily sales to bitcoin. According to a TechCrunch article, the fiat funds are collected until the end of the day, at which point they’re converted to bitcoin and deposited into the user’s CashApp account. Merchants will be required to pay a one percent fee on each conversion.

Per a statement, Square says this move will empower small businesses and individual proprietors to participate in the global financial economy:

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Stablecoin, retail CBDC sandboxes are on South African payments roadmap

The South African Reserve Bank has declared goals for 2025 that it needs to pick up speed on.

The South African Reserve Bank has released a digital payments roadmap toward the goals of its Vision 2025, published six years ago.

Adoption of digital payment technologies in the country has been “sluggish,” the report said. It looked at ways to catch up to the vision, including plans for cryptocurrency and central bank digital currency (CBDC).

South Africa’s financial services sector, especially banking, is well-developed. Despite advances in digital payment technology, South Africans with lower and middle living standards remain disproportionately dependent on cash, the report found. User costs, low financial literacy, limited accessibility and lack of trust hinder progress, however.

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Taproot Wizards Reveal Bitcoin’s Onchain Payment Struggles During $15M Sale

Taproot Wizards Reveal Bitcoin’s Onchain Payment Struggles During M SaleSending bitcoin onchain remains a poor payment experience despite the hype surrounding the leading crypto asset, according to Taproot Wizards founder Udi Wertheimer. In a recent post-mortem of a high-volume sale using bitcoin, Wertheimer detailed several pain points with onchain payments including long confirmation times, lack of payment amount enforcement, high fees, and insufficient Lightning […]

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Wikipedia co-founder says Bitcoin doesn’t work, BTC community snaps back

BTC proponents argued to Jimmy Wales that banks might work, but they’re not available to everyone and that storing BTC personally and storing fiat via banks are two different things.

Wikipedia co-founder Jimmy Wales took to X (formerly Twitter) on Dec. 11 to take a shot at Bitcoin (BTC), bragging that while many users have lost their Bitcoin because they forgot their wallet passwords, he’s never lost any money due to losing his bank password.

Wales’ comments didn’t resonate well with the wider Bitcoin and crypto community, who snapped back at the Wikipedia co-founder about its dependence on donations to run day-to-day operations.

In his X post, Wales sarcastically claimed that he forgot the password to his bank account and lost all his cash, only to then mock the BTC community by adding, “No, actually, that didn’t happen because banks work and Bitcoin doesn’t.”

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Bitcoin user pays $3.1M transaction fee for 139 BTC transfer

A mempool developer suggested that the user behind the transfer might not be aware of the non-cancellation of replacement fees policy, resulting in an accidental $3.1 million transaction fee.

A Bitcoin user paid 83.7 Bitcoin (BTC), worth $3.1 million, in transaction fees for transferring 139.42 BTC. The transaction fee of $3.1 million is the eight-highest in Bitcoin’s 14-year history.

The BTC wallet address bc1qn3d…wekrnl tried transferring 139.42 BTC to bc1qyf…km36t4 on Nov. 23, only to pay more than half the actual value in the transaction fee. The destination address received only 55.77 BTC. The mining pool Antpool captured the absurdly high mining fee on block 818087.

Antpool mining reward history. Source: Mempool

Users on social media suggested that the sender may have selected the high transaction fee, but the replace-by-fee (RBF) node policy and the sender’s unawareness also appear to have played a part. RBF allows an unconfirmed transaction in the mempool to be replaced with a different transaction that pays a higher transaction fee to get it cleared earlier. The mempool is where all BTC transactions are queued before approval and addition to the Bitcoin blockchain.

A mempool developer who goes by mononaut on X (formerly Twitter) said the user behind the transfer probably didn’t know RBF orders cannot be canceled. The user might have repeatedly replaced the fees in hopes of canceling it. The RBF history indicates that the last replacement increased the fee by another 20%, adding 12.54824636 BTC in fees.

RBF history of the 83.7 BTC transaction fee. Source: Mempool

This is not the first time a Bitcoin user accidentally sent an absurdly high transaction fee for a single Bitcoin transaction. In September, Bitcoin exchange platform Paxos accidentally sent a $500,000 transaction fee for a $2,000 BTC transfer. In that incident, the F2Pool miner who verified the transaction returned the $500,000 accidental transaction fee to Paxos.

However, this is the largest Bitcoin transaction fee ever paid in dollar terms, knocking the September Paxos transfer of $500,000 off its unfortunate podium. The largest fee in Bitcoin terms was paid in 2016 when someone accidentally sent 291 BTC in transaction fees.

Related: Binance’s DOJ settlement offers a glimmer of hope for the crypto industry

Mononaut told Cointelegraph that although the current instance of an accidental transaction fee has similarities to the Paxos case, the possibility that Antpool would return the funds would depend on their own payout policies, ”which might have implications for what obligations they have to share transaction fees with their miners.”

Antpool has yet to comment on the issue and has yet to respond to Cointelegraph’s requests for comments.

Magazine: Deposit risk: What do crypto exchanges really do with your money?

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