Q3 Roundup: Everyone’s bullish on Bitcoin 🐮

Oct 16, 2020 · 5 min read

Bitcoin records new ATH

In late September we saw Bitcoin hit another all-time high (ATH) record.

“62 days ending above $10,000”

Take a moment and let that sink in. The last time we saw Bitcoin price activity like this was for 61 days from the 1st December 2017 👌

Throughout Q3 there’s been an unmistakeably bullish tension building around Bitcoin and especially with its more recent weeks of little movement (something we don’t find ourselves saying often!).

Bitcoin did finally move above the $11,000 region 👀 recently, leaving the community waiting to see where it goes next.

Bitcoin headlines

As always, Bitcoin has been riding the wild news wave over the past 3 months with stories around big business, scams, and more.

Over this quarter, Bitcoin’s been in hot demand, with a number of global big businesses buying millions to add to their balance sheet 👏

It was kicked off by Microstrategy who are now holding $425 million and followed by Grayscale (see the article below for more) with $182 million.

The world is watching as more companies jump on board the Bitcoin train.

As with any industry, Bitcoin isn’t immune to scams. We felt the effects of a scam personally targeted towards CoinCorner — all dealt with and documented in our blog post below.

Once again, we’d like to remind everyone in or out of the Bitcoin community to be careful and to conduct thorough research before buying Bitcoin or following the directions of a Bitcoin-related social media post, for example.

In mid-July, Twitter experienced a social engineering scam which led to 130 high-profile accounts being compromised. From Binance, Apple and Uber to Kanye, Jeff Bezos and Obama, 45 of the 130 compromised accounts issued scam posts with a Bitcoin address, promising that all Bitcoin would be sent back doubled.

It took Twitter a while to get the situation under control and unfortunately in this time about $110,000 in Bitcoin transactions was sent to the scammers.

By the 31 July, 3 arrests had been made — 1 from the UK and 2 from the US (1 of these being a juvenile).

A Twitter account by the name, Whale Alert, keeps its followers frequently updated on the status of big Bitcoin transactions.

On the 6 August, Whale Alert reported that a huge transaction had been sent — 1 billion dollars or 92,857 in Bitcoin — all for the very low fee of $4 at the time (Cointelegraph).

It’s always worth taking a moment and appreciating the positive differences that Bitcoin brings to the table. Compared to traditional pounds and dollars which require middlemen (like banks) who charge high fees, Bitcoin is completely shaking up how we send money around the world 🤯

As you’re hopefully (🤞) aware already, our primary focus at CoinCorner is to help educate people about Bitcoin.

While we do offer buy and sell only options for 3 mainstream altcoins — Ethereum (ETH), Litecoin (LTC) and XRP — we don’t typically get involved in conversations about new coins or projects unless they’re relevant to Bitcoin.

Decentralised finance (DeFi) is one such area of cryptocurrency that we haven’t touched on at all. This is for the simple reason that there’s been A LOT of hype around it and not a lot of clear, concise and genuine information.

Much like with the buzzwords “blockchain” and “ICOs” before it, DeFi has had a chaotic few months which saw many people jumping on the bandwagon to “pump and dump” certain tokens such as YAM and SushiSwap (both of which suffered huge losses in August and September).

This isn’t to say that there aren’t honest people working to build the DeFi space, but it’s another early days development in crypto that is best to steer clear of unless you’re well educated on what’s going on.

What’s new at CoinCorner?

Fortunately, being based on the Isle of Man has meant that we’ve made it through our first full quarter back in the office. The Isle of Man is under a different set of COVID-19 rules to the UK and at the time of writing, we have no active community cases.

During this time, we started hiring and have welcomed 2 new software developers to our growing tech team — Jack and Ryan. They will support our existing team of developers and help to innovate the tech behind our products/services as we move forward.

That’s right — after only a few short months, we’ve onboarded more than 1000 top retailers in the UK and Europe to our Bitcoin cashback service.

New retailers includes the likes of Burton Snowboards, Alexandra Sports, The Big Phone Store, Vitality For Life, and ASDA Loans.

If you haven’t heard of this service yet, visit our website to find out more about how you can start to earn Bitcoin today.

No, they’re not going away just yet! The podcast hype is real and people are listening to them more than ever.

Podcasts are an easy way to learn and we’re excited to throw our very own podcast — Britcoiners — into the mix.

Launched juuuust after Q3, Britcoiners is quick and snappy with 21-minute episodes covering the latest in Bitcoin news.

The Britcoiners team, made up of Danny, Molly and Zakk, are on the front-line in the Bitcoin industry, sharing their experience and opinions on recent events and happenings.

Listen to episodes 1 and 2 below. The podcast is available on major platforms like Spotify, Google Podcasts and Apple Podcasts too.

Episode 1 and 2 of Britcoiners is live

Over the past few months, Danny has also been chatting about Bitcoin on a number of other podcasts around the world.

Here’s a selection of the most recent episodes:

A Boy Named Pseu — “Danny Scott: CoinCorner CEO”

Tech Talks — “Danny Scott, CEO of CoinCorner, is making it easier to buy Bitcoin. So should you buy?”

New Influence — “Bitcoin in the UK with Danny Scott from CoinCorner”

BIT-BUY-BIT — “Bitcoin podcast with Danny Scott the CEO of UK Bitcoin Exchange CoinCorner”

What’s new at MtSocks?

We launched 3 new awesome pairs of Bitcoin socks over the last quarter — Honey Badger (July), Bitcoin Bull (August) and Bitcoin Logo History (September).

One of our most popular socks, Roller Coaster Guy, also sold out in September. We were sad to say goodbye to him, but he does serve as a good reminder that all of our Bitcoin socks are limited edition to mirror Bitcoin’s 21 million finite supply ✌️

Go to MtSocks to view the full range of Bitcoin socks

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