An incentive for a miner who successfully calculates a valid hash in a block during mining.

Block reward refers to the cryptocurrency rewarded to a miner when they successfully validate a new block.

The block reward is made of two components: the block subsidy and the transactions fees. The block subsidy consists of newly generated coins and represents the biggest part of a block reward. The other part is made up of all fees paid by the transactions that are included in the block.

Because the block reward is almost entirely made of the block subsidy, it is very common to see people talking about the block subsidy while referring to it as the block reward. So in popular terminology, the term “block reward” doesn’t account for the fees.


BAKKT Warehouse Launches Deposits and Withdrawals as Planned

Bakkt Warehouse, a qualified custodian of crypto trading platform Bakkt, is now accepting customer Bitcoin (BTC) deposits and withdrawals.

First physical BTC futures on the way
As the company tweeted on Sept. 6, Bakkt Warehouse has officially launched in accordance with the plans revealed on Aug. 28.

The launch of Bakkt Warehouse comes as the company prepares to roll out its platform for Bitcoin daily and monthly futures in the United States on Sept. 23. The platform will enable two types of physically-delivered Bitcoin futures with end-to-end regulated markets and custody, as previously reported.

According to a Bloomberg report, Bakkt will be the first platform to offer physically-delivered Bitcoin futures if launched successfully. In contrast to the existing cash-settled Bitcoin futures offered by the Chicago Mercantile Exchange and the Chicago Board Options Exchange, Bakkt’s physically-settled futures will enable clients to receive payment in Bitcoin once the futures contract expires.

Operating structure
Once launched, trades will take place on the futures platform run by Bakkt’s parent company, the Intercontinental Exchange (ICE), while clearing will be settled through ICE Clear.

Meanwhile, custody will be operated by Bakkt Trust Company, which reportedly received a charter from the New York State Department of Financial Services to hold clients’ crypto funds in August 2019. In turn, Bakkt Warehouse will be moving Bitcoin from short positions to long positions at expiration, which will lead to the actual delivery of Bitcoin.


CUBANS Are Turning to Bitcoin to ACCESS Global Economy

CUBANS Are Turning to Bitcoin to ACCESS Global Economy

A Sept. 12 report from U.S. News claims that, with the recent advent of mobile internet in the country, Cubans are increasingly using cryptocurrencies to make online purchases, as well as to invest and trade.

“Opening new doors” in retail
Without access to debit or credit cards for international use, cryptocurrency-enabled purchases are a welcome opportunity for consumers. In an interview with U.S. News, local resident Jason Sanchez said cryptocurrencies were “opening new doors” for Cubans.

The 35-year-old said that he was now able to purchase spare parts for his cellphone repair shop in Havana from an online Chinese store because of BTC.

“We are using cryptocurrencies to top up our cellphones, to make purchases online, and there are even people reserving hotel rooms.”

With credit cards uncommon, many local crypto users reportedly need to ask relatives abroad to help them to enter the cryptocurrency markets or turn to social media channels such as CubaCripto.

Exchanges where cash is swapped for Bitcoin in person — using a mobile or laptop to carry out the transaction — are another option, the report notes.

A solution to financial EXCLUSION

About 1,300 users are currently using Fusyona, which claims to be Cuba’s first cryptocurrency exchange. The platform allows people abroad to send remittances to the country, or to invest in nine different cryptocurrencies via a larger exchange — with services charged at a fee of up to 10%. Fusyona founder Adrian C. Leon told U.S. News:

“For foreigners, cryptocurrencies is just another option. But for Cubans, it is a necessity and can be a solution to their exclusion from the global financial community.”


Overstock Founder Dumps His Stake for Gold, Crypto Assets

OVERSTOCK Founder DUMPS His Stake for Gold, Crypto Assets

Patrick Byrne, the eccentric former chief executive officer of Inc., sold his entire holdings in the company he founded and said he would park the proceeds in gold and cryptocurrency.

Byrne cashed out nearly 5 million shares for about $90 million, according to a regulatory filing late Wednesday. The sales started Monday after a 65% surge took the stock to the highest in almost a year last on Sept. 13. The stock plunged 20% that day and is down 35% so far this week. Shares fell as much as 8.9%.

In a Wednesday blog post titled “A Message to My Former Colleagues at Overstock,” Byrne, 56, said he planned to plow the proceeds in securities that are “counter-cyclical to the economy,” including gold, silver, and two types of cryptocurrencies by Friday. Byrne also said he would be willing to provide a “capital injection if needed by buying back into Overstock” once he’s legally allowed to do so.



A I R D R O P:

A marketing campaign that distributes a specific cryptocurrency or token to an audience.

It is usually initiated by the creator of a cryptocurrency in order to encourage use and build popularity of the coin or token. Most airdrop campaigns run with mechanics such as receiving coins or tokens in exchange for simple tasks like sharing news, referring friends, or downloading an app.

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