For the most active Bitcoin traders, news stories that emerge around the world's most valuable cryptocurrency are not worth reading unless they pack some fundamental power. The bulk of Bitcoin news stories deal with price action and trading volume, but there is a lot more happening with this digital currency than people realize. With this in mind, here are some of the most interesting news surrounding Bitcoin this past week:
Russian Court Declares BTC is Not Property
Nearly two years ago, the Supreme Court of Russia declared Bitcoin to be a digital investment asset, but not necessarily something that fits the definition of personal property as per the country's Criminal Code. For this reason, a man who was kidnapped and forced to transfer 99 BTC to his captors was found to be not entitled to restitution.
Blockchain Networks Could Improve Global Air Travel
Major international airports in Switzerland, London, and Miami have been testing FlightChain, a digital management system for commercial flights, but the results of this blockchain-based project have not been positive, but this has not stopped some airlines from implementing similar solutions. Russian air carrier S7 has implemented an Ethereum blockchain as a ticketing system, and executives are rather pleased with the results. Air Canada and Air France are now interested in blockchain solutions, and industry analysts believe this is a step in the right direction.
Cryptocurrency Users Could Get an Undo Button
Market research conducted by FIO protocol shows that more than half of all Bitcoin transactions are conducted with some mistakes. In some cases, these errors are spotted by digital wallet users prior to hitting the "send" button, but not all the time. Less than intuitive user interfaces are often to blame for this issue, which is more likely to happen on smartphones, which is why an Israeli blockchain developer has come up with an "undo button" system to prevent incorrect transactions from being completed. The system essentially works with a confirmation code mechanism; since BTC transactions are taking longer to settle because of diminished interest by miners, there is a good chance that this undo system will soon become a new standard.