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  1. Today
  2. For news, gossip, FUD, FOMO, charts, bots, and project updates, crypto Telegram is where it’s at. The beating heart of the crypto community resides in Pavel Durov’s encrypted messenger application. Accessing Telegram is easy, but optimizing your experience to get the most out of the platform calls for a few do’s and don’ts. Here are eight tips to get you started. Also read: 10 of the Best Telegram Crypto Channels Do Telegram the Right Way Like the other CT (crypto Twitter), crypto Telegram encapsulates the best and worst elements of the industry. From the lowest scammers to the highest grade projects, it’s all here if you know where to look. Much like the crypto markets, however, failure to master crypto Telegram comes at a high cost. Here’s how to up your opsec, enhance your learning, and extract the most value from the industry’s favorite messenger platform. Lock Down Your Account If you haven’t already, go to “Privacy and Security” in Telegram’s Settings menu. Your phone number should be set as visible only to “My Contacts” or better still “Nobody.” If it’s set to “Everybody” you’re increasing your chances of being SIM swapped. While you’re in the Settings menu, there’s a few more options you should run through, the most important being “Two-Step Verification.” Unfortunately Telegram doesn’t offer 2FA, but it does allow you to set up an account password that will prevent anyone getting into your account, even if they’re able to swap your SIM. Getting a stolen Telegram account returned to its rightful owner is harder than it is with Twitter, so it pays to lock it down. Finally, set “Groups” so that only your contacts can add you to Telegram groups. Set it to “Everybody” and you’re prone to being added to spammy crypto groups by randoms. Keep It Secret If you need to discuss sensitive information with a Telegram contact, select “New Secret Chat.” All messages are stored solely on the sender and recipient’s device – not in the cloud. That’s why if you start a secret chat on your smartphone, you can’t view the conversation when you access Telegram Web on your desktop. For added security, secret chats don’t allow message forwarding and have a self-destruct timer, after which the conversation will be deleted. Signal is regarded as the most private encrypted messaging app, but for most confidential conversations, Telegram secret chat is fine. What’s in a Name? Impostors touting “ETH giveaways” and other low-level scams are more commonly found on Twitter, but Telegram is not immune. Be cautious of anyone who direct messages you on Telegram claiming to be the admin of a group you’re in, offering you discounted tokens OTC and similar deals. Similarly, don’t assume that a particular Telegram handle corresponds with the same personality on Twitter. You’re probably not going to be messaged by Satoshi Nakamoto or Nick Szabo on Telegram, so be highly skeptical of anyone purporting to be a known crypto influencer unless their username can be verified, such as by cross-referencing it with their Twitter bio. Pin Popular Groups, Archive Noisy Ones You can pin up to three groups to the top of your Telegram app for convenience. Just hold down the group name for a second and then push the pin icon that appears at the top of the page. Popular Telegram channels are alive with chatter, memes, and gossip – a little too alive at times. For fast-moving channels that provide more noise than signal, swipe left on them from the homescreen and they’ll be archived. You can still access them whenever you want to dive back in by clicking the “Archived Chats” button at the top of the page. Use ‘Saved Messages’ as Your Clipboard Telegram has a “Saved Messages” private channel where you can forward messages you want to store for future reference. It’s also handy as a general purpose clipboard for images and text when jumping between devices. If you need to access a mobile wallet address on your desktop, for instance, you can paste it into saved messages and retrieve it from Telegram Web on your laptop. Just remember to periodically clean your saved messages of sensitive data. For cryptocurrency transactions where privacy is paramount, avoid pasting addresses into Saved Messages altogether. Pick Your Stickers Carefully The best thing about crypto Telegram is the sticker packs of course. The bull market ones; the bear market ones; the Bogdanovs; the Wojaks and all the rest. While most of your stickers can be shared in most of the groups you use, there will be certain channels where pocket-sending a rude Pepe sticker can be the difference between keeping and losing your job. Unfortunately, there’s no ability to bar particular sticker packs from particular groups. Be careful which packs you install and deploy, therefore. For the ultra-cautious, Telegram will allow you to run multiple accounts from a single installation of the mobile app. The Blockstream NPC sticker pack Pick Your Groups Carefully This final piece of advice is a subjective one, since the Telegram groups and channels you join are dependent on your interests. News.Bitcoin.com has previously suggested a few of the better groups, but you’ll have your own favorites. If you find you’re not getting much value out of the channels you’re in, archive them or leave altogether. Telegram is your feed, after all, tailored just the way you like it. Like an altcoin you’ve fallen out of love with, don’t be afraid to dump channels that no longer give you that warm glow. Life’s too short for mediocre chat and bad memes. What other tips do you recommend for getting the most out of Telegram? Let us know in the comments section below. Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Images courtesy of Shutterstock. Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry. The post 8 Tips for Getting the Most out of Crypto Telegram appeared first on Bitcoin News. View the full article
  3. With the rising price and popularity of bitcoin come numerous scams. Bitcoin Superstar and Bitcoin Era are two investment schemes that have recently gained much attention. News.Bitcoin.com took a look at them, and it did not take much to spot how similar they are to each other and several other well-known scams. Also read: Bitcoin, Tesla Stock, Tron: How Warren Buffett Got His First Bitcoin Bitcoin Superstar vs Bitcoin Era – Same Template, Different Names Bitcoin Superstar and Bitcoin Era are currently two of the most popular bitcoin investment schemes, but it does not take long to spot how scammy their websites are. For a start, they both have the same cookie-cutter template. They both display a warning in red at the top stating that “Due to extremely high media demand, we will close registration as of 19/02/2020 – Hurry.” Such urgency and scarcity tactics have long been used to pressure people into buying many products. The Bitcoin Superstar website (left) and the Bitcoin Era website (right) using the same cookie-cutter template. Next comes the hype. Both the Bitcoin Superstar and the Bitcoin Era websites display numerous hype phrases, such as “Bitcoin is making people rich,” “you can become the next millionaire,” and “change your life today.” Both schemes also feature the same video, starting with CNN coverage, followed by well-known people including Richard Branson, speaking positively about bitcoin. To gain more credibility, the two sites additionally display logos of Bitgo, Norton, Secure Trading, and McAfee, with “As seen on” CNN, FT.com, Time, and Forbes. Bitcoin Superstar describes itself as a group of “people who jumped on the insane returns that bitcoin offers,” emphasizing that its members “make money on their laptop with just a few minutes of ‘work’ every day.” Bitcoin Era posted a similar message, with a focus on its trading software. “With the Bitcoin Era software, you can take advantage of the profit potential in the bitcoin and cryptocurrency markets,” its website describes. The Fake Testimonials How can one sell a scam without glowing testimonials? The next section of both the Bitcoin Superstar and the Bitcoin Era websites showcases the supposed testimonials of their successful traders. At the time of this writing, Bitcoin Superstar displays “Real testemonials from our users,” with the word testimonials misspelled. Both websites use the same four people’s images but change their names, locations, and the amount of profit they made. The testimonials on Bitcoin Superstar (top) and the testimonials on Bitcoin Era (bottom). The four user images can be found on many other websites. For example, the picture of the first user (Mark K. from Forth Worth, TX, on Bitcoin Superstar, who is also James H. from San Antonio, TX, on Bitcoin Era) can be downloaded from free stock photo website Pexels.com. Mark K. on Bitcoin Superstar (aka James H. on Bitcoin Era) whose image can be downloaded freely from Pexels.com. The Same Cookie-Cutter Template Used by Many Scams Bitcoin Superstar and Bitcoin Era are not the only ones using the same cookie-cutter template. These scams will keep appearing as long as there are people willing to shell out money to join them. Scamcryptorobots.com has named plenty more scams that are using the same website format. Among them are Bitcoin Investor, Bitcoin Revolution, Bitcoin Trader, Bitcoin Evolution, Bitcoin Formula, Bitcoin Secret, Crypto Revolt, Bitcoin Rush, and Crypto Xchange. The website also mentions another viral scam called Bitcoin Billionaire and notes that the first scam of this format was Bitcoin Trader. Examples of scams using the same cookie-cutter template Bitcoin Era, Bitcoin Superstar, and Bitcoin Trader use. Source: Scamcryptorobots.com. Over time, some of these websites may have changed their appearance. Bitcoin Era, for example, has put up another website with the same logo. There have also been several Bitcoin Era press releases published on some crypto news websites. Another Bitcoin Era website. The Scamcryptorobots website also notes that there are fake reviews and fake news stories for these scams. In addition to warning about three bitcoin scams, including Bitcoin Code and Bitcoin Trader, news.Bitcoin.com has outlined how to spot scams like Bitcoin Doubler Club, Cryptomia247, Mining Cheap, Orelex Financial Services, and Wintrust Expert Options. $250 Upfront Investment, €13,000 in 24 Hours Guaranteed It is always a red flag when an investment scheme asks for money upfront as Bitcoin Superstar and Bitcoin Era do. To get involved with either of them, you need to register on their websites and fund your account. “So to start profiting with the Bitcoin Superstar, you must invest any amount you desire of $250 or more,” its website states. Bitcoin Era asks for a similar upfront investment while claiming that its trading software is free to use. However, you are unlikely to ever see your $250 again. Both Bitcoin Superstar and Bitcoin Era also entice new signups by posting fake, unverifiable profits their traders supposedly made. At one point, Bitcoin Superstar even displayed on its website: “Bitcoin Superstar ride on the bitcoin wave and earn €13,000 ($14,038) in exactly 24 hours. Guaranteed.” Bitcoin Era advertises that it has “created an incredible trading software which provides highly accurate trade signals, allowing just about anybody to make massive profits from the bitcoin and cryptocurrency markets.” The scheme further claims: “With an unprecedented accuracy rate of 99.4%, the Bitcoin Era software will keep making you profits each and every single day without you having to worry about losing.” As icing on the cake, Bitcoin Era wrote: “Many of our users have reported making thousands of dollars per day using our advanced trading algorithms and the reality is, the earning potential is limitless.” Commenting on this unrealistic claim, a Bitcoin Era review article on the Scamcryptorobots site describes: In reality the only exclusive club you are invited to join is a losing club designed by professional con artists in order to rip you off and steal your money … So if you really believe you are about to make £979.98 every day for the rest of your life, you are in for a rude awakening. The type of promises Bitcoin Era and Bitcoin Superstar make has gotten many companies in trouble with regulators around the world. Some of them have been reported to the authorities. However, it takes time for each scam to be sanctioned and the scheme shut down. Meanwhile, they continue to prey on uninformed investors, luring in victims who hope to make easy money. The bottom line is any scam can put up any number of websites, call the scheme by different names, and generate a new look and feel. Remember, if the promise sounds too good to be true, it is most likely not true, and if any red flags are there, exercise extreme caution. What do you think of Bitcoin Superstar and Bitcoin Era? Let us know in the comments section below. Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Images courtesy of Shutterstock, Bitcoin Superstar, Bitcoin Era, and Scamcryptorobots.com. Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. The post Bitcoin Superstar and Bitcoin Era – The Latest Two Faces of the Same Scam appeared first on Bitcoin News. View the full article
  4. Since the new German crypto regulation went into effect, financial institutions in Germany have been preparing to offer crypto custody services. Among them is Boerse Stuttgart, the country’s second-largest stock exchange. Having obtained a provisional license from BaFin, the regulator in charge of licensing crypto service providers, Boerse Stuttgart is preparing to offer crypto custody services to institutional investors. Also read: 40 Banks in Germany Declare Intent to Offer Crypto Services Under New Law New Regulation Attractive to Institutional Investors Boerse Stuttgart announced on Tuesday that its crypto custody arm is preparing to offer custody services to institutional clients, such as fintech firms, banks, and asset managers. Blocknox, a subsidiary of Boerse Stuttgart Digital Ventures, takes care of the custody of cryptocurrencies on an escrow basis. “With regard to the new legal regulation of crypto custody in Germany as of 1 January 2020, Blocknox has already announced its intent to the supervisory authorities to apply for the required license,” Blocknox Managing Director Ulli Spankowski explained, detailing how his company is complying with the new law. “This means the license is deemed to have been granted provisionally,” he elaborated, adding: We welcome the regulation of crypto custody as a reasonable step towards further professionalisation of the industry. Thanks to the new legislation, more institutional players are likely to enter the crypto market. Blocknox’s crypto custody service was established at the end of January 2019 for users BISON, a crypto exchange app powered by Boerse Stuttgart. This service was extended at the end of September 2019 for users of Boerse Stuttgart Digital Exchange (BSDEX), the digital asset trading platform of Boerse Stuttgart. While the exchange was launched in September, it opened to all traders across the country in December. Boerse Stuttgart also announced in December that it had partnered with Japanese financial services giant SBI Holdings to expand both companies’ crypto businesses in Asia and Europe. SBI has several crypto operations in Japan, including a regulated crypto exchange. BISON currently supports the buying and selling of BTC, ETH, LTC, and XRP. A German bank account is needed to use this app. Recently, the company announced the app now has around 81,000 active users and BCH will be added as an additional tradable cryptocurrency in the near future. Germany’s New Crypto Regulation The law implementing the amendment to the Fourth EU Money Laundering Directive went into effect in Germany on Jan. 1. It requires financial institutions wanting to offer crypto custody services to obtain authorization from the Federal Financial Supervisory Authority (BaFin). News.Bitcoin.com reached out to BaFin for more information about the new regulation. The regulator explained that financial institutions with existing crypto custody operations when the new law went into effect must submit in writing by March 31 an “expression of interest” to offer crypto services if they want to continue offering crypto custody services. Banks without an existing crypto custody business when the new law went into effect cannot start offering the services until they have obtained approval from BaFin. According to reports, over 40 financial institutions have already submitted this intent. Spankowski clarified that “Blocknox will submit the final application by the specified deadline.” BaFin confirmed to news.Bitcoin.com that banks failing to submit an expression of interest by March 31 must cease offering their existing crypto custody services. The expression of interest does not replace the application itself and does not have any bearing on whether the application will be approved. Financial institutions that have submitted an expression of interest must complete an application by Nov. 30 or cease crypto services by that date. BaFin also noted that the length of time it takes to issue a license depends on individual cases. The regulator is still finalizing its administrative practice for the approval and ongoing supervision of new crypto services. What do you think of more German institutional investors entering the crypto space? Let us know in the comments section below. Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Images courtesy of Shutterstock and Boerse Stuttgart. Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. The post Boerse Stuttgart: New German Crypto Regulation Poised to Attract Institutional Investors appeared first on Bitcoin News. View the full article
  5. Cryptocurrencies are gradually becoming a viable alternative for savers in Switzerland, according to a new poll. The Alpine nation’s crypto-friendly business climate and increasing regulatory clarity makes them a relatively easy addition to investors’ portfolios. Many Swiss people can afford and regularly do put some money aside but bank accounts are no longer offering inflation protection. Also read: Swiss Financial Watchdog Proposes $1,000 Client Identification Threshold for Crypto Transactions 13% of Young Swiss Think Cryptos Will Be More Important in the Future For a few years now, cryptocurrencies have been gaining ground in Switzerland. The Crypto Valley in the canton of Zug has already attracted over 800 companies creating more than 4,000 jobs. The expansion of the blockchain sector facilitated by accommodating regulations has created conditions for Swiss banks to work with fintech companies and offer new crypto-related products and services to their clients. The Swiss Financial Market Supervisory Authority approved two crypto banks in August. Zug, Switzerland Zurich-based Migros Bank has become the latest traditional financial institution to include cryptocurrencies in its scope of interests. It recently published a report on the savings behavior of various age groups that demonstrated the growing popularity of decentralized digital assets. The gathered data shows that it’s not at all unusual anymore for people to store value in cryptocurrency investments. The survey conducted by market research institute Intervista on behalf of Migros reveals that 7% of the respondents in two age groups, 18 to 29 and 30 to 55 years old, now own cryptocurrencies. Furthermore, 13% of the younger participants believe that digital coins will become even more important for them, or state their intentions to invest in crypto in the future, compared to 7% in the second group. Older investors are more pessimistic and remain wary of the new investment class, as Swissinfo reported this week, with only a fraction of those aged over 55 years (0.5%) expecting cryptocurrencies to appreciate and grow significantly in the long run. Yet, even in that age group, one in every 100 savers currently owns digital money. 90% of Swiss People Save Regularly, Most Put Aside up to 1,000 Francs a Month Intervista carried out the poll online with over 1,500 respondents aged 18 and over from the German and French speaking regions of Switzerland as well as the Italian-speaking canton of Ticino. The researchers established that Swiss people from all ages are good savers. For example, over 90% in the 18 to 55-year bracket and 80% of those over 55 years regularly put money aside. That’s 88% of the adult Swiss population. 67% of the young, 52% among 30 to 55-year-olds and 61% among people over 55 save up to 1,000 Swiss francs per month. The majority of 18 to 29-years-olds still chose to use their savings accounts even for long-term purposes and a third of them keep over 70% of their funds in this type of account, despite no longer being offered protection against inflation. The policy rate set by the Swiss National Bank has been in negative territory for years and it’s currently at -0.75%. The young cite two major reasons for not switching to financial market investments – that they are not familiar with them (52%) and that there’s a limited amount of wealth they can set aside (48%). Savings interest adjusted for inflation. Source: Intervista Many of the young Swiss are afraid of making a wrong move with alternative investments. The lack of knowledge is considered to be the greatest risk by the surveyed 18 to 29-year-olds. At the same time, these respondents are quite open to closing the knowledge gap, the authors of the study point out. 41% of them are interested to learn more about financial and investment matters compared to 37% in the 30 to 55 years segment and 32% among older participants. Curiosity is what led many to discover Bitcoin, too, and that opens another opportunity for cryptocurrencies to attract more investors, especially among young people in Switzerland. Do you think the popularity of cryptocurrencies will continue to grow among Swiss savers? Share your expectations in the comments section below. Images courtesy of Shutterstock, Intervista. Do you want to dig deeper into Bitcoin? Explore past and present cryptocurrency prices through our Bitcoin Markets tool and head to our Blockchain Explorer to view specific transactions, addresses, and blocks. The post Swiss Savers View Cryptocurrencies as Option, Now That Bank Accounts Don’t Save Them From Inflation appeared first on Bitcoin News. View the full article
  6. Yesterday
  7. During the second week of February, a new project called tBTC was unveiled that is similar to the Wrapped Bitcoin (WBTC) created with the Ethereum network. However, the tBTC effort claims to be a noncustodial application that allows users to deposit BTC, mint tBTC, and lend it with interest. Also Read: Market Update: Bitcoin Halving Hype, Golden Cross Signals, and GBTC’s 41% Premium tBTC Project Launches on Ropsten Testnet On January 30, 2019, the Wrapped Bitcoin (WBTC) project launched on the Ethereum network using the ERC20 standard. WBTC allows people to wrap collateralized BTC in Ethereum but the method has a custodian. The WBTC custodian is Bitgo and the project is also backed by Kyber Network and Ren (formerly Republic Protocol). Last August, software developer Matt Luongo told people about his work on Twitter and published the tBTC specifications. Luongo tweeted that the “cat’s out of the bag” and he and his team were working on tBTC for 10 months prior. Then on February 13, Luongo announced the first release of tBTC on the Ropsten testnet. The software engineer stressed that this was the first of a “few planned releases leading up to mainnet” and the team is still auditing. Luongo added: tBTC opens the entire Ethereum ecosystem to Bitcoiners. What happens when Bitcoiners can choose between Coinjoin and Tornado.cash for fungibility? #tBTC is live on testnet! https://t.co/k8q5WLmOFu pic.twitter.com/FxA5moyi3c — Keep #tBTC (@keep_project) February 14, 2020 Luongo’s announcement was welcomed by a handful of bitcoiners and the Ethereum community as well, although the recent exploitation of Bzx has had a lot of skeptics questioning decentralized finance (defi) this week. Eric Wall from the trading and clearing technology firm Cinnober tweeted that concepts like tBTC should be embraced. “Stop thinking of Ethereum/DeFi as this crazy neighbor who’s always up to no good,” Wall wrote. “tBTC just launched on testnet. As it approaches mainnet, the hedge between our gardens is cut. Their garden becomes our garden. It’s time to start looking after each other.” “Wouldn’t it be funny if tBTC enables a Bitcoin fee market built on Ethereum,” another crypto Twitter personality commented. “Then, this fee market enables Bitcoin to maintain it’s monetary policy — A policy which would be secured by ETH,” they added. Project Developers Claim the Supply of tBTC Is Always Backed by an Equal Number of Reserved BTC Currently, the open source tBTC project is live on Ropsten and people can mint their own testnet tBTC using the reference app. Testers will need some testnet bitcoins and Ropsten ether to create their first tBTC. The project also has an in-depth whitepaper, which explains the tBTC concept in a technical and comprehensive manner. Being a noncustodial type of wrapped or collateralized BTC project, the concept has an edge over WBTC according to its creators. Blockstream’s Liquid and WBTC are considered “centralized, provable, [and] redeemable” whereas Maker’s DAI is decentralized, synthetic, [and] irredeemable.” The tBTC concept aims to leverage the ERC20 model but maintain a censorship and seizure-resistant “hard money” status. Not only must tBTC remain censorship-resistant but it needs to be inflation-resistant, leverage-resistant, and operate without middlemen. The whitepaper also says that tBTC must be redeemable, stating: The ability to trade scrip for its backing deposit freely is what distinguishes a backed currency from fiat money. The supply of tBTC is always backed by an equal number of reserved BTC. This means for every token in circulation, 1 BTC has been removed from circulation. The tBTC whitepaper shows the signer selection multi-part process which is described in the diagram above. Currently, the WBTC project created by Bitgo, Kyber Network, and Ren is a popular vehicle to wrap bitcoins. At press time, there is $9 million locked into the WBTC contract according to statistics from Defipulse. The Lightning Network has the same amount of funds locked into the protocol and WBTC has been around for a shorter period of time. For now, tBTC is being toyed with on Ropsten but will be deployed on Ethereum’s mainnet in the near future. What do you think about the tBTC project? What do you think about tBTC in comparison to Liquid assets or WBTC? Let us know what you think about this subject in the comments section below. Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Image credits: Shutterstock, tBTC, the tBTC white paper, Twitter, Fair Use, and Pixabay. Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. The post Defi for Bitcoin: Collateral Peg Platform Provides Noncustodial BTC Lending on Ethereum appeared first on Bitcoin News. View the full article
  8. Cryptocurrency markets have seen fresh gains on Wednesday after the slight pullback that started two days prior. Most of the top 10 digital currencies by market cap have gained between 4-8% and the entire market valuation of all cryptos has hovered between $295-300 billion. Also Read: Voluntary Financing: Bitcoin Cash Devs Reveal Noncustodial Funding App Flipstarter Crypto Markets Shave Prior Losses and Show Daily Gains On Wednesday, February 19, digital currency markets are in a sea of green again after a day or two of losses throughout Sunday and Monday’s trading sessions. Today most of the top 10 digital assets besides tether (USDT) are up between 4-8% but Tezos (XTZ) has captured the tenth position as XTZ is up 17.8% in the last 24 hours. BTC has once again surpassed the $10K zone and is currently meandering around $10,075-10,150 per coin. The digital asset is up over 4.7% today and has erased most of the losses from two days ago. BTC prices on Wednesday, February 19, 2020. Ethereum is up 5.7% during the last 24 hours and has gained around 8.8% during the last seven days. Right now, ETH is swapping for $279 per coin and market aggregators show $3.8 billion in reported trade volume but Messari.io’s real volume for ETH today is only $646 million. XRP still commands the third-largest market cap and each coin is trading for $0.29. The currency has gained over 4% during the last 24 hours of trades. The top 10 cryptos by market cap on Wednesday, February 19, 2020. Tezos (XTZ) leads the pack with more than 17% gains in the last 24 hours. Bitcoin Cash (BCH/USD) Market Action Bitcoin cash (BCH) currently captures the fourth position on Wednesday as far as market valuation is concerned. At press time, BCH is trading for $413 per coin and the currency has gained 5% today. The top five pairs swapped with BCH today are USDT (67.07%), BTC (17.53%), USD (10.01%), KRW (2.07%), and ETH (1.50%). The reported volume on Wednesday for BCH is $750 million, but real volume data shows $37 million in 24-hour trades. During the last 30 days, BCH has gained 3.4% but 90-day data shows around 84% in gains. For the last year, bitcoin cash has done very well, gaining 193% during the last 12 months. BCH/USD 7-day chart on Wednesday, February 19, 2020. Fxstreet analyst John Isige explained on Wednesday that the BCH/USD market managed to hold the $400 threshold and is currently focused on $500. ”Bitcoin Cash bulls struggle to beat the seller congestion at $425 in readiness for gains aiming for $500,” Isige noted. “Development in terms of recovery has been very forthcoming in a couple of days after BCH downside took a breather at $375. Aiding in the support was the 200SMA in the 4-hour timeframe. BCH/USD is back in the limelight above $400 and focused on sustaining gains above $425,” the analyst added. BCH price on Wednesday, February 19, 2020. Searches for the Term ‘Bitcoin Halving’ Surge Every 210,000 blocks, the BTC block mining reward halves and the coin reward decreases for miners hunting for blocks. The same event will happen on the BCH and BSV networks one month prior to BTC’s change, as coin rewards will be reduced from 12.5 to 6.25 coins. Right now, conversations about the halving are trending on social media platforms and forums like Twitter and Reddit. Alongside this, Google Trends reveals searches for the term “bitcoin halving” have been steadily gaining traction. BTC’s halving is estimated to take place on May 12, 2020, 82 days from now. Google Trends (GT) shows the term “bitcoin halving” has a 75 value and recently crossed a GT value of 50. It’s following a similar pattern to four years ago prior to the BTC halving in 2016. The Confounded Golden Cross This week traders have been talking about BTC charts showing a bullish indicator called the “golden cross” on social media and forums. Basically this means that the 50-day moving average crossed the 200-day moving average and this signal usually precedes a bull run. The golden cross is the opposite of a “death cross” which is a bearish signal. When the short-term moving average jumps above the long-term moving average, traders often believe a major rally will follow. #BTC …. BTC will touch 9k than continue upside movement…and also golden cross coming..so still in bullish on BTC..Not panic selling 9k is buying opportunity#BTC #ETC #EOS #ETH #LTC #BTC #cryptocurrencies #crypto #bitcoin #Altcoins #Binance #LTC #EOS #trading #blockchains pic.twitter.com/sDZIaksIkG — Kvcrypto (@Kvcrypto1) February 17, 2020 The popular bitcoin trader Cryptobull explained the golden cross move when it happened on February 17. “Ladies and gentlemen… let me present the golden cross — The last time this happened was April 24th, 2019 at $5,400 — Before that was October 28th, 2015 at $300,” Cryptobull tweeted. However, not all golden crosses and death crosses materialize into anything, as one Twitter personality recently pointed out. “1/3 bitcoin golden cross/death cross-analysis,” said Sh___coin Riddler. “Since 2014 there were 10 golden/death crosses (50MA crossing 200MA). In 3 of 5 death crosses cases BTC price didn’t dump after the event [and] in 2 of 4 golden crosses cases BTC price didn’t pump after the event.” Grayscale’s GBTC Premium 41% News.Bitcoin.com recently reported on Grayscale’s Bitcoin Trust (GBTC) seeing an uptick in demand and a 20-30% premium. This means investors are willing to pay more for GBTC than simply purchasing BTC on a traditional spot market. Investors who want to participate in a regulated environment have invested in Grayscale’s GBTC and this week the premium for the investment vehicle jumped to 41%. The CEO of Blockforce Capital, Eric Ervin, noticed this trend on February 18 and premiums have continued nearly every day since. “GBTC premium now up to 41%,” Ervin tweeted. “People want exposure to cryptocurrency and are willing to pay a significant premium to get it. Dear SEC, it is time for an ETF. Give investors the opportunity to make their own decisions.” The Biggest Stablecoin Is Rumored to Be Coming to Bitcoin Cash In a video posted to the Cryptofinder Youtube channel, the executive chairman of Bitcoin.com, Roger Ver, discussed the importance of the Simple Ledger Protocol (SLP) framework on the BCH network. Ver explained how anyone can issue tokens using BCH in a permissionless manner and he talked about stablecoins leveraging the SLP infrastructure. During the video, Ver noted that “a little birdie told me the world’s biggest stablecoin, Tether, is about to launch on top of SLP as well.” Tether, the largest stablecoin by market cap and by transactions, is hosted on a variety of blockchains like Ethereum, Tron, and Algorand. News.Bitcoin.com reached out to members of the Tether team and our newsdesk will have more on this story soon. Where do you see the cryptocurrency markets heading from here? Let us know what you think about this subject in the comments section below. Disclaimer: Price articles and market updates are intended for informational purposes only and should not be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.” Cryptocurrency prices referenced in this article were recorded at 9:30 a.m. ET on February 19, 2020. Images via Shutterstock, Trading View, Bitcoin.com Markets, Twitter, Eric Ervin’s tweet, Fair Use, Wiki Commons, Twitter, and Google Trends. Want to create your own secure cold storage paper wallet? Check our tools section. You can also enjoy the easiest way to buy Bitcoin online with us. Download your free Bitcoin wallet and head to our Purchase Bitcoin page where you can buy BCH and BTC securely. The post Market Update: Bitcoin Halving Hype, Golden Cross Signals, and GBTC’s 41% Premium appeared first on Bitcoin News. View the full article
  9. Bitcoin mining is a great way to earn cryptocurrency while providing a valuable service to the global network of users. Miners can set up a hardware operation by themselves or join forces with a large venture via cloud mining. If you are looking to enter this field in 2020, here is what you need to know about the business. Also Read: Tradeblock Estimates Post-Halving Mining Cost of $12,500 per BTC What Does It Take to Mine Bitcoin in 2020 Bitcoin mining is a transaction security and validation service done via distributed computer systems each racing to solve complex mathematical problems before the competition. Miners keep the global ledger consistent and immutable by repeatedly adding newly requested transactions into a block, which is then broadcast to the network and verified. For providing their valuable hashing power to the cryptocurrency network, miners are rewarded each time a new block is created by them in this fashion. Anyone thinking about entering this line of work needs to know that long gone are the days where one could just mine bitcoin with a desktop PC or even an old laptop. These days, any profitable bitcoin mining is done via computer systems tailored exclusively for the task, professionally called application-specific integrated circuit (ASIC) miners. The most popular bitcoin mining machines are the Antminer series from Bitmain, but there are additional hardware offerings from companies such as Microbt, Canaan, Ebang, and a few others. Take note that while some machines are available to be purchased off shelf already, or even immediately as second hand goods in online markets, when the newer models come out there is often a waiting period until they are shipped, and you need to take that into consideration. Other than the upfront cost of the hardware, your main expense as a miner is electricity. The power is primarily for operation of the computer systems themselves, but also for ventilation and air conditioning systems that might be needed depending on the situation. This is why professional miners routinely migrate around the world to locations that can offer them an optimal combination of lower electricity prices and hospitable weather. Once the hardware is all set up, you then need to direct your mining machines to a mining pool such as F2pool, Poolin, Btc.com, and Antpool. These are groupings of miners that compete to get a block together and share the rewards according to the contributed hashing power, thus spreading the work and streamlining the revenue for each one. How to Start Cloud Mining With Bitcoin.com An easier alternative to setting up your own mining operation is to go for cloud mining. This is a way to generate cryptocurrency that doesn’t require buying any expensive equipment, or installing the infrastructure needed for it. All you have to do is find a provider that you trust and buy a contract from them, which is in essence renting hash power in a dedicated facility. Bitcoin.com is one such provider, with a cloud mining service focused on bitcoin cash (BCH) and BTC. The company offers a selection of contract lengths, currently starting from just six months and running up to two years, and if you already have your own mining hardware you can connect it to the pool as well. The service also includes an app for Android and iOS mobile devices, so you can keep track of earnings, hashrate, and other statistics related to your contracts right on your phone. What do you think about the attractiveness of mining bitcoin in 2020? Share your thoughts in the comments section below. Images courtesy of Shutterstock. Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Bitcoin.com Markets, another original and free service from Bitcoin.com. The post How to Mine Bitcoin in 2020 appeared first on Bitcoin News. View the full article
  10. A report published February 7 and authored in part by Blockstream researcher Christian Decker found that the BTC Lightning Network is “evolving towards an increasingly centralised architecture.” Proponents of LN say this is not a problem, and even critics of the network point to the necessity of properly defining — and not deifying — “decentralization.” Still, real concerns are presented with the new information, and some are looking to alternative solutions like Drivechain to fill the gap. Also Read: Voluntary Financing: Bitcoin Cash Devs Reveal Noncustodial Funding App Flipstarter Increasing Centralization of LN The report, entitled “Lightning Network: a second path towards centralisation of the Bitcoin economy,” states at outset that “despite the huge activity characterising the BLN, the bitcoins distribution is very unequal.” The paper elaborates: “the average Gini coefficient of the node strengths (computed across the entire history of the Bitcoin Lightning Network) is, in fact, ≃ 0.88 causing the 10% (50%) of the nodes to hold the 80% (99%) of the bitcoins at stake in the BLN (on average, across the entire period).” While the Gini coefficient is typically used to measure income inequality, it is applied in the report as a means to determine relative centralization of Lightning. This type of metric for measuring centralization and decentralization, however, is criticized by some in the space as being inaccurate to the meanings of the terms as they pertain to bitcoin. Nevertheless the report details the continued emergence of centralized core-periphery structures, which some say make the network more vulnerable to attack. https://arxiv.org/pdf/2002.02819.pdf While the complex math and methodology are laid out in detail in the paper, the group of researchers ultimately concludes: In particular, its structure seems to become increasingly similar to a core-periphery one, with well-connected nodes clustering together (as revealed by the study of the eigenvector centrality). More precisely, our analysis reveals the presence of many star-like sub-structures with the role of centers played by the hubs, seemingly acting as channel-switching nodes. Both Proponents and Critics of LN Debate Implications, Definition of ‘Decentralization’ Reactions to the report have been varied in the crypto space, but LN supporters and critics alike think there may be something amiss in the way “decentralization” as a concept is being defined and even deified, in a sense, where bitcoin is concerned. For example, bitcoin researcher and Drivechain creator Paul Sztorc tweeted: Another user in the thread wrote, “Why do people care so much how decentralized LN is? It can work even semi-centralized, as long as it is mostly used for small payments and as long as there are other options.” But having to monitor a hub isn’t very convenient, and doesn’t seem to be in the original, non-third-party-dependent spirit of Bitcoin. CTO of Cointext Vin Armani noted that “decentralization” is often used imprecisely, pointing to the fact that influential actors wielding influence in a network doesn’t directly translate to centralization in the negative sense, where Bitcoin is concerned. That is to say, clustering of influence does not automatically equate to a change in codebase allowing for centrally orchestrated protocol adjustments. Still, with LN, transaction paths can be closed arbitrarily, and the increasing centralization of hubs as shown by the report brings an increased risk of applied KYC/AML requirements from authorities. This would effectively turn them into banks, increasing the likelihood that paths will be closed due to the same regulations. The true fragility of LN centralization, then, is the network’s foundational reliance on trusted third parties, and the ability of nodes to foul up transactions. In light of the report’s findings, the reliance on trusted third parties bitcoin sought to eliminate, now could return via increasingly powerful influence over transaction paths on LN. Some Think Drivechain Is the Answer Unlike so-called sidechains such as Blockstream’s Liquid federated network, Drivechain seeks to allow networks to branch off using a two-way peg, affording not only interoperability and customization, but also without sacrificing critical security or scalability. Incentivized mainnet miners, and not easily corruptible and insecure “federation members” or businesses, secure the sidechains via blind merged mining, and the two-way peg system is designed to stave off the risk of inflating bitcoin on the main network. It’s for this reason that Drivechain creator Paul Sztorc calls the idea a kind of layer 1.5. “It sneaks between the lightning network and layer 1,” Sztorc said in a 2019 presentation. “You can have lightning network on top of this. Because each piece of software that is a sidechain is going to be the layer 1 of its own blockchain. So this fits in between.” Though some criticize the idea, saying the protocol relies on security-compromising user-activated soft forks (UASF) to prevent miner theft of sidechains, others are convinced it is the inevitable future of Bitcoin. Sztorc seems to take the diplomatic view that market actors should be able to do what they want, and his views on interoperability point to an important aspect of money: saleability. In the Mengerian/Austrian School conception, money is defined as the most saleable, or widely accepted and utilized good in exchange. A million cryptos on isolated networks is an economic situation still in flux, seeking equilibrium. However, should each coin have the common thread of the underlying “drivechain” of the Bitcoin mainnet, a universal system could theoretically be born. Sztorc tweeted on Monday: I’m in favor of trying large blocks, as long as small block people can turn the larger blocks down (and pay the higher layer1 fees). But drivechain is the only way (I know of) for accomplishing all that. (And, larger blocks = higher node costs) Though Drivechain remains controversial in the crypto space, it seems a proposition seeking to be more closely aligned with Bitcoin’s foundational principles than others. The plan relies on miners with skin in the game to keep networks secure, and not arbitrary groups of non-hash-wielding federation members. The ultimate problem plaguing the Lightning Network is not merely a core-periphery centralization pattern emerging, but the more foundational reality that it ultimately relies on third party hubs routing payments, and not mainnet miners, to function properly. What are your thoughts on Lightning Network centralization? Do you think Drivechain is a viable solution? Let us know in the comments section below. Images courtesy of Shutterstock, fair use. Want to create your own secure cold storage paper wallet? Check our tools section. You can also enjoy the easiest way to buy Bitcoin online with us. Download your free Bitcoin wallet and head to our Purchase Bitcoin page where you can buy BCH and BTC securely. The post Lightning Network Increasingly Fragile to Attacks – Hope Turns to Drivechain for Bitcoin Scaling appeared first on Bitcoin News. View the full article
  11. The 2020 U.S. Presidential candidate Michael Bloomberg addressed the subject of cryptocurrencies and initial coin offerings (ICO) in his recently published Financial Reform Policy. Bloomberg wants more “regulatory oversight” when it comes to this promising technology, claiming he sees “plenty of hype, fraud and criminal activity.” Also read: Bitcoin, Tesla Stock, Tron: How Warren Buffett Got His First Bitcoin Mike Bloomberg’s 2020 Financial Reform Policy Discusses Intensifying Crypto Regulation Michael Bloomberg, former New York City mayor and the creator of the financial news operation Bloomberg LP, recently published his Financial Reform Policy. It’s the type of policy that would be enacted if Bloomberg was elected President after the 2020 U.S. election. The nine-page document discusses how Bloomberg would tackle the American economy if he was elected and he wholeheartedly believes “finance should serve the American people.” Much like his Democratic Party counterparts, Bloomberg leans toward fixing things with a socialist attitude. Bloomberg’s policy mentions the 2008 financial crisis and blames a lack of regulatory oversight for that period’s disastrous economy. “Given how profoundly the 2008 crisis undermined faith in the establishment — and given how close it brought the world to economic collapse — authorities everywhere should be doing all in their power to fix the flaws it revealed,” Bloomberg’s Financial Reform Policy insists. The democratic 2020 candidate’s plan further states: Yet the Trump administration is rolling back what safeguards were put in place, and none of the candidates for president is offering a viable alternative. The American politician, businessman, and author Michael Bloomberg, otherwise known as Mike, addressed the cryptocurrency industry in his plan for the U.S. economy if he were to be elected President of the United States in 2020. Bloomberg: ‘The Crypto Industry’s Regulatory Oversight Remains Fragmented and Undeveloped’ Bloomberg also touches upon the subject of the $290 billion cryptoconomy and he thinks the industry needs a lot more regulation. Former Presidential candidate Andrew Yang was one of the only democrats to discuss cryptocurrencies in his reform proposal before Bloomberg mentioned the topic. “Cryptocurrencies have become an asset class worth hundreds of billions of dollars, yet regulatory oversight remains fragmented and undeveloped,” Bloomberg’s proposal details. “For all the promise of the blockchain, bitcoin, and initial coin offerings, there’s also plenty of hype, fraud and criminal activity.” The former 2020 U.S. Presidential candidate Andrew Yang was one of the only democrats that discussed digital currencies in their reform program. Representative Eric Swalwell (D-Calif.) did address bitcoin and cryptocurrencies prior to Yang and Bloomberg but Swalwell was out of the race very quickly. President Donald Trump tweeted about Bitcoin and Facebook’s Libra late last year. Bloomberg does not like the economy under Donald Trump’s leadership and he makes that very clear throughout the reform plan. Bloomberg believes that his experience with creating a global fintech firm stands him in good stead for reforming the current American economy. “Mike Bloomberg considers this state of affairs unacceptable — and as the founder of a successful global financial technology company, he understands the system well and is uniquely qualified to make it work better for all Americans.” As far as crypto is concerned, Bloomberg really wants regulators to crack down on the industry and create regulatory standards across the board. “Regulatory oversight” needs to be refined in order to protect “consumers from cryptocurrency-related fraud,” the policy notes. What do you think about Michael Bloomberg’s Financial Reform Policy and his statements about cryptocurrencies? Let us know what you think about this topic in the comments section below. Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Image credits: Shutterstock, Michael Bloomberg photos, Fair Use, Wiki Commons, Andrew Yang photo, and Pixabay. Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. The post Mike Bloomberg’s 2020 Finance Policy Proposes Strict Bitcoin Regulations appeared first on Bitcoin News. View the full article
  12. Last week
  13. For a while now, central banks like the Federal Reserve have been participating in quantitative easing (QE) practices, despite the fact they don’t like to call it QE. Following the massive dollar injections, a recent report from the wealth insights provider Wealth-x details the number of wealthy people in the world spiked in 2019. The study cites the Federal Reserve’s stimulus is a direct effect of the rich getting richer, as the funds go directly to private banks and likely trickle down to the bubbling U.S. stock market. Also Read: Federal Reserve Considers Creating a Separate Entity for Cash Injections Wealth-x Study Cites the Fed’s Stimulus and Bubbling Stock Market as the Primary Drivers of 2019’s Wealth Distribution Eight years after the Occupy Wall Street movement fizzled into oblivion, the world’s central banks are printing fiat again, making the 1% grow richer. A recently published Wealth-x study shows that in 2019, the number of rich people getting richer surged as the “distinctive tier of wealth” expanded a great deal. News.Bitcoin.com’s “Money and Democracy” two-part series explain how the wealthiest families in the world (bankers) have colluded for hundreds of years in order to maintain the status quo. Since the Occupy Wall Street protests in 2012, central banks like the Federal Reserve have been injecting billions of dollars into the hands of private banks. The recent Wealth-x report cites the Fed’s stimulus programs as a direct primer of the stock market and growth of very high net worth (VHNW). It’s not like the economy’s manipulators used the free market to become the giants they are today; financial incumbents use force provided by the nation-states politicians and cronyism to manipulate the world’s markets. Wealth-x researched very high net worth (VHNW) individuals and showed that they follow the same patterns as their wealthier counterparts. VHNW is people who own between $5-30 million+ and their number jumped 10% in 2019. The study also notes that in 2018, there were 2.39 million people in the world who made the criteria but in 2019 the number had risen to 2.67 million. The growth in wealth stemmed from the bubbling U.S. stock market in 2019, which saw record-breaking highs. The Wealth-x study attributes the stock market spikes to the Federal Reserve’s “monetary stimulus.” And because private banks are allowed to feed on the dollar injections, the S&P 500 rose 28.9% last year and hasn’t seen a spike like that in six years. Similarly, Nasdaq had the best performance in six years and the Dow saw record numbers in 2019 as well. After the report from Wealth-x published, Northman Trader author Sven Henrich sarcastically congratulated the Federal Reserve for the achievement. The financial analyst Henrich tweeted: Central banks have become the primary driver of wealth inequality. And they refuse to admit the self-evident. They are the driver of excess that primarily benefits the few. Central banking is socialism for the top 1%. Financial analyst from the web column Northman Trader, Sven Henrich, has been a critic of the Fed and central banking practices for a long time. Sven Henrich: ‘Global Markets at All-Time Highs — Everybody Cries for More Stimulus’ Henrich and many others have been critical of central banks like the Federal Reserve because they believe the funds only go to private hands and create a foundation for the current 1%. Henrich even helped prove the point in a further tweet, when he said: “Last week […] Fed: ‘We’ll reduce repo next week,’ [Apple] AAPL: ‘We’ll miss revenue,’ Fed: ‘Here’s $78.5B in repo.'” ”Global markets at all-time highs and everybody cries for more stimulus,” Henrich added. Central banks and smaller financial institutions have also been accused of colluding for years and they have conspired with politicians. Politicians are always friendly toward the cash injections from central banks. Recently, Barack Obama bragged about the stimulus during his presidential terms and Donald Trump has been pressuring the Fed for more easing as well. Skeptics believe bureaucrats have always conspired with the banking cartel to keep the system rigged. Former U.S. President Barack Obama recently bragged about his efforts to promote more cash injections when he signed the Recovery Act. However, the comments stemming from Obama’s tweet detail that ordinary citizens, who are not part of the cartel of bankers and conniving groups of bureaucrats, didn’t really get much help from the Recovery Act. In actuality, the average U.S. citizen got to foot the bill. “Your stimulus cost us (taxpayers) $831 billion for one of the slowest recoveries in history while doubling the national debt,” an individual said in response to Obama’s tweet. “You would be the worst president in history if the Federal Reserve didn’t bail out your pathetic legacy — Try again.” The current American President, Donald Trump, has been no different and has tweeted on many occasions that he would like to see more monetary easing and the slashing of interest rates. “The Federal Reserve should get our interest rates down to zero, or less, and we should then start to refinance our debt,” Trump tweeted in September. Furthermore, the Wealth-x report highlights that the wealthiest individuals’ gains in 2019 were “not evenly distributed” worldwide. Throughout the year, global debt hit a record high in 2019 and central banks like the Federal Reserve have been accused of fueling one of the biggest heists in history. Wealth-x says the U.S. led the way as far as the number of VHNW individuals goes and their net worth rose by 15%. There was some growth in Asia and Africa, but Europe saw the collective net worth drop to below-average growth. “Regions performed considerably better than the Middle East, which saw negligible increases, and Latin America and the Caribbean, where wealth creation stagnated,” Wealth-x researchers noted. What do you think about central banks like the Federal Reserve injecting capital into the hands of private banks and their friends? Do you think the Fed, current financial incumbents, and politicians collude today and have ruined global markets? Do you think cryptocurrencies like bitcoin can help? Let us know your thoughts on this topic in the comments section below. Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Image credits: Shutterstock, Twitter, Fair Use, Wiki Commons, Wealth-x, and Pixabay. Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. The post ‘Central Banking Is Socialism for the 1%’ – Report Cites Wealth Inequality Driven by Stimulus appeared first on Bitcoin News. View the full article
  14. As the decentralized finance juggernaut rolls inexorably forward, the exploitation of defi project Bzx – in which $350K, or around 2% of total assets was taken – has called the decentralization of the industry into doubt. The attack forced an admin key reset to redeem lost funds and sparked a surge in defi insurance, with major players hastily taking out cover to immunize themselves from financial loss. Exactly how decentralized is decentralized finance, critics are wondering. Also read: 50 Cent, Talib Kweli, Snoop Dogg and Nas: Celebrities Who Could Be Bitcoin Millionaires DEX Volume Swells 71% in a Week Decentralized exchanges, around which the defi movement revolves, are going strong. More than $2.3B was traded on Ethereum-based DEXs last year, and 2020 is on course to comfortably surpass that. $119M was traded in the last seven days, according to Dune Analytics, marking a 71% increase. Meanwhile, new DEXs are springing up regularly to meet growing demand. The latest, Dexive, will operate as a dual Ethereum and Neo decentralized exchange, with integrated trading features such as asset details, news portal, discussion forum and microblog. There are plans to ultimately integrate other blockchains such as Eos and Zilliqa to create a universal DEX. Latest DEX volume according to Dune Analytics While demand for decentralized token trading, and the defi primitives it supports, ramps up, the industry has looked shaky of late. The Bzx exploit that occurred on February 15 has sparked intense debate as to whether decentralized trading protocols are truly decentralized, or whether the presence of a “kill switch” nullifies all such claims. Bzx is the seventh largest defi protocol, with over $18 million worth of funds locked. A Complex Transaction The exploitation of Bzx occurred on February 15, with project co-founder Kyle Kistner providing details via the platform’s official Telegram channel and temporarily pausing all trading on the exchange. “Exploit” is probably the most apposite term, although arbitraging, attacking, hacking, and thieving have all been liberally used. The net result is the same: Bzx’s balance wound up $350K worth of ETH lighter, though the damage was far worse given the consequent loss of equity. So, how did it happen? Essentially an exploit was executed against a contract on the project’s Fulcrum trading platform. The perpetrator took out a 10,000 ETH flash loan from non-custodial exchange Dydx before dispatching 5,000 ETH to Compound and borrowing 112 wrapped bitcoins (WBTC). Thereafter, the attacker sent 5,000 ETH to Bzx, opening a 5x short position for WBTC. After the exchange had converted 5,637 ETH to 51 WBTC via Uniswap, the attacker then converted the 112 WBTC to 6,871 ETH on Uniswap before paying Dydx their original 10,000 ETH. The total transaction cost incurred by the multi-part smart contract was $8. Confused? You’re not alone; the sophistication of the exploit has had commenters applauding and head-scratching in equal measure. Tweets like "DeFi apps are no different than centralized exchanges because all the contracts have admin keys" is the cheap, boring fast-track to "CT wokeness" these days, forcing me to take the devil's advocate and point out why that's sometimes wrong. Warranted retort: — Eric Wall IS RIGHT (@ercwl) February 17, 2020 An Oracle Problem In the end, the perpetrator exploited a Bzx flaw that enabled them to trade an inordinate amount on Uniswap at an inflated price of 3x. In other words, it wasn’t an oracle bug per se, but a fundamental vulnerability in the design of the defi stack that facilitated its execution. Opening such a huge position caused a drain of funds from Bzx to Uniswap, enriching the rogue actor to the tune of $350K and resulting in a $620,000 loss of equity for Bzx. Market manipulation at its finest. Our first claims assessment has finalised with the 30,000 DAI claim on @bzxHQ being declined. 7 out of 8 members voted No, with over 76,000 NXM being staked in the process (over $300,000 worth of stake). The claimant can resubmit a claim one more time if they wish. https://t.co/ffAvyKZlt0 — Nexus Mutual 🐢 (@NexusMutual) February 16, 2020 As well as temporarily taking Fulcrum down for maintenance, Bzx deployed a contract upgrade they said would make their system more robust against similar attacks and stated that they would cover the attacker’s loan repayment by streaming “interest and exit liquidity to existing iETH holders” from the 600k of WBTC left behind. Amid the post-mortem of the attack, insurance for DeFi lending has experienced a serious uptick, with hundreds of thousands of dollars’ worth of cover taken out across protocols such as Maker, Compound, Dydx and Bzx. The largest defi protocols according to Defi.Pulse How Decentralized Is Decentralized? Perhaps the most relevant question to emerge from this fiasco was posed by Twitter user @SupraBo_ in response to Bzx’s update on the transaction: “Decentralized finance is so efficiently decentralized that it can be paused.” The bZx attack occurs regularly in traditional markets in the form of derivative manipulation, which tends to result in harsh regulatory punishments. The real conundrum with DeFi is not flash loans or oracles, but that "attackers" merely play a permissionless game by the rules. — Qiao Wang (@QWQiao) February 16, 2020 Another tweet suggested the attack exposed the wider danger posed to the Ethereum network of fast-growing finance initiatives: “DeFi = how to increase systemic risk on Ethereum.” Litecoin creator Charlie Lee, meanwhile, sounded off by calling defi “the worst of both worlds,” noting that it “can be shut down by a centralized party, so it’s just decentralization theatre. And yet no one can undo a hack or exploit unless we add more centralization. So how is this better than what we have now?” Research by Chris Blec, who bills himself as “defi’s best friend and toughest critic,” has shown that most defi protocols have an admin key that can override the system in emergencies. While it is easy to see why faith in defi has been knocked by this ingenious heist of sorts, another perspective is that the event represents a bump in the road for the movement, which remains at an early, experimental stage despite over $1 billion worth of value being locked in, mostly in lending solutions. The exposure of vulnerabilities, and consequent beefing up of procedures, is necessary for maturation of an industry in which innovation continues to play out. What are your thoughts on the Bzx exploit? Do you think defi protocols are truly decentralized? Let us know in the comments section below. Images courtesy of Shutterstock. Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry. The post DEX Volume Soars But Bzx Exploit Raises Questions About ‘Decentralization Theatre’ appeared first on Bitcoin News. View the full article
  15. Many celebrities have mentioned the benefits of bitcoin and leveraged the asset for certain projects. For instance, 50 Cent, Snoop Dogg and Talib Kweli all sold albums for BTC, but when cryptocurrency prices skyrocketed, 50 Cent told the public he sold his coins as soon as he got them. Many other celebrities from Hollywood and the music industry have used digital assets to help bolster their marketing efforts. Also read: Bitcoin, Tesla Stock, Tron: How Warren Buffett Got His First Bitcoin 50 Cent: ‘All Money Is Money’ In 2018, cryptocurrency enthusiasts discussed the headlines revolving around hip-hop star Curtis Jackson III, also known as 50 Cent, who accepted bitcoin for his 2014 album. According to reports, 50 Cent’s album called “Animal Ambition” made around 700 BTC ($6.7 million USD at today’s exchange rate) from sales. The album made it to Number 4 on Billboard’s charts and sold a total of 124,000 copies, which was far less than Jackson’s prior album sales. 50 Cent sold his album “Animal Ambition” for bitcoin and other currencies in 2014. The recording artist allegedly acquired 700 BTC from the sales and bragged about forgetting about the investment in 2018. However, during his bankruptcy court hearing, 50 Cent claimed he sold the BTC for U.S. dollars immediately after the albums were purchased. No one truly knows if 50 Cent was telling the truth and the assets would be worth $6.7 million at today’s exchange rate, but he did tell a court of law that he sold. Years later, when BTC was priced at around $11,000 per coin, 50 Cent shared an Instagram picture of a TMZ article that reported on the artist’s 700 BTC in sales. “Not Bad for a kid from South Side, I’m so proud of me,” the rapper said. “I’m a keep it real. I forgot I did that s—.” When he sold the album in 2014 he explained “all money is money,” when people asked the rapper why he accepted bitcoin. However, when 50 Cent filed for bankruptcy he told the court and the public an entirely different story. The hip-hop artist explained that he didn’t feel he needed to disclose that he had sold the BTC immediately after the albums were purchased. 50 Cent then claimed he was just stating that he had forgotten about the investment. “When I first became aware of the press reports on this matter, I made social media posts stating that ‘I forgot I did that’ because I had in fact forgotten that I was one of the first recording artists to accept bitcoin for online transactions,” the recording artist wrote in 2018. He further stated: I did not publicly deny the reports that I held bitcoins because the press coverage was favorable and suggested that I had made millions of dollars as a result of my good business decision to accept bitcoin payments. From Talib Kweli to Nas, Are Celebrities Bitcoin Rich or Just Using Crypto for Marketing? 50 Cent says he was one of the first rappers to accept BTC payments for album sales and a few others followed suit shortly after. In November of 2015, the now-defunct Coinbase application Zapchain sold the recording artist Talib Kweli’s album for BTC. @TalibKweli I bought your album in 2015 w/ bitcoin on Nov 6. My Indie 500 is now worth $645. Hope you kept all the #BTC from that album 😎 — Jamie Redman (@jamieCrypto) December 18, 2017 “Buy my new album for bitcoin on Zapchain – [plus] first 1,000 people get 1 track free,” Kweli tweeted at the time. No one has ever followed up with the number of BTC he accrued when he sold “Indie 500, featuring 9th Wonder.” But news.Bitcoin.com did remind Kweli about the album sales during the bull market in December 2017. Rapper and activist Talib Kweli sold his album “Indie 500, featuring 9th Wonder” for BTC in 2015 through the now-defunct Coinbase application Zapchain. In 2017, News.Bitcoin.com’s Jamie Redman tweeted to Kweli and mentioned BTC from the album sales, but Kweli did not respond. In fact, there’s a lot of popular musicians and Hollywood actors who have used cryptocurrency to further market themselves. Another prolific rapper, Nas, used BTC to reward 100 scores in a contest hosted by theraptest.com. Nas also told Coindesk in 2014 that he was an investor in Coinbase. “[Bitcoin] will evolve into an industry as big, if not bigger, than the Internet. My man Ben Horowitz really opened my eyes to that point. This isn’t of the Internet age, bitcoin is its own age,” Nas explained to reporter Peter Rizzo at the time. The rap star added: Obviously challenges will arise from a security and privacy perspective, but the Internet was the same way 20 years ago. The prolific MC Nas told former Coindesk reporter Pete Rizzo in 2014 that “[Bitcoin] will evolve into an industry as big, if not bigger, than the Internet.” Nas also said he was a Coinbase investor. No one knows if Nas is a Bitcoin millionaire or not, but he very well could be.Many other celebrities have used cryptocurrency to push their marketing to another level in recent years, and a number of them have leveraged the initial coin offering (ICO) route. Famous people like Paris Hilton, DJ Khalid, Akon, Gwyneth Paltrow, Ashton Kutcher have all mentioned digital currencies in some form or another. For instance, Paltrow is an advisor to the cryptocurrency firm Abra, and Snoop Dogg claims he beat 50 Cent to the punch when he sold album copies for BTC in 2013. No one knows how much BTC Snoop Dogg obtained from album sales, but he was selling copies for 0.3 BTC in 2013. “The future is here and Snoop is your captain, taking you to the moon (that’s a bitcoin thing) — My next record available in bitcoin n delivered in a drone,” Snoop tweeted at the time. Although, one BTC address suggests Snoop Dogg only got around 0.01245982 BTC from the sales, which is only $102 worth of crypto today. BitPay investor Ashton Kutcher dropped by our office this week to talk to our team & share insights on taking #bitcoin payments mainstream. pic.twitter.com/2Lgsmoufhe — BitPay (@BitPay) June 9, 2017 The truth is, no one actually knows if these celebrities are crypto millionaires, but they very well could be. Besides the musicians, actresses, and actors mentioned above, there’s a ton of other socialites who could be bitcoin rich from past investments. This includes people like Hugh Laurie, Mike Tyson, Pitbull, Mel B, Lionel Messi, Floyd Mayweather Jr., Johnny Depp, and Madonna, all of whom could have significant stashes of crypto. What do you think about all the celebrities who have used crypto for marketing purposes and some of the socialites who could be rich with digital currencies? Let us know what you think about this subject in the comments section below. Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Image credits: Shutterstock, Source, Twitter, Bitcoin.com, Pixabay, Fair Use, and Wiki Commons. Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. The post 50 Cent, Talib Kweli, Snoop Dogg and Nas: Celebrities Who Could Be Bitcoin Millionaires appeared first on Bitcoin News. View the full article
  16. Over the last few days, Bitcoin Cash proponents have been debating the Infrastructure Funding Plan (IFP) after Bitcoin ABC published an announcement on implementing the plan into the upcoming software release. Again the concept was met with mixed responses and the community has been arguing about the situation on forums and social media. Following the community responses to Bitcoin ABC’s blog post, Btc.top founder Jiang Zhuoer published an updated version of the plan the following day. Also Read: 5% of Block Rewards – Bitcoin ABC Will Add Infrastructure Funding Plan in Next Release Bitcoin Cash Infrastructure Funding Plan Discussions Continue as Jiang Zhuoer Publishes Update Members of the BCH community have been discussing the latest information regarding the Infrastructure Funding Plan (IFP) after Bitcoin ABC told the public it would be implementing code for the plan in the 0.21.0 ABC software release. The plan had a few changes to the proposals discussed prior which included only 5% of the coinbase rewards, a BIP-9 like voting method with threshold, and funds that can go to “more than one project and can go to one of several in a whitelist.” The whitelist ABC came up with included donation addresses for a “General Fund, Bitcoin ABC, Electron Cash, and BCHD.” Check out the recent video about the Infrastructure Funding Plan from Bitcoin.com’s executive chairman Roger Ver. Bitcoin.com’s executive chairman Roger Ver discussed the IFP subject on Youtube and had a number of objections and questions concerning the latest IFP update. On an r/btc forum post, Ver’s Reddit account stressed: “As it stands now, Bitcoin.com will not go through with supporting any plan unless there is more agreement in the ecosystem such that the risk of a chain split is negligible.” Following Ver’s statements, Btc.top founder Jiang Zhuoer published another blog post on the read.cash platform called “BCH Miner Donation Plan Update Again.” Zhuoer’s latest post is much shorter than the two blog posts he published prior in regard to the IFP subject. The post is also aligned with the Bitcoin ABC announcement and further discusses the voting threshold and coinbase donation amount. Zhuoer’s latest IFP update states: It will start by the hash voting, if 2/3 of network hash agrees, the donation plan will be put into effect. (I believe the miners have the right to vote on how to spend their output). For the 5% of the coinbase donated by miners, the miners shall have the option, at their sole discretion, to select a number of donation objects, such as: General Foundation, ABC, BCHD, Electron Cash. The donation plan will last for 6 months (as one version is valid for a maximum period of 6 months). I suggest that we stop the fundraising after 6 months, and we may restart it eventually to prevent it [from] becoming a permanent rule. There are numerous objections now, I am inclined to start the donation plan after that the community reaches a basic agreement. If they fail to achieve it, we could set up the General Foundation first, let’s see its operation effect funding by donation, then we could proceed the hash voting next time. Block 622509, Bitcoin Verde, and Bitcoin Unlimited In addition to Zhuoer’s latest blog post, BCH block #622509 mined by SBIcrypto.com left a coinbase message that says “no” and a link to the Bitcoin ABC announcement. There are also comments stemming from developers of full nodes like Bitcoin Verde and Bitcoin Unlimited. The pool SBIcrypto.com mined a Bitcoin Cash block that says “no” in the coinbase message with a link to Bitcoin ABC’s announcement. Bitcoin Verde’s Joshua Green tweeted about the announcement from Bitcoin ABC and questioned why Verde was excluded. The chief scientist of Bitcoin Unlimited, Peter Rizun, tweeted about the announcement from ABC as well. “Amaury Sechet is literally modifying the BCH protocol to issue coins to him and his friends,” Rizun explained. “Due to the poison pill, miners and exchanges must upgrade before May 15. If they do as usual and download the new version of ABC, his plan succeeds by default.” Greg Maxwell Stirs the Pot In addition to the opposition against the IFP, former Blockstream developer Greg Maxwell is seemingly stirring the pot. Within the depths of an r/btc thread that Greg Maxwell started, he claims Amaury Sechet (Deadalnix) private messaged him about creating a version of Bitcoin ABC without the IFP. Github code linked by Maxwell shows a version of ABC without the IFP and again states that “Amaury Sechet requested that I post this.” Former Blockstream CTO Greg Maxwell appeared on the Reddit forum r/btc to discuss the IFP. He also claims he was requested to build an IFP-free Bitcoin ABC version. “It is completely untested and may not even compile,” Maxwell says and then insults BCH toward the end of his comments. Of course, Maxwell’s thread, statements, and IFP free code were controversial among r/btc patrons. Not too many people believed Maxwell’s words, and lots of his commentary was downvoted throughout the thread. Maxwell was also known for being involved in the November 2018 hash war as it was once claimed he was helping Craig Wright. With Negativity In the Air, Open Discussion Is a Net Positive and Worthwhile The IFP discussion continues to unfold and read.cash and r/btc are filled with threads and blog posts about the subject. If anything can be said at the moment about the furious debates it is that at least people have open forums to discuss the situation. Back in 2015, when bitcoiners tried to debate raising the block size, moderators from the most popular Bitcoin Reddit forum censored anyone who approved of raising the block size. Right now, in the world of Bitcoin Cash, there is no censorship happening and even Blockstream developer Greg Maxwell is free to speak his mind within BCH forums. The IFP debate and discussion is continuing to unfold and news.Bitcoin.com will be there to inform our readers every step of the way. What do you think about the discussions revolving around the IFP subject? Let us know what you think about this topic in the comments section below. Image credits: Shutterstock, Coin Dance, Btc.top, Youtube, Bitcoin.com, Fair Use, Blockchair, and Pixabay. Do you want to maximize your Bitcoin Mining potential? Plug your own hardware into the world’s most profitable Bitcoin mining pool or get started without having to own hardware through one of our competitive Bitcoin cloud mining contracts. The post BCH Funding Debate: Btc.top Founder Suggests 2/3 Hash Vote and 6-Month Evaluation appeared first on Bitcoin News. View the full article
  17. The book “New Libertarian Manifesto” (NLM) by libertarian-anarchist Samuel E. Konkin III (SEK3) launched a movement that has grown amazingly over the last few decades: Agorism. This is the movement of peaceful revolution through counter-economics. Counter-economics is “the study or practice of all peaceful human action which is forbidden by the State.” Agorists, SEK3 wrote, are “counter-economists with libertarian consciousness.” As such, they refuse to participate in the state or to use violence except in self-defense. Also read: Bitcoin and Doomsday Preppers — Would Crypto Have Any Survival Value If SHTF? Agorism According to Samuel E. Konkin III “We witness to the efficacy of freedom and exult in the intricate beauty of complex voluntary exchange. We demand the right of every ego to maximize its value without limit save that of another ego. We proclaim the age of the Market unbound, the natural and proper condition for humanity, wealth in abundance, goals without end or limit, and self-determined meaning for all: Agora.” So wrote Samuel E. Konkin III in the “New Libertarian Manifesto” (The quotes in this article all come from NLM.) SEK3 died in 2004 and missed the opportunity to embrace cryptocurrency. As an associate and friend of his, however, I guarantee he would have reveled in it. As it is, NLM foreshadowed one of the most important effects crypto will exert on individuals and the world. Crypto will mitigate the coming collapse of the dollar and of the global economy, which will probably take down several nation states with it. Like crypto, Agorism will do so by offering a non-statist method to create and use wealth while increasing individual freedom. Both of them function outside the box. Agorism in Action The key to how Agorism operates outside the box lies in its approach to four types of markets: red, black, grey, and white. Red markets consist of “exchanges” that involve coercive acts by private individuals, such as a mugging or a threat of harm. Although some coercive acts are popularly associated with the black market, this is a miscategorization. “The Mafia, for example,” SEK3 noted, “is not black market but acts as government over some of the black market which collects protection money (taxes) from its victims and enforces its control with executions and beatings (law enforcement), and even conducts wars when its monopoly is threatened.” Black markets consist of “anything non-violent prohibited by the State and carried on anyways.” The goods and services exchanged include drugs, censored material, prostitution, fake documents, illegal housing, bootlegging, gambling, and knock-off products. The black market consists of victimless crimes. The importance and extent of the black market in any given society depends on the size of the white market that co-exists beside it. In the former Soviet Union, for example, the black market was vast because the white market—the “official” Soviet economy—was micro-controlled by the state and could not deliver the needs of the people. Grey and White A grey market refers to the trade in goods and services that are not in-and-of themselves illegal but which are obtained or distributed in ways that are. Unlicensed and under-the-table labor, such as “freelance” plumbing or construction work, are examples. Plumbing is not illegal but the state demands above-board plumbing so as to take its cut in the form of licenses and taxation. The line drawn between an act or exchange being red, black, and grey depends on the level of aggression that is present. Consider the act of killing someone. “Murder is red market,” SEK3 explained, “defending oneself against a criminal (when the State forbids self-defense) … is black in New York City and grey in Orange County.” The difference, at least when NLM was published in 1980? Orange County recognized the right to self-defense but limited the circumstances in which it could be exercised. A white market consists of legally accepted transactions that are regulated by the state and taxed. These exchanges are what most people conduct on a day-to-day basis. In a statist system, the economy will naturally tend toward black and grey zones because that is where financial freedom and profit exist. The restraining factor is fear of the state and punishment. As a practical reality, however, “even large businesses today could go partially counter-economic, leaving a portion in the ‘white market’ to satisfy government agents and pay some modicum of taxes and report a token number of workers. The rest of the business would (and already often does) expand off the books with independent contractors who supply, service, and distribute the finished product. Nobody, no business, no worker, and no entrepreneur need be white market.” Going grey is a choice, albeit one with risks. The Four Categories of Crypto Crypto can be viewed through the lens of all four categories. Red market crypto occurs when someone hacks into another person’s wallet or uses ransomware to extort; this is aggression. Black market crypto is when an e-currency is prohibited by the state but people use it anyway because it offers freedom and a superior store of wealth; Venezuela is an illustration. Grey market crypto happens when a legal crypto is exchanged in an illegal manner, such as peer-to-peer trading that avoids a state’s tax requirements. White market cryptos are epitomized by state- or central-bank issued ones but also include crypto exchanges that comply with the state requirements on issuance and reporting; this latter form of crypto functions as an extension of the state, which is the antithesis of the free market and freedom. In writing of Agorism, SEK3 highlighted an impact that cryptos share as well. Namely, they not only soften the effect of statism on the individual who employs Agorism and crypto, they also provide a softer landing for society when the economy collapses. “Counter-economics provides immediate gratification for those who abandon statist restraint … But only New Libertarianism offers reformation of society into a moral, working way of life without changing the nature of Man. Utopias may be discarded; at last we have a glimpse of how to remold society to fit Man rather than Man to fit some society.” This means the way to individual freedom and prosperity is the same as the path to societal health. Indeed, it would be remarkable if the paths diverged since society is nothing more than a gathering of individuals who share the same basic nature. The fundamental nature of man is to exchange for economic and personal gain, and the human need to exchange is what creates societies in the first place. The wellbeing of the individual is the wellbeing of society. Free Exchange Without Coercion For a genuine exchange to occur, however, the individuals must act voluntarily. To the extent aggression is present, the “exchange” becomes coerced. The more coercion, the less beneficial the “exchange” is to anyone but the aggressor. Otherwise stated: the black and grey markets allow individuals and societies to flourish. The red and white markets drain them of energy, prosperity, and freedom. Unfortunately, crypto may be at a disadvantage vis-a-vis Agorism when it comes to functioning in the white market. It is not only possible but also commonplace for people to use black and grey markets to avoid the state. For one thing, the state often turns a blind eye either because the stakes are so small or because it realizes that society’s survival depends on under-the-table trades; the Soviet Union was an example of the latter. But the stakes are far from small with competing currencies, and the state’s survival depends on maintaining its money monopoly. As cryptocurrency gains in popularity, it increasingly threatens state power. There will be no blind eyes when it comes to crypto. Those who value the prosperity and freedom of crypto would be wise to always prefer black or grey market means even when convenient white market ones are available. The former strengthens the individual and society; the latter strengthens the state. Op-ed disclaimer: This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information in this Op-ed article. Images courtesy of Shutterstock. Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry. The post Cryptocurrency Is Agorism in Action appeared first on Bitcoin News. View the full article
  18. Higher prices since the start of the year have been restoring popular interest in cryptocurrencies. Google searches for “bitcoin” have increased since December to about half of those registered in June last year. There’s one country that sticks out as a benchmark for the indicator. Nigeria has consistently topped the chart in the past 12 months. Only a couple of other African nations, Ghana and South Africa, come close. Also read: Wifi Sharing Platform Wicrypt Gets Government Grant in Nigeria Socio-Economic Hardships Pave the Way for Crypto Adoption in Nigeria Although it’s the continent’s largest economy, Nigeria is facing numerous economic and social challenges. Last year it overtook India as the country with the largest population living in extreme poverty, almost 87 million of its 200 million people. In the past two years, the Nigerian economy has returned to growth but since last summer inflation has been rising too, with the annual inflation rate almost touching 12% in December 2019. Scams taking advantage of the desperate and warnings issued by the central bank against Bitcoin have not deterred Nigerians from trying to learn more about cryptocurrencies, buying coins and using them in everyday life. For example, after a decrease last fall, trading volumes on the peer-to-peer exchange Localbitcoins are picking up again, reaching over 600 million Nigerian naira a week, or $1.65 million, according to data compiled by Coin Dance. Being a country with so many people struggling to meet ends, Nigeria is quite reliant on remittances from migrants who live and work abroad. Between January and November 2019 it received $17.57 billion from the diaspora, the Central Bank of Nigeria announced in January. The total represents an increase of 56.4% over the same period in 2018. Like other African nations, however, Nigeria pays very high fees for cross-border transfers that can reach almost 10%, as news.Bitcoin.com reported. Nigerians Have Many Options to Trade and Use Bitcoin Cryptocurrencies provide an economical alternative to the fiat system, but in order to be a viable option a functioning trading and exchange infrastructure is needed. Luckily, Nigeria has a number of local platforms that support purchases and sales of digital coins with the national currency, the naira. Options include Nairaex, which is the largest local crypto exchange supporting several payment methods to buy and sell BTC including bank transfers, and bitcoin remittance platform Bitpesa. The latter works with M-Pesa, a popular mobile phone-based money transfer service initially launched in Kenya and Tanzania. Nigerians can use Bitpesa to buy bitcoin with debit cards. They can also take advantage of the services offered by Wallet.ng, Busha, Tradefada, Bitfxt, and many more. Nigerians now also have plenty of options to use cryptocurrencies. Paychant is a payment processor that offers a cryptocurrency gateway for businesses to accept digital coins through instant conversion to local fiat, NGN in this case, helping them to protect their revenues from crypto price volatility. The platform currently supports BTC and ETH. Merchants who want to accept crypto directly can download and install the Bitcoin Cash Register app. The point of sale software will allow them to process BCH payments. A growing number of Nigerian companies already accept payments in cryptocurrency, the Buy Bitcoin Worldwide website reveals. One of them is the mobile airtime and SMS packages provider Gsm2me. The Nigerian platforms works with over 500 networks in 135 countries. Lagos-based online boutique shop and leather atelier Minku is another example. Its store sells fashion items and accessories in over a dozen other countries beside Nigeria. Do you think Nigeria can become a leading example of cryptocurrency adoption? Tell us in the comments section below. Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Images courtesy of Shutterstock. You can now easily buy bitcoin with a credit card. Visit our Purchase Bitcoin page where you can buy BCH and BTC securely, and keep your coins secure by storing them in our free bitcoin mobile wallet. The post Curious About Bitcoin, Nigerians See Increasing Opportunities to Buy and Spend Cryptocurrencies appeared first on Bitcoin News. View the full article
  19. In March 2014, a Newsweek columnist named Leah McGrath Goodman published a story called “The Face Behind Bitcoin.” She claimed Bitcoin’s inventor was a retired physicist named Dorian Nakamoto. When Goodman arrived at Dorian’s home in California, he said he was “no longer involved in that” and he “cannot discuss it.” The commentary prompted Goodman and her Newsweek cohorts to assume he was talking about the creation of Bitcoin, so they published an exposé about Dorian’s life. The following is the fifth installment of news.Bitcoin.com’s “the many facts” series, with a comprehensive look at the evidence that was tethered to Dorian Nakamoto and Bitcoin’s mysterious creator. Also Read: The Many Facts Pointing to Ian Grigg Being Satoshi Dorian Nakamoto: ‘I Am No Longer Involved in That and I Cannot Discuss It’ Six years ago, Newsweek’s Leah McGrath Goodman published an exposé on Bitcoin’s inventor and her report claimed it was the California resident Dorian Nakamoto. During the last 11 years there’s been a number of self-proclaimed candidates, as well as those who have been accused of being Satoshi. Most of the usual suspects had a few ties with the cypherpunk movement, but Goodman’s suspect wasn’t involved in that scene. Goodman spent two months investigating her story and one of her biggest selling points was the fact that Dorian’s birth name is “Satoshi Nakamoto.” The cover of the Newsweek article written by Leah McGrath Goodman. Interestingly, Goodman calls herself @Truth_eater on Twitter. The exposé claimed the Japanese-American, Dorian Nakamoto, invented Bitcoin. Instead of being a member of the cypherpunk movement, at the time Dorian was a 64-year-old Japanese-American, retired physicist and well-educated engineer. Dorian’s life skills and occupation made Goodman and others believe that he had what it takes to invent the cryptocurrency and release it to the world anonymously. Because Dorian worked for a few corporations and the U.S. military, some of the projects he worked on were deemed classified information. The shroud of secrecy made Goodman once again believe that Dorian was part of Bitcoin’s initial creation. Dorian Satoshi Nakamoto after the Newsweek article published. McGrath drove to California after studying Dorian’s life for two months and visited his house located in Los Angeles’s San Gabriel foothills. She got two police officers from Temple City to escort her and they asked if Dorian was in trouble. “I don’t think he’s in any trouble,” Goodman responded to the officers. “I would like to ask him about Bitcoin — This man is Satoshi Nakamoto,” she added. When Goodman caught Dorian leaving his home she faced him with two police officers as witnesses and questioned him about his involvement with creating Bitcoin. Goodman said that Dorian’s response was “careful but revealing.” The Newsweek columnist stressed that Dorian “tacitly acknowledg[ed] his role in the Bitcoin project” but refused to answer direct questions. “I am no longer involved in that and I cannot discuss it,” Dorian told Goodman and the officers that day. “It’s been turned over to other people. They are in charge of it now. I no longer have any connection.” Dorian Denies Involvement With Bitcoin – Questions Were Taken Out of Context All this made Goodman believe all the more Dorian was denying his role, and she thought she had found the mysterious creator. So the reporter and her publication Newsweek decided to run the expose on Dorian’s life story and claimed several similarities between Dorian and Bitcoin’s anonymous inventor. Following the published story, the entire Bitcoin community debated the subject and a great majority of crypto proponents didn’t believe Goodman’s article. The biggest evidence that the article leveraged was that Dorian was a Japanese-American, worked on classified projects, graduated in physics from California Polytechnic, and when he was questioned directly he said he had “turned it over” to other people. Dorian also lived very close to Hal Finney’s house and the Japanese-American showed he leaned toward a libertarian-like ideology. He is also smart enough to complete the project as coworkers noted that Dorian worked on “defensive electronics and communications for the military.” Dorian’s daughter spoke to Goodman and told the reporter that her father wholeheartedly believed in individualism. His daughter also noted: He was very wary of the government, taxes, and people in charge. Dorian did a video appearance with Andreas Antonopoulos after the community sent him BTC donations. However, Dorian told the public shortly after the publication that he felt victimized and he misunderstood Goodman’s questions. Dorian claims he thought the reporter was talking about a classified project that he worked on with the financial giant Citibank. After Dorian told his side of the story, the crypto community was outraged with Newsweek and Goodman’s report. They complained that Dorian was doxxed, as the article contained a photograph of his home in California. All this invoked bitcoiners to start a fundraiser for Dorian in order to pay for his troubles and the invasion of privacy that the Newsweek article started. Not too long after the article was published, Dorian spoke with a reporter from the Associated Press (AP) on camera and denied being involved with the Bitcoin project. Dorian’s statements highlighted that he was confused when Goodman questioned him and that his “I am no longer involved in that” comment was taken out of context. “I’m saying I’m no longer in engineering. That’s it. And even if I was, when we get hired, you have to sign this document, contract saying you will not reveal anything we divulge during and after employment. So that’s what I implied,” Dorian told the AP reporter. The retired physicist added: It sounded like I was involved before with bitcoin and looked like I’m not involved now. That’s not what I meant. I want to clarify that. The Bitcoin community likes Dorian and they have invited him to speak at a few crypto conferences. Dorian was sent a total of 102 BTC ($1 million USD) for his experience being doxxed as Satoshi Nakamoto and the wallet is now empty. Dorian also did a video with the Bitcoin evangelist Andreas Antonopoulos telling his side of the story and he thanked the Bitcoin community for all the donations he received. The BTC address: 1Dorian4RoXcnBv9hnQ4Y2C1an6NJ4UrjX has received over 102 BTC ($1 million USD at today’s exchange rate) and the wallet is now empty. This is a stark contrast to the over 1 million BTC sitting in the Satoshi Nakamoto wallets that have been left unspent for over a decade. Following Dorian’s Newsweek expose, the Japanese-American became a hero amongst the crypto community appearing on posters, t-shirts, and stickers. Dorian has appeared at crypto conferences and discussed his experience after Newsweek’s hit piece turned his normal, toy train-collecting life upside down. Moreover, with the slew of unattractive self-proclaimed Satoshis who have come out of the woodwork, many crypto proponents actually wish Dorian was Satoshi, as he’s far more friendly. People have even crowned Dorian as the best Satoshi Nakamoto suspect in years. Who do you think is Satoshi? One person? Many? Let us know in the comments section below. Image credits: Shutterstock, Newsweek, Pixabay, Wiki Commons, and fair use. Want to create your own secure cold storage paper wallet? Check our tools section. You can also enjoy the easiest way to buy Bitcoin online with us. Download your free Bitcoin wallet and head to our Purchase Bitcoin page where you can buy BCH and BTC securely. The post The Many Facts Pointing to Dorian Nakamoto Being Satoshi appeared first on Bitcoin News. View the full article
  20. Bitcoin’s next bull run will look very different from the last one. In 2017, BTC took the elevator to $20K before following the stairs down to $3K over the course of 12 months. In 2020, as bitcoin prepares for its halvening – followed by another potential price run – the cryptocurrency landscape looks very different. Here’s what’s improved since 2017. Also read: Tradeblock Estimates Post-Halving Mining Cost of $12,500 per BTC More Fiat Gateways In 2017, getting funds into crypto called for routing them via dubious banks, paying dearly for the privilege, and often waiting days for the transaction to clear. In 2020, most exchanges have in-built fiat gateways, with new fiat currency options being added on a weekly basis. This week alone, Binance has added another 15 fiat currency pairs after payment processing partner Simplex expanded its fiat on-ramp. Similar ones in place at Bitcoin.com and on exchanges like Kucoin and Bithumb enable investors to purchase crypto using credit or debit card at low cost. As a result, when the retail FOMO begins, enhanced on-ramps will channel more fiat, more efficiently than was the case in 2017. Better Customer Service One of the biggest bugbears during 2017’s bull run was the time it took to get verified on exchanges. Users were left waiting weeks for the go-ahead to start trading, as overworked compliance teams battled to clear the backlog. Some, like Bittrex, simply closed their books altogether and refused to accept new registrations. If you ran into technical problems, meanwhile, such as withdrawal issues, you could forget about receiving customer support. When Circle took over Poloniex in the wake of bitcoin mania, its first task was clearing the backlog of support tickets that had stacked up. In 2020, exchange support still has room to improve, but it’s far more robust than what passed for customer service three years ago. Technical improvements have also kicked in, enabling KYC verification to be completed in minutes rather than days. Better Liquidity Better liquidity means stronger support for bitcoin at key price points. Not only do deeper order books reduce spread and minimize slippage, but they make it harder for whales to single-handedly move the market. That’s not to say that whale shenanigans have been entirely eliminated today, but it’s certainly harder to pull the kind of stunts that were commonplace three years ago. Better liquidity isn’t just about volume, either: it also applies to the number of trading venues where BTC and other cryptocurrencies can be acquired at market price. More Options When bitcoin embarked on its giddy run in 2017, there weren’t many derivatives options for shorting outside of Bitmex, and nothing at all for institutional investors. CME and Cboe’s futures products launched at the peak of the bubble, and were too late to have any meaningful impact on the market. Today, these institutional options are complemented by a string of derivatives exchanges for retail investors including Binance Futures, FTX, and Deribit. Even Coinbase Pro has belatedly gotten in on the act, introducing margin trading this month. If bitcoin reaches new all-time highs and then keeps on climbing – despite there being efficient ways to short it this time around – it will suggest the rally is steeped in more than simply speculative mania. You can purchase Presidential futures on FTX Lower Fees Ever since peaking at a median of over $30 in December 2017, BTC fees have been mercifully low, averaging less than 10 sats/byte, and often reaching no more than a couple of sats per byte. Broad adoption of Segwit has also slashed the average transaction size by a third, further reducing costs, and exchanges have gotten more efficient at batching transactions. All this has meant that sending BTC onchain has been affordable for most people and for most amounts above $5. If bitcoin enters a full-blown bull market, fees can be expected to rise as coins in cold storage are dusted down and sent to exchanges and the mempool fills up. However, if fees can stay affordable for most people, bitcoin should remain attractive to newbs making their first Coinbase buy and sending BTC over to Binance to trade. One thing that is unlikely to be ready by the next bull run is Lightning Network, which is still 18 months off, and may still be in 2140 when the last bitcoins are mined. Different Emotions? There’s one final thing that will be different when bitcoin embarks on its next record-breaking run: many of the investors involved will recall 2017, when a good proportion of them first entered the industry. As bitcoin smashes record after record, they’ll recall those euphoric feelings that, for a few months in 2017, became the norm. This time around, though, will they have the presence of mind to sell while in profit, or will the lessons of three years ago be forgotten as greed takes over? In hindsight, $19K would have been a great place to have sold bitcoin. In the next bull run who’ll have the shrewdness to stop near the top? History suggests virtually no one. Do you think bitcoin is on the verge of entering another bull market? Let us know in the comments section below. Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Images courtesy of Shutterstock. Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry. The post More On-Ramps, Liquidity, Options: Why Bitcoin’s Next Bull Run Will Be Different appeared first on Bitcoin News. View the full article
  21. Crypto blogging platform Steemit is undergoing a big change, migrating from its own Steem blockchain to the Tron network. The struggling crypto blogging platform launched in 2016 and made waves when big name libertarian users began to make thousands of dollars per post. The platform’s heyday was short-lived, however, and after the departure of co-founder Dan Larimer of EOS fame, attempts to rebrand, and layoffs, it has finally ended up in the care of crypto mogul Justin Sun, founder of the Tron platform. Also Read: Ethereum vs Tron: Comparing Data, Defi and Stablecoins from Both Chains After Viral Tweet Steemit Sold to Tron Founder The once highly popular social media hub for anarchists, libertarians, and crypto heads in general — not to mention all sorts of other demographics like photographers and lifestyle bloggers — is moving operations to the Tron network according to a press release issued on Valentine’s Day. “Steemit Inc., the largest decentralized blockchain-based social media and blogging platform, announced a strategic partnership with TRON Foundation,” the release states. “TRON and Steemit’s development teams will immediately begin working together to bring Steemit and other Steem blockchain-based DApps to TRON blockchain and its community of over 20 million users, products, and services.” Former Steemit CEO and co-founder Ned Scott tweeted: Steemitans and Twitterers, after four beautiful years, I have sold Steemit to @justinsuntron. AMA tomorrow at 9am PT. The Ask Me Anything video finds Tron founder Justin Sun in discussion with Scott, elaborating on the details and implications of the deal. In explaining why he sold the company, Scott stated he is “moving on for personal reasons” and that “there’s a couple other companies that I’m working on behind the scenes privately.” This is notable since one of the common criticisms of Steemit historically has been the project-hopping of leaders, with Bitshares creator Dan Larimer, who helped Scott create Steemit, leaving the project in 2017 to work on EOS development. Steem Community Reacts to Sun’s Latest Acquisition Tron founder Justin Sun has gained a reputation in the crypto space for making big moves financially, acquiring Bittorrent in 2018 and blockchain based streaming platform Dlive last year. Dlive was originally built on the Steem blockchain and was popular with users on the Steemit platform before migrating to the Lino network prior to Tron migration. In recent news, Sun was also able to finally have his postponed lunch meeting with multi-billionaire Warren Buffet after spending $4.57 million to do so. Sun’s big moves are not impressing everyone, though, and some Steemians are very concerned with how the steem token will be migrated, and what the new “tron steem” platform might look like. Sun’s announcement post on Steemit, which has garnered over $150 in steem at press time, has elicited lots of questions from community members. One user commented: I am here for Steem, not Tron. I have zero interest in anything Tron offers, and moving Steem to Tron’s network is something that’ll happen without me as a result. Another details that “the community is very worried about what the next steps are and there is a lot of talk about a fork away from Tron within the Steem community as many members presently see this as a hostile take over by Tron and not a mutually beneficial partnership.” Veteran steem whale @berniesanders lashed out in trademark fashion as well, with an incendiary comment on the post: Regarding the concerns about currency migration, Sun stated in the Feb. 16 AMA with Ned Scott: I don’t think we have a plan for immediately like token swap, so I think we will keep both steem and the tron tokens separate and run separately … there is no token swap for right now … I just want to talk with the team and found out the best solution to integrate eventually for steem, Steemit, and Tron. That may sound well and good, but for the dedicated bloggers who came to Steemit seeking a real decentralized social media and fell in love with the chain and platform, the official press release is clear: “Together, TRON Foundation and Steemit Inc. will look to create further value for their users and to augment their advancements in decentralized technologies,” it states, “including moving old STEEM token to a new TRON based STEEM token.” Some are not so pessimistic, hoping the sale could bring steem a long overdue shot in the arm of recognition in the crypto space and beyond. As for Scott, he states in the press release, “From launching the platform in 2016 on a shoestring budget with an idealistic team to today, I’ve enjoyed the development of the platform and the growth of its user base — now I’m excited to see a strategic partner attempt to bring it to new heights.” What are your thoughts on the sale of Steemit to Justin Sun and the upcoming migration to the Tron network? Let us know in the comments section below. Images courtesy of Shutterstock, Piotr Swat, fair use. Want to create your own secure cold storage paper wallet? Check our tools section. You can also enjoy the easiest way to buy Bitcoin online with us. Download your free Bitcoin wallet and head to our Purchase Bitcoin page where you can buy BCH and BTC securely. The post Steemit for Sale: Popular Crypto Blogging Platform Sold to Tron, Community Reacts appeared first on Bitcoin News. View the full article
  22. The People’s Bank of China (PBOC) has reportedly filed 84 patents relating to its plans to launch a digital currency. The patents reveal the central bank’s plans which include integrating digital currency wallets into existing retail bank accounts. The potential for the Chinese central bank digital currency to achieve scale from the get-go has put several other central banks worldwide on high alert. Also read: Trump Views Crypto a Threat, Proposes Countermeasures in New Budget PBOC’s 84 Digital Currency Patents The People’s Bank of China (PBOC) has filed 84 patents relating to its plans to launch a digital yuan, the Financial Times reported on Wednesday. The publication claims to have seen and verified all of them, which include: Proposals related to the issuance and supply of a central bank digital currency, a system for interbank settlements that uses the currency, and the integration of digital currency wallets into existing retail bank accounts. Several of the patents “indicate that China may plan to algorithmically adjust the supply of a central bank digital currency based on certain triggers, such as loan interest rates,” the news outlet detailed. Some patents “outline mechanisms to allow customers to make deposits with their existing banks and then exchange that for digital currency … Other patents are focused on building digital currency chip cards or digital currency wallets that banking consumers could potentially use, which would be linked directly to their bank accounts.” The patents were uncovered by the Chamber of Digital Commerce. Patent attorney Marc Kaufman, a partner at Rimon Law who worked with the chamber on the project, commented: Virtually all of these patent applications relate to integrating a system of digital currency into the existing banking infrastructure. The majority of the patents are attributed to the PBOC’s Digital Currency Research Institute, with some attributed to state-owned corporations or government subsidiaries. The institute was set up at the end of 2016 to study the possibility of issuing a sovereign digital currency when commercial tradeable cryptocurrencies started gaining traction, the South China Morning Post described. The director of the institute, Mu Changchun, previously said that the digital yuan was almost ready. In December, the official Shanghai Securities News reported Mu explaining that this new currency is not for speculation and would not need the backing of a basket of currencies, emphasizing that it is different from bitcoin and stablecoins. Global Responses to Digital Yuan China’s claim to be close to launching its central bank digital currency (CBDC) has put other countries on high alert. In the U.S., Representative Bill Foster pointed out during a House of Representatives’ Committee on Financial Services hearing on Tuesday that besides Facebook’s Libra project, China is the only one in a position to launch its own digital currency and immediately achieve scale. However, both the chairman of the Federal Reserve and the Secretary of the Treasury believe that the U.S. does not need a digital dollar yet. Meanwhile, the Bank of International Settlements (BIS), the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Sveriges Riksbank, and the Swiss National Bank formed a group last month to assess potential cases of central bank digital currencies. According to reports, they will meet in mid-April in Washington on the sidelines of an International Monetary Fund (IMF) conference to discuss this issue. Bank of Japan board member Takako Masai told a news conference in Nara on Feb. 6: In Japan, we don’t have any plans now to issue central bank digital currencies … But we need to make an effort so we’re ready to respond, in case public demand for central bank digital currencies rises dramatically. To help central bankers decide whether to issue a central bank digital currency, the World Economic Forum published a toolkit for policymakers last month. It aims to provide high-level guidance and information on different types of CBDCs — such as retail, wholesale, and cross-border — and alternatives in private money for large, small, emerging and developed countries. In the same month, the BIS released the outcome of a survey it conducted of 66 central banks’ digital currency efforts. The results show that 40% of central banks have progressed from conceptual research to experiments, or proofs-of-concept, and another 10% have developed pilot projects. However, only a few from small and medium-sized economies have progressed to intensive development and have firm intentions to issue a digital currency soon. “Central banks currently not looking at CBDCs are typically from smaller jurisdictions and/or report that they face more pressing priorities,” the survey finds. What do you think of the PBOC filing 84 patents relating to a central bank digital currency? Let us know in the comments section below. Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Images courtesy of Shutterstock. Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. The post 84 Digital Currency Patents Filed by China’s Central Bank Show the Extent of Digital Yuan appeared first on Bitcoin News. View the full article
  23. The U.S. Office of the Director of National Intelligence has admitted that cryptocurrency could undermine the U.S. dollar as the world’s reserve currency. The head of the U.S. Intelligence Community is seeking researchers to detail the impact of that status loss on the U.S., its economy, and national security. Also read: Fed Chair Powell Reveals US Response to China’s Digital Yuan, Libra, Public Payments Ledger Crypto Could Undermine USD as the World’s Reserve Currency The U.S. Office of the Director of National Intelligence has posted a research opportunity entitled “Evaluating the Impact of U.S. Dollar Losing Its Status as World Reserve Currency.” “There are many advantages for U.S. national security to have the U.S. dollar as the world reserve currency. Any international transaction settled in US dollars gives the U.S. jurisdiction over financial crimes associated with those transactions,” the office stated in its posting. “In addition, the U.S. is able to effectively level sanctions against or designate entities that violate international laws or treaties, or that have the potential to cause financial instability in global markets.” However, “there are many threats to the U.S. dollar maintaining its status as the world reserve currency,” the Office of the Director of National Intelligence explained. “Countries such as China and India have large growing economies that could compete with U.S. economic growth,” its post describes, adding: Many cryptocurrency enthusiasts predict that either a global cryptocurrency or a national digital currency could undermine the U.S. dollar … The U.S. should prepare for scenarios that threaten to undermine the U.S. dollar as the world reserve currency and determine how those scenarios could be overcome, protecting our status in the global economy. Referring to the above threats, the post notes that “If either of these scenarios or others come to pass, the U.S. would lose both its status in the world and its global authorities.” The posting further asserts: “The U.S. should prepare to identify potential ‘black swan’ events that could revolutionize the financial playing field in ways we do not yet understand – presenting strategic surprise — and understand root causes and driving factors that are particularly sensitive to certain global or technical events.” Who Can Apply and Scope of Research The research opportunity above is a U.S. Intelligence Community Postdoctoral Research Fellowship Program through the Department of Energy’s Oak Ridge Institute for Science and Technology. The Intelligence Community is a coalition of 17 agencies and organizations, including the Central Intelligence Agency (CIA), the Department of Homeland Security (DHS), the Drug Enforcement Administration (DEA), the Federal Bureau of Investigation (FBI), and the National Security Agency (NSA). The Director of National Intelligence, acting as the head of the Intelligence Community, oversees and directs the implementation of the National Intelligence Program and acts as the principal advisor to the president, the National Security Council, and the Homeland Security Council. The U.S. Intelligence Community comprising 17 agencies, with the Director of National Intelligence as the head of the community. Two positions are listed in the research opportunity posting: postdoc and research advisor. Postdoc applicants must be U.S. citizens and either recent Ph.D. graduates or doctoral students who will soon complete their degrees. Research advisor applicants must be an employee of an accredited U.S. university, college or U.S. government laboratory but are not required to be U.S. citizens. The application deadline is Feb. 28. “This project should leverage all available information as well as recent breakthroughs in applied statistics, artificial intelligence, and deep learning to determine the most likely scenario(s) for how the U.S. dollar loses its status as the world reserve currency, why that scenario(s) is most likely, and in what timeframe this scenario(s) could unfold,” the Office of the Director of National Intelligence clarified, elaborating: It should also detail the impact of that status loss on the U.S., its economy, and national security. What do you think of the U.S. researching how crypto could undermine the U.S. dollar as the world’s reserve currency? Let us know in the comments section below. Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Images courtesy of Shutterstock and the Office of the Director of National Intelligence. Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. The post US Worried Crypto Could Undermine Dollar as World Reserve Currency, Hiring Researchers to Prepare Response appeared first on Bitcoin News. View the full article
  24. Research has shown that government paper money is a hotbed for bacteria and that, at least in the U.S., most bank notes in circulation are tainted by cocaine. Now you can also worry about a new threat possibly sticking to your fingers when you handle a bill – a deadly virus coming out of China. Also Read: China Stocks Plummet Despite 1.2 Trillion Yuan Injection to Mitigate Effects of Epidemic China Scrubs Cash to Stop Virus Outbreak The People’s Bank of China, the Chinese central bank, has announced that it has taken a number of actions to fight the spread of COVID19 – the novel coronavirus infecting the country. In a press conference on Saturday, February 15, it was revealed that commercial banks have been ordered they must take out of circulation used notes and disinfect them. The disinfected fiat cash will also need to be kept in quarantine for a period of 7 to 14 days before it can be reintroduced to the public, with the length of time bills are kept in isolation varying from region to region according to its level of infection with the virus. Moreover, the Guangzhou branch of the People’s Bank of China claimed on Saturday that all used cash notes coming from hospitals, wet markets, and public transportation buses will simply be annihilated as soon as possible. And according to reports from the area, stacks of cash are now being stockpiled in warehouses waiting until they can be eliminated. Additionally, Fan Yifei, deputy governor of the Chinese central bank, said Saturday that commercial banks have been instructed to give out new banknotes to clients instead of used ones if they can. For this purpose the People’s Bank of China made an “emergency issuance” of four billion RMB in new notes to the most severely effected region, Hubei province, right before the recent Lunar New Year holiday. These steps are meant to “secure the public’s safety and health when using cash”, Fan said. Will Outbreak Have Long Term Implications on Cash? Over 1,660 people have died from the COVID19 outbreak so far and almost 70,000 cases have been confirmed. Besides the heavy human cost, the spread of the virus has also had a strong impact on the Chinese economy. With cities under lockdown and civilians discouraged from leaving their homes, many businesses have taken a massive hit as both employees and customers have stayed away. The local stock markets have also taken a pounding and GDP growth numbers will probably need to be revised downward. The recent moves to disinfect used fiat bills point to the need to consider this outbreak might have long lasting consequences for the usage of government paper money in the giant Asian country too. China was already a world leader in the use of mobile payments apps, with Alipay and Wechatpay allowing users to shop almost anywhere in the country and pay directly to anyone using QR codes. If many people in China will associate cash with the risk of catching deadly viruses they might dump it altogether. Beyond China, this crisis might also be used by governments in different parts of the world that want to transition to a “cashless society” to justify their actions. They might introduce a ban on fiat paper cash as a public safety measure instead of just a way to ensure total surveillance on citizens’ economic lives. However, it is important to remember that fiat money was always dirty, not just as a concept, and research has shown that a random bill in New York can be home to hundreds of bacteria and up to 80% of USD notes in circulation contain traces of cocaine. Bitcoin Cash solves all this. What do you think about China scrubbing paper money to stop the spread of the virus? Share your thoughts in the comments section below. Images courtesy of Shutterstock. Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Bitcoin.com Markets, another original and free service from Bitcoin.com. The post China Is Scrubbing Cash Notes to Stop Virus Spreading so Its Government Paper Money Wont Kill You appeared first on Bitcoin News. View the full article
  25. ATMs supporting digital coins have increased parallel to the predominant trend on cryptocurrency markets since the beginning of 2020. With over 400 new devices added in January, the global total is now closing on the 7,000 mark. The sector has seen exponential growth in the past three years. Also read: Bitcoin.com Partners With Mecon Cash, Enabling Withdrawal at ATMs Across South Korea Crypto Teller Machines Increase by Over 5% in January This year had a promising start for cryptocurrencies, with the price of BTC rising from below $7,000 in the first days of January to around $9,350 at the end of the month and to over $10,000 in mid-February, the Bitcoin Markets tool shows. Other cryptocurrencies gained market capitalization too. Bitcoin cash (BCH), for example, increased its rate from a little under $200 per coin to almost $500 on Feb. 14. Higher prices are bringing interest back to the crypto space, with more people looking to invest in digital assets. Bitcoin ATMs are an accessible way to acquire cryptos for those who are entering the ecosphere now and the Google Trends statistics reveal that the queries about this type of teller machine have doubled since last year. Period highs were observed in June 2019, when BTC almost touched $13,000, and in the first half of January, when the current bull market started. The number of newly installed BATMs has continued to grow at a stable rate this year, according to data compiled by the tracking website Coinatmradar. Its Bitcoin ATM Market Dynamics January 2020 report shows that there were 6,377 operating devices around the world at the start of the month. 432 machines were launched during the period while only 104 were closed, which represents a net growth of 328, or 5.1%. The majority of manufacturers increased production. Genesis Coin is leading the pack with 146 new ATMs (7% increase), followed by General Bytes with 62 (3%) and Coinsource with 40 installations (up 11.7%). Many operators introduced new machines. Coinflip Bitcoin ATMs tops the chart with 36, Bitcoin Depot is a close second with 34 and ATM Coiners comes in third place with 33, or a 50% increase in its devices. New players are entering the niche with U.S.-based Pro ATM installing its first 12 machines. Large Operators Fare Better Than Firms With Few ATMs Coinatmradar has been following and analyzing the activities of 870 Bitcoin ATM operators since 2013. Despite the common perception that they charge high fees, not all companies have made it so far due to various costs and risks. The survival rate seems to depend on the number of operated ATMs. Firms that ran between 1 and 10 machines at peak level lasted for a year and a half on average. While over 450 of these small operators are still active, more than 300 have already closed down. At the same time, none of the companies with 100 or more devices went out of business. In January, the United States saw the highest number of new BATMs – 325 new machines were installed across the country, which is a 7.7% increase. Canada and the United Kingdom are distant second and third with only 5 and 2 recently added locations respectively. Unfortunately, there are nations that closed some of their crypto teller machines last month. Italy, for instance, has lost 7 Bitcoin ATMs and now has 47. Three of a total of 179 devices were decommissioned in Austria while two were unplugged in the Netherlands. Most of the machines in operation allow you to buy and sell multiple currencies. Bitcoin core (BTC) is the most widely supported crypto on all but three of the 6,833 active ATMs. Their number increased by over 300 in the first month of the year. A total of 2,307 devices currently offer Bitcoin cash (BCH), up from 2,226 at the end of January and 2,141 at the start of 2020. Last month, BCH supporting devices increased by 85 or almost 4%. Meanwhile, teller machines offering zcash (ZEC), dogecoin (DOGE) and monero (XMR) have decreased in number. Do you expect Bitcoin ATMs to continue to spread around the world? Do you see a correlation between their numbers and crypto market trends? Tell us in the comments section below. Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Images courtesy of Shutterstock, Coinatmradar. You can now easily buy bitcoin with a credit card. Visit our Purchase Bitcoin page where you can buy BCH and BTC securely, and keep your coins secure by storing them in our free bitcoin mobile wallet. The post Bitcoin ATMs Grow in Number Reaching Almost 7,000 in Operation Around the World appeared first on Bitcoin News. View the full article
  26. Bitcoin ABC developers published a blog post on Saturday which discusses the miner Infrastructure Funding Plan (IFP) and the team told the community the software engineers have been “requested” to implement IFP. According to the developers, the code for IFP will be implemented in the upcoming 0.21.0 ABC software release. Also Read: 3 Cents per kWh – Central Asia’s Cheap Electricity Entices Chinese Bitcoin Miners Bitcoin ABC Will Implement Code for the Infrastructure Funding Plan in the Next Software Release Btc.top founder Jiang Zhuoer recently introduced a miner-funded Infrastructure Funding Plan (IFP) that would see a fraction of block rewards sent to core developers working on the BCH protocol. At first, the plan was to use 12.5% of the BCH coinbase rewards and miner participation was required. While some people liked the plan, the proposal didn’t sit well with a number of BCH supporters and people debated the subject for days. Then Zhuoer followed up with the community after hearing the responses and he explained that the coinbase reward would be reduced and instead of requiring other miners to donate they could burn their percentage. Again, BCH community members mulled over the revised plan and the conversation had settled for a while. Then on Saturday, Bitcoin ABC announced the team would be adding support to the IFP within the next codebase release. The 0.21.0 ABC software release will contain code that implements the rules if triggered by miners via [a] BIP-9 like method. The method would be the same steps used when BTC developers activated Segregated Witness (Segwit) for soft fork deployment. The Bitcoin ABC blog post states: The new plan addresses several of the major concerns expressed over the last few weeks. Bitcoin ABC has been requested to implement this plan in the node software, and as such will be including this implementation in the upcoming 0.21.0 release. BIP-9 Like Voting Will Be Used for IFP Activation According to the development team, the new plan is different as it will be “triggered by miners via BIP-9 like method.” “The amount is reduced to 5% of block reward [and] the funds can go to more than one project, and can go to one of several in a whitelist,” the update says. The post goes further and explains the “whitelist” of possible projects. The following criteria include: Must be common infrastructure, things that different products build on top of. The project must provide a “Public Good” The project must use open source software licenses compatible with other projects in the Bitcoin Cash ecosystem. The plan should prioritize projects that are in need of money. The current node count for the top three BCH node implementations according to Coin Dance statistics. The software engineers disclosed that by applying the criteria a whitelist has come to fruition. There will be donation addresses for a General Fund, Bitcoin ABC, Electron Cash, and BCHD. “As a project, Bitcoin ABC believes that stable funding of Bitcoin Cash software infrastructure is vital to the success of the project,” the developers concluded. “While we recognize that some aspects of this plan have been controversial, we believe that overall the benefits of the plan create the potential for a very exciting future in which Bitcoin Cash can grow and compete, and can reach its goal of becoming the best money the world has ever seen.” The developers also thanked Btc.top’s Jiang Zhuoer and other mining pools for their “desire” to fund infrastructure. “We are optimistic this plan could be a great success,” the team’s blog post further highlights. What do you think about Bitcoin ABC’s recent announcement? Let us know what you think about this topic in the comments section below. Image credits: Shutterstock, Bitcoin ABC logo, and Coin Dance. Do you want to maximize your Bitcoin Mining potential? Plug your own hardware into the world’s most profitable Bitcoin mining pool or get started without having to own hardware through one of our competitive Bitcoin cloud mining contracts. The post 5% of Block Rewards – Bitcoin ABC Will Add Infrastructure Funding Plan in Next Release appeared first on Bitcoin News. View the full article
  27. On February 7, the blockchain analytics provider Tradeblock published a report about the upcoming BTC reward halving. BTC’s block reward is expected to halve on or around May 12, 2020, and Tradeblock’s report estimates that the cost to mine BTC will be over $12,500 after the halving. Also Read: The Controversial S2F Model Predicts Bitcoin Price Will Reach 100,000 USD Within 2 Years BTC’s Price Must Rise According to Post-Halving Cost Estimate The great reward halving of 2020 is coming and the discussion about this topic has intrigued crypto supporters. BTC, the largest blockchain network by market capitalization, will see a reward halving on or around May 12, 2020. This means a miner who finds a block on the network will only get 6.25 BTC, in comparison to today’s 12.5 BTC reward. Of course, the BTC reward halving has prompted intense speculation on whether the price will rise prior to the halving and remain profitable to mine after the event as well. Across social media platforms and crypto-focused forums, individuals have been debating the subject regularly. Additionally, there’s been various studies done on the subject and Tradeblock recently published the firm’s thoughts on the upcoming BTC reward halving and estimated post-halving cost. Figure 1 from Tradeblock’s report shows BTC’s network hashrate and difficulty hit new all-time highs. The blockchain analytics provider emphasized that the post-halving cost should be around $12,525. “In our latest estimates, we projected that commercial mining operators were likely operating at healthy profit margins as the price of bitcoin increased throughout 2019 (albeit with bouts of volatility over the year),” Tradeblock’s researchers noted. “However, the network hash rate has continued on a record run, making new highs nearly each week.” They added: Hash rate increases as the number of resources, in aggregate, committed to securing the network through mining activities rises. As resources dedicated to mining rise over time, efficiency gains and/or mining costs rise. As such, in order to maintain healthy profit margins for miners, a rising hash rate is typically needed to correspond with a rising bitcoin price. Tradeblock’s generated assumptions for cost calculations. Analysts and Controversial Stock-to-Flow Charts Show the Halving Could Propel BTC’s Price to $100K Tradeblock stressed that the gross cost to mine a single BTC after the halving would need to be around $15,062 per coin. However, by adjusting the assumption that hashrate remains relatively flat then the cost would drop to $12,525 per BTC. “It is important to note, however, that large scale commercial mining pools such as those operated by Bitmain will likely have a lower device price point as they will be utilizing Antminer devices at cost,” Tradeblock’s report highlights. “As such, this would allow breakeven costs to be somewhat lower than the above estimates.” The Tradeblock report follows the report published in September by Bayerische Landesbank (Bavarian State Bank), which estimated BTC prices could touch $90,000 soon. The report’s estimates and reasoning derive from speculation concerning the reward halving and the controversial stock-to-flow (S2F) system. News.Bitcoin.com recently reported on how a few S2F charts show a possible climb to the $100K mark. Traders who wholeheartedly believe in S2F technical analysis think that the reward halving is one of the biggest reasons why the $100K price is achievable. Additionally, onchain data indicates that BTC miners are hoarding coins as the difference between freshly generated coins and their first spends have consistent gaps week after week. Statistics from Bytetree’s “Generation / On-chain 1st Spend” data shows lots of miners are hoarding coins prior to the halving. Tradeblock’s report assumes miners will continue to expend resources in order to secure the network despite the reward halving. The study’s data suggests that the “cost (per mined btc) increase following the halving” will surely happen, but the rise in price is theoretical. “This suggests that miners are likely expecting the price of bitcoin to rise to higher levels (above ~$12,000-15,000 per BTC) around the halving allowing them to continue to generate a profit, or they likely will look to reduce resources following the halving resulting in a hash rate decline as profitability falls,” Tradeblock’s report concludes. If the price of bitcoin means it is not profitable to mine after the BTC halving in May, significant miner capitulation could occur. What do you think about the BTC reward halving? Do you think the price is already priced in or do you expect BTC to rise just before the halving? Let us know what you think about this subject in the comments section below. Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Price articles and market updates are intended for informational purposes only and should not be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Image credits: Shutterstock, Wiki Commons, Twitter, Tradeblock report, bitcoinblockhalf.com, Bytetree, and Pixabay. Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. The post Tradeblock Estimates Post-Halving Mining Cost of $12,500 per BTC appeared first on Bitcoin News. View the full article
  28. Cryptocurrency markets have been climbing higher in value as coins like BTC have gained over 19% during the last 90 days. However, many other digital assets have seen much larger gains and BTC dominance has been sliding downwards consecutively for the last 14 days. Also Read: Craig Wright’s $100B Theft Claim – BTC and BCH Used His Database Without Permission BTC’s Ratio of Market Dominance Sinks to 60% During the last few weeks, BTC dominance has dropped from a high of 70% to a low of 60%. The term and metric BTC dominance is the ratio of BTC’s market capitalization versus all the other coin market caps. So the current market valuation of the entire cryptoconomy is around $305 billion and BTC captures 61% of that today with a market valuation of around $186 billion. BTC has always been the world’s largest cryptocurrency by market capitalization and prior to February 2017, the asset captured more than 80% of the entire cryptoconomy for eight years straight. However, the video tweet below shared in 2018 shows how crypto dominance metrics can change drastically over time. The evolution of the altcoin market share and BTC dominance #cryptocurrency #cryptosec #Crypto #cryptotwitter #altcoins #cryptotrader #cryptotrading #blockchain #btc #eth #bch #eos #ltc #xrp #bitfinex #cryptoexchange #binance #bitmex #crypto #cryptocurrencynews#cryptotrading pic.twitter.com/1IcerX7BHC — Cryptosec (@vivasatori) September 15, 2018 After February 26, 2017, BTC dominance slid from 85% to a low of 40% one month later. At the same time, Ethereum (ETH) spiked to an all-time high of 31% of the cryptoconomy’s overall valuation and XRP was at 17%. A number of people believe that BTC’s rising network fees and clogged backlog (mempool) of transactions in 2017 and 2018 attributed to the decline. Alongside this, many crypto proponents and traders referred to the time as “alt season,” in which a variety of alternative digital assets reduce BTC’s share of the entire coin market cap. After BTC dropped to a low of 40%, the dominance metric slid even lower in January 2018 as BTC dominance was around 33%. Since then, the digital currency has regained a lot of market cap dominance and BTC had risen to close to 70% on September 8, 2019. However, after the jump to 70%, BTC’s share of the cryptoconomy has been sliding once again. From September’s high of 70%, BTC dominance has dropped down to 60% on February 15, 2020, losing roughly 10%. The sliding metric has been due to other digital assets that have done far better percentage-wise as far as gains are concerned. For instance, during the last 90 days, BTC has gained 19%, but ETH jumped 52%, XRP 26%, BCH 82%, and BSV rose by 185% in that time period. BTC dominance has slid consecutively for the last 14 days straight to its current low and only today has it started to rise again slightly. It’s been one of the longest downward slides for BTC dominance since September 2018. BTC’s market dominance touched a high of close to 70% during the first week of September 2019. Are Market Valuations and Dominance Important Metrics? Even though BTC dominance is a metric used by crypto market price aggregation websites, many proponents do not believe the data reflects any real value. Market caps only reflect the current worth of every coin circulating in real-time and some people think the data can be skewed. Despite the fact that a number of crypto proponents believe market caps and dominance are inadequate value metrics and do not necessarily reflect the project’s real worth, these metrics are used by the majority of crypto enthusiasts. In the early days, after assets like namecoin, ripple, litecoin, and mastercoin appeared, the website coinmarketcap.com was developed and the public were able to compare coins based on market valuations. There’s now a great variety of coin market cap aggregation websites that show similar data and provide other statistics too like trade volumes. BTC dominance has slid 10-12% touching a low of 60% on February 15, 2020. Despite some believing that market cap lists are not a good reflection of real value, individuals find the data very important. As mentioned above, investors believe there are significant reasons for BTC dominance declines, whether it was the network stress or alt season that prompted the decline from 85% to 33%. Market caps and dominance metrics show investors the level of risk involved as small-caps, mid-caps, and large-caps see different types of movements. BTC dominance calculated by Trading View. Traditionally, mid to small market caps are far more volatile than larger-cap cryptocurrencies and they can spike in price and drop in value very quickly. People view market valuation and dominance as a reliability metric because large caps usually present less risk to investors. Smaller crypto market caps provide investors with high-risk trading situations which can be good or bad depending on how the individual is trading. The fact that BTC lost 61% of the dominance it commanded over the entire cryptoconomy between February 2017 and January 2018 is a metric of great importance to a lot of crypto enthusiasts. When BTC’s dominance climbed from 33% back to 70%, some maximalists and hardcore BTC supporters said that “altcoins were dying.” Although ever since this, altcoin values have been outperforming BTC by a long shot. Lesser known coins are also outpacing many coins in the top 20. BCH and ETH’s rise during the last 90 days did outperform BTC, but coins like presearch (PRE 2,641%), cryptaur (CPT 1,351%), htmlcoin (HTML 333%), vetri (VLD 322%), and Digixdao (DGD 308%) did even better. Where do you see the cryptocurrency markets heading from here? Let us know what you think about this subject in the comments section below. Disclaimer: Price articles and market updates are intended for informational purposes only and should not be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.” Cryptocurrency prices referenced in this article were recorded on February 15, 2020, at 9:30 a.m. ET. Images via Shutterstock, Trading View, Bitcoin.com Markets, Twitter, coinmarketcap.com, Fair Use, Pixabay, and Wiki Commons. Want to create your own secure cold storage paper wallet? Check our tools section. You can also enjoy the easiest way to buy Bitcoin online with us. Download your free Bitcoin wallet and head to our Purchase Bitcoin page where you can buy BCH and BTC securely. The post BTC’s Market Share Drops Consecutively for 14 Days – Dominance Ratio Slides to 60% appeared first on Bitcoin News. View the full article
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