roadrunner

A new television series by MTV features arguably the channel’s first crypto personality. Rachel Siegel, a bitcoin advocate and proponent of mass adoption who’s behind the Youtube channel Crypto Finally, was invited to enrich the story of a $5 million SIM swapping scam with her expertise. The episode was aired recently, attracting much attention from the crypto community, and not only for what it showed, but also what was cut out. Also read: Cryptocurrency Explained on the Latest Episode of The Simpsons MTV Show Consults ‘Crypto Expert’ on a $5 Million Hack The True Life Crime show premiered on MTV in January with the promise to give you “a closer look at the biggest true-crime headlines.” Its seventh episode, “The $5 Million Phone Hack,” has host Dometi Pongo finding out how 19-year-old Joel Ortiz got involved in a SIM swapping theft and was eventually tracked down by an elite law enforcement unit in California. Viewers who watched on Feb. 19 saw some of the victims’ messages for Ortiz and heard praise for the React team, a task force of various police departments that investigates computer-related crime in the state. As news.Bitcoin.com reported in February 2019, Ortiz got 10 years in prison, the maximum punishment in this case, after pleading guilty. But what would an investigative series be without the expert opinions? And while the state prosecutor and the defense attorney handled the legal aspects quite well, someone with an appropriate image and knowledge was needed to unravel the crypto side of the story. So the producers of the show, a third party company, found Rachel Siegel on Twitter, convinced her to take part and flew her to Los Angeles for the shoot. I’m MTVs first ever “crypto expert” and there’s not a damn thing you can do about it. It’s. Ya. Girl. 🔥 — Crypto Finally 💫 (@CryptoFinally) February 20, 2020 Rachel is a New York-based content creator with background in media who got into the blockchain space in 2018, as she revealed on the Thinking Crypto podcast. She launched her Youtube channel, Crypto Finally, with “catchy and interesting” Bitcoin music videos to “get people fascinated by Bitcoin.” Now she’s “starting to get more educational,” targeting millennials in particular. A topic she dived deeper into during a presentation last year was mainstream media portrayal of Bitcoin and how it attributes to adoption. Crypto Finally now has around 2,800 subscribers. Mainstream Media Coverage Good for Bitcoin, if You Agree There’s No Bad Publicity Any media attention can be a positive for cryptocurrencies in the current drought, especially in the sense that there is no such thing as bad publicity. But as Rachel discovered while watching True Life Crime, expert opinions on Bitcoin are only good for mainstream media as long as they fit into the already established stereotype or preconceived script. “Face, laugh, cute little over-the-shoulder ‘cryptocurrency expert’ moment, a photo from Crypto Chicks,” Rachel described her own portrayal in “The $5 Million Phone Hack” during a live stream of her watching the episode. “Cryptocurrency is an electronic currency,” Rachel explains on MTV. “But it’s basically an investment, right, like investing in the stock market, the value changes over time?” the host asks her. “Exactly,” she concurs. “Is it more secure than a bank?” another question follows and then comes the surprise as the producers show you only part of Rachel’s answer, which becomes evident from her reaction: “What makes it less safe to hold than money that you have in a bank is that there is no additional security [Look at the context]… It’s much easier than robbing a bank [They better explain next what I said about the paper wallets and the cold storage]… If they take your money out of your crypto account, the money is gone [What is happening? They definitely chopped it all up.]” During the shoot in LA, which took Rachel a full day rather than the mere minutes that made it in the final cut, she explained to her interviewers that there are safer ways to keep your crypto than on your phone such as taking your stuff off Coinbase, holding your own private keys, using cold storage or a paper wallet. “But if all that they get me saying is that it’s unsafe, then that’s what they got me saying… But like holy moly, we are talking about it, that’s what matters… regardless of the context… They are talking about cryptocurrency! That was a conversation about Bitcoin. That is nuts. Yeah, yeah…” What do you think about mainstream media portrayal of cryptocurrencies? Share your thoughts on the 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. Images courtesy of Shutterstock, fair use. 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 MTV Airs Only the Negative Parts of Crypto Youtuber ‘Ya Girl’ Rachel Siegel’s Bitcoin Analysis appeared first on Bitcoin News. View the full article

Analyzing and exploring the Bitcoin blockchain is always interesting, but for the more abstract thinker, several sites provide unique looks at the network, nodes, and transaction data in easy to grok, visual fashion. Some of these even border on the psychedelic or sci-fi otherworldly, taking viewers on a virtual trip through the blockchain. Also read: How to Check the Bitcoin Price, Hashrate, Data – The 21 Best Monitoring Sites 18 of the Coolest Bitcoin Visuals billfodl.com – An audiovisual site, Billfodl’s Bitbonkers is the perfect visualizer to have running in the background for some ASMR-inducing white noise. Transactions are represented as shiny balls that fall from the sky — varying in size and color depending on transaction amount — making a satisfying, wooden sound when they strike and subsequently roll off of the surface. Blocks are also represented, and the zoom option allows users to examine even small transactions close up, clicking on them to retrieve their data. bitcoin-vr.github.io – What better way to relax than watching zeppelins and hot air balloons float lazily through the afternoon sky over the countryside, all the while seeing the bitcoin blockchain play out in real time. bitcoinal.com – See whether the current bitcoin climate is favorable or freezing with this interactive price graph whose weather-based imagery changes depending on price movement. bitcoincity.info – “Each city is a bitcoin transaction, on the road to the blockchain!” This neat resource lets users customize a moving street and its cities, which represent transactions. Once clicked on, users can examine info such as hash, value in, value out, fee and size at their leisure. bitcoinmonitor.com – Jan Vornberger’s old school creation from 2011 is still working great. A simple representation of transaction amounts and block creation. bitcoinrain.io – Elegant for its simplicity and clean display of information, bitcoinrain shows txs as color and size-coded raindrops falling from the sky, with info on intervals, mempool and the amount in USD being transacted per second on the network. bitlisten.cash – Users of bitlisten.cash can while away a rainy day studying or cleaning to musical bitcoin cash transactions as they happen. Bigger transactions result in lower tones from a selection of three instrument voices. A BTC version can be found here. bitnodes.io – Explore a universe of reachable nodes color-coded by IP address, syncing status, and uptime. Click on any section to view ranking and other info. Of course, bitnodes.io provides a wealth of node data other than this map, but there’s something fascinating about the colorful, highly zoomable space. blocks.wizb.it – Watch the world jerk around wildly before your eyes taking you to bitcoin transactions as they happen across the globe. Amount, time, miner info and relay location are listed. buyhodlsell.com – Buyhodlsell.com’s Tx Watch features two “highways” showing transactions in BTC and BCH move relaxingly across the screen. Transaction sizes are ranked in USD from “Micro” to “Mega Whale,” and the different-sized paths are representative of the respective block size limits of Bitcoin Core (BTC) and Bitcoin Cash (BCH). This site is especially helpful for newbies to the crypto space, as the FAQ section at the bottom of the screen is tailor made for common users, and not just veteran crypto heads. chainflyer.bitflyer.jp – Bitflyer’s “chainflyer” blockchain explorer is one of the more info-rich, highly detailed, and cleanly displayed visualizations on the list. Plus, it has an audio element. Beyond the tone-scaled chimes representing transactions, the color-coded octahedrons are denoted with images of keys if they are multisig transactions, small black octahedrons attached if segwit, and transactions per second as well as mempool info are also displayed. Sit back, relax, and watch the blockchain happen while drinking your tea. Chainflyer is available in Japanese and English via the settings button. coin360.com – This customizable, interactive heat map shows the state of prices and market cap across the cryptoverse quite uniquely, and at a glance. dailyblockchain.github.io – Like a scientist examining proliferating single-cellular life under an electron microscope, blockchain researchers can use this site to see transaction relationships unfolding before their eyes, with inputs, outputs, and parent transaction info all on mesmerizing, animated display. federalbitcoin.herokuapp.com – Keep track of bitcoin transactions as they fall from the sky in the form of golden orbs of BTC, with the larger circles representing bigger transactions. The site is also a simple way to keep track of the BTC market price. fiatleak.com – Fiat Leak shows government money being turned into various cryptos via exchanges worldwide, with a coin’s symbol beaming out of a fiat flag into the country where the exchange occurred. Users simply select the cryptocurrency they want to monitor, and then watch the exchanges happen in real time. mempool.space – Mempool.space shows block stats in readily digestible fashion, detailing respective size, number of transactions, and median fee among other stats. At the bottom of the screen, mempool size and unconfirmed transaction number are displayed. An alternate form of this site, showing specific transaction data, can be found at mempool.ninja. symphony.iohk.io – Arguably the most lushly animated, sonically pleasing, far out visualization on the list, IOHK’s Symphony renders the bitcoin blockchain in outer space as synth-tone producing tx crystals tower into the sky. Flight simulator mode lets you pilot your spacecraft through the alien landscape, exploring ringed bitcoin blocks spiraling outward from the planetary mempool in the center. txstreet.com – A classic site for comparing and analyzing the Bitcoin Cash and Bitcoin Core networks in a fashion even the newest of newbs could understand. Buses on each network fill up with riders as transactions come in. “On TxStreet.com, the block size limit is visualized by the number of buses. Each bus represents 1 megabyte of potential storage space in the next block, aside from the segwit storage bus which only holds signature data,” the site details. On top of providing ample mempool, block, tx, fee, and coin info, the site also introduces crypto beginners to the concept of stress testing, BCH social network memo.cash, the lightning network and segwit. Did we miss any great bitcoin visualization sites? 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 as 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, fair use. 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 A Picture’s Worth a Thousand Words: 18 of the Coolest Visualizations for Exploring the Bitcoin Network appeared first on Bitcoin News. 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Crypto Twitter (CT) might not be the first place you’d think to look for pandemic survival strategies, but in recent weeks the community has gone into overdrive, busily discussing scenarios related to COVID-19 aka the coronavirus. While some figures have merely wondered what effect the outbreak will have on the bitcoin market, others have started comparing prep notes in anticipation of doomsday. Also Read: Bitcoin and Doomsday Preppers – Would Crypto Have Any Survival Value If SHTF? Crypto Twitter: Corona Takeover Messari founder Ryan Selkis was one of the first major figures from CT to get under the hood of this thing: on February 10 he expanded Messari’s daily newsletter to include the latest coronavirus developments. Mentioning that he had prepared a “what if” disaster plan complete with supplies, travel protocol, and even Messari policy changes, Selkis linked readers to a shared gdoc which summarized the outbreak, provided historical background and real-time updates, and was chock full of hyperlinks for further reading. A Twitter list of “the people I’m following most closely for new developments and studies of the virus” was also created. Of course, crypto was referenced in passing, with Selkis noting that the potential pandemic “will tell us quite a bit about how bitcoin and crypto ecosystems respond to disruptive macro events at this type of scale.” Since the newsletter was published, various figures from the cryptosphere have weighed in. U.S.-based exchange Kraken revealed that it had a “global collapse and pandemic survival strategy in place since our founding in 2011” while touting its “remote-first, decentralized team of 800+.” Binance founder and CEO Changpeng Zhao, meanwhile, announced that the platform had donated 10 million RMB worth of medical supplies via its Charity Foundation: the fund paid for everything from nitrile gloves and masks to disinfection liquid, protective suits and oxygen machines. The most interesting stuff, at least for fans of The Walking Dead, has been conversations centered on prepping: disaster-management scenarios covering short, mid and long-term lockdowns. It’s probably to be expected: at the time of writing there are over 83,000 cases of Coronavirus across dozens of countries, and just under 3,000 deaths. Survival kits are doing a roaring trade right about now, and one website – theprepared.com – has been suffering periodic outages due to surging traffic. The site contains a lengthy guide for people keen to protect themselves in the worst case scenario which advises readers to “stock up on commonly used medications” and “prepare for the inevitable stomach problems that will arise from eating your shelter-in-place food by buying Imodium AD and similar products.” There are also daily updates and developments, with a survivalist slant, in their blog. How Prepping Aligns With Crypto Philosophy Although they are often treated with derision, preppers only seek to immunize themselves, insofar as is possible, against future disaster. Instability isn’t some illusory mirage on the horizon, it’s already here – manifested by market movements and troubling real-time maps enumerating the infected – and if the virus spreads globally, those who have at least countenanced the notion will be better placed to survive than those who’ve buried their heads in the sand. In any case, there is much ideological common ground between preparedness advocates and crypto enthusiasts, with the former much more likely to hold gold, precious metals and bitcoin in recognition of the continued devaluation of the dollar. After all, these assets can’t be co-opted by desperate governments or, like paper money, burned to generate heat in a post-apocalyptic wasteland. Moreover, it’s easy to see the ideological equivalence between concepts of economic sovereignty and self-sovereignty as it pertains to the most precious commodity of all: life itself. Going viral What if this coronavirus is the pandemic that public health people have been warning about for years? It would accelerate many pre-existing trends. – border closures – nationalism – social isolation – preppers – remote work – face masks – distrust in governments — Balaji S. Srinivasan (@balajis) January 30, 2020 As for the disproportionately high number of flexible remote-working posts advertised in the crypto industry, perhaps that’s just a happy coincidence rather than a widespread fear of virus-spreading from handshakes. That said, the borderless nature of work in the cryptoconomy – with project teams spread throughout the world and a preponderance of virtual conferences – should mean, if not business as usual, then more stability in the face of corona-related disruption. A recent survey over 1,500 people on CT sought to determine why the coronavirus was the subject of such intense discussion among the fintech community. Responses to Coindesk contributor Nathaniel Whittemore suggested a combination of “sky is falling” sentiments, macro hedging and belief in BTC as a safe haven. Stephen Palley, an advisor at The Block, tossed in his two cents, opining that “one strand of crypto fundamentalism embraces virus doom prepperism b/c it correlates with a view of bitcoin as an end-days asset class.” Me: We’re prepping Wife: you’re crazy Me: 🦠📈🇨🇳☣️🌡🚜🚜🚜🏨☠️🔥@balajis 🛳⛔️🛫🙈🙉🙊 Wife: my FB group is 100k doctors and no one is even talking about it 3 weeks later: Wife: Everyone in the group is freaking out!!! FB was hiding the comments!!! Did you get the stuff??? — Hector 🔑 21 (@HectorRosekrans) February 26, 2020 Another Twitter user, @HectorRosekrans, suggested “Finance and tech people are far more attuned to exponential trends than most. Add to this a Bitcoiner’s natural skepticism of authority, plus a conditioned response to media narratives that seem to intentionally miss the plot to serve a narrative, and you have a perfect storm.” Whatever the answer, Crypto Twitter is unlikely to lose interest in COVID-19 any time soon. If you follow such accounts to learn about bitcoin and ether, don’t be surprised when you’re strongly advised to stock up on batteries and bug out bags. You don't need insurance. You don't need weapons. You don't need backups. You don't need privacy. You don't need bitcoin. Until you do. — Jameson Lopp (@lopp) November 24, 2019 Do you think the crypto community is right to be concerned about the coronavirus? 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 Crypto Community Gets Prepping as Coronavirus Spreads appeared first on Bitcoin News. View the full article

Today there are 18,244,475 BTC in circulation and during the last few weeks, a number of bitcoin influencers have been talking about how much is needed to be included in Bitcoin’s top 1% of holders. For instance, according to Blockworks Group analyst Jake Levison, if you own 0.28 BTC “you’re statistically guaranteed to be in the richest 1% of the world in BTC terms.” Regardless of the amount of BTC required to qualify as a one-percenter, it’s a debate that has raged on for years. Also read: 13 Crypto Debit Cards You Can Use Right Now Members Only: Is 0.28 BTC All It Takes to Make the Bitcoin 1%? On February 18, Blockworks Group analyst Jake Levison tweeted about what it takes to make it into the top 1% of bitcoin holders worldwide. “If you own 0.28 BTC, you’re statistically guaranteed to be in the richest 1% of the world in BTC terms,” explained Levison. Despite the fact that the tweet received 1.5K likes, not everyone agreed with Levison’s estimate. “Maybe earlier, in 2030, average holdings are only 0.01 BTC, assuming 1 billion using the network,” Twitter user @Haggsboson replied. The 2030 assumption came from the recent study written by Unchained Capital’s Parker Lewis called “Bitcoin Obsoletes All Other Money.” Levison’s opinion is not really new either as others have assumed that 0.28 BTC gets you into the richest 1% of bitcoin owners. Former Google Product Director Steve Lee said the same thing in October 2018. “If you own 0.28 BTC and HODL, you can be certain no more than 1% of the current world’s population can ever own more BTC than you. A modest investment of $1,830 today can ensure you are a 1%er in a future Bitcoin world,” Lee tweeted. Not too many people disagreed with Lee’s statement in 2018 but one replied: “That’s true but you have to factor in that not all wealth will be in BTC. You might be in the 1% top BTC balances but not in the top 1% wealth.” So the average bitcoiner in the eyes of some holds around 0.01 BTC and a few people agree that 0.28 BTC gets you into the Bitcoin 1% club. An illustrative view of the “average bitcoin per user” from the recent study written by Unchained Capital’s Parker Lewis. 15 BTC to Join the Club: Modeling Bitcoin Distribution by Disregarding Analyzed Wallets and Addresses But even these two estimates from Lee and Levison might be too low, as research suggests that 15 BTC is the minimum needed to join BTC’s 1%. A chart published in 2017 estimates that the top 1% of bitcoin holders need at least 15 BTC and 89 BTC to make the top 0.1%. According to the Blocklink.info chart, there are 225,000 people within the top 1% percentile. A similar study was published by Bambouclub on September 9, 2017, and both reports leverage a new model of BTC distribution. Bambouclub and the Blocklink.info studies model BTC’s distribution using a scheme that “disregards wallet and address data entirely.” The model’s assumptions include: Power law applies to distribution of bitcoin wealth. Distribution of bitcoin wealth exactly mirrors that of global wealth. 25 million bitcoin owners. No lost bitcoins. A study published by Bambouclub on September 9, 2017. This chart shows you need more than 0.28 BTC to make the 1% club as Blocklink.info chart shows it takes 15 BTC to make the Bitcoin 1%. It takes over 7,000 BTC to make the 0.001% of the wealthiest bitcoin holders. In order to make the 0.01%, Blocklink.info’s chart shows you need 433 BTC and to make the highest order of bitcoin holders (0.001%), you would need 7,021 BTC. The study assumes only 500 people are in the 0.01% and just 250 people are in the 0.001% in 2017. However, it’s hard to get more accurate estimates in regard to the wealthiest bitcoiners because no one truly knows the number of people worldwide who own even a small fraction of BTC. Moreover, there’s a great number of lost bitcoins and in January 2020 it was estimated that more than 10 million BTC have been sitting dormant for a whole year. The 10.7 million BTC lost is part of the largest number of coins that haven’t moved since the spring months of 2017. This image from Unchained Capital’s research on April 17, 2018, shows UTXO age distribution with price peaks labeled. The white lines are ‘Hodl Waves’ which starts a new aging period. On January 13, 2020, news.Bitcoin.com reported on how close to 11 million BTC hasn’t moved in over a year. From Lost Bitcoins to the Number of True Owners, Bitcoin’s Adoption Metrics Have a Few Unknowns The number of BTC needed to get into the top 1% is roughly between 0.28 BTC to 15 BTC depending on the person you ask or the study referenced to get that calculation. Steve Lee’s 2018 estimate assumes that there will only be 21 million bitcoins and this is divided by 0.28 and then again divided by the number of people living on earth, which is 7.7 billion people as of April 2019. Jake Levison backed up his statement when someone asked him when 0.28 BTC will get you into BTC’s 1% club. “From now until the end of time,” Levison tweeted. The Blockworks Group analyst added: My tweet was saying that if you own 0.28 BTC, only 1% of the world will ever be able to own more than you. Hence putting you in the top 1%. There will never be more than 21 million bitcoin issued. Many speculators over the years have tried to guess what it takes to make the bitcoin one-percenters club. Estimates vary because of uncertainties like the number of bitcoin owners globally. The answer to the BTC 1% club question is quite debatable and there are a few different calculations. The reason for this is the number of unknowns that cannot be calculated in a precise fashion such as the exact number of BTC holders, the approximate number of lost and stolen coins, and the number of wallets worldwide. Moreover, there’s a lot of skewed data online that attempts to estimate the number of bitcoin owners in different countries and worldwide. For instance, according to a survey and research report written by Spencer Bogart of the venture capital firm Blockchain Capital, “9% of the [American] population owns bitcoin.” A report published on January 7, 2020, by the digital currency company Decentralised.co which shows the number of BTC addresses has increased year after year. However, Bambouclub’s study on September 9, 2017, notes that “models of the distribution of bitcoin wealth that analyze wallets and address data will always fail.” “Including 18% of those aged 18–34 and 12% of those aged 35–44,” Bogart wrote on April 30, 2019. However, a big discrepancy with Bogart’s estimate is the fact that the study only surveyed 2,052 American adults rather than the 209 million adults who are currently 18 years of age and over. We can try to come close to answering the speculative 1% question, but just like measuring the world’s richest gold holders, we can only guess the number of BTC held by individuals worldwide. What do you think about the estimates for making it into the BTC 1% club? Do you think it’s 0.28 BTC or more than that like the 15 BTC estimate from Blocklink.info’s report? Let us know what you think about this subject in the comments section below. Disclaimer: This article is for informational purposes only. 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 ideas, software, mining rigs, mining rig manufacturers, websites, concepts, content, goods or services mentioned in this article. Image credits: Shutterstock, Reddit, 21 Million Bitcoin Club, Decentralised.co, Unchained Capital, Twitter, Franck Muller Encrypto, Fair Use, Wiki Commons, Parker Lewis, and Pixabay. Are you looking for a secure way to buy Bitcoin online? Start by downloading your free Bitcoin wallet from us and then head over to our Purchase Bitcoin page where you can easily buy BTC and BCH. The post This Is How Much BTC You Need to Enter Bitcoin’s Elite 1% Club appeared first on Bitcoin News. View the full article

A sea change is coming to cryptocurrency in America. It is likely to hit in two separate waves: a central bank digital currency (CBDC) and draconian regulation that shuts down free-market activities, including development. Also Read: No Backdoor on Human Rights: Why Encryption Cannot Be Compromised The Wave of a Central Bank Digital Currency Robert Wenzel of the Economic Policy Journal has a warning. “A [U.S.] Federal Reserve created digital coin could be one of the most dangerous steps ever taken by a government agency. It would put in the hands of the government the potential to create a digital currency with the ability to track all transactions in an economy—and prohibit transactions for any reason. In terms of future individual freedom, this would be a nightmare.” If recent statements by American lawmakers and bureaucrats are an indication, however, state-issued crypto seems to be on its way. A shift in attitude on CBDC is in the air. Consider Federal Reserve Governor Lael Brainard. In May 2018, she stated, “There is no compelling demonstrated need for a Fed-issued digital currency.” While acknowledging the efficiency and low cost of blockchain transfers, Brainard presented a familiar check list of objections to digital currencies. They were too volatile to be utilized as money; their anonymity protected crimes like money laundering and sex trafficking; they eluded regulation. Then Brainard added what may have been the fundamental reason for dismissing a CBDC. At the beginning of 2018, digital currencies were so small a part of the financial system that they posed no stability risk. They did not threaten the monetary status quo. Or, at least, Brainard did not perceive the threat. In February 2020, her tune differed. “The Fed is conducting research and experimentation related to distributed ledger technologies and their potential use case for digital currencies, including the potential for a CBDC.” The main public argument for a CBDC is a perceived need to stabilize crypto by pegging it to traditional fiat, which is assumed to be less volatile. The “nightmare” of which Wenzel warned already has a name: Fedcoin. What changed between May 2018 and February 2020? Crypto surged in popularity and price while central banks and their fiats continued a slow implosion. Several nations — including America’s financial nemesis China — announced an intention to issue e-currencies. “We are collaborating with other central banks as we advance our understanding of central bank digital currencies,” Brainard explained, all the while “making sure” we are at the “frontier of both research and policy development.” Translation: the U.S. does not want to be left behind. Neither will it eat Facebook’s dust; Brainard claimed that Facebook’s digital currency Libra, which emerged last year, “imparted urgency” to the conversation. Digital currency was becoming a large enough part of the financial system for agencies like the Internal Revenue Service (IRS), the Federal Reserve, and the Treasury Department to notice. The Wave of Draconian Regulation The regulation attack is surging, and it will extend far beyond the current licensing of exchanges to make them function in conformity with state law. The IRS has stepped up crypto prosecutions and has created new rules. In his article “IRS Explains What Crypto Owners Must Know to File Taxes This Year,” Kevin Helms observed, “Among the changes to the 2019 Form 1040, the main U.S. tax form, is the addition of ‘an inquiry regarding the acquisition or disposition of any virtual currency’, the agency explained. The new crypto question appears on Form 1040’s Schedule 1, entitled ‘Additional Income and Adjustments to Income’.” This is prelude. Treasury Secretary Steven Mnuchin recently revealed that the Department’s Financial Crimes Enforcement Network (FinCEN) was preparing “significant new requirements” in order to provide transparency to crypto in a quest to prevent “crimes” such as tax avoidance. Here, transparency is a synonym for state surveillance. “We want to make sure that technology moves forward,” Mnuchin continued, “but … we want to make sure that cryptocurrencies aren’t used for the equivalent of old Swiss secret number bank accounts.” He added that FinCEN and the Treasury Department are “spending a lot of time on this.” The Department of Justice was even more blunt, declaring bitcoin mixing to be “a crime” in and of itself. Yahoo Finance’s article “US DOJ Calls Bitcoin Mixing ‘a Crime’ in Arrest of Software Developer,” indicated how seriously the DOJ takes this alleged crime. “Larry Harmon was arrested earlier this week for allegedly participating in a money-laundering conspiracy worth more than $300 million in cryptocurrency involving darknet marketplace AlphaBay. However, the family of the Coin Ninja CEO claims he was never involved with AlphaBay. Harmon’s case raises pressing questions about developer liability in the crypto industry.” The mere development of tools has been criminalized. The Two Waves Flood Together As yet, Mnuchin has not supported a CBDC. He merely echoes President Trump’s loud concern that crypto is being used by bad actors, and the “abuses” must be reined in by careful state monitoring. The easiest way for this to be done is to create some form of CBDC on a blockchain protocol that the state controls, however. The state’s pattern in monetary matters can be judged by how it handled private competition to the money it has issued in the past. Whatever the politicians say now, the same pattern is likely to hold with crypto as soon as it becomes pragmatically possible. First, state money is issued through a central bank and free-market competitors are controlled by regulation. “To start with, I suspect it’s going to be a parallel currency,” the investment guru Doug Casey explained. “Perhaps usable just within the U.S. which, in effect, would be a form of foreign exchange controls even more effective than the inability of Americans to open up foreign bank and brokerage accounts today … I think it’s a near certainty that they’re going to do something like this and soon.” Second, the state will attempt to establish a monopoly by criminalizing the ownership of free-market crypto and, perhaps, mandating the ownership of state-issue. One manner in which a fiat has been historically mandated is by making taxes or other state fees payable only in that form of money. Establishing a CBDC may be irresistible to Trump, not only as a way to stay competitive with rival monetary powers but also because of the extreme political power it offers. A CBDC would serve the state in at least two ways: By controlling the design of the Fedcoin’s blockchain and its terms of use, the state can strip away encryption and anonymity so that every transaction is identifiable. Every user can be taxed. Every coin can be confiscated; the threat of confiscation or of being shut out of the financial system is a means to impose social control. The CBDC eases people into a cashless society. States dislike cash because it offers an anonymity that blocks their ability to tax and control. If only the CBDC were permitted, however, extra “taxes” could be levied and social control asserted. If the state wanted to prevent someone from traveling, for example, it could block the person’s ability to buy a plane ticket … or ammunition for a gun. As usual, the freedom and prosperity of individuals will be stolen in the name of a noble cause: fighting sex traffic or child pornography. In reality, it will be done to empower the state. The title of an Electronic Frontier Foundation (EFF) article stated “In Foreshadowing Cryptocurrency Regulations, U.S. Treasury Secretary Prioritizes Law Enforcement Concerns.” The wording of the coming regulations and probable Fedcoin are not yet known. Their purpose is clear, however; the state wants to convert cryptocurrency into a form of state fiat and a technology of financial surveillance. The latter can reveal far more than economic transactions. As EFF observed, they can point “to everything from your friend network to your sexual interests to your political affiliations.” State-controlled e-currency means state-controlled individuals. 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 A Sea Change to Crypto Hits America, Again appeared first on Bitcoin News. View the full article

Getting into Bitcoin is a first step many have already taken, and with the generally positive start of 2020, more are likely to make the move. But then there’s the question of what to do with your coins. Regardless of how you obtained them – through purchase, faucet, airdrop, fork, business, or salary — it’s an important point to consider. Luckily, options to spend your cryptocurrency have been increasing. Here’s how to find places that accept decentralized digital money using online maps. Also read: How to Find Your Nearest Bitcoin ATM Merchant Maps Show You Where to Spend Your Bitcoin Interactive online maps are the most intuitive way to find anything these days, including merchants that are willing to take your crypto for whatever they sell. And while Google Maps can help you locate a few businesses dealing with cryptocurrencies near you, other platforms are far more specialized. Coinmap.org is one of them, as its website allows crypto companies to share their coordinates for free. The map displays around 16,000 venues around the world that accept cryptocurrency payments. Users can filter these entries by multiple categories such as shopping, café, food, grocery, lodging, transport, sports, and nightlife. It will also show you ATMs where you can withdraw digital coins. Coinmap.org The website is easy to use. Filtering options are displayed on the left side of the map. If you permit your browser to track your location, the map will be centered on it and will offer you nearby crypto merchants. You can also zoom in on a particular city or district and check the tab that shows all merchants in the same area. Clicking on an entry will give you more details about the place, and allow you to visit its website or explore the surroundings in Google’s Street View. While Coinmap lists businesses processing payments in various coins, other platforms are focusing on merchants that accept specific cryptocurrencies. These can be coins that have established themselves as popular investments and others that are valued for the utility they bring to electronic payments, whether with fast and inexpensive transactions or through other features that facilitate genuine peer-to-peer interaction. Coin-Specific Platforms Focus on Merchants Accepting Payment-Friendly Cryptocurrencies Bitcoinmap.cash is a community project spreading the word about restaurants, bars, supermarkets, hotels, and other places that mostly take bitcoin cash (BCH) and dash, but many of the featured locations accept bitcoin core (BTC) as well. It has a desktop version of its map and a mobile application you can download and install. Bitcoinmap.cash provides you with basic information about the place you are interested in, including offered discounts for crypto payments. It also lets you check the location using Google Maps. Bitcoin Cash Map Bitcoin.com’s offering in the genre, Bitcoin Cash Map, updates users about the growing number of locations accepting BCH. It currently lists almost 2,000 stores across the globe where you can pay with bitcoin cash. The map, which is also available as a mobile app, can be used to obtain contact information for the merchants and links to their websites. Green Pages is another BCH-focused option which allows you to narrow the search to stores where, besides bitcoin cash, you can also pay with four other major cryptocurrencies – BTC, ETH, DASH and XMR. A different approach to finding crypto-friendly merchants is to check payment processors that track their clients’ activity. For instance, point-of-sale provider Anypay maintains a map showing businesses using its services and other locations that accept cryptocurrencies. The platform supports a number of coins including BCH, BTC, LTC, DASH, DOGE, ZEC, XRP, and ZEN. Locations are displayed in different colors indicating when the last payment took place so that you know which stores process crypto payments regularly. Clicking on a marker also gives you information about that business, its address and accepted currencies. Explore Merchant Directories That Maintain Online Maps Coppay is another company that allows users to accept cryptocurrency payments through instant conversion to fiat. It has a map on its website that shows the physical locations where the payment system is being used. Copay provides services mainly to merchants based in the Baltic countries of Latvia and Lithuania, although the company is working to expand to other markets and has already entered Portugal. Salamantex is a payment solution provider that has its own merchant map. Most of its clients are based in Austria, with a couple of stores in Croatia and Malta. Salamantex There are other sources focusing on a specific region. Maltamap, for example, will suggest places where you can spend bitcoin in the Mediterranean nation. The country has branded itself as “The Blockchain Island” in the past few years, after adopting crypto-friendly legislation and welcoming many crypto companies to its shores. A growing number of businesses in Malta accept cryptocurrencies including hotels, real estate companies, auto dealers, and various other service providers. Specialized merchant directories offer another opportunity to explore cryptocurrency-accepting locations. Аcceptcryptoz lists over 800 such places in several categories including food and drinks, hotels and lodging, shops and markets, arts and entertainment, other services, and even crypto ATMs. Clicking the tab of any of these will take you to the category’s page where you’ll find a map showing you the contacts of the merchants and a list with more details about each one of them on the left side of the screen. These businesses accept one or more of eight supported coins and tokens including major cryptocurrencies. What other maps showing businesses accepting cryptocurrency payments would you recommend? 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. Do you need a reliable bitcoin mobile wallet to send, receive, and store your coins? Download one for free from us and then head to our Purchase Bitcoin page where you can quickly buy bitcoin with a credit card. The post These Maps Will Help You Locate Merchants Ready to Accept Your Cryptocurrency appeared first on Bitcoin News. View the full article

On February 28, Bitcoin Cash (BCH) proponents were introduced to a new platform called Bitcartcc. The project is a self-hosted open source payment processor that allows merchants to accept bitcoin cash easily. Bitcartcc was created because the developers behind the popular application Btcpay refuse to add support for BCH. Bitcartcc was built so anyone can leverage a “light and fast solution” for accepting bitcoin cash payments. Also read: Record Breaking Interest – Observing the Predictive Power of Bitcoin Futures Over BTC Spot Prices Bitcartcc: Self-Hosted, Open Source Payment Processor With Bitcoin Cash Support A new self-hosted open source payment processor called Bitcartcc was unveiled on Friday, as the application’s creator announced the project via the read.cash blog. The developer’s announcement explained that the well known Btcpay server, another open source payment processor, refuses to implement bitcoin cash (BCH) support and they believe the organization won’t be adding BCH anytime soon. Because of Btcpay’s stubborn refusal, Bitcartcc’s creator decided to construct an alternative. The project was also spawned because Bitcartcc’s programmers wanted to accept cryptocurrencies with their newly developed Telegram bot without any fees. “We had limited funding [and] we needed a light solution too,” the Bitcartcc developer wrote on Friday. “Btcpay didn’t work, nothing did,” he added. The creator of the self-hosted Bitcartcc platform also stated: [Bitcartcc] is a light and fast solution for accepting cryptocurrency payments in your stores and apps, now supporting Bitcoin Cash — It is a self-hosted solution too, so you can be free of third-party for even just $3.5 a month, or even cheaper. The admin panel’s main page. Bitcartcc’s documentation shows a number of deployment methods people can use with the application like CLI, GUI, and a Telegram bot. It suggests hosting options like Lunanode, Azure, Google, Docker, hardware deployment​, third-party hosting​, Raspberry Pi deployment, and ​manual deployment. The types of people and groups who could utilize Bitcartcc include online merchants, and physical brick-and-mortar retailers. Bitcartcc can also provide benefits to those working with freelancer payments, invoices, bill pay, charities, local payment processors, exchanges, developers, hosting providers, and even offchain Lightning Network payments. Bitcartcc highlights the attributes of the open source self-hosted solution which also includes: Saving money (no fees, no subscriptions) Cutting out the middleman (payments go directly to your wallet) Enhancing privacy for you and your customers (no address re-use, no IP leaks to third parties) Saving time (easy integration and installation) Protecting yourself from interference in your business (self-sovereignty) Decreasing the development time as we have ready solutions available for any kind of store The Bitcartcc developer’s announcement highlights that the payment processor offers “full control.” Bootstrap an Online or Physical Store in Seconds People who already have an existing website can use Bitcartcc with the Woocommerce plugin. “We have a powerful web admin panel to manage your stores (yes, you can manage multiple stores with one instance), products, and invoices,” the Bitcartcc developer stressed sharing a demo of the admin panel and a store demo. “If you’re a starting merchant with no coding experience, we’ve got you covered,” Bitcartcc continued. “Full-featured ready store, automatically fetching products you have inserted in the admin panel. You can bootstrap your own online or physical store in seconds.” Bitcartcc’s creator remarked that there are “unlimited possibilities” and the team built Bitcartcc on top of Electrum and Electron Cash with a number of forks. Bitcartcc offers users the ability to update and clean up their servers. On Reddit and social media, Bitcartcc was welcomed by the Bitcoin Cash community. “Nice project and very active programmer, wish you success,” one person wrote in response to the Bitcartcc project on r/btc. “Btcpay is all politics that align with Blockstream — They even support Adam Back’s shilled bitcoin gold over bitcoin cash and of course Blockstream’s very own Liquid which has literally near [zero] usage,” another person replied. The Bitcartcc programmer who goes by the name ‘Mr. Naif2019’ on Reddit said he has an entirely different vision than Btcpay. Bitcartcc’s developer stated: In my project I am going to focus on community — Community thoughts are important, and because of community asking I have added Bitcoin Cash support. I want this project to be a solution for everything, polished with time and community ideas. What do you think about the Bitcartcc self-hosted payment processor? 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, Bitcartcc, read.cash, Fair Use, Wiki Commons, and Pixabay. Are you looking for a secure way to buy Bitcoin online? Start by downloading your free Bitcoin wallet from us and then head over to our Purchase Bitcoin page where you can easily buy BTC and BCH. The post Bitcartcc’s Merchant Solution: Developer Builds Self-Hosted Btcpay Alternative Supporting Bitcoin Cash appeared first on Bitcoin News. View the full article

Money is a critical part of everyone’s life, and for the religious it is even viewed as a matter of eternal consequence. While those on the outside may be unaware of the importance finance takes on in circles of faith, these beliefs nonetheless affect and impact the businesses and economies of market actors everywhere, regardless of worldview. This post seeks to examine the background of what is known as Sharia compliance in crypto, looking at the relationship between bitcoin use and Islamic religious law. Also read: Record Breaking Interest – Observing the Predictive Power of Bitcoin Futures Over BTC Spot Prices What Is Sharia Law? At its most fundamental, Sharia law can be described as the law of the Islamic religion. While interpretations of what is and isn’t “Sharia-compliant” can vary, there is still a pressing need perceived by practicing Muslims to abide by Sharia, or “the way.” As such, even topics like bitcoin have been addressed and clarified in the context of the faith. From Sharia-compliant exchanges to guidelines on ICO’s, Islam’s lively address of cryptocurrency in the context of religious morality is not surprising. It’s a testament to just how ubiquitous and important Satoshi’s creation has become. With a reported 1.8 billion followers of Islam worldwide, and the top four cryptos enjoying a combined market cap of over $200 billion in the world economy, the meeting of peer-to-peer digital assets and faith was inevitable. beldex.io Key Issues for Compliance Exchanges billing themselves as Sharia compliant focus on key issues such as usury (unreasonable interest rates/profiting from debt), gambling, drug use, perceived sexual immorality, scams, and economic uncertainty. One exchange, Estonia-based Beldex, notes that it “does not allow or associate itself” with the aforementioned activities. Another service, crypto brokerage Rain, boasts it is officially certified by the Bahrain Central Bank-licensed Shariyah Review Bureau. When deciding if bitcoin use is “halal” (lawful) or “haram” (forbidden) in Islam, there’s not a clean-cut consensus. Blossom Finance founder Matthew J. Martin clarified to news.Bitcoin.com’s Jamie Redman in 2018: “Contrary to popular myth, Shariah law is not a single set of rules; it’s is a scholarly field subject to differing interpretations and opinions on various matters.” Martin’s startup seeks to help investors navigate this ambiguity, by offering investments that are “end-to-end shariah compliant using fully approved shariah structures such as profit-sharing (mudarabah).” Where ICOs and potential scams are concerned, it’s no wonder Muslims are sometimes hard-pressed to find clarification. The idea of “garar” (uncertainty) requires that the faithful steer clear of overly uncertain investments and other financial practices which could be deemed irresponsible. Those navigating the crypto space know all too well it’s a veritable asteroid field of snake oil pitches, shitcoins, and empty promises. However, there are other principles in the religion that have some seeing bitcoin as Halal, and highly beneficial to Muslim finance. Sharia and Bitcoin’s Common Ground: Peer-to-Peer Consensus While Sharia is typically understood to be superseded by governmental law — thus rendering crypto activity haram where the state has deemed the same activity illegal — the nature of bitcoin yet has some interesting overlap, and creates potential gray areas, where Sharia law is concerned. For example, when there is ambiguity which cannot be settled by reference to the religion’s holy book, the Quran, social consensus is one of the tools by which Muslims can deem something acceptable. “A large group of scholars say cryptocurrencies are permitted because of the social concurrence concept,” Dr. Ziyaad Mahomed, from the International Centre for Education in Islamic Finance, has noted, “But they also say this does not necessarily mean that cryptocurrencies can be recognised as a legitimate form of currency.” What is interesting is that although bitcoin may be viewed as an unstable, non-official currency, it is simultaneously a widely utilized consensus network, so on these grounds it may be acceptable. Ziyaad also stated that “digital coins can represent various sustainable development projects through a cooperative scheme,” emphasizing: From a shariah perspective, I think this is the ultimate goal — leveraging new technologies to benefit all parties in a legitimate, halal manner. Though the debate about compliance will likely continue as long as religious sects disagree on aspects of their various doctrines, one thing is certain: billed as “Sharia compliant” or not, in a crypto space full of irresponsible parties, one should always do their homework before investing. What are your thoughts on Sharia compliance and Bitcoin? 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 as 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, fair use. 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 Sharia Compliance in Bitcoin – What It’s All About, and Why Exchanges Like Beldex Seek Muslim Traders appeared first on Bitcoin News. View the full article

Bitcoin futures providers have been seeing a lot of action during the last two weeks as cryptocurrency markets have been extremely volatile. Data shows there’s been significant open interest on both retail and institutional bitcoin derivatives exchanges and Skew research noted bitcoin options open interest was just shy of $1 billion on Monday. Two days later, CME Group reported that open interest in CME Bitcoin Futures touched a record high of over 6,600 contracts and there’s nearly 300 new trading accounts that have been added this year. Also read: Bitcoin’s $10k Value Pushed Down by CME Futures Price Gap Skew.com: ‘Spot Market Corrections Follow the Number of Outstanding Bitcoin Futures Positions’ BTC spot markets and bitcoin derivatives exchanges have seen notable price movements recently and a few speculators believe these two types of markets are well connected. During the first week of January 2020, bitcoin futures touched a three-month high and aggregated daily bitcoin derivatives volumes have been in the billions. This month, the spot price of BTC on Sunday, February 23 was around $9,940 per coin. Two days prior to the dump at $9,940 to $9,600 on Monday, CME Group’s Bitcoin Futures daily trade volume dropped significantly to $118 million. Monday was the lowest drop for CME in 2020, but the global markets exchange has seen a massive influx in open interest. The following Wednesday, CME Group tweeted that open interest touched a record high. “CME Bitcoin futures (BTC) open interest reached a record high of over 6.6K contracts on February 19,” the global markets exchange tweeted. “Nearly 300 new trading accounts were added this year, as of February 24.” On February 26 after the price of BTC slid from $9,600 to $8,580, more than $150 million worth of BTC was liquidated on the trading platform Bitmex. The data analytics provider Skew from the website skew.com tweeted about a large number of liquidations that took place on Wednesday. “$150mln+ liquidations on Bitmex today – highest in 2020,” Skew disclosed. “Something is cooking,” the Twitter account @cinemaniac20 replied to Skew’s tweet. Skew has also recorded a number of derivatives market events during the course of the last two weeks. For instance, on Wednesday, Skew detailed that Okex hit a record number of BTC options “breaching the $15mln notional mark for the first time.” Today on February 28 as BTC spot markets have temporarily settled, the researcher tweeted: As the market corrects so does the [number] of outstanding bitcoin futures positions. Do Bitcoin Futures Markets Provide Predictive Power for Future Changes in the Spot Price? Even though BTC spot market prices have slid in value considerably, derivatives providers are seeing increased volumes. Bakkt’s physically delivered bitcoin futures has seen decent trade volume and open interest, but still has yet to surpass the 6,601 traded contracts the platform saw on December 18. On Wednesday, February 26, Bakkt did around half that number with 3,328 ($29.32 million) traded contracts. Open interest at Bakkt on Wednesday was around $11.2 million. Thursday’s Bakkt Bitcoin Monthly Futures only saw 2,163 ($19.34 million) traded contracts and open interest was roughly $11.88 million. At press time, BTC is down 2.95% in the last 24 hours and the coin is still down 56.7% from its all-time high of $19,600 on December 17, 2017. Speculators in 2017 believed the introduction of CBOE and CME Group bitcoin futures products helped propel the asset to almost reaching $20k. Despite the price hovering around $8,500-8,600 per BTC today, BTC is still up 14% over the last 90 days and 126% for the year against the U.S. dollar. There are far more bitcoin derivatives providers than in 2017 as well, even though Cboe stopped providing bitcoin futures products last year. A recently published paper written by researchers Seungho Lee, Nabil El Meslmani, and Lorne Switzer discusses the concept of pricing efficiency and arbitrage in bitcoin spot and futures markets. The study notes that bitcoin futures can “provide some predictive power for future changes in the spot price and in the risk premium.” Researchers studied the pricing efficiency of BTC using spot market values and CBOE and CME futures contracts traded from January 2018 to March 2019. “The basis of Bitcoin is a biased predictor of the future spot price changes,” the study’s abstract summary notes. “Cointegration tests also demonstrate that futures prices are biased predictors of spot prices. Deviations from no-arbitrage between spot and futures markets are persistent and widen significantly with Bitcoin thefts (hacks, frauds) as well as alternative cryptocurrency issuances.” A number of crypto traders believe futures markets can provide some predictive power for future changes in the spot price. An example of this notion is during the second week of February when the price per BTC was chopped down from over $10.2k to the $9,800 range. The drop followed the unfilled price gap that took place on the Chicago Mercantile Exchange (CME) Bitcoin Futures chart. Traders have noticed a number of “filling the gap” or “closing the gap” scenarios throughout 2019 and 2020. These events and the recent study shows a noticeable connection between bitcoin derivatives markets and spot trades. What do you think about the record numbers bitcoin derivatives providers have seen in 2020? Do you think futures markets can provide some predictive power for future changes in the spot price? 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, Wiki Commons, Skew, Bakkt Volume Bot, CME Group, Fair Use, Wiki Commons, sciencedirect.com, Twitter, and Pixabay. Did you know you can earn BTC and BCH through Bitcoin Mining? If you already own hardware, connect it to our powerful Bitcoin mining pool. If not, you can easily get started through one of our flexible Bitcoin cloud mining contracts. The post Record Breaking Interest – Observing the Predictive Power of Bitcoin Futures Over BTC Spot Prices appeared first on Bitcoin News. View the full article

A court in Australia has agreed that a crypto exchange account can be used as security for potential legal expenses. Acknowledging the volatile nature of decentralized digital assets, the judge nevertheless conceded that cryptocurrency is a recognized form of investment in the current uncertain financial times. Also read: Court Rejects Ripple’s Bid to Dismiss Class Action Lawsuit Filed by XRP Investors $20,000 Worth of Crypto Allowed to Cover Legal Costs Hearing a defamation claim, the New South Wales District Court was recently asked by the defendant to order the plaintiff to put $20,000 AUD (approx. $13,000 USD) into a court-controlled bank account, the Australian Associated Press reported Thursday. The money is supposed to cover some of the defendant’s expected legal costs if the plaintiff loses the case or decides to withdraw it altogether. The court accepted the request allowing a cryptocurrency exchange account owned by the plaintiff to be used as security for the potential legal expenses, but a lawyer for the defendant remarked that although the account might be evaluated in Australian dollars, the digital money in it represented a highly unstable investment. Judge Judith Gibson stated she was prepared to accept that cryptocurrency was volatile. “However, this is a recognized form of investment,” she pointed out in a judgment issued earlier this week. Trying to alleviate the expressed concerns regarding the assets, she also accepted the plaintiff’s undertaking to provide the defendant’s solicitor with monthly statements for the crypto account. “I can see the desirability of the defendant receiving prompt notification of any drop in the value of the account. These are uncertain financial times,” Judge Gibson added. The plaintiff will be obliged to also alert the defendant’s lawyer if the account’s crypto balance falls below the equivalent of $20,000 AUD. The report notes that breaches of such undertakings can lead to the defaulting party being found in contempt of court. Australia’s Proactive Regulatory Stance Creates Clarity for Crypto Companies Compared to other developed nations around the world, Australia has advanced further in the efforts to regulate the crypto and blockchain space. Since 2017, cryptocurrencies similar to bitcoin in their main characteristics have been treated as property in the country and are subject to capital gains tax. Austrac, the analysis center responsible for financial intelligence gathering and anti-money laundering policies, has been successfully working in that direction for almost two years. As news.Bitcoin.com reported this month, the regulator has already registered over 300 cryptocurrency exchanges. Global digital asset trading platforms have also demonstrated interest in the market. In January, U.S.-based exchange Kraken announced the acquisition of Bit Trade, Australia’s oldest operating exchange. Besides trading, other related services such as crypto payments have also enjoyed growing popularity on the continent over the past few years, thanks to platforms like Travelbybit, Hula and the Bitcoin Cash Register. Retail spending reports published towards the end of last year showed that bitcoin cash (BCH) consistently captures the largest portion of these expenditures, with bitcoin core (BTC) and Binance coin (BNB) being among the other popular options. In early January, the leading global exchange donated $1 million in BNB to support the Australian bushfire relief efforts. What do think about the Australian court accepting cryptocurrency as security for legal costs? Share your thoughts on the subject in the comments section below. Images courtesy of Shutterstock. You can now purchase bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH directly from our trusted seller and, if you need a bitcoin wallet to securely store it, you can download one from us here. The post Australian Court Accepts Cryptocurrency Exchange Account as Security for Legal Costs appeared first on Bitcoin News. View the full article

For the first time in four years, the premier offshore consulting firm Nomad Capitalist is bringing you the world’s #1 offshore conference. From September 16-19, 2020, take in the beauty of Playa del Carmen, Mexico while learning how to create a life of freedom and prosperity on a global scale. Nomad Capitalist Live is four power-packed days designed to show you “what’s working now” and teach you everything from offshore tax strategies to overseas banking and offshore companies, and from second passports and residencies to hot international investments and the Nomad Capitalist lifestyle. Since 2008, Andrew Henderson has been researching and implementing offshore strategies to live, do business, and invest overseas based on his father’s prescient words: “Go where you’re treated best.” He created Nomad Capitalist to help entrepreneurs like himself do the same to keep more of their own money, create wealth faster, and design their life of freedom. For the past four years, Nomad Capitalist has dedicated all its efforts to private consulting, creating and implementing holistic offshore plans for six- and seven-figure entrepreneurs who are ready to take action. Today, Nomad Capitalist Live offers anyone who is just starting out or isn’t quite ready to take action an opportunity to come and explore the offshore world and gain insights into Nomad Capitalist’s legal, holistic strategies. Admission to the conference will grant you access to two cocktail receptions, three networking breakfasts and lunches, one keynote dinner gala, exclusive Inner Circle functions and an all-access pass to the conference sessions featuring 35+ presentations from an entire roster of hand-picked experts, including Andrew Henderson, Robert Kiyosaki, Mikheil Saakashvili, Roger Ver, Vit Jedlicka, the Nomad Capitalist team, international real estate specialists, and more. Every speaker has real-world experience practicing what they preach and – because Nomad Capitalist Live has been designed to provide information – no one will be there to sell you something or pitch you a special offer at the back of the room. You can expect the highest standards from speakers and attendees alike. If you are an entrepreneur, investor, or aspiring global citizen, this conference is for you. You will have limitless networking opportunities with the best in the business. You’ll meet like-minded individuals who will become lifelong friends, create valuable new business connections, and rub shoulders with the top members of the Nomad Capitalist network and team. You’ll learn about common misconceptions and challenges when going offshore, gain extensive knowledge of the latest opportunities and offshore research, and walk away with an understanding of “what’s working now” and your own Nomad Capitalist mindset. Don’t miss this opportunity! Reserve your spot today before the event sells out. If you act now, you can also get the Early Bird Special and save hundreds of dollars on admission. Nomad Capitalist Live 2020 is your chance to learn what it takes to “go where you’re treated best” and gain the tools to do just that. Click here to reserve your place at the #1 offshore conference in the world. Contact Email Address live@nomadcapitalist.com Supporting Link https://nomadcapitalist.com This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. 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 content, goods or services mentioned in the press release. The post Catch Nomad Capitalist Live At Playa Del Carmen appeared first on Bitcoin News. View the full article

On February 27, a group of developers behind the Bitcoin Cash Node implementation released the first version of the project’s codebase. The new client is essentially a drop-in replacement for Bitcoin ABC 0.21.0, as the code aims to disable the Infrastructure Funding Proposal (IFP). Also Read: BCH Funding Debate: Developers Plan to Launch IFP-Free Version of Bitcoin ABC Bitcoin Cash Node Unveils Code and Rebrands The Bitcoin Cash (BCH) community was introduced to the open source codebase for a new full node project called the Bitcoin Cash Node on Thursday. The node has rebranded from Bitcoin ABC and developers launched a new website as well. News.Bitcoin.com first reported on the project after it was initially announced, as the full node has various well known BCH developers working on the client. “This is the first release of Bitcoin Cash Node as a drop-in replacement for Bitcoin ABC 0.21.0. It is based on Bitcoin ABC 0.21.0, with minimal changes necessary to disable the Infrastructure Funding Proposal (IFP) soft forks,” Calin Culianu (Nilacthegrim) of Electron Cash explained on the Reddit forum r/btc. bitcoincashnode.org There are minimal changes from Bitcoin ABC 0.21.0 to Bitcoin Cash Node 0.21.0, the developer noted. This includes: All IFP soft fork logic, signaling logic, and the hard-coded whitelist have been removed. Rebranding from Bitcoin ABC -> Bitcoin Cash Node. Qt GUI settings are automatically copied from Bitcoin ABC (on first use of Bitcoin Cash Node). “For exchanges and users, this client will follow the longest chain whether it includes IFP soft forks or not,” Culianu added. “For miners, running this client ensures the getblocktemplate RPC call will return a block with version bits that vote ‘NO’ for the IFP soft forks. Additionally, unlike Bitcoin ABC, getblocktemplate will not automatically insert IFP whitelist addresses into the coinbase transaction.” The Bitcoin Cash Node open source codebase is located on Gitlab. The subject was discussed fervently between BCH supporters on Twitter and Reddit. “Thank you, everyone, for your hard work on this,” one Reddit user wrote on Thursday. “I love this community.” However, others were more skeptical of the Bitcoin Cash Node announcement and asked harder questions. One person asked if after the dust settles, developers would offer a completely different fork of ABC and create a different roadmap or continue to support ABC’s roadmap with minimal changes. “That’s a very good question,” Culianu responded. “The answer to that is: It depends entirely on how the ecosystem reacts and what miners do. Our ideal scenario is that the soft forks do not activate and that ABC loses relevance and no longer is in the driver’s seat for BCH development.” The developer further stated: If that happens, we will follow our own roadmap, which will be heavily influenced by what the ecosystem wants. If any of the soft forks activate then obviously that’s a sign ABC got its way — at which time we will reassess things going forward. Imaginary Username: ‘We’re Here to Offer an Alternative’ The Reddit discussion concerning the Bitcoin Cash Node project also included the BCH developer Imaginary Username. Another person on r/btc asked if the Bitcoin Cash Node launch was simply to cause “more of a split in the community?” “Most of the people are on a desperate course to save BCH who are otherwise just going to leave, having lost confidence in the ‘lead’ implementation,” Imaginary Username responded. “Do you know why we spent a week instead of doing a simple revert of one commit as some suggested? We gotta get everything set up since we ain’t going anywhere. We’re here to offer an alternative, better future.” The Bitcoin Cash Node developer added: While we make sure things are going okay, would you mind giving it a little wait? ABC – especially what’s left of ABC right now – does not get to claim that they “built BCH into what it is now.” A lot of people did that together, and many of them caused much less harm, took much less money while doing so. Bitcoin Cash Node release notes written by Freetrader on Github. Signatures and Bitcoin Unlimited The day before the codebase release, one of the original BCH developers and former Bitcoin ABC programmer, Freetrader, shared a list of people who support the project. In the original announcement, Freetrader and many others included their PGP signatures so they can prove they were all involved. Since then, the group has gathered more signatures and the team shared them on the read.cash blog on Wednesday. Signatories include Alexander Levin Jr, CEO of Asicseer.com, Pokkst of Crescent Cash, tipbitcoin.cash, and bitcoincashj, Youtube host Collin Enstad, and Leandrodimarco of the plutonic shores. The Bitcoin Cash community will have to wait to see what happens with this new node. People discussing the subject question if miners will run the software and wonder what the Bitcoin Unlimited (BU) team does going forward. Currently on February 28, 2020, BU nodes represent 46.2% of the network’s known public nodes according to Coin Dance. Presently BU developers have plans to vote on a few BUIP proposals including: “BUIP142: Create Bitcoin Cash testdata” “BUIP143: Refuse the Coinbase Tax,” BUIP145: Additional funding for BCH specifications,” and “BUIP146: Add configurable parameter to delay mining transactions.” The next BU voting period begins on March 5-10 and the vote may determine what BU will do after BUIP143 is settled. What do you think about the new Bitcoin Cash Node project and the codebase the team released on Thursday? Let us know what you think about this subject in the comments section below. Feel like you missed something with this story? Check out the prior articles about the Bitcoin Cash Infrastructure Funding Proposal (IFP) debate below. Bitcoin Cash Miners Plan $6M Development Fund by Leveraging Block Rewards BCH Community Leaders Bitcoin.com and Jonald Fyookball Clarify Positions on Funding Proposal Heated Debate Continues Over Bitcoin Cash Infrastructure Funding Plan Jiang Zhuoer Restructures Development Funding Proposal for Bitcoin Cash 5% of Block Rewards – Bitcoin ABC Will Add Infrastructure Funding Plan in Next Release BCH Funding Debate: Btc.top Founder Suggests 2/3 Hash Vote and 6-Month Evaluation Voluntary Financing: Bitcoin Cash Devs Reveal Noncustodial Funding App Flipstarter Flipstarter Reveals Eatbch and BCH Development Funding Goals – Blog Post Receives $2k in Tips BCH Funding Debate: Developers Plan to Launch IFP-Free Version of Bitcoin ABC BCH Funding Debate: Amaury Séchet Responds to IFP Questions, Noting Contention in the West 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, Bitcoin Cash Node, Fair Use, Gitlab, Github, bitco.in/forum/, Read.cash, 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 ‘A Drop-in Replacement for ABC’ – BCH Devs Release Bitcoin Cash Node Software appeared first on Bitcoin News. View the full article

If cryptocurrency is designed to reconstruct the financial world while introducing major improvements in transaction speed, privacy, cost and convenience, debit cards represent a useful bridge between old and new. A preponderance of crypto debit card options now exist that allow cryptocurrency to be exchanged for spendable fiat currency at the touch of a button. Let’s take a look at a baker’s dozen of them. Also read: How to Get Free Bitcoin in 2020 European Crypto Debit Cards Plutus is one of the longest running crypto card services, having pitched up in 2015. The London startup has its own loyalty token (PLU) which is awarded to users every time they use their debit card. Notably, though, it’s a noncustodial platform which lets users retain control of their private keys. Usable in almost 200 countries, the card can be topped up using GBP or EUR, with ETH and PLU the only supported cryptos at the current time. Plutus also doubles as a virtual bank account, which is offered to residents anywhere in the European Economic Area (EEA) region for free. Wirex is another popular option for Europeans. Founded in 2014, the London fintech firm was the first to release a contactless, multi-currency Visa card and boasts over three million customers in 130 countries, having processed $2 billion worth of transactions. Wirex’s slick light-green debit card supports conversion from several major cryptos, has a native built-in utility token (WXT), and gives users 0.5% BTC on in-store purchases through its Cryptoback program, rising to 1.5% if you hold 500,000 WXT tokens. There’s a modest card account maintenance fee of £1.00/€1.20/$1.50, with all other fees and limits broken down here. Having achieved success throughout Europe and the APAC region, Wirex intends to expand into Canada, Japan and the U.S. in 2020. Monolith is a noncustodial option that allows ETH and ethereum-based tokens to be stored in its mobile wallet before being converted and spent on the Monolith Visa card. Billed as a “decentralized bank,” Monolith is closely aligned with the defi movement that has come to define Ethereum. DEX integration will be added soon, together with support for the Ethereum Name Service. Monolith Since 2017, UK digital bank Revolut has let users from the EEA buy, hold and exchange crypto, with the possibility of instantly exchanging any of 30 fiat currencies directly into bitcoin, litecoin, ethereum, bitcoin cash and XRP (and vice-versa). Revolut takes a flat 1.5% cut but it’s possible to transfer crypto to other Revolut members in seconds without paying a fee. Buy goods in-store or online using the Revolut debit card or app; if you only have crypto in your account, Revolut will exchange it into fiat in the retailer’s local currency at the point of purchase. Cryptocurrencies are only available on Revolut’s paid plans: it’s £6.99 a month for a Premium card and £12.99 for a Metal one. Cryptopay is one of the original bitcoin payment cards, and offers a plastic prepaid card (for ATM withdrawals and offline shopping, $15) and a virtual equivalent (online, $2.50). Available in the U.K., Russia and soon to be available in Singapore, Cryptopay supports only bitcoin alongside fiat currencies GBP, USD and EUR. For a breakdown of the relevant fees for both cards, see here. It’s fair to say Europe is one of the best regions for those wishing to use crypto-fiat debit cards; in addition to the aforementioned options, there are cards from Bitnovo, Coinbase, Uquid (89 cryptos supported) and 2gether. North American Crypto Debit Cards With support for BTC, ETH, XRP, GUSD, USDC, PAX and BCH, Bitpay’s debit card remains one of the best options for U.S. residents. In fact, it’s available to U.S. citizens only. The card costs $9.95 and can be topped up using eight fiat currencies from the Bitpay wallet, then used anywhere that accepts Visa. Bitpay’s currency conversion fee stands at 3% of the transaction, and a $3 charge is due every time you use an ATM outside the U.S. Transaction limits are set at $10,000 a day and you can’t withdraw any more than $1,500 a day or $5,000 a month. Wirex is planning to launch in the U.S. in the next month, however, meaning that American citizens will soon have another way to exchange their cryptocurrency for fiat. Global Crypto Debit Cards Singapore-based financial platform Paycent claims to have onboarded 94,000 customers to its crypto-fiat debit card since it launched in April 2018. While initially supporting only bitcoin, Payment now offers a wide range of cryptos – ETH, BNB, LTC, XRP and DASH included – and represents a global solution, accepted by 36 million merchants in 200 countries. With Paycent cards, you can convert your virtual currency into fiat then spend it online or in physical stores; you can also withdraw cash in the local tender at ATMs throughout the world. Three Paycent cards are available: Ruby, powered by China Union Pay, has a daily spending/withdrawal limit of $5,000; Sapphire, powered by Union Pay International, has a daily spending limit of $5,600 and a withdrawal limit of $1,650; and Solitaire, powered by Mastercard, carries a daily spending limit of $13,000 and a withdrawal cap of $10,000. Each card costs $49, and while Ruby has no monthly fee, the other two cost $2 per month. Launched in 2019, Crypterium‘s card lets you spend crypto at over 50 million merchants in 178 countries, as well as withdraw in fiat from 2.5 million ATMs. If you’re too impatient to wait for the plastic, you can get started with a virtual equivalent in a few minutes. The card is priced at $9.99 and there are no monthly fees unless you jump onto a Plus or Premium plan, where benefits include higher crypto-to-fiat transaction limit, priority support, a savings account, insurance and even a personal manager. Supported cryptos at present are bitcoin, ethereum, litecoin and the native CRPT token, with transaction limits set at $10,000 (daily) and $60,000 (monthly). Crypto.com’s MCO Visa card (formerly the Monaco Card) is quasi-global, in the sense that it’s available in the U.S., Europe and Singapore. Five different cards are available, with MCO rewards paid in a tiered fashion (1-5%) on every purchase. Disappointingly, even the top-tier card has a monthly ATM withdrawal limit of $1,000. Crypto debit cards make the process of spending digital assets easier. After all, no one wants to jump through hoops selling their bitcoin on an exchange to fund lunch or coffee. If you want to use your tokens for everyday purchases, get yourself a debit card and start spending those satoshis. Which crypto debit cards do you recommend? 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 13 Crypto Debit Cards You Can Use Right Now appeared first on Bitcoin News. View the full article

SetBroker, an innovative Bitcoin-based copy-trading platform, announced today their successful launch. Their platform is powered by ZuluTrade’s technology and Traders ecosystem. Setbroker.com’s unique sales incentive is that it will exclusively use Bitcoin for funding Investors’ trading accounts. The project is expected to transform the cryptocurrency trading market using blockchain and Bitcoin technology combined with a solid system of trading strategies. ZuluTrade, founded in 2007, bridged the trading gap by building an online and mobile Platform that connects Traders who have built good strategies with investors (followers) who can copy those trades in real-time, into their own investment accounts. ZuluTrade provides the largest, truly open-trading ecosystem, operating globally and regulated in the EU, Japan and now in the USA. The innovative Platform offers ZuluTrade’s proprietary technology via B2B collaborations with entrepreneurs who want to become involved with the industry. SetBroker.com is the latest outcome of such an alliance. Roula Pelehrinis, ZuluTrade’s Head of Institutional Sales, commented: “We have always been interested in B2B partnerships and when SetBroker approached us with this savvy idea, we took the opportunity to welcomed it into our ever-expanding Partnership Groups and to strategically expand our broker-scope into the Cryptocurrencies sector for our Investors.” James Townsend, SetBroker Managing Director commented: “Today’s investors are savvy. They are looking for new ways to build upon their investment strategies. At the end of the day, they want the best performance for the funds that they are spending their hard earned dollars on. SetBroker, powered by ZuluTrade will allow first time traders to familiarize themselves with the financial markets and gain confidence to trade.” Setbroker.com is now available under the brand “Setbroker”. As in all leveraged financial products, No “safe” trading system has ever been devised, and no one can guarantee profits or freedom from loss. Past performance is not indicative of future results. Contact Email Address james@setbroker.com Supporting Link https://setbroker.com This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. 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 content, goods or services mentioned in the press release. The post Copy Trading Platform ZuluTrade Powers SetBroker.com appeared first on Bitcoin News. View the full article

Many early adopters who made a fortune from cryptocurrency first got their hands on coins by receiving them for free from bitcoin faucets back in the day. Today there are still a number of ways for you to get bitcoin for free including airdrops, giveaways, bounties, tipping, referral programs and faucets. Also Read: How to Mine Bitcoin in 2020 How to Get Bitcoin Without Reaching for Your Credit Card If you want to start stacking satoshis or test out using digital assets without having to spend any money, there are several options available for you to do so in 2020. This guide will present some of them before reviewing a few bitcoin faucets that are still operational today. One of the best ways to get coins is to earn them from something that you already do. So if you have a website, blog or even just a large following of friends online, you can capitalize on that by joining a referral program that pays in crypto. Bitcoin.com offers such a program for Bitcoin Games, a provably fair online casino where users can play popular games using BTC and BCH. It requires no registration and lets you earn up to 25% of the house edge on all bets made by people you direct to the platform, with no top limit on how much you can earn. To join this program all you have to do is go to the BCH referral page or the BTC referral page, and your account will already be automatically set up. There you can find your unique referral link and banners in many shapes and sizes to share. The same page can also be used to track your earnings and referral statistics. Another referral program from the company is offered by the privacy-focused peer to peer exchange local.Bitcoin.com. It enables you to share your referral link with anyone you think might be interested in trading on the marketplace and earn BCH for every trade they make. Once you have an account on the platform, just visit the referral page to get a unique referral link that you can share with your friends. This link will take them to a signup page, and when they create an account they will be added to your list of referred users. You will earn 20% of fees incurred by their trades throughout the lifetime of their account. A watch for sale on local.bitcoin.com/goods Speaking of Bitcoin.com Local, the platform recently added a dedicated portal for buying and selling items in exchange for bitcoin cash. This Marketplace is a Craigslist-like venue for listing goods and services that allows anyone to earn BCH directly. So if you have an old smartphone or anything else you don’t use anymore you can sell it secondhand and turn it into free coins. Other Ways to Earn An additional way to sell your services for BCH is to become a bitcoin bounty hunter if you have the skills to spot software bugs or track down hackers. The Bitcoin Bounty Hunter service from Bitcoin.com allows people to anonymously crowdsource payments for completing tasks and get paid in bitcoin cash, with more than $280,000 in bounties currently available on the platform. Another way to get some free tokens is giveaways. Many in the crypto community are committed to spreading adoption and if you follow influencers on Twitter, Reddit, Youtube and other community forums you’ll sometimes find someone who will be willing to send you some satoshis just to get you started. For example, about four moths ago Bitcoin.com Executive Chairman Roger Ver announced on Facebook he was giving away a total of $5,000 worth of BCH to his friends and anyone on the social network that posted a bitcoin cash address in response to the message. Before trying this, take note that there are a lot of scammers in the field impersonating influencers, so you have to watch out for red flags and never send William Shatner or Elon Musk any coins if they promise to send you back 100x more. Facebook screenshot Crypto communities also like to reward active members with free tokens from time to time. In the BCH ecosystem we can see this with the Lead SLP token which you can earn in a number of ways such as helping new users learn about bitcoin cash by hosting meetups, introducing BCH to businesses that will adopt it for payments and more. Tipping is also popular in some crypto communities and allows people to be rewarded for their participation with free coins. In January 2020 it was reported that in just one week close to $6,000 in BCH was tipped to authors on read.cash, the blogging website that lets readers boost content creators with bitcoin cash upvotes. Airdrops are a way for projects to introduce a new token that’s just been added to a trading platform by handing some out to users for free. To find these you need to follow the online conversation around projects you like in community forums and social media, where you’re sure to come across new airdrops from time to time. And sometimes exchanges also offer less direct ways to get new coins they list such as Coinbase Earn. This is a service meant to incentivize people to learn more about new cryptos by awarding tokens for completing tasks such as watching videos and taking quizzes on the asset-related content. Once all these tokens become liquid you can exchange them for your preferred crypto such as BCH or BTC. Faucets That Are Still Giving Away Crypto in 2020 Software developer Gavin Andresen made Bitcoin History when he created a website that gave away free BTC in June 2010. The first bitcoin faucet handed out a meager 5 BTC per request, now worth about $50,000 less than a decade after. “For my first Bitcoin coding project, I decided to do something that sounds really dumb: I created a web site that gives away Bitcoins,” wrote the man who was declared by Satoshi Nakamoto as the lead developer after his departure. “Why? Because I want the Bitcoin project to succeed, and I think it is more likely to be a success if people can get a handful of coins to try it out.” To fuel the first faucet, Andresen loaded it with 1,100 BTC of his own. After these were all given out, the faucet was reloaded, with early bitcoin miners and whales chipping in and donating more coins. By the time the faucet had given away its last coins in early 2011 and was discontinued, 19,715 BTC had passed through its wallet. Unfortunately, these days any website claiming to offer 5 BTC for free is an obvious scam. Moreover, the inconsistent and high transaction fees on the BTC network have made giving away even just 5 satoshis per user impracticable too. If it can take 50 cents for sending one transaction, no site can be expected to send micro-transactions worth much less than that. So BTC faucets had to stop operating or try to find ways to limit users from making direct and small withdrawals. For example, the Bitcoinker faucet claims you can get “up to 100,000 satoshis” every five minutes. However, the minimum withdrawal from the site to your actual BTC wallet is 20,000 satoshis and trying it out you only get an average of 5 satoshis every time. So you will have to solve the captcha on the site 4,000 times, which assuming you did every five minutes without a break would take about four days. Other sites claiming to still be BTC faucets are actually something else completely. Some are actually gambling sites that just offer a few free satoshis to start you off but there is only a minuscule chance you will win enough to reach the withdrawal minimum without putting in more BTC of your own. Some are actually online freelance platforms that require you to put in work, such as answering surveys or completing other tasks. Some websites might also be secretly using your browser for mining an altcoin in the background, exploiting your CPU and giving you a fraction of what you could have made yourself. Luckily, there is still a very good alternative. Free.Bitcoin.com The Bitcoin.com Free service really provides you with an easy way to get coins for free thanks to the extremely low fees on the bitcoin cash network that make it possible. More than 300,000 people have gotten free BCH from this faucet service already, in a process that takes two seconds if you already have our wallet or a few seconds more if you need to download it depending on your connection speed. All you need to do to receive some bitcoin cash from the Bitcoin.com Free service is to take three easy steps. First, you have to install the highly rated Bitcoin.com Wallet app for your phone if you don’t already have it. Then you need to log in to the faucet with your Google account and hit verify in order to prevent abuse of the service. Finally, just enter your wallet address to claim your free electronic cash. A small amount of BCH will be sent to your wallet within seconds, showcasing the amazing speed of the bitcoin cash network. What do you think about getting free cryptocurrency in 2020? Do you know any other ways people can get some free coins? Share your thoughts in the comments section below. Disclaimer: Walkthrough and guide editorials are intended for informational purposes only. There are multiple security risks and methods that are ultimately made by the decisions of the user. There are various steps mentioned in reviews and guides and some of them are optional. Neither Bitcoin.com nor the author is responsible for any losses, mistakes, skipped steps or security measures not taken, as the ultimate decision-making process to do any of these things is solely the reader’s responsibility. For good measure always cross-reference guides with other walkthroughs found online. 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 Get Free Bitcoin in 2020 appeared first on Bitcoin News. View the full article

When the first cryptocurrency exchanges sprung up in late 2010, multisig wallets had yet to be invented. As a result, a single private key was commonly used to control all customer funds. Today, multisig has been complemented by sophisticated solutions such as Unbound Tech’s CASP, which uses secure multi-party computation. Despite these innovations, many exchanges have been slow to adapt, and are still using outdated tools to control billions of dollars of customer funds. Also read: Bitmain Unveils 2 Bitcoin Miners With Max Speeds Up to 110TH/s Per Unit From Single Key to Multi Key When Mark Karpeles sent 442,000 BTC between Mt. Gox wallets in 2011, purely to show that he could, it demonstrated the dangers of single key custody. Having one individual in charge of thousands of customers’ assets was a recipe for disaster. On that occasion, the transaction passed off without a hitch, but four months later the Gox boss was to lose 2,609 BTC due to a scripting error. The dangers of relying on one man were further reinforced in 2018 when Quadriga CEO Gerald Cotten died, taking his private keys with him, and leaving 115,000 customers out of pocket. Crypto exchange custody has come a long way since the days of Mt. Gox, but as the fate of Quadriga, Mt. Gox and their ilk shows, there’s still room for improvement. Hot and cold wallet management remains a delicate balancing act for exchanges, which require the liquidity to expeditiously process customer withdrawals, while minimizing risk in the event of the hot wallet being hacked. The year after Mark Karpeles lost a week’s profits through a scripting error, BIP16 was introduced to Bitcoin, enabling P2SH (pay-to-script-hash) whereby coins could be sent to a script that contained specific spending conditions. As a result, it was possible to create wallets that required more than one private key to spend the funds. For example, a 3-of-5 multisig requires three of the five signatories associated with the script to sign the transaction with their private key for the funds to move. Multisig was a major step towards securing the crypto exchanges that were now springing up as bitcoin’s value began to climb in 2013 and traders flocked to the cryptoconomy. Despite this innovation, however, exchange thefts proliferated. Multisig cannot prevent exit scams from occurring; nor is it suited to protecting more complex crypto assets, such as monero. Moreover, with the emergence of smart contract-based networks, starting with Ethereum, more complex scripting capabilities added more vectors for hackers to exploit. From Multisig to Multi-Party Computation While many exchanges still rely on multisig to secure crypto assets, meticulous management is required to airgap cold wallets, as well as strict controls on how and when employees can sign transactions. The next major breakthrough in exchange custody came in the form of multi-party computation, popularized by tech developers such as Unbound Tech. The firm’s Crypto Asset Security Platform is designed to strike a balance between security and usability, and comes with the invocation to “Secure like it’s cold, transact like it’s hot.” Secure multi-party computation (SMPC) is a branch of cryptography that enables multiple parties to jointly compute any function while keeping their respective inputs private, and is used to protect private keys and transactions for digital assets held by a custodian or exchange. It ensures that cryptographic keys never exist anywhere in complete form, and is more adaptable than multisig, as it can be deployed to protect a broader range of crypto assets. Similar technology is used by Zengo in its keyless crypto wallet that relies on “mathematical secret shares.” The Future of Crypto Custody Aside from the technological advancements that have been made in locking down custodied assets, there have been improvements in disclosure and communication, and the addition of failsafes that prevent wallets from being drained. Disclosure: Pressure has been mounting on exchanges to prove they are solvent through disclosing balances on hand. There is no universal standard for doing so, however, and exchanges have been slow to adopt Proof of Solvency. Communication: It is now common practice for exchanges to inform the public ahead of moving significant balances between cold wallets. Insurance: A number of regulated exchanges, such as Gemini and Coinbase, have insurance to cover the assets in their care. Failsafes: In addition to using airgapped vaults to secure private keys, conscientious exchanges have added safeguards such as timelocks, which prevent BTC wallets from being emptied before a certain block height, or which limit the maximum amount that can be withdrawn at one time. Despite all of these improvements, 2019 saw a greater number of exchange hacks than ever, adding to the $11 billion that has been stolen from crypto exchanges to date. Custodial solutions may keep improving, but for so long as fallible humans are in charge of them, exchanges will remain vulnerable. Do you think there will be more exchange hacks this year than in 2019? 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 From Single Key to Sophisticated Computation: The Evolution of Crypto Exchange Custody appeared first on Bitcoin News. View the full article

The government of Hong Kong has decided to airdrop about $9 billion in free money to an estimated 7 million residents in the troubled Chinese territory. From a global perspective, this can be seen as a desperate move to stimulate the local economy while the coronavirus outbreak is hitting markets hard all around the world. At the same time, the move can also be seen as part of the government’s efforts to stop the persistent protests in the city. Also Read: HSBC Closes 2 Branches Following New Protests in Hong Kong Hong Kong Tries to Pacify Protests With Free Money? In December 2018, an infamous 24-year old Chinese crypto influencer, Wong Ching Kit, made headlines around the world after he was arrested for throwing stacks of HK $100 bills from the roof of a building in Hong Kong and causing mass hysteria. The self-proclaimed bitcoin millionaire stated at the time that the stunt made him “feel as if he is god” as he was raining money on the people of one of the poorest areas of the city. Now another guy is planning a similar stunt on a much bigger scale, but don’t expect him to be arrested anytime soon. “I have decided to disburse HK $10,000 to Hong Kong permanent residents aged 18 or above, with a view to encouraging and boosting local consumption on the one hand, and relieving people’s financial burden on the other,” stated Hong Kong Financial Secretary Paul Chan Mo-po on Wednesday. With 7 million people who are estimated to fit the criteria set by Chan, this will total about HK $70 billion, which is almost US $9 billion. This free money airdrop is the central part of a stimulus package totaling over $15 billion announced by the government. Other steps in the plan include helping poor families with a free month of public housing rent and helping struggling businesses with lower taxes and subsidized electricity. The main reason given for the need to stimulate the local economy is the outbreak of the novel coronavirus, which “has dealt a severe blow to economic activities and sentiment in Hong Kong” according to Chan. The pandemic originating in mainland China, interrupting many global supply chains, has hurt the region’s tourism industry especially hard and the plan includes specific measures to address this. Another tough problem for the local economy is the unending protests in the city against what many in Hong Kong see as the loss of their freedom to Beijing. The demonstrations started in June 2019 over a plan to allow extradition to mainland China which many feared will undermine the territory’s judicial independence. The controversial extradition bill was dropped in September, but the repeated police violence kept fueling the protest movement. “Social unrest and turbulence have revealed deep-seated conflicts in our community, which cannot be resolved overnight,” Chan said. “We need to address these conflicts patiently and carefully as they have a far-reaching impact on the stability and development of Hong Kong in the future.” Not Exactly Helicopter Money While this free money airdrop by the Hong Kong government is part of a stimulus package, it is important to note that the implementation is quite different from similar plans in other parts of the globe. Hong Kong has long been considered as having one of the most fiscally conservative establishments in the world and this doesn’t appear set to change. There is no money printing involved and no borrowing is needed. The plan is easily financed by the Hong Kong government’s massive fiscal reserves of HK $1.1 trillion. “Far from being created ‘out of thin air,’ to be given away, Hong Kong’s planned cash handouts have already been paid for, in full, by its taxpayers—and with plenty to spare,” explained George Selgin, Professor Emeritus of Economics at the University of Georgia. “The handouts are nothing more than a government income-redistribution scheme, with no monetary policy implications whatsoever. Those looking for a test of the theory of helicopter money, or for an outbreak of Hong Kong hyperinflation, will have to wait longer for them. With a little luck, they’ll wait forever.” What do you think about the government handing out cash to everyone in Hong Kong? 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 Government to Airdrop $9 Billion in Free Money to 7 Million Hong Kong Residents appeared first on Bitcoin News. View the full article

The U.S. Securities and Exchange Commission (SEC) has charged actor Steven Seagal for unlawfully promoting a cryptocurrency investment scheme claiming to be “the next generation of bitcoin.” Seagal failed to disclose that he was being compensated in cash and crypto by Bitcoiin2gen, or B2G, for marketing its token offering, such as on Twitter and Facebook. Also read: Bitcoin, Tesla Stock, Tron: How Warren Buffett Got His First Bitcoin SEC Charges Stevel Seagal for Unlawful Crypto Promotion The SEC announced Thursday that it has settled charges against Hollywood actor and producer Steven Seagal over his promotion of a cryptocurrency investment product. The SEC explained that Seagal “touted on social media a security that was being offered and sold in an initial coin offering (ICO) without disclosing that the issuer was paying him for the promotions.” The offering was conducted by Bitcoiin2gen, also known as B2G. Noting that the actor violated the Securities Act, the Commission elaborated: Seagal failed to disclose he was promised $250,000 in cash and $750,000 worth of B2G tokens in exchange for his promotions, which included posts on his public social media accounts encouraging the public not to ‘miss out’ on Bitcoiin2gen’s ICO and a press release titled ‘Zen Master Steven Seagal Has Become the Brand Ambassador of Bitcoiin2gen.’ “The SEC’s order finds that Seagal violated the anti-touting provisions of the federal securities laws. Without admitting or denying the SEC’s findings, Seagal agreed to pay $157,000 in disgorgement, which represents his actual promotional payments, plus prejudgment interest, and a $157,000 penalty. In addition, Seagal agreed not to promote any securities, digital or otherwise, for three years,” the agency clarified. Steven Seagal for ‘the Next Generation of Bitcoin’ Steven Seagal earned his net worth as a big action movie star of the 1980s and 90s. He appeared in more than 50 films, including Above the Law, Hard to Kill, Out for Justice, Under Siege, and Out of Reach. Seagal’s net worth is now $16 million, according to celebritynetworth.com. The 67-year-old currently lives in Moscow, Russia. President Vladimir Putin presented a Russian passport to him in 2016. Steven Seagal charged by the SEC for promoting cryptocurrency without disclosing that he was being paid to do so. According to the SEC’s order, from about Feb. 12 to March 6, 2018, Seagal touted the B2G cryptocurrency investment opportunity on his Twitter and Facebook accounts. At the time, he had approximately 107,000 followers on Twitter and 6.7 million on Facebook. While he was not running the ICO, Seagal allowed his pictures to be used on Bitcoiin2gen’s official website and marketing materials. He additionally received payments for participating in a webinar with potential investments. Bitcoiin2gen described its B2G tokens as “the next generation of bitcoin,” the SEC wrote. Its marketing materials say “Bitcoiin – 2nd Generation. Bigger and better than the original.” The company claimed that the funds raised would be used to “build an ‘ecosystem’ that would allow users to trade B2G tokens, provide wallet staking, and trade altcoins and fiat currencies, all ‘on a secure, comprehensive platform,'” the SEC described, noting: Participants in the ICO invested bitcoin, U.S. dollars, euros, or made payments via credit card in exchange for B2G tokens. Bitcoiin2gen’s marketing material showing Steven Seagal as the official ambassador, endorsing “the next generation of bitcoin.” The SEC further pointed out that Bitcoiin2gen’s press release included a quote from Seagal stating that he endorsed the token offering “wholeheartedly.” Noting that these promotions came six months after its DAO Report warning that cryptocurrencies sold in ICOs may be securities, the SEC emphasized that “in accordance with the anti-touting provisions of the federal securities laws, any celebrity or other individual who promotes a virtual token or coin that is a security must disclose the nature, scope, and amount of compensation received in exchange for the promotion.” Kristina Littman, Chief of the SEC Enforcement Division’s Cyber Unit, clarified: These investors were entitled to know about payments Seagal received or was promised to endorse this investment so they could decide whether he may be biased. Celebrities are not allowed to use their social media influence to tout securities without appropriately disclosing their compensation. What do you think of the SEC charging Steven Seagal for promoting a cryptocurrency investment scheme without disclosing compensation? 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, CNN, and Bitcoiin2gen. 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 SEC Karate-Chops Steven Seagal Over Promoting Cryptocurrency Touted as the Next Gen Bitcoin appeared first on Bitcoin News. View the full article

On Thursday, the China-based mining rig manufacturer Bitmain announced the launch of two new Antminer S19 series models that process between 95 to 110 trillion hashes per second (TH/s). The Antminer S19 Pro model with 110TH/s and 29 joules per terahash (J/TH) is 24 trillion hashes per second faster than Microbt’s latest Whatsminer M30S model (86TH/s). Also read: Bitcoin Rich: 6 Crypto Entrepreneurs Make the 2020 Hurun Billionaire List Bitmain Launches the S19 Series Processing Up to 110 Trillion Hashes per Second Bitmain, one of the top mining rig manufacturers worldwide, has revealed two new machines that pack a massive amount of terahash. On February 27, the firm’s official Twitter account announced the launch of the Antminer S19 series, showing rigs that process hashrates between 95-110TH/s. The company’s website shows the machines currently have an undisclosed shipping date and the site says the dates are “to be determined (TBD).” The two S19 variants cannot be purchased just yet either. The lack of a realized shipping date might be due to the delay in Chinese shipments globally that have affected numerous Chinese bitcoin mining rig manufacturers. The website shows a picture of the two S19 Antminers and offers specifications as well. Announcing the #Antminer S19 Series! The #AntminerS19 has 2 variants, a 95 TH/s and 90 TH/s model, with a power efficiency of 34.5±%5 J/TH. The #AntminerS19Pro has a 110 TH/s and 105 TH/s model, both with a power efficiency of 29.5±%5 J/TH. Learn more at https://t.co/2ftncwFOl2 pic.twitter.com/opW7IcZ3yZ — Antminer_main (@Antminer_main) February 27, 2020 The Antminer S19 Pro commands up to 110TH/s and processes the SHA256 consensus algorithm (BTC, BCH, BSV). A single unit pulls 3250W from the wall and has an efficiency rating of 29 J/TH. The S19 Pro looks much larger than the average mining rig today and weighs around 15.5kg. The lower end model Antminer S19 (95 TH/s) weighs 16.5kg and pulls the same amount of wattage (3250W) off the wall. The two S19 variants released by Bitmain are not yet for sale and prices are not yet displayed on the website. The two miners specifications are available online and shipping dates are to be determined. The reference power efficiency on the wall for the lower end S19 model is also 29 J/TH. The prices for Bitmain’s next-generation miners are also unconfirmed and will likely be announced just before the sale. Besides the new S19 series, Bitmain has the most powerful miner on the market, as the S17+ packs 73 TH/s and only pulls 2920W from the wall. At press time using the current BTC exchange rates on February 27, the S17+ captures $5.72 a day with electrical rates at $0.12 per kWh. Bitmain’s Latest Mining Rigs Outperform Microbt and Canaan’s Latest Efforts The latest Microbt machine that’s due to launch in April claims to process 86TH/s. The Microbt Whatsminer M30S processes the SHA256 algorithm as well and pulls 3268W from the wall. If someone had their hands on a Whatsminer M30S today, the current BTC exchange rates would see the machine profit by $7.23 per day using the $0.12 per kWh rate. Below Bitmain’s S17+ and Microbt’s M30S, two more Bitmain machines capture the leading positions when it comes to the most profitable SHA256 miners. The Antminer S17 Pro and the S17e process between 53TH/s-64TH/s. Canaan’s Avalonminer 1166 claims top speeds of around 68TH/s and other notable miners today include rigs manufactured by Innosilicon and Strongu. Data shows that with an April delivery the Microbt made Whatsminer M30S, it will be the top mining rig on the market today with 86TH/s up until Bitmain’s S19s are released. The latest S19 series from Bitmain comes at a time when the overall SHA256 hashrate is surpassing all-time highs. The BTC network has been coasting along above the 100 exahash per second range (EH/s), BCH has between 4-6EH/s, and BSV has 2.6EH/s today. It’s also interesting to note that a few mining rig manufacturers have seemingly stepped away from the ASIC competition. For instance, Ebang miners are no longer on the top of the high-speed mining rig list, as the latest Ebit series only capture 44TH/s per unit. For around the same price of the Ebit 44TH/s machine, you can get a Canaan Avalonminer 1166 ($1,978) with 24TH/s more hashrate. Ebit miners are $1930 per unit but only offer 44TH/s per unit. For $50 more you can get the Avalonminer 1166 with 68TH/s. Moreover, for a few hundred dollars less than that, people can purchase an Antminer S17+ that’s only one terahash less performance-wise than Canaan’s top miner. For $350 less, people can get an Antminer S17+ from Bitmain, which is only 1TH/s fewer hashes than the Canaan Avalonminer. Other models created by companies like Bitfury, Bitfily, Holic, Aladdin, GMO, Halong, and Pantech are well below the threshold these days when it comes to profitability. This is unless of course people still use these machines with incredibly low electrical rates from certain countries. 10X the Hashrate per Unit Than the ASIC Miners Produced Four Years Ago The S19’s are also considerably faster than machines were four years ago, as the top mining rigs in 2016 included a few models from Bitmain as well. In 2016, the firm’s original Antminer S9 processed only 12.9TH/s, but at the time it was the best machine on the market according to various reviews. Bitmain also sold the Antminer S5 and S7 series in 2016 as well and those machines only processed 1155GH/s to 4TH/s. Back in 2016, the S9 processed around 13TH/s and you could get 0.5 BTC per month. At today’s BTC exchange rate and the top machine in the market, you can’t even come close to that type of profit with the 2020 BTC difficulty and competing miners. — 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. Four years ago besides Bitmain, both Bitfury and Canaan also ruled the ASIC manufacturing industry with Canaan’s Avalonminer 6 (3.5 TH/s) and as Bitfury announced mass producing 16nm semiconductors. In 2016, ASIC manufacturers leveraged the 28nm standard and Bitfury’s 16nm design shook the competition up. Although, the last machine Bitfury released does process 80TH/s and it utilizes more efficient 14nm chips. But it consumes 6300W off the wall and at the $0.12 per kWh rate, Bitfury Tardis machines lose $5.45 per day per unit using today’s BTC exchange rate. The top machines in the market in 2020 utilize far superior 10-7nm semiconductors and they are more than 10X faster than machines built four years ago. What do you think about the latest S19 series of miners produced by Bitmain? 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, Wiki Commons, Bitmain, Canaan, Microbt, Wiki Commons, Steemit, Fair Use, and Pixabay. Did you know you can earn BTC and BCH through Bitcoin Mining? If you already own hardware, connect it to our powerful Bitcoin mining pool. If not, you can easily get started through one of our flexible Bitcoin cloud mining contracts. The post Bitmain Unveils 2 Bitcoin Miners With Max Speeds Up to 110TH/s Per Unit appeared first on Bitcoin News. View the full article

When Satoshi Nakamoto invented Bitcoin, the creator designed the protocol to be an inflationary currency, one that is predictable as bitcoin’s inflation always decreases every four years. Today, 77 days before the reward halving, BTC’s inflation rate is around 3.6% and it’s expected to drop to 1.8% after the halving event. The cryptocurrency’s inflation rate will be lower than the average inflation target central banks reference worldwide at 2%. Unlike central banks, no one person or centralized entity can make adjustments to BTC’s monetary inflation rate. Also Read: Get Ready for the Bitcoin Halving – Here Are 9 Countdown Clocks You Can Monitor Bitcoin’s Inflation Rate Slid from 50% in 2011 to 3.8% in Q1 2020 Back in 2009, after the Bitcoin network launched, Satoshi explained in various emails that bitcoins were meant to be scarce. On July 9, 2010, Satoshi wrote: “When someone tries to buy all the world’s supply of a scarce asset, the more they buy the higher the price goes.” Bitcoin’s inventor also created a limited number of bitcoins that will ever be produced and a systematical and mathematical reward reduction every 210,000 blocks. Crypto enthusiasts call the block subsidy reduction a “halving,” as the block rewards are always cut in half. Today the active supply of BTC is around 3.6-3.8% and this is because analysts assume there is far less than the 18.2 million circulating supply of BTC. We know this is true because a great number of users have lost coins, and older wallets created years ago haven’t spent their BTC in over five years. Moreover, studies conclude that close to 11 million BTC has not moved in over a year. BTC’s active supply coupled with demand and the reward rate decreasing every four years developed a predictable economic system with an inflationary rate no one can control. Inflation rate for BTC on February 24, 2020, according to charts.Bitcoin.com. In 2011, BTC’s inflation rate was between 30-50% and between 2011 and 2014 it dropped to 12%. After the halving in 2016, when the block reward was cut from 25 BTC to 12.5 BTC, the inflation rate kicked down to 5-4%. Today, throughout the month of February 2020, the BTC network’s inflation rate is between 3.59% and 3.86%. Interestingly, the inflation rate for Bitcoin Cash (BCH) is roughly the same at 3.71% on Feb. 24. This means that in 77 days BTC’s inflation will drop (BCH is 44 days) lower (1.8%) than the average central banks’ target inflation rate. Inflation rate for Bitcoin Cash (BCH) on February 24, 2020, according to charts.Bitcoin.com. Most central banks like the Federal Reserve keep the inflation rate target around 2%, but there are a few lenient countries that reference rates as high as 4%. Central banks worldwide are known for manipulating inflation rates with the tendency to increase reference rates and print massive quantities of fiat reserves. Satoshi’s systematically and mathematically designed monetary inflation rate, however, cannot be changed unless the original rules of the system are broken. Central banks worldwide like the Federal Reserve tell the public the average inflation reference rate is around 2%. Although, some estimates indicate it could be as high as 10%. A Drop Below the Central Banks’ Average Reference Rate Will Highlight a New Experiment So far, during the last 11 years, the rules have not been broken and consensus remains strong around the 21 million capped supply. People believe that as BTC’s price gains more value, the purchasing power increases over time making it deflationary in that sense. Since BTC gained real-world value nine years ago, it has increased significantly over the last decade but we don’t know how long the trend will last. If BTC’s price continues to increase, the economics of the inflation rate coupled with ceteris paribus (outside conditions remain the same), it would provide a new system, unlike the world’s current monetary status. Those who participate in the economic crypto experiment may experience some different conditions than the ceteris paribus going forward. A number of crypto speculators believe it will be a positive outcome and the biggest wealth transfer the world has seen in decades. A slew of well known bitcoiners and crypto influencers truly believe this will happen. “Within the next few decades, Millennials will become the wealthiest generation in history and banks should be worried, if they’re not already,” insists the BTC commentator and author Rhythm Trader. His November 2019 blog post added: Millennials have started making a major shift towards the use of unconventional banking, with Bitcoin posed to be the beneficiary of the ‘Great Wealth Transfer’ of our time. Inflation rate for BTC on February 24, 2020, according to Woobull stats. Even Though the Inflation Rate Is Predictable and Decreasing, to Skeptics Uncertainty Remains People who believe in central planning and the current monetary system wholeheartedly disagree with Rhythm Trader’s optimism. For instance, in April 2013, the popular American author Matthew O’Brien wrote that BTC has a “massive deflationary bias” as some economists have always believed bitcoins will fall into a deflationary spiral. “Its money supply is mostly fixed, but the menu of things it can buy is growing. The same amount of money chasing more goods means money will be worth more. Or, put another way, prices will fall in Bitcoin terms. And that’s why it’s not a currency, and won’t be one until it has a central bank.” Although central banks claim 2% is the reference mark globally, shadowstats.com notes that the real rate could be as high as 10%. BTC inflation rate estimates as described by Murch on April 26, 2015. Crypto proponents don’t know what will happen with the economics and market values after the halvings occur on the three SHA256 networks this spring. The best references that can be used are the rules of the network and the fact that unlike central banks, nobody decides what the inflation target for the upcoming years will be. Instead, the inflation rate and issuance of BTC is fairly predictable and can be easily charted. This spring, the world’s largest cryptocurrency by market valuation will have an inflation rate less than the central planners’ inflation rate and four years after that event, it will be considerably less. In fact, estimates show that BTC’s inflation rate will meander around 1.8% until the next halving and will likely be 1.1%. Estimates also show that through the year 2025 and the halving in 2026 BTC’s inflation rate will be as low as 0.4%. What do you think about the BTC inflation rate after the halvings? What do you think about the inflation rate dropping below the central banks’ average of 2%? 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. 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, Charts.Bitcoin.com, Murch on April 26, 2015, Woobull charts, Fair Use, Wiki Commons, Twitter, and Pixabay. 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 Bitcoin Halving Will Drop Inflation Rate Lower Than Central Banks’ 2% Target Reference appeared first on Bitcoin News. View the full article

“I don’t have any bitcoin. I don’t own any cryptocurrency, I never will … You can’t do anything with it except sell it to somebody else.” So claimed Warren Buffet in an interview this week on CNBC. Over the course of the two-minute segment, the billionaire investor tore into bitcoin’s value proposition, and obliquely threw shade on $4.6 million lunch guest Justin Sun. Also read: How to Anonymously Buy Bitcoin Online and in Person Buffet Gives Bitcoin Both Barrels In an interview with CNBC, Warren Buffet has insisted that “bitcoin has been used to move money illegally” and that “cryptocurrencies basically have no value, they don’t produce anything.” Summoning palpable contempt, Buffett added, “You can look at your little ledger item for the next 20 years and it says you’ve got X of this cryptocurrency or that; it doesn’t reproduce; it doesn’t deliver; it can’t mail you a check, it can’t do anything. And what you hope is that somebody else comes along and pays you more money for it later on. But then that person’s got the problem. But in terms of value [assigned to cryptocurrencies], zero.” Buffett then gave a visibly awkward laugh in response to hearing of Sun’s claim that he owned bitcoin, saying, “I don’t have any bitcoin. I don’t own any cryptocurrency, I never will … You can’t do anything with it except sell it to somebody else.” The only economic contribution of bitcoin is a fall in demand for suitcases because bitcoin makes it easier move money illegally, says Warren Buffett #btc #bitcoin #AskWarren pic.twitter.com/dyBTbyPRhk — Squawk Box (@SquawkCNBC) February 24, 2020 As ever, crypto Twitter was on hand to provide thought-provoking nuggets: “Warren’s life fortune is dependent on the USD maintaining value. Have to take his opinion with a grain of salt in this area”; “He has obviously never seen or used a dapp”; “People like Warren Buffett want you to save less, not more. They want you to invest in their stocks or consume their products. This is why Buffett hates bitcoin.” Breaking Down Buffet’s Bitcoin Indictment Crypto might not be able to “mail you a check” as Buffet notes, but it can be collateralized for loans, spent at an increasing number of online and brick-and-mortar venues, used to power growing ecosystems such as open finance, and utilized as a compelling store of value given its unquestionable status as sound money. It was, by some distance, the best-performing asset of the last decade. Besides, the criticism that you “can’t do anything with it except sell it somebody else” could easily be leveled at gold, a commodity which shares more than a few similarities with bitcoin, the most important being that you can’t arbitrarily pump more gold into the market and dilute its purchasing power. It could also be leveled against stocks. A Meeting of Minds It was last June that Tron mouthpiece Justin Sun decided spending over $4 million to have dinner with Berkshire Hathaway CEO Buffett was a smart use of funds. In fairness, though the lunch was the prize, the millions went to San Francisco-based non-profit GLIDE Foundation whose beneficiaries include individuals from economically deprived communities. Even if it was an expensive publicity stunt, Sun was doing a good turn in the process and he made a point of mentioning that Bittorrent and Tron’s U.S. headquarters were located in the same city as GLIDE. In the event, Sun’s long-mooted sit-down with investment doyen Warren Buffett was one of the most talked-about events (or nonevents) in crypto last year: the entrepreneurial upstart meets the billionaire Oracle of Omaha. After forking out $4.57 million at a charity auction to break bread with Buffett, Sun had to cancel citing kidney stones, before the dinner finally occurred in late January. Given the seven-month delay, people were understandably eager to hear about the nature of the 3.5 hour discussion. Sun shed plenty of light on Twitter, saying “Amazing dinner w/ @WarrenBuffett finally! Thx for your support & advice on how to take Tron to the next level! Loved our talk on Bitcoin, Tesla & Tron! Glad to support @GLIDEsf as well! C U at #BRK2020 & our reunion meal in 2030!” Sun also mentioned the price of the meal ($515.05), stated that the insights he received were “priceless,” and that he had sent Buffett his first bitcoin, which was stored in a Samsung Galaxy Fold Sun had brought along as a gift. The Tron CEO even noted that the BTC price had risen 16% in the time since he made the donation, and that Buffett was “impressed by the speed of #TRON.” Long Bitcoin, Short Suitcases! Wait till Buffett hears that Wells Fargo, one of the companies he has a minority stake in, knowingly helped the Sinaloa drug cartel launder millions of dollars… pic.twitter.com/Z7DGHlh9AU — Pomp 🌪 (@APompliano) February 24, 2020 After all the buildup, the takeaway seems to be that Buffett’s crypto-skeptic stance remains unchanged. Prompting the octogenarian to perform an ideological 180 always did seem a trifle ambitious. Buffett’s denial that he received bitcoin from Sun is a little more perplexing, though. Either someone’s lying, or one of Buffett’s aides took receipt of the crypto Buffett was gifted, allowing both parties to claim vindication on a technicality. Do you think Warren Buffet is wrong about bitcoin? Do you think he ever received bitcoin from Justin Sun? 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 Warren Buffett Slates Bitcoin, Denies Owning Crypto Gifted by Justin Sun appeared first on Bitcoin News. View the full article

The U.S. Department of Homeland Security has revealed a cryptocurrency intelligence program aimed at identifying unlicensed crypto businesses using P2P sites, online forums, and darknet markets. These areas have consistently presented “a significant challenge to law enforcement” and the Financial Crimes Enforcement Network (FinCEN). Also read: Regulatory Roundup — Trump’s Cryptocurrency Proposals, IRS Changes Rule, China Quarantines Cash Cryptocurrency Intelligence Program The Department of Homeland Security (DHS) released its budget overview for the fiscal year 2021 last week. The department has several programs that monitor crypto activities, including the Bulk Cash Smuggling Center (BCSC), which provides operational support in the enforcement and prohibition of bulk cash smuggling or transfer of illicit proceeds. In the budget document, the DHS revealed that the BCSC has developed Cryptocurrency Intelligence Program (CIP), elaborating: [CIP] identifies unlicensed money services businesses in the form of independent cryptocurrency brokers’ use of peer-to-peer (P2P) sites, online forums and classified advertisements, and darknet markets (DNM) to engage in unlicensed money services businesses (MSB) activity. According to the DHS, “A large portion of these unlicensed MSBs are engaged in laundering narcotics proceeds, including opioid trafficking.” ‘Significant Challenge’ From P2P Platforms and Darknet Markets The U.S. Immigration and Customs Enforcement (ICE) agency, under the DHS, has raised concerns over P2P platforms several times over the years. It noted that unlicensed P2P activities have continually presented “a significant challenge to law enforcement.” According to ICE, “Bitcoin and other virtual currencies are the preferred payment method in darknet markets. It is common for unlicensed P2P exchangers to obtain their bitcoin from selling illicit goods and services on darknet markets.” Noting that the Homeland Security Investigations (HSI), an investigative arm of the DHS, targets illicit P2P exchangers for money laundering and money services business violations, ICE asserted: The biggest problem darknet market vendors face is converting virtual currency into traditional fiat currency. To avoid reporting requirements, illicit vendors turn to P2P exchangers or become P2P exchangers themselves in order to liquidate their virtual currency. Currency exchangers, including cryptocurrencies, are considered money transmitters and are required to register and comply with federal anti-money laundering regulations. Under federal law, they must register with the Financial Crimes Enforcement Network (FinCEN) as a money services business. FinCEN confirmed in a May report last year that it and law enforcement had “observed unregistered entities being exploited or wittingly allowing their platforms to be utilized by criminals in the U.S. and abroad to further illicit activity, including through darknet marketplaces, P2P exchanges, foreign-located MSBs, and CVC [convertible virtual currencies] kiosks.” ICE explained that the current U.S. regulatory framework for money transmission activities does not cover the full range of crypto activities that could be exploited for illicit purposes. Nonetheless, U.S. authorities have charged some people and businesses for unauthorized crypto activities on P2P platforms and darknet markets. On Aug. 23, 2019, Kunai Kalra pleaded guilty to operating an unlicensed money transmitting business where he exchanged up to $25 million in cash and cryptocurrencies for customers, including darknet drug dealers and other criminals, some of whom used his bitcoin ATM kiosk, FinCEN detailed. This was the first federal criminal case charging an operator of a digital asset kiosk with unlicensed money transmission. On April 18, FinCEN assessed a $35,350 civil money penalty against Eric Powers for willfully violating its rules and requirements during his operations as a cryptocurrency P2P exchange service provider. On Feb. 13 this year, the Department of Justice announced that an Ohio resident had been charged with operating a darknet-based bitcoin mixer which laundered over $300 million. Meanwhile, the U.S. Office of the Director of National Intelligence believes that “a global cryptocurrency or a national digital currency could undermine the U.S. dollar.” It is now looking for researchers to evaluate this threat and the impact of the U.S. dollar losing its status as the world’s reserve currency. What do you think of the Department of Homeland Security’s cryptocurrency intelligence program? 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 US Develops Cryptocurrency Intelligence Program Targeting P2P Sites, Forums, Darknet Markets appeared first on Bitcoin News. View the full article

Buying bitcoin is a bit like buying contraception: it’s a basic human right, you should be entitled to do so privately, and it’s nobody’s business what you plan to do with it. Whether you’re buying bitcoin to set aside for a rainy day or to expend immediately in a fit of passion, you shouldn’t have to broadcast your intentions to the world. Here’s how to obtain bitcoin without forsaking your anonymity. Also read: How to Buy Bitcoin Anonymously Mine, Earn, Exchange or Buy? In 2020, you have four ways of acquiring bitcoin: mining, earning, exchanging, or buying. While anyone can mine bitcoin, only those with the dedicated racks of hardware can do so profitably. Thus, despite the lure of newly minted coins with no transactional history, mining is not a realistic way of obtaining bitcoin. Earning, typically through working for a crypto company, provides a more practical means of obtaining bitcoin, but isn’t remotely anonymous since your employer will have all your pertinent details, and may be obliged to pass these on to government agencies. Exchanging – that is, swapping goods or services for bitcoin – is a more practical way to get your hands on cryptocurrency. You could set up your own bitcoin-only store, allowing you to sell physical and digital goods in exchange for crypto. With no fiat payment rails connected, you can run the website and accrue bitcoin without disclosing your identity. Naturally, you’ll need to have something that people desire sufficiently to part with their beloved bitcoin; think high quality merchandise, tasteful art, bespoke bitcoin jewelry, or genesis block-inspired posters. Of course you don’t have to set up your own website to sell goods for bitcoin; there are already dozens of online stores where you can become a vendor with no questions asked. Welcome to the darknet. Despite what mainstream media would have you believe, not everything for sale on darknet marketplaces (DNMs) is illegal. Thus, you don’t need to break any laws in your quest to swap goods for bitcoin. In addition to legal paraphernalia of the sort found in head shops, DNM vendors sell medicinal items such as CBD oil. In truth, you can sell anything you can think of on the darknet; the only limits are your imagination and market demand. While selling on DNMs is one of the most anonymous ways to obtain bitcoin, it’s not the quickest or most practical. If you’re looking to acquire bitcoin in a hurry – be it to place a DNM order of your own or because the price of BTC is shooting up – you’ll need to buy it directly. Thankfully, there are still ways to purchase bitcoin anonymously, or at least privately i.e. without needing to undergo KYC, with the complete loss of privacy and risk of identity theft this carries. How to Buy Bitcoin Anonymously in Person There are two primary ways to buy bitcoin in person – that is, by leaving the house. One is to purchase bitcoin using a BATM – an automated machine that will let you swap fiat currency for cryptocurrency. Finding a bitcoin ATM near you is easy, and as a previous guide from news.Bitcoin.com explains, there are ways to purchase crypto from BATMs completely anonymously, if you don’t mind bending a few rules. Even if you’re a stickler for playing by the book, a BATM is typically more discreet than using a centralized exchange to acquire crypto. The second option is to find a bitcoin seller willing to meet you in person for a cash deal. Filter search results on Localcryptos, Localbitcoins, or local.Bitcoin.com by area, and then message sellers to see if they’re willing to meet. Regardless of what the platforms’ terms of service say (LBC doesn’t permit in-person meets any more), many sellers will be happy to arrange a cash deal. Naturally, you’ll need to establish trust on both sides, and it makes sense to start with a relatively small purchase before building up to larger amounts as trust develops. Another way to sniff out local sellers is to attend bitcoin meet-ups in your area and crypto conferences. Also search on Linkedin for OTC sellers in your region. There’ll be some chancers and time-wasters to sift through, but once you find a reputable seller, you’ll have your own private supply of bitcoin on tap. How to Buy Bitcoin Anonymously Online If you’re looking to anonymously buy bitcoin without leaving the house, your best bet is to use a P2P exchange such as Localcryptos or local.Bitcoin.com. There’s a range of payment options available, from bank transfer to gift cards and Paypal, and your details will only be disclosed to the seller. If you’re keen to conceal your identity from the seller altogether, it’s conceivable to send funds from an account you control that’s not in your name; a Paypal business account for “Acme Trading” for instance, or a Venmo account that a kindly friend will allow you to use. For a rundown of the main P2P bitcoin exchanges, see this guide from news.Bitcoin.com. Finally, there are rumors of individuals paying third parties – homeless; the unemployed; students – to complete KYC on their behalf, and then using their identities to obtain crypto debit cards. If such apocryphal tales are true, they would provide a means of purchasing cryptocurrency that cannot be traced back to its actual buyer. There are also rumors of readymade identities being bought on the darknet, and used in the same manner to anonymously buy bitcoin. Bitcoin is protection – yes, contraception – against the unexpected. It is a safeguard against account seizure, a protection against black swan events, and a hedge during economic uncertainty. You owe it to your present self to acquire bitcoin and you owe it to your future self to do so as privately as possible. Your bitcoin is nobody else’s business. Don’t let anyone tell you otherwise. What other private bitcoin buying methods can you think of? 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 How to Anonymously Buy Bitcoin Online and in Person appeared first on Bitcoin News. View the full article

The G20 finance ministers and central bank governors had their first 2020 meeting this weekend in Saudi Arabia. They discussed cryptocurrencies and stablecoins, and issued a statement urging countries to implement the cryptocurrency standards set by the Financial Action Task Force. They were also informed that the Financial Stability Board will soon issue its crypto regulatory responses. Also read: Regulatory Roundup – Trump’s Cryptocurrency Proposals, IRS Changes Rule, China Quarantines Cash G20 Begins Discussing Crypto Regulations The first G20 Finance Ministers and Central Bank Governors Meeting took place in Riyadh, Saudi Arabia, on Feb. 22 and 23. Cryptocurrencies and stablecoins, such as Facebook’s planned project Libra, were discussed. In the G20 Communique released after the second day of the meeting, the finance chiefs explained that “global economic growth is expected to pick up modestly in 2020 and 2021.” However, they added, “We will enhance global risk monitoring, including of the recent outbreak of COVID-19 [coronavirus disease],” noting that “downside risks to the outlook persist.” Regarding cryptocurrencies, their statement reads: Building on the 2019 Leaders’ Declaration, we urge countries to implement the recently adopted Financial Action Task Force (FATF) standards on virtual assets and related providers. G20 meeting. In June last year, the G20 leaders met in Osaka, Japan, and declared their commitments to following the standards for crypto assets and related service providers set by the FATF. By October, the FATF had already begun evaluating how well countries were implementing their recommendations. G20 Discusses ‘Global’ Stablecoins In their Feb. 23 statement, the G20 finance ministers and central bank governors also addressed the subject of stablecoins. They wrote: We reiterate our statement in October 2019 regarding the so-called ‘global stablecoins’ and other similar arrangements that such risks need to be evaluated and appropriately addressed before they commence operation, and support the FSB’s efforts to develop regulatory recommendations with respect to these arrangements. The G20 is expecting reports on cryptocurrencies and stablecoins from a few global standard-setting bodies, including the Financial Stability Board (FSB), the International Monetary Fund (IMF), and the FATF. ECB Chief Christine Lagarde (left) and Federal Reserve Chairman Jerome Powell at the G20 meeting in Saudi Arabia on Feb. 22 and 23. The G20 refers to stablecoins with the potential to achieve scale at launch as global stablecoins, an example of which is Facebook’s Libra. In a recent hearing before the House of Representatives Committee on Financial Services with Federal Reserve Chairman Jerome Powell, it was mentioned that another entity in a position to achieve similar scale is the Chinese government. Powell was therefore urged to work on the digital dollar to be able to quickly respond to the digital yuan rollout. Following the leaders’ summit in Japan last year, the G20 issued a press release in October on global stablecoins. Their statement reads: While acknowledging the potential benefits of financial innovation, we agree that global stablecoins and other similar arrangements with potential systemic footprints give rise to a set of serious public policy and regulatory risks. “Such risks, including in particular those related to money laundering, illicit finance, and consumer and investor protection, need to be evaluated and appropriately addressed before these projects can commence operation,” the statement concludes. The chairman of the FSB also sent a letter to the G20 finance chiefs ahead of their October meeting regarding stablecoins. FSB’s Crypto Responses Coming Soon In their Feb. 23 statement, the G20 finance chiefs also wrote: “We ask the FSB, in coordination with the Committee on Payments and Market Infrastructures (CPMI) and other relevant standard-setting bodies and international organizations, to develop a roadmap to enhance global cross-border payment arrangements by October 2020.” The FSB comprises regulators, central bankers and governments from major economies. Ahead of their meeting this weekend, FSB chairman Randal K. Quarles sent a letter to the G20 finance ministers and central bank governors addressing the subject of cryptocurrencies and stablecoins. In his letter, dated Feb. 19, Quarles noted: “the global financial system is constantly facing new challenges. Technology is changing the nature of traditional finance; the non-bank sector has grown and requires deeper understanding and coordination among the supervisory and regulatory community. Pressures that can lead to market fragmentation exist. Concurrently, important supervisory and regulatory issues require attention.” He elaborated: The FSB is resolved to quicken the pace of developing the necessary regulatory and supervisory responses to these new instruments. It will issue a draft report on regulatory issues and possible responses for public consultation in April. What do you think of the G20’s approach to regulating cryptocurrencies and stablecoins? 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, Christine Lagarde, and the G20 Saudi Arabia. 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 G20 Kicks Off 2020 Discussion on Cryptocurrencies — Urges Countries to Apply FATF Standards appeared first on Bitcoin News. View the full article

Facebook’s coin project, Libra, continues to draw attention despite setbacks, including a shrinking pool of backers and a growing number of worried regulators. But now with JP Morgan seeing potential for the social network’s cryptocurrency and e-commerce giant Shopify joining the Libra Association, its chances might have improved. Although, assuring governments that Libra won’t undermine their monetary authority and convincing users of its utility remain key challenges. Also read: Fed Chair Powell Reveals US Response to China’s Digital Yuan, Libra, Public Payments Ledger Vodafone Posts Facebook Ad With Bitcoin in Germany Libra’s long list of supporters has shortened in the past few months with major players such as Visa, Mastercard, Ebay, and Paypal leaving the Libra Association after it became clear that the project is facing major regulatory hurdles. Online payment processor Stripe, travel website Booking Holdings and the South American online sales platform Mercado Pago are also among the quitters. Vodafone pulled out of the project last month becoming the eighth company to do so. The telecom giant, which operates in two dozen countries and serves clients in many more, recently spurred social network discussions and speculation in crypto media with a move that some took as an indication of its future plans. On Friday, Vodafone posted a Facebook ad in German that shows a bitcoin and the following message: Will there be bitcoins instead of pocket money soon? What should grandma give you if everyone will pay with their smartphone in the future? Vodafone left Libra to focus on M-Pesa, its own digital payments platform. Launched in 2007 by its Kenyan associate Safaricom, M-Pesa has established itself as the leading mobile money service in Africa. It now has 37 million active users in seven countries in the region, who carried out over 11 billion transactions in 2019. But it does not support Bitcoin, not yet. Gibt’s bald Bitcoins statt Taschengeld? #FutureFriday pic.twitter.com/RWuhFLUZ14 — Vodafone Deutschland (@vodafone_de) February 21, 2020 Swimming Against the Current, Shopify Bets on Libra Not everyone is leaving Libra, though. In fact, the majority of founding members are still on board. The updated list published recently by the Telegraph features the names of companies from various sectors including Facebook’s subsidiary Calibra, crypto firms Coinbase, Anchorage, Bison Trails, Xapo Holdings, and also Uber, Lyft, Spotify, Farfetch, Payu, Iliad, Andreessen Horowitz, Breakthrough Initiatives, Ribbit Capital, Thrive Capital, Union Square Ventures, Creative Destruction Lab, Kiva, and even NGOs like Mercy Corps and Women’s World Banking. Shopify, the Canadian e-commerce platform, became the latest enthusiast to join the club. The company, which offers services and solutions for over a million small merchants and online retailers, announced its decision to become a member on Feb. 21, pledging to invest $10 million in the project. “We spend a lot of our time thinking about how to make commerce better in parts of the world where money and banking could be far better,” Shopify stated in a blog post, adding: “As a member of the Libra Association, we will work collectively to build a payment network that makes money easier to access and supports merchants and consumers everywhere.” Having announced it last June, it remains unclear whether Facebook will be able to launch Libra in the first half of 2020, as initially planned, or even by the end of this year. Both Facebook founder Mark Zuckerberg and the head of Calibra David Marcus have already answered questions in the United States Congress about the social media giant’s plans for the project, in an effort to alleviate concerns expressed by policy makers who fear Libra could undermine the U.S. dollar and challenge its supremacy as a global currency. Antitrust regulators in Europe have been investigating the project as well. A new memo issued by the Vice-President of the European Commission (EC) Valdis Dombrovskis reveals Brussels is unhappy that the available information on Libra “lacks detail” and even after additional questions were sent to the association, it “remains insufficient for determining the precise nature of Libra” and its relation with existing EU law. “Libra is still a project, and thereby a moving target,” Dombrovskis notes and reminds about the Dec. 5 joint statement of the Commission and the Council of the European Union recognizing the risks raised by stablecoins and the need for regulation and oversight. The EC is currently gathering feedback from citizens and organizations to establish a regulatory framework, one of the goals of which is to “harness the potential opportunities that crypto-assets may offer.” JP Morgan Recognizes Maturing Crypto Market but Sees Focus Shifting Towards Stablecoins In its annual report on blockchain and cryptocurrency developments, JP Morgan Chase acknowledges that the crypto market continues to mature but notes that the characteristic volatility of cryptocurrencies remains an impediment to broader adoption. One that has also “led focus towards stablecoins.” The multinational investment bank, which issued its own digital coin representing fiat currency to facilitate payments between clients, believes that stablecoins have the potential to grow substantially in global transactions, despite certain challenges with operating such payment systems. The authors of the study point out: While the world is ready for private money in our view, rapid adoption and scale are hindered by the underlying technology and the need for substantial regulatory oversight. JPMC also notes that financial inclusion is one of the motivations behind Libra and that if the unbanked consumers were to drive the growth of the cryptocurrency, the project would be more about peer-to-peer payments and could support a significant share of global transactions. Currently, the global economic activity is far more concentrated among countries with higher levels of inclusion, according to data from the World Bank quoted in the report. For a stablecoin like Libra to succeed, the bank elaborates, it would require a few changes to its design such as “some short-term liquidity facilities, a source of positive-yielding reserve assets, and less distributed, semi-private networks.” What are your expectations about the future of Facebook’s Libra project? Share your opinion 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. 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 Shopify Joins Libra While Quitter Vodafone Advertises Bitcoin on Facebook appeared first on Bitcoin News. View the full article