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While people tend to think of money as being all the same, the fact is governments and banks use different types of money than the everyday individual. From the top of the economic pyramid of world reserve currencies, down through central bank and commercial bank money, the capacities and function of different kinds of money vary broadly. Beyond M0, M1, and M2 classifications, reserve currencies ultimately afford policymakers opportunities not enjoyable by those holding “downstream” versions of the supply. Also Read: Money and Democracy: Why You Never Get to Vote on the Most Important Part of Society Different Money Supplies for Different People Because various countries classify money differently, understanding the M0, M1, M2, etc., supplies can be somewhat tedious. From the broadest perspective, the two types of money existing worldwide in the current fractional reserve paradigm are central bank money and that of commercial banks. With central banks themselves ultimately relying on world reserve currency and the power to create money directly. Modern fiat money is not backed by a commodity, but can be created at will by governments. The popular classification system denominated in M’s generally measures different types of liquidity in overall money supplies. Trading Economics defines M0 for the United States as “the most liquid measure of the money supply including coins and notes in circulation and other assets that are easily convertible into cash.” MB, or the broader monetary base, includes central bank reserves. The average person does not have power to significantly alter this base. The Fed, however, recently increased its balance sheet by creating over $400 billion from September to the end of December last year, demonstrating the monetary hierarchy. Unlike central banks, everyday individuals cannot create official money, but must use it. Money typically becomes classified as M1 when it exits central bank reserves and hits private bank checking accounts and the pockets of spenders. Because commercial and private banks are not required to hold all of this new money as reserves, they can loan most of it out, and other banks receiving these loans can then further loan it out again. This results in something called the ‘money supply multiplier effect,’ which is a staple of fractional reserve banking. As Investopedia clarifies: [The effect] raises the value of money supply even though no additional physical currency actually exists to support the new amount. For a simplified breakdown of the different money supply classifications and how the effect comes about, the video below is a handy resource for reference. World Reserve Currency: The Magic Money of Kings In short, there is a group that can create money and dictate its policy, and another group that must abide by these decrees and simply use it. As Perry G. Mehrling writes in his short article “Why is money difficult?”: This process apparently offends common sense understanding of what it means to make a loan—I can only lend you a bicycle if I already possess a bicycle. Even more, it seems to go against a fundamental principle of elementary economics that “there ain’t no such thing as a free lunch”. Against this resistance, I insist that the essence of banking is a swap of IOUs. Indeed one cannot lend a bicycle they don’t have, but banks can legally loan money which they also don’t have, multiple times over. It becomes easier to see then how some libertarian economists might label fractional reserve banking as hardly distinguishable from a state-sponsored Ponzi scheme. Mehrling points directly to the two kinds of money existing in the current hybrid system stating that “Money is part private (bank deposits) and part public (central bank currency), though in normal times we hardly notice because the two kinds of money trade at par.” While central banks (which are neither truly public nor private) can print money and hold their own exclusive reserves, as well as dictate policy for subservient banks in the private sector, there is something at the top of the pyramid even they depend on: reserve currency status. A reserve currency has two main aspects: It’s held in large reserve quantities. It’s used in international trade. Gold, whose value originated organically as a commodity in times past, and which eventually made its way to becoming the most saleable good worldwide, is the world’s first true money in a Mengerian sense. As such it can also be seen as the original world reserve currency. With the advent of fiat money — or money created by governments by decree alone — new assets would soon take turns gaining and losing the title of world reserve currency, often in direct correspondence to political strife and wars. The progression from gold, to gold or silver-backed paper, to unbacked paper money demonstrates a politicization process which is often overlooked in modern times, as the state has become synonymous with money itself in much of mainstream cultural thought. A distinctive feature of gold is that — like all natural resources — it is limited in supply. As governments and empires sought more and more expansion in times past, they needed to fund conquest and war, and this limitation became financially unbearable. The result was ultimately the system of fractional reserve banking practiced worldwide today, with the U.S. dollar as the unofficial world reserve currency. With USD as the ‘new unlimited gold,’ power is secured for the United States government in trade much the same way it would have been for a gold-hoarding king of ancient times. Borrowing can be done at lower interest rates, imports become less expensive, and geopolitical power plays are easily made as the world economy relies on the reserve currency creator for survival. However, fiat printers, unlike gold, don’t know limitations. The collapse of fiat reserve currencies occurs when there is an inevitable point of failure at a concrete level, where the market no longer values the currency against the resources it was previously traded for, or truer forms of money. When the Fiat Hits the Fan Advocates of crypto often point to the limited supply of bitcoin and the mathematics which governs it in stark contrast to fiat money’s model of unlimited expansion regardless of underlying economic realities. It’s an unpopular position for those who don’t view scarcity as a pressing issue, or who perceive the state to have the sole right to money creation. For many bitcoiners, this type of ideation misses the mark, as “divine right to rule” when it comes to anything — especially money — seems a terribly outdated and dangerous concept. So while the average person transacts every day with money whose value has been heavily diluted by way of an interminable cascade of IOUs, both private and central banks want to be as close as possible to the source controlling the most hard assets and global money creation itself — the central bank issuing the world’s reserve currency. What are your thoughts on the different types of money and money supplies? Let us know in the comments section below. Images courtesy of Shutterstock, Seika Chujo, 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 Hierarchies of Money: Why You Use Bank Money But the Bank Wants Reserve Currency appeared first on Bitcoin News. View the full article

The Ethereum (ETH) blockchain has become home to a number of stablecoins. On January 29, Messari researcher Ryan Watkins explained that the stablecoin value transfer issued on the ETH chain recently flipped the number of native ether transactions. Essentially, Ethereum’s value transfer is now largely made up of stablecoins like tether, pax, and dai. Also read: Cashfusion Far More Practical Than Other Coinjoin Protocols, Says Data Analyst Researcher: ‘Ethereum’s Economy Now Dominated by Stable Value Transfer’ On Wednesday, Messari analyst Ryan Watkins reported on the Ethereum blockchain and how the ETH economy is now dominated by stablecoins. The ETH chain has a great number of stablecoins such as TUSD, USDT, DAI, PAX, and GUSD. All five of these stablecoins leverage the ETH chain for stable value transfers. “Stablecoin transfer value has now flipped ETH on Ethereum,” Watkins tweeted. While sharing another chart, Watkins indicated that most of the story is consumed by tether (USDT) transitioning to Ethereum last year. Watkins believes the flippening took place in mid-2019 and emphasized that since then “Ethereum’s economy is now dominated by stable value transfer.” During the last week of August 2019, news.Bitcoin.com reported on the significant migration of tether from the Omni Layer network to Ethereum. At the time, ERC20 tether transactions flipped their Omni equivalent. The stablecoin tether is a $4.6 billion dollar network and all the coins are issued and maintained on chains like BTC (Omni), ETH (ERC20), EOS, and Tron. After the significant migration into the ERC20 standard, a majority of the USDT in circulation stems from the ETH chain. Additionally, researchers have noted that 70% of the circulating tether supply is controlled by roughly 104 addresses. Following Watkins’ tweet about stablecoins flipping the chain’s native currency ether, Binance founder Changpeng Zhao (CZ) commented on the topic. “Many of us (early adopters) don’t like stablecoins,” CZ tweeted. “But [the] fact is, that’s what’s needed to help us cross the chasm, as most new crypto people will still think in fiat base for a while to come. I wish that’s not the case, but we live on earth, not utopia.” One person disagreed with CZ and said that certain stablecoins will likely remove revenue from trading platforms. “Very hypocritical — I totally agree with you about centralized stablecoins like Paxos – Binance USD or USDC,” the individual wrote. “[But] how about crypto — collateralized ones like DAI? The truth is that [decentralized finance] apps, like Uniswap, [and] Makerdao take away a lot of revenue from exchanges like Binance,” he added. However, the Binance founder said he wasn’t worried about that situation and stated: The more choices for users, and the more innovation for the industry, the better for all of us. Don’t worry about Binance, we will manage — We are adaptable. Stablecoins and Exchange Tokens Outshine 2017-2018 ICO Tokens That Used Ethereum’s ERC20 Standard Another crypto proponent agreed with CZ’s assessment and said: “That’s usually how new tech and ideas are adopted. The present generation needs one foot on the old and one on the new at the same time to feel safe and be familiarized in their new surroundings.” Out of the five stablecoins maintained on the ETH chain, tether USDT is by far the most dominant. This is followed by Circle’s USDC, Makerdao’s DAI, Pax Global’s PAX, True USD (TUSD), and Gemini’s GUSD. Today, @RyanWatkins_ reported that transfer value of stablecoins on ethereum has surpassed that of $ETH. Token transfers as a whole have been happening with higher frequency on ethereum than non-token transfers. These are both signs $ETH is proving more utility than currency. pic.twitter.com/cAt4hfqBLU — Christine Kim (@christine_dkim) January 29, 2020 At the time of publication, 2.29 billion USDT is represented by ERC20 tokens and there are 439 million USDC tokens housed on the ETH chain as well. In addition to all the stablecoin value held on Ethereum, a great number of exchange tokens leverage the chain. For example, exchange tokens like BNB, LEO, HT, CRO, OKB, and KCS just scratch the surface when it comes to exchange-created coins hosted on the ETH chain. Stablecoins and exchange tokens are the most used ERC20s today by a long shot, and they have surpassed most of the initial coin offering (ICO) ERC20s issued in 2017-2018. Observers like Watkins and others have asked whether “it is good for ETH or does it damage ETH’s monetary premium?” Watkins further discusses this topic in his latest research analysis hosted on the Messari website. What do you think about stablecoins flipping ether on the Ethereum chain? What do you think about the number of stablecoins and exchange tokens that leverage the ERC20 standard? 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, stablecoins 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, Twitter, Messari analyst Ryan Watkins, Fair Use, and Pixabay. Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. The post Ethereum’s Value Transfer Is Now Dominated by Stablecoins appeared first on Bitcoin News. View the full article

A Google executive from India has joined Coinbase as the new chief product officer after 11 years at Google. He aims to help Coinbase make cryptocurrency mainstream. “I am excited about what crypto and blockchain technology can do to democratize our financial systems,” the executive said, citing his experience growing up in India and the trauma of demonetization. Also read: Regulatory Roundup — New US Crypto Tax Bill, Central Banks Join Forces on Digital Currencies From Google and Flipkart to Coinbase Coinbase co-founder and CEO Brian Armstrong announced on Wednesday that Surojit Chatterjee is joining the company as the new chief product officer. He is leaving his position as Vice President of Product at Google, where he led Google Shopping, which helps people discover and compare products on the internet giant’s website. He was also a founding member of Google’s mobile search ads product. Prior to joining Google, Chatterjee was the Head of Product at Flipkart, a popular Indian e-commerce site. Armstrong wrote: Today we’re announcing that Surojit Chatterjee is joining Coinbase as our new Chief Product Officer after spending 11 years at Google. Surojit Chatterjee (left) and Brian Armstrong Noting that the Google executive will assume his role at Coinbase on Monday, Reuters conveyed: Chatterjee will aim to make cryptocurrencies, such as bitcoin and ethereum, mainstream and easy options for paying for goods and services, especially in cross-border transactions. Armstrong told Techcrunch that Chatterjee will help the company “organize its complex array of products, including its cryptocurrency exchange, wallet, stablecoin, incentivized crypto education platform Earn and Coinbase Commerce that lets businesses take payments in bitcoin, ethereum and more.” Experience From India and How Crypto Can Better Financial Systems In a Medium post published on Wednesday, Chatterjee shared his thoughts about his decision to exit Google and join Coinbase. “I’ve always enjoyed being associated with technology that is on the brink of changing how we live. Google ads has helped democratize commerce, Flipkart and e-commerce has revolutionized life in India, and I believe Coinbase is going to turn conventional finance on its head,” he opined. The executive explained that working on mobile ads at Google and mobile commerce at Flipkart has helped him understand the profound impact smartphones have to enable commerce in more places. He then shared two memories. The first was observing very closely what a lack of liquid cash does to a family’s lifestyle, noting that he grew up in a poor, middle-class household in India and his dad still lives in a remote village in the country. The second was the demonization experience in November 2016. “The lines at the bank snaked around blocks. ATMs ran out of cash. The daily limit was hardly enough for an average family of four to function normally,” he recalled. A long line at ICICI Bank in Delhi, India, after the demonetization announcement in 2016. After that, he began to really think about the limitations of the current financial system. “As an immigrant who migrated to the U.S. more than two decades ago, I have personally felt the complexity and inefficiency of sending money to my parents. The situation isn’t too much better today,” the Google executive noted, adding: I am excited about what crypto and blockchain technology can do to democratize our financial systems. While noting that cryptocurrency and its technology can help the internet become less centralized, he emphasized: “But most importantly, it’ll help 1.7B of the world’s unbanked population transact and avail financial services using their smartphones.” Chatterjee added, “This is why I am inspired by Brian’s vision to create ‘economic freedom for everyone’ and excited to be a part of the Coinbase journey.” Google recently came under fire in the crypto community when its subsidiary Youtube removed some crypto-related videos. Youtube later said it was a mistake and restored them. In addition, Google suspended the Ethereum Android app Metamask from its play store, citing its policy that bans mining on mobile. However, the company later backtracked on its ban and restored the app. Coinbase Custody Goes International On Wednesday, Coinbase also announced the launch of Coinbase Custody International Ltd. The company will now offer its institutional-grade crypto asset storage to clients throughout Europe via its regional base of operations in Dublin, Ireland. The company detailed: Our international launch is aimed to meet the demands of institutional investors in Europe and beyond. Europe is our fastest growing geographic segment and our international launch is a direct result of client demand. The company explained that Coinbase Custody has served European-based clients in the U.K., Switzerland, Germany, Finland, the Netherlands and more since 2018. “Our dedicated presence in Europe will allow us to offer these services in a completely localized way, with local staff, localized SLAs [service level agreements] and in compliance with local laws.” With over $7 billion in assets currently under custody, and just under $1 billion of that belonging to non-U.S. clients, Coinbase said that it plans to support more assets and launch new features over the coming months. The company is regulated in New York as a chartered custodian. Coinbase Custody CEO Sam McIngvale told CNBC on Wednesday that the company “absolutely” intends to secure a license in Europe. What do you think of the Google executive joining Coinbase? 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 Google Executive From India Joins Coinbase as Chief Product Officer appeared first on Bitcoin News. View the full article

Financial results released by two U.S. banks providing services to the crypto industry have indicated a decline in deposits from digital currency customers. However, a positive trend has been observed as well. One of the crypto-friendly institutions, Silvergate Bank, has seen an increasing number of crypto clients throughout the year. Also read: Swiss Bank Julius Baer Offers New Digital Asset Services With Licensed Crypto Bank SEBA Silvergate Bank Adds 48 Crypto Customers in Q4 Last year saw a reversal of the crypto market downturn but the cryptoconomy hasn’t fully recovered yet. Although the growing regulatory clarity in the developed world, and hopefully restored interest in decentralized money can potentially increase turnovers in the near future, the recovery may take longer. Luckily, there’s a number of financial institutions willing to support the crypto sector. Several of these banks operate in the U.S. and this week one of them, Silvergate Bank, published its Q4 and full year results for 2019. The California-based subsidiary of Silvergate Capital Corporation revealed that during the last quarter of 2019 its ‘digital currency customers’ grew to 804, from 756 in Q3 of this year and 542 at the end of December 2018. Despite adding 48 new crypto clients in Q4, the bank registered a decrease in the digital currency customer related fee income which was $1.4 million, compared to $1.6 million for the third quarter of 2019 and $0.7 million for the fourth quarter of 2018. On yearly basis, however, that income has increased significantly – from $2.0 million in 2018 to $4.9 million in 2019. Silvergate further details: Noninterest income for the year ended December 31, 2019 was $15.8 million, compared to $7.6 million for 2018. The increase in total noninterest income was primarily due to the increase in fee income from our digital currency customers and a $5.5 million gain on a branch sale that occurred in the first quarter of 2019. Silvergate acknowledges a third quarter decrease in deposits which totaled $1.8 billion at Dec. 31, down $33.4 million from Sept. 30, 2019, although there’s an increase of 1.8% from Dec. 31, 2018. Noninterest bearing deposits were $1.3 billion, or around 74% of total deposits at the end of last year. They decreased by over $50 million from the previous quarter and by more than $238 million in comparison with Dec. 31, 2018. “The decrease in total deposits from the prior quarter reflects changes in deposit levels of our digital currency customers,” Silvergate notes. Breakdown of Silvergate’s digital currency customer base and the deposits held by such customers (dollars in millions). Metropolitan Commercial Bank Registers Drop in Deposits From Crypto Companies While larger financial institutions in the U.S. and around the world have mostly refused to work with the crypto industry, many smaller banks have accepted the challenge. The list is getting longer and already includes the German WEG Bank and a number of Swiss banks. They are not only opening accounts for blockchain companies but also cooperating with them to offer clients new financial services based on digital assets. Other crypto-friendly banks operating in the United States are Simple Bank, Ally Bank, Provident Bank, and Quontic. Metropolitan Commercial Bank (MCB), another of these entities, recently shared data about the crypto segment as part of 2019 results included in its latest investor presentation. According to the information, the share of digital currency customers in the bank’s deposit composition has been shrinking throughout the whole year, dropping to $104 million at the end of December, from $220 million a year earlier. Corporate cash management deposits, for example, increased during the same period from around $1.6 billion to almost $2.8 billion. Despite the 2019 decrease in crypto-related business, the New York-headquartered bank maintains its focus on the niche. The outlook section of the report details that it plans to “continue to provide cash management service to digital currency related clients” as part of its core deposit funding and to establish long-term profitable relationships. Among its customers are industry leaders like crypto exchange Coinbase as well as bitcoin payment processor Bitpay and digital asset wallet provider Crypto.com whose crypto debits cards are issued by MCB and support bitcoin cash (BCH) among other cryptocurrencies. What do you make of the data released by the two crypto-friendly banks? 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, Silvergate Bank, Metropolitan Commercial Bank. You can now easily buy bitcoin with a credit card. Visit our Purchase Bitcoin page where you can buy BCH and BTC securely, and keep your coins secure by storing them in our free bitcoin mobile wallet. The post US Bank Silvergate Sees Growth in Crypto Clients, Despite Decreasing Deposits From the Sector appeared first on Bitcoin News. View the full article

On January 29, data analyst James Waugh decided to test and see if the Cashfusion protocol was really anonymous. After testing Cashfusion, Waugh explained he sifted through a number of transaction inputs and outputs and realized that it’s “not possible to establish a concrete link” between them. Also read: How to Obscure Bitcoin Cash Transaction Data by Leveraging Cashfusion Cashfusion Tests Prove the Protocol’s Anonymity Set Is Greater Than Traditional Coinjoin Transactions This week Bitcoin Cash supporters were pleased to see that Cashfusion passed rigorous testing when data analyst James Waugh decided to comb through a slew of Cashfusion transaction inputs and outputs. Following the experimentation, Waugh wrote a blog post on Medium called “Is Cashfusion Really Anonymous?” “A newer Coinjoin protocol called Cashfusion doesn’t enforce the requirement of equal payment amounts and instead purports anonymity due to the high number of participants in a transaction,” Waugh said. The data analyst decided to see if the Cashfusion developers’ claims were true. He added: Some [individuals] in the cryptocurrency community are skeptical of these claims. I set out to try to crack Cashfusion by linking inputs and outputs together and then proving that they had to be the true transaction. Cashfusion is an extension of the Cashshuffle mixing application that launched last year and the protocol improves upon Cashshuffle by allowing people to fuse coins without the requirement of equal payment amounts. Cashfusion is getting lots of attention from BCH users. The privacy enhancing protocol was cast into the limelight even more so after the Wasabi wallet creator complimented the concept. Bitcoin Magazine’s technical writer Aaron van Wirdum wrote an editorial about the subject as well. When Waugh tested Cashfusion, he leveraged an integer programming solver to try and find some matches. “After repeating this process for all the inputs and outputs in the original candidate match above, we find that there is no way for us to know if the candidate match we found is the true transaction,” the analyst stressed. Waugh added: It’s not possible to establish a concrete link between these inputs and outputs since it’s more likely that these inputs & outputs are linked by pure coincidence than it is that they are verifiably linked by their payment amounts. A candidate matched set of transaction inputs and outputs shown in Waugh’s Cashfusion review. An Indication That the Cashfusion Developers’ Claims Are True Waugh then asked himself if other matched subsets can be verified as the true payments and explained the answer is “no.” “I have repeated this process across thousands of matched subsets, none can be mathematically proven to be the true transactions,” Waugh remarked. “So to sum up (excuse the pun), we have somewhat verified the Cashfusion’s developers’ claims that even if someone could link inputs and outputs such that they balance, due to the high number of inputs and outputs it’s impossible to determine the true way that inputs and outputs truly relate (since there are multiple possible combinations of ways of getting the inputs and outputs to balance),” Waugh concluded. Imagine dedicating a lot of effort to break #CashFusion and then remember that, with #Schnorr signatures, you can have multiple parties involved in each input. If #CashFusion gains traction that's a possibility that cannot be ignored. — Cláudio Gil (@m4ktub2) January 30, 2020 The analyst further stated that the testing results were “encouraging for Cashfusion users” and emphasized that “Cashfusion is far more practical than other Coinjoin protocols that require users to send equal transaction amounts.” The news follows the recent 5th Anti-Money Laundering Directive (AMLD5) and FATF guidelines that are being enforced this year throughout the U.S. and across Europe. Because of the regulatory climate, cryptocurrency exchanges in these regions have ramped up identification and KYC processes. Moreover, the testing results also follow the recent Paxos Global customer ‘Ronaldmchodled’ tweeting about the exchange giving him issues because they thought he was sending to a mixing service. Despite exchanges like Binance and Paxos discouraging crypto mixing, protocols like Cashfusion are improving crypto privacy a great deal. What do you think about data analyst James Waugh’s review of Cashfusion? 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, bitcoin mixing wallets or companies. Readers should do their own due diligence before taking any actions related to the mentioned software. The Cashfusion software mentioned in the article above is in its alpha stage. 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, Cashfusion, Twitter, James Waugh, Pixabay, Fair Use, and Wiki Commons. Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. The post Cashfusion Far More Practical Than Other Coinjoin Protocols, Says Data Analyst appeared first on Bitcoin News. View the full article

The Bitcoin.com Exchange continues to rapidly expand its offerings. The latest asset to join it is the Trustverse token, which is now listed for trading on Bitcoin.com’s premier trading platform. To promote the success of the new listing, Trustverse is conducting a giveaway of 1 million TRV tokens. Also Read: You Can Now Buy Cryptocurrency With Credit Card on Bitcoin.com Exchange Bitcoin.com Exchange Lists Trustverse Token Bitcoin.com Exchange has listed the Trustverse token for trading (TRV/BCH) on January 28, 2020. This AI-powered blockchain-based platform strives to create an “invest and relax” experience where investors can obtain the information they need in a comprehensible manner to make informed decisions. Ultimately the project aims to build a universe of trust, hence the name. To achieve this goal, they have integrated a variety of services into the platform, which are all named after planets in the solar system. Jupiter is their Digital Asset Analytics service that helps traders navigate complex indicators and markets by providing a comprehensive outlook on the crypto markets, similar to the weather forecast. When the market is bullish, Jupiter will show a sunny outlook, while bearish sentiment will result in an image of less clement weather. The wallet complementing the platform is called Mars and provides users with control and transparency. Currently, the wallet can be used to store bitcoin, bitcoin cash and ERC20 tokens. In addition to enabling peer to peer transfers, the wallet offers escrow services. The third planet in this universe is Pluto, a Wealth Management dapp helping people to properly take care of insurance and managing inheritance. To prevent losses of digital assets in case of death, Pluto allows users to define conditions in which private keys are released to their inheritors with the help of smart contracts. Two of the offered services, Jupiter and Mars, have been integrated with the Samsung blockchain ecosystem, making them more broadly available. And Trustverse is working on soon adding the next two planets, Mercury and Neptune. In the joint platform, all services can be accessed via the token (TRV), which is used to pay for different financial services and to run smart contracts. Bitcoin.com Exchange was launched in early September 2019 as an easy-to-use platform with world-class security and a powerful trading engine. The platform employs institutional-grade encryption, two-factor authentication (2FA) and IP whitelisting to keep user accounts secure at all times. Available digital assets include ADA, ATOM, BCH, BTC, EOS, ETC, ETH, LTC, ONT, TRX, USDT, WAVES, XLM and XRP. To promote the success of the new listing, Trustverse is giving away 1,000,000 TRV tokens to users on the platform. Users with net deposits (deposits minus withdrawals) of over 50,000 TRV made during the activity period will share a pool of 1,000,000 TRV. The activity period ends 31/01/2020 at 23:59 (UTC). See full details here. What do you think about Bitcoin.com Exchange listing the Trustverse token? 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 Trustverse Token Is Now Listed for Trading on Bitcoin.com Exchange and Users Can Win 1 Million TRV appeared first on Bitcoin News. View the full article

The Electric Coin Company, a group that supports the development of Zcash (ZEC), announced the community has voted to distribute 20% of the ZEC network’s mining rewards to infrastructure and marketing development. The ZEC development funding proposal was initiated because the coin’s Founder’s Reward expires in November and after block 1,046,400, ZEC miners will only get 80% of the block subsidy. Also read: Bitcoin.com Update: Dev Fund Proposal ‘Will Not Go Through’ Without More Agreement Zcash Community Votes to Allocate 20% of the Block Rewards to the Zcash Foundation, Electric Coin Company, and Grants Zcash is a digital currency that was released on October 28, 2016, and the project aims to enhance a ZEC user’s privacy. Similarly to BTC, zcash has a fixed supply of 21 million units but the currency also offers zero-knowledge proof transactions. While some ZEC transactions can be transparent, others can be “shielded” using a cryptographic element called zk-SNARKs. Last August, the creator of zcash and the CEO of Electric Coin Company (ECC), Zooko Wilcox, wrote a letter to the community asking them to consider a new development fund. “I hope that the community will decide to renew the ‘Dev Fund’ structure, allocating coins from future block rewards for core support functions such as software development, user support, business development, regulatory and government outreach, security auditing and monitoring, educational and marketing initiatives, new protocol development, and so forth,” Wilcox wrote at the time. The developer also emphasized that ECC could be hired to continue focusing on those goals. On January 28, ECC’s Josh Swihart wrote a blog post explaining that for four years 80% of the ZEC miners’ reward went to miners, 15% was allocated to investors and founders (Founder’s Reward), and 5% was given to core development. Swihart further noted that the 15% Founder’s Reward will expire in November so the Zcash Foundation decided to poll the community in order to come up with a new funding plan for development. The ZEC community recently finished the poll and voted to “create a new development fund with 20 percent of the mining rewards.” “While the miners receive 80 percent as of block 1,046,400,” Swihart detailed. “Assuming we have agreement with the Zcash Foundation, this will be implemented in November 2020, to coincide with the first scheduled Zcash halving when the total block rewards will be reduced to half as much ZEC per block.” Swihart further added: The development fund will be distributed to ECC (7% of mining rewards), the Zcash Foundation (5% of mining reward) and an additional fund to be used for grants to support third-party Zcash efforts (8% of mining rewards). Grant participants will receive the largest portion of development funds which will further decentralize Zcash-related efforts. Stipulations were also introduced for formal accountability and reporting requirements of each participant. 7% of the funds will be allocated to ECC, the Zcash Foundation will get 5%, and 8% will be used for grants. Bitcoin Cash and Zcash Supporters Share Their Opinions About the Poll Results The infrastructure development news follows the recent funding proposal for Bitcoin Cash initiated by Btc.top founder Jiang Zhuoer. The BCH funding proposal was met with mixed feelings and the BCH community discussed the proposal relentlessly for seven days. Following the week-long debates, Bitcoin.com’s mining operation updated the community and explained they “will not go through” with the proposal without more consensus from the community at large. The BCH community on the Reddit forum r/btc also discussed the ZEC development fund and how the Zcash community voted to use block rewards to fund ECC, the Zcash Foundation, and grants. “Not sure if it is a desirable outcome,” one Redditor wrote in response to the ZEC coinbase rewards plan. A few BCH supporters disliked the Zcash decision to use mining rewards to fund infrastructure and marketing development and others seemed optimistic about the plan. One individual noted that ZEC investors and founders had already been paid in a similar fashion. “Basically nothing changes for miners, the 20% will just be distributed differently,” the Redditor explained. 1/ I really don’t get all the fuss about a % of block rewards going towards funding development. It actually makes a lot of sense to me. The main arguments I’ve always heard, at least as it pertains to Zcash is that it has been a large reason for its price decline — GoGoFOMO (@GoGoFOMO) January 30, 2020 Swihart and ECC are pleased with the voting process and that the community has chosen to initiate the infrastructure development fund. “We would like to thank the Zcash community for its trust, encouragement, thoughtful engagement and for making its voice heard,” Swihart’s blog post concluded. “We’re grateful for the opportunity to continue to focus our efforts on this important project and its potential to bring economic freedom and opportunity for all of humanity.” On the Reddit forum r/zec, ZEC supporters seemed very supportive of the decision as well. “This is good for Zcash,” an individual wrote on the forum. After the development fund was voted on by the ZEC community, the price of zcash spiked and the digital asset is up 40% this week. What do you think about the Zcash community voting on the development mining fund stemming from 20% of the chain’s block rewards? Do you think ideas like this are good for development and infrastructure? 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, Twitter, Reddit, Fair Use, Twitter, Wiki Commons, and Pixabay. Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. The post Zcash Community Votes to Distribute 20% of Mining Rewards to Infrastructure Development appeared first on Bitcoin News. View the full article

The cryptocurrency exchange Binance was recently scrutinized for flagging a customer’s funds because the individual had used a bitcoin mixing application. Now the platform Paxos Global is discouraging the use of crypto mixers after a customer allegedly sent coins to a mixing service. Also read: Regulatory Roundup: EU-Wide Crypto Regulations, New Rules in Europe, US, Asia Paxos Global Discourages the Use of Bitcoin Mixers The fight for privacy against corporate entities and governments surveilling our everyday financial transactions continues to escalate. Cryptocurrencies have made it harder for governments to track people, with digital currency mixing services thwarting blockchain analysis. However, exchanges have been increasing their surveillance methods a great deal and a number of them have beefed up KYC practices. Last December, news.Bitcoin.com reported on a Binance customer complaining after his funds were frozen because he used a bitcoin mixer. Eventually, the Binance user received his funds but only after promising not to utilize bitcoin mixing services. “I got my [satoshis] back, but not without promising Big Brother I wouldn’t mix those UTXOs,” the Twitter account Bittlecat remarked. He added: It is really sad that [Coinjoin] is seen as criminal activity, and I’m glad that we are discussing this. Paxos Global has discouraged the use of bitcoin mixers when the exchange wrote a message to the Twitter user Ronaldmchodled asking if he sent funds to a transaction mixing service. Following the issues with Binance, another trading platform has been accused of following the same blockchain surveillance practice. Paxos Global customer @Ronaldmchodled said he got a message from Paxos asking him to state where he had sent his BTC withdrawal. Paxos Global told Ronaldmchodled that the firm noticed the funds were sent to a mixing service. “Apparently you are not allowed to do what you want with your bitcoin once you own the keys,” Ronaldmchodled tweeted on January 28. “Fortunately that’s not how Bitcoin works, but the level of chain analysis here is alarming. What is the correct response?” Paxos Global’s official Twitter account did respond to Ronaldmchodled’s tweet. “Sorry if we were unclear — We wouldn’t necessarily outright deny service to someone who has used a mixer, but we do monitor for alarming patterns,” Paxos replied. The trading platform added: As a regulated financial institution, it is within our responsibility to ensure that our customers are not engaged in money-laundering or other illicit activities. We do our best to follow AML/KYC standards for this type of institution. Please contact us if you’d like to discuss further. DM or email. Invasive Transaction Surveillance Grows Under New Regulations Of course, many bitcoiners spoke up when Paxos Global responded and tried to ask the business questions. “Why not take a stance to fight for bitcoin and join companies like Bull Bitcoin fighting to protect bitcoin’s fungibility?” asked Brad Mills. Matt Odell questioned if the exchange “[Paxos Global] was actively flagging all suspected Coinjoin usage or just Wasabi usage? Do you have a public policy on this posted anywhere?” The Paxos Twitter account did not respond to further questions after discussing the matter with Ronaldmchodled. “No compliance team will ever explain what they do, otherwise it’s a recipe for anyone on how to bypass,” one individual tweeted in response to the questions. “This is true in all domains and especially the financial sector since ever, way before crypto.” The crypto community is not too pleased with the amount of transaction surveillance and harsh KYC guidelines these days. Cryptocurrency trading platforms and exchanges are dealing with strict regulations from governments this year. In Europe, exchanges have to implement more KYC/AML solutions because of the 5th Anti-Money Laundering Directive (AMLD5). And in the U.S., trading platforms are subject to the FATF-driven regulations which were recently applied to digital assets. At the same time, cryptocurrency users are trying to make bitcoin transactions more private and projects like Wasabi and Samourai are improving regularly. Alongside this, Bitcoin Cash (BCH) users are excited about Cashfusion which offers a better anonymity set than traditional Coinjoin transactions. What do you think about Paxos Global discouraging users from leveraging bitcoin mixers? Do you think there are more exchanges other than Paxos and Binance that participate in transaction surveillance tactics against mixers? 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, bitcoin mixing wallets 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. throughout Image credits: Shutterstock, Paxos Global logo, Fair Use, and Twitter. 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 Another Crypto Exchange Discourages the Use of Bitcoin Mixing Services appeared first on Bitcoin News. View the full article

Bank Frick, a leading European blockchain bank, has expanded its range of cryptocurrencies for which it offers trading and custodian services. Bank Frick now offers trading and secure custody of bitcoin cash (BCH) for professional market participants and wealthy private clients. Trading takes place within the fully regulated environment of the bank. Also Read: Liechtenstein Bank Creates Cryptocurrency Trading Platform for Institutional Investors Security With Cold Storage Solutions and Diversification As of today, professional market participants can invest in bitcoin cash (BCH) at Bank Frick. The cryptocurrency can be bought using euros, US dollars and Swiss francs. Trading takes place once a day. Since 2018, Liechtenstein-based Bank Frick has been offering investors a smooth and secure way to trade the leading cryptocurrencies bitcoin (BTC), litecoin (LTC), ripple (XRP), ether (ETH), ethereum classic (ETC), NEM (XEM), qtum (QTUM) and stellar (XLM). Clients can also deposit these assets with the bank for safekeeping. Bank Frick has designed this offer particularly for institutional clients, miners and mining firms, and wealthy cryptocurrency investors. “By adding Bitcoin Cash, we are offering our clients yet another way to diversify their portfolios”, said Stefan Rauti, Head of Blockchain Banking at Bank Frick. “We are pleased to be able to offer this attractive cryptocurrency, which underlines our position as Europe’s leading blockchain bank.” In addition to trading, Bank Frick now offers secure custody of bitcoin cash. The bank keeps its customers’ crypto assets in cold storage wallets. These are physically separated from the web and therefore cannot be externally hacked. The wallets and their backup copies are held securely on a geo-redundant basis. Because investments in crypto assets are highly speculative, Bank Frick recommends to its clients that they form only a small part of any portfolio. Gutenberg Castle, Balzers, Liechtenstein About Bank Frick Bank Frick specializes in banking for intermediaries. The Liechtenstein bank provides a fully integrated offering of classic banking and blockchain banking services. Its clients include fintechs, asset managers, payment service providers, family offices, fund promoters, pension funds and fiduciaries. Bank Frick has been family-run since its foundation in 1998 as a licensed universal bank, and it adopts an entrepreneurial approach. The bank is currently under the majority control of the Kuno Frick Family Foundation (65%). Net1, the Nasdaq-listed financial technology group, owns 35% of its share capital. In October 2019, it was announced that Net1 would be increasing its stake in Bank Frick to 70%. The acquisition is awaiting approval by Liechtenstein’s Financial Market Authority (FMA). The Bank employs over 130 members of staff at its Balzers office and operates a branch in London, U.K. Bank Frick is one of Europe’s pioneers of the regulated blockchain banking sector. Its offering covers trading and custody of crypto assets, as well as token sales. The bank also develops tailored crypto-structuring solutions for intermediaries. In addition to its highly regarded basic services, Bank Frick’s classic banking offerings cover services for funds and issues, focusing on formulating European (AIF, UCITS) and national fund solutions. In the capital market sector, Bank Frick develops tailored financial products for intermediaries and supports them along the whole issue process, acting also as a custodian bank. Bank Frick is the only Liechtenstein bank with acquiring licences from Visa and Mastercard, and it can process card payments globally for payment service providers and their online merchants. Bank Frick established subsidiaries in 2019 to appear independently on the market with new services: Distributed Ventures AG, an incubator and accelerator to promote and finance fintech and blockchain start-ups, and The DLT Markets AG, which offers institutional investors professional access to digital assets. Also in 2019, Bank Frick took over the fintech company Tradico AG, which specializes in finance for goods purchasing for SMEs, and acquired a majority stake in the fintech company 21.finance AG, which operates area2Invest, a digital investment platform for classic and tokenized financial products. What do you think about Bank Frick offering bitcoin cash trading and custodian services? 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 Bank Frick Expands Range of Crypto Assets to Offer Trading and Custodian Services for Bitcoin Cash appeared first on Bitcoin News. View the full article

Zermatt, a municipality in Switzerland at the foot of the Matterhorn known for its ski resort, has started accepting bitcoin for government services. The Zermatt town hall now has a point-of-sale solution, installed by Zug-based Bitcoin Suisse, to accept the cryptocurrency. A spokesperson for the municipality has shared more details with news.Bitcoin.com. Also read: Dubai Launching Crypto Valley in Tax-Free Zone – No Personal or Corporate Income Tax Swiss Municipality Accepts Bitcoin The Swiss municipality of Zermatt now accepts bitcoin in collaboration with Zug-based crypto financial services provider Bitcoin Suisse. Zermatt is located in the district of Visp in southern Switzerland’s canton of Valais, beneath the picturesque Matterhorn. With a population of about 5,800, the town is one of the country’s most popular tourist resorts, especially for skiing. Bitcoin Suisse announced on Wednesday: A point-of-sale solution provided by Bitcoin Suisse has been installed in the Zermatt town hall so that fees for services from local authorities can be paid in bitcoin. Zermatt. No Tax Payments Though According to the announcement by both Zermatt and Bitcoin Suisse, the town “will accept bitcoin as a means of payment for local taxes and official transactions with immediate effect … In addition to having access to a point-of-sale device in the Zermatt town hall, taxpayers will also be able to pay their taxes at communal level using bitcoin.” However, when news.Bitcoin.com reached out to the municipality for more information, a spokesperson for Zermatt said on Thursday: Unfortunately, we would like to inform you that we had spoken with the tax department and they informed us that this [paying taxes with bitcoin] is not possible. I’m sorry to disappoint you in this regard. The Process and Mayor’s Comments In its announcement, Bitcoin Suisse explained the process of paying the municipality with bitcoin. Anyone wanting to pay with cryptocurrency will need to apply directly with Zermatt. They will then receive an email with a link to access the town’s online payment portal, where they can transfer bitcoin directly from their wallet to Zermatt’s. Bitcoin Suisse will convert the cryptocurrency sent into Swiss francs and transfer the amount in CHF to the municipality’s bank account. Romy Biner-Hauser, Mayor of Zermatt, commented: An innovative, pioneering spirit is one of the trademarks of Zermatt, which is why we are happy to support residents in providing them with the solutions they require. Zermatt Mayor Romy Biner-Hauser Bitcoin Suisse similarly helped the city of Zug accept bitcoin as a means of payment back in 2016. The company currently offers a range of crypto-related financial services, including buying, selling, custody, lending, tokenization, and payment solutions. Biner-Hauser said the idea of accepting payments in bitcoin came from “crypto valley” Zug. While she does not expect many people to pay with the digital currency, the mayor is curious about new technology, Bloomberg conveyed. She was further quoted as saying: Everyone is talking about cryptocurrencies and blockchain and if you don’t try it out, you don’t get smarter. What do you think of Zermatt accepting bitcoin? Do you think other governments will follow? Let us know in the comments section below. Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Images courtesy of Shutterstock and Reuters. 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 Swiss Resort Town Zermatt Accepts Bitcoin for Government Services appeared first on Bitcoin News. View the full article

Zebpay is returning to India more than a year after closing down local crypto exchange operations due to the banking ban imposed by the central bank, the Reserve Bank of India (RBI). Under a new leadership team, the exchange has also revealed a number of upcoming new services, including a crypto-to-crypto exchange and a way for users to earn passive income. Also read: Hearing Concluded — Indian Supreme Court Reserves Judgment on Crypto vs RBI Case Zebpay Returning to India Zebpay, formerly one of the largest cryptocurrency exchanges in India, announced on Wednesday that it will be relaunching in its home country. “Zebpay is back,” the company wrote, adding: A new leadership team, crypto-crypto trading, no-fee trading on select pairs, an upgraded focus on security and innovation, and a passive income and borrowing program on the horizon. The exchange’s CEO is Rahul Pagidipati, the announcement continues. “With a new CFO, CMO, and Chief Strategy Officer, we’ve got a new vision to become one of the most trusted, innovative blockchain service companies in the world.” The company closed down its Indian exchange operation back in September 2018, a few months after the RBI’s banking ban went into effect. “The curb on bank accounts has crippled our, and our customer’s, ability to transact business meaningfully. At this point, we are unable to find a reasonable way to conduct the cryptocurrency exchange business. As a result, we are stopping our exchange activities,” Zebpay said at the time. Since leaving India, the company has set up operations overseas, such as in European countries and Australia. New Services Announced Noting that it has been working on a number of new services to launch in India, Zebpay detailed: In the coming months, we will launch crypto-crypto trading, to allow you to trade pairs like ETH-BTC and stablecoins with instant buy/sell. In addition, for a limited time, the platform will waive trading fees for one selected pair each month, for the entire month, starting with BTC-ETH. Zebpay further revealed that it has created a new company in its group called Genie Technologies Pte. Ltd. to focus on security research. “We’ve created one of the world’s most advanced, secure wallet systems to protect your crypto assets,” the company claims. While trading fees used to cover the costs of maintaining its wallet security, the company has been paying these costs themselves since 2018. It has therefore decided that from March 1, each member will be charged a flat monthly fee of 0.0001 BTC. “If the price of bitcoin goes up significantly, we’ll adjust the fee downwards,” Zebpay promises. “This will allow us to cover the cost of wallet security until we launch crypto-crypto trading later this year … Once we resume crypto-crypto trading, you won’t be charged a wallet fee as long as you place even one trade per month.” Supreme Court to Decide on RBI Ban The central bank issued a circular in April 2018 banning regulated financial institutions from providing services to crypto businesses. Banks subsequently closed the accounts of crypto exchanges, causing extensive damage to the crypto industry. Besides Zebpay, a few other exchanges have also closed down due to the banking restriction, such as Koinex and Coindelta. The remaining crypto exchanges cope with the ban by launching peer-to-peer trading platforms. The Indian supreme court has been hearing the arguments against the ban for the past two weeks from Ahsim Sood, the counsel for the Internet and Mobile Association of India (IAMAI), and Nakul Dewan, the counsel representing a number of crypto exchanges. The hearing wrapped up on Tuesday. On the same day, the court issued an order stating that the judgment has been reserved and the counsels may file written submissions by Friday. While the central bank has insisted on placing a banking restriction on the crypto industry, it has clarified that cryptocurrency is not banned in India. Furthermore, Indian Prime Minister Narendra Modi last week presented a prestigious award to a young entrepreneur who created a cryptocurrency app. What do you think of Zebpay relaunching in India? Do you think Zebpay will be as popular as it was? Let us know in the comments section below. Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Images courtesy of Shutterstock and Zebpay. 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 Crypto Exchange Zebpay Announces Relaunch in India Ahead of Supreme Court Decision on RBI Ban appeared first on Bitcoin News. View the full article

For the already initiated, there is a little spoken of land outside of crypto world where legions of normal people hear about Bitcoin and are interested, but don’t know where to begin. This is a problem considering the creator of Bitcoin, Satoshi Nakamoto, designed it as a peer-to-peer electronic cash system for anyone to use. Now that Bitcoin is in the news daily, and businesses and banks around the world are adopting the tech that supports it, it seems high time to better assist those interested in diving in. Also Read: How Is Bitcoin Cash Different From Bitcoin Core? What Is a Bitcoin? With well over 5,000 different cryptocurrencies currently in existence, someone new to the scene might understandably be taken aback or even put off by the overwhelming amount of info surrounding digital assets. Luckily, the most popular cryptos aren’t so numerous, and the one that started it all, Bitcoin, is the focus of this article. A breakdown of what Bitcoin is in simplest terms can be found in this resource from Bitcoin.com which states: “Bitcoin is a new type of digital money and, just like with all money, you can store it, exchange it, and make payments with it. However, unlike with traditional (fiat) currencies where payments are controlled by central banks, Bitcoin puts you in full control of your own money.” The reason the holder of bitcoin is in control is thanks to a decentralized system that depends on math and open source code — not politicians, central servers or banks — to record, secure and enable transactions. When you have the private keys to your coins, nobody can take them. This is in stark contrast to a system like Paypal’s, for example, where the company can decide to withhold your funds or cancel a payment at will, with or without consent from the user. Getting, Storing, and Spending Coins The first step to getting into Bitcoin is having a basic understanding of what it is and what it can do. The second is to get your hands on some of it. As there are a couple “branches” of bitcoin (created by chain splits called forks) it is important to be familiar with the differences. For the purposes of this guide, however, the focus will be on Bitcoin Cash (BCH), referred to hereafter just as bitcoin, as it most closely adheres to Satoshi Nakamoto’s original vision for a peer-to-peer electronic cash system. Getting and Securing a Wallet Like traditional money, bitcoin must be stored somewhere, and requires a wallet. Crypto wallets are of course different from physical wallets that hold paper money and coins, but the concept is basically the same. There are mobile wallets and desktop wallets, as well as another variety called “cold storage.” It is highly important to make sure a wallet is non-custodial, meaning the user is in complete control of the funds, and not the wallet provider. Bitcoin.com’s Wallet app. Once a newcomer to the crypto world has downloaded a non-custodial wallet, they’ll need to secure it. This is primarily done by backing up, writing down, or otherwise safely storing what is called a “seed phrase” or recovery phrase. A seed phrase is a string of words that can be used to restore your wallet if it is ever lost, and can be revealed in a wallet’s options or settings menu. Let’s say someone takes their phone into the bathroom and drops the device into the toilet. Though the phone might be ruined, it doesn’t mean the bitcoin in the phone has been flushed. Once the person gets a new phone, they simply download the app again, and use the seed phrase to restore the wallet, complete with funds. The beauty of bitcoin is that the money is recorded on a distributed, encrypted ledger secured by multiple parties (blockchain), so the loss of one device doesn’t mean the loss of one’s cash. Example of a 12-word seed phrase. This recovery phrase should never be shared or screen captured, as any individual gaining access to it can spend the wallet’s bitcoins. Once a seed phrase is safely stored out of sight and in a secure place, the wallet should be locked so that a pin, password or fingerprint is required to open it. This is highly important as someone could pick up the phone and freely spend bitcoins if the phone and wallet are left unattended and unlocked. Loading up on Bitcoin A bitcoin neophyte can now begin loading their wallet with satoshis – the name for the smallest unit of bitcoin. There are several ways to acquire bitcoin. It can be purchased with a credit card, bought on an exchange, traded for privately, or even picked up in small amounts for free, via what is called a bitcoin faucet. Crypto wallets send and receive money by way of bitcoin addresses. These are strings of characters that signify a wallet’s identity. A user’s public address can be shared with anyone in order to receive funds, and can also be represented as a QR code for easy transactions. For example, in acquiring bitcoin via the Bitcoin Cash Faucet, the user is prompted in the final step to provide their bitcoin address. A good, reliable wallet will clearly show a user’s address when the “receive” or similar button is tapped in their wallet. Every option for acquiring bitcoin mentioned above will require a wallet and an address. The video below demonstrates how QR code addresses are used to receive bitcoin as a shop owner in Venezuela accepts BCH from a customer: A small grocery store started accepting Bitcoin Cash in Maracaibo, Venezuela. Now people can buy basic need products If they own BCH! 🙌 More merchants updates soon by InstaBitcoin(.)net – Want help funding all this effort? Send us a private message #bch #bitcoincash pic.twitter.com/ylf7H5R9wa — Cypherbits (@cypherbits) January 19, 2020 Spending Your Coins After all the right preparations have been made comes the fun part: spending bitcoin as peer-to-peer electronic cash for virtually anything and everything. Whether it is travel, charity, food, clothes, gift cards or anything in between, bitcoin can be used to get the job done. The Bitcoin Cash Map is a handy app that will show brick and mortar stores accepting bitcoin in your area. The spending process is as easy as receiving. All that is needed is a merchant or other receiver’s address (in the form of a character string or QR code), and a tap or swipe of the send button after verifying the amount is correct. What’s more, crypto wallets keep track of your transactions for you, making record keeping and monitoring balances easy. A lot of newbies to the exciting world of crypto start out by sending tiny amounts to a friend, or even to themselves via another wallet, just to get comfortable with the process. This can be a fun way to get a real feel for how bitcoin works. Though some crypto OGs, influencers, and talking heads on Twitter might seem aloof and out of reach on account of their next-level geekiness, it’s important to remember that they too were once new to crypto. As Bitcoin continues its rapid evolution from niche tech to peer-to-peer electronic cash for the world, you may just find yourself a “bitcoin OG” sooner than you think. What got you interested in Bitcoin? Let us know 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. Image credits: Shutterstock, fair use. Cryptocurrency is cool, and you know everyone wants in – even the ones who say they don’t. Show the world how cutting-edge you are with a bitcoin T-shirt, hoodie, bag, key-ring, even a Trezor hardware wallet. Shipping all over the world, quality merchandise and, of course, a payment system that makes people say “wow!” The post How To Start Using Bitcoin: Buying, Storing, and Spending Crypto for a Total Newb appeared first on Bitcoin News. View the full article

The defi market has hit an all-time high as the total value locked up in decentralized finance has surged past $850 million. A flurry of new applications, privacy proposals, wallets, DEXs, and protocols is extending the limits of what defi is capable of. This jubilation should be countered with a healthy dose of caution, however, for not all of the products sailing under the defi flag are as decentralized as they claim. In some cases, what’s being branded as defi isn’t defi at all – it’s just finance, with the same chokepoints and centralized controls as before. Also read: Cold Storage and Bearer Bonds: How to Print an SLP Token Paper Wallet Decentralized Finance Products Are Proliferating Of the $850M currently locked into defi, $490M is contained in Maker, whose collateralized stablecoins, and the array of defi products they engender, account for 57% of the sector’s value. Other defi mainstays include derivatives, courtesy of Synthetix ($147M locked up), and lending care of protocols like Compound ($104M) and Instadapp ($62M), followed by DEXs such as Uniswap ($48M). The predominantly Ethereum-based products that can be lumped under the defi banner look to be in rude health, even if their market size is a fraction that of Ethereum’s previous use case – ICOs. This month alone has seen the Ethereum ecosystem welcome projects such as Syscoin’s bridging protocol, social trading from Set Protocols, loans collateralized with NFTs courtesy of Rocket, and token curated registries (TCRs) from dispute resolution protocol Kleros. Of these, Syscoin Bridge aims to advance the defi narrative by improving interoperability via a decentralized link to the Syscoin ecosystem, combining the higher throughout and low network fees of the latter with Eth’s smart contracting capabilities. As a result, value can move freely between the two networks using a trustless, censorship-free protocol that increases token fungibility. Given that Plasma is effectively now dead in the water, access to decentralized scaling solutions has taken on a renewed urgency. Syscoin Bridge Kleros, for its part, has developed a general TCR that can be used to create crypto-economic backed lists of anything, from verified social media accounts to lending dapps to darknet markets. It’s also been integrating its decentralized arbitration system into defi platforms, and the team’s endeavors appear to be bearing fruit. While one should be cautious of information obtained from anonymous imageboards, the proliferation of Kleros threads on 4chan’s /biz/ suggests the link marines may have found a new project to latch onto. If the justice as a service protocol can’t 10x through cornering the defi market, perhaps it can be memed to the moon courtesy of the same ‘weaponized autism’ that saw Chainlink turned into a $1 billion project. Kleros Open Finance or Permissioned Protocols? “The value of decentralized finance is lost if underlying instruments cannot serve sovereignty because of skewed incentives or attack vectors stemming from a lack of decentralization,” notes Syscoin co-founder and Lead Core Developer Jagdeep Sidhu. “The only successful way to build a blockchain protocol is to begin and end with decentralization as the focal-point. Trade-offs made at the core layer, such as relaxing mining or other requirements of the decentralized ideals Satoshi gave us, introduce loss of value proposition to anything built on top.” Creeping centralization doesn’t just manifest in defi protocols whose creators hold the master keys; it can also be seen in projects such as Pool Together, the lossless lottery platform, where whales have taken over. There is nothing illegal about major players gaming the system, nor does their doing so put user funds at risk. However, it serves to illustrate the ease with which the defi market can be manipulated – and how projects founded with good intentions can be hijacked by monopolies with little interest in fostering financial inclusion. 1/9 Let's talk about what I'm calling "The Wealth Attack" in DeFi. Scale is crucial to decentralized projects to prevent against whale manipulation. Example @PoolTogether_ where whales have bulk bought tickets. The top 5 players combined have a 58% chance of being the winner. pic.twitter.com/AGydg2QkXp — Adam Cochran (@AdamScochran) January 26, 2020 “Decentralized finance isn’t possible without interoperability,” insists Jagdeep Sidhu, who is convinced that reliance on Ethereum alone to carry the defi movement is a recipe for disaster. “One platform will not be capable of supporting global demand without being centralized, and at that point it is essentially traditional finance. Proper interoperability bridges provide decentralization for users and systems, alleviate scaling pressures, and empower users to determine their own speed/security trade-off. When these interoperability solutions are adopted, people who currently lack access to financial instruments as basic as a bank account will find it easier to take back control of their own financials and achieve sovereign ownership in a decentralized, trustless, and censorship-free way.” Eliminating Susceptibility to Censorship While well-secured blockchains such as Bitcoin and Ethereum are virtually impossible to stop, censorship can manifest in more insidious ways. Shut down the websites and apps that package defi into a user-friendly product and you’re left with protocols that must be queried directly to collateralize stablecoins, issue loans, and trade tokens. Thus, even defi protocols that do not contain backdoors or central levers are reliant on an application layer that must withstand the ever-present threat of censorship. “There is a danger of short-sighted design changes leading to increasingly centralized defi solutions sold as ‘holy grails,’” finishes Jagdeep Sidhu. The maturation of defi base layer protocols such as Maker has fueled innovation at the application layer, where new concepts are being proposed on a weekly basis. Some won’t make it past the theoretical stage, but others will make it to MVP and beyond. The defi movement feels very much like the early Bitcoin or the current Bitcoin Cash movements: lots of experimentation, free-thinking, and solo projects that advance the collective understanding of what can be done with crypto technology. The defi sector might be in rude health, but its architects would do well to look to Bitcoin and the trade-offs it’s suffered over the years through federated sidechains like Liquid and decreased fungibility that’s enabled Know Your Transaction surveillance and privacy violations. The defi dapps that stand the test of time won’t just be unputdownable – they’ll also be ungamable and uncensorable. Do you think most defi protocols and applications are truly decentralized? 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 Decentralized Finance Is Blossoming, But Just How Decentralized Is Defi? appeared first on Bitcoin News. View the full article

The cryptocurrency industry has grown exponentially and there are many facets to the blockchain industry. One specific area of expertise that’s grown significantly in the last few years is the expansion of marketing agencies within the blockchain and cryptocurrency space. In 2020 there are more than 50 marketing companies that help crypto firms and projects get noticed but the process can be costly. Also read: Dubai Launching Crypto Valley in Tax-Free Zone – No Personal or Corporate Income Tax Researcher Rates Over 50 Crypto and Blockchain Marketing Agencies Since the inception of Bitcoin, the last 11 years have seen the industry grow and there’s a variety of different employment opportunities for individuals looking to work in the blockchain space. Just recently, news.Bitcoin.com reported on the 8,000 blockchain and crypto jobs available today. Another sector of the industry that thrived during the crypto winter, despite fallen crypto prices and lack of interest, is the crypto conference scene. In addition to conferences and events, crypto and blockchain-related marketing agencies have also flourished since 2017. Top 10 Tech Skills in demand in 2020: 1. Machine Learning 2. Mobile Development 3. SEO/SEM Marketing 4. Data Visualization 5. Data Engineering 6. UI/UX Design 7. Cyber-security 8. Cloud Computing/AWS 9. Blockchain 10. IOT — Gohil Nimesh (@NimeshAGohil) January 23, 2020 Some researchers believe marketing operations may see a “shakeout” in 2020 as trends like the ICO market have regressed. Still, there are more than 50 crypto marketing firms today that offer promotion of cryptocurrency companies, new blockchain products, and initial coin offerings as well. Some of these firms have a large number of clientele and portfolios, and clients have raised millions of dollars since they started advertising. News.Bitcoin.com was given a comprehensive research study of the top 50 marketing agencies in 2020 from a researcher named Artem Artemovich. More than 50 crypto marketing agencies survived the crypto winter and the analyst Artem Artemovich has rated them all. For instance, there’s the firm DAO Maker which offers marketing consultancy and a proprietary product called “Social Mining technology.” According to Artemovich, DAO Maker clients raised $23 million (clients’ money raised) and 2019 clients include the LTO Network, Elrond Network, and Ecomi. Artemovich notes that the software product starts at $1,500 and marketing and consulting services start at $5,000. Agencies offer different products, and Dao Maker specializes in software called “social mining.” A marketing consulting firm dubbed Block72’s clientele has raised $14.6 million and has clients such as Elynet, Apm Coin, Ultra, and Bitmovio. Artemovich’s data shows that Block72 specializes in token sales and marketing packages start at $35,000. There’s Blockgroup.global which saw clients raise $8 million and the company sells packages for $15,000. Wachsman.com is a PR company that saw its customers raise $5 million in 2019 and it’s PR packages start at $12,000. The media agency Coincurb sells media packages for $1,000 and its clientele allegedly raised $131 million last year. Marketing and consultancy packages can range from $1,000 to $30,000+. There’s also Sale-and-ads.com which offers individual price quotes, Cryptolandpr.com charges $8,000 for media services, and Guerrillabuzz.com offers online quote requests for marketing services. Artemovich also mentions firms like Icobulls, Tokeny solutions, Ethereumlab Tech, Ibcgroup, Ninjapromo, Blocketo, Chaineum, Amazix, and Bounty Bull. Many of these marketing agencies seemingly have millions of dollars in contracts and packages can be anywhere from $1,000 to $30,000. Ninjapromo has a straight charge of 1 BTC for its packages and other marketing agencies offer individual quotes for pricing. All of the aforementioned marketing firms are considered “Tier 1-3” agencies as far as Artemovich’s review is concerned. For example, there are three tier 1 firms, six tier 2 companies, and 41 of the marketing agencies listed are tier 3. This year crypto marketing firms will have to “demonstrate their genuine capability, and not merely rely on a rising tide,” Artemovich stressed. “2019 has led to the demolition of many blockchain operations,” Artemovich’s report underlined. “Hundreds of exchanges have shuttered, established crypto companies have laid off entire departments, and token sales have dwindled to a tiny fraction of the scale they achieved in 2018.” As far as marketing agencies go, the crypto winter was hard but it has also provided some companies with new possibilities. Artemovich added: This year has been a transparent ground for operators in the crypto space to demonstrate their genuine capability, and not merely rely on a rising tide. Blockchain, crypto, or ICO marketing agencies have had a challenging year, but it has given them the opportunity to show what they are really capable of. A Possible 2020 Marketing Agency Shakeout and Blockchain Startups That Want to Eat the Incumbents’ Lunch Other PR, marketing and consulting firms mentioned within Artemovich’s list include Cryptoken media, Icograph, Markchain, Flexe, MLG Blockchain, Forklog Consulting, Chainplus, Principal Strategic, and Coinpoint. Artemovich emphasized that his list doesn’t just look at company names but also assesses performance. The research details a clients’ post-listing performance return-on-investment (ROI), key exchange presence, and how much money their clients raised last year. Additionally, research data from neverstopmarketing.com shows that there’s a large group of blockchain startups aiming to take the slew of centralized marketing agencies’ revenue. Despite the fact that there are 50 marketing firms that specialize in blockchain and cryptocurrency promotion, there’s a significant amount of blockchain startups that want to decentralize the current marketing and advertising landscape. Artemovich’s report notes that in 2017 and 2018, marketing agencies saw a lot of action as the ICO market made it so “almost no effort needing to be exerted.” “However, times have changed and ICO funding has dropped steeply, mandating the need for legitimate solutions,” Artemovich insisted. The researcher concluded by adding: Thus, most market players failed in 2019 due to as their offerings were not able to satisfy the needs of the relatively higher quality projects that surfaced in 2019. The most successful agencies in 2019 had their own unique approach and products, often guaranteeing certain results. Moving into 2020, it is easy to see that the shakeout in the agency market is going to intensify. What do you think about the vast list of cryptocurrency and blockchain marketing agencies available in 2020? Did you know there were more than 50 crypto marketing firms? 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, marketing agencies 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. throughout Image credits: Shutterstock, Dao Maker, neverstopmarketing.com, Ninjapromo, Wachsman.com, Fair Use, Wiki Commons, and Pixabay. Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. The post More Than 50 Crypto Marketing Agencies Survived the Crypto Winter appeared first on Bitcoin News. View the full article

Blockchain.com has launched a full banking integration for Turkish Lira (TRY) to create a native payment gateway for users to deposit and withdraw Lira on its trading platform. With this development users in Turkey no longer have to incur high fees and conversion rates from third-party payment processors. Turkish traders have consistently been one of the most active countries on the company’s exchange since it launched last Summer. Also Read: Blockchain.com Launches High Speed Crypto Exchange for Retail Traders Native Turkish Lira Gateway Blockchain.com, the well-known provider of cryptocurrency products with over 40 million wallets created to date, has launched a full banking integration for Turkish Lira (TRY) to create a native payment gateway for users to deposit and withdraw Lira on the Blockchain.com Exchange. Turkish users can now go from account creation to buying crypto without having to use a third-party payment processor. On the trading platform, Turkish people can now deposit, withdraw, and use TRY to buy bitcoin BTC, ETH and USDT and convert their crypto into the fiat currency of their choice. “Turkey is one of the countries leading the charge to embrace cryptocurrencies, but its traders have only been met with high fees and poor service,” says Peter Smith, Co-founder and CEO of Blockchain.com. “Blockchain.com is dedicated to providing a fair, global market for Turkey’s crypto traders, and setting a new standard for the service they should not only expect, but demand from exchanges.” Istanbul, Turkey Economic concerns regarding the stability of the local fiat pushed cryptocurrency adoption in Turkey to grow faster than in most countries. At the start of the year it was reported that Turkish authorities, alarmed by the rapid spread of cryptocurrencies in the country, are ramping up efforts to introduce greater oversight into the sector. Local media revealed that regulators are under pressure to increase supervision because of the growing popularity of decentralized crypto assets among Turks. Turkey has an estimated 1 million investors, according to local reports, and a fifth of Turkish respondents in last year’s Global Consumer Survey by Statista said they used or owned crypto, as news.Bitcoin.com reported in June 2019. Blockchain.com Exchange Blockchain.com is one of the most trusted companies in the digital assets space, and has raised over $70 million in funding from investors such as Lightspeed Venture Partners and Google Ventures. It is also known for being friendly to the BCH community, integrating the cryptocurrency into its services. About a year ago, for example, the company launched a Bitcoin Cash block explorer that allows users to search for detailed information on specific BCH blocks, check whether a transaction has confirmed, view the balance of a wallet address, monitor market prices, and even watch real-time network transactions. Recently it launched a retail exchange focused on high speed performance. Since launching in August, the Blockchain.com trading platform has continued to adopt new features and assets. It now supports deposits and withdrawals in Pounds, US Dollars, Euros, and Turkish Lira, and is available in 190 countries. In the last two months, the venue has launched an API for algorithmic traders, listed the crypto project Algorand, and listed the gold-backed token DGLD, increasing its asset offering to 36 live trading pairs. What do you think about Blockchain.com launching full Turkish Lira banking integration? 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 Blockchain.com Launches Full Turkish Lira Banking Integration as a Native Payment Gateway for Turkey appeared first on Bitcoin News. View the full article

The read.cash blog has been a resource for the Bitcoin Cash (BCH) community for a while now but ever since the recent miner funded development proposal, the blogging site has gathered significant traction. For instance, the front page of read.cash shows that during the last week, more than $5,730 in bitcoin cash has been given to post authors. Also read: Data Shows $25 Billion Worth of Bitcoin and Ether Held by Seven Crypto Exchanges Read.cash Blog Gathers Momentum During the Infrastructure Funding Debate Read.cash is a blogging website that rewards content creators with bitcoin cash incentives and a large number of BCH proponents leverage the platform. Seven days ago on January 22, Btc.top’s founder, Jiang Zhuoer, revealed an infrastructure funding plan for Bitcoin Cash which was met with mixed reviews. While a number of BCH supporters took to Reddit and Twitter to share their two cents, many BCH fans leveraged the read.cash blog in order to share their opinion about the proposal. Out of the 28 posts on the front page of the read.cash platform, 17 of them are about the proposed development fund. The posts are written by ordinary BCH users, miners, developers, and influencers who felt they needed to write about the proposal. Tallying up the tips on the read.cash front page shows that there’s been more than $5,730 in bitcoin cash given to authors. Read.cash blog gathered a lot of attention during the last week after Jiang Zhuoer revealed an infrastructure funding plan on January 22, 2020. 17 out of the 28 hottest posts on the front page discuss the proposed infrastructure funding plan. Before the funding proposal, read.cash was slowly gathering more users and blog posts. News.Bitcoin.com recently published a step-by-step guide covering how to register for read.cash and start creating content. Last month, the team behind read.cash development published a chart that shows the number of articles per day has been increasing. Across a variety of r/btc threads, a number of BCH supporters have explained that they enjoy the platform a great deal. Last month, the read.cash development team shared a chart that shows articles per day have been increasing. Individuals just discovering the site have also given the read.cash platform compliments as well. “I write Audiobook reviews and am moving from Medium to read.cash and just posted my first article — The site beats Medium hands down,” one new user wrote nine days ago. Moreover, after all the big tips and onchain voting this week, many BCH supporters congratulated the read.cash developers for their hard work. “In ten years your site may facilitate million dollar tips through the decentralized blockchain network — How does that make you feel?” one Redditor asked the creators. Following the question, the read.cash team responded: Unbelievable — BCH is un-freaking-believable — I mean I’m with Bitcoin since 2013, but it never stops to amaze me. The best part is that it’s peer-to-peer — The site doesn’t even have much to do with it. During the last seven days, more than $5,730 in bitcoin cash was given to read.cash authors. Crypto Proponents Appreciate Leveraging Read.cash to Share Their Content and Earn Bitcoin Cash In another r/btc post discussing the $1,000 BCH tip sent to the developer, Imaginary Username, the read.cash creators emphasized that people should still only keep small amounts of funds on the web wallet. “Just a reminder for everyone not to keep big amounts of money in read.cash’s online wallet — Web browser wallets are very convenient, but cannot be made very secure,” the developers stressed. Two weeks ago, a writer dubbed Messier87 explained in a read.cash blog post how appreciative he was that a BCH-centric blogging platform exists. Two weeks ago, read.cash newcomer Messier87 wrote a comprehensive review of why the BCH-centric platform is better than other blockchain-based blogging sites. “I have been around some Blockchain-based blogging platforms for some time now,” Messier87 wrote. “As more new forms of these types of platforms are launched, the space becomes more competitive.” Messier87 detailed all the reasons why he likes read.cash better than other blockchain-based blogging platforms. For instance while alternative blogs like Steemit use native coins, read.cash leverages the fourth largest coin by market cap. Messier87 noted that with other blockchain-based blogs writers sometimes have to wait days or even weeks to spend their tips but with read.cash that’s not the case. “Sending funds on read.cash can happen as soon as you are tipped,” Messier87 underlined. The author said that compared to well-established blockchain blogs, read.cash has a clean user interface (UI) that works. Read.cash was launched in October 2019, and Messier87 remarked that he appreciated how much of the read.cash roadmap was completed so far. The recent tipping and slew of infrastructure funding plan blog posts have cast the read.cash blog into the limelight. It will be interesting to see if the platform’s growth trend continues to rise after the debate settles. What do you think about all the blogging taking place on the read.cash platform during the last week and a half? Have you tried the read.cash blogging site yet? Let us know what you think about this topic in the comments section below. Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any ideas, concepts, content, goods or services mentioned in this article. Image credits: Shutterstock, Read.cash, Jamie Redman, Reddit (rbtc), and Fair Use. 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 Close to $6k in Bitcoin Cash Tips Paid to Read.cash Authors Last Week appeared first on Bitcoin News. View the full article

Darknet market activity hit new highs in 2019, as shown in a new report from blockchain forensics firm Chainalysis. Despite concerted attempts from law enforcement (LE) to crack down on darknet markets (DNMs), coupled with several exit scams, crypto inflows and outflows surpassed $800 million last year. Also read: Monopoly Is a Tiny Darknet Market With Big Aspirations Darknet Markets Are Recession-Proof “What two businesses have traditionally been recession proof since time immemorial?” asks Tony Soprano in an episode of the American crime drama. “Certain aspects of show business…and our thing,” replies his consigliere Silvio Dante. Today “our thing” – namely, organized crime – increasingly takes place on the web, and the darknet in particular. Monitoring its health falls to software companies armed with the tools to analyze the flow of digital assets in and out of known DNMs. The Chainalysis Crypto Crime Report 2020 focuses heavily on darknet markets, examining which currencies were transacted, where the coins flowed, and what percentage of crypto activity they constituted. In its wake, the inevitable “We told you so” style editorials appeared – the New York Times leading with “Bitcoin Has Lost Steam. But Criminals Still Love It.” While the data published by Chainalysis, which acts as an advisor to various government agencies, makes for interesting reading, it sends a warning to bitcoiners, whose privacy is being gradually eroded. DNM Business is Booming Following a modest decline in 2018, darknet market sales returned to rude health in 2019, rising from 70% to constitute over $790 million worth of cryptocurrencies. The darknet market share of all cryptocurrency received doubled from 0.04% in 2018 to 0.08% in 2019. While giddy reports from mainstream media would have readers believing that cryptocurrencies (especially bitcoin) are used largely for illicit purposes, it’s vital to remember that less than 1% of crypto usage revolves around darknet marketplaces – a hunting ground for “scoundrels” according to the New York Times. So where did the crypto spent on darknet markets come from – and where did vendors send their ill-gotten gains? According to the report, the overwhelming majority of funds used to purchase goods on DNMs came from exchanges: 38.6% from P2P exchanges, 31.8% from centralized exchanges, and 8.8% from exchanges deemed “high-risk.” The rest originated from darknet markets themselves or other unnamed services. It was a similar picture for crypto leaving DNMs: 42.8% of cashed-out currency went to centralized exchanges and 23.2% to P2P exchanges; unnamed services accounted for 11.7%, while darknet markets got 9.1% and high-risk exchanges 4.7%. Only 4% went to mixing services, wherein privacy-minded users can obscure the ties between their BTC addresses and real-world identities by shuffling their coins. Although darknet market sales are on the up, the report indicates that the number of DNMs has not really grown since 2016. Indeed, the figure of 49 is the same as 2018. However, the fact that eight DNMs were taken down in the past 12 months indicates that replacements soon spring up. On average, each active market generated more revenue in 2019 than those open in any other year, except during the pinnacle of Silk Road in 2012/13, before law enforcement wrapped their heads around the dark web. Darknet Markets Seem Immune to Market Forces The success of traditional markets is governed by market forces – the actions of buyers and sellers which cause the price of goods and services to rise or fall. However, darknet markets appear to be relatively invulnerable to such economic forces. While exchanges, gambling portals and merchant services saw spikes in July, when bitcoin’s price rose, darknet markets demonstrated a much more modest upturn. In fact, a review of bitcoin’s transaction volume across the year indicates that sales remain stable regardless of what the cryptocurrency market is doing. Crypto Crime Connection Used to Restrict Privacy Publication of the Chainalysis report occurred in the same week that Paxos sent a threatening message to a user suspected of using a “known bitcoin mixing service.” It would require mental gymnastics not to see the correlation here: tools developed by the Chainalysises of the world erode personal privacy and give rise to nonsense of this nature repeatedly occurring. Heaven forbid anyone would use a coin-mixing service to restore their right to privacy. Wtf?? Apparently you are not allowed to do what you want with your bitcoin once you own the keys. Fortunately that's not how Bitcoin works, but the level of chain analysis here is alarming. What is a correct response? @MartyBent @matt_odell @vandrewattycpa pic.twitter.com/BhMDThLHGc — Ronald McHodled (@RonaldMcHodled) January 28, 2020 The trend that sees centralized crypto companies berating and browbeating users for mixing coins – after they’ve withdrawn them to a noncustodial wallet – is troubling, and in the above case prompted the user in question to respond: “Apparently you are not allowed to do what you want with your bitcoin once you own the keys. Fortunately that’s not how Bitcoin works, but the level of chain analysis here is alarming.” If you care about your privacy, and don’t fancy being smeared as a criminal, the best idea is to take your business away from centralized exchange before the censorious email hits your inbox. As for DNMs, they’re not going anywhere. As noted by Chainalysis, many are implementing new decentralized infrastructure to avoid shutdowns, while others are considering mandating the usage of privacy coins like monero, which is already accepted by Empire and enforced on White House Market and Monopoly Market. Defending the work of blockchain forensics firms, one monero advocate urged: “Boycotting services that are taking advantage of Bitcoin’s flaws is futile. All services and governments will eventually take advantage of Bitcoin’s flaws. It’s like walking around nude and blaming everyone for looking at you. Put some pants on. Convert your Bitcoin to Monero.” What are your thoughts on the Chainalysis darknet market report? Let us know in the comments section below. Images courtesy of Shutterstock and Chainalysis 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 New Chainalysis Report Sheds Light on Darknet Markets and the Need for Onchain Privacy appeared first on Bitcoin News. View the full article

Paris Saint-Germain and cryptocurrency exchange platform CoinCasso have joined forces in a multi-year international partnership, with the virtual currency giant becoming an Official Partner of the Parisian club in all markets outside of France. CoinCasso is a blockchain specialist and will now be in a position to capitalise on Paris Saint-Germain’s high profile in its key regions of Europe, Asia and the USA, where the company is hoping to establish itself as a benchmark platform. “The cryptocurrency exchange market is both young and innovative,” said Luke Ozimski, Founder and CEO of CoinCasso. “We are delighted to be one of the first specialists to reach out to the general public and team up with one of the most popular football clubs in the world. Paris Saint-Germain is an innovator, having been one of the first to engage with blockchain players back in 2018. Together we share a leading position that will allow us to showcase the quality of our service around the world.” “We are delighted to welcome CoinCasso into the Paris Saint-Germain partner family,” said Marc Armstrong, Chief Partnerships Officer of Paris Saint-Germain. “The club continually strives to be an innovation leader and we are monitoring the development of cryptocurrency very closely, along with its potential to further enhance the experience enjoyed by our supporters across the world. This partnership with CoinCasso will allow Paris Saint-Germain to further strengthen its position in this market.” A cryptocurrency exchange platform available for the general public and professionals, CoinCasso offers a new way of using digital currencies, among them in the future the purchase of real goods. These services are available online, and a mobile app is also currently under development. Contact Email Address marketing@coincasso.com Supporting Link https://coincassogroup.com/paris-saint-germain-teams-up-with-cryptocurrency-exchange-platform-coincass/ 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 Paris Saint-Germain Teams up With Cryptocurrency Exchange Platform CoinCasso appeared first on Bitcoin News. View the full article

The new Uphold mobile app features an ‘Anything to Anything’ interface, which lets users easily trade directly between more than 60 assets. This means that Uphold users in the UK for example, can now directly buy bitcoin cash (BCH) with their local GBP fiat without having to use an intermediary currency such as USD or BTC. The company also added bank connectivity for users in seven more countries, bringing the total to nearly 40 countries. Also Read: Uphold Users Gain Access to Salt’s Crypto-Backed Loans Anything to Anything Trading Digital money platform Uphold has announced the introduction of a new interface and pricing model with its new iOS and Android mobile apps. The new ‘Anything to Anything’ interface enables users to fund their accounts, make transfers, and trade directly between more than 60 cryptocurrencies, fiat currencies, and metals, using just one screen. The new app also features a ‘commission-free’ pricing model, which means that instead of paying trading fees Uphold users just get an all-inclusive, guaranteed price that includes a spread. The company claims this spread typically ranges between 50 to 100bps (0.5 to 1.0%) on cryptocurrencies, but can sometimes go as low as 40bps (0.4%) depending on individual trading behavior and volumes. This new pricing model is said to be driven by a new trading engine hooked up to triple the number of exchanges it was before, enabling Uphold to secure digital assets at better prices. “Last year, we surveyed our lapsed customers who told us that while they loved Uphold’s Anything-to-Anything transaction capability, the platform was hard to use and felt expensive,” the team explained. ”We’ve acted on the feedback and are now introducing major changes that make Uphold one of the easiest and most cost-effective places to trade cryptocurrencies and other assets.” As part of the new app launch, the company also added bank connectivity for users in seven more countries: UK, Canada, Poland, Czech Republic, Romania, Hungary, and Croatia. This brings the total number of markets where bank connectivity to Uphold users is available to nearly 40 countries. Users can fund their Uphold accounts with credit or debit cards, bank transfers and a number of cryptos including BCH, BTC, LTC, ETH, BAT, DASH, XRP as well as a few stablecoins. All deposits are now free but some types of withdrawals still cost a fee. Global Digital Money Platform Uphold is a digital money platform offering investments and payment services based on blockchain technology. With more than 1.7 million users globally, Uphold has powered $5.7 billion in transactions as of January 2020. The San Francisco based firm provides both retail customers and businesses worldwide with access to fiat and digital currencies, as well as precious metals. The company has offices in New York, Portugal, and London. Uphold is also a major member of the Universal Protocol Alliance, a group of like-minded cryptocurrency companies and blockchain organizations that want to connect different digital assets in a single network. In December 2019, Bitcoin.com Exchange listed the Alliance’s Universal Protocol Token (UPT), a mega-utility token offering attractive interest rates when lending and borrowing, lower exchange fees, cashback and discounts on trading. Uphold also recently announced a partnership with Salt Lending to provide its users with cash or stablecoin loans using cryptocurrencies as collateral. With this development, its users can secure loans through Salt against their holdings in BCH, BTC, ETH, DASH, and XRP. What do you think about Uphold letting its users trade between over 60 assets directly without using the USD as an intermediary? Share your thoughts 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. 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 Uphold App Now Lets Users Easily Trade Directly Between Over 60 Cryptos, Fiat Currencies and Metals appeared first on Bitcoin News. View the full article

India’s National Strategy on Blockchain has been published. It recommends, among other things, for the Reserve Bank of India (RBI) to issue a central bank digital currency. The Ministry of Electronics and Information Technology tasked the National Institute for Smart Government with drafting this national policy. Also read: Regulatory Roundup — New US Crypto Tax Bill, Central Banks Join Forces on Digital Currencies India’s National Blockchain Strategy The Indian National Institute for Smart Government (NISG) has published a draft “National Strategy on Blockchain,” local media reported on Tuesday. The institute was tasked with preparing the policy in July last year by the National e-Governance Division, under the Ministry of Electronics and Information Technology (MeitY). The document examines blockchain technologies, smart contract applications, challenges to blockchain adoption, the societal impact of the technology, the role of government, and national strategy principles. It suggests the regulatory approach to blockchain technology the Indian government could adopt, emphasizing that regulations should be based on the functions performed by the technology and not the technology itself. The institute has invited stakeholders to submit comments. Commenting on the strategy, Policy 4.0 CEO Tanvi Ratna was quoted by the Economic Times on Tuesday as saying: The policy states that there is a lack of regulatory clarity and not enough awareness in the government on the technology, but the suggestion to set the policy at a national level may not work in case of cryptocurrency regulation. “We have seen with all regulatory evolution with the internet era as well that states, if given the space to innovate and compete for talent and growth, can often devise very different approaches,” she opined. “This is definitely the case in the U.S. where states like California, Delaware and New York have usually been well ahead of the federal government and it is also the case in India where states like Karnataka, Andhra, Telangana have often pioneered policy models that get adopted at national levels.” NISG is a nonprofit public-private partnership set up in May 2002, with 51% equity contributed by the private sector and 49% by the public sector. It was established by the Indian government’s Department of Information Technology and the Department of Administrative Reforms. Its main promoters are the governments of India and Andhra Pradesh and the National Association of Software and Services Companies (NASSCOM). Blockchain Adoption Within Existing Indian Laws In addition to evaluating blockchain projects of various countries such as Estonia, Dubai, and China, the paper details the legal challenges in blockchain adoption in India. It begins with a look at the April 2018 circular issued by the central bank which prohibits banks from providing services to crypto businesses. The country’s supreme court has recently concluded hearing the arguments against this banking ban. Referencing the RBI circular, the document notes: There is a lack of clarity on whether activities involving tokenization also come under the circular’s purview. Nonrepudiation requirements in banking regulation that require in-person verification for several activities defeat the purpose of implementing a blockchain-based technological solution. The SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis of blockchain technology and its current status in India. Source: The National Strategy on Blockchain paper. The document also points out a number of existing laws that are not adequate for blockchain technology. “There is also lack of clarity on whether ‘digital contracts’ executed on blockchain are recognizable and enforceable by law … Ambiguity exists as to whether tokens issued on a blockchain can be categorized as ‘securities’ under the Securities Contract (Regulation) Act, 1956.” RBI Urged to Issue Digital Rupee The concept of a central bank digital rupee administered through a national permissioned blockchain that can run decentralized applications, written in Turing complete programming languages and offers trust-as-a-service, was also discussed. The document points out that India, with over 1.3 billion people and a huge concentration of smartphones, is one of the world’s largest generators of online data. It asserts that blockchain technology could allow the monetization of this data in a secure and anonymized manner, thereby catapulting India to become one of the richest countries in the world. “This implies an urgent need to set up a trusted and centralized data repository, and a mechanism to enable citizens and organizations to monetize the data in a secure and credible manner,” the document states. “As an alternative to public blockchains that operate with native cryptocurrency, like Ethereum,” the paper elaborates: It is strongly recommended that Government of India along with RBI come out with a Central Bank Digital INR (CBDR) administered over a public permissioned blockchain that processes transactions through a Turing complete virtual machine allowing decentralised applications to run on its platform. “The advantage of offering CBDR is that it can allow the Indian blockchain developers and entrepreneurs to create and run decentralized applications like in the case of the open source permissionless blockchains like Ethereum, EOS etc., while benefiting from regulatory oversight and corresponding protection,” the paper continues. It further mentions different central bank digital currency approaches: private, public, and hybrid. Referencing existing blockchain systems, the strategy proposes that similar applications can be used to anchor their hashes on a public permissioned blockchain created by the Indian government and the RBI that are also powered by the digital rupee on the ledger, adding: We foresee a lot of decentralized applications and a number of permissioned enterprise blockchain applications built in the country in the future that can leverage the infrastructure of a National Blockchain Platform and also move towards secure tokenization of assets on the same. What do you think of India’s national blockchain strategy? Let us know in the comments section below. Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Images courtesy of Shutterstock and NISG. 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 India Unveils National Blockchain Strategy, Calling on RBI to Issue Digital Currency appeared first on Bitcoin News. View the full article

A new report from Deutsche Bank Research, Digital Currencies: the Ultimate Hard Power Tool, predicts that cash payments will remain for decades, but the emergence of digital payments “will lead to the death of the plastic card.” The report, which is the third installment in a series on payments by the group, points to economies like China in their rapid digitization and heavy reliance on online payment systems. Should the newly developed digital yuan come to prevalence, the report maintains, it could seriously challenge USD hegemony. Also Read: Singapore Introduces Licensing for Crypto Platforms, New Payment Services Now Act in Force End of Plastic, Survival of Cash Deutsche Bank Research’s third installment to their Future of Payments series opens with quotes from European Central Bank (ECB) President Christine Lagarde and Nobel Prize winning economist Milton Friedman, discussing digital currencies and their predicted importance to future markets and commerce. Unlike many prominent prognosticators of finance, the authors are perhaps unique in that they see cash as surviving for decades to come, despite rapid developments in digitization of payments. The report boldly proclaims: When people discuss the future of payments they tend to predict the end of cash. Our view is different. Not only do we think cash will be around for a long time, we see the transition to digital payments as having the potential to do no less than rebalance global economic power. The global shift does come with one casualty, however, and that’s plastic cards, says the group. “While cash will stay, the coming decade will see digital payments grow at light speed. That will lead to the death of the plastic card.” The paper notes: “Over the next five years, we expect mobile payments to comprise two-fifths of in-store purchases in the US, quadruple the current level.” As for developing countries, Deutsche Bank Research maintains that “Many customers in these countries are transitioning directly from cash to mobile payments without ever owning a plastic card.” Crypto Adoption Mirrors Internet Adoption, But There Are Still Many Barriers to Mainstream Use The report goes on to predict a continued mass adoption of crypto, which will closely follow the ever-growing number of internet users in the world. Still, when it comes to cryptos, Deutsche Bank Research is careful to clarify that “They have not been widely accepted as a means of payments despite their well-known benefits: security, speed, minimal transaction fees, ease of storage, and relevance in the digital era.” However they say that this could change. “If the Chinese government, along with Google, Amazon, Facebook, or Apple (the so-called GAFA group), or a Chinese company like Tencent can overcome some of the barriers to cryptocurrencies … then cryptocurrencies could become more appealing. This will hasten their adoption and give them the potential to replace cash,” the publication notes. Further, “if the growth in blockchain wallet users continues to mirror that of internet users, then by the end of the decade, they will number 200 million, quadruple the current level.” www.dbresearch.com Upsetting the Global Power Balance Broaching the topics of “hard power” and “soft power,” Deutsche Bank Research sees China’s central bank digital currency (CBDC) potentially going either way. The group notes at the outset: As China (and India) develop electronic, crypto, and peer-to-peer strategies, the epicentre of global economic power could shift. China is working on a digital currency backed by its central bank that could be used as a soft- or hard-power tool. In fact, if companies doing business in China are forced to adopt a digital yuan, it will certainly erode the dollar’s primacy in the global financial market. In other words, should the Chinese government take a hardline stance on forcing commerce to be done in the new CBDC, given their significant economic clout, USD hegemony could be dealt a hefty blow. In the report’s view, the first major CBDC to market will also have a decisive advantage over even the Googles, Amazons, Facebooks, Apples and Microsofts of today. While the politically embattled libra could be huge, for example, it lacks regulatory approval and is weakened considerably by this. “China is gaining a decisive advantage over financial applications that use DLT,” the report details. “This will likely disrupt the GAFAMs, which have prospered with the help of the personal data of customers. Whoever dominates a blockchain will control the trust of users on that platform. Whoever dominates the first major state digital currency will control the banking and e-commerce sector within that nation (at least).” The report makes clear that USD still dominates global trade by leaps and bounds, but affirms, “The Chinese government has made tremendous efforts to internationalise the renminbi, similar to the US intervention in the early twentieth century. From 2000 to 2015, the RMB share as a settlement currency in China’s trade has increased from zero to 25 percent.” www.dbresearch.com Government Good, Regs Necessary Sadly for the cryptocurrency enthusiasts clicking on the Deutsche Bank report in hopes of seeing Satoshi’s vision for a peer-to-peer electronic cash system affirmed, the publication mostly praises central banks, heavy regulations, and operates under a bizarre assumption that state actors themselves aren’t subject to similar corruption as other markets. Not to mention an overall theme dismissive of concerns about privacy. The report details: Specifically, private cryptocurrencies significantly increase the risk of financial crime (e.g. AML, KYC, bribery, sanctions, and tax evasion). We expect that technological solutions and regulation will evolve to sufficiently address this concern. “Our twentieth-century payment system needs to be upgraded and digitised. Governments, particularly those in Western countries need to wake up before it is too late,” the group declares. “That is because a private, loosely regulated digital currency is probably not the best response to the coming financial disruption … [Cryptocurrencies] must become legitimate in the eyes of governments and regulators.” What are your thoughts on the Deutsche Bank Report? Let us know in the comments section below. Images courtesy of Shutterstock, Deutsche Bank Research, 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 Deutsche Bank Report: Digital Yuan Could Upset Global Power Balance, Plastic Will Die, Cash Survive appeared first on Bitcoin News. View the full article

The Monetary Authority of Singapore (MAS) has announced the commencement of the city-state’s new Payment Services Act. The law mandates the implementation of a licensing regime that applies to payment providers, exchanges and other platforms dealing with cryptocurrencies. Their operators are obliged to meet anti-money laundering and counter-terrorism financing regulations. Also read: Uzbekistan Prepares Crypto Tax Exemptions, Launches Licensed Exchange Payment Services Bill Expands Regulatory Scope to Cover Cryptocurrencies In a press release published Tuesday, MAS insists that the Payment Services Act (PSA) will “enhance the regulatory framework for payment services in Singapore, strengthen consumer protection and promote confidence in the use of e-payments.” The enforcement of the new law, which was adopted last year, repeals and replaces two other acts, the Money-changing and Remittance Businesses Act and the Payment Systems (Oversight) Act. According to the announcement, the licensing framework adopted with the new legislation covers various activities, taking into account new developments in the payments sector. The scope of the monetary authority’s supervisory powers has been expanded to include what lawmakers refer to as “digital payment token services.” MAS notes that the PSA has been designed after consultations with the industry and it now plans to support their compliance efforts with legal advice. Loo Siew Yee, assistant managing director for policy, payments and financial crime at MAS, stated: The Payment Services Act provides a forward-looking and flexible regulatory framework for the payments industry. The activity-based and risk-focused regulatory structure allows rules to be applied proportionately and to be robust to changing business models. The MAS official believes that the PSA will facilitate growth and innovation in Singapore’s payments sector while mitigating risks for customers and promoting confidence in the offered services. By providing greater regulatory clarity, Singapore may attract more interest from global crypto businesses, some of which, such as the world’s leading crypto exchange Binance for example, already have offices there and now have to decide if they want to apply for a license. MAS to Oversee Three Classes of Licensees Singapore’s monetary authority will issue three types of licenses. The requirements for obtaining each of them are different and depend on the risks associated with the scope and scale of the services. The narrowest regulation will apply to “money-changing licensees,” typically small businesses offering OTC services with limited risks. “Standard payment institutions,” the second group, may provide a combination of payment services below certain thresholds and the regime for them will be relatively light to encourage innovation. “Major payment institutions,” which are the third class of licensees, will be subject to wider and stricter regulations, given the greater risks due to the scale of their operations. Falling under the authority’s regulatory reach will now be domestic money transfers, merchant acquisition, and cryptocurrency payment, trading and exchange services. Under the bill, all providers of digital payment token services in Singapore will have to meet the country’s anti-money laundering and counter-terrorism financing requirements. The authors of the legislation have also expanded the definition of e-money to include monetary value held in e-wallets for future payment transfers between individuals and businesses. Singapore’s Payment Services Act enters into force as governments around the world are working to amend their regulatory frameworks in order to comply with the global standards on crypto assets adopted by the Financial Action Task Force (FATF). In October, the intergovernmental organization agreed on how to assess whether countries have followed its recommendations and implemented the new standards. On Jan. 10, the European Union’s Fifth Anti-Money Laundering Directive (AMLD5) took effect and member states are introducing regulations to transpose into national law its provisions that concern crypto payment providers and exchanges among other entities. How do you think the new Payment Services Act will affect crypto businesses in Singapore? Share your thoughts about the new regulations 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 Singapore Introduces Licensing for Crypto Platforms, New Payment Services Now Act in Force appeared first on Bitcoin News. 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The Simple Ledger Protocol (SLP) and tokens have become a mainstay within the Bitcoin Cash ecosystem. SLP tokens have gathered traction as they are supported by multiple noncustodial wallets and a slew of tokens gained real-world value after being listed on exchanges. Even though SLP tokens are digital, you can still create a paper wallet for tips or a way to hold special tokens in cold storage. The following editorial is a step-by-step walkthrough for creating SLP-based paper wallets. Also Read: How to Print Your Own Bitcoin Cash Paper Wallet How to Print an SLP Paper Wallet Offline Cryptocurrencies are digital and they are typically exchanged online and stored in mobile devices or hardware wallets. However, there is a way that you can create cryptocurrency paper wallets that resemble the fiat currency in your wallet. In fact, with an SLP paper wallet generator used offline, you can create a variety of bearer bond instruments using tokens. Crypto loaded paper wallets can be traded anonymously and offchain at any time. Paper wallets are also helpful to store digital assets in cold storage by keeping the funds in physical form rather than using them online. And of course, just like a dollar bill you can spend your paper wallet at any time by sweeping the funds into another wallet you own. News.Bitcoin.com has written a number of guides on how to store BTC in cold storage and how to print a BCH paper wallet as well. Bitcoin.com provides an easy to use Bitcoin Cash (BCH) paper wallet generator that can create paper wallets in no time. This particular guide shows you how to complete the same process but using an SLP token instead. Users can visit wallet.bitchslap.tech, download the generator to secure their computer environment and print a number of SLP paper wallets. The first thing you want to do is visit the website and read the “extra security tips” section to get started. You will need to run the generator offline so no one online can intercept your SLP paper wallet’s private key. After you download the SLP wallet generator, disconnect your computer from the internet and run the page locally from your browser. You can use Safari, Chrome, Firefox or any browser, but you should also disable any browser extensions you might use. The SLP wallet generator was created at the first annual SLP Hackathon last year. The second-place team, ‘Bitchslap,’ created a customizable, client-side SLP wallet generator. One thing you should do before running the program offline is to check your computer for viruses and malware. If your computer is infected with a virus or malware, you should not proceed with making a paper wallet from that specific computer. Only a clean offline computing device should be used to execute the SLP paper wallet creation process. To run the page locally, open the SLP Paper Wallet folder and open the HTML file called “slpwallethtml.” From here, your browser will open and the program will ask you to create randomness and entropy using either your mouse or by texting characters with the keyboard. You can simply move your mouse around until the green progress bar changes from 0% to 100%. Or you can type a bunch of random keys into the box until the green progress bar completes as well. You can create a bunch of SLP paper wallets in this manner by simply creating randomness for every key generated. BIP38 Encryption and 21 Million Test Tokens Once the randomness process is complete, wallet.bitchslap.tech will give you options to choose from one of six SLP paper wallet designs. From here you can print the paper wallet using an offline printer, but the generator offers an “advanced” settings feature that leverages BIP38 encryption. Essentially, you can add a passphrase to the paper wallet and the passphrase needs to be leveraged when you or anyone decides to spend the funds. Otherwise, an unencrypted SLP paper wallet’s private key can simply be swept with no passphrase needed. The SLP paper wallet generators’ BIP38 encryption adds another layer of protection to physical bearer bonds. In order to safeguard the private key you print, you can also record the Simple Ledger Protocol address and private key in another fashion. Some individuals would recommend backing up a second copy of the private key, but this choice is 100% up to the SLP paper wallet creators’ discretion. After you have printed the paper wallet, you can then add SLP tokens to it by simply sending the tokens to the public address provided. The private key printed on the paper wallet is meant to be hidden and folded away, so no one can see it. Once you’ve deposited some SLP tokens into the address, you can check your token balance by visiting Bitcoin.com’s token explorer or simpleledger.info. According to the repository’s documentation, the SLP paper wallet generator was forked from Bitcoin.com’s paper wallet generator. For this article and the SLP paper wallet test, I decided to print the wallet in black and white ink. After the wallets are printed, you need to keep the paper wallets safe and understand they are made of paper. SLP paper wallets can be stolen and ruined by natural disasters. In order to spend the SLP tokens stored on the paper wallet, you will need an SLP compatible wallet that can sweep the SLP token’s private key. For fun, news.Bitcoin.com loaded our test SLP paper wallet with 21 million simpleledgerpapertest (SLPPTST). We created the token using Bitcoin.com Mint, which gives anyone the ability to create SLP tokens in a noncustodial manner. The first person that reads this SLP paper wallet article and decides to sweep the private key in one of the above article pictures, will get 21,000,000 SLP paper wallet test tokens. The SLP paper wallet generator’s creators also created a video demo that explains how to use the platform and another video on how to change wallet templates. Have you set up an SLP-token paper wallet yet? Let us know what you think about this topic in the comments section below. Disclaimer: Walkthrough 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 paper wallet guides with other walkthroughs found online. The SLP-tokens used in this article have no real-world value and are used for test purposes only. Image credits: Shutterstock, Fair Use, wallet.bitchslap.tech, Jamie Redman, and the Simple Ledger Protocol (SLP) logo. 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 Cold Storage and Bearer Bonds: How to Print an SLP Token Paper Wallet appeared first on Bitcoin News. View the full article

This spring, three of the largest crypto networks, BTC, BCH, and BSV, will undergo their halvings around the same time for the first time in history. During the last halving in 2016, only one network existed, but now three protocols share the same consensus algorithm. Google Trends shows that searches for the term “bitcoin halving” have skyrocketed in recent days and it’s still unclear whether the halvings are priced into the three markets. Also Read: Heated Debate Continues Over Bitcoin Cash Infrastructure Funding Plan Google Trends Searches for ‘Bitcoin Halving’ Accelerate In the fourth Arcane Research weekly update, the cryptocurrency research and analysis firm noted that Google searches for the term “bitcoin halving” have skyrocketed. Arcane’s chart shows that Google Trends indicates that the spike really took off in mid-November 2019. The research details that BTC has had several narrative shifts during the last decade from cheap peer-to-peer payments to the latest digital gold narrative. “The search interest for the bitcoin halving, this has accelerated over the last few months,” Arcane’s research notes. Bitcoin Cash and Bitcoin SV are due to halve in April 2020 while BTC is expected to halve in May 2020. Both LTC and BEAM have halved recently. The weekly analysis also notes that discussions on whether the halving is priced in or not have increased in the bitcoin community. Currently, there are 105 days until the BTC halving, 71 days until BCH halves, and 73 days left until BSV rewards decrease from 12.5 BSV to 6.25 per block. Google searches for the term “bitcoin halving” have started to accelerate according to the weekly analysis from Arcane Research. All three cryptocurrencies have gained a considerable amount of value over the last two months. But a number of people believe that all three networks need to gather even more value in order to appease the miners on each network. Some speculators believe miners from any network could switch to another chain if profits aren’t adequate after the reward halving. Because all three networks share the same consensus algorithm (SHA256), miners can easily switch to the most profitable chain. Grayscale Insights writer Matthew Beck explains that he was surprised to hear that many market participants were not even aware of the halving event. Pools switching chains for profit has become a trend ever since the August 1, 2017 Bitcoin Cash fork. During the November 2018 BSV split, entities with hash power battled between other miners on all three chains. Events like these have shown clear hashrate shifts but the halving on all three chains within a 40-day time span will be interesting. There’s quite a bit of economic and game theory involved with the reward halvings and right now everything is theoretical. “The halving is close enough that it’s time to start talking about it more seriously, but far enough out in the future that it’s unclear whether it’s priced into the market efficiently,” explains a Grayscale Insights report on the subject written by Matthew Beck. “In fact, based on anecdotal conversations with market participants, we were surprised to learn that many of them were not even aware of this event — Moreover, according to Unchained Capital, less than 32% of the bitcoins in circulation have remained in the same wallet addresses since July 2016.” Since the LTC network halved last August, the network’s overall hashrate has plummeted. Reddit and Twitter Are Littered With Theoretical Discussions About the SHA256 Halvings, While Some People Remain Unaware There remain some digital asset holders who have no idea the halvings are approaching. On crypto Twitter (CT) the subject is trending and you can find various discussions about the subject nearly every day. A few individuals have tossed the recent litecoin (LTC) halving into conversations as an example of what could happen. Met a guy today that says he owns 10 Bitcoin… But doesn't know what the Halving is… Wtaf!! — Cryptoe and son (@popesta) January 23, 2020 LTC’s overall hashrate dropped significantly, losing more than 40% of what it held before the coin’s reward halving. Similarly to Twitter discussions, the ‘halving’ conversation has been trending on the Reddit forums r/btc, r/cryptocurrency, and r/bitcoin. With three powerful crypto networks due to halve in the spring, the 2020 reward cut will be widely felt. What do you think about the SHA256 (BTC, BCH, and BSV) halvings set to take place this coming spring? Do you think the halvings are currently priced in or are yet to be priced in? Let us know what you think about this fascinating topic filled with economic and game theory 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, Twitter, Btc.com, Grayscale Insights, Arcane Research, and ICO Analytics. 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 Three High Profile Crypto Networks Face Reward Halvings This Spring appeared first on Bitcoin News. View the full article

Leverage allows cryptocurrency traders unsatisfied with market volatility to make stronger plays on smaller movements. Trading platforms offer various ways to use leverage in order to capture this segment. The latest example is Liquid, an exchange that developed perpetual BTC contracts with up to 100x leverage. Also Read: Liquid Exchange Launches BCH/USDC Trading Pairs Perpetual BTC Contracts With Massive Leverage International digital assets trading platform Liquid has announced the closed beta launch of a new crypto offering with up to 100x leverage. Liquid Perpetuals is a derivatives trading instrument that facilitates the trading of perpetual BTC contracts. Rather than holding the underlying asset, when trading perpetuals on the platform the user is trading contracts based on the price of BTC. A perpetual contract has no expiry date and has no interest fees. Instead, a funding swap occurs between all open perpetual long and short contracts on Liquid. The BTC contract price on Liquid is based on an index price referencing the real time prices of five cryptocurrency exchanges: Bitstamp, Coinbase, Gemini, Kraken and Liquid. The index price takes the BTC price from these five exchanges, discards the highest and lowest values and then calculates an average between the remaining three. Besides the high leverage possibility, Liquid Perpetuals has a few other advanced trading features available, according to the developers. These include setting Stop Loss and Take Profit at order entry as well as selecting either Cross Margin or Isolated Margin. Users can also fund their trading with 13 different currencies, both fiat and crypto. The platform promises to offer deep liquidity for the new instrument as its multi-market order matching engine draws liquidity from Liquid’s Spot, Margin and CFD order books to the perpetuals market. The company also promises clients that they can deposit BTC for trading in less than 10 seconds with zero-block confirmations. Liquid Perpetuals are further said to introduce an extra degree of trading safety with a smart liquidations feature that carries out liquidations incrementally, 10% at a time. This way traders are not liquidated instantly when the margin threshold is breached. Instead, positions are gradually reduced as margin coverage falls. International Crypto Exchange Hailing From Japan Founded in 2014 by Mike Kayamori and Mario Gomez Lozada, Liquid (a subsidy of Quoine) has been a popular Asian exchange for quite some time. For example, the company reported that in the 12-month period up until May 2019, it processed more than $50 billion in transactions. Liquid was granted an official license from the Japanese Financial Services Agency (FSA), and its parent company Quoine is headquartered in Tokyo. The platform supports several languages including Russian, Korean and Chinese. Last July, the exchange announced that its users can trade bitcoin cash (BCH) against Circle’s USD-pegged coin USDC, coupled with an effort to integrate Liquid into Bitcoin.com’s Bitcoin Cash Register application. What do you think about Liquid offering clients trading on perpetual crypto contracts with up to 100x leverage? Share your thoughts 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. 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 International Crypto Exchange Liquid Develops Perpetual BTC Contracts With Up to 100x Leverage appeared first on Bitcoin News. View the full article