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Bitcoin.com is releasing the open source SLP Indexer Server for validating Simple Ledger Protocol tokens as part of its commitment to the development of the token ecosystem. The tool is designed to make SLP token transactions perform as fast as BCH and empower developers to create even greater projects on the Bitcoin Cash network. Also Read: How to Create Custom SLP Tokens With the Bitcoin.com Mint Bitcoin.com Introduces SLP Indexer to Developers Bitcoin.com SLP Indexer is a tool that can validate an unconfirmed SLP transaction in around 1 ms. The software has been running in production for months already, powering the new Bitcoin.com Wallet back-end. Today, Bitcoin.com announced it has decided to release SLP Indexer in open source for the Bitcoin Cash community, available on Github. For a complete description of the underlying algorithm, developers can check out this blog post on Read.Cash written by Bitcoin.com CTO Emil Oldenburg with all the technical details. “We invite exchanges, wallets, gaming platforms, and SLP supported applications to try this out. We’re confident in its ability to scale to your business needs,” he states.”We built this with scalability and speed in mind. We need SLP tokens to feel as fast and snappy as normal BCH transactions. User experience is everything.” The developers explain that this software is very easy to set up, runs on the popular database program Mongo DB and scales well. It consists of one application that validates SLP transactions and saves everything in Mongo DB, and one API application. The first part is called the Bitcoin.com SLP Indexer Service. The other part is a read-only REST API layer called Bitcoin.com SLP API. The SLP API service can scale linearly and is able to serve around 20,000 requests per second. The developers plan to run a full security audit this month to make sure the validator is fully compatible with other SLP validators out there. The software is written in Java and made from scratch with no dependencies on current Javascript-based SLP libraries. It’s using bitcoinj to connect to the BCH network and can run without dedicated full nodes. Only the SLP data is saved to the database, so the amount of data that remains on the server is small. Bitcoin.com will offer this as a cloud service and it will be a part of the company’s public REST API. Additionally, anyone who wants to run it themselves on their own servers can do so. The Simple Ledger Protocol Ecosystem If you are not yet familiar with this innovation, Simple Ledger Protocol (SLP) is an easy to use, robust and extensible token management system that allows anyone to create tokens on the Bitcoin Cash network in a permissionless way. It has helped the development of an ecosystem for BCH that replicates the variety of ERC20 tokens on the ETH network. SLP tokens can easily be created, traded, and managed on the Bitcoin Cash blockchain within seconds, while costing users only fractions of a penny for each transaction. All transactions are recorded onchain, and custom token behavior can be defined using a bitcoin Script development language. SLP token adoption has grown rapidly during the last year, with support integrated by the likes of Cybavo – a cybersecurity firm providing secure private key management to some of the biggest exchanges in the world. This is in part thanks to Bitcoin.com Exchange which has started listing SLP tokens for trading on its platform. These include assets such as Gocrypto’s GOC, a token that enables online or physical merchants to accept crypto payments and receive settlement in their local fiat currency. Other examples of SLP-based token adoption are the launch of an SLP token called ACD issued by the Tokyo-based ANA Holdings subsidiary Alliance Cargo Direct, and the team behind Honk funding a new sports betting platform via the issuing of a SLP token. More than 6,400 tokens have been created using the SLP framework so far. What do you think about Bitcoin.com releasing this open source software for better indexing SLP tokens on Bitcoin Cash? 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 Bitcoin.com Releases SLP Indexer Server for High Performance Token Services appeared first on Bitcoin News. View the full article

On January 17, the BCH developer known as Acidsploit announced the launch of the highly anticipated Cashfusion alpha. Interested parties can reach out to the Cashfusion developers via the team’s Telegram group to become an alpha tester. The news of the launch excited the BCH community a great deal, as it means a significant privacy tool is coming to the Bitcoin Cash environment. Also read: How to Create Custom SLP Tokens With the Bitcoin.com Mint Bitcoin Cash Is Becoming More Fungible During the last few months, there’s been a lot of chatter about the Cashshuffle protocol and the newest privacy-preserving concept Cashfusion. Since the inception of the original Cashshuffle project which launched on March 27, 2019, there’s been over 200,000 BCH shuffled. According to @Acidsploit’s data, that’s a total of 42,446 shuffles to date and daily recorded volumes show shuffling really picks up on the weekends. The developer’s Cashshuffle site also shows the number of Cashfusion transactions, and there are now 1,322 fusions at the time of publication. Cashshuffle leverages the Coinjoin concept, but there are still a few ways shufflers can leak data about their original addresses when they do things like spend change or consolidate funds. Acidsploit’s Bitcoin Cash Privacy Stats website notes there’s been 1,322 fusions so far and 42,446 shuffles. Recently, former lead Bitcoin Core developer Gavin Andresen wrote about the issues with consolidating coins and spending change after using the Coinjoin-styled ethereum wallet Tornado.cash. Cashfusion, however, goes beyond the traditional Coinjoin idea because developers claim Cashfusion-based Coinjoin transactions can be done without the equal amount requirement. Electron Cash developer Jonald Fyookball published a paper about the combinatoric math in Cashfusion. A quote in Fyookball’s paper from software developer Mark Lundeberg states: In Cashfusion, we have opted to abandon the equal-amount concept altogether. While this is at first glance no different than the old naive schemes, mathematical analysis shows it in fact becomes highly private by simply increasing the numbers of inputs and outputs. For example, with hundreds of inputs and outputs, it is not just computationally impractical to iterate through all partitions, but even with infinite computing power, one would find a large number of valid partitions. The creator of the BCH-centric blogging website read.cash wrote a comprehensive article about Cashfusion and how it works. The Bitcoin Privacy Game-Changer Cashfusion Is Here Additionally, the privacy-centric Wasabi wallet developer recently complimented the Cashfusion project and said that if the math works it could benefit Bitcoin privacy significantly. “I am not convinced if this is true, but if it is, it’s a game-changer in Bitcoin privacy,” the Wasabi engineer tweeted. Then on January 17, after the Cashfusion developers teased the early software would be available soon, Acidsploit announced the Cashfusion alpha launch via the read.cash blog. “The alpha version has been polished enough so that it can be used by power users to get an initial feel of the tool and to test the protocol for stability and robustness,” Acidsploit’s announcement revealed. “We are actively looking for more people to test,” he added. Interested people who want to test the early version of Cashfusion can do so by reaching out to the Cashfusion developers via the team’s Telegram chat group. The developer also noted that the current alpha Cashfusion client leverages the following features: Enable/Disable Cashfusion Integrated TOR client Monitor status Coin target setting (number of coins, size of coins, random fraction) Multi queueing Self Fusion (temporary for better liquidity during testing) Enabling Cashfusion in the Electron Cash SPV wallet. The developer remarked that there are other features coming that are scheduled in the Cashfusion roadmap like the ability to track fused coins to determine the level of privacy. Two options for “smart coin choosers” are coming, such as avoiding the combination of tainted and non-tainted coins as much as possible and choosing properly fused coins when doing payments. Lastly, the engineer detailed the Cashfusion developers want to add a limiter on perpetual fusing. “When you join a Cashfusion (CF) transaction, you specify the inputs you want to join with and the outputs you expect,” the developer’s post notes. “When the transaction is built, you are asked to sign it [and] the client verifies that the CF transaction contains the inputs and outputs you specified. If that is not the case, your client will not sign the transaction and it will fail.” Acidsploit further stressed: Cashfusion transactions are atomic, meaning when something goes wrong for a participant for whatever reason, the CF transaction will fail as a whole. Acidsploit’s recorded Cashfusions using the Electron Cash wallet. Throughout crypto forums and social media, the Cashfusion launch announcement was welcomed with open arms, as the protocol could benefit bitcoin cash fungibility a great deal. Bitcoin.com Executive Chairman Roger Ver excitedly wrote “Privacy on Bitcoin Cash” and was asked if the protocol would be implemented in a future version of the Bitcoin.com Wallet. “Absolutely,” Ver responded, while other BCH supporters discussed the importance of the alpha release. “Enhanced privacy and fungibility are the cornerstones of making BCH truly peer to peer cash, a place BTC never got to, and never will as it spirals into institutionalized custodial fed-chains,” one user wrote on Reddit. In addition to the launch announcement, Acidsploit’s read.cash post also has a step-by-step guide on how to use Cashfusion by utilizing the Electron Cash wallet. What do you think about the Cashfusion alpha being released and added privacy coming to the Bitcoin Cash network? Let us know what you think about this topic in the comments section below. Image credits: Shutterstock, Acidsploit, read.cash, Acidsploit’s stats pages, and Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. The post Bitcoin Cash Gets Significant Privacy Boost With Cashfusion Alpha Launch appeared first on Bitcoin News. View the full article

The crypto space can be hard to break into for those unfamiliar with the jargon, lingo, and foundational knowledge taken for granted by the already initiated. Adding to this difficulty is the fact that there are several different cryptos which bear the name “Bitcoin.” Convoluted as this all may seem, the differences are pretty easy to understand. This article seeks to explain in simple terms the difference between two of the most popular cryptocurrencies: Bitcoin Cash (BCH) and Bitcoin Core (BTC). Also Read: An In-Depth Look at the Multi-Currency Cold Storage Card Ballet Bitcoin’s Genesis Just before the first version of Bitcoin launched in 2009, Satoshi Nakamoto described his creation in the Bitcoin whitepaper, or foundational document, as “A purely peer-to-peer version of electronic cash,” which “would allow online payments to be sent directly from one party to another without going through a financial institution.” The ticker symbol for this currency was eventually set as BTC. Over the years, however, as disagreements among community members and developers about scaling grew, it became clear that differences were irreconcilable, and that a split in the bitcoin community via a fork in the protocol would occur. The Bitcoin Cash Hard Fork One group wished to increase the block size significantly to allow for faster processing of transactions, elimination of high transaction fees, and greater ease-of-use as cash for everyday spending and payments. The other group argued that such high fees were necessary and even desirable, and that extremely slow transaction speeds were a tradeoff for a more secure network. Arguments have been made in favor of both sides regarding the issue of security and centralization, as this Twitter thread demonstrates. On August 1, 2017, Bitcoin Cash (BCH) split from Bitcoin Core (BTC) via a hard fork, and the former now features 32MB blocks, whereas BTC has a theoretical capacity for a max “block weight” of 4MB via a controversial solution known as Segwit. Popular bitcoin core narratives have since evolved saying BTC is like “digital gold” that should not be spent, but only held and saved. This presents a clear problem where Satoshi Nakamoto’s vision was specifically for a “purely peer-to-peer version of electronic cash.” Onchain Scaling vs. Second Layer Solutions Adding to the specialized language, buzzwords and other crypto terminology that inundates newcomers to the space is the idea of a second layer. This is exactly what it sounds like: a new layer on top of a blockchain where transactions and settlements can be made prior to being set in stone in the underlying chain. One such popular and developing second layer for BTC is known as the Lightning Network. “Wait a minute,” a crypto newb might interject, “if the idea of bitcoin is to increase transparency, simplicity and trustlessness in transactions, wouldn’t a second layer only complicate things?” In this case the neophyte would be onto something. While second layer solutions such as the Lightning Network are often touted as being the answer to all of BTC’s scaling and congestion issues, as with Segwit, there are numerous criticisms and potential problems. One of which being the necessity of trusting unknown parties with the transmission of one’s funds, prior to said transaction being written into a block. The Bitcoin Cash network does not rely on such a second layer as it has more capacity and speed for processing transactions directly onchain. Though there are critics of this approach as well, when it comes to the ability to use crypto as cash — and a readily-navigable user experience — the principle that unnecessary complications mean more potential problems comes into play, which is part of the reason BCH separated from BTC. Trying Both Coins The best way to understand the fundamental differences between Bitcoin Cash (BCH) and Bitcoin Core (BTC) is to dive in and try the two currencies out. By sending small amounts back and forth with a friend, across multiple wallets, or using them to pay for goods and services, one gets a feel for how they work, can compare fees and transaction times, watch market value fluctuate, and begin to understand overall security and convenience, unique features, benefits and drawbacks. The Bitcoin.com Wallet supports both BCH and BTC, is freely downloadable, and can be loaded with free bitcoin cash from the Bitcoin Cash Faucet. BCH and BTC can also be bought with a credit card, and more privacy-minded users might utilize local.Bitcoin.com, an encrypted-chat and blind escrow trading platform that allows the purchase and sale of bitcoin cash for several payment options including cash, with no invasive KYC (know your customer) policy. Getting a feel for permissionless money and real economic freedom without a middleman or third party is exhilarating, and speaks to the movement of money into a new era as Satoshi Nakamoto, among many others, imagined. Whatever one’s preference when it comes to crypto — whether it be one coin or many — most in the space agree the vision that “A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution” is something worth fighting for. What do you think about the differences between Bitcoin Cash and Bitcoin Core? Do you have another crypto that you like? 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. Image credits: 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 How Is Bitcoin Cash Different From Bitcoin Core? appeared first on Bitcoin News. View the full article

There’s a new concept called Powswap that lets people speculate on hashrate in order to hedge against price volatility. Powswap was developed by the software engineer Jeremy Rubin who believes hashrate derivatives products allow people to leverage new trading strategies. Also read: Regulatory Roundup: EU-Wide Crypto Regulations, New Rules in Europe, US, Asia Powswap Where Miners and Holders Can Speculate On Hashrate Software developer Jeremy Rubin recently announced the launch of a new project he developed called Powswap. It lets people speculate on hashrate to offer “mining derivatives with no trust required.” Essentially, in Rubin’s words, Powswap is a “smart contract/platform for trading Bitcoin hashrate derivatives” with “No middlemen. No oracles. No escrows. Nothing but Bitcoin.” The day Rubin announced the project he explained that it works on Bitcoin Core on mainnet and that no soft forks are required. He also noted that the basic protocol doesn’t require the participation of any other parties and claimed that Powswap is “real [decentralized finance] defi.” Rubin added: Hashrate derivatives let you trade new strategies: Miners can buy a hedge if they think the difficulty will go up putting them out of business. Miners can hedge if they think their mining operation might ‘blow up’ dropping hash rate and miners can level up new ops. Hodlers can buy insurance against hashrate drops. Hodlers can sell against a large hashrate change in order to generate passive interest and traders can do their thing in between the two to generate profits off of inefficiencies. Powswap has a website that explains the concept in greater detail. According to the site, the project is a noncustodial, trust-free hashrate derivatives platform. Powswap could help miners mitigate against unforeseen changes in the network’s difficulty. Additionally, holders can benefit and market makers can make profits by providing liquidity to the market. At the moment, Powswap’s website says the concept is in its nascent stages and people can sign up to become a Powswap alpha tester. An explanation of the Powswap concept and how it works. The project website explains how Rubin’s mining derivatives idea works by utilizing block delta contracts. Basically these contracts can detect changes in hashrate. Powswap also leverages a bulletin board that relays orders of available offers and takes a small commission for relaying these orders. There’s also bonded assurances which means the platform could be used for “an untrusted, bonded facilitator for the execution of high-value contracts where reorg safety is a concern.” Lastly, the platform contracts can be updated without onchain transactions and parties can “renegotiate contracts” as well. “Powswap works today in Bitcoin, leveraging smart-contracts to automatically detect changes in Bitcoin’s hashrate and pay-out contracts on that basis,” the project’s website highlights. “The Powswap protocol is a flexible basis for exotic hashrate contracts, as well as simple to understand standard-form contracts.” During 2018’s crypto winter when BTC prices dropped down to the $3K range, a number of bitcoin mining operations were hurt due to price drops and higher network difficulty in the interim. Since then, hashrate derivatives concepts have popped out of the woodwork to help create stability. 2018’s Crypto Winter and Miner Bankruptcies Spark the Hashrate Derivatives Concept Rubin and his project Powswap is not the first time someone has combined the idea of bitcoin mining and derivatives products. For instance, in April 2017 CME Group published a patent that creates a derivatives platform for bitcoin miners so they can hedge against operational risks. “The contracts can be used, for example, by virtual currency miners to hedge certain risks associated with mining virtual currency,” CME’s patent notes. In December 2019, Canaan partnered with the market maker GSR and Interhash to create a concept that lets miners hedge their risks. Of course, Rubin’s Powswap concept aims to offer a decentralized version of hashrate derivatives products, unlike CME or Canaan’s centralized ideas. CME Group’s patent for bitcoin mining derivatives. When the low bitcoin prices from the crypto winter struck miners in 2018, it led to multiple bankruptcies that invoked the idea of using mining derivatives to fix the unpredictability issue. With a derivatives hedge, a mining operation could bet on a more profitable long-term difficulty position keeping them afloat if the difficulty changes drastically or BTC prices drop lower than a certain level. Jeremy Rubin’s concept seems to be a more decentralized attempt to provide the means to speculate on hashrate changes. Powswap hopes to bring defi to the world of SHA256 mining in order for miners and long term coin holders to achieve more stability. What do you think about Powswap and Jeremy Rubin’s idea to speculate on hashrate and network difficulty changes in the form of mining derivatives? Let us know what you think about this topic in the comments section below. Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Image credits: Shutterstock, Powswap, CME Group Patent, Wiki Commons, and 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 Developer Proposes Decentralized Bitcoin Hashrate Derivatives appeared first on Bitcoin News. 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Venezuela’s President Nicolas Maduro has authorized the opening of an international casino at a luxury hotel in Caracas where bets must be placed in petros, the country’s national oil-backed digital currency. Several cryptocurrencies and fiat currencies can be exchanged into petros to wager in the casino. The proceeds are expected to be used for healthcare and education. Also read: Regulatory Roundup: EU-Wide Crypto Regulations, New Rules in Europe, US, Asia Casino for Gambling With Petros The president of Venezuela announced Friday that he has authorized the opening of a casino at the Humboldt Hotel in Caracas where bets must be placed in petros (PTR). The hotel, located on the peak of El Avila hill, was reopened in 2018. “I have authorized legal bets with petros,” he reportedly said during a joint radio and television broadcast. “For example, in the Hotel Humboldt, there will be an international casino and everyone who wants to bet will bet with petros, all those resources will enter the state for health and education.” Maduro elaborated: You can come to bet. There will be offers, special prices. You buy your petro tokens, you can buy them if you bring yuan, if you bring yen, dollars, euros or any other cryptocurrencies … buy your petros and make your licit bets allowed by the state as contemplated by national laws. Maduro announcing the opening of a casino at the Hotel Humboldt. Gamblers must acquire PTR to participate, Criptonoticias news outlet clarified, citing that the initiative aims to procure additional resources to boost Venezuela’s recessionary and hyperinflationary economy. While the Venezuelan president did not specify which cryptocurrencies are accepted, the government’s Petroapp allows users to buy PTR with BTC, LTC, and DASH. Promoting Petros The petro was officially launched in February 2018 by Maduro in an attempt to evade U.S. and European Union sanctions against some state officials and companies. However, many are calling the petro a scam and the U.S. has banned its use. Last week, he decreed that the sale of all fuel sold by the PDVSA, Venezuela’s state-owned oil and natural gas company, for planes operating international routes be made in petros from now on, AFP reported. Some buyers of Venezuelan crude oil have reportedly halted purchases after the country started demanding payment of port fees in petros. Furthermore, Maduro has decreed the mandatory use of the petro to pay for state document services including passports. In December, he approved bonuses in petros for state employees and pensioners. The government gave half a petro to 3.5 million public workers and 4.5 million pensioners in December to test the use of the digital currency for payments. In January, it announced that 1,233,093 people paid with petros at 7,422 stores throughout the national territory during that time period. Maduro pushing for stores to accept petros. Sign of Casinos Returning to Venezuela The Venezuelan authorities have traditionally frowned upon casinos, Criptonoticias described. In 2011, Maduro’s late mentor, Hugo Chavez, ordered the closure of bingo halls and casinos in the country. Since then, they have practically been extinct and it is only possible to bet online on certain permitted platforms, the news outlet conveyed, noting that Chavez referred to casinos and bingo halls on several occasions as places of prostitution, drug sales, and illegal activities. Following Friday’s casino announcement, the media started reporting that Venezuela may be warming up to casinos again. The Humboldt Hotel’s casino is expected to begin operations in the coming months, but Maduro did not reveal whether he plans to open more casinos. He also did not provide details about the use of petros and other cryptocurrencies, such as bitcoin, at the hotel. In addition, the publication added that the Venezuelan president did not clarify how to buy PTR at the casino, whether the Petroapp is needed, how to withdraw profits, or if there would be crypto ATMs on the premises. In the meantime, there are many online casinos where bets can be placed in a number of cryptocurrencies. Bitcoin.com’s gaming platform, for example, is filled with a wide range of casino-style games allowing players to wager and win with BCH and BTC. No registration is required, games are provably fair, and payouts are instant. What do you think of Maduro opening a casino for gambling with petros? Let us know in the comments section below. Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Images courtesy of Shutterstock and the Venezuelan government. 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 Maduro Opens International Crypto Casino appeared first on Bitcoin News. View the full article

A prolonged legal battle, which may hold the key to XRP’s future, has been extended again. The class action lawsuit alleges that Ripple issued and sold the coin, one of the largest by market cap, as an unregistered security. The decision on the defendant’s motion to dismiss the lawsuit has been postponed. But even a victory for Ripple in the case might not bring an end to its troubles with XRP. Also read: New Guidelines Subject Canadian Crypto Exchanges to Securities Laws Judge Takes Under Submission Ripple’s Motion to Dismiss the Case A ruling was expected from the U.S. District Court for the Northern District of California at a hearing on Wednesday, Jan. 15. However, Judge Phyllis J. Hamilton took the motion under submission and there’s no fixed date for her announcement. Ripple’s legal representatives asked the district judge to dismiss the case on Dec. 4, 2019. The first lawsuits against Ripple Labs Inc., developer of the Ripple payment protocol, were filed by investors about two years ago. The current class-action suit accuses the blockchain company of misleading investors and selling them XRP in violation of U.S. federal law. The plaintiffs claim they lost money and insist they should be compensated by Ripple, its subsidiary XRPII LLC, and Ripple CEO Brad Garlinghouse. Ripple has maintained XRP is not a security but its latest arguments relate only indirectly to the substance of the case. The company’s defense now insists that even if the coin were a security, the plaintiffs did not file the case on time – within three years of its first offering – as Ripple sold the coin to the public between 2013 and 2015. In the filing, Ripple’s lawyers claim that the case is not relevant as the statute of repose had expired and state: Plaintiff’s Complaint is self-defeating: his own allegations as to when XRP was first offered for sale and how he purchased XRP require dismissal of his claims. Referring to the lead plaintiff, Bradley Sostack, the company notes that he “purchased XRP on an exchange in January 2018 from an unknown third party, at a time when Defendant Ripple’s sales accounted for less than one-tenth of one percent of all exchange-based XRP sales,” and also that the “Plaintiff filed the instant Complaint in 2019.” The case was taken to court in 2018 and the consolidated complaint was filed on Aug. 5, 2019. Sostack and his legal team maintain, however, that Ripple is nevertheless liable due to ongoing sales of the XRP coins. Regulators to Determine If XRP Is a Security or Commodity The outcome of the lawsuit is likely to determine the fate of the cryptocurrency to a great but not full extent. If Ripple’s motion to dismiss is eventually accepted by the court in California, the company shouldn’t have issues with other private plaintiffs in the future. And if it’s rejected, Ripple can either try to reach a settlement with the plaintiffs or continue the legal battle to prove XRP is not a security. However, the U.S. Securities and Exchange Commission can always argue its own case. The SEC can still file a lawsuit with the District Court for the Southern District of New York, like it did in the case with Telegram’s sale of the Gram tokens. And that’s not the end of it as cryptocurrencies in the U.S. can also fall under the purview of the Commodity Futures Trading Commission (CFTC). In a recent interview with Cheddar, CFTC Chairman Heath Tarbert emphasized that his organization is creating a market for the digital assets within its jurisdiction such as BTC and ETH. But when asked if more cryptocurrencies like XRP will fall under the commission’s purview this year, Tarbert replied “It’s unclear, stay tuned.” Part of the issue, he elaborated, is that “our jurisdiction we share with the SEC. If it’s a security, it falls under their jurisdiction. If it’s a commodity, it falls under ours.” If the district court in California rejects the motion to dismiss the lawsuit and eventually decides that Ripple has been breaking the law by selling an unregistered security, the price of the third-largest cryptocurrency will be at risk. Allowing Sostack to challenge the classification of XRP, “would not only threaten to eliminate XRP’s utility as a currency, but it would upend and threaten to destroy the established XRP market more broadly — a market involving over $500 billion in trading over the last two years,” the company’s legal team warned in the motion. However, even if Judge Hamilton dismisses the lawsuit, XRP’s fate will still ultimately depend on the decisions taken by U.S. regulators SEC and CFTC. What do you think will be the future for Ripple and XRP? Share your thoughts and expectations in the comments section below. Images courtesy of Shutterstock. Do you want to keep an eye on moving cryptocurrency prices? Visit our Bitcoin Markets tool to get real-time price updates, and head over to our Blockchain Explorer tool to view all previous BCH and BTC transactions. The post Lawsuit Against Ripple May Decide the Fate of XRP but Regulators Have the Final Say appeared first on Bitcoin News. 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Bestcasinbonussen.nl is up to date with the Bitcoin casino industry, delivering news about Bitcoin casinos available in the Netherlands and guiding readers through the skills of gambling with Bitcoins online. 8th of January 2020 – The advancements in the IT industry allowed for banking methods like Bitcoin to thrive in the online casino market, offering online casino goers the possibility to make their deposits in the most convenient way without the risk of exposing any of their financial information to unwanted third parties. Having reinvented the way we look at money transactions on the web, cryptocurrency has left the realm of “taboo” and became a trend. There are many upsides to Bitcoin gambling. For one, players can gamble without being required to pay additional fees. Furthermore, they will rarely, if ever, face payment delays and the level of privacy is as high as it gets in a web-powered environment. Perhaps the biggest motive for online casino users to switch to cryptocurrency payments is anonymity. Whether a player chooses and exclusive BTC casino or a hybrid one, not the slightest details of his/her identity and transaction will ever be made known. At Bestecasinobonussen.nl, casino enthusiasts are able to find useful and interesting info on online casino, sports betting sites, online poker rooms, casino games and also read current news and articles from the world of online gambling. Bestecasinobonussen.nl dedicates a special section to Bitcoin casinos, covering all the important questions a beginner Bitcoin gambler may have – how to gamble at a Bitcoin casino, why gamble using digital currency, the differences between Bitcoin casino operators, depositing and withdrawing with BTC, as well as what is Bitcoin – for those who are absolute novices and need a comprehensive introduction. Bitcoin casinos are those that let players use a type of electronic cash known as a cryptocurrency to fund their gambling accounts. This means of payment is not administrated by any bank. Instead, it is sent from peer to peer and created through a process called “mining”. Bitcoin was invented in 2009 by a mysterious individual or group called Satoshi Nakamoto. Controversial at first, Bitcoin slowly found its proper use, making it easier for people to buy products and services online. Bestecasinobonussen.nl keeps up with the rising emergence of Bitcoin casinos, pointing out good and legal sites to play at. Contact Email Address info@belito.net Supporting Link https://www.bestecasinobonussen.nl/bonussen/bitcoin-casino-bonus/ The post Gamble With Crypto at Bestecasinobonussen.nl appeared first on Bitcoin News. View the full article

The Cypherpunk Bitstream podcast is a relatively new program that’s just released its fourth episode. The hosts, known as Frank Braun and The Real Smuggler, are so-called ‘privacy extremists’ and dyed-in-the-wool crypto-anarchists concerned with exposing cypherpunk ethos to a wider audience. Braun and Smuggler took time out recently to discuss their journeys to crypto-anarchy, the benefits of dropgangs for delivery of goods, and what crypto needs to succeed in bringing more economic freedom to more people. Also read: Iran, Hong Kong, India: Failed Protests Point to Need for Crypto-Anarchy ‘Second Realms’ Journey to Crypto-Anarchy While it may seem strange for a pair of privacy-extremist cypherpunks to record a podcast that will be shared with the internet at large, Braun and Smuggler have their reasons. After all, nobody pops out of the womb as a cypherpunk, per se, and without meaningful connections and material available to learn, the path to such knowledge would be much more darkly lit. Frank Braun and The Real Smuggler explained recently to news.Bitcoin.com their reasons for starting the Cypherpunk Bitstream podcast, as well as their individual journeys to becoming cypherpunks. News.Bitcoin.com (BC): What did the philosophical journey to cypherpunk/crypto-anarchist look like for you guys? Frank Braun (FB): My formal background is in computer science and in university I got interested in Libertarianism and Austrian economics. From there I went to Anarcho-capitalism and wondered how we could get to more freedom in our lifetimes, but I didn’t really connect it with computers at all. At the time I was interested in Seasteading, but didn’t really think I could contribute something meaningful there. Then I moved to Berlin and met Smuggler by accident, who introduced me to the concept of Cryptoanarchy, which totally clicked for me. The rest is history… Smuggler (SM): It’s been a long journey. Half of it less conscious than one would like to present it in hindsight. It all started with the fascination with computers and communication tech, throw in some inspiring sci-fi, and then of course reading all the techno-libertarian, anarcho-capitalist and crypto-anarchist texts I could get my hands on. Then add thousands of hours of conversation over mailing lists, invisible IRC, and in person to end up where I am now. Makes me wonder where that all will lead in the long run. Braun on the Keiser Report in 2012. BC: Though you both wish to protect your privacy and identities, you mentioned in the first episode of the Cypherpunk Bitstream podcast that there’s also a feeling of wanting to share your knowledge — to help others live more freely outside the purview of the state. Is that why you started the podcast? FB: Yes, the two of us spent around 10 years discussing a wide variety of topics in the area of Crypto-anarchy, liberty, privacy, etc. and we wanted to bring some of these ideas to more people. We had our fair share of private discussions, but given the depth of some of the topics that didn’t really scale and it sometimes really requires hours of talking to paint the vision sufficiently. Giving talks at conferences, mainly HCPP, was well received, but talks are not that useful for more “visionary” topics. I think podcasts are a good medium to spread some of these ideas, because they are easy to produce, easy to consume, and, most importantly, just having voice without images/video allows the listener to bring the vision in his imagination to life. I believe that is hugely important, we will work to get to a better future only if this future is enticing. On Dropgangs and Dead Drops BC: Your most recent episode focuses on solutions to facilitating free market exchange of illicit goods, such as dead drops and dropgangs. Do you think these methods are going to become more prevalent as the darknet is increasingly surveilled by government agencies? FB: Not so much because of surveillance of the darknet, although Tor certainly has its problems. I see the future of dropgangs mostly as a product of different market forces: How well does the postal service work for shipping illicit goods (this seems to go down due to better surveillance technology), density of the market (dropgangs work better in larger cities), penalties for getting caught with illicit goods, consumer demand, and how the tech develops (e.g. for drop localization). I think especially in the drug market timely delivery is a huge bonus; in larger cities dropgangs can have fulfillment times of under an hour. SM: For me the possible application of these methods outside of the “illicit goods” trade is more important. I find it inspiring how people use technology and organizational methods to overcome constraints. The application of anonymous communication, cryptocurrencies, and cheap electronics to solve questions of decentralized logistics is fascinating. With the decentralization logistics, new ways of trade, even for legal goods, become possible. That’s where I think the focus should be. It’s wrangling the physical out of the hands of the state and big corporations, and that’s really a critical field of action. The Real Smuggler BC: What are some future topics you guys are looking to explore? FB: What needs to be done to have security in the future, digital currencies (DBCs, Scrit), Rulescaping, “Why the Internet is actually broken,” alternative identities (online and offline), prepping (for the end of the world and for the info apocalypse). SM: I think we’ll also have a few episodes on our specific world view, like how things work, and where we think some trends might lead us. We’ll probably have episodes on the future of warfare and structures of power as well. We like to speculate and just share perspectives. Beyond Crypto Tribalism, Into What Matters BC: Looking at the crypto space today, there’s a lot of division surrounding BTC maximalism and accusations that any other coin is shit. What are your thoughts on this current climate of discussion? FB: I think the current climate of discussion is abysmal, which is also caused by the fact that a lot of interactions these days happen on social media. In fact, I got so annoyed by the apparent tribalism in the crypto space that I wrote a short essay about “Cryptocurrencies as Cyberstatism.” In a nutshell, I believe that there is way too much infighting and not nearly enough focus on actually building usable solutions for everyday people that would grow the market. One cornerstone of liberty in a cashless society (which is unfortunately where we are heading) will be the widespread availability of untraceable, anonymous digital payments. And currently we are not even close, I just see a lot of talk about hodling and store of value. The end user doesn’t care about any of that, he wants his problems solved. SM: Maybe I don’t spend enough time on social media, or maybe I just don’t grasp what all the fuzz is about. There are lots of creative and super intelligent people out there that don’t take part in any of these discussions but instead just do their own thing and write code. Those are the people that will matter most in the long run. All else is just a distraction in my opinion. BC: How can someone interested in crypto-anarchy, networking with other cypherpunks, or setting up their own TAZ (Temporary Autonomous Zone), learn more and move forward into this vision of greater privacy and freedom? FB: My number one recommendation is to meet likeminded people in the physical world, there is nothing that is more important if you want to build more freedom in your future. We cannot do it alone. Apart from that, reading up on the theory and doing stuff. Just do something and take it from there. Too many people are waiting for somebody else to free them … Instead, one has to act with all the imperfect knowledge one has, incrementally creating actual liberty for oneself and one’s friends. That comes with effort and cost. SM: I agree. Building meatspace friendships and taking the time to think things through for oneself, in interaction with others, is crucial. But it may not stop there. Too many people are waiting for somebody else to free them, or they are waiting for the perfect solution that fixes everything. Instead, one has to act with all the imperfect knowledge one has, incrementally creating actual liberty for oneself and one’s friends. That comes with effort and cost. Government Regulations and Societal Changes BC: What would you say to people who protest that there must be government regulations on crypto so bad actors don’t abuse the tech? FB: That’s like pleading to the wolves to not eat the sheep. The government is one of the largest bad actors there is, all the KYC/AML regulation already shows that the government doesn’t have the best interest of the population at heart. More regulation will almost certainly make it worse. SM: There’s a fundamental mismatch of interests at work. Governments predominantly are in the business of selling the feeling of security and safety to the population. They are deeply conservative, even reactionary, because change challenges this feeling. Change also threatens the design and even the existence of established institutions. Institutions however act like organisms in that they are predominantly interested in securing their own survival. It is also true that a lot of change is happening, and even more is coming. Technological developments, social and cultural turmoil, and a hundred other things. That change leads to increasing tension between our old understanding of government, safety and security. Sooner or later this tension will break the old. That means that yes, we have to consider abuse of tech as an actual problem. But it also means that we might have to just live with it, or look for very different methods to deal with it than old ideas of regulation. BC: What’s the most critical issue for pushing crypto forward in 2020? FB: More widespread availability of privacy coins and/or ways to use more traceable coins in a private fashion and the ability to exchange in and out of these coins. We are already seeing some pushback against privacy coins on the regulatory and exchange side and this might lead to a split: Only traceable coins on regulated exchanges and privacy coins only via cash deals or crypto to crypto on distributed exchanges. SM: Increasing the focus of cryptocurrencies for payments, preserving privacy and fungibility, decentralized secure person-to-person exchange methods. In the longer run we also have to rebalance our understanding of trust and the limits of trustless designs. What do you think about Braun and Smuggler’s thoughts on implementing crypto-anarchy? Let us know in the comments section below. Image credits: Shutterstock, fair use. Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The Local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. The post Cypherpunk Bitstream Hosts Talk Crypto-Anarchy, Dropgangs, and Importance of Real Life Connections appeared first on Bitcoin News. View the full article

Bitcoin Cash has been added to Mecon Cash’s M.Pay platform which is integrated with over 13,000 ATMs in South Korea. By making bitcoin cash usable for withdrawing won across the country, Mecon Cash is ensuring that BCH users in Korea can always make urgent and small transactions in any place that still does not accept peer-to-peer electronic cash directly. Also Read: First Bitcoin Cash Developers Meeting of 2020 to Be Held Today Bitcoin Cash Integrated Into Platform With Over 13,000 ATMs in South Korea South Korean cryptocurrency company Mecon Cash has integrated BCH into its payments platform M.Pay following a cooperation agreement with Bitcoin.com. The platform is connected to one of the biggest providers of ATMs, so bitcoin cash can now be used to withdraw to Korean won through M.Pay in more than 13,000 ATMs in South Korea at South Korea’s biggest convenience store chains GS25 and Mini Stop. The main target demographic for the new service is cryptocurrency holders who need quick cash as well as people who send over $6 billion in remittances to Korea from overseas each year. Mecon Cash also operates other services in addition to payments, including an e-commerce platform that allows users to buy a wide range of products (Mecon Mall) and mobile games that utilize M.Pay for rewards. Bitcoin Cash is now available to be used on these as well, and you can expect more interesting collaborations with Bitcoin.com to be announced in the future. “Through our partnership with Bitcoin.com, we will grow the presence of Bitcoin Cash throughout the Korean market starting with the ATM withdrawal services. We have huge applications coming up where the close collaboration between Mecon Cash and Bitcoin.com will see positive synergies in the upcoming future not only in the Korean market but also the global market,” stated Chairman of Mecon Cash, Jo Jae Do. The Mecon Cash Team Meeting With Bitcoin.com’s Roger Ver “Mecon Cash is enabling Bitcoin Cash to be used at 13,700 ATM locations across Korea,” commented Bitcoin.com Executive Chairman Roger Ver. “Bitcoin.com is proud to be working with Mecon to help bring Bitcoin Cash and Mecon Cash to Korea and to the world.” Promoting the BCH Ecosystem Consistently among the top digital assets in the world by market cap, Bitcoin Cash is accepted by most crypto service providers. It also powers the Simple Ledger Protocol infrastructure which already includes more than 6,000 SLP tokens created since August 2018. As part of its mission to bring economic freedom to the world, Bitcoin.com is strongly promoting BCH adoption as peer-to-peer electronic money, as well as the development of the surrounding ecosystem, with all its business partners. For example, last year the electronics manufacturer HTC added native bitcoin cash support to its flagship smartphone, Exodus 1, following a partnership with the company. It was also recently revealed that Bitcoin.com is planning to launch a $200 million BCH investment fund this year that will focus on payment related solutions and non-custodial financial services for Bitcoin Cash. The fund will invest in and incubate BCH businesses like payment gateways, processors, remittances, wallet and merchant acquirers. What do you think about Bitcoin.com partnering with Mecon Cash to enable bitcoin cash to Korean won withdrawal at over 13,000 ATMs across South Korea? 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 Bitcoin.com Partners With Mecon Cash, Enabling Withdrawal at ATMs Across South Korea appeared first on Bitcoin News. View the full article

Last September, Bobby Lee, the former CEO of China’s first cryptocurrency exchange BTCC revealed his new business venture Ballet, a non-electronic crypto wallet solution that offers multi-currency support. During the North American Bitcoin Conference Miami, all the attendees got a single Ballet crypto card and news.Bitcoin.com decided to test the product to show our readers how it works. Our newsdesk also spoke with Bobby Lee during the event and he explained that he leveraged his prior experience working as a coin maker for BTCC’s physical bitcoin mint and he’s extremely passionate about the new Ballet product. Also read: How to Create Custom SLP Tokens With the Bitcoin.com Mint Bobby Lee Shows Off the Ballet Crypto Wallet Solution at TNABC Miami Bobby Lee is very proud of his new venture and you can see it when you talk to him about the new Ballet cards. At the North American Bitcoin Conference (TNABC) Miami news.Bitcoin.com got a chance to test the new Ballet cards and speak with Lee about the new products. “The [Ballet] project is one year in the making,” Lee told our newsdesk. “I sold my last company BTCC two years ago. As you may already know, I was the cofounder and CEO of BTCC, we were the very first bitcoin exchange in China launched in 2011 and at one point we also became the world’s largest exchange by trade volume. During that time, I also created physical bitcoins called BTCC Mint and I was a coinmaker from 2016 to 2018. At that time we made a series of coins, but then we decided to close the business. When I was a coin maker for those years, during that time I made over 30,000 coins.” Lee explained that the BTCC Mint coins were pre-loaded and as a coin maker he managed the private keys and “got a lot of experience.” Bobby Lee told news.Bitcoin.com that as soon as private keys are applied to the Ballet card, the keys are immediately deleted. “Just like Mike Caldwell who made Casascius physical bitcoins, I’m putting my name behind [Ballet],” Lee stressed to our newsdesk. “None of those coins have ever been hacked or stolen and the reason I know it will never happen is because I deleted the private keys,” Lee stressed. “I had really good operational security (opsec) by deleting all the private keys for the BTCC Mint and those coins are collector’s items today. All of those coins came from miners, directly from the coinbase to the physical coin.” As soon as the private key is printed on the Ballet card, private keys are deleted. Lee emphasized to our newsdesk that if you lose a card, you can’t come to him or his company for the private key and you would be basically “out of luck.” Ballet cards are made the same way Casascius physical bitcoins were made by Mike Caldwell, Lee remarked, and just like Caldwell Lee is putting his name behind the stainless steel Ballet cards. “What I realized over the last nine years being involved with cryptocurrency, is that crypto is too hard for normal people,” Lee said. “Stuff like private key management, the generation of private keys, wallets, security passwords and passphrases, and some have firmware upgrades. It’s just too darn hard.” Lee further added: A lot of my friends and family, I encouraged them to invest in bitcoin in the early years and they’ve done so, but they all left their coins on exchanges, and sometimes they even lose it. Finally last year it clicked, I should take my experience of making physical bitcoins at BTCC Mint and turn that into a generic wallet solution that is multi-currency. Lee highlighted that what he’s done “has never been done before.” The Ballet founder says that he invented a new way to utilize the BIP38 standard to not just create a paper-like wallet with multi-currency support, but did it in a way that uses a two-factor private key. “Ballet is very unique because this has never been done before and it supports all forks of Bitcoin, and it supports other coins like ethereum, litecoin, doge, and ERC20 coins as well,” Lee underscored. “However, the card itself only has one primary address with coins like BTC so if you want to enable an ERC20, XRP, you would download the app and scan the QR code on the physical card and simply click manage to turn on other currencies,” he added. Lee further claimed: In the end, you always have to trust the creator of the wallet, I don’t care if its a hardware wallet because they could push bad firmware. Why do they keep upgrading the firmware if it is so secure? I’m putting my name behind [Ballet]. I can retire, I don’t have to do this… but I do it out of passion. Testing and Loading the Stainless Steel Ballet Card After the conference, news.Bitcoin.com went back to our hotel and tested the stainless steel Ballet card. The card is thicker (1.22mm) than a normal credit card, but roughly the same size as the average card (42 x 35 mm/34 x 27 mm). The first Ballet series is called “REAL” and right now the firm sells BTC, LTC, ETH, and XRP versions. Although, no matter which card you prefer, the device holds a variety of cryptos like BCH, BSV, USDT, DAI, ETC, LINK, and BAT by simply adding them using the iOS or Android mobile app. The card we got at TNABC was a certified BTC card, which comes in a sealed cardboard box with a plastic case to hold the card. The product has a QR code sticker (with a scent) that displays a public key for the receiving address and a human-readable address as well. There’s a serial number printed on the card in three different areas and at the bottom front side, there’s also a wallet pass-phrase scratch-off. If you peel the sticker to reveal the QR code of the Ballet card’s encrypted private key, you will also need to use the wallet passphrase to unlock the card’s funds. On the backside of the Ballet wallet card is a memo section that you can write on with a marker if so desired. The backside also explains that you need to treat the card just as you would physical cash. The warning stresses not to lose the card, and to always keep it in a safe space. After taking the card out of the packaging, I downloaded the Ballet mobile app, which can be downloaded for either Android or iOS devices. From here, I deposited $7 worth of BTC and went to the management section and enabled BCH support. The mobile application gave me a new cashaddr BCH address and I deposited $9 worth of bitcoin cash into my Ballet card. The wallet application noticed the initial broadcasts immediately and the software gives you a blockchain confirmation count as well. If you want to send funds from the card to another wallet, you can do so via the Ballet mobile application. You can set the wallet to “privacy mode” too, an option which removes the ability for anyone to scan the wallet’s public key with a Ballet app without the serial number. If privacy mode is turned on, then the person would need the serial number in order to add the wallet. If you own multiple physical Ballet cards, you can add them to the mobile app in order to keep track of them all. Depending on how many currencies you’ve added to a single card, the card will display the total amount of funds held on each card. The Ballet card is fairly simple to use and even someone new to crypto could get the hang of it with a few minutes of use. People will also realize that the card can be used as a bearer bond instrument and it could be passed along to multiple people in an offchain manner. However, with this benefit comes greater responsibility, because if someone steals the card, peels the sticker and scratches off the passphrase, the funds will be theirs to keep. If someone stole a Trezor or Ledger, they would at least need access to the PIN to get into the wallet’s funds. People can also purchase Ballet cards at the Bitcoin.com Store. The Ballet card’s first series edition is $39 per card and the series that follows the first set is only $35. People can also purchase quantities of cards in 3-5 packs, and there’s a 24K gold plated first edition card for $99. Individuals can buy the cards directly from Ballet or through a third party seller like the Bitcoin.com Store. The cards are definitely pricier than creating a traditional paper wallet that doesn’t cost much at all to create. But people may appreciate the solid steel design and the fact that they don’t have to generate a private key on their own. The card does outcompete Onedime’s product too, which only supports BTC, and many people will likely enjoy the fact that they can fund a Ballet card with multiple types of digital assets. What do you think about the Ballet wallet card created by Bobby Lee? Let us know what you think about this product 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, Ballet, Jamie Redman, Fair Use, and Pixabay. 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 An In-Depth Look at the Multi-Currency Cold Storage Card Ballet appeared first on Bitcoin News. View the full article

Peter Schiff hates Bitcoin almost as much as bitcoiners hate Schiff. The gold bug makes a point of dissing the cryptocurrency whenever he can, despite the hypocrisy of accepting BTC on his own website. Today, the eccentric entrepreneur found a new reason to rip on bitcoin after forgetting his wallet password – and apparently Bitcoin is to blame. Also read: How to Create Custom SLP Tokens With the Bitcoin.com Mint Schiff Shifts Blame for Forgetting Password Bitcoin has been blamed for all manner of crimes over the years, from destroying the environment to funding terrorism. Today the decentralized cryptocurrency had a new accusation leveled against it: denying Peter Schiff access to his wallet. “I just lost all the #Bitcoin I have ever owned,” Schiff tweeted in typical Trumpian fashion. “My wallet got corrupted somehow and my password is no longer valid. So now not only is my Bitcoin intrinsically worthless; it has no market value either. I knew owning Bitcoin was a bad idea, I just never realized it was this bad!” When it was put to the 56-year-old that user error, rather than an intrinsic flaw in Bitcoin, may be to blame, he became defensive and doubled down on his facepalm. “There is zero chance I forgot my password. I used a very simple numeric password that I have used many times in the past … I remember it. The wallet doesn’t.” While some pointed out the fatuity of using a simple password, and others the inability for software to “forget” a password, most simply typed the two-word riposte that has been used mercilessly against Schiff more than any member of his generation: okay boomer. “You just went full boomer,” tweeted one. “Never go full boomer.” Not Your Password, Not Your Coins The screenshot accompanying Schiff’s initial tweet showed it to be the Blockchain.com wallet he was using. Within hours of his frustrated message, the company had tweeted to reassure him that they were “sorry to hear about the issues you’re currently experiencing with your Blockchain Wallet. Please rest assured, your funds are secure. We will PM you shortly.” Peter Schiff If Schiff has genuinely forgotten the password to his noncustodial wallet, he can recover the funds provided he retains the private key. Many wallets, including Blockchain.com, enable an optional user-generated password to simplify logging in. Exporting the wallet keys into wallet software such as Electrum should restore access to the BTC. While crypto Twitter weighed in with a mixture of helpful support and dank memes, Schiff continued to bump his gums, tweeting “Since all the Bitcoin in my corrupted wallet were gifted to me, it’s not that great a tragedy for me that they’re lost. “Easy come, easy go,” is especially true for #Bitcoin. My plan was to HODL and go down with the ship anyway. The difference is that my ship sank before Bitcoin.” Schiff’s ship may have sank, but Bitcoin sails on, with the maverick libertarian’s BTC still aboard. Do you think Schiff will ever remember his wallet password? Let us know in the comments section below. Images courtesy of Shutterstock. Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry. The post Peter Schiff Forgets Bitcoin Wallet Password, Blames Bitcoin appeared first on Bitcoin News. View the full article

A bill has been introduced in the U.S. state of Oklahoma to establish a new type of state-chartered financial institution that will be “the central depository for virtual currency used by governmental agencies in this state.” The new establishment aims to provide financial and technical services to crypto innovators and developers. Also read: Regulatory Roundup: EU-Wide Crypto Regulations, New Rules in Europe, US, Asia Proposed Crypto Depository for Government A lawmaker has introduced a bill in the U.S. state of Oklahoma seeking to create a governmental crypto depository. Senate Bill 1430, authored by Senator Nathan Dahm, was introduced on Jan. 15, according to the government’s website. Its first reading is scheduled for Feb. 3. The bill reads: The legislature hereby authorizes the State Banking Department and the Oklahoma Department of Commerce to coordinate and develop plans … [to establish] a new type of financial institution to be a state-chartered financial institution and the central depository for virtual currency used by governmental agencies in this state. “The purpose of this new state-chartered financial institution shall be to provide valuable financial and technical services to blockchain and virtual currency innovators and developers,” the text of the bill details. It further states that “Oklahoma is committing to partner with innovative technology, help develop next generation financial products, and safely grow unique technical and financial sectors in this state.” The proposed entity will be designed to easily integrate into existing banking and financial institution regulations and “have the highest level of expertise with customer identification, anti-money laundering and beneficial ownership components,” the bill adds. It will also be “fully supported by blockchain technology and innovations.” This act will become effective on Nov. 1, 2020, and the plans and implementation strategy must be submitted by July 1 next year. Other Crypto-Related Bills in Oklahoma Senator Dahm authored another crypto-related bill which was introduced in Oklahoma on Jan. 25, 2019. Senate Bill 843 had its first reading on Feb. 4 and second reading on Feb. 7 but has seen no progress since. According to the state’s Securities Department, this bill is modeled after HB 70 that was passed by the Wyoming legislature last year. Oklahoma Senator Nathan Dahm Senate Bill 843 states that “a developer or seller of an open blockchain token shall not be deemed the issuer of a security and a person who facilitates the exchange of an open blockchain token shall not be deemed a broker-dealer if certain conditions enumerated by the measure are met.” The state’s Securities Department has analyzed the fiscal impact of this bill on its revenues but concluded that it is not determinable since the subject matter is new to the state’s regulatory framework. In April last year, the state passed Senate Bill 700 which Dahm co-authored. It modifies the definition of “electronic record” and “electronic signature” within the Uniform Electronics Transactions Act to include records or signatures secured through blockchain technology. The bill was approved by the governor on April 25, 2019. Do you think Oklahoma needs a crypto depository for government use? Let us know in the comments section below. Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Images courtesy of Shutterstock and the state of Oklahoma. 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 New Bill in Oklahoma Proposes Depository for Cryptocurrencies Used by Government appeared first on Bitcoin News. View the full article

The Securities Commission Malaysia has published the country’s guidelines on digital assets which set out the regulatory framework for token sales. All token offerings must now be carried out only through platforms approved by the commission. The guidelines also detail the obligations of approved platforms as well as the requirements token issuers must meet. Also read: Regulatory Roundup: EU-Wide Crypto Regulations, New Rules in Europe, US, Asia New Digital Asset Guidelines The Securities Commission Malaysia (SC) announced on Wednesday that it has released the Guidelines on Digital Assets pursuant to section 377 of the Capital Markets and Services Act 2007. The commission explained that the guidelines incorporate feedback it received after issuing the consultation paper on the subject, adding: The guidelines set out the requirements for all offerings of digital tokens to be carried out through an initial exchange offering (IEO) platform operator that is registered with the SC. These platform operators must seek authorization from the commission and have a minimum paid-up capital of 5,000,000 ringgits ($1.23 million). Among other requirements, they must carry out the necessary assessment and due diligence to verify the compliance of the issuer, its board, and the token to be offered, the announcement details. Implementing the New Rules The guidelines also set out the requirements for anyone seeking to raise funds through token offerings. A prospective issuer must satisfy governance and capital requirements to be eligible to raise funds using this method. It must be a company incorporated and have its main business in Malaysia, with a minimum paid-up capital of 500,000 ringgits. “Issuers are required to demonstrate that their proposed project or business provides an innovative solution or a meaningful digital value proposition for Malaysia,” the commission further stated, noting: An issuer may raise funds up to a ceiling of RM100 million and tap on investments from retail, sophisticated as well as angel investors, subject to the investment limits provided in the guidelines. An offering must be accompanied by a whitepaper furnished to the commission and approved by an approved IEO platform. The whitepaper must contain material information on the issuer, the token, and how the funds are to be used. The commission explained that it will conduct “post issuance monitoring of the utilisation of the proceeds” after the offering has been completed, elaborating: The guidelines will be brought into force in the second half of 2020 to allow potential issuers, platform operators and investors to familiarise themselves with the requirements in the guidelines … until the coming into force of the guidelines, no person is permitted to offer or issue any digital tokens in Malaysia. The commission will work with relevant platform operators in assessing eligible issuers during the first phase of implementation of these guidelines. It is accepting feedback on the regulatory framework until May 15. Malaysia is already regulating the crypto sector and has approved several crypto exchange registrations. What do you think of Malaysia’s guidelines for token sales? 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 Malaysia Announces Digital Asset Guidelines appeared first on Bitcoin News. View the full article

The Organisation for Economic Cooperation and Development, an intergovernmental body with 36 member countries, has formed “a high-level expert group” which includes executives from the crypto industry. They will provide advice in helping develop international blockchain policy principles. Also read: Regulatory Roundup: EU-Wide Crypto Regulations, New Rules in Europe, US, Asia ‘High-Level Expert Group’ Formed The Organisation for Economic Cooperation and Development (OECD) announced this week that it has formed “a high-level expert group,” also known as the Blockchain Expert Policy Advisory Board (BEPAB). The organization described that the group’s primary goal is “to provide advice on its work on blockchain and other distributed ledger technologies; this will include the development of high-level blockchain policy principles.” The intergovernmental organization currently has 36 member countries, with the European Commission participating in its work. Members engage with OECD experts and delegations from other countries; they are part of the council that oversees the organization’s work. Yoichi Iida is the deputy director-general for G7/G20 relationship of the Japanese Ministry of Internal Affairs and Communications. The incoming chairman of the OECD’s Committee on Digital Economy Policy (CDEP) explained: The BEPAB’s geographic diversity is critical to the development of international blockchain policy principles. According to the announcement, this high-level expert group consists of 45 governments and representatives from the European Commission, the private sector, industry bodies, and civil society groups. The current list of members shows that there are 93 experts on the board in total. Among members of the expert group from the crypto and blockchain sector are executives from the Libra Association, Facebook’s Calibra, Aidtech, Bitfury, BITT, Blockchangers, Block.one, Consensys, Everledger, Etoro, Infrachain, Iobuilders, Maker Foundation, Outlier Ventures, R3, Ripple, and SALT. Other members include officials from the European Parliament and government agencies of various countries, including the U.S., Egypt, Japan, Germany, Spain, South Korea, Sweden, and the U.K. Representatives from a number of central banks, blockchain associations, academic institutions, and industry bodies are also members. OECD’s Blockchain Work The OECD has acted as a strategic advisor to the G20 and has been working closely with the International Monetary Fund (IMF) on national growth strategies and other policies. The organization has been developing blockchain policies over the past six years. Its work “includes research and analysis on financial consumer protection and financial education issues raised by ‘crypto-assets,’ the potential for the technology to support due diligence requirements in global supply chains, improving corporate governance mechanisms such as proxy voting, and the use of blockchain as a digital enabler of sustainable infrastructure,” its website describes. The formation of the expert group follows the establishment of the OECD Blockchain Policy Centre in 2018. The center provides resources for policymakers and supports blockchain work by the organization’s Committee on Financial Markets (CMF) and Committee on Digital Economy Policy. Among other initiatives, the OECD also hosts Global Blockchain Policy Forums. The third one will take place in Paris from Sept. 30 to Oct. 1. Last year’s forum attracted 1,600 participants and 200 speakers. Aerdt Houben, Director of Financial Markets at De Nederlandsche Bank and Chair of the CMF, commented: We are engaging with a diverse group of experts and innovators in developing principles to guide governments and industry in pursuit of viable blockchain innovation and adoption. The OECD has published a number of crypto and blockchain-related reports such as one released on Friday entitled “The Tokenisation of Assets and Potential Implications for Financial Markets.” What do you think of the OECD forming an expert group with representatives from crypto and blockchain companies? Let us know in the comments section below. Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Images courtesy of Shutterstock and the OECD. 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 Experts Join OECD ‘High Level’ Advisory Board appeared first on Bitcoin News. View the full article

On January 17, Bitcoin.com CEO Stefan Rust introduced the company’s new SLP minting application. The Bitcoin.com Mint is a noncustodial web wallet that allows users to store bitcoin cash (BCH) and Simple Ledger Protocol (SLP) tokens. In addition to the portfolio capabilities, the Mint gives anyone the ability to create their own customized SLP tokens in less than a minute after they add a tiny fraction of BCH. Also read: Crypto Employment Abounds With More Than 8,000 Jobs in 2020 Bitcoin.com’s SLP Minting Service During the last day of the North American Bitcoin Conference Miami, Bitcoin.com CEO Stefan Rust gave a talk on how the cryptocurrency industry can create new markets with an assortment of tools. Rust noted that the Simple Ledger Protocol, built on Bitcoin Cash, was growing by leaps and bounds since the project launched in 2018. He also mentioned how people were tipping each other with SLP-based spice, honks, and beers and how some of these tokens gained real market value and eventually were listed on prominent exchanges. Bitcoin.com’s CEO Stefan Rust introducing the new Bitcoin.com Mint at TNABC Miami on Friday. After discussing the growing SLP adoption and infrastructure, Rust officially announced Bitcoin.com’s new Mint. The service allows anyone to store BCH and a portfolio of SLP tokens using the noncustodial web wallet. Further, with a small fraction of bitcoin cash, anyone using the Mint can create custom SLP tokens in a matter of no time at all. In order to give our readers an introduction to the new Bitcoin.com Mint, the following is a step-by-step guide on how to use the web wallet, store a few SLP tokens and create a custom token as well. Bitcoin.com’s Mint allows users to create a new wallet or import an existing wallet. Using the Web Wallet and Minting SLP Tokens The first thing to do is head to the website mint.Bitcoin.com and there’s a tab that lets you create a web wallet and another option that allows you to import an existing wallet. The page lets you know that the Bitcoin.com Mint is an open-source, noncustodial web wallet. It should be noted that web wallets are for convenience and storing large amounts of money on a web wallet is not recommended. In order to mint and send SLP tokens using the web wallet, you need to have a fraction of BCH in the wallet. In order to create an SLP token and send them, a tiny fraction of BCH is needed within the web wallet. For this experiment, you can deposit as little as $0.05 to get started with Bitcoin.com’s Mint. In order to start a fresh wallet simply press “create” and in less than 30 seconds a new BCH and SLP wallet is created. Following the wallet creation, you can back up your wallet with the mnemonic seed phrase located in the “configure” section on the left sidebar. Users can backup their web wallet in the configure section located on the left sidebar. After jotting the seed down in private, you can then deposit a nickel’s worth of BCH in the wallet by sending some funds to the bitcoin cash address. The BCH and SLP address is always located on the bottom left of the screen, but you can also find an address in the portfolio section as well. In order to deposit some BCH into the web wallet, the Mint will give you a scannable QR code for the BCH address and you can also copy and paste the readable address text as well. I scanned the QR code and deposited $0.05 or 0.00014097 BCH into my web wallet for this experiment. The wallet noticed the funds immediately and after your funds are deposited into the wallet you now have the ability to mint an SLP-based token from scratch. After you deposit a small amount of BCH head on over to the “create” section on the left sidebar and it will take you to the customization window. Users can create a token in a matter of minutes with a specified token amount, custom name, and the number of decimals as well. Bitcoin.com Mint users can also upload a document like a white paper or add a document hash and URL. In the create a token section, you can generate a token symbol, name, add a white paper or document hash, upload a URL, and establish the number of tokens you want to initially produce. You can also set the number of decimals for your tokens so each one can be divided into fractions. After you’ve chosen all the token’s custom formalities, you can press the “create” button and the Mint will let you know your tokens have been created. From here, you can then head back over to the portfolio section and you will see your newly created tokens. The wallet will notify you as soon as the SLP token is minted. The web wallet offers a few features like the ability to send the new tokens to another SLP address or supporting wallet. You can also mint more of the tokens if you desire by simply pressing the “mint” button. Lastly, you can even pay dividends to token holders, after you have sent some of your coins to other people. It works just like Bitcoin.com’s SLP dividend calculator tool, which lets you airdrop BCH and SLP dividends to token owners. Not only can users send and receive tokens, but they can also pay dividends to token owners. A Portfolio of Tokens The sample tokens I chose to make are called SLPTestMint (SLPTM) and I minted seven tokens in total. The SLPTM token is divisible by eight decimals and the web wallet gives a comprehensive view of the token’s properties, details, and the history of recorded transactions. I also decided to test the portfolio and add two spice tokens to the mix and 300,000 Satoshi Cash, a token I minted a year ago. The noncustodial web wallet is simple to use and anyone can get the hang of using it rather quickly. By the end of the test, I had a nice looking portfolio of SLP tokens. The Mint allows you to be a token creator and you might create a few billion tokens that are just fun to play around with passing them along to your friends. Or you could create the next big token rewards project, a fantastic custom loyalty points system, or some random magical tokens that pay dividends to patient holders. The sky’s the limit when it comes to tokenization using BCH and the environment is still in its nascent stages. Whether you’re a crypto veteran or someone just getting into the cryptosphere, the Bitcoin.com Mint can get any type of user acclimated to the SLP ecosystem right away. What do you think about the Bitcoin.com Mint? Let us know what you think about SLP tokenization using Bitcoin Cash and our new service in the comments section below. Image credits: Shutterstock, Fair Use, Simple Ledger Protocol logo, the Bitcoin.com Mint, and Jamie Redman. 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 How to Create Custom SLP Tokens With the Bitcoin.com Mint appeared first on Bitcoin News. View the full article

During the last year, the cryptoconomy has picked up pace after a drawn out crypto winter. When market prices were low and startups were short on capital, a bunch of firms laid off employees in 2018. A year later, and digital currency companies are hiring. Also read: Regulatory Roundup: EU-Wide Crypto Regulations, New Rules in Europe, US, Asia Following Thousands of Lay Offs, Crypto Companies Start Hiring Again Cryptocurrency and blockchain-related jobs are becoming more abundant these days as the industry seems to be recovering from last year’s price lows. During the North American Bitcoin Conference (TNABC), news.Bitcoin.com noted that there were at least six companies hiring in the exhibit halls. Searching online shows a great number of jobs are available on employment listing sites like Indeed, Monster, and Crypto-Careers.com. The online employment search engine Indeed shows 521 cryptocurrency-related jobs and 1,938 blockchain careers available worldwide. While searching worldwide for the term “cryptocurrency,” the job site Monster has 118 roles available. There are even more jobs available on Monster when searching the term “blockchain” – 2,558. The online employment search engine Indeed shows 521 cryptocurrency-related jobs and 1,938 blockchain careers available. The job site Monster has 118 crypto jobs available and 2,558 blockchain jobs globally. Crypto-Careers.com shows 234 cryptocurrency job opportunities and 409 results for blockchain work. While perusing through all of the aforementioned job sites, the most wanted job within the cryptosphere right now is developers. All kinds of developers are needed from front end to back end, website designers, and engineers who can code with a variety of programming languages. Crypto-Career.com has 234 cryptocurrency jobs and 409 results for blockchain jobs worldwide. According to Indeed, Shapeshift is hiring a security engineer to help identify and mitigate risks for the firm. The job comes with full benefits and has a starting pay of around $80,000 to $120,000. Binance is hiring an Android developer to work for the company’s subsidiary Trust Wallet. The EOS-based Block.one is hiring out of Virginia and needs someone who can program in C++ and work on EOSIO blockchain software. The ICE-owned marketplace Bakkt which offers physically-settled bitcoin futures products is also hiring a blockchain developer. Shapeshift is hiring a security engineer and the job offers full benefits and starts at $80,000 to $120,000 per year. There’s More Than 8,000 Crypto and Blockchain-Related Jobs Available in 2020 On the career website Linkedin, Fidelity Investments is looking to hire bitcoin mining engineers in multiple locations across the U.S. According to Blockchain.com, the company is hiring “numerous roles” and employees can work remotely. For Blockchain.com’s London, San Francisco, and Vilnius offices the firm is looking for an Android engineer, data scientist, and front end developer. The popular San Francisco exchange Coinbase is hiring a decent number of positions. Browsing Crypto-Careers.com, Monster, Indeed, and Linkedin shows there’s a plethora of non-developer jobs. Employment opportunities consist of jobs like analysts, marketers, writers, journalists, product managers and consultants. For instance, the popular tech firm Cisco is hiring a blockchain consultant who understands computer networking technologies. Well known digital currency businesses like Bitgo, Coinbase, Square Crypto, Kraken, and the Bitcoin Depot are also hiring. Blockchain.com is looking for a bunch of new employees. Even Bitcoin.com has listed a few unique cryptocurrency positions One particular position available is for a senior Javascript lead engineer. The person applying for the job can work remotely, but Bitcoin.com would prefer someone from New York or London. The applicant needs a minimum of three years developing cryptocurrencies and a passion for the decentralized crypto bitcoin cash. Additionally, the lead engineer is required to have more than eight years of experience with Javascript. At the time of writing, Bitcoin.com is looking to fill 10 positions with jobs like an advertising account executive, full-stack developer, head of DevOps, iOS developer, product designer, marketing manager, and a senior product manager. If you’re interested in working within the crypto industry check out Bitcoin.com’s employment opportunities today. Fidelity Investments is hiring bitcoin mining engineers all around the U.S. Between the top four online employment websites, there are more than 8,000 cryptocurrency and blockchain jobs available today. There’s a wide variety of different employment opportunities but the developer job is by far the most in-demand and the highest-paid as well. The large number of crypto companies and financial institutions willing to hire right now is a stark contrast to the thousands of lay-offs during the crypto winter. What do you think about the 8,000+ crypto and blockchain jobs available in 2020? 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, Indeed, Linkedin, Monster, Crypto-Careers.com, Fair Use, Wiki Commons, Bitcoin.com Careers, 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 Crypto Employment Abounds With More Than 8,000 Jobs in 2020 appeared first on Bitcoin News. View the full article

Canadian regulators have issued new guidance determining when current securities legislation applies to operations conducted by cryptocurrency exchanges. According to the clarifications in the document, many domestic and foreign entities serving Canadian users, for example those that provide custodial services, will have to abide by the country’s securities laws and act like securities dealers. Also read: Canadian Company Commissions 3 Bitcoin Mining Units to Restart Oil Well CSA Tries to Explain When Cryptos Are Securities The Canadian Securities Administrators (CSA), a council of the regulatory bodies of Canada’s provinces and territories, published on Thursday Staff Notice 21-327 Guidance on the Application of Securities Legislation to Entities Facilitating the Trading of Crypto Assets. The legal interpretation, which comes after a consultation paper proposed a framework for crypto asset trading platforms in March, is supposed to help operators identify situations where Canadian securities laws may or may not apply to their activities. The CSA explains that in certain cases crypto assets clearly represent securities. A tokenized security, for instance, carries rights that are traditionally attached to common shares such as voting rights and rights to receive dividends, the organization notes. A crypto asset can also be a derivative, the CSA remarks, like when a token provides an option to acquire an asset in the future. The regulator points out: Securities legislation may apply to platforms that facilitate the buying and selling of crypto assets that are commodities, because the user’s contractual right to the crypto asset may itself constitute a derivative, a security or both. The agency notes that the relevant determination will depend on the specifics, including “the obligations and intention to provide immediate delivery of the crypto asset.” Trading platforms would not be subject to securities legislation if “the underlying crypto asset itself is not a security or derivative,” or when the contract for the purchase, sale or delivery results in an obligation to make immediate delivery of the asset to the user. In an attempt to define what constitutes ‘immediate delivery,’ however, the CSA admits there is no “bright-line test” to determine whether a contract or an instrument results in an obligation to make and take immediate delivery of a crypto asset. At the same time, a crypto transaction may be subject to securities laws if it does not clearly result in such an obligation. The CSA staff will examine the terms of the contractual arrangements between crypto exchanges and their users as well as their typical commercial practices to establish if they create an obligation for immediate transfer of ownership, possession and control of crypto assets. The organization which coordinates the regulation of capital markets across Canada also details: As part of this analysis, we will consider whether the platform and the user intend, at the time the contract or instrument is entered into, to make and take delivery of the crypto asset on which the contract or instrument is based. Custodial Platforms to Operate as Securities Dealers Then there’s the question of how to establish not only whether but also when exactly a crypto asset has been delivered. According to the guide, an immediate delivery occurs when ownership, possession and control is immediately transferred by the exchange and the user is afterwards free to deal with the asset without further participation of the platform. Also, the exchange must not retain any security interest or other legal right to the asset and the user should not be exposed to any risks related to the platform in the future. Relations with exchanges, domestic and foreign, providing custodial services will be subject to securities regulations as there’s no obligation for immediate delivery of the assets to a user-controlled wallet. Clients remain reliant on the platform and exposed to insolvency, fraud, and other risks on its part. This means that following the new guidance, many of the hundreds of crypto exchanges operating globally will have to apply and be licensed as securities dealers to work in Canada, if they maintain their current business models, the Globe and Mail noted in an article. The notice issued by the CSA contains many abstract statements such as “focus on substance over form,” “typical commercial practice,” and “intention to make and take immediate delivery.” This highlights how difficult it is to produce clear definitions and apply the traditional set of terms and rules to the trading and exchange of cryptocurrencies and other crypto-related activities. The regulator acknowledges that “new fintech businesses may not fit neatly into the existing framework” and invites such companies to join its regulatory sandbox. Participants in the initiative will enjoy a faster application process for exemptive relief from Canada’s securities law requirements, the CSA promises. What do you think of Canada’s new regulatory guidance regarding the application of securities laws to crypto trading? Share your thoughts on the subject in the comments section below. Images courtesy of Shutterstock. You can now purchase bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH directly from our trusted seller and, if you need a bitcoin wallet to securely store it, you can download one from us here. The post New Guidelines Subject Canadian Crypto Exchanges to Securities Laws appeared first on Bitcoin News. View the full article

The Financial Action Task Force (FATF) and over 50 delegations involved in crypto supervision recently gathered to discuss how to regulate crypto assets and related service providers. While examining three key areas, they stressed the importance of international cooperation, citing that cryptocurrencies are global products. Also read: Regulation Roundup: EU-Wide Crypto Regulations, New Rules in Europe, US, Asia FATF-Led Discussion on Crypto Supervision The Financial Action Task Force held a “supervisors’ forum” in France last week to discuss crypto asset supervision. The aim of the forum was “to promote more effective supervision by national authorities” in the area of crypto assets and related service providers. The FATF is an intergovernmental organization with a focus on developing policies to combat money laundering and terrorism financing. Supervisors are designated authorities or non-public bodies with compliance responsibilities of each country. According to the FATF, this event was the first opportunity for regulators to discuss how to implement new measures for crypto assets and related service providers since it finalized them in June 2019. Attendees included 135 representatives from over 50 delegations involved in virtual asset supervision, the FATF detailed, elaborating: Supervisors play an important role in ensuring that regulated entities, such as banks and financial institutions, implement the FATF’s standards to detect and prevent money laundering and terrorist financing. A FATF supervisors’ forum. 3 Key Areas Discussed The event’s participants shared their knowledge and experience in supervising and regulating virtual assets and virtual asset service providers (VASPs). They discussed three main topics, starting with the lessons learned so far from countries that have already established a regulatory framework for cryptocurrencies and VASPs. The second topic concerns common issues when drafting VASP laws and regulations. Representatives shared their approach to developing an AML/CFT regime for VASPs in their jurisdictions and outlined how they were implementing the FATF’s recommendations. The third topic discussed was about the tools, skills, procedures, and technology needed to effectively supervise VASPs. The FATF remarked: The importance of international cooperation was also highlighted, as virtual assets are inherently global products. The supervisors and regulators identified a number of areas that need further action which they plan to discuss at the next FATF Plenary and other supervisors’ meetings to be held in May. Implementing the FATF Standards The supervisors’ forum is an initiative of the Chinese Presidency of the FATF to promote more effective supervision by national authorities. Two have been held so far, the first of which was held in November 2019 in Sanya, China. It focused on the effectiveness of supervision without discussing crypto assets. The FATF’s explanation from its crypto guidance. The FATF issued guidance for crypto assets and VASPs in June 2019, with the support of the G20 countries. The money-laundering watchdog subsequently revised its assessment methodology. It sets out how the FATF will determine whether countries have successfully implemented its recommendations and are regulating the crypto sector. The FATF’s rules apply both when cryptocurrencies are exchanged for fiat currencies and for other digital assets. The challenge now is for countries and affected entities to effectively implement its recommendations, the FATF affirmed. By bringing together practitioners from around the world, the organization explained that it “is beginning to develop a global knowledge base on ‘what works’ in supervising virtual assets,” adding: This will help ensure a consistent global approach to supervision and will help the VASP sector adjust to the new regulatory environment. A FATF meeting. While acknowledging that implementing its requirements will be challenging for the crypto sector, the FATF believes that “it will ultimately increase trust in blockchain technology as the backbone behind a robust and viable means to transfer value.” Noting that adopting its rules will “ensure transparency of virtual asset transactions and keep funds with links to crime and terrorism out of the cryptosphere,” the money laundering watchdog declared: Countries need to implement the FATF’s measures, and soon … The FATF will evaluate next steps in June 2020. Do you think the FATF’s recommendations are good for the crypto industry? 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 FATF. 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 FATF Holds Global Forum to Discuss Crypto Supervision appeared first on Bitcoin News. View the full article

India’s supreme court heard the crypto case in detail over three consecutive days this week. In addition to intense arguments against the central bank having the power to ban crypto, the judges learned how other countries regulate this new sector, the amended EU directive, the FATF guidance, and less invasive crypto measures. Also read: Regulatory Roundup: EU-Wide Crypto Regulations, New Rules in Europe, US, Asia 3 Days of Crypto Case at Supreme Court This Week The Supreme Court of India began hearing the crypto case for the year on Tuesday as scheduled. The counsel for the Internet and Mobile Association of India (IAMAI), Ashim Sood, took the center stage, recapping the case for the judges. He then spent all day Wednesday presenting extensive arguments against the banking restriction imposed by the central bank, the Reserve Bank of India (RBI), as News.Bitcoin.com has reported. Thursday was another full day at the supreme court for the crypto case, local news platform Crypto Kanoon reported. Sood started by arguing that the RBI does not have the power to “absolutely prohibit” crypto activities in India, emphasizing that taking away bank accounts constitutes absolute prohibition for crypto exchanges. The court asked why the exchanges cannot use foreign banks operating in India, such as Citibank. Sood explained that even foreign banks are under the purview of the central bank. Only one bank, the State Bank of Sikkim, is not regulated by the RBI but crypto exchanges do not have access to this bank. The court also asked the IAMAI counsel to explain how peer-to-peer and crypto-to-crypto trading models work. How Other Countries Treat Crypto Assets During Thursday’s hearing, the IAMAI counsel presented to the court an in-depth rundown of how other countries worldwide treat crypto assets. He noted that no country has concluded that it is impossible to regulate the crypto sector — only the RBI claims that it cannot be regulated and proceeded to ban it, Crypto Kanoon described. Among the foreign jurisdictions mentioned before the court were Australia, Germany, Indonesia, Italy, Malta, Japan, Nepal, Pakistan, South Africa, South Korea, the U.K., the European Union, and the U.S., particularly the state of New York. In Japan, the regulator has chosen to regulate the crypto sector even after the fall of Mt. Gox, Sood told the court. The nature of cryptocurrency was also called into question. Besides being a commodity, the court told the IAMAI counsel that it has features of a medium of exchange, which would place it under the purview of the RBI. The court added that it has no utility as a commodity. Sood promptly responded that no one is required to use cryptocurrency as a means of payment, asserting that it is not a currency. He explained to the judges that some people find value in digital assets and would exchange them, comparing it to casino chips which are also valuable to people inside the casino. He further told the court that the U.S. Security and Exchange Commission (SEC) is attempting to regulate cryptocurrencies as securities. IAMAI Counsel Says Crypto Must Be Regulated The counsel for the Internet and Mobile Association of India spent a substantial amount of time Thursday convincing the court that crypto must be regulated. He read out the EU Anti-Money Laundering Directive and a judgment by a European court that exempts cryptocurrency from VAT. After asking questions about the Silk Road, the dark web, and TOR, the court said that cryptocurrency, like other technology, is not bad but can be used for bad purposes. Sood quickly responded that crypto must be regulated like other technologies with potential risks. Several global reports were referenced during Thursday’s hearing. A World Bank report which analyzes electricity consumption of crypto mining was discussed, along with reports by the Financial Action Task Force (FATF), an intergovernmental body responsible for setting policies to combat money laundering and terrorism financing. The IAMAI counsel read out the advantages of cryptocurrency outlined in the reports, such as the potential to serve the unbanked. The hearing continued with a discussion of India’s Prevention of Money Laundering Rules, 2005. Crypto Kanoon detailed that all documents referred to before the court show that there are risks but all references indicate that the first step must be the least invasive measure. RBI’s Reply to IAMAI Representation Much of the subsequent arguments concern the RBI’s reply to the IAMAI representation dated September 2019. The central bank claims that there were some new facts to warrant its action in the interest of the public, the news platform conveyed. Sood immediately countered, affirming that there was no new fact. In its reply, the RBI also said that its banking restriction was due to cryptocurrency’s anonymity and its uses in nefarious activities. The central bank additionally claims that people who bought cryptocurrencies want to mask their identity. Sood swiftly contradicted, clarifying that the RBI was incorrect as people invest in cryptocurrencies as an alternative investment option, reiterating that the central bank cannot justify the ban. Sood suggested that a less invasive measure by the RBI could have been to ask banks to deny loans while taking cryptocurrencies as collateral or to not take deposits in cryptocurrencies. “But you can’t deny to give me bank accounts. You have a choice to not involve in my business activity by taking less invasive measure,” Crypto Kanoon quoted him as saying. Further, the RBI said it is concerned about cross border transactions. Sood submitted that the government can put a restriction on them and impose a penalty as a consequence in that situation. He stressed that not only does a ban not defer such transactions but such restrictions will only make the regulators lose sight of violations. In the RBI’s counter affidavit, which was read out in detail on Thursday, the central bank stated that virtual currencies are not under its regulatory purview, admitting that it is not privy with different kinds of virtual currencies. Nonetheless, a banking ban was placed on the sector, Sood pointed out to the judges. The RBI also mentioned a Binance hack to justify measures it took to prevent cybersecurity threats. Crypto Kanoon conveyed that Sood mentioned that the power to stop crypto is not found in any statutes, elaborating: [The] power to regulate monetary policy does not empower RBI to stop or exclude crypto. The IAMAI counsel concluded that the RBI has adopted a kitchen sink approach, attempting to stop crypto activities indirectly since it has no direct control over the sector. The court is expected to resume hearing the case on Tuesday. What do you think of the crypto vs. RBI supreme court hearing this week? Do you think the court will lift the RBI ban next week when the hearing resumes? Let us know in the comments section below. Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Images courtesy of Shutterstock and the FATF. 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 vs RBI: 3 Days of Intense Supreme Court Hearings appeared first on Bitcoin News. View the full article

There’s a certain irony in the smallest market on the darknet being named Monopoly. With less than 150 listings, the monero-friendly Monopoly Market is anything but. What this tiny darknet market (DNM) lacks in size, however, it makes up for in spirit. The cypherpunk ethos permeates this nascent market where sovereign individuals can exercise their right to peacefully transact. Also read: White House Market Wants to Become the Darknet’s Toughest DNM Take a Chance on Monopoly Monero darknet markets are all the rage right now. While the XMR-oriented White House Market is going strong, Monopoly is playing little league for now, with a trade volume that’s unlikely to have law enforcement throwing all they got at it. Darknet markets lead a precarious existence, however, and all it takes is a takedown, exit scam, or prolonged DDoS of the competition for an unfancied DNM to be catapulted to the major league. Don’t write Monopoly off just yet, then, even if its listings are few, its vendors fewer still, and in its latest newsletter the site admin expressed frustration at the reticence of DNM users to choose monero over bitcoin. Acknowledging that BTC sales far exceed XMR on the darknet, the admin wrote “people just do not want to go to the effort of using monero … personal use buyers could not care less, so we have a decision to make. Do we forget our morals and why we created Monopoly to begin with and introduce bitcoin payments to boost sales and our revenue?” The answer to that has proven to be yes, but to assert that Monopoly has thereby abandoned its morals would be doing the site a disservice. All evidence suggests that this is a DNM committed to doing the right thing, namely safeguarding its vendors without inconveniencing its users. BTC is now a payment option, but XMR remains the default choice on Monopoly. Roll the Dice and Make a Monopoly Purchase To see how Monopoly compares to White House Market, as well as Empire and the numerous other DNMs out there, I gave it a spin. The first thing that strikes you about the market is the means by which you must access it: after finding the link on dark.fail, I was led to a splash page that instructs “Find the two highlighted pieces of text below … Simply join them together and insert .onion at the end to form your unique market link.” As security measures go, this one’s certainly innovative. Pretty soon, DNMs will be asking you to recite the complete works of Shakespeare backwards while standing on your head in the name of opsec and DDoS reduction. I balk at clicking past a cookie notice on the clearnet, but on the darknet, I’ll go the extra mile. Monopoly has taken a neat approach to providing rotating mirrors with a static page. I do not think the actor scraping mirrors and attacking them (Gustav?) will bother grabbing these mirrors. pic.twitter.com/x6piUktpFf — Caleb (@5auth) January 16, 2020 “Welcome to Monopoly,” beams the homepage proper, “the first true walletless/userless experience intended to provably rid the ecosystem from malicious exit scams pulled by markets. Built by vendors, for consumers.” Any DNM can talk the talk, but at the end of the day, there’s still a degree of trust required to trade on it. I’m inclined to believe Monopoly though, not least because with 5% commission on its current sales, there’s little in its community chest with which to exit scam. A Pleasure to Play, a Pain to Pay In Barry Schwartz’ 2004 book “The Paradox of Choice,” the psychologist argues that eliminating excess consumer choice can reduce anxiety for shoppers. On Monopoly Market, there’s no such problem: with so few listings, it’s a case of pick your preferred shipping country and choose from a handful of options. I am okay with this, even though it would be nice to see a greater selection, for the site’s sake and for its users’. The vendors aren’t so ill served, at least, as most of them ply their trade on multiple DNMs. A lot of care has gone into creating Monopoly Market, which is more than just another DNM clone. The site loads quickly and its listings feature vendor badges and other info that helps buyers make an informed choice. This includes the amount of items in stock, the number of views per listing, and the number of open orders. There’s also a leaderboard showing the most popular vendors on the site. The coolest thing of all, though, is that you don’t need to create an account to place an order. That means no username, no password, and no trail of breadcrumbs leading back to your door. My only gripe with Monopoly come after paying for an item, having first encrypted my details using PGP in the usual manner. After 10 block confirmations, buyers are prompted to click a button confirming that payment was sent, and must enter the monero TXID and the TXKEY pertaining to the transaction. I have the former but not the latter because that information is not supplied in Cake, the monero light mobile wallet I used. Obtaining this calls for using the full monero desktop wallet. To solve the problem, I’m obliged to upload a screenshot of the wallet transaction and await a manual check. Monopoly does recommend using the full monero desktop wallet in its tutorial, but there’s no guarantee first-time users will see this before they buy, and moreover it doesn’t explain the perils of paying with a light wallet. May Monopoly and Its Kind Reign Supreme With a couple of kinks ironed out, Monopoly has the potential to become one of the best DNMs on the darknet when it comes to balancing opsec with convenience. Whatever the fate of the market, its accountless and depositless system is to be admired and emulated. We need more darknet markets that are willing to innovate and protect the privacy of their users. Because if there’s one thing that we’ve consistently learned over the past decade, it’s that when faced with a choice between convenience and security, web users will invariably pick the easy option. Enforced privacy should be the default when using darknet markets. White House and Monopoly Market aren’t perfect, but they’re a step in the right direction. May they and their kind thwart LE and live long. Do you think monero will gain ground over bitcoin on the darknet? 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 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 Monopoly Is a Tiny Darknet Market With Big Aspirations appeared first on Bitcoin News. View the full article

On Friday, The North American Bitcoin Conference (TNABC) convened for its final day with a great deal of well known speakers from the blockchain and cryptocurrency industry. The slew of speakers discussed topics like the future of crypto mining, SLP tokens, digital currency enterprise solutions, creating new markets, and what to expect from government regulation in 2020. Also Read: BTC Miami Blockchain Conference Kicks Off Its Seventh Year TNABC Wraps Up the Final Day Miami Blockchain Week continues as the final day of the seventh annual TNABC event comes to a close. Blockchain Week will proceed with the Miami Bitcoin Hackathon 2020 hosted at the Blockchain Center Miami on January 17-19. At the conference, Moe Levin started the day’s festivities with a few remarks which were followed by a talk with Bloq cofounder Matthew Rozak. The entrepreneur discussed the future of mining and the project Titan’s idea to tokenize hashpower. TNABC participants also heard from bitcoin pioneer Charlie Shrem, and Bitangels founder Michael Terpin discussing enterprise blockchains with Bakkt’s head of information security Adam Healy. TNABC attendees listened to crypto pioneer Charlie Shrem and heard about protocols like the RSK network. Stefan Rust Introduces Bitcoin.com’s New SLP Mint After the lunch break, the crowd heard from Bitcoin.com’s CEO Stefan Rust about creating new markets and opening the doors of accessibility to new crypto users. Rust explained how crypto and blockchain solutions continue to break the barriers of traditional concepts and today’s incumbents. During Rust’s talk, he gave an in-depth explanation about the Simple Ledger Protocol (SLP) built on Bitcoin Cash and how the SLP universe has grown exponentially. He explained there’s been over 500,000 onchain SLP-based transactions and more than 6,600 coins minted so far. Rust told the audience about Bitcoin.com’s SLP dividend calculator that allows people to distribute BCH or SLP token dividends. During the first day of TNABC more than a hundred people who participated in the Golden Ticket scratch-off promotion were airdropped tokens. Rust distributed the dividends while onstage and a few TNABC attendees revealed they got tokens. Bitcoin.com CEO Stefan Rust speaking about creating new markets, the Simple Ledger Protocol, and Bitcoin.com’s new Mint. Rust also introduced Bitcoin.com’s new Mint, a service that allows people to keep a portfolio of SLP-based tokens in a simple-to-use noncustodial web wallet. The mint’s primary feature allows users to create and distribute SLP tokens if they have a small fraction of BCH in their wallet. Users can create a token in a matter of minutes with a specified token amount, custom name, and the number of decimals as well. Bitcoin.com Mint users can also upload a document like a white paper or add a document hash and URL. Rust further explained how there are so many concepts that can be tokenized like reward points, loyalty coupons, and air miles. “Imagine if we can get these concepts into tokens and get the users that are adopting and driving those types of reward and loyalty points toward using a cryptocurrency,” Rust emphasized. “That’s how we’re going to get new users to come to the cryptocurrency world — With things that they are familiar with and with brands that they trust.” Check out Mint.Bitcoin.com today. Simple Ledger Protocol Gathers More Attention in Miami Following Rust’s talk, the crowd listened to a fireside chat with the Bitcoin Center Miami’s Eryka Gemma who discussed Miami becoming a hub of innovation. The audience also saw the hosts of the podcast Bad Crypto do a live broadcast on stage with Moe Levin, Charlie Shrem, and Marshall Long. In the exhibit hall, TNABC attendees saw the same exhibits from the day prior and a few new ones as well. TNABC attendees saw discussions about Miami becoming a hub of innovation and a panel about enterprise blockchain solutions. For instance, the Simpleledger.io developers set up a small table and gave people pamphlets about the SLP framework and tokens. The SLP pamphlets explained how SLP tokens are SPV friendly, onchain, scriptable, extensible, open source, and robust with a limited set of consensus rules making SLP tokens reliable. Between the Simpleledger.io developers and the Bitcoin.com booth, the Simple Ledger Protocol and Bitcoin Cash received a lot of attention during the conference. If people hadn’t heard about the Simple Ledger Protocol before, then they sure heard about the SLP universe and tokens at The North American Bitcoin Conference in Miami. Overall most of the attendees news.Bitcoin.com chatted with said they enjoyed the event and didn’t seem to mind it being a touch smaller than 2018 and 2019. There were plenty of exhibits, a number of well known speakers from the crypto industry, and ample media attention as well. While many went home after the conference, lots of developers are sticking around the city until Sunday for the 2020 Bitcoin Hackathon. What do you think about The North American Bitcoin Conference (TNABC) Miami? What do you think about Bitcoin.com’s new Mint? Let us know what you think about these subjects in the comments section below. Disclaimer: This article is for informational purposes only. Bitcoin.com is an official platinum sponsor and media partner of the 2020 TNABC event. Image credits: Shutterstock, SLP, Jamie Redman, TNABC, Bitcoin.com, 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. The post Simple Ledger Protocol Shines During the Final Day of TNABC Miami appeared first on Bitcoin News. View the full article

The Russian Federation has a new prime minister, Mikhail Mishustin, with a track record of statements regarding cryptocurrencies and an affection for digitalization. A stated goal of his government will be to turn the country into a digital platform “for the people.” Time will tell, however, whether his plan encompasses the legal use of decentralized digital currencies. Also read: Direct Democracy Party to Solve Issues With Crypto Rights in Russia Russian President to Lose Powers, After Putin Mishustin was appointed head of the Russian government shortly after his nomination this week and the resignation of Dmitry Medvedev’s cabinet. Medvedev, a long-term political ally of Vladimir Putin, is leaving the post after the Russian president announced a constitutional reform during his annual address to the Federal Assembly this past Wednesday. Vladimir Putin during his address to the Federal Assembly The changes will give the State Duma, the lower house of Russia’s parliament, more powers and limit those of the president after Putin’s fourth and last term ends in 2024. While the current head of state presently chooses the Russian premier, in the future lawmakers will take the responsibility to select and appoint a candidate and all of their ministers. The amendments are expected to pass public discussions and eventually be approved in a referendum. Some Russian media reports suggest that Medvedev is leaving because he failed to agree with Putin on the reforms. In his resignation announcement, he noted that when the changes take effect, they will shift the general balance of power in Moscow, saying: It is obvious that we as the government of the Russian Federation should provide the president of our country with the opportunity to make all the necessary decisions. According to the Kommersant business daily, Medvedev favored a scenario in which the presidential institution and the government merge, thus giving the president full executive power. Quoting an anonymous source close to the Kremlin, the independent TV channel Dozhd reported that he proposed establishing the post of vice-president and that he might’ve wanted it for himself. Medvedev has now been appointed deputy head of the Russian Security Council under Putin. What Does This Mean for Cryptocurrencies? The proposed constitutional amendments can be interpreted differently. Supporters would say they will bring democratization with the Duma, the collective organ of power, gaining more influence in Russia’s internal affairs. Critics fear, however, that these have been designed to allow Vladimir Putin to maintain control even after his last presidential term expires by becoming prime minister again, for example. Until that happens, the revamped composition of the government can bring other changes to the country, including some that concern the crypto space. At a meeting with members of the parliamentary group of the ruling United Russia party before his appointment, Mikhail Mishustin said he wanted to get on with the “Digital Economy” national project and declared: The state should undoubtedly be a digital platform created for the people. Before his appointment as prime minister, Mishustin served as director of the Federal Tax Service (FTS) for 10 years and has been credited with the digitalization of Russia’s tax system. Now he says his first urgent task is to “seriously engage in institutional reforms” and introduce “the most modern information technology.” With a PhD in economics and professional background in IT, he might well be the right person to lead the charge towards achieving these goals. As the head of the Russian tax agency, Mishustin has made comments about cryptocurrencies on multiple occasions, crypto news outlet Forklog reminded. Nobody trusted paper money when it was introduced into circulation and it had to be backed with the gold reserves of central banks, he noted in 2017 pondering on the moneyness of cryptos. He also made it clear he viewed digital currencies as financial instruments and thought they should be taxed as such. Mikhail Mishustin, newly appointed Prime Minister of Russia In February 2019, Mikhail Mishustin spoke in favor of regulating the crypto industry in Russia, stressing that the government has to deal with cryptocurrencies and other forms of payment which the state, in his words, doesn’t notice. Also during his administration, the FTS accepted registering crypto investments as part of a company’s capital, as news.Bitcoin.com reported. And while other institutions like the Central Bank of Russia view bitcoin as an illegal money surrogate, 13% tax on crypto-related incomes is nevertheless due to Mishustin’s administration. So far, the State Duma has incorporated the concept of “digital rights” that relates to tokens into national law through amendments to the country’s civil code. It also adopted a “crowdfunding law” which entered into force in the beginning of this year. But a key bill, the law “On Digital Financial Assets” which was voted on first reading in the spring of 2018, is yet to be adopted. Earlier this week, the Chairman of the parliamentary Financial Market Committee, Anatoly Aksakov, stated that this is “99.9%” going to happen during the spring session of the Duma. What kind of changes do you expect in Russia’s policy towards cryptocurrencies after the latest political developments in Moscow? Share your thoughts in the comments section below. Images courtesy of Shutterstock, Kremlin.ru. 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 Russia’s New Prime Minister Has an Opinion of Cryptocurrencies appeared first on Bitcoin News. View the full article

Can any stablecoin topple tether? In 2019, the answer to that question was an emphatic ‘No.’ Despite a string of stablecoins being released onto the market, tether (USDT) increased its grip on the cryptoconomy’s fiat supply, racking up $127B of on-chain volume on Ethereum alone. This year, the king of stablecoins faces a renewed assault from Binance’s BUSD, Saga’s SGD, and a revitalized USD Coin (USDC). But can any of them claw market share from tether, or will the king of stablecoins increase its stranglehold? Also read: Competing Stablecoins Can’t Topple Tether Stablecoin War Enters a New Phase Tether’s market cap serves as a good barometer for the crypto market. When USDT commands a top four spot, it’s a sure sign that the outlook is bearish and traders are seeking refuge in tether as they try to time bitcoin’s next move up. When tether drops a few places, as has occurred in the past week, it can be taken as evidence of bullish conditions returning. At press time, USDT sits in sixth with a market cap of $4.1B and litecoin and EOS hot on its heels. What a casual glance at the top 10 can’t reveal is the health of the stablecoin contenders that are intent on eating away at tether’s market share. They’ll have their work cut out, but they have history in their favor at least: just two of the coins that were in the top 20 by market cap in 2013 are still here, just three from 2014, and five from 2015. There’s a lot of churn, in other words, and tether is not immune from this trend. Tether Challengers Stack Up One challenger that should be in Tether’s sights is BUSD, the dollar-pegged stablecoin issued by Binance. The exchange giant is using its might to nudge traders towards favoring BUSD over the other stablecoins it supports. On Thursday, it launched 1:1 stablecoin to BUSD conversion, allowing traders to swap from PAX, USDC and TUSD at a guaranteed rate. It followed this up today with a 10 BUSD promotion for traders who connect their Visa card to their Binance account. It’s not just pure stablecoins that are competing to control the cryptoconomy’s fiat rails: there are also payment tokens which aim to provide low volatility, making them suitable as a medium of exchange, such as Saga’s SGA which launched on Bithumb Global this week. Based on the monetary model used by central banks, SGA’s exchange rate can vary, but with lower volatility than traditional crypto assets. As such, it is not a pure stablecoin, but its compliance and governance framework give it an edge over tether when it comes to transparency. In many respects, SGA has more similarities with Facebook’s Libra, but with one key advantage – Saga’s token has already reached the market, while Libra remains mired in red tape. There’s also another stablecoin of sorts in the works that piqued the crypto community’s interest this week – the digital dollar. Promoted by former chairman of the Commodity Futures Exchange Commission (CFTC) Christopher Giancarlo, the digital dollar will form an electronic version of the U.S. greenback, if it ever sees the light of day. The Digital Dollar Foundation has now been established to explore rolling out a blockchain-based version of USD, which can be sent “as easily as a text.” ERC20 Tether Goes From Strength to Strength In 2019, tether’s migration from Omni to Ethereum, and also to Tron, was an unbridled success. While $127 billion of ERC20 USDT was traded last year, closest challenger USDC only managed around $27 billion. However, USDC’s backers can take heart from the fact that its monthly transaction count tripled over the course of the year, reaching 110,000 onchain transactions in December. Meanwhile, in the defi space, dai’s rebrand to sai has enabled the collateralized stablecoin to increase its grip on the decentralized finance space. It’s not the only stablecoin gunning for a share of the burgeoning defi economy, though: Pegnet, an entire network dedicated to stablecoin issuance, promises low-cost conversion of assets, priced at 1/10th of a cent, coupled with cross-chain interoperability. If bitcoin continues to go from strength to strength this year, stablecoins may see reduced demand as a safe haven asset. But behind the scenes, their issuers will continue to push for their adoption in the knowledge that whoever controls the fiat flow controls the keys to the entire cryptoconomy. Do you think Tether’s share of the stablecoin market will increase further in 2020? Let us know in the comments section below. Images courtesy of Shutterstock and Token Analyst. 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 Stablecoins Commence a Fresh Assault on Tether appeared first on Bitcoin News. View the full article

Bithumb, a major crypto exchange in South Korea, has taken the country’s tax authority to court over a “groundless” tax imposed on the exchange. Experts explain that currently there are no grounds to tax crypto transactions in South Korea and existing tax laws do not apply to crypto transactions. Also read: Regulatory Roundup: EU-Wide Crypto Regulations, New Rules in Europe, US, Asia Bithumb Seeks to Nullify Tax Bill While South Korea currently has no law to tax crypto profits, the country’s National Tax Service (NTS) has imposed a tax of 80.3 billion won ($69 million) on Bithumb, one of the largest crypto exchanges in the country. Bithumb subsequently filed a complaint with the country’s Tax Tribunal against the NTS alleging that the agency’s tax imposition on it was “groundless,” the Korea Times reported, elaborating: The firm claims that cryptocurrency is not a legally recognized currency and therefore the authorities lack the grounds to impose a tax of any kind. The Tax Tribunal has 90 days to determine whether to grant or dismiss Bithumb’s motion which seeks to nullify the 80.3 billion won in withholding tax imposed by the NTS, the news outlet added. “We cannot comment on the ongoing matter. We will await the judgment from the Tax Tribunal,” an NTS official was quoted as saying. The NTS’ Motive and Method Used Experts have speculated about why the NTS has slapped Bithumb with a tax bill when the current Korean tax law does not apply to crypto transactions. The Ministry of Economy and Finance, which oversees the country’s economic policy, recently explained that individual investors’ crypto profits are not taxable in South Korea. However, work is underway to amend the tax code to allow the taxation of cryptocurrency. Choi Hwoa-in, an adviser to the Financial Supervisory Service, explained to the Korea Times that with a growing number of traders profiting handsomely from cryptocurrencies over the past few years, the tax authority has viewed this sector as a new source of taxable income. Choi suspects that “the NTS is putting the issue front and center for public discourse in a clever move seeking to establish grounds to impose tax on what essentially remains tax-free gains,” the publication conveyed. To tax Bithumb, the NTS has categorized foreign traders’ crypto gains as miscellaneous income. However, earnings from real estate or stock trading are categorized as capital gains in South Korea. Choi further explained that “Bitcoin under the current law is not an asset. It is clear and simple. The Ministry of Economy and Finance already made that clear,” concluding: The NTS pushing ahead with the tax imposition is baseless and groundless, especially since it is still awaiting the ministry’s opinion on the same matter. In South Korea, capital gains tax is collected for every transaction made. Ahn Chang-nam, a tax professor at Kangnam University, believes that it is “realistically difficult” for the government to know about every crypto transaction. “It seems like the NTS took a practical approach in categorizing gains from crypto asset trading as miscellaneous assets,” Ahn opined. Choi added, “Bithumb filing a suit after paying the full amount in that sense is a calculated move expecting partial to [a] full return of the amount paid.” What do you think of the Korean National Tax Service taxing Bithumb even when there is no tax law covering cryptocurrency? Do you think the court will side with Bithumb? 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, Business Korea, and CNBC. 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 Bithumb Takes Korean Tax Authority to Court Over $69 Million ‘Groundless’ Tax appeared first on Bitcoin News. View the full article

On January 16, The North American Bitcoin Conference (TNABC) opened its doors at the James L. Knight Center in Miami for its seventh year. The conference was filled with hundreds of crypto enthusiasts, exhibits, and well known speakers from the blockchain industry. Also Read: Grassroots Bitcoin Cash House Movement Expands to Ghana BTC Miami Conference Commences With Crypto Exhibits and Speakers Discussing Blockchain Solutions BTC Miami, the popular blockchain event hosted in beautiful downtown Miami, has kicked into high gear as the James L. Knight Center filled with crypto and blockchain supporters from all around the world. Thursday’s opening remarks started with TNABC host Moe Levin and the city of Miami’s Mayor Francis Suarez. The mayor discussed blockchain and crypto innovation within Miami’s borders in order to establish the city as a hub of innovation. Suarez also announced that this week was an officially recognized event by the city called Blockchain Week Miami. TNABC 2020 was filled with all types of crypto companies and exhibits. The official concluded his talk by presenting Levin with a certificate from the city. Following Suarez, Bobby Lee, the founder of the wallet card Ballet, discussed how people can make digital currencies more accessible and referenced the cold storage Ballet card. TNABC attendees heard from bnktothefuture.com’s Simon Dixon, Veriblock’s Justin Fisher, and a climactic mid-day speech from blockchain investor Brock Pierce. Pierce explained how crypto solutions and blockchain could transform the world for the better. Bitcoin.com’s Miami Token Airdrop and Spreading SLP Awareness The exhibit hall was filled with TNABC attendees checking out all the companies showcasing platforms, devices, and artwork. Bitcoin.com gave away bitcoin cash-loaded Golden Ticket scratch-offs, after having people download the Badger Wallet. After that step, people swept the QR code on their scratch-off ticket, in order to reveal their bitcoin cash (BCH) reward. Then the user had to join the special Telegram group Bitcoin.com created to post their SLP address. When the conference convenes on Friday, people who swept their Golden Tickets will get some special SLP-based Miami Conference tokens airdropped for participating. The Bitcoin.com booth gave away Golden Ticket scratch-offs with free bitcoin cash and during the conference people who downloaded the Badger Wallet and swept the scratch-off’s QR will be airdropped “Miami Conference tokens.” The “Miami Token” can be exchanged at the Bitcoin.com booth for special rewards. The Bitcoin.com booth was busy with people learning about peer-to-peer cash and the innovation behind the Simple Ledger Protocol. BTC Miami 2020 participants need to download the Badger Wallet and then scratch their Golden Ticket for a BCH reward. Then the user needs to join the exclusive BTC Miami Telegram group to post their SLP address. After the SLP address is posted, at some point during the conference participants will be airdropped Miami Conference tokens. A few members of the SLP development team were in attendance as well including SLP engineer James Cramer. Speaking with news.Bitcoin.com, Cramer gave his thoughts on the crypto conference in Miami. “The conference has been great so far,” Cramer told news.Bitcoin.com. “Meeting with people face to face that you speak with on the internet. You can do video conference calls and things like that, but meeting people face to face is way better.” The developer also talked about TNABC participants asking the developers about SLP tokens. “We made new bright green t-shirts that say slp.cash with the SLP logo. People are asking about SLP and they are super interested — I think people are open to trying the Simple Ledger Protocol,” Cramer said. SLP developers represented at TNABC Miami this year. Massive Crypto and Blockchain Building and Recognition From the City of Miami Other booths included Edge wallet, Crypto.com, Bitangels, Tradestation, and the Crypto Playhouse. TNABC featured unique artwork as well from crypto artists like Fractalencrypt, Sergey Gordienko, and Lucho Poletti. After lunch, TNABC participants watched a panel on cryptocurrency regulations and law. Additionally, during the remainder of the afternoon, people listened to talks from Edge Wallet’s Paul Puey, crypto pioneer Nick Spanos, Binary Financial’s Harry Yeh and closing remarks from TNABC host Moe Levin. During the event, news.Bitcoin.com spoke with Levin and asked him what he thought about the seventh annual TNABC conference. TNABC featured a number of artists like Lucho Poletti, Fractalencrypt, and Sergey Gordienko. “I feel like this event more closely resembles 2015 and 2016 and not that many people have experienced those years,” Levin explained. “What I mean by that is during 2015, it was after the climactic rising price of bitcoin hitting $1,200 with all the hype and then nothing for two years — and we produced this event for 300 to 400 people in 2015 and it was tiny. It was super small compared to the last two years and I believe there were only a few exhibits at the time. But those businesses who attended and some of those exhibitors went on to build what are now some of the biggest companies in crypto.” Levin added: A lot of people are not aware of the cycles in this industry and what happens is when the market is down, people start building a lot more. They don’t go out much, they don’t hype things, they just build. And when there’s real hype and interest globally, they have the widest nets to capture all the interest. TNABC’s main theatre room. Additionally, Levin spoke about Miami Mayor Francis Suarez’s speech and the certificate he received earlier in the day. “I would love to take as much credit for making Miami a Bitcoin City but I’m not here every day building a blockchain center and encouraging companies to come here. But the city of Miami is and when they say the quote ‘open for business,’ it is true. It’s also a form of legitimacy from a local government for crypto globally … because it’s a real thing — it’s an official Blockchain Week recognized by Miami. It’s nice man, it feels good.” What do you think about The North American Bitcoin Conference (TNABC) Miami? Let us know what you think about this subject in the comments section below. Disclaimer: This article is for informational purposes only. Bitcoin.com is an official platinum sponsor and media partner of the 2020 TNABC event. Image credits: Shutterstock, SLP, Jamie Redman, TNABC, Bitcoin.com, 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 BTC Miami Blockchain Conference Kicks Off Its Seventh Year appeared first on Bitcoin News. View the full article