roadrunner

According to the Venezuelan government, millions of families have used the petro, the country’s national digital currency, to pay for goods and services. As shoppers rush to spend their coins, merchants are reportedly struggling, effectively forced to sell goods at a deep discount. At least one merchant is said to have been arrested. Also read: Regulatory Roundup – China Blockchain ETF, New French Crypto Rules, Tokens Money in Russia Petro Adoption Rises The Venezuelan government announced on Jan. 4 the successful use of the petro (PTR) for payments between Dec. 18 and Jan. 3. According to the announcement, 2,585,755 transactions were conducted using Biopagobvd, the biopayment system of the Bank of Venezuela which allows people to pay with petros at stores. The government also claims that 1,233,093 people paid with the digital currency at 7,422 stores throughout the national territory during that time period. In addition, Maduro said on Jan. 1 that almost 6 million families have used the petro as a payment method. The Bank of Venezuela, in collaboration with the National Superintendence of Cryptoassets and Related Services (Sunacrip) and the Patria platform, is now making “improvements in its systems for more efficient use of the petro wallet.” The payment system is currently offline for maintenance from Jan. 4-10 “for the adoption of new applications and options,” the Venezuelan government detailed. 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 petro for payments. On Dec. 23, Maduro announced that Venezuelans could acquire goods and services in authorized stores using the digital currency assigned through the country’s card. Merchants Forced to Accept Petros, Effectively Selling Goods at Discount The situation is reportedly not rosy for merchants. According to Purse.io’s head of support, Eduardo Gomez, “The merchants are forced to accept the petro as payment at a fixed rate (2.5 million VES/PTR), whereas you can buy the token in the open market for as low as 1 million VES/PTR.” The Venezuelan explained on Dec. 29: In other words, you can get a 50% profit by buying cheap petro and spend it at the merchants. Subsequently, “The orderbooks in exchanges that trade petro are full in the sell-side and empty in the buy-side,” Gomez continued. “People get a subsidy in the form of a shitcoin in a depressed economy, and merchants are forced to accept the worthless token.” When customers pay with the petro, merchants do not receive the digital currency, however. The Biopago system converts petros into bolivars (BsS) at a set exchange rate and pays the merchants in BsS. The Bank of Venezuela repurchases customers’ petros at its own set rate. Merchants receive petros thinking they are worth $60 a coin. However, according to a calculation by one Twitter user, they actually receive approximately $38.2 worth in bolivars per petro after conversion. Merchants Prohibited to Raise Prices for Petro Payments To stay afloat, merchants have been adding commissions to petro payments made using the Biopago system. Following many complaints of merchants charging commissions and raising prices for accepting petros, Sunacrip issued a warning that transactions using the Biopago system should not incur any commission. Furthermore, merchants do not have the authority to convert PTR to bolivars. Another Twitter user said that in one area: They [merchants] charge between 25% and 40% more when you pay with petros. At least one merchant has been arrested for charging a commission on petro payments, reported journalist Humberto Ambrosino. Ángel Ernesto Torres Montañez (32), the owner of the “Su Carrito” store in the city of Barquisimeto, was arrested by the Criminal Investigation Service (Sipel) of the Lara state police. The authorities received complaints that this store charged 20% ​​for petro payments using the Biopago system. “People will likely buy PTR to spend it, driving the price up until there’s equilibrium,” Gomez opined. “High ranking government officials will take the opportunity to offload their petro holdings. Not to mention the incredible money laundering operation they have going on with this thing.” He concluded: Merchants will go out of stock (and business) selling goods for 50% less of what they are worth. Long queues of people have been popping up to spend the damn thing. Meanwhile, Maduro continues to push the petro internationally. He said in an interview with Spanish journalist Ignacio Ramonet on Jan. 1 that Venezuela’s oil will be sold in petros this year. In addition to 30 million barrels of Venezuela’s oil, the digital currency is backed by gold, iron and bauxite reserves, Maduro stressed. “We also have a signed contract for the sale of oil, steel, iron, [and] aluminum, and we are going to sell part of the gold production in petros,” he claims. “We are going to sell Venezuelan oil in petros. We are already selling iron and steel of Venezuela in petros.” What do you think of the situation in Venezuela? 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 Problems Escalate in Venezuela as Millions Rush to Spend Petros appeared first on Bitcoin News. View the full article

Bravio is pleased to announce that it has entered into a Software Management & Content Licencing Agreement with LFE Group Holdings Limited London England – January 06th 2020 – Bravio Technologies Limited. (“Bravio” or the “Company”) a lottery service provider that allows its national and international customers the opportunity to order and manage lottery tickets online, and the operator of FreeLotto.com, one of the largest online marketing and free member acquisition companies in the world is pleased to announce that it has entered into a Software & Licensing Agreement with LFE Group Holdings Limited the owner of amongst other things, The London Football Exchange (“LFE”), LFECash (“LFEC”) and LFE Football Group (“LFG”). LFE is poised to be the world’s first fully integrated Football Club Stock Exchange and fan marketplace harnessing the power of the blockchain and moreover is underpinned by the LFECash token, currently available on StellarX. Following on from its latest market announcement, LFE aims to further scale its token reach and launch LFECash on multiple exchanges, including the hugely popular Bitcoin.com Exchange. About the Agreement: Under the agreement, Bravio has granted the LFE Group non-restricted, access to its iGaming technology, inclusive of free to play products and potentially quick-fire monetised social Games. Bravio is assuming the development, supply and ongoing management responsibility for a “first of its kind” fully operational digital iGaming vertical, the enhanced platform is intended to feature LFECash and potentially real money related iGaming entertainment including poker, slots/casino, a fully integrated Sports Book and potentially various “quick fire” LFECash themed Keno games. Bravio also assumes full responsibility for all technical/operational and administrative support services. Furthermore, once enhanced the LFECash iGaming platform’s aim is to support internationally recognised mega Jackpot lotteries such as the US PowerBall and the US Mega Millions, allowing any LFECash holder the opportunity to purchase original lottery tickets directly from the tokenised LFECash wallet. The platform proposes to support a full assortment of tailored consumer games, allowing LFECash to become widely adopted amongst football and non-football fans throughout the world. The LFE iGaming platform is to be integrated and easily accessed directly from the LFE website or any other affiliated distribution platform as desired by the LFE Group. These proposed platform entry points, should the need arise can be tailored to each LFE Group affiliate partner. Under this agreement, LFECash wallet holders will also acquire direct access to various themed Bitcoin and Bitcoin Cash decentralized iGames, LFECash customers will soon have the option to pay for entry into various gaming and lotteries using either BTC or BCH as an alternative consideration to participate. Jim Aylward, Head of LFE added “I am delighted to be aligned with Bravio and to demonstrate that our affiliated companies are committed to the LFE Group vision. Bravio has a demonstrated track record, they are engaged by professional Football Clubs worldwide. For me, I always wanted LFE to be aligned with such partners that can… and have…. and continue to execute on a best in class basis. Our ultimate goal is to bring LFECash to the global sports community, we believe that Bravio are a fantastic addition to the LFE community and are well positioned to assist the LFE Group within its sports and community engagement strategy.” Paul Carroll, Bravio CEO added: “Speaking on behalf of the whole Bravio team, we are extremely pleased to have this opportunity and to provide our iGaming technology and management services to the LFE Group of companies. Jim and the LFE Group have created a highly scalable business model, this was demonstrated in November when the LFECash token had an extremely successful launch on the StellarX Exchange. The platform that Bravio is developing will be a “first of its kind”, we will be connecting into the LFE Group’s inter-related ecosystem, an ecosystem consisting of sports clubs and their communities, media groups, multiple e-commerce platforms and a global financing division. We have spent quite a lot of time discussing national/international consumer and sports community behaviour, different demographic restraints, the LFE Group extremely powerful ecosystem and how we intend to connect some of the world’s biggest sporting groups to the LFECash entertainment platform and we are intending to launch the new initiatives early this year. Its without doubt exiting times ahead for LFE, LFECash and Bravio” About LFECash, LFG, The London Football Exchange, LFE Market, LFE Sports and the LFE Foundation: LFECash: following on from its recent announcement, LFE has acquired institutional backing from the Fortune Star Digital Asset Fund. Under a three-year lockup deal, the Fund has secured 3,547,437,988 LFE Cash tokens, the deal itself was completed by its parent group Fortune Star Investments Ltd (“FSI”). FSI have provided much needed working capital and guidance for the LFE management team since closing out the ITO. Fortune Star Digital Asset Fund has appointed fund administrator IFINA UK to act and has confirmed the fund has a three year lock up which IFINA UK have also confirmed independently. Notably, the LFECash token was one of the most top two hotly traded tokens on in its debut week of trading on the StellarX Exchange. LFG: LFE Football Group is the project arm of the LFE Group that is creating a multi-club ownership platform whereby LFE shall acquire a controlling stake and potentially own multiple football clubs around the world and integrate a youth development and commercial pathway for players, LFE Token holders and fans alike. The London Football Exchange: is a financial, technology, media and entertainment group that operates in various spheres derived from the professional sporting arena, mainly association football with multi-sport ambitions. It is poised to be the world’s first ever football club stock exchange that shall be regulated in amongst other places the UK and EU. LFE will allow fans, traders and investors to acquire shares in their favourite football clubs globally. LFE Market: is an online community allowing members to partake in various club and fan experiences from match day tickets, tours, and player meet and greets, to specific merchandise and third-party offers. The LFE Market is powered through the use of the LFE Token, the world’s foremost football-based Cryptocurrency enabling a one-stop shop for fans around the world to acquire unique fan experiences. In addition to accessing special membership services, the LFE Token holders will have priority access to enter the LFE Exchange for member-oriented services and offers. LFE Sports: is the investment arm of the group that is dedicated to making socially responsible sports club investments globally. LFE Sports believes in the core value of developing youth from a grassroots level. In particular, LFE Sports looks to provide equal opportunities to all those that enter the programs around the world. LFE Foundation: has been created to further the message of inclusion, peace, and education through the widespread playing of team sports globally. The foundation is embarking upon many endeavours from football scholarships, academy construction, medical assistance, disaster relief and various education-driven projects in the developing world. Overall, LFE is a powerful organization of change yet set within a commercial environment. LFE believes in fan engagement for the development of youth and creation of employment, LFE is here to make a positive difference for all those that engage with the LFE Community. For more information: www.lfe-token.com Twitter: https://twitter.com/TheLFEToken Telegram: https://t.me/LFE_Community Token Ticker: LFECash (LFEC) Exchanges: StellarX | Interstellar About Bravio: Bravio is a lottery service provider that allows its national and international customers the opportunity to order and manage lottery tickets online, by allowing individuals to choose their numbers and safely order tickets for the official lottery drawings around the world, Bravio makes it simple for users to keep track of their tickets and winnings. Bravio operates the FreeLotto.com sweepstakes, online marketing and free member acquisition website. FreeLotto.com has attracted over 65 million members to date and has awarded nearly $100 million in prize money. Since its inception in 1999, FreeLotto members have played over 3.7 Billion Games. Currently, the FreeLotto website attracts over 7.3 million unique visitors per month and produces over 20,000 small prize winners per month. FreeLotto offers free membership and a subscription service for its daily sweepstakes games. FreeLotto is one of the largest and most recognised customer acquisition companies in the world and boasts over 65m registered members since 1999. On behalf of the Board of Bravio Technologies Limited. Paul Carroll Founder & CEO Contact Email Address sten@lfe-token.com Supporting Link https://www.lfe-token.com This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. The post Bravio to Develop fully Tokenized iGaming & Lottery Platform for LFE Group Holding appeared first on Bitcoin News. View the full article

Selling things for bitcoin online doesn’t have to be hard. In fact, it shouldn’t be, given the decentralized nature and low fees of peer-to-peer electronic cash. For beginners and DIYers new to the world of creating an online bitcoin or crypto marketplace, this article seeks to provide some basic pointers and new resources to get you making deals and selling your wares or content for bitcoin in no time. Also Read: Meet the Multi-Cryptocurrency PoS Device Eletropay Getting Started The first thing to do before setting up a website to sell content or goods for bitcoin is to have a product. Maybe it’s exclusive content, an old baseball card collection, or commissioned artworks. New paywall services, easy payment gateways, and highly accessible online marketplaces make offering these easy and quick, without long and tedious sign-up processes or the need to share too much personal information. The second thing to consider is the type of crypto to accept. For the purposes of this article we’ll be looking at mostly bitcoin cash avenues, owing to the BCH network’s low fees, fast speeds, and innovative development culture. For the reader unfamiliar with the difference between Bitcoin Cash (BCH) and Bitcoin Core (BTC), more information can be found here. Readers who don’t yet have any BCH to experiment with, or a wallet to store it can get these for free as well, using this resource. Pick an Avenue and Set up Shop How a website sells for crypto depends largely on what a website sells for crypto. A blogger or content creator might want to put up a crypto paywall for access to exclusive content. A computer parts store could use a payment gateway to make processing crypto payments easy and compatible with existing channels and traditional currencies. Someone looking to sell various odds and ends might link to a crypto marketplace account or sell directly using a business wallet and an address pasted to their site. Whatever the approach, the following are some sites, services, and ideas that can help get you started. Satoshiwall.cash For those looking to set up a crypto paywall on their site, Satoshiwall is a quick and non-custodial solution. Even without an account at Satoshiwall.cash, anyone can paste in their BCH wallet address, upload content, choose a price denominated in one of multiple traditional currencies, and then share the link with fans and followers. Those wishing to view the content then pay the appropriate amount in BCH, Satoshiwall takes a non-custodial (thanks to BIP70) fee of 10%, and the post is revealed. Each registered user also has their own RSS feed which enables interesting options like automatic sharing of paywalled content to your website or social media. A recent development summary posted to read.cash gives the full breakdown. Openbazaar The free online marketplace at Openbazaar allows users to create their own store page and “Sell whatever you’d like. Reach a new audience. Get paid in cryptocurrency.” The site takes no fees and is a decentralized, peer-to-peer network built on open source code. Online merchants can choose to be paid in cryptos like bitcoin cash, bitcoin core, litecoin and zcash, and prices can be denominated in multiple fiat currencies. BCH-Friendly Payment Gateways As Bitcoin.com elaborates regarding payment gateways: “A Bitcoin Cash payment gateway lets your customers pay with cryptocurrency on your website. The gateway is integrated into your site and you can use it to accept e-commerce sales, charity donations, invoice payments, and more.” Some payment gateways like Bitpay allow those still inexperienced with crypto to accept payments that are automatically converted to traditional currency on the merchant side. There are also non-custodial and privacy-focused options like Atomicpay and Blockonomics, where users keep complete control of their private keys. A good payment gateway will provide you plenty of customizable options and embeddable buttons to make selling stuff for crypto on your website a smooth and fun process. KISS The KISS principle, standing for “keep it simple, stupid,” or “keep it stupid simple,” is always important to remember. It’s a big part of the reason this whole crypto thing came about in the first place. In the face of unnecessarily complex and privacy-invasive legacy financial protocols, a new money was born. There is something very clean, refreshing, and direct about a peer-to-peer electronic cash transaction with no meddling company or middleman standing in the way. local.bitcoin.com For the DIY enthusiast perhaps not interested in any of the above solutions, all that is truly needed to sell stuff for bitcoin on a website is a BCH address and a wallet. And that is the beauty of crypto. Just copy/paste an address and request the funds. Additionally, a brand new marketplace has just emerged for BCH payments for goods on the local.bitcoin.com peer-to-peer trading platform, so if you wish to direct your web traffic to your listings there, that’s also an option. Whatever your choice, economic freedom is what bitcoin is all about, and the door is now opened for anyone — no longer just big corporations or exclusive groups — to trade value for value freely and easily online. What do you think is the best way to accept crypto payments online? Let us know in the comments section below. Disclaimer: This article is for informational purposes only. Readers should do their own due diligence before taking any actions related to the subject matter written above. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any ideas, software, concepts, content, goods or services mentioned in this article. Image credits: Shutterstock, fair use. Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH, and other coins, on our market charts at Bitcoin.com Markets, another original and free service from Bitcoin.com. The post How to Sell Anything for Bitcoin on Your Website appeared first on Bitcoin News. View the full article

Memes are the fuel that powers the cryptoconomy. Exploitable image macros, shareable acronyms, and obscure in-jokes are the stuff that crypto is made of. To mark the dawn of a new decade, news.Bitcoin.com has endeavored to catalog the crypto memes that came to define the last one. These are the 50 greatest cryptocurrency memes of all time. Also read: Cryptocurrency Memes: The Only Assets That Can Survive a Bear Market Dank Memes from the Decade That Bitcoin Built In December, Buzzfeed published the 100 Best Memes of the Decade. While some of its selections can be questioned, the herculean effort that went into compiling it cannot. What follows is its crypto counterpart; an exhaustive attempt to document the memes that have shaped crypto culture since Bitcoin’s inception. There will inevitably be some that have slipped the net, but give or take, these are the crypto memes that shaped the last decade. Carlos Matos Hey hey hey. If you don’t begin each day by greeting your Telegram buddies and bemused pillow partner with these words, do you even crypto? For Carlos’ three-minute presentation alone, every line of which is a memetic classic, the Bitconnect ponzi was worth it. All together now: “Whatamigonnado?” That’s a Scam While we’re dabbing all over Bitconnect, Carlos Matos’ “That’s a scam!” refrain has been liberally applied to any crypto project that the community takes a dislike to – particularly when the haters are bitcoin maximalists, to whom everything bar BTC is a scam, including Ethereum and Monero. A fine example of an iterating meme, in the vein of Pepe or Wojak, “That’s a scam!” has evolved over time, characterized by Leigh Cuen’s “Scam or Iteration?” Coindesk article on Ethereum at Devcon 2019, which was itself then memed by Aaron Van Wirdum in “Scam or Iteration — in Berlin, Bitcoin Diehards Still Believe in Lightning.” In crypto, everything is apparently a scam, which has the unfortunate effect of making nothing a scam, and thus enabling blatant scams. Still, at least we got a nice meme out of it. Technically You Kinda Lost Your Money Not only was shameless Bitconnect promoter Trevon James wrong about the project’s legitimacy, but he lost out to Carlos when it came to conjuring its most enduring meme. “Technically you kinda lost your money” remains Trevon’s defining catchphrase, and one which has been applied to many subsequent crypto projects. Bitcoin Sign Guy Not all crypto memes are about scams, just as not all cryptocurrencies are scams, despite what the opening entries in this compendium may suggest. For a wholesome example, we can go to 2017 when a guy photobombed U.S. Federal Reserve chair Janet Yellen with a “Buy bitcoin” sign as she testified to Congress. Bitcoin Sign Guy became the stuff of legend, and the invocation to “Buy bitcoin” has been shoehorned into the unlikeliest of places over the years, from the yellow vest protests in France to the streets of Hong Kong. Anywhere there’s dissatisfaction with the status quo, “Buy bitcoin” street art and slogans will follow. DYOR Who spawned this particular crypto acronym? Do your own research. Maximalists Eating Meat Bitcoin maximalists are walking parodies of themselves, subsisting on nothing more than the tears of altcoiners and slabs of steak. If you follow a plant-based diet, can you even call yourself a bitcoiner? Goxxed Defined by Urban Dictionary as “Waking up and realizing your financial speculation just went south…and you should have known better,” getting goxxed is 2014’s dankest crypto meme, even if few were celebrating the verb at the time when Mt. Gox disappeared with everyone’s coins. OK Can You Guys Stop Trading It was 2016 and a hacker had just exploited a vulnerability to drain The DAO smart contract of 3.6M ETH. In a conversation with leading crypto exchanges, Vitalik Buterin attempted to limit the damage, typing the now famous words “ok can you guys stop trading.” Like many memes, his comment was taken out of context and is now used in any situation where market manipulation is suspected. The Prophecy In 2018, at the height of the bear market, only one thing could send BTC climbing again: crypto Twitter’s Romano to fly out to Vegas and eat a part of pornstar Brenna Sparks’ anatomy. He actually did it, the absolute madman, and lo and behold, bitcoin rallied. The recovery was to be short-lived, however, with some suggesting that only a reenactment of The Prophecy can return bitcoin to its former highs. I fulfilled the prophecy. I did this all for you guys, for crypto I went on my knees. — [ Romano ] (@RNR_0) August 28, 2018 McAfee’s Prophecy While we’re covering crypto influencers pledging to consume body parts, McAfee’s promise to devour Mini McAfee if bitcoin didn’t reach $1M in 2020 was recently rescinded, but the meme lives on. BTFD Don’t just stare at the f***ing dip – buy it. Toxic Maximalists There is no passing these arbitrary purity tests enforced by these toxic maximalists, some of them literally consider even https://t.co/OsFgRFRRZb itself a scam for listing wallets like BitPay. Everything is a scam or attack on Bitcoin to them. — CØ₿RA (@CobraBitcoin) January 6, 2020 Nuff said. Okay Boomer Okay boomer wasn’t invented by the cryptosphere, but it was eagerly adopted as a riposte to gold bugs and bitcoin haters like Peter Schiff. I'm gonna tell my kids these Boomers were PRO BTC#probtc pic.twitter.com/4mwHr1aq98 — Bitcoin Meme Hub 🔞 (@BitcoinMemeHub) January 5, 2020 Everyone Is Getting Hilariously Rich and You’re Not The NYT’s profile of bitcoin millionaires, penned at the height of the bubble, was a meme waiting to happen. Fast forward a year and its grinning protagonists’ faces had been replaced by crying Wojaks and a modified headline: Everyone Is Getting Hilariously Rekt and You’re Not. We Are All Satoshi Maybe Satoshi is one person; maybe he’s many. Maybe he’s all of us. Doge A meme cryptocurrency inspired by a meme dog complete with its own meme language, dogecoin was one of the cryptosphere’s earliest memetic successes. At Devcon 2019 in Osaka, Ethereum developers went wild over a guest appearance from Kabosu aka the doge that started it all. To this day, dogecoin is a top 30 cryptocurrency and its influence extends to permanently renaming Bitcoin’s four-yearly halving event as The Halvening, in honor of doge’s own 2014 slashing of the mining reward. F*** Your Mother if You Want F*** In 2016, at the height of the Segwit2x hard fork wars, Bitmain’s Jihan Wu tweeted a seven-word diss to @MrHodl and the insult stuck long after Wu went quiet on Twitter. Vitalik Clapping See also: Vitalik nose picking. Hodl The hodl meme has become something of a newb test. There are those who believe it’s an acronym for Hold On for Dear Life, and then there are those who got into crypto before 2017. Satoshi’s Vision Crypto’s equivalent of deus vult, “Satoshi’s vision” is an excuse for con artists to justify egregious behavior in the name of Bitcoin’s departed founder. Want to fork Bitcoin and drastically change its protocol rules? Just decree it to be Satoshi’s vision and you’re sure to reel in a few suckers. In It for the Tech A disingenuous reply from shillers whose altcoins are dumping is that they’re “in it for the tech” and have no interest in price. The refrain is commonly memed using a picture of “gold man,” an Indian who purchased a shirt made out of 3kg of gold for $250,000. Sadly, he was reportedly battered to death in 2016. The whereabouts of his famous shirt are unknown. Safu If funds are safu, they’re safe. After the /biz/ messageboard riffed on a reassurance from Binance CEO Changpeng Zhao that user funds were safe, the meme caught light. Fast forward a few months and CZ himself was getting in on the act, culminating in Binance launching a Secure Asset Fund for Users (SAFU). Lesson: when the cryptosphere memes you, go along with it, unlike our next candidate. Gym Friend When crypto Twitter troll @karbonbased mocked Samson Mow over his new girlfriend and her buff older training partner, the Blockstream CSO cried sexism and someone invoked DMCA takedown notices in a bid to kill the meme. The Streisand Effect kicked in, and Gym Friend was immortalized. Bags Would you like a hand with those crypto bags you’re clutching? Congratulations on This. Seriously Another throwaway Vitalik remark, this time to mark BCH overtaking ETH’s market cap, that has since been memed merrily. Congrats on this. Seriously. @rogerkver @JihanWu @deadalnix pic.twitter.com/UXYdEcRn4y — vitalik.eth (@VitalikButerin) November 12, 2017 Dorian Nakamoto Like Jesus, we don’t know what Satoshi Nakamoto looks like; the bemused face of Dorian Nakamoto is likely as close as we’ll ever get. Horrible Boating Accident After Litecoin’s Charlie Lee revealed he had sold all his LTC in what proved to be 2017’s market top, Monero’s Riccardo Spagni joked that he had been unable to follow suit, having lost the private keys to his XMR in a “horrible boating accident.” Stay safe out there, cypherpunks! pic.twitter.com/ngwaeSqpGo — Andreas Brekken (@abrkn) December 24, 2019 Bitcoin Fixes This Bitcoin fixes a lot of things – just not all of the things its proponents claim. Given their propensity for touring BTC as a panacea for all the world’s woes, it’s become popular to append “bitcoin fixes this” to things that BTC can’t possibly fix. When Lambo Number Go Up Mainstream media are obsessed with pinpointing the reasons behind bitcoin’s price moves and are usually wrong. Why is BTC climbing? Because number go up. Barting As Blockexplorer.com explains in its excellent crypto memes series, the Bart pattern is a chart that uncannily follows the contours of the Simpsons character’s head, noting: Soon, Barts began appearing on 4chan’s /biz/; as with any good crypto-meme. Some decrying latent manipulation while others boasting of their TA prowess in identifying an ‘obvious Bart.’ … In no time, Bizonacci was making light and posting videos. Even going so far as identifying ‘Marges’ and ‘Lisas’ on the 1m chart. Plan B When all else fails, there is bitcoin. 2019 was the weirdest thing ever tbh pic.twitter.com/TD3CZXV7nm — lil bubble 📉 (@TheCryptoBubble) January 1, 2020 Shitcoin Karaoke Lil Bubble’s performance of popular songs with lyrics lamenting alt bags is the pinnacle of shitcoin karaoke. Pink and Green Wojaks When the market is climbing, Wojak turns green. When it’s crashing, he turns a pinkish red. Like so many classic crypto memes, credit for this one goes to /biz/, 4chan’s meme factory. Wojaks are a simple yet devastatingly effective expression of trader agony and ecstasy. Shitcoin Defined as “a coin that can be predicted to go to zero because of its flawed fundamentals,” “shitcoin” famously made it to the U.S. Senate Banking Committee last year in Nouriel Roubini’s testimony. While its origins, like so many crypto memes, are hard to pin down, in an ANN thread on the Bitcointalk forum in 2013, a coin of this name was launched with the tirade: “I’m so tired of seeing so many CrapCoins pop up everyday and nobody at least admits their coin is total dogshit. So I’m launching a new coin in hopes this will jump the CrapCoin Shark: SHIT. ShitCoin will be the biggest POS coin you’ve ever seen. No, not Proof of Stake, that’s absurd, but “Piece Of Shit” coin.” There have been countless shitcoins since, but SHIT will remain the original and worst. Before Crypto/After Crypto Bogged Blame /biz/ for the appearance of the cosmetically sculpted Bogdanoff twins who, legend holds, control the crypto markets. You tether up and they’ll make bitcoin pump. Buy BTC and they’ll crash the price. To be on the wrong end of a pump or dump is to be bogged by forces greater than you will ever know. Pepe Possibly the world’s most universal meme, Pepe the frog was inevitably embraced by the cryptosphere. Like Wojak, Pepe is prone to evolving rapidly, with recent iterations seeing him reborn as Bobo the bear. Hide the Pain Harold Although not strictly a crypto meme, nothing describes the pain of hodling through a bear market like Harold’s iconic grimace. Blockstream NPC The non-player character (NPC) meme was used to pillory the left. Then someone realized that it applies perfectly to Blockstream and their acolytes. “Bcash bad. BTC good.” Repeat after awakening each morning, and if anyone disagrees on Twitter, be sure to block and report. Lightning in 18 Months Lightning Network might be unusable right now, but just you wait – in 18 months it’ll be great. Sergey Chainlink was just another ICO token borne along by the hopes and prayers of its bagholders. Then the link marines of /biz/ began mercilessly memeing its CEO Sergey Nazarov and a top 20 crypto was made. Laughing Arthur As everyone knows, the house always wins, and there’s no greater winner than Bitmex and its perma-grinning CEO Arthur Hayes. For all his ebullience, there’s something maddening about those perfectly white teeth and that ear to ear grin when you’ve just been forcibly liquidated. Bagholder Bingo ICOs might be dead, but the excuses trotted out by investors on the ICO bingo sheet remain as true today as ever. You’ve Been in a Coma A classic 2017 meme that’s sure to be resurrected in the next bull market. Justed To experience trading losses worse than Brendan Fraser’s divorce settlement is to be justed. Just f*** my shit up fam. Nocoiner What’s worse – to be a nocoiner or a justed shitcoiner? Buy High Sell Low The unofficial motto of /biz/ and the trading strategy of brainlets everywhere. Long Bitcoin, Short the Bankers Regardless of who conceived it, this meme is now synonymous with Pomp. Long Bitcoin, Short the Bankers! — Pomp 🌪 (@APompliano) August 22, 2019 Rekt It’s easy to mock the asinine investments of shitcoiners, but everyone is a rekt pleb at least once in their trading career. Live and learn baby. Stack Sats There aren’t many positive crypto memes on this list, which says much about the humor and tribalism of its community, but the invocation to accrue bitcoin slowly by stacking sats is one that everyone can support. Faketoshi Craig Wright’s legacy to Bitcoin will be gifting it the term “Faketoshi” to describe false messiahs seeking Satoshi’s crown. The Virus Is Spreading If sloganeering were an Olympic sport, Pomp would be a gold medalist. “Investors flee to Bitcoin” THE VIRUS IS SPREADING 🔥 pic.twitter.com/wkmwZ5pXxi — Pomp 🌪 (@APompliano) August 5, 2019 Calvin Ayre’s Girls When billionaire Calvin Ayre posted pictures of drinking rum with the Cuban dance team, accompanied by a twerking video, crypto Twitter had a field day and – to throw another meme into the mix – consequences haven’t been the same since. Drinking Rum with Cuban dance team in Havana pic.twitter.com/Tuy7Pct3Gz — Calvin Ayre (@CalvinAyre) March 12, 2019 Flippening A flippening occurs when one cryptocurrency leapfrogs another’s market capitalization. BTC vs ETH was the original flippening. Then BTC vs BCH. Today, coins flippen one another on a daily basis, but BTC remains unvanquished. We Are All Hodlonaut When Craig Wright attempted to sue Hodlonaut for writing mean words about him, the cryptosphere rallied around the pseudonymous Twitter user. Dozens of bitcoiners adopted Hodlonaut’s avatar in a gesture of defiance and the slogan “We are all Hodlonaut” in a nod to the real Satoshi. Satoshism We’ll finish with the beginnings of 2020’s first crypto meme – satoshism, the practice of assigning religious qualities to Bitcoin’s creator, triggered by the furore over Nakamoto.com. In the words of one commenter, “Convert to satoshism or die infidels.” In no particular order, those were the top 50 (okay, 57) crypto memes of the 2010s. Here’s hoping the new decade proves every bit as prolific. What other crypto memes should have made this list? Let us know in the comments section below. While every effort has been made to link to the creators of the images in this article, if you have been overlooked, get in touch and credit will be assigned. 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 The Top 50 Crypto Memes of All Time appeared first on Bitcoin News. View the full article

On January 5, Bitcoin.com’s Executive Chairman Roger Ver introduced a bitcoin cash (BCH) point-of-sale (PoS) merchant solution created by the startup Eletropay. The crypto PoS device manufacturer aims to make cryptocurrency payments simple and secure “without the need to use mobile phones or computers.” Also Read: BTC’s Hashrate Touches 120 Exahash, But the Price Has Not Followed BCH Fans Introduced to a New Point-of-Sale Device There’s a new cryptocurrency point-of-sale device that was recently introduced to BCH supporters after Bitcoin.com’s Roger Ver shared a video of a custom Eletropay PoS device via Twitter. The film, that’s just over one minute long, shows the unboxing of the Eletropay unit and how the device can easily create an invoice in a matter of seconds. The video was also shared with the Reddit forum r/btc subscribers as well, and a number of BCH fans appreciated the device’s operations and design. “Really cool — Transactions are lightning-fast,” the well known BCH proponent Mr. Zwets said in reply to the video. Additionally, the host of Colin Talks Crypto published a Youtube video about the Eletropay device as well. “Bitcoin Cash once again proves its worth in the field of peer-to-peer merchant payments,” explains the film’s description. Another Bitcoin Cash merchant solution being designed by the @PayEletro team.https://t.co/1hfr8Odid2 pic.twitter.com/QzdA0o6eZu — Roger Ver (@rogerkver) January 5, 2020 Eletropay crypto PoS devices can be found at the company’s website eletropay.com and the machines support BCH, DASH, BTC, LTC and Wechat Pay and Alipay as well. The company says the product has significant advantages compared to competitor PoS devices like an administrative panel, which allows users to watch transactions performed in real time. Eletropay PoS merchants can also access technical support from within the administrative panel. The administration software further provides owners with the ability to set up and reconfigure desired settings with remote setup support. At the time of publication, the company claims to have distributed 2,600 machines so far, across six countries. Shark Tank Brazil Participants The Eletropay crypto PoS price can vary depending on how many units are ordered. A single unit is roughly $220 but the price gets lower if someone purchases 100, 200, 500, and 1,000 unit batches. Eletropay also sells 100-packs of cards that can be used to pay with a device instead of using a smart phone’s wallet. The startup also has a guide that teaches people how to accept crypto payments using the PoS device and how to sell cryptocurrencies with an Eletropay machine. In October, the Eletropay team appeared on the 16th episode of the fourth season of Shark Tank Brazil. The firm noted at the time, it believes in the future of cryptocurrencies and would be expanding its operations by focusing on 2020. During the conversation on the subreddit r/btc, one individual asked what happened to the BCH-centric point-of-sale device Minipos. News.Bitcoin.com had reported on Minipos developments in March 2018 but since then the project hasn’t seen many updates. According to the Reddit user u/simon-v, the Minipos project creators decided to shut down. “My companions got discouraged by the lack of demand and decided to close the shop,” u/simon-v wrote in the Eletropay video thread. Another Reddit user explained that he used the Eletropay PoS prior to seeing the published video. “I’ve used this device for several other cryptocurrencies (it appears this company is white-labeling their product),” the individual wrote. “The one advantage is that it prints physical receipts, which is very important to many customers in a PoS situation,” he added. What do you think about the Eletropay PoS device and the video shared on Twitter and Reddit? Let us know what you think about this subject in the comments section below. Disclaimer: This article is for informational purposes only. Readers should do their own due diligence before taking any actions related to the subject matter written above. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any ideas, software, concepts, content, goods or services mentioned in this article. Image credits: Eletropay, Twitter, Fair Use, and Pixabay. 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 Meet the Multi-Cryptocurrency PoS Device Eletropay appeared first on Bitcoin News. View the full article

Turkish authorities, alarmed by the spread of cryptocurrencies in the country, are reportedly ramping up efforts to introduce greater oversight into the sector. Local media revealed that regulators are under pressure to increase supervision in 2020 because of the growing popularity of decentralized crypto assets among Turks. Also read: Uzbekistan Bans Citizens From Buying Crypto, They Can Only Sell Authorities Ask Market Watchdog to Develop Regulations The Capital Markets Board of Turkey (CMB), the supervisory agency responsible for the securities market, is speeding up the development of mechanisms for stricter regulation of the cryptocurrency space. According to a report published by Hürriyet, a leading Turkish daily, the regulatory push comes in response to indicators showing that the share of cryptocurrency owners in Turkey is among the highest in the world. A figure quoted by the newspaper places the country at the top of such rankings. Turkey has an estimated 1 million investors, the article notes, who have embraced the new digital assets since the rapid rise of their value in 2017. A fifth of Turkish respondents in last year’s Global Consumer Survey by Statista said they used or owned crypto, as news.Bitcoin.com reported in June. The country has a population of around 82 million. Currently, Turkey has no specific regulations in place for digital financial assets, which has raised concerns among officials about the risks crypto investors are facing. Hürriyet claims that public authorities have asked the CMB to prepare the necessary supervisory measures and since the beginning of the year regulators have scrambled to quickly respond to this request. The Turkish government fears that cryptocurrencies can be used for manipulative purposes. A source quoted by the daily stated that such risks have accumulated and are the main reason for the decision to examine crypto assets more closely and increase control over intermediaries operating in the space. The move has been described as a preventive step. Turkey Becoming a Crypto Hotspot Turkey is not the only country in the region that’s still pondering how to deal with cryptocurrencies. Many other nations, most EU member states, for example, lack regulatory frameworks for digital assets. Numerous questions persist such as what is bitcoin from a legal standpoint, how to tax crypto-related incomes and profits, how to monitor crypto transactions and protect the interests of investors. Some governments have already tightened controls over the industry even before adopting comprehensive regulations. Meanwhile, Turkey has gradually become a crypto hotspot for various reasons, including excessive inflation of the nation’s fiat currency, the lira, and the freezing of millions of bank accounts last year. Global crypto platforms have actively sought to establish a presence in the Turkish market. Binance recently introduced support for the Turkish lira and announced a partnership with a local payment processor to allow Turks to buy and sell cryptocurrencies with local currency. Earlier in 2019, the leading Eastern European crypto exchange Exmo registered a Turkish subsidiary and revealed plans to open a permanent office in the country. The Turkish government, whose relations with Western allies have been deteriorating over the past few years, intends to also issue a national digital currency amid threats for sanctions. The project to develop a “blockchain-based” lira has been included in Recep Erdogan’s Annual Presidential Program released in early November. Tests of the new sovereign coin are expected to begin in 2020. The Turkish leadership plans to further develop the fintech ecosystem as well and establish a dedicated financial center in Istanbul, the country’s economic capital. What kind of crypto regulations do you expect from Turkey in 2020? Share your thoughts on the subject in the comments section below. Images courtesy of Shutterstock, CMB. 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 Turkey Prepares to Increase Oversight in the Crypto Space appeared first on Bitcoin News. View the full article

In mid-December, Intel revealed that the company expects to design 2nm and 1.4 nm semiconductors by 2029. During the same timeframe, regional sources reported Canaan and Bitmain will reveal new mining rigs this year equipped with TSMC-based 5nm chips. Now, competition is growing stronger as Samsung has disclosed that the chipmaker succeeded in creating the first 3nm (GAAFET) prototype. Samsung has shown it is ahead of the 5nm process and the company hopes to be the most dominant chipmaker by 2030. Also Read: 2019’s Bitcoin Miners Are 5x Faster Than Predecessors While TSMC Is Heavily Invested in the 5nm Process, Samsung’s 3nm Semiconductor Prototype Emerges During the latter half of 2019, bitcoin mining rig manufacturers produced a series of new high-powered mining rigs. News.Bitcoin.com reported on how 2019’s mining devices are 5x faster than the predecessors. At the time of publication, the most profitable miner on the market is Bitmain’s Antminer S17+, which produces 73 terahash per second (TH/s). Canaan also has the Avalonminer 1166, a machine that has a maximum hashing speed of 68TH/s. Other top mining rig producers include Innosilicon, Strongu, Microbt, and Ebang. Most of the newest mining rigs on the market are equipped with either 10nm semiconductors or 7nm custom chips from two leading foundries. From left to right. Bitmain’s Antminer S17+ (73TH/s), Innosilicon’s T3+ (52TH/s), and Canaan’s Avalonminer 1166 (68TH/s) For instance, Bitmain revealed its custom 7nm chip called the BM1397 last February and Canaan’s 2019 machines are also fitted with next-generation semiconductors. Sources say many of these mining rig firms get chips from Taiwan Semiconductor Manufacturing Company (TSMC). However, sources say Canaan uses both TSMC and Samsung semiconductors and reports have noted Innosilicon leverages Samsung chips as well. At the end of December, regional reports claimed that both Bitmain and Canaan would release 5nm equipped machines in 2020. TSMC told the public the firm is ahead of the game when it comes to the 5nm process at the IEEE IEDM Conference in mid-December. This week, the news publication the Korean Maeil Economy reported that Samsung has produced the first 3nm process that’s based on the GAAFET design. For a nanometer (nm) size comparison, a single human hair is 80,000-100,000 nanometers wide. Meanwhile, Samsung has revealed the firm has produced the world’s first prototype 3nm process that’s based on Gate All Around (GAAFET) technology. The process is different to the conventional FinFET process used to create 7nm and 5nm chips. GAAFET ostensibly decreases the silicon size by 35% and reports emphasize that Samsung 3nm has a 33% better performance than 5nm semiconductors. During our last report on the production of Canaan and Bitmain 5nm equipped mining rigs, it was mentioned that 5nm chips perform 15% better than the 7nm predecessors. Sources highlight that TSMC is considerably invested in 5nm fabrication and the majority of 5nm chips will stem from the Taiwan manufacturer. However, reports have underscored that Apple has already reserved two-thirds of TSMC’s 5nm capacity. This means that bitcoin mining manufacturers will have to compete for the remaining supply or look to Samsung’s 3nm fabrication. Canaan’s early generation Avalonminer chips. 5nm and 3nm Semiconductors Could Significantly Bolster the SHA256 Hashrate Essentially the difference between the size of a 7 nanometer (nm) and 5nm semiconductor is the density and performance executions doesn’t necessarily scale with transistor size. When shrinking the process node, the performance increases are typically between 10-20% between each generational chip. Typically, a single mining rig has a few hundred of these chips and hash production is based on the number of cores on the chip. For instance, one of the most popular bitcoin miners, the older generation Antminer S9 (14TH/s), used 16nm FinFET semiconductors created by TSMC. An older 14 terahash per second S9 employs 189 Bitmain BM1387 chips. Bitmain’s early generation Antminer chips. The company’s older version of the S9 miner (14TH/s) employed 189 16nm chips. In 2019, it’s much harder to find out exactly what size chip the mining rig manufacturer has used and how many chips the single unit employs. These days mining rig specifications directly from the company do not detail how many chips are used in each machine, the chip size or which foundry made the semiconductor. At times, press releases from the biggest mining chip manufacturers disclose that they are leveraging 10nm or 7nm tech and divulge when the chips come from Samsung or TSMC. Buyers now have to wait for new mining devices to be reviewed on secondary markets in order to find out the unit’s chip size and how many chips are contained in each rig. BTC’s hashrate touched 119 exahash per second (EH/s) on January 1, 2020. 5nm and 3nm equipped bitcoin miners should galvanize the SHA256 hashrate significantly. Despite the lack of specification information, mining rigs, in general, are getting faster as each year passes. At the end of 2018, single mining rigs were producing 25-40TH/s and now single unit hash speeds are upwards of 60-73TH/s. The introduction of 5nm and 3nm chips should bolster bitcoin’s thriving ASIC industry and the overall SHA256 hashrate a great deal. The hashrate on the BTC network recently reached 119 exahash per second (EH/s) and continues to grow. With 5nm and 3nm semiconductors and faster cores, bitcoin mining rig performance increases could jump by 15-33% as early as the second half of 2020. What do you think about Samsung producing the first 3nm (GAAFET) prototype? What do you think about 5nm and 3nm equipped bitcoin miners entering the fray by next year? 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, mining rigs, services, mining rig manufacturers or companies. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any ideas, software, concepts, content, goods or services mentioned in this article. Image credits: Shutterstock, Bitmain, Innosilicon, Canaan, Tomshardware.com, Blockchain.com, Wiki Commons, Fair Use, and Pixabay. Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry. The post Chipmaking Giant Samsung Reveals 3nm Semiconductor Prototype appeared first on Bitcoin News. View the full article

Many bold predictions about bitcoin’s price have been made over the years, but tech entrepreneur John McAfee’s 2017 claim that BTC would reach $1 million before the end of 2020 garnered more column inches than any other. This is because he promised to, ahem, consume his own manhood – on television no less – if it failed to transpire. The outspoken bitcoin evangelist has now provoked a backlash after pouring cold water on his prediction just days into the New Year. Also read: John McAfee Plans to Tokenize All 535 Members of US Congress Yesterday I Was Lying, Today I’m Telling the Truth The above quote can be ascribed to slippery octogenarian boxing promoter Bob Arum, a man who staged fights for the likes of Muhammad Ali, Sugar Ray Leonard, and Floyd Mayweather. And the weasely words perfectly encapsulate John McAfee if his January 5 tweet is anything to go by. In it, the controversial software tycoon insisted his previous comments were “a ruse to onboard new users,” smugly asserting that “it worked.” That alone ruffled some feathers and drew accusations of reneging on his promise. But it was McAfee’s next comment that really got the community’s ire. In dubbing Bitcoin “an ancient technology” and unfavorably comparing the network to newer blockchains boasting “privacy, smart contracts, distributed apps and more,” McAfee tossed a grenade into the twittersphere and watched the outrage bloom, amusedly responding to those who branded him a liar and touting monero and pirate coin as privacy coins he’d recommend. McAfee also took time to pour scorn on Ripple’s XRP token. Naturally, some are wondering whether the post is merely an attempt to distance McAfee from his audacious prediction, particularly since the current price of BTC is about 95% below his $1 million target. In other words, McAfee didn’t like the idea of biting his fingernails until such time as he had to devour another part of his anatomy. Is Bitcoin a Modern-Day Model T? To emphasize his point that Bitcoin was old tech, McAfee rhetorically asked “Bitcoin is our future? Was the Model T the future of the automobile?” Reading these words, you can just about hear McAfee’s sigh of relief as the wager albatross was finally removed from around his neck. You could also discern the vocal opprobrium of the virtual crowd. Of course, one might reasonably wonder whether a prediction casually tossed off on Twitter a few years ago would have given McAfee sleepless nights. After all, this is a guy who’s allegedly been on the run from U.S. authorities for a year now, spending his days on a boat while talking up a presidential bid. In any case, the Model T comparison didn’t fly with ex-JP Morgan Chase VP Tone Vays, who shot back “There is almost 0 innovation difference between 1917 Model T & Modern Day Tesla. In my view we still drive the Model T today (it just has things like seat belts & gps added). Why is it so hard for @officialmcafee & many others to see #Bitcoin adding additional features?” Is McAfee right to claim that newer, sexier blockchains are better equipped to advance than Bitcoin? At this stage, the claim holds about as much weight as his previous prediction viewed in light of the recent capitulation. BTC currently commands 68% of the total crypto market. Its superior security and greater liquidity will continue to drive adoption, including in the Third World where individuals are embracing bitcoin to trade, remit money from family living overseas, and store value in a vehicle which is much trickier to confiscate than other assets. Twitter CEO Jack Dorsey is on record as saying “Africa will define the future of bitcoin.” While the wider blockchain industry is still fairly new, the Bitcoin network has been going strong for over a decade now, its market capitalization exceeding $135 billion and its hashrate 120 EH/s. Furthermore, there are more onramps for bitcoin than ever before, and many believe the 2020s will lead to hyperbitcoinization, where there is a gradual voluntary transition towards bitcoin as a superior form of currency. Despite McAfee’s abrupt volte-face, don’t expect audacious predictions about bitcoin’s future – and its innate ability to reshape the financial system – to go away anytime soon. And don’t be surprised if McAfee himself reassumes his role as controversial crypto clairvoyant. What are your thoughts on John McAfee reneging on his bet? 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 McAfee Catches Heat After Welshing On Famous Bitcoin Bet appeared first on Bitcoin News. View the full article

China now has more than 33,000 registered companies claiming to use blockchain technology in their businesses, according to the country’s Center for Information and Industry Development. The information was released at a recent blockchain conference hosted by a Chinese municipal government and several state-backed research institutes. Also read: Regs Roundup – China Blockchain ETF, New French Crypto Rules, Tokens Money in Russia Over 33,000 Blockchain-Related Companies Registered With Chinese Government The number of registered companies claiming to use blockchain technology in their businesses has ballooned in China, heavily boosted by President Xi Jinping’s support of the technology. The blockchain research institute of the Center for Information and Industry Development (CCID), under the Ministry of Industry and Information Technology, recently released a report on the state of the country’s blockchain industry. According to the China Blockchain Enterprise Development Research Report: As of December 2019, there were more than 33,000 registered blockchain companies. CCID charts from the China Blockchain Enterprise Development Research Report. According to an 8btc publication, the report reveals that 57% of these companies are blockchain-centric startups, 23% are internet companies with blockchain projects, and 12% are financial institutions with blockchain business. Among them, 28% are publicly traded companies. The publication added that more than half of these companies had a capital quota of more than 1 million yuan ($143,426) when they were established and registered. These registered companies have been exploring various blockchain applications in fields such as finance, supply chain, traceability, hardware, charity, medical health, cultural entertainment, social management, copyright protection, education and the sharing economy. Most of them are focused in four areas: finance, supply chain, traceability, and hardware. The study also notes that the overall financing and investments into newly registered blockchain enterprises in China increased from 2014 to 2019, and 36 domestic banks are currently exploring blockchain applications. Major challenges blockchain enterprises face include a serious shortage of talent, lack of third party evaluation or product certification, and difficulty in financing startups. President Xi Jinping openly advocated for blockchain technology in October. In October 2019, blockchain financial information platform Huoxing24 reported that there were 30,000 companies claiming to use blockchain technology, 77% of which were established in the past two years, and more than half settled in Guangdong province. While a staggering number of companies claim to have incorporated blockchain technology into their business, Chinese state media reported in November 2019 that less than 10% actually do. Recently, the Shenzhen Stock Exchange launched a blockchain index comprising stocks of the exchange’s 50 largest companies with blockchain ventures by market capitalization. Moreover, Penghua Fund has filed an application for a blockchain exchange-traded fund (ETF) with the country’s Securities Regulatory Commission. Major Blockchain Conference The China Blockchain Enterprise Development Research Report was released during a two-day 2019 Blockchain Technology, Industry Innovation and Development Conference held at the Qingdao International Conference Center on Dec. 26 and 27. It was hosted by the Qingdao Municipal People’s Government, the CCID, Qingdao Laoshan District People’s Government, CCID (Qingdao) Blockchain Research Institute and other units. The theme of the conference was to “promote the application of blockchain technology integration and to promote the innovation & development of the industry.” The 2019 Blockchain Technology, Industry Innovation and Development Conference in Qingdao. The CCID described: “The conference deeply analyzed the development status of the blockchain industry, focused on displaying the latest professional technical achievements and excellent solutions in the blockchain field.” Geng Tao, vice mayor of Qingdao, attended the event and delivered a speech. The center elaborated: This conference … invited more than 1,000 representatives from industry authorities, well-known academicians and scholars, senior industry experts and news media representatives. Besides the aforementioned report, CCID (Qingdao) Blockchain Research Institute also released its “2019 China’s Blockchain Technology Innovation Representative Enterprise Directory.” Furthermore, Laoshan District released the “Three-year Action Plan for the Development of the Blockchain Industry (2020-2022)” The CCID is also known for its Global Public Blockchain Technology Assessment Index rankings which are updated every two months. The lastest one — the fifteenth update — was published in December 2019, ranking 35 crypto projects. What do you think of the number of companies in China using blockchain technology? 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, 36kr, and the CCID. 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 33,000 Companies in China Claim to Use Blockchain Technology appeared first on Bitcoin News. View the full article

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release. ISIKLAR HOLDING, a company with deep traditions and a long history of doing business, has decided to create Isiklar Coin (ISIKC). The coin is meant to serve the numerous suppliers and long-term partners of the ISIKC Platform. The idea of ISIKC is to implement a customer loyalty program, using the most innovative and disruptive technology available today – blockchain technology. This will allow the users of ISIKC to be part of a secure, cheap and transparent ecosystem. The private sale will start on January the 13th, 2020. Until then, you can sign up for the waitlist through the following link – https://platform.isikc.io/ About The Company Behind The Project “Turgut Isik, the founder of ISIKLAR HOLDING A.S. was born in Bartın in 1932. After finishing his studies, he was employed in the companies of his father and grandfather for a time. In 1952 he established the Isıklar Collective Company with his father Ali Rıza Isık. Turgut Isık who took over the reins in 1959, as his father passed away, established Isıklar Limited Company with Sezai Turkes and Fevzi Akkaya.” Fast forward 50 years to today and ISIKLAR HOLDING decided to take a daring leap into the most innovative and disruptive industry today – blockchain. One of ISIKLAR HOLDING’s companies, based in Bulgaria, Isiklar Coin Bulgaria LTD created Isiklar Coin (ISIKC), an affiliate-based utility token. While there are many ICOs today and many new projects are rising and falling constantly, there are few that are backed with such tradition and experience as this project. With a big name backing it, ISIKC is ready to enter the world of blockchain technology and prove its worth. The Reason For Using Blockchain Technology When we talk about Isiklar Coin, it’s important to mention that it’s an ERC20 token based on the Ethereum blockchain. What this means is that, just like any other token on the platform, ISIKC also uses smart contracts. This is important, because by being built on the already proven Ethereum blockchain, ISIKC can focus on its further development, and not worry about the blockchain itself. This allows for safe, fast and cheap transactions. The Ethereum blockchain, along with the smart contract technology, allows for every transaction to be confirmed and eliminates the need for a middleman during the process. Not to mention that blockchain technology provides a layer of security like no other, allowing for your ISIKC to be held in a secure, responsible way. Above all, blockchain technology allows for the Isiklar Coin and its platform to be fully transparent with their clients, dealers and partners. This allows for a feeling of mutual trust to be built, while at the same time being secure and not requiring a middleman. What’s even more important is that, both the numerous partners and clients and ISIKLAR HOLDING itself, will save a bunch on transaction fees, with Ethereum and, thus, ERC20 tokens being one of the cheapest ways to safely perform transactions. Token Information Bellow you’ll find some details about the token itself as well as the allocation of the token. Total Supply: 100,000,000 10,000,000 (10%) – Private Coin Offering (1st stage for Brick dealers and conventional investors) 30,000,000 (30%) – for next stages of Private Coin offering for different distributors of Isiklar Group factories. 6,000,000 (6%) – Business development, attracting new markets, dealer 49,000,000 (49%) – will be kept as a reserve and locked for one year for new partnerships and future development. 5,000,000 (5%) – Team, advisors Private Sale As mentioned already, the private sale will start on January the 13th, 2020. Until then, you can sign up for the waitlist through the following link – https://platform.isikc.io/ Go through the KYC procedure, so you can secure your place and participate in the primary offering, backed by a 50-year old successfully operating holding company. The starting price of ISIKC will be 0,2$ Official email for contact – info@isikc.io Supporting Link https://www.isikc.io This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. The post ISIKC – Where Deep Traditions Meet Innovation appeared first on Bitcoin News. View the full article

Stablecoins provide much sought after stability in the volatile crypto markets. They are sometimes even said to affect the price of bitcoin in drastic fashion. Tether (USDT) in particular continues to be widely scrutinized for this, with recent lawsuits about conflicts of interest and price manipulation being hotly contested. More important to dive into, however, is the reality that some stablecoins are harmful to bitcoin adoption. A kind of fractional reserve banking 2.0. Also Read: Tron-Based Tether Has Ballooned to Over 900 Million Tokens, Almost 22% of Total Supply Backed by the State Stablecoins can in one sense be divided into two broad classes: those that depend on fiat (government-issued money), and those that leverage other, non-fiat-based assets or commodities for their value. USDT, for example, is a centrally managed asset that depends entirely on the fiat monetary system for its value stability. Where Tether began with claims of being backed “1-to-1” by and redeemable for U.S. dollars, that policy has since been changed. Tether silently amended this description to include “traditional currency and cash equivalents and … other assets and receivables from loans made by Tether to third parties.” Understandably this change caused quite an uproar in the crypto community from individuals suspicious of the opaque verbiage. It’s argued that as long as the asset is backed, it cannot be compared to fractional reserve banking, the process government-regulated banks use to issue more money than is actually on hand, in order to provide liquidity and grease the wheels of an economy. In September last year, even this idea was called into question, however, when Tether co-founder William Quigley stated: Whether or not Tether was backed by a dollar or not, actually wouldn’t matter if everybody agreed to take Tether and to value it at a dollar themselves. With the ongoing mass-printing of new tethers, vaguely worded policies, multiple lawsuits and lack of thorough, open audits, the statement seems to imply that tether might as well be backed by faith as much as it is by dollars. As tether is the most widely used stablecoin according to reports, and its market cap has grown from around $10 million to over $4 billion in the space of three years, there appears to be no shortage of believers. https://coinmarketcap.com/currencies/tether/ Ironically, this faith-based way of viewing a currency is similar to the system U.S. dollars themselves are built on, with one critical difference: tether isn’t forcing you to believe in it. The USD is of course no longer backed by gold as it once was, but by use, en masse. Use, which is the result of there being no other safe option. Refusal to transact within the bounds of the USD-based paradigm often results in kidnappings, cagings, finings, or otherwise, and as such it’s easier to acquiesce, and go along to get along, than to find one’s life ruined. In a very real sense, tether can be seen as a fiat asset on top of a government fiat asset. Centralized, opaque, and depending on faith rather than true market viability for its value. That’s not to say it’s not useful or viable in the current, statist dominated context, but for many the whole point of bitcoin was to escape that madness — not embrace it unquestioningly. Sounder Proposals for Stability Tokens such as DAI and DGX seek to provide stability related to traditional assets by way of smart contracts with crypto collateral and gold, respectively. In DAI’s case, the fiat system of money is not necessary, but serves as a reference point. Smart contracts enable decentralization as the focus. Where physical-gold-backed DGX is concerned, it’s not magical fiat paper, but time-tested grams of gold giving a stability a little more volatile than the value fluctuations of USD, but much more economically sound long term. The Maker website asserts: “Dai is a stable, decentralized currency that does not discriminate. Any business or individual can realize the advantages of digital money.” This proposition sounds a far cry from Tether’s fiat-dependent central bank. Where Digix (DGX) is concerned, even though the backing asset is stored in a centralized vault, it’s at the very least a real, time-tested store of value, and not just government paper that can be printed willy-nilly. Digix goes so far as to specifically boast “zero fractional reserves.” Tokens such as those created via Bitcoin Cash’s Simple Ledger Protocol or Ethereum’s ERC20 standard can also play a non-fiat-based means of providing stability to crypto, and their popularity and utility is increasing. BCH developer Tobias Ruck recently observed: I believe #BitcoinCash will be the platform for a lot of in-person or online payments in the near future. I don’t believe the used unit of account will be BCH. Volatility makes that impossible. BCH will be like oil to run payments. As Mises said, commodity first, currency second. Ripping Off the FRB Band-Aid Ruck may be onto something. Until the event that bitcoin becomes so globally ubiquitous stablecoins are no longer needed, viable crypto networks may serve as underlying platforms to facilitate payments in other ways. SLPs and other such tokens would likely continue to play a larger and larger role even after a hyperbitcoinization event, due to the unique functionalities and customization potential they provide. Still, the volatility of crypto creates a pressing market demand for stability, right now. This brings us full circle, back to the original problem: if the goal of bitcoin is to provide financial freedom and a lifeboat away from the sinking ship of violent fiat, why bother so much with stabilizing the delay? A lifeboat is meant to be detached from the damaged vessel, after all, and not attached to it indefinitely. Adoption of assets intrinsically not headed toward a permissionless, decentralized paradigm ultimately just dilutes and slows adoption of those assets that are. No amount of promises about USD reserves equates to true economic solvency or soundness. No centralized, fractional-reserve-fiat-based USDC or USDT — or anything in between — is going to help a homeless person in India get past KYC gateways to gain financial sovereignty and economic freedom. No New York DFS-approved asset is going to starve the state of its ability to bail out megabanks and corporations with taxpayer money. 11 years after Satoshi Nakamoto placed his message about a bank bailout in Bitcoin’s genesis block, the crypto space is riddled with milquetoast calls for greater centralized regulation, and pathetic celebratory shouts about the achievement of the same. It is unknown if Tether and others are lying, printing out tokens in fractional reserve style on top of the already fractional reserve fiat banking system. It’s also only a secondary concern. The real sense in which many popular stablecoins can be viewed as crypto’s FRB, is in the way they’re proudly on the baited hook of that very same violent system, where bitcoin gave a math-based middle finger back in 2009 and swam away, freedom-restricting stability be damned. What are your thoughts on stablecoins? Let us know in the comments section below. Op-ed disclaimer: This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information in this Op-ed article. Images courtesy of Shutterstock, fair use. Want to create your own secure cold storage paper wallet? Check our tools section. You can also enjoy the easiest way to buy Bitcoin online with us. Download your free Bitcoin wallet and head to our Purchase Bitcoin page where you can buy BCH and BTC securely. The post Stablecoins Are Crypto’s Version of Fractional Reserve Banking appeared first on Bitcoin News. View the full article

While a number of software developers work on the Simple Ledger Protocol (SLP) framework, SLP devs are still looking for other contributors to help foster the protocol’s ecosystem. In order to help bolster SLP development, the simpleledger.cash website has published requests for bounties worth a couple of thousand dollars in spice token and the stablecoin USDH. Also read: New SLP Telegram Bots Introduced to Bitcoin Cash Supporters Simple Ledger Protocol Bounties The SLP universe is growing fast and there were a lot of developments in 2019 including the first Simple Ledger Protocol developer meeting at the end of the year. A few days after the first SLP dev gathering, the official Twitter account tweeted a request for people to complete six different bounties that will help galvanize the project’s foundations. Two out of the six bounties are currently “in progress” and four of the projects are marked “open.” There is $2,500+ worth of honestcoin (USDH) available between five bounties and one project paying 500,000+ spice tokens as well. The first project is called “SLPB-1: Smart Contracts for SLP Minting” and it is paying 500+ USDH for the bounty’s completion. The task was created by BCH and SLP software engineer James Cramer and it involves building at least one or more smart-contracts that can provide extra security to token issuers. The work must also “allow token issuers to specify a maximum mintable supply cap for their token,” the bounty’s description notes. Because the initial bounty says 500 USDH, “subsequent bounties may expand upon this initial work.” Two of the SLP bounties on the website simpleledger.cash. Other bounties include performing integrity checks in slp-list library, create SWIG CMake targets for gs++ slp_validator, integrating the SLP Postage Protocol into the Electron Cash SLP Edition wallet, make SLPDB use ACID transactions, and optimize *InsertReplace operations in SLPDB. Each project’s link contains the requirements needed to complete the tasks as well as resources. For instance, the SLPB-1 bounty has a few specifications and assets covered in the bounty description including tools like SPEDN, the SLP Specification, Cashscript, and the Licho Last Will Covenant. SLP-SDK 4.14, BCH-js 2.1 and SLP Support for Bitcoincashj In addition to the bounties, software developer Chris Troutner published “slp-sdk v4.14.0, which fixes “a bug in tokenUtxoDetails().” Troutner also published a fix to a “rounding error bug that can corrupt SLP token sends” in bch-js v2.1.7, a Javascript npm library for creating BCH-centric web and mobile apps. Additionally, the BCH developer Pokkst announced on December 19 that he started work on implementing SLP support into his project bitcoincashj. “And here we have the first SLP transaction created and sent via bitcoincashj,” Pokkst tweeted. In addition to the development, BCH supporters have noted that SLP tokens saw record trading volume in December. Semyon Germanovich, the founder of the SLP exchange Cryptophyl, explained that December trade volumes on the exchange outpaced the last four months combined. “It’s amazing to see so many new users entering and learning about Simple Ledger tokens and Bitcoin Cash,” Germanovich said. What do you think about the SLP developer bounties? What do you think about software developers working on other projects within the SLP universe? Let us know what you think about these subjects in the comments section below. Disclaimer: This article is for informational purposes only. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any ideas, software, concepts, content, goods or services mentioned in this article. Image credits: Shutterstock, Wiki Commons, Simpleledger.cash website and blog, SLP Logo, Fair Use, and Pixabay. Did you know that Bitcoin.com’s BCH Block Explorer can query SLP token transactions? Check it today to search and find Simple Ledger Protocol token’s within the BCH network. Our Blockchain Explorer tool will allow you to view all previous BCH and BTC transactions as well. The post SLP Devs Publish Code Bounties With $2,500+ in Crypto Rewards appeared first on Bitcoin News. View the full article

On Saturday, the notorious John McAfee revealed a new project he’s launching that aims to tokenize all 535 members of U.S. Congress in order to sell them on the open market. McAfee said that the U.S. representative tokens will be listed on his exchange McAfeedex so people can find out what their “representative is really worth.” Also read: Ross Ulbricht Supporters Auction Collectibles After BTC Price Wager Goes Sour Buying Politicians The former antivirus tycoon John McAfee is at it again with a new project that is directed at the U.S. political system. According to McAfee, his team is tokenizing all 535 members of Congress in order to sell them on an exchange. On January 4, McAfee tweeted: “The tokens will be listed on McAfeedex.com on March 1st, with every token set initially at one penny — Then let the trading begin — Find out what your representative is really worth on the open market.” McAfee also shared a Twitter account called @Buycongressman for people to follow the new political token project. Both McAfee and the new Twitter account, created this year, explained that the team building the tokens have received flak from the government. The @Buycongressman said that “No one in Congress would cooperate with us [and] lawsuits were threatened if we proceeded.” The account added that the Office of Legal Counsel (OLC) had “threatened criminal charges if we also included POTUS (President of the United States) candidates – Insisting it’s ‘Manipulating Elections.’” Despite the threats, the Twitter account stressed that in May it would be adding POTUS candidates. McAfee’s new project underlined that the team is “applying blockchain to the political process” by tokenizing political leaders. Another @Buycongressman tweet stated: We’ll show, mathematically and scientifically, how power grows, accumulates and flows throughout politics. We’ll link news, decisions, and actions to perceptions in the minds of American voters. John McAfee. McAfee also told his fans that the executive team who designed the project celebrated the completed work in Catalonia the day prior and tweeted that there will be 183 million of each token or “One for every U.S. voter.” “You don’t want to risk a penny that’s your business,” McAfee explained. One person asked McAfee if it was possible to short the tokens and McAfee replied “yes.” “Nice — I would like to short Nancy Pelosi with 100x leverage,” the individual responded adding to the fray of political jokes that ensued. Telling the Truth: Politicians Are Already Bought The idea to tokenize all 535 members of U.S. Congress seemed to please the crypto community on Twitter. The majority of individuals are sick and tired of the bureaucrats that are bought and paid for with corporate dollars through political action committees (PACs). Most bureaucrats are so blatantly bought that people have suggested they wear sponsorship logos on their suits similar to Nascar race drivers. Even before Donald Trump was the U.S. President, he was accused of buying politicians when he was a Wall Street mogul. “[T]his is what’s wrong. [Donald Trump] buys and sells politicians of all stripes … he’s used to buying politicians,” Senator Rand Paul explained in the 2015 GOP debate. McAfee’s project seems to be a statement toward this blatant manipulation and the tokenization of Congress Members is humorous as well. The former antivirus tycoon is also running for POTUS in 2020, but calls out the U.S. oligarchy on a regular basis. McAfee has always pointed to the manipulation and unlimited political bribery within the U.S. government. In June 2018, McAfee stressed that he probably wouldn’t win the 2020 election, but he was doing it for ulterior motives. “Don’t think that I have a chance of winning — I do not,” McAfee said at the time. “But what truly changes America is not the president, but the process of creating one. If my following is sufficient I get to stand the world’s largest stage and talk to everyone, as I did last time, to tell the truth.” What do you think about McAfee’s new project that aims to tokenize all 535 members of the U.S. Congress? 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, token sales, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any ideas, software, concepts, content, goods or services mentioned in this article. Image credits: Shutterstock, @Buycongressman, Twitter, Pixabay, Fair Use, Wiki Commons. 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 John McAfee Plans to Tokenize All 535 Members of US Congress appeared first on Bitcoin News. View the full article

Travala, the online platform that allows crypto users to book hotel rooms in thousands of destinations around the world, has registered remarkable growth in bookings during the Christmas holiday season. More than half of those in December were paid in cryptocurrency, with bitcoin cash among the preferred options. Also read: User Reports Reveal Visa and Mastercard Outages During the Holidays Over 1,500 Rooms Booked in December Rooms booked via the Travala.com website have been steadily rising throughout 2019, crossing another milestone last month, the travel agency announced in its most recent monthly report. The total number reached 1,528 in December, which represents a more than 15% increase over November, when 1,326 room nights were booked. The overall booking revenue was up 33.5% month-on-month, the document details. Besides the increase in bookings, the average price per room night also went up – from $97 in October and $115 in November to $133 in the last month of 2019, when the bookings peaked. The report also shows that more than 60% of all Travala bookings in December were paid using cryptocurrencies, with bitcoin core (BTC) topping the list with 28%, followed by the platform’s native AVA token with over 9%. Bitcoin cash (BCH) is a close third with 8% of all bookings. Ethereum (ETH) accounts for 4% and Binance coin and dash each have 3%. Monero (XMR) was used in 2% of the cases, while the total of payments with other cryptocurrencies amounted to 6%. Fiat transactions with credit cards and Paypal had a 37% share. Travala’s crypto payment gateway accepts multiple cryptocurrencies, also including XRP, LTC, TRX, NAN, XRB, ADA, DAI, and TUSD, allowing crypto enthusiasts to pay for its services with their favorite digital coin. The platform’s AVA token, based on the NEO network, is used to fuel its Smart discount and loyalty program which provides up to 10% savings on hotel and other accommodation bookings for users of the Travala.com wallet. A total of 2,305,000 AVA, close to 5% of the circulating supply, is locked within the Smart program which already has 550 members. 2 Million Hotels and Accommodations Offered Travala.com currently offers customers the opportunity to book rooms in over 2,000,000 hotels and accommodations worldwide, including luxury resorts, apartments, villas, and hostels. According to its December report, the top seven visitors by country were from the Unites States, the U.K., Italy, Germany, France, Poland, and Australia. The leading seven destinations by bookings were Thailand, Cambodia, U.S., Australia, Italy, Vietnam, and France. In November, Travala announced a new partnership with the popular online portal Booking.com, adding 90,000 destinations in over 230 countries, as news.Bitcoin.com reported. The cooperation made Travala one of the largest online travel agencies with global reach by number of bookable hotels. Travala.com is also a partner of Bitcoin.com. The platform is now integrated in the Bitcoin.com Wallet whose more than 5 million users can book accommodation for their trips using bitcoin cash. Moving into 2020, Travala plans to focus on growing its user base and improving the user experience. Further enhancement of the AVA token utility, onboarding more travel businesses into its B2B platform, and expanding the partner network are among the top priorities stated in the company’s roadmap for the first quarter of this year. Travel.com also plans to add a number of new payment methods including cryptocurrency and local payment options. Have you used the services of Travala or other crypto-accepting travel agencies? Share your experience 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 third party 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, Travala.com. Do you need a reliable bitcoin mobile wallet to send, receive, and store your coins? Download one for free from us and then head to our Purchase Bitcoin page where you can quickly buy bitcoin with a credit card. The post Travala Scores 33% Revenue Growth With 60% of Bookings Paid With Crypto appeared first on Bitcoin News. View the full article

India’s former Finance Secretary Subhash Chandra Garg has shared his views on the future of cryptocurrency, both in India and worldwide. He headed the committee responsible for drafting the infamous bill to ban cryptocurrencies, which the crypto community calls flawed in many regards. Also read: Regulatory Roundup – China Blockchain ETF, New French Crypto Rules, Tokens Money in Russia How Garg Sees the Future of Crypto Subhash Chandra Garg headed the interministerial committee (IMC) tasked with studying all aspects of cryptocurrencies in India and providing recommendations. His committee’s report and draft bill entitled “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019” were made public in July. Soon after they were published, Garg was reassigned by Prime Minister Narendra Modi to the Power Ministry, from which he has since resigned. The former Secretary of the Department of Economic Affairs shared his thoughts regarding cryptocurrencies in a blog post on Thursday. Entitled “Currency Will Become Digital; Crypto-Currencies Will Not Survive,” his post details problems he sees with cryptocurrencies. Garg wrote: I am convinced that private crypto-currencies would have a very short future … If today’s valuation is anywhere close to $200 billion, the crypto-currency magic must have made some billionaires, obviously at the cost of lot of people who have purchased these essentially worthless codes. He claims that there are three basic problems with “private cryptocurrencies,” a term he uses to include cryptocurrencies with no country backing them, such as bitcoin. The first is whether they are considered a currency or a commodity. In his opinion, they are “not a commodity with any intrinsic or commonly acceptable value” and have “no attributes of currency.” The second problem concerns how to “maintain the value of a freely supply crypto-currency,” which he believes that “private entrepreneurs do not have any ability to maintain the value of [a] currency.” The third problem he sees is whether a currency can be issued by a private entity. In his view, if it can be issued by anyone, “no such crypto-currency will have any buyer or user.” In addition, he wrote that “Almost all private crypto-entrepreneurs are, however, motivated by the desire to make personal fortune by creating an ‘asset class’, which spirals into higher valuations, in some cases, based on speculative demand.” Draft Crypto Bill Is ‘Flawed’ Garg’s blog post echoes the recommendations in the IMC report. However, the Indian crypto community strongly believes that they are flawed and has been actively campaigning to convince the government to that effect. Sathvik Vishwanath, CEO of local crypto exchange Unocoin, previously shared with news.Bitcoin.com: In the draft bill, there are many major flaws. They have a wrong understanding of the technology and usage of crypto assets. While the government can pass a law to ban cryptocurrency, “they won’t be able to control the crypto assets and transfer activity because it just happens over the internet on which government will not have direct control of,” Vishwanath added. He also emphasized that the crypto industry was not consulted prior to the drafting of this bill. The Indian crypto community has also been running a social media campaign called “India Wants Crypto,” spearheaded by Nischal Shetty, CEO of local crypto exchange Wazirx, calling for positive crypto regulations. The campaign has entered its 430th day. Banking Ban, Not Crypto Ban The former finance secretary also observed that “There has been some use of crypto-currencies in payments, including international transfers, but it is not gaining any traction as there is no fixed/stable value, which is the most essential condition for any currency to be a currency.” He continued to say that the Reserve Bank of India (RBI) has prohibited the use of bitcoin for payments and the use of India’s payment system for trading or dealing in cryptocurrencies. The central bank issued a circular in April 2018 prohibiting regulated financial institutions from providing services to crypto businesses including exchanges, forcing some of them out of business. The RBI ban has been challenged in the supreme court which is set to resume hearing the case on Jan. 14. While there is a banking restriction, cryptocurrency is not banned in India. The Indian government has clarified several times that crypto is not prohibited. Shri Anurag Singh Thakur, Minister of State in the Ministry of Finance, told Rajya Sabha, India’s upper house of parliament, in July 2019 that the government had not prohibited cryptocurrency in India. The following month, he told Rajya Sabha that there was no data to corroborate that cryptocurrency was primarily used for illegal activities. In an interview with news.Bitcoin.com last week, Shetty said he believes: The Indian government will not rush into a bill without understanding the technology and discussing it with the crypto industry. This is the major reason why the proposed draft bill has not been considered. What do you think of Garg’s views on the future of crypto? What do you think India will do about crypto regulation? 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 Subhash Chandra Garg on the Future of Crypto appeared first on Bitcoin News. View the full article

Telegram Group, the company behind the TON blockchain project, has reportedly refused to share information with the SEC showing how much it spent of the $1.7 billion raised from investors in the past couple of years and where. In a recent court filing, the securities regulator alleges that Telegram has declined to provide bank records relevant to the case it has been pursuing since last fall. Also read: HSBC Closes 2 Branches Following New Protests in Hong Kong Messenger Unwilling to Disclose Financial Info According to the U.S. Securities and Exchange Commission (SEC), Telegram isn’t willing to disclose financial documents and answer questions that would’ve shed more light on the disposition of investor funds. The SEC wants the information before the testimony of three Telegram employees, including CEO Pavel Durov, scheduled for next week. The regulator believes it’s relevant to the case it filed against the operator of the popular encrypted messenger in October. On Thursday, the commission asked the U.S. District Court for the Southern District of New York to order Telegram to provide the documents, including bank records. These, the SEC hopes, will demonstrate how much Telegram has spent from the funds it collected in two token sales conducted in early 2018. The money was to be used for the development of the Telegram Open Network (TON) project and the integration of the Telegram messenger and other applications with it. In its letter to the court, the SEC notes: Plaintiff respectfully moves to compel Defendants to answer questions and provide documents regarding the amounts, sources, and use of funds raised from investors in connection with the unregistered sale of securities at issue in this case. Telegram delayed the launch of the TON blockchain, for which it received support from investors, when the SEC took the company to court claiming that its ICO constituted an unregistered offering of securities. The company insists that the Gram (GRM) token is a currency. In the two private sales, between January and March 2018, Telegram sold the rights to 2.9 billion coins to 171 investors worldwide for $1.7 billion, including $424.5 million to 39 U.S. residents. Telegram Lawyers Dismiss SEC Request Technically, the sale can be defined as “Simple Agreement for Future Tokens” (SAFT), which is a legal structure used to raise funds from accredited investors before a functioning network is built. The ICO page also clearly states that the Gram token sale is available globally, except for customers located or resident in a listed number of countries including the United States. Obviously, some U.S. investors managed to participate via third parties. The latest court filing by the SEC also remarks that: Telegram has already once avoided having to provide financial information to investors including regarding the intended use of their funds, by failing to register its sale of Grams and not therefore providing a statutory prospectus. Following the SEC filing, a judge at the New York Southern District Court ordered Telegram Group to respond to the regulator’s plea by the end of Friday Jan. 3, crypto media reported. In correspondence to Judge P. Kevin Castel, who issued the order, Telegram’s legal representatives asked the court to reject the commission’s demands for its bank records and insisted that the petition should be denied. Judge Castel now has the final say on SEC’s request. What’s your prediction about the outcome of the Telegram case? Share your expectations 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 third party 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. Are you looking for a secure way to buy bitcoin online? Start by downloading your free bitcoin wallet from us and then head over to our Purchase Bitcoin page where you can easily buy BTC and BCH. The post Telegram Rejects SEC Request to Hand Over Bank Records for TON appeared first on Bitcoin News. View the full article

The Bitcoin Cash community was recently introduced to two new Telegram bots that use Simple Ledger Protocol (SLP) tokens within the messenger application. There’s a new SLP Telegram-based dice bot that claims to provide provably fair gaming and a developer has also launched an SLP dividend Telegram bot. Also read: Ross Ulbricht Supporters Auction Collectibles After BTC Price Wager Goes Sour Spicecasa: The First SLP Telegram Dice Bot Cryptocurrency-fueled Telegram bots have become quite popular and there are a bunch of applications that allow people to tip fellow users during a conversation. Not too long ago, news.Bitcoin.com covered the Telegram tipping bot Button Wallet, which allows people to send and receive BTC, BCH, LTC, ETC, ETH, and XLM using the messenger. Last spring, BCH developers created a Simple Ledger Protocol (SLP) tipping bot that disperses the SLP token called spice. The app was first used in the Telegram channel associated with the Coinspice publication. These days, the bot is also used in other crypto Telegram channels and is available on Twitter as well. Similar to the bot Tippr, people can share spice with other Twitter accounts using the platform. Then, about a week before the end of 2019, a Twitter account called @Spicecasa revealed a new Telegram gaming bot is now available that uses SLP tokens for dice games. In fact, the gaming bot leverages spice for bets and jackpots with 226 members joining since the initial launch. Aaaand The CasaDeSpice telegram dice bot is now LIVE!https://t.co/fMcvamFBN8#BitcoinCash #Spice #ItMustFlow pic.twitter.com/oQhAcf06oN — spice.casa (@SpiceCasa) December 24, 2019 According to the Spicecasa chat room’s pinned Telegram message, the application uses the spice token’s publicly available API backend to “receive and credit spice as tips.” Essentially, once the ‘Casagamebot’ gets a tip with a valid command it will roll and notify the user of the outcome. “If the command is not properly formatted, we reject the tip through the API and no roll is performed,” the pinned message adds. A look at the Telegram gaming bot in action. The bot’s notice also details that Spicecasa has started with spice tokens, but in the future the app will “expand to include BCH and other fine tokens.” The developer who created Spicecasa also revealed that patrons should stay tuned for different types of games to be released. Currently, the Spicecasa gaming group has a website that notes there have been 1,437 bets at the time of publication, while the site also records other Spicecasa gaming data. The website spice.casa Sending SLP Dividends and Airdops via Telegram In addition to the Spicecasa gaming bot, another Telegram bot was revealed on January 3 which leverages Bitcoin.com’s SLP Dividend Calculator. The software programmer u/sschueller published his SLP Dividend Telegram bot Github repository to the Reddit forum r/btc to see if people would like the application. The bot’s Github specs highlight the fact that the developer created the bot code “in a few hours” and he “takes no responsibility for any lost funds of any kind.” Schueller also left a link to the Telegram bot’s channel so people can test the application. Using Schueller’s SLP Dividend Telegram bot. When Schueller’s SLP Dividend Telegram bot initiates, it asks if you want to send BCH dividends or airdrop tokens just like the Bitcoin.com tool. If you press the ‘Send BCH,’ tab the bot then asks for the SLP token’s unique ID. While testing the bot, I entered the spice token transaction ID to create a test invoice. The bot then asks you to enter the desired amount of funds you want to send to token holders. After choosing how much BCH to send, the bot asks whether you want to set a minimum or maximum balance for each dividend receiver. Sorry spice token holders, this invoice was just a test and it was never completed. The bot also asks you to confirm the information that you had previously entered, so it can build a transaction for the payments. When the transaction is created, the bot sends you an invoice with a QR code to pay in order to send dividend payments. Using the spice token ID, a minimum balance set to zero, and a payout of 0.001 BCH, the invoice provided the exact amount I needed to settle the invoice. Of course, I was just testing the app’s functionality and had no intention of paying the invoice at the end of the experiment. The BCH community has been fond of SLP tokens and the many applications that support the protocol. As the SLP universe continues to grow, people will likely see more automated Telegram bots like Spicecasa and tools like Schueller’s SLP Dividend Telegram bot going forward. What do you think about the Telegram dice game bot called Spicecasa? What do you think about Schueller’s SLP Dividend Telegram bot? Let us know what you think about these applications 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, Telegram bots, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any ideas, software, concepts, content, goods or services mentioned in this article. Image credits: Shutterstock, Telegram Logo, Wiki Commons, Fair Use, Spice.casa, and the SLP Dividend Telegram bot. 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 SLP Telegram Bots Introduced to Bitcoin Cash Supporters appeared first on Bitcoin News. View the full article

Digital currency influencers have started an auction to raise money for Ross Ulbricht who is serving a double life sentence for his involvement with Silk Road. There are lots of unique items for auction including artwork, physical coins, and other collectibles. Additionally, the crypto community has been discussing a bet analyst Ronnie Moas made with Civic cofounder Vinny Lingham. Moas said that if BTC did not hit $28,000 by the end of 2019 he would be “happy to donate $20,000 to freeross.org.” However, Moas has reneged on his agreement to donate to freeross.org and decided to tell the public he will give the funds to another charity. Also read: Film Reveals Never-Before-Seen Information About the Silk Road Case A Bet on BTC’s Price by 2020 Ends Differently Than Expected During the last few days, the cryptosphere has been discussing a bet between Civic cofounder Vinny Lingham and Standpoint Research founder Ronnie Moas. In 2018 in Las Vegas, Moas made a bet that BTC would reach $28K by the end of 2019, and if it didn’t he would donate to charity. “My view has not changed,” Moas tweeted in November 2018. “If BTC does not hit $28,000 by the end of next year … I am happy to donate $20,000 to [freeross.org] … if it does hit $28,000 and I win the bet … I am sure I will send them something as well,” the Standpoint researcher added that month. At the end of 2019, Lingham decided to remind Moas of his wager and stated: Bitcoin did not hit the $28,000 as predicted by Ronnie Moas when we made the bet in Vegas in 2018. Ronnie – please post proof of payment of the donation and thanks for being a good sport and Happy New Year! However, Moas didn’t seem to agree with the donation to freeross.org part of his wager when he talked about the bet this week on social media. Moas also didn’t seem to care for Lingham’s initial tweet and said “I did not refuse to honor the bet — Maybe you need to get some reading glasses and return money to investors in your scam — Now down 99% since December 2017. How much did you make off of Civic (CVC)?” Then Moas published a photographed response that the beneficiary (freeross.org) became “controversial” and he couldn’t support it. The statement written by Moas says he tried to contact Lingham in 2019 in order to change the wager’s beneficiary but disclosed that Lingham did not reply. The Standpoint analyst also remarked in his photo that he “has more than a dozen reasons why [he] can’t support Free Ross.” One of the reasons is because of the messages he allegedly received on January 1, 2020. “The $20,000 is going elsewhere and one of the reasons was because of nasty and sarcastic messages I received from his supporters within hours from the time the clock struck midnight on January 1,” Moas stressed on Twitter. Of course, the crypto community and Free Ross supporters on social media debated Moas’ recent decision not to donate to Ross. Moas has also tweeted about the accountability of freeross.org donations. The @Free_ross Twitter account responded to the accusations by tweeting: “If you don’t want to pay up then don’t. But calling our integrity into question is low — Our records are impeccable.” According to the organization, freeross.org has “a team of people working on Ross’s 2255 (a last resort indirect appeal) and on clemency five days a week.” The nonprofit added: We still have important fees that need to be paid on a regular basis, unfortunately. A Fundraising Auction for Free Ross Despite the wager going sour, the crypto community has been raising money for Ross Ulbricht in an auction held on the bitcointalk.org forum. There are all kinds of interesting items being sold and all the proceeds will go to freeross.org in order to help his case. One item being sold is a bolivar note from Venezuela with an autographed picture of Charlie Shrem. “All proceeds will go to the funds of freeross.org who is currently sitting in jail with a +40 year sentence,” the auction notes state. Another item for sale is a rare Physibit poker chip and there were only five made. An original Cryptografitti Abstract has sold in the auction and there are all kinds of physical collectibles like the Bitcoin Penny (BCP) series and an original Kialara piece. Since the day Ulbricht was arrested, a large portion of the crypto community has stood by his side with hopes that someday he will be free. Additionally, to date over 261,000 people have signed Ulbricht’s petition asking U.S. President Donald Trump to commute his sentence. Over 100 eminent organizations and individuals have voiced their support against the “miscarriage of justice” Ulbricht faced during the Silk Road investigation and subsequent trial. It’s safe to say that until Ulbricht is set free there will always be crypto supporters and well known influencers standing in his corner. After the bet between Moas and Lingham went sour, on Saturday a few crypto community members have decided to raise the funds for freeross.org. What do you think about the bet between Ronnie Moas and Vinny Lingham going sour? What do you think about the auction items being sold for freeross.org? Let us know what you think about this subject in the comments section below. Image credits: Shutterstock, Free Ross Auction, Twitter, Pixabay, 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 Ross Ulbricht Supporters Auction Collectibles After BTC Price Wager Goes Sour appeared first on Bitcoin News. View the full article

Funding is a prerequisite for any new crypto project, but with IEOs likely to play a reduced role in 2020, where will the all-important capital come from? While minted entities like Ripple, Tezos, and Tron certainly have the means to plow tens of millions into their chosen ventures, they can’t be expected to finance an ever-expanding ecosystem. Alternative token distribution and capital-raising strategies are therefore under exploration. Also read: After Blockstack’s Regulated Offering, Where Now For US Token Sales? What 2020 Holds for IEOs Initial exchange offerings became popular in the wake of the ICO market’s collapse, with Binance listing many of the most profitable IEO projects. May was last year’s high point for tier-one exchanges, with eight IEOs launching across Binance, Okex, Huobi, Bittrex and Kucoin. During the first six months of 2019, IEOs collectively raised over $1.5 billion. From July onwards though, the picture grew steadily bleaker – to the extent that there was just one IEO on these platforms in each of the final three months. Predictions of the IEO’s demise have been exaggerated however. There may be less of them this year, but with greater pressure on exchanges to conduct profitable offerings, it can be hoped that the quality will improve. This month will see several initial exchange offerings on Coinsbit including Wolfs Group, a consulting company that invests in strategic industries and payment gateways. To date, it’s focused its energies on acquiring companies rolling out bitcoin ATMS across Europe, and is now raising funds to build out a crypto exchange, mobile app and money transfer service for Ferpay Ltd, which the company owns. Elsewhere, quantum-proof blockchain QAN is holding an IEO on Bitbay on Jan 20. 88,888,800 QARK tokens will be made available by the QAN crypto platform that can run smart contracts in all major programming languages and which utilizes a Proof-of-Randomness (PoR) protocol. Like many of the newer blockchains, QAN is targeted at enterprises, which seem undaunted in their desire to embrace blockchain. As for the major exchanges, Binance didn’t announce an IEO for this month, but is expected to resume operations in February, with other tier-one exchanges also taking a winter break, during a seasonal spell when crowdfunding has historically dropped. The Rebirth of IPOs What about IPOs, the traditional fundraising model that dates back to 1602 and the Dutch East India Company? This method, which raised capital for Google, Amazon and Apple in the pre-crypto days, is enjoying something of a renaissance. Last year the cryptosphere saw initial public offerings – i.e. projects which held a private sale usually followed by an IEO – outperform ICOs in terms of average ROI for the first time ever. Ironic really, given that ICOs were originally based on IPOs. It’s conceivable that a hybrid crypto fundraising model could gain traction this year. World Chess, an online gaming and media company, recently touted a hybrid IPO for 2020 wherein digital tokens will be issued before shares are floated on the stock market. MERJ, the national stock exchange of the Seychelles, also announced an IPO of its tokenized shares back in September, claiming to be the first fully regulated stock exchange to list tokenized securities worldwide. Equity Funding and STOs Many analysts are speculating that equity funding will play a major role in the coming months, with angel investors seeking to seize a stake in the crypto businesses they bootstrap. An example of this theory in action is online investment platform Bnk To The Future, which saw 61% of investments made in crypto last year, including the launch of security tokens. Sony Financial Ventures also contributed to a $14.5 million funding round for Bitcoin bank Bitwala last summer, while Coinbase Ventures say they’ve invested in 60 crypto startups in the last few years. Binance, meanwhile, made nine outright acquisitions in 2019, and has promised several more in 2020. Accruing capital via crypto VCs, therefore, is fast becoming the norm. But here’s the rub: whereas many ICOs and IEOs were propelled by relentless tsunamis of hype and hyperbole, seasoned investors are more likely to be lured by strong economic models, experienced teams and viable roadmaps. Venture funding is anything but high-yield, low-hanging fruit, and the era of VC blockchains – wherein early-stage investors claim heavily-discounted tokens then foist them on retail investors – appears to be coming to an end in the wake of failures like Hedera Hashgraph and Blockstack. Speaking of strong economic models, Security Token Offerings (STOs) gained more attention and capital in 2019. Viewed as a regulatory-friendly fundraising model, STOs have been deployed across various industries including financial services and the energy sector. To date, the cryptosphere has witnessed over 60 STOs, which have collectively raised almost $1 billion. Expect this trend to continue over the next 12 months, even if STOs have yet to fully take off. New Year, New Funding Ultimately, the crypto projects of tomorrow will take funding where they can get it. Providing they can demonstrate real world utility and the potential for rapid growth, the capital won’t be difficult to source. It would be ambitious to suggest that startups can surpass 2018’s record of $21.6 billion in raised capital, but don’t expect the intriguing parade of projects rolling off the production line to let up. Research published on December 23, incidentally, indicates that IEOs lost investors up to 98% of their money in 2019. On the basis of such evidence, it may be the case that initial exchange offerings are on their last legs – even if those legs could kick restlessly for some time yet. Crypto projects that can turn retail investors into early adopters, rather than long-term bagholders, are the ones destined to survive. Which fundraising routes do you expect to be favored by crypto projects this year? 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 ICO Analytics. Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry. The post Crypto Fundraising Is Changing Again in 2020 appeared first on Bitcoin News. View the full article

The International Monetary Fund (IMF) is providing the Philippines with technical assistance regarding crypto assets. The IMF believes the country may become an important crypto market and has provided the Bangko Sentral ng Pilipinas with suggestions for the country’s crypto regulation, including quarterly data collection from approved crypto exchanges. Also read: Regs Roundup – China Blockchain ETF, New French Crypto Rules, Tokens Money in Russia IMF Helping Philippines’ Central Bank The International Monetary Fund published a 34-page Technical Assistance Report on the Philippines this week as part of its periodic consultation with the country’s regulators. The report and recommendations within it are based on an assessment the IMF staff conducted in July. The contents of the report constitute technical advice provided by the IMF staff to the authorities of the Philippines in response to their request for technical assistance, the report details. The IMF is also helping the Philippines’ central bank, the Bangko Sentral ng Pilipinas (BSP), in several areas to improve the quality of monetary and financial statistics compiled by the central bank. “At BSP request, the mission also delivered a lecture on the treatment of crypto assets in macroeconomic statistics,” based on the latest methodology released by the IMF’s Statistics Department, the organization detailed. Emphasizing the growing number of crypto exchanges approved by the BSP, the IMF asserted: The Philippines may become an important market for crypto assets. The BSP adopted a formal crypto regulatory framework through the issuance of Circular No. 944 in 2017. Businesses engaged in the exchange of cryptocurrencies for fiat money in the Philippines are required to register with the central bank as remittance and transfer companies. IMF Encourages the BSP to Collect Data From Crypto Exchanges According to the BSP’s most recent list, there are currently 13 approved crypto exchanges in the Philippines. They are Betur dba Coins.ph, Rebittance, Bloomsolutions, Virtual Currency Philippines, Etranss Remittance International, Fyntegrate, Zybi Tech, Bexpress, Coinville Phils, Aba Global Philippines, Bitan Moneytech, Telcoin, and Atomtrans Tech. The IMF report also notes that “The mission encourages the BSP to start exploring the possibility of collecting data on these exchanges for macroeconomic analysis, in particular international financial flows using crypto assets,” elaborating: The mission suggests requesting aggregated data, on a quarterly basis, on gross transactions, indicating the country of origin and destination of the funds transacted. “In addition, it would be useful to breakdown the parties involved in the transactions between individuals, financial corporations, and nonfinancial corporations,” the staff advised. The suggestions by the IMF are similar to the recommendations by the Financial Action Task Force (FATF), an intergovernmental body responsible for developing policies to combat money laundering. The FATF issued guidance on a risk-based approach to virtual assets and related service providers in June. It urges countries and obliged entities to design customer due diligence processes to meet both the FATF standards and national legal requirements. Its recommendations include “identifying the customer and, where applicable, the customer’s beneficial owner and verifying the customer’s identity on a risk basis and on the basis of reliable and independent information, data, or documentation to at least the extent required by the applicable legal or regulatory framework.” What do you think of the IMF helping the Philippines shape its crypto policies? Do you think the Philippines is already an important crypto market? Let us know in the comments section below. Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. 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 IMF Helping Philippines Become Important Crypto Market appeared first on Bitcoin News. View the full article

With one Bitcoin Cash House now established in Venezuela, the grassroots movement is independently spreading to other locations. Read.cash user ‘Koush’ has announced that the new BCH House Ghana has secured and paid for its location and will launch sometime this month. The independent movement to establish informational centers for those interested in peer-to-peer electronic cash is unique in its decentralized nature, and groups in other areas are now expressing interest in starting their own crypto hubs. Also Read: Bitcoin Cash House African Expansion to Feature in Toronto Meetup From Venezuela to Ghana In November 2019 news.Bitcoin.com reported on the successful launch of an informational and practical assistance resource known as Bitcoin Cash House in Venezuela. The project, which is the brainchild of Roberto Garcia, exists to help people learn about crypto and connect them with opportunities and resources in the space. This is especially key in struggling regions affected by political unrest, embattled economies and poverty. The project seems to be succeeding in connecting residents of the nation with crypto, and spreading word of the various utilities of peer-to-peer, permissionless cash. Yesterday I finished the Cryptocurrency Course in Barquisimeto, Congratulations to the participants, who are now part of the Bitcoin Cash House collaborators in Venezuela. pic.twitter.com/hfBsc4wrbx — Bitcoin Cash House (@BchBarquisimeto) December 8, 2019 In fact, the movement in Venezuela toward a better understanding of BCH is even evidenced by new signs on the street. While the statist economy may be in shambles, individuals in the country have a tool in crypto to help preserve financial sovereignty, but this can be difficult at times; largely due to lack of information, crypto-savvy social networks and resources. This utility is equally sought after in other parts of the world, evidenced by the recent announcement that a separately operated BCH House will now be opening in the African nation of Ghana. And we had an awesome and refreshing #meetup & pep talk hosted by team lead @mustapha1957 on #BitcoinCash and then introduced the #BCHHouse initiative to our amazing attendees! We shall operationalize the first hub in January, 2020. #bchghana @mattaaron @BCHmeetups pic.twitter.com/7vo3vfYd2h — BitcoinCash House, Ghana (@bchghana) December 28, 2019 Decentralized Crypto Hubs Kousha, a BCH ecosystem grower with a focus on developing nations, and ambassador at Bitcoin Cash House Ghana, writes in his recent announcement article: First and foremost the House is intended to provide education and tutorship for merchants and individual users alike. On the base level we offer the same as casaBCH in Venezuela. Services BCH House Ghana is set to provide include educational resources on sending and receiving BCH, advantages of crypto over fiat, protection against volatility and safe storage of assets. Like BCH House Venezuela, the hub in Ghana will help individuals learn “how to find work and get paid in cryptocurrency,” as well as “ways for developers and future developers to get involved with Bitcoin Cash.” The announcement further notes that “We are also open to any modular business idea or project, that we can provide next to the basic functions of the BCH House.” This might include “Developing tools in direct communication with local merchants to implement non-custodial financial services,” the post details. Kousha, who is located in Heidelberg, Germany, is clear in pointing out the independent, and decentralized nature of the ‘Cash House’ movement: As far as I can tell, there are more BCH Houses planned, while all of them are organized by individuals in an atomized fashion. According to Kousha, “Just as BCH itself, organizing such a house is pretty permissionless,” and “I myself am in contact with crypto enthusiasts from Uganda, Kenya and Nigeria, who are all eager and interested to have the BCH House project expand to their region,” he notes. Mohammed Mustapha Yakubum, “man on the ground” and team leader at BCH House Ghana. Moving Forward Head of Students for Liberty Ghana, team leader and “man on the ground” at the Ghanaian Bitcoin Cash House is Mohammed Mustapha Yakubum, a self-described “Youth Advocate, Libertarian, Entrepreneur, Events Organizer, Digital Marketer & Blockchain Enthusiast.” With Yakubum coordinating and working on a voluntarily basis with his team and Kousha, the group is looking to bring more economic freedom to the area while evolving the house into a self-sufficient operation. “While we got the basis for the office covered thanks to a donation from Bitcoin.com, we surely will need more funds soon, since we already have found workers, who we want to reimburse for their work in the future,” Kousha notes. “Once we have built some of the tools and services we intend to provide, we want the house to be self-sufficient and reimburse its workers on the spot.” What are your thoughts on the upcoming launch of Bitcoin Cash House Ghana? 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 Grassroots Bitcoin Cash House Movement Expands to Ghana appeared first on Bitcoin News. View the full article

The high profile billion dollar bitcoin lawsuit, Kleiman v. Wright, has continued into the new year. The Kleiman estate’s legal team filed for a protective order to prevent the deposition of Wright’s ex-wife on January 13, 2020. Additionally, the plaintiffs and defendants have scheduled a slew of fact and expert witness depositions for the next three weeks. Deponents mentioned in the court filing include crypto expert Andreas Antonopoulos and the Scottish novelist Andrew O’Hagan may tentatively be deposed as well. Also read: Kleiman Estate Asks Judge to Overrule Craig Wright’s Objections Plaintiffs File Protective Order Hoping to Prevent the Deposition of Craig Wright’s Ex-Wife Since February 14, 2018, the self-proclaimed Bitcoin inventor Craig Wright has been fighting a lawsuit versus Ira Kleiman and the Kleiman estate. Ira Kleiman is the brother of the now-deceased Dave Kleiman, who took part in multiple business relationships that involved Wright. The Kleiman estate accused Wright of perpetrating “a scheme against Dave’s estate to seize Dave’s bitcoins and his rights to certain intellectual property associated with the Bitcoin technology.” The plaintiffs’ initial filing sought in excess of $5.1 billion before punitive or treble damages. The lawsuit has dragged on for well over a year, and news.Bitcoin.com has been covering the fascinating case that could resolve an array of mysteries. Wright, of course, has been fighting the accusations but on August 26, Wright was ordered to distribute half of his BTC holdings. The judge also told Wright that he must give up some of his intellectual property assets tied to the technology from prior to 2014. Wright and his legal team have objected to the ruling and the case has continued into 2020. On December 16, the Kleiman estate’s lawyers asked the judge to overrule Wright’s objections against the court case and order. “Craig was sanctioned harshly, but fairly — Craig’s objections should be overruled in their entirety,” Kleiman’s lawyer Velvel Freedman explained to the court. Then a filing submitted on December 31 shows Kleiman’s lawyer has filed a “protective order preventing the unilaterally noticed deposition of Lynn Wright on January 13, 2020, in Australia.” The reason the filing was submitted is because Wright informed the plaintiff that he wished to depose his ex-wife Lynn. However, Velvel Freedman has a prior obligation to attend during the same timeframe Wright wants to depose his ex-wife. The December 31 court filing states: Craig’s unilateral scheduling of Lynn Wright’s deposition in Australia at a time he knew plaintiffs were not available, immediately before Craig’s deposition in England, and in the middle of the time where [six] experts remain to be deposed, the party depositions need to be taken and the remaining fact witness depositions need to be completed, constitutes good cause to issue a protective order. A list of tentative deponents scheduled for the Kleiman v. Wright lawsuit over the next three weeks. A List of Deponents Scheduled for the Next Three Weeks Additionally, the Kleiman estate and Wright’s defense team have compiled a list of depositions both parties hope to complete over the next three weeks. The list includes fact and expert witnesses who are scheduled to testify on behalf of the plaintiffs or defendants. The court may see the plaintiffs’ expert witness Matthew Edman again on January 14 in New York. On January 3, the defendants will be hearing from F. Harley Norwitch, a document examiner based out of Florida’s Palm Beach County. Furthermore, there are two well-known witnesses who are being asked to submit to a court deposition as well — Bitcoin expert Andreas Antonopoulos and London Review of Books editor Andrew O’Hagan. The famous editor and writer O’Hagan “has yet to agree on a date,” the court filing notes. According to O’Hagan’s long-form 2016 editorial called “The Satoshi Affair,” the novelist spent months with Wright and allegedly witnessed a key signing. Scottish novelist and London Review of Books editor Andrew O’Hagan. Just before Wright’s home in Australia was raided by the ATO, O’Hagan received an email from an attorney named Jimmy Nguyen. The lawyer told O’Hagan a team called “Ncrypt” wanted to contract him to “write the life of Satoshi Nakamoto.” “My client has acquired life story rights … from the true person behind the pseudonym Satoshi Nakamoto – the creator of the bitcoin protocol,” O’Hagan’s story details. During the end of “The Satoshi Affair” story, Wright allegedly showed O’Hagan a signed message from one of the earliest blocks. However, O’Hagan’s own words show he didn’t seem to understand what he witnessed. “I want it in layman’s terms,” O’Hagan said. “Explain what you just did,” he added. An excerpt from the London Review of Books editor Andrew O’Hagan’s article “The Satoshi Affair.” When the story published, O’Hagan’s editorial wasn’t taken seriously by the greater crypto community because of issues like O’Hagan’s blockchain naivety. Bitcoin advocates who don’t believe Wright’s story have also pointed to other evidence against his tales like provably backdated PGP keys, another bunk signature, plagiarism, and technical incompetence. The fact is, O’Hagan is not a blockchain expert but there have been plenty of cryptocurrency experts who have debunked all of Wright’s proofs including Dan Kaminsky, Patrick McKenzie, Robert Graham, and bitcoin security specialists Wizsec. Despite the expert opinions, O’Hagan’s court testimony could still unravel some of the mystery tied to the relationship the writer had with Wright while documenting his life. It will be interesting to see if these depositions materialize in the next three weeks and the crypto community is also curious to see if Andreas Antonopoulos will testify. If he speaks for the plaintiffs, Antonopoulos could help bolster Matthew Edman’s original testimony but also whether or not Wright’s past court statements are plausible. The billion-dollar lawsuit has been of great interest to the cryptosphere because it could reveal whether Wright’s detractors have been correct all along. What do you think about Kleiman’s latest filing? Let us know what you think about this subject in the comments section below. Image credits: Shutterstock, Bitcoin.com, Twitter, Wiki Commons, Fair Use, and Pixabay. Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry. The post Scottish Novelist Andrew O’Hagan Asked to Testify in Kleiman v. Wright Lawsuit appeared first on Bitcoin News. View the full article

HSBC had two of its Hong Kong branches closed on Jan. 2, the first working day of the year, following attacks by protesters during the latest anti-government demonstrations on New Year’s Day. The banking giant also closed seven indoor ATM clusters and announced on Friday it will suspend overnight services at 19 other ATM locations on weekends and public holidays. Also read: Crypto Banks Gain Regulatory Recognition Across the Globe ATMs in Protest Hotspots Closed The affected teller machines are located in common protest hotspots, Reuters reported. Besides the two vandalized branches, Hong Kong protestors covered the two landmark lion statues in front of HSBC’s main building in the city center with graffiti before setting them on fire. The latest round of the political crisis involved fresh protests against the government of China’s special administrative region on Christmas Eve and New Year’s Day. The ongoing popular demonstrations started last year, triggered by the introduction of a draft law allowing the local government to detain and extradite people wanted in jurisdictions with which Hong Kong has not signed extradition agreements. These territories would include Taiwan but also mainland China. The bill has since been withdrawn but the offices of entities with perceived connections to the People’s Republic were targeted. Until a couple of months ago, HSBC managed to stay away from the heat. But a decision in November to close an account used by the non-profit organization Spark Alliance collecting funds to support pro-democracy protesters and cover their legal expenses drew the bank into the region’s political turmoil. HSBC was accused by activists of being complicit with the efforts to quell the civil unrest. The arrest of four Spark Alliance members on money laundering charges in December raised more suspicions, although HSBC denied any involvement. In a statement, it claimed that the closure of the account was “in accordance to international regulatory standards.” The move highlighted the importance of decentralized cryptocurrencies. A protester quoted by the Irish Times commented: People are angry because they feel that HSBC has stopped money getting to the protesters. Hong Kong Important for HSBC Hong Kong is an extremely important market for HSBC. The London-based institution, a multinational investment bank and financial services holding company with global prominence, runs The Hongkong and Shanghai Banking Corporation Limited, a wholly owned subsidiary. Hong Kong accounted for over half of its $12.5 billion pre-tax profits in the first half of 2019. At least 90% of the $4.4 billion generated by HSBC’s retail banking and wealth management unit during the same period came from the territory as well. Furthermore, HSBC has so far invested billions of dollars in China’s southern Pearl River Delta region neighboring Hong Kong. The banking group has seriously expanded its services in China, which is the world’s second largest economy by nominal GDP. However, the protests that have been raging on for months are likely to affect HSBC and other global businesses operating there. On Thursday, the bank announced it has begun cleaning the lions in front of its Hong Kong headquarters but the restoration is going to take some time. Analysts expect the bank to seek growth in other Asian markets in case the Hong Kong unrest continues into 2020. What’s your take on HSBC’s decision to close branches in Hong Kong? Share your thoughts about the situation in the region in the comments section below. 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 HSBC Closes 2 Branches Following New Protests in Hong Kong appeared first on Bitcoin News. View the full article

Last year’s inaugural Proof of Keys day didn’t see massive amounts of bitcoin withdrawn judging by onchain data – but it did serve to educate a community. Trace Mayer’s call to arms also put exchanges on notice, with some disabling withdrawals, citing unscheduled maintenance. Here’s what the crypto community has to say about today’s event, which coincides with another watershed – Bitcoin’s 11th birthday. Also read: A Deep Dive Into Satoshi’s 11-Year Old Bitcoin Genesis Block Proof of Keys Day MKII “All you HODLers of Last Resort, I encourage you to declare and enforce your monetary sovereignty.” So decreed Trace Mayer on January 3, 2020, metaphorically cutting the ribbon on the second ever Proof of Keys. The date is of course significant for marking the anniversary of when Bitcoin’s genesis block was mined. For its second year, Proof of Keys day sees bitcoiners encouraged to withdraw their crypto from centralized exchanges such as Binance and Coinbase and store it in a noncustodial wallet. The motivations for doing so are obvious given the downfall of Mt. Gox, Canada’s Quadriga and Einstein exchanges, and hacks perpetrated against the likes of Cryptopia and Bitfinex. In the first quarter of 2019 alone, the amount of capital stolen in crypto-related scams and frauds topped $1.2 billion. “Jan 3rd is a particularly important day for crypto users who care about financial sovereignty,” observed Namebase CEO Tieshun in an email sent out today. The decentralized DNS is on the verge of launching and chose Proof of Keys day to unveil its waiting list. The crypto project is one of many to have embraced the initiative, with Shapeshift pointing out an additional benefit of participating: By withdrawing from central parties once per year, insolvency can be exposed. Proof of Keys is about testing central parties to prove that the crypto they claim is there, is actually there. Boosting Noncustodial Crypto Adoption While hardcore bitcoiners are cognizant of the need to reduce reliance on third parties, beginners require more education and solutions that are suited to their ability level. “Creating the security consciousness required for layman users to properly handle cryptocurrency private keys requires educational efforts that may take decades,” opined RSK founder and CEO Diego Gutiérrez Zaldívar. “The best balance between user control of crypto assets and usability is the creation of hybrid systems where third parties provide funds recovery and locking services without the ability to transfer funds,” he told news.Bitcoin.com, adding: We’ve seen that loss of funds and increased user monitoring has not actually been a significant deterrent for the use of custodial services, so I think the hybrid model will be the most crucial driver of self-sovereign asset management. In the particular case of Bitcoin, platforms like RSK provide the technical means to implement covenants, social recovery mechanisms and representation of stable assets. On Proof of Keys day, bitcoiners are reminded not to risk their crypto assets, whether due to a hack, exit scam, frozen account or tanked exchange. With new guidance for digital currencies coming into effect in 2020, including stricter Know Your Customer (KYC) enforcement and tighter controls on buying and selling cryptocurrency, the message looks set to be heeded by a higher number of hodlers this year. Creeping KYC directives have given rise to ‘surveillance exchanges,’ with more bitcoiners taking extra steps to conceal their identity by mixing coins via services such as Coinjoin. Bitcoin Turns 11: A Decade Plus of Milestones It remains to be seen whether the volume of onchain transactions on January 3, 2020 surpasses that of the year prior. It’s clear, however, that Proof of Keys has returned at a pivotal time in Bitcoin’s history, and just as geo-political events are heating up. The 2010s are receding in the rearview mirror, and in years to come the decade will be recalled for pivotal events from the Arab Spring and ISIS to Trump, Brexit and, yes, Bitcoin. While the first widely documented usage of BTC as a medium of exchange occurred in May 2010, when 10,000 coins were swapped for two Papa John’s pizzas worth $25, 2019 ended with 1 BTC valued at $7,182, making it the top-performing asset of the decade. Given the hundreds of articles forecasting bitcoin’s doom, including hatchet jobs which focused relentlessly on scams and frauds (how many column inches did Wannacry generate alone?), this 9,000,000% rise indicates that Satoshi’s concept is every bit as compelling and robust as the devoted early evangelists had claimed. Far from collapsing into an idealistic puddle in the early part of the decade, the momentum surged towards a peak of $19,000+ in 2017, before dropping off and then stabilizing in 2019. Needless to say, trading and speculation were the predominant use cases for bitcoin (and crypto generally) throughout the 2010s, a period which saw the industry experience five bubbles and crashes, followed by BTC rallying to settle higher than the previous low each time. During this period, Bitcoin has thoroughly invaded the public consciousness, the result of frenzied speculation, giddy op-eds, falling barriers to entry and a dawning sense that the financial system as we know it has been altered in exciting and fundamental ways. Starting on the 1st of January, we are removing the trading fee for ten days to support the annual Proof of Keys initiative. @TraceMayer pic.twitter.com/eQk4i67Uce — Hodl Hodl (@hodlhodl) December 30, 2019 A Path to Decentralization Beckons No-one knows for sure what the next decade holds, but Proof of Keys proponents will be hoping for greater decentralization, with noncustodial wallets, decentralized exchanges, and decentralized finance all gaining a foothold. Encouragingly, DEX volumes in 2019 were higher than BTC’s onchain transaction volumes in 2012, a comparison which is warranted given that DEXs are at a similarly early stage. Advocates of decentralized finance include RSK’s Diego Gutiérrez Zaldívar, who predicts “Bitcoin evolving into a complete defi ecosystem where users will profit from the ease of use of traditional financial systems, while regaining control of their assets,” aided by technology such as RIF Lumino Payments and BTC-collateralized stablecoins developed by Money on Chain. In the here and now, though, hodlers around the world are taking a moment to move their coins to noncustodial wallets and to toast Bitcoin’s 11th birthday. Do you support Proof of Keys day? 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 Proof of Keys Day Returns on Bitcoin’s 11th Birthday appeared first on Bitcoin News. View the full article

11 years ago today, Satoshi Nakamoto launched the Bitcoin network at approximately 18:15:05 UTC and the world hasn’t been the same since. The Bitcoin blockchain came to life on January 3, 2009, and so far, more than 600,000 blocks have been mined into existence. Nakamoto’s genesis block is special and the hardcoded block has a few unique characteristics compared to the rest of the chain of blocks that followed. Also Read: BTC’s Hashrate Touches 120 Exahash, But the Price Has Not Followed The Genesis Block This week the cryptocurrency community is celebrating the 11th anniversary of the Bitcoin network. Satoshi brought the network to the world two months after publishing the whitepaper on October 31, 2008. The launch of the Bitcoin blockchain started with a hardcoded block called the ‘genesis block’ or ‘block 0.’ Satoshi started the genesis block on Saturday, January 3, 2009, at precisely 1:15 p.m. Eastern Standard. The block is unique because it has a 50 BTC reward subsidy that can never be spent. Alternative coins that have copied Bitcoin’s framework also use a hardcoded block to start a new chain. Most early bitcoin blocks and the hash of the genesis block have two more leading hex zeroes. In addition to this characteristic, block 0 has a message in the coinbase parameter, which represents a possible reminder of why the cryptocurrency was created. The genesis block’s message reads: The Times 03/Jan/2009 Chancellor on brink of second bailout for banks The genesis block’s coinbase parameter message. During the last 11 years, members of the crypto community have sent small fractions of BTC to the genesis block’s address. To date, block zero has 68.13 BTC, which is 18.13 BTC ($131,527) more than it originally started with. There are messages sent with the satoshis as well, as most transaction messages sent to block 0 beg Bitcoin’s creator for money. Three people sent the address some funds today, and there’s been a number of satoshis sent to the address all week long. An interesting fact about the 18.13 BTC worth of outputs sent to block 0 is that the funds can be spent, if Nakamoto still possesses the keys to the wallet address. Another interesting fact about the “bailout for banks” quote is that Satoshi added the statement twice into the codebase. When someone decrypts the original hexadecimal format, the “bailout for banks” quote is also written backward. Seven-Day Theory No one knows who Satoshi Nakamoto was, but many people believe that Bitcoin’s creator was a Microsoft user. Bitcoin version 0.1, the original Bitcoin codebase implementation, is written in the coding language C++ and blocks that were mined in the early days used a Windows GUI mining application. Nakamoto mined the first bitcoin blocks after block 0 by leveraging a central processing unit (CPU), which is much less powerful than the warehouses filled with ASICs today. The network did not kick into gear right away and unlike today, with blocks processed roughly every 10 minutes, the subsequent block after the genesis block took six days. There are those that assume Bitcoin’s creator took a break between block 0 and 1. Some say Nakamoto purposefully made it so the timeline was similar to the Bible’s Genesis tale when the earth was created in seven days. Hal Finney tweeted this announcement during the same timeframe bitcoin’s block one was mined into existence. Hal Finney was the first person to transact with BTC in coordination with Satoshi Nakamoto. The first transaction took place three days after block 1 and coins were sent to Hal Finney from block 9. Finney told the world a few days earlier he was “running Bitcoin” on Twitter on January 10, 2009. In addition to the very first transaction, Nakamoto had decided to send BTC to other network participants on the same day he sent funds to Finney. The veteran cryptographer Finney told the public in 2013 that he was the first person to mine Bitcoin alongside Nakamoto. “When Satoshi announced the first release of the software, I grabbed it right away — I think I was the first person besides Satoshi to run bitcoin,” explained Finney. Nakamoto’s Pre-Release Source Code Tells a Story While examining the first versions of the Bitcoin source code, which was a pre-code release prior to Jan. 3, 2009 distributed to bitcointalk.org member “Cryddit,” people have found some interesting details. The source code mentions certain terminology that crypto users did not know Nakamoto used at the time. For instance, he referred to the blockchain as a “timechain” and the words “bitcoin miner” can be found as well. The words “bitcoin miner” in the early code are meaningful to some individuals because Nakamoto never used that term within the original whitepaper. Many people believe Nakamoto sent pre-release code to multiple people including sending the “main files” to James A. Donald. Other intriguing words can be found in the early code like how Nakamoto referred to Bitcoin’s smaller units as “coin” (1,000,000) and “cent” (10,000) rather than today’s popular term “satoshis.” The source code also describes the “timechain” as “a tree-shaped structure starting with the genesis block at the root.” The pre-release Bitcoin code also contained early framework for an IRC Client, a peer-to-peer marketplace and a virtual poker game. Bitcoin’s pre-release code has terms like “coin” and “cent” used for the smallest fractions of BTC. To a great number of people, Nakamoto’s code and initial Bitcoin launch on January 3 were the start of a monetary revolution. The software has sparked the idea that peer-to-peer and censorship-resistant money can exist, removed from governments, corporations, and any single entity. Bitcoin has also given birth to over 4,000 individual blockchain networks that have allowed transactions between global individuals across any border. The fact that the Bitcoin network and the protocol’s offspring continue to thrive today after 11 years is quite a milestone. Nakamoto’s creation has been a gift that keeps on giving. What do you think about the 11-year anniversary of the genesis block and Satoshi Nakamoto’s infamous creation? Let us know what you think about this subject in the comments section below. Image credits: Shutterstock, bitcointalk.org, cypherpunk mailing list, pre-release code, Twitter, Wiki Commons, Fair Use, and Pixabay. 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 A Deep Dive Into Satoshi’s 11-Year Old Bitcoin Genesis Block appeared first on Bitcoin News. View the full article