roadrunner

On December 8, the U.S.-based coffee firm that uses cannabidiol (CBD) in its product, Crazy Calm, launched a promotion that aims to send $5 per order to the charity EatBCH. The founder of Crazy Calm, Matt Aaron, also detailed that the startup wanted to leverage the payment processor Shopify but the company closed their account because they sell CBD infused goods. Aaron notes that bitcoin cash is quite helpful because of its censorship-resistant benefits by removing the middleman from the equation. Also Read: The Coolest Jobs in Crypto When CBD Businesses Suffer from Banking Censorship Crypto Comes to the Rescue Over the last five years, cannabis and cannabidiol (CBD) products have become extremely popular. CBD products are a bit more mainstream because they are legal in most jurisdictions and they can help people suffering from anxiety and pain. In addition to this, CBD oils do not have the same psychoactivity that can be found in tetrahydrocannabinol (THC). The startup Crazy Calm uses CBD in its coffee products from a blend of organic, fair-trade coffee and CBD derived from organic compliant hemp. Crazy Calm was founded by Bitcoin.com’s podcast host Matt Aaron and he’s been steadily preparing for offering CBD-infused coffee products. Of course, Aaron accepts BCH for his Crazy Calm coffee, but the startup attempted to utilize the payment processor Shopify in order to accept fiat as well. Shopify is not the only payment processor that gives CBD startups issues. Aaron told news.Bitcoin.com on Tuesday that it’s common for CBD companies to have banking issues in the U.S. “The banking issue makes it very difficult to find a bank that’s willing to work with a CBD company even though CBD is legal in all 50 states due to the 2018 farm bill. Finding a credit card processor was even more difficult and we are grateful to both of them for accepting us.” Crazy Calm’s coffee product. Highlighting the Power of Cryptocurrency In order to drive more cryptocurrency spending, Aaron told news.Bitcoin.com that Crazy Calm offers a 10% discount on orders paid with cryptocurrency. Moreover, Crazy Calm is donating $5 per order to the well known food drive charity Eatbch. The charitable organization is one of the BCH community’s most popular nonprofits as it feeds people in Venezuela and South Sudan using BCH payments. The Crazy Calm team considers Eatbch “family,” Aaron remarked, explaining that the startup has committed to giving $5 in BCH to Eatbch for the first 100 orders for a few reasons. “[The first is] we love what Jose, Lizzie, John Bior and the entire Eatbch family does and it’s a great cause,” Aaron told news.Bitcoin.com. The podcast host added: We want to highlight the power of cryptocurrency so we are offering 10% off to end users and wholesaler customers (stores like CBD vape shops) because of the uncertainty that we face. We could have banking and payment processing interruption at any moment. Crazy Calm’s checkout cart shows that BTC, LTC, BCH, and ETH will give customers 10% off their order. Crazy Calm’s founder wholeheartedly believes that just like the wide variety of health benefits CBD offers, cryptocurrencies offer financial sovereignty from banks and third parties who don’t approve the medicine. Crazy Calm’s website highlights that the freeze-dried organic coffee infused with CBD gives a profound combination of “relaxing energy.” Since initiating the latest 10% offer with digital currencies, Aaron noted that three potential wholesale CBD shops have contacted Crazy Calm about the crypto discount. What do you think about the issues companies like Crazy Calm face when selling products that contain CBD? Do you think digital currencies like bitcoin cash can help CBD merchants? Let us know what you think about this subject in the comments section below. Image credits: Shutterstock, Crazy Calm, and Pixabay. Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. The post CBD Coffee Company Leverages Censorship-Resistant Nature of Crypto appeared first on Bitcoin News. View the full article

The Onecoin scam, a multi-level Ponzi scheme that acquired $4 billion from investors has been falling apart at the seams. Criminal proceedings have started against Onecoin leaders and one alleged associate who was found guilty of laundering $400 million has asked a New York judge for more time to process an acquittal motion. Additionally, according to testimony from Onecoin cofounder Konstantin Ignatov, the owner of the Phoenix Thoroughbreds was accused of stealing €100 million from the Onecoin Ponzi. Also read: Onecoin Websites Suspended as the $4 Billion Ponzi Crumbles Accused Onecoin Co-Conspirator Asks for Extension to Prepare Acquittal and Retrial Motions Onecoin is a Ponzi scheme founded in 2014 by Ruja Ignatova, Sebastian Greenwood, and Konstantin Ignatov. For years the leaders, alongside a large group of associates, claimed Onecoin was a real blockchain and a legitimate cryptocurrency. However, many individuals, groups, and insiders revealed the true nature of the Onecoin beast, but it still managed to siphon $4 billion from unknowing investors. Last week, news.Bitcoin.com reported on how Onecoin operations have been falling apart and a slew of Onecoin domains were seized by law enforcement. Both Konstantin Ignatov and Sebastian Greenwood were arrested by U.S. authorities last year, but Ruja Ignatova, otherwise known as the ‘Crypto Queen,’ has been on the lam. According to her brother Konstantin, Ruja allegedly acquired a “big passport” and met up with Russian friends in Athens. No one has been able to locate Ruja, and just before she left, the Crypto Queen purchased a multi-million dollar home and yacht. From left to right: Ruja Ignatova, Konstantin Ignatov and Sebastian Greenwood are the three accused creators of the Onecoin Ponzi scam. While Ruja remains at large, one of her alleged associates from the U.S., Mark S. Scott, has been dealing with a trial of his own. Scott was convicted by the New York Southern District Court (NYSD) in November for bank fraud and conspiracy to commit money laundering. On December 4, Scott was given more time to have his legal team prepare motions for an acquittal and possibly a new trial. Scott is accused by U.S. prosecutors of laundering $400 million worth of Onecoin’s proceeds. Prosecutors claim Scott created fraudulent investment funds he curated and Onecoin paid him $50 million for his services. Scott asked the NYSD court Judge Edgardo Ramos for a one-month extension so his counsel can prepare retrial and acquittal motions. According to court docket filings, Scott has until December 20, 2019, to submit these motions. U.S. resident and former Locke Lord LLP attorney Mark S. Scott is fighting charges against him that claim he helped Onecoin associates launder $400 million in the British Virgin Islands. NYSD prosecutors allege that Scott started working with Onecoin in 2016 and created a series of investment funds held in the British Virgin Islands. The stash, dubbed the “Fenero Funds,” totaled $400 million and he claimed the funds stemmed from “wealthy European families.” However, law enforcement believes the funds are from the Onecoin Ponzi and prosecutors believe Scott knew all about the fraud. Scott, a former Locke Lord LLP partner, faces 20 years for conspiracy to commit money laundering and up to 30 years in prison for the conspiracy to commit bank fraud. Despite Ignatov’s Testimony, Phoenix Thoroughbreds Owner Denies Associations With Onecoin Conspirators in the US During the investigation into Mark S. Scott, the publication the Racing Post claimed Konstantin Ignatov said some interesting things under oath in a New York court. Ignatov disclosed the owner of Phoenix Thoroughbreds, Amer Abdulaziz Salman, ostensibly stole funds from the Onecoin scam. Racing Post columnist Peter Scargill detailed that Konstantin Ignatov told the court that Salman was “a key figure in a major money-laundering operation for an international cryptocurrency fraud.” According to Ignatov’s testimony, Salman was one of Onecoin’s “money-cleaners under the guidance of Gilbert Armenta.” Armenta was Ruja Ignatova’s boyfriend at the time and her brother claims that Salman also “stole €100 million from Onecoin.” “He started buying racehorses for, like, €25 million. [He was] one of the main money-launderers for Ruja,” Konstantin Ignatov’s quoted testimony reads. According to Konstantin Ignatov’s testimony, the Phoenix Thoroughbreds owner Amer Abdulaziz Salman was involved in the Onecoin Ponzi. The Phoenix Thoroughbreds and Salman deny the allegations and contest they are cooperating with law enforcement. After Ignatov testified, Salman and his firm Phoenix Thoroughbreds denied all of the Onecoin accusations. “[Phoenix Fund Investments] categorically denies all allegations made against it, and its owner, Mr. Amer Abdulaziz, in legal proceedings against Onecoin and its conspirators in the U.S.,” the company said in a statement. “[Phoenix Fund Investments] believes that the firm and Mr. Amer Abdulaziz have acted according to the law at all times, and will vigorously contest all allegations of wrongdoing [and] will fully cooperate with relevant authorities should they require any assistance.” What do you think about the Onecoin Ponzi escapade? What do you think about Mark Scott’s case in New York and Konstantin Ignatov’s testimony? Let us know what you think about this subject in the comments section below. Image credits: Shutterstock, Fair Use, Twitter, Wiki Commons, and Pixabay. Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The Local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. The post Accused Onecoin Co-Conspirators Fight Criminal Charges in the US appeared first on Bitcoin News. View the full article

Meme Lord. Street artist. Unique startup founder. Feeder of the hungry. There’s no end to the amount of cool jobs in crypto, and new uses for decentralized, peer-to-peer cash are limited only by the bounds of one’s imagination. Whether finding new and innovative solutions for longstanding societal or technological problems, just having fun, or both, those receiving a paycheck in digital currencies aren’t always day traders or suits doing desk work at a big firm. Also Read: Street Artist Pascal Boyart Helps Venezuelan Creators Earn Crypto Cool Money Crypto is cool money. Peer-to-peer, decentralized and permissionless cash like bitcoin opens all sorts of opportunities for entrepreneurs, employers and employees alike. Without cumbersome banks, excessive fees and regulations standing in the way, sending and receiving payments for services is easier than ever. So is giving. While most everyone knows about the more conventional jobs in the space, this article aims to focus on the decentralized heart of crypto, where creatives and everyday individuals are leveraging the power of internet money for an unorthodox living or lifestyle. Cool Crypto Gigs Meme Lord “So what do you do?” “Oh, me? I’m a crypto meme lord.” It’s no joke. If your dream job is to spend your days doing exactly what you do now — fighting the great meme wars of the 2010s and soon 20s — crypto makes that possible. In August, crypto swapping application Sideshift.ai was on the lookout for a “Meme Lord/Specialist.” The now expired (and ostensibly filled) job listing states the applicant would be responsible for “meme creation and related activities. If you have a ‘no idea is too spicy’ approach to memes and know how to push buttons, this may be the role for you.” The posting goes on to note that his or her highness would be paid in a “cryptocurrency of [their] choice” and that hours are flexible as “Sideshift AI is focused on output.” The posting requires no resume, just the submission of a couple memes and desired hourly rate, plus a spicy meme idea for consideration. Crypto Artist Art and bitcoin go together like bread and butter, thanks to the openness and innovation both areas of free and permissionless human activity share. However, the pay the bills aspect when it comes to this nexus isn’t as often discussed. French artist Pboy has it down to a science. As news.Bitcoin.com reported in October, Pascal Boyart (Pboy) is not only making significant side scratch from his murals and economics-focused street art, he’s helping others to to do it too, with a bilingual, in-depth tutorial on how to attach QR codes to large murals. What’s cooler than spray-painting the town in counter-economics propaganda and getting paid for it? Speaking, Crypto Nomadism and Other Independent Work Cryptocurrencies can be freely traded peer-to-peer and are digital, thus there are fewer limits imposed on what enterprising minds can do to provide a service and be recompensed in the market. Whether a popular crypto vlogger and speaker like Ivan on Tech, a digital nomad traveling the world and documenting the adventure like Didi Taihuttu and the Bitcoin family, or someone with a new and useful app or startup idea, the cool of crypto is that it levels the playing field and opens opportunity to anyone with an idea and the drive to create it. Taihutti details the impetus for his choice to become a full-time crypto nomad with his family, saying: I built up three successful companies but while doing so, I lost my mother when she was 48 and lost my father when he was 61. During these hard times in my life, I started reflecting life more and more and discovered that the life I was living was not the life I wanted to live. I experienced that Life could go very fast and that I needed to change. I sold my companies and started to travel with my family. Taihutti and his family are involved in public speaking, bitcoin education, and charity as they travel the world. Many people ask our route for the next couple of years so here it is. We are in Corsica and will follow the line to greece etc. (yes the route can change) If you have suggestions comment below! https://t.co/GlxAI5irYX#thebitcoinfamily #vanlife #bitmobile pic.twitter.com/qG4xNKbJKG — ₿ Didi Taihuttu ₿ (@Diditaihuttu) November 26, 2019 Everyday individuals are finding that their ideas are more readily noticeable and feasible than in times past, thanks to the decentralized nature of the crypto space and democratization the internet provides. So if you can think of the next cool concept, you’ve got more of a shot than ever to get it to market. Develop an app, give private tours of your city for crypto, or sell produce for bitcoin in your local farmer’s market. The sky’s the limit. Giving While not technically a “job” according to some, for serious crypto charity organizers, giving is a time-consuming commitment of passion, and can be much more involved than any typical nine to five work. Crypto has demolished many of the hurdles that once made helping others difficult — political borders, banking fees, regulations and slow transfer speeds. Jose and Gabriel, who started the charity organization Eatbch in Venezuela, don’t make money from their initiative. The coolness of their crypto gig is in what they do. When the founders saw “people we knew since childhood reduced to begging and searching trash bags for scraps of food” they sprang into action leveraging crypto in an organic, decentralized way, and now provide food via BCH donations to people and communities in need. The operation has also expanded to South Sudan. When it comes to crypto there are tons of truly cool charities that are transparent (thanks to the use of blockchain), grassroots, and not organized or governed by political interests. Satoshi Nakamoto’s vision and protocol for a peer-to-peer electronic cash system has revolutionized the way finance can be done. With this revolution have come all kinds of new opportunities for those with great and innovative ideas to enjoy super cool jobs. What’s your dream crypto job? Let us know in the comments section below. Images courtesy of Shutterstock, fair use. Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. The post The Coolest Jobs in Crypto appeared first on Bitcoin News. View the full article

Bakkt has launched two new regulated bitcoin derivatives products. Within hours of launch, Bakkt announced that over 1,000 futures contracts had been traded in Asia. The platform now offers four types of regulated bitcoin derivatives products: monthly and daily physically delivered bitcoin futures, cash settled bitcoin futures, and options on monthly bitcoin futures. Also read: SEC Approves Bitcoin Futures Fund 2 New Regulated Products Bakkt, a digital asset platform powered by Intercontinental Exchange Inc. (ICE), the parent company of the New York Stock Exchange (NYSE), announced Monday that its two new bitcoin derivatives products are now live. They leverage the platform’s benchmark contract, the physically delivered bitcoin monthly futures, which was launched in September. The first of the two new products is Bakkt Bitcoin (USD) Monthly Options, which settles into the underlying futures contract two days prior to expiry on ICE Futures U.S. The second is Bakkt Bitcoin (USD) Cash Settled Futures, which is available on ICE Futures Singapore. “We’re live with two new bitcoin contracts — a cash settled future and options on futures — both fully regulated and leveraging our benchmark,” COO Adam White remarked Monday. After about five hours following its launch announcement, Bakkt tweeted: Over 1,000 Bakkt Bitcoin (USD) Cash Settled Futures contracts have been traded on ICE Futures Singapore since launching earlier today. ICE unveiled its plans to launch the cash-settled futures in Singapore on Nov. 21. The contracts are listed on ICE Futures Singapore and cleared by ICE Clear Singapore, both of which are regulated by the Monetary Authority of Singapore (MAS). “Our new cash settled futures contract will offer investors in Asia and around the world a convenient, capital efficient way to gain or hedge exposure in bitcoin markets,” commented Lucas Schmeddes, President and COO of both ICE Futures and Clear Singapore. Rising Interest and Growing Volumes The two newly launched products join the platform’s two existing offerings: the Bitcoin (USD) Monthly Futures and the Bitcoin (USD) Daily Futures. Both are supposed to be physically settled, with the underlying bitcoins held in the Bakkt Warehouse. Bakkt Trust Company Llc is licensed by the New York State Department of Financial Services (DFS) to provide custody of bitcoin. The “DFS has authorized Bakkt to provide custody services for bitcoin in conjunction with the launch of physically delivered bitcoin futures contracts,” the regulator said on Aug. 16. The trust company is also registered with the U.S. Financial Crimes Enforcement Network (Fincen). Independent chart by Bakkt Volume Bot. Despite a slow start in September, Bakkt’s futures trading volume soon picked up as BTC’s price plummeted. On Nov. 27, the platform boasted that a record high was set, tweeting: Two months after their debut, Bakkt Bitcoin Futures reached a record high of 4,443 contracts traded today – up over 60% from our last record-setting day. Meanwhile, Georgia Governor Brian Kemp has picked Bakkt CEO Kelly Loeffler to replace Senator Johnny Isakson who is retiring at the end of the month. Loeffler is expected to take office on Jan. 1. What do you think of Bakkt’s two new bitcoin derivatives products? Let us know in the comments section below. Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Images courtesy of Shutterstock, ICE, and Bakkt Volume Bot on Twitter. Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. The post Bakkt Launches Bitcoin Options in US, Futures in Asia appeared first on Bitcoin News. View the full article

China’s Center for Information and Industry Development has published its year-end crypto project rankings. Thirty-five projects were evaluated and ranked overall as well as in three separate categories. Bitcoin has risen in ranking while EOS remains China’s favorite. Also read: China Ranks 35 Crypto Projects as President Xi Pushes Blockchain Year-End Crypto Rankings The Center for Information and Industry Development (CCID), under China’s Ministry of Industry and Information Technology, released the 15th update of its crypto project rankings on Friday. While the hype for blockchain technology initiated by President Xi Jinping has somewhat subsided, the center continues its work on evaluating and ranking crypto projects. This month’s release is the last one this year. The center evaluated the same 35 projects in December as it did for the previous rankings in September. In addition to the overall ranking, the CCID evaluated all the projects based on their basic technology, applicability, and creativity. EOS remains at the top of the overall ranking, followed by Ethereum and then Tron. The center started ranking Tron in February, debuting it at number two overall. However, in July, it dropped to the third place and Ethereum regained its number two ranking. In September, Tron overtook Ethereum once again but only to fall to the third place once more this month. NULS ranks fourth, followed by Lisk, Neo, Steem, and Bitshares. BTC has risen from the 11th spot to the 9th spot. BCH also improved, rising from the 30th spot to the 27th spot. CCID’s crypto rankings for December. The CCID describes itself as “a first-class scientific research institution directly under the administration of the Ministry of Industry and Information Technology of China.” It provides professional services to the government including research, consulting, evaluation, certification, and research and development, according to its website. The center has been working on its Global Public Blockchain Technology Assessment Index since the beginning of last year. The rankings are compiled by CCID (Qingdao) Blockchain Research Institute, an entity established by the CCID, in collaboration with other organizations such as the CCID Think Tank and the China Software Evaluation Center. “The result of this assessment will allow the CCID group to provide better technical consulting services for government agencies, business enterprises, research institutes, and technology developers,” the CCID previously explained. This Month’s Sub-Rankings The CCID explained that the basic technology sub-category mainly evaluates the technical implementation of the public chain, primarily examining its functions, performance, security, and decentralization. This month, EOS and Tron still occupy the first and second places, the center noted, adding that “The average value of the basic technology sub-index has not changed much from the previous period.” The applicability sub-index mainly evaluates the comprehensive level of the applications that the public chain actually supports, including node deployment, wallet applications, development support, and application implementation. In this evaluation period, the center revealed that “The average value of the overall applicability index increased significantly from the previous period.” The creativity sub-index mainly examines the continuous innovation of the public chain, including the number of developers, code updates and code impact. The center noted that compared to the previous period, the average creativity sub-index has only increased slightly. What do you think of this latest CCID rankings? Let us know in the comments section below. Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Images courtesy of Shutterstock and 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 China Releases Year-End Crypto Rankings appeared first on Bitcoin News. View the full article

There are a few ways of looking at bitcoin mining. As an ostensibly selfish enterprise, wherein miners are seeking to extract precious coins for profit. And as a community of individuals who envisage a better way of generating, handling and using money, and are motivated to secure the Bitcoin network. The truth is probably somewhere in between. Whatever the case, greed was not the motive for the bitcoin miners who took it upon themselves to claim less than their allotted coinbase reward. Why would anyone do such a thing? Also read: Bitcoin History Part 20: BTC Reaches $1 The First Miner to ‘Pour One Out’ Paying homage to the legends who have gone before is not unusual. It nevertheless came as a surprise when Bitcointalk user ‘midnightmagic’ decided not to claim his coinbase reward for BTC block 124,724 as a token of respect to Bitcoin’s departed founder. Midnightmagic publicized his tribute on June 8, 2011, about six months after Satoshi’s final Bitcointalk message. Coinbase rewards are awarded to miners of a valid bitcoin block, and until they were halved on November 28, 2012 they stood at 50 BTC. While each node verifies that miners don’t attempt to claim more than they are allowed, the software does not prevent them from claiming less than their earned share. Midnightmagic spoke for many when he wrote that he viewed this “as a freedom in the protocol, not a drawback.” He added, “To make absolutely sure that I was doing it on purpose, I set the reward value to 49.99999999, which meant that I inadvertently threw away the transaction fees which I could have allocated to myself. I did it as a tribute to our missing Satoshi: we are missing Satoshi, and now the blockchain is missing 1 Satoshi too, for all time.” Underpaying oneself to symbolically honor a shadowy figure who got the ball rolling on Bitcoin may seem like an odd move. But midnightmagic didn’t want to claim credit for the idea, saying years later that he merely implemented something Bitcoin developer Matt Corralo had “lobbed over the wall at me.” A Tidal Wave of Poured Liquor Midnightmagic may have been the first but he certainly wasn’t the last. Miners have foregone their coinbase rewards at various block heights, with the most generous being 12.5 unclaimed BTC (the full block reward) at 501,726. Another miner tipped half of his reward, a sum totalling 6.25 BTC, in Satoshi’s direction at block height 526,591. The most intense patterns of such behavior occurred at heights 162,000, 180,000-230,000 and 530,000, with over 1,200 anomalies recorded. Of course, BTC is not only lost when miners purposefully claim less than they are entitled to. Due to an early glitch in Bitcoin (later rectified by BIP-30), it was possible to create a coinbase transaction which duplicated a previous coinbase, thereby causing the coins created by the older coinbase to be irreversibly overwritten. These duplicate coinbase transactions wiped 100 BTC from Bitcoin’s ledger before the 2012 fix was put in place. What would Satoshi have thought of miners deliberately reducing the number of spendable coins in existence? We can only speculate. While many factors affect Bitcoin’s actual circulating supply, from lost keys to coins sent to the genesis address, unclaimed rewards speaks to the enduring depth of feeling towards the enigmatic Nakamoto. Tipping their 40 ounce towards the kerb by reducing their coinbase reward is a gesture of miner gratitude, indelibly recorded onchain. Bitcoin History is a multipart series from news.Bitcoin.com charting pivotal moments in the evolution of the world’s first and finest cryptocurrency. Read part 20 here. 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 Bitcoin History Part 21: Miners Pour One out for Satoshi appeared first on Bitcoin News. View the full article

Universal Protocol Token is a mega-utility token offering attractive interest rates when lending and borrowing, lower exchange fees, cashback and discounts on trading. The large holders of UPT in the UP Alliance have gotten together and committed to lock their tokens and not sell any UPT for at least a year. Also Read: Mega-Utility Token UPT Will Offer Interest and Discounts on Trading UP Alliance Members to Lock UPT Tokens The Universal Protocol Alliance is a group of like-minded cryptocurrency companies and blockchain organizations that want to connect different digital assets in a single network including Bittrex, Certik, Omisego, Blockchain at Berkeley, Uphold, and Cred. The Universal Protocol Token (UPT) is the native token of the Universal Protocol Platform, and is the underlying utility token for the Universal Protocol ecosystem. Consumers can use it to make transactions with the additional tokens and stablecoins that Universal Protocol has released. The large UPT holders in the UP Alliance have now gotten together and committed to lock their tokens for a certain period of time. The group says that members and investors are united in their decision to hold UPT for the good of the project — as this will allow the Alliance the runway it needs to operationalize its ambitious project with merchants, government officials, developers and customers of UPT. In total, 82.5% of all UPT is already locked for a period of over three years, vesting monthly. In addition, all UP Alliance members and investors representing over 96% of all UPT holdings have agreed to hold UPT for period of at least one year. The Alliance is also offering all UPT holders up to 4% interest on the tokens. Mike Arrington, CEO of Arrington XRP Capital, stated: “As an investor in UPT and in some of the companies that comprise the Alliance, I have conviction that the Alliance members involved in this project have the vision, business know-how and grit to achieve mainstream adoption. This project can help everyone understand the very practical impact blockchain solutions can have on commerce, financial services and government tax collection. I encourage everyone to support the companies in the Alliance.” Universal Protocol recently demonstrated a new service for vendors called Cred Merchant Solutions, which allowed elected California officials, along with members of the community, to purchase goods at a vendor with bitcoin cash (BCH). This mechanism permits merchants to settle transactions in the Universal Dollar in real-time, and transmits the tax remittance to the appropriate government authorities. “We are thrilled to support the Alliance and UPT long term as we collectively build technology that solves real problems for customers, merchants, and elected officials to help usher in the next billion users of blockchain. The significant long term support from all Alliance members is a result of the very practical work of the Alliance, which will result in significant cost reduction for consumers and merchants, and enable highly productive tax collection, transparency, and predictability for city and state governments,” said Dan Schatt, co-founder of the Universal Protocol Alliance and CEO of Cred. Bitcoin.com Exchange to Support Family of UP Tokens Founded in 2018 to accelerate mainstream adoption of blockchain technology, the Universal Protocol Alliance is aiming to produce viable and pragmatic use cases that can benefit consumers, businesses, and governments globally. The group has identified that many users need innovative solutions to move digital assets seamlessly across different wallets, exchanges, and networks. In addition to the contributions made by alliance members, each member organization will integrate and incorporate UPT directly into their businesses. Vansa Chatikavanji, CEO of Omisego said: “Omisego’s goal is to build fair and accessible financial services infrastructure. We are excited about the disruptive potential of the Alliance integration to the Omisego network, allowing for compelling scalable payment solutions for customers, merchants and governments. We are a firm believer in the long-term vision and the capabilities of the Alliance members.” Daryl Hok, COO of Certik, explained: “The overall impact of the Alliance gains strength from the unified commitment of Alliance Members. CertiK has pledged to lock up all tokens for the comping year, demonstrating a commitment to the mission of the Alliance and the future of the Universal Protocol initiative. We believe in a future that empowers individuals to become the next generation of stablecoin auditors, and global confidence and standards this will bring to the Alliance.” Digital assets like bitcoin cash and ethereum operate on disparate networks that currently cannot communicate with each other. Collaboration in meaningful ways without costly workarounds remains difficult, resulting in critical inefficiencies. Universal Protocol Platform has a solution to solve this communication problem, one that will enable all existing cryptocurrencies to become available, and fungible, on one blockchain network: the introduction of Proxy Tokens. JP Thieriot, CEO of Uphold, added: “The early days of the internet were very similar to the world of blockchain today, with many different technology platforms fragmented and incapable of communicating with each other. We believe that the Universal Protocol Platform is a technology that has the potential to connect blockchain technologies – much like the breakthrough of the TCP and IP protocols that drove the internet towards mass adoption. We are long term hodlers of UPT and look forward to supporting the Alliance for the long term.” Howard Wu, Managing Director of Dekrypt and Founder of Blockchain at Berkeley, commented: “The group of companies and investors coming together to make this project a reality is impressive and shows the potential of this technology to solve the issue of cross-chain transactions. Dekrypt is excited to be a part of this initiative, help bring a highly-scalable solution to blockchain interoperability to market and support the Alliance as long term hodlers of UPT.” Bitcoin.com Exchange has provided an initial exchange listing for UPT in November and will also support Universal Protocol Stablecoins, including the Universal Dollar (UPUSD), Universal Euro (UPEUR), in addition to a tokenized version of bitcoin core, the Universal Bitcoin (UPBTC). The platform will also support interoperability between the Ethereum protocol and the Simple Ledger protocol on Bitcoin Cash, as well as work to develop the Universal Yen (UPYEN). David Shin, CEO of Bitcoin.com Exchange, commented: “UPT is a perfect example of how an alliance of strong and active members can come together to create higher utility for its respective users. The very concrete and practical work the Alliance has done, the successful track record of its members, and the overarching mission of the Alliance aligns well with the key criteria we look for at the Bitcoin.com Exchange and we look forward to supporting the family of UP tokens for the long term.” Is this development good for the ecosystem? Share your thoughts in the comments section below. Images courtesy of Shutterstock. Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Bitcoin.com Markets, another original and free service from Bitcoin.com. The post UP Alliance Members to Lock Mega-Utility Tokens for a Year appeared first on Bitcoin News. View the full article

As the reward halving approaches, bitcoin miners are preparing new strategies so customers can reap the most profits from their hashrate services. On December 3, the mining operation Poolin introduced a hashrate auto-switch feature so clients can automatically switch between BTC and BCH mining. Moreover, a few days later at Bitmain’s annual customer appreciation meeting, the company’s CEO Jihan Wu explained the firm is offering three strategic mining offerings. Also read: Mining Chip Maker Ebang Next in Line to File for US IPO Poolin’s Auto-Switch Feature Bitcoin mining is extremely competitive, and currently there’s a lot of processing power pointed at the SHA256 consensus networks BTC, BCH, and BSV. Ever since miners could choose between the BTC chain and the BCH chain, the profitability between those two networks has varied. For instance, at the time of publication, it is 2.5% more profitable to mine on the Bitcoin Cash blockchain, but this metric can change often. Do you want to maximize your bitcoin mining potential? Plug your hardware into Bitcoin.com’s profitable Bitcoin mining pool. Similarly, the profitability between BTC and BCH can vary against BSV as well. Most miners process blocks on both the BCH and BTC chains, but a few operations mine all three chains depending on profit changes. Just recently, the mining operation Poolin announced a new hashrate auto-switch feature that will automatically connect to the most profitable chain between BCH and BTC. Poolin says that BSV will be included in the near future as well. According to Poolin, the hashrate auto-switch functionality will only work with cryptocurrencies using the same algorithm. “We are thrilled to provide this feature that will increase profits for our miners, this hashrate auto-switch continues in the direction that Poolin has been forging, mainly, bringing excellence to this industry and customer-first service,” Poolin’s VP Alejandro De La Torre announced. The mining operation Poolin mines both the BTC and BCH chain. Poolin also has dedicated hashrate on the BSV chain and will be offering auto-switch for BSV as well. The hashrate auto-switch feature was discussed on crypto-centric forums and one person asked if the switching feature would “make block time variance worse.” “Not really since just 2.8% of BCH miners are from Poolin. It’s mostly annoying for Bitcoin since its difficulty won’t adjust as fast to switching miners,” a BCH supporter replied. BCH mining profitability at 2:30 p.m. EST on December 9, 2019, using Coin Dance statistics. Bitmain’s Three Strategies Following the announcement from Poolin, Bitmain’s Jihan Wu revealed three new strategies for customers at the company’s annual customer appreciation meeting. Regional reports from China say that the Bitmain CEO introduced “installment payments,” “option hedging” and “joint mining” services. With the installment payment system, big facilities that purchase 100+ mining devices can put 50% down. Let’s say they want to purchase 5,000 mining rigs, then only a 20% down payment is required. However, the buyer needs to settle up seven days before the items are delivered. Jihan Wu also told attendees about the option hedging plan that will protect the price of bitcoin. He said that Bitmain plans to purchase options from the company Matrixport in order to combat price dumping. Local reports detail that the Bitmain option product is called the “Bitcoin 2020 / 3 / 27 35000 CNY Put Option.” Bitmain’s Jihan Wu. In addition to the installment payments and option hedging, Jihan Wu spoke about offering a joint mining service that lasts 12 months. Reportedly, Bitmain will provide S17 mining rigs and pay the electrical costs, but the buyer needs to provide a facility and maintenance personnel. “The income during the cooperation period is settled on a monthly basis, which is distributed as 25% for the partners and 75% for Bitmain,” 8btc columnist Vincent He explained. “If the revenue cannot offset the electricity charge, no distribution will be made.” Structure Changes and New Mining Services Will Be Offered Prior to the Halving It’s likely that many mining operations will change their structure and offer new features as signs of this trend have been cropping up six months before the reward halving. On Halloween, Bitcoin.com published a video of professional miners from around the world explaining what they think will happen when the block reward shrinks. The film included mining heavyweights like F2Pool’s Global Director Thomas Heller, Hyperblock’s CEO Sean Walsh, and Genesis Mining CEO Marco Streng. Some of the miners’ predictions in the video showed why SHA256 mining operations are trying to profit with new types of provisions like hashrate auto-switching and joint mining services. “If you look at six months before the halving and six months after the halving in both previous instances you see a massive upward surge in the price of bitcoin,” Sean Walsh remarked in the film. “It is a bit scary being a miner and knowing that your revenue stream is gonna get cut in half overnight, but the exchange rate will more than compensate for the reduction in our bitcoin denominated revenue.” What do you think about mining operations offering new types of services just before the halving takes place? Let us know what you think about this subject in the comments section below. Disclaimer: This article is for informational purposes only. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Image credits: Shutterstock, Blockchain.com, Coin Dance Cash, news.8btc.com, Wiki Commons, Fair Use, Bitmain, and Pixabay. Did you know you can earn BTC and BCH through Bitcoin Mining? If you already own hardware, connect it to our powerful Bitcoin mining pool. If not, you can easily get started through one of our flexible Bitcoin cloud mining contracts. The post Bitcoin Mining Operations Offer New Strategies Before Reward Reduction appeared first on Bitcoin News. View the full article

In 23 days, the infamous self-proclaimed Bitcoin inventor Craig Wright will allegedly receive 1,100,111 BTC from a trust purportedly held in Seychelles. In fact, many Wright supporters and BSV proponents wholeheartedly believe Wright will “gain complete ownership of the trust,” and to a few of these individuals, the funds could be used to bring the price of BTC down to zero. Also Read: A List of Self-Proclaimed Bitcoin Inventors and Satoshi Clues Debunked in 2019 The Tulip Trust Countdown Begins For over four years now, Craig Wright has made a lot of promises and claims including the claim that he is the creator of Bitcoin, Satoshi Nakamoto. However, an overwhelming majority within the cryptosphere do not believe Wright’s story and there is a slew of evidence against his claim. This includes allegations of backdated PGP keys, forged signatures, gross technical incompetence, no evidence of any C++ proficiency, and plagiarism. Despite these accusations and the strong evidence tied to fraudulent allegations, hardcore Wright followers believe Wright will receive 1.1 million BTC ($8.1 billion at today’s prices) on January 1, 2020. The reason they believe this theory is because on that date Wright stands to obtain all the coins from a contract called the “Tulip Trust.” The trust came to the public’s attention on December 9, 2015, back when Gizmodo and Wired published their first hit-piece editorials about Wright and Kleiman. The Tulip Trust has also appeared on multiple occasions in the Kleiman v. Wright lawsuit that started in February 2018. For well over a year now, Wright has been dealing with a lawsuit initiated by Ira Kleiman, the brother of David Kleiman. The case started because the Kleiman estate believes Wright interfered with David’s BTC assets and intellectual property. The alleged Tulip Trust. The Tulip Trust is a contract document allegedly signed and written by David Kleiman on June 9, 2011. David Kleiman (now deceased) was a forensic computer investigator who partnered with Wright on a variety of business ventures. The Tulip Trust document describes a trust fund that’s ostensibly held in Seychelles and contains approximately 1,100,111 BTC. The alleged 2011 document claims that Kleiman had “full control of all the software and keys to manage the bitcoin.” The Tulip Trust describes how David Kleiman supposedly received 1.1 million BTC from Wright in Australia and at the time the coins were only worth $100,000. The document says from there he allegedly “formed a trust to be managed by at least three people but not more than seven at any time.” David Kleiman’s so-called agreement also says that the public is not aware of the deal and the trust was to be managed and held in Seychelles. The Tulip Trust further states: All Bitcoin will be returned to Dr. Wright on January 1st, 2020. 23 days until the Tulip Trust opens. Surely this calls for an advent calendar. — Chadwick🧢 (@FollowChadwick) December 9, 2019 During the Kleiman v. Wright lawsuit, the Tulip Trust was discussed in great detail. Wright was ordered by the court to disclose public addresses he owned prior to December 31, 2013. He produced some addresses (that were disputed by the crypto community), but addresses after “block 70 through 2010” he couldn’t produce. Wright insists that the funds were encrypted and split into keys using a unique form of Shamir’s Secret Sharing Algorithm. He told the court he decided to leave the Bitcoin project because of its associations with criminals and darknet activities. Wright said in court that because the Tulip Trust is split into multiple keys he cannot decrypt his file until he gets access to his key from a “bonded courier” who purportedly will arrive in January 2020. Bonded couriers are typically backed by an insurance company and they are ‘guaranteed’ to be trustworthy. Live footage of tulip trust bonded courier pic.twitter.com/eBH9w2nG0K — hodlonaut🌮⚡🔑 (@hodlonaut) December 8, 2019 ‘Extraordinary Claims Require Extraordinary Evidence’ Now many Wright and BSV supporters believe that the coins will be returned to Wright on the first of the new year. Wright continues to claim that he will obtain the 1.1 million BTC in 23 days and has written about the occasion many times this year. In July, in a screenshot from a Slack conversation shared on Twitter, Wright claimed to own 821,050 bitcoins which will be available in 2020. Six days later, Wright told attendees at FT Alphaville’s Vaudeville Fyre Festival of Finance that his trust stash will be donated to education. “In the next year, you’re going to find out that I’ve actually got access to a lot more things than people realize,” Wright said at the time. “I have about $8 billion dollars’ worth of bitcoin and I’m donating them. Not as a joke. I’m giving them away. I want them to go to education.” Wright added: I’ll keep my bitcoin — the bitcoin I created, the bitcoin I still work on. But the BTC, the whatever forks — I don’t really care — in 2020 I’m going to give them away. A screenshot from a Slack conversation shared on Twitter this summer. Then in August, Wright spoke about his billions of dollars’ worth of BTC again in a blog post called “Why Law Matters.” In the post, Wright declared that he will gladly pay taxes on the bitcoins he holds. “When things come due, and taxable events occur, I will pay my tax,” Wright wrote. “One thing few people understand is that there is no tax on bitcoin that has not moved. In 2020, when things do, the amount of tax I am legally obliged to pay will be paid. Not more, not less,” he added. BSV supporters look forward to the Tulip Trust day on January 1, 2020. Additionally, BSV supporters and Wright’s advocates think that the Tulip Trust is going to bolster BSV development and the firm Nchain. In July, one BSV supporter wrote: “In January 2020, Craig Wright will gain complete ownership of the trust — It is entirely possible that the trust was created to guarantee the safety of bitcoin.” The BSV proponent added: The 1.1 million Bitcoin Trust fund is enough to facilitate the development of Nchain but also capable of destroying the value of BTC to zero if not well used. However, Wright does not buy into the idea that price manipulation is possible and believes that usage and growth are responsible for sustainable gains in price. Of course, the greater crypto community does not believe that Wright will obtain 1.1 million coins in 23 days and skeptics think the whole Tulip Trust document is a farce. The Bitcoin security specialists Wizsec noted last year that “extraordinary claims require extraordinary evidence.” “Fortunately, thanks to Bitcoin, that’s now as easy as a single cryptographic signature,” Wizsec remarked further. “Funny how Wright has never provided one?” In less than a month’s time, the cryptosphere will find out if Wright gets to see the bonded courier and obtains his key to 1.1 million BTC. Not only will the community be waiting to see if the Tulip Trust comes to fruition, but the Kleiman estate, which wants half of the funds, will be waiting patiently. What do you think about the Tulip Trust that allegedly will be unlocked on January 1, 2020? Do you think the Tulip Trust is real or do you think that the document is a fake? 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 23 Days Until a Bonded Courier Supposedly Delivers Keys to $8 Billion in BTC appeared first on Bitcoin News. View the full article

Bitcoin Cash community members are able to borrow against their favorite digital asset in more than 40 fiat currencies across more than 200 jurisdictions. This is thanks to Nexo which now offers BCH Instant Crypto Credit Lines with one of the lowest annual percentage rates in the industry. Also Read: Save the Children Now Accepts Bitcoin Cash Donations Borrow Against Your BCH With Nexo Nexo, the most successful crypto lender in the world, is expanding its ever-growing service by adding bitcoin cash (BCH) to the list of accepted collateral for its signature Instant Crypto Credit Lines following a new partnership agreement with Bitcoin.com. Making the world’s first BCH-backed loans available on the Nexo platform enables BCH holders to borrow against their assets rather than selling them when in need of liquidity. Including bitcoin cash on Nexo’s Instant Crypto Credit Lines platform greatly increasing the asset’s utility, eases selling pressure and makes hodling BCH easier in the long run, all while providing the added benefits of Nexo’s unrivaled interest rates starting from 5.9% APR and superior tax-efficient service in 40+ fiat currencies across 200 jurisdictions. Antoni Trenchev, managing partner at Nexo, commented on the partnership with Bitcoin.com: “Providing exceptional crypto lending services worldwide is fundamental for Nexo, and an underlying part of realizing this goal is ensuring our platform supports a vast selection of cryptocurrencies. Bitcoin cash, being one of the most widely used crypto assets, significantly increases Nexo’s addressable market. Together with bitcoin cash, Nexo is thriving in its mission to grow the utility and adoption of cryptocurrencies, and bring quality banking services to all corners of the world.” Nexo is the world’s leading regulated financial institution for digital assets. The company’s mission is to maximize the value and utility of digital assets by offering tax-efficient ‘Instant Crypto Credit Lines,’ high-yield ‘Earn Interest’ products and ‘Send & Pay’ capabilities for its clients, while enjoying the $100 million custodial insurance and military-grade security of the Nexo Wallet. Since raising $52.5 million in 2018, Nexo has processed $1+ billion in 40+ fiat currencies for more than 500,000 users. Promoting the BCH Ecosystem Bitcoin.com is successfully promoting BCH adoption as peer-to-peer electronic money, as well as the development of the surrounding BCH ecosystem, with all its business partners. For example, recently the electronics manufacturer HTC added native bitcoin cash support to its flagship smartphone, Exodus 1, following a partnership with the company. Bitcoin.com is also in discussions about listing a bitcoin cash futures contract on a new exchange with approval from the U.S. CFTC, which is expected to reach the market by the first quarter of 2020. Bitcoin.com CEO Stefan Rust commented: “More and more companies are seeing the ever-rising activity on many fronts around BCH and wish to take part in the action. It is great to see Nexo joining the foray with such interesting and compelling new financial services.” What do you think about Nexo offering bitcoin cash instant crypto credit lines? Share your thoughts in the comments section below. Images courtesy of Shutterstock. Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Bitcoin.com Markets, another original and free service from Bitcoin.com. The post Nexo Now Offers Bitcoin Cash Instant Crypto Credit Lines appeared first on Bitcoin News. View the full article

The U.S. Internal Revenue Service (IRS) has finalized and put in use a new tax form that requires crypto owners to declare whether they received, bought, sold, exchanged, or acquired any cryptocurrencies in 2019. Tax experts are frustrated at the vagueness of the tax agency, with some questioning whether the answers would increase the chances of being audited by the IRS. Also read: IRS Dispels Crypto Tax Confusion New Tax Form With Crypto Question The IRS published a new tax form containing a question about cryptocurrency on Thursday. The Schedule 1 form is part of the 1040 tax form for U.S. taxpayers to declare “Additional Income and Adjustments to Income.” The IRS first unveiled the draft of this form in October, as news.Bitcoin.com previously reported. The form is now finalized and posted on the IRS website for use in filing 2019 tax returns. Form 1040 is used by over 152 million U.S. tax filers. The first question on the new Schedule 1 reads: At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency? The new Schedule 1 of Form 1040. What Will the IRS Do? The crypto question at the beginning of the new tax form has the crypto community guessing the IRS’ intention, what it will do with the information, and what exactly needs to be declared. A tax expert told CNBC that “The inquiry itself is a vague one.” Sarah-Jane Morin, a partner at Morgan Lewis in San Francisco, told the publication, “As a taxpayer myself, I find this question very frustrating because it isn’t clear.” She pointed out that moving one’s own cryptocurrency from one wallet to another could be considered “sending.” Morin concluded that “The most conservative approach that a taxpayer can take is to consider any interaction you’ve had with virtual currency and whether there’s any way this can fall under this very broad list of what you could’ve engaged in during 2019.” Jeffrey Levine, a CPA and director of financial planning at Blueprint Wealth Alliance in New York, was quoted by the news outlet as saying: The biggest thing is that the IRS is asking this for a reason, and my question is how much have you increased your audit risk by checking ‘Yes’ in response? The IRS has a history of being vague when it comes to taxing crypto transactions. The agency released new tax guidelines in October to supplement its previous guidance issued in 2014. However, while the new guidance answers some questions, it also raises several more, especially regarding how hard forks and airdrops are taxed. In November, two attorneys in the IRS Office of Associate Chief Counsel (Income Tax and Accounting) attempted to answer some questions regarding hard forks and like-kind exchanges. IRS Increases Focus on Crypto The IRS has been increasing its efforts to find and tax crypto owners. The agency’s Criminal Investigation Annual Report 2019 released last week outlines its efforts and progress in finding and convicting crypto tax evaders. The IRS wrote: Cryptocurrencies are undermining the financial and tax system. “Companies pay employees in cryptocurrency or receive crypto for goods/services,” the tax agency continued. “They do not pay taxes and entities shift income to offshore exchanges with no reporting requirements, utilizing exchanges with little to no AML practices.” The IRS added, “Understanding the advancements in this area and staying on top of the criminal methodologies is our bread and butter.” While admitting that its resources are limited, the IRS believes that it has the tools and ability to find crypto tax evaders. Cyber criminals “now deal in cryptocurrency, again thinking this will make them anonymous, but our agents have once again proved that there is nowhere to hide. We will not stop in our pursuit,” the report reads. In July, the tax agency sent more than 10,000 letters to crypto users reminding them of their tax obligations. The IRS’ report also highlights the achievements of its collaboration with international partners, the Joint Chiefs of Global Tax Enforcement or J5. The group comprises the IRS Criminal Investigation and its counterparts in the U.K., Australia, Canada, and the Netherlands. The J5 focuses on international tax evasion including the use of cryptocurrency to evade international tax obligations. The IRS further wrote: In just 18-months, we are already seeing the benefits to this group both in the development of new tools and in the numbering of real cases. We expect our first operational results from this group in FY20. What do you think of the IRS asking all tax filers about their crypto activities? What do you think it will do with the information obtained? Let us know in the comments section below. Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Images courtesy of Shutterstock and the IRS. 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 IRS Now Requires Tax Filers to Disclose Crypto Activities appeared first on Bitcoin News. View the full article

In this regulatory roundup, we cover the U.S. SEC approving a bitcoin futures fund, the new IRS tax form targeting crypto owners, and several more steps taken by the U.S. government toward crypto regulation. We also cover India’s central bank digital currency plan, South Korea’s crypto taxation plan, and the European Commission’s announcement regarding stablecoins. Also read: Regulatory Roundup – Germany to Let Banks Sell and Store Crypto, Laws Changing in Asia SEC, IRS, Financial Stability Council, Senate Several U.S. regulators took some notable steps pertaining to their cryptocurrency oversight last week. In the financial sector, the Securities and Exchange Commission (SEC) green-lighted a bitcoin futures fund while still contemplating whether to approve bitcoin exchange-traded funds (ETFs). The NYDIG Bitcoin Strategy Fund is now preparing to launch with the objective of investing in cash-settled bitcoin futures contracts traded on CFTC-registered commodity exchanges. Stone Ridge Trust VI will be the fund’s investment advisor. Over in the tax arena, the Internal Revenue Service (IRS) has finalized and published a new tax form mandating tax filers to disclose whether they bought, sold, exchanged, or acquired any cryptocurrencies during 2019. The agency also revealed its plans last week to identify and convict crypto tax evaders. Meanwhile, the U.S. Financial Stability Oversight Council, chaired by Secretary of the Treasury Steven Mnuchin, has published a report discussing crypto assets. While noting that their market capitalization has grown rapidly, the council asserted that “so far, digital assets have not been widely adopted as a means of payment or store of value.” Nonetheless, the report details: The council recommends that federal and state regulators continue to examine risks to the financial system posed by new and emerging uses of digital assets and distributed ledger technologies. In addition, Georgia Governor Brian Kemp picked former Bakkt CEO Kelly Loeffler last week to replace Senator Johnny Isakson who is retiring at the end of the month. Loeffler is expected to take office on Jan. 1. India Reveals RBI-Issued Digital Currency Plan The governor of the Reserve Bank of India (RBI), Shaktikanta Das, has revealed the central bank’s plan for a state-backed digital currency. Until now, there have been conflicting reports of whether the Indian government is planning to issue a digital rupee. The RBI governor himself has now shed some light on the situation. While noting that it is still very early to discuss the matter, he admitted that some discussions are going on and the RBI has “examined it internally.” Furthermore, “As and when the technology evolves with adequate safeguards,” the governor said: I think it is an area where the Reserve Bank will certainly look at seriously at an appropriate time. RBI Governor Shaktikanta Das The central bank’s stance on bitcoin and other cryptocurrencies has not changed, however, and the banking restriction on the crypto industry is still in place. The Indian supreme court is scheduled to resume hearing the arguments against the RBI ban on Jan. 14. South Korea Pushes for Crypto Taxation South Korea may soon change its tax laws to include cryptocurrencies. The Korea Times reported on Sunday that the government is seeking to start imposing taxes on capital gains from crypto transactions. The Ministry of Economy and Finance has reportedly confirmed that it is pushing for the measure to be reflected in tax legislation next year. An official of the ministry said: Related discussions have been taking place. The revised bill will be drawn up by the first half of next year. The cryptocurrency regulation in South Korea is also undergoing changes following the passing of an amendment bill at the end of last month. Among other requirements, crypto exchanges must register with the Financial Services Commission’s Financial Intelligence Unit, have a system that complies with the standards set by the Financial Action Task Force (FATF), and use the real-name system. The new rules will go into effect one year after the regulation is promulgated. EU Announces Position on Stablecoins The European Council and the European Commission issued a joint statement regarding stablecoins on Thursday after several countries expressed concerns over Facebook’s planned currency, Libra, over the past months. While acknowledging that these coins may present cheap and fast payment opportunities, the two European authorities claim there are many risks. They wrote: “these arrangements pose multifaceted challenges and risks related for example to consumer protection, privacy, taxation, cyber security and operational resilience, money laundering, terrorism financing, market integrity, governance and legal certainty.” The Council and the Commission asserted that their concerns are likely to be amplified and new risks could emerge when a stablecoin has the potential to reach a global scale. Their joint statement reads: The Council and the Commission state that no global ‘stablecoin’ arrangement should begin operation in the European Union until the legal, regulatory and oversight challenges and risks have been adequately identified and addressed. Japan’s 21 Crypto Exchanges and Ukraine’s New Law Japan’s top financial regulator, the Financial Services Agency (FSA), recently approved the country’s 21st cryptocurrency exchange. Lastroots began operations in 2017 before Japan started regulating crypto assets. The exchange applied for registration in September that year but was never approved until now. Meanwhile, the Bank of Japan has released a report which identifies and examines the main legal issues surrounding central bank digital currencies (CBDCs). However, the bank said it is currently not considering issuing one. Over in Ukraine, amendments to a draft law have been approved, describing “virtual assets” as property and a digital expression of value that can be traded or transferred and used for payment or investment purposes. The new legislation aims to transpose the FATF standards into Ukraine’s national law. In addition, Ukrainian crypto companies can now receive grants of up to $75,000 each from the government. What do you think of the regulatory developments in the crypto space covered in this roundup? Let us know 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 Regulatory Roundup: Bitcoin Futures Fund Approved, India’s RBI-Backed Digital Currency appeared first on Bitcoin News. View the full article

Weiss Ratings has downgraded EOS once again, taking its ranking from a B to a C-. The group cites “failure to decentralize,” “misallocation of resources,” and a congested network as reasons for the fall in rank. “Weiss Crypto Ratings model is not based on opinion. It’s driven by data,” the group claims. In this article we’ll look at EOS, as well as top coins by market cap to see how Weiss — and other voices in the space — view their progress. Also Read: Bitcoin Cash Represents 93% of November’s Crypto Spending in Australia The Weiss Rating System The self-described “only ratings agency that combines the broadest coverage, strictest independence, complete objectivity, high ethics, and a commitment to safety,” has moved EOS down to a C- rating. Weiss Crypto Ratings took to Twitter over the weekend to explain their reasoning. “We’ve had great respect for work and thinking that went into the EOS project. But the Weiss Crypto Ratings model is not based on opinion. It’s driven by data,” the group tweeted. “And that data has now caused a downgrade from B to C-. Here’s why (full article to be published soon).” 2/6 Failure to decentralize – The top 100 #EOS token holders, representing a meager 0.01% of the total, control a whopping 68% of the voting power. So much for the claim that EOS is a major improvement over older cryptos like #Bitcoin (#BTC) and #Ethereum (#ETH). — Weiss Crypto Ratings (@WeissCrypto) December 6, 2019 The first reason given is a perceived failure to decentralize. Weiss notes that 0.01% of EOS token holders “control a whopping 68% of the voting power. So much for the claim that EOS is a major improvement over older cryptos like Bitcoin (BTC) and Ethereum (ETH),” the group asserts. The second reason is a “misallocation of resources” that has resulted in network congestion, and frozen transactions for small token holders. “The issue of CPU, REX and the clogged network is too complex to explain in a simple Twitter format, so on this topic, see our article explaining EOS downgrade in detail, coming out soon,” Weiss details. The Weiss Crypto Rating Scale. “A plus or minus sign indicates the upper third or lower third of a grade range, respectively. In addition, an F grade is assigned to cryptocurrencies that have failed or are subject to credible allegations of fraud.” Source: https://weisscrypto.com/en/about How Other Cryptos Rate Bitcoin Core Weiss gives market cap leader Bitcoin Core (BTC) an overall rating of B+. Weak areas are “risk” and “momentum” and the coin receives a D grade in market performance. Adoption and technology both score well, getting an A. In a recent article published to the American Institute for Economic Research, Austrian economist and Bitcoin advocate Jeffrey A. Tucker seems to lend credence to the Weiss assessment on momentum, writing: Consider the core data. Transactions per day are at 2016 levels. Exchange volume is at 2017 levels. Wallet use is at an all-time high but most new users come in through exchanges and keep their money there, which belies the hope of disintermediated money. Ethereum Ethereum also garners a B+ grade by the Weiss system, ranking “fair” and “excellent” in technology and adoption, respectively. A D- score in market performance counterbalances this positivity. While some in the crypto space would argue that there are serious scaling issues with Ethereum and question the technology and adoption score, Weiss nonetheless gives these an A, based on its ranking system. XRP XRP receives a B-, rated “very weak” in the momentum category and “weak” in the risk category. “Momentum,” according to the Weiss system, “evaluates the upside potential an investor could benefit from.” XRP’s most highly scored aspect is adoption, categorized as “excellent.” Centralization has been a big issue in the crypto space for critics of XRP, as some see the asset as being controlled directly by the company, and not a decentralized community. Bitcoin Cash Bitcoin Cash, whose community and tech seek to address some of the issues with BTC Tucker discusses in his article, gets an overall Weiss rating of C. Interestingly, no 90-day performance history is shown for BCH at press time, and this metric would ostensibly be needed to effectively establish risk and momentum, both of which Weiss rates as weak. In any case, BCH shines most brightly in the category of adoption, which is rated “good.” First thing that people ask me when I evangelize bitcoin is “ok but where can I spend it?” Sadly, blockstream/core has made this an embarrassingly hard question to answer. This is why many of us early adopters have moved to $bch bitcoin cash. You should also consider it Dan — Yeshua_Rescua (@Yeshua_Rescua) December 8, 2019 This perhaps comes as no surprise to the BCH community, whose devs, merchants, charities, meetup organizers and influencers have been working tirelessly to increase and innovate adoption and make Bitcoin a true peer-to-peer permissionless cash as Satoshi Nakamoto intended. Low fees, fast speeds, and scalability all factor into this. Issues With Ranking Systems As Weiss themselves state: Every grade issued by any rating agency is ultimately an opinion, to be used by the public in the context of opinions from analysts, developers and users … No ratings model, no matter how well designed, can evaluate all factors. Ultimately it will be the market which decides which cryptos sink, tread water or take off moon-ward into 2020 and beyond, but the Weiss Ratings system provides an interesting analytical backdrop for those investigating various digital assets. Tether (USDT) was not included in the list of rated top market cap coins as it is a stablecoin, and does not have a ranked Weiss rating. How does your favorite crypto rank? Do you agree with Weiss’s rating system? Let us know in the comments section below. Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Images courtesy of Shutterstock, fair use. Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. The post Weiss Ratings Downgrades EOS to ‘C-‘ Due to Centralization – How Other Coins Measure Up appeared first on Bitcoin News. View the full article

The Verkhovna Rada, Ukraine’s legislature, has approved amendments that introduce legal terms and definitions pertaining to the crypto space. The new legislation, which aims to transpose the FATF standards into national law, also identifies who is to take responsibility for the oversight of cryptocurrencies in the country. Also read: Crypto Startups to Get up to $75,000 From the Government of Ukraine Using Crypto for Payments and Investments The draft law on the prevention of the legalization of proceeds from crime and the financing of terrorism and weapons of mass destruction proliferation was supported by a significant majority in the Rada. The bill was amended to incorporate “virtual assets” which have been described as property and as a digital expression of value that can be traded or transferred and used for payment or investment purposes. Ukraine’s anti-money laundering (AML) legislation introduces the standards for virtual assets adopted this year by the Financial Action Task Force (FATF). The members of the inter-governmental organization recently agreed to monitor and assess the implementation of the crypto requirements in different countries, as news.Bitcoin.com reported in October. The law also introduces the term “provider of services related to the transfer, exchange and storage of virtual assets,” the crypto information outlet Forklog reveals in an article. An interesting detail is that not only corporate entities but private individuals as well will be allowed to offer such services under the new regulations. All crypto operations will be subject to different levels of financial monitoring depending on the amount and destination of each transaction. The Ministry of Digital Transformation, which has been quite active this year, will be tasked to regulate the circulation of virtual assets in Ukraine. It will also conduct oversight to verify compliance with AML regulations in the crypto sphere. Kiev to Increase Oversight as Part of EU Commitments The amendments dealing with cryptocurrencies have been prepared by lawmakers from the multi-partisan parliamentary group ‘Blockchain4Ukraine’ with the help of the EU-funded expert and analytical center Better Regulation Delivery Office (BRDO) and members of the industry. They were voted on second reading this past Friday after the first reading took place on Nov. 1. The adoption of the law is part of Ukraine’s commitments under its association agreement with the EU, Ukrinform noted in a report, and will open the way for a tranche of €500 million in financial assistance. Laws in Ukraine are typically passed on three consecutive readings. During the first one, deputies in the Rada accept the draft in principle. Then they have two weeks to propose amendments before the second reading takes place. The law is finally approved on a third reading. However, bills are often adopted during the second reading and sometimes even after the first. The status of the FATF-inspired bill on the Rada’s website is currently “adopted” and “being prepared for signing.” New laws in Ukraine are signed by the president. During the last voting on Dec. 6, a strong majority of over 240 deputies supported the law that also incorporates provisions from EU’s Fourth and Fifth Anti-Money Laundering Directives. One of the amendments introduced during the discussions in the Ukrainian parliament reduces the initially proposed penalties for breaches of the AML legislation. Another one obliges Ukraine’s financial regulators to align their substatutory acts with the new legislation within three months of its entering into force. The current administration in Kiev, which took power after the election of Volodymyr Zelensky as president and the general election this summer — in which his Servant of the People party won a majority of seats — has been quite positive towards the country’s crypto community. A fund established recently by the Ukrainian government will distribute $18 million in grants among startups from innovative sectors of the economy including the blockchain industry. Do you think Ukraine has the potential to become Europe’s next regulated crypto-friendly jurisdiction? Share your expectations 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 New Ukrainian Law Says ‘Virtual Assets’ Can Be Used for Payments appeared first on Bitcoin News. View the full article

Since the inception of Bitcoin, a variety of unique individuals have come forward saying they invented blockchain technology. In 2019, a few more self-proclaimed Satoshis came out of the woodwork, alongside evidence pointing toward other individuals who could have used the moniker. So far, clues examined this year still haven’t revealed a smoking gun and the ‘Faketoshis’ who came forward in 2019 have all been debunked and ridiculed. Also Read: Satoshi Nakamoto Could Be Criminal Mastermind Paul Le Roux 2019’s Faketoshi List Nobody knows what makes an individual claim to be someone they are not, but in the world of cryptocurrency, this is a regular occurrence. For years now, the hunt for Satoshi Nakamoto, the inventor of Bitcoin, has made people scour the earth looking for clues to find the creator’s whereabouts. Because the passion is so strong, it has invoked a slew of live-action role players (larpers) to pretend they are Satoshi. News.Bitcoin.com reported on 2018’s list of Faketoshis who came forward last year. For instance, the community witnessed Bloomberg columnist Matthew Leising tell everyone that Satoshi Nakamoto was writing a book. In June, armchair sleuths noticed a man from Hawaii who patented various Bitcoin Cash trademarks and owned a slew of BCH and BTC-related domains claim to be the inventor. The Hawaiin-native Ronald Keala Kua Maria’s websites say: “I am the real one and only Satoshi Nakamoto.” The community also met Phil Wilson, otherwise known as ‘Scronty,’ claimed to be part of the Satoshi Nakamoto group theory with David Kleiman and Craig Wright. In 2019, the self-styled Satoshi Nakamoto reveals continued. Hair Guy The most recent larper who has come out of the woodwork claiming to be Satoshi Nakamoto is Jörg Molt. Despite the fact that Molt has luxurious hair like Fabio, claims to be the “Co-founder of BitCoin,” and even designed a “Satoshi School, no one in the cryptosphere believes he’s Nakamoto. Molt also alleges that he owns 250,000 bitcoins and reportedly told participants who attended the recent WCC Vegas Blockchain Week that he was Satoshi. Andreas Antonopoulos also took to Twitter after he found out that Molt was sharing a picture of the two at a conference. “Apparently, a German person called ‘Jörg Molt’ has been showing a selfie taken with me and telling people that we are friends — This is a LIE,” Antonopoulos tweeted. “I don’t know him at all — I have heard from others that he claims to be the founder of Bitcoin and has thousands of BTC — A LIE.” Jörg Molt calls himself the “Co-founder of BitCoin,” and shared this picture of him and Andreas Antonopoulos saying that they are friends. Antonopoulos denies being friends with Molt and called him a “liar.” PR Team Satoshi In mid-August, another self-proclaimed Satoshi failed to sway the community when the Pakastani Bilal Khalid and his PR firm Ivy McLemore told the world Khalid was Bitcoin’s inventor. Now Ivy McLemore and Khalid wrote a few long essays about Chaldean numerology and Khalid losing billions worth of bitcoins (980,000 BTC) with his broken laptop. Khalid claims when his laptop crashed he lost his wallet.dat file so he sent the laptop in for repair and it returned with a brand new hard drive. Bilal Khalid and his PR firm Ivy McLemore created a far-fetched story about Khalid being Satoshi and losing 980,000 BTC. After all the essays and even a video, Khalid was quickly dismissed by the crypto community and ridiculed for his attempt. Throughout Khalid’s tall tales he said he and Hal Finney were “close allies.” These claims upset the cryptosphere and people complained about Khalid using Finney’s good name to promote a marketing ploy. PGP Key 0x18C09E865EC948A1 A Belgium native called Debo Jurgen Etienne Guido told the community he was Satoshi Nakamoto on numerous occasions in 2019. For instance, in February Debo appeared in the comment section of one of Craig Wright’s blog posts called “Careful what you wish for…” In the comments, Debo writes: “Liar — You, Dr. Craig Wright never had any digital key to sign, and no single proof of his claims — He could not even transact one bitcoin from my whale wallet.” Debo has been around since 2015 and still posts regularly from his Twitter account. Debo Jurgen Etienne Guido has claimed to be Satoshi since 2015 but made a few appearances this year. Then in July, Debo wrote to the court dealing with the Klieman v. Wright case and testified by written letter that he was the “genuine and only originator/creator of the genesis block of the Bitcoin blockchain.” Like the rest of the self-styled Bitcoin inventors mentioned above, Debo has yet to provide any hard evidence that he is Satoshi. He claims to own the Satoshin@GMX.com email account and associated digital signature (PGP Key 0x18C09E865EC948A1). Two More Suspects In 2019, there were two new people who the community said might possibly be Bitcoin’s creator. In the early days, there’s been a slew of suspects that members of the cryptosphere called Satoshi for a variety of reasons. People like Hal Finney, Shinichi Mochizuki, Gavin Andresen, and Wei Dai were just a few of these characters. In May, during the Kleiman v. Wright lawsuit Document 187 called “Dr. Craig Wright’s Motion For Protective Order,” was filed in the court docket. The document contained a ton of redactions but one specific unredacted footnote revealed the name: Paul Le Roux. The 46-year-old cartel boss is in jail for building a criminal empire and lots of speculators believe he had what it takes to create Bitcoin. Even investigative journalist Evan Ratliff called Le Roux “the most credible Satoshi yet.” The 46-year-old cartel boss Paul Le Roux. In June, the crypto community started talking about comparisons between the founder of the cryptocurrency Grin and Satoshi Nakamoto. After the pseudonymous founder Ignotus Peverell left the Grin project, the community compared his ‘going away’ letter with Satoshi farewell post and they were both strikingly similar. Not much came out of the comparison because Peverell is now gone and cannot speak on his behalf. However, in November the Grin Foundation received a 50 BTC donation from a person stemming from the early days. The reason people said the donor was a ‘Bitcoin OG,’ is because the 50 BTC was mined in 2010 and was transferred to a wallet that sat idle for close to nine years. A few people this year compared Ignotus Peverell to Satoshi Nakamoto after Peverell left the Grin community. As news.Bitcoin.com mentioned last year, Satoshi sightings and individuals claiming to be Bitcoin’s creator will probably never stop. This year, there’s been only a few Faketoshis stepping out of the closet and it’s possible these crazy kooks are realizing it’s not so easy to play Nakamoto’s part. Despite making it in a few headlines and people talking about them on social media, Faketoshis are ridiculed and laughed at regularly for their attempts. This is because some of the attempts are simply ridiculous as Satoshi likely doesn’t have hair like Fabio, Bitcoin’s creator doesn’t need a PR firm to come out, and if Debo, the Belgium native, really does have Satoshi keys, then he should probably use them. What do you think about all the Satoshi sightings and self-proclaimed Bitcoin creators who appeared this year? Let us know what you think about this subject in the comments section below. Image credits: Shutterstock, Bitcoin.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 A List of Self-Proclaimed Bitcoin Inventors and Satoshi Clues Debunked in 2019 appeared first on Bitcoin News. View the full article

There’s been a lot of noise about Bitcoin’s halving, set to occur in May, and the effect this will have on price as BTC’s mining reward is slashed. It’s not the only PoW coin gearing up for a major reduction in its emission rate next year, with Bitcoin Cash, Beam, and Zcash all set to undergo similar events in 2020. Also read: As Halving Interest Grows, Spectators Discuss Miner Hoards and Capitulation Halvenings Are Happening Cryptocurrency miners will see their rewards halved next year, as the issuance rate for several leading Proof of Work networks is slashed. BTC’s is likely to occur in mid-May, and BCH’s will occur about a month prior. When both chains undergo their scheduled four-yearly halving, the mining reward will drop from 12.5 to 6.25 bitcoins per block. As a result, 1,500 less coins from each network will be released every day. As the leading Proof of Work cryptocurrencies, BTC and BCH have been the focus of the halvening talk that’s permeated the cryptosphere for months. With the reduction of mining rewards historically associated with an increase in price, as sell pressure from miners diminishes, it’s understandable why the topic should be of such keen interest to crypto investors. BTC’s halving alone will see $12 million less coins released into the wild each day, based on current prices. Before that event occurs, however, one newer PoW coin will undergo a halving of its own. Beam’s Output Is Set to Diminish The Beam team has been busy of late, integrating atomic swaps into the Beam Wallet via a decentralized marketplace, marking the first time a privacy coin has been tradable for assets such as BTC in this manner. It’s also launched the Beam Foundation, as it transitions towards becoming a decentralized organization, and its core developer has proposed Lelantus MW, a solution designed to enhance Mimblewimble’s anonymity. From an investor perspective, though, Beam’s biggest event is yet to come. On January 4, Beam will experience a halving that will slash the block reward from 100 to 50 coins. Beam and Grin were both designed with aggressive release schedules for their first year, in a bid to accelerate the big bang that characterized Bitcoin’s release. After Beam’s first halving has occurred on Jan 4, the next event won’t be due for another four years. The total supply for beam is set to ultimately reach 262,800,000. Beam’s release schedule Grin’s supply is fixed at a new coin every 60 seconds, but its inflation rate is diminishing over time as the total circulating supply increases. Grin launched in March with an inflation rate of 400%, but that’s now dropped to 50%, despite maintaining the emission rate of one coin per second forever. Zcash to Slash Mining Rewards Also in 2020, Zcash will undergo its first halving. The event is scheduled to occur towards the end of the year, four years after the first block was mined. Like most PoW coins, ZEC’s release schedule is closely based on Bitcoin’s. When Zcash completes its first halving, around a year from now, the release rate will drop from 50 to 25 ZEC per block. However, this particular halving is an event that zcash miners can look forward to, since 100% of the coinbase rewards thereafter will be theirs. At present, 10% goes to the project’s founders. No Halvenings for Dogecoin or Monero Litecoin completed its own halving event this year, while Dogecoin – the meme coin that gave the cryptosphere the term “halvening” – won’t experience one of its own again: ever since block 600,000, Doge’s block reward has been permanently set at 10,0000 coins. More than 90% of all monero has now been mined, with the remainder set to have been issued by May 2022. Thereafter, tail emission will kick in, whereupon all new blocks will have a reward of just 0.6 XMR, versus the current 2.1 XMR. This reward is anticipated to be high enough to incentivize miners to secure the network, but low enough to avoid diluting the total supply. In fact, by the time Monero’s tail emission commences, it’s anticipated that newly issued coins will be offset by coins that are lost over time. $LTC Halvenings. 2015: Run up started 2.5 months before, peaked 1.5 months before, sold off into, and flat post. 2019: Run up started 8 months before, peaked 1.5 months before, sold off into and post. Speculative bubbles in advance, but a non-event. $BTC drives market. pic.twitter.com/dU4tXSsedy — Ceteris Paribus (@ceterispar1bus) December 8, 2019 With halvening events aplenty in 2020, there’ll be no shortage of talking points, amidst all the other drama and intrigue that the cryptosphere churns out on a daily basis. Whether these halvings correspond with an increase in coin prices, however, is anyone’s guess. Pre-halving speculation is a given. Post-halving appreciation is not guaranteed. Do you think halvening events are priced in, or will BTC, BCH and other coins rise in price post-halvening? 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 Beam, BCH and Zcash Will Join BTC in Halving Their Mining Rewards appeared first on Bitcoin News. View the full article

Deutsche Bank analysts have made some predictions regarding the future of cryptocurrency. Strategist Jim Reid explained why cryptocurrencies are inevitable and how the existing fiat money system could crumble over the next decade, leading to soaring demand for cryptocurrencies. Also read: Swiss Licensed Crypto Bank Expanding Into 9 Markets ‘The End of Fiat Money?’ – Cryptocurrencies Are Inevitable Deutsche Bank Research released a special edition of Konzept entitled “Imagine 2030” on Thursday. Konzept is a regularly published research report that addresses the fundamental issues driving the world of economics and finance. In the 84-page special edition, Deutsche Bank analysts discussed contrarian ideas of how the 2020s may evolve. Jim Reid, Global Head of Fundamental Credit, Strategy and Thematic Research at Deutsche Bank, wrote in the report: “While critics bemoan cryptocurrencies as constrained by regulatory hurdles, we believe the incentives of governments and card providers are such that digital currencies are inevitable.” He authored the section of the report entitled “The end of fiat money?” Reid detailed: The forces that have held the current fiat system together now look fragile and they could unravel in the 2020s. If so, that will start to lead to a backlash against fiat money and demand for alternative currencies, such as gold or crypto could soar. Cryptocurrencies Could Replace Cash One of the sections of the report discusses cryptocurrencies as “the 21st century cash.” Marion Laboure authored this section, with contribution from Anthony Chaimowitz, Market Research Lead for the EMEA and APAC regions at the bank. “Until now, cryptocurrencies have been additions, rather than substitutes, to the global inventory of money,” Laboure explained, asserting that “Over the next decade, this may change.” She elaborated: Overcoming regulatory hurdles will broaden their appeal and raise the potential to eventually replace cash. Laboure provided a comparison between the adoption rates of cryptocurrencies and the internet by examining the number of Blockchain wallet users and the number of internet users over multiple years. “It is early days but the curves are similar after adjusting for scale,” she claims. “Indeed, if current trends continue, there could be 200m blockchain wallet users in 2030.” To achieve widespread adoption, Laboure believes that cryptocurrencies must become legitimate in the eyes of governments and regulators. They must also “allow for global reach in the payment market.” Furthermore, “To do this, alliances must be forged with key stakeholders – mobile apps such as Apple Pay, Google Pay, card providers such as Visa and Mastercard, and retailers, such as Amazon and Walmart,” she opined. “If these challenges can be overcome, the eventual future of cash is at risk.” Laboure continued: As we look to the decade ahead, it would not be surprising if a new and mainstream cryptocurrency were to unexpectedly emerge. “Cryptocurrencies may constitute the best tool for a digital war,” she added, pointing out that some countries with historically-strong banking industries are already trialing them. “The question is which country will take advantage of being the first to obtain licenses and build alliances. As that occurs, the line between cryptocurrencies, financial institutions, and public and private sectors may become blurred,” she concluded. What do you think of this Deutsche Bank report and the analysts’ view on cryptocurrency? Do you think crypto will soon replace fiat money? Let us know in the comments section below. Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Images credits: Shutterstock and Deutsche Bank. Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. The post Deutsche Bank Strategist Predicts Crypto Could Replace Fiat Money appeared first on Bitcoin News. View the full article

Gift cards have become a popular payment tool for cryptocurrency users. Plenty of platforms now offer a wide variety of cards which can be purchased with your digital coins. You can use them to buy just about any product or service from major and small retailers, order food and drinks, or book a flight. And with the Christmas holidays approaching, don’t forget their main purpose is to make someone else happy. Also read: These Debit Cards Will Help You Spend Your BCH Anywhere Why It Works For various reasons, crypto enthusiasts in many countries find it hard to obtain a crypto debit card these days. They used to be a sought after payment instrument that expanded the use of decentralized digital currencies in a fiat-dominated world. However, many early offerings have disappeared and while there are new products in the niche, these now often come with more and more strings attached. Although limited to a specific retailer, crypto gift cards are much easier to acquire in comparison to debit cards. Bridging the gap between the crypto space and the traditional payments universe is undoubtedly an attractive business opportunity for many companies in the digital asset industry. At the same time, retailers that are still uneasy about adding cryptocurrencies to their payment options get additional revenue that would otherwise go somewhere else. Many people who run businesses or are employed in the crypto sector would prefer to spend the cryptocurrency they earned rather than convert it to fiat first. Buy Gift Cards With Bitcoin Sending some satoshis to someone you like or love is of course a great gift for any occasion. But money is such a common present that it betrays you might not have a clear idea of what the person you’d like to surprise really likes or wants. If you do know that, however, sending a gift card is a better option. Being able to buy it with cryptocurrency is great too. The Bitcoin.com store offers you a wide choice of gift cards for major retailers and service providers, from the Home Depot and Macy’s, to Domino’s and Dunkin Donuts, even Uber. These and dozens of other options are sorted in multiple categories, from Electronics, Clothing and Restaurants, to Holiday Gift Ideas. You can buy a card for yourself or send it to a friend. At checkout you’ll be prompted to pay with either bitcoin cash (BCH) or bitcoin core (BTC). Another platform that lets you buy gift cards with bitcoin is Egifter. You can order cards from over 250 retailers. Both BCH and BTC are supported, along with several other cryptocurrencies like ethereum (ETH), litecoin (LTC) and dash, as well as numerous fiat options like major bank cards and popular payment processors such as Paypal, Skrill, Apple Pay, and Amazon Pay. Those who have an account with Egifter can earn points on most purchases and later claim them for free gift cards. A website called Ipayyou.io not only sells but also buys gift cards with cryptocurrency. It accepts and pays in BCH, BTC and BSV. The cards you can order are issued by Amazon, Ebay, Best Buy, Starbucks, Uber, and iTunes. They are fully returnable until the recipient logs in to claim them. If you receive a gift card that you don’t really need, you can sell it back to the platform for crypto but a restocking fee may apply. Swych, a mobile gifting platform in the U.S., entered the crypto market earlier this year. In February, Swych announced it’s starting to accept cryptocurrencies for the virtual gift cards it issues for more than 600 retailers, including Amazon, Best Buy, Target, and many more. In the app, which is available for Android and iOS devices, you can pay with BCH, BTC, LTC, ETH, and ETC, as news.Bitcoin.com reported. If you receive one of Swych’s virtual cards but you don’t want to spend the money in that particular store, a nice feature allows you to swap it for a card you can use with a different retailer. If you need another mobile service accepting cryptocurrencies for a variety gift cards, you can check out Gyft. The app can be downloaded from Google Play and Apple’s App Store. “Use Bitcoin to shop for hundreds of gift cards. Instant delivery. No fees,” the platform promises. You can use it to buy, send and redeem gift cards from any mobile device. Gyft also lets you keep track of your gift card balances and currently accepts bitcoin core. Walmart, Lowe’s, Cabelas, and CVS are among the supported retailers. You can also purchase gift cards using dozens of decentralized cryptocurrencies and stablecoins from the payments provider Bidali which is based in Canada. According to the dedicated page on its website, bitcoin cash and bitcoin core are among the supported cryptos. It also lists many well-known places where you can spend your digital money via gift card. The platform accepts coins for mobile top-ups as well. Bitrefill sells gift cards from around the world for crypto. Its website detects your location and tailors its suggestions to your region. You can, for instance, list the most popular gift cards in the Eurozone countries. If users in the U.S. often buy cards for Google Play and the App Store, those in Europe’s single currency area would purchase cards for Skype, Viber, and Amazon.de. Bitrefill offers prepaid mobile phone refills too, for which it accepts bitcoin core, ethereum, litecoin, dash, and dogecoin. If you are planning to travel for the upcoming Christmas holidays, several gift card platforms like Gyft, Egifter and Giftoff will offer you the opportunity to pay for services provided by airlines like Delta, Southwest, American Airlines, and Virgin. Using gift cards purchased with bitcoin to cover accommodations is not a problem either. Websites such as Flightgiftcard, Jet2Holidays, and Lastminute sell cards you can use to book flights and make hotel reservations. Have you bought a gift card with cryptocurrency? Let us know and share your experience in the comments section below. Images courtesy of Shutterstock, EZ Blockchain. 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 Buy Presents or a Christmas Trip Using Gift Cards Purchased With Crypto appeared first on Bitcoin News. View the full article

News.Bitcoin.com recently reported on web portal Bitcoinbch.com’s in-depth report, which detailed BCH outshining BTC retail spending in Australia by a wide margin during the month of September. The next month, BCH captured 90% of October’s crypto spending in the country. Now the website has published its November report that discloses all the crypto-based expenditures at retail businesses and once again, BCH is “dominating the Australian retail scene.” Also Read: Bitcoin Cash Captured 90% of October’s Crypto Spending in Australia October’s Crypto Retail Expenditure in Australia Bitcoinbch.com’s Hayden Otto has published the third monthly Australian Cryptocurrency Expenditure at Retail Businesses report and bitcoin cash (BCH) usage continues to shine in the region. Otto’s latest report says that October’s numbers derive from “large retail payments” that come from businesses and professionals like “lawyers, accountants, engineers, electricians, and builders.” In order to source the data for October’s report, Bitcoinbch.com used statistics from the underwriting firms Travelbybit (TBB) and Hula (Hockings Underwriting Logistics App). “The Hula system has expanded and provided valuable BCH visibility on the largely hidden retail peer-to-peer economy in Australia. Surprisingly, less than 20% of the Bitcoin BCH merchants are visible via the Hula data, lending confidence to these Bitcoin Cash retail numbers,” Otto writes. “On the other hand, our source of BTC retail data (and that of other cryptos) is more extensive due to their localisation to a single point-of-sale platform in Australia, the Travelbybit point-of-sale (PoS).” A few of the highlights from the report note that BCH recorded a “267% month-on-month growth” and bitcoin cash payments accounted for approximately “$51,996.73 of the total $55,725.05 expended during the month.” Otto stresses that while BCH sales are swelling, BTC recorded less than a transaction per day and the Lightning Network (LN) statistics were even worse. Bitcoinbch.com’s expenditure report also emphasized that the “professional sector accounted for a small number of large payments” in October compared to the last two months of data. Bitcoin Cash Captured 93% of November’s Crypto Spending in Australia As far as platforms that allow merchants to accept bitcoin cash payments in-store, Otto’s report detailed that Bitcoin.com’s Cash Register PoS shined. The Australian crypto expenditure research underlined: The Bitcoin Cash platform of choice in Australia is the Bitcoin.com Cash Register App, a simple, effective and very fast point-of-sale system that continues to gain market share from its rivals, recording 93% of expenditure in November up from 90% in the previous month. The research goes on to say that Australia was the first country to see a large populace of BCH-only acceptance. Because of this, Otto says not only does the region have a high concentration of BCH accepting retailers, the vast majority of these merchants also “walk-the-talk with only a Bitcoin Cash crypto payment option.” Moreover, the report details that in Australia there’s been some BCH development and several of these projects, not immediately visible, are attributing to the expenditure growth. The report concludes that as BCH saw 267% growth and represented 93% of all crypto retail expenditure, Australian fiat turnover saw a measly 0.2% growth last month. What do you think about the Australian Cryptocurrency Expenditure at Retail Businesses report for November 2019? Let us know what you think about this subject in the comments section below. Image credits: Shutterstock, Bitcoin.com’s Cash Register, the third monthly Australian Cryptocurrency Expenditure at Retail Businesses report, Pixabay, and Bitcoinbch.com. 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 Bitcoin Cash Represents 93% of November’s Crypto Spending in Australia appeared first on Bitcoin News. View the full article

A specter is haunting the modern world, the specter of crypto anarchy. Computer technology is on the verge of providing the ability for individuals and groups to communicate and interact with each other in a totally anonymous manner. Two persons may exchange messages, conduct business, and negotiate electronic contracts without ever knowing the True Name, or legal identity, of the other. **The following essay was written by Timothy C. May in 1988 and read at the first gathering of the cypherpunks in Silicon Valley in September 1992. “The Crypto Anarchist Manifesto” was originally published on activism.net and is reprinted here on Bitcoin.com for historical preservation. The opinions expressed in this article are the author’s own. Bitcoin.com is not responsible for or liable for any opinions, content, accuracy or quality within the Op-ed article.** Interactions over networks will be untraceable, via extensive re- routing of encrypted packets and tamper-proof boxes which implement cryptographic protocols with nearly perfect assurance against any tampering. Reputations will be of central importance, far more important in dealings than even the credit ratings of today. These developments will alter completely the nature of government regulation, the ability to tax and control economic interactions, the ability to keep information secret, and will even alter the nature of trust and reputation. The technology for this revolution — and it surely will be both a social and economic revolution — has existed in theory for the past decade. The methods are based upon public-key encryption, zero-knowledge interactive proof systems, and various software protocols for interaction, authentication, and verification. The focus has until now been on academic conferences in Europe and the U.S., conferences monitored closely by the National Security Agency. But only recently have computer networks and personal computers attained sufficient speed to make the ideas practically realizable. And the next ten years will bring enough additional speed to make the ideas economically feasible and essentially unstoppable. High-speed networks, ISDN, tamper-proof boxes, smart cards, satellites, Ku-band transmitters, multi-MIPS personal computers, and encryption chips now under development will be some of the enabling technologies. The State will, of course, try to slow or halt the spread of this technology, citing national security concerns, use of the technology by drug dealers and tax evaders, and fears of societal disintegration. Many of these concerns will be valid; crypto anarchy will allow national secrets to trade freely and will allow illicit and stolen materials to be traded. An anonymous computerized market will even make possible abhorrent markets for assassinations and extortion. Various criminal and foreign elements will be active users of CryptoNet. But this will not halt the spread of crypto anarchy. Just as the technology of printing altered and reduced the power of medieval guilds and the social power structure, so too will cryptologic methods fundamentally alter the nature of corporations and of government interference in economic transactions. Combined with emerging information markets, crypto anarchy will create a liquid market for any and all material which can be put into words and pictures. And just as a seemingly minor invention like barbed wire made possible the fencing-off of vast ranches and farms, thus altering forever the concepts of land and property rights in the frontier West, so too will the seemingly minor discovery out of an arcane branch of mathematics come to be the wire clippers which dismantle the barbed wire around intellectual property. Arise, you have nothing to lose but your barbed wire fences! What do you think about Timothy May’s Crypto Anarchist Manifesto? Let us know what you think about this subject in the comments section below. Op-ed Disclaimer: The opinions expressed in this article are the author’s own. Bitcoin.com is not responsible for or liable for any opinions, content, accuracy or quality within the Op-ed article. 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. For historical preservation, this article is a reprint of an archived editorial that was originally written in May 1988. Image credits: Pixabay, Wiki Commons, Fair Use, and Cryptoanarchy.org. Want to create your own secure cold storage paper wallet? Check our tools section. You can also enjoy the easiest way to buy Bitcoin online with us. Download your free Bitcoin wallet and head to our Purchase Bitcoin page where you can buy BCH and BTC securely. The post The Crypto Anarchist Manifesto appeared first on Bitcoin News. View the full article

While cryptocurrency markets have been moving sideways during the last few weeks, digital currency proponents have been observing large bitcoin whale movements. Transactions with tens of thousands of BTC have been noticed on the move from one wallet to another. On Friday, one colossal BTC holder moved over 50,000 BTC ($410 million) and cycled the funds through multiple addresses. Also read: Ross Ulbricht Clemency Petition Gathers 250,000 Signatures Bitcoin Whale Sightings One of cryptocurrency’s favorite topics is the subject of whales and the large digital currency holders who can make prices swing with a single transaction. Depending on who you ask, the definition of a whale can vary. Some believe that a whale can hold 1,000 BTC or more to make it into the club. In February, the number of addresses that had 1,000 to 10,000 BTC ($7.5-75.1 million) was approximately 1,709. Since then, the number of these types of whales increased by 18.6% as there are 2,028 addresses with 1,000 to 10,000 BTC today. While BTC spot prices seem stagnant at the end of 2019, every now and then there’s been unexpected price spikes and rapid drops in value over the last two months. Crypto speculators have attributed this market action to whales buying and selling thousands of coins. For instance, crypto enthusiasts have focused their attention on the Twitter bot Whale Alert, an account that tracks onchain settlement for coins like BTC, ETH and XRP. During the late evening on Sept. 5, U.S. EST, a whale moved 94,504 BTC or $711 million in one fell swoop. A few weeks ago, on Oct. 17, a transaction for 9,999 BTC ($75 million) caught the crowd’s attention. Last Wednesday, during the early morning trading sessions onchain observers witnessed 43,564 BTC ($327 million) withdrawn from the exchange Bittrex. A few days later, on Friday, another whale moved 55,354 BTC ($410 million) from unknown wallet to another unknown wallet. The Twitter bot Whale Alert registered at the time more than $10 billion worth of these cycled transactions and the account noted that the transactions were “very likely change transactions” or some form of consolidation. Within roughly 30 minutes, there were 22 transactions recorded with movements of over 55,000 BTC. 342,000 Ethereum on the Move Besides the BTC whales moving massive amounts of funds, digital currency observers have been watching the ETH whale who drained 342,000 ETH ($50 million) from Upbit’s hot wallet on Nov. 27. After the hack, the South Korean exchange Upbit promised to compensate all of the funds that were taken. The stolen ether started moving on Dec. 3, as both the Twitter bot Whale Alert and Etherscan flagged the transactions. In the last 24 hours, the hacker continues to shift the funds to different addresses in large amounts. So far, there’s been a total of eight ETH transactions on the move that stem from the Upbit hack in November. With every transaction, the funds have been sent to unknown Ethereum addresses to sit and so far none of the funds have been sent to known exchange addresses. The eight transactions also followed a pattern on Saturday as one transaction worth 1,000 ETH would be sent, it would be followed by another transaction worth 10,000 ETH. Onchain movements and giant whales have always fascinated the crypto community and whale sightings can be seen on numerous blockchains. The reason large holders are focused upon in this regard is that their massive movements can sway markets in the blink of an eye. Despite the massive transfers, the crowd cannot truly connect large transactions to major market movements, but it’s safe to say the crypto community will eagerly continue to watch whale activities. What do you think about the massive BTC transfers seen in the last two months? What do you think about the Upbit hacker distributing 342,000 ETH around to unknown addresses? Let us know what you think about this subject in the comments section below. Image credits: Shutterstock, Whale Alert, and Twitter. Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. The post While Markets Move Sideways, Crypto Whale Sightings Increase appeared first on Bitcoin News. View the full article

The U.S. Securities and Exchange Commission (SEC) has approved an investment fund that will invest in bitcoin futures contracts. SEC Commissioner Hester Peirce calls this move “a bit of progress.” The SEC has also revealed why it decided to approve such a fund. Also read: Swiss Licensed Crypto Bank Expanding Into 9 Markets Bitcoin Futures Fund Cleared to Launch The U.S. SEC declared the registration statement filed by Stone Ridge Trust VI for the NYDIG Bitcoin Strategy Fund effective on Monday. The company filed Form N-2 with the SEC on Oct. 2 and amended it twice, on Oct. 16 and Nov. 26. This form is used by closed-end management investment companies to register and offer their shares under the Securities Act. Stone Ridge Asset Management Llc will be the fund’s investment adviser. As of Aug. 30, the company managed approximately $15 billion of assets. The NYDIG Bitcoin Strategy Fund “is a non-diversified, closed-end management investment company that continuously offers its shares,” the filing details, adding: The fund pursues its investment objective primarily by investing in bitcoin futures contracts … The only bitcoin futures in which the fund will invest are cash-settled bitcoin futures traded on commodity exchanges registered with the CFTC. “The fund will not invest in bitcoin or other digital assets directly,” the filing emphasizes. “The fund will seek to purchase a number of bitcoin futures so that the total value of the bitcoin underlying the bitcoin futures held by the fund is as close to 100% of the net assets of the fund.” Its shares are being offered initially at an offering price of $10 per share. Only institutional investors, their clients, and certain eligible investors as specified in the fund’s prospectus can invest in the fund. Currently, CME is the only CFTC-approved exchange offering cash-settled bitcoin futures contracts. The fund has an interval structure; it aims to conduct quarterly share repurchase offers, which it expects to be for a maximum of 5% of the fund’s outstanding shares at net asset value per quarter. The initial quarterly repurchase offer is planned for May 2020. This fund will not be a bitcoin exchange-traded fund (ETF), however, as its filing states: The fund’s shares are not listed and the fund does not currently intend to list its shares for trading on any national securities exchange. ‘A Bit of Progress’ At the 2019 ICI Securities Law Developments Conference on Tuesday, Dalia Blass, Director of the SEC’s Division of Investment Management, talked about cryptocurrency ETFs and the SEC staff’s decision to approve a fund investing in bitcoin futures contracts. “We welcome and value constructive industry engagement regarding new products and novel investment strategies,” she said. “A prime example of such engagement involves registered funds seeking to invest substantially in digital assets and related investments.” Blass explained that she issued a public letter last year calling on the fund industry to discuss issues presented by such investments, elaborating: As a result of this engagement, we are at the point that a registered closed-end interval fund with a bitcoin futures strategy is preparing to launch. To reach this point, the fund first responded to each of the issues identified in the staff letter. Commenting on Blass’ speech, Commissioner Hester Peirce, aka Crypto Mom, tweeted on Wednesday that the agency’s move is “A bit of progress.” Without naming the fund, Blass explained that it expects “to generally value its bitcoin futures holdings at daily settlement prices reflected on a CFTC-registered futures exchange, consistent with the principles of the Investment Company Act of 1940 and U.S. GAAP.” As for custody, the director clarified that since the fund will invest in cash-settled bitcoin futures, it “will not face the challenges presented by direct holdings of digital assets.” In addition, it is a closed-end interval fund which means it “will not offer daily redemptions and will not be subject to potentially large, unexpected liquidity demands over short periods.” Blass further described that “as an unlisted fund, its pricing will not depend on an efficient arbitrage mechanism and the willingness of market makers to make markets in a fund pursuing a digital asset strategy,” noting: The fund also has taken steps to address issues related to potential manipulation in the digital asset markets. “This includes prominent risk disclosures, offering the product only through registered investment advisers, and limiting the size and future growth of the fund, with an initial cap of $25 million,” the director concluded. What do you think of the SEC approving this bitcoin futures fund? Do you think the Commission will approve a bitcoin ETF soon? Let us know in the comments section below. Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Image credits: Shutterstock and Twitter. Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. The post SEC Approves Bitcoin Futures Fund appeared first on Bitcoin News. View the full article

Germany’s second-largest stock exchange, Boerse Stuttgart, has opened up its cryptocurrency trading platform to all interested traders in the country. This move follows the passing of a bill allowing banks in Germany to sell and hold cryptocurrencies for their clients starting next year. Also read: Regulatory Roundup — Germany to Let Banks Sell and Store Crypto, Laws Changing in Asia Regulated Crypto Trading Platform Boerse Stuttgart announced Friday that its digital asset trading platform is “now open to any interested persons in Germany.” The BSDEX platform was launched in September but only for selected users. The company described: At Germany’s first regulated trading venue for digital assets, users can currently trade bitcoin against the euro. Additional digital assets are to be added. To access the BSDEX platform, the user must be at least 18 years of age, a resident of Germany, a European Economic Area (EEA) national, and have a German bank account. The platform offers free cryptocurrency deposits and withdrawals with varying trading fees based on the order type. The Boerse Stuttgart’s building. “The BSDEX is a multilateral trading system that brings together buyers and sellers of digital assets through an open order book,” Boerse Stuttgart explained, adding that customer orders are executed directly against each other. The company elaborated: At the moment our offer is limited to Germany. However, our goal is to make it available in other countries in the future. The digital asset platform complies with the regulatory requirements of the German Banking Act. The Baden-Württembergische Wertpapierbörse, which also acts as a holding company of the public stock exchange, regulates and monitors the compliance of the platform. The technical operator of the BSDEX is the Boerse Stuttgart Digital Exchange, a joint venture between the Boerse Stuttgart Group, Axel Springer, and Finanzen. Blocknox, a subsidiary of the Boerse Stuttgart Digital Ventures, acts as the custodian holding customers’ cryptocurrencies. Early this year, Boerse Stuttgart launched a crypto trading app called Bison, developed by Sowa Labs, a fintech subsidiary of the Boerse Stuttgart Digital Ventures. The smartphone app can be used to buy and sell BTC, ETH, LTC, and XRP from financial services provider Euwax AG, a subsidiary of Boerse Stuttgart. Germany’s Crypto-Forward Bill Germany has recently emerged as a crypto haven following the passing of a bill on Nov. 29 which allows banks to sell and hold cryptocurrencies for their clients starting next year. The new rules have been adopted as part of the implementation of “Directive (EU) 2018/843 of 30 May 2018,” the fifth AML Directive, explained global law firm Dentons. Under the new rules, crypto assets qualify as financial instruments, the law firm continued, emphasizing that this was disputed in the past. According to the firm, the German Federal Financial Supervisory Authority (Bafin) took the view that utility tokens did not qualify as financial instruments, but investment tokens qualify as securities and currency tokens qualify as “units of account” — both of which fall under the definition of financial instruments pursuant to the German Banking Act. The new rules also include licensing requirements. Companies wanting to provide crypto trading or custody services are required to obtain a license from Bafin as a bank or an investment firm, the law firm further detailed. “Entities that provide no other financial services than custody are exempted from certain rules that apply to other investment firms.” Among other requirements, companies seeking a license for only the crypto asset business must have an initial capital of 125,000 euros ($138,234). Dentons added: The new law will enter into force on January 1, 2020, subject to certain transition periods. Entities wanting to obtain a license for crypto-related services should notify Bafin of their intention to obtain a license on or before March 31, 2020. The law firm clarified that “In such case, the license will be deemed to be awarded on a preliminary basis, provided that they will submit a complete application for a license no later than November 30, 2020.” What do you think of Boerse Stuttgart opening its crypto trading platform to all traders in Germany? Let us know in the comments section below. Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Images courtesy of Shutterstock and Boerse Stuttgart. Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. The post Boerse Stuttgart’s Crypto Exchange Live for All Traders in Germany appeared first on Bitcoin News. View the full article

On Friday, the Clemency for Ross Ulbricht petition hosted on Change.org surpassed 250,000 signatures. The solicitation for signatures started in July 2018 and gathered roughly 6,200 signatures during the first three days. Now with a quarter of a million signatures asking U.S. President Donald Trump to commute Ulbricht’s sentence, the message clearly shows how people have continued to fight for his freedom and hope one day Ross will be a free man. Also read: Film Reveals Never-Before-Seen Information About the Silk Road Case A Petition for Ross Ulbricht’s Clemency Ross Ulbricht is serving two life sentences in prison, plus 40 years, for a website he designed when he was 26. Not to mention, there’s lots of evidence pointing to the fact that Ulbricht gave up leading the Silk Road marketplace well before he was arrested. Also, law enforcement’s investigations into the Silk Road (SR) and Ross Ulbricht are tainted and riddled with unconstitutional issues and two federal agents who went rogue. These agents had “keys to the kingdom,” which included access to high-level SR administrators’ accounts, access to passwords and PINs, the ability to commandeer accounts including the Dread Pirate Roberts (DPR), and many other types of unwarranted access. “[These] two corrupt federal agents (now in prison) had unfettered access to the Silk Road site, with the ability to do all kinds of mischief, including tamper with material that was later used in evidence,” Ross’s mother Lyn Ulbricht told news.Bitcoin.com in 2016. Then after years of fighting in the higher courts and after being denied a post-conviction relief extension in February 2018, the family and Freeross.org initiated a Change.org petition for Ulbricht’s clemency. “My son, Ross Ulbricht, is serving a double life sentence plus 40 years, without the possibility of parole, for a website he made when he was 26 years old and passionate about free markets and privacy. Ross, an Eagle Scout, scientist, and peaceful entrepreneur had all non-violent charges and no criminal history,” the petition says. The Clemency for Ross Ulbricht petition further adds: He was never prosecuted for causing harm or bodily injury and no victim was named at trial. This is a sentence that shocks the conscience. There is a growing consensus that Ross’s case is a miscarriage of justice and over 100 eminent organizations and individuals have voiced their support. 250,000 Signatures Is No Small Task Just before the petition gathered 250,000 signatures on Change.org, venture capitalist Tim Draper discussed Ross Ulbricht’s sentence on the Crypto Finder video podcast with Fred Schebesta. “Free Ross, baby,” Draper said on the broadcast. “Get him out. We need entrepreneurs like that guy. Get him out of jail. Why do we put these really extraordinary people in jail? We need their minds, their energy, their life force. Get him free. Who knows what else he could’ve come up with?” Draper remarked further: I get that he’s got to be an example, and he stepped over the line, but he’s been in jail for a while. Get him out. I cry when my cat goes into a cage, it tears my heart out when these prisoners go into cages. The Clemency for Ross Ulbricht petition crossed 250,000 at 7 p.m. EST on Friday, December 6. The 250,000 signature petition is quite a milestone for the Clemency for Ross Ulbricht movement. A quarter of a million signatures is a lot compared to most petitions on Change.org. According to statistics, the average Change.org local petition usually only garners 2,000 signatures. On the national level, top petitions typically earn 12,700 signatures. Only really high-profile petitions have done what the Clemency for Ross Ulbricht petition has gathered so far support wise. There are not many people who believe Ulbricht’s double-life sentence was justified and at the rate it’s headed the Free Ross petition could easily gather a million signatures. What do you think about the Clemency for Ross Ulbricht petition gathering 250,000 signatures? Let us know what you think about this subject in the comments section below. Image credits: Shutterstock, Freeross.org, Clemency for Ross, and Change.org. 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 Clemency Petition Gathers 250,000 Signatures appeared first on Bitcoin News. View the full article

Utilizing stranded gas to power bitcoin mining rigs at oil and gas wells is a promising business opportunity. It is profitable for all participating parties and beneficial for the environment. Not without challenges, this young industry is growing in energy-rich North America. Several companies are working to expand the niche and U.S.-based EZ Blockchain shared details about their progress. Also read: Canadian Company Commissions 3 Bitcoin Mining Units to Restart Oil Well When Markets Are Far Oil production has certain byproducts, one of which is natural gas. When drilling sites are located in remote places, oil companies are often forced to flare or even vent the fuel into the atmosphere as transporting it to markets is rarely a cost-effective option. Selling it close to the well or using it onsite, on the other hand, can be a solution, provided there are consumers nearby. EZ Blockchain is a Chicago-based company designing and building datacenters that can mine cryptocurrencies based on proof-of-work blockchains. It manufactures, deploys and operates mobile units at oil and gas extracting facilities, which run on what would otherwise be totally wasted energy to mint digital coins. The company promotes its products and services in a couple of regions in the U.S. where oil and gas producers operate and significant quantities of excess gas are being released every day. “Appalachian Basin is interesting to work because we partner with gas producers. And small gas producers are struggling with current gas prices on the market and they are forced to close their wells,” EZ Blockchain founder Sergii Gerasymovych told news.Bitcoin.com. He further elaborated: With bitcoin mining, however, they can actually stop selling gas to the pipe but use it for mining and eventually the price per MCF can be as high as $10, which is 10 times more than they sell it now. Educating an Old Industry It sounds like a no-brainer for oil producers but the crypto company is facing all sorts of obstacles. “There is a hurdle for sure, which is they have to be educated about bitcoin mining in general, even though those risks in their case are low,” Gerasymovych explained. “There are a few reasons people go to conferences: networking, selling, education and after-parties, but mostly for the after-parties. Right now at EZ Blockchain, there are heavy projects going on and there’s no way I can just fly to Houston for a conference with less than one-week notice. But after an hour of checking out some incredible talks from the 2018 Blockchain Oil and Gas conference, my reservations and tickets were booked,” Sergii writes in an article about a recent event that gathered representatives of the two industries in America’s oil and gas capital. Another challenge is that EZ Blockchain needs to adapt to the specific needs of its customers. To sell its products in the Appalachian Basin, for example, it has to scale down the capacity of its mining units so that they match the limited gas quantities there. “We have spent last year on developing mobile datacenters which can use 500 MCF of gas or 2 MWs of electricity, but Ohio producers are small and we have to develop a smaller unit for them,” the entrepreneur pointed out. EZ Blockchain is also working with much bigger oil producers in the state of North Dakota. “Basically, we split the business in two directions now, working with big oil producers in ND and with very small gas producers in Ohio,” Gerasymovych shared in an email. Last time we spoke with him he was positive there was enough wasted gas in North Dakota alone to power a third of Bitcoin’s whole network. Bitcoin mining, he insisted, could be done completely off-grid, solving an environmental problem. The Bakken region, where Sergii’s company already has one customer and is working to onboard another, has its own specific challenges. The main problem there is that it is flooded by large-size producers only. Big companies are generally moving slowly because of various compliance and other requirements, Gerasymovych noted. Besides, each project, even a small one with a 1-1.5MW capacity, is usually handled by more people and has to be approved on multiple levels of management. Business is business and taking caution is understandable when profits and livelihoods are on the table. Companies like the U.S.-based EZ Blockchain, Crusoe Energy Systems and the Canadian Upstream Data are trying to improve both, for themselves and for their clients, while blazing a trail in two industries and in two countries at the same time. Do you think bitcoin mining with stranded gas has a bright future? Share your thoughts on the subject in the comments section below. Images courtesy of Shutterstock, EZ Blockchain. Did you know you can earn BTC and BCH through Bitcoin Mining? If you already own hardware, connect it to our powerful Bitcoin mining pool. If not, you can easily get started through one of our flexible Bitcoin cloud mining contracts. The post Chicago Company Mines at Oil Wells, Educates Producers About Bitcoin appeared first on Bitcoin News. View the full article