roadrunner

The CEO of Paypal, Daniel Schulman, has revealed in an interview that he personally owns bitcoin. He also talked about Paypal’s plans regarding cryptocurrency, how to achieve mass adoption, and why Paypal decided to leave Facebook’s Libra project. Also read: US to Strictly Enforce Crypto Rules Similar to FATF Guidelines Schulman Owns Bitcoin Daniel Schulman, the president and CEO of Paypal, admitted in an interview with Fortune last week that he personally owns bitcoin. He joined Paypal in 2014 to lead it as an independent company from Ebay Inc. Schulman was asked numerous questions regarding his crypto investment, Paypal’s crypto projects and the company’s decision to exit the Libra project. As for his own crypto holdings, the publication asked: “Do you personally own any cryptocurrencies?” The CEO promptly replied: Yes. Bitcoin. To clarify that he only owns one type of cryptocurrency, the publication further asked, “Only Bitcoin?” The executive confirmed, “Only. Yes.” However, he did not reveal how much he owns. Paypal CEO Daniel Schulman Schulman brought extensive experience in payment solutions to Paypal, having served as Group President of Enterprise Growth at American Express, President of the Prepaid Group at Sprint Nextel Corp, CEO of Priceline Group Inc., and holding various leading positions at AT&T. Paypal’s Own Crypto Projects Paypal is also working on its own crypto projects. CFO John Rainey said earlier this year that the company had teams working on blockchain and cryptocurrency. Fortune asked the CEO if he could share some details of the projects Paypal is working on. However, he replied: “Yes and no. Some of this is competitive, and we don’t really want to,” but noted that what Paypal is working on is “not necessarily competitive with Libra.” Emphasizing that cryptocurrency is “still very volatile,” the CEO revealed, “we don’t have much demand for it by merchants because merchants operate on very small margins.” He continued: “Until it becomes less volatile, it won’t be a currency that is widely accepted by merchants on the web — not the dark web, but the web.” Schulman elaborated: That doesn’t mean that I don’t think crypto is an interesting idea and that people are trading it quite a bit. It’s more commodity-like than it is cash-like right now. But you can think of use cases in different countries and different places where it can be more stable than the alternatives. This is not the first time Schulman has raised concerns about bitcoin’s volatility. In January, he told Thestreet that “the volatility of the cryptocurrency makes it actually unsuitable to be a real currency that retailers can accept.” He also told CNBC, “We’re not seeing many retailers at all accept any of the cryptocurrencies.” While skeptical of cryptocurrency, Paypal sees promise in blockchain technology. “We think there’s a lot of promise to blockchain technology. It’s intriguing to us, but it really needs to do something that the traditional rails can’t do,” the CEO told Fortune. “We think a lot of the neat stuff that can happen on blockchain is around identity, for example.” In addition, Paypal has filed a number of crypto-related patents. While the company has yet to announce any crypto projects, Piper Jaffray analyst Jason Deleeuw believes that the timing of the patent application, coupled with company announcements, “suggests that any near-term solutions by Paypal to make crypto merchant payments scalable may have been de-prioritized.” A spokesperson for the company said last year, “we are interested in any technologies, processes or applications that have the potential to enable our mission of financial inclusion.” Withdrawing From Libra Project Before Schulman took over as the CEO of Paypal, Facebook’s Head of the Libra project, David Marcus, ran the company. He left Paypal on June 27, 2014, to lead the social media giant’s messaging products. When Facebook announced its plans for the Libra digital currency project in June, Marcus visited his former company to talk about the project. Initially, “he framed it in ways that were appealing to us about financial inclusion,” Schulman told Fortune. However, as more details were revealed about Libra, the Paypal team realized that the project had many more things left to do and Paypal was already working on its own project to achieve a similar goal. After much deliberation, the company concluded that “if we focus on our own roadmap, we’d be able to advance financial inclusion faster than if we put all these resources against Libra,” the CEO shared. “It wasn’t an acrimonious divorce or anything like that. It’s just that they will start going down a road that we’re very interested in looking at and monitoring, and maybe later, there are ways we can work together. I wish them the best of luck on it.” Schulman additionally claims that the regulatory burden Libra is facing was not the reason driving Paypal away from the project. “That wasn’t really what spooked us on it,” the CEO elaborated. “It was just about, ‘Where do we want to put our attention, and what do we want to do today to advance our mission?’ Once they start figuring things out, we’ll take another look at where they are.” What do you think of Paypal’s CEO owning bitcoin? 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 Paypal CEO Admits He Owns Bitcoin appeared first on Bitcoin News. View the full article

Bitcoin Cash (BCH) supporters have been introduced to two new concepts that allow people to leverage the BCH network in a variety of innovative ways. On November 15, former Bitpay developer Jason Dreyzehner revealed his recurring payments system for BCH called Cashchannels. A few days later, on November 18, Karol Trzeszczkowski published a plugin for Electron Cash that allows a user to create a simple escrow contract. Also read: Cointext Founder Publishes New ‘Postage’ Specs for SLP Tokens Cashchannels Every week there seems to be something new introduced to the BCH community from software developers looking to leverage the peer-to-peer electronic cash system. On Friday developer Jason Dreyzehner announced a project he’s been working on called Cashchannels, which is a tool that lets users pre-approve future transactions, valued in any currency, to another person or company. Dreyzehner’s announcement highlights that the project bolsters “noncustodial, privacy-preserving, flexibly-denominated recurring payments.” Essentially, once the spender authorizes a BCH payment and after a specific amount of time, a “receiver can create the transaction without the spender having to open their wallet.” Dreyzehner added: Cashchannels automatically ensure the payment is correct, and spenders have full control over their money at all times. Dreyzehner says the first draft of a Cashchannels authentication template is now available. Dreyzehner is also known for working on the identity and message infrastructure called Bitauth. The software engineer has created a first draft of the Cashchannels authentication template and by using the Bitauth IDE, users can examine every script used by the template. Dreyzehner noted that SLP transactions can’t use the template unless the user modifies the template to support reading SLP-based channel outputs. “If you’re interested in adding Cashchannels to your wallet, have ideas for improving or optimizing the template, or if you have other questions or suggestions, you can find me on Twitter or comment on the Gist,” Dreyzehner’s announcement concluded. A Simple Escrow Smart Contract Plugin After Dreyzehner introduced Cashchannels, software developer Karol Trzeszczkowski revealed a new BCH simple escrow contract plugin for Electron Cash (EC). Trzeszczkowski also worked on a recurring payment smart contract plugin similar to Dreyzehner’s concept called Mecenas. The software developer designed the Last Will plugin for EC and another plugin called the Interwallet Transfer as well. The latest simple escrow smart contract plugin specifications on Github state: The plugin that lets you make a simple escrow smart contract that require only normal “bitcoincash:q…” addresses and no awkward xpub exchange ritual. On Reddit, the BCH community enjoyed the latest plugin release from Trzeszczkowski and complimented him on his work. The forum user ‘Shadow of Harbringer’ wrote: “So much developments in Bitcoin Cash,” while other Reddit users discussed how the plugin “allows [an average user] to make a 2-of-3 multi-signature in a standard wallet.” New Mecenas Plugin release featuring Escrow Mecenas!https://t.co/cUz8zN6ZTB — Karol Trzeszczkowski (@KTrzeszczkowski) November 20, 2019 When one person asked if the simple escrow contract plugin “can be trusted,” the software developer who helped Trzeszczkowski, Imaginary Username replied: “We did quite a bit of tests (on mainnet), so far no money was lost and everything arrived at intended destinations.” On Wednesday November 20, Trzeszczkowski also announced his Escrow Mecenas that features three new contract versions using the Simple Escrow scheme. Overall BCH fans are pleased with the developments announced recently and both announcements from Dreyzehner and Trzeszczkowski this week were welcomed by avid supporters. What do you think about Jason Dreyzehner’s Cashchannels concept? What do you think about Karol Trzeszczkowski’s simple escrow contract tool and all the plugins he’s created for Electron Cash? Let us know what you think about this subject in the comments section below. Image credits: Shutterstock, Medium, and Github. Are you a developer looking to build on Bitcoin Cash? Head over to our Bitcoin Developer page where you can get Bitcoin Cash developer guides and start using the Bitbox, SLP, and Badger Wallet SDKs. The post Devs Reveal BCH Cashchannels and Simple Escrow Contracts appeared first on Bitcoin News. View the full article

Online gaming is a big global industry and one that had a major role in the early adoption of cryptocurrency. Bitcoin.com has long offered a platform for players to use their digital assets on classic games and recently it greatly expanded the scope of options available. Also Read: Bitcoin.com Wallet App Marks Over Five Million Wallets Created Cash Games Players Get Dozens of New Options Cash Games, Bitcoin.com’s online gaming platform, has recently been releasing a whole range of new games, thanks to successful partnerships with leading companies in the industry. More than fifty new options have been added to the roster since early October, with even more on the way. The recently released games are developed by popular providers from the online gaming industry such as Bgaming, Belatra, and Mr. Slotty. Many of the new options are based on game mechanics from that very popular casino attraction — the slot machine. The platform also offers a diverse range of other fun-to-play games and even has a stylized minesweeper for players to wager on. “What makes these new additions so exciting is that many of the new games offer huge amounts of Free Spins and multipliers to amplify the players’ experience”, commented the lead developer. “You can even try the demo versions of the games, each with 1000 free credits and endless fun.” Privacy, Security and Fairness Cash Games also hosts a multitude of exclusive classic games such as Slots, Roulette, Blackjack, Poker, Dice, Baccarat, Keno and Craps, all with large Jackpots to be won. Users don’t need to register to play and can enjoy the games anonymously. At the same time, the platform also offers two-factor authentication, password-protected accounts, and a dedicated customer support team to ensure a pleasurable gaming experience. The site supports playing with Bitcoin (BTC) on games.bitcoin.com and with Bitcoin Cash (BCH) on the separate cashgames.bitcoin.com domain. Besides the two websites, you can also download a mobile app for Android devices and play on the go wherever you are, using the same account. And if you hold a different cryptocurrency, both websites feature a conversion option with a variety of different coins to choose from. Bitcoin.com’s Cash Games operates with absolute transparency; check out the Provably Fair section on the homepage menu or the ‘About’ tab of the game you are playing for more technical details. What do you think about all the new options now available to players on Cash Games? 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 Cash Games Adds Dozens of New Options for You to Play appeared first on Bitcoin News. View the full article

Bitcoin.com is planning a major step toward promoting the growth of the BCH ecosystem. A $200 million fund will empower developers to offer new capabilities to bitcoin cash users as well as give institutional investors a chance to capitalize on the future of the cryptocurrency. Also Read: Bitcoin.com Wallet App Marks Over Five Million Wallets Created $200 Million Investment Fund Bitcoin.com is planning to launch a $200 million BCH investment fund in 2020 that will focus on payment related solutions and non-custodial financial services for Bitcoin Cash. The fund will invest in and incubate businesses like payment gateways, processors remittances, wallet and merchant acquirers. Details of the BCH Ecosystem Investment Fund are not yet finalized but it will allow for other institutional investors to join the fund. Backers will then be presented with a portfolio of Bitcoin Cash payment related businesses to invest in. A dedicated landing page for projects to submit their business plans was just launched and is available here. Bitcoin.com CEO Stefan Rust has been screening institutional investment companies and has identified up to 20 that align with the company’s vision and satisfy its stringent due diligence requirements. Bitcoin.com would charge a fee helping institutional investors manage the fund, on top of the fees to access the underlying payment businesses. Institutions are said to be very interested in investing alongside Roger Ver and Bitcoin.com, taking a share in the upside of future BCH development. “We are super excited to launch the $200 million ecosystem fund that will rapidly scale up Bitcoin Cash focused businesses,” stated Bitcoin.com CEO Stefan Rust. “Bitcoin.com receives between 6 to 8 business plans every day from software entrepreneurs leveraging the unique features and capabilities of the Bitcoin Cash blockchain. Bitcoin.com now has the resources and team to support these BCH entrepreneurs, grow the value of their businesses and spread bitcoin cash adoption.” I just announced a $200M USD Bitcoin Cash Ecosystem Fund at the headquarters of @blockchain, the world’s largest cryptocurrency wallet. pic.twitter.com/UATUQgV8Yp — Roger Ver (@rogerkver) November 20, 2019 Bitcoin.com Executive Chairman Roger Ver added: “There is so much great infrastructure and businesses being built in the Bitcoin Cash ecosystem every day. Bitcoin.com is going to accelerate the development with our million-dollar ecosystem investment fund.” He recently presented the idea to the community in a Bitcoin Cash Meetup in London. Promoting the BCH Ecosystem Bitcoin.com is strongly promoting the adoption of Bitcoin Cash as peer-to-peer electronic money as well as the development of the surrounding BCH ecosystem. Recently the electronics manufacturer HTC added native bitcoin cash support to its flagship smartphone, Exodus 1, following a partnership with the company. And it is 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. The company also supports the adoption of the Simple Ledger Protocol (SLP), a token system for the Bitcoin Cash network allowing anyone to create tokens in a permissionless manner. The protocol has helped the development of an ecosystem for BCH that replicates the variety of ERC20 tokens on the Ethereum network. This is one of the reasons the company launched Bitcoin.com Exchange in September, giving projects a platform for listing their SLP tokens. Moreover, Bitcoin.com’s suite of developer tools has been downloaded more than 36,000 times from over 100 countries. The team even helps with the organization of many local BCH meetups around the world. What do you think about the upcoming $200 million fund focused on investing in the BCH 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 Bitcoin.com to Launch $200 Million BCH Ecosystem Investment Fund appeared first on Bitcoin News. View the full article

The identity of Bitcoin’s pseudonymous founder is the subject of endless and dedicated speculation among the hardcore crypto crowd, and for good reason: the mystery truly is enticing. While the oft-cited candidates are many, there’s something special about avid runner, cypherpunk and early Bitcoin contributor Harold Thomas Finney II, better known simply as Hal, that makes people want to believe he’s the one. All wishful thinking aside, though, an examination of the facts is illuminating. Also Read: Bitcoin History Part 20: BTC Reaches $1 Caltech and Crypto Beginnings Finney graduated from world-renowned Caltech with an engineering degree in 1979. After working in computer game development for some years he then went on join the PGP Corporation, creating some of the first “pretty good privacy” the world had seen. Finney was an OG cypherpunk, a member of the early 90s mailing list and avid developer and philosopher when it came to crypto solutions for preserving privacy, anonymity and financial autonomy. Among his pre-Bitcoin accomplishments are the creation of the first known anonymous remailer and a 2004 reusable proofs of work (RPOW) digital cash system. He also famously received the first ever bitcoin transaction directly from Satoshi. These basic facts are impressive enough, but it stands to take a more detailed look at some coincidences and other nuggets that could shed light on whether there’s truly a case to be made for Hal as Nakamoto. First though, a quote from Finney via a 1992 cypherpunks email: Here we are faced with the problems of loss of privacy, creeping computerization, massive databases, more centralization – and Chaum offers a completely different direction to go in, one which puts power into the hands of individuals rather than governments and corporations. The computer can be used as a tool to liberate and protect people, rather than to control them. Other Intriguing Finney Facts Libertarian Leanings As a cypherpunk, Finney expressed many libertarian and anarchic views regarding individual freedom. Analysis of Satoshi Nakamoto’s correspondence, the Bitcoin whitepaper, and the famously hashed genesis block message may hint at Satoshi possessing similar convictions. In one 2010 email to Laszlo Hanecz, of 10,000-bitcoin pizza fame, Nakamoto expresses hesitancy about GPU mining outcompeting CPU users, saying: GPUs would prematurely limit the incentive to only those with high end GPU hardware … I don’t mean to sound like a socialist, I don’t care if wealth is concentrated, but for now, we get more growth by giving that money to 100% of the people than giving it to 20%. As libertarian anarchists are typically individualist and opposed to socialism, this is a noteworthy statement from Satoshi. Down the Street From Dorian Finney was famously discovered to have lived just blocks away from a real life Satoshi Nakamoto in small town Temple City, CA; a Japanese-American man named Dorian Satoshi Nakamoto. Though Newsweek quoted Dorian as saying “I am no longer involved in that [Bitcoin] and I cannot discuss it,” and “It’s been turned over to other people,” Nakamoto has since issued a statement emphasizing his denial of the explosive Newsweek hound piece, noting: “I did not create, invent or otherwise work on Bitcoin. I unconditionally deny the Newsweek report.” He also explained that due to previous work contract stipulations, he was not at liberty to speak about any past projects, and thus the misunderstanding in Newsweek’s assumption he meant Bitcoin. Some zealous Satoshi hunters theorize Finney may have used Dorian as an inspirational pseudonym of sorts, to honor the humble and financially embattled California coder who noted in his official statement: “I have not been able to find steady work as an engineer or programmer for ten years. I have worked as a laborer, polltaker, and substitute teacher. I discontinued my internet service in 2013 due to severe financial distress.” Running Bitcoin Hal Finney was one of the first ever people to show genuine interest in Satoshi Nakamoto’s peer-to-peer cash proposal, noting that “When Satoshi announced Bitcoin on the cryptography mailing list, he got a skeptical reception at best. Cryptographers have seen too many grand schemes by clueless noobs. I was more positive.” He was also probably the first person other than Satoshi to run bitcoin. Real-life distance runner Hal tweeted famously all the way back in January 2009: “Running bitcoin.” Mysterious Initials and Nick Szabo In one notable email to Finney, Nakamoto writes: I just thought of something. Eventually there’ll be some interest in brute force scanning bitcoin addresses to find one with the first few characters customized to your name, kind of like getting a phone number that spells out something. Just by chance I have my initials. The bitcoin address Satoshi is referring to is his own, in the message, and it is 1NSwywA5Dvuyw89sfs3oLPvLiDNGf48cPD — the first two letters being “NS.” There are a couple things that have sparked intrigue for Satoshi sleuths here. For one, Japanese names are traditionally stated and written with family names first, so the guy known as Satoshi Nakamoto in the U.S. would be called Nakamoto Satoshi (NS) in Japan. However, based on Nakamoto’s fluid English writing style and immaculate grammar — not to mention non-typically Japanese sleep schedule — there is doubt as to why the otherwise “Westernized” Bitcoin creator would point to initials in the Japanese order. Perhaps Finney was familiar with this aspect of the culture and, writing to himself as Satoshi, let it slip out. Some think the initials stand for “Nick Szabo,” another early cypherpunk, creator of the Bit Gold forerunner to Bitcoin, and contemporary of Finney who corresponded with him extensively. While this theory might seem to point to Szabo, and not Finney, as Satoshi, some Satoshi hunters view the pseudonymous creator of Bitcoin as a group project of sorts, comprising two or more actors. Simultaneous Retirement Hal Finney retired from the PGP Corporation in early 2011. Satoshi Nakamoto’s last known email correspondence is dated April 26, 2011. Writing to developer Gavin Andresen after having effectively turned the Bitcoin project over to his leadership, Satoshi states: “I wish you wouldn’t keep talking about me as a mysterious shadowy figure, the press just turns that into a pirate currency angle. Maybe instead make it about the open source project and give more credit to your dev contributors; it helps motivate them.” Andresen replied, informing Satoshi he’d been invited to speak at an event connected with the CIA. Nakamoto never wrote back. Bitcoin Runs On Like Szabo and many others in the space, Hal Finney was deeply interested in Extropianism and cryonics, and after his untimely passing due to amyotrophic lateral sclerosis (ALS) in August, 2014, his body was cryogenically preserved at the Alcor Life Extension Foundation in Arizona. Just 17 days after the initial diagnosis, five years earlier, he tweeted: Just got back from 11 mile run – really treasure each one now. — halfin (@halfin) August 22, 2009 Hal Finney’s contributions in bringing Bitcoin to where it is today can hardly be overstated. A rarity in the domain of hackers, crypto geeks and cypherpunks is Finney’s warm spark of childlike enthusiasm and down-to-earth approachability that brought a human element to his work and legacy. Whether he is Satoshi Nakamoto, of course, remains unknown. The fact that Bitcoin is still running is undeniable. Who do you think is Satoshi? One person? Many? Let us know in the comments section below. Images credits: Shutterstock, fair use. Want to create your own secure cold storage paper wallet? Check our tools section. You can also enjoy the easiest way to buy Bitcoin online with us. Download your free Bitcoin wallet and head to our Purchase Bitcoin page where you can buy BCH and BTC securely. The post The Many Facts Pointing to Hal Being Satoshi appeared first on Bitcoin News. View the full article

As capital controls and banking restrictions continue to affect various populations worldwide, standing in the way of individuals and their hard-earned savings, some are looking to safer options and even cryptocurrencies. Lebanon, Zimbabwe, and India are just a few of the countries to deal with centralized restrictions on access to money in recent times, but anyone that’s ever had to so much as wait in a long line at the bank knows that when it comes to your money, the more direct and immediate the control, the better. Also Read: ‘Zimdollars’ Issued for First Time in Ten Years Amidst Continued Hyperinflation Bad News Banking Recent headlines involving major banks have showcased a fact perhaps few would like to face: when it comes to your money in the bank, the bank ultimately has the final say. Roelof Botha, former CFO of Paypal, announced on Twitter Monday that his 20-year banking relationship with Bank of America had been abruptly cut short by the institution with no reason given. One commenter bit back at Botha by saying the same thing happened to him with Paypal, and noting the problems with both centralized institutions stated: Your livelihood, subject to the mood swings of unknown strangers. In other news, mega bank HSBC is coming under fire with critics for supposed political motivations in closing a corporate account used to support the protest movement in Hong Kong. South China Morning Post reports that the Prime Management Service Ltd account has been raising funds for Spark Alliance HK, to help with legal, medical and aid services. HSBC would not comment on the individual case, but noted: “If we spot activity differing from the stated purpose of the account, or missing information, we will proactively review all activity, which can also result in account closure.” Trouble in Other Countries Lebanon As news.Bitcoin.com reported last month, the banking situation in politically volatile Lebanon is not favorable. Recent local reports confirm that lenders are re-opening after a week-long strike and a turbulent month marked by bank closure amidst unrest and demonstrations, but that limits are imposed on withdrawals. The Association of Banks in Lebanon stated Sunday that account holders will be able to withdraw $1,000 a week from accounts denominated in foreign currency. Transfers of money out of the country will be limited to “urgent” matters. One report from international media outlet rfi notes: “The Lebanese pound has been pegged to the US dollar at around 1,500 for two decades … But amid the deepening economic crisis, the exchange rate in the parallel market has surpassed 1,800 Lebanese pounds for every dollar.” Authorities in Lebanon are refusing to call the new policy capital controls. India Plagued by demonetization, banking scandals, cash shortages and a government that doesn’t seem to want to move when it comes to crypto, residents of India haven’t had an easy time of things in recent years. Depositors at Punjab and Maharashtra Cooperative (PMC) Bank found out the hard way that governments and centralized lending institutions cannot be fully trusted in September, when the Reserve Bank of India (RBI) placed severe restrictions on the bank’s 137 branches and initially limited withdrawals to a total of about $14 per account for six months. The limit was later raised slightly, but turmoil continues as protests, strikes and even reported deaths are occurring in the wake of the financial panic surrounding PMC and other cooperative banks. Zimbabwe The re-emergence of paper and coin Zimbabwe dollars after a decade of absence was meant to steer residents of the country away from the black market for USD and reliance on mobile payment services like Ecocash, which sellers were using to charge high premiums for access to cash. The result so far has been frustrating for some Zimbabweans, however, who are finding that the limited access to the new money (currently set at around $20 per week) is nowhere near adequate. One pensioner told Reuters: I managed to withdraw 150 dollars but it is not enough to buy anything. The banks should do something about the limit, maybe increase it to 1,000. Hyperinflation and unemployment continue to wrack the struggling economy, and centralized controls on markets do not seem to be helping the situation. Crypto Allows People to Be Their Own Bank Though former U.S. President Barack Obama once famously stated of encrypted technology and cryptocurrencies that “If in fact … government can’t get in, then everybody’s walking around with a Swiss bank account in their pocket,” some people are beginning to see that as less of a problem and more of a good thing for society. Given the current mess of capital controls, banking restrictions and irresponsible economic policies such as QE and negative interest rates being employed globally, becoming one’s own bank via crypto presents an alluring — if sometimes challenging — option. "Banks are an illusion of safety and protection, that are really there to monitor and oppress people for the State" We are spreading #BCH and Education!#Educationpls #BitcoonCashRyver pic.twitter.com/pK0hMl7yvC — Sofia Corona BCH (@VainilaMarket) October 25, 2019 Private, peer-to-peer crypto markets and initiatives such as local.bitcoin.com and Eatbch allow struggling individuals in hyper-inflated and suffocating economies like Venezuela a route by which to preserve value, trade more freely and keep pushing forward. The more adoption that occurs, the greater the liquidity and potential for individuals all over the globe to use their money when and how they want, regardless of what the financial cattle corrals called “banks” may say. What are your thoughts on becoming your own bank? Let us know in the comments section below. Image credits: Shutterstock, fair use. Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The Local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. The post Restrictions Worldwide Show Why It’s Vital to Be Your Own Bank appeared first on Bitcoin News. View the full article

Fidelity Investment’s digital currency arm has been licensed by the New York Department of Financial Services to operate a platform on which individuals and institutional investors can store, purchase, sell, and transfer bitcoin. The regulator also revealed that it has to date approved 23 charters or licenses for firms engaged in crypto activities. Also read: US to Strictly Enforce Crypto Rules Similar to FATF Guidelines Fidelity’s New Crypto License The New York State Department of Financial Services (DFS) announced Tuesday that it has granted a charter under the state’s banking law to Fidelity Digital Asset Services LLC (FDAS) to operate as a limited liability trust company in the state of New York. The Bitlicense regulator detailed: DFS has authorized FDAS to provide a virtual currency custody and execution platform, on which institutional investors and individuals can securely store, purchase, sell, and transfer bitcoin. Following the DFS announcement, FDAS explained, “We look forward to making our custody and trade execution services available to firms based in New York.” The firm added, “We have experienced a high interest level from these firms and anticipate that their increased involvement in this industry would enable more activities and development across the spectrum.” “The custody and trade execution services that we provide are essential building blocks for institutional investors’ continued adoption of digital assets,” FDAS COO Michael O’Reilly claims. “The designation as a New York trust company under the supervision and examination of the DFS builds on the credibility and trust we’re establishing amongst institutions and other market participants.” FDAS is a subsidiary of Fidelity Investments, one of the world’s largest financial services providers with more than $7.2 trillion in client assets under administration and over 1.3 million trades processed each day, according to its website. Established in October last year, the digital asset subsidiary aims to create a full-service enterprise-grade platform for storing, trading, and servicing eligible digital assets. Tom Jessop, president of Fidelity Digital Assets, said in March that his company had been adding institutional investor clients such as hedge funds and family offices, but noted that certain aspects were still a work in progress. 23 Approvals so Far Prior to the charter granted to Fidelity, the DFS had issued 22 others since it began approving crypto businesses in 2015. The regulator revealed: Including the charter granted to FDAS, to date DFS has approved 23 charters or licenses for companies engaged in virtual currency business activities. The last company that the DFS approved before Fidelity was Bakkt Trust Company LLC. The company was granted a charter under the state’s banking law in August and proceeded to launch regulated bitcoin futures on the NYSE. Several other firms have been approved by the DFS this year to operate crypto businesses. In September, the regulator green-lighted the first gold-backed digital currency in the state. Paxos, formerly Itbit, was approved to offer three asset-backed tokens: Paxos Standard (PAX); PAX Gold, an asset-backed token pegged to gold; and BUSD, an asset-backed token pegged to the U.S. dollar. Furthermore, the DFS also approved Seed Digital Commodities Market, Zero Hash, Bitstamp, and Tagomi Trading this year. One company was denied, however. In April, the regulator rejected Bittrex’s applications to engage in crypto and money transmission activities in the state of New York. What do you think of Fidelity’s crypto services and all the companies approved by the DFS? 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. 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 NY Regulator Licenses Fidelity for Bitcoin Trading and Custody appeared first on Bitcoin News. View the full article

About to make its initial exchange listing, Universal Protocol Token (UPT) will serve as a mega-utility token, offering holders attractive interest rates when lending and borrowing, lower exchange fees, cashback and discounts on trading. Also Read: Universal Protocol Alliance to List Mega-Utility Token on Bitcoin.com Exchange Mega-Utility Token to Debut Wednesday 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. The group has identified that many users need innovative solutions to move digital assets seamlessly across different wallets, exchanges, and networks. The alliance members include Bittrex, Brave, Certik, Omisego, Blockchain at Berkeley, Uphold, and Cred. Universal Protocol Token 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 including UPUSD, UPEUR, and UPBTC. Universal Protocol Token (UPT) will debut Nov. 20, 2019 on Bitcoin.com Exchange as an initial exchange listing, and will be available for trading by non-U.S. persons only. “The Universal Protocol Token is the solution for businesses, consumers and governments large and small require solutions to digitally maneuver assets anywhere and anytime,” said JP Thieriot, co-founder of the UP Alliance and Uphold. “UPT will unlock tremendous value in the ecosystem and set the stage for even more innovative solutions in the marketplace.” Alliance Members to Provide Special Offers Each Alliance member will provide a critical component to the ecosystem, and provide different services and discounts, including: Cred: Holders of UPT will earn interest on UPT and all UP tokens through Cred Earn. Holders of UPT or any UP token will also be able to collateralize UPT or any UP token to receive fiat loans. Cred is a global lending and borrowing platform serving customers in 183 countries with over $300 million of lending capital. Uphold: Holders of UPT will receive additional digital currency back with the launch of the Uphold debit card (up to an additional 1%) and will receive discounts on all trades performed on Uphold. Founded in 2014, Uphold has over 2 million users around the world and has traded over $5.4 billion on its digital money platform and reserve ledger. Blockchain at Berkeley: Holders of UPT and any UP token can purchase goods, services and tickets for blockchain events at reduced prices. Blockchain at Berkeley is an academic organization at the University of California, Berkeley, that provides educational resources, consultancy, and R&D to some of the biggest blockchain projects in the world. University of California, Berkeley Omisego: Holders of UPT will be able to pay fees using Omisego’s payment settlement technology. Omisego is a leading layer 2 scalability solution for Ethereum supporting any type of tokenized asset including UPT. Certik: Holders of UPT and any UP token will benefit from reduced code auditing fees when payment is made with UP tokens. Certik is a pioneer in blockchain security and auditing with over $5B in assets secured, founded by Yale Department Chair of Computer Science Zhong Shao and Columbia University Assistant Professor Ronghui Gu. Bitcoin.com Exchange was launched in September as an easy-to-use trading platform that offers world-class security and a powerful trading engine. The venue has a wide variety of trading pairs like litecoin (LTC), ripple (XRP), tron (TRX), zcash (ZEC) and denominated markets with base currencies such as tether (USDT), bitcoin cash (BCH), and bitcoin core (BTC). The platform employs institutional-grade encryption, two-factor authentication (2FA) and IP whitelisting to keep user accounts secure at all times. It was recently announced that instant cryptocurrency exchange Changelly will use digital asset rates from the trading platform which will ensure better prices for users and help increase the reach of all SLP tokens that are exclusively listed on Bitcoin.com Exchange. What do you think about the benefits of the mega utility token UPT? 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 Mega-Utility Token UPT Will Offer Interest and Discounts on Trading appeared first on Bitcoin News. View the full article

Bitcoin is something you hodl. Ethereum is something you build on. At least that has long been the official narrative, with projects favoring dedicated smart contract networks over Bitcoin for spinning out dapps and second layer solutions. Like all crypto narratives, however, this one has started to shift, as projects reappraise the benefits of crafting censorship-resistant applications anchored to Bitcoin Core and Bitcoin Cash. Also read: Coinex Chain Launches Tokens Anchored to BTC and BCH Why Businesses Are Issuing Tokens on SLP Businesses of all kinds are issuing tokens on the Bitcoin Cash network using Simple Ledger Protocol. It essentially works as a simplified version of Ethereum’s ERC20 token standard, enabling anyone to create and issue a native token in a matter of minutes. Bitcoin Cash – like Bitcoin Core – is not a smart contract blockchain, and thus lacks Ethereum’s Turing completeness, which enables the creation of tokenized systems with complex logic programmed in. Most projects don’t need to issue a token with the sophistication of something like Maker’s dai, however: the ability to mint and issue tokens, anchored to the security of a robust proof-of-work chain, is enough. There are two main reasons why businesses have been building on Bitcoin Cash with SLP. The first is that they are already ideologically or pragmatically aligned with the network, possibly on account of its ultra-low fees and scalability. The other is that the shortcomings of traditional smart contract networks such as Ethereum and EOS have given them cause to seek sanctuary in BCH. Ethereum’s fees rose significantly this year, exacerbated by Tether’s takeover of the network following USDT’s migration to the ERC20 standard. Fears of creeping centralization on Ethereum, and the baked in centralization on EOS haven’t helped either network either. Projects now using Simple Ledger Protocol include an electric bike company and Sideshift.ai, which has created a BTC-anchored token on BCH. Why RSK Is Building on Bitcoin Over on BTC, second layer development work is kicking into gear, with RSK the most prominent company spearheading the Bitcoin building revival. CEO Diego Gutiérrez Zaldívar told news.Bitcoin.com that the company favored creating a smart contract infrastructure on top of Bitcoin due to the security guarantees and developmental certainty that it yields, explaining: “A two-way peg between Smart Bitcoin (RBTC) and BTC means users can access a fully smart contract-enabled environment that’s bolstered by the proof of work from miners that secure the Bitcoin blockchain through merged-mining. Bitcoin has proved it is here to stay, and we believe it will enable an internet of value ecosystem with a very bright future.” “Recently, IOV Labs, RSK and RIF OS have increased their global reach and have taken crucial steps to introduce Bitcoin and RSK Smart Contract technologies to a wider audience,” noted Zaldívar. “Through these steps, we expect to receive community and user feedback and to make the necessary adjustments for Bitcoin and RSK to reach more people.” While Bitcoin’s security model is unrivaled, convincing businesses to build upon a blockchain that is not synonymous with smart contracts requires education and demonstration of how this works in practice. To achieve this, RSK’s parent company IOV Labs has embarked on a whirlwind global outreach effort, onboarding companies in major territories along the way. This has included partnering with NXTP, a Latin America-based accelerator, investing in three blockchain projects – Vega, Multis, and Pocket Network – and acquiring social network Taringa. Why Other Blockchains Are Anchoring to Bitcoin Not every project is looking to issue dapps and middleware upon Bitcoin: some simply want to capitalize on its security and its neatly timestamped blocks, which can be used to anchor an array of other blockchains. Bitcoin serves as the fulcrum around which these chains revolve, effectively forming a Schelling point. Numerous projects have tapped into Bitcoin’s security in this manner over the years, most recently Veriblock. The project utilizes “proof-of-proof,” a meta-sounding consensus mechanism that encodes proof into BTC’s OP_ Return field. Veriblock promises to deliver Bitcoin-level security for new and established blockchains, reducing the risk of double spends and 51% attacks. As Veriblock explains, Bitcoin is “the golden standard of security” with “more than 40 times the thermos-equivalent computational power to the world’s fastest supercomputer.” The Ease of Building on Bitcoin The two Bitcoins – Core and Cash – have a number of advantages for projects seeking to build upon them, over and above security. The deep liquidity that BTC in particular enjoys, coupled with its broad adoption, places it at an advantage over smart contract networks such as Ethereum. Bitcoin Cash, meanwhile, is very developer-friendly, with Bitcoin.com’s developer portal providing a complete toolkit for the purpose of launching BCH-based applications. Bitcoin.com’s BCH developer portal provides an array of resources. Outside of RSK’s ecosystem, most of the development work occurring with BTC currently revolves around Lightning Network (LN). Due to the complexity of LN, however, it is less developer-friendly than Bitcoin Cash as it stands. Once Lightning Network becomes production ready, it may spawn a cottage industry of LN-based apps (‘Lapps’) and BTC-powered financial solutions. Meanwhile, Bitcoin Core and Bitcoin Cash will remain an attractive proposition to projects enticed by the unrivaled security provided by proof-of-work. Do you think BTC and BCH can compete with smart contract blockchains such as Ethereum? 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 Why Tokenized Projects Are Building on Bitcoin appeared first on Bitcoin News. View the full article

Many people like the fact that Satoshi Nakamoto introduced a capped supply of 21 million coins when he created the Bitcoin protocol. However, there’s been a lot of speculation aimed at guessing the number of ‘lost coins’ that will never be spent. On November 19, the digital currency data and research site Coin Metrics published an in-depth study that estimates the true number of BTC’s circulating supply. Also read: Walk Like Nakamoto: 7 Anonymous Personalities in the Crypto Space Coin Metrics Estimates the Number of Lost Bitcoins According to various data websites, there’s 18,056,300 BTC in circulation at the time of publication. This number, however, only accounts for the amount of BTC mined into existence and does not account for lost coins. People who love the fact that BTC is scarce are extremely fascinated by the subject of lost coins because in the early days many bitcoins were either lost, burned, stolen, or even forgotten. Even Satoshi explained that lost bitcoins “make everyone else’s coins worth slightly more” and said to “think of it as a donation to everyone.” This week, researchers at Coin Metrics published an analysis of how the public can use different methods to assess BTC’s true supply. “In this feature, we dive into why Bitcoin’s supply is lower than expected and calculate how many coins are permanently lost,” Coin Metrics’ post states. “Furthermore, we analyze exactly why these coins are lost, and account for what happened to them. We first examine coins that are provably lost, and then analyze coins that are assumed to be lost, but could potentially eventually be found.” James Howells from Wales told reporters in 2013 he lost 7,500 BTC ($60,533,700) when he tossed a hard drive in the trash. Howells attempted to recover those coins by sifting through the landfill but to no avail. The study discusses provably lost coins like unspent outputs such as the 50 BTC locked in the first block. “The result is that those 50 BTC are not present in Bitcoin’s ledger, even if they are visible in a transaction included in the main chain,” the researchers stress. Further, the research highlights duplicate coinbase transactions, unclaimed rewards, and OP_Return outputs that use more than a value of zero satoshis. “In total, we can compute Bitcoin’s actual supply at block 600,000 working backwards from the expected 18M BTC value and subtracting what is provably lost,” the study details. “This figure of 17,999,817 BTC as of block 600,000 is the ‘technically correct’ view of Bitcoin’s supply.” Assumed Losses and Stolen Coins Following the subject of provably lost coins, the paper discusses assumed lost coins like bogus addresses, bugs in script, and ‘zombie coins’ or UTXOs “that haven’t moved in many years.” Lastly, the study looks at stolen coins or large numbers of coins that are “difficult to insert back into circulation.” A good example of this is when 79,956 BTC was taken from Mt. Gox exchange and the funds now rest in the sixth richest BTC address. From the number of lost coins analyzed, the Coin Metrics researchers developed three adjusted views of the BTC protocol’s supply. One view that counts provably lost coins, another perspective that accounts for assumed lost coins, and another that excludes provably, stolen, and assumed lost bitcoins. The 6th richest bitcoin address holds $650M worth of BTC that were stolen from MTGOX in 2011 but never moved after that. H/T @coinmetrics https://t.co/a6ULlz11pwhttps://t.co/m4e8eW1GvS pic.twitter.com/gqHFcqBiGL — Jameson Lopp (@lopp) November 19, 2019 Coin Metrics research says there are a variety of other methods that can be used to measure BTC’s true supply. “Another way to estimate Bitcoin’s supply would be to break it down by time of last activity with the expectation that coins untouched for years are probably lost,” the report concludes. The researchers at Coin Metrics further state that the analysts will continue to monitor the lost bitcoins phenomenon going forward. If you’d like to read Coin Metrics’ “State of the Network: Issue 26” report in its entirety, you can find it here. What do you think about the number of lost coins in comparison to the number of bitcoins mined into existence? Let us know what you think about this subject in the comments section below. Image Credits: Coin Metrics, Shutterstock, BBC, Fair Use, and Twitter. Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. The post ‘Lost Coins’ Study Estimates BTC’s True Supply appeared first on Bitcoin News. View the full article

On November 18, Cointext founder Vin Armani published a blog post that describes a new system called the ‘Simple Ledger Postage Protocol.’ The SLP concept allows wallets to send SLP tokens without having to use bitcoin cash (BCH) as ‘gas’ to forward transactions. Also Read: Bitcoin Cash Community Funds Eatbch Trip to Ghana The Simple Ledger Postage Protocol Cointext CTO Vin Armani recently published a blog post called “Simple Ledger Postage Protocol: Enabling A True SLP Token Ecosystem On Bitcoin Cash,” which describes a method of sending SLP-based tokens without using BCH for ‘gas.’ In the post, Armani says that tokens like ERC20s stemming from Ethereum have suffered from the ‘dual currency’ requirement for years. Armani’s post stresses that more recently “similar proposals have arisen as ERC865 and EIP965” that address the issue. But to Armani “these solutions are quite complex and, to date, do not seem to be attracting significant interest from the overall community.” The Simple Ledger Protocol (SLP) universe has matured a great deal over the last year. The Cointext engineer explains that in order to move SLP tokens, a small fraction of BCH is needed to push the transaction. “It’s the ‘gas’ problem all over again,” Armani highlights. “At least that was the case until the publication of the Simple Ledger Postage Protocol (SLPP) as an official SLP specification.” “[For] the sender of SLP tokens to effectuate a transaction without the need for additional native Bitcoin Cash (BCH) inputs to cover output balance and/or miner fees,” describes the purpose of the new SLPP specification. “Use of this protocol enables wallets to exclusively support SLP tokens without also, simultaneously, having to act as a wallet for native BCH.” The software engineer’s blog post adds: In essence, the Postage Protocol allows users to pay for their miner fees using the SLP token itself. This is accomplished through the use of an intermediary server called a “post office.” The user sends the post office the requisite value of the needed BCH as an additional output in a transaction. Upon receiving and validating the otherwise invalid transaction, the post office attaches additional input containing native BCH (“stamps”) and then broadcasts the “postage paid” (valid) transaction to the network. The specifications for the Simple Ledger Postage Protocol can be found here on Github. Tokens as First-Class Citizens Makes so Much Sense Armani notes that wallets using the SLPP system can utilize a UX where BCH for gas is never needed. This could make it so tokens, token creators and supporters can essentially “treat their own token as a first-class citizen.” “With a user experience that mirrors the experience that can already be had with Bitcoin Cash when using BCH,” Armani’s post underlines. “Stablecoins, utility coins, and rewards points can all be used in standalone wallets, without the user ever needing to even know that they are transacting on a Bitcoin network at all.” In the blog post, there’s also a demonstration video that shows the Simple Ledger Postage Protocol in action with Badger Wallet and the stablecoin honestcoin (USDH). Moreover, Armani’s firm Cointext is offering the first SLP post office and the system is now live. Currently, users can test the new SLPP framework with the SLP tokens honestcoin (USDH), spice token (SPICE) and anypay gold (GOLD). The BCH community seemed excited about Armani and Cointext’s new SLPP idea and BCH supporters discussed the idea on Reddit and Twitter. The creator of the cryptocurrencies Zclassic and Bitcoin Private, Rhett Creighton, told Armani “this is absolutely incredible — full disclosure I’m buying more BCH today after reading this.” “After reading the article it seems like eventually, you will be able to use multiple versions of ‘gas’ just like USDH and probably I guess SAI and etc., (auto conversion services later I presume),” another individual asked the Cointext founder on Twitter. “[It] can be used with any SLP token that a post office is willing to support,” Armani replied. “Every few days, BCH surprises me with what is possible,” a Bitcoin Cash fan wrote in reply about the postage concept on the Reddit forum r/btc. “Tokens as first-class citizens makes so much sense.” What do you think about the Simple Ledger Postage Protocol? Let us know what you think about this subject in the comments section below. Image credits: Shutterstock, Simpleledger.cash, Twitter, and Medium. 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 Cointext Founder Publishes New ‘Postage’ Specs for SLP Tokens appeared first on Bitcoin News. View the full article

According to a notice issued on weibo.com, and later confirmed as authentic by business publication Caixin, authorities in Shanghai appear to have dispatched officials for conducting reviews of area businesses engaged in cryptocurrency dealings, and are set to report back to financial regulators by November 22. This comes in conjunction with a recent program on the Chinese Communist Party’s CCTV1 television channel, discussing cryptocurrency scams, and also local reports to news.Bitcoin.com that some exchanges under governmental review are experiencing problems. Also Read: Chinese Communist Party Reportedly Filling Roles at Top Exchange Huobi ‘Renovating’ Crypto Exchange The November 15 notice which sparked controversy was later said to be authentic by Chinese business publication Caixin. According to the translated article from Caixin, “recent virtual currency speculation has shown signs of rising, and the regulatory authorities have frequently carried out related rectification actions against virtual currency exchanges.” The translated article goes on to state that: On November 15th, a notice called “Developing the Renovation of Virtual Currency Trading Places” was circulated on the Internet. A relevant person close to the central bank’s Shanghai headquarters confirmed the authenticity of the document. It said that the current work is led by the Shanghai Mutual Renovation Office and supported by the central bank. This news is accompanied by a program which aired November 18 on the Chinese Communist Party’s (CCP) CCTV, addressing blockchain and crypto scams. Although Twitter commentator @DoveyWan wrote of the show: “TL;DR – cryptocurrency is unregistered security, financial fraud and illegal ponzi,” this doesn’t appear to be exactly what the hour-long program conveyed, although it may not be far from the overall impression given. The focus report featured commentary from Wu Zhen, “head of the Key Laboratory of Internet Financial Security Technology of the National Internet Emergency Center,” who said: “There are more than 32,000 [claimed] blockchains … However, after actual monitoring, we found that there are actually not many companies that have blockchain technology or chain ownership … About 10%, or even less than 10%.” In other words, Zhen maintains there are a lot of snake oil blockchains in China. Dovey Wan roughly translated a short clip posted of Chinese president Xi Jinping speaking, ostensibly featured on the same special, but the date of that clip is debated. Chinese Crypto Users Reportedly Moving Funds Out of Exchanges An anonymous local source informed news.Bitcoin.com that Chinese exchanges are experiencing issues due to Beijing’s continued probe of crypto groups in the country. A screenshot from a Wechat group depicts discussion where users cite frozen accounts at Huobi as reason to remove coins from the exchange. One user’s translated commentary states: “The OTC freeze … of Huobi is more and more frequent, now Beijing has to check.” The local source asserts that users globally should “leave Chinese exchange to protect their crypto assets,” and that the CCP is now compromising exchanges. One Wechat user implied that P2P trading is also in danger, quipping that “In the end, all of them became public funds.” Legal Status of Crypto in China Though the legal status of cryptocurrencies in China is still a source of confusion for many, crypto in and of itself is not illegal, bitcoin having been recognized as virtual property since 2013. Bitcoin and crypto are not recognized as legal currency, however. Mainland financial institutions may not deal in crypto and it is illegal for foreign groups to serve mainland customers. Chinese continue to trade and organizations get around regulations by facilitating OTC trading, as the practice is not technically prohibited. Since the banning of ICOs in 2017, the CCP has focused increasingly on eliminating scams and fraud, with excitement about speculation after bullish speeches like Xi Jinping’s recent pro-blockchain rhetoric tempered by commentary such as Wu Zhen’s on the CCTV program. In short, China seems to be very pro-blockchain but not pro-decentralized, permissionless money. What do you think about the developments in China? Let us know in the comments section below. Image credits: Shutterstock, fair use. Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The Local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your The post Chinese Authorities Scrutinize and Report on Crypto Exchanges appeared first on Bitcoin News. View the full article

From video games to fizzy drinks, teens have their own spending agenda. Raised in the digital age, generation Z also has a special sense of freedom, a product of unrestricted access to the internet and mass availability of new technology. Its members are potential natural adopters of cryptocurrency, and fintech companies are beginning to turn their attention to this promising market. A new crypto debit card has been launched to cater to the financial needs of the European young. Also read: Spend 10 Cryptocurrencies With These Debit Cards Card Can Be Loaded With BCH and 6 Other Coins Today’s teenagers get their news from video sharing sites and share their opinions on social media. At least 97% of them own a smartphone, according to a survey of almost 80,000 respondents between the ages of 16 and 22 conducted in 45 markets earlier this year. Teenagers spend over four hours on their mobile devices each day, the study has found. This generation is not satisfied with analog things such as paper money. It demands digital cash, and to facilitate this a crypto platform called Bitsa is now issuing a debit card that can be topped up with bitcoin cash (BCH) and six other cryptocurrencies: BTC, LTC, XRP, DASH, XLM, and ZEC. Bitsa Young is a Visa like any other, but it is not linked to a traditional bank account. Instead, it can be ordered and loaded from a mobile app. The new fintech product has been developed and launched by the Monaco-based company Bitsa SARL. Its cards are issued under license from Visa by Pecunia Cards E.D.E (Pecunpay), a Madrid-headquartered electronic money institution authorized by the Spanish Ministry of Economy and Finance. It operates under the supervision of the Bank of Spain and in accordance with applicable EU regulations. Pecunpay’s services are used by other similar platforms such as the Spanish 2gether. Bitsa Young is offered to people aged 14 to 17 residing in any of the Single Euro Payments Area (SEPA) countries. Although it is not associated with a bank account, users can make SEPA transfers to any Iban, send funds between Bitsa accounts, and withdraw cash from ATMs. Besides cryptocurrencies, the card can be topped up with regular bank cards, other Bitsa cards, or with redeemable vouchers that can be purchased with cash at associated online and physical stores such as Fnac and Carrefour. How to Get the Bitsa Young Card To obtain a Bitsa Young, teens have to download and install the platform’s mobile app, which is available for iOS and Android devices and has over 10,000 installs in the Google Play Store. They need to create a Bitsa account to order the card from the application. Users under 18 can choose between a virtual card which is free and a physical card that costs €19.50. There is no maintenance or recharge fee but other fees apply to certain transactions. Purchases outside the Eurozone, for example, are charged a 1.5% commission. Young users must request authorization from a parent or a legal guardian, again from the app, and verify their identity. “To pass the verification process and obtain a Bitsa, we require that the child provides an identity document (ID, passport, or residence permit), nothing else,” explained Roberta Quintiliano, CMO at Bitsa. However, if suspicions arise regarding the authenticity of the document, the applicant may be asked for a different document and/or a selfie with the ID, she added, speaking to news.Bitcoin.com. On the parents’ side, registration is also required. Once they receive an invitation from their child, the father, mother or legal guardian will have to download the mobile application, create a Bitsa account and request a regular Bitsa card for themselves – a virtual one won’t incur any additional costs – and accept the child’s request to approve his or her account. To pass their verification process, parents are required to upload an identification document as well. Identity Verification Requirements An account with Bitsa is created through the Bitsa app. Setting up one is free of charge but you have to share some personal details. You’ll be asked to provide your full name, billing address, valid email, your phone number, and choose a payment method. The requirement to upload an ID only for the Bitsa card is less than what other companies in the industry have been mandating. Nevertheless, Bitsa’s own Terms and Conditions page states that “In certain cases, both BITSA and PECUNPAY, may request the customer a proof of his residence, as well as any other verification document.” The reason for this clarification is an obligation stemming from Spain’s Law 10/2010, of April 28, on the Prevention of Money Laundering and Terrorism Financing as well as related regulations establishing the identification of clients and the maintenance of their updated information as a due diligence measure. Fintech companies are also obliged to comply with European regulations such as the EU’s Fifth Anti-Money Laundering Directive (AMLD5), which entered into force on July 9, 2018. EU countries must transpose the amendments into national law by Jan. 20, 2020. Members of the crypto community, who are more privacy-sensitive than most, have reasonably complained that firms offering services in the space and national governments are sometimes going above and beyond what traditional financial platforms would require their customers to reveal in terms of personal information. It’s been reported that extensive verification procedures employed by some crypto card providers in Europe go as far as to request clients’ confidential employment contracts with third parties, for example, making it extremely difficult to actually obtain and use their products. In the case of Bitsa Young, the good news is not the relatively easy application process, as claimed by the issuer, but rather the promise of some level of financial freedom for the maturing Generation Z. Once youngsters get their parents’ approval and become “Bitzers,” they will presumably have full control over their fintech app and be able to load their prepaid card with cryptocurrencies by themselves. Only time will tell if centennials find coins and cards cooler than cash. What’s your opinion about crypto debit cards for teenagers? Share your thoughts on the subject in the comments section below. Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or 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, Bitsa. Are you looking for a secure way to buy bitcoin online? Start by downloading your free bitcoin wallet from us and then head over to our Purchase Bitcoin page where you can easily buy BTC and BCH. The post Crypto Debit Card Targets Generation Z With a Promise of Financial Freedom appeared first on Bitcoin News. View the full article

The Supreme Court of India called on for hearing on Monday the writ petitions challenging the banking restriction by the Reserve Bank of India (RBI). After hearing from the RBI’s counsel, the court wrapped up the case for the year. Its decision follows Lok Sabha, the lower house of the Indian parliament, revealing that a crypto bill will not be discussed this year. Also read: Indian Government Delays Introducing Crypto Bill Supreme Court Sets New Date The case against the crypto banking restriction by India’s central bank was scheduled for hearing by the country’s supreme court on Tuesday. However, the court called on the case for hearing on Monday at the request of the senior counsel for the RBI, who requested an adjournment of the crypto case as he is currently engaged in another ongoing supreme court case. The court order released later on Monday states: Upon hearing the counsel the court made the following order. As prayed for, the matters stand adjourned to be listed on 14.01.2020 at the top of the board. Being at the top of the board means the case is likely to be heard on that day, but it could still be postponed as the court has done so in the past. The RBI issued a circular in April last year banning regulated financial institutions from providing services to crypto businesses. The ban went into effect three months later and banks subsequently closed the accounts of crypto exchanges, forcing some of them out of business. A number of stakeholders in the industry immediately filed writ petitions challenging the ban, which the supreme has been slowly hearing. Meanwhile, a number of cryptocurrency exchanges have launched peer-to-peer (P2P) trading to help their customers buy and sell cryptocurrencies using INR. Parliament Will Not Discuss Crypto Bill This Year The supreme court’s delay follows another delay relating to cryptocurrency. Last week, Lok Sabha published the agenda for its Winter session which the Indian crypto community immediately noticed has no mention of cryptocurrency. The government has previously told the supreme court that a cryptocurrency bill may be introduced in the Winter session of parliament. This bill entitled “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019” was drafted by an interministerial committee (IMC) headed by former Secretary of the Department of Economic Affairs Subhash Chandra Garg. The committee submitted its report containing recommendations and the draft bill to the Ministry of Finance back in February. The report and bill were made public in July. The government requested the court postpone all writ petitions concerning the country’s cryptocurrency bill until the bill has been introduced in Lok Sabha. The court obliged and postponed the case to the last week of January. Meanwhile, the Indian crypto community has been actively campaigning for the government to re-examine the IMC recommendations because they believe that the bill is flawed. Besides social media campaigns, such as the “India Wants Crypto” campaign, there have been several closed-door meetings to help the cause. A member of Rajya Sabha, the upper house of the Indian parliament, has also met with a number of industry stakeholders to discuss the best course of action. Do you think the supreme court will hear the crypto case in January? When do you think the Indian government will introduce a crypto bill? 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 Indian Supreme Court Wraps up Crypto Hearing for the Year appeared first on Bitcoin News. View the full article

Presidential candidate Andrew Yang has detailed his plans to regulate the digital economy if he were to become the President of the United States. Yang’s recent blog post called “Regulating technology firms in the 21st century,” explains how the candidate believes current American legislators are out of touch with innovative technologies. Also Read: Andrew Yang’s ‘Freedom Dividend’ Is Not Only Unnecessary, It’s Unethical Andrew Yang Explains How He Would Handle Cryptocurrencies if He Were President The 2020 Democratic Presidential candidate Andrew Yang wholeheartedly believes technology has outpaced the American government’s understanding of it. In a blog post written on Thursday, Yang wrote that the government allows giant tech companies to thrive, but falls short on protecting users from the same firms scouring data. Yang highlighted that during the congressional hearings with Facebook CEO Mark Zuckerberg, the meetings “exposed the lack of basic understanding of technology by members of our Congress.” In the latter half of Yang’s post, the presidential candidate discussed cryptocurrencies and video game loot boxes. Yang believes the U.S. government needs to be “forward-thinking and informed” about digital assets so they don’t “stifle innovation.” “Cryptocurrencies are seeing levels of fraud because of the lack of regulation,” Yang writes. “Other countries, which are ahead of us on regulation, are leading in this new marketplace and dictating the rules that we’ll need to follow once we catch up.” Yang’s post emphasizes that digital currencies now represent an enormous amount of value and economic activity “outstripping government’s response.” The candidate thinks a national standard has yet to emerge and there are several conflicting jurisdictions when it comes to cryptocurrencies. Yang added: Currently, different departments of the federal government consider digital assets as property, commodities, or securities. Some states have onerous regulations in the space, such as New York’s Bitlicense. Navigating this has had a chilling effect on the U.S. digital asset market. Another Big Government Candidate Yang says as President he will promote legislation that provides clarity on cryptocurrency-digital asset market space, have the government define what a token is and when it is a security and also clarify the tax implications of owning, selling, and trading digital assets. Despite Yang being open to forward-thinking concepts like legalizing marijuana on the federal level, lots of digital currency influencers and libertarians believe his leftist views are concerning. Crypto enthusiasts who lean more toward the libertarian side believe that Yang is just another socialist planning to redistribute wealth. For instance, Yang wants to give every American money with a universal basic income (UBI) plan but the funds will be taken from someone else. All the 2020 presidential candidates whether they are running with the left or right want more government. Yang wants to “create one national framework” for technologies like cryptocurrencies, but doesn’t realize many people believe digital currencies were born to disrupt nationalized frameworks. What do you think about Andrew Yang’s “Regulating technology firms in the 21st century” blog post that details how he would handle cryptos if he were president? Let us know what you think about this subject in the comments section below. Image credits: Shutterstock, Wiki Commons, Fair Use, Yang2020, Pixabay, 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 Presidential Candidate Andrew Yang Discusses His Plan for Cryptocurrencies appeared first on Bitcoin News. View the full article

The U.S. government will strictly enforce the rules on cryptocurrencies similar to the standards recommended by the Financial Action Task Force (FATF). The Financial Crimes Enforcement Network has reaffirmed that its “Travel” rule applies to cryptocurrencies. Meanwhile, the Federal Reserve has flagged stablecoin as a potential risk to the U.S. financial system in a new report. Also read: Crypto Jobs on the Rise, Thousands Listed Fincen Expects Compliance The U.S. Financial Crimes Enforcement Network (Fincen) will strictly enforce anti-money laundering (AML) rules on cryptocurrencies, Director Kenneth Blanco reportedly said on Friday. Fincen is a bureau of the U.S. Department of the Treasury with a mission to combat money laundering and safeguard the country’s financial system from illicit use. The bureau requires cryptocurrency firms engaged in money service businesses, including crypto exchanges and wallet service providers, to share information about their customers. Specifically, the “Travel” rule requires them to verify their customers’ identities, identify the original parties and beneficiaries of fund transfers that are $3,000 or higher, and transmit that information to counterparties if they exist. The Travel rule was first issued by Fincen in 1996 as part of the AML standards for all U.S. financial institutions. The rule was expanded in March 2013 to apply to crypto exchanges and reinforced in the crypto guidance issued in May this year. Reuters noted that the May guidance confused some businesses, as they thought the rule did not apply to them. At a conference hosted by blockchain analysis firm Chainalysis on Friday, Blanco was quoted as saying: It (travel rule) applies to CVCs (convertible virtual currencies) and we expect that you will comply period. “That’s what our expectation is. You will comply. I don’t know what the shock is. This is nothing new,” he reiterated. The Travel rule is the most common violation for money service businesses engaged in cryptocurrencies, the director revealed, adding that Fincen has been conducting examinations which include ensuring compliance of the Travel rule since 2014. FATF Standards and the Travel Rule The AML rules enforced by Fincen are similar to those recommended by the FATF, an inter-governmental policymaking body whose purpose is to establish international standards to combat money laundering and the financing of terrorism. The FATF issued its new guidance for crypto assets and related service providers in June. At the June G20 leaders’ summit in Japan, the U.S. and other countries reaffirmed their commitments to applying the FATF standards. The G20 finance ministers and central bank governors similarly announced their commitments to implementing them. However, the crypto industry has raised several concerns regarding the challenges in applying the rules, which are not legally binding but countries that refuse to comply risk being put on a blacklist. Like Fincen, the FATF has recommended crypto asset service providers and regulators worldwide to implement the rules similar to the Travel rule, giving them about a year to do it from June. However, the threshold set by the FATF is $1,000 or 1,000 euros. In October, the FATF revealed that its “assessments will specifically look at how well countries have implemented these measures.” It remains to be seen if Fincen will further update its rules on crypto assets. Fed Flags Stablecoin as Risk to Financial Stability Coinciding with Director Blanco’s statement, the U.S. Federal Reserve issued a report Friday following its recent semi-annual financial stability review. The 60-page report has a dedicated section on stablecoin which the Fed has flagged as a potential risk to the country’s financial system. While acknowledging the benefits of innovation, the Fed believes that “the possibility for a stablecoin payment network to quickly achieve global scale introduces important challenges and risks related to financial stability, monetary policy, safeguards against money laundering and terrorist financing, and consumer and investor protection.” Shortly after Facebook announced its plans for the Libra project, a number of countries raised concerns over the digital currency. Several U.S. lawmakers have tried to shut down the project and some countries have increased their efforts on central bank digital currencies to compete with Libra. Noting that it is not looking to issue its own digital currency at this time, the Fed said that a number of challenges must be resolved before Libra can be launched in the country. What do you think of Fincen strictly enforcing its crypto rules and the Fed flagging stablecoin as a risk to the U.S. financial system? Let us know in the comments section below. Images courtesy of Shutterstock, Fincen, and FATF. Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. The post US to Strictly Enforce Crypto Rules Similar to FATF Guidelines appeared first on Bitcoin News. View the full article

The Mimblewimble privacy technology used by cryptocurrencies such as Beam and Grin is broken. That’s the claim of researcher Ivan Bogatyy who has published a report documenting his findings. In it, he reveals how he was able to deanonymize 96% of all Grin transactions just by running a node at a cost of around $60. Bogatyy asserts that the flaw is fatal, effectively breaking Mimblewimble. Also read: IRS Dispels Crypto Tax Confusion Mimblewimble Is ‘Fundamentally Flawed’ “Mimblewimble should no longer be considered a viable alternative to Zcash or Monero when it comes to privacy.” That’s the belief of Ivan Bogatyy after deanonymizing the bulk of all Grin transactions that propagated to his node during a test. A weakness in the Mimblewimble technology, which obfuscates all transactions by default, has long been theorized. Now, Bogatyy professes to have proven this, causing him to recommend that “Mimblewimble should not be relied upon for robust privacy.” Although the attack does not reveal the amounts being sent, it unveils which addresses are sending funds to other addresses, effectively rendering Mimblewimble obsolete, if a patch cannot be found. Moreover, Bogatyy claims had he been running multiple nodes, he would have been able to record an even higher success rate than the 96% he posted. How the Attack Works Cryptocurrencies such as Grin and Beam utilize a number of privacy techniques including Coinjoin, which all transactions are appended to, before being added to a new block, the contents of which cannot be reconstructed at that stage to determine the origin of the inputs and outputs. Bogatyy’s solution is to attack the transactions as they’re broadcast to Coinjoin to be mixed. He explains: Because transactions are continually being created and broadcasted from separate places, if you run a sniffer node that picks up all transactions before cut-through aggregation is finished, it’s trivial to unwind the CoinJoin. Any sniffer node can just observe the network and take note of the original transactions before they get aggregated. Grin’s developers were aware of this attack vector when constructing the cryptocurrency and took measures to thwart it through the use of additional privacy tools including Dandelion. This technology conceals the IP address of transactors and thwarts sniffer nodes that attempt to eavesdrop on network activity. But because Dandelion transactions are automatically aggregated by nodes that receive them, prior to entering Coinjoin, Bogatyy found a way to intercept them at this early stage and link them to their original sender. Through increasing the number of peers his node connects to (the default is eight), the researcher was able to escalate his access, effectively granting him supernode status. This provided unprecedented oversight of Dandelion transactions, and the ability to disaggregate them before they reached Coinjoin. Bogatyy linked 96% of transactions while connected to 200 peers out of a possible 3,000, but points out the ease of connecting to all 3,000 nodes had he spent more on the attack, noting: The same attack works by launching 3000 separate nodes with unique IPs, each only connected to one peer. As long as I’m sniffing all the transaction data and dumping it into a central master database, the attack works just the same. Grin developer David Burkett praised the quality of research in Bogatyy’s report, but added: “none of this is “news”. I’m actually surprised only 96% was traceable. There are a number of ways to help break linkability in Grin, but none are implemented and released yet. As I always say, don’t use Grin if you require privacy – it’s not there yet.” A Sliver of Salvation for Grin Despite making grim reading for Grin and other Mimblewimble coins, Bogatyy’s report does provide a glimmer of light. He is at pains to point out the other qualities that are inherent to Grin, such as its ability to conceal transaction amounts, though this will be of small comfort to users who were relying on Mimblewimble to obfuscate the path of their transactions. The researcher suggests that Mimblewimble could be combined with another privacy protocol that conceals the transaction graph altogether, but that would be a significant undertaking to implement and is not feasible at this time. This suggestion was echoed by Charlie Lee, whose Litecoin project is looking to introduce Mimblewimble through a collaboration with Beam. As Bogatyy concludes, “it’s clear that Mimblewimble on its own is not strong enough to confer robust privacy.” Grin has fallen 10% since the report was published earlier today, and beam 6%. One small crumb of consolation to Grin’s developers is that the exploit could not have been revealed at a better time: the project has just received a 50 BTC donation to fund its development courtesy of an early bitcoin miner. Thanks to this $420,000 war chest, it has the means to fight back in the hope of engineering a solution. Do you think Grin’s developers will be able to find a solution to this problem? Let us know in the comments section below. Images courtesy of Shutterstock and Coincodex. 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 Researcher Breaks Mimblewimble, Deanonymizing 96% of Grin Transactions appeared first on Bitcoin News. View the full article

Nexinter launch as the first profit sharing fiat-crypto and custodian exchange in the world. Today, Nexinter, the digital fiat-crypto and custodian exchange, has announced that it will be the first profit sharing digital exchange in the world. 75% of the Nexinter’s profits from any operation or revenue stream on the platform will be returned to the community in a reward system. There will be two components that determine the reward to the community: time and volume. The time reward component will be active in 2020, and the more days an individual is active on the Nexinter Exchange, the higher the reward, thus benefiting early adopters. From 2020, the reward volume will come into effect. 60% of the profits generated will be rewards to users based on their volume pro rata. This will not depend on when they signed up but the volume the individual has generated on the platform throughout the year. After 2020, the whole 75% of the profits will be committed to the Volume Reward Fund as the Time Reward Component ends. Daniele Mensi, CEO of Nexthash Group, commented: ‘This announcement is a huge step forward for us, the market, and the global financial arena. With more institutional and retail investors becoming disenfranchised by the current reward systems, we are introducing a new way of conducting sustainable business whilst rewarding the community, that is the main controbutor of growth. We hope other actors, particularly in the traditional and fintech space, learn from our lead and work together with us to provide an inclusive environment for all. The paradigm shift we are introducing is to reward the community regardless of their performance towards markets, that is a key driver of a brand-new sustainable open growth.” Nexinter has lately launched their fully compliant NIXT growth token on top of bitcoin cash network to drive truly engagement interactions with its community and has lately announced the structuring of digital securities offering for their clients. Contact Email Address d.mensi@nexthash.com Supporting Link https://nexthash.com/ The post Nexinter – Profit Sharing Crypto Exchange appeared first on Bitcoin News. View the full article

On November 15, the digital currency trading platform Coinex announced the launch of two Coinex Chain tokens that are anchored to BTC and BCH. The two collateralized coins will be used for trading on the Coinex Dex and will be traded in the name of the original assets respectively. Also read: Bitcoin.com Joins the Coinex Chain Pre-Election Node Process Coinex Chain Launches Tokens Anchored to BTC and BCH During the last few years, stablecoins collateralized by fiat have been extremely popular but decentralized finance (defi) concepts and other types of collateralization techniques have been prominent as well. Projects like Maker and the stablecoin dai alongside the Wrapped Bitcoin (WBTC) platform show the growth of collateralization. For instance, there is $5 million locked in WBTC, $345.5 million in Maker, and 1.8 million ETH being used as collateral for the 147,876 vaults (CDPs) created. The cryptoconomy’s collateralization effect has been massive and can be seen with projects like Maker and WBTC. Another instance of a collateralized coin is Sideshift.ai’s BTC2, which uses the Simple Ledger Protocol (SLP) built on the BCH chain. There are only 100 BTC2 tokens but the coin allows users to swap BTC and simultaneously benefit from the low fees on the BCH network. Just like with ETH and BTC, there’s been a rising trend of collateralization techniques recently using the Bitcoin Cash network. Now the cryptocurrency firm Coinex has revealed the launch of two anchored tokens that leverage the Coinex Chain and the Coinex Dex platform. “BTC-Coinexchain and BCH-Coinexchain are tokens based on Coinex Chain anchored with original BTC and BCH at a ratio of 1:1, and their value is supported by the original tokens BTC and BCH reserved in Coinex and accepted by Coinex,” the crypto exchange announced on Friday. “On the Coinex Chain, [the tokens] BTC-Coinexchain and BCH-Coinexchain will be circulated and traded in the name of BTC and BCH respectively.” Coinex added: [The tokens] are meant to ensure the Coinex ecosystem develops in a sustainable way and facilitates the vision of ‘building a world-class encrypted digital asset trading platform’ and the prosperity of the Coinex Chain ecosystem. The trading platform Coinex recently announced the creation of a public decentralized exchange (dex) blockchain that leverages the consensus protocols Tendermint and the Cosmos SDK. The Collateralization Effect Coinex users can obtain the BTC-Coinexchain and BCH-Coinexchain tokens using the company’s traditional exchange. On the Coinex Dex, the two tokens will be paired against the firm’s native exchange token CET. “[If] the user chooses BTC-Coinexchain and BCH-Coinexchain as the public chain when he or she withdraws tokens from the exchange, then the anchor tokens will be remitted,” the Coinex announcement emphasizes. “If the user chooses BTC and BCH as the public chain from the exchange when he or she withdraws tokens from the exchange, then the original tokens will be remitted.” The new Coinex Chain anchored tokens follows the recent launch of its public decentralized exchange (dex). Users can create a wallet for the Coinex Dex and gain access to the trading platform dashboard, issue tokens, and view and vote on proposals and delegations. Signing into the Coinex Dex dashboard shows traders are currently trading CET against BTC using the BTC-Coinexchain token. The Coinex Dex CET/BTC market. The launch of the two new Coinex Chain tokens shows that the crypto collateralization trend continues to grow and it could become a dominant force within the blockchain economy. Many crypto analysts have been observing the collateralization direction, like the partner at Placeholder VC, Chris Burniske. “Long run, I expect assets that aim to be a store-of-value [SoV] (eg, BTC, DCR, ETH) to be much more widely used as collateral than as a means-of-exchange [MoE],” Burniske tweeted on Sunday. “My opinion: BTC should lean into this, just as ETH has,” Burniske remarked further. “The burgeoning ‘collateral economy’ around ETH is amazing to watch, and allows ETH as an SoV to extend its utility far beyond what it could hope for as a pure MoE.” What do you think about Coinex launching two anchored tokens backed by BTC and BCH on the Coinex Chain? What do you think about the growing trend of crypto collateralization? Let us know what you think about this subject in the comments section below. Image credits: Shutterstock, Coinex Chain, Coinex Dex, and Defi Pulse stats. Are you a developer looking to build on Bitcoin Cash? Head over to our Bitcoin Developer page where you can get Bitcoin Cash developer guides and start using the Bitbox, SLP, and Badger Wallet SDKs. The post Coinex Chain Launches Two Tokens Anchored to BTC and BCH appeared first on Bitcoin News. View the full article

Traveling for the Christmas holidays is something anyone would enjoy. Dealing with travel arrangements, however, can be a headache. For crypto enthusiasts, being able to pay for airplane tickets, hotel bookings and car rentals with cryptocurrency is a relief, because it’s convenient and it’s safe. Numerous travel sites accept digital coins these days. Also read: Bitcoin ATM in Miami Airport Raises Questions About Traveling With Crypto How to Pay for Your Trip With Cryptocurrency The travel industry, unlike other, more conservative sectors, has been relatively quick to realize the potential of crypto payments. Over the past few years, travel agencies accepting cryptocurrencies have been growing in number. There’s now about a dozen well-established travel websites that will gladly take your coins to arrange your trip. These accept most of the leading cryptos including bitcoin cash (BCH) and bitcoin core (BTC). Cheapair is a pioneer in this business as it has been accepting cryptocurrency since 2013. You can now pay for flights and hotel stays using bitcoin core (BTC), bitcoin cash (BCH), litecoin (LTC), ethereum (ETH), and dash. You can book a flight for just about any destination and reserve a room at 200,000 hotels. Although few of them accept direct crypto payments, Cheapair.com makes it possible for you to use your digital coins to cover the bills. Travala is also a popular option as it offers you the opportunity to book over 2,000,000 hotels and properties in more than 80,000 destinations globally, according to its website. It supports multiple payment methods including major credit cards, Paypal, and a choice of cryptocurrencies. The blockchain-powered booking platform accepts BCH, BTC, ETH, LTC and a number of other coins and tokens. Travala assures customers it will match or beat any competitor’s price through its Best Price Guarantee program. If you need another website that processes payments in multiple digital currencies, you can check Bitcoin.Travel. Use it to search for flights, hotels, rentals and tours in top destinations around the world such as New York, London, Tokyo, and Sydney. The company behind the service is based in Poland and has been in operation since 2011. It currently takes seven cryptos: BCH, BTC, ETH, ETC, LTC, DASH and DOGE, and claims that it transfers your money to the host 24 hours after you check in. Travelbybit is an online platform you can use to book hotels and flights using crypto. You can have the prices displayed in various fiat currencies including the U.S. dollar, euro, Chinese yuan and Indian rupee, while the available payment options also include BTC, LTC and BNB, Binance’s native token. The booking website is powered by the leading digital asset exchange. Greitai is a booking platform specializing in low-cost flights, accommodation, and car rentals. It’s operated by the Vilnius-headquartered Interneto Partneris. The Lithuanian company maintains a network of websites offering services in 21 other countries in Europe. It supports a variety of payment methods depending on the market. In Lithuania, Latvia, Estonia, Finland, the Netherlands, Germany, France, Spain, Italy, Slovakia and Georgia, Greitai takes half a dozen cryptocurrencies including BTC, ETH, and XRP. More Than Just Tickets and Rooms A travel site that’s available in multiple languages — over 30 — is Destinia. It offers a rich choice of services that go beyond airline tickets, hotel accommodation and car hire. Travelers can buy train tickets, rent apartments, and purchase ski packages as well. The Spain-based agency supports 72 currency options including several cryptocurrencies like bitcoin core, bitcoin cash, ethereum, eos, dash, and litecoin. You can pay with any of these coins but note that the prices are displayed in millibitcoins, mBTC, mBCH and so on. Several travel companies accept crypto through integration with the U.S. payment processor Bitpay. That means you can book flights and pay for hotel stays with bitcoin cash (BCH) and bitcoin core (BTC). Britain-based Corporate Traveller specializes in business travel management services for companies that need travel arrangements for their employees, as many businesses around the world cannot afford to close for the holidays. Another U.K.-headquartered travel agency, Alternative Airlines, is working to introduce crypto payments for its customers in cooperation with the Swiss payments processor Utrust. The partnership was announced last week. Airtreks is a booking platform that also uses the services of Bitpay. It helps clients who need travel itineraries that involve multi-stop and even round the world trips. Airbaltic, the flag carrier of Latvia, provides a great variety of fiat payment options including bank transfers, credit cards, payment processors like Paypal and Ideal, but it also takes BCH and BTC via Bitpay. Keep in mind that, according to its website, the cryptocurrency option is “only available for Basic tickets for flights booked at least five days ahead of the scheduled departure.” Bitpay is also among the listed payment methods on the German travel site Fluege. Are you planning to pay for your holiday trip with cryptocurrency? 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. Are you looking for a secure way to buy bitcoin online? Start by downloading your free bitcoin wallet from us and then head over to our Purchase Bitcoin page where you can easily buy BTC and BCH. The post With Christmas Approaching, Here Are Some Travel Sites Accepting Crypto appeared first on Bitcoin News. View the full article

The world’s total liabilities continue to grow rapidly as a new report reveals global debt is now over a record $250 trillion. For many investors and market watchers this raises the specter of another potential major economic crisis triggered by a collapse of the global financial system. Despite this, the central bankers who are causing the situation with historically low interest rates remain complacent, with the head of the Fed saying the situation is “pretty sustainable.” Also Read: Low Interest Rates Are Crushing Young People and Fueling Global Riots World’s Total Debt Sets New Record The Institute of International Finance, an association of financial institutions created after the debt crisis of the early 1980s to help the industry with risks management, has recently released a worrying new report. It shows that the world’s total debt surged by $7.5 trillion in the first half 2019, hitting a new record of $250.9 trillion at the end of the period. The report explains that China and the U.S. accounted for over 60% of the increase. Additionally, emerging market debt also hit a new record of $71.4 trillion, equal to 220% of GDP. And with this rapid pace not cooling off global debt is expected to surpass $255 trillion by the end of this year. “With no sign of a slowdown, we expect the global debt load to exceed $255 trillion in 2019 —largely driven by the U.S. and China,” the researchers warned. Many investors and market watchers consider the ever mounting debt to be a serious risk for the global economy. Even the International Monetary Fund (IMF) published a report about the systemic risks faced by the global economy in October, highlighting the high level of global debt caused the historically low interest rates and money printing (QE). The IMF explained that “Low interest rates have reduced debt service costs and may have contributed to an increase in sovereign debt. This has made some governments more susceptible to a sudden and sharp tightening in financial conditions.” Moreover, interest rates that can’t go any lower and soaring debts leave governments and central banks with no tools to react to another crisis. “With diminishing scope for further monetary easing in many parts of the world, countries with high levels of government debt (Italy, Lebanon) — as well as those where government debt is growing rapidly (Argentina, Brazil, South Africa, and Greece) — may find it harder to turn to fiscal stimulus,” the Institute of International Finance report warned. US Federal Reserve Head Sees Nothing to Worry About In the face of growing fears in the market, and repeated warnings from professional bodies such as the International Monetary Fund and the Institute of International Finance, central bankers appear complacent. The U.S. Federal Reserve Chairman, Jerome Powell, informed lawmakers on Thursday that he sees no financial bubbles or serious risks to the system despite the fact that the debt is growing faster than the American economy. “If you look at today’s economy, there’s nothing that’s really booming now that would want to bust,” Powell told the House Budget Committee. “In other words, it’s a pretty sustainable picture.” This is in sharp contrast to what Powell himself said back in January when he admitted to be very worried about the high levels of U.S debt. “it’s a long-run issue that we definitely need to face, and ultimately, will have no choice but to face,” he explained at the time. One way of understanding this contradiction in the thinking of the Fed head is that he simply hopes the next crisis won’t happen during his shift if he kicks the can down the road long enough. The Institute of International Finance report finds global government debt will surpass $70 trillion in 2019, up from $65.7 trillion in 2018, mainly propelled by the rise in U.S. federal debt. “The big increase in global debt over the past decade — over $70 trillion — has been driven mainly by governments and the non-financial corporate sector (each up by some $27 trillion),” the researchers noted. “For mature markets, the rise has mainly been in general government debt (up $17 trillion to over $52 trillion). However, for emerging markets the bulk of the rise has been in non-financial corporate debt (up $20 trillion to over $30 trillion).” If central bankers now fear that another economic crisis is on the way, but are not willing to admit so publicly to avoid stoking the fire that might consume them, it explains why the establishment is so worried that people will have another system outside their control to escape to such as cryptocurrency. This is the reason they try to label it as a tool for criminals. For those people around the world looking to protect their savings from another global financial crisis, or from their local government defaulting on its mountain of debt turning its fiat money worthless, private digital assets now appear to be the last solution. What do you think about the global debt situation and how it can set the stage for the next financial crisis? 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 Crisis Fears Rise as Global Debt Hits a Record $250 Trillion appeared first on Bitcoin News. View the full article

In recent commentary at a New York blockchain conference, IRS Criminal Investigation Chief John Fort said the agency is now turning its focus to crypto ATMs and kiosks, as well as American users of foreign exchanges. While the continued push to regulate crypto is no surprise, the general narrative espoused by U.S. officials that cryptocurrencies are a “threat” is worth examining. Crypto is a tool like any other, and those individuals and institutions refusing to recognize the value of decentralized, permissionless trade may soon find themselves relegated to the scrap heap of history. Also Read: IRS Dispels Crypto Tax Confusion Tale of a Luddite Nation As the pejorative verbal jab “OK boomer” is gaining quick currency on social media these days — designed as an outright dismissal of someone too old or out of touch to understand modern times — perhaps it stands to look at some “boomer governments.” While the “OK boomer” quip is already cliché and a bit cringe-worthy (most who leverage it don’t realize how old baby boomers actually are, or seem cognizant of their own age-related incapacities), it still works as a convenient linguistic dismissal of ineptitude. Exemplifying this antiquated mindset of “if it’s not the old way, we’re not interested,” is the good ol’ US of A. Especially when it comes to crypto. In a recent interview with Bloomberg Law, IRS Criminal Investigation Chief John Fort shared his agency’s renewed focus on crypto ATMs and kiosks, stating: “In other words, if you can walk in, put cash in and get bitcoin out, obviously we’re interested potentially in the person using the kiosk and what the source of the funds is, but also in the operators of the kiosks.” Fort went on to further detail that the agency is targeting folks fleeing to foreign crypto exchanges as a result of U.S. policy, noting: We have concern that as things tighten up here in the U.S., that we are pushing people to foreign exchanges … We have to focus on that as well. While the various alphabet agencies of the U.S. government continue waging war on inanimate objects like guns, cannabis and kiosks, they’re not alone. U.S. Treasury Secretary Steven Mnuchin also realizes that neutral tools such as cryptocurrencies pose a serious threat to all of us. As he stated back in July: “This is indeed a national security issue.” Mnuchin further elaborated that “Cryptocurrencies such as bitcoin have been exploited to support billions of dollars of illicit activity like cyber crime, tax evasion, extortion, ransomware, illicit drugs, and human trafficking.” Wow. One would think we’re dealing with atomic weaponry or something, and not just another form of money. Unfortunately for Mnuchin, his boomer-esque view seems unwilling to consider the vastly superior amounts of terror and criminal activity financed by USD. He’s actually outright denied this even happens. China’s Praise of Blockchain As the U.S. federal government putzes around with half-hearted promotion of its Fednow payment system, a “new round-the-clock real-time payment and settlement service … to support faster payments in the United States,” the Chinese government is steaming ahead, openly promoting blockchain technology and on the cusp of releasing their own central bank digital currency (CBDC) which would effectively be a new, digitized yuan. President Xi Jinping was quoted last month as saying “We must take blockchain as an important breakthrough for independent innovation of core technologies, clarify the main directions, increase investment, focus on a number of key technologies, and accelerate the development of blockchain and industrial innovation.” These factors seem to stand in stark contrast to U.S. leadership’s sluggish approach to getting with the times. Even as congressional representatives push for the U.S. to research similar tech in digitizing the U.S. dollar, movement is slow. ATM Scandals Highlight Human Nature, Not the Evil of Crypto Fort is not mistaken in pointing out that crypto ATMs can and do facilitate money laundering and criminal activity. Back in July several Madrid-based scammers were busted by Spanish police and Europol for using the machines to fund drug traffickers in Columbia. The mayor of Vancouver, Canada also notes the ATM threat and has been pushing for an outright ban on the over 70 machines currently installed in his city, with Canadian police commenting in June that bitcoin ATMs are “an ideal money-laundering vehicle.” A February, 2019 report from the Vancouver P.D. to the police board noted: Since there are no requirements to register any customer details, it is easy to see how cash can be transferred into Bitcoin and vice versa. A user can also launder an unlimited amount of money using smaller transactions so as not to arouse suspicion, like they would at a regular bank. As licensing requirements for owners of the machines in the U.S. are still in flux, it’s clear to see why officials like the IRS’s Fort are concerned. But where, some are asking, is the concern that ought to surround the U.S. dollar’s predominant role in such activities? After all, the world reserve currency currently and historically financing endless warfare and the unnecessary deaths of millions of human beings, criminal trafficking of unprecedented proportions, and the perpetuation of crippling amounts of debt foisted onto the backs of hardworking people, is the United States dollar. Further, as former U.S. Treasury officer Jennifer Fowler has affirmed, “Although virtual currencies are used for illicit transactions, the volume is small compared to the volume of illicit activity through traditional financial services.” It stands to reason then that maybe it’s corrupt individuals, and not bitcoin or ATMs, that are the problem. Tools in the Hands of Tools Destined for the rubbish heap of embarrassed obsolescence, the anachronism known as legacy finance simply cannot last much longer if humankind is to progress and flourish. While China may praise “blockchain” in speech, and popular politicians issue similar virtue-signaling proclamations, one critical factor remains unaddressed: the future of finance is not simply blockchain-based fiat or heavily regulated decentralized cryptos like bitcoin; the future of finance is private and permissionless money. The state depends on permissionless-ness, privacy and individual, brilliant minds to develop its tools. The internet and Tor, for example, were both initially government projects that relied on the genius and know-how of private innovators and scientists to come about. These projects helped to transfer classified, private information with nobody’s permission save the state. Once any tech (whether from the private or public sector) becomes popular, attempts are made by this same state to suppress functionality. The activist-halted Stop Online Piracy Act (SOPA) of 2012 for example, would have made it legal to imprison people for up to five years simply for streaming copyrighted content online. Another example is how one cannot trade bitcoin nowadays (at least not freely) without the risk of being caged or extorted by the IRS. Further, encrypted chat applications are also under fire. It seems the folks called government are allowed their privacy in using such tools, but don’t want anyone else to have it. Effective Anarchy Instead of allowing communities of individuals to self-regulate, these “special people” called government retard progress and use new tech for evil purposes such as spying (as revealed by Edward Snowden), killing innocent humans (endless warfare and the war on drugs), and extortion (taxation). Government agencies do this by leveraging their systematic lack of accountability. After all, when you are judge, jury, and executioner, it is difficult to be held accountable. In the interest of equality, this same level of anarchic freedom ought to be afforded to everyday, decent people as well, and not just to state sociopaths. There is much good being done with the tool called bitcoin by everyday people, in spite of all the state’s propaganda. Future generations will view attempts to regulate financial freedom with violent legislation much the same way as chattel slavery is viewed today. In the future, when someone so much as implies a private transaction ought to be reported to the violent and now dead antiquity called “government,” the reply will be as swift and detached a mocking dismissal as is apt for any bigot of modern times: “Okay, boomer. Thanks.” What are your thoughts on state regulation of crypto and the FBI’s new targets? Let us know in the comments section below. Op-ed disclaimer: This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information in this Op-ed article. Images courtesy of Shutterstock. You can now purchase Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH directly from our trusted seller and, if you need a Bitcoin wallet to securely store it, you can download one from us here. The post Governments Viewing Crypto as a Threat Will Be Left Behind appeared first on Bitcoin News. View the full article

The U.S. Internal Revenue Service (IRS) has cleared up some confusion about how cryptocurrency transactions are taxed, particularly regarding like-kind exchanges and promotional airdrops. As the tax agency intensifies its enforcement efforts, more people are seeking the best tax software to help them. Also read: Tax Guide: What Crypto Owners Should Know Pre-2018 Like-Kind Exchanges The latest IRS cryptocurrency tax guidance has raised a number of questions. Besides issues surrounding hard forks and airdrops, Bloomberg reported that tax practitioners had questions regarding how cryptocurrency transactions made before 2018 are taxed. This was due to the tax overhaul in December 2017 which enables taxpayers to postpone paying tax on the gain of a sale if the proceeds are reinvested in similar property. Suzanne Sinno is an attorney in the IRS Office of Associate Chief Counsel (Income Tax and Accounting) who worked on the new crypto guidance. She explained at the American Institute of CPAs conference in Washington, D.C., on Wednesday that taxes on like-kind exchanges of cryptocurrency cannot be deferred, even for transactions that occurred before 2018. She clarified: It is the agency’s position that like-kind exchange principles were never applicable to cryptocurrency. The confusion concerns Section 1031 like-kind exchanges, which beginning Dec. 31, 2017, “applies only to exchanges of real property held for use in a trade or business or for investment, other than real property held primarily for sale,” the IRS website explains. “Before the law change, section 1031 also applied to certain exchanges of personal or intangible property.” Promotional Airdrops Another ambiguous area emerging from the new IRS crypto tax guidance is promotional airdrops where companies give away free coins for marketing purposes. Christopher Wrobel, another attorney in the IRS Office of Associate Chief Counsel (Income Tax and Accounting), confirmed that the revenue ruling does not apply to promotional airdrops, Bloomberg conveyed. He elaborated: The IRS hasn’t yet decided whether such promotional airdrops should be treated as taxable. The tax agency issued the latest cryptocurrency tax guidance in October to supplement its previous guidelines published in 2014. The new guidance states that “When you receive cryptocurrency from an airdrop following a hard fork, you will have ordinary income equal to the fair market value of the new cryptocurrency when it is received … provided you have dominion and control over the cryptocurrency so that you can transfer, sell, exchange, or otherwise dispose of the cryptocurrency.” Growing Demand for Good Tax Software The IRS has been ramping up tax enforcement efforts in the crypto space. For example, the agency sent out over 10,000 letters to crypto owners in July reminding them of their tax obligations. Claiming to have new tools at its disposal, the IRS is also collaborating with other countries’ tax authorities to identity crypto tax evaders. The agency’s tax collection efforts have led to increasing demand for good software programs that can help keep track of cryptocurrency transactions, calculate tax liabilities, file returns, and claim deductions. News.Bitcoin.com recently provided a list of useful tax tools for crypto owners. Several tax preparation platforms reported increased numbers of visitors in the days following the IRS guidance and enforcement announcements. Beartax CEO Vamshi Vangapally revealed that traffic to his platform more than quadrupled to 1,300 visitors. Tokentax cofounder Zac McClure saw a similar spike, noting that the news got people interested even for those who were not contacted by the IRS. Lawyer Katya Fisher said a growing number of her clients are using or looking for software to help them meet their crypto tax obligations. “We’re seeing significant growth because the market is demanding it,” she was quoted as saying. “One of the biggest complaints I get from crypto traders is, ‘I have all these trades with different cryptocurrencies — how am I supposed to keep track of it?'” Crypto tracking and reporting platform Cointracking is also seeing higher traffic. The site’s monthly registrations total 10,500 users on average, 27.3% of whom are in the U.S., CEO Dario Kachel detailed, adding that the average monthly page views top 2.4 million, with the U.S. representing 29.1%. However, between July 26 and Aug. 25, registrations nearly tripled to 29,700 users and almost 50% of them are U.S.-based. The site’s page views also jumped to 7 million during that time, with 42.2% coming from the U.S. What do you think of how the IRS taxes crypto transactions? 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. 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 Dispels Crypto Tax Confusion appeared first on Bitcoin News. View the full article

Digital currency markets have been trending downward in a triangular pattern since the 40% spike that took place on October 25. Following the three-week downtrend, cryptocurrency traders are quietly playing positions while patiently waiting for the next market signals. Also Read: The Bank of Google Wants Your Spending Data Crypto Markets Lose 20% Since the Late October Price Spike During the third week of October, BTC jumped from a low of $7,300 to a high of $10,295. Most crypto markets that day saw a 30-40% rise in value, but since then digital currency prices have slipped. BTC shaved 20% since the last high, dropping to a low of $8,355 on November 15. On Sunday, November 17, crypto prices are a touch higher than the lows on Friday as most assets are up between 0.3% to 2% in the last 24 hours. The overall market valuation for all 3,000+ digital currency markets is roughly $235 billion today. With a market cap of around $154 billion, BTC captures 65% of the cryptoconomy’s entire valuation. Currently, BTC is swapping for $8,553 per coin and there’s a touch more than $2 billion in 24-hour volume. ETH markets are up 1.69% today as each coin is trading for $185 this Sunday. The cryptocurrency has a market valuation of about $20 billion and there’s $1.3 billion in global ETH trades today. Crypto trade volumes have been extremely slim compared to the volumes seen three weeks ago. XRP is trading for $0.26 per coin and the currency is up 1% over the last day. Lastly, tether (USDT) is the fifth-largest market valuation and the stablecoin is capturing more than two thirds of trades with nearly every digital asset today. Bitcoin Cash (BCH) Market Action Bitcoin cash (BCH) is up today more than 1% as each BCH is swapping for $267. BCH has a market cap of around $4.86 billion and $367 million in global trade volume. BCH is the sixth most traded crypto today above XRP and below EOS. USDT is capturing 52% of today’s BCH swaps while BTC commands roughly 24%. This is followed by USD (10.3%), ETH (9.3%), KRW (2.4%), JPY (0.42%), and EUR (0.39%). On Saturday, BCH saw an upside lift to the $274 range but there is major resistance beyond that region. If BCH fails to break upper resistance then the downward trend may continue to play out. At press time there is significant foundational support between $250-265 per BCH. Are Crypto Markets Still Bearish? Crypto analysts everywhere are wondering whether markets are bearish or bullish since the big upswing three weeks ago. Since slowly losing a decent chunk of those gains, digital currency market onlookers and spectators are busy contemplating the next big moves. The CEO of Bitbull Capital, Joe DiPasquale, explained this week that a BTC price “drop to $8,000 is a real possibility.” “[BTC] is trading below the 50-day moving average of $8,600, which was acting as support throughout last week,” DiPasquale added. Another analyst from the company Signal Profits, Jacob Canfield, remarked about the consolidation in a similar fashion. “One thing is painfully clear,” Canfield stressed. “We are definitely in a downtrend.” Although, Nem Ventures advisor Nick Pelecanos has seen some different crypto market signals. “Currently Bitcoin appears to be struggling to stay above its support, however, it is showing some bullish divergences so I’d expect a rally in the short term,” Pelecanos noted. BTC Needs to Jump 1,670% for an ETF According to Fundstrat’s Tom Lee Bitcoin perma-bull and Fundstrat Global Advisors cofounder Tom Lee told Bloomberg this week that BTC needs to surpass $150,000 per coin in order for an exchange-traded fund (ETF) to come to fruition in the U.S. Essentially that means BTC has to gain more than 1,670% to meet Lee’s ETF standards. At a conference in Singapore, Lee told the crowd that “demand for an ETF is monstrous” and “The SEC needs to punt the ETF until crypto becomes bigger.” Still, until the U.S. Securities and Exchange Commission does approve a regulated crypto ETF, “institutions aren’t going to touch crypto,” Lee stressed. “If you’re involved in crypto, the SEC can look like an obstacle,” the Fundstrat cofounder said. “They’re establishing protections for individuals and right now it’s not convenient for the industry, but if the SEC is someone that people trust to protect them, that’s how you get the mainstream willing to get involved in crypto.” Long Term Uptrend Still Intact Even though market prices have been sliding, a few crypto analysts and traders believe the overall long-term crypto uptrend is still in motion. On November 15, the CIO of Blockforce Capital shared a report from the research firm Delphi Digital which galvanized this opinion. “Optimism following bitcoin’s late October rally appears to be fading as investors and traders alike search for a short-term catalyst to push the crypto market higher,” Delphi Digital’s report notes. “Bitcoin broke below its 200-day moving average earlier this month on its drop back below $9,000, held steady for most of the week before dipping below its 50-day equivalent — a key support level for BTC in the near term — Short-term sentiment gauges have rolled over, the longer-term uptrend still remains intact.” Lower Prices and Lackluster Volumes Shake Traders While traders patiently wait for more signs to make money off short-term moves, optimism is still bright in regard to the long-term. Not long ago, digital currency markets saw massive volume surges but crypto trade volumes today pale in comparison. Back then people thought that the high volumes and better prices would bring the bull trend around again, but lackluster volumes and descending prices currently don’t support those predictions. Where do you see the cryptocurrency markets heading from here? Let us know what you think about this subject in the comments section below. Disclaimer: Price articles and market updates are intended for informational purposes only and should not be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.” Cryptocurrency prices referenced in this article were recorded at 12:35 p.m. EST. Images via Shutterstock, Trading View, Bitcoin.com Markets, Getty, Coinlib.io, Wiki Commons, and Pixabay. 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 Market Update: Crypto Prices Improve After 3-Week Downtrend appeared first on Bitcoin News. View the full article

A nascent industry utilizing flared gas to power bitcoin mining units has been developing over the past year or so, in symbiosis with the oil and gas industry in North America. Companies providing services in this promising niche continue to install mobile datacenters at oil wells in the U.S. and Canada, helping producers to save on costs and optimize operations while minting digital coins. Also read: China Removes Bitcoin Mining From Unwanted Industries List Crypto Mining Provides Alternative to Gas Flaring Natural gas obtained during oil extraction is a byproduct well operators working at remote sites have to get rid of at their own expense. It is often burned into the atmosphere as its transportation to remote consumers isn’t cost-effective, if possible at all. Direct venting is not always possible or is limited as the raw gas consists of many harmful compounds and producers have to comply with strict environmental regulations. Several companies are now offering solutions to oil and gas producers in the United States and its northern neighbor that solve the problem with associated gas in an elegant way, thanks to Bitcoin. They install mobile units equipped with gas-electric generators at oil wells. The excess fuel is used to produce electricity to power the cryptocurrency mining hardware typically installed in modified shipping containers that are easily transported. Upstream Data, a Canadian company we told you about this summer, is one of the pioneers in the market. It allows oil companies to buy or rent modular datacenters that can be installed at production facilities venting or flaring natural gas. Its Ohmm units are assembled with varying capacities in terms of mining power but they all utilize gas in a very efficient way. Using the free energy to mint digital coins ensures drilling companies receive much higher income from the gas than any market price would return. Last time, we spoke with Upstream Data founder and CEO Stephen Barbour right after he announced the commissioning of a new Ohmm datacenter in the U.S. state of Texas. He was pretty excited with the expansion of his company’s services. This past Friday Upstream Data tweeted that three of its new Ohmm Mini, 50 kW bitcoin mining datacenters had been recently commissioned in the Canadian province of Alberta: These beauties conserve the natural gas that would have otherwise been vented, which allowed the producer to turn on the well and increase oil production. Helping the Oil Industry Meet Gas Venting Regulations Upstream Data has been developing its creative solutions since 2017, providing an answer to persistent economic and environmental problems that have been dogging the oil industry for decades. Its datacenters need very little infrastructure to utilize the stranded gas; basically only a fuel source and internet connection. They are designed to scale to the available quantity of natural gas and can be operated remotely. Upstream’s projects prove that energy, which would otherwise be wasted, can be harnessed to mine bitcoin. Ohmm datacenter in Alberta. The flare stack in the background was decommissioned after the waste gas was conserved. Stephen Barbour told news.Bitcoin.com that the Alberta producer who installed the Ohmm Mini units had a multi-well production facility closed in due to high venting. Regulations in the province do not allow oil companies to continue production if the vented natural gas volume exceeds a certain limit of 500 m3/day. As a result, the well pad was shut in for approximately a year as the operator had no other way to conserve the vent gas. Building a pipeline network would be too expensive, while flaring is not an option in this case because of the facility’s proximity to local residents, the CEO explained. The company supplied the three Ohmm Minis powered by gas gensets as part of its “Conservation as a Service” offer to oil and gas businesses. The bitcoin mining datacenters reduced the total vent rate to less than 500 m3/day, allowing the producer to start up the well and begin extraction again. Each Mini is rated for 50 kW, which is enough load to conserve 450 to 500 cubic meters or 18,000 cubic feet of stranded gas daily and is equipped with Antminer S9 mining rigs. The modular units can be easily redeployed to other sites where gas rates are depleting. Besides the savings and profits from their main activity, oil producers can also earn some additional income in the form of digital cash. Due to this year’s crypto market recovery, bitcoin mining has returned to profitability. What’s more, anyone can start mining, even without having the necessary equipment at their disposal, thanks to services offered by platforms like the Bitcoin.com Pool. Do you expect bitcoin mining at oil wells to continue to grow as an industry providing a solution to the gas venting problem? Share your thoughts in the comments section below. Images courtesy of Shutterstock, Upstream Data. 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 Canadian Company Commissions 3 Bitcoin Mining Units to Restart Oil Well appeared first on Bitcoin News. View the full article