roadrunner

The days when blockchain was portrayed as a cure-all for businesses of all kinds have gone. Now that the hype has faded, enterprise blockchain projects have quietly begun to ship. While some of these initiatives have faded into obscurity, others have prospered, suggesting that there’s life in enterprise blockchain yet. Also read: David Chaum’s Elixxir Invites Smartphone Users to Test Private Messaging After a Shaky Start, Enterprise Blockchain Adoption Ramps Up When IBM and shipping giant Maersk teamed up to create a blockchain solution for supply chains, the two goliaths seemed to be shooting towards an open goal. The product, dubbed Trade Lens, would help shipping companies manage cargo and inventory, eliminating the vast bulk of administrative work required to keep track of consignments, cutting costs by up to 20% in the process. The promise was of an “open and neutral” supply chain platform “underpinned by blockchain technology” and “supported by major industry players.” The project was slow to gain traction, however, with the duo initially finding it hard to secure major partners. Now, almost two years on, the project is finally gathering momentum, but the question still remains as to why two major players found it so hard to bring partners onboard. The answer may lie in the way that IBM-Maersk envisioned their blockchain from the outset, and the level of trust they asked their partners to place in them. Rick Schmitz, CEO of hybrid blockchain LTO Network, has a theory as to why the shipping project floundered initially. “The real potential and the value of blockchain integration comes from creating a global level playing field,” he told news.Bitcoin.com. “A consortium is not the optimum way to go as it merely recreates an already existing permissioned system.” Schmitz remains a staunch advocate of enterprise-ready blockchains, but maintains that the optimal approach is a solution that enables businesses to control their own sidechain and broadcast transactions to a main chain that is not controlled by any single entity – particularly when that entity is a close competitor. More Mainstream Companies Enter the Fray Following scores of trials, most of which have ultimately resulted in little traction, businesses are beginning to commit to blockchain in greater numbers, and for wider ranging projects. Having transitioned from the realm of the exotic to the ordinary, blockchain can now be used by businesses without raising too many eyebrows. This week, it was revealed that Mastercard is constructing a blockchain-based payment solution with the aid of R3. Designed to facilitate cross-border payments, it follows a multi-blockchain patent filed by the payment processing giant in 2018. As with many of these announcements, details of what the initiative will entail, or why a blockchain is needed, remain sketchy. In fact, in a carefully crafted soundbite accompanying the release, Peter Klein, executive vice president of New Payment Platforms for Mastercard, managed to avoid mentioning the word “blockchain” altogether, speaking instead about “Developing a new and better cross-border B2B payments solution by improving worldwide connectivity in the account-to-account space,” whatever that means. There may be a justifiable use case for blockchain in this, and in so many other initiatives utilizing distributed ledger technology, but it can be hard for onlookers to ascertain why. The opacity of enterprises experimenting with the tech, coupled with a tendency to deal in business speak and platitudes, means the public are left none the wiser as to how or why blockchain is being deployed. Trust Us, We’re Competitors In tracking the uptake of enterprise blockchain to date, there are lessons to be learned from the failures as well as the successes. In IBM and Maersk’s logistics supply chain, there’s a bit of both. At first, third parties were slow to join the endeavor, with the first clue as to why lying in the fact that IBM and Maersk retain all rights to intellectual property on the blockchain. The job for the duo has since been to assuage the fears of potential partners. Persistent assurances from IBM regarding data privacy, governance and the publication of APIs seem to have had a positive effect on adoption of the blockchain, as does its rebranding from “joint venture” to “joint collaboration.” The move is a smart one, as it is not unreasonable to argue that private blockchains are a misapplication of the technology on which they are built. On the surface, blockchain appears to offer a solution for supply chain companies in which all parties are equal. Shippers, manufacturers and suppliers all have differing and sometimes conflicting interests at stake, and as such, the only way to ensure equal access is to create a level playing field for every stakeholder. Instead of creating a trustless blockchain in which all network partners were equal, IBM and Maersk’s blockchain placed Maersk at the head of the table. For smaller competitors, that pitch has dubious benefits and a high risk profile; an invitation from Maersk to place all your eggs in their cargo hold and observe as they steer the ship to whatever port they deem best. In the case of Trade Lens, IBM complicated matters by insisting that partners adopt proprietary IBM systems and products in order to onboard. That meant that for any company not already using IBM, the costs of integration were substantial. Permissioned blockchains have a habit of developing an unholy trinity of undesirable qualities in the form of poor trust and transparency issues, high costs, and limited functionality. IBM and Maersk have since recovered from these setbacks, and now have over 15 carriers and 90 companies using their blockchain, with the latest participant the Customs Department of Thailand. The Inexorable March of Enterprise Blockchain To date, most of the enterprise blockchain projects of note have been based upon IBM’s Hyperledger or R3’s Corda. Next week, there’ll be a new blockchain network in town for businesses to play about on. Hedera Hashgraph is about to launch, promising to serve as an enterprise-ready, highly scalable alternative to existing chains. With major corporations like Boeing, Deutsche Telekom, and IBM involved, it’s got the credentials to attract businesses eager to experiment with the latest tech. Despite questions over its claimed throughput, and its ability to deliver state proofs of transactions, Hedera looks set to claim a large slice of the enterprise pie. If there are lessons to be learned from the performance of enterprise chains to date, it is that blockchain is only useful when you play to the strengths of the technology and work within the ethos of what made it so compelling in Bitcoin to begin with. After all, centralized blockchains are nothing more than databases controlled and run for the benefit of their owners. What are your thoughts on the success of enterprise blockchain projects to date? 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 The Hype Has Faded But Demand Remains for Enterprise Blockchains appeared first on Bitcoin News. View the full article

In California, cryptocurrency payments are making headway in the cannabis industry as Berkeley City Councilmember Ben Bartlett became the first elected official to purchase cannabis using a digital asset. On Tuesday, Bartlett utilized bitcoin cash (BCH) and Cred’s LBA token to facilitate the transaction at the Ohana Cannabis dispensary in Emeryville. Also Read: Bitmain Launches Next Gen Miner as Bitcoin Hashrate Touches 100 Exahash BCH and the Universal Dollar Stablecoin Used by an Elected Official to Purchase Cannabis in California Cryptocurrency enthusiasts have long dreamed of the cannabis industry and the cryptocurrency economy joining forces. On Sep. 10, the two industries made significant strides toward this effort when Berkeley City Councilmember Ben Bartlett purchased cannabis at a dispensary with crypto assets. The purchase at the Ohana Cannabis dispensary in Emeryville was part of a demonstration that showed the benefits of stablecoins and blockchain settlement. Berkeley City Councilmember Ben Bartlett. The Ohana dispensary accepts bitcoin cash (BCH) and then takes advantage of the crypto financial platform Cred’s LBA token to finalize the settlement in the Universal Dollar. When Councilmember Ben Bartlett made the purchase, the Blockchain Advocacy Coalition and the Cred team was there on site to show the group of elected officials how digital currency solutions work. The cofounder of Cred, Dan Schatt, explained during the demo that digital currencies add far more benefits than traditional payment services. “We are thrilled to build technology that solves real problems for customers, merchants, and politicians which will help usher in the next 100 million users of crypto,” Schatt noted during the event. The Cred cofounder added: Not only does crypto result in significant cost reduction for consumers and merchants, but it also enables highly productive tax collection, transparency, and predictability for city and state governments. Bitcoin cash, Cred’s LBA token, and the Universal Dollar were used during the cannabis purchase demo with Berkeley City Councilmember Ben Bartlett. The Blockchain Advocacy Coalition and California’s AB 953 The Universal Dollar stablecoin is an Ethereum-based token backed by USD and was created by the Universal Protocol Alliance. The group is made up of blockchain organizations including Blockchain at Berkeley, Uphold, and Cred. With members of Cred and the Blockchain Advocacy Coalition (BAC) helping, Councilmember Bartlett’s purchase “took seconds and resulted in substantially lower transaction fees for the dispensary.” Right now the BAC is sponsoring the assembly bill AB 953 which would allow the state to accept cannabis tax through a stablecoin. “AB 953 will allow cannabis companies to pay their taxes via virtual currency, specifically stablecoins,” the BAC website details. “This solves a significant banking issue for the state and lays the groundwork for broader statewide adoption of virtual currency.” At the time of writing, more than 70% of California’s state-endorsed cannabis industry is unbanked and these businesses are having issues dealing with financial institutions. Cannabis businesses incur significant risk by handling large cash deposits. California has always been ahead of the game when it comes to the cannabis industry. Many other cannabis-friendly states like Colorado and Oregon are having the same financial issues. California aims to innovate by creating progressive laws that help ease the problems cannabis operations are dealing with. “By providing a cash-free method of cannabis tax payments, AB 953 can reduce costs and safety risks for cities and businesses,” said Bartlett. The Berkeley City Councilmember also stated: The Green Rush is a 21st-century industry; it deserves a 21st-century payment system. Tax payments in digital currency will help bring this new industry into the light. California has been at the forefront of digital innovation, with epicenters like Silicon Valley and pioneering legalized cannabis for medical use in 1996, before opening the state to recreational use 20 years later. After the demonstration using BCH and Ohana Cannabis settling the transaction in the Universal Dollar, Councilmember Bartlett told attendees at the Emeryville dispensary that he also plans to have his staff draft a report on the benefits of accepting cannabis using digital asset solutions. What do you think about the first elected official purchasing cannabis using bitcoin cash and settling in a stablecoin to pay government taxes? Let us know what you think about this subject in the comments section below. Image credits: Shutterstock, Cred, benbartlett.vote, Berkeley City, Universal Dollar logo, and Pixabay. 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 California City Official Uses Bitcoin Cash to Purchase Cannabis appeared first on Bitcoin News. View the full article

Digital currency markets have dropped in value over the last three weeks, losing $25 billion since mid-August. Market prices have been creeping downward on thin global trade volume and the last two months of volatility seem to be taking a toll on short-term bullish optimism. Also Read: Bitmain Launches Next Gen Miner as Bitcoin Hashrate Touches 100 Exahash Cryptoconomy Loses $25 Billion in Three Weeks Cryptocurrency market confidence seems to be dwindling as many digital assets have struggled to surpass higher price ranges over the last few weeks. Three weeks ago, market prices were much higher and the market cap was roughly $282 billion for all the crypto markets combined. On Sep. 11, the global valuation for all 2,000+ cryptocurrencies is now $261 billion, indicating a loss of over 7%. Wednesday’s trading sessions show bitcoin core (BTC) is hovering just above the $10K zone between $10,025 to $10,225 over the last 24 hours. Top 10 cryptocurrency market prices on Sep. 11, 2019. Did you know Bitcoin.com just launched a secure, professional-grade trading platform called exchange.Bitcoin.com? Check it out today. BTC is seeing $15.7 billion in global trades and has a market valuation of roughly $180 billion or 69% of the entire crypto market cap. Ethereum is following behind BTC and hovering around $177 per coin. ETH markets are down 1.5% today and are down 0.06% over the last seven days. XRP markets lost 2.3% today and 2.2% for the week as each XRP is swapping for $0.25. Lastly, the fifth largest market valuation still belongs to litecoin (LTC) as each coin is swapping for $69. LTC markets are down 1.87% today but have gained 2.6% over the last seven days. Bitcoin Cash (BCH) Market Action The fourth largest market capitalization is held by bitcoin cash (BCH) at the moment. BCH is coasting along between $290 and $305 over the last 24 hours. There’s roughly $1.27 billion in global BCH trade volume and bitcoin cash has a market cap of over $5.3 billion at the time of writing. BCH has lost 2.8% in the last 24 hours, but over the last week BCH market prices are only down by 0.44%. BCH/USD price on Sep. 11, 2019. Bithumb is trading the most BCH this Wednesday with $544 million in global trades. There’s also Coinbene, Coinex, P2pb2b, and Bibox as well following behind the South Korean exchange in BCH trade volume. Tether (USDT) is the top trading pair with BCH today capturing 59.7% of all BCH trades worldwide. This is followed by trading pairs like BTC (18.7%), USD (9.5%), ETH (9.2%), KRW (1.6%), and the EUR (0.56%). Over the last seven days, BCH transactions per day (TPD) have been averaging roughly 45,000 to 55,000. Macroeconomic Storms Fail to Push Crypto Markets Higher Over the last two months, many cryptocurrency supporters believe that macroeconomic turmoil pushed the price of BTC and other cryptocurrencies upwards. However, on Tuesday, BTC/USD prices dropped to $9,930 quickly before jumping back up over the $10k range. Most digital assets have at least two significant resistance levels before gaining the same headway they had weeks ago. The chief investment officer of asset manager Arca, Jeff Dorman, explained on Sep. 3 that the macroeconomic turmoil which was attributed to the spike last month has seen negative correlations in recent days. Many speculators believe macroeconomic storms will push cryptocurrency and precious metals markets much higher. “August began with a 20% rally in Bitcoin led once again by the same macro factors that have supported it for most of this year – endless rate cuts from global central banks, declining currencies including the critically important Chinese yuan, a series of Trump tweets about tariffs and reckless monetary policy, a nasty decline in equities, and, of course, the potentially significant impact of a no-deal Brexit,” Dorman remarked. The “end of an ugly and peculiar month” retrospective continued: Unfortunately, the perfect macro storm was erased throughout the rest of the month as these negative correlations broke down and Bitcoin and other digital assets ended the month in the red. The Federal Reserve should get our interest rates down to ZERO, or less, and we should then start to refinance our debt. INTEREST COST COULD BE BROUGHT WAY DOWN, while at the same time substantially lengthening the term. We have the great currency, power, and balance sheet….. — Donald J. Trump (@realDonaldTrump) September 11, 2019 Price Perspectives From Crypto Twitter Crypto Twitter (CT) has seen an awful lot of opinions and technical analysis takes on the price of BTC and other digital assets. This week, Twitter user Planb who often comments on crypto analysis believes the price of BTC is being fueled by stock to flow trends. “Proof is in: bitcoin price is mainly driven by stock to flow, not by any other factor — Cointegration, not correlation, is key: BTC price has been and likely will be below and above S2F model value every year,” Planb stated on Sep. 7. The next day Mr. Jozza commented on BTC/USD on-balance volume (OBV) and his outlook seemed dreary. “That is not a happy OBV — A market creeping up on thin volume doesn’t fill me with confidence,” he tweeted. The crypto trader at Texas West Capital known as the Wolf of All Streets remarked on Twitter that even during the price drops he’s always bullish in regards to the long term. “When someone asks me if I am bullish or bearish on bitcoin, the answer is always bullish,” the Wolf of All Streets stated on Sep. 11. “I believe that this market will continue to trend up over a long time frame, even if the price drops significantly in the short term — I will buy those dips.” Investors Move Away From Safe Haven Assets as Gold Sees Worst Daily Decline in Two Years After spiking in parallel with cryptocurrencies last month, the price of gold saw the worst daily decline in years on Sep. 5 and has dropped for a fourth straight session on Sep. 10. During the first drop in value last week since the initial rise, frontier markets investor Mark Mobius told CNBC that digital currencies and gold need to come together. Mobius explained that digital assets could trigger gold prices and bolster the demand for the precious metal. However, analysts are seeing investors leave safe haven assets and investing in riskier growth markets instead. “Globally we are seeing a shift back towards growth assets and that’s coming at the cost of the safe havens,” remarked Michael McCarthy, chief market strategist at CMC Markets on Tuesday. Since touching a high of $1,557 on Sep. 4, gold spiked to its highest price range in six years, but bullion spot prices tumbled by more than 5% to $1,493 today. Gold spot prices on Sep. 11, 2019. BTC/USD Shorts Rise While ICE Preps for Bakkt’s Upcoming Bitcoin Futures Overall, crypto market observers are uncertain of where prices will be in the short term. BTC/USD short contracts are not nearly as high as they were months ago but they are starting to rise steadily. As far as ETH/USD shorts are concerned, markets have been meandering along with no significant increases or decreases in short contract volume. BTC/USD shorts on Sep. 11, 2019. The long-awaited futures products from Bakkt continue to make headway as the exchange has started letting customers initiate deposits. However, the ICE futures notice explains clients are required to deposit $3,900 to participate in monthly and daily futures contracts on Monday, Sep. 23. Speculative requirements rather than initial hedge rates mandate depositing $4,290 to participate in Bakkt’s bitcoin futures markets. Some speculators think that the physically-delivered futures markets may create price discovery. “Seven business days until the Intercontinental Exchange (ICE) is offering physically settled Bitcoin futures through its Bakkt unit. It will act as exchange, clearinghouse and settlement authority. ICE BTC futures will create price discovery apart from any cash market influence,” Planb tweeted on Wednesday. “CME is cash-settled, therefore dependent on (an average of) exchange rates, thus sensitive to manipulation & fraud. Institutions don’t like that. ICE/Bakkt has its own price based on real bitcoin,” he added. 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 markets updates are intended for informational purposes only and should not to 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 and gold prices referenced in this article were recorded at 12 p.m. EST on Wednesday, Sep. 11, 2019. Images via Shutterstock, Trading View, Bitcoin.com Markets, Getty, Goldprice.org, 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 Outlook: Uncertainty Builds With Thin Trade Volumes and Bitcoin Futures Launch appeared first on Bitcoin News. View the full article

Most often overlooked in the fintech space is the world’s most scalable and private payment system: cash. It is used in every country around the world and despite its much exaggerated demise, according to the G4S Global Cash Report 2018, cash circulation has risen to 9.6% of GDP across developed and emerging market countries since 2000, up from 7%. Cash is still king for now, despite concerted attempts to usurp it. Also read: David Chaum’s Elixxir Invites Smartphone Users to Test Private Messaging The War on Cash Is in Full Swing Cash settlements are direct and final, with particular usage for smaller value transactions accounting for 60-80%, as per the same GS4 report. Overall it is an essential pillar of civilization as cash is the primary mechanism by which the world conducts payments and trade. Were cash to disappear suddenly, the economy of various countries would be severely affected. Having recently attended the ESTA forum 2019 in Vienna, an annual event for Europe’s cash management industry, I was able to get a grasp on the situation: The War on Cash is in full swing and many cash management providers don’t know how to react to this development. A recent IMF blog post comes to mind that explains how cash can be removed from the economy by charging a 4% fee to convert between cash and bank money. Central banks want their interest rates to go negative and in some countries in Europe they are already negative. Cash is an effective escape from this and therefore central banks want to eliminate cash. Nobody seems interested in defending cash from the larger powers that be in commercial banks and central banks, both of whom would prefer everything to be digital so that they can exert more control. In Emerging Markets, Digital Services Need Cash While negative interest rates and cashless economies are a talking subject in many developed countries, it’s a pipe dream for most of the world’s population. Only about 30 of the world’s 180 currencies are internationally floated and of them only about a third are effectively used for cross border trade. For the many billions of people in the world, cash will continue to play a key role for the foreseeable future as will positive interest rates and higher inflation. In fact, the adoption of digital services and products in emerging markets relies on the ability to move between cash and digital money. Many people may tout the effectiveness of mobile money in Africa and how that can be a path forward for the developing world, but in order to get a mobile money balance you need to visit an agent who will top it up. Therefore, every unit of currency in the mobile money system is backed by an equivalent amount of cash. The reality on the ground is that mobile money is not replacing cash, but instead cash is a necessity for mobile money services to take off in the first place. Stablecoins Provide the Bridge Between Cash and Digital Cryptocurrency has an important part to play in connecting cash-based markets to the digital economy. In particular, stablecoins are perfectly suited for this as a type of cryptocurrency where the value is pegged to the value of another more stable asset, like a national currency. The mechanism for maintaining the peg can be classified in two ways: trusted and trustless. When a stablecoin is trusted, it means a central authority is in charge of the reserves and maintaining the peg (think: True USD, USD Tether, Gemini Dollar). Trustless stablecoins on the other hand are managed by smart contracts which control the reserves and maintain the peg (think: Makerdao, Bitusd, Stable.php). While most stablecoins are trusted and pegged to the US Dollar, we are increasingly seeing new projects branching out to include stablecoins for exotic currencies such as Indonesian rupiah, Philippine peso, Brazilian real, Vietnamese dong, South African rand and potentially many more. This is where trustless stablecoins especially get to shine, as the creation of, say, a trustless Philippine peso stablecoin only requires crypto infrastructure – circumventing the traditional banking system – which makes it a lot easier for companies to enter that market. Why Stablecoins Matter Stablecoins are important for digital services to take off in emerging markets because they simplify the process of converting cash to digital money, without having to factor in the volatility of an asset like bitcoin. As a form of digital cash, stablecoins can then be integrated with any of the digital services provided by companies in that market. Okra Solar serves as a great example of how stablecoins can be used to connect cash-based markets to a digital service: in the Philippines, residents can get their power from the solar grid provided by Okra and pay for their bills with stable.php, a stablecoin they can buy locally with cash. As an extra benefit, while this stablecoin was initially acquired to pay for solar electricity, those same people effectively now also have a way to access the wider world of cryptocurrencies using cash – especially relevant in markets with weaker currencies. As more digital services are aiming for customers in emerging markets, stablecoins will become increasingly important as the connecting thread between cash and the digital economy. All it takes is a cash in, cash out network designed to make crypto accessible to everyone. George Harrap is the CEO & Co-Founder of Bitspark. Having started in early 2011, George is an early adopter of Bitcoin and blockchain technology. In 2014, he co-founded Bitspark with the intention of bringing greater financial access to everyone. Through a network of cash points, mobile app and DEX, Bitspark uses cryptocurrencies to form the bridge between the old and new worlds of finance. 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. 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 Connecting Cash to the Internet Using Stablecoins appeared first on Bitcoin News. View the full article

In an age where Google, Facebook and the NSA are known to be harvesting as much as our communications as they can, many people are concerned that online privacy now only exists in the history books. One project trying to address this is the metadata-shredding platform Elixxir, led by cypherpunk innovator David Chaum, which now lets smartphone users test the network’s private messaging capabilities. Also Read: Total Surveillance Coin Will Be a Dystopia if Controlled by Facebook or Government Metadata-Shredding Platform Launches Public Alpha Elixxir, the latest creation of the man known as the “father of online anonymity,” David Chaum, has announced the launch of the Xx network public alpha. Maintained by a team of nodes run by independent operators, the Xx network alpha represents the first public demonstration of Cmix, the transaction network that shreds metadata and provides unprecedented consumer privacy and security. “We’ve worked very hard over many years to design and develop the Elixxir privacy protecting platform and now users can access the platform for private communication. It’s one thing to talk about and describe such a platform, it’s quite another to make it available for use on a smartphone. I’m very proud of our team for getting this done,” said David Chaum. In the weeks ahead, users will have a chance to test the Xx network public alpha for themselves. Currently, select partners are testing the public alpha. The developers say that the public alpha will immediately be capable of processing 500 transactions per second, and they expect it to scale within weeks to 2,500-5,000 transactions per second. The Xx network public alpha nodes are run by a cross-section of selected node operators around the world. Operators include Bitcoin.com, Chainzilla, Everstake, Incrypt, Iqlusion, and Simply VC. Hand-picked by Elixxir, these node operators will contribute their expertise and feedback to inform the Xx network decentralized beta later this year. “It’s great to see Elixxir is available publicly for high volume testing. I’m a supporter. Some things about my life are confidential, that’s why I’m looking forward to using their privacy protecting platform,” commented Roger Ver, Executive Chairman of Bitcoin.com. How Elixxir Protects Users’ Metadata Communication metadata is the information on the times, origins and destinations of phone calls, emails and instant messages, as opposed to their actual content. It can be used against people by advertisers, scammers, identity thieves, and even hostile governments. The former National Security Agency (NSA) and Central Intelligence Agency (CIA) Director, Michael Hayden, famously said in 2014 that “We kill people based on metadata.” He explained that “metadata alone can provide an extremely detailed picture of a person’s most intimate associations and interests, and it’s actually much easier as a technological matter to search huge amounts of metadata than to listen to millions of phone calls.” According to the Cmix whitepaper, Elixxir is working to provide protection against the harvesting and exploitation of metadata by fulfilling two core values fundamental to achieving true security and privacy. The first value is anonymity, protecting the identity of participants in activities; for example, a message sender and recipient. This means that an adversary cannot map any input to the corresponding output with any higher probability than random guessing, even if the adversary has compromised most of the system. The second value is integrity – verifying the trustworthiness of the transaction system. This means, for example, that at any given point, either the system delivers all messages without alteration, or, in the event of a failure, any malicious mixnode is identified with high probability. To achieve both anonymity and integrity, the system brings together two key concepts: mixnets and precomputation. Mixnets, also known as mixing networks, were first described by David Chaum in 1981. A mixnet lays down cryptographic rules for messages or transaction activity from a set of users to be relayed by a sequence of trusted intermediaries known as mixnodes. These are computer servers that receive a batch of encrypted messages, randomly permute or “mix” them, and then send them forward. Mixnets typically protect the contents of messages with public key encryption. The mixing process provides anonymity, while the public key encryption provides integrity. The main drawback to traditional mixnets is that they are slow; the public key encryption process takes computers a long time to perform, making mixnets too slow for most consumer uses. The Cmix system is designed to solve this problem by using precomputation. Precomputation allows mixnodes to do all the time-consuming work of public key cryptography before the real-time phase of handling messages between senders and recipients. The result, according to the developers, is a very efficient kind of mixnet that allows users to send and receive messages in real-time without compromising on security and privacy. Mixnodes perform the work of decrypting messages and mixing traffic to hide the associations between senders and recipients. The work of mixnets is performed in three phases: setup, precomputation, and real-time. In the setup phase, mixnodes establish secret and shared public keys, which can be used as a seed to derive unique values for every session. The precomputation phase is performed once for each real-time phase. The mixnodes establish shared values to circumvent the need for public key operations during the real-time phase, with each mixnode in an n-member team doing 1/n of the decryption work. In the real-time phase, mixnodes receive messages, perform the decryption work prepared for with precomputation, and pass the message on to the next mixnode. Cypherpunk Creator of Digital Cash David Lee Chaum is known as a pioneer in cryptography and privacy-preserving technologies, and widely recognized as the inventor of digital cash. In 1995 his company Digicash, an electronic money corporation, created the first digital currency with ecash. The renowned cypherpunk once lamented that internet technologies would create a dossier society where government would catalog information on each individual and track every person and keep tabs on their comings and goings. What do you think about Elixxir and the launch of the Xx network public alpha? 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 David Chaum’s Elixxir Invites Smartphone Users to Test Private Messaging appeared first on Bitcoin News. View the full article

Last Thursday the China-based mining rig manufacturer Bitmain announced the launch of two new Antminers that offer hashrates between 53 to 64 terahash per second (TH/s). When the Antminer sale started on Monday, first batch devices sold extremely fast and Bitmain expects to deliver units by mid-November. Meanwhile, the combined SHA256 hashrate (BCH and BTC) has grown exponentially, touching 100 exahash per second (EH/s) on Tuesday. Also Read: Plans to Build $50M Bitcoin Cash Tech Park Revealed Bitmain Launches Two New Next-Generation Miners With Hashrates of 53-64TH/s Mining coins like BCH and BTC is extremely competitive and recently mining rig manufacturers have been launching next-generation devices making the competition even greater. Last week, on Sep. 5, Bitmain Technologies announced the launch of its newest set of Antminers after releasing multiple versions of SHA256 mining rigs over the last few months. The latest versions include the Antminer S17e and the T17e which will be sold in three batches. According to Bitmain’s specifications, both machines have been optimized to perform with “significant improvements to power efficiency and hashrate.” The S17e has an average hashrate of 64TH/s and 45 joules per terahash (J/TH). The Antminer T17e offers hashrate speeds of up to 53TH/s and power efficiency of roughly 55J/TH. So far both batches of the new Antminers have sold out and the last sale will end Wednesday morning on Sep. 11. In addition to the new Antminers, Bitmain introduced a compensation strategy for delivery delay. So if mining rigs are not shipped on the specified delivery dates then Bitmain will compensate customers with coupons for each day of delay, based on PPS rewards of the mining pool and electricity cost deducted. Bitmain explained that both new models have been created for better efficiency and longevity as well. “Both new models have been designed for more stable operations in the long-term to reduce maintenance costs for customers,” Bitmain detailed last week. “This is made possible through the dual tube heat dissipation technology which improves how efficiently heat dissipates. The models are also equipped with a more secure software system to prevent malicious attacks.” Bitmain will also be hosting the second annual World Digital Mining Summit (WDMS) in Frankfurt Germany on Oct. 8-10 2019. The two-day event will bring together some of the biggest entrepreneurs in the mining industry like Genesis Mining Marco Streng and Bitmain’s cofounder Jihan Wu. One specific event at the WDMS conference announced this week will be a contest for the “top ten mining farms around the world.” This will allow the mining industry to vote on the best mining farms out there today. In order to participate, miners need to disclose their location, capacity, mining farm systems, hosting price, length of operations, and submit photos of their crypto mines. Participants must submit all required materials by email before September 13 and winners will receive VIP tickets to WDMS. High-Powered Mining Rigs Push the SHA256 Hashrate Above 100EH/s With 64TH/s and 45J/TH, the new Antminer S17e would be the most profitable mining rig today, according to asicminervalue.com. At the time of writing, calculating current prices and with an electricity cost of $0.13 per kWh, the S17e would profit by $8.86 per day mining BTC (if it was available to the public today). Profits per day might be entirely different depending on the price per coin on Nov. 2019 and network difficulty. The new Antminer models will compete with the Microbt Whatsminer M20S (68TH/s), Ebang Ebit E11++ (44TH/s), and the Strongu STU-U8 pro (60TH/s). Top 12 mining rigs on Sep. 10, 2019. The rest of the competitive mining rigs in the top list are other Bitmain models too such as the S17 pro (53TH/s), and the S17 (56TH/s). In 2019 Bitmain has released a wide assortment of SHA256 compatible miners including the new legacy S9 series, and the T version models. There’s still a bunch of low hashrate miners available on the Bitmain website, but most higher performance machines are selling out quickly. Still, with an electricity cost of $0.13 per kWh, any mining rig on the market that performs at more than 13TH/s is profiting at today’s BTC and BCH prices. On Sep. 10, it is currently 4% more profitable to mine on the Bitcoin Cash blockchain according to prices and Coin Dance statistics. On Sep. 10, 2019, at 12 p.m. EDT, it was 4% more profitable to mine the BCH chain. Do you want to maximize your Bitcoin Mining potential? Plug your own hardware into the world’s most profitable Bitcoin mining pool or get started without having to own hardware through one of our competitive Bitcoin cloud mining contracts. Both chains’ SHA256 hashrate combined on Sep. 10 crossed the 100 exahash per second (EH/s) region as BTC captured 98.53EH/s and BCH gathered 2.4EH/s. If and when SHA256 networks can exceed 500 exahash per second, the processing power will penetrate the zetahash era. BTC’s hashrate is 8X more powerful than Dec. 2017 at the height of the bull run, and this past June the BTC hashrate was 55EH/s which nearly doubled in three months. The BCH network hashrate has hovered between 2-2.6EH/s over the last three months with 11 pools processing BCH blocks. There are 10 pools mining BTC with 18.1% of the hashrate being stealth mined by unknown miners. On Sep. 10, 22% of the BCH network hashrate consists of unknown mining pools as well. On Sep. 10, 2019, both SHA256 networks (BTC & BCH) combined crossed 100EH/s. With market prices at what they are today, both BCH and BTC miners are seeing significant profits compared to last year’s prices. At current speeds, both SHA256 networks’ reward halvings will be at different times. The BTC chain is expected to see its reward halving in 248 days on May 16, 2020, while the BCH chain is expected to cut its block reward on April 8, 2020. Both dates are not exact and the time could change if hashrates increase or decline from here. The onslaught of new machines produced by manufacturers like Bitmain, Strongu, Innosilicon, and Microbt should continue to increase the overall SHA256 hashrates on both networks. What do you think about the latest Bitmain miners and the exponential SHA256 hashrate? Let us know what you think about this subject in the comments section below. Disclaimer: Readers should do their own due diligence before taking any actions related to the mentioned manufacturers and products associated with this article. Bitcoin.com or the author is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services, products, websites, and vendors mentioned in this article. This editorial review is for informational purposes only. Image credits: Shutterstock, Bitmain, asicminervalue.com, Fork.lol, Coin Dance, Wiki Commons, and Pixabay. Did you know you can earn BTC and BCH through Bitcoin Mining? If you already own hardware, connect it to our powerful Bitcoin mining pool. If not, you can easily get started through one of our flexible Bitcoin cloud mining contracts. The post Bitmain Launches Next Gen Miner as Bitcoin Hashrate Touches 100 Exahash appeared first on Bitcoin News. View the full article

At the Bitcoin Cash City conference in North Queensland, the CEO of Code Valley, Noel Lovisa, announced plans to build a $50 million dollar Bitcoin Cash tech park in the city of Townsville. The plan is to aggregate startup companies and there are more than 12 Bitcoin Cash focused startups already on board. Additionally, the BCH tech park creators aim to create a sister project with a mining and server facility built near the Kennedy Energy Park. Also Read: Emergent Coding, Adoption Incentives and Practical Use – Bitcoin Cash City, Day 2 Code Valley CEO Announces Bitcoin Cash Tech Park Over the last two years, many BCH proponents have heard about the city of Townsville on the coast of North Queensland, Australia. The city is well known for its dense population of BCH supporters and the 78 bitcoin cash accepting merchants. On Sep. 4-5, Townsville hosted the first annual Bitcoin Cash City conference, a BCH-centric event in a city full of supporters, developers, and BCH retailers. During the two-day event, participants heard from Code Valley team members like senior software engineer Mark Fabbro and CEO Noel Lovisa. The two discussed a subject called Emergent Coding which is essentially a software supply-chain or global compiler network that will work in concert with the BCH chain. “If the utility of BCH is going to be an international currency then at some point we’ve got to get the global economy using bitcoin cash,” the Code Valley CEO insisted during his talk at the event. Lovisa also told conference attendees that emergent coding will bring “a serious amount of economic activity onto the Bitcoin Cash blockchain.” Code Valley CEO, Noel Lovisa, speaking to Bitcoin Cash City conference attendees in Townsville. He told the crowd that day that the Code Valley team had won a tender and they have plans to build a $50M Bitcoin Cash tech park in Townsville, North Queensland. Lovisa further said that with emergent coding, the company didn’t want to stop there and aimed to leverage the benefits of Bitcoin Cash City as much as they could. So the company formulated a plan to create a Bitcoin Cash tech park based on Emergent Coding technology in Townsville. In Lovisa’s eyes, Townsville has an edge on adoption already and the city is “a year or more ahead” than most urban areas. The Code Valley executive told the event participants that a tender came up from the city for the redevelopment of the North Rail Yard and they won the tender. This means the project will partner with the city to develop the tech park Lovisa revealed. After the Bitcoin Cash City conference, news.Bitcoin.com spoke with Lovisa to get more information about the BCH tech park in Townsville. The slide images of the model Bitcoin Cash Tech Park. A Technology Park Fueled by Bitcoin Cash Innovation Bitcoin.com (BC): How did the Bitcoin Cash City Conference turn out? Code Valley CEO, Noel Lovisa (NL): When all the delegates are eager to return next year for the 2020 Bitcoin Cash City Conference, I think you can say it was successful. A combination of a location in sunny North Queensland, extraordinary Bitcoin BCH adoption and differentiation such as a helicopter scenic built into the premium ticket, together with a great organizing effort managed to attract all the big names for speakers and sponsorship. It was really fun for a conference to walk the talk too with tickets in BCH, flights in BCH, accommodation in BCH, food, taxis, etc. We are planning a much larger event next year built upon this successful model. BC: Can you tell our readers what initiated the planning for a $50M Bitcoin Cash Tech Park to be built in North Queensland? NL: A North Queensland innovation called Emergent Coding is the fuse that lit the BCH tech park tender proposal. Emergent Coding is a distributed software development technology which trades the ability to specify completely bespoke software for extraordinary advances in software design speed, cost, native performance, and resource usage. Emergent Coding solves software’s “double-spend” problem to permit the first feasible developer specialization. It aims to combine the world’s 30 million developers into a single cohesive unit that designs software. Since these 30 million developers are spread around the world, Bitcoin Cash is ideal for rewarding these developers for their design contributions. The architect who designed the Bitcoin Cash Tech Park attended the conference as well. With such a large innovation and recognising the many startups moving into the Emergent Coding space, it was decided that a Bitcoin Cash tech park would be the ideal vehicle to anchor much of the development benefit for North Queensland. When the City’s North Rail Yard redevelopment tender came up, and given the Rail Yards are the traditional tech center of the city circa 100 years ago, making it the modern tech center of the city while preserving these heritage-listed buildings of the original yards seems like an unbelievable opportunity. While we have won the tender, there is still much to do before we can make the Bitcoin Cash Park a reality. Clearly, North Queensland is investing big in the future of Bitcoin Cash and as seen by the conference, North Queensland gets stuff done. BC: When is the BCH tech park project starting? NL: It has been a very exciting year with our tender application initially being shortlisted, then winning the right to partner with the city on the project. Presently we are racing to reach a heads-of-agreement before Christmas as the local government goes into caretaker mode ahead of the election next year. While the site is complicated by the heritage aspects, we have put an experienced team together and expect to begin construction mid next year. Proposed Bitcoin Cash Tech Park plans. Are you a Bitcoin developer? Did you know you can create your own Bitcoin Cash app with the Bitbox and Badger Wallet SDKs, get started with BCH tokens through the SLP SDK, and build your knowledge base with our Bitcoin Cash developer guides. BC: During your talk at the Bitcoin Cash City conference, you mentioned 12 Bitcoin Cash focused tech startups in the area are involved with this project. Which BCH startups are included in this list? NL: Leading the startup list is Code Valley Corp P/L and Aptissio Australia P/L, with the latter securing about $1 million in its first seed round and already delivering their first Bitcoin Cash products into the market. Aptissio’s focus is about applying Emergent Coding to BCH software development and they already have more than 700 Emergent Coding Agents online in addition to Code Valley’s 1,400 Agents. Aptissio hopes to field a BCH full node in the near future which may well be the most exciting Bitcoin Cash development since the fork. It promises to amplify BCH developer productivity, provide a new developer funding model which excludes the possibility of capture, eliminates duplication of effort intrinsic in incumbent development, and much more. Proposed Bitcoin Cash tech park plans. But coming back to your question, Aptissio may be the leader and furthest along with the application of Emergent Coding, however there’s Echt Fin P/L, Lexcode legal P/L, Bitcoin BCH P/L, Townsville Mining P/L, Appening P/L, Cyclone AI P/L, SatoshiwareNQ P/L, Townsville Technology Precincts P/L and several beginning to appear in SOCAL such as Straya LLC, Coactive Blockchain LLC. These startups are in various stages of funding and active development and all in the Emergent Coding Bitcoin Cash space. BC: Can you tell our readers about the mining and server facility to be built near Kennedy Energy Park? NL: The sister project to the BCH tech park is the server complex. Emergent Coding has a vast need for server capacity to support its design agents and is dependent on Bitcoin Cash, so we want to support the Bitcoin Cash network with some domestic mining. North Queensland has an incredible site that promises to be highly competitive in terms of renewable energy, cooling, data, and low-cost real estate. We have completed a comprehensive technical due diligence on the site and are in negotiations over its development. I can not say more about this project at this time but watch this space. Check out the full version of Noel Lovisa’s Bitcoin Cash City tech park announcement in the video below. What do you think about the BCH tech park planned for Townsville? Do you think this will help bolster BCH adoption and industrialization? Let us know what you think about this project in the comments section below. Image credits: Shutterstock, Bitcoin Cash City Conference, Code Valley, Noel Lovisa, and Pixabay. Bitcoin Cash Tech Park photos are not final depictions and the park design is subject to change. 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 Plans to Build $50M Bitcoin Cash Tech Park Revealed appeared first on Bitcoin News. View the full article

A recent article from MIT Technology Review has leveraged a somewhat sensationalist headline to stir up fear about bitcoin and crypto. The article, written about a “hidden” government weapon to be deployed against Bitcoin, references September 3 senate subcommittee testimony by Washington D.C. consulting firm Financial Integrity Network. In the testimony, Vice President of the firm David Murray calls for the Bank Secrecy Act to be expanded to include regulating bitcoin miners as traditional financial institutions. With the U.S. dollar already backing most crime worldwide, one is left to wonder why so much focus is directed at crypto, and so little at the largest perpetrators of violence on earth — governments. Also Read: The 3 Top Drivers of Crypto Adoption – BCH City Wrap-Up Sordid Affairs at MIT While the MIT publication drums up fear of unfeasible regulation of bitcoin miners via an almost 50-years-old “hidden weapon,” things at the crypto-involved Massachusetts Institute of Technology aren’t looking so regulated, either. Last week’s resignation of head of the MIT Media Lab, Joi Ito, follows the revelation that he had been secretly accepting huge donations from then-convicted sex offender Jeffrey Epstein, who was arrested for additional charges of sex trafficking of minors in July, and reportedly killed himself in a Manhattan jail cell on August 10. MIT is conducting an internal review of the Epstein matter, which could be connected to donations from such influential tech-savvy billionaires as Bill Gates. The school has a history of taking underhanded jabs at disruptive and subversive tech like Bitcoin, and remaining tellingly silent when human rights activists are put on the spit of government persecution, or when ties with brutal, U.S.-supported dictatorial regimes like Saudi Arabia are concerned. In a joint-authored MIT Media Lab-connected piece published to The Atlantic in 2016, the writers state: The [bitcoin] cryptocurrency is a powerful tool for early adopters and middle-class entrepreneurs, but it may not provide the opportunities in the developing world that its advocates claim. That’s fair enough, and at face value a pretty innocuous and possibly substantial claim. But the Bitcoin critical hint-drops continue throughout the piece, suggesting to readers that they “dig into the ways mobile money is embedded in new, networked systems of control and value enclosure, as opposed to being a purely grassroots phenomenon for social inclusion.” Tellingly, the url for the piece includes the word “hype” and the original title, prior to being edited, was “The New Bitcoin Myth.” For anyone that can read between the lines here, The Atlantic piece is an attempted attack on the utility of crypto and its revolutionary potential, coming from a massively government-funded university. According to a 2017 letter from MIT president L. Rafael Reif: Congress will shape the final terms. But because we rely on federal funding for 66% of our campus research support, we must take this “blueprint” seriously, for both what it says and what it signals. The Atlantic has since changed the title of the 2016 MIT-penned crypto hit piece to “Can Bitcoin Be Used for Good?” Indeed, the block size limitation critiques made in the article are valid, but that was 2016, prior to the BCH fork remedying this issue. Even the sometimes lagging transactions of that time didn’t make legacy services truly better, anyway, and for someone looking to escape the anvil-heavy shackles of the fiat banking racket, BTC still held great utility. The MIT/Atlantic piece promotes fiat transfer services over crypto alternatives, and takes aim at so-called “Bitcoin do-gooders.” At the end of the day, it reads a lot like any other crypto faux intelligentsia screed. True Power Through P2P In the crypto space, seeing which altruist can shout the loudest about adoption and inclusion is the norm. But prattling on about government regulation helping to mainstream crypto, or stablecoins like USDC helping to “bank the unbanked” is largely fruitless when it comes to real world application. One voice is noticeably underrepresented here: that of the simple peer-to-peer trader. What the aforementioned MIT secret weapon piece fails to note is that crypto can indeed already help anyone. If the banks would get out of the way, and with them, the state. Thanks to ever-increasing regulations designed by global groups like the Financial Action Task Force (FATF), tax agencies like the IRS, and government talking heads or financial regulators, the “unbanked” still cannot access these revolutionary technologies freely. News.Bitcoin.com pointed out in a recent article on stablecoins that even access to the services supposedly tailor-made for the unbanked can require bank account information. A simple wallet, internet connection, and willing market is all that is truly required. So why do governments seek to complicate crypto? Maybe they’re not so much concerned with human trafficking and terrorism, after all, but more with maintaining control of the global money supply. The Crypto Revolution Is Now If politicians and lawmakers of the world truly want to help abused children, impoverished people, and victims of all sorts of other crimes and violations of humanity, they should turn the camera — and the handcuffs — back on themselves. Demanding that the unbanked and financially struggling of the world first pass through impossible KYC drawbridges, treating everyday P2P traders of crypto as criminals, and gaslighting an entire movement based on actions the government itself is more guilty of than anyone else — like murder, sex abuse, trafficking, and terrorism — perhaps it’s time to let the free market and local communities regulate themselves. This can be, and is currently being done in spite of the prevailing evil paradigm, via the understanding of individual self-ownership and economic sovereignty. Eat BCH is a bitcoin cash initiative helping to feed people in Venezuela and Africa. Wonderful charities and aid initiatives for helping the underprivileged of the world directly, already exist. Eatbch, for example, is a “Peer-to-Peer Electronic Cash-to-Food System” that collects BCH donations to feed hungry people in economically struggling regions of the world. A member of the South Sudanese team reported to Bitcoinafrica.io: We started the charity part-time on weekends in the capital, Juba, in our neighbourhood and then expanded to some of the most affected areas by the conflict, such as the town of Yei or Bor. There, we were able to feed over 500 internally displaced people, mostly elderly and children. We were able to do that through our colleagues whom we trained after coming back from the blockchain conference. Other notable crypto-friendly initiatives include Airdropvenezuela, Coins 4 Clothes, and EFF. Beyond organized efforts, though, the real revolution of peer-to-peer electronic cash is individual financial sovereignty. The more wealth everyday individuals can build, the better they can help themselves, their communities, and grow their visions for making the world a better, more free and humane place. This is something no centralized government can ever do, as the intimate, one-on-one relationships and knowledge held by private individuals in community with one another can not be “processed” or formalized by monolithic, inefficient, violence-based institutions like the state. The reason that so many crypto regulations are being introduced while governments evade scrutiny for the very same crimes is simple: their money is not sound. Not even conceptually. Bitcoin is. If critical mass is reached, and everyday folks realize that economic sovereignty is possible, it’s game over. The Monopoly board will have to be folded up, and the sulking bullies sent home. It’s highly unlikely they’ll go without a fight. What are your thoughts on crypto regulation and economic freedom? Let us know in the comments section below. Op-ed disclaimer: This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information in this Op-ed article. Images courtesy of Shutterstock, Fair Use. 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 Government Hates Crypto Because It Empowers the People, Not Because It’s Used for Crime appeared first on Bitcoin News. View the full article

Digital currency provides unprecedented abilities to spy on and control what people do, and having that power in the hands of a few people is very dangerous. The Big Tech monopolies of Silicon Valley are building a future where your every action is monitored, and giving Facebook control over what you can and can’t do with your money will be the same level of dystopia as having a politician do the same. Also Read: Capital Controls in Argentina Demonstrate Dangers of Government-Controlled Money Libra Is The Exact Opposite of a Cryptocurrency Ideal There has been a lot of attention given to Libra in the cryptocurrency community ever since Facebook has announced its plans for the digital coin. On social media and forums people were predicting it would be an on ramp to the new economy, and in conferences and other events people were talking about it as evidence that crypto is going mainstream. Some companies servicing the market have even announced that they are set to incorporate Libra into their current offerings. While the attention is understandable as Facebook is a huge company and its choosing to issue a digital token is a major event, the excitement is misplaced. Cryptocurrency was invented to bring economic freedom to the world and provide people with a way to transfer money without intermediaries that can censor or block them. Libra will most surely be the exact opposite of this ideal. It will be a system for transferring value only between parties that are identified and pre-approved by the controlling bodies. And it may also be far worse than the current banking system. Facebook makes its money selling your data. Not just your age, gender, and location, but also who you vote for, what causes you support and much more. It invests heavily in big data, artificial intelligence and other technologies to be able to track and commodify your every action on the Internet and in the real world. As its market value and billions in earnings prove, the company is very good at doing this, only second to Google perhaps. No bank in the world can match that. Giving Facebook the power to monitor every financial transfer you make is handing the social media juggernaut an incredibly powerful new tool to exploit you with. Facebook and Government Are Closer Than You Think It needs to be clear that the intention of Facebook is not to compete with banks, PayPal or credit cards, but to dominate all financial activities of its users. When payment apps started off in China they were just a way to send money to your contacts, but soon grew to become a universally accepted way to pay for everything and anything across the country. The ease of using a digital system like that is driving out all other payment methods in China, and Facebook will try to emulate that as much as it can in the rest of the world. Unlike the Chinese model however, Libra will not be just a conduit for local currencies, but its own coin backed by fiat. This presents a direct threat to governments and central banks, and these have responded by putting a lot of pressure on Facebook. The company in reaction has basically said that it will bend over backwards to tailor the system to the desires of politicians in order to get their approval. This means that it will employ its full technological capabilities to make sure that users don’t do anything that the government disapproves of. And that will create a total surveillance system in a way that is not even imaginable for the banks to do. K Street, the center of Washington, D.C.’s lobbying industry Facebook has also not been idly waiting for governments to tell it what to do, and has been busy spending money to influence politicians to see things its way. The company is reportedly hiring the services of top lobbyists in Washington D.C., and probably doing the same in other capitals around the world as well. The social media giant is additionally embedding itself with governments by recruiting well connected politicians into its ranks, such as former British Deputy Prime Minister Nick Clegg, who is now Vice-President for Global Affairs and Communications at Facebook. This means that the company can be seen as part of the overall governmental system, not necessarily some free market venture competing fairly and just having to protect itself from government intrusion into its business. How to Prevent a Total Surveillance Dystopia The Big Tech monopolies of Silicon Valley are powerful data brokers with an insatiable hunger for all your personal information. Moreover, they use their dominance over mass communication platforms such as Twitter and YouTube to silence voices they disagree with over political questions, or at the behest of governments. If the same standards and tactics will be now be used with the new crypto money Libra, it will mean that they are going to harvest any transaction you make to build a profile of your behavior and desires, and if you stray from the path allowed by those in charge, you will be locked out of access to the system. Therefore, anyone that values economic freedom and privacy needs to avoid Libra like a fire in an oil refinery. Digital currency can be used to create an undeniable and immutable record of any purchase you ever made if it is tied to your personal identity as Facebook wants. To avoid putting this power in the wrong hands, users need to choose projects created by real crypto developers, such as those of Bitcoin Cash (BCH), which make a deliberate effort to increase the privacy of users. What do you think about Facebook’s planned digital currency and its relation to government? Share your thoughts 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. 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 Total Surveillance Coin Will Be a Dystopia if Controlled by Facebook or Government appeared first on Bitcoin News. View the full article

One of the most popular reality TV shows in India called Kaun Banega Crorepati, based on the show ‘Who Wants to Be a Millionaire,’ has just given crypto a boost. A contestant on the show was asked a question about Facebook’s Libra cryptocurrency, and the show’s host, Amitabh Bachchan, proceeded to explain what cryptocurrencies are to millions of viewers. Also read: Indian Government’s New Report Views Crypto Positively Indian Version of ‘Who Wants to Be a Millionaire’ Kaun Banega Crorepati (KBC) is one of the most popular reality TV shows in India. Based on the British program “Who Wants to Be a Millionaire,” the game show began airing in the year 2000 and is now in its 11th season. It is hosted by veteran actor Amitabh Bachchan. During Monday’s episode, he asked a contestant about Facebook’s Libra and then talked briefly about cryptocurrencies in general. An episode of Kaun Banega Crorepati. Himanshu Dhuria, a 19-year-old contestant from Uttar Pradesh who is training to be a commercial pilot, was in the hot seat. Among the questions presented to him was “What is Libra, proposed by Facebook?” He had to choose between four options: artificial intelligence camera, instant messenger app, short video platform, and cryptocurrency. Similar to its Western counterparts, the show allows the use of lifelines to help contestants answer difficult questions, such as asking the audience, removing two of the four choices (50:50), and asking experts. Without using one of his lifelines, Dhuria correctly answered that Libra was a cryptocurrency. Host Bachchan then proceeded to briefly explain what cryptocurrencies are, stating: Cryptocurrency is a form of digital and global money system — currency. Bitcoin, litecoin, [and] ripple are some existing cryptocurrencies. KBC host Amitabh Bachchan. The Indian crypto community is overjoyed that millions of KBC viewers have now been exposed to cryptocurrency. Nischal Shetty, CEO of local crypto exchange Wazirx, tweeted after the show that “Millions of Indians now know about crypto thanks to this.” According to local media, the game show is among the most popular in India. Rediff.com reported earlier this month that the show racked up a viewership of 246 million in 2017, which dropped to 223 million the following year. Data by the Indian Broadcast Audience Research Council (BARC) shows that, in September 2017, KBC was the second most watched show in the country. Danny Boyle’s 2008 film Slumdog Millionaire was loosely based on this show. It won eight out of the 10 Oscars it was nominated for at the 81st Academy Awards, including Best Picture. Further, the host in the movie, a role portrayed by Anil Kapoor, was based loosely on Bachchan. The actor has since appeared on a celebrity version of KBC. Bachchan himself is also an actor and producer. He gained popularity in the early 1970s and has won numerous awards. Facebook’s Libra Scrutinized Globally Facebook unveiled its plans in June for a newly formed subsidiary, Calibra, to provide financial services via the Libra network. “The first product Calibra will introduce is a digital wallet for Libra, a new global currency powered by blockchain technology,” the social media giant detailed. “The wallet will be available in Messenger, Whatsapp and as a standalone app — and we expect to launch in 2020.” Since Facebook’s announcement, many countries have been scrutinizing Libra due to its massive scale which could propel the digital currency into the mainstream, jeopardizing the role of central banks worldwide. Several U.S. lawmakers have voiced their concerns and tried to stop Facebook from continuing its work on the project. The G7 countries have held several discussions on the matter. There have even been reports that some countries are escalating their efforts to launch central bank digital currencies to get ahead of Libra. China, for example, is reportedly close to launching its own digital currency that will resemble Libra. As for India, former Secretary of the Department of Economic Affairs (DEA) Subhash Chandra Garg said at the time that the “Design of the Facebook currency has not been fully explained.” He elaborated, “But whatever it is, it would be a private cryptocurrency and that’s not something we have been comfortable with.” Garg headed an interministerial committee (IMC) tasked with studying all aspects of cryptocurrencies and providing recommendations. The IMC has submitted its report with a draft bill entitled “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019” to the Ministry of Finance. The government has told the country’s supreme court that this bill may be introduced in the next parliament session. Positive News and Supreme Court Hearings Since the IMC report and draft bill were made public on July 22, the Indian crypto community has been putting a lot of effort into convincing lawmakers how flawed the recommendations are. Instead of banning cryptocurrencies, the community is calling for positive regulation for the Indian crypto industry. The Indian crypto community’s efforts have gained the support of some major industry groups such as the Internet and Mobile Association of India (IAMAI) and the National Association of Software and Services Companies (Nasscom). Both believe that banning is not the solution. The IAMAI also has a writ petition pending at the supreme court which challenges the banking ban by the Reserve Bank of India (RBI). The central bank issued a circular in April last year, banning banks from providing services to crypto businesses including exchanges. The ban went into effect 90 days later. Last week, the Steering Committee constituted by the DEA, also under the chairmanship of Garg, submitted its final fintech report to the finance minister. The report put crypto in a positive light. It states that the “Use of digital tokens resolves the issue of multiple currencies, improves liquidity and capital compliance costs, allows for micro-payments and expedites the payment process, which further eliminates liquidity risks.” It further adds that “The mechanisms surrounding cryptocurrencies, particularly the blockchain and initial coin offerings (ICOs), are revolutionizing the global fintech landscape.” The Indian supreme court is scheduled to resume hearing the case against RBI’s banking ban on Sept. 25. During the latest hearing of this case, the court ordered the central bank to reply to the representation filed by the IAMAI which outlines measures crypto exchanges could implement such as those related to KYC and AML. Meanwhile, the case concerning the country’s crypto policies has been moved to the end of January. What do you think of this popular Indian TV show mentioning cryptocurrency and Libra? Let us know in the comments section below. Images courtesy of Shutterstock, Fox Pictures, and Sony TV India. Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. The post India’s Popular ‘Who Wants to Be a Millionaire’ Show Gives Crypto a Boost appeared first on Bitcoin News. View the full article

As someone who was there from virtually the start, Roger Ver has seen and done it all in Bitcoin. A tireless evangelist for Bitcoin since long before it was cool, Ver remains a vocal proponent of the benefits of peer-to-peer cash and its power to effect positive change in the world. Every day this week, Roger Ver will be sharing a chapter from his life story in a multi-part video series. Rich in anecdotes, it provides a fascinating insight into how Roger Ver and Bitcoin became inexorably intertwined. Also read: Despite Setbacks, Darknet Markets Show Continuous Growth in 2019 Roger Ver Revisits His Formative Years From preaching the gospel of Bitcoin to anyone who would listen to funding early crypto startups, Roger Ver’s support for the industry has known no bounds. Bitcoin’s first angel investor remains an outspoken advocate for Satoshi Nakamoto’s creation, and is perhaps best known today for his support of Bitcoin Cash. An instantly recognizable figure within the cryptocurrency space, Roger Ver’s entrepreneurial spirit shone through from an early age. In the first video in the series, published on September 9, Ver explains how his fifth grade class invented its own fiat currency, named after their teacher Lindy. Lindyland dollars would be used to pay kids for work or other tasks completed. The job that earned the most Lindyland dollars was carrying the food cart from class to the cafeteria, a task which Ver took on despite it meaning he would lose five minutes of recess each day. “When you’re in the fifth grade, recess is the most important thing in life, but I wanted to earn those Lindyland dollars,” Ver recounts. “A lot of kids didn’t understand the difference, that one Lindyland dollar was not worth one US dollar – the actual exchange rate was 50 to 1.” The Bitcoin.com Chief Executive then confesses the money-making scheme he concocted, an experience which was to instill his first lesson on inflation. Hustling in Junior High When Roger Ver moved up to junior high, his side-hustles escalated and he found himself selling candy bars to fellow students. “My parents … took me to Costco where you could buy candy bars for 20 cents each,” Ver grins. “I had $20 of my own money, that maybe I found coins in couch cushions or whatever. I spent all of it on candy bars and then sold them at school for like 50 cents each. I was able to earn, I dunno, maybe $20 or $30 a week selling candy bars in junior high school and as a junior high school kid that was a lot of money.” Bitcoin.com’s Executive Chairman, who served as the company’s CEO for years, remains deeply involved in promoting crypto, and continues to invest in projects building new crypto protocols, applications, networks, middleware, wallets and other tools. He’s also active on the ground, getting out there to meet people at crypto conferences and global events, while striving for real world adoption of cryptocurrency as a medium of exchange and a mechanism for financial inclusion. Having manifested itself at a precocious age, Roger Ver’s sharp eye for a deal led to him launching his first online venture in 1999 through 2000. At the peak of the dot com crash, Ver was looking for a new hard drive for his PC and discovered that in the clearance sales they were selling 9GB hard drives for around $100. Checking on Ebay he found that the same drives would fetch almost $400 online. “I am going to use every last penny I have to buy these hard drives,” he recalls. “So I had $1,400 of my own money. I bought 14 of those hard drives, I kept one for me and sold the other 13 on Ebay.” He continues: So I went and took the $4,000 that I made in profit plus the $1,400 I had before, so I had around $5,000 and I went and bought $5,000 of additional computer parts and I sold those pretty quickly … I thought, wait a minute, I can make $5,000 a week just selling computer parts on eBay? I’m done with college. In subsequent episodes of Roger Ver’s video retrospective, the bitcoin entrepreneur picks up where he left off, in a frank interview that reveals how: He sold Magic the Gathering cards and Beanie Babies on the internet in high school. He went to prison for selling firecrackers online. He sold his Lamborghini to buy more bitcoin. At the end of the first episode, Ver sums up his business philosophy succinctly: “All any business is, is moving something from where it is worth less to where it is worth more … The value is in the mind of the beholder.” What are your thoughts on Roger Ver’s business story? 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 Roger Ver Shares His Story in New Video Series appeared first on Bitcoin News. View the full article

Since the birth of the Silk Road, there’s been a cat and mouse game between global law enforcement and darknet market (DNM) operators. Over the last two years, law enforcement agencies have knocked out a slew of markets like Hansa and the massive Alphabay. Months later, Dream and Wall Street disappeared and online DNM communities were deplatformed. Despite the obstacles along the way, there are still more than 12 active DNMs today and forums filled with hidden market participants that are growing in number once again. Also read: This Short Animation Might Make You Think Twice About Taxes The Last Two Years Have Been Hard for Darknet Market Participants Global law enforcement has been dedicating significant energy toward shutting darknet markets down. It’s similar to the drug war on the streets, but the investigations and battles are fought in the deepest recesses of the web. In the summer of 2017, investigators made headway when a major operation orchestrated by the FBI, DEA, Dutch National Police, and Europol told the world it had shut down the massive DNM Alphabay. The marketplace, just like the Silk Road, sold illicit narcotics for cryptocurrencies and managed to attract 200,000 users and 40,000 vendors. One of the biggest DNM takedowns was the fall of Alphabay in 2017 and that year the Dutch police force and Europol operated Hansa for more than 30 days collecting information. People could choose between 100,000 listings for fraudulent documents and more than 250,000 listings for marijuana and chemical substances. After the police teams shut down Alphabay, they also took over the DNM called Hansa, which saw a huge influx of users after Alphabay went dark. The law enforcement agencies operated Hansa undercover, collecting info on customers and vendors while recording data stemming from more than 50,000 cryptocurrency transactions. The publication Deepdotweb was seized by global law enforcement last year. Many people believe that the Hansa undercover operation led police to discover a lot more information about the DNM ecosystem. After the two marketplaces were shut down, the following year was filled with random DNM vendor and buyer arrests almost every other day. One particular website, Deepdotweb, a portal that published stories on these arrests, alongside DNM links and reviews, was seized in May 2019. Western District of Pennsylvania prosecutors published a 13-page indictment against, Deepdotweb’s (DDW) owners. The month prior, Reddit banned a subreddit called /r/darknetmarkets after the forum had gathered 180,000 subscribers. /r/darknetmarkets was banned last year for breaking Reddit’s rules. Reddit admins said the ban followed a new rule, which forbids the discussion of certain types of goods on the Reddit platform. The subreddit /r/darknetmarkets violated “Reddit’s policy against transactions involving prohibited goods or services,” according to the company. A few months later, Reddit also shut down /r/darknetmarketsnoobs for the exact same violations. Following the online community and the DDW publication takedown, the popular Dream Market closed its doors and Wall Street followed in a suspected exit scam. Over 12 Active Markets in 2019 and a New Forum Despite the loss of all these markets and the online communities, both parts of the DNM ecosystem are continuing to grow relentlessly. On Sep. 8, 2019, there are 12 darknet marketplaces that are still active according to darknetstats.com. The site is updated regularly with DNM information and the last update was two weeks ago. The chart does not provide a comprehensive list of all the DNMs available, as there’s a whole lot more on a hidden list. Well known and established DNMs currently listed as “online” and “active” include the Majestic Garden, Samsara Market, Cannazon Market, Berlusconi Market, Empire Market, Agartha Market, Yellow Brick Market, Horus Market, Genesis Market, Cryptonia Market, Grey Market, Dark Market, and Nightmare Market. News.Bitcoin.com has published descriptive information on seven of the current operational DNMs as of June 2019. All of them offer different wares for sale, and different marketplace features like multi-currency support, multi-signature and escrow systems, and on some of them you need an invite from a participating member to join. There are more than 12 active darknet markets online as of mid-August 2019. In addition to the slew of DNMs still available, a new Reddit forum called /r/darknet has been growing exponentially. Since the subreddit forum’s inception, there have been more than 61,000 subscribers. In the same manner, like the old forum, the new /r/darknet has a ‘marketplace Monday discussion,’ which is quite lively, a ‘marketplace mega-thread,’ and everyday conversations about things like dab cartridges, Netflix accounts, vendor reputation, and operations security (opsec) methods. /r/darknet has more than 61,000 subscribers and is very active. The forum has grown so large that subscribers have been begging /r/darknet moderators to clean up the place. For instance, a popular post written on Sep. 7 is called “Mods if you don’t clean this place up you’re going to be featured on CNN.” In the thread, /r/darknet subscribers discuss how big the forum has become and a few people insist that the forum’s mods needed to do something about some of the posts. “[The OP] maybe a bit extreme about the whole CNN thing, but everyone’s publically asking the most stupid questions that reveal much more than they think are, mods should nuke some threads every once in a while,” one person commented on the thread. “The mod team needs a revamp — There are tons of rule-breaking posts,” another Redditor remarked. The Continued Strength of the Agora Despite the paranoia, there are posts every hour with people asking all types of DNM questions on the forum. The mods do have rules like accounts younger than four days can’t comment or post and discussing carding schemes is strictly prohibited. Moreover, posts that ask about markets going down are automatically removed as well. “These posts are low effort and fill up the forum,” explain the /r/darknet mods’ rules. Even though some of the largest DNMs have bitten the dust over the last two years, the ecosystem’s participants don’t seem to care. Just like the mythical serpentine water monster the Hydra, every time law enforcement chops off a DNM head, several more DNMs appear. The tighter law enforcement grips, the more DNMs slip through their fingers. As long as the globalized drug war continues, law enforcement and DNM participants will battle for supremacy, with one group taking the lead at times. Even though it sometimes seems the three-letter agencies are winning, there will always be people who believe that vices are not crimes and consenting adults will continue to do what they want. Just like the founder of the Silk Road once stated, these markets derived from an anti-authoritarian stance tied to Agorism and the movement is much larger than it was back in 2011-2012. “Every single transaction that takes place outside the nexus of state control is a victory for those individuals taking part in the transaction, so there are thousands of victories here each week and each one makes a difference, strengthens the agora, and weakens the state,” the Dread Pirate Roberts (DPR) told the DNM community back in 2012. Looking at the plethora of DNMs active today and the rise of the /r/darknet forum shows the anti-authoritarian belief system and market economy is still thriving. What do you think about the DNM ecosystem, the active markets, and the growing darknet Reddit forum in 2019? Let us know what you think about this subject in the comments section below. Disclaimer: Readers should do their own due diligence before taking any actions related to the mentioned marketplace domains, vendors, and products associated with this article. Bitcoin.com or the author is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services, products, websites, and vendors mentioned in this article. This editorial review is for informational purposes only. Image credits: Shutterstock, Various DNM logos, Pixabay, Wiki Commons, and Reddit. Did you know you could win big with Bitcoin gambling? Choose from a range of BCH games including BCH poker, BCH slots, and many more. All games are provably fair—good luck! The post Despite Setbacks, Darknet Markets Show Continuous Growth in 2019 appeared first on Bitcoin News. View the full article

Banking, in the traditional sense of the term, has become a financial burden for account holders in regions where the era of subzero interest rates has already set in. European nations like Sweden, Denmark, Switzerland, and Eurozone countries have been in negative territory for some time, and banks there have started passing the burden to corporate and private clients. However, businesses and savers don’t have to put up with losing money as the expanding banking services in the crypto space come with much better conditions, including positive interest rates. Also read: Major Swedish Bank Orders Negative Interest Rate on Euro Deposits Bank Accounts With Bitcoin Wallets in 31 EEA Countries With the number of cryptocurrency users growing constantly, the need for dedicated digital asset banking naturally increases too. Currently, companies specializing in this niche are actually offering better terms to their customers than traditional financial institutions are able to provide within the fiat system. Of course, it remains to be seen if they will maintain the competitive edge once demand for their services expands significantly. Germany, the leading EU economy, is now witnessing a backlash against low and negative interest rates. Politicians from different factions have expressed support for an initiative to outlaw punitive interest on deposits of up to €100,000. With negative rates imposed on them by the European Central Bank, ordinary German savers feel like they are once again paying the bill for the rescue of the common currency, the euro. And the ECB is preparing for a new rate cut to an all-time low of -0.50% this month. Cryptocurrencies are an alternative to fiat money in many respects and they are likely to attract more attention as clouds continue to gather over the world economy a decade after the global financial crisis and the birth of Bitcoin. And while some have warned crypto companies probably shouldn’t try to become the banks of a new financial era, there are also reasonable arguments that in many cases they can actually provide better services based on the strengths of decentralized digital currencies. Berlin-headquartered Bitwala has established itself as a crypto banking and payment provider in Europe. Towards the end of last year, the company announced it’s offering customers bank accounts with Ibans through a partnership with Solarisbank, a licensed financial institution operating under the oversight of Bafin, the Federal Financial Supervisory Authority of Germany. Deposits up to €100,000 will be protected by the German deposit guarantee scheme. The bank accounts come with a bitcoin wallet and a free debit Mastercard for payments and withdrawals, as news.Bitcoin.com reported. Bitwala recently launched a bitcoin banking app for iOS and Android. The company explained that residents of the European Economic Area, all EU countries plus Iceland, Liechtenstein and Norway, can open a German bank account that comes with an integrated BTC wallet and start trading on their smartphones. The onboarding process is now fully integrated into the mobile application and opening a new account takes only a few minutes. The platform uses video identification and EEA residents are required to provide a valid national ID as well as a proof of address. In a statement issued in August, Bitwala Chief Technical Officer Benjamin Jones noted: Once you have an account, you can seamlessly integrate your daily banking activities – whether in bitcoin or euro – into your everyday life. Bitwala users can buy and sell cryptocurrency directly from their bank account with a low 1% fee charged per trade. The multi-signature wallet also allows them to transfer bitcoin on a peer-to-peer basis with friends and family. Transactions can be authorized by using biometrics. The company assures customers that in order to protect their coins in the Bitwala wallet, the private keys will remain in their hands. BCH Users Can Now Spend Crypto via Apple Pay and Samsung Pay Zeux is another fintech company that provides banking solutions for both digital and traditional currencies. It recently launched its new Zeux app for Android and iOS devices and introduced bitcoin cash into its ecosystem. The cryptocurrency is now listed on its mobile app which allows crypto users to pay with BCH via Apple Pay and Samsung Pay. The listing will help bring cryptocurrency into everyday life, Zeux explained in an announcement published on Medium. The banking platform noted that Bitcoin Cash provides peer-to-peer electronic cash transfer at low fees and high security, thereby fulfilling the original promise of Bitcoin. Bitcoin.com Executive Chairman Roger Ver welcomed Zeux’s effort in adding more utility to BCH holders and the whole community, describing it as a step in the right direction. “We’re glad that yet another crypto player sees the value in Zeux and not only what we can offer them, but what we can offer their customers. We look forward to what’s in store,” Zeux CEO Frank Zhou commented and stated: BCH is one of the most prominent coins in the crypto space and working alongside their team brings us all closer to the mass adoption of cryptocurrency. Earn up to 10% Interest on Your Bitcoin Savings With the spread of decentralized digital assets and the problems fiat currencies are facing right now, often due to failed central bank policies, demand for traditional-style banking services in the crypto space will continue to grow. There’s a void to be filled and platforms such as Cred are doing exactly that. A partnership with Bitcoin.com aims to expand global lending and earning on cryptocurrency investments. The cooperation allows Bitcoin.com customers to earn interest on their crypto holdings, up to 6% on bitcoin cash (BCH) and 10% on bitcoin core (BTC) invested with the Credearn product. The interest can be paid in either bitcoin cash, bitcoin core or Cred’s own LBA token. That provides clients with multiple interest options in a departure from earning interest only in fiat dollars. Over 4.6 million users of Bitcoin.com’s wallet can now take advantage of the crypto saving feature. Similar to a bank, Cred uses the pledged assets to lend to various borrowers including retail investors and money managers. That’s on a fully collateralized and guaranteed basis as the platform works with trusted collateral agents and leading custody partners including Bitgo, Bittrex Enterprise and Ledger. The aim is to ensure the safety and security of the digital assets deposited by its customers. Norwegian Bank Invests in Crypto Exchange Traditional financial institutions have been tempted to get involved in the crypto space and provide services related to digital assets. Such is the case with Sparebanken Øst, a Norwegian savings bank, which recently announced it had bought a 16.3% stake in the Norwegian Block Exchange (NBX) for 15 million Norwegian krone (approx. $1.67 million). The new trading platform is expected to start operations this month. Admitting the high risk of the investment, Sparebanken Øst nevertheless noted in a press release its belief that “the ownership position in NBX is sound, based on the bank’s solidity and risk profile, and is responsible in relation to the bank’s needs and desire to take a leading role in technological developments in the industry.” The crypto exchange itself plans to also provide payment services to its customers. NBX will be fully compliant with Norwegian regulations applicable to its financial activities. If you don’t want to miss an opportunity to get into the crypto space, you can safely and securely purchase bitcoin cash and other major cryptocurrencies at buy.Bitcoin.com. To freely trade your crypto assets, visit our noncustodial, peer-to-peer marketplace local.Bitcoin.com, which already has thousands of users around the world. Also, check out our newly launched premier trading platform exchange.Bitcoin.com. Registered users can access it right now and over 10,000 have already signed up. Do you expect the crypto banking sector to grow rapidly on the backdrop of low and negative interest rates offered by traditional financial institutions? Share your thoughts on the subject in the comments section below. Images courtesy of Shutterstock, Zeux. 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 Crypto Banking Expands With Positive Interest Rates and New Services appeared first on Bitcoin News. View the full article

A new weekly record was set last week in global corporate bond sales, with investors grabbing hold of around $140 billion in new bonds according to data from Dealogic. This occurs against a backdrop of negative yielding debt, and the meteoric rise in popularity of stablecoins and exchange-native tokens across the crypto space. The near ubiquitous presence of coins like USDT on major exchanges, and the still nascent wave of exchange tokens like Binance’s BNB, signal a new era of cryptocurrency trading and investment. What remains unclear, however, is what separates these coins from traditional, legacy systems of investment such as their corporate bond cousins, and what all the hubbub is really about. Also Read: Venezuelans Fighting Economic Hardship Discover Crypto’s True Potential The Good Ol’ Corporate Bond Corporate bonds are a debt security a lot like government bonds, but with generally higher interest rates due to higher risk. An investor buys a corporate bond, receives regular interest payments until the bond matures, and at that time can claim the face value of the agreement. In short, it’s another way of financing debt, bonding the corporation to voluntary debt holders until bond maturity, when the par value must be paid to the investor. Last week’s record investment spree in companies like Apple, Disney, and Coca-Cola is notable because companies are refinancing debt thanks to a surge in investment brought on by dismal corporate yields elsewhere, especially Japan and Europe. This is the first time Apple has borrowed through the bond market since 2017. In essence, they’re riding the waves created by sinking debt ships overseas. The situation with government bonds in many countries is also extremely bleak, with record negative yields being hit in some European countries. Should a business fall flat on its face and default, bondholders are left holding the debt temporarily, or may take a hit if the company files bankruptcy and issues newer, less valuable bonds to pay back the bag holders. Further, if the economies where these negative yielding fixed income instruments are issued recover, investors in the current low interest market could take a big hit. Stablecoins and Exchange Tokens Stablecoins are designed to bring an element of security to cryptocurrency. They can be backed with fiat currencies, commodities, or other crypto tokens. The name itself says it all. Where other assets like bitcoin, ether, and monero experience significant volatility, these assets remain relatively stable as they are pegged to less tempestuous currencies or commodities. Coinbase’s USDC (U.S. Dollar Coin) is a model example. According to Coinbase: Our mission is to build an open financial system for the world. As part of this mission, we want everyone to enjoy the stability of the world’s fiat currency, the US dollar. USD Coin allows unbanked and under-banked individuals in any country to hold a US dollar–backed asset with nothing more than a mobile phone. Exchange tokens, on the other hand, are assets created by exchanges which afford their holders some exclusive in-house benefits. In the case of Binance’s BNB Coin, whose ICO helped to finance the creation of the Binance exchange itself, users get discounts when they use BNB to pay fees and can trade the token for other assets on the exchange. There are also buy back programs set up to occur periodically at which times holders can sell the coins back to Binance. Supply will be limited to 100 million BNB after buybacks and burning are complete. Coinbase’s USD Coin is pegged to the U.S. dollar. Some of the major stablecoins dominating the market today include Tether (USDT), Trueusd (TUSD), Paxos (PAX), USD Coin (USDC), and Dai (DAI). Leading exchange tokens include Binance (BNB), Huobi (HT), and Kucoin (KCS). So What’s the Difference? Like corporate bonds, both stablecoins and exchange coins have a value dependent on the success of some external entity or asset. For example, should Binance run into major trouble, and become insolvent, the value of BNB will suffer right along with the company. Should the U.S. dollar plunge farther and farther into inflated devaluation, a USDC peg to the currency won’t provide as much security. For those paying attention to the global economy, these scenarios are not difficult to imagine. With non-pegged, non-exchange assets like bitcoin, there is volatility. However, this volatility is more loosely correlated with external deterministic factor than these others. In this sense, a free market setting is ideal for something like bitcoin, as liquidity and supply and demand factors find their balance in such an environment not via mandate, but through organic transaction. In an open market setting, tying an emergent asset to a pre-established asset might be foolish, as it could weigh down the potential for the new asset to develop, grow, and unfold as a useful, sound currency. Under the current monopolistic paradigm, however, where force is leveraged to ensure fiat such as the USD is used exclusively as a world reserve currency, stablecoins and pegged assets remain secure, resting on that very same artificial monopoly. In a nutshell, most stablecoins, exchange tokens and corporate bonds are tied to the devaluation trajectory of the world reserve currency, the U.S. dollar. Questionable Intent Returning to the above quoted statement from Coinbase’s USDC webpage, marketing stablecoins and exchange tokens as means by which to allow “unbanked and under-banked individuals in any country to hold a US dollar–backed asset with nothing more than a mobile phone” seems more than a bit deceptive. For example, if an impoverished and unbanked family in India wishes to gain access to this “open financial system for the world” they may have to come up with “certain personal information including, but not limited to, your name, address, telephone number, email address, date of birth, taxpayer identification number, government identification number, information regarding your bank account … network status, customer type, customer role, billing type, mobile device identifiers,” as per the Coinbase’s user agreement. The unbanked are somehow assumed have TINs, home addresses, government IDs and, yes, even bank accounts. Further, although stablecoins like USDT are said to be backed by fiat reserves, there has been serious controversy calling these claims into question. Tether was put in the hot seat after the website was discovered silently replacing “Every tether is always backed 1-to-1 by traditional currency held in our reserves … 1 USDT is always equivalent to 1 USD,” with the claim that the reserves now consist of “traditional currency and cash equivalents and … other assets and receivables from loans made by Tether to third parties.” When asked last week about this, co-founder William Quigley told Bloomberg: Whether or not Tether was backed by a dollar or not, actually wouldn’t matter if everybody agreed to take Tether and to value it at a dollar themselves. If it doesn’t matter whether a dollar-backed stablecoin is backed by a dollar, one is left to wonder about the purpose of even calling it a stablecoin. Some companies issuing corporate bonds have historically made similar questionable claims, and promises with fingers crossed. As with investors in these bad bonds, users of stablecoins and exchange tokens must put their faith in the company’s success and track record, and not in the currency or protocol alone. Benefits of Bonds, Stablecoins, and Exchange Tokens In any successful economy, tools like debt securities, pegged assets, and native rewards systems or in-house currencies can serve useful functions for business owners and value holders alike. Much like the SLP universe being built on the BCH blockchain currently, specialized financial tools give their holders unique flexibility and opportunities in moving throughout the ecosystem of their specific economy. An oversight being made in the crypto space today, however, is to compare things like fiat-pegged stablecoins and exchange tokens in an apples to apples fashion with non-pegged, free market assets like bitcoin. While the USD reserve paradigm affects all markets, the critical difference between non-pegged, permissionless assets and corporate bonds, fiat stablecoins, and exchange-native tokens, is that ultimately the latter three are tied to businesses and pre-existing financial paradigms, where the former are their own entity, free to move and grow even in the absence of legacy banking systems, or a sudden corporate default. What are your thoughts on the difference between stablecoins/exchange coins and corporate bonds? Let us know in the comments section below. Images courtesy of Shutterstock. You can now purchase Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH directly from our trusted seller and, if you need a Bitcoin wallet to securely store it, you can download one from us here. The post Stablecoins and Exchange Coins – What’s the Difference From the Ol’ Corporate Bond? appeared first on Bitcoin News. View the full article

There are many different browser extensions or plugins that benefit cryptocurrency users, ranging from price trackers and wallets to those that help crypto users with security and privacy. Bitcoin.com has produced a video, listing 10 of the most useful browser extensions with explanations of how they can help crypto users. Also read: Central Banks Worldwide Testing Their Own Digital Currencies Video: 10 Useful Plugins for Crypto Users Many browser extensions are useful and sometimes even necessary for cryptocurrency users. Popular browsers — including Chrome and Chromium, Firefox, Safari, Opera, Internet Explorer, Brave, and Edge — support many of them. The latest installment of Bitcoin.com’s top lists video series entitled “10 Useful Plugins for Cryptocurrency Users” features the 10 most useful browser extensions that all crypto owners should be aware of. It also explains how to use them as well as why they are beneficial to crypto enthusiasts. Among the plugins featured in the video are those tracking prices of cryptocurrencies. One is Coinmarketcap Price Ticker which can display prices of up to five cryptocurrencies from listings on the popular website Coinmarketcap.com. Another price tracking browser extension, Crypto Price Tracker, also made the list. Alongside them, hardware wallet plugins can sometimes be necessary for crypto users, as the video details. Coinmarketcap Price Ticker A different type of browser extension featured in the video is Metamask, an in-browser Ethereum wallet which allows ETH and ERC20 tokens to be sent and received. Available for Chrome, Firefox, Opera, and Brave, it also lets users access Ethereum-enabled dapps in their browsers. For Bitcoin Cash (BCH), the Badger Wallet extension allows users to interact with BCH apps, as described in the video. Some browser extensions are not crypto-specific, but users of cryptocurrencies should find useful. One example is Adblock Plus, one of the most popular ad blockers with over 10 million Chrome users utilizing it to block ads they come across on the web. It provides crypto users with additional privacy and security, such as by way of blocking ad-delivered viruses and putting a stop to ad-based tracking. Another useful plugin is Privacy Badger, which automatically learns to block invisible trackers and removes outgoing link click tracking such as the types used by Facebook, Google and Twitter. Privacy Badger There are also browser extensions which block crypto-mining scripts, preventing crooks from using your computer’s resources to mine cryptocurrencies for them. The video features one in particular called Minerblock, an extension which uses two different approaches to block mining scripts. One is based on blocking requests/scripts loaded from a blacklist, while the other detects potential mining behavior inside loaded scripts and kills them immediately. In protecting your computer against different types of malware, the video also recommends Metacert’s Cryptonite which installs a new shield on your browser toolbar that turns green when a link or a website is safe. It aims to protect against phishing, malware, ransomware, and crypto mining. While the above browser extensions focus on computer and browsing security, the video also has a plugin on its list that helps users shop online at discount. Purse.io has been helping many crypto users get between 5-33% off of anything on Amazon when paid with BCH or BTC. Possible Risks of Using Browser Extensions While browser extensions can be useful and convenient, there are several factors crypto users should be aware of when installing them. While most of them may be perfectly harmless, some can log keystrokes, steal passwords, collecting data, and even harvest information from companies’ employees. Users should only install browser extensions directly from companies’ websites or official web stores which at least undergo some level of scrutiny. User ratings, number of installs, and reviews by other users can also help you decide whether a browser extension is safe. Nonetheless, some extensions in official web stores may still contain malicious code. In July, researcher Sam Jadali discovered several Chrome and Firefox browser extensions that collect browsing history and transfer it to a third party. In addition, he found a platform where such data is bought and sold. Cybersecurity and anti-virus provider Kaspersky Lab explained that crooks are attracted to browser extensions because many of them have massive user bases, and they update automatically so malicious code is pushed to a large number of users instantly. The malicious code could be uploaded by the extensions’ developers themselves, or their computers could be hijacked. Further, the firm noted that browser extensions are difficult to monetize so companies often approach developers to purchase them. Once the ownership changes, malicious features could be included in the next update and pushed to users. This was the case with “Particle” (formerly known as Youtube+), a Chrome extension which allowed users to change the UI and behavior of some of Youtube’s standard features. It was sold to a company that immediately turned it into adware. When using browser extensions, experts advise not to install too many which would affect your computer’s performance and increase attack vectors. Further, it is important for you to pay attention to the permissions required by the extensions, particularly those asking for permission to read and change your data. Permission requests should logically match the functionality of the app, otherwise, it’s a red flag. If an already-installed plugin requests new permission, it could also be a red flag that it might have been hijacked or sold. Lastly, there are anti-virus software programs to help you neutralize malicious code in browser extensions. What do you think of the 10 plugins featured in the video? Let us know in the comments section below. Disclaimer: Bitcoin.com does not endorse or support claims made by any parties in this article. None of the information in this article is intended as investment advice, as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Neither Bitcoin.com nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Images courtesy of Shutterstock and Google’s Chrome Web Store. 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 10 Useful Browser Plugins to Help Crypto Users appeared first on Bitcoin News. View the full article

On Friday, crypto analytics site Messari and data analyst Zack Voell shared a controversial chart called “Bitcoin Cash versus Lightning,” which claims to display a comparison of activity for both networks. Voell contended that the Lightning Network was growing at a faster rate than the scaling solution BCH has to offer. The way the chart was portrayed and the written critique was contentious, to say the least, and crypto supporters accused the Messari analyst of being biased and “cherry picking” data. Also Read: Bitcoin’s Early Days: How Crypto’s Past Is Much Different Than the Present Messari Analyst Accused of Cherry Picking Data Zack Voell, a data analyst from Messari, stands accused of producing biased material for the website that claims to “promote transparency and smarter decision-making in the cryptoasset community.” On Sep. 6, Voell tweeted a chart that claimed to show the comparative growth and use of BCH versus the Lightning Network. A quick glimpse at the chart shared by Voell makes it look like the Lightning Network has seen exponential growth while the BCH side is dreary. According to the author, “[BCH] transaction count, traded volume, returns (denominated in Bitcoin), and active addresses all fell by double-digit percentages since September 2018.” Bitcoin Cash versus Lightning YTD of comparative network activity seems to show one scaling solution growing significantly faster than the other. (Obviously, the comparison is imperfect, but these data are still telling.) https://t.co/Uvf5z2WoBW pic.twitter.com/qzjFdYkPSC — Peter Ryan (@_PeterRyan) September 7, 2019 Following Voell’s tweet, live stream host Collin Enstad laughed at the Messari analyst’s chart and asked: “Did you just cherry pick a stress test day from a year ago and then claim the transaction count is down over 90% — 12 months later?” During the first week of September 2018, BCH participants had multiple stress tests and the network saw millions of transactions per day on a few occasions that week. In fact, many BCH supporters believe the September stress tests proved that Bitcoin can scale, when miners processed 2.4 million transactions in one day and fees remained at $0.003-0.001 per transaction. In response to Voell’s tweet and chart, the researcher from Ryan Research, Peter Ryan, asked the Messari analyst why he didn’t use year-to-date (YTD). Ryan further explained that looking at the comparative growth and use of Bitcoin Cash versus Lightning is better with YTD metrics. “YTD of comparative network activity seems to show one scaling solution growing significantly faster than the other. (Obviously, the comparison is imperfect, but these data are still telling),” Ryan’s tweet said. Following the discussion on Twitter, news.Bitcoin.com spoke with Peter Ryan about Voell’s assessment of both networks. A Discussion With Researcher Peter Ryan News.Bitcoin.com (BC): What do you think about the recent chart Zack Voell from Messari shared yesterday? Peter Ryan (PR): While it appeared to use valid data, the comparison was dubious in a few ways. One, BCH and the Lightning Network (LN) are two different technologies with different metrics. This is a classic apples to oranges fallacy. For instance, there’s no way to measure the transaction count on the LN and no equivalent of “node capacity” on BCH. Two, the choice of data was biased. It showed 12 months back to a stress test on the BCH network which could distort how one could view growth. This is why most analysis comes out quarterly or monthly because it provides an objective choice of dates rather than one that is arbitrary. Peter Ryan, founder of Ryan Research. BC: Why do you think someone from a startup that’s supposed to share unbiased data concerning crypto networks and markets would share something like that? I’m sure he would paint it as “just reporting the data,” but this is obviously a low-brow attempt to justify the fragile scaling narrative around the Lightning Network. BC: Do you think the chart and report reflected poorly on Messari? PR: Yes. It’s a shame that their tools for better data analysis get overshadowed by their team’s repeated demonstrations of bias. It’s possible that this bias could taint their quantitative reporting, although that hopefully seems unlikely. I’m more concerned about them leveraging the brand of an objective data provider to perform distorted punditry. BC: You recently shared a chart of your own from Ryan Research can you tell us about the data stemming from this? PR: It was more a lark than a chart. I was displeased with the sleight of hand by Zack, so I duplicated the exact same chart as his but changed only one parameter: the date. My chart compared YTD instead of his 12-month version and showed a different picture. Bitcoin Cash actually performed better than Lightning. For instance, BCH’s transactions grew 691% compared to much lower growth figures from Lightning. BC: Can you tell our readers a little about Ryan Research and how you got into researching cryptocurrency data? PR: Ryan Research is a firm focused on analyzing complex subjects and communicating clear explanations. Whether through data, like showing an objective analysis of supply forecasts on different bitcoins, or through more qualitative content, like a survey of thought leader commentaries from across the crypto industry. I have a degree in economics from New York University and have worked as an analyst in various venture capital and startup contexts. More recently, I was the lead research analyst at Coindesk and assisted them in enhancing their cryptocurrency data research. ryanresearch.co BC: If you were to compare BCH scaling data versus Lightning Network scaling data how do you see the two competing? PR: It’s very difficult to make comparisons between the two, let alone any unique cryptocurrency. If I were to suggest a somewhat sufficient one, it might be Lightning Network Nodes vs. Bitcoin Cash Active Addresses as they are both used as rough proxies for users. As of today, BCH has about 40,000 active addresses compared to about 5,000 nodes on Lightning. BC: Where do you recommend cryptocurrency enthusiasts find unbiased cryptocurrency network and market data? PR: I recommend Coinmetrics, Coingecko, Cryptocompare, Bitinfocharts, Coin Dance, and of course charts.Bitcoin.com. Always try to get to the raw numbers and avoid any “adjusted” or fancy metrics derived from biased calculations. However, you could avoid all that bean-counting agony and read Ryan Research, where we do it all for you. What do you think about the chart shared by the Messari analyst? What do you think about Peter Ryan’s opinion? Let us know what you think about this subject in the comments section below. Image credits: Shutterstock, Feature Image on computer by @karbonbased, Ryan Research, and Twitter. Do you want to dig deeper into Bitcoin? Explore past and present cryptocurrency prices through our Bitcoin Markets tool and head to our Blockchain Explorer to view specific transactions, addresses, and blocks. The post ‘Avoid Biased Calculations’ Says Crypto Researcher After Cherry-Picked Chart Debate appeared first on Bitcoin News. View the full article

With Townsville, Australia’s Bitcoin Cash City conference and related post-conference events now all wrapped up, participants are heading home to get back to the grind. As such, it stands to take a look at the conference as a whole and BCH adoption in and beyond the land of Oz, which is fueled by three critical factors. Additionally, attendees and organizers alike cited the diversity of ideas and speakers as one of the main strengths of the event. Other areas of the world are already in the midst of similar adoption, or ripe for it, and deserve a focused look themselves, as potential BCH hot spots and developing “BCH Cash Cities.” Also Read: Emergent Coding, Adoption Incentives and Practical Use – Bitcoin Cash City, Day 2 BCH City: Diversity of Ideas and Skill Sets One of the recurring points of praise from attendees regarding Townsville, North Queensland’s Bitcoin Cash City conference was the diversity of attendants and speakers. From advocates of complete financial freedom to actual government representatives, the philosophical gamut was run in full. Conference attendee and Honest.cash user emergent_reasons related: We need to be appealing to the world…Big business, small business, libertarian, lefties, non profit, government, everybody was there. Photo by event photographer @kilRcola. Bitcoin Cash enthusiast and unofficial, “official photographer” @kilrcola, supplied the Bitcoin Cash City Telegram group with no shortage of professional quality photos to use and share throughout the event, adding real vibrance and a visual backbone to the group. When asked about what most impacted him about Bitcoin Cash City, @kilrcola told news.Bitcoin.com: The sudden realization that this might be the pivotal stepping stone…The only time I spent fiat was for the deposit/security guarantee for the hotel. Having the conference there and so many merchants accepting BCH was a massive deal. Beyond diversity of philosophical thought, of course, developers focused on more practical issues, with emergent coding, scaling, mining, BCH full nodes and UX being dominant themes over the full three-day agenda (speakers presented for two days, and day three featured a developer’s workshop). Chris Pacia describes the skill set required for creating the BCHD full node, and how ultimately he was the one best suited for the challenging task. Chris Pacia, developer for Openbazaar and maintainer of the BCHD full node, spoke on the difficulty of moving the BTCD full node to a Bitcoin Cash implementation, the limited amount of truly qualified individuals for doing so, and the challenges presented there: “There’s a very narrow skill set that is needed to do this…you also need to be very familiar with the BTCD codebase, because that itself takes so long to learn, and then you’re gonna have to be familiar with all the co-changes Bitcoin Cash has made to the consensus rules since then…I kind of didn’t really want to do it, because this is really difficult, it’s probably like one of the hardest things technically to get this ported over to Bitcoin Cash. But now that it has been, it’s in pretty good shape and the implementation is coming along pretty well.” Checker Cabs, a large North Queensland taxi service, has begun accepting Bitcoin Cash. Three Reasons Townsville Achieved Such High Adoption Work Ethic CEO at Bitcoinbch.com and Bitcoin Cash City organizer, Hayden Otto, told news.Bitcoin.com: We’ve never attempted anything of this scale before, but now we have the experience, we’ve learned many things and we’re already ready to go and improve on this in the future. For those at the Bitcoin Cash City conference, the air of organizer enthusiasm and work ethic was readily apparent. And not the “busy-ness” of rushing around and spinning wheels trying to look busy, but actually getting things done — setting and hitting micro and macro goals, non-stop. Organizers provided rides to and from hotels, attended unofficial events, delivered constant updates and information to attendees via Telegram and Twitter, and gave interviews to various media during what were supposed to be breaks in the action. They were, in the Australian dialect, “flat out” the whole time. This work ethic may be a clue as to what sets Townsville apart when it comes to BCH adoption. Organizers also visit local adopters frequently to check on their status and help with any questions. Bitcoin Cash City host and CTO of Cointext, Vin Armani, also spoke to the hard work of many in the BCH community, saying: We’ve got the best evangelists in the game by far. Townsville is full of entrepreneurs, like supportive business Fratello Coffee. Community The second element critical to Townsville’s notable adoption and use case rate is community. With established local groups like software company Code Valley — pioneering a new method for mass producing code via a “World Compiler” — and local entrepreneurs like self-professed non-techie Donna Kilpatrick emphasizing the ease-of-use when it comes to BCH transactions, the Townsville community is already tight-knit and collaborative. Bitcoin Cash City businesses know and communicate with one another. “Think globally, act locally” is the mantra of many here, and the grassroots entrepreneurial spirit preceded the adoption of BCH. This made the community ripe for development. Free Market / Ease of Use The BCH community in Townsville attempts to make accepting Bitcoin Cash as easy as possible for merchants, and pitches the cryptocurrency simply for what it is: a permissionless system of peer-to-peer electronic cash which cuts out bank fees and middlemen. That said, potential on-boarders have many legitimate concerns which must not be glossed over. Tax liabilities, deposit and withdrawal channels, and profitability are among the top themes of adopter questions. Tokyo Bitcoin Cash Meetup organizer and “adoption ninja” Akane Yokoo explained during her Bitcoin Cash City presentation that: Finding out their [merchant] concerns is very important as well…Some of the concerns I hear more are basically losing money due to Bitcoin Cash’s volatility…or maybe they’re worried about if it’s legal to accept Bitcoin Cash…or what about tax. Some Bitcoin Cash City attendees and organizers celebrated further at a post-conference meetup in nearby Cairns. Explaining the benefits of accepting crypto and Bitcoin Cash is easy. It’s fast, permissionless, and doesn’t require high transaction fees like banks, credit card points of sale, or other congested blockchains like BTC. However, what can dampen merchant enthusiasm is a very understandable fear related to the questions detailed by Yokoo. Yokoo went on to explain that in Japan she tells merchants as long as they convert to Japanese yen immediately, and don’t hold BCH and make “crazy” profits, they can most likely report BCH sales as simple income tax. Regionally this situation varies, and with tax authorities clamping down and the laws ever-changing, government restrictions are likely to become a hotter and hotter topic as adoption increases. The general rule of thumb is that, logically, the freer the market, the easier adoption becomes. Slovenia is a small country home to remarkable BCH adoption. Slovenia and Other BCH Hotspots Supporting the free market thesis, Bitcoin Cash City Townsville is not the only area currently blowing up with crypto adoption in the form of BCH. A quick look at the Marco Coino website brings attention immediately to Slovenia, the BCH adoption leader of the world with over 400 regional businesses accepting BCH. Slovenia is small, extremely entrepreneurial, and relatively easy on crypto taxes for the individual, as Slovenians do not have to pay capital taxes on crypto in the progressive country. There is also a popular payment platform called Elipay rapidly expanding and galvanizing adoption. Bitcoin Cash adoption has also been notably high even in extremely dangerous and politically volatile areas like Caracas, Venezuela. Bitcoin.com continues working hand-in-hand with crypto charities and direct support initiatives to provide critical aid and sustenance for Venezuelans suffering under statist violence. Where traditional, dinosaur systems of finance and politics fail, permissionless cash can still come through, and be critically useful. Free thinking and pro-free market Keene, New Hampshire has experienced a recent increase in BCH adoption thanks to convenient payment systems and a liberty-minded populace. Japan and New Hampshire are notable hubs as well, and the three critical Bitcoin Cash City elements ring true in these locations. Hardworking, grassroots communities of “mom and pop” shops are discovering the ease of direct P2P money, and simply using it. As the “live free or die state,” it’s not hard to see why threats of regulations might not bother many entrepreneurs in New Hampshire, but what about play-it-by-the-book Japan? Unbeknownst to many, the land of the rising sun ranked number one globally in entrepreneurship rankings for 2018, in a usnews.com joint study. Japan is remarkably entrepreneurial, with tiny businesses everywhere, and comparatively relaxed regulations and licensing requirements for starting a small business. Enthusiasm + Freedom = More Adoption Determining whether a city or region might be a good spot to build another Bitcoin Cash mecca is fairly simple. If there’s a diverse community of enthusiastic, hardworking people who wish to make money and exercise financial sovereignty via their business, coupled with a relatively free market climate, adoption potential is definitely there. More economic freedom in permissionless, P2P trade means that individuals can get on with their lives and careers, and spend less time on cumbersome systems like legacy banks and political scribbles eating up their time, resources, and energy. Bitcoin Cash is ready here and now, but it won’t spend itself. What do you think drives crypto adoption globally? Let us know in the comments section below. Images courtesy of @kilrcola, Graham Smith, Hayden Otto/Bitcoin Cash City, and Marco Coino. 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 The 3 Top Drivers of Crypto Adoption – BCH City Wrap-Up appeared first on Bitcoin News. View the full article

If it wasn’t for Bitcoin there would be no Libra. That much is self-evident, since Satoshi’s creation laid the groundwork for every crypto asset that’s followed. The extent to which Bitcoin was responsible for spawning Facebook’s currency has now been made brutally clear in an interview with Abra’s Bill Barhydt. The investment platform’s CEO claims that Facebook wanted to integrate BTC directly into its billion-strong social network – but was forced to create Libra instead due to Bitcoin’s inability to scale. Also read: You Can Buy a Dream Car With Bitcoin Cash at Autocoincars.com How Bitcoin’s Inability to Scale Birthed Project Libra On last week’s What Bitcoin Did podcast, host Peter McCormack entertained Abra’s Bill Barhydt, who revealed inside knowledge about the development decisions that guided Project Libra. Before Facebook pressed ahead with plans to create a stable currency backed by a basket of assets, it had explored the possibility of integrating Bitcoin, Barhydt claims. The plan had been to enable BTC as a payment option throughout the Facebook ecosystem. “Ideally, from my discussions, [Facebook] actually would have preferred to use Bitcoin. I think there’s a huge belief in the system,” ventured Barhydt. The notion of Facebook supporting BTC in the world’s largest social network, and potentially its second and seventh largest too (Instagram and Whatsapp) may seem fanciful, and we will likely never know for sure whether this was the original plan. Bill Barhydt is well connected, however, and thus his comments carry some weight. As he recounted to Peter McCormack: If you want to build a remittance system and you want to build a cross-border commerce system and you have 1.2 billion users today, what would happen to Bitcoin? Fees would skyrocket. Doing anything with Bitcoin that was transactional was effectively untenable. Why Bitcoin Won’t Scale Facebook embracing Bitcoin, regardless of what one thinks of the tech giant, would have been extremely bullish for BTC and for the cryptosphere as a whole. 1.2 billion people being introduced to sound money, even within the sanitized environs of Facebook’s walled garden, would have been immense. It wasn’t to be though, due to Bitcoin’s inability to support the number of transactions that could have potentially been flowing through the network as a result. Bitcoin’s inability to scale has of course been a matter of intense debate within the community for years, causing deep rifts and resulting in the permanent split that occurred when Bitcoin Cash forked off in mid-2017. BCH supporters have long accused Bitcoin Core developers, led by Blockstream loyalists, of being unwilling to substantially increase the block size to allow more transactions per second (tps). Having since increased its block size to four times that of BTC, BCH can theoretically process around 100 tps, and boasts transaction fees that are currently 113X cheaper. Current fees according to Bitcoinfees.cash Increasing the block size is a simple yet effective scaling solution that has enabled Bitcoin Cash to process hundreds of thousands of transactions a day in tests – more than enough to absorb the demand of a major enterprise such as Facebook entering the fray, for instance. Critics will note that there are limits on block size expansion, beyond which centralization occurs due to the difficulty of users being able to run a node to independently verify transactions. The sweet spot beyond which it is undesirable to continue blindly increasing block capacity is a matter of debate. What’s evident, however, is that the decision by Bitcoin Core developers and their acolytes to keep BTC blocks as small as possible has driven businesses away from Bitcoin and lowered merchant adoption. The Adoption Vacuum Instead of scaling Bitcoin, Core supporters have pushed for their much-vaunted layer two solution, Lightning Network, to take the strain. There’s been a problem with that approach however: Lightning still isn’t production ready, and could be years away from being suitable for enterprise adoption. Only last month, a critical bug was found in the protocol, deemed so severe that it is not even being disclosed until all nodes have had a chance to update to the patched software. Bitcoin’s unsuitability as a payments system, coupled with Lightning’s unsuitability for pretty much anything other than buying stickers, has caused an adoption vacuum. Businesses, including Facebook, if Abra’s CEO is to be believed, want to use the network but are simply unable to. “These are smart people,” said Barhydt of Facebook’s blockchain team. “They’ve looked at Lighting, they’ve looked at Bitcoin, they’ve thought this through. And they came to the conclusion that Bitcoin is not optimized to be a payment network, Bitcoin is optimized to be digital cash right now.” Bitcoin Cash supporters would agree that BTC is not optimized to serve as a payment network, but would demur at the suggestion that it is capable of serving as digital cash at present – that’s a use case that BCH is currently fulfilling with more success. Even with a larger block size in place, there may have been other technical or regulatory barriers preventing Facebook from using BTC. What can be stated with certainty, though, is that Bitcoin’s inability to scale, coupled with Lightning’s complexity, and the security and UX problems that entails, have created a perfect storm. Into the eye of this maelstrom has stepped Project Libra, the greatest demonstration yet of what happens when a P2P payment network stops serving as digital cash. Do you think Facebook seriously considered using Bitcoin? 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 Bitcoin’s Scaling Problems Forced Facebook to Launch Libra appeared first on Bitcoin News. View the full article

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release. Hashcube, a Korean Bitcoin miner retail and mining company, is proud to present Thailand’s first ever bitcoin mining investment forum on 21st September at the Amari Watergate Bangkok. Together with large players from the crypto-industry such as Bitkub, BTC.com, Coolbitx and Cryptomind, we’re hosting an event where top industry leaders will be discussing the current landscape and sharing inside knowledge of profitable crypto investment and top solutions to building your crypto portfolio. In addition, company exhibits and networking opportunities will also be available for everyone to connect and ask questions to help ensure a profitable journey through crypto investment. Topics that will be covered includes: – The current landscape of cryptocurrency and where its headed – Investment opportunities that yield high rate of return today and in the future – The opportunity and high ROI that mining crypto yields – Crypto Exchange and how you can invest and benefit through it – How to set up your own wallet or crypto pool With an audience of crypto enthusiasts and top crypto visionaries all gathered together at the Amari Watergate for an eventful forum, you will build knowledge and network that will help you be successful in building your very own crypto investment portfolio. We hope to see you there! Register Today! — Cryptocurrency Mining Investment Forum Contact Email Address info@hashcube.co Supporting Link https://www.eventbrite.sg/e/cryptocurrency-mining-investment-forum-tickets-65244262345 This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. The post PR: Hashcube Announces Bitcoin Mining Investment Forum in Thailand appeared first on Bitcoin News. View the full article

Buying a new car is always a thrill. Purchasing a luxury vehicle, a roadster or a classic even more so. But such an enjoyable acquisition is usually accompanied by time consuming formalities. When all you want is to sit behind the wheel as soon as possible, these additional steps can be a nuisance for most people. Finding a dream car you can buy with cryptocurrency will certainly save you some time and effort, especially when cross-border payments are involved. You can now do that with BCH on Autocoincars.com, a platform that works with leading supercar dealers. Also read: Why Portugal’s Tax-Free Crypto Trading Matters for Bitcoin Purchasing a Supercar With BCH Is Easy Browsing through car ads can be a pleasure and a curse. It takes time to find the right model and make that suits your taste and needs. Multiple websites nowadays provide car buyers with a plethora of offers. However, if you are not only a petrolhead but also a crypto enthusiast, there aren’t too many platforms with a good choice of vehicles you can purchase with digital coins. Autocoincars.com is a website where customers can find a rich choice of high-end models, from comfortable and practical SUVs, to fancy sports cars and even collectible classics with detailed service history. And the best part is that all of them can be bought with bitcoin cash (BCH). The company works together with Bitcoin.com to expand the use of peer-to-peer electronic cash. The precious automobiles are sold by established U.K. dealers and can be delivered to buyers in other countries as well. One of the platform’s main partners, Redlinespecialistcars.co.uk, is the largest independent supercar dealer in Britain. They cooperate to promote crypto and have already made numerous sales to clients opting to pay with digital assets. David White, Auto Coin Cars chief operating officer, told news.Bitcoin.com: We transacted a Lamborghini from the U.K. to Germany last month, a $300k car. One younger crypto user bought his mother a $70,000 Range Rover for her birthday surprise – all in crypto. And last week we had an enquiry from Sydney, Australia for a £2 million Aston Martin. Exciting times. The portal bets on bitcoin cash, offering clients the opportunity to purchase Ferraris, Lamborghinis, Aston Martins, and many more quality brands with BCH. All of its ads have the asking price displayed in a range of fiat currencies such as U.S. dollar, British pound, euro, and UAE dirham. But Autocoincars.com specifically targets cryptocurrency users who want to buy a car with bitcoin and their pricelist starts with a price quote in bitcoin cash. Customers can also pay with the platform’s own token, autocoin. Crypto users who want to buy cars do not search Autotrader, Pistonheads, Motors, or any other traditional portal, the website explains. “Why would they? They would struggle to find a car dealer that accepts bitcoin on there. Instead, they search Google for ‘buy car with bitcoin’ or one of the many hundreds of search terms for which Autocoincars.com is ranked number 1 and page 1. They select a car, contact the dealer and agree [to] a deal in the usual way. They then pay for the car with bitcoin or other crypto through our regulated exchange and we pay the dealer prior to the car being delivered.” Auto Coin Cars’ team further notes that there are over 3 million cryptocurrency wallets in the U.K. alone, which illustrates the growth potential for this market in the future. A study conducted this year by Technavio projects that the global luxury vehicle market will grow at a compound annual growth rate (CAGR) of more than 12%, or approximately 8,000 units within five years. Accepting crypto payments opens up a whole new area of business that was until recently unavailable to car dealers. Millions of people around the world now own cryptocurrency and many would readily use their coins to purchase a new car thanks to the speed and security crypto transactions bring to the table. At the same time, car dealers can now easily accept cryptocurrency and convert it immediately into fiat money if they want to do that, safely and securely. They can use the website’s Sell Now section to register with the platform, providing more information about themselves and uploading their ads to reach millions of crypto users globally. North London-based Auto Coin Cars employs experienced crypto professionals and automotive specialists who have provided a simple answer to a supply and demand issue. Car buyers want to spend their crypto, while car dealers are not set up to accept it yet. Many of them realize the benefits of cryptocurrency payments once they try them. Bitcoin cash, for instance, offers immediate and secure transactions at a very low cost, often less than a U.S. cent per transfer. And the funds are available almost as soon as the payment is made with no chargebacks or card fraud. Auto Coin Cars’ clients are typically high net worth individuals who can also take advantage of the privacy that comes with crypto payments and rely on an instant crypto-fiat exchange eliminating price fluctuations. Some of Auto Coin Cars’ sports and performance vehicles are offered only to crypto users in closed auctions. These automobiles are the highest quality models supplied by the U.K.’s top car specialists. According to the platform, all of them are carefully selected, come with full service history and are in immaculate condition confirmed by independent reports. The first such auction will be held in late 2019. Potential buyers can register now and receive details about each month’s offerings, along with the terms and conditions of participation. Auto Sales With Crypto Payments Are a Promising Market The niche Auto Coin Cars operates within is likely to grow in the future. So is the popularity of crypto payments in general, especially now when many expect to see a new crisis in the traditional financial system as early as next year. At this point in time, the platform doesn’t have too many competitors. Another website selling supercars and classics for cryptocurrency is Bitcars.eu. Most of the listed vehicles are in Europe, but the platform can deliver them to a specific location, arranging transportation and customs clearance. Bitcars accepts bitcoin cash (BCH) and bitcoin core (BTC) through the payment processor Bitpay as well as XMR, ETH, LTC, DOGE and DCR via Globee. Buysellcarwithbitcoin.com is a platform allowing users to publish ads for vehicles on sale or pick a listed car that can be bought with bitcoin. The website connects buyers and sellers who want to finalize their deal in cryptocurrency. Just like Auto Coin Cars, Buysellcarwithbitcoin allows you to select a location near you, choose a brand, set a minimum and maximum price, and search by keywords. The portal also publishes ads for auto accessories such as car audio systems, view cameras, rims, and many more. Dealers selling high-end vehicles for crypto also include Post Oak Motor Cars, a Bentley, Bugatti and Rolls-Royce dealer in Houston, and Hollywood-based Jem Motor Corp. If you buy a second hand car whose interior needs refreshing and detailing, you can always use the services of Cockpitdekor.com where you can order trim parts for you dashboard, center console and doors. The best thing is that you can buy them with bitcoin cash. Cockpitdekor promotes the benefits of paying with cryptocurrency. The company is based in the U.K. and Slovakia, but its customization kits are sold globally. And in Venezuela, a country where cryptocurrencies have been gaining ground on the backdrop of an unstable and highly inflated national fiat, auto insurance plans can now be purchased with bitcoin cash, as news.Bitcoin.com recently reported. Payments using decentralized digital currencies are likely to spread further in this and other industries. If you want to purchase bitcoin cash and other major cryptocurrencies you can do that at buy.Bitcoin.com. To freely trade your crypto assets, visit our noncustodial, peer-to-peer marketplace local.Bitcoin.com, which already has thousands of users from around the world. Also, check out our newly launched premier trading platform exchange.Bitcoin.com. Registered users can access it right now and over 10,000 have already signed up. Would you buy your next car using cryptocurrency? Tell us what you think about crypto payments in the auto sales industry in the comments section below. Images courtesy of Shutterstock. Do you need a reliable bitcoin mobile wallet to send, receive, and store your coins? Download one for free from us and then head to our Purchase Bitcoin page where you can quickly buy bitcoin with a credit card. The post You Can Buy a Dream Car With Bitcoin Cash at Autocoincars.com appeared first on Bitcoin News. View the full article

Over the last 24 hours, cryptocurrency enthusiasts have been discussing a transaction that saw 94,000 BTC sent to an unknown wallet. The hoopla over the large transaction shows how things have changed significantly over the last decade. Back in cryptocurrency’s early days, between 2010-2012, large bitcoin transactions like this weren’t such a big deal and early adopters practically gave them away. Also Read: Venezuelans Fighting Economic Hardship Discover Crypto’s True Potential When Sending Thousands of Bitcoins Wasn’t a Big Deal There’s been an awful lot of excitement surrounding the 94,504 BTC sent to an unknown address for a network fee of around $700. It’s an interesting sight for sure, when large sums like that are not regularly moved in such a fashion in 2019. However, back in the early days between 2010-2012 people saw large transactions like this all the time, without batting an eye, and fees were less than a U.S. penny per transaction. The big transaction on Sep. 6 reminded former Bitcoin Core developer, Jeff Garzik, about the early days when individuals transacted with thousands of BTC every day. “Today’s 94k BTC transfer, for no particular reason, reminds me of William P, who rented a ridiculous number of AWS machines to CPU-mine Bitcoin in 2010; resulted in 40,000 BTC at [so we thought at the time] exorbitant cloud computing rates,” Garzik recalled. Last year, after recalling the famous pizza transaction, Garzik remembered when he gave away thousands of BTC to help bolster open source development. Garzik explained: In 2010-2011, I gave away 15,678 BTC in developer bounties. People spent close to 94k in BTC every 30-days for 167 million Linden dollars for Second Life back in 2011. Back then everyone practically gave BTC away for free or for way less than what people sell them for today. Gavin Andresen and others gave away 10,000 BTC by building a bitcoin faucet that would dispense funds for free. Just like the 94k BTC transaction sent on Friday, individuals who played the game Second Life spent close to 94k BTC every 30 days on Linden dollars in the summer of 2011. Thanks to platforms like Virwox, hundreds of thousands of bitcoins were funneled into the Second Life economy to purchase digital cars and virtual mansions. Earlier that year the Silk Road started operations and people directed hundreds of thousands of bitcoins into the underground marketplace. In June 2011, according to Gawker’s now famous article, a sheet of acid (LSD) on the Silk Road (SR) cost 50 BTC which is a whopping $520,000 today. An eighth of decent cannabis was a mere 7.63 BTC on SR and today that’s a $79,000 bag. Let’s just say a lot of grams of powder, bags, and sheets were sold for large sums of BTC. That summer there were 340 types of narcotics available for purchase on SR and one bitcoin was worth about $8.67. The infamous Gawker editorial which featured the 340 types of narcotics available on the Silk Road. Thousands of BTC went through this marketplace in 2011. Illiquid Exchanges and the Tennessean With 371,000 BTC If someone wanted to purchase bitcoins fast, in the early days getting money in and out of the BTC system was way more difficult than it is today. Today there are hundreds of exchanges and over the last 24 hours, there’s been $15 billion worth of BTC trade volume. For instance, Bitcoin.com just launched a secure, professional-grade trading platform called exchange.Bitcoin.com. In Oct. 2011, you only had a few options to get into Bitcoin: mail a check, wire money, or use Dwolla. The few exchanges that did exist included Mt Gox, Bitinstant, and Tradehill. People complain these days when BTC drops $500 bucks in an hour and trading platforms go on the fritz, but in Feb. 2012, Tradehill had to shut down because someone withdrew $100,000 from their service without warning. Back in 2011-2012, there were not that many exchanges and people had to send a check, wire money or use Dwolla to purchase BTC. The price of BTC spiked to over $9 per coin in the summer of 2012. Today, when you look at forum discussions on Reddit or Bitcointalk.org, people get really excited when they talk about obtaining a single BTC. In the summer of 2011, individuals did the same thing except they owned thousands of coins in contrast to owning just one. The creator of one particular thread says: “I own 5,200 bitcoins. How many bitcoins do you own?” The discussion shows various members of the crypto community boasting about their wealth in digital currency. Amidst the forum conversation a Tennessean dubbed “KnightMB,” said he held 371,000 bitcoins and allegedly was the richest man in the bitcoin realm that year (it is now worth $3.8 billion today). KnightMB showed a picture of his QT client with the balance and people have talked about his stash for years. The individual was a miner and decided to brag about his wealth when everyone was in awe over the miner Artforz and his stash of coins. The notorious KnightMB’s wallet. Years later KnightMB said after he shared this picture he dipped out of the community eye as people kept hounding him for donations. The First Bitcoin ATM and ‘Bitcoin Bank’ In those days, things were far more interesting than today, when everyone makes a big deal about congressional leaders discussing BTC. Developers and nerds were building interesting gadgets to help bolster the nascent cryptoconomy at the time. While building a fusion reactor in New York, the inventor from Brooklyn Mark Suppes forged an automated teller machine from an old bank ATM and attached eBay-sourced parts, building one of the first crypto ATMs. No one knew what to think about the Bitcoin network and many respected and influential minds at the time were quite skeptical of it growing. Mark Suppes created a Bitcoin ATM in Brooklyn in 2011. In early 2011, the well known columnist Tim B. Lee did not seem to like BTC, but by 2012 his Ars Technica bio disclosed that he owned some. In 2012, there was a lot of hype about BTC entering the mainstream when the business Bitcoin-Central was approved to operate under European financial laws. At the time, Bitcoin-Central became a Payment Services Provider (PSP) and was issued an International Bank ID number as well. The news was heralded as an announcement of “the first Bitcoin bank” as the business was equated with other payment processors such as Paypal and Worldpay. “The more we see governments and banks being willing to deal with Bitcoin, the more comfortable a lot of organizations are going to be making the step forward themselves,” said Vitalik Buterin who was the technical editor at Bitcoin magazine back then. The France-based trading platform closed for six months shortly after the announcement and re-launched on Sep. 25, 2013. The platform now pales in comparison to the volumes of cryptocurrency swapped by today’s ‘Bitcoin banks‘ like Coinbase and Binance. Remembering the Past A lot has changed since the early days of Bitcoin and there are now more than 2,000 cryptocurrencies competing for the crown. Bitcoin has forked a few times as well since then and there are different versions seeking the same world domination or hyperbitcoinization. Using bitcoin for daily transactions was once seen by many to be an e-commerce revolution free from the state. Nowadays there are certain bitcoin enthusiasts begging for institutionalization and government approval. In 2011, economists like Paul Krugman triggered bitcoiners. In current times there are ‘bitcoin bugs’ acting just like the ‘gold bug’ Peter Schiff, which is a far cry from when bitcoiners debated the New York Times columnist and Keynesian economist Paul Krugman in the fall of 2011. Krugman called Bitcoin proponents ‘golden cyberfetters’ and the community tore his editorial to pieces. At the time, the online community preached about ending the fed and declared war on the central banking system by promoting the use of a counter-economic ‘plan B.’ Many people believe it’s good to re-live history through retrospectives and old stories so we can all learn from our past. It’s also helpful to see how much the system has changed and improved over the last ten years. There’s always something going on in the world of crypto every single day and forgetting the past is easy to do. A quick glimpse down memory lane shows the crypto ecosystem much different today than it was back then. In 2011, there were only 20,000-40,000 consistent BTC transactions a day and someone sending thousands of BTC to an unknown wallet was not out of the ordinary. What do you think about the early days of crypto and how different it is today compared to back then? Let us know what you think about this subject in the comments section below. Image credits: Shutterstock, Ars Technica, Gawker, the Atlantic, Mark Suppes, Bitcointalk.org, Nwn.blog, and Pixabay. Do you want to dig deeper into Bitcoin? Explore past and present cryptocurrency prices through our Bitcoin Markets tool and head to our Blockchain Explorer to view specific transactions, addresses, and blocks. The post Bitcoin’s Early Days: How Crypto’s Past Is Much Different Than the Present appeared first on Bitcoin News. View the full article

Bitcoin Cash (BCH) proponents were introduced to a new project called the Cashweb protocol on Friday. The blockchain file sharing scheme allows people to store and load arbitrary data to the BCH chain. While the new protocol still has “a long way to go,” the developer decided to share his creation with the BCH community and show off the protocol’s possibilities. Even though a few people thought the project was “awesome,” the Cashweb conversation turned into a debate about whether or not data should be stored onchain in this manner. Also Read: Venezuelans Fighting Economic Hardship Discover Crypto’s True Potential Cashweb: Immutable File Storage and Retrieval — Powered by Bitcoin Cash The Reddit user u/kentjhall presented a demonstration of “a summer pet project” he created called Cashweb. The Cashweb protocol allows people to tether arbitrary data to the Bitcoin Cash blockchain in a permissionless manner. The website cashweb.cash is interesting because everything on the website is stored and loaded from the BCH chain. “Everything down to the font,” the website’s creator emphasized. The web page is informative and gives a few examples of how the protocol works. Essentially the web page itself and the examples shown are a demo for the Cashweb framework, which “enables public, decentralized, immutable file storage and retrieval—powered by Bitcoin Cash.” “Every asset on this page has been stored on the blockchain amongst hundreds of transactions, each of which is verifiably cemented across thousands of Bitcoin Cash nodes,” the website explains. “For example, you may have important court documents to immortalize on the Bitcoin Cash blockchain.” The entire Cashweb web page is stored and loaded from the BCH chain. The creator says that as long as the Bitcoin Cash network exists, any document can be accessed by a unique identifier. There are four types of Cashweb IDs: TXID – as just seen, Nametag ID – a name may be claimed under the Cashweb protocol as a “Nametag,” Nametag Version ID – any versioned Nametag will have numerous revisions stored on the blockchain and a Path ID – the storage/querying of directories to organize file references. Cashweb’s web page discloses that the page is loaded from a directory index referencing all its assets and the Path ID is how an individual can query a specific path of a directory index. All four examples can be viewed on the web page so people can get a better understanding of how the protocol works. This looks neat! Good job Kent!#BitcoinCash #BCHForEveryonehttps://t.co/7z8EE6c4Ephttps://t.co/fEYNBgMF4uhttps://t.co/A0WhiDHkzI — bch '#WeAreAllBitcoin' protocol upgrade (@btcfork) September 6, 2019 The developer also revealed that there are two code libraries for utilizing the Cashweb protocol: cashgettools for getting, and cashsendtools for sending. “Anyone can run a cashserver or implement cashgettools; the software is all completely free, and completely open source under the permissive MIT license,” the website explains. The documentation further adds: You don’t really need a cashserver to serve you; you can do it yourself. The cashgettools library allows for interfacing with existing public BitDB HTTP endpoints as well, so there’s already an element of decentralization. Cashweb shows four examples. A Comparison to Bitcoin Files and the File Storage Debate The project’s creator also compared Cashweb to the censorship-resistant file sharing software Bitcoin Files. The platform allows anyone to tether files of 5kb or less to the BCH blockchain. If the person wants to upload a larger file, then Bitcoin Files offers a connection to the Inter-Planetary File System (IPFS). The Cashweb developer said that it took “nearly eight seconds to download the 1.7MB mario.png (under my WiFi conditions)” using Bitcoin Files. But using the Cashweb framework and a BitDB endpoint, the process was considerably faster. “We send the downloaded mario.png back to the blockchain via cashsend, this time under the CashWeb protocol, and proceed to re-download the file via cashget, set to query from Bitcoin.com’s blazing fast BitDB endpoint (thanks Roger),” the cashweb.cash page details. “Under the same conditions, this retrieval takes just over 0.25 seconds—that’s 32x faster.” The Cashweb code is open source and available for review. The introduction to Cashweb was a popular topic on the r/btc Reddit forum Friday as concepts that allow people to tie arbitrary data to the BCH chain is often met with a mixed response. “There are a lot of people in the BCH community that see zero value in storing non-financial data on the blockchain, I am not one of those people,” one Redditor opined. “Your project is friggin’ awesome and I hope you’re able to keep building on it.” CashWeb enables public, decentralized, immutable file storage and retrieval—powered by #BitcoinCash Great work kentjhall!https://t.co/dCIH0RSTm4 — Gabriel Cardona (@cgcardona) September 6, 2019 Other people were less enthused about the Cashweb project and disclosed their opinions about the concept. One person asked the creator why he chose BCH as a database server for distributed file sharing. The commenter further asked why he didn’t choose to use IPFS or choose to utilize the BSV chain instead. The Cashweb creator said that someone else also mentioned using the BSV chain for file sharing, but he decided to run with the BCH protocol and community. “My view is that I am showing off a suite of tools and a protocol, not selling anyone on a final product,” the Cashweb developer insisted. “As such, these tools could be applied to any number of current blockchains, including SV — anyone can do what they like with this Cashweb — but I choose to develop/demo on BCH because I think it’s such a great community.” He further responded by stating: IPFS is a different beast entirely to my understanding, and may be better suited to this goal, but I personally think it’s just too new. Bitcoin as a technology is proven and reliably immutable, so I wanted to build Cashweb on top of that. At the end of the day, the community will decide—if this project isn’t useful/warranted, it simply won’t be used. That’s the beauty of a permissionless system. Overall, most BCH supporters were pleased with the project development, and the debate is always tossed around any time someone creates a file sharing program on top of the BCH chain. Some supporters believe file sharing is a distraction to the pursuit of global adoption and pure peer-to-peer electronic cash. However, there are many people who believe that the use cases tied to the BCH chain are permissionless by nature and as long as people and organizations pay the network fees they should never be censored. At the end of the day, the BCH community of global participants will decide if the network can handle every financial transaction worldwide and include immutable data applications as well. For now, the idea of blockchain file sharing is still very young and fresh in the minds of crypto enthusiasts and it’s hard to tell what the outcome will be going forward. What do you think about the Cashweb platform? What do you think about the Bitcoin Cash blockchain being used to store and load arbitrary data? Do you think that BCH should only concentrate on the electronic cash aspect or do you think file storage ideas will continue to blossom? Let us know what you think about this subject in the comments section below. Disclaimer: Readers should do their own due diligence before taking any actions related to the mentioned websites and projects associated with this article. Bitcoin.com or the author is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content or services mentioned in this article. This editorial review is for informational purposes only. Image credits: Shutterstock, Pixabay, and cashweb.cash. How could our Bitcoin Block Explorer tool help you? Use the handy Bitcoin address search bar to track down transactions on both the BCH and BTC blockchain and, for even more industry insights, visit our in-depth Bitcoin Charts. The post Bitcoin Cash-Powered File Storage Concept Sparks Interest and Debate appeared first on Bitcoin News. View the full article

Over the last few months, there’s been a lot of attention directed toward destinations like Slovenia, North Queensland, Japan, and Venezuela which capture the largest number of bitcoin cash merchants worldwide. Another region that’s seen an influx of BCH adoption is Keene, New Hampshire, a place that’s widely known for its lack of taxation, and the growing number of libertarian residents. With a city population of around 23,000, there are 15 BCH-accepting businesses providing goods and services for bitcoin cash. Also Read: Venezuelans Fighting Economic Hardship Discover Crypto’s True Potential Keene New Hampshire: The Free State Project’s Crypto Mecca New Hampshire is well known for having a large number of libertarian residents since the Free State Project (FSP) started a movement of political migration in 2001 in the low-population New England state. Libertarians in the region promote free markets, stand against war, and are either completely anti-state (anarchism) or believe in a very limited government (minarchism). Many of these activists who migrated to New Hampshire are strewn across the state but there are dense regions of libertarian proponents in places like Keene, Portsmouth, and Manchester. Due to the vast amount of free market believers, there’s a slew of businesses in places like Keene that accept digital currencies like bitcoin cash. The liberty loving blog, Free Keene, revealed that the Monadnock Decentralized Currency Network managed to persuade a bunch of mom-n-pop shops to accept cryptocurrencies over the years. New Hampshire is considered a crypto mecca and is home to thousands of libertarians. Members of the Free State are against wars and interventionism, they are believers in free market capitalism, and many members suggest that governments should not be as powerful as they are today. Some Free State residents do not believe in government at all. In fact, throughout the lifetime of the Free State’s activism spent bolstering the concepts of liberty and voluntaryism, the people living there have created a cryptocurrency mecca. Free Keene blog author, Ian Freeman (also the co-host of Free Talk Live) explained on Sep. 3 that last week, two well-known and busy convenience stores now accept a variety of digital assets including bitcoin cash. My Campus Convenience (Campco) store will compete with Corner News which has been accepting crypto since 2013. Keene has a wide variety of digital currency-accepting businesses and lots of them use the Anypay payment processor. The Anypay merchant map showing New England and New Hampshire. The Marco Coino merchant map also shows bitcoin cash-accepting merchants in Keene and the greater New Hampshire area. Other businesses that have adopted bitcoin cash include a bar called the Thirsty Owl, Dr. Drower Dentistry, Curry Indian Restaurant, a hair salon, and vape shop. Freeman details that according to data stemming from the Anypay and Marco Coino merchant map there are 15 bitcoin cash-accepting businesses in the region. This works out as a ratio of “one business for every 1,533 people,” Freeman explained. The Anypay merchant map not only shows people where crypto merchants are located, but also displays when someone purchases something with cryptocurrency. My Campus Convenience. Bitcoin Radio Ads, Crypto Tips, and Educational Resources at the Bitcoin Embassy New Hampshire The Bitcoin Embassy New Hampshire located in Keene is also well known for its Bitcoin radio advertisements that promote the benefits of cryptocurrencies and free markets. Starting in 2016, the commercials were syndicated on “The Peak” (101.9 WKKN-FM Keene, 100.7 WTHK-FM Wilmington, VT, and 104.7 W284AB Jamaica, VT) seven days a week from 3pm-6am EDT. “Bitcoin is a powerful local currency that can also be used internationally. It’s Keene to buy local, and Bitcoin empowers local business owners to keep more from each sale, rather than sending 3% outside of the area to credit card companies,” the radio ad’s message said. From right to left, the Free State Project, Free Keene blog, and the Shire Society. More recently, due to the frictionless and low network fees on the Bitcoin Cash network, activists in Keene have been opting to use and promote BCH regularly. Last summer, Freeman helped launch a new website called Cryptotip.org that creates cryptocurrency tips from bitcoin cash (BCH) and dash, making it easier for residents to tip people in sound money. At the time, Freeman remarked that lots of Keene residents used an application called Bctip.org but BTC network fees became unsustainable and the platform was basically neutered. So Freeman reached out to the creator who told him the platform was open source and he and Michael Hampton of Ringing Liberty redesigned it to work with bitcoin cash and dash. The cryptocurrency dash has a decent-sized following in Keene too and many Dash supporters live in the FSP region. Cryptotip.org lets people print Bitcoin Cash (BCH) and Dash (DASH) tips. Cryptotip is a collaboration between Shire Free Church and Ringing Liberty. The month prior, in July, the Free Keene blog explained that longtime readers of the blog understood that “Keene and Portsmouth, New Hampshire are two hotspots in the world of cryptocurrency.” “Through real-life crypto usage is not all about delicious handmade pizza, BBQ, Indian food, burgers, or alcoholic beverages that you can buy with crypto in downtown Keene, it’s also about products and services.” When the BCH chain turned two years old on August 1, Free Keene’s Chris Rietmann held a presentation and discussion at the Bitcoin Embassy New Hampshire about the last two years of the Bitcoin Cash network. Rietmann’s two-year BCH retrospective goes into great detail about the scaling debate and why the Bitcoin Cash network is here and thriving today. Alongside being a crypto mecca, Keene and New Hampshire also have a lot more to offer to people who are interested in libertarianism and plan to join the ongoing NH Freedom Migration. What do you think about Keene and the Free State becoming a crypto mecca? Let us know what you think about this subject in the comments section below. Image credits: Shutterstock, Anypay, Free Keene blog, Free State Project, Shire Society, Cryptotip.org, and Pixabay. Did you know you can buy and sell BCH in a private manner 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 Keene New Hampshire Is Not Only a Libertarian Enclave – It’s Also a Crypto Mecca appeared first on Bitcoin News. View the full article

There are several exemptions the U.S. Securities and Exchange Commission (SEC) offers that allow companies to launch their bitcoin investment products without registration. While waiting for the SEC to approve their bitcoin ETF, some firms have taken advantage of these exemptions to offer an interim product. Also read: Indian Government’s New Report Views Crypto Positively New Bitcoin Product Emerges Despite efforts by many companies, the SEC still has not approved a bitcoin exchange-traded fund (ETF). The commission has been taking its time to evaluate any proposed rule changes for such a product that have come its way, repeatedly extending the time it takes to make a decision on each. One high-profile bitcoin ETF that has been waiting for approval from the SEC for over a year is Solidx Bitcoin Shares issued by Vaneck Solidx Bitcoin Trust, to be listed on Cboe BZX Exchange. While waiting for the commission’s approval, Vaneck and Solidx decided to go ahead and offer their product under Rule 144A of the Securities Act of 1933, as amended. Shares offered under this rule are exempt from registration requirements. Solidx CEO Daniel H. Gallancy commented: As the first bitcoin product in the U.S. with standard ETF creation and redemption and established clearing and settlement processes, institutional investors can finally gain exposure to bitcoin within a familiar context. Solidx Management Llc is the sponsor and Van Eck Securities Corp. is the marketing agent of this new investment product, which commenced on Sept. 4. The sponsor fee is 2% and the insurance fee is 0.9%. The trust’s BTC is kept in cold storage with insurance against theft or loss. “Shares may be redeemed by authorized participants in baskets and redemption proceeds will be in bitcoin,” Vaneck detailed. Cboe BZX Exchange Inc. originally filed a proposed rule change with the SEC to list and trade shares of Solidx Bitcoin Shares issued by Vaneck Solidx Bitcoin Trust on June 20, 2018. The exchange withdrew the filing early this year when the U.S. government shut down, but refiled on Jan. 30. After multiple meetings with the companies involved, the SEC designated Oct. 18 as the date by which it will make a decision on this proposed rule change. Vaneck and Solidx’s 144A product cannot be called a bitcoin ETF, however, since it will not be traded on an exchange. Its shares are quoted on OTC Link ATS, an SEC-regulated alternative trading system. The firm emphasized that the OTC Link ATS is not an exchange and has limited liquidity. Further, instead of being available to the public, 144A shares are restricted securities, available to only qualified institutional buyers (QIBs). Besides the proposed rule change for shares issued by Vaneck Solidx Bitcoin Trust, the SEC is also considering a proposed rule change filed by NYSE Arca Inc. for Bitwise Bitcoin ETF Trust. The commission has also designated Oct. 13 as the date by which it will make a decision on this proposed rule change. Rule 144A and Who Can Invest A company may not offer or sell securities unless the offering has been registered with the SEC or an exemption from registration is available. The exemption which Vaneck and Solidx have decided to take advantage of is under Rule 144A. It provides a safe harbor exemption from the registration requirements of the Securities Act of 1933 for certain resales of restricted securities to qualified institutional buyers. The Jumpstart Our Business Startups (Jobs) Act, signed into law by former President Barack Obama on April 5, 2012, directed the SEC to amend the Securities Act and expand several exemptions. “The Jobs Act in 2012 amended Rule 144A to allow brokers and dealers to offer Rule 144A securities through general solicitations. General solicitation may also increase liquidity for investors in Rule 144A securities if resale platforms develop for such products,” Vaneck explained. The company confirmed that only QIBs may trade the Vaneck Solidx Bitcoin Trust 144A shares. QIBs are defined generally as an institution with a portfolio of securities valued at over $100 million, a registered broker-dealer with at least $10 million in securities owned or managed, and a bank with at least $100 million in third party securities and has an audited net worth of at least $25 million. Examples of QIBs include business development companies, corporations, ETFs, hedge funds, insurance company, mutual funds and registered investment advisers. QIBs are not to be confused with “accredited investors” which could include any natural person whose net worth exceeds $1 million. A natural person is not considered a QIB, Vaneck emphasized. How the Interim Product Affects Bitcoin ETF Vaneck and Solidx have not given up on their goal to launch a bitcoin ETF, and the proposed rule change for their bitcoin ETF is still pending with the SEC as before. Vaneck explained that should the commission approves its public bitcoin ETF, the Vaneck Solidx Bitcoin Trust 144A shares will cease to be quoted on OTC Link ATS and new baskets of shares will not be created for sale. “Existing baskets of the 144A shares may be redeemed after the public registration,” Vaneck described, adding that “The public shares will have a separate, ‘unrestricted’ CUSIP number.” After the public registration, holders of existing 144A shares may continue to hold their shares as is for the next 12 months, or sell them into the public market where their shares will become fungible with the public shares. The company elaborated, “Twelve months from the date of registration, the restricted CUSIP for the 144A shares will convert to the CUSIP for the public shares,” adding: Anyone holding 144A shares at the twelve-month anniversary will then be holding shares with the public CUSIP. Holders have the ability, but not the obligation, to sell their shares. Regulation A, D, and S Exemptions Other than Rule 144A for resale of restricted securities to qualified institutional buyers, there are other exemptions from SEC registration which companies can take advantage of. Among them are Regulation A, Regulation D, and Regulation S. Regulation A provides exemptions for two tiers of offerings. Among other rules, Tier 1 allows securities offerings of up to $20 million in a 12-month period, while Tier 2 allows up to $50 million within the same time period. The Jobs Act adopted by the SEC also expanded exemptions provided by Regulation A. The resulting final rules are often referred to as Regulation A+. The SEC green-lighted two token offerings under Regulation A+ for the first time in July, as news.Bitcoin.com reported. One was for Stacks tokens by Blockstack PBC, and the other was for Props tokens by Younow, a live streaming app which claims to have 46 million users. Muneeb Ali, co-founder of decentralized app ecosystem Blockstack and CEO of Blockstack PBC, commented at the time that “This is the first time in U.S. history that a crypto token offering has received SEC qualification.” Regulation D also offers a number of exemptions, each with specific requirements that the issuer must meet. For example, Rule 504 of Regulation D permits certain issuers to offer and sell up to $5 million of securities in any 12-month period, while Rule 506 provides two distinct exemptions from registration. Blockstack used this method before it was approved under Regulation A+. There is also Regulation S, which provides safe harbor procedures for offshore sales of equity securities of U.S. issuers. Blockstack is also taking advantage of this exemption to offer its tokens to non-U.S. persons, according to the company’s offering circular filed with the SEC. What do you think of companies taking advantage of some exemptions while they wait for the SEC to make a decision on their bitcoin ETF? Let us know in the comments section below. Images courtesy of Shutterstock and Vaneck. Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The Local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. The post Bitcoin ETF: How SEC Exemptions Help Firms Offer Interim Products appeared first on Bitcoin News. View the full article

The second-largest fantasy sports provider Fanduel has revealed customers can make deposits on the platform using cryptocurrency. Fanduel members can now top up their accounts with BCH or BTC via the digital currency payment provider Bitpay. Also Read: More Than 70 Projects and Applications Built Around Bitcoin Cash Fanduel Adds Bitcoin Payments via Bitpay Fantasy sports is a hugely popular phenomenon worldwide that experiences more than 10% annual growth and is currently an $8 billion dollar industry. The Fantasy Sports Trade Association (FSTA) has recorded more than 59 million fantasy sports participants throughout the U.S. and Canada alone. Basically, the game of roto or fantasy sports is a tournament of people who assemble virtual teams made up of real players in a professional league. The players’ real-world statistics apply to the fantasy team and people wager on these games every day online. Fanduel is one of the most popular fantasy sport providers on the internet, and on Sep. 3, the company announced that customers can fund their accounts with bitcoin cash (BCH) and bitcoin core (BTC). Fanduel is now accepting BCH and BTC deposits for fantasy sports play. Fanduel Group consists of a portfolio of brands across gaming, sports betting, daily fantasy sports, advance-deposit wagering, and TV/media, including FanDuel, Betfair US, DRAFT, and TVG. Fanduel members can use crypto with their accounts via the Atlanta-based payment processor Bitpay. The firm’s chief commercial officer Sonny Singh explained that with Fanduel accepting bitcoin, patrons will have access to an alternative form of payment just before the NFL season starts. “NFL Football is one of the most popular sporting events to watch and the start of the football season makes it a perfect time to introduce Bitcoin to these fans,” said Singh. “We wanted to have the option in place for Bitcoin users to deposit cryptocurrency into their Fanduel accounts and take advantage of the daily fantasy sports games.” Fanduel’s Past Issues With Payment Processors and the ‘Bitcoin Bowl’ People have wanted Fanduel to accept bitcoin for years now and it was discussed back in Feb. 2016 when Fanduel and Draftkings lost a major payment provider. At the time, Fanduel and Draftkings commanded more than 90% of the daily fantasy sports (DFS) market. A few states in the U.S. decided that DFS was a form of illegal online gambling and prohibited residents from using the two sites. One of Fanduel and Draftkings’ payment processors at the time was a firm called Vantiv Entertainment Solutions who decided to end the financial relationship abruptly. Jonathan Ellman, chief transaction and marketing counsel at Vantiv, said it was due to “an increasing number of state attorneys general have determined that daily fantasy sports (‘D.F.S.’) constitute illegal gambling.” Draftkings was upset that Vantiv pulled out of the partnership and claimed Vantiv was under “court order to continue to fulfill its contractual obligation to Draftkings.” Fanduel and Draftkings didn’t seek out cryptocurrencies at the time but Fanduel has dealt with digital assets in the past. In Jan. 2018 the company had a “Bitcoin Bowl” contest and gave away a total of 3.75 BTC to the winners in a free match. Out of the jackpot, 2 BTC was awarded to tournament players who paid $3 to enter the game. Users had to provide a valid BTC address after the playoffs were finished in order to receive the winning prizes. “When your team makes the playoffs, the sky’s the limit — And from what we’ve read online, bitcoin investors know exactly how that feels,” Fanduel’s website read at the time. “So, for week one of the playoffs, we’re giving you two chances to hop on the ultimate bandwagon and play to win some bitcoins of your own.” Fanduel gave away 3.75 BTC last year for a fantasy sports contest called the Bitcoin Bowl. Smaller DFS Platforms and Regulators That same month, Fanduel surpassed over 6 million registrants and the company’s chief financial officer Andy Giancamilli said he recognized a good portion of the company’s user base had an interest in bitcoin. Moreover, Giancamilli commented that the company had always searched for unique prizes. Even though it’s the biggest, Fanduel isn’t the only fantasy sports platform that accepts bitcoin, as a number of smaller portals offer crypto payments as well. There’s fantasy sports sites and DFS tournaments like Gtbets, MVP Lineup, Fantasy Factor, and No Limit. Don’t like fantasy sports? Instead you can put your luck to the test Satoshi-style with our classic BCH game site. Our online Bitcoin Cash casino lets you play an array of BCH games including slots,and poker. Plus, all of our Bitcoin Cash gambling games are always provably fair. Fanduel is available in the U.S. but the site is banned and blocked in Alabama, Arizona, Hawaii, Idaho, Iowa, Louisiana, Montana, Nevada, New York, Washington, and Texas. The UK Gambling Commission was the first region worldwide to include the regulation of cryptocurrencies and DFS gambling in 2016 and the Isle of Man Gambling Commission followed suit shortly after. At the time, the UK Gambling Commission was the first major regulator to authorize digital currency gambling with KYC/AML guidelines. With Fanduel allowed to accept BCH and BTC for DFS wagers, U.S. regulators may follow behind the U.K. as well. What do you think about Fanduel accepting bitcoin cash for deposits and DFS tournaments? Let us know what you think about this subject in the comments section below. Disclaimer: Readers should do their own due diligence before taking any actions related to the mentioned companies, DFS sites, Fantasy Sports vendors, and websites associated with this article. Bitcoin.com or the author is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services, products, and vendors mentioned in this article. This editorial review is for informational purposes only. Image credits: Shutterstock, Fanduel, and Pixabay. Are you feeling lucky? Visit our official Bitcoin casino where you can play BCH slots, BCH poker, and many more BCH games. Every game has a progressive Bitcoin Cash jackpot to be won. The post Fantasy Sports Giant Fanduel Now Accepts Bitcoin Cash appeared first on Bitcoin News. View the full article