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There’s been a number of developments in the ongoing Kleiman vs. Wright lawsuit lately. After Craig Wright’s sworn deposition, the plaintiffs contend that Wright’s categorical refusal to answer questions about his bitcoin addresses and his marriage(s) needs to be reevaluated. Wright’s legal team say he’s done everything possible to comply with the court’s orders but the Kleimans believe the self-proclaimed Satoshi has been stonewalling for nine months. Also Read: Satoshi’s Pre-Release Bitcoin Code Contains Fascinating Findings The First 70 Blocks and the So-Called ‘Blind Trust’ The ongoing Kleiman vs. Wright lawsuit has started to heat up as the plaintiffs want more answers from Craig Wright, the man who claims to be Satoshi Nakamoto. The Kleiman estate represents the now deceased David Kleiman, a security researcher that some believe may have been a member of a pseudonymous group operating under the Satoshi Nakamoto monicker. According to Ira Kleiman, his brother David’s inheritance was manipulated during a multi-year partnership with Australian native Craig Wright. More recently Wright was deposed and refused to answer questions about his current and former wife and certain questions in regard to his alleged bitcoin addresses. Wright did claim to own the addresses to the first 70 blocks mined on the Bitcoin blockchain and provided some information concerning an ostensible blind trust. Not long after the once redacted list of bitcoin addresses was unsealed, bitcoin security specialists Wizsec researched the addresses and stated Wright’s claim of ownership was still meaningless. Moreover, one of the addresses allegedly used in the case (Wright claims the address is a forgery) was signed by the real owner on May 16, 2019. The legitimate owner of the address in question called Wright a liar and a fraud in the signed message. Wright’s legal team explained that he could provide the public addresses for the first 70 blocks, but also said: “he did not have public addresses for bitcoin that was mined after those blocks because that information is held in a blind trust.” A court filing from June 11 describes in great detail the reasons why Wright presumably cannot disclose certain information tied to the purported trust. Wright’s lawyers did emphasize to the court that “Dr. Wright is the best person to explain the complex manner by which bitcoin was mined and held in the trust.” Describing the Blind Trust’s Complexity According to the court document, after he mined the first 70 blocks of bitcoin, Wright allegedly designed a unique algorithm. This algorithm automated the key generation process so that after block 70 was mined, blocks that followed would be assigned to a different public address. This supposedly means the coins were mined directly into the blind trust after this scheme was implemented. The document also says that Wright disposed of all of his mining rigs used to process bitcoin blocks throughout 2009 and 2010. “[Wright] did not keep any list of the public addresses associated with the bitcoin he mined after block 70,” the document explains. “Dr. Wright ceased mining by the end of 2010 — At that time, the value of bitcoin fluctuated between $0.06 and $0.29.” The defense filing continued: The private key needed to access the encrypted file with the data necessary to retrieve information about bitcoin Dr. Wright mined after block 70 has been split into multiple key shares (in lay terms, multiple parts) through a version of “Shamir’s Secret Sharing Algorithm”, an algorithm created by Adi Shamir to divide a secret, such as a private encryption key, into multiple parts. After using Shamir’s Secret Sharing Algorithm, Wright insists that the key shares were then distributed to multiple individuals included in the blind trust. The system Wright and his partners imposed made it so no single participant could extract the information and Wright alone does not have the ability to access the encrypted file. “Dr. Wright does not know the public addresses of the bitcoin held by the trusts (i.e., the bitcoin mined by Dr. Wright in 2009 after block 70, through 2010).” Because of the blind trust complications, the document seems to suggest that Wright doesn’t have enough information to claim ownership (sign) because the keys were transferred into the blind trust with multiple owners. Plaintiffs Don’t Buy Wright’s Argument and the Crypto Community Continues to Fact Check However, the plaintiffs still want a comprehensive list of the public addresses of all the bitcoin Wright allegedly mined before December 2013. An order signed by the Judge shows that Wright must produce this list by June 17, 2019, and if he cannot comply the court may conduct a show cause evidentiary hearing. The defense believes that the Kleimans’ demand that “Dr. Wright authenticate every single document related to the trusts is facially overburdensome and unreasonable.” “Dr. Wright has produced hundreds of documents related to the trusts including documents that he did not sign or prepare,” Wright’s litigation team noted on June 11. The last few weeks of documents stemming from the Kleiman vs. Wright case has opened more doors within this seemingly never-ending rabbit hole. Wright’s recent motion, Document 187, for a protective order, was heavily redacted because he feared criminals would seek retribution against him and an unredacted footnote also showed the name, Paul Le Roux. This information opened up another rabbit hole where some people have suggested that Le Roux may have participated in designing the Bitcoin network. In addition to Le Roux being added to the story, many cryptocurrency fans watching the case from abroad have been questioning some of the statements made by Wright so far. For instance, Vin Armani from Cointext and Dustin Dreifuerst from the podcast Didyouknowcrypto.com (DYKC) asked how the coins from blocks 1-70 can be in a blind trust if he used the private key from block #1 to sign in front of Gavin Andresen. “Craig signed a message that I chose (“Gavin’s favorite number is eleven. CSW” if I recall correctly) using the private key from block number 1,” Andresen told the public three years ago. “That signature was copied on to a clean USB stick I brought with me to London, and then validated on a brand-new laptop with a freshly downloaded copy of electrum.” In addition to this showing, Bitcoin Foundation member Jon Matonis revealed in a blog post written on May 2, 2016, that he also witnessed the signing and verifying of messages using private keys from blocks 1 and 9. Crypto enthusiasts have further pointed out that the coins from blocks 1-70 have never moved and the blind trust story sounds extremely far-fetched. As the legal battle continues to unfold in Florida, many onlookers still think that more information will uncover some of the mysteries behind this case and whether certain particulars are true or fabricated. What do you think about the latest details in regard to the ongoing Kleiman vs. Wright case? Let us know what you think about this subject in the comments section below. Image credits: Shutterstock, Wiki, Twitter, Pixabay, Court Listener, and Pacer. 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 The Blind Trust Described in the Kleiman vs. Wright Lawsuit Is a Real Head-Scratcher appeared first on Bitcoin News. View the full article

Six months in and initial exchange offerings (IEOs) are refusing to die. Following a year of ICO stagnation in 2018, it appeared that the crypto crowdfunding bubble had popped, sending tokenized projects back to the drawing board. Instead, the medium has been reborn under a different banner. In 2019, IEO token issuance is all the rage, but how long will the trend last? Also read: Coinbase Launches Crypto Debit Card in 6 European Countries Wirex Announces a Token Because 2019 Initial exchange offerings are commonly used to bootstrap new crypto businesses – not profitable companies that have already been around for years. Nevertheless, when Wirex shared details of its proposed initial exchange offering on June 10, there was a certain inevitability about it. Despite having survived since 2015 without a token, the crypto payment app will soon be complemented by a native WRX token. A private sale will be held to verified users of the Wirex app, followed by an IEO on Okex’s Jumpstart launchpad on June 26. Like any serious crypto project, the WRX token comes with its own whitepaper, which details ambitious plans to roll out Wirex to users in India, Japan, and Africa in the coming year. Wirex is seeking to raise $8M from its private in-app sale and subsequent IEO, but has been at pains to stress that this is not a cash grab, stating: “This is not Wirex’s top priority, which is why we’re only putting 1% of the total token supply up for sale during the IEO. Ultimately, the long-term success of Wirex and the eventual adoption of a token economy are our primary concerns.” IEOs, marked in green, have exploded this year as a percentage of crypto industry fundraising. Initial Exchange Offerings Are Getting Meta As the craze to tokenize everything by IEO intensifies, it has led to some curious collaborations between companies that might otherwise have been regarded as competitors. Bitfinex’s LEO token is now listed on Gate – whose Gatechain Token (GT) is in return tradable on Bitfinex. Six months ago, exchanges listing one another’s tokens would have seemed unthinkable, but as the market share of runaway leader Binance, aided by its native DEX, grows, exchanges are learning that the enemy of their enemy is their friend. Bitfinex’s LEO token. That several initial exchange offerings to date have been for exchanges issuing their own token seems recursive, but is indicative of an industry that is still struggling to find practical applications for tokens other than trading them for other tokens – speculation, in other words. Following its $1B private sale, the Bitfinex LEO token has been on the rise, having gained 50% in the last week, and is now worth double its initial $1 price. Elsewhere, Bitsdaq will begin trading of its BQQQ token, which was issued via IEO last week, later today. The new exchange, which will gain its liquidity from Bittrex, is predictably planning to serve as an IEO launchpad for Asian crypto projects. Raj Kadam of crypto data site Blockmodo told news.Bitcoin.com: “We’re seeing a lot of FOMO with IEOs, as exchanges clamor over whose sale sells out fastest, and retail investors pile in, without even fully understanding the token they’re buying. That said, there are some clear benefits to this model over the ICO.” He elaborated: “With previous investments, both in terms of venture capital funding and initial coin offerings, the public were left as bagholders at the point of exchange listing. IEOs have flipped that and now a lot of the price discovery is occurring on-exchange, when tokens are listed. This makes for a much more level playing field, and incentivizes a wider community of token holders.” What are your thoughts on IEOs? Let us know in the comments section below. Images courtesy of Shutterstock, Coincodex and Inwara. 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 Initial Exchange Offerings Are Showing No Sign of Slowing Down appeared first on Bitcoin News. View the full article

Ordering from large retailers doesn’t necessarily have to involve fiat money, even when these merchants have yet to adopt crypto payments. A platform called Alagoria lets you buy items sold by Home Depot and Walmart and you can pay with decentralized currencies such as bitcoin cash. Also read: Bitcoin People Directory Lists Crypto-Friendly Merchants Alagoria Gives BCH Holders Access to Major Retailers Alagoria.com is a website that allows you to purchase products offered on Homedepot.com and Walmart.com. To do so, find an item you want to buy and then copy and paste the URL into Alagoria’s search bar. The platform will check its latest price and availability as well as the sales tax and shipping cost, before it lets you add it to the shopping cart. At checkout you’ll be able to pay with your favorite cryptocurrency. Alagoria supports four major coins – bitcoin cash (BCH), bitcoin core (BTC), litecoin (LTC), and zcash (ZEC). Despite the irreversibility of crypto transactions, the company covers damages and costs resulting from purchases made with it for up to $10,000. To shop via Alagoria you need to create an account. The website respects your privacy and requires only a valid email address and a password. Its team promises to place the order on the retailer’s website within five minutes of submission to ensure fast delivery. They will notify you as soon as the item is shipped and provide you with a tracking number. Most items are typically delivered within three to four business days. Alagoria currently ships only in the U.S. The crypto-friendly intermediary claims you’ll be able to save around 10% by paying for your order with cryptocurrency. The platform buys discounted Home Depot and Walmart gift cards from people who don’t want or need them and uses these cards to fulfill orders placed by other customers. It pays for the gift cards in crypto. If you need an alternative way to buy items with bitcoin cash, check out the Spend Bitcoin Cash page developed by Bitcoin.com. Use it to shop online for a variety of products or to order gift cards for major retailers including The Home Depot. Have you used platforms like Alagoria? What other websites providing similar services do you know? Tell us in the comments section below. Disclaimer: Readers should do their own due diligence before taking any actions related to third party companies or any of their 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 third party content, goods or services mentioned in this article. 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 Buy From Home Depot and Walmart With Bitcoin Cash Through Alagoria appeared first on Bitcoin News. View the full article

Coinbase Card is being made available in six new countries across Europe. The service enables users to spend their digital funds in-store and online, supporting all crypto assets available to trade on the Coinbase platform such as bitcoin cash. Also Read: How to Buy a Cryptocurrency Hardware Wallet With Bitcoin Cash Coinbase Card Expands Across Europe San Francisco-based cryptocurrency exchange Coinbase has announced that it is expanding its Visa debit card service in six new European countries. Coinbase Card, which was launched in the U.K. in April, will now be made available to customers in Spain, Germany, France, Italy, Ireland, and the Netherlands. The service enables account holders from the supported countries to spend their crypto balances in a familiar way to anyone with a debit or credit card. The Coinbase-powered cards are issued by Paysafe Financial Services, part of the same multinational online payments group which operates Neteller and Skrill, and is regulated by the U.K’s Financial Conduct Authority. Customers of the exchange who wish to order the card need to sign up for a waitlist using the associated mobile app. Once the list is closed their balances will be spendable via an in-app virtual card while a physical card will be sent in the mail. Crypto Cards Bring New Options for Spending BCH The card supports all digital assets available on the Coinbase platform such as bitcoin cash (BCH) and customers can use it to pay in millions of locations where Visa is accepted, as well as to make fiat cash withdrawals from ATMs. The company has explained that when customers use their cards it instantly converts the selected crypto assets into fiat which is received by the merchant. If you are not a Coinbase account holder or reside in an unsupported country, there are a host of other options available for using your BCH with a debit card. Hong Kong headquartered platform Crypto.com recently added support for BCH, Spain-based Bitnovo’s Bitsa card is another option and you can find additional BCH supporting cards here. What do you think about the crypto card from Coinbase expanding across Europe? 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 Coinbase Launches Crypto Debit Card in 6 European Countries appeared first on Bitcoin News. View the full article

The release of a new crypto debit card is an event that deserves attention. On one hand, the launch shows there is a growing demand from cryptocurrency users. On the other, it means businesses see an opportunity to profit from providing this type of product. Bitnovo, a Spain-based fintech company, now offers a Visa prepaid card which can be loaded with bitcoin cash. Also read: Crypto Debit Cards You Can Use Now Plus a Few to Expect Soon Bitnovo Introduces Bitsa to Several Markets in Europe One of the latest offerings in this niche entered the market quite recently. Bitnovo’s prepaid Visa card called Bitsa was launched a couple of months ago in addition to the platform’s Bitcards. It can be topped up with bitcoin cash (BCH), among a total of seven cryptocurrencies, and a number of other payment methods. Since April, some European users of Bitnovo, which is a platform that trades over 20 digital currencies, can order their new Bitsa card, which can be used to pay anywhere Visa is accepted and withdraw cash from ATMs around the world. It allows holders to make online purchases, pay in brick and mortar stores and online merchants. With Bitsa you can not only transfer money between different cards but also make payments to any financial institution within SEPA, the single euro payments area. The card employs the Verified by Visa system, so payment security shouldn’t be a problem. To order a Bitsa card, you don’t even need to have a bank account, although you’ll be able to transfer funds to other cards and accounts. This way Bitsa provides you with easy access to financial services and that’s something the unbanked in Europe should appreciate and take advantage of. Load Your Card With Cryptocurrencies and Vouchers The new card offered by Bitnovo can be loaded with bank transfers, cryptocurrencies like bitcoin cash, vouchers as well as gift cards that are sold online. You’ll be able to request a virtual or a physical contactless Bitsa from your account. To create one, you need to provide your email address, phone number, and choose a password. The Bitsa account and the virtual card are free, while the plastic will cost you €19.50. There is no maintenance fee and the crypto top-up with cryptocurrencies is free of charge. Purchases outside the Eurozone are charged with a 1.5% fee. The maximum amount that can be withdrawn at ATMs is 1,500 euros daily. Purchases are only limited to the balance on the card. The Bitsa card is also currently available on Sixthcontinent.com, an Italian profit sharing platform specialized in selling gift cards in various European markets. The prepaid card can be loaded with vouchers bought from the website. Through Sixthcontinent, the crypto card is now offered in Italy, Spain and Portugal, and it will be released in France and Germany in the near future. Commenting on the launch of the prepaid Bitsa card, Bitnovo’s Chief Marketing Officer Roberta Quintiliano told news.Bitcoin.com: Given the outcome we are having in Italy and other European countries, and since it is a card that allows free and easy access to financial services for the unbanked, this could be a very exciting news for the crypto community. How to Top Up Your Bitsa Card With Bitcoin Cash Loading the Bitsa card with cryptocurrencies – BCH, BTC, LTC, DASH, XLM, XRP, and ZEC – is fast and easy. To top up your card with bitcoin cash (BCH), for example, you need to first download and install the free Bitsa app, which is available in both Google Play and the App Store. Once you link your virtual or plastic Bitsa is with the application, or associate with your online account, you have to go to the app’s Top Up menu, choose the Cryptocurrency option and select Bitcoin Cash. You can set the amount in either BCH or EUR equivalent and then hit Continue. The next screen will show you a summary of the transaction and a couple of payment options. You can either pay with the wallet installed on your smartphone or choose to load the card with a wallet on a different device using the generated QR code. Once the BCH amount has been sent, your electronic cash will be converted to euros. With cryptocurrencies it will be possible to instantly top up the Bitsa prepaid card, “thus guaranteeing quick and easy access to financial services, also to the unbanked public in Italy, Spain and Portugal,” Bitnovo noted in a press release. “We are very pleased with this achievement and we are sure that it is only the first of the many steps we will take to continue to provide everyone with free access to financial services, so they will no longer be an exclusive prerogative of banks,” the Spanish company stated. Which crypto debit cards have you used? Do you have a favorite? Tell us in the comments section below. Disclaimer: Readers should do their own due diligence before taking any actions related to third party companies or any of their 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 third party content, goods or services mentioned in this article. Images courtesy of Shutterstock, Bitnovo. You can now purchase Bitcoin without visiting a cryptocurrency exchange. Buy BCH and BTC 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 Bitsa Is a Crypto Card Europeans Can Top Up With BCH appeared first on Bitcoin News. View the full article

For a few weeks now, the former antivirus software tycoon John McAfee has said he is fleeing from the U.S. government for not paying his taxes. More recently McAfee’s been on a tweet tirade, speaking directly to his “pursuers” and telling them to leave him alone. Also Read: CME’s Bitcoin Futures Hit New Records McAfee: ‘All I Wanted Was to Be Left Alone’ John McAfee is well known for starting a multi-billion dollar antivirus software corporation but he’s also known for his flamboyant personality over the years. McAfee’s recent troubles started during the beginning of the year when he tweeted to his 960,000 followers that he was now “living in exile.” He explained at the time that he was charged with felonies handed down by the Internal Revenue Service (IRS). McAfee stated on his boat that he and his wife Janice received notice from a grand jury for “various tax fraud issues.” “I have not paid taxes for eight years and I have made no secret of it,” McAfee told his fans. For a while, McAfee didn’t seem to have any issues traveling around the Caribbean islands with his crew and shared pictures and videos of himself living at sea. Then, during the second week of May, one of McAfee’s campaign staff explained that John was going offline in fear for his life and freedom. “Developing events have made it necessary for John McAfee to go dark — Please be advised that this account will be operated by staff until further notice,” the staff member announced. “More details will be released in time.” When McAfee returned online, he told his Twitter followers that he and his wife Janice were “safe and sound in their new backyard as defiant, joyful and free as ever.” Many people suspect that McAfee has been meandering around the Bahamas from various posts on social media. However, McAfee’s geo coordinates, at least according to Twitter, shows he and his crew have been traveling the Atlantic, stopping off in places like Cuba, Bermuda, and Venezuela. On June 9, a specific Twitter post from Cuba addressed to McAfee’s followers explained that his recent tweets are really for his pursuers. “My recent tweets are less for you than they are for my pursuers. They are shots across the bow — Leave me the fuck alone, or go down with the corruption you have embraced, because I will fucking bury you if you continue,” McAfee boasted. “Doubt me at your own fucking risk.” The very next day McAfee stated: All I wanted was to be left alone. I paid tens of millions of dollars in taxes and received only the condescension of Federal employees, when I needed services, in return. I chose to pay no more. This is my crime. You should have left me alone. The Backup Plan: 31+ Terabytes of Incriminating Data McAfee now claims that the Department of Justice is in the midst of compiling a claim against him for money-laundering, racketeering, and even murder. According to McAfee, the Bahamas Assistant Police Commissioner Paul Rolle is now after him as well. The cryptocurrency advocate emphasized on June 11 that Rolle is cooperating with a rogue CIA agent in order to “collect” him. However, McAfee has a backup plan in place and insisted that he has collected files on corruption in governments and for the first time plans on naming names and specifics. “I’ll begin with a corrupt CIA agent and two Bahamian officials — If I’m arrested or disappear, 31+ terabytes of incriminating data will be released to the press,” McAfee informed his enemies. Bahamas Assist. Police Commissioner – Paul Rolle co-operates wirh Rogue CIA agent – Patrick Costello, to collect me. Rolle now wants proof of bad deeds. I will publish his deposits and withdrawals from Fidelity Bank, acct # 871040052816. OK Mr. Rolle? Should have Googled me. pic.twitter.com/NlaAX0fm9r — John McAfee (@officialmcafee) June 11, 2019 McAfee’s story and recent tweet tirade can be dizzying, but he’s managed to bring to the table the discussion of why he and many others believe taxation is theft and can only be done with the use of force and coercion. All John McAfee wants is to keep his hard earned money. “My entire life has been fighting, and running from corruption,” McAfee said on Tuesday. “We are in a sunny tropical country, surrounded by ocean, singing, dancing and drinking Mojitos — Please do not extricate me from this.” Moreover, after having to “mud wrestle the Bahamian Police Commissioner along with dodging assassins,” McAfee launched a cryptocurrency trading platform called McAfee Magic. What do you think about the cryptocurrency advocate John McAfee on the run from government agents? Let us know what you think about this story in the comments section below. Image credits: Pixabay, Twitter, and Youtube. 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 After Fleeing From the US Government John McAfee Warns His Enemies appeared first on Bitcoin News. View the full article

Ever since the Chicago Board Options Exchange (Cboe) announced it was ending its bitcoin futures products back in March, the Chicago Mercantile Exchange (CME Group) has seen a huge influx of bitcoin derivatives volumes. During the second week of May, CME’s bitcoin futures touched a milestone when it surpassed 33,000 contracts ($1.3 billion notional value) in one day. In another instance, CME’s open interest for its bitcoin derivatives positions smashed an all-time record high of 5,190 contracts on May 28. Also Read: Our Value of Money Is Subjective But That Doesn’t Make It Meaningless CME Group’s Bitcoin Futures Markets Break Records Throughout April and May There’s been a lot of action happening with bitcoin futures products specifically stemming from CME Group. Last March, Cboe decided to announce the end of its bitcoin futures markets, stating that the product saw low trade volumes. Although Cboe said at the time that it would ponder offering cryptocurrency derivatives products in the future. The last contract for bitcoin futures on the CBOE exchange will be settled on June 19th and according to an email response from Cboe’s Suzanne Cosgrove, the exchange is still assessing the situation. “Cboe is assessing its approach with respect to how it plans to continue to offer digital asset derivatives for trading,” Cosgrove remarked on June 11. Cboe’s decision to end its bitcoin futures seems to have caused far more demand for CME Group’s crypto derivatives offering. Last May turned out to be a record month for CME Group’s bitcoin futures with close to 300,000 contracts settled. Moreover, June volumes are currently starting to pick up and so are contracts in July. News.Bitcoin.com reported on how CME Group’s bitcoin derivatives saw $1.3 billion notional value (168K BTC) when 33,677 contracts were swapped on May 13. The record day was up nearly 50% from the last achievement of 22.5K contracts settled on April 4. When it comes to open interest month to month, the average daily open interest by month increased 755%. Moreover, on May 28, CME data shows that open interest jumped to 5,190 contracts. Throughout the months of April and May, bitcoin notional trading volume at CME Group surpassed the previous six months’ volume combined. Average Daily Volume (ADV) by month shows 1,188% growth since December 2017. In addition to the record numbers, CME Group published a new report on June 5 analyzing of the CME CF Bitcoin Reference Rate (BRR). The report explains how the BRR system works and how the bitcoin-based index avoids manipulative practices and gives an accurate representation of price. The paper addresses several points in order to establish how BRR is a “reliable credible source for the price of bitcoin and intended to facilitate the creation of financial products based on bitcoin.” This includes eight distinct tests of: Relevance, Manipulation resistance, Verifiability, Replicability, Timeliness, Stability, and Parsimony. “It is possible to conclude that the BRR is representative of the underlying bitcoin spot market that it tracks, as by definition it represents the actual trades that have occurred within that market — By capturing the notional value of transactions, the BRR provides an accurate reference to the average spot price over the period,” CME Group’s latest bitcoin futures report notes. CME’s in-depth analysis of BRR continues: There is liquidity in the BRR, in the 1 year to March 2019, over USD 3 billion worth of bitcoin trades were executed, over 1.8 million trades were included in the BRR based on a total of 607,000 bitcoins traded, this shows credibility in the computation of the BRR. Open interest sees 755% growth since December 2017. Furthermore, the data aggregation web portal Tradeblock published a report on June 7 describing how bitcoin futures markets are gathering steam next to the already established spot market environment. “CME’s [bitcoin futures] product has even begun to close in on trading volumes at US accessible spot exchanges — For the month of April, bitcoin futures notional trading volume surpassed the combined volume from the six largest US accessible spot exchanges,” Tradeblock’s recently published study explains. The Possibility of Institutional Players Hedging Their Bets There’s also been a few noticeable gaps throughout May and the first week of June that give some speculators the impression that institutional traders are in the game. Traditionally gaps are filled when markets close at the end of the week and pick back up again on Monday, but there have been four gaps so far in the last few weeks. The very noticeable gaps on the Bitcoin CME Futures chart. Usually, when there’s a lot of interest in certain futures markets gaps can widen significantly. This can give traders the ability to profit between the market’s closing prices and opening prices the following week, but it can be risky and takes a lot of strategies. Up until now, there haven’t been any unfilled gaps since CME Group launched its bitcoin derivatives product in December 2017. This has led people to believe big players might be hedging their bets with BTC spot market positions and profiting during a new open for the following week. This, in turn, could cause volatility with spot market prices and there’s been a lot of tumultuous action with BTC markets of late, coincidentally in parallel with growing open interest and volumes taking place on the CME exchange. Over April and May, #bitcoin notional trading volume at the @CMEGroup was larger than the volume for the previous 6 months combined. pic.twitter.com/WHUIqkof0u — TradeBlock (@TradeBlock) June 6, 2019 Cryptocurrency markets, in general, have seen significant gains this year as 2019 has erased some of the bear market blues from the year prior. Bitcoin-based futures trading wasn’t very active in 2018, but lately interest in bitcoin derivatives products has grown immensely, especially after Cboe announced it was leaving. However, no one knows how this action will affect BTC prices in the long run with interest in futures products picking up significantly and the possibility of big players jumping between both spot and derivatives markets in order to profit. What do you think about all the bitcoin futures action happening on the CME exchange lately after Cboe called it quits? Let us know what you think about this subject in the comments section below. Image credits: Shutterstock, CME Group, Trading View, Twitter, and Pixabay. 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 CME’s Bitcoin Futures Hit New Records appeared first on Bitcoin News. View the full article

The number of businesses accepting cryptocurrencies for goods and services has been growing, particularly for P2P coins such as bitcoin cash. Finding places where you can spend your digital cash is easy thanks to platforms such as Bitcoin People. Also read: How to Buy a Cryptocurrency Hardware Wallet With Bitcoin Cash Find Products and Services You Can Buy With BCH Bitcoinpeople.online is a merchant directory listing companies that support payments in bitcoin cash (BCH) and several other major coins and tokens. It’s useful for both potential customers who want to find places to spend their digital currencies and for businesses that are willing to accept digital assets for their products. If you are a crypto entrepreneur, you can sign up and list your businesses for free. To do so, you need to register with the platform. Creating an account requires you to choose a username and password and provide a valid email address. You can also promote your brand as a featured business on the Bitcoin People homepage and on other relevant pages for about $1 per month. If you need to find merchants accepting cryptocurrencies, you can use the website’s search feature or browse the listings by multiple categories. Those containing the most ads right now are Clothing, Food & Drink, Holidays & Travel, Home & Garden, Art & Crafts, Web Services, and Electronics. But there are also listings in categories such as Aircraft, Jewelry, Video Production, and Pet Food. You can also filter the listed businesses by country and view them on a map. Each is linked to its dedicated page where you can find details about available products and services, accepted cryptocurrencies, acquire contact information, and even get directions from Google Maps. Bitcoinpeople.online has a section where you can find discounts as well. For more ideas about items that can be purchased with BCH, check out Bitcoin.com’s Spend Bitcoin Cash page. You can use it to shop online for a variety of products or to order gift cards for major retailers such as Macy’s and The Home Depot. Would you recommend any other platforms like Bitcoin People that offer ideas about where to spend your cryptocurrencies? Tell us in the comments section below. Disclaimer: Readers should do their own due diligence before taking any actions related to third party companies or any of their 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 third party content, goods or services mentioned in this article. Images courtesy of Shutterstock, Bitcoin People. 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 BCH and BTC with a credit card. The post Bitcoin People Directory Lists Crypto-Friendly Merchants appeared first on Bitcoin News. View the full article

Excerpts from what could be India’s new cryptocurrency bill have been leaked. While local media have made outrageous claims about the details of the bill, industry experts have pointed out numerous flaws and inaccuracies. Meanwhile, the country’s finance secretary has confirmed that the crypto regulation is ready to be submitted to the finance minister for approval. Also read: Indian Cryptocurrency Regulation Is Ready, Official Confirms Indian Cryptocurrency Bill The Indian government has been working on a regulatory framework for cryptocurrency for over a year. Last week, Finance Secretary Subhash Chandra Garg revealed that the report containing the recommended crypto regulation is ready to be submitted to the finance minister. He heads an interministerial panel tasked with drafting the regulation. The government has not made the details of the report or any draft bill public. Some Indian news outlets, however, claim to have some knowledge of this cryptocurrency bill. While it is unconfirmed whether the bill they cited is the same one the Garg panel will submit to the finance minister, industry experts have analyzed the excerpts and details of the bill and have shared their analyses. Subhash Chandra Garg Unconfirmed Reports Two major Indian news outlets have reported that the bill entitled “Banning of Cryptocurrency & Regulation of Official Digital Currency Bill 2019” is the one the Garg panel has proposed. The Economic Times wrote about it on April 26 and Bloombergquint on June 6. However, both publications have been vague about their sources, providing no evidence of the bill’s legitimacy. The former wrote, “The government has kicked off interministerial consultations on a draft bill to ban cryptocurrencies and regulate official digital currencies.” It cited only “a government official who did not wish to be named” and certain minutes of the interministerial meeting it had reviewed. The latter publication claims to have accessed the bill and boldly wrote, “India Proposes 10-Year Jail For Cryptocurrency Use…” However, an excerpt of the bill shared by the author of the article suggests that only certain activities are penalized and there is no blanket ban on general cryptocurrency use. Prohibited Activities Following his article on Bloombergquint, journalist Nikunj Ohri tweeted excerpts of the bill he claims to be the one proposed by the Garg panel. One excerpt reads: “Whoever directly or indirectly mines, generates, holds, sells, deals in, transfers, disposes of or issues cryptocurrency or any combination thereof with an intent to use it for any of the purposes mentioned in, or directly or indirectly uses cryptocurrency for any of the activities mentioned in clauses (e), (g) and/or (h) of sub-section (1) of Section 8 shall be punishable with fine as may be prescribed by the central government in the first schedule or with imprisonment which shall not be less than one year but which may extend up to ten years, or both…” An excerpt of the bill posted by Nikunj Ohri on Twitter. Ohri did not share the most crucial part of the bill which details the outlawed activities despite attempts by many people asking for him to do so. “Why not post the entire document when you have it instead of snippets? For all we know, the ‘activities’ mentioned here could be money laundering, etc., which are prohibited when done with INR too,” a Twitter user replied to Ohri’s post. Tanvi Ratna, a policy analyst and Blockchain Lead at EY who has worked with the Indian government on several projects, also offered her analysis of this bill. “From this excerpt, you see clearly that it says that, for activities which are listed out in certain clauses of Section 8, there is a proposed punishment of a fine or imprisonment ranging from one year to up to 10 years,” she began. “So clearly, this is a proposed punishment for some specific kind of activity or intent, that is, for example money laundering. Those punishments are typically harsh … so saying that you get imprisoned for up to 10 years for something like money laundering would not actually be very abnormal.” Ratna reiterated: The first thing to note is that there isn’t really a blanket ban and imprisonment for 10 years that people are making this out to be. Crypto Assets Undefined Ratna further pointed out that “the most important section of any kind for blockchain regulation or policy” is missing in the leaked draft bill shared by the Bloombergquint journalist. “The definition of what constitutes the virtual assets,” such as what is getting classified as a security token or a utility token or which aspect this legislation applies, is the bulk of where the issues lie for crypto regulations globally, she opined. Since “the definition section is empty,” she concluded that this particular draft bill is not ready. 90 Days to Dispose of Crypto Assets According to Bloombergquint, the bill also requires a person holding cryptocurrency to “declare and dispose it within 90 days from the date of commencement of the act.” Kashif Raza, co-founder of Indian platform for blockchain and crypto regulatory news and analysis Crypto Kanoon, raised many questions regarding this requirement which the government needs to clarify before the bill can progress. Since the country’s central bank, the Reserve Bank of India (RBI), has banned banks from providing services to crypto exchanges, he questioned how the government expects the people to exchange their cryptocurrencies for rupees. With the banking restriction, he asked if the government would be encouraging people to conduct in-person cash transactions and how anyone would be motivated to buy crypto assets knowing that they will be made illegal after 90 days. Alternatively, he questioned if there will be government agencies appointed to buy people’s cryptocurrencies at market prices. These are some unanswered questions the government will need to clarify if this requirement were to be enforced. Raza also questioned how this law can be successfully implemented and how the government plans to enforce it and ensure compliance of 5 million registered crypto users in India after 90 days. He continued to question how practical it would be to put young people who embrace new innovations behind bars and what the government plans to do with Dapps startups since many projects have already gotten funds from banks and investors, elaborating: If they don’t declare, would the government impound electronic devices of more than 5 million investors? … If they declare, would the government offer to redeem their funds as per market price? Amending the Money Laundering Act The Bloombergquint article also notes that “The draft bill proposes to amend the Prevention of Money Laundering Act 2002 [PMLA] to include under its purview transactions like mining, holding, generating, selling, transfer and disposal of cryptocurrency.” This route of regulating cryptocurrency is not a surprising one. Hatim Husain, co-author of the Cambridge University’s Centre for Alternative Finance report entitled “Global Cryptoasset Regulatory Landscape Study,” previously explained to news.Bitcoin.com how this law could apply to cryptocurrencies. The use of cryptocurrencies may fall under the PMLA, which carries statutory penalties of up to 10 years imprisonment. “It is possible to regulate transactions in cryptocurrencies, if they constitute money laundering, under PMLA Act,” he remarked. “Nevertheless, the effective application of PMLA to illegal transactions in cryptocurrencies is a grey area since it is unclear whether the reporting obligations prescribed under Chapter IV (Obligations of Banking Companies, Financial Institutions and Intermediaries) of PMLA Act would extend to wallet operators or bitcoin exchanges or any third party bitcoin services.” He believes that an “Amendment to PMLA is certainly a faster process than introducing a new legislation, but has to meet the rigours of parliamentary approvals in any case,” emphasizing: Further clarity (by way of amendment or otherwise) is indeed required before the government can effectively regulate illegal cryptocurrency transactions under PMLA. More Reasons Not to Panic The Indian crypto community has urged the public not to panic and read media reports with a grain of salt. Raza has shared a number of reasons why the public should stay calm. Firstly, he said that there is very little information about the bill and one cannot understand the bill on the basis of just a few lines posted on Twitter. Secondly, he explained that there are two kinds of draft bills, private and public, and it is not clear which type of bill this is. Private bills can be prepared and introduced by any member of parliament, whereas public bills have to be introduced by a minister such as the finance minister. He further noted that the latter has a higher chance of getting approved in Lok Sabha, adding: [The] bill is just a recommendation which may be rejected by the government. Raza reiterated that this is just a legislative proposal which has yet to be approved, presented and converted into an act. If a bill is passed in Lok Sabha, it will need to be approved in Rajya Sabha and then by the president. Even if the bill is approved by all, he said that its constitutional validity can still be challenged by anyone. EY’s Ratna clarified that the Garg committee is authorized to prepare a report, provide a set of recommendations regarding India’s crypto regulation, and even draft a bill which ministries are allowed to do. However, the bill will not automatically become law as it needs to go to the finance minister and to parliament to be voted on. Emphasizing that “there is no guarantee that this is the final draft,” the Blockchain Lead revealed that there was a bill “made by a bunch of research assistants who were working with the Minister of Finance and that’s been floating around for a while between departments and there’s not been any action on it.” Raza similarly suggested that this bill could be an old draft bill that had already been rejected by the government and replaced by a different bill. The media may have gotten a hold of this rejected bill and reported it as the current bill. RBI Knows Nothing of This Bill There are discrepancies in the claims made by the authors of both articles. One major such discrepancy concerns the involvement of India’s central bank in drafting this bill. The Indian government has previously confirmed that the RBI is part of the Garg panel. However, in its reply to a Right to Information (RTI) request filed by Blockchain Lawyer founder Varun Sethi, the RBI denied having knowledge of this bill. Sethi filed the RTI on May 7 and received a reply on June 4. He commented, “RBI has actually stated that they have not received any communication from any department and they have also not given any communication to any government department pertaining to [the] drafting of this bill and this is very surprising,” elaborating: RBI did not actually propose any ban on crypto assets … [We also asked] did anyone else also propose these things to RBI … RBI said no. In addition, the Bloombergquint article claims that the bill proposes creating a digital rupee to be legal tender and “would be governed by regulations that will be notified by the central bank under relevant provisions of RBI Act, 1934.” It further states that “The draft bill also grants power to the RBI to notify any official foreign digital currency to be recognised as a foreign currency in India.” If the bill is legitimate, then all these proposals were made without involving the central bank. India Participates in G20 Crypto Discussions As speculation grows over what the bill entails, India’s new finance minister, who will soon receive the real crypto bill from the Garg panel, was busy discussing various issues with her counterparts from other G20 countries. Nirmala Sitharaman, formerly the country’s defense minister, succeeded Arun Jaitley on May 31. The G20 Finance Ministers and Central Bank Governors Meeting was held on June 8-9 in the Japanese city of Fukuoka, ahead of the G20 summit which will take place on June 28 and 29. After several discussions regarding crypto assets, the G20, including India, issued a joint statement confirming that it will follow the standards set by the Financial Action Task Force whose new guidance on crypto assets is expected later this month. The G20 also welcomed work done by the Financial Stability Board (FSB) and the International Organization of Securities Commissions on crypto trading platforms. G20 finance ministers and central bank governors, including Nirmala Sitharaman, at their meeting in Japan on June 8-9. The Indian government has cited the opinion of the FSB several times such as in the central bank’s “Report on Trend and Progress of Banking in India 2017-18” published in December last year. A recent FSB report submitted to the G20 meeting over the weekend reaffirms: “To date, the FSB continues to assess that crypto-assets do not pose material risks to global financial stability at present, but that they do raise a number of further policy issues beyond financial stability.” In addition, the supreme court is expected to hear the crypto case on July 23. Until then, the Indian crypto community has urged everyone to wait for the official announcement by the government without jumping to conclusions. Do you think this bill is legitimate? Let us know in the comments section below. Images courtesy of Shutterstock, Bloombergquint, Nikunj Ohri, and the Japanese government. 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 Leaked Details of India’s Cryptocurrency Bill Analyzed appeared first on Bitcoin News. View the full article

Six days ago news.Bitcoin.com announced the launch of Local.Bitcoin.com, a peer-to-peer marketplace that allows people to trade bitcoin cash (BCH) in a private manner. Since then there have been roughly 14,000 accounts created so far, and many people are actively trading throughout various countries worldwide. Also read: G20 Starts Crypto Discussions – A Look at Global Standards Local.Bitcoin.com Spreading Free Trade Everywhere On June 4, in honor of the 30th anniversary of the Tiananmen Square protests, Bitcoin.com launched our peer-to-peer BCH marketplace. Since then many individuals have executed trades on our new platform and so far the platform has gathered close to 14,000 account signups. Preliminary statistics show traders are from all around the world and you can find someone selling bitcoin cash throughout many countries and cities. Local.Bitcoin.com traders from Venezuela. For instance, bitcoin cash fans are excited to observe multiple traders offering to buy and sell BCH in Venezuela. Venezuelan citizens have been battling a rough economy and hyperinflation for a very long time and the sovereign bolivar is practically worthless. BCH supporters discussed the subject after seeing that Venezuelan traders are starting to post buy and sell orders, while some have already executed a few trades. On Reddit forum r/btc, one person remarked: Trading in Venezuela is great to see and it is the place in the world that needs the most economical sovereignty/freedom to escape hyperinflation — That can literally save lives. Local.Bitcoin.com traders from India. A decent portion of traders are from within the U.S. and browsing various listings posted from multiple cities shows a number of American traders have fulfilled a number of BCH swaps. Trades have been carried out using gift cards and cash, and one trader has figured out how to swap crypto for crypto on Local.Bitcoin.com’s platform. The user dubbed “Shapeshift” has executed some trades by allowing people to swap crypto assets privately for bitcoin cash. With all the discussion taking place in regard to India’s crypto regulation lately, there’s a decent number of Local.Bitcoin.com traders from India. They have already carried out successful trades and people are offering trades with IMPS, Paytm, as well as cash. Browsing Local.Bitcoin.com’s listings shows there are quite a bit of offers available in Nigeria with all types of payment choices. Gift cards, cash deposit, bank transfers, and Western Union exchanges are popular among Nigerians. Local.Bitcoin.com traders from Russia. Local.Bitcoin.com visitors can find a slew of traders in Indonesia, the Philippines, Canada, Uganda, and Russia. For “in person” cash trades, there’s a wide variety of buyers and sellers utilizing this option on the BCH marketplace. Browsing the “any payment method” option opens up a greater variety of offers that can be used to trade without having to meet someone. Over the last six days, it’s been amazing for our team to watch the BCH marketplace grow organically. Moreover, if you’ve just signed up for Local.Bitcoin.com or plan to register soon, existing account users can generate a referral code. Essentially this means you can earn income by recommending your friends and family members. For example, every time you refer someone to Local.Bitcoin.com and they sign up with your unique code, you will earn 20% of their fees for the lifetime of their account. You can even support Eatbch charity by signing up using the organization’s Local.Bitcoin.com referral link and 20% of all your fees will be sent to Eatbch every month. Now that is finally open, you can support us by using our referral code! 🥣😃 pic.twitter.com/oDFQLhNQDf — eatBCH (@eatBCH) June 4, 2019 Planting the Seeds of Economic Prosperity Many BCH supporters also discussed the marketplace launch on Twitter and talked about how a few traders executed some trades on the first day. The anti-war advocacy organization that promotes free markets and liberty, Bitcoin Not Bombs, showed its excitement on Twitter about the marketplace launch. There’s also a bunch of people asking questions using the Local.Bitcoin.com Telegram channel as the group has 567 members at the time of writing. People are asking unique questions and giving feedback in regard to the bitcoin cash marketplace operations. If you haven’t signed up for Local.Bitcoin.com yet, it’s very easy and only takes a few minutes to create a profile and list some trades. Simply head directly to the trading platform’s signup page and you can have an account set up in no time. Launching a peer-to-peer BCH marketplace means a lot to us and growth in the first week has been phenomenal. Local.Bitcoin.com facilitates BCH trading against local currencies, essentially making bitcoin cash far more accessible to everyone. In the grand scheme of things, Bitcoin.com believes in the future where bitcoin cash will be everywhere and we’re very happy to help plant the seeds of economic prosperity. Have you signed up for Local.Bitcoin.com yet? If so, what do you think about Bitcoin.com’s new local BCH marketplace? Let us know your thoughts about this subject in the comments section below. Image credits: Shutterstock, Local.Bitcoin.com, and Pixabay. Did you know you can also buy Bitcoin Cash online with us using a credit card? Download your free Bitcoin wallet and head to our Purchase Bitcoin page where you can buy BCH and BTC securely. The post Local.Bitcoin.com Shows Lots of Active BCH Listings From Traders Worldwide appeared first on Bitcoin News. View the full article

There’s a lot of debate over whether bitcoin mining is bad for the environment. Many bureaucrats and mainstream media pundits claim that mining is wasteful and bitcoin’s energy consumption cannot be ignored. However, these claims have been refuted in the past and on June 6, Coinshares published a report that details mining is not environmentally imprudent but rather 74.1% of the Bitcoin mining industry is “heavily” driven by renewable energy sources. Also read: Report Insists ‘Bitcoin Was Not Purpose-Built to First Be a Store of Value’ Bitcoin Mining Operations and Renewable Energy There’s been clamoring over the years concerning bitcoin mining and how people believe the energy resources the industry consumes is reckless. For instance, there have been countless reports stemming from China that allege Chinese politicians are negative about the mining industry within the country. For years now the majority of bitcoin miners have been based in China and recently the country’s National Development and Reform Commission (NDRC) wrote on April 9 that the department believes bitcoin mining “wastes resources and pollutes the environment.” This week Coinshares, a crypto investment products and research company, published an in-depth report that states otherwise and highlights how renewable energy is dominant within the bitcoin mining industry. Chart source: Coinshares June 2019 Bitcoin Mining Report. Throughout the report, Coinshares explained how the firm researched the efficiency, electricity consumption, electricity sources, geographical distribution, and composition of the mining network on the BTC chain. At the moment the study explains that the market average since November for the cost of creation at $0.05 per KWh and “depreciation schedules has decreased from approximately $6,800 to approximately $5,600.” This means at current prices mining bitcoin is very profitable and the researchers note that even older mining rigs are competitive. The biggest takeaway from Coinshare’s report is that most mining facilities are located near renewable energy suppliers. Coinshare’s June 2019 study states: We calculate a conservative estimate of the renewables penetration in the energy mix powering the Bitcoin mining network at 74.1%, making Bitcoin mining more renewables-driven than almost every other large-scale industry in the world. Chart source: Coinshares June 2019 Bitcoin Mining Report. China Still Dominates Manufacturing, Older Mining Rigs Become Cashflow Positive, and the Penetration of Next-Gen Miners According to the report, BTC miners captured an estimated $5.5 billion in block rewards and roughly $300 million in transaction fees. 97% of the $5.5 billion consisted of newly minted coins stemming from the block reward. While observing the mining industry Coinshares spotted two macro trends which include a large number of liquidations and bankruptcies and the “first at-scale deployment of the latest generation mining gear.” Coinshares also discussed the ~40% drop in hashrate during Q4 2018 and two separate drivers sparking the recent spike in hashrate. “The re-starting of much of the previously shuttered mining gear as the Bitcoin price recovery has caused even previous-generation mining units to become cashflow positive at commonly attainable wet-season electricity prices,” Coinshare’s report notes. The report also highlights the penetration of next-generation machines and asserts that the “deployment of next-generation mining gear at appreciable scale, predominantly in Sichuan, in line with the advent of the wet-season” was also a contributing factor. Chart source: Coinshares June 2019 Bitcoin Mining Report. Coinshares says that it is true there is uncertainty when it comes to Chinese miners and the government’s policy toward them. However, unlike the mainstream media, Coinshare underlines the big difference between local municipalities and the national government’s treatment toward the mining industry. The report emphasizes that China still plays a leading role within the mining sector and claims: On the other hand, Chinese dominance in the hardware manufacturing sector remains as strong as ever and is showing no immediate signs of reduction. Even if the most damning rumours of Bitmain’s struggles were true (we have our doubts), it would have minimal impact on Chinese dominance in the miner manufacturing sector as all other relevant manufacturers are also Chinese. Chart source: Blockchain.com – timespan: 2 years The report also reveals an estimated electricity draw from the mining industry which assumes that currently the entire bitcoin mining industry is consuming roughly 4.7 GW worldwide. With the renewable power generation in the mining industry capturing more than four times the global average, the number has still has dropped a hair since last November. Last year’s November report detailed the amount of renewable energy-dependent miners was 77.8%, but Coinshares notes this is due to a recent upstart of smaller mining clusters using fossil fuels. “Overall, our findings reaffirm our view that Bitcoin mining is acting as a global electricity buyer of last resort and therefore tends to cluster around comparatively under-utilised renewables infrastructure,” the research report concludes. “This could help turn loss-making renewables projects profitable and in time—as the industry matures and settles as permanent in the public eye — could act as a driver of new renewables developments in locations that were previously uneconomical.” What do you think about the latest Coinshares report that notes the mining industry is using renewable power heavily across the globe? Let us know what you think about this subject in the comments section below. Image credits: Shutterstock, Blockchain.com, and Coinshares June 2019 Mining Report. Did you know Bitcoin.com offers cloud mining contracts? Both BCH and BTC: You can either choose to mine Bitcoin Cash (BCH) or Bitcoin Core (BTC), and you can easily switch between the two at any time. Check it out today! The post 74% of the World’s Bitcoin Mining Operations Driven by Renewable Energy Says Report appeared first on Bitcoin News. View the full article

Mobile communications are becoming more accessible every day. While subscription plans are the way to go in most cases, a prepaid service can be a better choice for customers in certain situations. A platform called Yovopay lets you refill your airtime using cryptocurrencies including bitcoin cash. Also read: Greenpages.cash Will Help You Find Merchants Accepting Bitcoin Cash Purchase Mobile Services With Crypto in 130 Countries Yovopay allows crypto holders to pay for services offered by over 500 prepaid mobile operators around the world. The long list of supported providers includes well-known names such as AT&T, Verizon, Vodafone, Orange, Telenor, Viber, and Мегафон working in more than 130 countries. Yovopay has a full list of all supported jurisdictions and operators on its website. Prepaid mobile services are still popular in many countries with low-income populations and also among travelers who would like to save on expensive roaming charges. With most companies in the sector still shying away from digital coins, they could also be a good option for crypto enthusiasts with the help of Yovopay and similar businesses. How It Works To order a refill for your prepaid plan you need to first choose a country code and enter your phone number and then select an operator. On the next page you’ll be prompted to pick one of the top-up amounts for that particular provider. Once you do so, you will be taken to a page where you’ll see a summary of your order. Before finalizing it, you’ll have to provide a valid email address to receive instructions on how to redeem your purchase. After ticking a box to agree with the terms of service and privacy policy, you’ll be able to pay the bill with cryptocurrency. Yovopay allows you to check out with Coingate, a payment gateway that allows web-based businesses to accept payments in many of the most popular cryptocurrencies. That includes bitcoin cash (BCH) which is an optimal choice with its cheap and fast transactions. Buying a £5 voucher from Vodafone UK, for example, will cost you 0.0181 BCH, at the time of writing. According to the price quoted by Google, that will be around £5.65 GBP. As Yovopay do not provide detailed information about the applicable fees on their website, it’s wise to check the final amount before ordering and sending the coins. The operator of the platform, Yovo Services Ltd., is based in crypto-friendly Malta. In the past couple of years, the island nation which is an EU member state has become a hub for crypto and blockchain businesses, many of which have already opened an office there and registered under its dedicated laws and regulations. Would you buy airtime minutes with cryptocurrencies from platforms like Yovopay? Let us know in the comments section below. Disclaimer: Readers should do their own due diligence before taking any actions related to third party companies or any of their 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 third party content, goods or services mentioned in this article. Images courtesy of Shutterstock. Are you looking for a secure way to buy Bitcoin online? Start by downloading your free Bitcoin wallet from us and then head over to our Purchase Bitcoin page where you can easily buy BCH and BTC. The post Top Up Your Airtime Minutes With BCH Using Yovopay appeared first on Bitcoin News. View the full article

There’s been furious debate over the last few years on whether or not Satoshi created Bitcoin to be a peer-to-peer cash system or a purpose-built store of value. Lately, a few BTC proponents claim that Satoshi deliberately built Bitcoin to be a store of value (SoV). Despite the SoV narrative, the cofounder of OB1, Samuel Patt, wrote an in-depth research report uncovering nearly “everything Satoshi ever wrote,” which makes him firmly believe Satoshi’s invention was really “built for payments.” Also read: Bitcoin.com’s Local Bitcoin Cash Marketplace Is Now Open for Trading Store of Value Vs. Payments BTC maximalists have been pushing the idea that Satoshi Nakamoto purposely designed Bitcoin to be a store-of-value (SoV) or the next digital gold. This debate has raged on for years, but more recently certain so-called thought leaders have determined that Bitcoin was meant to be an SoV and there’s absolutely no way it was designated to be peer-to-peer cash. Some have even said that Satoshi used the words peer-to-peer and cash because they think he/she couldn’t come up with anything better, while some have had the audacity to say they would go back in time and remove the words “cash” from the white paper. One BTC proponent, Dan Held, cofounder of Zeroblock and Interchange HQ, has been bolstering the SoV narrative for quite some time. Held calls bitcoiners who believe otherwise the “cheap payments side” and often dismisses those who disagree him by saying “you don’t get it.” “Still think Bitcoin was meant for cheap coffee payments? Then you need to read this thread,” explained Held on Twitter. Throughout the subsequent thread, Held shares a variety of quotes from Satoshi that makes him believe the technology was purposely built to serve as a store of value. However, on June 6 the cofounder of OB1, Samuel Patt, stated that he disagrees with the SoV theory and Held’s subjective valuation. OB1’s Patt has written a post called the “Breakdown of all Satoshi’s Writings Proves Bitcoin not Built Primarily as a Store of Value,” which shows Satoshi’s writings predominantly lean toward a payment system. Patt’s highly detailed post combs through hundreds of forum threads, emails from Satoshi, and the software itself. “After reviewing all of Satoshi’s writings, I can confidently state that Bitcoin was not purpose-built to first be a store of value — It was built for payments,” the research paper notes. Alongside this, Patt says he is merely debating the historical premise that BTC was purpose-built to be an SoV. Not what BTC is today or what it should be in the future, the author details. “But that doesn’t mean that people should be given a free pass to rewrite history and make false claims about Satoshi’s intentions,” Patt writes. “That’s intellectually dishonest and needs to be called out.” Satoshi Made Statements Supportive of the Payments Side and Never Discouraged Others From Talking About in This Manner Patt’s research cites every single tweet within Held’s SoV Twitter thread and countless other comments from Satoshi’s online statements. Satoshi had also mentioned Bitcoin as a use case for payments 34 times and Patt also highlights that throughout the many Bitcointalk.org threads Satoshi never corrected people for referencing Bitcoin as a payment vehicle. “Satoshi encouraged these efforts and joined in many of these threads,” Patt details. The OB1 cofounder also details how people like Held have stated that Satoshi only mentioned these things to get the attention of cypherpunks. Patt suggests that Held believes that Satoshi created an elaborate “marketing” scheme in order to get people to use Bitcoin. To Patt, the answer is far simpler than these claims. “Satoshi intended Bitcoin to be used for payments, and he reached out to the cypherpunks because he knew they would like the idea — Occam’s razor applies here, there’s no reason to propose a substantially more complex answer than the simple one,” Patt’s research paper details. Crypto Luminaries Weigh In Throughout the day, a few other well-known cryptocurrency advocates revealed that they agreed with Patt’s research. I’ve always maintained that payments were what Satoshi originally intended Bitcoin for, not ‘Store of Value,’” explained Vinny Lingham on Twitter. “That said, he left Bitcoin, so the community is now in control, for better or worse.” Multicoin Capital managing partner Tushar Jain said: “Satoshi clearly built BTC to be a medium of exchange — It’s literally called peer to peer digital cash in the title of the white paper.” Cornell professor Emin Gün Sirer shared his opinion as well concerning Samuel Patt’s study and stated: An incredibly careful, detailed, and devastating post that takes down the false narrative that Satoshi was attempting to build a Store of Value. Of course, Held and other SoV fans disagreed with Patt’s research and observations. Juan Galt detailed on Twitter that “Bitcoin was purpose-built to end central bank manipulation over interest rates and money supply.” “As to what the best technical path to get there is, the market continues to vote, Store of Value first, then Medium of exchange later, after scale, volume and price stability,” Galt added. Held insisted he was “the first ever include both the white paper, forum posts, protocol, and timing” all of which he wrote to battle the “muh payments narrative.” It remains to be seen which narrative will triumph in the end with this seemingly never-ending debate. There are a lot of crypto enthusiasts who believe that a peer-to-peer electronic cash system is needed to bolster economic prosperity and don’t believe that people just holding and mere speculation works well over time. Over the last few months, the conversation concerning Bitcoin being specifically designed to be an SoV caused Patt to respond in a very detailed manner. It’s likely the crypto community will continue to debate this subject until people are truly satisfied that the market has answered. What do you think about the debate about Bitcoin being designed to be an SoV versus a P2P payment system? Let us know what you think about this subject in the comments section below. Image credits: Shutterstock, Twitter, Samuel Patt, and Pixabay. At Bitcoin.com there’s a bunch of free helpful services. For instance, check out our Tools page! The post Report Insists ‘Bitcoin Was Not Purpose-Built to First Be a Store of Value’ appeared first on Bitcoin News. View the full article

There are perks to working for Blockstream, aside from having to answer to Samson Mow. Developers for the Bitcoin Core software company are alleged to earn up to $850K per year thanks to a “stock option” that sees them paid 20% of their salary in BTC. That BTC is pegged at the price bitcoin was at in 2014, meaning that employees are paid around 85 BTC annually as part of their salary, a bonus of around $700K at current prices. That’s according to a new website called Cashbleed that claims to lift the lid on Blockstream’s salary structure. Also read: In a World Where Central Planners Push Debt, Cryptocurrencies Look Better Every Day Blockstream and the Reputed Golden Handcuffs Deal Technically speaking, Blockstream employees could walk away from the company any time they want. In practice, there is no incentive to do so thanks to a salary option in which 20% of their wage is payable in BTC, perennially capped to the price it was at in 2014 when the firm was founded. That’s according to Cashbleed.com, a controversial website registered in the last 48 hours that makes some back of the envelope calculations and some bold claims. The website describes the arrangement as a “scheme” that is ongoing, making it “very difficult for investors to get a return on their investment.” Blockstream, responsible for such Bitcoin Core technology as Segwit and Liquid, has raised $101M over three rounds from the likes of AXA and Mosaic Ventures. Cashbleed ventures: “Suppose an engineer was hired at $150,000 a year, and an extra 20% of their salary was paid as a bonus on top in Bitcoin. 20% of the salary would be $30,000. Blockstream then pays that amount in BTC assuming a price of $350/BTC. $30,000 / $350 = ~85 BTC to the employee, worth roughly $700,000.” It continues: In effect the employee earns $850,000 a year. The salaries of senior executives are likely to be higher than this modest amount for an engineer. The site came to light after Bitcoin.org owner Cobra tweeted a link to Cashbleed.com, writing in withering terms of how “Blockstream’s employees have been paying themselves grossly inflated salaries, despite the company’s lack of success with any real products.” Allegations Receive a Mixed Response Reaction to the allegations has been mixed, with Blockstream acolytes leaping to the company’s defense, while others have blanched at the sky-high salaries staff are allegedly entitled to. “So what?” shrugged one commenter. “They negotiated to be paid in the currency of their choice and it’s appreciated in value against USD. They took both the upside and downside risk.” “I would be pretty pissed if the company I worked for rescinded a stock option agreement after 5 years just because the stocks became 22x more valuable,” defended another Blockstream supporter. “If they purchased the BTC for the purpose of satisfying employee compensation packages the BTC isn’t even theirs to begin with.” Estimated pay for Blockstream employees according to Cashbleed If the alleged pay structure is broadly accurate, it may be so generous as to threaten Blockstream’s sustainability, according to Cashbleed. The website claims: “These obscene salaries are quickly depleting Blockstream’s Bitcoin reserves. We estimate the company won’t be able to survive more than a year of operation without raising another round of investment.” On Subreddit forum r/btc, most commenters took aim at the source of the news, Cobra, with one instructing: “There is no evidence, it’s all made up. No sources, no nothing, just made up numbers and theories. Don’t fall for the snake’s tactics. Next week he’ll be back to praising Blockstream and bad mouthing BCH like he always does. He just wants a paycheck from Blockstream.” Cobra is an enigmatic character who is known for his fierce and often contradictory opinions. In the past year, for example, he has oscillated between support for bitcoin core and bitcoin cash. Regardless of the veracity of the allegations, if Cobra was looking to cause a stir, he succeeded. On crypto Twitter, the debate rumbles on about one of the most controversial companies in Bitcoin and its controversial antagonist, Cobra. Do you think these allegations about Blockstream are true? 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 Blockstream Developers Alleged to Earn $850K Per Year appeared first on Bitcoin News. View the full article

Economists have been predicting a worldwide recession which could pose a risk to financial stability throughout various countries. Fear of an economic downturn has caused the central bank of Australia to cut interests rates on Tuesday and both the U.S. Federal Reserve and the Reserve Bank of India are in the midst of discussing slashing interest rates as well. What is more frightening is the fact that smaller financial institutions are also offering negative interest rates to consumers in a predatory fashion. Also read: Bitcoin Cash Markets and Network Gather Strong Momentum in Q1 Governments and Financial Institutions Push More Debt, Negative Interest Rates, and Trade Wars On June 4, an international contributing editor from the publication Sovereign Man discussed how he was offered a 10-year mortgage from Denmark, Nordea with a negative interest rate of minus 0.12%. The writer detailed how he once thought that this type of lending traditionally stemmed from big banking institutions but nowadays he says “negative interest rates are the norm.” “In other words, the bank would pay me to take out a loan — Thousands, if not tens of thousands of Danes will go out and take out mortgages that will pay them every month.” The Sovereign Man editorial emphasizes “how broken the financial system really is.” “Now, institutions and governments are incentivizing people to consume, instead of save. In fact, they’re paying people to go into debt,” the editorial details. The day before the central bank of Australia cut interests rates for the first time in three years. Interestingly, on the same day, the Reserve Bank of India’s six-member monetary policy committee (MPC) started discussing slashing rates to help curb inflation as well. In addition to India and Australia, the St Louis Federal Reserve President James Bullard and Fed Chair Jerome Powell talked about an interest rate cut too because the U.S. dollar has been under a lot of pressure. To make matters worse, the world is dealing with the current trade war spawned by U.S. President Trump. The World Bank Group, a family of five international financial organizations, coincidentally downgraded its 2019 growth forecast because of subdued trade growth. The World Bank Group downgraded the global economy’s growth outlook n a report published on June 4, 2019. Making the Insanity of the Financial System Work for Your Benefit In the midst of all the fears of a spiraling economy possibly heading toward another deep recession, Sovereign Man editor Alex Moneton asserts that “it isn’t all doom and gloom.” In fact, when the global economy seems backward, Moneton and many others believe “you can make the insanity of the financial system work for your benefit.” There are alternative investments that can be extremely profitable in the future, Moneton claims, and all it takes is some willingness to find them and patience. Sovereign Man describes investing in certain low-valued tech companies that have a solid foundation, but there are also the opportunities presented by cryptocurrencies. Digital currencies like bitcoin cash (BCH) and many others have outshined traditional investment assets like oil, gold, and popular stocks this year. Meanwhile, economic fears this year have pushed gold (Au) prices higher as Au values tallied a fifth straight session climb this week, capturing decent gains month after month since the first of the year. But Carlo Alberto De Casa, chief analyst at broker Activtrades, has written that gold prices are nearing all-time highs again and have yet to press past the upper resistance. “The next target could now be the resistance area of $1,350-$1,370, a level which has always stopped gold in the last 4 years,” the analyst wrote this week. Even though gold has been a safe haven asset for millennia, digital assets have proven to be more suited for permissionless free trade. Gold will likely still hold value due to its intrinsic value for things like jewelry and electronic components and people have always appreciated that Au is scarce. But cryptocurrencies like bitcoin cash (BCH) are not only scarce, but they also allow people to send the funds across borders for less than a U.S. penny per transaction. You cannot move $10 million dollars worth of Au so easily across the world due to gold’s weight, the need for strong security, and shipping costs. Even the head of Real Asset Strategy at Wells Fargo, John LaForge, revealed on May 28 that he believes investors are not looking toward the shiny yellow metal these days. LaForge told the press that gold prices no longer look attractive and investors should look elsewhere for defensive assets. Cryptocurrencies Are Defensive Assets Due to Their Provision of Permissionless Capital Mobility in a World of Austerity Measures and Economic Uncertainty Alternative investments like cryptocurrencies have shown incredible resilience this year and have been climatic in comparison to even gold’s rise in value. For instance, gold (Au) was priced at $1,284 per troy ounce on Jan. 1, 2019 and has increased 3.97% when spot markets opened this morning on June 6 at $1,335 per ounce. In contrast, bitcoin cash (BCH) prices on Jan. 1, 2019 were around $150 per unit and since then BCH prices ($385 per coin at press time) have increased in value by a whopping 156%. In a world that’s filled with predatory negative interest lending, trade war escalation, central banks causing more economic busts and booms, and nation-state issued currencies suffering from hyperinflation, digital assets continue to look better every single day. Economists are predicting the world is headed toward a deep recession that could resemble the hard times global citizens experienced in 2008 or worse. The value of sending permissionless hard money like BCH across borders is becoming greater than ever. As Sovereign Man discussed, markets aren’t rational, but there are ways to escape the wrath of the storm. Beneath all the chaos there are smart investors making key decisions at a time when precious metals markets and global equity markets are becoming archaic relics. While the economy falters, the acceleration of cryptocurrency performance will shine brightly as an investment in permissionless capital mobility coupled with noncustodial solutions. If hard economic times push more individuals toward the incentives of cryptos, it might just be the learning experience people need to stop making the same economic mistakes over and over again. What do you think about the world economy and where it’s heading? Do you believe a global recession is coming? Do you think cryptocurrencies like bitcoin cash are defensive assets against failing currencies and the faltering economy? Let us know what you think about this subject in the comments section below. Images credits: Shutterstock, Twitter, The World Bank Group, and Pixabay. Now live, Markets.Bitcoin.com – A comprehensive, real-time listing of the cryptocurrency market valuations. View prices, charts, transaction volumes, and more for the top 500 cryptocurrencies trading today. The post In a World Where Central Planners Push Debt, Cryptocurrencies Look Better Every Day appeared first on Bitcoin News. View the full article

Bitpay has recently been attacked on social media for charging an extra fee for BTC transactions that it doesn’t ask of BCH users. The reality is that the company simply has to cover its operational costs related to the BTC network, where fees are currently very high again. Also Read: How to Check Median BTC and BCH Transaction Fees BTC Transaction Are Far More Expensive Than BCH Bitpay, the popular payment processor that enables merchants to accept bitcoin cash (BCH) and bitcoin core (BTC), has received flack recently from advocates of the latter cryptocurrency. The company is accused of charging an extra fee on BTC transactions in order to push users to choose BCH. However, Bitpay’s fee structure has not changed; it still charges just 1% to process transactions, and the Network Cost charge they refer to was first introduced back in early 2017. This Network Cost is a charge that helps the processor cover miner fees required for handling the payments. After a user pays an invoice and a miner fee on their side, Bitpay has to pay additional network fees on its side to move all its invoice payments so it can combine them for processing in something called an Unspent Transaction Output (UTXO) sweep. Bitpay payment flowchart from customer to merchant Bitpay explains on its support portal that if a Network Cost amount is calculated to be lower than $0.01 and less than 0.05% of the invoice price, the processor does not charge it. Thus BCH payments, which most often are well below this threshold, can appear to be exempt. It is important to note that BTC network fees are orders of magnitude more expensive than those for BCH. For example, at the time of writing, the current median fee for BTC is $2.61, which is over 2,300 times higher than the current median fee BCH of just $0.0011. This means that a payment of $10 with BTC can cost over 26% to handle in a timely manner while with BCH it is virtually 0%. With such big differences, no company accepting on-chain payments that needs to stay in business can be expected to ignore the issue for all possible sizes of transactions. So Who Is Really Keeping Fees High? The reason BTC fees are currently as high as they are is that the network is suffering from heavy congestion due to insufficient space to handle all transactions. If you are new to the cryptocurrency community, and are unfamiliar with the whole block-size debate, you might assume this is a problem that will be fixed in time. However, as far as bitcoin core advocates are concerned, this is a feature and not a bug. They see high BTC fees as a way to push users onto their Lighting Network and want to eventually make on-chain transactions as rare and as expensive as “chartering an oil tanker.” All this points to bitcoin core advocates attacking Bitpay just for exposing the high fees they themselves are responsible for. This isn’t the first time they have targeted the leading payment processor due to its support of BCH, putting politics ahead of users’ best interests. What do you think about the higher BTC fees? Share your thoughts in the comments section below. Images courtesy of Shutterstock, BitPay. 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 Why Bitpay Is Really Charging More for BTC Transactions appeared first on Bitcoin News. View the full article

Cryptocurrency needs places where you can spend it. Bitcoin cash, with its low-cost and fast transactions, is a good option for merchants and buyers. A platform called Greenpages.cash helps you find stores that will readily accept your BCH. Also read: New Browser Extension Enhances BCH Addresses for Easy Tipping BCH Merchant Directory Lists Over 1,000 Stores Greenpages.cash is a community-maintained BCH merchant directory that currently lists well over 1,000 merchants processing bitcoin cash payments. You can find both brick and mortar and online stores accepting BCH. A useful search feature allows you to look for a particular platform by name, product and service, or location. The website offers many filtering options that will let you pull listings by categories. For example, you can search for physical stores where bitcoin cash is accepted. Alternatively, you can find gift card sellers and Openbazaar vendors. You can also select products and services offered on the Forra online marketplace or reachable via the Tor browser. Green Pages has a separate section for merchants selling gift cards which offer you a great opportunity to spend BCH indirectly in stores that don’t currently accept cryptocurrencies. Bitcoin.com is one of the listed vendors. Check out our Spend Bitcoin Cash page, where you can shop online for a variety of products and order gift cards of major retailers such as Adidas, Macy’s, and The Home Depot. The BCH merchant directory has an interactive map that allows you to locate hundreds of stores around the world where bitcoin cash is accepted for payments. The page lets you calculate the price of the cryptocurrency in U.S. dollars, euros, British pounds or Chinese yuan. You can also learn the latest news and developments in the crypto space from news.Bitcoin.com. What other platforms listing BCH supporting merchants do you know? Tell us in the comments section below. Disclaimer: Readers should do their own due diligence before taking any actions related to third party companies or any of their 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 third party content, goods or services mentioned in this article. Images courtesy of Shutterstock, Greenpages.cash. 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 Greenpages.cash Will Help You Find Merchants Accepting Bitcoin Cash appeared first on Bitcoin News. View the full article

India’s crypto regulation is reportedly ready and there has been much speculation about what it contains. An Indian lawyer has gotten some answers from the Reserve Bank of India about a bill allegedly seeking to ban cryptocurrencies. Surprisingly, the central bank claims that it does not have any knowledge of this bill and did not endorse any ideas towards a complete ban on cryptocurrencies. Also read: Indian Cryptocurrency Regulation Is Ready, Official Confirms RTI Request to RBI Indian lawyer Varun Sethi, founder of Blockchain Lawyer, revealed Wednesday that he has received a reply to the Right to Information (RTI) request his team filed with the country’s central bank, the Reserve Bank of India (RBI). This RTI was filed on May 7 following an article published on April 26 by the Economic Times about a bill entitled “Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019.” The article cites an unnamed government official claiming to have knowledge of the bill. “Our team was expecting to get insights about RBI role in helping draft the bill since it had been proactive in educating and informing investors about risks of cryptocurrencies,” the Blockchain Lawyer team explained after receiving a reply on June 4. Varun Sethi While the article claims that several government ministries were involved in the drafting of this bill, Sethi and his team decided to file their RTI with the central bank. Noting that the RBI has been a key minister in informing investors about the risks associated with cryptocurrencies in the past, Sethi explained: We feel that the Reserve Bank has been issuing these notifications to investors so we thought that they must be aware of this bill and I feel that they are a good contributor to this proposed bill so they might have some information. This is not the first time Sethi filed an RTI with the central bank. After the RBI issued its infamous circular in April last year banning banks from providing services to crypto businesses, he filed an RTI asking what research it did before imposing this restriction. “The RBI specifically mentions that it conducted no research or consultation before the implementation of [the] restriction,” he was quoted as saying. A number of industry participants have filed writ petitions with the country’s supreme court to lift the ban. The court is expected to hear the case on July 23. Another RTI was recently filed regarding this bill but with the Department of Economic Affairs instead of the RBI. However, it was rejected based on RTI’s Section 8(1)(i). RBI Denies any Knowledge or Involvement The RTI Sethi filed contains five nine-part questions primarily concerning the central bank’s role in the aforementioned bill. In its reply, the central bank denied “any written correspondence from other ministerial departments officially to RBI,” declared that it had never “sent out official communication to other departments for this matter,” and confirmed that there had not been “any communication received from Central Government in this matter.” Further, the RBI claims that it had neither received any copy of this draft bill nor held any internal meeting “to discuss, deliberate and decide the plan of action ahead of how to ban cryptocurrencies and regulate official digital currency bill.” Sethi summarized: RBI has actually stated that they have not received any communication from any department and they have also not given any communication to any government department pertaining to [the] drafting of this bill and this is very surprising. The lawyer reiterated, “we felt that RBI was a very crucial contributor for drafting this bill,” noting that “this is very interesting that if a draft bill is being created, [and] no communication either to or from RBI has actually happened.” RBI Did Not Endorse a Complete Ban The Economic Times article also reported that “A number of government departments including the Department of Economic Affairs (DEA), Central Board of Direct Taxes (CBDT), Central Board of Indirect Taxes and Customs (CBIC) and the Investor Education and Protection Fund Authority (IEPFA) have endorsed the idea of a complete ban on the sale, purchase and issuance of all types of cryptocurrency,” citing the unnamed government official. Responding to questions about its involvement, the central bank proceeded to deny endorsing any such idea to other government departments, emphasizing that it never received any “written communication” or “copy of such endorsement from any other government department in this matter.” Sethi described: RBI did not actually propose any ban on crypto assets … [We also asked] did anyone else also propose these things to RBI … RBI said no. Moreover, the central bank also does not have information to share regarding any delays on crypto regulation. Why Wasn’t RBI Involved? According to the Economic Times, the unnamed government official told the news outlet that the crypto-banning bill had been “circulated to relevant government departments.” One of the questions in the RTI concerns the relevancy of the central bank for the drafting of this bill. “Is there information that RBI is not the relevant authority to take decisions in this matter?” Sethi asked, anticipating that the central bank might say that it had no knowledge of this bill. The central bank simply replied that it “does not have information in this regard.” Drilling deeper, Sethi asked if the RBI had made any efforts to obtain a copy of the draft bill that had apparently been circulated to other relevant government departments, given that the RBI claims on its website that it “has been initiating many investor education notifications educating investors to refrain from investing in cryptocurrencies and risks involved therein.” He also questioned, “what are the legal rights as per the powers entrusted with RBI, in case the bill is being discussed without the knowledge of RBI?” While maintaining that it did not have the information to answer these questions, the central bank confirmed that it had never “issued any circular/notification/public communication in this matter on its official website regarding such bill.” Regarding the view of the committee with representatives from the DEA, CBDT, CBIC, and the IEPFA that “already there is a lot of delay in taking action against cryptocurrency,” the lawyer asked if an RBI officer was part of the committee and if the RBI made any submissions in this matter. The central bank replied, “RBI does not have information in this regard.” Sethi reiterated, “RBI clearly stated that it had not received any communication from any government department or given any information to any government department in this matter,” and no RBI officer helped draft this bill. He elaborated: This comes as a surprise since RBI is a key player in investor education and protection … not even a single RBI officer is actually part of the committee that has been created for [the] drafting of this bill. Nischal Shetty, CEO of local crypto exchange Wazirx, commended Sethi for getting an answer out of the RBI and for “busting misinformation in the crypto sector in India.” He previously told news.Bitcoin.com that traders in India were not deterred by this rumor and his exchange saw rising trading volumes. “The report did not really affect volumes at all … Unless we hear something concrete from our finance department I don’t think it’s going to affect existing traders,” he shared. Commenting on RBI’s replies, the CEO remarked: Is the bill even real or has there just been fake news being spread? The Questionable Minutes The Economic Times also claims to have reviewed minutes of the interministerial meeting which states that “There is an urgent need to ban sale purchase and issuance of cryptocurrency.” Sethi asked the central bank to confirm if said minutes were from any meetings held at the RBI or any of the offices it controls or regulates. He also wanted to know if the RBI has the right to share such minutes with the news outlet. Without confirming or denying, the bank simply answered: It is not clear as to which minutes of the meeting is being quoted by the news article published in Economic Times. This RTI has significantly shed some light on the rumor of the bill to ban cryptocurrencies in India. Last week, the country’s new finance secretary, Subhash Chandra Garg, reportedly confirmed that the cryptocurrency regulation is ready. He heads an interministerial panel tasked with studying all aspects of cryptocurrencies and drafting India’s crypto regulation. India will be participating in the G20 meetings this month where crypto asset regulations and standards will be heavily discussed. Do you think this bill to ban cryptocurrencies is legitimate? Let us know in the comments section below. Images courtesy of Shutterstock and Varun Sethi. 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 India’s Central Bank Denies Knowledge of Bill to Ban Cryptocurrencies appeared first on Bitcoin News. View the full article

For years Venezuelans have been surviving the harsh economic climate of their country, beset by hyperinflation and political instability. Small businesses have been hit the hardest. But even in these difficult conditions, the ingenuity and hard work of Venezuelan entrepreneurs has allowed them to provide food for their families and services to their communities. Many of them are now using bitcoin cash as an alternative to the national fiat and Cumaná is one of the cities where adoption is growing. Also read: Venezuelan Mining Parts Supplier Coincoin Now Accepts Bitcoin Cash Bolivar Inflation Pushes More Venezuelans Towards BCH Adoption The rapid depreciation of the bolivar has made it difficult to maintain a business, plan for the future and impossible to preserve the value of your income. That’s why many Venezuelans, both merchants and their customers, have sought alternative payment options and some have already found them in cryptocurrencies. Bitcoin cash, with its fees of less than a cent per transaction, is ideal for small, everyday payments in countries such as Venezuela, where poverty has led to widespread economic and social exclusion. Bitcoin cash adoption has been growing fast during the past couple of years and according to the Marco Coino app, there are now over 200 businesses in Venezuela accepting BCH. Many of them are in the capital Caracas but the number of stores has been increasing in other cities as well. Not all of them are known to the world yet or even to their neighbors. Local Bitcoin Cash communities help a lot with spreading the word about the next store or restaurant that is open to BCH enthusiasts and willing to accept their electronic cash. The members of one such community believe Bitcoin Cash brings “the original essence” of the cryptocurrency created by Satoshi Nakamoto. They are working to promote “the expansion and adoption of the money of the future” in the city of Cumaná, capital of the Venezuelan state of Sucre, which is located about 400 km east of Caracas. The region is home to merchants from various industries that take bitcoin cash. Small Businesses in Cumaná Introduce Bitcoin Cash Payments Several businesses based in Cumaná already accept BCH, Gustavo Torres, Bitcoin Cash ambassador in the city, told news.Bitcoin.com. Torres is the administrator of the Bitcoin Cash Cumaná Telegram channel and runs a social network of Bitcoin Cash enthusiasts. He shared that there are two real estate agencies, two hotels, a food store and a restaurant that welcome direct bitcoin cash payments. Gustavo Torres at the Figueroa y Asociados C.A. real estate agency La Casa de Lucas tasca restaurant, which started accepting BCH recently, can be found at the ferry terminal of the local seaport. Another representative of the hospitality industry which will let you pay with bitcoin cash is the Astoria hotel located on Sucre Ave 51. It is one of the first and oldest hotels in the central area of the historic city. Cumaná is actually the first continuously-inhabited settlement established by Europeans in South America. La Posada Betsy Mar hotel Another hotel where visitors can pay with bitcoin cash is called La Posada Betsy Mar and is near the beach in Cumaná. Agro Franco is a small store in the city’s main market which sells fish, chicken and pork meat, beans, grains, other foods and agricultural products. It has accepted bitcoin cash since March of this year. Gustavo Torres has helped all these small business owners by installing Bitcoin.com wallets on their mobile devices. This allows them to accept BCH payments and securely store their cryptocurrency. Agro Franco food store Venezuelans use a number of platforms to convert their crypto income from business revenues and remittances to fiat currency, often U.S. dollars or local bolivars. The P2P exchange Localbitcoins was a popular choice in the country, at least before it removed in-person cash trades from its options. Now, a true peer-to-peer alternative which launched on June 4, Local.Bitcoin.com, is gaining traction. The bitcoin cash marketplace allows users to trade BCH privately with anyone in the world. Other exchanges where Venezuelans buy or sell bitcoin cash among major cryptocurrencies include Basichange.com, Cryptoway.io, and Ccoins. Airtm.com is a platform popular for sending, receiving and exchanging numerous fiat currencies including the bolivar with U.S. dollars, Torres added. He also pointed out that an option to exchange BCH with local fiat money would be a great addition to any crypto wallet and will make his task of persuading merchants to start accepting BCH payments much easier. Do you expect BCH adoption to continue to grow in Venezuela and neighboring countries in South America? Tell us in the comments section below. Disclaimer: Readers should do their own due diligence before taking any actions related to third party companies or any of their 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 third party content, goods or services mentioned in this article. Images courtesy of Shutterstock, Gustavo Torres. 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 Hotels and Realtors in Venezuela’s Historic Cumaná City Accept Bitcoin Cash appeared first on Bitcoin News. View the full article

Former Mt. Gox CEO Mark Karpeles is dipping his feet back into the crypto industry as he wants to help Japan become a powerhouse within the blockchain economy. The former CEO of the now-defunct exchange told the media on June 5 about his new venture called Tristan Technologies. Also read: Mt Gox CEO Mark Karpeles Found Not Guilty of Embezzlement Mark Karpeles Is Back in the Crypto Business Statistically speaking, Mark Karpeles was extremely fortunate to have been found not guilty of embezzlement in Japan, which has a 99% conviction rate throughout the land. In March, Karpeles was handed down a suspended sentence of roughly two and a half years and if he stays out of trouble he won’t have to serve time. Now the former Mt. Gox CEO has announced he’s stepping back into the crypto world and revealed his new blockchain startup to media outlets. Regional publication The Mainichi detailed that Karpeles’ new venture called Tristan Technologies aims to utilize his expertise with cryptographic technology. On June 5, Mark Karpeles spoke to the Foreign Correspondents’ Club of Japan 公益社団法人 日本外国特派員協会. According to Mainichi reporters, Karpeles told the press that he wants Japan to be the global leader when it comes to blockchain technology. So he’s established a startup in the country that aims to provide a new operating system (OS) that uses a distributed ledger technology framework and claims to be faster than OS competitors. “Japan used to be engineering superpower in terms of its PCs but right now, taking the cloud for example, it’s the U.S. that dominates,” the former Mt. Gox CEO told the press. “But I still believe in the potential Japan has and I would like to develop that — My love for Japan has not changed.” Mark Karpeles, former CEO of Mt. Gox, says "it’s been a very long road to today" when talking about his situation. He says “I had to start form zero" about his current financial status. He added “I want to make great things in the future again and I’m working toward this goal.” pic.twitter.com/u790drJS3q — FCCJ (@fccjapan) June 5, 2019 Last year, in mid-April, it was reported that Karpeles landed a C-level position as the chief technology officer (CTO) for a firm called London Trust Media (LTM). It is uncertain how long Karpeles worked there, but the firm did not stray too far from the cryptocurrency industry either. LTM is a technology company that invests in virtual private network companies and digital currencies. The startup has created apps like Inbrowser for Mobile, and a cryptocurrency market cap monitor for Slack. When Karpeles disclosed this information last year, he was interviewed by the press in Tokyo’s Shinjuku district. At the time, Karpeles also revealed that there were times after his prison release when he feared for his safety and he was still facing embezzlement charges. “After I came out, I felt like in a kind of dream, like I didn’t feel things were real — Even today I’m not sure yet,” Karpeles told the media. Karpeles also still runs a blog called Magicaltux.net, which shares information about cryptocurrencies and blockchain technology. In the blog he also expresses opinions concerning what should happen with the current Mt. Gox civil rehabilitation plan. “As I see things Coinlab is still today the largest obstacle to getting this situation solved promptly,” Karpeles wrote. Karpeles emphasized to the press this week that he currently holds no digital assets. “I wouldn’t say I’m rich today,” Karpeles said, noting that he was starting his life from scratch. The former exchange operator has also published a book called “Cryptocurrency 3.0” and told regional reporters in Japan that he still finds great interest in the crypto space. It’s unclear what Tristan Technologies’ new blockchain operating system will offer in a time where distributed technology projects have taken a backseat, with most people now focused on cryptocurrencies that have real use cases. But it’s a sure bet with the latest announcement that the crypto community will be hearing a lot more from the former Mt. Gox CEO. What do you think about Mark Karpeles’ new blockchain venture? Let us know what you think about this story in the comments section below. Image credits: Foreign Correspondents’ Club of Japan, Twitter, and Pixabay. Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry. The post Former Mt Gox CEO Mark Karpeles Announces New Blockchain Startup appeared first on Bitcoin News. View the full article

Japan’s House of Representatives has passed a new cryptocurrency bill with additional requests for the government to incorporate into law. News.Bitcoin.com talked to Japan’s top financial regulator to find out the implications of this bill and the proposed resolution. Also read: Indian Supreme Court Postpones Crypto Case at Government’s Request Japan’s New Crypto Bill Passes House A new cryptocurrency bill officially passed Japan’s House of Representatives, the lower house of the National Diet, on May 21. It was subsequently accepted by the House of Councillors, the upper house of the Diet, the following day. According to the Japanese government’s website, there were many opinions on the bill. A spokesperson for Japan’s top financial regulator, the Financial Services Agency (FSA), told news.Bitcoin.com: The passing of the bill depends on the deliberation process in the Diet. The bill, officially entitled “A draft bill to amend some of the fund settlement laws, etc., in response to the diversification of financial transactions accompanying the advancement of information and communication technology,” was prepared by the FSA. It was submitted by the cabinet and accepted by the House of Representatives on March 15. The bill seeks to amend two key laws that apply to crypto assets: the Act on Fund Settlement and the Financial Instruments and Exchange Act. The FSA revealed to reporters at a briefing session in March that the bill is expected to be enacted and finalized in the Diet by June 2020. Lawmakers’ Requests The revised bill passed by the House of Representatives was accompanied by a resolution of 15 requests which “require the government to clarify regulatory targets, deploy appropriate personnel, implement appropriate regulations in line with the international standards, consider appropriate taxation methods, etc.,” Impress publication reported. The FSA clarified to news.Bitcoin.com: The additional resolution (15 proposed items) is items which we should take into consideration before introducing the bill, and we should take appropriate responses to it at the time when the bill comes into effect. Among the items the House of Representatives asked the FSA to consider is to “Establish an effective inspection and supervision system from the viewpoint of user protection, etc. based on the current situation of crypto assets and [initial coin offering] ICO transactions in recent years.” Several other items require the regulator to examine actual situations and take measures based on results including constructing a system that is feasible and consistent with the regulatory trends of the G20 and international standards such as anti-money laundering measures. In addition to making efforts to fully cooperate with self-regulatory organizations, one of the 15 items requests the FSA to: Review the transfer of crypto assets and the right to transfer electronic records, taxation of income tax, etc. on income related to transactions using crypto assets, and take necessary measures based on the results. Moreover, the FSA was asked to “Take care not to unduly limit … the development and application of these technologies” when developing and deploying regulations including carrying out inspections and imposing measures. Crypto assets and their underlying technologies “may contribute to the advancement of Japan’s industry,” the resolution details. Policies regarding ICOs were also discussed, particularly the need for the government to formulate guidelines and take appropriate measures while considering international discussions. Given the diversity of ICO participants and types of issues, the agency was asked to avoid “excessive regulation, and respond appropriately as necessary.” Effects on Crypto Exchanges The FSA also explained how the amendments will affect crypto exchange operators. Currently, there are 19 approved crypto exchanges in Japan, and over 140 companies have expressed interest in entering the country’s crypto space. The regulator shared with news.Bitcoin.com: The registered crypto-assets broker dealers need neither re-register nor be requalified. Needless to say, however, they are required to develop the system to comply with the obligation newly introduced by this revised Act. We are going to keep on monitoring the situation for maintaining their system on a continual basis. Key Areas Addressed by the Bill The bill incorporates many suggestions from the study group meetings conducted by the FSA. Impress publication summarized, “In addition to changing the name virtual currency to ‘crypto assets,’ the amendments also require that crypto assets be managed using a cold wallet, etc.” Further, the bill grants ICOs “the right to receive revenue distribution.” Since there have been some major cases in Japan where hot wallets were hacked and cryptocurrencies held in them stolen, the bill requires customers’ crypto assets to be stored in reliable cold wallets. For crypto assets held in hot wallets, equivalent amounts must be stored separately, backed by other payment sources. In response to excessive advertising and solicitation by several crypto exchanges, the regulator will “establish advertising and solicitation restrictions such as the prohibition of false labeling and hype, and the prohibition of advertisements and solicitations that encourage speculation,” the publication described. It further notes: Regarding crypto assets with high anonymity … change of crypto assets handled by virtual currency exchange operators shall be notified [to the FSA] in advance and checked for problems. In an exclusive interview with news.Bitcoin.com, the FSA emphasized that all approved crypto exchanges have to declare what cryptocurrencies they will handle at the time of their application. “When a crypto-asset broker-dealer wants to add more crypto-assets or to change old ones into new ones to be traded on its platform, it is required to notify that in advance,” the agency confirmed. The bill also stresses the importance of collaboration with self-regulatory organizations. So far, only one has been approved. Margin trading, which accounts for about 80% of domestic crypto asset trades in Japan, will be regulated under the Financial Instruments and Exchange Act. Sales and solicitation restrictions will be in line with foreign exchange margin transactions. Furthermore, the law prohibits unfair acts, including price manipulation, and stipulates that a provision will be put in place to give priority to the return of customers’ crypto assets held by exchanges. What do you think of Japan’s crypto regulatory progress? Let us know in the comments section below. Images courtesy of Shutterstock. 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 Japan Advances New Crypto Bill, Regulator Explains appeared first on Bitcoin News. View the full article

According to regional reports, a few publicly listed Chinese companies have been secretly mining bitcoin by pretending to provide cloud or web hosting services. Moreover, recent studies have revealed a growing trend of mystery miners processing the BCH and BTC networks at the same time as these firms have been running undercover mining operations in China. Also read: China Releases New Crypto Rankings Publicly Listed Companies in China Have Undercover Bitcoin Mining Operations On May 29, Chinese crypto publication 8btc reporter, Lylian Teng, published a two-part study on a few publicly listed Chinese firms that have been secretly mining bitcoin. The first report came out on April 19 which discussed a construction company that suddenly started mining coins. Huatie Hengan is a subsidiary of publicly listed company Huatie and when investors discovered that the business was mining it caused an investigation from regulators. 8btc detailed that Huatie lost over $23 million during its tenure secretly mining bitcoin under the guise of a cloud computing operation. Additionally, the analyst discovered more publicly listed companies allegedly participating in the mining industry under the veil of secrecy. Local columnist Lylian Teng discovered a few publicly listed Chinese companies are either mining themselves or have smaller subsidiaries mining for them. In another instance, Wholeasy, a Chinese firm that operates as an internet game brand company in China and internationally has also been allegedly mining coins. The Chinese publication claims that Wholeasy contributed 17.7% of Ebang’s miner sales in 2018. Wholeasy also operates the PC media resources startup Mobcolor, a mobile digital advertising platform. In August 2018, the two firms announced that Mobcolor would “construct mining center for digital cloud computing.” 3G Venture would offer Mobcolor “90MW of power capacity at $0.055/kWh.” Moreover, the reports state that Mobcolor rented 65,000 Ebang mining rigs to another firm called VDIT. Mobcolor advertises support for crypto on its Twitter page whose header photo reads “Go farther with bitcoin.” Mobcolor’s Twitter account and the press release with 3G Ventures. Besides Wholeasy, another Chinese operation called RHY has been purportedly building mining farms in places like Iran. A miner named Ma Jingguo told the regional news outlet that RHY is a NEEQ-listed public company in China. RHY does not hide the fact that it participates in blockchain mining and claims to power a 450MW facility with 300,000 miners. According to the miner Ma Jingguo, a great number of RHY mines are located in Iran and the firm was the first operation to invoke the #MininginIran hashtag on social media. In addition to Chinese miners migrating to Iran for extremely affordable electric prices at $0.006 per kilowatt-hour, many also flocked to Sichuan for cheap electricity during the wet season. Ma Jingguo says that RHY started the #MininginIran hashtag. The news also follows the recent discussion by bureaucrats who have talked about banning bitcoin mining in China. On April 9, China’s state planner from the National Development and Reform Commission (NDRC) revealed he wanted to eliminate mining activity within the country. Reports claim that the NDRC said “[Bitcoin miners] should be phased out as they do not adhere to relevant laws and regulations, are unsafe, waste resources and pollute the environment.” The publicly listed firms participating in so-called secret mining operations have also occurred coincidently around the time when mystery miners have made up a good portion of the Bitcoin Cash (BCH) and Bitcoin Core (BTC) networks. Coinmetrics chart of the 450,000 BTC blocks the team parsed that shows the resurgence of anonymous miners. During the first month of 2019, blockchain observers noticed a growing trend of unknown miners processing blocks on these networks not seen since the early days. On Jan. 28, mystery miners accounted for more than 22% of the BTC chain’s hashrate and 17% of the hashrate on the BCH chain. Today those figures are lower, but unknown miners still account for 9.7% of the BTC network hash and 13.9% of the BCH hashrate. The mining industry that concentrates on the SHA-256 algorithm has also seen significant growth over the last few months and hashrate has increased on both networks as BCH and BTC values have spiked considerably. Even though crypto prices are high when Huatie Hengan reportedly dropped its construction efforts to quietly mine cryptocurrencies, 8btc’s research estimates the startup lost more than 90% of its net value in less than a year. What do you think about the publicly listed Chinese companies secretly mining bitcoin? Let us know what you think about this subject in the comments section below. Image credits: Shutterstock, RHY, Mobcolor Twitter account, Pixabay, and Coinmetrics.io. At Bitcoin.com we just enhanced our cloud mining contracts and they’re now more profitable for you. It’s the perfect time to consider taking out a new contract with us so you can start earning bitcoin cash today! The post Study: Publicly Listed Chinese Firms Quietly Participate in Bitcoin Mining appeared first on Bitcoin News. View the full article

On May 27, the analytics and data web portal Coin Dance announced the team has added the Cashscript project to the website’s development tracker. Cashscript is a high-level language that enables basic smart contract functionality on the Bitcoin Cash (BCH) network. Also Read: Crypto Assets Outshine Most Traditional Investments in 2019 Meet Cashscript: A High-Level Programming Language for Bitcoin Cash Smart contract functionality is coming to the Bitcoin Cash network, which will allow developers to not only use the peer-to-peer cash as a medium of exchange, but also execute unique decision-based transactions. This week, data website Coin Dance added a new project called Cashscript to the site’s development tracker so BCH supporters can get a glimpse of this concept. The creator of Cashscript, software engineer Rosco Kalis, has been working relentlessly on the protocol and a sneak preview of the project’s potential was shared on Reddit. On May 28, news.Bitcoin.com discussed the Cashscript project with Kalis to give our readers an inside look at this innovative concept. Kalis explained that Cashscript is a high-level language that compiles down to Bitcoin Script. The developer said he was inspired by Tendo Pein’s Spedn language, but found it too difficult to integrate into his web development workflow. “With Cashscript we are mainly focusing on making that integration easier by providing a Javascript Software Development Kit (SDK) that allows you to plug in Cashscript contracts into any web application,” Kalis told news.Bitcoin.com. “For this workflow as well as the syntax of the language we took a lot of inspiration from Ethereum’s Solidity language and Web3.js / Truffle libraries,” Kalis remarked, adding: The goal with this is also to make it easier for developers of either community to get involved with the other. Photo excerpt from the thesis on high-level Bitcoin Script languages written by Rosco Kalis. A Javascript SDK That Allows Developers to Easily Plug Cashscript Contracts Into Web Applications Cashscript is still a work in progress and still has a ways to go before the project is close to being released to the public. Kalis detailed that he believes clear documentation will be added in the coming weeks, and people could start playing around with Cashscript after that. But the developer emphasized that there needs to be a lot of testing and more time to make sure that Cashscript is safe to use. Kalis is also currently writing his Master’s thesis about the project and high-level Bitcoin Script languages. At the moment the engineer said that most of the internal compiler work for the language is done, but the Script output is far from optimized. Right now the generated Scripts are quite a lot bigger than they have to be, Kalis noted. “What we’re currently working on is the Javascript SDK that allows us to easily plug Cashscript contracts into web applications — We have the first version of this SDK, but we’re still working out the details of it,” Kalis said. “The compiled Scripts and SDK should also still be tested more to make sure that they can safely be used — Finally, we’re also still working on creating the documentation for the language and SDK, as we currently only have a few examples online.” Bringing Talented Blockchain Developers Together to Create Smart Contracts With a Common Workflow and API Kalis and other BCH developers have been testing the Script output on the BCH testnet and the software engineer has also been steadily working on the documentation of the language. News.Bitcoin.com then asked Kalis to explain what types of decision-based transactions could be created using the Cashscript protocol. Kalis highlighted that Cashscript could be used to implement zero-confirmation forfeits, a concept that could reduce the amount of time a malicious entity has in an attempt to double spend zero-confirmation transactions. An example of Cashscript and zero-conf forfeits can be seen here on the project’s Github repository. Behind the scenes, the Cashscript SDK uses Gabriel Cardona’s Bitbox library, which handles all things Bitcoin Cash. “For usage, any web application that would like to handle Bitcoin transactions other than P2PKH could use a CashScript contract for that,” Kalis asserted. “Something else that we have in our SDK is the ‘ABI’ or Application Blockchain Interface — This is a concept from Ethereum, and it is basically a JSON object with all the information that is needed to interface with a smart contract,” the developer said. “So it would also be possible to share this ABI with other people, and the CashScript SDK has a function to import this ABI and use it to generate a “Contract” object that can be used to send and receive money to this contract.” During the end of the conversation about Cashscript, Bitbox creator Gabriel Cardona joined the discussion. Cardona said a big motivation behind Cashscript was to bolster on-ramping developers from other ecosystems, such as Ethereum. “Since P2SH is BCH’s version of smart contracts we’ve needed a higher level application programming interface (API) for writing Script for a while as writing Script manually is incredibly awkward and error-prone,” Cardona mentioned. The programmer further confided that Kalis leveraged the look and feel of Solidity, hence the API. “[Cashscript] is meant to help talented developers from Bitcoin Cash, Ethereum and other chains create smart contracts with a common workflow and API,” Cardona concluded. What do you think about the Cashscript language for creating smart contracts on Bitcoin Cash? Let us know what you think about this project in the comments section below. Image credits: Shutterstock, Twitter, 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 Cashscript Is Coming, Bringing Ethereum-Like Smart Contracts to Bitcoin Cash appeared first on Bitcoin News. View the full article

Projects and members of the Bitcoin Cash community often need to share important information with other BCH enthusiasts. If you are involved with the cryptocurrency, there’s a website called BCH.gg you can use to shorten URLs, with each shortlink featuring the BCH name. Also read: How to Easily Convert Funds From BTC to BCH BCH.gg Provides Stats About Shortened Links BCH.gg is an easy to use online tool developed by the crypto market stats and charting data website Coinsalad.com for the Bitcoin Cash community. Its main purpose is to address the need for a URL shortener, generating links that can be shared for example on Memo and Blockpress, two social media platforms using the Bitcoin Cash network. By incorporating BCH in the new URLs, the website promotes the cryptocurrency which has seen rapid development of applications and services in the past two years. To shorten a link you need to first paste the original one into the “Enter URL” box. Then you have to click “I’m not a robot” and the “Shorten URL” button. The website will generate your new link which starts with https://bch.gg/ followed by a unique ID that can be a short number or a combination of letters and digits. Saving your custom link ID will allow you to later look it up and pull statistical data such as the number of clicks, the country they originate from and the date when it was created. The platform will also give you a “Quick Share” text containing the BCH.gg link and a brief description or the title of the article you are linking. You can share it directly on Facebook and Twitter using the dedicated buttons or copy it to post it elsewhere. The website displays a list of the recently shortened ULRs and the most popular BCH.gg links. Bitcoin.com is a major source of information about all things Bitcoin Cash. On our news page, News.Bitcoin.com, you’ll find many posts you may want to share with other BCH fans, including articles covering the latest developments related to Bitcoin Cash including new apps and services facilitating the use of BCH. Do you know or use any other crypto-related platforms to shorten links? Let us know in the comments section below. Disclaimer: Readers should do their own due diligence before taking any actions related to third party companies or any of their 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 third party content, goods or services mentioned in this article. Images courtesy of Shutterstock, BCH.gg. 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 Share Bitcoin Cash Related Shortlinks Using BCH.gg appeared first on Bitcoin News. View the full article

Prepaid, debit and credit cards backed by digital assets are a great way to spend your coins, given that it will take time for retailers to transition to accepting direct cryptocurrency payments. One such card, offered by Crypto.com, has just opened up to bitcoin cash users. Also Read: How to Easily Convert Funds From BTC to BCH Crypto.com Adds Bitcoin Cash Support Hong Kong headquartered payments and cryptocurrency platform Crypto.com announced on Wednesday May 29 that it has added support for bitcoin cash (BCH) to its wallet and card app. This means that users can now buy BCH from the service with credit card and bank transfer both available for funding. The company explained that, as it also offers the MCO Visa card, this move adds additional utility to BCH as users can now easily convert digital funds into fiat currencies and spend them at over 40 million merchants supporting the network around the world. Bitcoin cash is the 21st digital asset to be added to the platform, joining other popular cryptocurrencies and stablecoins such as BTC, ETH, LTC, XRP, TUSD, and PAX, as well as the company’s own MCO and CRO tokens. Kris Marszalek, CEO of Crypto.com said: “We’re committed to providing complete selection of all major digital assets and empowering our customers to purchase it at true cost without fees or markups.” Accelerating the World’s Transition to Cryptocurrency Crypto.com was founded in 2016 and launched an initial coin offering (ICO) in May 2017 after a year working on its offering in stealth development mode. The payments and card provider, formerly known as Monaco, today reports that it employs more than 120 people. The company has announced it started shipping the MCO Visa card to customers in Singapore in October 2018. The following month it was also revealed that the cards will be issued in the U.S. through a partnership between its Florida-based affiliate Foris Inc. and Metropolitan Commercial Bank, New York. The cards, which have no annual, monthly or ATM withdrawal fees, can be ordered from the app. What do you think about Crypto.com adding support for bitcoin cash? Share your thoughts in the comments section below. Images courtesy of Shutterstock. Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Bitcoin.com Markets, another original and free service from Bitcoin.com. The post Wallet and Card App Crypto.com Adds Bitcoin Cash Support appeared first on Bitcoin News. View the full article