roadrunner

South Korea’s central bank has warned that adopting a state-backed cryptocurrency as an official form of legal tender would threaten the country’s financial stability. In a report, the Bank of Korea (BoK) said such a currency, also known as a central bank digital currency (CBDC), could result in a spike in interest rates and a liquidity crunch. Also read: Australian Banks Fraudulently Collected Fees From Deceased Customers ‘CBDCs Will Cause Liquidity Shortages and Interest Rates to Rise’ Built on the blockchain, CBDCs are typically issued by central banks to work just like fiat money, but without necessarily replacing bank notes and coins. Korea said at the end of January that it was not considering issuing a government-backed digital currency anytime soon because there wasn’t any urgent need for one. Now, the Asian country has issued a report to back up that decision. According to a newspaper article published in the Korea Times on Feb. 7, the BoK explained that the introduction of a CBDC will replace demand deposits held by local commercial banks. That’s because people will likely prefer the state-sponsored cryptocurrency, which they may deem safer and secure, to the domestic fiat unit, it said. The idea behind this thinking is that as depositors withdraw money from the bank, commercial banks will fall into a liquidity trap, forcing the money supply to drop. This will ultimately see interest shooting up. Kwon Oh-ik, one of the co-authors of the Bank of Korea report, elaborated: The central bank digital currency is a kind of a BoK-issued bank account. People trust it more than one in a commercial bank. Demand deposits are one of the biggest sources of loans for banks. When people pull out their money, banks raise rates, or lower the reserve ratio, to secure more funds. Kwon further indicated that the BoK, which has conducted and recently completed a long-term study on cryptocurrencies, should be more cautious and analyze any negative consequences that could arise from the issuance of a CBDC. Global Central Banks Show Interest in CBDCs Cashless transactions have soared around the world in recent years, unsettling many of the control freaks who work for various governments. Bitcoin, for example, was created to challenge the conventional financial system and return the ownership of money to the people, beyond the reach of the state. But this vision has not endeared it to global financial gurus who are steeped in tradition. Unsurprisingly, many national governments have raised concerns about cryptocurrencies and have called for tighter regulation while angling to issue their own versions of centralized digital currencies. A recent report by the Bank for International Settlements showed about 70 percent of central banks throughout the world are researching CBDCs, although “this work is primarily conceptual and only a few intend to issue a CBDC in the short to medium term”. Christine Lagarde However, the International Monetary Fund’s head Christine Lagarde has urged central banks to consider issuing digital currency to make transactions more secure. At a conference in Singapore in November, Lagarde argued that state-backed cryptocurrencies could satisfy public policy goals related to financial inclusion, consumer protection, privacy and fraud prevention. “I believe we should consider the possibility to issue digital currency,” Lagarde said at the time. “There may be a role for the state to supply money to the digital economy. The advantage is clear. Your payment would be immediate, safe, cheap and potentially semi-anonymous. And central banks would retain a sure footing in payments.” Citing the example of central banks in Canada, China, Sweden and Uruguay, which are all “seriously considering” the introduction of their own digital currencies, Lagarde said a state-issued cryptocurrency would be a liability of the state, just like fiat money. Such currencies could reduce the cost of transactions while maximizing security and spreading adoption, but they would not be censorship-resistant cryptocurrency in the true sense. What do you think about CBDCs and financial stability? Let us know in the comments section below. Images courtesy of Shutterstock. Express yourself freely at Bitcoin.com’s user forums. We don’t censor on political grounds. Check forum.Bitcoin.com The post South Korea’s Central Bank Says CBDCs Will Disrupt Financial Stability appeared first on Bitcoin News. View the full article

In Thursday’s edition of The Daily we feature a recent survey that shows 13 percent of shoppers would be happy to buy cryptocurrencies under the Amazon brand. We also cover a new stablecoin integration by crypto card provider Wirex and a token promoted on Coinbase Earn. Also Read: Abra Adds Stocks and ETF Investing to Its Crypto Exchange App Survey: 13% of Shoppers Would Buy Amazon Crypto Online commerce giant Amazon (NASDAQ: AMZN) has one of the strongest brands in the world. What started out as just an online bookstore has become almost a force of nature, taking over entire industries. The company also enjoys a great deal of trust with consumers, especially in the U.S. market where some people allow Amazon to unlock their front doors to make in-home delivery (Amazon Key), install its AI-powered listening devices (Alexa) and even to run the cloud computing systems of the CIA. It would be fair to say that Amazon is more trusted and liked than most banks. Given this fact, it is not surprising that a good portion of its customers would also trust Amazon with their digital finance needs. A recent survey of over 1,000 Amazon clients by the financial portal Investing.com found that 12.7 percent of them would feel comfortable purchasing cryptocurrencies under the Amazon brand. This could be assumed to be anything from an integrated cryptocurrency wallet to an Amazon-issued token. Wirex Adds First Stablecoin Popular online bank and crypto debit card issuer Wirex has added a first stablecoin to its list of supported cryptocurrencies. Users of the Wirex platform in the European Economic Area (EEA) can now buy, store, convert and spend dai (DAI) with their Wirex Visa cards, the U.K.-based company announced in a recent blog post. This is the seventh token made available for Wirex users as the service already supports bitcoin core (BTC), litecoin (LTC), ripple (XRP), ether (ETH), waves (WAVES) and wollo (WLO). “We want to give our customers access to a full array of cryptocurrencies. Stablecoins are yet another variation of crypto that demonstrates how easily and efficiently it can be integrated into everyday life,” commented Wirex co-founder Pavel Matveev. His co-founder Dmitry Lazarichev added: “Dai is an excellent tool to make international payments at low costs without the volatility. The token feeds into our ethos of enabling mainstream crypto adoption by streamlining traditional and cryptocurrencies. Dai is a solid addition to our existing cryptocurrency portfolio.” Coinbase Takes a Swing With BAT Back in December, Coinbase announced an initiative meant to incentive people to learn more about cryptocurrencies. The Coinbase Earn educational platform rewards users with tokens for completing various tasks such as watching videos and taking quizzes on crypto-related content. On Wednesday a section on Basic Attention Token (BAT) was added to the service, offering users the opportunity earn up to $10 worth of BAT in the process of learning about it. The Coinbase Earn team explained to those new to BAT that “Basic Attention Token seeks to improve the efficiency of digital advertising with a token that can be exchanged between publishers, advertisers, and users on the Ethereum blockchain. The token can be used to obtain a variety of advertising and attention-based services on the BAT platform and the Brave browser.” The token quickly jumped over 10 percent in price, offering a valuable lesson in the power of Coinbase to move the market. What do you think about today’s news tidbits? Share your thoughts in the comments section below. Images courtesy of Shutterstock, Investing.com. 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 Satoshi’s Pulse, another original and free service from Bitcoin.com. The post The Daily: 13% of Shoppers Would Buy Amazon Crypto, Wirex Adds Stablecoin appeared first on Bitcoin News. View the full article

Since the very early days, back when people learned how to create new cryptocurrencies or quickly build infrastructure models like digital asset trading platforms, many scams started to spawn frequently. According to the blockchain surveillance company Chainalysis, over the last two years fraud in the Ethereum ecosystem has run rampant and it’s been the “cryptocurrency of choice for scams for a variety of reasons,” the company’s latest Ethereum report highlights. Also read: Cryptograffiti’s Latest ‘Running Bitcoin’ Portrait Sees Auction Bids of Over $30K Scammers Flock to Ethereum Blockchain The blockchain monitoring company Chainalysis has been releasing a series of reports concerning the recent “trends in crypto crime.” The firm’s report “Crypto Crime Series: Decoding Ethereum Scams” explains how ethereum (ETH) is the top choice for crypto-related scams throughout the ecosystem. In 2017, there was only $17 million worth of ETH stolen in scams but in 2018 roughly 0.01 percent of ETH was involved in swindles worth $36 million. “The number of scams declined through 2018, although those that remained were bigger, more sophisticated and vastly more lucrative,” the Chainalysis report details. “From late 2016 through the end of 2018, Chainalysis has identified over 2,000 scam addresses on Ethereum that have received funds from nearly 40,000 unique users — Scam activity increased dramatically in 2018 with nearly 75% of scamming activity taking place that year,” the report explains. There are four types of prevalent scams taking place within the Ethereum space – outright fraud, the ICO exit scam, a Ponzi product, and phishing attempts. Chainalysis also says the frequency and success rates of concepts like infection scams can change over time. “Innovative criminals executed more complex Ponzi and ICO exit scams that generated millions of dollars in income — These more sophisticated schemes dominated the second half of the year,” the crime series report summarizes. The transformation of scam types and growth throughout 2017 and 2018. From Giveaways to Ponzis – Etherscam’s Database Shows 924 Scams Are Currently Active Chainalysis is not the only group watching the Ethereum network for scam related incidents. In fact, the website Etherscamdb.info which showcases a plethora of ETH-related scams can be seen by the entire cryptocurrency community. The Etherscam database has recorded 6,378 scams and 924 are currently active. The records show 1,975 scam-related ethereum addresses and out of the 6,378, roughly 5,454 are inactive. What also should be taken into consideration is that this information is only what Etherscam’s database can trace and there are lots of fraudulent acts that go unnoticed. The vast list of cryptocurrency scams using ethereum. Etherscam collects data on fake My Ether Wallet (MEW) websites, Punycode lookalike domains, phony exchanges, fraudulent impersonation giveaways, and ICO exit scams. Then there are Ponzi games tied to the Ethereum ecosystem with multi-level pyramid applications like Fomo 3D and Powh 3D. These platforms only make money by bringing new users into the fold and use all kinds of tactics like pay-per-bid methods, and multi-level marketing techniques. Back in March, the founder of Dapp Radar, Skirmantas Januskas gave a great breakdown of the Powh 3D Ponzi game and called it the “biggest pyramid scheme on Ethereum so far.” Even though there are many scams on the Ethereum network, there are various ways ETH users can protect themselves by not participating in blatant fraud. Veteran cryptocurrency participants will always illuminate the fact that holding your own keys, utilizing cold storage and multi-signature techniques are critical to keeping financial information safe. But there are many other methods that can be used like bookmarking official cryptocurrency websites, double-checking copy and pasted addresses, and not trusting “free giveaways” that will further help keep digital assets secure. As the Chainalysis crime series report details, blockchain criminals are executing petty crypto crimes far less than before, but the scams that still exist are becoming far more sophisticated. What do you think about the number of scams attracted to the Ethereum network? Let us know what you think about this subject in the comments section below. Image credits: Shutterstock, Ethereum logo, Pixabay, Brandon Arvanaghi, and Chainalysis. 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 Satoshi’s Pulse, another original and free service from Bitcoin.com. The post Data Shows Ethereum is the ‘Cryptocurrency of Choice for Scams’ appeared first on Bitcoin News. View the full article

Wallet provider Blockchain.com has started offering a new tool for users to peer into the inner workings of their cryptocurrency. The company has launched a Bitcoin Cash (BCH) block explorer that allows people to search for transaction hashes, blocks and addresses on the BCH blockchain. Also Read: Bitcoin Cash Clothing Charity Expands to a Dozen Cities Across Canada New BCH Blockchain Explorer Blockchain.com, the popular cryptocurrency wallet provider, has announced the launch of a new Bitcoin Cash (BCH) block explorer. The company explained, for the benefit of individuals who may be unfamiliar with the concept, that they can think about the tool as a browser for the blockchain. It allows users to search for detailed information on specific BCH blocks, check whether a transaction has confirmed, view the balance of a wallet address, monitor market prices, and even watch real-time network transactions. “As more cryptocurrencies develop and grow, providing direct access and insight across networks is crucial. Blockchain Explorer is the most trusted source for blockchain data. Our focus has always been on providing the most up to date and accurate information available,” the Blockchain.com team stated on Feb. 4. “Today, we’re excited to introduce Bitcoin Cash to the existing lineup of supported cryptocurrencies on our Explorer. You can now search for BTC/ETH/BCH transaction hashes, blocks and addresses in a single search bar.” Why Bitcoin Cash? The BCH tool is only the third block explorer supported by Blockchain.com after Bitcoin Core (BTC) and Ethereum (ETH). When the company launched another service last month the team mentioned that it has received more questions about bitcoin cash recently than any other crypto asset supported by the Blockchain Wallet. In January the company launched an educational tool called Blockchain Primers. The service is intended to provide a relatively concise overview of each crypto asset including background material, the latest market data and analysis. The first report issued on it was an introduction to BCH, whose advantages over BTC, according to the research, include greater maximum onchain transaction capacity/throughput, lower average transaction fees, and additional smart contract functionality. What do you think about the new Bitcoin Cash (BCH) block explorer from Blockchain? 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 Satoshi’s Pulse, another original and free service from Bitcoin.com. The post Blockchain.com Launches New Bitcoin Cash Block Explorer appeared first on Bitcoin News. View the full article

The drama surrounding Canadian cryptocurrency exchange Quadrigacx continues to intensify, with a recent report by Zernoncense claiming that the exchange has no identifiable cold storage reserves and that it has never held more than 1,000 BTC in customer funds. Also Read: Kraken Acquires British Derivatives Platform Crypto Facilities Report Refutes Claims of Quadrigacx Owner’s Widow The report finds numerous assertions made in the affidavit submitted to Canadian courts on Jan. 31 by Jennifer Roberston, the wife of the exchange’s allegedly deceased chief executive officer, Gerry Cotten, to be false. The findings have been informed by analysis of Quadrigacx’s BTC and ETH wallets. As the wallet addresses for Quadrigacx “were not widely known,” the report relies on deposit information given to customers that was aggregated from Reddit. The author notes that the findings are not guaranteed to represent “a factual truth,” however, comparisons between Quadrigacx and the withdrawal practices of known solvent exchanges shows “highly unorthodox” practices. The analysis was conducted using Walletexplorer, which as the author states was created and is still being used by Chainalysis. Report Claims Quadrigacx Uses Multi-Signature Wallets Based on Zerononcense’s findings, the number of BTC held by Quadrigacx is substantially less than that which was reported in Jennifer Robertson’s affidavit. The analysis finds that there are “no identifiable cold wallet reserves” for Quadrigacx, estimating that the exchange is in possession of less than 1,000 BTC. The report also claims to evidence transfers totaling approximately 3.53 BTC that occurred on Jan. 24 and Jan. 25, apparently contradicting Robertson’s claims that the exchange’s funds are inaccessible. The report also asserts that the numerous wallets used by Quadrigacx had multi-signature capability. Quadrigacx Accused of Rerouting Customer Funds to Process Withdrawals According to the report’s findings, Qaudrigacx was “clearly” re-routing payments from customers to process withdrawals, comprising the operation of a “shell or a ponzi.” The author also asserts that withdrawal delays previously experienced by Quadrigacx customers resulted from the exchange not having the required funds available at the time, adding that in some instances the exchange was “forced to wait for enough customer deposits to be made” before processing withdrawals. What do you make of the Quadrigacx drama? Share your thoughts in the comments section below! Images courtesy of Shutterstock At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more. The post Report Claims Quadrigacx Never Held More Than 1,000 BTC appeared first on Bitcoin News. View the full article

In this edition of The Daily, tax filing software Turbo Tax has integrated a feature that allows crypto investors to report their capital gains online. Also, Venezuelans have set a new record in P2P trade on Localbitcoins and Brazilians can now pay for movie tickets with digital coins. Also read: Twitter CEO Talks Bitcoin, Bitstamp Releases New Mobile App Traders Can Upload Capital Gains Data Into Turbo Tax Turbo Tax, the popular tax filing platform in the U.S., is adding a “cryptocurrency section.” The new feature will be provided through a partnership with Coins Tax, the operator of crypto tax calculator Bitcoin Taxes. It will be available to taxpayers who have bought the 2018 Premier and above versions of Intuit’s Turbo Tax Online. According to a press release by Coins Tax, Bitcoin Taxes now has a report functionality that enables users to import their cryptocurrency capital gains into Turbo Tax Online. The company claims the integration will save crypto traders time in tax preparation by allowing them to upload their transactions directly into Form 1040 Schedule D. Coin Tax CEO Colin Mackie commented: We are working with Turbo Tax Online to make filing crypto taxes much easier. Until now, tax preparation software has provided limited cryptocurrency support. The new Cryptocurrency section in Turbo Tax Online with its import from Bitcoin.tax will save everyone a lot of time. Bitcoin Taxes is one of the earliest tax calculators for crypto investors. The online platform allows users to import data for their purchases and sales of cryptocurrency throughout the year from a number of major crypto exchanges such as Coinbase, Gemini and Poloniex. It’s one of several available tax filing and calculation tools cryptocurrency traders can use this tax season. Venezuelans Set New Record in Localbitcoins Trade While the government in Caracas is trying to regulate decentralized cryptocurrencies, Venezuelans have achieved a new record in the volume of their crypto trade on Localbitcoins. Data compiled by Coin Dance shows that in the week of Feb. 2, 2019, they exchanged over 17.3 billion bolivar worth of bitcoin core on the peer-to-peer cryptocurrency trading platform. That’s more than 2,000 BTC, an all-time high for the market. The news came just as Venezuelan authorities adopted regulations for digital coins in the country. The decree establishing a legal framework for cryptocurrencies entered into force with its publication in the country’s official gazette, as news.Bitcoin.com reported. It introduces rules for an array of crypto-related activities such as the purchase, sale, use, distribution, and exchange of digital assets. It will also enforce penalties for non-compliance including fines and confiscations. Movie Theater in Brazil Accepts Coins for Tickets Cine Multi has reportedly become the first Brazilian cinema to accept cryptocurrency for the tickets it sells thanks to a partnership with crypto payments provider Bancryp – the company maintains POS terminals accepting digital coins. The movie theater is located in the Multi Open Shopping center in the city of Florianópolis, capital of the southern Brazilian state of Santa Catarina. According to a post on Medium, Bancryp, which advertises itself as a cryptobank, targets millions of users in Brazil in an effort to provide more people with access to cryptocurrencies. What are your thoughts on today’s news tidbits? Tell us in the comments section. Images courtesy of Shutterstock, Coin Dance. Make sure you do not miss any important Bitcoin-related news! Follow our news feed any which way you prefer; via Twitter, Facebook, Telegram, RSS or email (scroll down to the bottom of this page to subscribe). We’ve got daily, weekly and quarterly summaries in newsletter form. Bitcoin never sleeps. Neither do we. The post The Daily: Turbo Tax Adds Crypto Section, Venezuela’s Localbitcoins Record appeared first on Bitcoin News. View the full article

The P2P exchange of cryptocurrencies for goods and services began life on the darknet, whose underground markets are still thriving today. After connecting to the darknet using the Tor browser, cryptocurrency users can access a range of markets that accept BTC, BCH and other digital assets. Also read: A Look at Openbazaar’s Multi-Currency Wallet and Vendor Listings Buy Anything You Need in a World Free of KYC There are many reasons why people flock to the darknet to shop. Be it out of curiosity, necessity, or simply a desire for the sort of privacy that’s lacking on the clearnet, darknet marketplaces (DNMs) offer many things for many people. While synonymous with illicit wares, including drugs, DNMs offer much more, stocking tangible and intangible goods ranging from books to art. For anyone intrigued by what darknet marketplaces have to offer, there are certain security precautions it’s wise to take before plunging in. These include disabling Javascript in the Tor browser and taking care to avoid links to phishing sites. Just like the clearnet, the darknet has its share of lookalike sites designed to part traders with their crypto. Sites such as Deepdotweb (when it’s online) as well as onion forum Dread are where many users get started. When DNM operators are changing their onion domain, they’ll usually post an update on these sites, signed with their PGP key. The following darknet markets are the most popular right now. Dream The darknet’s longest standing market, Dream, has somehow survived since 2013. It accepts bitcoin core (BTC) and bitcoin cash (BCH) and features 63,000 digital goods, 87,000 drugs, and thousands of other listings under such categories as “drug paraphernalia” and “services.” Listings can be filtered by cryptocurrency, seller location, buyer location, vendor, and keyword. The marketplace features one-tick message encryption at checkout, but buyers are recommended to fully encrypt messages using the vendor’s public key. That way, if the website should be compromised, messages will be indecipherable. Dream Wallstreet Market Wallstreet is another DNM that’s been standing for a while. It supports 2/3 multisig, enables PGP login and supports BTC and privacy coin monero (XMR). Drugs is its most populated category, but Wallstreet also does a robust trade in counterfeits, jewelry, services, malware, digital goods, and tutorials. Point Point, also known as Tochka, is the third most popular DNM at present. It features the sort of wares that are the stock in trade of darknet marketplaces: drugs, fakes and more drugs. The site accepts BTC, BCH, and ETH, and it also facilitates dead drops. This enables buyer and seller to set a secret location where the goods can be left for collection. CGMC CGMC, or Cannabis Growers & Merchants Co-op, is a small DNM for those who appreciate the dankest strains. It currently has 50 U.S. vendors, 13 British, 13 in the EU, and 3 Canadian. The cannabinoid wares are categorized into flowers, concentrates, edibles, distillate, and shrooms. The site accepts BTC and LTC and enables cannabis connoisseurs to choose from hundreds on indica, sativa, and hybrid strains. A careful vendor screening policy has helped to instil deep trust in CGMC. Berlusconi Market Berlusconi is one of the smaller DNMs, and isn’t highly rated on Deep Dot Web, although reviews can be easily gamed by rival markets, it should be noted. The site accepts BTC, LTC and XMR. In addition to drugs, gold and digital goods, Berlusconi Market stocks weapons. One British vendor professes to stock an AK-47, Glock 17, Glock 26 and a Bushmaster. Elsewhere, you’ll find a handheld grenade launcher going for 0.5 BTC with “discreet overnight stealth shipping.” Whether the sellers prove to be legitimate or law enforcement, however, is a matter of debate. Cannazon Cananzon, as its name suggests, is the Amazon of cannabis. The site sells high-grade strains to a primarily European audience, who can load up on weed, hash and edibles. Afghan, Lebanese, and Moroccan hash is complemented by indica and sativa weed as well as seeds. The site accepts BTC and XMR. U.S. residents are excluded from Cannazon and its range of delectable sounding wares such as master kush, limoncello haze, stardawg, and trainwreck. What are your thoughts on darknet marketplaces? Let us know in the comments section below. Images courtesy of Shutterstock. Disclaimer: Bitcoin.com does not endorse nor support these products/services. Readers should do their own due diligence before taking any actions related to the mentioned 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 content, goods or services mentioned in this article. The post 6 Popular Darknet Marketplaces That Accept Cryptocurrency appeared first on Bitcoin News. View the full article

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release. Coinseed is a platform for spare-change investment and cash back rewards in crypto. Since they launched in Dec 2017, they have acquired nearly 20k users through organic growth and built several new features. As they are now preparing to scale up the business, Coinseed launched its SEC filed crowdfunding campaign and you can join here. Crypto is still confusing and intimidating to most people as well as its still a very risky sector. Coinseed solves these exact problems in a streamlined way. Users start out by simply linking their credit or debit card to the app then picking their investment portfolio. As users make purchases on those linked cards, the spare change (roundup to the next dollar) will be going into their investment portfolio which can consist of up to 13 different coins on the platform. Users can also earn free crypto by shopping online or offline using their linked cards. In other words, people receive their cash back rewards in crypto. Coinseed names this feature Crypto Back and you can earn up to 10% on your online purchases and 1% on your offline purchases such as restaurants, coffee shops and bars. This whole experience eases people into crypto and make them learn about crypto by actually doing it as well as earning it. Coinseed has multiple other features such as simulated trading environment where people can practice their trading skills or weekly trading tournaments which anyone can participate to win $250 each week. Coinseed is currently only available in the US. Check out its SEC registered campaign and all related information here. If you have any question, please contact them at support@coinseed.co. Link: https://coinseed.app.link/MBPM2LKeWT SEC registration: https://www.sec.gov/cgi-bin/browse-edgar?company=coinseed&owner=exclude&action=getcompany Contact Email Address support@coinseed.co Supporting Link https://coinseed.co This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. The post PR: Coinseed Announces Its SEC Filed Crowdfunding Campaign appeared first on Bitcoin News. View the full article

Decentralization is a core principle of blockchain-based technology. It’s the most important and unique property of the many cryptocurrencies that have launched since the birth of Bitcoin. Decentralization facilitates a move away from centralized control and differentiates crypto from government-backed fiat currencies. It is the crucible of security and privacy. So why, if this concept is so important to the foundations of the crypto ecosystem, are the overwhelming majority of cryptocurrencies traded on centralized exchanges? Also read: Cryptocurrencies Have Spawned an Eclectic Underground Art Movement What’s the Attraction? The immediate benefits of centralized crypto exchanges are clear. The most popular centralized exchanges are generally easy to use and provide liquidity for a large number of coins. For many people, the idea of taking those first tentative steps into crypto can be daunting. The media is rife with horror stories — from ICO scams to illicit marketplaces. So, when it comes to trading, it’s not surprising that most users automatically go for the easiest option. Think about it for a minute. Most users probably have no experience trading fiat currencies, let alone digital assets. In general, centralized exchanges make it easy for users to trade crypto and the larger ones rarely suffer from liquidity issues. Sadly, the same can’t be said for first-generation decentralized exchanges (DEXs). But despite these benefits, centralized exchanges are fatally flawed. As well as making it difficult for users to trade privately, they require users to entrust their funds to a third-party, and as a result, the creation of a single point of failure, making centralized exchanges a prime target for hackers. In recent years, hundreds of millions of dollars worth of cryptocurrency has been stolen by cybercriminals and malicious insiders. In my opinion, the benefits of centralized exchanges do not outweigh these inadequacies. Understanding the Fatal Flaw The number one problem with centralized exchanges is security. The list of massive hacks is constantly growing and it’s users that face the consequences. We’ve already witnessed the first major hack of the year after Cryptopia lost $16 million in ethereum and ERC20 coins. The problem is this isn’t an isolated incident. Here’s a little reminder of some of the others. In 2014, $470 million worth of bitcoin was stolen from Mt. Gox, while two years later, $72 million worth of bitcoin went missing from Bitfinex. These are two well-publicized events. But there have been many more. Centralized exchanges force users to hand over their funds to a third party so trades are always overseen by a middleman. Not only does this go against a fundamental principle of cryptocurrency, but it leaves user funds vulnerable to theft. As history has shown us when an exchange doesn’t have the security measures in place to protect its users, this is exactly what happens. With a centralized system, it only takes one mistake to jeopardize the security of every user. DEXs tackle this issue head-on. They eliminate the security flaws that plague centralized exchanges by allowing users to trade safely, peer-to-peer (P2P). There is no middleman and users are never required to relinquish control of their funds. Assets aren’t kept on the exchange so there is no longer a single point of failure. Privacy Is Not a Priority Privacy is a human right but one that many centralized exchanges don’t appear to uphold. Users are required to share personal data with the exchange and every time they complete a transaction the details of it are recorded. Anyone with administrative access to an exchange can identify the individuals sending and receiving payments. This trading data could be taken by malicious persons and sold on, or used in other unethical or criminal activity. The first-wave of decentralized exchanges, although not perfect, did provide a greater deal of privacy. The absence of a registration process or a centralized authority meant trading data was neither shared nor stored, while the P2P trading mechanism took away the possibility of a crooked middleman abusing user information. Decentralized exchanges tackle the key issues that afflict their centralized counterparts, but it would be wrong of me to claim they didn’t require improvement. New Wave DEXs The next generation of DEX platforms need to develop ways to tackle the issues that have held back their predecessors. Firstly, there’s liquidity. Users need to know that if they log on to an exchange with currency to buy or sell, there will always be someone at the other end prepared to trade with them. Although privacy has, by default, entered into the DEX debate, more needs to be done to give users the option to trade in private. Finally, and most importantly, it’s vital that DEXs offer a fluid, simple user experience. Before now, DEXs were platforms designed by experienced users for other experienced users. If DEXs are to succeed, and reinstate decentralization as the driving force behind crypto trading, then they need to attract novice users too. To compete, they need to be just as easy to use as current leading centralized exchanges. Do you think first wave decentralized exchanges will help solve some of the problems of centralized exchanges? Is this the future of exchange technology in the crypto space? Images courtesy of Shutterstock OP-ed disclaimer: This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com does not endorse nor support views, opinions or conclusions drawn in this post. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information in this Op-ed article. Anthony Khamsei is CEO of Resistance, a privacy-focused decentralized exchange and blockchain. He is a highly experienced cybersecurity professional, cryptography expert, and entrepreneur with a proven track record in tackling complex cyber threats and developing innovative security solutions. The post The Crucible of Privacy: Why Decentralized Exchange Is the Only Way appeared first on Bitcoin News. View the full article

The Indian government panel tasked with drafting crypto regulation is reportedly worried that cryptocurrencies could destabilize the rupee if they are accepted as payments. Its concern came to light despite evidence that cryptocurrencies do not currently pose a threat to financial stability. Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations Impact on the Rupee The Indian government committee tasked with developing the regulatory framework for cryptocurrencies is reportedly “obsessed” with the impact they may have on the rupee if they are allowed to be used in payments, Quartz India reported. The committee is headed by Subhash Chandra Garg, Secretary of the Department of Economic Affairs. “If bitcoin and other digital currencies are going to be allowed to be used for payments then whether it will end up destabilising the fiat currency is a major concern” for Garg’s panel, the publication quoted an unnamed representative from the crypto ecosystem who recently met with the ministers as saying. “The overall impact on the financial ecosystem that it is likely to have is still unclear and it has been a challenge to convince them on this particular point.” If bitcoin and other digital currencies are going to be allowed to be used for payments then whether it will end up destabilizing the fiat currency is a major concern. Garg’s panel is finalizing its report containing the recommendations for the country’s crypto regulation, according to the government’s reply to a Right to Information filing. However, the Ministry of Finance told Parliament that “It is difficult to state a specific timeline to come up with clear recommendations” and that Garg’s panel is “pursuing the matter with due caution.” No Threat to Financial Stability The Financial Stability Board (FSB) published a report in October last year on the financial stability implications of crypto assets. The FSB is an international body that monitors and makes recommendations about the global financial system to the G20, an international forum for governments and central bank governors. Its members are financial regulators and central bankers from 24 countries as well as global organizations such as the International Monetary Fund. Cryptocurrencies need constant monitoring on overall financial stability considerations, given the rapid expansion in their usage. The FSB report states that “Based on the available information, crypto assets do not pose a material risk to global financial stability at this time.” Nonetheless, it notes that “vigilant monitoring is needed in light of the speed of market developments. Should the use of crypto-assets continue to evolve, it could have implications for financial stability in the future.” Citing the FSB’s finding, the Reserve Bank of India (RBI) reiterated in its Trend and Progress of Banking in India 2017-18 report that cryptocurrencies are not a threat currently. “The market continues to evolve rapidly, however, and this initial assessment could change if crypto assets were to become more widely used or interconnected with the core of the regulated financial system,” the central bank detailed. “Cryptocurrencies need constant monitoring on overall financial stability considerations, given the rapid expansion in their usage,” the RBI concluded. Do you think the Indian government should be concerned that cryptocurrencies could undermine the rupee? Let us know in the comments section below. Images courtesy of Shutterstock. Need to calculate your bitcoin holdings? Check our tools section. The post Report: Indian Government Concerned Cryptocurrencies Could Undermine the Rupee appeared first on Bitcoin News. View the full article

Cryptocurrency exchange Kraken has acquired Crypto Facilities, a British digital asset trading platform and index provider, in an undisclosed “nine-figure” deal. The acquisition means that Kraken will now be able to offer both spot and futures trading in bitcoin core, bitcoin cash, ripple, litecoin and ethereum while boosting revenue by attracting institutional customers. Also read: Cryptocurrency Independence Under Threat As Regulation Encroaches ‘Deal Turns Kraken Into a One-Stop Shop’ Kraken chief executive officer Jesse Powell has revealed to U.S. magazine Fortune that the San Francisco-based company was on the verge of completing a $100 million funding round from its “larger customers.” Commenting on the Crypto Facilities deal, 10 months in the making, Powell said the acquisition reinforces Kraken’s thrust on creating complementary services to its core spot exchange and over-the-counter trading. He stated that the exchange had since integrated the back-end operations of Crypto Facilities, allowing investors from both companies to trade on a single platform. Users now have access to futures on six cryptocurrency pairs, “providing a highly efficient way to trade and hedge cryptocurrency in any market environment,” he said in an email to news.Bitcoin.com. For U.S. customers, futures trading will, however, not be available. The U.K.’s Financial Conduct Authority has already approved the transaction, according to Kraken. Of his company’s largest acquisition yet, Powell said: We are excited to introduce eligible clients to these industry leading futures and index products. Over the coming months, our teams will continue to enhance and expand these offerings. We’ve got great stuff in store for traders and institutional clients in 2019. Founded in 2015, Crypto Facilities offers derivatives trading in cryptocurrencies like BTC, BCH, XRP and ETH to both individual and institutional investors. The London-based platform is the latest in a series of acquisitions by Kraken since 2016. The company, with four million global users, has previously acquired bitcoin exchanges Coinsetter, Cavirtex and Clevercoin. Kraken also bought Glidera, a wallet funding business, and Cryptowatch, a trading and portfolio tracking platform. Timo Schlaefer, chief executive officer of Crypto Facilities, who will continue in his current role, said: “It has been our mission to build the most sophisticated, powerful and user friendly cryptocurrency trading platform. Teaming up with Kraken allows us to innovate the next generation of products and tremendously boosts the value we are able to provide to our clients.” Kraken Raises $100 Million in New Funding Meanwhile, Kraken CEO Powell told Fortune that the exchange was close to completing a $100 million fundraising effort. To raise the money, Kraken sold some of its larger customers a stake in the company, he said. Kraken’s earlier investors include Hummingbird Ventures, Blockchain Capital, and Digital Currency Group. Powell reportedly refused to name the new investors. Much of the new investment originated from outside the United States, noted Powell, adding the raise did not need U.S. Securities and Exchange Commission approval because the company “only approached accredited investors and others covered by an exemption.” What do think about Kraken’s latest acquisition? Let us know in the comments section below. Images courtesy of Shutterstock. Express yourself freely at Bitcoin.com’s user forums. We don’t censor on political grounds. Check forum.Bitcoin.com The post Kraken Acquires British Derivatives Platform Crypto Facilities appeared first on Bitcoin News. View the full article

In roughly three days, on Feb. 7, Cryptograffiti’s latest art auction on Bitify will come to an end. “Running Bitcoin,” a tribute to the legendary cryptographer Hal Finney, currently has a bid of $31,000 at the time of writing. Over the past few months, Cryptograffiti has been creating very interesting pieces and unique auctions that showcase the bitcoin ecosystem from a different perspective. Also read: Cryptocurrencies Have Spawned an Eclectic Underground Art Movement Repurposed Credit Cards and Bolivars Even if you don’t know Cryptograffiti by name, you’ve probably seen his artwork featured online and on the streets. For instance, one of the artist’s most popular pieces sold last year for $33,000 in cryptocurrency. The work was dubbed “Terrible Store of Value” and was in response to JP Morgan CEO Jamie Dimon’s commentary. Cryptograffiti is also known for his inventive mediums because he doesn’t just use traditional paints and ink. The artist uses repurposed credit cards and U.S. dollars in some of his unique pieces. This week, Cryptograffiti created a picture of Venezuela’s president Nicolás Maduro using Venezuelan bolivars. The picture to the left is Cryptograffiti’s latest art, which is made of repurposed bolivars and is a portrait of Venezuela’s president Nicolás Maduro. The picture to the right is a portrait of JP Morgan’s boss Jamie Dimon called “Terrible Store of Value,” which sold for $33,000 in bitcoin. Artwork That Commemorates the 10th Anniversary of Hal Finney ‘Running Bitcoin’ This week will see the end to another Cryptograffiti art sale hosted on the cryptocurrency auction site Bitify. The latest work being auctioned is called “Running Bitcoin,” an ode to the well known cryptographer Hal Finney. Tales of the Bitcoin network’s early days say that Hal was the first person to receive bitcoins from Satoshi back in 2009. The portrait is placed on a safety deposit box and made with small fragments of credit cards. The artwork “Running Bitcoin” has three days left until the end of the auction and already has a bid for $31,000. Half the proceeds will be donated to help people battling ALS, a disease that Hal Finney suffered from. There’s also an old signed credit card of Hal’s attached to the artwork which was given to Cryptograffiti as a gift from Hal’s wife Fran Finney. Not only is Cryptograffiti’s latest work called “Running Bitcoin,” but the artwork also runs a full node by using a wifi-enabled Casa Node attached to the box. Another interesting fact about the Finney portrait’s auction is that half the proceeds will be donated to an organization that helps people fighting ALS. “50% of the auction proceeds will go to the ALS Association Golden West Chapter who supported Hal during his battle with Amyotrophic Lateral Sclerosis,” explained Cryptograffi Black Swan Sold to the Lowest Micro-Bidder Last December, Cryptograffiti held another auction for a piece called “Black Swan” which was made from repurposed U.S. dollar bills. Unlike traditional auctions, the artwork was sold to the lowest micro-bidder. Black Swan. The really tiny piece of art measured 1.44 in x 1.75 in and the auction used the Lightning Network for bids. On Dec. 19, 2018, at 4 p.m. PST, Black Swan sold for 1 milli-satoshi or $0.000000037 worth of BTC. The small image made of fiat also came with a counterfeit pen used by merchants to tell whether or not a banknote is legitimate. “Yesterday I auctioned this piece to the lowest bidder to help promote the Lightning Network and poke fun at MSM’s focus on bitcoin’s price,” explained Cryptograffiti at the time. The Black Swan auction using the Lightning Network. Many renaissance movements, especially those that have truly affected the world’s economy, have spread beyond the financial sectors of society and filtered into the world of music, theatre, and art. Bitcoin’s surrounding economy is no different and Cryptograffiti’s artwork and the many other digital currency artisans are proof of these evolutionary changes affecting various facets of our lives. The artist’s latest work which commemorates the 10th anniversary of cryptographer Hal Finney’s involvement in Bitcoin is just another example of this trend. What do you think about Cryptograffiti’s work and auctions? Let us know what you think about this subject in the comments section below. Image credits: Cryptograffiti. Need to calculate your bitcoin holdings? Check our tools section. The post Cryptograffiti’s Latest ‘Running Bitcoin’ Portrait Sees Auction Bids of Over $30K appeared first on Bitcoin News. View the full article

Coins 4 Clothes, a cryptocurrency charity that rewards people with bitcoin cash (BCH) for donating gently used items of clothing, has announced the expansion of the organization to a dozen cities across Canada, exactly a year after it was first launched. Also Read: The Daily: Twitter CEO Talks Bitcoin, Bitstamp Releases New Mobile App Helping People From Toronto to Vancouver The Toronto-headquartered organization Coins 4 Clothes is now also operating in Hamilton, Oakville, Vancouver, Whistler, Montreal, Quebec City, Calgary, Red Deer, Edmonton, Winnipeg, and Saskatoon. The group announced that people who live in any one of these cities can browse through local charitable options on its website which the team has audited to ensure they use donations responsibly and that the clothes are really going to those who need the support. Coins 4 Clothes was launched back in February 2018 and is marking its first anniversary this month. According to its website, the charity has already facilitated the donation of over 3,200 articles of clothing and at the same time managed to entice 43 clothing wholesalers to open new bitcoin cash wallets by buying more items from them with BCH donations it raised from the community. Supported Local Charities Among the approved charitable options available for Canadians to support via Coins 4 Clothes, there are charities which help homeless people with basic needs of clothing, food and shelter; an organization which assists homeless women in finding appropriate clothes for new jobs and job interviews; a charity which provides vulnerable women and their babies with clothing, educational and vocational training; a group which provides babies born to families in extreme need with basic essentials for their first year of life and more. If you live in Canada, you can also nominate another charity in your city that you think will fit in the program. We are live with our Canadian expansion! Residents of #Toronto #Hamilton #Oakville #Vancouver #Whistler #Montreal #QuebecCity #Calgary #Reddeer #Edmonton #Winnipeg & #Saskatoon can earn Crypto-currency (#BCH) when they donate clothes to a local charity! https://t.co/ja4vfiyFtr pic.twitter.com/Oi4fUd7iZO — Coins 4 Clothes (@Coins4Clothes) February 4, 2019 What do you think about this BCH charity expending across Canada? 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 Satoshi’s Pulse, another original and free service from Bitcoin.com. The post Bitcoin Cash Clothing Charity Expands to a Dozen Cities Across Canada appeared first on Bitcoin News. View the full article

Leading Canadian cryptocurrency exchange Coinsquare has reportedly laid off almost a third of its staff. The news comes after at least five other trading platforms found themselves in trouble during the past month. From the need to adapt to a prolonged bear market, overcome financial difficulties and technical issues, to coping with coin losses and hacker attacks, the dawn of 2019 has exposed some of the acute challenges the industry is facing. Also read: Crypto-Stealing SIM Swapper Pleads Guilty, Gets 10 Years in Prison 2 Executives Among Terminated Coinsquare Employees One of the leading digital asset exchanges in Canada, Coinsquare, has recently decided to lay off approximately 40 out 150 staff members, Betakit reported, quoting multiple sources. Among the people in different roles whose contracts have been terminated are two key executives – COO Robert Mueller, who joined Coinsquare about a year ago, and CFO Ken Tsang, an investment banker formerly employed by major financial institutions such as Bank of Montreal and Bank of Canada. The company’s Head of Talent Martin Hauck announced on Linkedin: The ever-evolving cryptocurrency space has been volatile and unpredictable. Many similar companies in our industry have had to make some tough choices in recent months and Coinsquare has had to as well. The company has made the decision to part ways with a number of talented members of the Coinsquare team. The latest round of layoffs at Coinsquare comes after approximately 20 employees across various departments were terminated in July of last year. The company has been trying to restructure and even expand its business. In December, it entered 25 new markets in the European Union and last summer launched a crypto trading platform in Japan. It entered into partnerships with global blockchain investment bank Dlta 21 and the Bank of Montreal. In December, the company also acquired crypto wallet provider Blockeq for $12 million. And despite the layoffs, the exchange has also hired over 20 new employees, Coinsquare CEO Cole Diamond revealed. This includes 14 people who joined the team after the acquisition of Tipcoin, a company that develops a blockchain-based loyalty rewards platform. The executive added that in “the most volatile market,” the company’s staff grew from three people to a high of 150. “We’ve decided to make some cutbacks to make sure we protect our strong position in the market,” he explained, noting the challenges other Canadian exchanges are facing and the fact that Coinsquare’s main competitor in the country, Quadrigacx, is now offline. 5 Other Crypto Exchanges in Trouble In recent weeks, there have been multiple reports about exchanges experiencing various difficulties that have led to their temporary or permanent closure. Quadrigacx is indeed one of the troubled crypto trading platforms. The exchange filed for insolvency and applied for creditor protection with the Nova Scotia Supreme Court. It has lost access to “significant cryptocurrency reserves held in cold wallets” after the death of its CEO Gerald Cotton. In total, $145 million worth of digital assets is missing. Financial problems have dogged other crypto exchanges. Coinpulse announced recently it’s going into “indefinite maintenance” after negotiations with a potential investor took longer than expected. The platform suspended trading and deposits on Feb. 1 and said it will keep withdrawals open only until Feb. 7. Last week, the small Ukrainian exchange Liqui informed users it’s no longer able to provide liquidity. Its team asked clients to withdraw their funds within a month. Roobit, a young South Korean cryptocurrency exchange, has also filed for bankruptcy less than three months after its launch. According to local media, technical issues that led to financial losses are behind its decision to discontinue operations. A representative of the exchange stated in a Kakao Talk chat that “it is difficult to operate with a loss of 400 million won ($360,000) due to a system error” that resulted in wrong payments. Around 800 crypto investors have suffered losses, Sisafocus reported. In mid-January, New Zealand-based exchange Cryptopia became the latest victim of a security breach when hackers reportedly stole around $16 million worth of cryptocurrency. Despite the ongoing police investigation, the unknown attackers managed to withdraw 1,675 ETH more from 17,000 Cryptopia wallets, according to research conducted by the data company Elementus. What are your expectations for the future of crypto exchanges? Share your thoughts in the comments section below. Images courtesy of Shutterstock. Need to calculate your bitcoin holdings? Check our tools section. The post Coinsquare Lays off 40 Employees in a Troublesome Month for Crypto Exchanges appeared first on Bitcoin News. View the full article

What do the art and cryptocurrency worlds have in common? Among other things, the love of the conceptual, evoking of the emotions and the tendency to confuse admirers. Over the past century, we have seen cubism, starting in the early 1900s, which opened the doors for art movements like surrealism, abstract, impressionism and pop art. We are now entering a new phase that fuses art with cryptocurrency to create hybrid exhibitions with names such as the “Bitcoin Art (r)Evolution” in France. Also Read: Bitcoin Graffiti: How the Economic Revolution Has Painted the Streets Buying and Selling Art Using Crypto Modernism in art connotes a rejection of conventions and a commitment to radical innovation. In the 20th century, modern art movements were fueled by a belief that human society would advance through the spread of democracy, capitalism and technological innovation. This dovetails nicely with crypto. Bitcoin has anti-capitalist features such as the ability to decentralize the banks and grant equal access to finance. Movements such as fauvism, futurism, constructivism, suprematism, de stijl and the British art movement, vorticism, have all played a huge role in creative expression. Beneath the ‘isms’ and esoteric jargon is a belief that anyone can create or appreciate good art. Art is a visual representation of new age revolutionaries, not just for the elite rich and educated segments of society. It comes as no surprise, therefore, that artists have been utilizing crypto to buy, sell and create art. For artists and collectors it is critical to understand the current trends that drive the market. Cryptocurrency, and the world it has spawned, has infused products and slowly invaded pop culture. There are a number of independent art galleries now jumping on the crypto bandwagon. At one London art gallery, a portion of Andy Warhol’s 1980 work “14 Small Electric Chairs” was sold as fractionalized ownership using cryptocurrencies. Singapore-based collector Joe Nash is selling some of his Australian art collection through Visionairs Gallery, which also accepts cryptocurrencies. Florida based art gallery Lynx Art Collection is also accepting bitcoin payments. Then there are platforms such as Maecenas which claims to be “the first open blockchain platform that democratizes access to fine art.” In France a group of international artists put on a cryptocurrency art exhibition to celebrate its birthday. Dubbed the “Bitcoin Art (r)Evolution,” it aimed to show “the potential of cryptocurrencies through symbolism and practice,” and “illustrate the genesis of this digital revolution.” Another interesting twist to the art world involves wannabe artists submitting art in return for tokens. For example the Scarab Experiment created in 2014 is a multi-user collective that uses artificial intelligence image processing to form a single work of art from one thousand submissions. The Banksy of the Cryptocurrency World Then there are artist who are using crypto as the subject matter and inspiration behind their creations. In the U.K., Manchester-based Aktiv Protesk is part of a new wave of artists who uses cryptocurrencies. Dubbed the Banksy of the cryptocurrency world, Protesk relies on bitcoin to sell his art. Recently, in the midst of the yellow vest protests in Paris, one popular street artist called Pascal Boyart, known as Pboy, created a mural depiction of the drama unfolding in France. The painting also features a puzzle containing 0.28 BTC for whoever can solve the mystery. The art world is rapidly adopting crypto and the movement has been going from strength to strength. Whether it’s through oil paintings, sculpture, street art, graffiti, visual and performing arts or other mixed media, the art and crypto love-in continues to smolder. What do you think about crypto influencing the art world? Let us know in the comments section below. Images courtesy of Shutterstock. Need to calculate your bitcoin holdings? Check our tools section. The post Cryptocurrencies Have Spawned an Eclectic Underground Art Movement appeared first on Bitcoin News. View the full article

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release. Monday, February the 4th, 2019, Hong Kong, Crypto exchange trade.io has announced a partnership with payment processor Simplex, enabling clients to purchase a range of popular cryptocurrencies by credit or debit card. Initially, the solution will support the purchase of Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), & Bitcoin Cash (BCH) with USD or EUR. Management of trade.io have also confirmed that more coins and currencies will be added for purchase at a later stage. This partnership with Simplex, a leading EU-licensed payment services provider, provides a regulated and secure framework through which trade.io’s client base can easily and conveniently invest or trade in cryptocurrencies. With this move, trade.io demonstrably provides its support to investors of traditional financial instruments who wish to access the cryptocurrency industry – an industry notorious for its high barriers of entry and complicated onboarding processes. William Heyn, CEO of trade.io commented: “It’s no secret that newcomers to the crypto world are hindered by complicated onboarding processes. Through this partnership, we aim to simplify unnecessarily difficult transactions, thereby throwing open the doors to crypto newbies whilst providing added value to our existing client base.” This introduction of fiat purchases, drastically minimizes any obstacles presented to current and potential clients on the trade.io exchange, making the company a one-stop-shop for purchasing and trading crypto. “Since foundation, Simplex has worked with leading exchanges to make mainstream entry to the crypto world simpler. Our fraud-free payment processing solution provides crypto merchants with a risk-free way to accept credit and debit cards, making the payment process seamless and familiar for mainstream” said Nimrod Lehavi, CEO and Co-Founder of Simplex, adding that “doing so will make it easier for mainstream users to enter the crypto world, growing the industry and transforming the financial space.” About trade.io trade.io is a next-generation financial institution based on blockchain technology, comprised of its Exchange, Consulting Services, Incubator and Liquidity Pool which allows holders of its utility token “TIOx” the ability to participate in the growth of the company. By leveraging decades of experience in the investment banking, trading, fintech and compliance and combining them with the power and transparency of the distributed ledger, trade.io has created a truly unique platform built to grow and adapt as the blockchain industry continues to mature. About Simplex: Simplex is a FinTech company providing guaranteed fraudless payment processing solutions. Simplex processes credit card payments with a 100% zero fraud guarantee – in case of a chargeback, the merchant gets paid by Simplex. The cutting-edge Simplex fraud prevention solution and proprietary state-of-the-art AI technology stops fraudulent transactions and allows more legitimate ones to complete payments with ease and speed while increasing conversion rates and enabling merchants to focus on their business growth. Simplex’s HQ is located in Israel, with subsidiaries in the UK, US, and Lithuania. Simplex was founded in 2014, and today works with some of the largest crypto exchanges, wallets, and platforms. Contact Email Address support@trade.io Supporting Link https://trade.io/ This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. The post PR: trade.io Enables Purchase of Cryptocurrencies With USD and EUR appeared first on Bitcoin News. View the full article

On Jan. 31, Mt. Gox victims were enraged to hear that the founder of Coinlab, Peter Vessenes, is still causing problems for the former exchange’s rehabilitation process. According to information published by public attorney Daniel Kelman, Coinlab filed a claim for ¥1.7 trillion yen (US$16 billion) which is over and above every claimant’s filing. Also read: Markets Update: Traders Patiently Wait for Crypto’s Longest Bear Run to End Coinlab’s Mt. Gox Claim Stands at Over $16 Billion The infamous Mt. Gox breach was one of the biggest cryptocurrency exchange hacks of all time. Over the last four years, the trading platform’s customers who lost money have been trying to get restitution from the 200,000 BTC found later after the initial breach. There have been many bankruptcy proceedings and dealings with the court trustee in Tokyo. The case has also transformed into a civil rehabilitation process. Throughout this period, there’s been one stick in the mud that’s made the Mt. Gox restitution take much longer than it ought – Coinlab. The company could now further extend and entirely disrupt the process of distribution to Mt. Gox creditors. Coinlab is a firm operated by the former Bitcoin Foundation Chair Peter Vessenes. Public documents from Tokyo given to our newsdesk indicate that Coinlab is claiming ¥1.7 trillion yen (US$16 billion at press time) in damages from Mt. Gox. The Coinlab claim eclipses all other creditors by a long shot and if it is successful then the other claimants could be left with nothing. Documents from the Mt Gox claim filed in Tokyo. Coinlab wants $16 billion for “Breach of license agreement.” In 2012, Coinlab made a deal with Mark Karpeles which supposedly gave the company the rights to both U.S. and Canadian Mt. Gox customers. Coinlab couldn’t get licensure to operate in those countries, however, and these parts of the bargain ultimately fell through. After things went sour, Coinlab sued Mt. Gox for breach of contract in May 2013 for the sum of $75 million. According to multiple sources who have been relentlessly following the case in Japan, including former Mt. Gox CEO Mark Karpeles, Coinlab’s lawsuit has made it worse for every creditor involved. Back in May of 2017, Karpeles wrote an open letter to Peter Vessenes and Coinlab in the hope of convincing him to settle the case for $5 million. “This lawsuit today is not Coinlab vs. Mt. Gox, but CoinLab vs. the Mt. Gox customers, now creditors, who have done nothing to deserve being involved in this,” explained Karpeles at the time. Peter Vessenes CEO of Coinlab. Unknown Shareholders and Frozen Restitution Process for Mt. Gox Claimants A highlighted portion of the ¥1.6 trillion Coinlab filing explains that Vessenes is pursuing the funds for the “fiduciary” interest of Coinlab shareholders. However, according to a source familiar with the matter, letters have been sent to Vessenes asking for a full list of shareholders. This is because skeptics believe there are not many shareholders at all or that the Coinlab CEO is the one and only shareholder. A claim made in such a manner would make upholding fiduciary interest of Coinlab shareholders very difficult in the face of the many customers who have been waiting four years for a small fraction of what they once had. On Jan. 31, Kraken CEO Jesse Powell expressed his disgust at the restitution claim made by Coinlab. “Unbelievable balls on this guy to hold up payouts to thousands of victims for years with an entirely frivolous claim over a botched partnership attempt,” Powell said to his Twitter followers. “How could you think that your $16B claim should be senior to the actual account holders’?” The next day Powell further stated: Why is there not more outrage over this? If this isn’t criminal, it should be. Plaintiff’s lawyers ought to be sanctioned. One of the founding members of the B Foundation, Alena Vranova, responded to Powell’s tweet and said, “Oh wow — I see why some folks developed an allergic reaction to the word foundation — Interesting “character” this Peter.” Vessenes has also been tagged on Twitter about the huge claim, but has yet to respond. Sources familiar with the matter also told news.Bitcoin.com back in Sept. 2017 that Coinlab doesn’t want to settle and wants the case to be brought to the U.S., which could drag the claim process out for another few years. Last month, the trustee of the now-defunct Mt. Gox and its funds, Nobuaki Kobayashi, detailed the civil rehabilitation claims may be extended further. What do you think about the Mt. Gox claim for $16 billion made by Coinlab? Let us know what you think about this subject in the comments section below. Image credits: Shutterstock, Marvel Studios (MCU), and Pixabay. Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH, and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com. The post Mt. Gox Restitution Process Frozen Due to One Man’s $16B Claim appeared first on Bitcoin News. View the full article

Tidbits is a roundup of talking points from across the cryptosphere. In this edition, Jesse Powell offers to help the Canadian police investigate the supposed death of Quadrigacx CEO Gerald Cotten and the subsequent movement of funds. Also, the r/btc community teaches Iranian redditor Cdaemon how to keep his crypto safe. Also read: Canadian Exchange Insolvent After CEO Dies With Keys to $145M of Cryptocurrency A Helping Hand Kraken CEO Jesse Powell has offered to work with the Royal Canadian Mounted Police in the investigation of Quadrigacx CEO Gerald Cotten’s supposed death and lost private keys. Powell went on to explain that Kraken knows thousands of wallet addresses that belong to Quadrigacx. We have thousands of wallet addresses known to belong to @QuadrigaCoinEx and are investigating the bizarre and, frankly, unbelievable story of the founder's death and lost keys. I'm not normally calling for subpoenas but if @rcmpgrcpolice are looking in to this, contact @krakenfx — Jesse Powell (@jespow) February 3, 2019 The reactions to Cotten’s demise have been mixed. Some believe the CEO actually died, while others believed he faked his own death. Commentator “I am Nomad” argued that Cotten probably did die, on the basis that death is common in the backwoods of India. However, Powell was dissatisfied with this response and remained suspicious given that Quadrigacx was having problems with fiat and crypto withdrawals in the month leading up to Cotten’s death. To make the case that Cotten probably faked his own death, Twitter user Ken A posted a video of a person easily buying a fake death certificate in India for just 25,000 rupees or $450. After seeing the video, Powell was amazed at the ease of getting an official-looking yet fake death certificate in India. Such a big amount Involved, hopefully the necessary paperwork will be provided. Jesse, I have watched this recently and understand what you mean.https://t.co/zqqLJx2GmC — Ken A. (@2Canadians) February 3, 2019 r/btc Gives Iranian Bitcoiner Advice On r/btc, Iranian bitcoiner Cdaemon lamented the loss his lifesavings on Bittrex after the exchange froze his account. Cdaemon explained that he left his funds on the exchange because he was unable to purchase hardware wallets to store his cryptocurrency in 2017 due to sanctions against Iran. Prior to using Bittrex and having his account frozen, Cdaemon claimed to have confirmed with Bittrex customer support that Iranians could use their exchange. While many redditors sympathized with Cdaemon, they also questioned why he would keep his cryptocurrency on an exchange and not in his own wallet. One commentator pyalot explained that there are plenty of desktop, mobile and paper wallets for bitcoin. In response, Cdaemon incorrectly argued that these options didn’t exist back in 2017. Pyalot corrected Cdaemon, and then explained the mantra of “not your keys, not your bitcoin.” Further down the thread, Cdaemon argued that he was unable to access online wallets as they also adhered to U.S. sanction laws back in 2017. In response, commentator Maeler argued that the U.S. has no sanction on wallets and Cdaemon could have easily downloaded and used the Bitcoin.com wallet. What do you think of the speculation that Gerald Cotten faked his own death? Let us know in the comments below. Images courtesy of Shutterstock. Why not keep track of the price with one of Bitcoin.com’s widget services. The post Tidbits: Kraken CEO Offers Help in Quadrigacx Case, Iranian Bitcoiner Learns Expensive Lesson appeared first on Bitcoin News. View the full article

For governments, cryptocurrency is becoming too mainstream to ignore and too chaotic to neglect. Across the world, government agencies are targeting crypto investors not only with taxes but mandatory registration and full disclosure rules. This new wave of regulation poses a contradiction in that some of cryptocurrency’s strongest traits have always been privacy and autonomy. Also read: Canadian Exchange Insolvent After CEO Dies With Keys to $145M of Cryptocurrency State Regulation of Crypto Raises Questions Australia’s registration of 246 cryptocurrency exchanges between April 2018 and January 2019, hailed by observers and the exchanges themselves as boosting the credibility of the industry, likely indicates the direction that virtual currencies are taking in relation to regulation throughout the world. Some industry players speak approvingly of regulatory encroachment as a step towards respectability. State regulation increasingly appears to be the price the crypto community will have to pay for assimilation into the mainstream economy, raising existential questions about the direction of the industry. Whereas early cryptocurrency visionaries sought to operate a skeptical remove away from authority, emphasizing freedom, autonomy and democracy, some new movers are welcoming regulation as a solution to the trust problems that have affected the industry. Some of the regions that have weaponized the law books to meter aspects of virtual currencies include Malaysia, Australia, Japan, the EU and the U.S. As authorities across the world co-opt crypto’s “Escobar season” and drag it into the mainstream, it is interesting to observe just how much of what made crypto so appealing will remain. “The root problem with conventional currency is all the trust that’s required to make it work,” Satoshi Nakamoto wrote in his revolutionary proposition ten years ago. “Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts,” whereas cryptocurrency “is based on crypto proof rather than trust.” Regulation Rolls out With Benign Offers Regulation is rolling out with the innocuous sounding promise of support for innovation, but it is not clear how heavily government whims will impose upon investors and exchanges going forward. Individuals looking to operate in an insular system, away from central bank and state oversight, are increasingly confronted with new top-down demands for the industry which include the closure of firms and freezing accounts. Although Japan has traditionally been a liberal environment for crypto, it has been tightening regulation since the Coincheck hack early last year. The heist of $530 million sent Japan into regulatory overdrive, doubling down on the need for exchanges to be registered with the Financial Services Agency (FSA) as a condition of operation. South Korea prohibits the use of anonymous accounts in cryptocurrency trading and requires banks to observe strict reporting obligations on accounts held by digital asset exchanges. The south east Asian country has also banned financial institutes from trading on bitcoin futures. In March 2018, the U.S. Securities and Exchange Commission said that it considers many cryptocurrencies to be securities and that security laws will be comprehensively applied to wallets and exchanges where necessary. Cryptocurrency regulation is usually themed around money laundering and funding of terrorism. A series of heists has not helped the cause of crypto, with victims clamoring for governments to wade into the chaos in messianic garb. Exchanges have cautiously welcomed the governmental embrace, showing a break from crypto pioneers who maintained cynic detachment from authority. ‘Cryptocurrency Industry Has Moved On’ Speaking to Australia’s public broadcaster ABC, CMC Markets’ chief market strategist Michael McCarthy said the industry has moved on from its pioneers’ autonomous fundamentalism and is now seeking regulation and safety. Independent Reserve, the Australian digital asset trading platform, has also cited regulation as a requisite for bringing cryptocurrency into the mainstream, according to its head, Adrian Przelozny. Although virtual currency was conceived as an anti-authority invention where unmediated business is conducted peer-to-peer, lack of internal controls, requiring users to utilize their own discretion, has been exploited by those with criminal motives. For example, in 2018, more than 6,000 crypto-related scams, totalling losses of more than $9.5 million, were reported to Australia’s competition regulator. Investment scams, particularly deceptive marketing of initial coin offerings, and hacks running into millions have made customers vulnerable. Across the crypto universe, this all bundles into a disarming pretext for state control. The current direction of crypto mapped by government regulators is, however, a far cry from Satoshi Nakamoto’s whitepaper, which declared: What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party. Third parties are now fully immersed in the crypto ecosystem, which some industry players are coolly rationalizing as a coming-of-age phase for digital asset economy. As cryptocurrency matures, it is becoming increasingly tangled in tax policies and institutional oversight that significantly cedes its envisioned autonomy. What do you think about state encroachment into the cryptocurrency space? Let us know in the comments section below. Images courtesy of Shutterstock. Express yourself freely at Bitcoin.com’s user forums. We don’t censor on political grounds. Check forum.Bitcoin.com The post Cryptocurrency Independence Under Threat As Regulation Encroaches appeared first on Bitcoin News. View the full article

In Monday’s edition of The Daily we cover a recent interview with Jack Dorsey where the Twitter CEO again publicly shares his views on the future of cryptocurrency. Additionally covered are a new mobile app from Bitstamp and a report about Nvidia’s revenues from the mining market. Also Read: SEC Solicits Blockchain Analysis Tool to Identify Wallet Owners Twitter CEO Talks Bitcoin on Joe Rogan Experience Jack Dorsey, CEO of Twitter and mobile payments platform Square, recently went on the wildly popular Joe Rogan Experience podcast to talk about his various ventures. Among the topics that came up was cryptocurrency, a recurring theme on the show. Dorsey explained he believes that the internet will have a native currency and he thinks it will be bitcoin because of the principles behind it and its origin. “It was something that was born on the internet, was developed on the internet, was tested on the internet, it is of the internet,” he said. Jack Dorsey on Joe Rogan The Square CEO touched on the issue of functionality for payments vs store of wealth. “We would love to see something become a global currency. It enables more access. It allows us to serve more people. It allows us to move much faster around the world,” he explained. “We thought we were going to start with how you can use it transactionally, but we noticed that people were treating it more like an asset, like a virtual gold, and we wanted to just make that easy, just the simplest way to buy and sell bitcoin.” Dorsey also mentioned that the current banking and political systems are threatened by the invention as no one has no centralized control over Bitcoin. “It’s certainly threatening to certain services behind banks and financial institutions. It’s threatening to some governments as well.” Bitstamp Exchange Releases New Mobile App Cryptocurrency exchange Bitstamp launched a new mobile app for iOS and Android on Thursday, Jan 31. The app allows users to buy and sell cryptocurrencies, make transfers, check balances and transaction history, and explore the markets through real-time charts. Additional features include a simple interface for beginners and another one for experienced traders, the ability to issue instant, market, limit and stop orders, as well as an option to remotely disable the app in case a user’s phone is lost or stolen. “Built from the ground up to combine all the tools that make Bitstamp attractive for advanced traders in an intuitive interface, simple enough that anyone can begin trading in seconds,” the exchange team stated. “We suggest all users switch to the new app immediately for improved performance, reliability and more features.” The old Bitstamp app will be disabled after a one-month crossover period. Besides launching the new mobile version of the platform, the Bitstamp team also announced they are preparing a number of upgrades for the desktop platform in an effort to improve users’ trading experience. Nvidia Reportedly Made Billions From Miners Could the impact of crypto winter have been harder on Nvidia Corporation (NASDAQ: NVDA) than its management has confessed? This is what a recent report claims. RBC analyst Mitch Steves estimates that the company controls three quarters of the GPU mining market and calculated it made a fortune from miners during the boom time, a revenue stream that is now lost. “We think NVDA generated $1.95 billion in total revenue related to crypto/blockchain,” noted Steves according to Markets Insider. “This compares to company’s statement that it generated around $602 million over the same time period.” Last week the company updated investors that its previous fourth-quarter guidance had embedded a “sequential decline due to excess mid-range channel inventory following the cryptocurrency boom.” The company claimed that the reduction in that inventory and its impact on the business have “proceeded largely inline with management’s expectations,” and that it was deteriorating macroeconomic conditions, particularly in China, that weakened consumer demand for gaming GPUs. What do you think about today’s news tidbits? 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 Satoshi’s Pulse, another original and free service from Bitcoin.com. The post The Daily: Twitter CEO Talks Bitcoin, Bitstamp Releases New Mobile App appeared first on Bitcoin News. View the full article

The decree establishing a legal framework for cryptocurrencies in Venezuela has entered into force. It contains 63 articles including rules for the purchase, sale, use, distribution, and exchange of cryptocurrencies and related products. It also mandates a registration system and details audit procedures, penalties for non-compliance, and how mining equipment can be confiscated. Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations Legal Framework for Cryptocurrencies Venezuela’s “Constituent Decree on the Integral System of Crypto Assets” has been published in the country’s official gazette. The decree establishing the legal framework for cryptocurrencies and all related activities contains 63 articles; it entered into force with the publication in the gazette. Ramirez Joselit, the Superintendent of Sunacrip, Venezuela’s Superintendency of Crypto Assets and Related Activities, tweeted on Jan. 31: Today the constituent decree that will govern the operation of the Integral System of Crypto Assets of Venezuela was published in Official Gazette Number 41.575. The 63 articles are grouped into six sections. The first section comprises articles 1 to 5 which outline general information about the decree including its objectives and scope of application. It also defines blockchain, digital mining, crypto asset, sovereign crypto asset, cryptography, user, and public price. The second section explains the “structure of the Integral System of Crypto Assets” in articles 6 to 28. The third section sets rules for the new registration system in articles 29 to 33 while the fourth details the audit and inspection procedures in articles 34 to 41. Articles 42 to 51 make up the fifth section which discusses offenses and penalties whereas articles 52 to 63 are found in the last section which mostly describes administrative procedures. “The purpose of this constituent decree is to create and define the regulatory framework applicable to the Integral System of Crypto Assets,” the gazette reads. According to article 3: The scope of application of this constituent decree [covers] goods, services, values or activities related to the constitution, issuance, organization, operation and use of [the] national crypto assets and [other] crypto assets, within the national territory, as well as the purchase, sale, use, distribution and exchange of any product or service derived from them and other activities that are connected. Sunacrip and the Registration System Sunacrip, which has already been acting as the regulator of all crypto-related activities in Venezuela, has been given even more power by the decree which states: [Sunacrip] will exercise the broadest powers within the legal and constitutional framework, to regulate the creation, issuance, organization, operation and use of crypto assets, and consequently, to regulate the operation of the exchange houses and other crypto asset financial services, as well as activities associated with digital mining. In addition, individuals and legal entities wanting to carry out crypto-related activities including mining are required to register with Sunacrip. Article 11 states that the regulator must “coordinate and monitor the records of digital miners, exchange houses and other financial services” that deal with crypto assets. Article 29 further calls for the regulator to “create the necessary records to systematize the information corresponding to digital miners, exchange houses, other financial services in crypto assets and the intermediation of crypto assets.” Article 33 states that Sunacrip “will establish the public prices applicable to the system of registry, to the exchange operations, as well as to the services that lend and other considerations.” Inspections and Confiscations Article 34 of the decree details how Sunacrip will inspect the activities in the cryptocurrency sector to ensure compliance. If any signs of non-compliance are detected during an inspection, measures will be taken to prevent further violations, article 37 describes. These measures may consist of confiscation of any mining equipment found, and the “suspension of licenses, permits or authorizations” issued by Sunacrip, as well as the suspension of “Any other provision in the legal system to prevent the violation of the rights of citizens.” The article further details: When the confiscation measure is ordered on mining equipment, the superintendency will keep the respective assets, which … may be arranged for social purposes. With all of the new powers granted to Sunacrip, Criptonoticias news outlet commented that “This could mean that Sunacrip would be in a position to monitor any platform that serves the commercialization of cryptocurrencies in Venezuela, whether national or international, centralized or decentralized … which would encompass services like the one offered by Localbitcoins.” Penalties The decree also proclaims heavy penalties for unlicensed crypto activities, including mining. According to article 42: Those who operate or perform any type of activity related to the constitution, issuance, organization, operation and use of sovereign crypto assets or [other] crypto assets, including mining, without the due authorization of the governing body and in breach of the other formalities required by this constituent decree, will be sanctioned with a fine equivalent to 100 to 300 sovereign crypto assets. Furthermore, article 43 states that those who have obtained, accessed, intercepted, interfered or used “information technologies related to the Integral System of Crypto Assets” without proper authorization “will be punished with imprisonment from one (01) to three (03) years and fined equivalent of fifty (50) to one hundred (100) sovereign crypto assets.” Criptonoticias noted that this rule applies not only to miners but also to “any person that is related to the management of crypto assets.” What do you think of these Venezuelan crypto rules? Let us know in the comments section below. Images courtesy of Shutterstock. Need to calculate your bitcoin holdings? Check our tools section. The post Venezuela’s New Cryptocurrency Rules Enter Into Force appeared first on Bitcoin News. View the full article

Americans wagered $140 million on the 2017 Super Bowl, but if sports betting was legal nationwide, that figure would have been closer to $5 billion, it’s believed. Save for a handful of states such as Nevada, sports betting is outlawed in the U.S., though a Supreme Court ruling last year looks set to change that. In the meantime, decentralized protocols are making it easier than ever for cryptocurrency users to bet on a range of events including the Super Bowl. Also read: New Hampshire House Subcommittee Approves Bitcoin for Taxes Bill Bitcoin and Betting After drugs, gambling is the vice most commonly associated with cryptocurrencies. While bitcoin has a wealth of applications, it is no coincidence that bitcoin’s first “killer app” was hi-lo betting site Satoshi Dice. Because of its statelessness, suitability for cross-border transfers, and pseudonymity, cryptocurrency is a natural fit for online casinos. Many web-based sportsbooks and casinos accept digital assets such as BTC, BCH, ETH, and DASH, and there are dozens of platforms that exclusively accept cryptocurrency. The size of the black market for sports betting in the U.S. is difficult to estimate, but is believed to be worth upwards of $80 billion a year. For U.S. bettors seeking a means to wager on their favorite sports, various offshore gambling sites will take their custom. Using a credit card for such purposes heightens the risk of detection and data-loss however. Cryptocurrencies can mitigate some of those risks, but customers are still obliged to sign up to a centralized online sportsbook and disclose their personal information. Decentralized prediction markets are an alternative solution that is beginning to gain traction. While not ostensibly designed for gambling, they effectively serve as surrogate sportsbooks, enabling cryptocurrency users to wager on the outcome of major sporting events. Augur Prediction Markets and Decentralized Sportsbooks A string of supposedly decentralized sports betting sites has sprung up over the last 18 months, many of which were funded with ICO money at the peak of the bubble. Projects such as Wagerr will soon be joined by the likes of Block Sports, while the popularity of gambling dapps, which account for the majority of dapp usage on the Eos and Tron blockchains, attests to the lure of crypto-based betting. Decentralized prediction market Augur and the platforms built upon its protocol are the best known examples of borderless betting that’s virtually impossible to censor. At the time of writing, 330 ETH have been staked on Augur for the question “Will the Patriots defeat the Rams?” 54.6 percent of participants have the Patriots triumphing in the 2019 Super Bowl. First Augur UX that feels mainstream-y Will the Patriots beat the Rams? Yes makes 1.64x your money No makes 2.11x your money If your wrong you lose your bet Pretty simple (Just needs a stablecoin) pic.twitter.com/rGg0BizU7T — Ryan Sean Adams (@RyanSAdams) February 1, 2019 Guesser, a more user-friendly version of Augur, is currently in closed beta. It enables anyone to wager with ETH in just a few clicks using the Metamask browser. Its Super Bowl market is also seeing action, though more serious sports bettors may prefer Veil. Yet another Augur-based derivative, it offers the ability to go long or short on the outcome of the Super Bowl as well as to wager on a host of other events including the Academy Awards. Veil For cryptocurrency users accustomed to using browser wallets such as Metamask to access the decentralized web, the ability to discreetly gamble in a couple of clicks can be tempting. Without the safeguards that licensed betting platforms offer, including the option to self-exclude to prevent problem gambling, the convenience of decentralized prediction markets calls for self-control. With great financial freedom comes great responsibility. What are your thoughts on decentralized gambling platforms? Let us know in the comments section below. Images courtesy of Shutterstock, Augur, Veil, and Guesser. Disclaimer: Bitcoin.com does not endorse nor support these products/services. Readers should do their own due diligence before taking any actions related to the mentioned 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 content, goods or services mentioned in this article. The post Decentralized Protocols Are Making It Easier Than Ever to Gamble With Cryptocurrency appeared first on Bitcoin News. View the full article

While U.S. investors are waiting for a bitcoin ETF to be approved, American financial regulators are looking to make the market more transparent. The Securities and Exchange Commission (SEC) is seeking a service that will identify the owners of wallet addresses for multiple cryptocurrencies. Also Read: Chainalysis: Two Hacker Groups Stole $1 Billion in Crypto The SEC Wants Crypto Transaction Details The SEC has issued a ‘sources sought notice’ on January 31, searching for companies that can provide blockchain data to support its efforts to monitor risk and improve compliance of digital assets. The regulator is seeking a service for acquiring data on the “most widely used blockchain ledgers, including the universe of available information and transaction details.” The desired sources should provide the SEC with the capability to derive insights from available data, including “attribution data (i.e. to whom a particular address belongs).” Additional required capabilities by the SEC are the provision of data extracts on a recurring basis for the most widely used digital assets based on transaction volume; cleaning and normalizing the data to enable review and exploration; and the means to demonstrate data is accurate and complete. For this, the SEC wants a verification method it can use to ensure there is no data loss due to the processes designed to make the information easily readable. Moving Forward on Bitcoin ETF? The SEC is also looking for information on which of the most popular digital assets data can be provided on, options for data sharing and data transmission, processes and tools used to aggregate and compile the data, and other metrics mentioned in the document. Vendors that wish to present their services need to provide cost estimates for ongoing access or subscription to the requested data and should respond to the notice by Feb. 14, 2019. The American securities regulator has been the center of a lot of attention from institutional investors recently, as its approval is needed for U.S. financial companies to offer a bitcoin ETF. Perhaps the description of the monitoring capabilities that the SEC is seeking explains the transparency the regulator is seeking before green-lighting an ETF. What do you think about the SEC’s intentions? 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 Satoshi’s Pulse, another original and free service from Bitcoin.com. The post SEC Solicits Blockchain Analysis Tool to Identify Wallet Owners appeared first on Bitcoin News. View the full article

During the first week of the new year, two U.S. representatives from New Hampshire, Dennis Acton and Michael Yakubovich, proposed a bill that would allow the state’s residents to pay taxes with cryptocurrencies. Now after some deliberation, New Hampshire’s House Subcommittee unanimously approved the state’s bitcoin for taxes bill. Also read: US State of Ohio Accepts Bitcoin for 23 Types of Taxes New Hampshire Bitcoin for Taxes Bill Passes Unanimously Residents from the state of New Hampshire, otherwise known as the “free state,” may soon be able to pay their taxes using cryptocurrencies like bitcoin. Over the last few weeks, the state’s legislators have been discussing the recently submitted bill, HB 470, which would allow residents to pay specific New Hampshire taxes with bitcoin. HB 470 will address any accounting, valuation and management issues related to accepting cryptocurrencies, the bill states. Further, the plan will need to find a third party payment processor that will process digital asset transactions at no cost to the state. “Implementation Plan for the State to Accept Cryptocurrencies as Payment for Taxes and Fees,” explains HB 470. “The state treasurer, in consultation with the commissioner of the department of revenue administration and the commissioner of the department of administrative services, shall develop an implementation plan for the state to accept cryptocurrencies as payment for taxes and fees beginning July 1, 2020.” If the bill passes, the Treasurer of New Hampshire must find a free payment processor. If the bill passes, then on or before November 1, 2019, the state treasurer must submit the roadmap to the Governor, the Speaker of the House of Representatives, the Senate President, the House Clerk, the Senate Clerk, and the offices of the State Library. On Jan. 29, 2019 at 9 a.m., the New Hampshire House Subcommittee unanimously approved the bitcoin for taxes legislation and the bill’s amendments. HB 470 will now go back to the executive branches like the state’s Administration Committee for further voting. New Hampshire Joins Ohio and Possibly Indiana New Hampshire is currently on the move to join Ohio, the first state in the U.S. to accept payments in bitcoin cash (BCH) and bitcoin core (BTC) for 23 types of business taxes. “Ohio has become the first state in the United States, and one of the first governments in the world, to accept cryptocurrency,” detailed Josh Mandel from the Ohio Treasurer’s Office at the time. Then there’s the state of Indiana which plans to amend the tax code and accept cryptocurrencies for tax payments as well, according to House bill number 1683 filed on Jan. 24, 2019. Indiana’s Treasurer will be in charge of handling similar parts of the system, like finding a payment processor, but if enacted, Indiana’s amended tax code would go into effect on July 1, 2019. New Hampshire will join the state of Ohio if bill HB 470 passes and Indiana lawmakers are also in the midst of proposing a similar tax bill. With the New Hampshire Subcommittee unanimously pushing through the bitcoin for taxes bill, it seems like the state may approve the legislation in the near future, although residents will still have to wait until 2020 in order to pay taxes with cryptocurrencies. HB 470 also emphasizes that New Hampshire will not accept the responsibility of bitcoin’s price fluctuations and all taxes collected will be converted to U.S. dollars immediately. Furthermore, the state’s Treasury is unable to predict whether a third-party payment processor would process cryptocurrency services at no cost to the state, the proposed bill concedes. What do you think about the New Hampshire Subcommittee pushing the state’s bitcoin for taxes bill forward? Let us know what you think about this subject in the comments section below. Image credits: Shutterstock, Pixabay, and video courtesy of Freekeene.com. Need to calculate your bitcoin holdings? Check our tools section. The post New Hampshire House Subcommittee Approves Bitcoin for Taxes Bill appeared first on Bitcoin News. View the full article

In 2017, as crypto mania escalated, we witnessed extreme cases where individuals decided to make huge bets on bitcoin. Some liquidated all their assets and invested their life savings. Most of these investors were subsequently gored by the same bull that had led them and then rekt during the ensuing bear market of 2018. Knowing your risk appetite and understanding trading psychology are essential before investing in cryptocurrency. Also Read: Back to Basics: What Is Money? Irrational Exuberance Is All Part of the Cycle The crypto market is still young, and so volatility is part of the game. Before entering for the first time, it is important to be aware that the market is prone to the phenomena of irrational exuberance. Diversification is a key part of risk management. As the saying goes, don’t put all your eggs in one basket, which raises the question: how important is it to have exposure to a range of assets and cryptocurrencies? It is worth diversifying your investment holdings in order to mitigate risk. The modern portfolio theory (MPT), a hypothesis put forward by Harry Markowitz, a Nobel prize-winning economist and author of the classic 1952 article “Portfolio Selection,” states that by diversifying assets you will minimize risk and get the mean. Markowitz’s research has also shown that investors can assemble the perfect portfolio. MPT is a mathematical framework for building a portfolio of assets so that the expected return is maximized for a given amount of risk. The mathematical framework MPT has been applied by a number of groups. Recent research by the Bocconi Students Investment Club at Bocconi University in Milan showed that applying the MPT framework to crypto beat all other portfolios, at the cost of greater volatility. The Bocconi Students Investment Club concluded: “Our findings, consistently with MPT, are that portfolio variance can be significantly lowered by exploiting low covariances between coins.” Buy Low, Sell High? The ability to buy low and sell high requires traders to able to determine roughly when the low and high prices for digital assets will be. Unfortunately this strategy is difficult to execute, as evidenced by the year-long fall in bitcoin and cryptocurrency prices which have affected the psychology and emotions of many market participants. As humans, we are conditioned to follow the crowd. Fear of missing out (FOMO) and fear, uncertainty and doubt (FUD) play a huge role in the psychology of crypto investing. Many investors will instinctively react to something in the news which can drive prices down to record levels, enforcing the “fear” factor which will then convince traders to sell their investment for a loss. 2017 headlines claiming China is banning cryptocurrency exchanges or JP Morgan’s Jamie Dimon asserting that bitcoin is worse than tulip bulbs are classic examples of FUD that can negatively affect asset prices. Crypto investors have now become more resilient to this sort of sensationalist news and bitcoin bashing. Establish Your Personal Attitude to Risk Greed, for lack of a better word, is not good. There are numerous tales about people who were so passionate about bitcoin and the cryptocurrency revolution they went all in. One such person is 39 year-old Didi Taihuttu, a Netherlands native who sold everything he owns including his home and valuable belongings for bitcoin. Another young man was so convinced that cryptocurrency was the future, he gave up his apartment and wound up living in his car while putting every spare cent towards his crypto portfolio. If you have a family to support and barely enough funds to survive, is it really worth gambling and going all in crypto? It only makes sense that before investing you should research the technology, and most importantly develop your understanding of the market psychology. That way, you’ll maximize your prospects of profit and avoid trading on emotions alone. What are the factors influencing crypto prices? Let us know in the comments section below. Images courtesy of Shutterstock. Need to calculate your bitcoin holdings? Check our tools section. The post The Importance of Risk Management and Psychology When Trading Crypto appeared first on Bitcoin News. View the full article