roadrunner

As 2018 nears an end, cryptocurrency prices are dipping once again, having seen significant losses since the start of the year. This Wednesday, Dec. 5, the entire digital asset economy is valued at roughly $120 billion and most of the top 10 coins have lost 6-15% in value over the last 24 hours and 15-35% in the last week. Also Read: P2P Markets Report: Dumping Drives Record Volume Across Latin America and Asia The Top Digital Assets Continue to Lose Value Digital asset markets have plummeted once again to the lows that were once held just two weeks ago, and most cryptocurrencies have lost incredible value over the last 12 months. Just a few weeks ago, bitcoin core (BTC) markets held a larger valuation than the entire market cap of all 2,000+ coins in existence today, showing that a lot has changed. Furthermore, the top 20 coins are moving positions regularly now as market caps have changed rapidly. When prices drop, cryptocurrency trade volumes typically rise, but that’s not the case during today’s trading sessions, with only $13 billion worth of cryptocurrencies swapped over the last 24 hours. Top 10 cryptocurrency market caps on Wednesday, Dec. 5, 2018. Bitcoin core (BTC) is currently trading for $3,780 and holds a market valuation of about $65.8 billion. The cryptocurrency has lost 4.8% today and 10% during the course of the last seven days. The second largest capitalization captured by ripple (XRP) shows the market is valued at $13.7 billion and one XRP is trading for $0.34. Ethereum (ETH) has also seen better days as markets are down 6.5% today and 13.6% this week. ETH is trading for $103 per coin and has dipped under the $100 psychological threshold a few times already. Lastly, stellar (XLM) still holds the fourth position as far as market caps are concerned. The cryptocurrency is trading for $0.14 per coin and markets are down over 6% over the last 24 hours. Bitcoin Cash (BCH) Market Action Bitcoin cash (BCH) markets have seen the worst losses out of the top 10 all week and many proponents are blaming the Nov. 15 blockchain split. The price of BCH is averaging around $131 right now and while it hasn’t dropped lower than $130 yet, it easily could. Bitcoin cash has around $93 million in global trade volume this Wednesday, which is a bit better than last week’s statistics. Bitstamp 4-hour BCH/USD on Dec. 5. The top five exchanges swapping the most BCH are Binance, Huobi Pro, Coinbase, Kraken, and Hitbtc. An analysis from the data website Crypto Compare shows the top trading pair with BCH today is ETH at 57.8%. ETH/BCH volume is followed by the pairs BTC (21.7%), USDT (10.8%), KRW (6%), and JPY (2.6%). BCH/USD 7-day. BCH/USD Technical Indicators Looking at the four-hour BCH/USD charts shows bears have clawed BCH prices down to some pretty low values. The Relative Strength Index (RSI) is showing extremely oversold conditions at 17.82 and the Stochastic oscillator shows similar results. The MACd indicates the price has flatlined to some pretty deep levels for now and a possible price increase could follow suit in the short-term but volume hasn’t appeared. BCH/USD daily. The two Simple Moving Averages (SMA) show the long-term 200 SMA is still well above the short-term 100 trendline. Of course, this indicates that the path toward the least resistance is ultimately the downside for now. However, at the moment, order books on both sides are eerily flat and this could mean a move in any direction is possible. BCH/USD 4-hour. The Verdict: Some Envision Market Uncertainty as a Second Opportunity Many traders don’t know what to expect next, with some predicting more crypto-market losses while others forecast a turnaround is in sight. Bitwise Asset Management CEO Hunter Horsley says there are multiple reasons we are seeing declining cryptocurrency prices. This includes an extremely contentious bitcoin cash fork that split the world’s fourth-largest coin, the SEC’s recent enforcement actions against ICOs, and tax-loss harvesting sales by investors, explained Horsley. However, he believes with digital asset prices being so low, it may give retail investors another chance to get involved. “The 68% drawdown in bitcoin prices this year has given investors a unique opportunity to enter the market at prices many thought we’d never see again,” Horsley concluded. Where do you see the price of BCH, BTC and other coins heading from here? Let us know in the comments below. Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.” Images via Shutterstock, Trading View, and Satoshi Pulse. Want to create your own secure cold storage paper wallet? Check our tools section. The post Markets Update: Cryptocurrencies Are Still Blood Red appeared first on Bitcoin News. View the full article

Three Ukrainian companies have developed an English-language chat bot that provides consulting services to businesses and investors in the crypto industry. The AI-based platform, Ailo, offers a range of automated services but it can also deal with cases that require human intervention and professional legal advice. Also read: Russian Marketplace Allows Users to Sell Items Priced in Cryptocurrency Ailo Tests ICOs for Free Law firm Juscutum, crypto-payment solutions provider Paytomat and software developer Cryptogroup are behind the innovative project. Ailo, which is now live in testing mode, provides some of its services free of charge. Others can be paid with cryptocurrency. One useful feature, for example, determines whether a token is a security (Howey test) and if an initial coin offering (ICO) has the features of a fraudulent scheme (scam test). The platform can also advise startups on where to conduct their token sales. A test run of the “Choosing jurisdiction of ICO” module suggested Gibraltar and Belarus. Indeed, both places are among the most crypto-friendly jurisdictions in Europe, along with Malta, Switzerland and Liechtenstein. In a list of destinations, Ailo provides the top two suggestions for free. А team of legal experts can also prepare a number of documents that ICO companies might need. Some of these services are automated and free, such as the drafting of nondisclosure (NDA) agreements. Others require additional attention from professionals and are provided for a fee. These services are priced in cryptocurrency and the partners in the project currently accept BTC and ETH. The cost of drafting a whitepaper legal notice, for example, is 0.01 BTC. Investment agreements, used to protect the interests of crypto companies and investors while also ensuring the security of funds raised through ICOs, cost 0.08 BTC. These agreements, which regulate the relations between the parties in a token sale, are offered as token sale agreements or as simple agreements of future tokens. Experts Review Specific Requests The project’s legal experts can draft even more specific documents. For instance, companies providing services in exchange for using some of their customers’ computing power to mine cryptocurrencies can order an “End User License and Mining Agreement.” Ailo also helps businesses meet a number of requirements that stem from various privacy and data protection laws such as the EU General Data Protection Regulation (GDPR) and other anti-money laundering and know-your-customer regulations. Most standardized services require filling out a questionnaire designed to help the bot classify requests. Once a cryptocurrency payment is made through Paytomat’s system, Ailo generates the respective legal template and sends it to the client. Inquiries not covered by the website can be sent directly to Ailo’s creators via the “Ping human team” option. Artem Amfyan, a Juscutum representative who has been working on the project, told the Ukrainian news outlet Ain that in the future Ailo will be able to provide a full spectrum of services related to security token offerings (STOs), cryptocurrency trading, mining operations and venture capital investments. Amfyan added that the project team plans to expand its services to cover the needs of the entire blockchain industry. The team is now trying to establish an affiliate network and is currently negotiating with prominent lawyers in the field of crypto regulations. What do you think about the Ailo project? Tell us 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 Chat Bot Advises Crypto Startups and Investors appeared first on Bitcoin News. View the full article

The Monetary Authority of Singapore (MAS) has published new guidelines pertaining to digital token offerings. The document provides additional clarity on the regulatory requirements for intermediaries that facilitate them, while highlighting the reporting obligations of entities offering capital markets products that are not classified as securities. Also Read: P2P Markets Report: Dumping Drives Record Volume Across Latin America and Asia MAS Publishes New ICO Guidelines The guidelines state that offerings of digital tokens are categorized as “capital markets products” under the Securities and Futures Act (SFA). The document also states that MAS will determine compliance with Anti-Money Laundering (AML) and Countering Financing of Terrorism (CFT) requirements for offerings of capital markets products. Capital markets products are described as “any securities, units in a collective investment scheme, derivatives contracts and spot foreign exchange contracts for purposes of leveraged foreign exchange trading.” Any entity that offers capital markets products will be required to submit a prospectus in accordance with SFA requirements. Exemptions From Prospectus Requirements However, the new guidelines state that an offering may be exempt from prospectus requirements under certain circumstances. Subject to conditions, MAS states that an offering may not require a prospectus if it is a “small personal offer” that does not exceed the equivalent of 5 million Singapore dollars ($3.66 million) within any 12-month period. Exemptions will also be made for any “private placement offer” to up to 50 people within a 12-month period, as well as for offers solely targeted at institutional or accredited investors. However, MAS states that any exemptions for small personal offers, private placements or offers to accredited investors will still be subject to advertising restrictions. Rules for Intermediaries Offering Tokens MAS states that it has observed several types of intermediaries that “facilitate offers or issues of digital tokens.” Such intermediaries include platforms on which one or more entities “make primary offers or issues of digital tokens,” as well as any individual who operates “a platform at which digital tokens are traded.” People who operate said platforms could be deemed to be engaged in regulated activities and will be required to hold a capital markets services license. The guidelines also state that any person who “provides financial advice in respect of any digital tokens” as an intermediary must secure a financial adviser’s license. The same expectations will apply to any person who “provides any financial advice in Singapore in respect of any digital token that is an investment product.” In addition, the regulator says that anyone based in a foreign jurisdiction who engages in activities designed to influence citizens of Singapore through financial advisory services will be “deemed to be acting as a financial adviser” in the city-state. Do you think that other nations will adopt similar guidelines for digital token offerings to Singapore? 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 Singapore Financial Regulator Updates Guide to Digital Token Offerings appeared first on Bitcoin News. View the full article

Did you hear that China’s just banned Bitcoin? Or that mining is killing the planet? Course you did. It’s hard to ignore the FUD when it’s all around you, like a thick fog that just won’t shift. Some Bitcoin falsehoods are so pernicious and pervasive they they refuse to die, despite all efforts to set the record straight. Here are three of the worst. Also read: Political Decentralization: Freeing the Internet From Monopolists With Crypto-Tech ‘Bitcoin Is Locked in a Death Spiral’ A death spiral sounds hella cool, like something out of a “Star Wars” movie, but the reality is more humdrum. The term, which is being bandied about a lot this week, describes falling BTC prices leading to falling hashrates as miners are disincentivized to secure the network. BTC’s hashrate has dropped, but only to the level it was at in August. Once 1 BTC drops below the break-even cost of mining, say the FUDsters, thousands of miners will power down their machines, leaving the network at risk of getting Vertcoined. Suffice to say, this is bullshit. For one thing, bitcoin has a lot further to fall to reach break-even point — around $2,000, most likely — and as hashrate falls, some miners will be incentivized to rejoin the network. The death spiral may sound gnarly, but for all kinds of reasons, it’s not gonna happen. The people that say #Bitcoin is gonna die don't realize that it is almost certain that THEY will die first. It's just software, pure code, a technology. To kill Bitcoin, you need to kill the internet and every physical copy of the Satoshi's white paper. It will outlive all of us. — Miguel Cuneta (@MiguelCuneta) December 5, 2018 ‘Bitcoin Is Going to Zero’ Why do people keep predicting that BTC will reach zero? Cos it makes for a way better headline than screaming that bitcoin will go to $872.53. Even Bitcoin’s staunchest critics know that BTC will never reach zero, but so long as their bait keeps getting bites, they’ll continue to float this flawed theory. Postulating the lowest price point that bitcoin could conceivably reach is an interesting intellectual exercise. Wherever that floor may be found in a worst-case scenario, however, it’s not even close to zero. High hundreds or low thousands of dollars seems plausible, which would take BTC back to its 2016 days. One fact that bitcoin critics seem to have missed in the midst of their hyperbolic predictions is that even at $100 a coin, BTC functions exactly as it did at $10K per coin, and will continue to be used by an army of advocates for a plethora of purposes. Price is temporary, but censorship-resistance is permanent. 10 Years from now it won't matter if you bought Bitcoin at $4,000 or $3,000………because it will be at $0 — Trevon James (@BitcoinTre) December 3, 2018 Hey Trevon, you spelled “Bitconnect” wrong. ‘Bitcoin Has Been Superseded by Next-Gen Blockchains’ “Yeah, Bitcoin was good in its day, but it’s old tech, bro. It’s all about Blockchain 3.0 now. No one’s gonna use a slow chain that can’t scale and has no governance. It’s all about DAG/DPoS/BFT now.” Anyone who thinks Bitcoin’s value can be measured in TPS or the number of smart contracts, sidechains and shards it supports doesn’t understand Bitcoin. Getting seduced by newer, sexier blockchains is all part of the learning process. Once it passes, you’ll return to Bitcoin, your first love, more convinced than ever that it’s the one chain to rule them all. From canards about energy consumption to FUD about death spirals, mainstream media loves a Bitcoin hit piece. Life’s too short to refute all the misinformation out there. Bitcoin lies won’t die any sooner than Bitcoin will. Whether its hashrate be 60 exahash/s or 6, and whether its price be $2,000 or $20,000, falsehoods will continue to circulate. It’s all part of the cycle. What other Bitcoin lies are mainstream media guilty of spreading? Let us know in the comments section below. Images courtesy of Shutterstock and Blockchain.com Need to calculate your bitcoin holdings? Check our tools section. The post Three Bitcoin Lies That Just Won’t Die appeared first on Bitcoin News. View the full article

In today’s edition of The Daily, we cover Binance’s second preview of its upcoming decentralized exchange and how the state of Ohio plans to attract blockchain startups with big investments and tax breaks. We also look at the lifting of a mining moratorium in Washington state and an update on the financial performance of the Bitcoin.de operator. Also Read: Chinese Government-Backed Company to Launch Stablecoin Binance Offers Update on Decentralized Exchange Binance has released a new demonstration for the upcoming decentralized exchange (DEX) based on its BNB token. The video previews its trading interface as well as the accompanying blockchain explorer and web wallet creation tools. The platform will be maintained as a community project and is expected to launch early next year. It promises to enable users to secure funds through decentralized wallet applications so they retain full control over their private keys, unlike with a centralized model. “Binance DEX is made by the blockchain community, for the blockchain community, with support from Binance developers, as part of advancing our mission to spread the freedom of money,” the developers stated. Ohio Wants to be the Midwest’s Blockchain Mecca The U.S. state of Ohio is further positioning itself as a new technology hub. A group of local funds are offering to invest up to $300 million in blockchain startups over the next couple of years, according to reports from Cleveland.com. A local accelerator has also announced a $6 million pre-seed fund for blockchain startups. The money is meant to attract blockchain startups to Ohio’s “Opportunity Zones,” which offer tax incentives to new companies. “We want to be the state in the Midwest that everybody turns to,” Ohio’s Lt. Governor-elect Jon Husted commented at a local blockchain conference. In November, the Ohio State Treasurer set up a cryptocurrency payment portal to accept bitcoin for taxes. And in August, the state formally recognized data recorded on blockchains as having legal bearing in a court of law. Mining Moratorium Lifted in Chelan County, Washington The Chelan County Power Utility District (PUD), an electricity provider in north-central Washington state, made headlines around the world earlier this year when it installed bulletproof panels and security cameras to protect its headquarters from crypto miners who were angry over a moratorium on new operations. Now that mining isn’t as profitable as it once was, the utility has reportedly decided to lift the moratorium and simply hike rates on miners. Hopefully by the time new operations can start in April, the market will have recovered. “We’ve taken the time needed for a careful look at the risks and costs involved, considered public comments gathered at a dozen meetings, and arrived at a solution we believe protects existing PUD customers-owners and maintains opportunities for this emerging industry,” said Steve Wright, general manager of the Chelan County PUD. Germany’s Bitcoin Group Downgrades Forecasts Bitcoin Group SE, which operates regulated German crypto trading platform Bitcoin.de, adjusted its previously announced earnings forecast for fiscal year 2018 on Tuesday. It also announced that its previous target of reaching 1 million users in 2018 will not be met, as the bear market has evidently hurt enrollment. The company now expects revenues of just €9.5 million ($10.79 million) for fiscal 2018, down from €12.6 million ($14.3 million) the previous year. With estimated costs of about €2.5 million ($2.84 million), profit before taxes is expected to be about €7 million ($7.95 million). “Many clients are more cautious in their investment decisions due to the overall challenging market environment. This is also reflected in the listing of major cryptocurrencies. We are continuously expanding our business model in order to be able to act even more independently in the future,” said Marco Bodewein, managing director of Bitcoin Group SE. “We have already reached important milestones in this respect, and more will follow. In this way, we will be able to increase our pace on the growth path and inspire more customers with our services and products.” 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: Binance Shows DEX Preview, Ohio to Attract Blockchain Startups With Big Investment appeared first on Bitcoin News. View the full article

The heavy selling pressure that has dominated the cryptocurrency markets in recent weeks has coincided with a surge in peer-to-peer (P2P) trade volume across the Localbitcoins markets in Asia and South America. Globally, higher trade activity over the past two weeks has also driven the strongest volume since September 2017, with roughly 12,116 BTC changing hands in the last seven days. Also Read: Express Your Gratitude With Bitcoin.com’s New Smart Tip Generator Venezuela It appears that the popularity of BTC among Venezuelan citizens continues to grow exponentially, despite the introduction of the national cryptocurrency, the petro. Weekly Venezuelan Localbitcoins Trade Measured in Fiat This past week, the week of Dec. 1, the Venezuelan Localbitcoins market posted record weekly trade volume for the seventh time in nine weeks when measured in fiat currency, and the sixth time in the last nine weeks when measured in BTC. Weekly Venezuelan Localbitcoins Trade Measured in BTC Approximately 1,296 BTC has been traded over the past week, equating to 2.38 billion Venezuelan bolivars ($238.3 million) worth of BTC changing hands. Colombia and Peru The trade action of recent weeks has also seen P2P volume surge across other Latin American markets. Colombia and Peru, for example, have posted record BTC volume for two consecutive weeks. Weekly Colombian Localbitcoins Trade Measured in BTC Roughly 596 BTC changed hands in exchange for Colombian pesos (COP) last week, while 186 BTC was traded for Peruvian sol (PEN). Weekly Peruvian Localbitcoins Trade Measured in BTC When measured in fiat currency, Colombian hit record volume during the week of Nov. 3, with 8.1 billion COP ($2.55 million) worth of BTC changing hands. Weekly Colombian Localbitcoins Trade Measured in Fiat Peru posted record fiat volume for the week of Oct. 20, with nearly 3.15 million PEN ($931,730) worth of BTC being traded. Weekly Peruvian Localbitcoins Trade Measured in Fiat Argentina and Chile The Argentinian and Chilean P2P markets also posted record volume for the week of Nov. 10 when measuring in fiat, with 8.25 million Argentine pesos ($220,730) and 243.5 million Chilean pesos ($363,000) worth of BTC changing hands throughout the seven-day period. Weekly Argentinian Localbitcoins Trade Measured in Fiat Weekly Chilean Localbitcoins Trade Measured in Fiat South Korea A number of Asian P2P markets have also shown significant strength in recent weeks, with several markets posting the strongest trade seen in over 12 months, when measured in BTC. This past week, the South Korean P2P markets posted the sixth strongest volume on record with 74.3 million Korean won ($66,715) worth of BTC exchanging hands. Weekly South Korean Localbitcoins Trade Measured in Fiat The week of Dec. 1 was also the strongest South Korean trade recorded since July 2017 when measured in BTC, with 16 BTC changing hands. Weekly South Korean Localbitcoins Trade Measured in BTC Indonesia During the week of Nov. 24, Indonesia posted its second largest volume for Localbitcoins trade when measured in fiat currency, with over 1 billion Indonesian rupiah ($69,475) worth of BTC changing hands. Weekly Indonesian Localbitcoins Trade Measured in Fiat The week was also the strongest Indonesian P2P trade to be posted since March 2017 when measured in BTC, with 16 BTC changing hands. Weekly Indonesian Localbitcoins Trade Measured in BTC India The week of Nov. 24 also saw significant trade activity on India’s Localbitcoins market. It was the fourth strongest on record when measured in fiat, with roughly 122 million Indian rupees ($1.73 million) worth of trade. Weekly Indian Localbitcoins Trade Measured in Fiat The week was also the strongest since May 2017 when measured in BTC, with 296 BTC changing hands. Weekly Indian Localbitcoins Trade Measured in BTC Thailand The week of Nov. 24 also saw the strongest trade between BTC and the Thai baht since September 2017 when measured in BTC, with 153 BTC changing hands. Weekly Thai Localbitcoins Trade Measured in BTC Kazakhstan Trade in Kazakhstan surged during the week of Nov. 10, comprising the third strongest on record when measuring in fiat and the fourth strongest in BTC. Weekly Kazakhstani Localbitcoins Trade Measured in Fiat Roughly 36.7 million Kazakhstani tenge ($99,085) worth of BTC changed hands, equating to about 16 BTC worth of trade. Weekly Kazakhstani Localbitcoins Trade Measured in BTC Do you think that P2P trade throughout Latin American and Asia will continue to set new records for volume in the coming weeks? Share your prediction in the comments section below. Images courtesy of Shutterstock, Coin.dance 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 P2P Markets Report: Dumping Drives Record Volume Across Latin America and Asia appeared first on Bitcoin News. View the full article

In today’s Chatter Report, we explore the different ways crypto influencers have been responding to the low prices of 2018. Some are unfazed like Anthony Pompliano, who still believes that bitcoin is the best performing asset. Others are reassuring like Andreas Antonopoulos, who has been busy addressing concerns about bitcoin being in a death spiral. The rest are pensive like James McAvity, who has been theorizing about which miners are holding their coins rather than selling them. Also Read: Paxful Completes Second School in Rwanda #BuiltWithBitcoin Bitcoin is the ‘Best Performing Asset’ Anthony Pompliano, founder of Morgan Creek Digital, sparked a fervent discussion on Twitter when he noted that the S&P had almost lost $755 billion in a single day. Pompliano was putting losses in perspective for cryptocurrency investors, as public equity investors lost more money in a single day than crypto investors did for all of 2018. Crypto Twitter quickly fired back, as former Wall Street trader John Todaro pointed out the unfair nature of comparing two markets that have different capitalizations. Todaro expanded more on the misleading nature of Pompliano’s tweet, arguing that they should be comparing percentage gains/losses and not raw figures. Yeah but different mkt sizes obviously. So when the S&P 500 rises 3% in a day, you'll say us stocks made more money than all of crypto combined? — John Todaro (@JohnTodaro1) December 4, 2018 Another commenter, Alamentarius, argued that it was unfair to compare the “equity value of every public company” with a “speculative project that turned into a bubble.” Bitcoin outperformed the S&P 500 for last 10 years, 5 years, and last 2 years. It will outperform over next 10 too. It’s irresponsible for investors to have zero exposure to the best performing asset. — Pomp (@APompliano) December 4, 2018 Unfazed, Pompliano defended his initial claims, citing the historical financial performance of bitcoin compared to the S&P. He then boldly described bitcoin as the “best performing asset” on the market. Andreas Antonopoulos on Bitcoin Death Spirals With bitcoin prices falling day by day, the ecosystem has been expressing concern about a potential death spiral. To address these concerns, “Mastering Bitcoin” author Andreas Antonopoulos put out a Youtube video explaining death spirals and why he believes they are unlikely scenarios. Antonopoulos explained that death spirals are triggered by a combination of economic factors crashing the bitcoin price and/or governments shutting down or outlawing mining. This drives down the price of bitcoin, so miners start turning off their mining equipment. The result is a severe drop in mining hash power, or 50 percent in this hypothetical scenario. As mining power falls by half, blocks start to come up every 20 minutes instead of every 10 minutes. Since bitcoin mining difficulty adjustments are calculated every 2,016 blocks, it now takes four weeks for the difficulty to change instead of two weeks. This slows the network down further, which could lead miners to decide that they aren’t making enough profit. As a result, more and more miners would then decide to shut off their equipment, leading to a vicious downward cycle known as the bitcoin “death spiral.” After explaining the death spiral, Antonopoulos claimed it is unlikely to happen because miners have a much “long[er]-term perspective.” Since investing in mining equipment requires a huge up-front cost and electricity is purchased on long-term plans, most miners won’t stop mining, as they will assume that profitability will return within a few months. Do Miners Hold or Sell Their Bitcoin? Other bitcoiners also have been theorizing about what miners might do with their bitcoin in an extended bear market. As commenter James McAvity noted, the circumstances surrounding each particular mining operation will determine whether miners sell their bitcoins or hold on to them. Unlikely to sell immediately: – Miners who hedged with futures & options when prices were higher – Smaller ops that have free power(dorms, home heaters, solar home operations) – Money launderers trying to clean cash into new coins – High inflation areas like Venezuela etc. — James McAvity (@jamesmcavity) December 4, 2018 McAvity explained that miners that can generate ancillary free power and businesses that are struggling to survive are the ones that are more likely to sell their bitcoins immediately after mining them. By contrast, miners that hold their bitcoins are those that have hedged with futures and options when prices were higher. They could also be smaller operations that have free power or they could be money launderers trying to clean cash by turning it into bitcoin. Alternatively, they could be from high-inflation countries like Venezuela. What do you think of bitcoin’s performance in 2018? Is it still the best performing asset? What about the likelihood of a death spiral? Do you think miners sell their bitcoins immediately or keep them? Let us know in the comments below. Images courtesy of Shutterstock. Keep track of the bitcoin exchange rate in real-time The post Chatter Report: Pompliano Praises Bitcoin Performance, Antonopoulos Says Death Spiral ‘Unlikely’ appeared first on Bitcoin News. View the full article

Japanese public company Money Forward, operator of a personal budgeting app with 7 million users, is preparing to launch a crypto exchange. Three cryptocurrencies will be supported. A representative of the company has shared some details with news.Bitcoin.com about the platform and the company’s future crypto projects. Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations New Crypto Exchange Money Forward Financial Inc., a wholly owned subsidiary of Tokyo Stock Exchange-listed Money Forward Inc. (TYO: 3994), has announced some details of its upcoming cryptocurrency exchange. A representative of the company confirmed to news.Bitcoin.com that the exchange will initially support three cryptocurrencies: BTC, ETH and BCH. There will be live order books and trading charts but margin trading will not be offered at launch. In addition, the name of the exchange is not yet disclosed. The new crypto exchange will be “linked to our personal financial management service called Money Forward Me,” the representative added. This flagship product has 7 million users, according to its website. The company describes this app as one that “automatically aggregates statements of bank accounts, credit cards, securities accounts, fx accounts, pensions/points and compiles a household accounting book.” A Money Forward app. Established in May 2012, Money Forward Inc. has nine subsidiaries and seven offices across Japan. The Tokyo-headquartered company offers a wide range of products including an automatic savings app and a financial services portal for individuals as well as accounting, tax return, invoicing, payroll, and information management systems for businesses. Its shares have been listed on the Tokyo Stock Exchange since September last year. In terms of future cryptocurrency projects, the representative said, “In future years, we would like to cover money transfer and payment services.” Registering With FSA During a press conference on Monday, the president of Money Forward Financial, Junichi Kanda, talked about the challenges of registering a crypto exchange business with the Financial Services Agency (FSA). In the beginning, registering with the FSA is a “relatively light” process, Kanda described. However, after the hack of Coincheck in January, the regulator has tightened its oversight and evaluation of crypto exchanges and no company has been granted registration since then. Noting that his company has been in consultation with the FSA, Kanda said that he expects his exchange to be able to register and launch by the end of March next year. In addition, Money Forward Financial announced on Monday that Yamane Hidero, a former FSA inspector, has been appointed as head of the company’s internal control department. Yamane Hidero The Money Forward representative confirmed to news.Bitcoin.com: We would hopefully like to start the [exchange] business between January and March 2019, though it depends on the FSA’s [registration] procedure. Japan’s revised Payment Services Act requires that all crypto exchange operators register with the FSA. Currently, 16 operators have been granted registration and three, including Coincheck, have been allowed to operate exchanges while their applications are being reviewed by the agency. The FSA previously revealed that more than 160 companies have expressed interest in registering to operate crypto exchanges. What do you think of Money Forward launching a cryptocurrency exchange? Let us know in the comments section below. Images courtesy of Shutterstock, Itmedia, and Money Forward Inc. Need to calculate your bitcoin holdings? Check our tools section. The post Japan’s Money Forward Announces Details of Upcoming Crypto Exchange appeared first on Bitcoin News. View the full article

Bitcoin.com has launched a new service that provides anyone with the ability to generate customized bitcoin cash (BCH) tips. Users can fund printed tip cards and show people that they appreciate their services by tipping them in BCH. Moreover, any funds that go unclaimed are returned to the owner after a specified expiration date. Also read: Korean Incoming Minister Confirms Crypto Taxation Plans Bitcoin.com’s New Customizable BCH Tip Generator Giving a gratuity is a great way to show people you value their work. It has been a human expression for centuries. Now Bitcoin.com has created a printable tip service that allows people to print pre-funded BCH tips. Bitcoin cash is a public digital currency that allows people to make fast and cheap payments in a peer-to-peer fashion without the need for a third party. Tipping with BCH is a great way to drive adoption because giving a crypto-gratuity introduces individuals to cryptocurrencies in a unique fashion. People can redeem Bitcoin.com’s email or printable BCH tip tickets by simply visiting a web page with retrieval instructions. There is even some smartness built into these tip cards. If the recipient does not claim the BCH then any unclaimed tips are automatically returned to the sender after a customizable expiry date. Creating Custom Bitcoin Cash Tips In order to create customizable bitcoin cash tip cards, users need to visit the tips.bitcoin.com section of our website and select “get started.” From this “tips management” section, a user needs to fill out the custom information in order to create a new tip card. First, add one of your bitcoin cash addresses so any unused funds can be returned to that address after expiration. Below that window is a form to enter an email address, which is used for tip activation notifications only (so you will know when a tip has been redeemed). There is also a statistics page of all the activated Bitcoin.com tips. Following the return sender BCH address and the email for notifications, users customize the amount of funds added to each tip and the number of tips as well. The gratuities can be denominated in three different currencies which include USD, EUR, and GBP. A custom message can also be added to the ticket. Lastly, BCH tip card creators can add an expiration period for redemption of either one day, thirty days, three months, six months, or one year. So, even if a BCH tip card gets thrown in the trash, the funds are returned to the sender. After entering all of the custom information, simply press “check out” and the process will be completed. If the tip creator does not want to print out the tips, they can send a BCH gratuity by email using the tips.bitcoin.com system. A Simple Service for a Unique Form of Gratuity The process is so easy, you can print a stack of cards and give out small fractions of bitcoin cash to everyone you know. Individuals redeeming the tips do not need to be tech-savvy to retrieve the cryptocurrency. All it takes is following some simple instructions on how to download a BCH wallet. The last month of the year is the time of the year when people around the world give the most. Bitcoin.com thinks giving bitcoin cash away is great any time of the year, but the season of giving is a great start. What do you think about tips.bitcoin.com? Let us know what you think about this service in the comments section below. Images via Bitcoin.com and Shutterstock. Need to calculate your bitcoin holdings? Check our tools section. The post Express Your Gratitude With Bitcoin.com’s New Smart Tip Generator appeared first on Bitcoin News. View the full article

This piece on political decentralization was written by Jonas Sevel Karlberg. Karlberg advises several prominent projects and is a co-founder of the Nordic Blockchain Association. He is also the founder and CEO of AmaZix. *** The internet was born from an ideal for information to be shared by all, with all, and was seen as the archetypal decentralized system. Today, however, commercialization by monopolistic and powerful actors has created a system in which we are shown information paid for by the highest bidders, and can only access what the wealthy and powerful permit. Giant tech companies, big businesses, and even governments now act as sentries who not only control what we can do, but have unprecedented capabilities to watch us do it. Also read: Four Ways to Commemorate Bitcoin’s 10th Anniversary This is not how it should be, and it doesn’t have to remain this way. Blockchain and crypto technologies, built on a commitment to achieve democratization and decentralization, offer a solution that could bring down the concentrations of power that currently govern the internet. A Tarnished Ideal In its genesis, the internet was a system owned by no one and everyone at the same time. This was a key reason behind its exponential growth — anyone, from anywhere, could create content and share it with the world. In that “Wild West,” neither governmental nor business forces were able to control or restrict the web, its users, or the information on it. However, while the internet remains physically decentralized, it now depends on large, centralized services to support its critical components, such as web hosting, cloud computing, DNS services, social media, search engines and email services. Arguably, Google Chrome is among the most popular web browsers in the world — Android smartphones, coupled with the ubiquitous Google Suite, all combine to give Google hegemony over the internet. Indeed, Mozilla’s Internet Health Report 2018 shows that more than 90 percent of internet users use Google Search. Other large companies have a similar presence in other areas, with Amazon dominating cloud storage and Facebook grasping hold of social networking. Part of the reason why these global giants are in this position is their unprecedented ability to observe what people do on the internet, and exploit that information for their own commercial and financial gain. More sinister is the ability to determine and restrict what consumers can see and consume — search results are prioritized by advertising revenue and filtered by location and government, subtly concealing advertising based on consumer behaviors and demographics. Accuracy, fairness and relevance of information are abandoned in favor of popularity, price and commercial value. By all means, this betrays the ideals upon which the internet was built. Everything we do is only by the permission of some central entity. Want to buy something online? You can, but only if your bank or payment processor pays the merchant on your behalf. Want to say hello to a friend halfway across the world? Sure, but only if Facebook relays the message for you. Taking Back Control First, we must make an important distinction between architectural and political decentralization. The former refers to the number of computers that make up a system, while the latter concerns how many individuals or organizations ultimately control that system. Blockchain and crypto technologies employ both to take control of information away from giant, despotic tech companies and put it back in the hands of users. In a decentralized system, the internet is a community of users and a network of independent machines that power and host information. This not only removes central hands from the levers of control, but also makes systems more resilient to failures and hacks, while ensuring that there is no element of vulnerability. Crypto tools already decentralize money transactions, among other things, and will be vital in the creation of a sustainable decentralized internet. They enable decentralized web hosting, while protecting against DDoS attacks by replacing centralized servers with thousands of nodes, each of which constitutes a small part of the website. This is the basis of architectural decentralization, and is a change that must occur, especially given recent notable data breaches. This in turn enables political decentralization — handing back control of information to users. Distributed ledgers at the heart of blockchain not only protect against data breaches, but prevent companies that store information from using it for their commercial benefit, sharing it with governments, or selling it to third parties without user consent. By storing data across a distributed network, blockchain makes sure that individuals retain ownership of their information. Individuals have a right to own and, if they see fit, keep their information private and determine how it can be used. A Challenging but Achievable Reality Decentralization is the way forward, but there are undoubtedly several challenges facing the development of crypto-tech that must be solved if its transformative potential is to be realized. Scalability is the most significant issue currently facing blockchain systems, and it is limiting mainstream adoption of the technology. Increasing privacy is also vital if user data and information are to be properly protected, given that crypto systems currently rely on pseudonymity, rather than anonymity. Meanwhile, the biggest hurdle to be overcome is the sluggish adoption of, and familiarity with, the underlying technology. For a decentralized internet to re-emerge, users beyond the blockchain and crypto communities must engage with and support it, without being held back by a misconceived and cynical perception of blockchain. Nevertheless, centralization cannot sustain society, and the decentralization revolution that has been quietly underway — for longer than you might think – is about to be turbocharged by decentralized technologies. The cryptosphere is bound by its unique ability for communitarian development and a common belief in using technology for the improvement of society. If anyone can make the decentralized ideal a reality, the crypto community can. Is cryptocurrency-based disruption unavoidable? Do you think we will be able to use encrypted technologies to take back control? How long will it take until the major tech companies no longer control our ability to interact and transfer information online? 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. The post Political Decentralization: Freeing the Internet From Monopolists With Crypto-Tech appeared first on Bitcoin News. View the full article

Bitfinex, together with its sister exchange Ethfinex, has announced the introduction of four new stablecoins. The additions take the platforms’ total number of dollar-pegged tokens to six and provide a reassuring range of tether alternatives for traders. Trustless, Ethfinex’s decentralized exchange (DEX), will also be listing all six, including the Gemini dollar (GUSD) and Circle’s USD Coin (USDC). Also read: Atomicpay Launches Private Beta of Digital Currency Payment Gateway Stablecoin Diversification Is Spreading There was once a time when a single stablecoin, tether (USDT), was enough to satisfy the bulk of the cryptosphere. But a combination of bearish market conditions, coupled with lingering unease over tether’s dominance of the stablecoin game, has opened the way for a slew of new dollar-pegged coins that exchanges and traders alike have been embracing. Bitfinex’s decision to adopt four new stablecoins, over and above its own tether and the ethereum-collateralized dai, is part of a growing trend among exchanges. Last week, for example, Binance removed USDT as its reference stablecoin in place of a basket of stablecoins that includes paxos (PAX). Bitfinex and Ethfinex now offer six stablecoins, plus USD PAX was among the four stablecoins added by Bitfinex and Ethfinex today, with trueusd (TUSD) completing the quartet. Described as a “commitment to providing coin agnostic platforms” by the twin exchanges, the move will ease the concerns of traders who feel uncomfortable having an ecosystem that is still hugely reliant on tether. The “tether premium” on USDT-based exchanges now stands at 2.64 percent, down 1 percent from a month ago, suggesting that traders now perceive less risk with platforms such as Bitfinex, where USDT is complemented by five alternatives. USDC and GUSD on Ethfinex Trustless With No KYC Trustless, the ethereum-based DEX operated by Ethfinex, will also be listing the new stablecoins. This means that traders will be able to swap between fiat-backed stablecoins such as USDC and GUSD on a platform that does not require KYC. While this would have been unremarkable a few months ago, in a post-Etherdelta world in which DEXs such as IDEX are introducing mandatory verification, Trustless stands out. In an announcement, the exchange wrote: “Stablecoins present a fantastic opportunity for greater adoption of blockchain technologies through the stability and utility of fiat currencies. We are proud to support this growing market.” USDT volume, shown in green, dwarfs that of all other stablecoins, which appear as a sliver across the bottom of the chart. Despite greater stablecoin choice than ever, tether remains the dominant option by a wide margin, as its trading volume puts its dollar-pegged peers in the shade. What do you make of Bitfinex’s decision to add four new stablecoins? Let us know in the comments section below. Images courtesy of Shutterstock, Stablecoin Index and Bitfinex. Need to calculate your bitcoin holdings? Check our tools section. The post Bitfinex Adds Four Stablecoins Including GUSD and USDC appeared first on Bitcoin News. View the full article

Vertcoin (VTC) is currently struggling with a series of 51 percent attacks and a number of blockchain reorganizations. According to recently published data, the vertcoin chain has experienced over 22 reorgs and has lost more than $100,000 due to the attacks, with the last reorg clocking in at over 300 blocks deep. Also read: US Law Enforcement Wants Surveillance Tools for Privacy Coins Vertcoin Blockchain Suffers 22 Deep Reorgs VTC was launched in January 2014 with a traditional proof-of-work system, but it has since moved to an “ASIC-resistant” algorithm known as “Lyra2RE.” Back in 2015, the developers explained that they believed mining should be processed by consumer-grade hardware to keep things decentralized. But now the Vertcoin network is under siege, following a number of 51 percent attacks on the protocol. According to a recent analysis written by Mark Nesbitt, a security engineer at Coinbase, the Vertcoin chain has suffered 22 deep reorgs, with 15 of them including double-spends. Additionally, one of the last reorgs was 307 blocks deep, causing significant network issues. The first incident began in October, when the chain experienced eight reorgs in total, with three of them including 71,243 VTC in double-spends. Double-spending is a flaw within a blockchain network scheme in which the same digital coins can be spent more than once. A blockchain reorganization occurs when a miner gains more hashrate than the rest of the pools and chooses to mine a previous block in order to create a new block history. A reorg can be secluded to a local client, but if the whole system is dependent on a single client, it can affect the entire network. According to Nesbitt, the 300-block reorg cost the Vertcoin system over $100,000 worth of VTC. ‘ASIC-Resistant’ Miners Do Not Facilitate Decentralization One Vertcoin developer named “Gertjaap” argued on Reddit that the 51 percent attacks were not happening because of ASICs. Rather, the developer claimed that the issue stemmed from cloud-mining services such as Nicehash. “There’s too much hashrate for rent at too low a price, resulting in zero capex and low opex to do attacks,” Gertjaap detailed. However, a moderator from the subreddit quickly fired back, claiming that while Nicehash may be “facilitating the problem to a large extent,” concerns about “too much hashrate” were still due to ASICs. Nesbitt says “the second option is strictly worse.” In his research paper, Nesbitt noted that VTC’s problems are similar to recent attacks on BTG, XVG and MONA. He stated that there are actors who have the resources to execute such attacks on chains with different systems. “There are a large number of cryptocurrencies, including many based on Bitcoin, that implement their own proof-of-work-based blockchains,” Nesbitt said. He continued by stating: Observers of the industry have claimed that these assets have the same properties as bitcoin. This claim has now been undeniably, empirically proven to be false. Exchanges Will Suffer Losses on Vulnerable Coins In his analysis of the Vertcoin network, Nesbitt goes on to explain that cryptocurrency exchanges are an “ideal target” for 51 percent attacks. Attackers can always make “a soon-to-be-reversed deposit and trade for another asset,” he said. This was certainly true with the recent bitcoin gold (BTG) 51 percent attack, after which the Seattle-based Bittrex exchange delisted BTG due to the losses. “Exchanges that support these assets will continue to suffer losses, with the ultimate result that exchanges will be forced to delist these assets,” Nesbitt said. Nesbitt concluded his paper by saying that it is hard to justify the theoretical value of such coins when they can be easily frozen by large reorg attacks and suffer losses from double-spends. He said that he hopes individuals and organizations patronize exchanges that don’t place customer funds at risk, but rather make security “their highest priority.” What do you think about the 51 percent attacks on Vertcoin and the deep reorgs suffered by the network? Let us know in the comments section below. Images via Shutterstock, Vertcoin logo, and Mark Nesbitt’s research analysis. Want to create your own secure cold storage paper wallet? Check our tools section. The post Vertcoin Network Suffers 300-Block Reorg Following 51% Attacks appeared first on Bitcoin News. View the full article

Grandshores Technology Group is a public company affiliated with a 10 billion yuan ($1.5 billion) fund backed by the government of Hangzhou, the capital of China’s Zhejiang Province. It is known to be developing a new stablecoin, which is now expected to hit the market by February 2019. Also Read: Paxful Completes Second School in Rwanda #BuiltWithBitcoin Bitcoin Evangelist to Create Stablecoin The board of directors at Grandshores Technology notified investors on Monday that Li Xiaolai has been appointed as executive director and co-CEO of the company. Known in China as a “bitcoin evangelist,” Li is said to be an experienced investor in numerous blockchain companies, including the Grand Shores Global Blockchain Ten-Billion Innovation Fund, which he helped to establish, and Inblockchain, which he also co-founded. In its announcement, the board of Grandshores Technology explained that Li will mainly be responsible for various blockchain-related projects in which the company is involved, including the establishment of a “stable digital currency system focusing on mainstream international currencies.” This refers to a yen-pegged stablecoin that Grandshores Technology plans to launch by February 2019, sources close to the company told the South China Morning Post. It is not clear why the company has chosen to focus on the Japanese currency rather than the Chinese yuan. However, it may have chosen the yen to avoid irking the Chinese central government, which might not be too happy to see a local government indirectly financing a yuan-pegged stablecoin. From Construction to Blockchain Officially incorporated in the Cayman Islands, headquartered in Singapore, and listed on the Hong Kong Stock Exchange, Grandshores Technology mainly handles building and construction projects for government agencies. It focuses on the maintenance and installation of mechanical and electrical systems, including minor repairs. In May of this year, the company announced that it had decided to expand into the blockchain business. It boasted about its electrical engineering capabilities from the construction of data centers, alluding that it was ideally suited to move into cryptocurrency mining. The company was formerly known as SHIS Ltd., but it changed its name to Grandshores Technology in August of this year. Is there really a need for so many new stablecoins? 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 Chinese Government-Backed Company to Launch Stablecoin by February appeared first on Bitcoin News. View the full article

Crypto-asset companies can now apply for licenses to handle as much as 100 million Swiss francs ($100 million) in public deposits under new regulations published on Dec. 3 by Switzerland’s Financial Market Supervisory Authority (Finma). The development underscores the European country’s efforts to promote technological innovation, as in the past only commercial banks were allowed to receive such large deposits. Also read: Australia’s Financial Regulator Grants License to Bitcoin Exchange Coinzoom Companies Cannot Re-Invest or Pay Interest on Deposits There is a catch, however. Blockchain and cryptocurrency-related businesses that are granted the fintech licenses to manage large amounts of investor funds “may not invest” or “pay interest” on the deposits, according to the new guidelines, which go into effect on Jan. 1, 2019. Finma has also set out stringent fiduciary and operational requirements for applicants. For example, cryptocurrency startups must submit clear documentation describing their business, target market and location. The regulator also requires full disclosure about board members, including their home addresses and any record of past criminal activity. In addition, shareholders that directly or indirectly own 5 percent or more of the issued capital of a company must be disclosed to Finma. The same applies to foreign shareholders that hold equivalent equity stakes. Finma said that companies must submit any information on agreements, such as shareholder deals, and any “other ways in which the applicant may be controlled or materially influenced.” “The license application must contain a detailed justification,” it added. “All relevant information must be documented, and changed documents must also be submitted with changes tracked.” Boosting Innovation, Stemming the Flow The fintech license was created after the Swiss parliament amended the Banking Act earlier this year, in a move aimed at boosting innovation within the cryptocurrency industry. In February 2017, Switzerland’s Federal Council released three measures for consultation to promote innovation in the financial sector and remove barriers to market entry for financial technology companies. Two of those measures — the extension of the holding period for settlement accounts and an authorization-exempt innovation area, or sandbox — went into force on Aug. 1, 2017. And with the announcement of the new legal amendments, it is now possible for the third measure — a new authorization category with simplified requirements in the Banking Act — to take effect on New Year’s Day. In addition, the sandbox will be extended to include crowdlending business models, under which public funds of up to $1 million in total can one day be brokered for commercial and industrial purposes, as well as private consumption. A number of countries in continental Europe are now coming to terms with the loss of numerous digital currency businesses to competing, offshore jurisdictions such as the British Virgin Islands, Gibraltar and the Cayman Islands, where regulation is less strict. But Switzerland, with its crypto tax haven of Zug, appears intent on stemming the flow. Progressive Stance The country has taken a progressive stance toward cryptocurrencies by legalizing their use and formalizing crypto transactions in a range of different contexts. But some crypto projects still struggle to open bank accounts, and cryptocurrency-focused bankers and investors still complain about a relative lack of regulatory clarity, as it remains unclear whether cryptocurrencies can be considered legal tender in certain contexts. Switzerland sees virtual money and blockchain technology as strategic innovations in global finance. It is therefore determined to maintain and expand the jobs it has to offer in the field. The country’s tax regulator views cryptocurrencies as assets that should be subject to wealth taxes and declared on annual tax returns. According to reports, Zug — also known as “Crypto Valley” — ranks favorably among the most crypto-friendly destinations in the world, boasting more than 400 crypto businesses. Four of the 10 biggest ICOs in 2017 were registered in Switzerland, which is more than any other country, according to a report by PwC. What do you think about the Finma decision? Let us know in the comments section below. Images courtesy of Shutterstock and Coinzoom. Express yourself freely at Bitcoin.com’s user forums. We don’t censor on political grounds. Check forum.Bitcoin.com. The post Finma: Crypto Startups Can Handle up to $100M of Deposits in Switzerland appeared first on Bitcoin News. View the full article

Startup Atomicpay.io announced the beta launch of its cryptocurrency payment gateway on Dec. 3, with support for six different digital assets. The payment processor eliminates third parties and allows merchants to accept cryptocurrencies in a noncustodial fashion. Also read: US Law Enforcement Wants Blockchain Surveillance Tools for Privacy Coins Developers Launch Cryptocurrency Payment Gateway The private beta version of Atomicpay will be available to a limited group of testers, but anyone who is interested can register to try it, the developers said. The founders of Atomicpay claim that the new software is a “decentralized” cryptocurrency payment processor that allows merchants to accept cryptocurrencies directly from customers in a “trustless environment.” “We process payments but we do not hold any funds and no more middlemen. Money goes directly to your wallet. You have immediate ownership and full control of your money,” the team explained during the beta launch announcement. Atomicpay supports 156 fiat currencies and offers full support for BTC’s Segregated Witness (Segwit) protocol as well. The application can be used to create a payment URL and payment buttons, while providing traditional Point-of-Sale (PoS) services. The gateway also comes with an application program interface (API) and e-commerce plugins for website developers. At the time of publication, the Atomicpay platform supported bitcoin cash (BCH), bitcoin core (BTC), bitcoin gold (BTG), litecoin (LTC), dash (DASH) and dogecoin (DOGE). In the first quarter of 2019, the developers plan to add ether (ETH) and various ERC20 tokens, alongside stellar (XLM). Atomicpay to Compete Against Free Payment Processors The payment gateway generates a new payment address for each invoice by using Hierarchical Deterministic (HD) wallet support. The service also offers a business plan for individuals and organizations that want to comply with know-your-customer requirements. In addition, the startup is offering an optional feature for cryptocurrency-to-fiat payments that automates transfers directly to local exchanges through the CCXT protocol. “The API will allow merchants to set an interval where funds will be automatically sent to the exchange, create an order from crypto to fiat and lastly request a withdrawal back to their bank,” the Atomicpay developers explained. Atomicpay does have a number of competitors, including the reigning leader of cryptocurrency payment gateways, Bitpay. However, unlike Atomicpay, the Atlanta-based company only accepts two digital currencies. The Atomicpay service is actually more similar to open-source payment processor Btcpay, as well as the Coinbase Commerce platform and Anypay Global, which produces cryptocurrency invoices that can be paid for by text message (SMS) using the Cointext application. But the main thing distinguishing Atomicpay from Btcpay, Coinbase Commerce and Anypay is that the new startup charges a fee for its services. Normal users will pay a flat rate of 1 percent to use the Atomicpay platform, while business users will pay 0.9 percent. Monthly invoice fees will be billed to users, rather than being taken from each transaction. However most payment gateways provide their services for free, which may deter some people from using the Atomicpay application. What do you think about the Atomicpay cryptocurrency payment gateway platform? Let us know in the comments section below. Disclaimer: Bitcoin.com does not endorse nor support any of these mentioned products/services. Readers should do their own due diligence before taking any actions related to the mentioned 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, applications, protocols or services mentioned in this article. Images via Shutterstock, Atomicpay, and Pixabay. Want to create your own secure cold storage paper wallet? Check our tools section. The post Atomicpay Launches Private Beta of Digital Currency Payment Gateway appeared first on Bitcoin News. View the full article

Paxful, one of the largest peer-to-peer (P2P) bitcoin marketplaces in the world, is once again demonstrating how the cryptocurrency community can contribute to good causes around the world. The company has announced that the second school it has helped to finance in Rwanda has now been completed. Also Read: Former Israeli Prime Minister Calls Cryptocurrencies a ‘Ponzi Scheme’ Giving Kids a Crucial Stepping Stone This project was funded entirely through cryptocurrency donations as a part of Paxful’s #BuiltWithBitcoin initiative, with over $100,000 raised in BTC, BCH, ETH, LTC and DASH to support construction. It is said to be the first primary school in the area that caters to kids between the ages of 6 to 15. The facility contains six classrooms, a cafeteria, bathroom stalls, solar panels and a 35,000-liter water well system. It was completed in partnership with the Zam Zam Water charity and will employ six full-time teachers. “Having proper education centers is fundamental in moving countries like Rwanda forward, while also increasing their standard of living. Education is the crucial stepping stone in serving people in developing nations improving their quality of life,” said Yusuf A. Nessary, president and founder of Zam Zam Water. “We are beyond thrilled to have partnered with Paxful in order to provide education for (the) next generation and beyond.” Bitcoin Is More Than a Speculative Tool Paxful, which recently reported that its monthly bitcoin volume in Africa has reached about $65 million, launched the #BuiltWithBitcoin program last year. It started by donating $50,000 in bitcoin to build its first nursery school in Rwanda, with plans to fund and build 100 schools across Africa. Earlier this year, the company also granted academic scholarships to a couple of female Afghan refugees in the U.S. “We encourage the cryptocurrency sector to contribute more to humanitarian projects. The #BuiltWithBitcoin initiative is an example of bitcoin being used as more than a speculative tool, but a testament to the usefulness of cryptocurrency,” said Ray Youseff, the CEO and co-founder of Paxful. “To date, we have built two schools — a nursery and a primary school in Rwanda, Africa — and provided scholarships to Afghan refugees, and plan to continue these philanthropic ventures.” Do you know any other crypto-friendly charities? Tell us about them 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 Paxful Completes Second School in Rwanda #BuiltWithBitcoin appeared first on Bitcoin News. View the full article

Today’s edition of The Daily covers everything from hardware wallets to fake volume on cryptocurrency exchanges. But to kick-start proceedings, we’ve got the first report on a survey in which a surprising proportion of freelancers express an interest in being paid in cryptocurrency. Also read: Swiss Crypto Valley Association Leadership Steps Down After Governance Review US Freelancers Express Interest in Crypto Payments P2P platform Humans.net has commissioned a survey into the payment preferences of American freelancers. It quizzed 1,100 U.S. citizens to determine their amenability to being paid in bitcoin or other cryptocurrencies, with 18 percent expressing a clear preference for digital currency payments over fiat currency. Among those questioned were self-employed professionals such as tutors, designers and developers. Given that the respondents were drawn from across the gig economy and were not prescreened for cryptocurrency interest, the 18 percent statistic can be taken as evidence of growing interest in bitcoin. An additional 11 percent of those surveyed stated that they would like to receive partial payments in cryptocurrency, making a total of 29 percent of freelancers who would be happy to receive crypto. Ellipal and Ledger Wallets Get an Upgrade The software that powers cryptocurrency hardware wallets is regularly updated to incorporate new features and coin additions. Ellipal, whose wallet we reviewed a few weeks back, has just had its firmware refreshed. “The Cold Wallet 2.0,” which ships from Hong Kong, now supports XRP, DGB, LTC, DASH, ETC, USDT and CMT, in addition to existing cryptos BTC, BCH and ETH. The accompanying Ellipal smartphone app has also been upgraded, with an improved UI and a new digital assets overview page. Meanwhile, Ledger has updated its Nano S wallet to support monero (XMR). Storecoin Launches Governance Peer Review It’s not uncommon for cryptocurrency projects to seek peer review of their technical papers. Zero-fee payment protocol Storecoin has narrowed in on a highly specific facet of its forthcoming blockchain however — governance. In addition to establishing a Governance Peer Review & Working Group, the project is soliciting community feedback on the trade-offs it has proposed in order to settle upon a workable system of governance. “We believe that the only governance model that can function at global enterprise scale without returning to centralization or descending into the volatility of mob rule is a checks-and-balances based system,” concludes its public peer review document. Coinbit and GDAC Accused of Manipulating Volume Coinbit and GDAC, two South Korean exchanges that launched during the summer, have joined the growing list of Asian platforms that Crypto Exchange Ranks (CER) accuses of fake volume. Inflating trading figures is a way that some exchanges game the system, placing them higher in Coinmarketcap’s top 100 exchanges by reported volume. Coinbit currently places fourth, with around $600 million of cryptocurrency supposedly traded in the past 24 hours, while GDAC occupies the 53rd spot. “Since GDAC’s trade fees are 0 percent the exchange redistributes its tokens ‘based on contribution for buy orders’ and calls it a ‘Purchase Contribution Air Drop,’ but the principle is the same as trans-fee mining,” explains CER. It also notes that in mid-November, Coinbit claimed the top spot on Coinmarketcap by reported volume, placing it ahead of Binance and Bitmex. Transaction fee mining exchanges remain highly controversial, with CER having previously taken platforms like Bitforex and Fcoin to task for similar practices. When Coinmarketcap’s exchanges are ranked by adjusted volume rather than reported volume, it’s no surprise that Coinbit and GDAC fall out of the top 100. What are your thoughts on today’s news tidbits as featured in The Daily? 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 Daily: 29% of Freelancers Want to be Paid in Crypto, Asian Exchanges Fake Volume appeared first on Bitcoin News. View the full article

South Korea’s incoming finance minister, Hong Nam-ki, has reportedly unveiled his government’s taxation plans for cryptocurrency and initial coin offerings. A task force consisting of experts from government agencies and the private sector will be formed to examine overseas cases to establish domestic cryptocurrency tax rules. Also read: SEC Fails to Show Court Blockvest Tokens Are Securities Korean Crypto Taxation Plans The South Korean government is “planning to tax cryptocurrencies and initial coin offerings [ICOs],” The Korea Times reported on Monday, citing a written statement by the country’s incoming finance minister, Hong Nam-ki. Hong Nam-ki at his confirmation hearing on Tuesday. President Moon Jae-in nominated Hong last month to replace Kim Dong-yeon as the country’s finance minister. He has been serving as the chief of the government policy coordination office, under the prime minister’s office. “Hong must go through a parliamentary confirmation hearing, though his nomination is not subject to approval by lawmakers,” Yonhap News Agency explained. “In South Korea, Prime Minister is the only cabinet post that requires a vote by legislators.” On Sunday, Hong submitted written answers to questions asked by an opposition lawmaker about his tax policies to the National Assembly. They were for his confirmation hearing which took place on Tuesday, the publication noted. “The taxation plan would be finalized in accordance with the creation and progress of the taxation infrastructure and the trend on international discussions,” Hong was quoted by The Korea Times as saying. He added: A task force consisting of experts from relevant government agencies including the National Tax Service and the private sector will be formed to examine overseas examples and hammer out the taxation plan. New Finance Minister’s View on Crypto The South Korean incoming finance minister wrote that “Cryptocurrencies are a new phenomenon and so there is no internationally agreed regulatory framework.” He then acknowledged that “there are such lingering problems like the market overheating and investor protection. Therefore, we need to be careful in building the regulatory framework.” Regarding ICOs, he reiterated that they are currently banned domestically. Nonetheless, he noted that the government would carefully consider them “after watching market conditions, international trends and investor protection issues,” elaborating: We will determine our policy orientations on ICOs with relevant agencies after reviewing the results of the financial regulator’s market survey and getting feedback from experts. Furthermore, Hong justified the government’s decision to exclude crypto exchanges from the category of startup businesses, thereby eliminating the tax benefits they currently enjoy. He believes that “the exclusion reflected the criticism that crypto exchanges were vulnerable to illegal acts and were merely a brokerage service separate from blockchain technology,” The Korea Times conveyed. What do you think of South Korea’s crypto taxation plans? Let us know in the comments section below. Images courtesy of Shutterstock and Yonhap News Agency. Need to calculate your bitcoin holdings? Check our tools section. The post Korean Incoming Minister Confirms Cryptocurrency Taxation Plans appeared first on Bitcoin News. View the full article

More than half of the members of Switzerland’s Crypto Valley Association (CVA) board have announced their decision to step down in January. The news comes after reports about governance issues and allegations of conflicts of interest in the leadership of the growing organization. Also read: Estonia to Tighten Rules for Licensed Crypto Companies Four CVA Board Members to Step Down In a joint statement sent to CVA members, the board’s president Oliver Bussmann and three other members – vice-president Vasiliy Suvorov, the board’s secretary and treasurer René Hüssler, and Nicolas Schobinger – announced they will not be standing for re-election next month, Swissinfo reported. All of them have been in the governing body since the establishment of the association in January of last year. The statement reads: After a rewarding two years, we feel it is best that the Association’s next phase of development is led with a renewed perspective. Having that in mind, we have made a decision several weeks ago not to seek re-election for our seats in the upcoming board elections scheduled for January 2019. The announcement comes amid concerns about the future direction of development of the crypto sector in Switzerland. According to Swissinfo, the main challenge is to find the right balance between promoting the potential social impact of crypto and blockchain technology and its commercial exploitation. The CVA board will be reshuffled after it was recently expanded to seven members. In September, the association elected two female board members in order to diversify its male-dominated leadership. The decision came in response to accusations that it had become an “old boys’ club.” The two women, María Gomez and Jenna Zenk, are not stepping down. Independent Governance Review Conducted The now sole remaining male member of the current board, Soren Fog, raised questions about the governance of the association during the CVA General Assembly meeting in June. He warned about what he described as a “conflict of interest in the leadership”, calling for more accountability and an independent audit. The CVA enlisted Hans Kuhn, a lawyer and former general counsel at the Swiss National Bank, to conduct a review of the association’s articles. He told Swissinfo they were no longer adequate. “This type of housekeeping is done in any kind of association with this growth and scope,” Kuhn commented. According to the CVA board president, the independent governance review was proposed to address a need to adapt the structure of the association. CVA, which was established in January of 2017, has seen a rapid growth and now has over 1,200 members, Oliver Bussmann noted. “The CVA has recently consulted the association members regarding the governance review report. We will present the result and proposed changes in the General Assembly at the end of January 2019,” the official added. What do you think about the change of leadership in the CVA? Share your thoughts on the subject in the comments section below. Images courtesy of Shutterstock, Smartmockups. 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 Swiss Crypto Valley Association Leadership Steps Down After Governance Review appeared first on Bitcoin News. View the full article

The significant bearish momentum experienced across cryptocurrencies throughout November drove a significant increase in monthly trade volume among the leading markets. Also Read: Japan Unveils Plans to Regulate Initial Coin Offerings BTC Posts Strongest Volume Since May According to Coinmarketcap, BTC saw an increase in monthly trade activity of 43 percent in November. Nearly $156.5 billion worth of BTC changed hands — the strongest monthly volume for the currency since $185 billion in May. The second most-traded cryptocurrency, USDT, also saw a dramatic increase in trade volume, with $106.5 billion worth of the stablecoin changing hands. November has been the strongest month for USDT trade in the second half of 2018, with volume up more than 53 percent from October. ETH also posted its strongest 30-day trade volume since May, with over $58.8 billion worth of the currency changing hands in November. ETH saw a 42.7 percent gain in trade activity month over month. Ripple Retains Top 5 Ranking EOS has continued to maintain its position as the fourth most-traded cryptocurrency, a distinction it recaptured in October after briefly dropping to fifth place in September. EOS pairings produced $24.2 billion in trade in November, up 73.6 percent month over month, to finish with their strongest monthly volumes since June. XRP held its rank as the fifth most-traded cryptocurrency in November, reaching a 30-day trade volume of roughly $21 billion. Monthly trade volume increased 54.4 percent from October, marking one of the strongest months for XRP in 2018. However, its 30-day trade volume failed to match the $24.7 billion in trade activity recorded for XRP pairings during September. Monthly BCH Volume Rises by 43% BCH continued to rank as the sixth most-traded cryptocurrency, with approximately $13.6 billion in total monthly trade in November. Trade volume increased 43 percent from the preceding month, making it the currency’s strongest 30-day period for trade volume since July. LTC ranked as the seventh most-traded cryptocurrency in November for the third month in a row. When compared with October, the LTC markets saw a 42.4 percent increase in trade activity. By trade volume, November was the strongest month for LTC pairings in the second half of 2018. ETC climbed two spots in the monthly volume rankings to eighth place, with almost $5.27 billion in volume. Despite posting a 25 percent increase in monthly trade activity, ETC pairings recorded their third-weakest monthly volumes this year. Strong Second Half for Leading Markets November saw little change in trading of dash, with month-over-month volume increasing by just 0.4 percent. The 30-day trade volume for dash pairings was $5.18 billion, bumping it down one place to rank as the ninth most-traded cryptocurrency in November. NEO had its strongest month in the second half of 2018, with trade activity hitting roughly $5.57 billion. Trading rose 21 percent month over month, pushing it down one position to rank as the 10th most-traded cryptocurrency. CKUSD also hit its strongest monthly volume level for the second half thus far, with nearly $4.5 billion in trade. November saw a month-over-month increase in trade activity of more than 32 percent, driving CKUSD up one position to finish as the 11th most-traded cryptocurrency. BSV Ranks as 14th Most-Traded Crypto QTUM gained one position to rank as the 12th most-traded cryptocurrency after posting nearly $4.4 billion in volume. November was the currency’s strongest month for volume since July, with trading up 18 percent month over month. ZEC produced its strongest 30-day trade volume for the second half of 2018, at $4.07 billion. ZEC recorded a month-over-month volume increase of 16.3 percent, pushing it up one rank to become the 13th most-traded cryptocurrency in November. Although it only traded for two weeks in November, BSV posted $3.27 billion in trade volume to rank as the 14th most-traded cryptocurrency. TRX Trade Volume Tumbles XLM saw an increase in trade activity of 106 percent in November, with 30-day trade volume of approximately $2.74 billion. Despite recording its strongest monthly volume for XLM in the second half of 2018, Stellar rose just one place to rank as the 15th most-traded cryptocurrency. TRX was the only leading currency to post a drop in month-over-month volume. TRX pairings produced $2.42 billion in trade volume in November, down 34 percent from October. It lost five positions to rank as the 16th most-traded cryptocurrency. Stablecoins PAX and TUSD Climb Into Top 20 November saw two new entries into the top 20 cryptocurrencies by trade volume from two stablecoins, Paxos Standard Token (PAX) and TrueUSD (TUSD). PAX posted 30-day trade volume of $1.54 billion to rank as the 17th most-traded cryptocurrency. TUSD pairings, meanwhile, generated $995.5 million in trade activity in November, making it the 18th most-traded cryptocurrency. ADA and ONT Regain Top 20 Rankings After slipping five places from September to rank as the 21st most-traded cryptocurrency in October, ADA climbed back into the top 20 to rank 19th in November. Monthly trade volume hit roughly $952 million, pushing the currency up two places and comprising a 12.6 percent increase in month-over-month volume. ONT also re-entered the top 20, gaining eight positions to rank as the 20th most-traded cryptocurrency. ONT posted $946 million in 30-day trade volume, up 50 percent month over month. Do you think that trade volume will continue to increase in the coming months? 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 November Volume Rankings: Bearish Momentum Drives Surge in Trade appeared first on Bitcoin News. View the full article

The U.S. Department of Homeland Security (DHS) has published its 2019 fiscal year pre-solicitation document. Throughout the 27-page letter, the organization explains that it wants to dedicate resources toward creating blockchain forensic applications that can analyze privacy-centric digital asset movements. Prior efforts have addressed bitcoin analytics and now the agency wants surveillance tools for cryptocurrencies like monero and zcash. Also read: New Software Copernicus Has Mined Its First Bitcoin Cash Block DHS: ‘US Law Enforcement Agencies Need Blockchain Forensic Tools for Privacy Coins’ The DHS has submitted a proposal for its Small Business Innovation Research program, which also incorporates its Science and Technology platform. The document covers subjects like cybersecurity, communications, the Internet of Things (IoT), sensors, and blockchain technology. The DHS agency explains that Distributed Ledger Technology (DLT) will likely be leveraged for commercial and government applications in the future, but some of these blockchains allow for unfavorable methods of anonymity and transaction obfuscation. “This proposal seeks applications of blockchain forensic analytics for newer cryptocurrencies, such as Zcash and Monero,” the solicitation letter reads. The DHS document continues: Ongoing research within the field also contributes to new technological implementations and techniques that continue to multiply the specific types of consensus, privacy, security, and proof mechanisms. Tackling Cryptocurrency Anonymity in Three Phases The agency further details that while privacy features are desirable, there is an interest for some individuals and organizations to use these funds for actions of an “illegal nature.” These illicit acts bolster the need for forensic analysis on blockchain transactions that exercise anonymity tactics. The DHS proposal explains that the agency wants to mitigate these issues by following three phases. The first phase is for researchers and programmers to design a blockchain analysis ecosystem for law enforcement agencies, or to modify an existing DLT analysis tool for this purpose. The new tool must be able to provide surveillance architecture specifically for privacy currencies such as monero and zcash. In 2016, it was revealed that Homeland Security started a taskforce in order to identify unlicensed bitcoin exchangers. The second phase is to develop a blockchain monitoring prototype that can be demonstrated and that involves the analysis of “suspicious transactions without external data, with external data, and on another blockchain platform.” Lastly, the third phase will include the rollout of commercial and government-grade blockchain surveillance applications. “Blockchain forensic analytics for the homeland security enterprise can help the DHS law enforcement and security operations across components as well as state and local law enforcement operations,” states page 21 of the DHS solicitation letter. “Private financial institutions can likewise benefit from such capabilities in enforcing “know your customer” and anti-money laundering compliance.” The Importance of Blockchain Transaction R&D Monero and zcash. The DHS has been investigating blockchain and cryptocurrency activities for quite some time as this is not the first instance of the agency looking to stop anonymous cryptocurrency transactions. Back in April of 2016, the DHS created a taskforce in order to identify unlicensed bitcoin exchangers. Moreover, the DHS and a myriad of other U.S.-based three letter agencies have been arresting money launderers using cryptocurrencies. Even those selling digital assets using peer-to-peer marketplaces like Localbitcoins have been apprehended by the department. The group has also funded many blockchain startups with millions of dollars for research and development (R&D) over the years. The solicitation letter emphasized that the current drafted proposal is not set in stone and will likely be officially published on Dec. 19. The blockchain and DLT section of the proposal details that law enforcement needs to speed up when it comes to forensic analysis and blockchain transaction R&D. “This analysis can be approached in any number of ways and may consider different data situation use cases depending on whether additional data from offchain sources are available,” the letter’s cryptocurrency section concludes. What do you think about the DHS solicitation documentation asking for blockchain surveillance tools for cryptocurrencies like monero and zcash? Let us know what you think about this subject in the comments section below. Images via Shutterstock, DHS, and Pixabay. Want to create your own secure cold storage paper wallet? Check our tools section. The post US Law Enforcement Wants Blockchain Surveillance Tools for Privacy Coins appeared first on Bitcoin News. View the full article

Ehud Barak served as the prime minister of Israel from 1999 to 2001. These days he makes a lot of money as an investor and co-founder of startup companies in such fields as cyber espionage and cannabis. However, he seems to think that investing in cryptocurrency is less legitimate. Also Read: The Daily: Asus Wants to Turn Gamers Into Miners, Wyoming Advances Crypto Bank Bill Cannabis Is Legit, Bitcoin Is Not The former prime minister was the keynote speaker at a startup event in Tel Aviv on Sunday, held by the local financial newspaper Globes. He recently became the chairman of a medical marijuana company, so he was naturally asked about the subject, which is the latest hot trend among Israeli stock investors. He acknowledged that there is a lot of hype around cannabis investments but rebuffed the suggestion that the industry has the same bubble-like characteristics of the 2017 bitcoin market. “Blockchain is a technological-mathematical concept, an interesting and important method, and one that will have many uses. The coins — Bitcoin and others — is a Ponzi scheme. I do not believe that it will be possible to make a coin like this in the current generation and I will not invest in anything related to cryptocurrencies,” Barak stated. “Anyone who has patience and understands the depth of blockchain will find many uses, from holding sensitive medical information to contracts.” Using Crypto as a Punching Bag Members of the Israeli technology scene were understandably disappointed to hear such crypto-phobic statements at a startup event. “The crypto market as a whole has become a punching bag. Such opinions, including the views of many companies in Israel, have become especially popular against the backdrop of the sharp fluctuations and devaluations in the currencies recently,” commented Ophir Gertner, founder of blockchain advisory company Smartologic. “We see that regulation is now required, as the absence of financial supervision has given cryptocurrencies a negative reputation and tarnished blockchain’s image internationally.” Barak was also asked at the startup event about his business relationship with the Saudi royal family. Israeli media recently claimed that he was allegedly approached a few years ago by representatives of the Saudi crown prince, Mohammed bin Salman, to help secure sensitive technologies. This is a hot topic right now, as Israeli cyber companies are accused of providing the spyware used by the Saudi government to monitor the communications of murdered Saudi journalist Jamal Khashoggi. The former prime minster responded by claiming that “there is no chance that the cyber company I founded will sell technologies to dark regimes.” Is cryptocurrency less legitimate as an investment than cannabis? 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 Former Israeli Prime Minister Calls Cryptocurrencies a ‘Ponzi Scheme’ appeared first on Bitcoin News. View the full article

From Stockholm to New York, major global hubs are ditching cash for cards. As contactless payment devices including smartphones and smartwatches proliferate, hard currency is falling out of favor. But for all the convenience that touch payments bring, the cashless transition has major ramifications for the most underserved segments of society. Also read: Russian Marketplace Allows Users to Sell Items Priced in Cryptocurrency Cash Is No Longer King On June 1, 2018, shoppers across the U.K. discovered that their Visa cards had inexplicably stopped working. Queues formed at supermarket checkouts and IOUs were written at gas stations as motorists realized the plastic in their pocket was no longer good. The outage lasted for several hours and caused major disruption, exacerbated by the fact that, as with many western countries, most Brits no longer carry significant amounts of cash. In an era where any purchase, from a cup of coffee to a car, can be purchased with a swipe of an NFC device or by pressing four buttons on a chip and PIN device, cash is no longer in vogue. Try to pay in cash at an upmarket boutique or chic brasserie these days and the assistant is likely to glance askance at the wad of notes proffered. Nowhere is this trend more prevalent than in New York, where cash-free establishments are commonplace. Not everyone is enamored with the “cashless revolution” taking place, however. Critics warn it risks creating an underclass of second-rate citizens, excluded by elitist monetary policy. One lawmaker is particularly alarmed by the trend, and his concerns have nothing to do with the risk posed by Visa’s servers shutting down. New York City council member Ritchie J. Torres is seeking to introduce legislation banning cash-free stores on the grounds that they promote racism and elitism. Credit Cards and the Menace of a Cashless Society Ostensibly, cashless businesses are all about convenience: the convenience of not having to wait in line while the person in front of you fumbles for the right change, and the convenience for business owners of not having to take the day’s earnings to the bank or worry about being robbed. Even if the intentions behind the cashless movement are honorable, a side effect is to disenfranchise those who are already marginalized and unable to access the credit or high-tech consumer devices necessary to participate. Critics fear that gentrification through cash exclusion will ultimately sweep entire neighborhoods, driving out the poor, minorities and people with bad credit. “Paper money is a universal currency. We all use it at some point in our lives, and delegitimizing paper money with a card-only policy should be unlawful,” opined Torres. Another danger of sleepwalking into a world in which cash is passé is censoring transactions, freezing out “undesirables,” and sweeping surveillance becoming the norm. Today, the U.S. has the power to wield economic sanctions against nations, entities and individuals it deems enemies of the state. What happens, in the not-so-distant future, when it can wield this power against individuals on its home soil, preventing them from purchasing so much as a slushie without the say-so of Uncle Sam? Financial censorship isn’t just an American weapon, either — China’s social credit system has induced widespread consternation and condemnation. When coupled with the cashless transition occurring globally, the sort of dystopia envisioned in movies like “Minority Report” doesn’t seem so far-fetched. Shopping, Minority Report style Cryptocurrency Is Cash Cryptocurrencies such as bitcoin are often compared to electronic payment systems such as Visa, particularly in terms of throughput and network effects. In truth, though, bitcoin has much more in common with paper cash than it does with its electronic equivalent. Like dollar bills, bitcoins are fungible, unfreezable and nondiscriminatory. They are worth the same amount in the hands of a pauper as they are in the hands of a prince. No credit history or bank account is required to own either. Cryptocurrency is cash for the 21st century. Significant efforts are being expended on increasing merchant adoption of P2P cryptocurrencies such as bitcoin cash, while bitcoin core proponents are optimistic that BTC may be suitable for microtransactions again should the much-vaunted Lightning Network ever materialize. Realistically, cryptocurrencies are not going to serve as an egalitarian alternative payment system in cashless stores any time soon. Nevertheless, they serve a vital role as the world distances itself from cash, providing pseudonymous and censorship-resistant money for the masses. Do you think cashless businesses are discriminatory? Let us know in the comments section below. Images courtesy of Shutterstock. Need to calculate your bitcoin holdings? Check our tools section. The post A Cashless Society – Utopia or Dystopia? appeared first on Bitcoin News. View the full article

Over the last couple of years, blockchain-based gaming has become more popular with collectible games like “Spells of Genesis.” One peer-to-peer game, “Mafia Wars,” is a blockchain-themed tournament based on well-known organized crime families from the 1920s. Also read: Intel Awarded a Patent for an Energy Efficient Bitcoin Mining Process The Five Families of New York A Counterparty-based game called “Mafia Wars” launched this past summer that allows online gamers the ability to become crime bosses from one of five families. The game is similar to other blockchain-based collectible card tournaments using the Counterparty platform, an application that’s secured by the BTC network. To play, users need to purchase one of five “family” tokens on the Counterparty exchange. Players are allowed to choose from infamous organized crime groups such as the Lucchese, Bonanno, Colombo, Gambino and Genovese families. Each family sets out to be the biggest and best on the block by earning mafiacash tokens. Just like in the mob, all of the family members get a cut of the earnings at the end of the month, with shares distributed according to in-game performance. At the time of writing, there were 391 “Mafia Wars” players in 12 different crews and 51 territories. Players use cards/assets/tokens to improve their game performance and rise up the ranks. Individuals can become associates, ordinary soldiers, caporegimes, underbosses, consiglieres and finally, bosses. The thing is, this game goes on for a very long time if you want to become the boss of all bosses, because the holder of the most mafiacash coins will not be declared the winner until July 1, 2023. The black market, where ‘Mafia Wars’ players can purchase businesses, drugs, staff, weapons and armor. The creators of “Mafia Wars” keep players up to date on Twitter and there’s a Telegram group as well. The game is also compatible with “Spells of Genesis,” “Age of Rust” and the “Rare Pepe” blockchain card series. There are currently 3,325 different cards and the game has been going for six months so far. The Colombo family has won every single month since the start of the game, although they have lost 2 percent of their stock and 172 people running the family businesses. ‘Mafia Wars’ players can use ‘Spells of Genesis,’ ‘Age of Rust’ and the ‘Rare Pepe’ trading cards in-game. Crypto-Collectible Competition Due to the popularity of blockchain-based games and collectibles like kittens and medieval trading cards, cryptocurrency developers have been attempting to capture the gaming market. Like the Counterparty asset-based card games, the Ethereum network also has a ton of crypto-collectible entertainment. For instance, the “Darkwinds” game is a mix between “Spells of Genesis” and “Magic: The Gathering.” The game allows you to build a playing deck with common and rare cards to battle captains with a customized 10-card pack. There are also many others like “Ether Legends,” “Ethermage,” “Volition,” “Cryptantcrab,” “Ember Sword,” “Dragonerium” and “Superworld.” There are a ton of crypto-collectible card games on the Counterparty and Ethereum networks these days. Since many blockchain games have been produced, a lot of developers are hoping one of these applications will soon secure some mainstream success. Unlike other types of utility tokens that use separate blockchains, these kinds of cryptocurrency collectibles run on top of large, well-known networks. The “Mafia Wars” creators also give gamers the ability to participate by designing new cards every month. Winners receive mafiacash as rewards and a “card statistics boost.” The monthly contest winners are chosen by a group called the “Commission” and the cards are featured on the site in a special section for three months. The developers have stated that the game will become more influenced by player submissions over time. What do you think about the blockchain-based game “Mafia Wars” and other crypto-collectible card games? Let us know in the comments section below. Disclaimer: Bitcoin.com does not endorse nor support any of these mentioned products/services/games. Readers should do their own due diligence before taking any actions related to the mentioned 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, games, goods or services mentioned in this article. Images via Shutterstock, Mafia Wars, Dark Winds, and Pixabay. Need to calculate your bitcoin holdings? Check our tools section. The post Organized Crime Goes Digital With the Blockchain-Based ‘Mafia Wars’ Game appeared first on Bitcoin News. View the full article

Coinzoom Australia said Dec. 3 that it has been officially registered as a digital currency exchange with financial watchdog Austrac. The registration allows the exchange to operate legally according to Australian law. It will also function as a fiat-to-crypto exchange, with support for a variety of digital assets, including the buying and selling of BTC, BCH and XRP. Also read: Report: Bitcoin Mining Doesn’t Fuel Climate Change, it Benefits the Global Economy Complying With KYC/AML Requirements “Being fully registered … is an important step in our goal to provide globally compliant digital currency trading for both institutional and retail traders,” Todd Crosland, chief executive officer of Coinzoom, said in an online statement. Austrac, as the Australian Transaction Reports and Analysis Centre is commonly known, is a state-run financial intelligence agency that monitors financial transactions for evidence of money laundering, organized crime, tax evasion, fraud and terrorism. At press time, the regulator had not responded to a request for comment. When Coinzoom Australia launches in the first quarter of 2019, traders will be expected to “fully” comply with the know-your-customer and anti-money laundering requirements of both the Australian and U.S. financial regulators, said Crosland. The unit of U.S.-based Coinzoom Inc. claims that the platform, which caters to local and international investors, “will provide a simple and easy one-stop user experience to link their credit card, bank account and cryptocurrency wallets.” It adds that it “also offers customers a pattern recognition system, rewards debit card, and social trading capabilities.” Todd Crosland Coinzoom Inc. describes itself as “an institutional grade digital currency-trading platform” that supports the trade of virtual currencies such as bitcoin, bitcoin cash, ripple and ether. The company claims it is registered as a money services business in all 50 U.S. states. It says it is also in the process of acquiring remittances licenses in states where they are required and has already secured them in states such as Florida, Iowa and Maryland. The remittances licenses allow Coinzoom to transfer funds or offer crypto-based payment services. Cryptocurrency Hub Australia aims to become a cryptocurrency leader. In September, Travelbybit, a Brisbane-based startup, revealed that it had received state funding to enable it to transform the city into a cryptocurrency hub. The company says it will use the funds to develop technologies that allow visitors to Brisbane to pay for their travel expenses in virtual currencies such as bitcoin or bitcoin cash. In June, Agnes Water — a coastal town in the Australian state of Queensland — claimed it had become the country’s “first digital currency town,” where transactions and payments are denominated in crypto. And a recent survey by Hiveex and Ivypay indicated that about 2.58 million Australians now own cryptocurrencies of some form, with more than 2,500 bills paid in virtual currencies in the country every month. “Coinzoom’s vision is to provide global cryptocurrency traders with innovative trading technology, and world-class digital asset security, all while following the U.S. and global regulatory requirements,” said Crosland. What do you think about KYC/AML requirements as a precondition for cryptocurrency trading? Let us know in the comments section below. Images courtesy of Shutterstock and Coinzoom. Express yourself freely at Bitcoin.com’s user forums. We don’t censor on political grounds. Check forum.Bitcoin.com. The post Australia’s Financial Regulator Grants License to Bitcoin Exchange Coinzoom appeared first on Bitcoin News. View the full article