roadrunner

China’s Center for Information and Industry Development has updated its crypto project ranking for this month, moving BTC up several places while still favoring EOS and Ethereum. The center explains its evaluation model and outlines future projects. Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations China’s Crypto Ranking Update China’s Center for Information and Industry Development (CCID), under the country’s Ministry of Industry and Information Technology, released its revised crypto project ranking last week. This is the center’s seventh update. The number of crypto projects evaluated remains at 33, unchanged from the previous ranking. EOS continues to occupy the top position of the overall ranking, followed by Ethereum. The two projects have been in the same spots since the center’s June update. This month, the center upgraded BTC from the 19th place in the previous month to the 13th place. BCH, which endured a contentious hard fork on Nov. 15, dropped one position to the 29th place. Decred sank to the bottom of the list with NEM trailing close by. In the previous ranking, NEM was at the bottom of the list. Thirty-three crypto projects were ranked based on their basic technology, applicability, and creativity, as well as overall. In the creativity category, BTC tops the list. EOS claims the number one spot in the basic technology category while Ethereum ranks first in the applicability category. Evaluation Model and Future Plans The CCID explained that its evaluation model is continuously optimized based on the recommendations of the project’s working group and expert consultants. The rankings are organized and implemented by the CCID Blockchain Research Institute and a number of organizations such as the CCID Think Tank, under China Electronics and Information Industry Development Institute, and China Software Testing Center. The evaluation model adheres to three key principles, the center described. Firstly, “the indicators should be adapted to all evaluated objects, not just some.” Secondly, “the proposed indicators should be related to technological innovation in public chains.” Lastly, “the measurement or evaluation of the indicators can be implemented.” Unveiling its future projects, the center detailed: CCID Blockchain Research Institute will also launch an in-depth evaluation report and application development report for public chains … We will also launch an advisory service and report on public chain technology assessment. What do you think of China’s updated ranking? Let us know in the comments section below. Images courtesy of Shutterstock and CCID. Need to calculate your bitcoin holdings? Check our tools section. The post China Revises Crypto Ranking — BTC Upgraded appeared first on Bitcoin News. View the full article

On Tuesday, Canadian company Birks Group, a fine jewelry operation since 1879, announced its plan to accept bitcoin for products and services at eight select locations. Birks Group and its retail stores will accept cryptocurrencies through a partnership with Bitpay. The collaboration marks the first major implementation of Bitpay’s point-of-sale solution for brick-and-mortar locations within the Canadian region. Also read: BCH-Powered Bitcoin Files Project Adds IPFS Support Eight Birks Group Locations Integrate Bitpay Cryptocurrency enthusiasts can now purchase silverware, timepieces, and fine jewelry with bitcoin cash (BCH) and bitcoin core (BTC) from eight select Birks Group locations in Canada. Birks Group has been providing jewelry services in the Canadian region for more than 100 years with its 28 Maison Birks and Brinkhaus stores. Through the partnership with Bitpay, the Birks Group locations that will accept BCH and BTC are in Vancouver West Hastings, Brinkhaus Calgary, Fairview Mall, Bloor, Yorkdale, Montreal and Calgary. Furthermore, the newly opened Patek Philippe and Graff stores will also be accepting cryptocurrencies in the near future. The company explained during the announcement on Tuesday that “Birks Group is the first luxury retailer in Canada to accept bitcoin.” Jean-Christophe Bédos, the chief executive officer of Birks Group said that the company’s collaboration with Bitpay is a significant milestone for the business. “As an internationally growing brand, we believe that Bitpay will benefit our customers as we look to align ourselves with these innovative capabilities that are on the forefront of technology,” the executive explained. Bitpay’s chief commercial officer, Sonny Singh, added that the fine jewelry operation has a large number of international shoppers so accepting borderless digital assets “makes perfect sense.” Fine Jewels and High-End International Clients The Canadian company is not the only jeweler in the world accepting cryptocurrencies for payments since a slew of businesses have begun accepting digital assets since last year. In September last year, Bitpay partnered with Bond Street-level jeweler Samer Halimeh NY. The well-known luxury diamond retailer, headquartered in Knightsbridge, also accepts BTC and BCH for retail services and business-to-business (B2B) gemstone trades. Last October, U.S. jewelry retailer Marks Jewelers started accepting seven digital currencies, including bitcoin cash, for products and services. Birks Group detailed that retail store customers in select locations can purchase well-known jewelry brands — such as Breitling, Rolex, Bulgari, and Cartier — with digital currencies. “Accepting bitcoin helps Birks Group cater to their high-end international clients and get new customers while providing an innovative and safe payment option,” Singh further noted during the announcement. What do you think about Birks Group accepting BCH and BTC for jewelry and services in Canada? Let us know what you think about this subject in the comments section below. Images via Shutterstock, Birks Group, and Pixabay. Express yourself freely at Bitcoin.com’s user forums. We don’t censor on political grounds. Check forum.Bitcoin.com. The post Fine Jewelry Dealer Birks Group Now Accepts Bitcoin appeared first on Bitcoin News. View the full article

A large commercial bank in Nigeria has threatened to shut down an undisclosed number of cryptocurrency-related accounts without explanation. Lagos-based Union Bank claims that any decision to do so would be in line with the Central Bank of Nigeria’s (CBN) past warnings about cryptocurrency trading. Also read: Malaysian MP “Concerned About Threat” From Cryptocurrencies to Government Money Panicky Customers Empty Account Balances In a statement to account holders this week, Union Bank of Nigeria warned: “In order to guarantee the security of our customers’ funds, Union Bank will monitor accounts being used for cryptocurrency transactions and may impose restrictions including closure of such accounts.” The 100-year-old bank, which has $3.84 billion in assets, cited a series of cautionary statements from the CBN, which apparently do not completely prohibit virtual currency trading, to support its decision. In January 2017, the central bank released a circular to financial institutions asking them not to use, hold or trade virtual currencies pending “substantive regulation and or (a) decision by the CBN.” A follow-up statement in February 2018 reiterated the same warning, but added “that virtual currencies are not legal tender in Nigeria … we wish to caution all and sundry on the risks inherent in such activities.” However, Union Bank’s sudden decision to monitor accounts has shaken the west African country’s digital asset industry, the continent’s biggest. Reports have started to emerge of nervous crypto investors already withdrawing their money to avoid the possibility of their accounts being frozen. Munachi Ogueke, co-founder of Cryset LLC — a Lagos-based over-the-counter bitcoin trading platform — told news.Bitcoin.com that several people within the Nigeria cryptocurrency space had received notifications of possible account closures from Union Bank. “Many are emptying their accounts and closing them down,” Ogueke said. Anti-Money Laundering Regulations? It is difficult to understand the motivation behind Union Bank’s unexpected assault on cryptocurrency-linked accounts. The matter is even more unclear in light of the CBN’s warnings, as neither of them explicitly said that cryptocurrency transactions were illegal. But Ogueke has suggested that commercial banks may have been given carte blanche by the CBN to close customer accounts without explanation, as long as their actions are in accordance with anti-money laundering rules. Citing the January 2017 central bank circular, Ogueke explained: Banks and other financial institutions that have cryptocurrency customers have the authority and can discontinue the relationship with such customers where the banks are not satisfied with the AML/CFT controls that enable compliance with the identification, verification, and transaction monitoring requirements. Ogueke added: “In the absence of any regulation from the CBN, it can be safely concluded that the CBN by this circular, has given banks (such as Union Bank) the power to close accounts of cryptocurrency customers if the customer breaches anti-money laundering control requirements and where there are suspicious transactions.” But Union Bank has said that its decision to monitor accounts does not mean that it necessarily suspects that some customers are violating anti-money laundering laws. Rather, it says it is becoming more vigilant to protect client funds, but Ogueke said he is doubtful, describing its justification as “flimsy.” Munachi Ogueke “How is blocking accounts associated with bitcoin securing the funds of your customers?” he quipped. No other bank is known to have issued a similar threat. When news.Bitcoin.com reached out to Union Bank for comment, it repeated the statement it had sent out to its customers. What do you think of Union Bank’s decision? Let us know in the comments section below. Images courtesy of Shutterstock. Express yourself freely at Bitcoin.com’s user forums. We don’t censor on political grounds. Check forum.Bitcoin.com. The post Nigeria’s Union Bank Threatens to Shut Down Cryptocurrency-Related Accounts appeared first on Bitcoin News. View the full article

Last October, the developers of the Bitcoin Cash-powered Bitcoin Files project launched the first iteration of its censorship-resistant file sharing software. At the time, the platform allowed users to upload files of 5kb or less to the blockchain. Now, the latest Bitcoin Files release supports the decentralized Inter-Planetary File System (IPFS), allows users to upload much larger file sizes, and gives the ability to preview files before downloading. Also read: Hash Wars: Battle Comes to an End as BSV Plans to Add Replay Protection Bitcoin Files Project Adds Another Layer of Censorship-Resistance Bitcoin Cash development has grown significantly since the hard fork last May, which increased the block size and added new opcodes. One initiative that has made its debut this year is the Bitcoinfiles.com project developed by the BCH programmers James Cramer, Attila Aros, and Hapticpilot. The file-sharing platform allows anyone to upload media files backed by the IPFS protocol and the Bitcoin Cash blockchain. These features add a thick layer of censorship-resistance to content uploads as the files become a permanent fixture on the open web. How the Bitcoinfiles.com system works with the Bitcoin Cash (BCH) blockchain. The Bitcoin Files platform recently added IPFS support by working with the Protocol Labs project. IPFS, otherwise known as the Inter-Planetary File System, is a protocol designed to make the internet far more distributed by creating a peer-to-peer network of content-addressable hypermedia. Cryptocurrency projects have been using the IPFS protocol for quite some time including platforms like the Openbazaar marketplace. Back in 2014, IPFS developers leveraged the BTC blockchain in order to store unalterable content and obtain address data tethered to files. Digital asset-based organizations that use the IPFS system within their products and applications believe the protocol adds a better form of overall decentralization. BCH developer Chris Troutner detailed on Twitter how excited he was to see the Bitcoin Files project integrate the IPFS protocol. While explaining the process, Troutner confirmed that “uploads are working and downloads are on the way.” Additionally, the developer shared information about the file he uploaded as a test. The Bitcoin File URI led to a Bitdb network entry and the file is also accessible through the IPFS gateway. Troutner’s message further explained that the hash to retrieve the file is stored forever on the Bitcoin Cash blockchain. Files available to preview and download on Bitcoinfiles.com Larger File Uploads and the Ability to Preview Content Due to the IPFS integration, Bitcoin Files users can upload much larger files than the previous limit of 5kb or less. Currently, the organization’s file explorer and list of available downloads show files exceeding 5kb. For example, a 200MB file can be uploaded to the IPFS protocol, but adding a file to the BCH chain alone, without IPFS, is still constrained to 5kb or less. Additionally, on Nov. 5 the Bitcoin Files programmers added file preview support for MP3, WAV, text, and image files uploaded to the platform. This means users can avoid downloading a malicious virus or something that’s entirely different to the file’s description. Bitcoin Files queried on the Bitdb 2.0 network. The Bitcoin Files creators believe there’s a great need for a reliable and anonymous file-sharing system. “The blockchain is an immutable, globally distributed, pseudo-anonymous data storage device — Files uploaded to IPFS and the Bitcoin Cash blockchain can be shared with anyone in the world using a simple URI,” explains the underscored statement on the organization’s website. What do you think about the latest Bitcoin Files version with IPFS and file preview? Let us know what you think about this project in the comments section below. Images via Shutterstock, Bitdb network, Bitcoinfiles.com, and the IPFS logo. Express yourself freely at Bitcoin.com’s user forums. We don’t censor on political grounds. Check forum.Bitcoin.com. The post BCH-Powered Bitcoin Files Project Adds IPFS Support appeared first on Bitcoin News. View the full article

Tether is back in business. Its stablecoin platform, which has lain dormant since last year, is to reopen for fiat deposits and tether (USDT) redemption. The move, described by Tether as a “new vision,” ought to return its stablecoin to the parameters it was originally designed to meet. With a minimum fiat deposit of $100,000, however, Tether’s service will be off-limits to retail investors. Also read: Binance Moves Away From Tether Tether Relaunches Direct Service Predictions of tether’s demise may have been exaggerated. Within 24 hours of Binance removing tether’s position as its reference BTC-USD pair in favor of a weighting of stablecoins, Tether has relaunched. In a declaration that it is open for business — namely the business of accepting fiat currency deposits and redeeming them for USDT — Tether has reactivated its platform. This will enable new customers to complete verification and existing ones to purchase tethers directly. In an announcement on Nov. 27, Tether described the news as “an important step in Tether’s journey” and a return to “its original vision of having a wallet for creating and redeeming directly on its own platform without having to rely on a third party.” Customers will be able to exchange tether for fiat with immediate effect, with the reverse option to be added soon. New Fee Structure and Minimum Deposit Set Tether’s new banking arrangement with Deltec has been pivotal in enabling it to resurrect its native platform. There is a catch though: Customers will need to deposit or redeem a minimum of $100,000. As a result, the service will be of little interest to retail investors. Instead, Tether has spoken of the “professional investor audience” that will have the means to deposit hundreds of thousands or even millions of dollars at a time. Each fiat deposit will incur a 0.1 percent fee, while fiat withdrawals will be charged at 1 percent up until $10 million and 3 percent thereafter. To coincide with the news of the revitalized Tether platform, Bitfinex and Ethfinex have announced the introduction of tether-fiat trading pairs. USDT-USD and EURT-EUR will be available on both exchanges in a move which Bitfinex has glibly described as “continuing [its] heritage of providing a neutral, coin-agnostic platform.” Since the news was announced, the so-called tether premium has dropped to just over 3 percent, meaning that BTC is currently trading around $120 higher than average on USDT-only exchanges. Given the reluctance of institutional investors to onboard using USDT, and the high minimum deposit threshold, it remains to be seen how much demand there is for Tether’s fully functional platform. What are your thoughts on Tether’s relaunched platform? Let us know in the comments section below. Images courtesy of Shutterstock. Need to calculate your bitcoin holdings? Check our tools section. The post Tether Reopens Fiat-USDT Redemption Platform appeared first on Bitcoin News. View the full article

In recent crypto exchange news, Coincheck has successfully reinstated deposits and trading services for all cryptocurrencies that were live on the exchange before it was hacked in January. Bhex, an exchange founded by Huobi’s former chief technology officer, has announced that it will start operations at the end of the month, while 1,452.6 BTC was recently added to the Bitmex Insurance Fund in a single day. Also Read: Russian Miners Sell Their Equipment Amid Market Plunge Coincheck Resumes All Pre-Hack Trading Coincheck has reinstated deposits and purchases for XRP and FCT. As such, it has now resumed services for all cryptocurrencies that were live at the time of the NEM hack in January, when roughly $530 million of funds were taken from the exchange. Coincheck has now reinstated most of its services, including new account signups, yen deposits and withdrawals, cryptocurrency deposits and trade, and its lending service. Still, it still has yet to reinstate yen deposits through convenience stores, as well as its Coincheck Payment platform and leveraged transactions for new positions. A press release issued by the company states that it has been “working to improve its management structure and internal control” since the hack. 1,452.6 BTC Added to Bitmex Insurance Fund in 1 Day The Bitmex Insurance Fund now holds 18,851 BTC, following the addition of 1,452,6 BTC on Nov. 25. The significant increase pushed the amount of BTC held by the fund from 16,713.4 up to 18,166. According to Bitmex, the insurance fund is used to avoid auto-deleveraging traders’ positions. It “grows from liquidations that were able to be executed in the market at a price better than the bankruptcy price of that particular position.” The significant increase in the fund’s holdings was noted on Twitter. “Bull case for #Bitcoin: Soon most $BTC will be locked up in the @BitMEXdotcom insurance fund,” WhalePanda tweeted. At the time of writing, the fund’s BTC holdings had increased by 685 since Nov. 25. Former Huobi CTO to Launch Bhex Exchange Bhex, an exchange founded by former Huobi Chief Technology Officer James Ju, has announced that it will launch operations at the end of his month. The exchange claims to have raised $15 million in equity financing, with Huobi, Genesis Capital and Okex among its investors. A press release issued by the exchange asserts that Bhex’s founding members hail from a number of major technology and finance companies, including Google, Alibaba, Tencent, Baidu and Barclays Capital. Bhex has established offices in Singapore, the U.S. and the U.K. Are you concerned about the Bitmex Insurance Fund’s BTC holdings? 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 Exchange News: Coincheck Resumes All Trading, Bitmex Insurance Fund Grows appeared first on Bitcoin News. View the full article

Paraguay’s vice president has declared support for the “Golden Goose” project, which will see South Korea’s Blockchain Technology Foundation build five mining centers on state land. The foundation also plans to conduct what it describes as an “initial exchange offering” to facilitate investor participation in the project. Also Read: Sweden Expects to Attract Norwegian Bitcoin Miners After Brutal Tax Hike South Korean Group to Build Mining Centers The Blockchain Technology Foundation, also known as the Commons Foundation, has entered into an agreement with Paraguay to construct what it claims will be a large mining hub. It said the government has provided five 10,000-square-meter plots of land to host five planned mining centers. The land is in close proximity to the massive Itaipu hydroelectric power plant. A 15-year contract ensuring stable electricity pricing from the power plant has been included, as has the installation of requisite high-speed internet infrastructure and tax concessions. Choi Yong-Kwan, chairman of the Commons Foundation, claimed that only 10 to 20 percent of the electricity produced by the Itaipu dam is actually consumed in Paraguay. “We will build the world’s largest mining center in Paraguay using low-cost and abundant clean energy,” Choi claimed. Commons Foundation Plans ‘Initial Exchange Offering’ The Commons Foundation also claims that it will develop “the world’s largest cryptocurrency exchange” as part of the Golden Goose project. A recent press release announced that the project will facilitate investor participation through what the the foundation calls an “initial exchange offering.” The offering will support participation in the form of BTC, ETH and an altcoin that the Commons Foundation “contributes to” called microbitcoin. The Commons Foundation claims that Golden Goose token holders will be paid 30 percent of mining profits and 70 percent of exchange profits “on a daily basis.” However, profits will be exclusively paid out in microbitcoin. Despite the obscure structure of the planned offering, the project appears to have full support from Paraguay’s government. Hugo Velázquez Moreno, the vice president of Paraguay, has stated that “the Paraguay government will actively support the Commons Foundation’s Golden Goose project and provide tax breaks through constitutional revisions.” What is your reaction to the Golden Goose project? 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 Paraguay to Provide Land for ‘Golden Goose’ Mining Project appeared first on Bitcoin News. View the full article

A developer has injected a piece of malicious code into the software used by the popular Copay and Bitpay wallets. The safety of the Bitcoin.com wallet was not compromised and the Bitpay app was not vulnerable to the attack, but Copay users need to take precautionary actions. Also Read: Chinese Startup Gets Crypto Custodial Services License in Hong Kong Someone Might Have Been Able to Steal Private Keys The Bitpay team has announced that a third-party NodeJS (the open-source Java Script environment) package used by the Copay and BitPay apps had been modified to load malicious code. This could have been used to capture and steal users’ private wallet keys. The company learned about the vulnerability from a GitHub issue report about an “event-stream” dependency attack. Bitpay has only confirmed so far that the malicious code was deployed on its Copay and Bitpay apps from version 5.0.2 to 5.1.0. However, the company has tried to reassure users by saying that the Bitpay app was not vulnerable to the malicious code. A security update (version 5.2.0) has been developed and will be made available for users in the app stores. And the team is still investigating to figure out if the malicious code was ever actually used against people. What Copay Wallet Users Need to Do Now to Keep Safe The Bitpay team warns that anyone using a Copay app from version 5.0.2 to 5.1.0 should not open it again. Users should first update their affected wallets and then send all funds from affected wallets to new version 5.2.0 wallets. Users should not attempt to move funds to new wallets by importing affected backup phrases, as they should assume that the corresponding private keys may have been compromised. If you use the Bitcoin.com wallet you have not been affected by this issue at all, so you don’t need to do anything. “Our wallet doesn’t use the compromised ‘package,’ so we’re completely out of trouble for this one,” explains the Bitcoin.com wallet development team. “We’re operating as normal, we have never used that package and will never use it.” Do you use an affected Copay wallet? 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 Copay and Bitpay Wallet Apps Were Infected With Malicious Code appeared first on Bitcoin News. View the full article

This story about a rejected government offer was written by Tomas Forgac, friend of Bitcoin.com, early Bitcoin investor and entrepreneur, now focusing on Bitcoin Cash adoption and growth. *** An unnamed pro-crypto government recently gave Bitcoin.com an unsolicited offer to finance the expansion of operations. While we are grateful for the trust given to us and the bitcoin cash community, we feel we must explain why we would never accept such an offer. We also hope our decision inspires others in the ecosystem to reject government handouts. Also read: US State Takes Action Against Crypto Operation Imitating a Bank There is a moral and economic dimension of our decision. The majority of our colleagues, including our CEO, consider taxation aggressive redistribution of honestly earned income: a form of theft. It would thus be unacceptable for us to take taxpayer money through a process we recognize as unjust. While most people have differing opinions on taxation, hardly anyone considers it appropriate for lower and middle-class folks to invest in a highly risky enterprise. Furthermore, why should the existing financial institutions be forced subsidize their potential competition via a corporate tax? They would never wittingly do such a thing; it would be suicidal. But this is the effect of taxation on the population and businesses. The Broken Window Fallacy Government officials have no skin in the game when making investment decisions. Unlike angel investors, it is not their money at stake, and unlike VCs who have to compete for the financing of their funds, governments don’t compete with anyone. Governments expropriate wealth and redistribute it. Officials and bureaucrats have no incentive to make the right decision. It should suffice to compare the success of startup scene in countries with very little to no support (US, UK, Israel or Scandinavia) to those where a government is heavily involved and “supportive” (EU, Singapore). Seen Versus Unseen One of the most important concepts in economics was explained by Frédéric Bastiat in 1848 and popularized by Henry Hazlitt a century later. They expressed this idea as the “disconnect between what is seen and what is unseen.” Bastiat used this idea to dismantle the broken window fallacy: that when a child throws a stone in a merchant’s window, it helps the economy because the merchant needs to hire a window maker. “This destruction,” says some pseudo-economists, “trickles down to the whole economy and provides jobs to the unemployed.” The fallacy attempts to convince people that wars spur economic activity; that for example, World War II ultimately saved the US from the Great Depression. Destruction Cannot Lead to Prosperity Frédéric Bastiat Anyone with common sense, however, intuitively knows there is something wrong with this line of reasoning. How can destruction lead to prosperity? It cannot. Bastiat explained there is a difference between what is obvious and what is unseen. It is obvious the window was fixed and the window maker made money as a result. However, most people miss that the merchant made expenditures, which he would have originally reserved for other purposes. Perhaps he wanted a new pair of pants made, but because of the incident, he had to forgo those. Therefore, the tailor loses money and society fails to accumulate greater wealth. In the case of the broken window, the economy merely replaced the window. In the latter, unseen case, the merchant would possess an intact window and new pair of pants. Overall, everyone would have been wealthier. The same goes with the war economy. On paper, it grows rapidly because of government expenditure, but it doesn’t produce stuff people want. That makes the society poorer, not wealthier. Broken Window Fallacy in the Startup World This concept applies to governments making decisions on investments in startups as well. Even if some startups become successful and profitable, it is impossible to say which investments had to be forgone. This is the natural result of money being stolen from people and businesses through the process of taxation. In reality, these folks would have made the decisions on where their money goes, not government agencies. Some of them might choose consumption, some might choose more profitable investments, and some might choose what they feel is a more socially conscious investment. It should not be up to government to make judgement calls on investment decisions. This is an insane proposition, because government has no skin in the game. It is unlikely they would make a good decision. The incentives are not there, so businesses and investors would make better decisions on average. Rejecting Government Handouts on Principle The author of this article had a similar experience with his first startup attempt in Singapore. Because it was 3D-printing related, he received multiple unsolicited offers for state financing and turned them all down because of the aforementioned reasons. With that said, we are not naive. We do not believe because we refused the money, it will be returned to the taxpayers or spent in a better way. No, we rejected it on principle. We turned it down because it is stolen money, and we want to educate the public about the unintended consequences of such programs. Bastiat would be proud. What do you think about rejecting government handouts on principle? Did the author and his company make the right decision? 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 Why We Rejected an Offer from Government to Help Expand Our Company appeared first on Bitcoin News. View the full article

In this edition of The Daily, we detail the reduced role that tether is playing at the world’s leading cryptocurrency exchange and the progress being made in adding bitcoin futures to the world’s second largest stock exchange. We also round up the latest progress being made in the security token space. Also read: Petition to Free Ross Ulbricht Gathers 100,000 Signatures Binance Tiptoes Away From Tether Like many exchanges, Binance has sought to reduce its exposure to tether (USDT) in recent months by introducing a range of alternative stablecoins. Binance has now moved to further distance itself from tether by removing it as the reference BTC/USD pair on the platform. In its place will come “USDⓈ.” This is not a new stablecoin, but rather the name Binance has assigned to the combined stablecoins it will use to derive its BTC/USD price. “This is to support more trading pairs with different stablecoins offered as a base pair,” explained the cryptocurrency exchange, the world’s largest by trading volume. The website untether.space, which records the so-called “tether risk premium,” notes that on USDT exchanges, BTC is currently trading at a premium of 3.67 percent. Nasdaq Moving Ahead With Bitcoin Futures It’s being reported that Nasdaq is pressing ahead with its plans to list bitcoin futures, with BTC’s current downtrend doing little to diminish its desire to add the trading option. The U.S. Commodity Futures Trading Commission is currently finalizing the details ahead of a scheduled launch on the world’s second-largest stock exchange in Q1 of 2019. The Nasdaq will take its BTC spot price from a selection of cryptocurrency exchanges, and is seeking to differentiate its futures contracts from those offered by CME and Cboe. Security Token Infrastructure Is Growing 2019 is shaping up to be the year when much of the building work performed in 2018 bears fruit. In addition to Nasdaq’s futures and the widely anticipated approval of the first bitcoin ETF, security token offerings (STOs) are predicted to take off. A number of recent developments in the security token space are helping to lay the groundwork for major growth within the next 12 to 18 months. Security token platform Securitize has just completed a Series A raise of $12.75 million from the likes of Blockchain Capital, Coinbase Ventures and Ripple. Security tokens made up 6.54 percent of projects in Q3. Meanwhile, ICOrating.com has inked a partnership with Chinese security token platform Proof Global to assist with STOs. Proof’s forthcoming security token issuance platform will use ICOrating’s research and analytics related to security tokens, market data and research. Rating reports on startups raising funds by STOs will be available to investors, enabling them to make decisions based on data and analysis. According to research by ICOrating, security tokens accounted for just 6.5 percent of ICOs in Q3 of this year, but that figure is projected to increase significantly in the next quarter. 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: Binance Moves Away From Tether, Nasdaq Moves Closer to BTC Futures appeared first on Bitcoin News. View the full article

A growing number of Russian miners are looking to sell their hardware. The recent market correction has decreased the profitability of minting digital coins, especially for enthusiasts who are mining in their homes, basements and garages. Also read: Bitcoininfo.ru Wins Court Case Against Ban Russian Miners Selling Used Hardware Amateur mining used to be very popular in Russia, where electricity rates for individual consumers are pretty low. In some Russian regions prices are currently below $0.01 per kWh. The cryptocurrency market sell-off of the last few weeks, however, has squeezed the profitability of small-scale mining operations, as the value of most cryptocurrencies has decreased significantly. In just two days last week, the number of ads selling secondhand mining rigs increased by 25 percent, according to data shared by the popular Russian online marketplace Youla. But since the beginning of the year, searches for video cards on the platform have fallen by almost a quarter, according to Russian daily Izvestia. GPUs, or graphics processing units, are used to mine some of the altcoins that don’t require massive computing power. Yet demand has fallen about 2.5 times for GPU mining rigs since the start of the year, and Youla has noted a threefold decrease in the number of searches this year for more specialized equipment, like rigs with application-specific integrated circuits (ASICs), which are capable of mining cryptocurrencies that require more hashing power. Mining hardware prices have also fallen significantly. The average price of a single mining rig was around 240,000 Russian rubles (~$3,500) in January, but they now sell for just 150,000 rubles (~$2,200), or roughly 37.5 percent less. Changing Times This year has not been particularly kind to cryptocurrency investors and miners, with the price of BTC falling around 80 percent from last year’s all-time highs. The diminishing returns have forced some miners out of business, with a number of media reports from China referring to companies that have been selling their equipment. Cryptocurrency mining in Russia has expanded rapidly over the last few years; in many respects, it has already become an industrialized business. Home mining has also become a source of income for a number of crypto enthusiasts. But many Russian miners have started to question whether they can continue to mine for much longer, as their profits have been sliding. Mining operations, like many cryptocurrency-related businesses, are still unregulated in Russia. According to recent reports from Moscow, the term “mining” has been dropped from the draft legislation on digital financial assets that is now under review in the Russian parliament. That means mining could remain unregulated for some time. In general, the authorities in Moscow have indicated that they have a much more positive attitude toward crypto mining than the use of cryptocurrency in general, as mining does not contradict Russian law. Proposals have been made to introduce a preferential tax regime and even tax breaks for miners in the energy-rich country. Digital currencies, on the other hand, are considered “money surrogates,” which are illegal under the current Russian legislation. Do you think amateur mining can still be profitable? Share your thoughts on the subject in the comments section below. Images courtesy of Shutterstock. 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 Russian Miners Sell Their Equipment Amid Market Plunge appeared first on Bitcoin News. View the full article

Lim Guan Eng, the finance minister of Malaysia, has warned individuals and companies planning to issue new cryptocurrencies with a stern: “don’t do it”. Addressing parliament on Nov. 26, Guan Eng advised to wait for legal guidance from Bank Negara Malaysia, the southeast Asian country’s central bank. Also read: Law Firm: South Africa’s Draft Law Could Affect Cryptocurrency Use Wait for Central Bank Guidance “Don’t do it without Bank Negara’s guidelines or directive on the matter to avoid doing something wrong and against the law,” Guan told parliament on Monday. He was responding to a legislator who wanted to know what government was doing to prevent cryptocurrencies from allegedly causing “problems” for the local fiat unit, the ringgit. One of the more common ways to create a new virtual currency is through fund-raising models such Initial Coin Offerings (ICOs). It might be that the Malaysia finance minister was speaking with that in mind, especially considering how a number of ICOs throughout the world have shipwrecked, turning out to be nothing more than just elaborate scams. “We need to be cautious as Bank Negara is the authority that handles and manages all forms of new currency technology,” online newspaper The Star Online quoted Guan as saying. The finance minister said government was open to emerging forms of money such as virtual currency but only if they adhere to the law. Bitcoin and other digital currencies are not recognized as legal tender in Malaysia, but they aren’t banned either. That means individuals or companies trading cryptocurrency are free to do so, but are not protected by law. However, under the legislation governing money laundering, all crypto asset exchanges operating in Malaysia are subject to its reporting obligations. Ringgit Under Threat? Earlier, Datin Paduka Dr Tan Yee Kew, a member of parliament (MP), asked the finance minister whether government would establish a statutory body for the regulation of the digital asset industry in Malaysia. The MP was particularly concerned about the threat posed by cryptocurrency on the normal functioning of the ringgit. In response, Guan Eng stated: I am certain that there are those trying to introduce their own mechanism. This is where I wish to advise all parties, no matter who they are, intending to issue bitcoins or cryptocurrency, that they must refer to Bank Negara which is the authority that will have the final say on this new form of currency. During the same parliamentary session, an MP demanded explanation over the “harapan coin”, alleging it had clandestinely raised money without approval from the Malaysia central bank. “Although it is a new initiative and has yet to get approval, it was reported that the coin is being traded at $45 for 100 units and has since collected $772,” charged the MP. The harapan coin is an initiative of Khalid Samad, the country’s Federal Territories Minister, who is aiming to use the token to raise political funding for Malaysia’s ruling party, Pakatan Harapan, in preparation for the 2019 general elections. Samad said he had submitted documents of the harapan coin to Bank Negara for approval. What do you think about the Malaysian finance minister’s position on cryptocurrency? Let us know in the comments section below. Images courtesy of Shutterstock. Express yourself freely at Bitcoin.com’s user forums. We don’t censor on political grounds. Check forum.Bitcoin.com. The post Malaysian MP ”Concerned About Threat” from Cryptocurrencies to Government Money appeared first on Bitcoin News. View the full article

With Norway set to revoke electricity subsidies for cryptocurrency miners from January 2019 onward, Swedish data centers are anticipating a wave of inquiries from mining companies seeking to domicile in Sweden. Also Read: Silk Road Fake Murder Mystery May Be Solved Data Centers See Demand from Miners Leaving Norway Local media outlets have reported that Sweden’s data centers expect a wave of interest from miners leaving Norway, following reports that the government will repeal electricity concessions. As of January 2019, miners operating in Norway will have to pay the equivalent of $0.019 per kilowatt-hour (kWh), up from approximately $0.0056/kWh under the current subsidies. By contrast, Swedish data centers reportedly pay the equivalent of about $0.0055/kWh. Swedish Municipality of Boden Seeks Miners The Swedish municipality of Boden currently hosts about 10 cryptocurrency mining companies. But Erik Svensson, director of the Boden Business Agency, predicts that the number of miners in the locality will soon grow as companies begin to leave Norway. “It is clear that … we are becoming very attractive,” Svensson said in reference to Norway’s revoked subsidies. “This is about … big money … and it’s definitely going to make it cheaper here.” When asked if he will reach out to miners based in Norway, Svensson stated: “I think the companies in Norway are contacting us, they know where we are.” Svensson also emphasized the potential benefits that increased investment from mining companies could bring to the locality. He estimated that there are “a few hundred people” currently employed by data centers in Boden. “As a result of revenue and activity in the municipality, we have started building Boden Business Park, where we will create hundreds of jobs,” he added. Bitmain Reportedly Eyeing Sweden Bitmain is one of a number of mining companies that have had their operations impacted by the Norwegian government’s decision to cancel the subsidies. “Government policy [is] push[ing] the industry out of Norway,” said Julie Hvideberg, the head of the company’s Norwegian operations. “We are a global company and can move to Sweden or Denmark, but our Norwegian partner loses a big contract.” Do you think that miners fleeing Norway will establish operations in Sweden? 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 Sweden Expects to Attract Norwegian Bitcoin Miners After Brutal Tax Hike appeared first on Bitcoin News. View the full article

The Philippine government-owned Cagayan Economic Zone Authority has unveiled a plan to attract Japanese, Korean and Australian companies to its “Crypto Valley of Asia.” The authority is also cracking down on crypto companies operating within its economic zone without a license. Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations Ceza’s Crypto Valley of Asia The Cagayan Economic Zone Authority (Ceza) announced last week its plan to attract companies from Japan, Korea, and Australia to its Crypto Valley of Asia. Ceza has partnered with one of its principal Offshore Virtual Currency Exchange (Ovce) licensees, Rare Earth Asia Technologies Corp., to achieve this expansion. The agreement gives the tech company the exclusive right to be Ceza’s sole marketing and technical partner to promote Ceza in the aforementioned three countries, the authority explained. Crypto Valley of Asia will be marketed as “the most ideal investment destination in Asia for blockchain, crypto and financial technology (fintech) companies,” Ceza wrote. The authority further noted that it offers companies “clear guidelines and transparency, attractive tax incentives, access to a rich pool of talent in the areas of blockchain and fintech, and other benefits,” elaborating: The development plan for the Crypto Valley of Asia includes the launch of a blockchain and fintech university to provide skilled and experienced workers for companies in the economic zone. On Nov. 23, the Philippine News Agency reported that Ceza’s revenue from January to September reached 521 million pesos (~$10 million), doubling from 224.55 million pesos earned for the full year of 2017. Ceza CEO and Administrator Raul Lambino explained that Ceza’s venture into cryptocurrency and blockchain technology has boosted its revenue this year, adding that “Growth in the economic zone will be investment-driven.” Furthermore, about 50,000 jobs will be created, the news outlet noted. Rare Earth will also be issuing a “token that enables its exchange partners to receive a share of transaction fees,” Ceza added. “This initiative shall be subject to Ceza fintech and Ovce rules and regulations as well as its upcoming framework and regulations on ICO [initial coin offering] and STO [security token offering].” In addition, Ceza wrote: As part of the agreement with Ceza, Rare Earth will comply with all the Philippine rules and regulations of the concerned regulatory agencies such as the Banko Sentral ng Pilipinas (BSP) and Securities and Exchange Commission (SEC) when appropriate. Crackdown on Unlicensed Crypto Firms The Manila Times reported on Nov. 22 that Ceza is cracking down on cryptocurrency firms operating in the zone without authorization. Ceza is collaborating with the National Bureau of Investigation and the Criminal Investigation and Detection Group of the Philippine National Police to go after unlicensed crypto businesses. The authority has also issued an order to closely monitor activities in its crypto valley program, the news outlet wrote. According to Lambino: There have been reports of some unlicensed cryptocurrency firms that have burrowed into Ceza’s emerging fintech-crypto hub where they set up illegal operations. In October, Ceza announced that it had awarded licenses to 19 companies, allowing them to operate crypto businesses within the zone. What do you think of Ceza attracting companies from Japan, Korea, and Australia to its Crypto Valley of Asia? Let us know in the comments section below. Images courtesy of Shutterstock and Ceza. Need to calculate your bitcoin holdings? Check our tools section. The post Philippine Crypto Valley to Attract Companies From Japan, Korea and Australia appeared first on Bitcoin News. View the full article

There’s nothing particularly special about a bitcoin transaction. Every day, 300,000 of them occur on the BTC and BCH networks without fanfare. But occasionally, a perfunctory transaction will attain historical significance. These bitcoin transfers can be viewed in any blockchain explorer, where they have been immortalized by the public ledger and mythologized by the public. Also read: Snowden: “Large Population” Believes in Bitcoin as Means of Exchange Bitcoin History Begins on the Blockchain All bitcoin transactions are equal in the eyes of miners. Provided there’s a sufficient fee attached, it makes no difference to them who sender or recipient may be or how many BTC are transferred. It’s only once hindsight and context are applied that significance can be attached to a transaction like an opcode. With over 360 million BTC transactions to date, the following article details just 0.0000022 percent. But within this slender selection lurks a trove of Bitcoin history. There’s magic and mystery encoded in the blockchain if you know where to look. First Bitcoin Transaction We might as well start at the start, with the first BTC transaction sent between two people and the only one known to have been sent by Satoshi. It occurred on Jan. 12, 2009 when Satoshi Nakamoto sent 50 BTC to Hal Finney in block 170. The cost of the transaction, like so many in the early days, was 0 BTC. The first BTC transaction First Bitcoin to Fiat Sale The first known sale of BTC in exchange for fiat occurred on Oct. 12 2009 when Finnish developer Martti Malmi sold 5,050 BTC for $5.02, with the fiat amount transferred via Paypal. The number of BTC sent corresponds with the fact that the only way bitcoin could be obtained back then was by mining it, when the coinbase reward was set at 50 BTC. That Pizza Purchase Laszlo Hanyecz’s 10,000 BTC pizza purchase is so famous that even nocoiners know about it. The details don’t bear retelling again: we’re only interested in the blockchain record for the legendary transaction. It resides here, in block 57043, which records the dispatch of 10,000.99 BTC on May 22, 2010. The 0.99 BTC on top, incidentally, was to cover the miner’s fee. That works out at a cool 4,191 sats per byte. Mt. Gox Mega Transaction When most whales wish to show that they own a particular bitcoin address, they’ll send a microtransaction from it. A few satoshis is all it takes to demonstrate proof of funds. Mt. Gox CEO Mark Karpeles had a different idea though when pressed to prove the funds under his custody, sending a massive tranche of BTC from one wallet he controlled to another in a show of strength. Leaked IRC logs allegedly show Karpeles offering to send 442K BTC, and blockchain records attest to this transaction taking place. On June 23, 2011, 442,000 bitcoins were indeed sent to two addresses in a single transaction, including 424K to one. It remained the largest amount of BTC ever sent at one time until November of that year, when 550,000 BTC was moved in one go. Monster Transaction Fee “Hi, I entered a transaction fee that was way too high…is there anyway that I can stop the transaction from confirming?” asked a distressed Redditor back in 2013. Help was forthcoming, but not before the 98 BTC transaction went through on May 16 with a whopping 30 BTC fee attached. That worked out at 6.8 million sats per byte. In the end, the mining pool that confirmed the block refunded 7.5 BTC, granting the generous fee payer some consolation. This was by no means the highest fee to be attached to a bitcoin transaction, by the way. In August of 2013, someone sent a 200 BTC fee, which was benevolently returned by the mining pool that collected it, and then in 2016 a transaction for 0.0001 BTC was sent with 291 BTC attached. Bitcoin Fake Murder On March 31, 2013, Silk Road operator Dread Pirate Roberts (DPR) sent 1,607 BTC to user ‘redandwhite’ to perform a hit on an individual who was extorting the deep web marketplace. The hit didn’t go through (it appears likely that redandwhite was both the assassin and blackmailer) but the transaction, for an agreed price of $150,000, did. With 322,639 confirmations, there will be no rolling back this BTC transaction. US Marshals Silk Road Auction Tim Draper On July 1, 2014, close to 30,000 BTC was sent to the winning bidder in an auction held by US Marshals offloading assets seized from Silk Road. The auction was split into 10 blocks, and in the end one individual won every single tranche. That bidder proved to be Tim Draper, and that acquisition, for approximately $18 million, proved to be a very shrewd investment. Bitstamp Hack There’s numerous bitcoin transactions that can be connected to hacks. One of the most notorious is the near-20,000 BTC stolen from Bitstamp in 2015. This includes a 3,100 BTC transaction that kickstarted the attack. With bitcoin’s value worth multitudes more than it was in the period spanning 2009-2015, headline-grabbing transactions are less common, but still newsworthy when they occur. In the past fortnight, Binance sending over 100,000 BTC between wallets has caught people’s attention, as has a BCH address moving a total of 1 million bitcoin cash on the eve of the Nov. 15 hard fork. For so long as transactions occur onchain and without the veil of privacy, bitcoiners will continue to derive fascination from unusual blockchain movements. What other historic bitcoin transactions deserve inclusion in this list? 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 Eight Historic Bitcoin Transactions appeared first on Bitcoin News. 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Over the last few months, a petition aimed at freeing Ross Ulbricht from prison has garnered 100,000 signatures. The request addressed to U.S. president Donald Trump and hosted on Change.org explains that Ulbricht deserves clemency because his investigation, trial, and sentencing were rife with abuse. Also read: Hash Wars: Battle Comes to an End as BSV Plans to Add Replay Protection After Reaching the Milestone, Ulbricht Petition Now Aims for 150,000 Signatures Ross Ulbricht is serving a double life sentence plus 40 years for his involvement with the creation of the Silk Road marketplace. Ulbricht has spent the last five years in prison after U.S. law enforcement arrested him on Oct. 1, 2013, at the San Francisco Public Library. Since then, Ulbricht and his family have tried to appeal the judgment with the supreme court system and a post-conviction relief extension, which were both denied. After dealing with the courts last July, the Ulbricht family started a petition on Change.org asking Donald Trump to pardon Ulbricht and allow him to be released from prison. Four months later, Ulbricht’s clemency petition has reached 103,980 signatures and climbing. Ulbricht’s petition emphasizes many points that explain how the Silk Road investigation and trial showed rampant corruption. For instance, many people to this day question how the government accessed the Silk Road server and seemingly produced warrantless seizures across internet traffic. Then two rogue officers involved with the Silk Road case were caught stealing bitcoins from the government and blatantly covering up evidence. The judge and prosecution also denied Ulbricht’s right to cross-examination and witnesses were barred from testifying. In addition to these issues, further evidence emerged showing many flaws throughout the Silk Road investigation and trial. Hope for a Second Chance The appeal to Trump details that the double life sentence for non-violent crimes sends a “shock to the conscience.” “Ross did not get a fair trial and his sentence was draconian — Justice was not served,” the petition notes. The letter to Trump says that the undersigned seek mercy for Ulbricht and mentions that he has also garnered 100 letters from individuals all around the world speaking on behalf of his character. Ross’s mother Lyn Ulbricht has told news.Bitcoin.com many times in the past that her son’s case affects everyone living in the U.S. “Without fair trials, we are in big trouble — Fair trial is the framework of our freedom,” explained Lyn in an in-depth interview after her son was sentenced to life in prison. Top comments from individuals who signed the petition. The corruption throughout the entire Silk Road case has gathered a lot of attention and support from people who believe Ulbricht’s arrest and sentence was unjust. Further, there are many trials that have given the American people reason to believe the justice system is broken. However, the Ulbricht family’s petition to the president says Ross still clings to hope of getting a second chance. “A future where he can be reunited with his loved ones, and use his education, knowledge, and skills to give to his community and society as a whole — Please sign this petition and help us bring Ross home,” the appeal concludes. What do you think about the Ross Ulbricht petition gathering 100,000 signatures? Let us know what you think about this subject in the comments section below. Images via Shutterstock, and the Change.org Ross Ulbricht clemency petition. Express yourself freely at Bitcoin.com’s user forums. We don’t censor on political grounds. Check forum.Bitcoin.com. The post Petition to Free Ross Ulbricht Gathers 100,000 Signatures appeared first on Bitcoin News. View the full article

The U.S. state of Ohio has set up a cryptocurrency payment portal and reportedly starts accepting payments in bitcoin for 23 types of taxes this week. “Ohio has become the first state in the United States, and one of the first governments in the world, to accept cryptocurrency,” the Treasurer’s Office wrote. Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations Ohio Accepts Bitcoin for Tax Payments The office of Ohio Treasurer Josh Mandel has set up a cryptocurrency tax payment portal at Ohiocrypto.com. The website explains that businesses do not have to be Ohio-headquartered to pay their taxes in cryptocurrency, adding: Under the leadership of Ohio Treasurer Josh Mandel, taxpayers are able to pay their state business taxes with cryptocurrency for the first time anywhere in America. Ohio has become the first state in the United States, and one of the first governments in the world, to accept cryptocurrency. “Beginning this week, Ohio businesses will be able to go to the website Ohiocrypto.com and register to pay everything from cigarette sales taxes to employee withholding taxes with bitcoin.” the Wall Street Journal reported on Sunday. “Eventually, the initiative will expand to individual filers.” 23 Eligible Types of Taxes According to the Ohiocrypto website, cryptocurrency can be used to pay for 23 types of taxes. Eligible taxes are 911 wireless, cigarette / other tobacco products, commercial activity, consumer’s use, direct pay permit, financial institution, interest on lawyers trust accounts, international fuel tax agreement, kilowatt hour, motor vehicle fuel, municipal net profits, municipal tax electric light & telephone, natural gas distribution, non-resident motor vehicle sales tax, pass-thru entity tax, petroleum activity, premium insurance tax, public utilities tax, sales tax, seller’s use tax, severance tax, streamlined sales tax, and withholding tax. Josh Mandel. The Ohiocrypto website also outlines the benefits of paying with cryptocurrency. Firstly, it is “quick and easy” for taxpayers, the website claims. There are three steps to follow: registering on the website, entering tax payment amounts and tax period dates, and then using “your compatible cryptocurrency wallet to pay the invoice with bitcoin.” Secondly, payments are tracked in “real-time on the blockchain.” Thirdly, they are secured as “Cryptocurrencies cannot be transferred to third parties without user initiation,” the site notes, adding that transparency is another benefit since “anyone can view all transactions on the blockchain.” Furthermore, there are mobile options allowing taxpayers to make payments on their phones or tablets. The website also notes that “A minimal fee is charged to confirm transactions on the blockchain network.” Bitpay and Compatible Wallets Regarding which cryptocurrencies are accepted, the Ohiocrypto website clarifies, “Taxpayers can currently pay their taxes with Ohiocrypto.com in bitcoin,” adding “the Treasurer’s office looks forward to adding more cryptocurrencies in the future.” The state will not be keeping any bitcoins, however. The Treasury’s Office emphasizes: At no point will the Treasurer’s office hold cryptocurrency. Payments made on Ohiocrypto.com, through our third party cryptocurrency payment processor partner Bitpay, are immediately converted to USD before being deposited into a state account. Bitpay usually processes both BTC and BCH payments. However, BCH payment processing is unavailable at this time due to the Nov. 15 hard fork of the BCH network. “Bitpay has temporarily paused bitcoin cash payment processing until we determine that customers can pay safely,” the company wrote. In general, to pay taxes using either BTC or BCH, taxpayers need to use compatible wallets which both the Ohiocrypto website and Bitpay have listed. Compatible wallets include Bitpay’s own wallet, Copay wallet, Btc.com wallet, Mycelium wallet, Edge wallet (formerly Airbitz), Electrum wallet, Bitcoin Core wallet, Bitcoin.com wallet, BRD wallet (breadwallet), and Electron Cash Wallet. “First, select the cryptocurrency you’d like to pay in from the drop-down and select either bitcoin or bitcoin cash (currently unavailable at this time),” the payment instruction on the Ohiocrypto website reads. The website further describes: Our third-party cryptocurrency payment processor locks an exchange rate (USD to BTC or BCH) for 15 minutes. If you do not submit your payment within 15 minutes, then you must restart your transaction – which will include an updated exchange rate. What do you think of Ohio accepting bitcoin for tax payments through Bitpay? Let us know in the comments section below. Images courtesy of Shutterstock, State of Ohio, and Bitpay. Need to calculate your bitcoin holdings? Check our tools section. The post US State of Ohio Accepts Bitcoin for 23 Types of Taxes appeared first on Bitcoin News. View the full article

Cryptocurrency custodians are third parties that store large amounts of digital assets for institutions, hedge funds, exchanges and issuers of initial coin offerings. Companies in Hong Kong now have a new locally regulated option, which could help to increase investor confidence. Also Read: You Can Now Withdraw Split BCH and BSV Coins From Coinex Keep Your Holdings In a Vault at Invault Invault, a Shanghai-based startup, has secured a new trust license from the Hong Kong financial regulator to act as a digital custodian in the Chinese special administrative region. It plans to begin offering automated cryptocurrency custodial services in December. It is also said to be in talks with a couple of “mid-sized” insurance companies to possibly add their coverage to its services. The Securities and Futures Commission of Hong Kong recently introduced a new regulatory framework for the local cryptocurrency industry, including exchanges, asset portfolio managers, intermediaries and fund distributors. Among other requirements, licensed asset fund mangers need to choose to keep clients’ funds at a custodian, an exchange or in cold storage. This is the niche Invault is now stepping into, storing the private keys for clients’ wallets in a physical vault. Storing 1 Million ETH in Mainland China Invault is backed by venture capital fund Matrix Partners China, which contributed $5.85 million in seed funding earlier this year. The startup reportedly already has a staff of over 40 in Shanghai and holds 1 million ETH under custody for mainland Chinese clients. “We believe that globally, custodians for cryptocurrency assets will be regulated and operated under a trust license,” Invault founder and CEO Kenneth Xu told the South China Morning Post. He also predicts that most of the demand for institutional custodian services in Asia will come from Hong Kong and Singapore. Last month the New York State Department of Financial Services granted a license to a subsidiary of Coinbase to operate as an independent qualified custodian for six cryptocurrencies. And earlier this year financial analysts warned that a lack of institutional custodians is a significant barrier to investment in the field. Would cryptocurrency users feel safer to work with companies that keep their holdings with a custodian? 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 Startup Gets Crypto Custodial Services License in Hong Kong appeared first on Bitcoin News. View the full article

It’s been less than two weeks since the Bitcoin Cash (BCH) hard fork and blockchain split that occurred on Nov. 15. Since then there’s been a lot of discussion concerning the hash war, with BSV and BCH miners acquiring blocks, gathering hashrate and accumulating proof of work. Now after 11 days, blockchain company Coingeek has announced that the BSV developers will apply replay protection to the BSV chain, essentially bringing the hash war to an end. Also read: Content Creators Can Earn BCH Using the Honest Cash Platform BSV Chain Plans to Implement Replay Protection Bitcoin cash proponents have been watching the hash war take place between a bunch of mining pools from around the world. The hash battle has been happening since Nov. 15 and the debate between supporters of each chain has grown. Some individuals claim that the war is not over, even though lots of major exchanges have decided to list the ABC chain as Bitcoin Cash (BCH), as it’s the chain that has accumulated the most proof of work. But Craig Wright and his followers have stated multiple times in the past that the hash war would last for months, and even years, until one chain gave up. Calvin Ayre’s tweet after revealing that BSV developers plan to add replay protection. Now on the 11th day of the split, Coingeek — the publication led by billionaire Calvin Ayre — has published a notice explaining that the BSV chain will add replay protection. Replay protection will allow people to send transactions on the BCH or BSV chains without worrying about transaction replays. To most BCH supporters, the hash battles have effectively become meaningless now that BSV is adding replay protection. BCH supporter and entrepreneur, Olivier Janssens, responds to the recent Coingeek tweet. In an editorial published on Monday, Coingeek explained that it has consulted with the BSV development team about the reinforcement of blockchain stability measures. “One aspect of stability is replay protection. Since ABC has not made this stability a priority, Bitcoin SV will do so in order to restore confidence to users and businesses on both chains,” Steve Shadders, technical director of the Bitcoin SV project, detailed. “This change will require the Bitcoin SV team to work with the Bitcoin ecosystem, and the timeline will be announced when there is adequate ecosystem readiness.” The r/btc subreddit had a lot of celebratory posts about the end of the war. Hash War Ends but the Free Market Battle Has Just Begun The announcement was welcomed by the BCH community and many celebrated the end of the hash war on social media platforms such as Twitter and bitcoin-centric forums like r/btc, which has a bunch of “War is Over” posts on its front page. Lots of people have been joking around, saying things like “you split, we bankrupt you,” while other BCH proponents have wished the BSV side the best of luck going forward. But even though many are glad to see the hash war come to an end, a lot of people are more concerned about the exchanges coming back online. Many BCH supporters thought the idea of the hash war lasting for years was quite the ruse. For instance, many BCH supporters celebrated the fact that Coinex reopened BCH withdrawals on Monday. Users can now finally start moving funds off the trading platform. Coinex also said that following a series of reliability tests, users can now withdraw BSV as well. A few other exchanges have resumed BCH withdrawals, including Bitpanda, Bittrex and Kraken. Other trading platforms like Bitstamp and Coinbase Pro have allowed limited trading, but customers on these exchanges are waiting for them to re-establish withdrawals. BCH supporters are also patiently waiting for Bitpay to return, so BCH merchants that use the platform can resume operations. BCH supporters shared thoughts on the impact of the blockchain split on the value of BCH. Overall, it seems most of the community can look forward to moving on from this fight and continue building on the Bitcoin Cash network. Both chains can now go their separate ways and compete for mass adoption within the world economy’s true battle arena. As most digital asset proponents understand, in the end, the real winner amongst all 2000+ cryptocurrencies will be chosen by economic participants and ultimately the free market. What do you think about the hash wars coming to an end with the recent replay protection announcement? Let us know your thoughts on this subject in the comments section below. Images via Shutterstock, Pixabay, and Twitter. At news.Bitcoin.com all comments containing links are automatically held up for moderation in the Disqus system. That means an editor has to take a look at the comment to approve it. This is due to the many, repetitive, spam and scam links people post under our articles. We do not censor any comment content based on politics or personal opinions. So, please be patient. Your comment will be published. The post Hash Wars: Battle Comes to an End as BSV Plans to Add Replay Protection appeared first on Bitcoin News. View the full article

A South African law firm has published a short essay on proposed tax legislation for cryptocurrency in the country. Cox Yeats Attorneys, a Durban-based firm, argues that the Taxation Laws Amendment Bill, published by the National Treasury in July, will be bad for the digital asset industry, according to local media reports. Also read: Uganda to Regulate Cryptocurrency Use as Fake Bitcoin Schemes Surge Law Would ‘Significantly Deter’ Crypto Use South Africa’s National Treasury published the draft virtual currency law on July 16 in response to rising public interest in bitcoin and other cryptocurrencies. The bill is the country’s first attempt to regulate the use of crypto assets, which have been largely unregulated until now. It includes proposed changes to both the Income Tax Act and the Value Added Tax (VAT) Act for cryptocurrency taxation purposes. “The amendments, if promulgated in their current form, will significantly deter the use of cryptocurrency in South Africa for both trading and investment purposes,” Wade Ogilvie, a partner at Cox Yeats Attorneys, wrote in an article that was originally published in The Sunday Tribune. Changes to the income tax law will define cryptocurrencies as “financial instruments,” he said. That will place them in the same category as loans, debts and common stocks. Ogilvie said this could have “a ripple effect throughout” South African tax legislation. He cited Section 22 of the Income Tax Act, which “provides for the determination of the value of undisposed trading stock to be included in taxable income.” He also pointed to another section of the same law that specifically excludes financial instruments for this purpose. Wade Ogilvie “(This) means that those who trade in cryptocurrency may not benefit from valuing their undisposed cryptocurrency using the valuation method contemplated in Section 22,” Ogilvie said. “The amendment may also stifle investment in fintech companies in South Africa as section 11D of the Income Tax Act, which provides an allowance for companies that invest in research and development in South Africa, specifically excludes the creation or development of financial instruments. This would include companies who mine or develop cryptocurrencies.” Growing Cryptocurrency Adoption Bitcoin adoption has grown sharply in South Africa over the past few years, in spite of regulatory concerns and falling cryptocurrency prices. The country, Africa’s most sophisticated economy, recently hosted its first bitcoin ATM and has consistently ranked as the highest in the world for search interest in “bitcoin,” according to Google Trends data. Regulators have been largely cautious in their approach to cryptocurrency, as they are trying to avoid triggering a domestic stampede into a technology that could change the face of the global financial industry. The South African Reserve Bank, the country’s central bank, has warned that cryptocurrency isn’t “legal tender.” Taxpayers in the country “are merely required to declare their gains and losses” involving crypto asset transactions. The South African tax regulator will then “look at the intention of the taxpayer when determining whether the income is capital or revenue in nature.” Bad Law Ogilvie said the draft law will also seek to add “the acquisition or disposal of any cryptocurrency” to a section of the existing income tax legislation that “deals with the ring-fencing of assessed losses of certain trades.” This, again, will shortchange digital currency investors. He wrote: Although taxpayers who trade in cryptocurrency may set-off their assessed losses from income derived from that trade, they may not set-off their assessed losses against income derived from other trades. The bill proposes amendments to the VAT legislation that would include defining “financial services” as the “issue, acquisition, collection, buying or selling or transfer of ownership of any cryptocurrency.” “As cryptocurrency is not considered legal tender, VAT vendors providing wholly tax-deductible supplies who accept cryptocurrency as a form of payment will not be able to on-sell the cryptocurrency and claim the full input VAT as their business will be considered as one which supplies mixed supplies,” Ogilvie explained. “Accordingly, only a portion of the input VAT will be deductible.” He said that in its current form, the Taxation Laws Amendment Bill “appears to curtail investment as opposed to encouraging it. The use of cryptocurrencies is on the rise and it may be that (the) Treasury, and the Reserve Bank, are forced to address the insurgence sooner than expected.” What do you think about the proposed cryptocurrency taxation law in South Africa? Let us know in the comments section below. Images courtesy of Shutterstock. Express yourself freely at Bitcoin.com’s user forums. We don’t censor on political grounds. Checkforum.Bitcoin.com. The post Law Firm: South Africa’s Draft Tax Law Could Affect Cryptocurrency Use appeared first on Bitcoin News. View the full article

Crypto exchange Bitfinex has raised the minimum fee for fiat currency bank wire withdrawals and we’ve covered the details in The Daily. We also look at a San Diego-based company’s new hardware cryptocurrency wallet and the decision of one of Portugal’s leading football clubs to issue its own token. Also read: US Defense Department Probes Blockchain, Singapore Approves 1X Bitfinex Charges $60 for Bank Wire Withdrawals Bitfinex has raised the minimum fee imposed on fiat withdrawals to bank accounts. The Hong Kong-based cryptocurrency exchange now charges at least $60/€60, or 0.1 percent of the withdrawn amount, Forklog reported. Users who want 24-hour money transfers on working days will have to pay a 1 percent fee. The minimum withdrawal fee for fiat funds at Bitfinex used to be just $20. On Nov. 11, the exchange announced plans to charge a 3 percent fee on all external wire withdrawal requests exceeding certain frequency and size limits — more than two fiat withdrawals a month and more than $1 million in aggregate in fiat withdrawals in any 30-day period. The latest increase was not mentioned in the press release. Bitfinex is currently the fifth-largest digital asset trading platform by daily volume, according to data provided by Coinmarketcap. The exchange has estimated that the new fees will not affect what it called “regular withdrawals” by most of its customers. FLX One Wallet Released San Diego-based FLX Partnership Ltd. has announced the release of its latest cryptocurrency hardware wallet. FLX One supports 20 popular cryptocurrencies, including major coins such as BCH, BTC, LTC and ETH. The device comes with a built-in rechargeable battery and Bluetooth wireless functionality. Mobile apps for both iOS and Android systems are already available. According to the developers, FLX One has been designed with a number of security features. For example, it can disable communication automatically when signing transactions. The device also supports encrypted communication between each of its components. It is capable of detecting attempts to tamper with its software and can permanently lock itself. The wallet is offered with a backup device, FLX Key, which can be used to restore account information in case the FLX One is damaged or lost. The press release details that the backup process is integrated within the initial setup — the FLX Key must be inserted into the hardware wallet and the FLX One system will automatically copy the important data. Portuguese Football Team Mulls ICO Sporting Lisbon, one of Portugal’s leading football clubs, has said it’s considering an initial coin offering (ICO). The team wants to issue its own token as an alternative way to raise funds, the local news outlet Dinheiro Vivo reported. Its management wants to take advantage of the opportunities that come with digital currencies, the publication noted. Sporting Clube de Portugal is one of the oldest and most popular sports clubs in the country, best known for its football team. It now joins a growing number of soccer teams that have turned their attention to cryptocurrencies. In September, for example, the Paris Saint-Germain football club created a fan token. And earlier this year, Gibraltar United F.C., a team that competes in the British territory’s premier division, revealed it’s going to pay its players with digital coins. In July, Portugal’s financial markets regulator advised companies planning to launch ICOs to consult with the relevant authorities before conducting token sales. Sporting Lisbon’s vice president, Salgado Zenha, told Dinheiro Vivo the club’s management is currently holding meetings to discuss a potential ICO. “We are looking closely at an ICO. There is a great potential for adding value to the Sporting brand,” Zenha commented. What are your thoughts on today’s news tidbits? Tell us in the comments section. Images courtesy of Shutterstock. Make sure you do not miss any important Bitcoin-related news! Follow our news feed any which way you prefer; via Twitter, Facebook, Telegram, RSS or email (scroll down to the bottom of this page to subscribe). We’ve got daily, weekly and quarterly summaries in newsletter form. Bitcoin never sleeps. Neither do we. The post The Daily: Bitfinex Raises Fiat Withdrawal Fee, New Hardware Wallet Announced appeared first on Bitcoin News. View the full article

Mike Novogratz, the chief executive officer of Galaxy Investment Partners, recently discussed the challenges of building a cryptocurrency investment firm in the 2018 bear market. But the former Goldman Sachs partner predicts that institutional demand for cryptocurrencies will drive the start of a new bull trend in 2019. Also Read: Snowden: “Large Population” Believes in Bitcoin as Means of Exchange Galaxy Digital CEO Discusses Market Landscape Novogratz recently opened up about the challenges involved with launching a business in a bear market. But the 53-year-old former Fortress hedge fund manager hopes the group’s cryptocurrency merchant bank, Galaxy Digital, will eventually become the “Goldman Sachs of crypto.” He started by reflecting on the events of the past year. “2017 was just fun, it was almost stupid,” Novogratz told the Financial Times. “This year has been challenging. It sucks to build a business in a bear market.” 2018 has indeed been a bearish year for Galaxy Digital, with the company’s shares dropping 37 percent since they were first listed on Canada’s TSX Venture Exchange at the start of August. The bank posted losses of $134 million in the first quarter, driven by $85.5 million in unrealized losses on digital investments and $13.5 million in total losses from its trading arm. During the second quarter, Galaxy Digital posted net income of $35 million, with $44.8 million in unrealized gains and a reduction of its trading losses to $1.1 million. Novogratz Expects Institutions to Drive Turnaround Novogratz claims to be unperturbed by the poor performance of cryptocurrencies in 2018. He expects the crypto markets to turn bullish again in 2019, with demand to be driven by financial institutions. He believes they are now moving from investing in cryptocurrency funds to seeking direct exposure to cryptocurrencies. “You’ll see that flip next year,” he said. “That’s when prices start moving again.” Despite his long-term confidence, Novogratz acknowledges the effect that the crypto-market downturn has had on Galaxy Digital’s staff. “Anxiety levels go up when crypto goes down,” he said. “In most traditional business, [such as] Goldman Sachs, you don’t worry. There’s not an existential threat out there.” Do you think that the markets will turn around in 2019? Share your thoughts in the comments section below! Images courtesy of Shutterstock, Bloomberg The Bitcoin universe is vast. So is Bitcoin.com. Check our Wiki, where you can learn everything you were afraid to ask. Or read our news coverage to stay up to date on the latest. Or delve into statistics on our helpful tools page. The post Novogratz: ‘It Sucks to Build a Business in a Bear Market’ appeared first on Bitcoin News. View the full article

Withdrawals for both bitcoin cash (BCH) and bitcoin SV (BSV) are now open on the Coinex exchange, providing an easy way for holders to split the two cryptocurrencies, which separated off from each other following the recent hard fork. Also Read: Universities in New York, Tokyo and Luxembourg Support Crypto Development Coinex Opens BCH and BSV Withdrawals Coinex has announced that BCH and BSV withdrawals are now available on the platform. The company said this was done following “technical evaluation and testing,” but caution is still advised. The Hong Kong-based cryptocurrency exchange is one of the few platforms to promise to split the two tokens for customers who send them as unsplit, pre-fork BCH coins. It has provided an easy option for anyone who wants to separate the coins and withdraw them to different wallets. Coinex was founded in December 2017 and counts mining giant Bitmain among its investors. The exchange offers a wide range of crypto assets to be traded against BCH, bitcoin core (BTC), ether (ETH) and a couple of USD-pegged stablecoins. It has a native token, CET, which can be traded as well. Market makers are not charged fees, while market takers pay a somewhat low 0.10 percent on trades. Coinex also processes over-the-counter trades and offers referral rewards. It supports multiple languages and provides trading services in about 100 locations around the world. If you are looking for other ways to split your coins, possibly without going through an exchange, check out news.Bitcoin.com’s recently published DIY guide. What should Bitcoin Cash users do with their BSV coins? 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 You Can Now Withdraw Split BCH and BSV Coins From Coinex Exchange appeared first on Bitcoin News. View the full article

Thailand’s Securities and Exchange Commission (SEC) has warned the public against 14 websites whose operators have been soliciting customers to buy and sell cryptocurrencies and related products. The regulator says these operators are not authorized to conduct crypto business in the country. Currently, only seven companies are temporarily approved for crypto operations. Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations Unlicensed Operators The Thai SEC issued a warning on Friday against 14 websites whose operators have not been approved to conduct cryptocurrency business in Thailand. The commission explained that it has received complaints about these businesses which have been encouraging the public to buy and sell cryptocurrencies through social media. The regulator further warned the public to take caution when solicited to purchase or sell digital assets by unauthorized individuals. The 14 websites named by the Thai SEC are payniex.com, misterchanger.com, thaiexchanger.com, egtexchange.com, digicardshop.com, superrichexchanger.com, emoneythai.com, i-exch.com, exchangercoin.com, gamershoppings.com, ecurrencyplus.com, ecurrencythailand.com, lnwexchanger.com, and R Exchange’s Facebook page. Some of these websites have removed their crypto offerings after the commission’s warning. One of the operators on the list, R Exchange, announced on Nov. 18 that its kiosk at Bangkok’s main airport, Suvarnabhumi, had begun offering the exchange of seven cryptocurrencies — BTC, BCH, ETH, ETC, LTC, XRP, and XLM. Its announcement also states that a withholding tax of 15 percent will apply. Only Seven Operators Allowed According to Thailand’s cryptocurrency regulations which went into effect in May, companies wanting to conduct crypto business in the country must obtain approval from the Thai SEC, the country’s main crypto regulator. The commission reiterated that no digital asset operator or issuer has been granted full approval. Seven companies, however, have been temporarily approved while their applications are being reviewed. According to the regulator’s website, six of them are crypto exchanges: Bitcoin Co. Ltd. (Bx), Bitkub Online Co. Ltd., Cash2coins, Satang Corporation (Tdax), Coin Asset Co. Ltd., and Southeast Asia Digital Exchange Co. Ltd. (Seadex). One company, Coins Th, has been temporarily approved as a crypto dealer. Tdax rebranded as Satang Pro on Sept. 28. The company is currently working on launching a new wallet and “the first digital asset payment platform in Thailand that allows the customers to buy, sell, pay for utility services, and top-up their mobile phones and gift cards,” its website details. Coin Asset completed its first annual meetup event called Cax Swag on Nov. 11. At the event, founder Sivanus Yamdee unveiled the exchange’s own token as well as its plan to expand globally. Bitkub also plans to issue its own token. The CEO of Bitkub Capital Group Holdings, Jirayut Srupsrisopa, said early this month that the exchange plans to increase the number of supported coins to 20 by the end of the year, the Nation reported. The exchange also began offering the trading of USDT against the Thai baht on Nov. 19. Earlier this month, the Thai SEC warned against a few companies promoting their crypto exchange businesses in the country without approval including South Korean exchanges Q Exchange and Coin25. The agency has also issued warnings against nine unauthorized tokens. What do you think of the rising number of unlicensed crypto operators in Thailand? Let us know in the comments section below. Images courtesy of Shutterstock, Thai SEC, Bitkub, Satang Pro, R Exchange, and Facebook. Need to calculate your bitcoin holdings? Check our tools section. The post Thai SEC Warns Against 14 Unauthorized Cryptocurrency Operators appeared first on Bitcoin News. View the full article

Academic institutions from all corners of the world are offering classes on cryptocurrencies and supporting research initiatives in this burgeoning sector. From New York to Tokyo, universities are spearheading a plethora of crypto-themed courses. Also Read: The Daily: US Defense Department Probes Blockchain, Singapore Approves 1X Two New Accelerators at Columbia University IBM and Columbia University have announced two new accelerator programs for blockchain developers. The programs will support 10 different startups, will last about eight weeks, and give each company access to technology and services valued at approximately $400,000. The academic institution and the technologies giant will not seek equity or a payment in return. The Columbia Blockchain Launch Accelerator is designed for pre-seed idea-stage companies with an affiliation to New York City-based universities. The IBM Blockchain Accelerator is meant for later stage growth companies from all over the world and is focused on enterprise business networks. Satish Rao, Executive Director at Columbia Blockchain Launch Accelerator, commented: “Early and late-stage teams will undoubtedly benefit from IBM’s technology resources, expertise and established network coupled with Columbia’s ground-breaking research and talent in blockchain and data transparency, all while benefiting from rapidly growing NYC blockchain communities.” University of Luxembourg to Improve Crypto Security VNX Exchange, a Luxembourg-based platform for tokenized venture capital assets, has reportedly partnered with the University of Luxembourg in order to enhance the security of crypto assets. As a part of the cooperation, researchers at the university’s Interdisciplinary Centre for Security, Reliability and Trust will try to create a safer trading environment by developing higher levels of network security and designing new IT frameworks. Dr Radu State, expert in network security at the center, explained: “Broadly, we need to address two aspects: protecting against criminals who might try to hack the system to steal money or information, and guaranteeing compliance with anti-money laundering and KYC regulations.” Besides better security on the trading exchange, researchers are also challenged by the need to verify that the contracts that control the execution of individual transactions contain no vulnerabilities. University of Tokyo Receives Blockchain Donation The University of Tokyo has received a donation of about $800,000 (90 million Japanese yen) to assist a blockchain innovation course for engineering students. The donation was supported by the Ethereum Foundation and several companies participated including Sumitomo Mitsui Financial Group, the holding company behind the second largest bank in Japan by market value. The purpose of the course, according to the donation announcement, is to teach students interested in entrepreneurship about blockchain technology and startup management knowhow. It will offer intensive lectures and various events to students who have very strong math capabilities. The blockchain innovation course will also encourage the development of a win-win-win business model for companies, users, and society. Do you think more universities should offer crypto-related courses? 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 Universities in New York, Tokyo and Luxembourg Support Crypto Development appeared first on Bitcoin News. View the full article