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The New York State Department of Financial Services has licensed a subsidiary of Coinbase to operate as an independent qualified custodian. The regulator has also approved Coinbase’s custody services for six major cryptocurrencies. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Coinbase Custody Licensed The New York State Department of Financial Services (NYDFS) announced on Tuesday that it “has approved the application of Coinbase Custody Trust Company LLC, a wholly-owned subsidiary of Coinbase Global Inc., to operate as a limited purpose trust company.” Sam Mcingvale, Product Lead at Coinbase Custody, clarified that the subsidiary “has obtained a license under New York state banking law to operate as an independent qualified custodian.” The regulator added: NYDFS has also approved Coinbase Trust to offer secure custody services for six of the largest virtual currencies: bitcoin, bitcoin cash, ethereum, ether classic, XRP and litecoin. Established in 2012, Coinbase now has more than 300 employees and 25 million users, according to its website. The company says it has traded over $150 billion in digital assets and claims to store over $20 billion of crypto assets on behalf of its customers. The NYDFS granted Coinbase Inc. “money transmitter and virtual currency licenses” in January last year, allowing the firm to offer services for buying, selling, sending, receiving, and storing cryptocurrencies. About Coinbase Custody Officially launched on July 2, Coinbase Custody aims to provide solutions for storing large amounts of cryptocurrency. Its customers include institutions, hedge funds, initial coin offering issuers, and cryptocurrency exchanges, its website details, noting: Coinbase Custody Trust Company will operate as a standalone, independently-capitalized business to Coinbase Inc. and will be held to the same compliance, security and capital requirements as traditional fiduciary custodial businesses. On Aug. 3, Mcingvale revealed that “Coinbase Custody is exploring a range of new assets.” The company subsequently posted on its website, “We’re hard at work to add support for all ERC20 tokens.” The minimum balance for the service is $1 million. In addition to custody, the service also includes segregated cold storage, insurance, and audited statements. Coinbase Custody leverages the systems of its partner, Electronic Transaction Clearing, a broker-dealer registered with the U.S. Securities and Exchange Commission. Electronic Transaction Clearing offers custody, clearing, execution, and settlement services to institutional clients such as broker-dealers, routing firms, trading firms, and hedge funds. On Tuesday, Coinbase also announced support for USDC, a stablecoin it claims to be “fully collateralized by US dollars and supported by Coinbase and Circle.” What do you think of Coinbase’s custody services? Let us know in the comments section below. Images courtesy of Shutterstock, NYDFS, and Coinbase. Need to calculate your bitcoin holdings? Check our tools section. The post New York Regulator Approves Coinbase’s Custody Services for Six Cryptocurrencies appeared first on Bitcoin News. View the full article

Services that allow individuals to invest small amounts of money on a recurring basis have become popular in recent years, especially for young people. An automatic cryptocurrency buying app that rounds up everyday purchases has just secured a $100,000 investment on Shark Tank. Also Read: Cointext Launches SMS Bitcoin Cash Wallet in 4 New Markets Bundil Enters the Shark Tank Bundil is an Acorns-like service for cryptocurrency. The platform allows users to automatically invest their spare change from everyday credit or debit card purchases into a number of cryptocurrencies including bitcoin core (BTC), ethereum (ETH), litecoin (LTC), and bitcoin cash (BCH). It rounds up transactions from normal spending to the nearest dollar, and invests in the cryptocurrency the users chooses. For safety, Bundil doesn’t hold any of the users’ fiat or cryptocurrency, instead using the Coinbase exchange to handle all of the transactions. It also allows users to track their portfolio growth, and manage the holdings all without leaving the app. Its pricing plans start at just $2 per month. The founder of Bundil, Dmitri Love, went on ABC’s Shark Tank during the latest episode of the show which aired on Sunday, Oct. 21, and presented the app. Kevin O’Leary Takes a Big Bite As required by the reality TV format, Love told an emotive and inspiring story about how he came up with the idea when he was a biochemistry student at college and self-learned how to program while recovering from a sports injury. “I thought, man, you know, anyone that’s trying to invest in cryptocurrency has to go through all these steps to try to figure out how to buy it. And I thought there could be an easier way for it to be done.” Love asked for $100,000 in exchange for 10 percent of the venture at the start. Kevin O’Leary offered him the requested sum, but for a hefty 50 percent ownership of the startup. Love countered that “50 percent is quite a bit,” but begrudgingly agreed to the deal with the lone shark as the others were not interested in making counter offers. Of course this isn’t the first time the sharks have heard about cryptocurrency. Mark Cuban, who was doubtful central banks would allow Bitcoin to grow back in 2014, has become much more open to the idea recently, even suggesting that his NBA team will sell tickets for crypto. Cryptocurrency angel investor and Civic founder Vinny Lingham has also been a regular on the South African version of the show. Would you use a roundup app to automatically buy cryptocurrency? 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 Cryptocurrency Roundup App Gets $100,000 Shark Tank Investment appeared first on Bitcoin News. View the full article

In recent regulatory news, a court in China’s Futian District has ruled that cryptocurrency investments are not protected by law, Albania’s government has indicated that it intends to develop a regulatory framework for crypto, and the United States Securities and Exchange Commission has published a memorandum from a recent meeting pertaining to the proposed Vaneck Solidx Bitcoin Trust exchange-traded fund (ETF). Also Read: Online Bank Swissquote Begins Offering Clients Access to ICOs Futian District Court in China: Crypto Investments Not Protected by Law According to China’s Xinhua News Agency, the Futian District People’s Court of Shenzhen has ruled that cryptocurrency investments and transactions are not protected by Chinese law. The decision arose following a hearing pertaining to a dispute between the plaintiff, Zhou – who claimed that the defendant, Zheng, had failed to fulfill his fiduciary duty to Zhou in exchange for depositing funds in Zheng’s “Tickcoin” and “DK Mining Machine” cryptocurrency investment schemes. The court found that the plaintiff had failed to submit evidence proving the registration and legitimacy of Zheng’s virtual currency platforms, concluding that as the legality of the virtual currencies was not apparent, the investment transactions would not be protected by Chinese law. Albania Looks to Begin Drafting Crypto Regulations Albania’s prime minister, Edi Rama, recently articulated his government’s desire to take advantage of the economic benefits that could be realized through developing a permissive regulatory apparatus to virtual currencies and seeking to become a hub for pertinent emerging technologies. Whilst speaking at a ceremony celebrating the launch of the Albania-Italy offshore section of the major Trans Adriatic Pipeline, Rama told media: “As part of our effort to open up new markets and create new opportunities for well-paid jobs and qualified people… we are exploring the possibility of setting up a regulatory framework on cryptocurrency.” Emphasizing his hope for Albania to “become a hub for numerous potential investors… in this revolution of global finance,” Rama indicated that his government is currently “assessing and working on the drafting of a regulatory framework after having conducted a thorough analysis and study.” “If the results are satisfactory, then we will promote even outside Albania,” Rama added. SEC Publishes Memorandum From Meeting Regarding Vaneck Solidx ETF The SEC has published a memorandum from a meeting between SEC Commissioner Elad Roisman and his counsels Dean Conway, Matthew Estabrook and Christina Thomas, who met with Dan Gallancy and Dimitri Nemirovsky of Solidx, Laura Morrison and Kyle Murray of Chicago Board Options Exchange (CBOE), and Adam Phillips of Vaneck to discuss the proposed Vaneck Solidx Bitcoin Trust ETF. The memorandum details a presentation delivered to Commissioner Roisman, that asserts there have been a number of changes to the relevant “product, market structure, and overall circumstances” since the proposed ETF’s March 2017 disapproval. The presentation argues that “Issues identified in [the] disapproval order have now been resolved,” emphasizing that “There now exists a significant regulated derivatives market for bitcoin,” and that “concerns around price manipulation have been mitigated.” The SEC’s audience added: “To the extent necessary, we stand ready to make additional changes to the product structure consistent with Section 6(b )(5) of the Exchange Act to address any concerns of [the SEC] or staff.” Do you think that the SEC will approve the Vaneck Solidx Bitcoin Trust? 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 Regulations Roundup: Investors Not Protected in China, Albania to Regulate appeared first on Bitcoin News. View the full article

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release. The trade.io security team was alerted to a large transaction originating from our wallet holding 50M Trade Tokens (TIO) owned by trade.io reserved for the liquidity pool. Immediately following the alert, our trade monitoring observed abnormal trading of TIO on external exchanges. These exchanges were immediately alerted to disable deposits/withdrawals and trading of TIO, and our security team began its investigation. The responsiveness by the various teams within trade.io prevented the situation from deteriorating and helped quarantine the issue. At no point was the trade.io exchange or liquidity pool accessed or affected, and both remain operational. The breach was limited to one particular hardware wallet that was purchased directly from the manufacturer. Consequently, no customer accounts were directly affected, or customer funds lost. Investigations are ongoing, but have so far concluded that there was no technical hack on the cold storage unit, and trade.io systems remain secure and unbreached. There is also nothing to indicate theft by internal actors. Along with the management team, both KuCoin and Bancor responded promptly and are assisting trade.io in our investigation and have taken steps to quarantine the associated transactions. We are actively taking steps to further lock down the situation, and prevent any other potential impact. As a result of the incident, trade.io Management has decided to fork TIO. The name of the forked token will be Trade Token X with the ticker TIOx, similar to TIO it will be an ERC-20 token. Details of the fork are expected to be released soon. Lastly, while this security breach has been an inconvenience, we are happy to report again that no client assets were lost and we’re pleased with how efficient and responsive our entire team acted following the breach. We’ve been overwhelmed with the positive response from our clients which we affectionately call TIOnauts, and can’t thank them enough for their support and well wishes as we continue this special movement. Contact Email Address marilia.kountouridou@trade.io Supporting Link https://trade.io/ This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. The post PR: trade.io Effectively Contains Breach of Cold Storage Wallet and Protects TIO Holders appeared first on Bitcoin News. View the full article

IDEX, the supposedly decentralized exchange, plans to start blocking traders who reside in the state of New York. The decision sets an alarming precedent for decentralized exchanges (DEX), which have traditionally given short shrift to regional regulations in their pursuit of censorship-resistance. Also read: Circle’s USDC Stablecoin Added to Coinbase World’s Largest Censorship-Resistant DEX Starts Censoring With 24-hour trading volume of 5,000 ETH, IDEX is seven times larger than its closest competitor, Forkdelta. The exchange does a steady trade in ERC20 tokens, with quant (QNT) and midas protocol (MAS) forming its two pairs over the last 24 hours. However, as of tomorrow (Oct. 25), New Yorkers will not be able to access those or any of the several hundred other tokens listed on the platform. ***Notice: #IDEX will begin blocking new orders from users with New York State IP addresses on Thursday, October 25th (6pm UTC). Cancels and withdrawals will remain active. — Aurora (IDEX) *Not Giving Away ETH* (@Aurora_dao) October 24, 2018 The decision to block traders in the state has sparked protests throughout the cryptocurrency community. It is customary for centralized exchanges to block residents of certain regions, with New York the state most commonly blacklisted on account of its extraordinarily restrictive cryptocurrency regulations. For a decentralized exchange to pay such close attention to the whims of New York lawmakers is surprising, however, especially since IDEX contains no fiat currency pairs, security tokens, or other instruments that might be of interest to regulators. Decentralization’s Death by 1,000 Cuts To proponents of decentralized currencies and the financial freedom they bring, IDEX’s decision to start blacklisting is merely the latest sign of the foundations of cryptocurrency being steadily eroded. Cryptocurrency exchanges blocking deposits that have passed through coin mixers. Japanese platforms refusing to list privacy coins. Binance hiring law enforcement’s favorite blockchain forensics firm, Chainalysis. Centralized Coinbase listing a centralized stablecoin (USDC) that contains a backdoor enabling account balances to be frozen at any time. The account freezing code contained in USDC New York’s notoriously restrictive Bitlicense, which was responsible for choking innovation in the cryptocurrency space in 2014, has been used as a cudgel to beat small players into submission. The Coinbases of the world, who can pay to play, have the capital to lobby lawmakers and appease officials from the U.S. Securities and Exchange Commission, while the rest of the pack must either enlist an army of lawyers or cut their losses and stay away from the state of New York on pain of prosecution. The hatred many within the space feel towards the Bitlicense only intensified when its chief architect, Benjamin Lawsky, joined the board of Ripple in 2017. It’s unclear whether IDEX was pressured into excluding New York traders, or whether the platform’s operators elected to blacklist them out of caution. What is clear is that when a trustless, Panama-based exchange is pandering to the whims of New York lawmakers, there is something sorely wrong with the decentralized dream that cryptocurrency users were sold. What are your thoughts on IDEX banning New York residents? Let us know in the comments section below. Images courtesy of Shutterstock. Need to calculate your bitcoin holdings? Check our tools section. The post IDEX Blacklists New York Residents, Setting a Worrying Precedent appeared first on Bitcoin News. View the full article

In this edition of The Daily, we look at Square’s recent decision to open-source its Subzero cold storage solution. We also focus on Bitcurate’s new cryptocurrency market intelligence service, as well as the chat platform that Coin Stats is launching for cryptocurrency investors and coin teams. Also read: Binance to Expand in Singapore, Uphold Launches Loan Service Square Shares Code, Tools and Documentation Square, a mobile payments app developer, is open-sourcing the documentation, code, and tools for Subzero, the platform’s cold storage solution for cryptocurrency holdings. Subzero uses hardware security modules (HSMs) — specialized devices that store sensitive data — to perform operations with the private keys of cryptocurrency wallets. Last year, Square started offering customers the option to buy, sell and withdraw bitcoin core (BTC) with its Cash App. Users can view their holdings whenever they want, but the company claims it keeps only a small amount of customers’ coins in online hot wallets to facilitate transactions, while storing the rest in offline cold wallets. Other security features include the ability to customize the service, so the cold wallets can only send funds to Square’s hot wallet, as well as the implementation of multi-signature procedures. “Since launching bitcoin support, Square developed a robust approach to bitcoin cold storage, and we recognize the importance of sharing our work with the community,” the company explained in a statement on Medium. “As a result, today we’re open-sourcing the documentation, code, and tools for Subzero, our HSM-backed solution for protecting Square’s bitcoin holdings.” Bitcurate Starts Crypto Market Intelligence Service Bitcurate, a Chinese company that provides cryptocurrency data intelligence solutions, launched a new crypto market intelligence platform this week. The service combines expert analysis with natural language processing and machine learning technology to provide investors with real-time market insights. The platform aggregates information from news sources, social media platforms, chat groups and online forums. It also utilizes data from traders, exchange APIs, the crypto futures market, and other financial instruments. In total, the company claims that it processes more than five million sentiment data points per day. Bitcurate acknowledges that a lot of trading decisions are motivated by mere “noise.” However, it also claims that roughly 90 percent of movements in the cryptocurrency market are purely driven by sentiment. “The best investment strategies are data-driven,” said Bitcurate CEO Victor Lee in an online statement. “However, the market today is fragmented, making it difficult and time-consuming for investors to find the accurate, wide-ranging information they need to make calculated decisions. That’s why our platform tracks millions of data points every day.” Bitcurate offers its subscribers a range of trading data for the cryptocurrencies they are specifically interested in, including real-time exchange rates, sentiment scores and recent price changes, as well as the latest news from the cryptocurrency space. In addition, the platform ranks digital coins according to their U.S. dollar value and trading volume. Bridging the Communication Gap The developers of Coin Stats, a cryptocurrency portfolio tracking app, have launched a new feature that will allow users to chat with other cryptocurrency enthusiasts, digital asset investors and developers. Coin Stats Direct will maintain chat groups dedicated to specific cryptocurrencies within its Coin Stats application. The platform will allow users to post questions about different projects and start discussions. Project teams, on the other hand, will be able to post updates about their coins, while also fielding questions from the public and providing users with the latest information about their progress of their initiatives. Coin Stats Direct is designed to bridge the communication gap that exists between investors and coin teams. It aims to increase transparency in the cryptocurrency space by connecting project teams and users. The platform will initially support nine coins: bitcoin cash (BCH), bitcoin core (BTC), ether (ETH), ripple (XRP), EOS, NEO, stellar (XLM), vechain (VET) and appcoins. The company said it plans to add other cryptocurrencies and tokens to its platform in the near future. What are your thoughts on today’s news tidbits? Tell us in the comments section below. Images courtesy of Shutterstock, Bitcurate. Now live, Satoshi Pulse. A comprehensive, real-time listing of the cryptocurrency market. View prices, charts, transaction volumes, and more for the top 500 cryptocurrencies trading today. The post The Daily: Square Open-Sources Subzero, Coin Stats Launches Chat Platform appeared first on Bitcoin News. View the full article

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release. Bithumb, a global cryptocurrency exchange holds an event to payback 70% of transaction fees for overseas users as an expression of appreciation for their support and loyalty following the last month. ‘Cryptocurrency Transaction Fee payback promotion’ holds from October 22 to November 21, 2018 (GMT +9) Korean Standard Time. The event is for the overseas users who have completed transactions over KRW 1 Billion (Approx. USD 890,000, Bithumb cash standard) and are expecting to get payback 70% for the transaction fees incurred within this period. Transaction fees will be refunded in order from December 10 to December 14, 2018 for five days (GMT +9) Korean Standard Time. The event is exclusively for overseas users, not only existing users but also newly joined users are welcome to participate in. However, those who have Korean national and who joined with Korean mobile number are excluded from this payback promotion. Furthermore, Bithumb has been offering a 20,000 Bithumb cash for newly registered overseas members from last week if their transactions are over KRW 20 Million(Approx. USD 18,000) based on Bithumb cash standard. The new registration event period is from October 15 to November 14, and users are able to take part in both events at the same time. According to Head of Marketing Department of Bithumb, Andy Choi, “The existing one such as Bitcoin, Ethereum and Monero as well as many other cryptocurrencies are constantly being listed on the stock exchange with the huge global interest.” And he added, “We are glad to continue this event in October as well to reward overseas members for their support.” For global customer’s convenience, Bithumb provides a foreign language counseling service in English, Japanese and Chinese, further strengthening its position as a leading cryptocurrency exchange in the world. For inquiries, please email at global_mkt@bitcash.com / +82-2-6978-7181 Contact Email Address global_mkt@bitcash.com Supporting Link https://www.bithumb.com/merchant/gwbanner?bsid=PR1022WAA&utm_source=btc&utm_medium=ww&utm_campaign=PR This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. The post PR: Bithumb to Hold Payback 70% of Transaction Fee for Overseas Users appeared first on Bitcoin News. View the full article

Swissquote, a provider of online financial and trading services in Switzerland, has announced that its clients can now participate in initial coin offerings through its platform. The Swiss bank takes care of both the execution and the custody of tokens. In addition, the bank offers the trading of five major cryptocurrencies. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Swissquote’s ICO Service Swiss online bank Swissquote announced on Monday that it has become “the first bank worldwide to offer its clients the opportunity to participate in initial coin offerings (ICOs).” With its new service, the firm described: Clients can purchase coins (also named ‘tokens’) issued by a company directly against Swiss francs, using their trading account. Swissquote takes care of the execution as well as of the custody of the tokens. Swissquote, a member of the Swiss Bankers Association, holds a banking license issued by the Swiss Federal Financial Market Supervisory Authority (FINMA). Its parent company, Swissquote Group Holding Ltd., is listed on the SIX Swiss Exchange. The first ICO the bank has chosen to list on its platform is issued by Lakediamond. Incorporated in 2015, the Swiss startup explained that it was built “on years of research at EPFL (Swiss Federal Institute of Technology in Lausanne).” Moreover, the company claims that it is “developing reactors capable of growing ultra-pure diamonds, and exploring potential high-tech industrial applications.” Currently, the option to sell tokens is unavailable. However, Swissquote noted that it will work with Lakediamond to allow clients to sell their tokens from within their trading accounts. The bank further asserted, “It is also possible that a third-party cryptocurrency exchange will enable the trading of Lakediamond tokens.” Criteria for Listing ICOs On its website, Swissquote explained that it has “strict criteria that companies need to fulfill” for their tokens to be listed on its platform, stating: We consider only mature projects, ready to be launched, and want to review who the management is, what the business is, what the financials are and what the legal situation is. Then, we select the projects that we think will be of interest to our clients. For ICO issuers, the bank offers a number of services such as banking, anti-money laundering (AML), know-your-customer (KYC), communications and marketing. The banking services include “accounts, payments, foreign exchange, securities trading, etc,” the bank detailed, adding that it also provides cryptocurrency services which include custody and trading. The bank noted: Customers need to have a Swissquote trading account to participate in a token pre-sale. Other Crypto Offerings In December last year, Swissquote announced that it had become “the first bank to offer five cryptocurrencies: bitcoin, bitcoin cash, ether, litecoin, and ripple.” The bank detailed on its website, “You must hold a Swissquote trading account with cash available in EUR and/or USD. Currently, CHF is not available.” BTC has been available on its platform since July last year. In addition, the bank launched Swissquote Bitcoin Active Index (SQXBTQ) on Nov. 17 last year. The index, issued by Leonteq Securities AG, is a SIX tracker certificate with the maturity date of Oct. 11, 2020. What do you think of Swissquote offering clients access to ICOs? Do you think more banks should do the same? Let us know in the comments section below. Images courtesy of Shutterstock and Swissquote. Need to calculate your bitcoin holdings? Check our tools section. The post Online Bank Swissquote Begins Offering Clients Access to ICOs appeared first on Bitcoin News. View the full article

As the days draw closer to the scheduled Bitcoin Cash upgrade, affiliated organizations are preparing for the hard fork. Data websites like Coin Dance have added statistics for feature support, upgrade voting, and public opinion. Meanwhile, the Nchain-backed SV-Pool has officially announced that its pool is now open to public miners. Also Read: Samsung Begins 7nm Chip Production SV-Pool Goes Public The Bitcoin Cash hard fork slated for Nov. 15 is getting closer and network participants are preparing for the upgrade in several ways. On Oct. 22, the mining initiative SV-Pool, supported by Nchain and the firm’s chief scientist Craig Wright, announced the pool is now open to the public. This means that Bitcoin Cash miners can direct their hashrate towards the SV-Pool and get paid by an initial pay-per-last-n-shares (PPLNS) system. The pool details it plans to add more payment structures this November. At the time of writing, according to Coin Dance statistics, SV-Pool has been capturing around 2.6 percent of the global BCH hashrate over the last seven days. According to the pool’s recent announcement, SV-Pool says it stands by a “miners’ choice, miners first philosophy.” News.Bitcoin.com reported on the pool’s first mined block on Oct. 10 and at the time SV-Pool was using an invitation-only beta period. During that time, the Bitcoin SV team launched its codebase and the Bitcoin Unlimited (BU) team also launched a new client. The latest BU code is prepared for the Bitcoin ABC team’s ruleset changes and the team stated on Twitter that SV ruleset compatibility was “pending.” BU’s plan is to let the miners vote for features by using a system called the BIP135 bits standard. Explicit Mining Pool Support and Public Opinion Following the recent announcements concerning new clients and BIP135, the statistical data website Coin Dance has prepared its website for things like explicit mining pool support by proposal and a new politics and public opinion section. The explicit mining pool support section, which seems to incorporate the most important data to most BCH proponents, currently says that “Voting should begin shortly.” The politics and public opinion section is a different story as it shows a list of BCH-supporting businesses and organizations revealing specific proposal stances. Explicit mining pool support says it will begin shortly according to Coin Dance statistics. As of Oct. 23, there are 15 organizations listed on the page which Coin Dance details is a “weighted community-managed support breakdown by company for each active Bitcoin Cash proposal.” The three choices include support for BIP135, Bitcoin SV, and Bitcoin ABC’s ruleset proposals. Companies and organizations represented on the list include Bitcoin ABC, Unlimited, XT, Cryptograffiti, Coingeek, Nchain, Coinex, Blockchain Ventures, and more. People visiting this weighted support breakdown can see whether or not each firm supports a certain ruleset proposal. Coin Dance is allowing company submissions and a form can be filled out that requires the organization to be publicly accessible, indicate explicit choices, and source references. Coin Dance also shows a weighted community-managed support breakdown of public opinion by company. There are only 23 days left until the scheduled hard fork, and so far it is hard to determine how the upgrade will play out, even for those constantly watching and listening to the BCH community. Most BCH supporters are more concerned with the miners’ explicit decisions over a weighted community-managed poll system. Miners don’t have to run BU in order to vote using the BIP135 bits standard, as they can also set the bits in their block version fields using mining pool software. What do you think about the Bitcoin Cash network hard fork scheduled for November 15? Let us know what you think about this subject in the comments section below. Images via Shutterstock, Twitter, Bitcoin SV, and Coin Dance statistics. At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even look up 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 Bitcoin Cash Organizations Start Preparing for the November Hard Fork appeared first on Bitcoin News. View the full article

HTC, the struggling Taiwanese phone-maker, has launched a smartphone that can be bought only with BTC or ETH. Called the Exodus 1, the smartphone is blockchain-integrated and features a cryptocurrency wallet built into a secure enclave of the device. Also Read: Spain Approves Bill Requiring Disclosure of Cryptocurrency Assets HTC Sells Its New Cryptocurrency Wallet-Enabled Phone for 0.15 BTC Initially announced in May, the Exodus 1 phone was unveiled in Berlin, Germany on Oct. 22. The handset will retail for 0.15 BTC or 4.78 ETH in early access deals, which is equivalent to $960. First shipments are expected in December, the company said. “Exodus 1 is a foundational element of the crypto internet,” Phil Chen, HTC’s ‘decentralized chief officer’, said in a statement on the company’s website. “For digital assets and decentralized apps to reach their potential, we believe mobile will need to be the main point of distribution.” Built into the Exodus 1 is a cryptocurrency wallet called Zion, which was developed by HTC to serve as a hardware virtual currency wallet. Chen said the wallet runs from a secure enclave on the phone’s chip, separate from the Android operating system, to safeguard digital coins. He underscored the importance of keeping this area of the phone separated from Android because Google’s operating system was “fundamentally insecure with a centralized system,” exposing users’ funds to theft by attackers. “Think of [the enclave] as a micro OS that runs in parallel with Android,” CNBC quoted Chen as saying. “It basically is a wallet, but the wallet, what it does is hold your private keys.” Chen added: “The reason why you do a blockchain phone is … for everybody just to own their own keys. Everything starts there. When you start owning your own keys, then you can start owning your own digital identity, then you can start to own data.” Cryptocurrency-Only Pricing to Bring Device to Its Core Audience HTC’s new phone will run decentralized applications (dapps). It also features a Social Key Recovery function that helps users “regain access to their funds if they lose their private key via a select number of trusted contacts.” “Selling [the phone] in crypto only and being the first to do so means we are bringing this directly to the core audience and those who will want this device – the blockchain community,” Chen told the South China Morning Post. He added: It reflects our belief in cryptocurrencies – in fact we had to recreate and overcome many processes internally, as well as find new distributors, so that we can achieve the goal of only accepting cryptocurrencies as the form of payment. Exodus 1 will be available in 34 countries including Hong Kong, Singapore, the United States, the United Kingdom and other European countries. However, the phone will not be available in China, which has taken a strict approach to bitcoin and cryptocurrencies. More Companies Looking to Enter Blockchain Smartphone Market HTC, which at one time was among the top manufacturers of smartphones in the world, is not the only company to try and offer a blockchain-focused phone. Switzerland-based start-up Sirin Labs is currently accepting orders for its $999 smartphone, whose shipping has been delayed from October. Chinese information communication technologies firms such as Lenovo Group and Sichuan Changhong Electric have previously announced plans for a blockchain phone, but provided no details. Earlier this month, Indonesia-based startup Pundi X unveiled its blockchain-powered handset called Xphone which, unlike HTC and Sirin Labs’ devices, can operate on its own blockchain-based transmission protocol, independently of mobile carriers. Aside from running dapps, Exodus 1 also comes with numerous features found on regular flagship smartphones such as dual rear cameras and a six-inch Quad HD+ display. What do you think about HTC’s new smartphone? Let us know 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 HTC’s New Blockchain Smartphone Can Be Bought With Bitcoin appeared first on Bitcoin News. View the full article

On Monday, Oct. 22, a new Bitcoin Cash-powered social media application called Hivr launched in beta form. The platform, available for Android devices, features a wallet, native tipping, posting to a social news feed, instant messaging and more. Also Read: Samsung Begins 7nm Chip Production Hivr: A Bitcoin Cash Social Media Wallet Over the past few months, numerous developers have been building forums and social media platforms on top of the Bitcoin Cash (BCH) blockchain. Now a new project is attempting to test the social media waters with a splash of BCH on the side. Hivr is a social media application for Android devices that allows users to post, tip and chat with one another using a native instant messaging system. The Hivr creators explained during the launch announcement that they understand there’s already a variety of platforms that allow media uploads on top of the BCH chain. However, most of them, like Memo.cash and Blockpress, support only a few features simultaneously like posting and tipping, and don’t offer services such as instant messaging. Additionally, most of the other media platforms also require a small fraction of BCH to create a post, but the Hivr model allows free posting. “Basically, we created Hivr because we wanted to combine all these amazing ideas within the Bitcoin Cash community into one well integrated, easy to use application,” explain the Hivr creators. “With Hivr, you can post any content you want for free, tip the posts you like, create group chats, and send each other tips right within the chat, all within one application.” Creating a Profile and Testing a Few Posts News.Bitcoin.com decided to test the beta platform after reading about Hivr on the blogging platform Yours.org. Hivr can be found on the Google Play store for Android devices and the developers have detailed an iOS version will be built when the Android release comes out of beta. So far, according to statistics, around 50 people have downloaded the Hivr application, which is 53MB in size. When you open the Hivr platform, you’re greeted with a login screen where you can use existing login credentials or register a new name and password. Following the registration, the application asks you to pick a few tags of subjects that you’re interested in like bitcoin cash, news, and other topics. After that, the account is given a BCH wallet with a twelve-word mnemonic phrase so the user can backup the native Hivr wallet. Registering only requires a username and password. Following the registration, users choose what types of interests they are into and are given a non-custodial bitcoin cash wallet. The application is pretty easy to navigate and I quickly created a profile called ‘Posternut’ which took roughly two minutes. Much like the other BCH-based social media apps, Hivr does not have a ton of people posting yet but some people are definitely testing the application’s features. At the bottom of the screen, there is a small pencil icon that allows users to post content to their profiles and to the public feed similarly to Facebook. After pressing the pencil, the user can post text, URLs, GIFs, videos, music or photos on the Hivr public feed. While testing out a text and URL-style post, it took a few minutes as the linked post started making the application glitchy, enough to force quit the application. The second URL post attempt was successful and, just like Twitter and Facebook, the article’s title and the cover photo is shown with the link. Creating a profile for ‘Posternut’ and posting a text and URL-linked post on the Hivr application. An All-in-One Social Media App – but Like All New Platforms Hivr Needs Users Similar to other social media applications that offer instant messaging, the Hivr app has a messenger feature that allows you to connect with other Hivr users and also to create a group chat. Under each user’s post, there’s a small gift box that allows people to tip content and it also gives quick BCH tipping options in increments of $0.25, $0.50, $1.00, and $5.00. Hivr users can also ‘like’ posts, repost (similar to retweet), and comment each thread posted. The application definitely could use some more participants because compared to Memo.cash and Blockpress, which has lesser action, Hivr is a ghost town. However, people should take into consideration that the platform is still in beta and it’s only been out for a day. The two aforementioned BCH apps also had issues with gathering participants earlier on. As far as traditional social media platform features, Hivr has managed to pack types of services into one application and not having to spend BCH for every post may entice people who are new to the cryptocurrency ecosystem. What do you think about the Hivr social media wallet available for Android devices? Let us know what you think about this project in the comments section below. Disclaimer: Bitcoin.com does not endorse this product/service. This application is in beta and not the official launch. Review editorials are intended for informational purposes only. Readers should do their own due diligence before taking any actions related to the mentioned company or any of its affiliates or services. Bitcoin.com or the author is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Images via Hivr, and Jamie Redman. At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even look up 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 Developers Launch Bitcoin Cash Social Media App ‘Hivr’ appeared first on Bitcoin News. View the full article

A draft bill introducing tax breaks for entrepreneurs and companies dealing with cryptocurrencies has been filed in Ukraine’s parliament, the Verkhovna Rada. The authors of the bill have called for tax exemptions for entities working in the sector until the end of 2029. Also read: Russian Lawmakers Drop ‘Mining’ References in Digital Assets Bill New Legal Terms Ukrainian lawmaker Yuri Derevyanko, one of the leaders of the Movement of New Forces party, put forward the new proposal to relieve cryptocurrency businesses from taxation for at least a decade. Bill 9083-1 has advanced through a number of important parliamentary committees this month, including those responsible for budgetary matters, financial policies, customs regulations and European integration. If adopted, the proposed legislation would result in amendments to the Ukrainian tax code. It would provide tax breaks on income earned from all cryptocurrency transactions. Both corporate entities and private individuals dealing in cryptocurrencies would be able to benefit from the tax moratorium until Dec. 31, 2029. The import and sale of equipment designed solely for mining would also be exempted from VAT. In addition, the bill introduces a number of new legal terms pertaining to virtual assets and blockchain technologies. Cryptocurrencies have been defined as intangible digital assets, the right to possession of which is recorded in distributed ledgers. The draft law describes cryptocurrency mining as data processing related to the maintenance of distributed ledgers, which is then rewarded with digital assets. Derevyanko believes that the 0 percent tax rate will stimulate the development of the cryptocurrency market in Ukraine and open the door for new investments. He said this will create conditions for the cryptocurrency industry to become a critical element of the country’s economy. “I think that it is necessary to introduce a 10-year tax moratorium in the crypto space. We must streamline and legalize this huge sector, which will be the engine of the new economy,” he said, as quoted by Ukrainian and Russian media. Many Proposals, No Decisions The bill was announced as an alternative to another draft presented by Derevyanko’s colleague, Alexei Mushak, a member of President Petro Poroshenko’s “Solidarity” party. Bill 9083, which was introduced in September, is also aimed at amending the Ukrainian tax code to provide tax breaks for the crypto industry. According to that proposal, profits from transactions related to cryptocurrencies and other digital assets would be subject to a preferential tax rate of 5 percent until the end of 2023. Starting from Jan. 1, 2024, individuals and businesses would be required to pay an 18 percent tax rate on their income from such deals. Despite multiple legislative proposals, as well as calls from government officials and representatives of the industry, Ukraine’s cryptocurrency market remains largely unregulated. Three bills dealing with key regulatory challenges have been filed in parliament since last October, but no real progress has been made toward their adoption, at least that has been reported thus far. In August 2018, the Verkhovna Rada said that legislation recognizing cryptocurrencies as financial assets would be adopted at some point this year, or by 2019 at the latest. In the absence of clear guidelines regarding taxation, a deputy finance minister recently advised Ukrainians to pay 19.5 percent income tax on profits from crypto transactions. In July, Ukraine’s Financial Stability Council approved a new regulatory concept for the cryptocurrency sector. The members of the council — including representatives of the National Bank, the Ministry of Finance, the Deposit Guarantee Fund, the National Securities and Stock Market Commission, and the National Financial Services Market Commission — reaffirmed their willingness to work with lawmakers in the Rada to adopt a comprehensive legal framework that will ensure transparent relations between crypto investors, other stakeholders and the government in Kiev. Do you think the proposed tax breaks can help the cryptocurrency industry become a major part of the Ukrainian economy? 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 Bill Proposes Tax Holiday for Cryptocurrency Businesses in Ukraine appeared first on Bitcoin News. View the full article

The global cryptocurrency exchange based out of San Francisco, Coinbase, has announced the firm will now support Circle’s USDC stablecoin on its exchange and brokerage service platforms. Coinbase believes that blockchain-based digital dollars like USDC provide many benefits to the cryptocurrency market ecosystem. Also read: Bitpay Announces Stablecoin Support for Merchant Settlement Coinbase and the USDC Stablecoin Coinbase announcing the launch of stablecoin support on its trading platform is part of a growing trend within the crypto-economy. On Oct. 23, the Californian exchange revealed that customers in supported jurisdictions can buy, sell, send and receive USDC. In the future, the company says customers in more geographical locations will have the ability to use USDC on the Coinbase platform. The San Francisco firm, noting this is the first time it has supported a stablecoin, says the digital asset is “fundamentally different from other cryptocurrencies.” Moreover, Coinbase says that the USDC token was a collaborative effort between them and the Boston-based Circle Financial. “Each USDC is 100% collateralized by a corresponding USD held in accounts subject to regular public reporting of reserves,” Coinbase explains in its blog post. “The underlying technology behind the USDC was developed collaboratively between Coinbase and Circle, in our capacity as partners and co-founders of the new Centre Consortium.” Coinbase details the team helped Circle develop the USDC token. Coinbase describes USDC’s benefits throughout the announcement and emphasizes that the blockchain-based digital dollar is far more efficient to send and receive. Additionally, with USDC being an ERC20 standard token, it has the ability to be integrated with applications like Cryptokitties and other Ethereum projects. Lastly, Coinbase considers USDC to be a ‘programmable dollar’ in a sense that makes it easier for developers to add specific functionality. “For example, given the private keys for USDC, a program can easily send and receive them back and forth using the public Ethereum blockchain,” Coinbase details. 2018 Has Seen a Flurry of Stablecoin Announcements At the moment, the USDC token is only available on the brokerage side of Coinbase, but the coin will be added to the exchange shortly, the company adds. Coinbase says that the company will be fully compliant alongside Circle Financial by maintaining a “track record of security.” The firm also explains that the two companies’ reputations and compliance-first approach gives them a “unique position” in the growing stablecoin economy. The Coinbase news follows the Bitpay announcement on Oct. 15, when the payment processor revealed it would support the gemini dollar (GUSD) and the centre coin (USDC) for merchant settlement. Over the last six months, stablecoins have been added to many exchanges and cryptocurrency infrastructure systems. Most of the recent stablecoin announcements have seen exchanges adding other types of stable tokens besides the popular tether (USDT) coin issued by Tether Limited and the Omni Layer. So far, most of the exchanges and payment processors that boast significant cryptocurrency volume have been adding stablecoins like USDC, GUSD, PAX, and TUSD. Coinbase concluded its announcement by stating that the company has also added USDC to the user-controlled Coinbase ERC20-centric wallet. The addition follows the recent 0x (ZRX) listing Coinbase added to the firm’s lineup of tradable coins. What do you think about Coinbase adding a stablecoin to the mix? Let us know what you think about this subject in the comments section below. Images via Shutterstock, Coinbase, Circle Financial, and Pixabay. 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 Circle’s USDC Stablecoin Added to Coinbase appeared first on Bitcoin News. View the full article

Intercontinental Exchange has announced that its Bakkt Bitcoin Daily Futures Contract will start trading on Dec. 12. Each trade “will result in physically delivered bitcoin” and will trade in U.S. dollar terms, the firm explained, adding that one contract will be listed for trading each exchange business day. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Date Set for Bakkt Bitcoin Futures Intercontinental Exchange Inc. (ICE) announced on Monday that its U.S.-based futures exchange, ICE Futures U.S. Inc., “will list the new Bakkt Bitcoin (USD) Daily Futures Contract for trading on Wednesday, December 12, 2018.” The firm elaborated: The Bakkt Bitcoin (USD) Daily Futures Contract is a physically-settled daily futures contract for bitcoin held in Bakkt LLC, ICE’s digital asset warehouse, and will be cleared by ICE Clear US Inc. The firm continued to detail, “Each futures contract calls for delivery of one bitcoin held in the Bakkt digital asset warehouse, and will trade in U.S. dollar terms. One daily contract will be listed for trading each exchange business day.” ICE Futures U.S. is regulated by the Commodity Futures Trading Commission (CFTC). ICE operates futures exchanges, OTC market services, central clearing houses, and the NYSE Group. Its central clearing service clears over 6.2 million futures and OTC contracts daily, the company claims. Bakkt’s Original Plans According to its 8-K filing with the U.S. Securities and Exchange Commission (SEC), ICE announced on Aug. 3 its plans to form Bakkt, which it described as a new company “with the goal of establishing a global platform for digital assets.” The firm informed the SEC: Bakkt intends to work with BCG, Microsoft and Starbucks, among others, to create an integrated platform designed to enable consumers and institutions to buy, sell, store and spend digital assets on a seamless global network. The filing further states that “As an initial component of the Bakkt offering,” ICE plans “to launch a 1-day physically delivered bitcoin contract along with physical warehousing in November 2018, subject to CFTC review and approval.” In preparation for launch, the firm emphasized that it was “in discussions with regulators and in the process of finalizing definitive agreements with select partners.” Bakkt CEO Kelly Loeffler commented on Thursday: Bakkt will provide the first federally regulated, physical delivery price discovery contract for the digital currency market. The CFTC has already approved two other major derivatives exchanges for trading cash-settled bitcoin futures: the Chicago Board Options Exchange (CBOE) and the Chicago Mercantile Exchange (CME). The former launched its bitcoin futures product on Dec. 10 and the latter on Dec. 17 last year. What do you think of Bakkt’s bitcoin futures? Let us know in the comments section below. Images courtesy of Shutterstock, ICE, and Bakkt. Need to calculate your bitcoin holdings? Check our tools section. The post Bakkt Bitcoin Futures to Start Trading in December appeared first on Bitcoin News. View the full article

Cryptocurrency loans service Nexo has confirmed it is adding support for bitcoin cash (BCH). The Switzerland-based lending platform offers crypto-fiat loans from upwards of $1,000, with no credit checks required as collateral. BCH holders will be able to stake their cryptocurrency as collateral and obtain instant funding in more than 40 fiat currencies. Also read: Japanese Regulator to Host Regular Global Cryptocurrency Roundtable BCH Becomes Nexo’s Sixth Cryptocurrency Cryptocurrency lending service Nexo has been expanding rapidly. It recently added Ripple’s XRP and has now confirmed support for bitcoin cash and litecoin. These coins will join BTC, ETH, BNB and NEXO, granting cryptocurrency holders the ability to borrow anywhere from $1,000 to $2 million. Rather than sell their bitcoin cash when they require access to capital, users can lock BCH into the Nexo platform, before retrieving their coins once their loans have been repaid. Nexo’s cryptocurrency assets are secured by custodial partner Bitgo, which just closed a Series B funding round from investors including Goldman Sachs. Bitgo has attracted a number of institutional clients to its service, as well as cryptocurrency companies such as Kraken and Pantera Capital. Once cryptocurrencies have been placed as collateral with Nexo, customers can obtain instant loans, and will also be entitled to additional credit should the value of their cryptocurrencies appreciate. Nexo boasts of having issued more than $1 billion of cryptocurrency loans to date. Crypto-Fiat Loans Are On the Rise Cryptocurrency holders today have a plethora of lending options available. On Oct. 19, news.Bitcoin.com reported on Salt adding support for dogecoin, while platforms such as Ethlend and Celsius Network have also been gaining traction. Cryptocurrency loans have a range of applications, including the provision of short-term funding for hedge funds that have invested in cryptos and wish to obtain capital for new investment opportunities. Nexo’s crypto-fiat lending service has also attracted cryptocurrency miners seeking to cover hardware expenses, as well as investors who wish to take out loans to buy more cryptocurrencies in the belief that they will rise in value, so they can profit without selling their existing holdings. Preliminary results from the poll show strong support for Bitcoin Cash (BCH). Meeting @rogerkver in Tbilisi was a great opportunity to announce the upcoming addition of BCH as a collateral option for Nexo's crypto-backed loans! Check out the interview here https://t.co/4igDQ1q6It https://t.co/mewu2nY3QL — Nexo (@NexoFinance) September 24, 2018 Nexo’s decision to add bitcoin cash and litecoin appears to have been swayed, in part, by a community vote that indicated strong desire for the coins. The lending platform is currently finalizing BCH wallet integration before its bitcoin cash lending service goes live in a few weeks’ time. Borrowers can obtain credit from 8 percent APR with no minimum loan repayments. Nexo has also completed integration with Coinmarketcap, enabling visitors to the market data site to start the process by clicking the “Get Loan” button alongside cryptocurrencies such as BCH and BTC. Would you take a fiat loan in exchange for cryptocurrency? Let us know in the comments section below. Images courtesy of Shutterstock and Nexo. Need to calculate your bitcoin holdings? Check our tools section. The post Nexo Lending Platform Adds Bitcoin Cash Support appeared first on Bitcoin News. View the full article

The Cointext SMS Bitcoin Cash (BCH) wallet continues its rapid expansion around the world. Residents of one more country in South America and three more in Europe now have access to the service, which allows users to send money to mobile phone numbers or BCH addresses without an internet connection, additional accounts or the need to download any apps. Also Read: Report: Cryptocurrency Job Market Continues to Grow Offering Brazilians an Alternative Cointext has started offering its SMS BCH wallet in Brazil, Poland, Croatia and Romania. It also now provides support for the Polish, Croatian and Romanian languages across the entire platform, the company said. Of all the new locations, the fintech startup sounds most passionate about its expansion into Brazil, and not just because it is the largest market in South America, with more than 200 million people. “Brazilians have been suffering from corruption and bad monetary policy,” said Vin Armani, founder and CTO of Cointext. “Cryptocurrency offers a way for them to peacefully opt out of a corrupt system.” Cointext users can access their wallets by sending SMS commands to a local access number. A new wallet is instantly set up the moment the recipient receives a message through the service. Residents in the company’s four new markets can also get a Cointext wallet by texting a command to their respective numbers (Brazil: BCH COMECAR to 29000; Poland: POCZATEK to 48539585454; Croatia: POCETAK to 385951006707; Romania: INCEPE to 4037170677). European Expansion Cointext has rapidly expanded throughout the world since the company launched the service in March of this year. The startup’s entry into its four newest markets brings the total number of countries that are connected by the Cointext service to 29. The locations now supported include the U.S., Canada, South Africa, Switzerland, Sweden, Netherlands, the U.K., Germany, France, Austria, Portugal, Estonia, the Czech Republic, Hong Kong, Israel, Palestine, Argentina and Turkey. The company appears set to continue growing at this rapid pace, as it aims to expand into every European market before the end of this year. “Adding Poland, Croatia and Romania brings us closer to connecting the entire continent of Europe,” Armani said. “Cointext’s end-of-year goal is to enable all 740 million European residents to text money to each other’s phones for pennies.” Which countries do you think Cointext should expand into next? 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 Cointext Launches SMS Bitcoin Cash Wallet in 4 New Markets appeared first on Bitcoin News. View the full article

The Spanish government has approved a draft anti-fraud law that, among other things, will require investors in cryptocurrencies such as bitcoin cash to declare all of the assets they hold at home and abroad, according to local media reports. The intention is to ring-fence taxes and prevent tax evasion, particularly on an asset class that until now has appeared to be exempt from regulatory oversight. Also Read: Genesis Global’s Bitcoin Loans Hit $553m in 6 Months Citizens to Report Domestic and Overseas Holdings María Jesús Montero, the Spanish minister of finance, said on Oct. 19 that under the proposed legislation, Spanish citizens will have to clearly identify themselves and their cryptocurrency holdings. She added that citizens holding digital currency investments outside of the country will also be expected to report their investments to the Spanish authorities every year. María Jesús Montero “It is stated as mandatory that people and companies inform the Tax Agency about this operation,” the Madrid-based daily newspaper ABC has quoted Montero as saying. The Spanish Council of Ministers, which is chaired by Prime Minister Pedro Sánchez, has approved the draft legislation. If the bill is passed into law, cryptocurrency investments will become subject to the country’s 720 disclosure form, a stringent tax reporting system that primarily targets the overseas investments of Spanish citizens. Under this model, taxpayers can face stiff penalties of up to €5,000 ($5,740) for every inaccurate or false detail they report on their earnings, according to Bloomberg. Cautious on Crypto The regulation of cryptocurrencies in Spain remains somewhat opaque, which is broadly reflective of wider sentiment throughout the European Union. Profits from cryptocurrency transactions are currently taxable under legislation covering matters related to individual income taxes. However, the country’s General Directorate on Taxation has established that transactions involving bitcoin are exempt from value added taxes. Cryptocurrency mining isn’t taxed either, but it remains unclear whether that might change. The Spanish central bank and Comisión Nacional del Mercado de Valores, the country’s securities regulator, issued a statement in February stating that bitcoin and other digital coins are not legal tender. They also warned investors against the risk of fraud or potential losses from such investments. What do you think about the Spanish draft bill on the disclosure of cryptocurrency investments? Let us know 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 Spain Approves Bill Requiring Disclosure of Cryptocurrency Assets appeared first on Bitcoin News. View the full article

The hype surrounding blockchain and cryptocurrency has simmered to a dull roar. Last December, the markets spiked as traders drooled over the thought of lining their pockets. They believed they would be billionaires. They had erotic dreams of lambos, mansions, hookers and blow. Many of them embraced a get-rich-quick, shit-brained mentality. They put speculation over philosophy. The majority of them got financially destroyed for their greed. In their fragilista-like thinking, they either forgot the purpose of the technology or came into the space without acknowledging the crypto-anarchism that created it. Also read: Markets Update: Stable Cryptocurrencies and Unstable Pegged Coins Novel Technology Is Fueled by Hype Anyone who has studied technological trends could have predicted what happened. Any novel technology is originally fueled by hype. When the technology emerges, new entrants see dollar signs. They want to exploit the technology to get rich. These people are pseudo-entrepreneurs or unprincipled traders. They don’t give a damn about changing the world, much less simplifying life for the average person. There is nothing wrong with earning money or getting rich. That is what the capitalist spirit and entrepreneurial drive are all about. However, if people’s sole focus is to just to make money, they are doomed to failure. There has to be an underlying drive or motivating purpose. Without that fundamental principle guiding the entrepreneur, people are likely to go broke, fall prey to scams, or simply get rich but be unhappy. Amara’s Law There is an explanation for why early technologies succumb to bad actors and people with unwholesome motivations. Amara’s Law provides an apt summation. The law states: “We tend to overestimate the effect of a technology in the short run and underestimate the effect in the long run.” This overestimation of technology’s effect is accompanied by the fraudsters, pseudo-entrepreneurs, and other unsavory types. When technologies emerge, people take advantage of the newness; they take advantage of the newbies. In this timeframe, there is a swirl of misunderstanding surrounding the tech, and this is fertile ground for the creation of victims. Scam victims. The victims of hype. And victims of greed. In this regard, “overestimation” is a synonym for “hype,” which leads to bad behavior and avarice within the industry. Consolidation: Weeding out the Bad Actors and Scam Artists However, in the long term, the ecosystem naturally weeds out the bad actors. Many of them get thrown in government cages. The projects that aren’t scams simply fail, and much of the greed begins to dissipate as reality sets in. This is a consolidation phase. In the cryptocurrency environment, this consolidation phase is propped up by self-governance. Currently, the crypto ecosystem is trying to discover ways to promote self-governance, rather than locking people in cages. This means developers are considering platforms to help vet companies within the space. Indeed, the community must fashion an environment of self-governance to stymie politicians and bureaucrats. Many in the ecosystem pontificate on the evil nature of scams and money grubbers, but then they vie for government to come solve all the problems. This is muddy thinking, and it verges on hypocrisy. If a person loathes fraudsters, the last thing they are going to do is invite government goons into the melee. Government is one of the largest criminal organizations and conduits of fraud to ever exist. Summoning them would be like calling a murderer to prevent murder. It makes zero sense. Reawakening to the Purpose of Cryptocurrency People must acknowledge where cryptocurrency came from. They must recall the past in order to make decisions for the future. If they want to get lost in the hype, they should at least do some research on the cypherpunks and crypto-anarchists. Crypto-anarchy was the underlying motivating factor. It’s the reason for this technology. In the long term, I don’t believe people will underestimate the technology via Amara’s law. The fact crypto was built to undermine the state apparatus is an idea that can never be underestimated, and thus people will begin embracing it. The beautiful thing about cryptocurrency is it changes people’s psychology. It teaches them about sound money, by rewiring their brain. It also reminds them they own themselves, and that no one deserves to extort the fruits of their labor. The crypto-anarchist dream, then, is the real source of hype – not all the speculation and ramblings about getting rich. Do you agree that crypto-anarchism should be the real driving force of cryptocurrency adoption? Let us know in the comments section below. 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 The Death of Hype, Amara’s Law and the Crypto-Anarchist Dream appeared first on Bitcoin News. View the full article

In today’s edition of The Daily, we look at a strategic investment that could help Binance to establish a fiat-to-crypto exchange in Singapore. We also focus on a new service that digital payments platform Uphold is launching to lend funds to its clients, as well as a cryptocurrency-backed prepaid card that’s coming to the U.S. market. Also Read: Report: Cryptocurrency Job Market Continues to Grow Vertex Ventures Invests in Binance Vertex Ventures, the venture capital unit of Singaporean sovereign wealth fund Temasek Holdings, has announced a strategic investment in Binance. As part of the deal, the two sides will jointly set up Binance Singapore to expand into the region. The undisclosed investment will also support the development of a fiat-to-crypto exchange in Singapore, as well as other fiat-to-crypto onramps throughout Southeast Asia. “Vertex has an experienced team of investment experts in the region and a strong track record of supporting innovative startups that address real world, practical issues,” said Binance CFO Wei Zhou. “We look forward to building up the blockchain ecosystem and working with all stakeholders in Singapore to support continued innovation in the local fintech space.” Binance plans to launch a fiat-to-crypto exchange in Singapore by the end of this year, CEO Changpeng Zhao said in September. The planned exchange will have to follow KYC/AML procedures, in accordance with local regulations. Uphold Offers Earn and Borrow Products Uphold, which acquired a regulated broker-dealer in June, has launched two new products for its clients powered by crypto-backed lending platform Cred. With Uphold Earn, clients who purchase the company’s new stablecoin, Universal Dollar, will be able to earn interest on their holdings. Uphold Borrow, meanwhile, will allow clients to secure revolving lines of credit of more than $200,000, with their digital assets to be used as collateral. The company is promising that the stablecoin at the heart of the plan, Universal Dollar, will be backed one-to-one with the greenback, with reserves to be held at U.S.-domiciled banks that are insured by the Federal Deposit Insurance Corp. The company has said that holders can also nominate beneficiaries who will be able to “call” the assets on prolonged account dormancy as a safely precaution. “Uphold Earn and Borrow mark the first time that we’ve seen fiat currencies, stablecoin currencies and blockchain working together to benefit a mass consumer market,” said JP Thieriot, co-founder and CEO of Uphold. “Traditionally, the average consumer has been wary of digital currency for two reasons: volatility and a fear that, if they lose their key, they lose their money. Universal Dollar helps solve for both of these problems.” Wirex to Enter U.S. Market U.K.-based cryptocurrency card issuer Wirex, which recently registered as a Money Service Business in Canada, now has its eye on the U.S. market. The company has teamed up with i2c, a payments processing technology provider, to launch a prepaid card backed by multiple cryptocurrencies in the country. The card will allow U.S. consumers to convert and spend their cryptocurrencies wherever payment cards are accepted, including bricks-and-mortar retailers. The cards will also be accepted at online shops and will support fiat withdrawals from ATMs. “Our data shows that cryptocurrency adoption is increasing in retail environments. Somewhat surprisingly, McDonald’s takes the top spot when it comes to spending on the Wirex cards amongst European users, followed by major grocery stores,” said Vroon Modgill, CEO of Wirex North America. “The relationship with i2c will enable Wirex to be the first crypto-friendly payment platform to offer this innovative service in the U.S.” What do you think about today’s news tidbits? Share your thoughts in the comments section below. Images courtesy of Shutterstock. Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com. The post The Daily: Binance to Expand in Singapore, Uphold Launches Loan Service appeared first on Bitcoin News. View the full article

Herman Gref, the former Russian minister of economics and trade and the current CEO of Russia’s largest bank, Sberbank, recently articulated his expectation that cryptocurrency will have a profoundly transformative effect upon society in coming decades. Despite his longer-term outlook, Gref also expressed his belief that cryptocurrency and distributed ledger technology still needs up to five years to mature. Also Read: Russian Lawmakers Drop ‘Mining’ References in Digital Assets Bill Sberbank CEO Believes Nation States Will Seek to Limit Crypto While speaking at the Finopolis forum on innovative financial technologies, Gref expressed his expectation that nation states will seek to restrict the influence of cryptocurrencies in the near term, stating: “Do I see a great future in cryptocurrency? Not yet seen, the state will not give up its centralized role, will not allow cryptocurrency.” Despite emphasizing his doubt that national governments will soon embrace crypto, Gref expressed optimism regarding the longer term outlook for cryptocurrencies, stating: “I’m optimistic about 10 years. Maybe 10 years will be visible beyond the horizon, but so far it’s not likely that any state is ready to part with the centralized money supply model.” Gref also stated that he is in favor of “a distributed model [regarding] money supply,” adding: “maybe [cryptocurrency] would be the right model.” Gref Describes Cryptocurrencies’ Potential as “Huge” The former economics minister argued that the technology underpinning cryptocurrencies still needs up to five years in order to develop, stating “The technology is not ready now. When will it be ready? In my opinion, three to five years. If you ask me in five years, maybe I can say something more distinct about its place, but the potential is huge.” Expanding on his expectations for the potentiality of crypto, Gref predicted that once the technology has matured, cryptocurrencies will have a transformative effect upon “business and society.” “Improving technology will give a huge value for business and society. Now the hype has ended and a more balanced consideration and evaluation of this technology has begun. We are developing and are experimenting with technology. I see that, in particular, in the financial sector and in public administration this technology has great prospects,” he stated. Gref also argued that a cooling of the speculative frenzy recently surrounding the crypto markets is a positive signal for the fundamental development of cryptocurrencies, stating: “It is important between the murder and the rise of speculation to find the golden mean, which will allow you to quietly develop the technology.” What is your response to Gref’s outlook regarding crypto? Share your thoughts in the comments section below! Images courtesy of Shutterstock, Wikipedia 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 Sberbank CEO Sees Huge Potential for Cryptocurrency appeared first on Bitcoin News. View the full article

Japan’s top financial regulator, the Financial Services Agency, has exclusively shared with news.Bitcoin.com the details of its first-ever roundtable on cryptocurrency oversight. Regulators from over 15 countries participated in the event to share information and discuss cryptocurrency regulatory issues. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Crypto Roundtable for Global Regulators The Japanese Financial Services Agency (JFSA) recently hosted its first-ever international cryptocurrency roundtable. The event was entitled “Roundtable on supervisory oversight of crypto-assets — recent developments and challenges going forward.” The agency described, “The roundtable brought together relevant financial supervisors and international organizations, providing a useful opportunity to share experiences and discuss issues of crypto-assets, which could contribute to strengthen international cooperation.” The JFSA told news.Bitcoin.com on Thursday: In the future, we want to hold this roundtable on regular basis … JFSA considers it important to share information with respective regulatory authorities and to build on supervisory cooperation in order to prevent money laundering because of the borderlessness of crypto-assets. According to the agency, participants have expressed their willingness to participate in similar roundtables in the future. Furthermore, the agency clarified, “The purpose of this roundtable is not to reach agreements on any new laws and regulations but to share information on challenges faced by respective regulatory authorities and regulatory frameworks as well as to co-operate and work internationally.” Sharing Information With Over 15 Countries Four main issues were discussed by roundtable participants, the JFSA detailed. Firstly, recent crypto-related technological developments and challenges were discussed. Secondly, the regulators shared their thoughts on the supervision of cryptocurrency trading platforms. The third topic of discussion was about “possible areas of international cooperation,” followed by the final topic of “investor protection and market integrity.” Without identifying specific countries that participated in the first roundtable, the JFSA confirmed to news.Bitcoin.com: More than 15 countries’ financial supervisors and international organizations have participated. Recently, the Securities and Exchange Board of India (SEBI) wrote in its annual report that it sent officers to Japan and a few other countries to discuss cryptocurrency and initial coin offering regulations. South Korea also previously said that it had been cooperating with the Japanese regulator on crypto-related matters. Regular Study Group Meetings The Japanese regulator is also hosting regular study group meetings to discuss various crypto regulatory issues, particularly those concerning the regulation of cryptocurrency exchanges. The seventh study group meeting took place on Friday, Oct. 19. Among the main topics of discussion was derivatives trading with cryptocurrencies as the underlying assets. According to the Japan Virtual Currency Exchange Association (Jvcea), a self-regulatory organization, margin trading accounted for about 80 percent of all total cryptocurrency transactions in Japan last year. It was also noted at the meeting that some crypto exchanges offer 25x leverage which could lead to significant losses for investors. The association has proposed a self-regulatory measure of limiting the leverage to 4x. The association, whose members comprise all 16 regulated cryptocurrency exchanges in Japan, is currently waiting for certification from the JFSA to be able to enforce self-regulatory rules on its members. Also discussed at the meeting was the issue of whether there should be a deadline for deemed dealers – the exchanges that have been allowed to operate while their applications are still being reviewed by the JFSA. For example, if they are not able to meet the registration requirements after three years, they may lose their deemed dealer status, according to one suggestion at the meeting. Currently, there are three deemed dealers in Japan: Coincheck, Lastroots, and Everybody’s Bitcoin. What do you think of the Japanese regulator hosting crypto regulatory roundtables? Let us know in the comments section below. Images courtesy of Shutterstock. Need to calculate your bitcoin holdings? Check our tools section. The post Japanese Regulator to Host Regular Global Cryptocurrency Roundtable appeared first on Bitcoin News. View the full article

After delivering 10nm semiconductor technology, the electronics giant Samsung has announced the firm’s foundry has started production of its EUV-based 7nm LPP process. Lately, Bitcoin mining rig manufacturers have added more pressure to the significant global demand for high-performance chips. At the moment there are only a couple of foundries producing them. Also Read: Bitmain Offers Wi-Fi Routers Mining Cryptocurrencies Samsung Announces Commercialization of Its 7nm Process Node Samsung has announced it has completed all the processes involved with the 7-nanometer LPP (Low Power Plus) with extreme ultraviolet (EUV) lithography technology. Now the Korean company has started the wafer production for these next-generation semiconductors. 2018 has seen a lot of sophisticated semiconductor technology, as some of the world’s leading manufacturers have been producing 10nm and 7nm chips for companies worldwide. Over the last year, bitcoin mining rig manufacturers from all around the globe have been in need of these high-performance chips. For instance, Canaan, Bitmain, Ebang, GMO and other firms have announced the production of a few sets of new mining rigs that utilize either 10nm or 7nm semiconductor technology. Some of the mining companies have revealed the firms are either working with the Taiwan Semiconductor Manufacturing Company (TSMC) or Samsung when it comes to building these new machines. This past August, Globalfoundries announced it had decided to stop its 7LP (7nm) fabrication processes. Samsung’s latest announcement should help ease demand for these chips with the commercialization of its newest process node. Charlie Bae, the executive vice president of Samsung’s foundry sales, explained during the announcement that the production will not only help mobile and high-performance computing (HPC) technology “but also for a wide range of cutting-edge applications.” “This fundamental shift in how wafers are manufactured gives our customers the opportunity to significantly improve their products’ time to market with superior throughput, reduced layers, and better yields,” Bae emphasized. This year bitcoin mining rig producers such as Ebang, Bitmain, GMO, Innosilicon, Canaan, and others have revealed machines that use 10nm and 7nm chips. Two Firms Now Produce Next-Generation Chips In addition to its 7nm production announcement, the firm also explained that the process will provide customers with confidence that Samsung’s 3nm technology is coming soon. Last June, TSMC, the world’s largest semiconductor manufacturer, announced that its “5nm Fin Field-Effect Transistor process technology” should be ready by the third quarter of 2019. Both TSMC and Samsung are working with different bitcoin mining rig manufacturers but there’s a lot of demand stemming from other technology sectors worldwide. TSMC is producing 7nm chips for the latest Huawei and Apple phones, and Samsung’s mobile phone lineup as well will be using next-generation semiconductors. With all the demand, Samsung adding another manufacturing source for next-generation 7nm chips should help bitcoin mining rig makers get their hands on faster semiconductors. Samsung details that the initial 7nm production has started in its fabrication plant in Hwaseong, Korea. For the past nine months, the firm has been introducing its semiconductor improvements and new EUV lineup at events in Japan, Korea and China. The 7nm production announcement was revealed to Samsung’s European investors at the last 2018 Foundry Forum event held on Oct. 18 in Munich, Germany. What do you think about Samsung announcing it has started wafer production on next-generation 7nm semiconductors? Let us know what you think about this subject in the comments section below. Images via Shutterstock, and Samsung. At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even look up 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 Samsung Begins 7nm Chip Production appeared first on Bitcoin News. View the full article

On Oct. 20, Bitmain launched a new firmware upgrade for the company’s Antminer S9 mining rigs that allows for the activation of overt Asicboost. The firm also explained that in roughly one week the company will release overt Asicboost firmware for all BM1387-based models manufactured by Bitmain. The China-based company joins a slew of other cryptocurrency mining organizations that have been overtly processing blocks with the once-controversial Asicboost software. Also read: Markets Update: A Narrowing Range of Consolidation and Lower Trade Volumes Bitmain Miners Will Feature Overt Asicboost Technology Bitmain has revealed the firm’s developers have finished creating a new version of firmware for the company’s Antminer S9 mining rigs. Now, S9s have the ability to use overt Asicboost while mining SHA265-based networks like Bitcoin Cash (BCH) and Bitcoin Core (BTC). Well over a year ago the Asicboost technology was considered controversial, because critics assumed the protocol was being used covertly in a secretive fashion. Asicboost gives mining rigs roughly 20-30 percent more efficiency processing blocks compared to mining devices not equipped with the protocol. Even though many BTC supporters accused Bitmain of using the software in a stealth manner, this has never been proven. Additionally, no other mining pools have been caught using the protocol covertly since the contentious argument against Asicboost optimization began in 2017. Bitmain notes in its recent announcement that the firm had detailed back in April 2017 that its ASIC chip BM1387 already had the ability to process Asicboost. However, because of possible patent infringements and other third-party IP violations, they refrained from using the protocol. “Initially, we decided against activating this mathematical function in mining hardware produced by us, largely because of the legal uncertainty surrounding the use of Asicboost,” the Bitmain blog post details. “As an organization, we didn’t want to violate patent laws or act in any way that was untoward. Instead, we continued to focus our efforts on R&D and building the industry’s most efficient mining chips.” According to data, Asicboost improves efficiency by 20-30 percent. The Use of Asicboost Has Increased Significantly Bitmain states they are now pleased to give Antminer owners the ability to utilize the Asicboost mining advantage and that the technology doesn’t give “any negative impact on the Bitcoin protocol.” Additionally, the mining manufacturer emphasizes that the use of the software is completely transparent and can be noticed on the blockheader of any ‘version-rolling boosted’ blocks. Bitmain also says the firm has sought legal advice across various jurisdictions and the company believes Asicboost technology is not currently, and may never be, officially patented. “By activating Asicboost, our customers’ hardware will increase in effectiveness while the future hardware we make continues to be the industry gold standard — Utilizing this technology will be very beneficial for the mining,” explains the firm’s blog post. Bitmain concludes by stating: Asicboost has the potential to reduce the J/TH cost and increase the total hashrate of the network — By activating this upgrade widely, we are making the Bitcoin network stronger than ever before. Many mining pools have been mining SHA256-based blocks with the overt ‘version-rolling’ Asicboost protocol for months now. According to the data site Asicboost.dance, last week 6.65 percent of the BTC network’s blocks were mined by overt Asicboost mining. That’s roughly 67 version-rolled blocks and about 3.4 exahash a second which stems from the BTC network’s total 58EH/s hashrate. At the time of writing, there are about six pools mining with Asicboost including Slushpool, Ckpool, Poolin, F2pool, Bitclub, Bitcoin.com, and an unknown pool. Blocks processed with overt ‘version rolling’ Asicboost on the Bitcoin Core (BTC) network. It is uncertain whether or not Bitcoin Cash network miners will be using the Asicboost technology going forward, and there is no data showing ‘version-rolled’ blocks on the BCH chain yet. According to Bitmain, in addition to the BM1387-based models getting new firmware, the mining pools Btc.com and Antpool now have the ability to utilize Asicboost. What do you think about Bitmain adding Asicboost to the company’s mining rigs? Let us know what you think in the comments section below. Images via Shutterstock, Asicboost.dance, Pixabay, and Bitmain Technologies. Want to create your own secure cold storage paper wallet? Check our tools section. The post Bitmain Launches Asicboost Firmware Support for Antminers appeared first on Bitcoin News. View the full article

Genesis Global Trading has released a financial report for the third quarter that shows the U.S. cryptocurrency lender provided $553 million worth of digital asset loans. These were issued to corporate borrowers such as hedge funds and trading firms in the form of BTC, BCH, ETH and other cryptocurrencies. Also read: World’s Biggest Banks Helped Clients Steal $63 Billion in Taxes in Europe Institutional Investors Borrow to Boost Working Capital, Short Cryptocurrencies Genesis Global Trading — an affiliate of Los Angeles-based Genesis Capital — said it has $130 million in active loans outstanding, from a total of $553 million in originations, since it started providing digital currency loans to its customers in March of this year. About 50 percent of the total loan portfolio is denominated in bitcoin core, while 25 percent is ethereum loans, according to an online statement published on Oct. 18. Nine other cryptocurrencies, including bitcoin cash, accounted for the remaining 25 percent of the loans it offered throughout the period. The registered over-the-counter digital currency dealer said that borrowers typically use its loans to fund their business operations, hedge derivative investments or to bet that the price of certain cryptocurrencies will fall. “At launch, lending activity was driven largely by speculative hedge funds,” the company said. “BTC loans primarily serviced working capital needs, while ETH loans were primarily used for short interest.” Most of the funds that Genesis Global Trading provides as loans are borrowed from elsewhere at interest rates of between 5 to 7 percent. The company then goes on to charge rates of 10 to 11 percent when it lends, Michael Moro, chief executive officer of Genesis Global Trading, recently told Bloomberg. At the beginning of the third quarter in July, BTC dominated the company’s loan portfolio, followed by ETH. But as the price of ether has fallen more than 80 percent since March, interest in the cryptocurrency has started to decline. BTC Dominates Loan Portfolio as ETH Declines By the end of September, ether accounted for just 3.7 percent of the company’s loan book, while BTC rose to 70 percent. Borrowers took out about 3.5 percent in BCH-denominated loans, up from 1.9 percent three months earlier. Genesis Global Trading said it has observed various changes in the composition of its clients, as well as the way in which they use the funds they borrow. Early in the third quarter, the majority of the company’s loans were used by clients to shore up their working capital, it said. But in September, hedge funds became more active on the short-side and added to their speculative long-term positions. “Trading firms also saw increased opportunities for arbitrage and market-making as derivative liquidity increased across markets,” the company added. “These firms generally borrow digital assets to trade against derivatives like futures and swaps. We believe this kind of activity will continue to pick up as derivative markets mature.” Cryptocurrency loans are emerging as an increasingly viable alternative to borrowing fiat. For example, data from Genesis Global Trading shows that the interest in bitcoin-denominated loans has risen largely on account of the currency’s use as an asset for non-speculative purposes. What do you think about cryptocurrency loans? Let us know in the comments section below. Images courtesy of Shutterstock and Genesis Global Trading. 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 Pulse, another original and free service from Bitcoin.com The post Genesis Global’s Bitcoin Loans Hit $553M in 6 Months appeared first on Bitcoin News. View the full article

Russian lawmakers have dropped the term “mining” from a bill to regulate digital assets, following the earlier removal of references to “cryptocurrency.” In addition, the proposed legislation no longer covers the taxation of mining profits, as such matters will fall under the oversight of the Federal Tax Service. Also read: Despite Setbacks Crypto Wages Still an Option for Russians, Poll Finds State Tax Authority to Determine Taxes on Mining Profits Anatoly Aksakov, head of Russia’s parliamentary Financial Market Committee, announced the latest amendment to the bill, which is expected to regulate Russia’s growing crypto industry, on the sidelines of Finopolis 2018. Roughly 1,500 people participated in the annual event, which is held by the Bank of Russia. Attendees included government officials and representatives from domestic and foreign companies in the financial and IT sectors. Aksakov said that the long-awaited bill, “On Digital Financial Assets,” will not resolve lingering questions about the taxation of profits generated by cryptocurrency mining companies, the number of which increased by 15 percent in the first half of this year. Rather, the Federal Tax Service will have to decide on its own whether it will tax such operations. According to Aksakov, it would not make any sense to refer to mining in the revamped bill, given that it no longer includes any mention of cryptocurrencies. The proposed legislation is scheduled for a second reading in the State Duma following public discussions later this fall. This past spring, three bills were filed in the lower house of Russia’s parliament to establish comprehensive rules and regulations for digital assets, the fintech industry and related sectors such as cryptocurrency mining. However, Russian lawmakers have struggled to synchronize the different legal terms used in the bills. After adopting them on first reading, they decided to postpone the final votes for the fall session. In the meantime, the drafts have been compiled into a single legal framework that differs significantly from the original versions. Few Options on the Table The decision to remove references to “mining” in the draft follows earlier reports that lawmakers had dropped the term “cryptocurrency” from the merged bill. Previously, the law had defined “mining” as the process of creating cryptocurrency, as well as the practice of rewarding entities for validating cryptocurrency transactions. Mining was also recognized as an economic activity that could be performed by both companies and individual entrepreneurs, meaning it would be subject to taxation when an operation’s electricity consumption exceeds certain limits. However, Aksakov noted that Russian officials are no longer thinking about integrating cryptocurrencies into the national economy. “Since we decided we don’t need them, mining is not needed either,” Interfax quoted him as saying. Other reports suggest that Moscow plans to regulate the crypto space in cooperation with the Financial Action Task Force, which is soon expected to present a new set of anti-money laundering standards for cryptocurrencies. Aksakov’s comments came after President Vladimir Putin’s special representative for digital and technological development, Dmitry Peskov, justified the decision to wait for the new standards to be released, pointing to the high risks associated with the nascent cryptocurrency sector. Peskov also recently claimed that the cryptocurrency market is evolving much more quickly than the government can write new laws, and hinted that Moscow might not even adopt comprehensive legislation for the sector at all. If anything, the comments of both officials betray their limited knowledge about cryptocurrencies and the industry that has evolved around them. In truth, very little has changed in regard to the core principles that underlie cryptocurrencies. A decade after the creation of Bitcoin, cryptocurrency is still seen as a decentralized, electronic form of money that can be transferred on a peer-to-peer network. Most politicians fail to understand these principles and the mechanisms like mining that underpin cryptocurrencies. Within this context, the Russian authorities actually have a limited set of options. The centralized state needs to control what’s entering the borders of the “sovereign democracy” built under Putin. Following in the footsteps of China, however, is not what some influential business players want. In contrast to the state-sponsored draft legislation, an alternative bill proposed by the Russian Union of Industrialists and Entrepreneurs not only mentions cryptocurrency, but also grants it special status. What are your expectations about the future of the crypto space in Russia? Let us know 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 Lawmakers Drop ‘Mining’ References in Digital Assets Bill appeared first on Bitcoin News. View the full article