roadrunner

If you’re planning to swap between cryptocurrencies, there is no shortage of options. Many people will use a centralized exchange such as Binance, but there are also non-custodial solutions such as Flyp.me. There are pros and cons to both models in terms of privacy, speed, and value for the money. The following review will focus solely on the latter, with a view to determining which exchange mechanism offers the best value for money. Also read: Four Alternatives to Shapeshift If You’re Regularly Swapping Between Cryptos, Know Your Options When you’re cashing out into fiat, or swapping between cryptos, every satoshi counts. This is particularly true for freelancers who are paid monthly in cryptocurrency and then obliged to cash out a lump sum to cover living expenses. Some professionals who are paid in ETH, for instance, will immediately switch to BTC, before selling what they need to through Localbitcoins.com. For the purposes of this review, we’ll consider the exchange rate when swapping a small amount of ETH to BCH ($100) and a larger amount of ETH to BTC ($2,000). The Small Swap Bitcoin.com superhero t-shirt. Our first fictional freelancer has been paid $100 in ETH, which equates to 0.49 ETH at the time of writing. They wish to swap to BCH so they can spend it on swag in the Bitcoin.com store. We’ll ignore the cost of sending ETH to a custodial or non-custodial exchange in each instance, as at around 4 cents, it’s negligible. Performing the swap using Changelly will give you 0.23482 BCH. Performing the swap using Binance will give you 0.236 BCH (including Binance’s withdrawal fee). In this example, the custodial exchange option will give you 0.00118 more BCH, which is a not inconsiderable $7.40. Pretty significant when you consider that you’re only swapping $100 of crypto. The Large Swap Our second fictional freelancer gets paid $4,000 in ETH a month and immediately transfers it into BTC, with a view to selling some P2P to cover living expenses. At the time of this review, $4,000 works out at 19.4 ETH. As before, we’ll ignore the negligible cost of sending ETH to a custodial or non-custodial exchange. Flyp.me Performing the swap using Flyp.me will give you 0.62216883 BTC. Performing the swap using Binance will give you 0.630679 BTC (once the Binance withdrawal fee has been taken into account). Binance. The Binance method gives 0.00851017 BTC, or $53.35 at current prices, more than Flyp.me. Over the course of a year, swapping $4,000 of ETH for BTC a month through a custodial exchange would save you $640.20. That’s not to say it’s the preferred option of course: many cryptocurrency owners would rather pay a little extra for the added privacy that comes from using a non-custodial service. (While Binance is one of the few centralized exchanges that doesn’t require KYC, it remains to be seen how long it is able to retain that model.) Custodial or Non-Custodial? The examples used in this review cannot be compared side by side, as they involve different non-custodial exchanges (Changelly and Flyp.me) and different destination currencies (BCH and BTC). Nevertheless, they demonstrate the sort of exchange rate to expect when agonizing over a custodial or non-custodial option. Binance clearly offers better value for money, but as a centralized exchange it comes with its own drawbacks. Given the additional wait incurred with custodial exchanges, which tend to process withdrawals in batches, there are clearly times when a non-custodial model will be superior. Know your options and always check the exchange rate being offered before you pull the trigger. What’s your preferred option for swapping between cryptos? Let us know in the comments section below. Images courtesy of Shutterstock Changelly, Binance, and Flyp.me. Need to calculate your bitcoin holdings? Check our tools section. The post Custodial vs Non-Custodial Crypto Swap: Which Offers the Best Exchange Rate? appeared first on Bitcoin News. View the full article

This week Bitcoin Cash (BCH) fans were pleased to hear another well-known merchant is now supporting BCH for payments. The South Korea-based food dispatch platform called Shuttle Delivery now accepts BCH for door-to-door meal deliveries throughout the Seoul region. Also read: Gemini Dollar Code Review Reveals the Stablecoin’s Accounts Can Be Frozen Food Service Shuttle Delivery in South Korea Now Accepts Bitcoin Cash People visiting and residents of the Seoul region in South Korea can now use bitcoin cash to pay for tasty cuisine delivered straight to their door. The firm, Shuttle Delivery, is a South Korean food delivery platform that people can use to order meals with their mobile devices. The application is available in Korean and English and for both Android mobile phones and iOS as well. Shuttle Delivery not only accepts traditional credit cards and Paypal but yesterday, on September 16, a website update revealed that it offers full bitcoin cash acceptance. The Shuttle Delivery application connects BCH users in South Korea to 200+ local restaurants. “Shuttle Delivery provides delivery services from a variety of Seoul’s best restaurants,” explains the company’s website. “So you can enjoy the best food in the comfort of your home, office, or wherever you happen to be! We offer a fully bilingual service where customers can place orders in either English or Korean (한국어).” On September 16, Shuttle Delivery in South Korea added Bitcoin Cash to their website. ‘Buying Food for the In-Laws Without Kissing Visa’s Ring’ The wide variety of restaurants available to order from using Shuttle Delivery includes local Korean, American Grill, Italian, Indian, Vegetarian, Turkish, and European food. Shuttle Delivery is a bilingual service in English and Korean (한국어) BCH fans on r/btc were elated to hear about Shuttle Delivery accepting bitcoin cash for door-to-door food delivery. One BCH supporter writes that they are pleased to not have to use a credit card to buy food for relatives. “This is nice,” says the BCH proponent u/ricardotown on Reddit. I can now internationally buy food for my in-laws without kissing Visa’s ring. Shuttle Delivery in South Korea is not the only meal transport service that accepts bitcoin cash. The platform Takeaway.com also accepts BCH which and it connects over 30,000+ restaurants throughout Europe and Vietnam to bitcoin cash customers. This includes the well-known online German food marketplace Lieferando.de, a subsidiary of Takeaway. What do you think about Shuttle Delivery in South Korea accepting bitcoin cash for payments? Let us know what you think about this subject in the comment section below. Images via Shutterstock, and Shuttle Delivery in South Korea. Want to create your own secure cold storage paper wallet? Check our tools section. The post Seoul-Based Food Delivery Service Now Accepts Bitcoin Cash appeared first on Bitcoin News. View the full article

The northern part of the Australian state, Queensland, is bustling with cryptocurrency energy. The region is extremely passionate towards one specific decentralized peer-to-peer electronic currency — bitcoin cash (BCH). Also Read: Netherlands’ Largest Bank ING Group Fined $900M for Money Laundering North Queensland Bitcoin Cash Merchant Adoption Expanded 52% Last Month Over the last few months, a few bitcoin cash proponents have been spreading a lot of BCH adoption in the North Queensland region in Australia. North Queensland is a very large area with its own distinctive regional character within the massive state of Queensland. Anyone who frequents the Reddit forum r/btc, have probably noticed many posts showing BCH adoption taking place in the region. North Queensland has its own Bitcoin Cash meetup, it’s home to the country’s first BCH-only automated teller machine, and right now the area has a lot of BCH accepting merchants. This week, using the mobile application Marco Coino, BCH fans have noticed that merchants in the state of Queensland now total 73 businesses with 33 merchants in the northern territory. Australian Laundries were added to the lineup of bitcoin cash accepting merchants this week. Bitcoin Coffees, Tattoo Removal, Fitness facilities, Auto Repair, and More There’s a variety of coffee shops that accept BCH such as the Alt Brew, the Coffee Pedlar, and The Flying Turtle. Visitors and residents of the North Queensland region can choose from a wide variety of merchants that offer a large assortment of products and services. BCH supporters in North Queensland can use BCH to pay for art and clothing at Elements Studio, get a workout at Strand Crossfit & Fitness facilities, or maybe remove that unwanted tattoo at Eraza Laser Tattoo Removal. Bitcoin cash supporters are big fans of being able to purchase coffee with BCH and there are plenty of places available to grab a specialty cup of java at cafes like Swagger and Jaxx Barber and Coffee, Alt Brew, and The Flying Turtle Coffee Shop. North Queenslanders can also pay for auto repair at RJ’s Mechanical, or choose from a variety of consultancy services as well. There are many more merchants in the region and if one was to venture beyond the northern region down below near Brisbane Airport there are 40 more BCH accepting merchants as well. You can read about bitcoin cash in the local North Queensland paper. Concentrating on Just Bitcoin Cash Allows Merchant Groups to Eliminate a Large Amount of Customer Confusion Nearly every week there’s been a forum post with a picture of BCH merchants in the area submitted by one of the members of the North Queensland BCH crew and there’s a Twitter handle called Bitcoin Cash NQ as well. Furthermore, news.Bitcoin.com reported last week during our BCH roundup about the North Queensland ‘Country by day Rock by Night’ rock festival taking place this October. The event will feature Troy Cassar-Daley, and the McClymonts, and people who pay with BCH will get a discount. The North Queensland Bitcoin Cash Mobile and the region’s BCH only automated teller machine (ATM). Additionally, one of the BCH proponents from the area explains on Reddit why so many merchants are sticking with bitcoin cash only. “Many merchants in North Queensland are choosing to accept only bitcoin cash — North Queensland is also seeing the appearance of bitcoin cash only ATMs — As these merchants are well informed and well organized, why are they choosing to concentrate on bitcoin cash for their electronic commerce needs,” explains the post. Concentrating on just bitcoin cash allows the North Queensland merchant groups to eliminate a large amount of customer confusion and more easily provide technical support for their merchant members. What do you think about all the BCH accepting merchants in North Queensland? Let us know your thoughts on the subject in the comment section below. Images via North Queensland BCH community, and the r/btc forum. 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 North Queensland is Becoming a Hub of BCH Accepting Businesses appeared first on Bitcoin News. View the full article

Governments. Can’t live with them, can’t live without them, right? From first world countries to war-torn hellholes, bemoaning politicians is de rigueur. Yet for all their flaws, we tend to view our elected officials as a necessary evil, for if they weren’t in office, the country would descend into anarchy. At least that’s what we’ve always been told. The history books, however, would demur. Also read: Japanese Regulator Unveils Crypto Regulation Updates Less Laws, More Living 589 days. That’s how long Belgian residents were forced to live without an elected government between 2010 and 2011. Due to disagreements between the Flemish and Walloons, a coalition could not be formed. While the two parties fought out their many differences, a former prime minister oversaw a bare bones government that handled the basic day-to-day operations. Apocalyptic predictions abounded of what would happen to the rudderless country. A debt crisis would be inevitable, doom-mongers asserted. The fallout would affect Europe, they foretold. There would be anarchy. Chaos. Blood in the streets. In the event, the reality proved to be more banal. Nothing happened. Life went on as normal. And, by the time Belgium had entered the record books for its 589-day governmentless stint (a feat recently surpassed by Northern Ireland) its people had learned a lesson: the solution to better government might actually be less government. The Creeping Hand of Big Government Government can be likened to the bezel surrounding your smartphone screen: you want it to be as small as possible – ideally invisible. The invisible hand of government, with its system of checks and balances, is meant to serve the people through providing justice for all and supporting the most disadvantaged members of society. So how did we reach a state of affairs where the people are instead serving their government? Bloated civil service, ballooning government expenditure and a creeping barrage of laws have resulted in a top-heavy, tax-heavy behemoth that takes from the lowest rungs of society to prop up the top. Libertarians catch a lot of flak for their idealistic dream of small government that largely leaves the populace alone. The idea isn’t that radical though; all its advocates are rooting for really is a return to the low taxation, low governance model that was the norm until the mid 20th century. Following decades of intrusion into every last facet of our lives, however, rolling back the clock, repealing the laws, and downsizing the number of elected officials is untenable to those who’ve come to rely on government handouts, from the feckless claiming lifelong benefits to the fat cats, bloated off government contracts awarded by their cronies. Government is the world’s biggest ponzi scheme. People Are Fragile. Bitcoin Is Antifragile We think of them as sprawling, soulless entities, but what is a government but a collection of people armed with a mandate to make themselves known? And that’s where the problem begins. Every newly elected government believes its first role, upon entering office, is to stamp its authority. This means rushing through a slew of laws within the magical First 100 Days. Like a newly appointed middle manager compelled to stamp their authority, governments just can’t resist governing. They are whores for laws, enacting legislation with wild abandon, and all the while seeking ways to further entrench their power. Bitcoin is, in many ways, the antithesis of statism. It is a form of money that removes power from governments and distributes it far and wide. Without the ability to print, debase, and devalue national currency, governments would be stripped of the means by which to implement their spurious laws and senseless schemes. For all its promise, however, Bitcoin is not about to take over the world any more than libertarianism is about to become the dominant political ideology. But what Bitcoin does is introduce a check against the worst excesses of government. Less government. More Bitcoin. When your government inflates the national currency so much it causes hyperinflation. When it spies so much it starts trying to backdoor encryption. When it meddles so much it demands full KYC for the most mundane transactions. When it taxes so hard even law-abiding citizens start seeking ways to hide their wealth. When government exceeds, Bitcoin is there. Not as a panacea or a cure-all, but as a protection against the most egregious fiscal policies and privacy invasions. And unlike government, Bitcoin is optional. It’s sound money for those smart enough to appreciate it. To its proponents, the solution is simple: Less government. More Bitcoin. Do you think government overreach has gone too far? 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 Secret to Better Government Is Less Government appeared first on Bitcoin News. View the full article

Wirex, the popular European crypto card provider, has announced it’s expanding to Canada and we have the details covered in The Daily. Also in the rubric, the Coin Stats mobile app now synchronizes transactions from several exchanges, a coin claiming to have AML and KYC features is listed on a major exchange, and the UK government is asked about its assessment of recent crypto market developments. Also read: Binance Tests Fiat Exchange, Russians Mull Crypto Platforms Wirex Offers Crypto Wallets in Canada, Cards on the Way UK-based crypto card issuer Wirex is expanding its operations to North America. In August, the company was awarded a Fintrac and Money Service Business registration by regulators in Canada where users can already take advantage of its wallet supporting several cryptocurrencies: bitcoin core (BTC), litecoin (LTC), ripple (XRP), and ethereum (ETH). According to a blog post published recently, the company intends to next introduce traditional currency accounts and contactless Visa cards. Wirex plastics allow their holders to convert and spend cryptocurrency just like fiat money, both in shops and online. Their users can also benefit from the platform’s reward program offering 0.5% cashback in BTC on all in-store purchases. The Wirex team notes that although the UK and the US are ahead in the rankings for traditional blockchain adoption, Canada leads the way when it comes to Ethereum technology implementation. They also point out that the country is currently second only to the US in terms of the number of operational bitcoin ATMs – more than 600 across the country. Coin Stats Now Syncs Transactions From Binance, Bittrex and Kucoin Cryptocurrency portfolio management software Coin Stats has announced the release of new updates for its Android and iOS apps, available in Google Play and Apple Store. The main changes include the option to synchronize past transactions from several exchanges. Support for Binance, Bittrex and Kucoin is currently provided and developers promise to expand the list in the future. Coin Stats also comes as a web-based application. According to a post on Medium detailing the updates in the app, “You can make it sync your past transactions of all of your portfolios by enabling the toggle in the update popup below. Please note, your Profit/Loss will most probably change but it will become more precise.” Another novelty is that the detail pages of some coins are now styled with the brand colors of the respective project. AML Bitcoin Listed on Hitbtc AML Bitcoin (ABTC), a cryptocurrency advertised as the coin with anti-money laundering (AML) and know-your-customer (KYC) technology built into its code, has been listed on Hitbtc, currently the sixth largest crypto exchange by daily trading volume. According to Marcus Andrade, Chief Executive Officer of NAC Foundation and creator of the crypto, “The tectonic shift by the world’s governments in the past year shows the urgent need for a digital currency that can both attract the crypto community and be used in commercial and governmental transactions. We are that coin!” The US-headquartered NAC Foundation, which is the developer of ABTC, also claims the coin boasts some theft-resistant properties. The team behind the project insists AML Bitcoin is compliant with all major national security and financial protection laws and regulations, including the USA Patriot Act and the Bank Secrecy Act. British Government Questioned About Recent Crypto Swings The executive power in London has been facing a lot of questions pertaining to cryptocurrencies, with the latest one coming from Lord Taylor of Warwick, who asked Her Majesty’s Government about their assessment of the reports that “the value of cryptocurrencies in the United States is falling” as well as “the potential effects that such a decline might have on the UK blockchain industry.” It turns out not much has been done in that direction. “The Government has not made a formal assessment of any potential implications of recent changes in the value of cryptocurrencies. However, the Government continues to monitor developments in the cryptocurrency market,” Lord Bates, Minister of State at the Department for International Development, said in a response quoted by Finance Feeds. The exchange comes while the British public is awaiting a report this fall from the Cryptoassets Taskforce, formed in March by the Chancellor of the Exchequer to evaluate the risks and potential benefits of cryptoassets and other applications of the underlying distributed ledger technology in financial services in the United Kingdom. The body is also charged with determining whether and what kind of regulatory approach is needed to address the developments in the crypto space. Prices across crypto markets have recently experienced a short term recovery after plunging between 10 and 20 percent for most digital coins last week. Check our latest Markets Update to get more details on the latest developments. What are your thoughts on today’s news tidbits? Tell us 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 The Daily: Wirex Expands to Canada, Coin Stats Syncs Exchange Transactions appeared first on Bitcoin News. View the full article

According to Fundstrat analyst Sam Doctor, it appears Bitcoin Core (BTC) hashpower has doubled since just before the start of summer. That figure is impressive considering the lingering and deep bear market. “Even with upgrades to existing equipment, implies almost 1GW of new power consumption vs 5.2GW in May ’18m” Mr. Doctor tweeted. “Breakeven now $7,300 ($5,300 cash BE) vs. $6,000 in May.” An exchange report confirms miners might also be accepting lower shorter term gains in favor of market position. Also read: A Decade After Lehman Brothers Died: Mises, Satoshi, Bitcoin, and Wall Street Worship BTC Hashpower Doubles Since May in Bear Market As indicators go, increases in the BTC difficulty and hashrate are considered pluses, potentially adding robustness and resilience to the network. That miners might be continuing to plod along in a bear market, and in the face of huge price drops and their own profits, could signal better days for all, concerned proponents are concluding. One theory about why this might be occurring comes from crypto exchange Bitmex. They claim powerhouse mining operations such as Bitmain have welcomed market prices bottoming out, as it pushes out weaker hands and helps increase its relative position. “These low prices are likely to be a deliberate strategy by Bitmain,” the exchange explains, “to squeeze out their competition by causing them to experience lower sales and therefore financial difficulties. In our view, herein lies the key to one of the main driving forces behind the decision to IPO. A successful IPO may increase the firepower available to continue this strategy and eliminate an advantage rivals could have by doing their IPOs first.” Bitcoin Core hashpower has gone up 2x since May, and in the face of a brutal, near 70% percent price slide. That’s being claimed by Fundstrat, the favorite Wall Street investment firm of the cryptocurrency community, if media sourcing is to be believed. Its head, Tom Lee, is often put forward as a bullish pundit for crypto. “Despite BTC bear market,” Fundstrat’s analyst Sam Doctor tweeted, “hashpower doubled since May to 57 EH/s – Even with upgrades to existing equipment, implies almost 1GW of new power consumption vs 5.2GW in May ’18. Breakeven now $7,300 ($5,300 cash BE) vs. $6,000 in May.” Bitmain Reportedly Gaining Market Position BTC mining difficulty will be lowered, should the amount of hashpower drop. The inverse, of course, is also true: it becomes harder for miners to find blocks when the difficulty rises, which means miners will earn less. On top of that, BTC rewards change about every four years, and thus mining revenue is at the mercy of mining difficulty and its volatility. So it’s not too controversial to expect that as BTC’s price has plummeted, along with mining revenue, the hashrate would follow as well. Mr. Doctor is suggesting otherwise. In fact, in a little less than half of a year, miners seem eager to not pack up or slow. They seem to be accepting less profit. Seconding Mr. Doctor, Fundstrat head Tom Lee tweeted, “Updated estimates of fully loaded breakeven cost (now $7300 vs $6000 previously) for #btc based on the quant model developed by our quant/data scientist @fundstratQuant #bitcoin @BITMAINtech.” Mr. Lee has long maintained BTC often trades north of two and a half times its mining cost. Mr. Lee terms the “breakeven cost” associated with mining as a support line, a solid bottom, for BTC. Is hashpower doubling in this case a positive sign for BTC? Let us know in the comments below. Images via Shutterstock. 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 BTC Hashpower Doubles During Bear Market as Miners Sacrifice Profit for Position 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. Imagine a perfect world where the advertisement of your brand is shown only to target audience any time they use their phones. The targeting is based on location, gender, education and other characteristics which gives advertisers and brands only real views for real possible clients. The advertising market launches more and more more application that are developed in accordance with brands’ requirements and provide a possibility to set detailed configurations and make promotion process simpler. One of the companies has recently launched a mobile application which is claimed to become the next revolution in the advertising market and we are about to tell you why it worths your attention. According to Statista, there will be 2,5 billion people using smartphones by 2019. Mobile users unlock their phones from 80 to 110 times per day. At the same time, 69% of consumers from 18 to 39 years old use mobile phones for a research of products before purchasing them. Mobile devices automatically become a new channel for brands promotion as people simply cannot imagine their lives without their phones. Applications for smartphones will definitely change the advertising market. What is the new technology? Emarketer research states that $101 billion was spent on mobile ads globally last year which is 5 times more than in 2012. Spendings in this sector will only increase. EasyVisual is an advertising network that before the launch of the app has already had a 3,5 million audience in 190 countries including South Korea, China, Vietnam, Poland, Slovakia, Germany, Ukraine, Turkey, Czech Republic, Israel. The company has made a right choice and decided to use as much potential of smartphones as possible in order to make brands promotion successful and cost-effective. Banners App and its benefits Advertising of cryptocurrencies hasn’t become simpler with the development of the blockchain technology and its fast increasing popularity. Facebook was the first social network to forbid crypto ads. Web giants like Google, Bing, and Twitter have followed by as well. It’s getting more complicated to promote crypto projects and coins, so the advertising market comes up with new ideas and approaches in order to give cryptocurrencies a chance to get audience awareness on the same level as other products and services. One of the ways to solve the existing problem for crypto advertisement is to launch a mobile application. For example, Banners App is based on Android operating system and doesn’t have any ad restrictions for crypto. The app can be downloaded from Google Play and is activated any time a user unlocks a phone. Users indicated their personal information in the app: location, gender, marital status, education, languages, interests, professional achievements, and wellness. The targeting is based on the following characteristics. Besides, users can set the number of times they want to see the ad. By using Banners App brands and advertisers get: • A mobile application based on the leading and more profitable operating system in the market; • Statistical data on advertising campaign: number of real views and a conversion rate of the advertisement; • Payment for real views of the ad that is shown only to the target audience. Thanks to EasyVisual there will be no more useless advertisement and money spent on the promotion will prove its worth. Contact Email Address marketing@easyvisual.com Supporting Link https://easyvisual.com/ 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: EasyVisual Blasts Advertising Market with New Channel for Brand Promotion appeared first on Bitcoin News. View the full article

Japan’s financial regulator has recently unveiled the current state of the crypto regulations in the country. Three crypto operators are currently being reviewed. With 160 companies wanting to enter the space, the regulator plans to add more personnel to help review new applicants. In addition, a self-regulatory plan for crypto exchanges has also been submitted to the regulator. Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals Current State of Crypto Regulations Japan’s top financial regulator, the Financial Services Agency (FSA), published several documents from its fifth crypto study group meeting on Wednesday, September 12. The current state of crypto regulations and exchange registrations were discussed. The agency confirmed that out of the 16 companies that have been allowed to operate crypto exchanges while their applications are being reviewed, only three have survived the agency’s recent inspections. Coincheck, Lastroots, and Everybody’s Bitcoin are currently being reviewed. The FSA reiterated that it is “currently reviewing the work improvement report” of Coincheck and, going forward, it will periodically conduct on-site inspections of registered exchanges. Out of the 16 companies, one was rejected by the agency and 12 others have withdrawn their applications. In addition, approximately 160 companies have expressed their intention to register crypto exchanges, as previously reported by news.Bitcoin.com. FSA Expanding Crypto Team The FSA’s vice commissioner for policy coordination, Kiyotaka Sasaki, said at the meeting that “The biggest problem is how to deal with new operators,” Reuters reported on Wednesday. He noted that the agency currently has 30 personnel whose jobs include monitoring crypto exchanges and traders, supervising unregistered operators, and reviewing registration applications. However, with over 160 companies wanting to enter the market, the FSA is seeking additional workforce to help with reviewing applicants. The agency is requesting 12 more personnel in the financial year 2019 to swiftly respond to crypto exchange operators, the publication conveyed. Plan for Self-Regulation Also discussed at the meeting are self-regulatory rules established by the Japan Virtual Currency Exchange Association (Jvcea). Yasunori Okuyama. Currently, the members of the association are the 16 government-approved crypto exchanges: Money Partners, Quoine, Bitflyer, Bitbank, SBI Virtual Currency, GMO Coin, Bittrade, Btcbox, Bitpoint Japan, DMM Bitcoin, Bitarg Exchange Tokyo, Bitgate, Bitocean, Fisco Virtual Currency, Tech Bureau, and Xtheta. The president of both the association and Money Partners, Yasunori Okuyama, explained to the meeting attendees the long list of self-regulatory rules, Impress Corporation reported. One of the rules relates to the handling of cryptocurrencies at exchanges, which states: When handling a new virtual currency, after conducting an internal review by the member, it is necessary to notify the association beforehand, and if the association gives an objection, it will not be handled. Another rule concerns the management of customer assets. The association explained that extra restrictions have been added such as “measures concerning margin trading using virtual currency” in compliance with the fund settlement law and the administrative guidelines. The leverage limit designated by the association is four times but members can choose their own limit under certain circumstances. The margin trading rule aims to “suppress the risk of loss of users and excessive speculative transactions in leverage transactions using virtual currency,” the association explained. Furthermore, exchanges must have anti-money laundering (AML) and combating the financing of terrorism (CFT) measures as well as rules regarding anti-social forces. Among other rules are ones covering basic transactions, dispute resolution, solicitation and advertising, trading guidelines, ethics and how to handle initial coin offerings (ICOs). While the association says that “the self-regulatory rules will generally be enforced “at an early stage in order to acquire the accreditation of our association,” it acknowledges that some rules may take longer to comply. What do you think of the Japanese crypto regulation and self-regulation? Let us know in the comments section below. Images courtesy of Shutterstock and the FSA. Need to calculate your bitcoin holdings? Check our tools section. The post Japanese Regulator Unveils Crypto Regulation Updates appeared first on Bitcoin News. View the full article

In cryptocurrency exchange news, Coinbase plans to hire 130 additional staff at its New York office by the end of 2019, a recently announced exchange which will be backed EF Hutton has declared that it will launch before January 2019, and Digifinex has announced that it will replace its USDT pairings for TUSD. Also Read: Growing Number of Indian Crypto Exchanges Say Fiat Support Is Back Despite RBI Ban Coinbase NYC Office to Hire 130 Employees Coinbase has indicated that it plans to hire 130 employees at its newly opened New York office by the end of next year. The hirings would bring the number of staff working at the facility to roughly 150. “We have to create a bridge between financial services and technology,” Adam White, the general manager of Coinbase International, stated. “In order to do that, we need to pull from some of the best and brightest minds that have worked their whole careers in other kinds of traditional financial firms.” Mr. White stated that the exchange has continued to grow despite declining trade volume due to increased institutional investment in the sector, stating: “When we saw the market begin to correct, which we all expected, institutions didn’t lose interest. It was exactly the opposite. They look at it as an opportunity to enter when things are not too frothy.” EF Hutton-Backed Exchange to Launch by January EF Hutton has announced that it will be sponsoring a virtual currency exchange, American Cryptocurrency Exchange (Acex). According to a press release, the exchange currently expects to commence trading digital assets by January 2019, and that Acex will comprise “a first of its kind membership exchange in North America.” The chief executive officer of EF Hutton, Christopher Daniels, said: “We are building a unique fintech infrastructure in Arizona that encompasses a large number of brokers and advisors. Acex membership structure benefits every Member firm – all of whom benefit directly from the growth of Acex.” At launch, Acex will support BCH, BTC, ETH, LTC, BTG, ETC, OMG, EOS, DASH, TRX, XMR, VEN, IOTA, ZEC, and TUSD, and plans to list initial coin offerings next year. Digifinex Replaces USDT Pairings With TUSD Digifinex, the 14th largest cryptocurrency exchange by volume according to Coinmarketcap’s adjusted rankings, has announced that it will phase out USDT pairings on its platform. The co-founder of Digitfinex, Kiana Shek, stated: ”I simply don’t believe in Tether,” adding: that she had been “looking for ways to get rid of USDT” for months. Digifinex will first launch TUSD pairings for BTC, ETH, and USDT, with the number of pairings expected to grow as USDT is phased out across the platform. Do you think that more exchanges will seek to phase out USDT pairings in favor of alternative stablecoins? Share your thoughts in the comments section below! Images courtesy of Shutterstock The Bitcoin universe is vast. So is Bitcoin.com. Check our Wiki, where you can learn everything you were afraid to ask. Or read our news coverage to stay up to date on the latest. Or delve into statistics on our helpful tools page. The post Exchanges Round-Up: Coinbase to Hire 130, EF Hutton Backs Acex Exchange appeared first on Bitcoin News. View the full article

Mark Risher, Google’s director of product management, Google Identity, account security, and spam & abuse, recently urged cryptocurrency investors not to brag about their virtual currency holdings online. Also Read: Netherlands’ Largest Bank ING Group Fined $900M for Money Laundering Google Security Expert Cautions Traders Against Boasting Online In a recent interview with CNBC, Google security lead, Mark Risher, cautioned crypto traders against boasting of their cryptocurrency portfolio on the internet. Mr. Risher warned that gloating of one’s virtual riches risks attracting malicious actors such as cyber attackers, citing an uptick in attacks targeting the owners of cryptocurrency wallets. Mr. Risher asserted that many of said attacks can be traced back to a post made by the victim on a public message board – attracting the attention of scammers. “It could just be a case of mistaken identity or guilt by association. They could be using someone who seems to be low value to pivot toward somebody considered a higher value target, like somebody political in nature. Or maybe they saw that you were discussing Bitcoin on a public message board,” he said. Increasing Sophistication of Online Scammers Mr. Risher also warned that social media has increased the sophistication with which many attackers target their victims through allowing scammers to conduct detailed research into the individuals that they target. “You might think of this generic ‘Dear Sir or Madam, I am contacting you to ask you for a favor,’ but the truth is many of these attackers have done some serious research on their victims,” Mr. Risher said. Earlier this year, it was reported that cryptocurrency Youtubers were increasingly becoming targeted by malicious actors. Peter Saddington, the host of the Youtube channel ‘Decentralized TV’, recounted being hacked in late 2017, stating: “You have to be very careful about that stuff as a Youtuber. In my early days of Youtube, I used to show my trades. I learned that was not a good idea.” Mr. Saddington asserts that many Youtubers have “learn[t] the hard way,” stating “We no longer have a bank that we can whine to and say, ‘bank, my mohackney was stolen, give it back to me.’ No. We’re not in that economy anymore. If you lost your Bitcoin that is 100 percent your fault.” What is your response to Mr. Risher’s recommendations? Share your thoughts in the comments section below! Images courtesy of Shutterstock The Bitcoin universe is vast. So is Bitcoin.com. Check our Wiki, where you can learn everything you were afraid to ask. Or read our news coverage to stay up to date on the latest. Or delve into statistics on our helpful tools page. The post Google Security Expert Warns Against Bitcoin Bragging Online appeared first on Bitcoin News. View the full article

A growing number of crypto exchanges in India have announced the return of fiat deposit and withdrawal support despite the crypto banking ban imposed by the country’s central bank. Several other exchanges in the country also allow their users to use Indian rupees to buy and cash out cryptocurrencies through their exchange-escrow peer-to-peer (P2P) services. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Exchanges Say INR Support Is Back Since the crypto banking ban by the Reserve Bank of India (RBI) went into effect in July, crypto exchanges in the country have been deprived of banking services. Many of them subsequently shut down their INR support, disallowing users to make deposits and withdrawals in Indian rupees. The Supreme Court of India is scheduled to hear petitions against the ban next week. However, recently at least three crypto exchanges in the country have announced the return of INR deposit and withdrawal support despite the RBI ban. On Wednesday, September 12, crypto exchange Koinex announced that it has brought back INR deposits and withdrawals through its P2P system, stating: We are happy to announce the revival of INR in the crypto universe through a new peer-to-peer deposit and withdrawal mechanism for INR transactions…Just like the old times, users will be able to deposit and withdraw funds directly from their INR wallets. Another crypto exchange, Coindelta, announced on August 31 that it had resumed INR support. “We have resumed back the INR deposits and withdrawals on Coindelta. Not only this, your old favourite INR markets are back where you can trade with your INR,” the exchange wrote. In addition, news.Bitcoin.com recently reported on another exchange, Giottus, offering a creative way of allowing users to deposit and withdraw Indian rupees using its P2P platform. Other Exchanges With Similar Services The three aforementioned exchanges are utilizing their exchange-escrowed P2P services to facilitate deposits and withdrawals in Indian rupees. Each has its own set of rules including the number of coins supported, the deposit and withdrawal process, and the time it takes to withdraw INR using their systems. There are several other exchanges with similar P2P services that allow users to both purchase cryptocurrencies and cash out in Indian rupees. Crypto exchange Wazirx, for example, recently celebrated its six-month anniversary of launching its P2P service. The exchange claims “We’re seeing our trading volumes increasing every day.” Vouching for the popularity of P2P trading, CEO Nischal Shetty told news.Bitcoin.com “We see more than 1 match per minute on our P2P.” Another exchange, Instashift, has been offering P2P trading of over 80 coins. “Since the last set of RBI related developments in the past couple of months, we have continued to see strong 20-25% growth in trading volumes month on month over the last 2 quarters of our operation,” CEO Rahul Chitale shared with news.Bitcoin.com. Coindcx also offers P2P trading on its Dcxinsta platform. “We guarantee any 50+ cryptocurrencies purchase directly with INR in less than 60 seconds,” CEO Sumit Gupta claims. Other fiat-enabling systems outside of the P2P services are also being used in India such as the Dabba trading system which uses the Telegram messaging app to facilitate the trades. Disclaimer: Bitcoin.com does not endorse or support claims made by any parties in this article. None of the information in this article is intended as investment advice, as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products or companies. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. What do you think of the way Indian crypto exchanges offer fiat support despite the RBI ban? Let us know in the comments section below. Images courtesy of Shutterstock and RBI. Need to calculate your bitcoin holdings? Check our tools section. The post Growing Number of Indian Crypto Exchanges Say Fiat Support Is Back Despite RBI Ban appeared first on Bitcoin News. View the full article

This week Dutch authorities revealed to the public that the Netherlands’ largest financial services provider, ING, had violated numerous money laundering laws because they didn’t scrutinize unusual transactions and certain accounts. Also Read: Public Anger Forces Bank CFO to Quit Over Huge Money Laundering Affair Netherlands’ Largest Bank Admits: “ING Clients Used Their Bank Accounts for Money Laundering Practices for Years” Over the last few weeks, many large financial institutions have been investigated and charged with helping facilitate money laundering. Financial crime prosecutors from the Netherlands have charged the Dutch bank ING with violations, and a $900 million dollar fine because the financial institution unwittingly helped facilitate money laundering. The Dutch police explain its “impossible” to really estimate how much money was actually laundered through sketchy accounts and unusually large transactions. However, Margreet Frohberg the lead prosecutor of the case explained in an interview that “hundreds of millions of euros” were illegally transferred. Moreover, Frohberg explains the money laundering and financing terrorism has been taking place “for years,” and ING did not properly inspect these transfers or examined the accounts to the best of their ability. According to other reports, the money laundering transgressions took place between 2010 and 2016 and some large “unusual” payments stemmed from a firm called Veon (formerly Vimpelcom). Veon is also paying a separate fine of around $795 million to the US for money laundering charges as well. ING has admitted to the financial infractions in response this week, stating: “The shortcomings identified resulted in clients having been able to use their bank accounts for money laundering practices for years”, ING explained. Too Big to Jail & Too Big to Fail: No Evidence of Individual ING Banks Knowingly Aiding the Money Laundering The news also follows the recent $150 billion dollar money laundering probe aimed at Danske bank, Denmark’s largest financial institution. According to reports, the probe also implicated Deutsche Bank and Citigroup over “allegations of massive money laundering flows from Russia and former Soviet states.” ING has detailed it will pay the $900 million but has explained that no individual ING banking institution was aware of the violations taking place. Dutch prosecutors have also confirmed that they had “found no evidence” of ING staff knowingly aiding the money launderers. However, ING’s Chief Executive Ralph Hamers said ten employees were either dismissed or saw their bonuses taken away. “We have made unacceptable mistakes,” Hamers explained to the press this week. “This calls for drastic measures, which we have taken,” he added. 2018 is becoming eerily similar to the years following the economic collapse of 2008, where the world saw the banks pay hundreds of billions in fines, but no bankers were jailed. That year the US Department of Justice and Eric Holder promised bankers would be jailed for the economic crisis that plagued the world. Of course, the globe found out later that the bankers and the political nobility were ‘too big to jail.’ Many people believe the current Danske probe that also involves quite a few more financial giants, and this week’s ING money laundering fines clearly show the economic elite have no problems with paying petty fines, because to this very day the banking giants are still ‘too big to fail.’ After responding to the $900 million in fines for money laundering charges, the Dutch bank ING also detailed that it does not expect to be charged with fines by the Securities and Exchange Commission (SEC) in the US. What do you think about ING paying $900 million in fines for the money laundering charges? Let us know what you think about this subject in the comment section below. Images via Pixabay, Shutterstock, and ING bank. Need to calculate your bitcoin holdings? Check our tools section. The post Netherlands’ Largest Bank ING Group Fined $900M for Money Laundering appeared first on Bitcoin News. View the full article

The European Union has come in for criticism over its repeated attempts to regulate the web. Critics assert that waves of EU legislation are suppressing free expression, impairing the user experience and, most heinously, “killing memes”. The solution, for those who take this view, would appear to be simple: don’t hate on the EU – defy them. Also read: How to Use a VPN in the EU to Access the Uncensored Web Rules Were Made to Be Broken The European Union has the power to make internet laws, and it’s been exercising that right with gusto of late. When it comes to enforcing them, however, its powers all but evaporate. This is an important distinction to note. A lot of the headlines surrounding the passing of copyright laws Article 11 and 13, and the recent GDPR data protection legislation, are hyperbolic. That’s not to say there aren’t valid concerns to be raised over the implications of these laws, but the media, as well as the webmasters obliged to implement the EU’s directives, have missed the point. When you try to visit a US website, as a European resident, and are barred from doing so by a notice blaming GDPR, that’s not the EU. That’s the fault of the webmaster, who has unilaterally decided out of caution, ignorance, or stupidity, to impose a blockade. The EU is not going to come after US websites that fail to display GDPR notices – it has no authority to do so, and no interest in doing so either. The same applies, believe it or not, for websites hosted within the European Union. If you live in the EU, you’re sure to have bemoaned the absolute state of the internet lately. Visiting any website for the first time calls for blindly clicking to remove the GDPR-based privacy notice concealing the page before you can proceed. It’s annoying once; having to do so dozens of times a day is infuriating. Americans and Asians, free from the excesses of the EU, have no idea how good they’ve got it. Many European regions benefit from super-fast internet, but what’s the point in getting online faster, only to waste time clicking through a panoply of pop-ups? Stop Caring About What the EU Says Defiance has always been more effective than protest. Grumbling about the EU’s encroachment into your life won’t fix anything – openly defying them will. This exhortation applies to website operators in particular. Webmasters: take down your pop-ups. Conceal your GDPR notices in the Terms of Use page, where nobody goes. Ignore unjustified Article 13 takedown requests. Get on with doing what you were doing before the EU decided to become internet world police. You won’t have been assailed by a privacy pop-up upon visiting news.Bitcoin.com because we don’t believe in molly-coddling our readers. We believe in Bitcoin, and the principles it stands for: empowerment, self-determinism, free will, and resisting overreaching government dictates. Kowtowing to authorities seeking to tell you what you can do with your internet money and internet platforms is a recipe for more laws and less freedom. Webmasters and web users: unite, keep calm and defy the EU. It’s your internet. Don’t let anyone tell you what to do. Do you think EU laws make the web a better place or a worse one? Let us know in the comments section below. Images courtesy of Shutterstock, and Twitter. 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 Don’t Hate EU Internet Regulation – Defy It appeared first on Bitcoin News. View the full article

From time to time we all need a reminder that Bitcoin is much more than just an asset that can be checked on a daily price chart. Peter Thiel reveals that he believes the “crypto vs AI dichotomy” will shape the future of humanity, presenting us with a choice between a Big Brother totalitarian government and a world of greater liberty. Also Read: Abra App Launches Support for Bitcoin Cash Deposits and Withdrawals Peter Thiel Talks Bitcoin Peter Thiel, the Paypal co-founder and venture capital billionaire known to be long on Bitcoin, has given a lengthy interview on The Rubin Report discussing his views on many subjects. After starting the discussion by refusing to smoke a joint on the air to avoid competing with his fellow Paypal co-founder Elon Musk, Thiel explained that they initially thought about the idea for the company because he was very interested in cryptocurrency and new forms of money for the internet age. For the next two hours or so he discussed many other interesting subjects before finally returning to focus on cryptocurrency. These included his support for now president Donald Trump, investing in Facebook, generational economics, contrarian thinking, the problems with Silicon Valley, sexuality, freedom of the press versus the right to privacy (the Gawker Hulk Hogan sex tape saga), seastanding and much more. AI Big Brother vs Crypto Utopia Thiel explained his view regarding cryptocurrencies, saying: “…on Bitcoin, so if crypto is libertarian, AI is communist. Everyone thinks crypto is libertarian because you have all these ideas about decentralizing money and things like this. Nobody says AI is communist and that’s because we are sort of more conscious of people with different views like libertarian and we are less conscious of people with collectivist views because that’s more the zeitgeist. But I think…the crypto versus AI dichotomy goes to the sort of question about what’s the future of the computer age going to look like. And is it going to be more centralized or more decentralized.” “In history we’ve had these very different pictures [of the future]. In the late 60s, the early Star Trek episodes you had one planet they got to where there was one big computer that ran the whole planet for 8,000 years. And the people didn’t have any thoughts. They were all docile, kind of happy. Nothing ever happened and that was what the people thought the future would be in the late 60s. That was in the late 60s when we had centralized big computers. In the late 90s, it was going to be crypto, to be decentralized. The internet was going to split up all these sorts of structures.” 68 was centralized, 98 was decentralized, in 2018 in some ways the pendulum has swung back to centralized. Big governments, big databases that can monitor and survey people and know more about you than you know about yourself. Or things like this sort of creepy, big brother type thing. “I think since the pendulum has swung back and forth so much over the last 50 years, there is no reason that that’s the future. And it’s actually a choice. Do we want it to be centralized? Do we want it to be decentralized? And what I think AI can mean many different things but if it means you have large databases that are controlled by large governments that can monitor people more effectively, it’s something that could make communism maybe more effective, certainly more scary, more totalitarian than it ever was in the 20th century. It’s not a coincidence along these lines that the Chinese communist party hates crypto and loves AI.” How will these technologies shape the future of humanity? 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 Peter Thiel: Crypto vs AI Dichotomy Will Determine the Future of Humanity appeared first on Bitcoin News. View the full article

Binance, the leading cryptocurrency exchange, has announced it will start testing a fiat-to-crypto currency trading platform in Singapore and we’ve got the story in Sunday’s edition of The Daily. Also, two islands in Russia are competing to host the country’s first regulated exchange, and the ECB says Europe doesn’t need a central bank issued crypto. However, Ukraine’s national bank is advancing with its plans to issue a digital coin. Also read: Bitfinex Building Decentralized Exchange, Bitpanda Adds Zcash Binance to Test Fiat Exchange in Singapore Binance, currently the largest crypto exchange by daily trading volume, will soon be testing a new fiat-to-cryptocurrency exchange in Singapore. The news was spread on social media by Changpeng Zhao, the Chief Executive Officer of the Chinese-run trading platform. “I just slipped that we will begin #Binance Singapore fiat exchange live money closed beta testing on Sept 18, in 3 days. Invitation only first. Exciting!” CZ said in a tweet this Saturday referring to his announcement during a crypto event in the Asian country. The new exchange will initially open in beta with an undisclosed number of invited users trading in a closed testing environment. The launch is scheduled for September 18. No further details have been revealed yet. I just slipped that we will begin #Binance Singapore fiat exchange live money closed beta testing on Sept 18th, in 3 days. Invitation only first. Exciting! https://t.co/Hzo6jLLkfS — CZ Binance (@cz_binance) September 15, 2018 Russians Eye Two Islands for Crypto Exchanges While authorities in Moscow are still fine-tuning their revamped crypto legislation, to be presented for public discussions in October, participants in a forum in the Far Eastern city of Vladivostok have been busy discussing regulatory matters related to cryptocurrency mining and the circulation of digital coins in the vast country. The need to legalize cryptocurrency trading was also among the main topics during this year’s edition of the Eastern Economic Forum held in Vladivostok. Several Russian regions have been mentioned multiple times as possible crypto offshore zones and regulatory sandboxes. Two of them are Kaliningrad, the westernmost Russian oblast, and Vladivostok, administrative center of Primorsky Krai in the Far East. Both have two discrete territories, Oktyabrsky Island and Russky Island respectively, deemed ideal for such pilot projects. Officials and representatives of the local crypto community in Kaliningrad claim they have made serious preparations and their Oktyabrsky Island can be the first to host Russia’s first regulated cryptocurrency exchange. According to Vladimir Zarudniy, General Director of the Kaliningrad Oblast Development Corporation, the region is ready to propose its own rules and regulations regarding the verification of users and the taxation of funds upon withdrawal from the trading platform. Kaliningrad’s attempts at self-regulation come at a decisive moment for cryptocurrencies in Russia. The draft law “On digital financial asserts” is expected to be adopted by the end of the year, while an industry association has recently proposed an alternative bill that will also be discussed with regulators and stakeholders in the coming weeks. ECB President Sees No Need for Central Bank Crypto The European Central Bank (ECB) has no immediate plans to issue its own cryptocurrency and doesn’t see a need to do that. Nevertheless, according to its president Mario Draghi, the bank is “carefully analyzing the potential consequences of issuing such a currency as a complement to cash.” In a letter to the European Parliament this week, Draghi said that in its analysis ECB is considering the implications in regards to the transmission of monetary policy, the payment systems, the financial stability and, more broadly, the economy. ECB’s president further elaborated that from an economic perspective, introducing a central bank digital currency could potentially yield both costs and benefits which would depend on its specific features. In his words, a central bank coin could meet demands for the security and digitalization of the economy and allow monetary policy to reach a wider range of economic actors more directly. On the other hand, as Draghi pointed out, a crypto issued by a central bank, which would provide an alternative to some deposits, could affect the intermediation and leverage in the banking system, a traditional role of the commercial banks. Mario Draghi mentioned several reasons why ECB is currently not considering issuing a digital coin, including the nascence of the distributed ledger technology and the possibility of central banks entering into competition with the banking sector for retail deposits. A similar opinion was expressed earlier this year by a high-ranking official from the Swiss National Bank. Both indicate that the interest in state- or central bank-issued cryptocurrencies among financial regulators and government institutions is decreasing. Different Mood – Ukraine Preparing for National Coin The above observation, however, is not necessarily valid for all countries and central banks. For example, the executive power in Kiev, which is still working on a regulatory framework for the crypto space, has recently confirmed its intentions to proceed with plans to develop a national crypto. The National Bank of Ukraine (NBU) is preparing to launch a “national electronic currency,” Ukraine’s President Petro Poroshenko said at the annual meeting of the Yalta European Strategy, local media reported. Poroshenko added that several government registries will soon start using distributed ledgers to keep their records. Pilot projects to transfer the state land cadastre and the legal registry to blockchain are already in motion, the Ukrainian head of state noted during his speech at the forum. What are your thoughts on today’s news tidbits? Tell us 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 The Daily: Binance Tests Fiat Exchange, Russians Mull Crypto Platforms appeared first on Bitcoin News. View the full article

In recent news pertaining to cryptocurrency exchanges, Australia’s financial regulators have expressed skepticism regarding Coinjar’s purported trade volume, Paysend has partnered with Bitstamp to facilitate cryptocurrency purchases through its Global Account, and Seed Cx has announced a $15 million USD Series B funding round. Also Read: A Decade After Lehman Brothers Died: Mises, Satoshi, Bitcoin, and Wall Street Worship Australian Regulators Skeptical of Purported Coinjar Volume In a recent interview with Business Insider, Jordan Michaelides, Coinjar’s head of institutional investment, expressed his frustrations with the slow pace at which he perceives Australia’s regulatory institutions to be reacting to innovation within the crypto sector – claiming that the exchange facilitated $1.4 billion AUD (approximately 1.07 billion USD) in trade volume during the first half of 2018. In response, the Australian Securities and Investments Commission (ASIC) expressed skepticism regarding Coinjar’s purported volume, with a spokesperson stating: “Tracking the actual industry is even newer than the sector itself, […] aspects of the volume of transactions can be quite opaque, and you could imagine some of the claims by participants might warrant a certain skepticism.” The Australian Transaction Reports and Analysis Centre (AUSTRAC) appears to share ASIC’s skepticism, with a spokesperson stating: “AUSTRAC does not monitor or collect information that allows us to quantify total transaction volumes by a reporting entity or industry.” Seed Cx Announces $15 million Series B Funding Round Chicago-based Seed Cx has announced a $15 million USD Series B funding round. The round was led by Bain Capital Ventures and brings the company’s total funding to $25 million. Edward Woodford, Seed CX’s co-founder and CEO, stated: “As a licensed exchange for both spot and derivatives trading, we deliver the operational risk safeguards, strong institutional technology, operational support, and regulatory compliance that institutions demand. What is particularly exciting is that our unique offering brings large institutional traders, who have so far sat on the sidelines, into the crypto space for the first time.” Salil Deshpande, Managing Director at Bain Capital Ventures, stated: “Institutions are seeking regulated, secure, and reliable crypto venues with diverse products that allow them to earn strong returns. Today, trading venues are retail focused, limited to spot trading, often unregulated, and in foreign jurisdictions. The lack of institutional exchanges is the single largest barrier to crypto asset class growth. Seed Cx is serving this unmet need of institutions and has assembled an outstanding team of executives to support this vision.” Paysend Partners With Bitstamp to Compete With Revolut Paysend has launched it’s “Global Account” – a product designed to compete with Revolut. The app will allow users to spend and transfer money via mobile app and debit card. The app supports EUR, GBP, USD, RUB, and KZT, and provides access to the cryptocurrency markets on Bitstamp – owing to a partnership between the two companies. Paysend’s head of product, Alex Murashko, stated: “We are quite different from both a technical infrastructure and consumer offering viewpoint. We own and control our own processing and this gives tremendous ability and flexibility to deliver a wide variety of services whilst controlling the entire consumer journey.” Mr. Murashko continued: “[…] We believe in simplifying the consumer experience so that instead of feeling like they are bombarded with a long list of features they have available a focused group of benefits.” What is your response to ASIC and AUSTRAC’s skepticism regarding Coinjar’s purported trade volume? Share your thoughts in the comments section below! Images courtesy of Shutterstock, Paysend 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 Exchanges Round-Up: Aus Regulators Doubt Coinjar Volume, Paysend Partners With Bitstamp appeared first on Bitcoin News. View the full article

Over nearly three days on the University of Wyoming campus in Laramie, more than two dozen hacker teams competed for cash and prizes in the state’s first ever Wyohackathon: Breakin’ Through. Organized by the Wyoming Blockchain Coalition, the event included speakers from industry luminaries, and all three of the state’s gubernatorial candidates made an appearance. Also read: Billion Dollar ICO Industry Governed by Securities Law, Judge Rules Wyoming’s Wyohackathon Smashed Expectations When asked about the hackathon’s result, “The event smashed our expectations,” organizer Caitlin Long replied enthusiastically to news.Bitcoin.com. “We anticipated about 10 teams would compete but we had 27. The quality of the submissions was terrific, including one from a senior Google engineer, and I believe more than a handful of these projects will turn into real businesses.” Wyoming has quietly, ploddingly built up quite a reputation within the cryptocurrency community. Just this year alone, the state’s legislature approved close to half of a dozen blockchain friendly laws at the behest of Representative Tyler Lindholm and the newly formed Wyoming Blockchain Coalition. Organizer Caitlin Long poses with sponsor signage; Bitcoin.com was a Hacker sponsor. In fact, there was so much momentum the state went as far as exempting cryptos from money transmitter laws, overtly made utility tokens safe from securities regulators, flatly rejecting taxing cryptos as property, recommending incorporating blockchain tech into corporate records, and forged new codes for LLCs involving the nascent technology. That it would then actively recruit devs and coding teams to a hackathon might come as little surprise. “A hackathon is a marathon coding session,” explained Ms. Long to news.Bitcoin.com, “that typically lasts over a weekend. Participants ‘hack together’ code from code libraries and add new lines of code to produce a solution to a challenge.” Wyoming Gubernatorial Candidates Attend Ms. Long is quick to reiterate legislative successes as driving the event idea. “Wyoming passed 5 blockchain-friendly laws earlier this year, and having a hackathon on the University of Wyoming campus to bring start-ups to the state was a logical next step. The University’s motto is ‘Bucking the System Since 1886’ – it fits the blockchain industry well. Moreover, UW has been teaching blockchain classes for more than a year already,” she stressed. Asked about the state’s response to an event with the word ‘hack’ in it, not normally something politicians would wish to be associated with, Ms. Long doubles down, “We had all 3 candidates for governor of Wyoming judge and speak to participants. This shows that the blockchain momentum we had under Governor Mead will continue under the next governor. It also let the candidates see how special the blockchain industry is, and interact with some of its pioneers who were in attendance.” Indeed, Ethereum co-founder and founder of Consensys, Joseph Lubin, along with Overstock.com’s Patrick Byrne, both early supporters of the tech and the space, were eager to offer their time by being in attendance. Mr. Cardona (L) of BITBOX tweeted, “There is something special happening in #Wyoming.” As for the hackathon becoming a regular fixture in the state, Ms. Long explained she hoped so. “UW did a great job for the participants, and at the end many were begging us to do it again next year – the facilities were perfect, the food was great and abundant, the wifi was also very good, and we provided cots donated by the Red Cross for participants to nap during the event. The biggest complaint we heard was lack of vegan food, which we solved – next year we’ll fix that!” Also in attendance were 12 year-old CEO of Pocketful of Quarters, George Weiksner, Dr. Robert Macinnis CEO of Active Aether (which announced his company’s move from New York City to Wyoming), Gabriel Cardona of BITBOX and Bitcoin.com, and many others. Winners included: First Place, $12,000 (Sponsor – University of Wyoming) – Token Subscription Team Second Place, $8,000 (Sponsor – University of Wyoming) – Peregrine Team Third Place, $4,000 (Sponsor – University of Wyoming) – Wyoflow Team Most Creative, $1,000 (Sponsor – University of Wyoming) – Cowgirl Technologies Team Audience Favorite, $1,000 (Sponsor – University of Wyoming) – Rawhide Team Best Use of Technology, $1,000 (Sponsor – University of Wyoming) – Topicless Team, among many others. What do you think about hackathons? Let us know in the comments section below. Images courtesy of Shutterstock, Twitter, Wyohackathon. Need to calculate your bitcoin holdings? Check our tools section. The post Wyoming’s Crypto Cowboys: First State Hackathon Lures 27 Teams appeared first on Bitcoin News. View the full article

U.S. law enforcement agencies have started their money laundering investigations of Danske Bank, Denmark’s largest bank, according to the Wall Street Journal. Citigroup and Deutsche Bank have been implicated. Danske Bank is also currently under investigation by Denmark and Estonia and its CEO reportedly ignored warnings of suspicious transactions. Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals $150 Billion Money Laundering Case The Wall Street Journal reported on Friday, September 14, that “The [U.S.] Justice Department, Treasury Department, and Securities and Exchange Commission [SEC] are each examining Danske Bank after a confidential whistleblower complaint was filed to the SEC more than two years ago,” citing a person familiar with the matter. According to the person and the documents the news outlet has reviewed: U.S. law enforcement agencies are probing Denmark’s largest bank over allegations of massive money laundering flows from Russia and former Soviet states…U.S. involvement in the case greatly raises the stakes for Danske Bank. An estimated $150 billion are suspected to have flowed through non-Estonian customer accounts held at Danske Bank’s Estonian branch from 2007 to 2015 – from countries such as Russia, Azerbaijan, and Moldova. The publication added that the bank’s investigators have not revealed if the entire amount should be viewed as suspicious. The bank has been conducting an internal investigation and will release the results on September 19, a notice on its website states. Danish and Estonian authorities have been investigating the bank and have shared information with their U.S. counterparts, several European officials familiar with the matter told the news outlet. Why Is the US Interested? The U.S. has yet to officially confirmed that it is investigating Danske Bank. Two weeks ago, Marshall Billingslea, U.S. Department of the Treasury’s Assistant Secretary for Terrorist Financing, told Danish daily Berlingske “We are following this case very closely.” Reuters elaborated: While the bank does not have a banking license in the United States, it has a bond program in dollars and its Estonian branch saw U.S. dollar customer flows, which could heighten interest among U.S. regulators. The Wall Street Journal explained that the U.S. Treasury can restrict the supply of U.S. dollars to foreign banks and the Treasury and Justice Department can fine banks. Adam Barrass, an analyst at Berenberg, noted back in July that the key risk to Danske Bank was “the potential U.S. fine because [of] Danske’s use of dollar funding and transactions,” the Financial Times reported. CEO Ignores Money Laundering Signs According to the Financial Times, Danske Bank’s CEO, Thomas Borgen, ignored calls to scale back business at the Estonian branch when warned of money laundering activities. The minutes seen by the news outlet reveals that the CEO was informed at a meeting in October 2013 that: The level of activity in its [Danske Bank’s] Estonian branch from outside the country — mostly from ex-Soviet states and Russia — was higher than that of rivals and ‘needed to be reviewed and potentially reduced’. Danske Bank’s CEO, Thomas Borgen. Instead, Borgen responded by emphasizing “the need for a middle ground, and wanted to discuss this further outside of this forum,” the publication noted. The Wall Street Journal additionally detailed, “Estonian officials are investigating 26 former Danske employees, from low-level staff to the former branch CEO. They are accused of helping to launder $230 million in money from an alleged fraud committed in Russia.” Deutsche Bank and Citigroup Implicated Citing the person familiar with the probes, the Wall Street Journal also reported: The whistleblower complaint identified Deutsche Bank AG and Citigroup Inc., both overseen by U.S. regulators, as involved with transactions into and out of Danske Bank’s Estonian branch. Deutsche Bank acted as a correspondent bank for Danske, handling dollar wire transfers while Citigroup’s Moscow office was involved in some of the transfers through Danske Bank’s Estonian branch, the person told the publication. With the ongoing probes, the bank’s share price has been on a sharp decline this year. Why are regulators going after crypto with so much money laundering going on in the banking system? Tell us what you think in the comments section below. Images courtesy of Shutterstock, Yahoo Finance, and Danske Bank. Need to calculate your bitcoin holdings? Check our tools section. The post $150B Money Laundering Probe of Danske Bank Implicates Citigroup and Deutsche Bank appeared first on Bitcoin News. View the full article

This week a blockchain researcher named Alex Lebed published a code review on the new stablecoin, the gemini dollar, created by the Gemini Trust cryptocurrency firm. According to Lebed’s study, gemini dollar accounts can be frozen by the exchange, and the tokens can be turned into non-transferable assets. Also read: Markets Update: Short Term Recovery – Is a Bullish Reversal in Sight? The Custodian Has the Ability to Freeze Gemini Dollar Accounts The latest tether (USDT) competitor, the gemini dollar (USDG) created by the cryptocurrency exchange owners the Gemini Trust, has had a code review this week. A post written by Alex Lebed details that exchange’s new stablecoin creation has some interesting centralized features. It’s also interesting to note that Lebed is not only a blockchain researcher but also the founder of ‘Stableunit,’ another stablecoin that claims to be decentralized and offer low volatility. According to Lebed’s report, he reviewed the gemini dollar’s codebase that was created with an ethereum-based smart contract. “Gemini USDG is a new centralized stablecoin (similar to tether) implemented as an ERC20 token on the Ethereum blockchain,” explains Lebed’s study. The current implementation gives Gemini the ability to freeze any account or make all tokens non-transferrable. The custodian is able to completely change the implementation of the token every 48 hours. After detailing with references on how anyone can verify his work on their own, Lebed reviews the code and replicates the results. Lebed claims the custodian of the gemini dollar smart contract can generate an “infinite amount of tokens.” Moreover, Lebed emphasizes that the custodian can easily make all the tokens non-transferable. “This project has another single point of failure: the company — They can just say one day: ‘you know what, sorry, we don’t want to change your tokens for dollars anymore,’” Lebed states. You think this is impossible because it’s a big company with a reputation? History has a precedent when the whole country with the largest economy in the world did this in 1971. And here we speak about just a private company which has to follow all the regulations of the US government. ‘Then It’s Not a Cryptocurrency’ Since the rise of tether, and the slew of other stablecoins released over the past few months, many other cryptocurrency firms are in the midst of creating their own stablecoin. For instance, there are at least 6-7 more stablecoin projects on the way like the Boston-based US cryptocurrency unicorn, Circle Invest, is in the midst of making a stablecoin. And then, of course, Lebed seems to be making his own decentralized version of a stable digital asset. In an update after the editorial review published, the author notes that Gemini Trust is not hiding the fact that his claims are possible in the official white paper. “Nowadays this is considered a best practice for evolving smart-contracts, especially for the asset-backed token — And Gemini made an excellent job by explicitly mentioning that in their whitepaper,” Lebed concludes. Of course on social media and Reddit forums, cryptocurrency proponents were quick to note that controversial Tether Limited, the company that issues tethers via the Omni Layer, also has the ability to freeze accounts. One Reddit user explains what he thinks of the gemini dollar custodian’s freezing ability saying, “then it’s not a cryptocurrency, just a database.” What do you think about the stablecoin phenomenon? Let us know in the comment section below. Images via Pixabay, Fandom, and the Gemini dollar logo. Want to create your own secure cold storage paper wallet? Check our tools section. The post Gemini Dollar Code Review Reveals the Stablecoin’s Accounts Can Be Frozen appeared first on Bitcoin News. View the full article

Draft laws employing alternative approaches to regulating digital currencies have been introduced in Ukraine and Russia. In Kiev, a bill that classifies cryptocurrency as an asset, unit of exchange and store of value has been filed in the Rada and it’s supported by both deputies and representatives of the industry. In Moscow, the managers of leading Russian enterprises have prepared their own version of the law on digital financial assets which contains the legal term “cryptocurrency” and differentiates it from tokens. Also read: Cash to Crypto Trade Blooming in Moscow, Reports Say New Crypto Bill Filed in the Ukrainian Rada A bill that leaves crypto-to-crypto trade outside of the scope of government regulation has been filed in the Ukrainian parliament. The draft has been signed by 23 members of the Verkhovna Rada and is prepared in cooperation with representatives of the industry. News about the filling was announced during a crypto conference in Kiev by Ukrainian Member of Parliament Alexei Mushak. The legal document defines the term “virtual assets” and differentiates between cryptocurrencies and tokens, Forklog reported. Cryptocurrency is described as a virtual asset that can function as a means of exchange and can store value. Tokenized assets, on the other hand, certify property or other rights of their holders that correspond to the obligations of an issuer. The sponsors want to introduce a preferential tax regime in the space, as news.Bitcoin.com previously reported. According to their proposal, crypto incomes and profits of both private individuals and corporate entities will be subject to only 5% tax until 2024. Earlier this month, the country’s deputy-finance minister advised Ukrainians to pay 19.5% income tax on their crypto revenues. Three drafts have been introduced in the Rada since last October, including one amending the country’s tax code to incorporate crypto taxation. However, no significant progress towards their adoption has been reported so far, despite their passing through several relevant parliamentary committees. An important aspect of the new law is the intention to relieve the state from any responsibilities related to the oversight of crypto-to-crypto trading. The authors of the bill believe the government should be responsible only for regulating those transactions that involve the exchange of cryptocurrency to fiat money. Alternative Law on Digital Assets Proposed in Russia A new draft law on digital financial assets, alternative to the one already developed by authorities, has been proposed by an organization that unites some of the leading enterprises in Russia. The bill authored by the Russian Union of Industrialists and Entrepreneurs (RUIE) grants cryptocurrencies a “special status”, the head of the interdepartmental group assessing cryptocurrencies, Elina Sidorenko, told Forklog. The document divides digital assets into three groups: digital tokens, security tokens and cryptocurrencies. According to Sidorenko, cryptocurrencies will be regulated by the new law and the rules adopted by the Central Bank of Russia, which will also issue licenses to providers of exchange services. The issuers of tokens – companies attracting capital through initial coin offerings (ICOs) – will not be required to apply for licenses from Centrobank. The tokens will serve as evidence of a civil law contract concluded between the ICO projects and the investors. The issuers of security tokens will have to abide by the rules applicable to traditional securities. The draft is still under consideration and will be discussed with the regulatory agencies in October. Some of Russia’s top managers, including the president of the mining and metallurgical company Nornickel, Vladimir Potanin, the head of Rostelecom, Mikhail Oseevsky, and the president of the Skolkovo Fund, Viktor Vekselberg, are participating in the working group developing the bill. Three bills designed to regulate the crypto space were filed in the Duma in May. Their texts have been synchronized by deputies in the lower house of the Russian parliament and the revamped legislation will be presented for public discussions next month. Do you think the alternative proposals will be taken into account by authorities in Kiev and Moscow? Share your expectations 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 Alternative Crypto Bills Presented in Ukraine and Russia appeared first on Bitcoin News. View the full article

Two common complaints among crypto traders are that platforms which didn’t before are now demanding identification documents and that more venues close their doors to residents of some countries. While users naturally lash out at the companies, it is important to remember that this is often done under coercion or threat by regulators. The US government, for example, doesn’t consider itself bound by national borders in pursuing unregulated services. Also Read: The Weekly: Coinbase Increases Limits, Shapeshift Acquires Bitfract, Okex Launches Coinall The Long Arm of the Law Kenneth A. Blanco, Director of the Financial Crimes Enforcement Network (FinCEN), a bureau in the US Treasury’s Office of Terrorism and Financial Intelligence, has spoken about his agency’s approach to cryptocurrency on Thursday. The main takeaway from his speech to the industry is that the US government will act against anyone it thinks somehow operates within its domain, regardless of jurisdiction. The director explained that all services involved with “money transmitting” must comply with some level of AML/KYC standards and that regulations cover both transactions where the parties are exchanging fiat and crypto, but also transactions from one cryptocurrency to another. To comply with these obligations, companies are required to register with FinCEN, maintain an AML program, and establish recordkeeping and reporting measures. He emphasized, “It is important to understand that these requirements apply equally to domestic and foreign-located convertible virtual currency money transmitters, even if the foreign located entity has no physical presence in the United States, as long as it does business in whole or substantial part within the United States.” Blanco also shared a couple of interesting figures about the authorities’ work. He revealed that FinCEN and the IRS have examined over 30% of all registered exchangers and administrators since 2014, and that they now receive over 1,500 reports describing “suspicious activity” involving cryptocurrency per month. ICOs and Mixers in the Crosshairs While during most of his speech the FinCEN director referred to all crypto businesses engaged in “money transmission”, he also zeroed in on a few specific segments. Regarding mixers, he noted that “businesses providing anonymizing services (commonly called ‘mixers’ or ‘tumblers’), which seek to conceal the source of the transmission of virtual currency, are money transmitters …and, therefore, have regulatory obligations.” The director also singled out projects conducting Initial Coin Offerings (ICOs). “While ICO arrangements vary and, depending on their structure, may be subject to different authorities, one fact remains absolute: FinCEN, and our partners at the SEC and CFTC, expect businesses involved in ICOs to meet all of their AML/CFT obligations. We remain committed to taking appropriate action when these obligations are not prioritized, and the U.S. financial system is put at risk.” Blanco concluded the speech by warning that, “FinCEN will aggressively pursue individuals and companies who do not take their obligations under U.S. law seriously, whether by targeting victims or enabling those who do.” Is the US government adopting the attitude of “Team America: “World Police” good for the crypto ecosystem? Share your thoughts in the comments section below. Images courtesy of Shutterstock, FinCEN, Wikimedia (AgnosticPreachersKid). 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 US Government to “Aggressively Pursue” Unregulated Services Around the World appeared first on Bitcoin News. View the full article

Jurisdictions with crypto-friendly legislation or comprehensive regulations in place are leading in terms of exchange-based cryptocurrency trading. According to a new study, however, over the counter and P2P exchange is much more popular in developing nations and countries where non-cash payments are still not widely spread. Also read: Crypto Funds Number 466 Despite Trends, Uncertainty Exchange Trade vs OTC Trading The report produced by financial services provider Worldcore covers data from the months of June and July and uses statistics from a Morgan Stanley study conducted earlier this year to compare two lists of countries – one with the top destinations by volume traded on cryptocurrency exchanges, and a second one with those that lead in terms of over the counter (OTC) and peer-to-peer (P2P) trading volumes. The new study confirms that jurisdictions offering favorable business climate through crypto-friendly legislation as well as those with well-established regulatory frameworks account for a large portion of the exchange-based crypto trade. Malta ($1.2 billion), Belize and Seychelles ($700 million each) are topping the chart with over 2.6 Billion USD of daily trading volume. Following are nations that have already adopted some comprehensive crypto regulations, including South Korea, the Untitled States, and Hong Kong. Russia is 13th in this group with a 24-hour volume of less than 50 million USD on trading platforms. The researchers at Worldcore have specifically compared exchange and non-exchange volumes for the week of July 14 – July 21, 2018, using data from the popular P2P exchange Localbitcoins. The results turned out to be quite opposite to what the Morgan Stanley figures show, as Kommersant reports. This time, Russia is the pronounced leader, having registered a weekly trading volume of 2,000 BTC, while the US has 1,000 BTC. They are followed by China and Nigeria with 600 BTC traded by the residents of each country. Next are Venezuela, Great Britain, and the EU member states. Reasons, Explanations, and Predictions The authors of the study cite some good reasons for the notable divergence. “Crypto exchanges are most often registered in countries with preferential taxation, and many over-the-counter trades occur in nations with low financial culture or strict tax legislation,” commented Worldcore CEO, Alexei Nasonov, who is also leading the research team. The analysts further explain that the popularity of direct exchange methods in Second and Third World countries like Russia, Nigeria, Colombia, and Kenya, is largely due to the relatively undeveloped system of non-cash exchange of crypto assets and fiat through payment systems and banks. Restrictive currency laws also play a role, as is the case with Russia for instance where crypto-specific regulations are yet to be adopted and the exchange services are currently unregulated. The researchers believe that trading platforms will continue to migrate to destinations providing favorable conditions and preferential tax regimes. Malta is a good example – the island nation has already attracted companies like Binance, the largest trading platform by volume which is exploring opportunities to launch a decentralized bank there, Okex, another Chinese-run cryptocurrency exchange which announced in April it is setting foot on the island, and the Polish Bitbay which revealed its plans to move to Malta in May. The team at Worldcore also expects the average volume of transactions to increase in the future. At the same time, the financial tech company predicts that the off-exchange market will shrink with growing crypto turnover through traditional payment systems and the spread of payment gateways supporting transactions with Visa and Mastercard credit cards. What are your expectations for the future of crypto trading? Share your thoughts on the subject in the comments section below. Images courtesy of Pixabay, Worldcore. 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 Malta Tops Exchange-Based Crypto Trade, Russia Leads in OTC Volume appeared first on Bitcoin News. View the full article

The number of hardware wallets has proliferated with the number of cryptocurrencies in recent years. Today, consumers enjoy an unprecedented choice of hardware devices on which to store their bitcoin and altcoins, though market-leaders Ledger and Trezor still dominate. For anyone agonizing over the best device for their needs, the following models are worthy of consideration. Also read: Bitcoin’s Return to Innovation: Changing the World Through Peer-to-Peer Electronic Cash Best Portable Wallet: Coolwallet S While all of the devices featured here are small enough to be portable, only the Coolwallet S is small enough to slip into your wallet alongside your credit cards. A marvel of engineering, its wafer-thin design and e-paper display enables you to check your balance and send and receive BTC, BCH, ETH, LTC, and XRP on the go. The device connects to the Coolbitx mobile app via Bluetooth, obviating the need for a desktop computer altogether. Its slender profile and mobile-friendliness make the Coolwallet S the best of the major hardware devices for choosing and using in everyday life. Coolwallet S Best Multi-Currency Wallet: Ledger Nano S No other hardware wallet can match Ledger’s trusty Nano S for multi-currency compatibility. The French manufacturer is constantly adding new coins, with the latest additions now earmarked for release on the first Tuesday of every month. The inaugural edition of #FirstTuesdayCrypto saw PoA, Icon, Vechain, Wanchain, Ontology, Kowala, Particl and RSK added. In addition to supporting ERC20 tokens, Ledger’s Nano S has support for an ever-growing list of cryptocurrencies. If you carry a diverse portfolio of coins and desire the convenience of storing them on one device, the Nano S is your best bet. Despite some grumbles with its Chrome software and Ledger Live desktop software, the Nano S remains a highly regarded device. Just some of the coins Ledger supports Best No-Nonsense Wallet: Keepkey Keepkey’s hardware wallet is no nonsense in that it works straight out the box, and is robust enough to handle most things life may throw at it. Its angular design makes it less pleasing to behold than the Coolwallet, and its basic features mean it’s less elaborate than the Ledger Nano S. There’s strength in simplicity though, and while the Nano S is prone to connectivity issues, depending on the desktop device and wallet you’re using, the Keepkey gets the job done at the first time of asking, storing your BTC, BCH, ETH, LTC, DOGE, DASH, and ERC20 tokens. It’s also got integration with Shapeshift, its parent company. Keepkey Best High-Security Wallet: Trezor Model T All of the hardware wallets featured here are highly secure and, if used correctly, should be safe from common attack vectors. It is hard to say categorically, therefore, that one particular device is more secure than another. What can be stated with confidence, however, is that Trezor’s new Model T comes bearing an impressive range of security features including a write protected bootloader that verifies the firmware signature and BIP39 passphrase support. For the ultra cautious, Trezor’s Model T is a very safe bet. Whatever hardware device you choose, remember that it’s only as secure as you make it. This includes keeping your recovery seed in a very safe place with an additional copy stored elsewhere for redundancy. While Ledger, Trezor, Keepkey, and Coolwallet aren’t the only options, their flagship models cover most bases and set standards for other manufacturers to meet. What’s your favorite hardware wallet and why? Let us know in the comments section below. Images courtesy of Coolwallet, Trezor, Ledger, and Keepkey. Disclaimer: Bitcoin.com does not endorse nor support these products/services. Readers should do their own due diligence before taking any actions related to the mentioned companies or any of their affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. The post Which Cryptocurrency Hardware Wallet is Best for You? appeared first on Bitcoin News. View the full article

In recent regulatory news, Spain’s Central bank has issued a report favoring the development of a central bank-issued digital currency (CBDC), the president of Taiwan’s central bank has advocated caution regarding CBDCs, the Blockchain Research Institute has published a summary of recent roundtable discussions calling for great regulatory clarity, and a Russian court has a warned a publishing company for breaching advertising legislation with an ad pertaining to cryptocurrencies. Also Read: Brazil’s Pro Bitcoin Presidential Candidate: É Boa Pra Caramba! Spanish Central Bank Report Favors Central Bank-Issued Digital Currency Spain’s central bank, Banco de Espana, recently published a report that seeks to consider the potential impacts that cryptocurrency and distributed ledger technology may have upon the Spanish economy. The report advocates that the introduction of a central bank-issued digital currency would allow Banco de Espana to more efficiently implement monetary policy, stating: “An argument that could be considered at the time of assessing the introduction of CBDC is related to the improvement in the conduction of monetary policy through a better control in the market returns that savers and borrowers have to face. Also, the possibility of eliminating the restrictions associated with the zero level of the interest rate is theoretically attractive, especially in an environment of low interest rates such as the current one.” Taiwan Central Bank President Advocates Caution Regarding CBDCs By contrast, the president of Taiwan’s central bank, Yang Jinlong, recently advocated that financial institutions adopt a cautious approach regarding the central bank-issued digital currency. During the Finance Technology Ecology Summit, Mr. Jinlong stated: “The financial authorities should be cautious about issuing central bank digital currency (CBDC). We will continue to pay attention to this issue, as well as the development of virtual currency, which may also drive out the debating topic of whether the central bank should issue CBDC. At present, the international consensus towards CBDC is that the general CBDC to the general public should be treated with cautious because of the complexity of issues involved, including the technology, security, policies, and user privacy protection issues.” DLT Think Tank Advocates for Clarity Regarding Cryptocurrency and Blockchain Regulation Major distributed ledger technology (DLT) think tank, the Blockchain Research Institute, has published a report calling for increased regulatory clarity regarding DLT and cryptocurrencies. The report, the “2018 Blockchain Regulation Roundtable,” drew upon discussions involving “executives from blockchain start-ups,” “senior representatives of various global banking and securities regulators,” “senior non-regulatory government officials,” “business leaders from various established industries that are experimenting with blockchain in their business models and practices,” and “lawyers, accountants, investment bankers, and other key industry professionals.” The report emphasized four “core issues” pertaining to regulations that it calls to be addressed: “The lack of regulatory clarity, the obsolescence of statutes and regulations, the lack of a mechanism for meaningful dialogue between regulators and other stakeholders, and the lack of dialogue between financial service providers and blockchain entrepreneurs.” The report makes six key recommendations, advocating that the roundtable participants “form a multistakeholder action committee, prepare all stakeholders and the public for self-sovereign identities and pass legislation to recognize digital identities as valid, institute a national regulator with oversight of the nascent industry rather than allow individual agencies to create their own regulations piecemeal, agree on distinctions among cryptoassets and regulate accordingly, discourage discrimination against blockchain entrepreneurs and support start-ups in the space, and encourage the formation of special interest groups to move governance issues forward across applications and domains.” Russian Court Warns Publisher for Breaching Advertising Laws With Crypto Ad The Eleventh Arbitration Court of Appeal in Moscow has warned a publishing company after one of its newspapers published cryptocurrency-related advertising deemed to be in violation of Russian laws. The dispute involved Unity NK – the company producing the newspaper Unity Nizhnekamsk, The Office of the Federal Antimonopoly Service (OFAS) for Tatarstan, and the Volga-Vyatka Central Administration of the Central Bank of Russia. The case arose following the discovery of an advertisement in Unity Nizhnekamsk for “Invest[ment] in cryptocurrencies: Bitcoin, Ethereum, Zcash” and the “Creation and setting up mining farms” by employees of Russia’s central bank – which then appealed to the Office of the Federal Antimonopoly Service due to concerns that Unity NK had violated advertising legislation. The Tatarstan OFAS determined that “From the meaning of the content of the above advertising it follows that Blumchen Richard Timurovich [the owner the phone number provided in the advertisement] provided financial services, and not consulting,” and as such, Unity NK should be brought to administrative responsibility due to the ad’s failure to detail the name of the individual offering to provide financial services, as is mandated by Russian advertising legislation. After initially considering fining Unity NK 50,000 rubles (approximately $738 USD), the court chose just to warn the company instead. “The court of first instance reasonably considered that the application of a fine of 50,000 rubles will be unjustifiably punitive, not corresponding to the gravity of the offense and the degree of guilt of the person brought to justice,” the judge stated. “The warning meets the general constitutional principles of punishment justice, its individualization, proportionality to the constitutionally established goals and protected legitimate interests, and is sufficient to implement the preventive nature of administrative liability measures.” What is your opinion on central bank-issued digital currencies? Join the discussion in the comments section below! Images courtesy of Wikipedia, Pixabay 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 Round-Up: Central Bank-Issued Digital Currencies, Regulatory Clarity appeared first on Bitcoin News. View the full article

In this week’s daily editions of Bitcoin in Brief we reported about Coinbase increasing trading limits, Shapeshift acquiring Bitfract, Okex launching a white label platform called Coinall, and much more. The most commented-on article during the week covered the ‘Rich Dad, Poor Dad’ author, Robert Kiyosaki, which came out in favor of cryptocurrencies. Also Read: Opera Browser Opens Its Built-in Cryptocurrency Wallet to Desktop Users New Education Centers A number of new academic education centers around the world devoted to the research of the technology behind cryptocurrency were featured on Monday. China Internet Nationwide Financial Services Inc. (NASDAQ: CIFS), a financial advisory services provider, has reached an agreement with Tsinghua University to establish an “Industry Trusted Blockchain Application Technology Joint Research Center”. The Istanbul Blockchain and Innovation Center was inaugurated at Bahçeşehir University. And Seven Stars Cloud Group, Inc. (NASDAQ: SSC), the fintech firm of Chinese media tycoon Bruno Wu, has announced that it will be establishing its global headquarters for technology and innovation, called Chain Valley, in Connecticut, transforming a Uconn campus into a center for research. Robinhood Crypto Expands Service On Tuesday, we reported that Robinhood, the US stocks app, has added another two states where cryptocurrency trading is now supported for its clients, Iowa and Georgia. The app also now supports Ethereum Classic (ETC), in addition to its previous offering of BTC, BCH, ETH, LTC and Doge. In total, Robinhood Crypto is now available in 19 US states. Additional stories included a Chinese user of Okcoin who is suing the exchange over his missing bitcoin cash following last year’s fork and a cybersecurity research that found trading venues experienced a massive surge of user data leaks. Coinbase Increases Trading Limits The main story on Wednesday covered a few new developments at Coinbase. Users are now able to buy digital coins right after they deposit funds from their bank account, cutting down a process that took days of waiting before. The company also announced an increase of the daily trading limits for US users, and for verified customers, the maximum allowable purchase will jump from $25,000 weekly to $25,000 per day. The exchange also noted that once the funds are transferred, there are no longer any limits to how much users can buy or sell at a time. The exchange also informed its clients of the completion of its final testing for the addition of ethereum classic (ETC). Shapeshift Acquires Bitfract A couple of investments by established crypto companies made headlines on Thursday. Shapeshift completed the acquisition of Bitfract, a software firm which recently developed a service that allows users to swap from one cryptocurrency to many in an instant. Following the sale, the tool will be maintained and continue to operate, and the functionality that the platform provides (multiple output transactions) will be incorporated into Shapeshift’s core platform. Bitmain made a $3 million seed investment in Tribeos – a digital advertising platform built on Bitcoin Cash (BCH), utilizing smart contracts to fight ad fraud. Okex Launches White Label Platform On Friday, we reported that Okex launched a new platform called Coinall, a white label solution which is part of its Open Partnership program that started a couple of months ago. Participants in the Open Partnership program will now be able to take advantage of a variety of services offered by the exchange, including its clearing system, cold and hot storage, applicable anti-money laundering (AML) and know your customer (KYC) procedures. Developers also claim that it is an autonomous, community-run crypto-trading platform. Crypto Expected at 5% of US Investments A study that found that digital coins are becoming a permanent part of many investment portfolios was featured on Saturday. The Harris Poll survey, conducted on behalf of the American Institute of CPAs (AICPA), has established that cryptocurrencies will represent 5 percent of the investments of those 35 percent of Americans that consider themselves investors or plan to invest in 2019. At the same time, the study found that “cryptocurrency appears to be foreign to many investors. According to the survey, nearly half of U.S. adults (48 percent) are not familiar with Bitcoin, Ethereum, or Litecoin.” Rich Crypto Dad, Poor Fiat Dad The most commented-on article during the week covered the author of the best-selling book ‘Rich Dad, Poor Dad’, Robert Kiyosaki, which has spoken in favor of cryptocurrencies during a recent podcast. Mr. Kiyosaki described the fiat US Dollar as a government “scam” and predicted that precious metals and cryptocurrencies will outlast fiat currencies as the people’s money. Join the discussion. This Week in Bitcoin Podcast Catch the rest of this week’s news in the This Week in Bitcoin podcast with host Matt Aaron. What other stories in the Bitcoin world caught your attention this week? Share your thoughts in the comments section below. The post The Weekly: Coinbase Increases Limits, Shapeshift Acquires Bitfract, Okex Launches Coinall appeared first on Bitcoin News. View the full article