roadrunner

Developer Gabriel Cardona was personally recruited to fast track development of Bitcoin Cash (BCH). Open source, full featured development kit, Bitbox, his creation, has taken the community by storm, and it is now part of the Bitcoin.com developer universe. Money, Mr. Cardona likes to say, is critical to the human condition. And BCH and its blockchain are enabling financial sovereignty in a way which, he believes, is unique in history. Also read: Report: 15,000 Twitter Crypto Scam Giveaway Bots Developer Gabriel Cardona Seeks a Path to Change the World Through Bitcoin Cash This week, developer Gabriel Cardona was guest for a full hour on the Vin Armani Show. At about the one hour and eight minute mark, Mr. Cardona began to lay out reasoning behind the burst of innovation in development on the Bitcoin Cash blockchain. With hotshot initial coin offerings ringing-in billions, venture capitalists pouring money into project after project, and nearly all crypto talk dominated by speculative price analysis, idealism is hardly ever mentioned. There is almost a sense of innocence lost, having given way to strange corporate realism. When idealism is employed, derision and condescension aren’t too far behind nowadays. Mr. Cardona, however, champions bitcoin cash as “the soundest money the world has ever known. As a developer you can make it available to all people, whatever their age, gender, nationality or financial status,” he explained to Vin Armani, founder of Coin Text, the text messaging way to send BCH without an internet connection. Mr. Cardona describes himself, 37, as a decidedly different person professionally, “a whole different frequency” only ten years ago. He spent most of his twenties vagabonding, playing music, traveling. Becoming a father around this time sobered him to clearer thoughts about a career going forward. A chance community college course led to his first project, then another, and another. For whatever reason, the web has always resonated with him. The ubiquity, the chance to be impactful on a large scale, appealed to Mr. Cardona professionally. That professional path eventually led him to code for Walmart, Target, Taco Bell, and to Triple A — all web development projects. Somewhere along the line, 2012 ish, he discovered bitcoin and Gavin Andresen’s Faucet, where Mr. Cardona received five bitcoin. This kept him interested as he went about his regular career. In fact, he’d put the idea aside for years while keeping an ear and eye to key hacker news outlets. When talk about a fork in mid 2017 was heating up, Mr. Cardona described the inevitable as not optimum, certainly, but ultimately the right path when two factions just cannot agree. The Revelation From there he deduced one of the chains would eventually have an innovation explosion. When he was able to access bitcoin cash (BCH) coins, and he started to use them, it suddenly grabbed him completely: this is bitcoin, the tech that made a great many wonderful people fall in love. Still, he wasn’t yet convinced enough to enter the space in any permanent way. In fact, he took to the burgeoning 3D printer industry. Upon looking more deeply into smart contracts, he encountered Ethereum’s Truffle Suite. He describes this as a revelation. It was shocking. Nothing like a good framework, a suite of abstractions, allowing developers to work ten times faster existed for Bitcoin. There wasn’t anything like it in the BCH space. With that realization, he coincidentally took some time off to try and “have the vision.” It’s this kind of talk that makes Mr. Cardona so compelling. Devs are not known for their ability to communicate vulnerabilities, to be, well, human. Mr. Cardona has that in spades. That in-touch-ness no doubt sets him apart. He’s humble enough to know he needs mentors, guides, to help check himself along the way. Enter Pete Flint, 44, a British entrepreneur now based in San Francisco at the venture capital firm, NFX, where he is a managing partner. Mr. Fint is perhaps best known for having been founder and CEO of Trulia, which he eventually sold for something like a billion dollars. Mr. Cardona worked there for a spell, and the two hit it off. On his break to “have the vision,” he met up again with Mr. Flint. That was half a year ago. Mr. Cardona credits Mr. Flint with urging him to move from hardware to software, and onto to BCH solutions. That very night Mr. Cardona began working on a library that morphed into framework, and has now become the solution platform, Bitbox. An immediate success, having been downloaded tens of thousands of times in a very short period, Bitbox got the attention of nearly everyone in The Know. Two months ago he joined Bitcoin.com to put Bitbox into full-on practice. For the un-technical, Bitbox assumes many functions every dev needs, thus speeding up a project’s process, allowing innovation to come at much faster paces. The implications for its power are simply mind-blowing. As Vin Armani commented during the interview, had something like Bitbox been available as little as three years ago for Bitcoin, everything would’ve changed. That it’s now an intimate part of BCH means the future of money is on a Cardona path. Is the pace of innovation on the BCH chain surprising? Let us know in the comments section below. Images via Pixabay, Vin Armani. Be sure to check out the podcast, Blockchain 2025; latest episode here. Want to create your own secure cold storage paper wallet? Check our tools section. The post Bitcoin’s Return to Innovation: Changing the World Through Peer-to-Peer Electronic Cash appeared first on Bitcoin News. View the full article

É Boa Pra Caramba! roughly translated means ‘amazing’ in Brazilian Portuguese. Regional Bitcoiners might be using the expression more these days after Brazil New Party presidential candidate João Amoêdo came out recently as very pro-bitcoin. Mr. Amoêdo is heading into a contentious election this October. In an interview, when asked about cryptocurrencies such as bitcoin, he thought it was neither a threat to his country’s financial system, and that it comes with certain “advantages.” Also read: Report: 15,000 Twitter Crypto Scam Giveaway Bots Pro Bitcoin João Amoêdo is a Candidate for President in Brazil João Amoêdo is running for President of Brazil. He agreed to a recent interview with a regional news outlet, Portal Do Bitcoin. In it, the candidate spoke with some savvy about cryptocurrency, blockchain, and bitcoin, which politicians aren’t always known to do. He also seems to largely approve of the innovations crypto provides. “I see the blockchain as a protocol that increases the reliability and integrity of the data,” Mr. Amoêdo, 55 explained. “There are obvious applications, such as for interbank transfers or to register as a notary. Another, not so commented, is to use the blockchain to follow the productive chain of products. No matter how much ANVISA strives, it could hardly find out where they put cardboard in the meat. With the blockchain, this would not be a problem. We could follow every step of the production chain of a product, ensuring less bureaucracy and more intelligence.” João Dionisio Filgueira Barreto Amoêdo was an engineer prior to his political career. He founded the party under which he is running, the New Party, about a decade ago. Reportedly, he was fed up with being overtaxed, and wanted to see more privatization of government services in Brazil. The party’s platform is one for individual liberties and free markets, something like the United States’ Libertarian Party. Libertarians have been known to support cryptocurrencies. Mr. Amoêdo continued, “But this is just the beginning. The possibilities of using the blockchain go much further. It is possible to establish digital identities online, electronic voting platforms, increase transparency and accountability in public management. Facilitate and make transparent bidding processes, among many other things,” he told Portal Do Bitcoin. “I do not think they are a threat to the traditional banking system.” One key questions for potential office holders is of crypto and national security. That excuse alone is a magic ‘anything goes’ card when dealing with enthusiasts, many of whom have been prosecuted all over the world for doing little more than trading. “I do not think they are a threat to the traditional banking system. I see advantages in providing another means of payment for consumers,” he assured. On whether cryptocurrencies such as bitcoin could be considered legal tender in the country, he was slightly less committal. “As a means of payment, I see no doubts that bitcoin can be understood as a legal payment method. If both parties want to exchange a product via bitcoin,” Mr. Amoêdo detailed, “I do not see any legal barriers to doing so.” The Federative Republic of Brazil is the largest country in both South America with more than 200 million people. It also the largest economy in all of Latin America, ranking 8th in the world in terms of purchasing power. More than half of the population works, as unemployment is right around 6 percent, and per capita income is close to $16,000 a year. The country has also had a notoriously rocky relationship with its currency, at times pegging it to the US dollar, and corruption is so rampant in government it actually impacts eventual purchasing power on the world market. “But it must be clear that the country has only one national currency, one that has a legal course,” the candidate for Brazil’s highest office, sounding every bit a conventional politician, “that is, the one that people are obliged to accept, the real. No other currency, including the dollar, has this characteristic. Only the real. In addition, there are restrictions on the use of the dollar for payments and as a currency of account, which are the same for any other foreign currency, including crypto-coins. The Internet is as if it were another offshore and it is fair that governments compel people to give information about what they have there, as they force them to report on assets abroad. The internet is not meant to be tax haven.” The election is about a month and a half away, and already there are calls of voting irregularities before a single ballot has been cast. What juicy tidbits do you have? Let us know in the comments section below. Images via Shutterstock and Pixabay. Be sure to check out the podcast, Blockchain 2025; latest episode here. Want to create your own secure cold storage paper wallet? Check our tools section. The post Brazil’s Pro Bitcoin Presidential Candidate: É Boa Pra Caramba! appeared first on Bitcoin News. View the full article

The number of crypto hedge and venture capital funds is increasing at a fast pace this year, already reaching a total of 466, despite the bearish market trend and continuing regulatory uncertainty. 96 new funds have been founded by the end of July, according to a new study whose authors believe this year’s number will exceed the record 156 launched in 2017. Also read: BTC via SMS Patented, Brave BAT Tips for Tweets and Posts 96 New Crypto Funds Founded In 2018 In a year of falling prices across the board, stubborn bearish market trend and persistent regulatory uncertainty, one would think this might not be the best time to deep dive into crypto. Some, however, see opportunities. Recently released data shows that 96 new crypto hedge and venture capital funds have been founded through July 31, this year. According to a study conducted by Crypto Fund Research, a provider of market intelligence on cryptocurrency investment funds, 2018 is in fact on the way to surpass 2017, “The Year of Bitcoin,” when it comes to the number of crypto fund launches. If the current pace of opening new crypto investment funds is maintained, their number is projected to reach 165 by the end of the year, compared to 156 launched last year. The cities that have hosted the biggest number of new crypto funds are San Francisco – 9, New York – 6, Singapore – 5, and London – 4. Cities like Austin, Dallas, Hong Kong, Philadelphia, San Diego, Tokyo, and Zug, where the Swiss Crypto Valley is based, have also seen multiple fund launches this year. More than half of all crypto funds currently in existence have been established in the last 18 months, according to another finding in the report. Their total number around the world has reached 466, Crypto Fund Research claims. Quoted in a press release, the company’s founder Josh Gnaizda commented: We expected a large number of new crypto funds to launch in 2018 to satisfy growing investor demand. However, the pace of new fund launches is a bit surprising given the dual headwinds of depressed prices and less than favorable regulatory conditions in many regions. Is There Enough Space for All of Them? The authors of the study note that if 2017 was “The Year of Bitcoin,” 2018 is shaping up to become “The Year of the Crypto Fund.” They also point out that while investors await decisions from regulators regarding new investment vehicles such as the Vaneck Solidx bitcoin ETF, crypto fund managers are setting up new funds in hope to take advantage of what they perceive as unmet demand for crypto investments. In further comments, Mr. Gnaizda expresses doubts about the capacity of the crypto space, under the current circumstances, to accommodate so many funds: “While volatility in the crypto markets can attract some investors to sophisticated crypto funds, it remains unclear if the industry can support such a large number of funds, with limited track record, if we experience an extended bear market,” he said quoted by PRweb. Despite the impressive growth in the number of crypto funds, the capital they control remains limited – about $7.1 billion USD, and the researchers stress this is far less than what many of the top traditional hedge funds manage. At the same time, the majority of institutional investors are still waiting on the sidelines and many crypto fund managers hope this will change in the near future. Do you think the growing number of crypto funds indicates optimistic expectations about the future of the crypto industry? Share your thoughts on the subject in the comments section below. Images courtesy of Shutterstock, Crypto Fund Research. 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 Study: Crypto Funds Number 466 Despite Trends, Uncertainty appeared first on Bitcoin News. View the full article

Cryptocurrencies markets have been volatile and very indecisive over the last 48-hours as the entire digital asset economy lost billions in value since US regulators postponed their decision concerning the Cboe/Vaneck BTC-based exchange-traded fund (ETF) last week. This Saturday, August 11, during the afternoon’s digital currency trading sessions (EDT), cryptocurrency trade volumes and price values are seeing some slight recovery. Also Read: Wormhole Mainnet and Developers’ Guide Launched Saturday Trading Sessions Show Some Market Rebounds At the moment a vast number of digital assets have rebounded back a hair after being smashed down by bearish forces over the last two days. At the time of writing the entire cryptocurrency economy is valued at $219B and there’s been $13.5B worth of digital assets traded over the last day. The top cryptocurrency market capitalizations are seeing some recovery after dropping very low during the early morning trading sessions. For instance, bitcoin core dipped to a low of $6,062 this morning, but around 1 pm EDT BTC/USD market valued pumped back up to a high of $6,494 per coin. However, most coins besides BTC have lost significantly more and BTC’s market dominance among all 1,600+ capitalizations has crossed the 50 percent region. Bitcoin Core (BTC) Market Action At the time of publication, the price of bitcoin core (BTC) per coin is roughly $6,390 on Bitstamp. The currency’s market valuation is $110B and there’s been $4.6B traded over the last 24-hours. The top trading platforms swapping the most BTC today includes Bitflyer, Okex, Binance, Bitfinex, and Fcoin. The biggest pair traded with BTC on August 11 is tether (USDT) which is capturing 54 percent of trades. This is followed by USD (25.6%), JPY (9.7%), EUR (3.12%), and BCH (2.6%). BTC/USD Technical Indicators After the quick pump up, BTC/USD charts are moving sideways for the time being after losing a touch of the gains. Right now the 4-hour BTC chart on Bitstamp and Coinbase show the MA100 is above the MA200 but the trend lines look like they may cross hairs. Currently, this indicates the path of less resistance could be towards the upside if things stay positive. RSI levels are mid-range (47.15) confirming indecisiveness at the moment, for now, buyers are able to keep the current support afloat. Looking at order books on the upside is not so bad if BTC bulls keep pressing without exhaustion. There will be definite pit stops at $6,650 through $7K for bulls to penetrate the higher ground. On the flipside, if bears can manage to fight harder then things will be tough for them at $6,100-6,200 and broader support at $5,850. Bitcoin Cash (BCH) Market Action Bitcoin cash (BCH) prices are around $568 per coin right now and the overall market valuation of BCH is $9.87B today. BCH markets hold the fifth highest trade volume above ripple (XRP) and below EOS. There’s been $359M worth of BCH traded over the last 24-hours and the top BCH exchange today is Coinex. The other top exchanges swapping the most BCH this Saturday includes Okex, Binance, Huobi, and Hitbtc. Tether (USDT) captures the most BCH trades today with 56 percent of all bitcoin cash swaps. This is followed by BTC (27.5%), USD (9.2%), QC (2.3%) and ETH (1.9%). BCH/USD Technical Indicators Looking at charts today shows BCH markets have also seen a small uptick in price values this Saturday. The MA200 is above the MA100 trendline which could mean some downside dips after the day’s higher percentages. RSI levels (38) are lower than BTC as BCH/USD trading session showing signs of bears getting exhausted. Similarly to BTC/USD prices, BCH peaked earlier but since then the heat has simmered down. Looking at order books towards the northside shows BCH bulls must muster up enough energy to surpass resistance between the current vantage point and $600. Beyond that, there could be another pitstop around $650 per BCH as well. If bears find a way to bring markets down again there’s plenty of foundational support at $550 through $530. The Verdict: Short-Term Uncertainty and Indecisive Markets As we stated above the verdict this weekend is uncertainty mixed with a dose of indecisive markets. With the ETF decision postponed and the past seven months of pumps and dumps its hard to know what’s in store for cryptocurrency values over the next few weeks. For now, prices are showing signs of consolidation and traders are moving into new positions — While some traders definitely are hoping to catch some cheap prices others think a reversal may be in the cards soon. Where do you see the price of BTC, BCH and other coins headed from here? Let us know in the comment section below. Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.” Images via Shutterstock, Trading View, and Satoshi Pulse. Want to create your own secure cold storage paper wallet? Check our tools section. The post Markets Update: Crypto Prices Consolidate After Some Volatility appeared first on Bitcoin News. View the full article

#Findsatoshi is the latest effort to galvanize worldwide support in order to, once and for all, find the enigmatic creator of Bitcoin, Satoshi Nakamoto. The group has taken to an international crowdfunding campaign, enlisting world class private detectives from Japan to New York, and everywhere in-between. Also read: Report: 15,000 Twitter Crypto Scam Giveaway Bots #Findsatoshi Hunt is On Estonian German Neff has taken to a Russian crowdfunding site, hoping to raise nearly a quarter million dollars to finally discover the true identity of Satoshi Nakamoto, Bitcoin’s pseudonymous father. With funds collected, the aim is to hire private detectives from all over the world: Japan, New York, London, and Russia. “It’s about time we found Satoshi Nakamoto,” Mr. Neff explains. “Before the new economy gained momentum and until Bitcoin did not cost nearly $20.000, digital money could have been called ‘geek pampering.’ The appearance of Bitcoin is widely compared to supernova explosion. And after one has happened, some uncertainty started to take place.” Satoshi Nakamoto’s true identity has been speculated for years. The search for him has turned hilarious, sad, and, at times, profound. Mainstream media coverage has a horrible track record. Outlets such as Newsweek insisted they’d found him, turning the affair into a giant circus, causing a befuddled gentleman and his family severe disruption of their lives. Wired magazine is good for at least once a year embarrassing itself with many thousands of words articles really, really, really sure this time they’ve uncovered the truth about Satoshi Nakamoto. Nevertheless, Mr. Neff insists, “Satoshi needs to be found. And it is not just a trite curiosity. Now the market is on a fragile balance; for the further development of cryptocurrency, we need to know who created crypto and why. Was it really an enthusiast who gave the world an independent currency or was it a group of people pursuing scientific or purely selfish purposes? Or perhaps Bitcoin is an invention of a large company or an IT giant that decided to take a new direction? Can Bitcoin be the state invention, created with the purpose to control all transactions? There are many assumptions as to who might be behind this, but neither theory has been confirmed.” International Hunt At press time, the campaign has raised nearly 3,002,700 ₽ ($44,000) through Russian crowdfunding site, Boomstarter (one of the largest of its kind in Eastern Europe, well known for startup presales). Using what it calls ‘blockchain technology,’ the company claims to be able to offer fundraising services internationally. “We, the international group of crypto-enthusiasts #Findsatoshi,” the Boomstarter page announces, “are initiating an international search for the creator of Bitcoin, Satoshi Nakamoto. The world needs to be sure that the cryptocurrency is not a global fraud. We, the fans of cryptocurrencies who sincerely believe in the ideals behind the digital money, should know who has more than 1 million coins in their wallet. And who could overthrow the market overnight, almost destroying it. At least one confirmed fact would be enough. There’s just too much risk for a new economic paradigm.” The primary worry of the group, then, is dumpage onto the broader crypto market, should that person ever decide to sell, which would very likely cause prices to plummet. “Let’s imagine that Satoshi decides to leave all the passwords from the purse to his descendants. Will they not want to sell them?,” they ask. “We, the crypto-enthusiasts, are obliged to find out the truth in order to exist peacefully in this environment. Without the fear that tomorrow a man will come out from behind the curtains announcing that the circus is over and then will disappear again. We pay the cryptocurrency world with our faith and we have the right to know the identity of Satoshi.” It doesn’t necessarily follow finding Satoshi Nakamoto will prevent the above scenarios. And what does happen when Satoshi is ‘caught.’ This project seems doomed almost from its inception, at least to most veterans of the space. “And if Satoshi himself does not want publicity, we must declassify it ourselves,” the project stresses. “[…] We intend to order the search for Satoshi Nakamoto from independent detective agencies in the US, Japan, and also in Europe. A number of requirements for the quest were made, including a requirement to involve linguists as well as IT professionals into the search of Satoshi Nakamoto. In addition, the detective agency will be required to conduct a public and transparent report on its activities.” What do you think about efforts to find Satoshi Nakamoto? Let us know in the comments section below. Images via Pixabay. Be sure to check out the podcast, Blockchain 2025; latest episode here. Want to create your own secure cold storage paper wallet? Check our tools section. The post Satoshi Nakamoto Hunted Internationally, Bounty Grows appeared first on Bitcoin News. View the full article

Right after Washington’s move to impose sanctions that will restrict Iran’s access to US currency, reports came out that Tehran is speeding up the project to develop a national cryptocurrency. Officials in the Islamic Republic believe the state-issued coin could help circumvent the restrictions imposed by the Trump administration. Also read: New Bill Proposes 5% Tax on Crypto Incomes in Ukraine Iran to Evade US Sanctions Using Own Crypto Faced with renewed US sanctions, Iran is accelerating the development of its national crypto as the oil-rich nation is looking for ways around the American restrictions. Despite calls from partners and signatories to the Iran nuclear deal, like the EU, Russia and China, Washington reimposed measures targeting the ability of the Islamic Republic to acquire US dollars and trade in precious metals. The United States urged allies to cut all purchases of Iranian oil and president Trump warned that the sanctions will “ratchet up to yet another level” in November. Following the news from Washington this week, media reports from Tehran suggested that the Iranian government is now serious about stepping up efforts to finalize the project for an indigenous cryptocurrency. On Wednesday, a day after the Trump administration restored the sanctions, a high ranking Iranian official revealed that President Hassan Rouhani had ordered the country’s central bank to hold a meeting with other relevant authorities to discuss the matter. They are expected to assess the progress in the development of Iran’s digital money at a time when the fiat Rial is plunging. According to Iranian English language channel Press TV, the announcement was made by the Minister of Information and Communications Technology, Mohammad-Javad Azari Jahromi, whose department will jointly chair the meeting with the Central Bank of Iran (CBI) scheduled to take place next week. Jahromi noted that the preliminary studies had been carried out already by Iran’s Post Bank, which was charged with overseeing the crypto project. The CBI, however, is still opposed to the idea of using digital currencies and considers them illegal in Iran. Nevertheless, the minister hinted that this attitude could soon change claiming that the mentality within the Iranian government is currently in favor of cryptocurrencies. Speaking to reporters, he stated: A new attitude that has been created in the government is that the digital money does not necessarily pose a security threat and can create opportunities for the country. Post Bank, which is building the Islamic Republic’s electronic payment system, is heading the efforts to develop Iran’s state-sponsored crypto. The financial institution is preparing to hold a tender for the project and all Iranian tech experts have been invited by minister Jahromi to take part in its realization. Post Bank’s governor Khosrow Farahi told IRNA that a comprehensive document on the creation of the Iranian coin, which takes into account all social and economic considerations, is ready to be presented next week. Changing Attitudes Towards Cryptocurrencies The latest update on Tehran’s plans in the crypto space comes after a high-ranking Iranian lawmaker said in July that Iran might employ cryptos as part of its efforts to circumvent the upcoming US sanctions. Cryptocurrencies are one of the major mechanisms Iran can use to evade the new sanctions and get rid of the dollar hegemony, Mohammad Reza Pour-Ebrahimi, chairman of the parliamentary Economic Commission, said in an interview with Mizan. Pour-Ebrahimi’s comments were followed by a statement from the deputy for management and investment affairs at the Directorate for Scientific and Technological Affairs of the Presidential Office, Alireza Daliri, who was quoted by ISNA saying that his department already has a plan to create a national cryptocurrency. By all indications, the restoration of US sanctions has played a role in changing the attitude of Iranian authorities towards cryptocurrencies, as officials have previously called them unreliable and risky, while the CBI tried to prevent their use. In April, the central bank issued a statement effectively banning financial institutions from dealing in cryptocurrency. At the same time, however, the Information and Communications Ministry continued its work on creating a legal framework for the fintech industry and CBI was part of this effort. What are your expectations about the project to create an Iranian national cryptocurrency? Do you think state-issued coins can help countries like Iran evade sanctions? Share your thoughts on the subject in the comments section below. Images courtesy of Shutterstock. Bitcoin News is growing fast. To reach our global audience, send us a news tip or submit a press release. Let’s work together to help inform the citizens of Earth (and beyond) about this new, important and amazing information network that is Bitcoin. The post Iran Steps Up Plan for National Crypto After US Sanctions appeared first on Bitcoin News. View the full article

Exchange-escrowed trading directly between cryptocurrency buyers and sellers is growing in popularity in India following the crypto banking ban imposed by the country’s central bank. One local exchange, in particular, is seeing “tremendous” response from Indian traders for this service as “tens of thousands of new users have signed up” in a month. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Indians Warming Up to New Solution Since the country’s central bank, the Reserve Bank of India (RBI), banned banks from providing fiat service to crypto companies, local cryptocurrency exchanges have come up with solutions for their users to be able to withdraw Indian rupees. One popular solution is exchange-escrowed trading which local exchanges call peer-to-peer (P2P) trading. Indian crypto exchange Wazirx launched this service about a month ago. CEO Nischal Shetty told news.Bitcoin.com that the response from traders for this service has been “tremendous,” stating: People love P2P…Everyone had their doubts whether P2P would work or not, the convenience etc…[But now] We’re seeing above 1 trade match every minute happening in P2P…we’re talking about peer-to-peer transactions at a rate of more than 1 per minute. He further revealed, “tens of thousands of new users have signed up on Wazirx after we introduced P2P. In fact we got more signups in the last 2 weeks than we got in the last 2 months.” Platforms With Similar Services The Wazirx P2P system was built “to replicate how a traditional order book in an exchange behaves,” the CEO described. It uses tether (USDT) in transactions. Sellers convert their cryptocurrencies to USDT and sell them for rupees. Buyers convert their rupees into USDT which can be used to trade any cryptocurrencies on the exchange. “Wazirx acts as an escrow account for holding the cryptos during the transaction,” the exchange detailed. “The P2P system has replaced the previous system of depositing fiat into Wazirx account and in return getting INR balance in your account,” Shetty explained to news.Bitcoin.com. “What happens now is that you deposit the fiat into another user’s account and get USDT in return…After you get USDT, you can trade in our USDT market in the regular way (non P2P).” Furthermore, orders are automatically matched by the exchange. “The auto matching open order book in P2P has never been attempted before and people love the ease,” he noted, elaborating: In most cases, P2P is even faster than the traditional method of deposits and withdrawals people here were used to because in P2P if the person is active online then they would immediately do the money transfer to the peer’s bank account. A few other exchanges also offer similar solutions. Coindelta, for example, launched its P2P exchange called Flux on July 26. Users can transfer their BTC, ETH, XRP and USDT between the main Coindelta exchange and Flux. Other cryptos must be converted to USDT on the Coindelta exchange first before sending to Flux. A popular exchange-escrowed service in the country that uses a classified-style order book listing is Loop by Koinex crypto exchange. Currently, only BTC, ETH, and XRP are listed on the platform for trade. Zecoex and Giottus crypto exchanges also offer services where users can make offers to sell from their crypto balances and then wait for buyers to select them from a list of available offers. Another exchange for Indians, Instashift, offers a platform for users to buy and sell cryptocurrencies between each other for five fiat currencies, including the Indian rupee. 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 how Indians are bypassing RBI’s ban? Let us know in the comments section below. Images courtesy of Shutterstock, RBI, and Wazirx. Need to calculate your bitcoin holdings? Check our tools section. The post Huge Demand for ‘P2P’ Crypto Trading Seen in India After RBI Ban appeared first on Bitcoin News. View the full article

This week an individual revealed he had completed the first trustless swap by trading on-chain bitcoin cash (BCH) for off-chain bitcoin core (BTC) using Alex Bosworth’s submarine swap protocol. Also read: Illegal Activity No Longer Dominant Use of Bitcoin: DEA Agent On-Chain Bitcoin Cash Submarine Swapped for Off-Chain BTC The decentralized cryptocurrency bitcoin cash (BCH) was traded over the Lightning Network this week for off-chain bitcoin core (BTC). According to an individual on Reddit named u/Darkdeepths, he says he’s been fortunate to see Bosworth’s submarine swap testing and decided to test the protocol himself. The submarine swap protocol is an atomic on-chain and off-chain trading platform created by Bosworth that allows a person to use on-chain funds to pay for an off-chain Lightning invoice. Users can test the protocol with testnet coins and the process was recently used by Jason Wong for an on-chain litecoin (LTC) transaction traded for an off-chain BTC transaction. The Reddit user Darkdeepths decided to utilize bitcoin cash for the experiment two days ago. Darkdeepths BCH for BTC submarine swap. “I’m trustlessly swapping On-Chain BCH for Off-Chain BTC,” explains Darkdeepths. “I am fortunate enough to get a look at some of the cool submarine swap technology that Alex Bosworth is building — I decided I wanted to test turning some of my on-chain BCH to Lightning Network BTC.” I created a Lightning wallet on Moneni.com and generated the Lightning invoice there. Alex already had channel capacity, so all I needed to do was enter the invoice and pay the script that he provided. His service also returned a payload with a redeem script and a block height after which I could claim a refund (in case things went south). Concepts like Plasma and Atomic Swaps have become more popular over the last year. Atomic Swaps and Plasma Trading May Invigorate the Concept of Decentralized Exchanges A few Bitcoin Cash proponents seemed to like the idea that on-chain BCH was swapped trustlessly for off-chain BTC. Darkdeepths experiment was a top post on the bitcoin-cash focused forum r/btc on August 9. Furthermore, Darkdeepths said he may try to reverse the process during his next test. “It was pretty exciting executing the swap with real assets,” Darkdeepths says. Thinking of trying the reverse soon (requesting BCH-on-chain for my BTC-on-LN). should work when the swap is initiated from either side of the trade. Ideas like these make it possible for people to realize the possibilities of trustless trading and truly decentralized exchanges. Ideas like atomic swaps, and plasma are making it possible for traders to swap cryptocurrencies without a third party involved and many decentralized exchanges are basing their models on some form of cross-chain swaps. What do you think about the individual who successfully swapped an on-chain BCH transaction for some off-chain BTC? Do you think concepts like these will be helpful for decentralized exchanges? Let us know your thoughts on this subject in the comment section below. Images via Shutterstock, Pixabay, and Alex Bosworth’s Submarine Swap site. At news.Bitcoin.com all comments containing links are automatically held up for moderation in the Disqus system. That means an editor has to take a look at the comment to approve it. This is due to the many, repetitive, spam and scam links people post under our articles. We do not censor any comment content based on politics or personal opinions. So, please be patient. Your comment will be published. The post On-Chain BCH Used in a Submarine Swap for Off-Chain BTC appeared first on Bitcoin News. View the full article

On August 8, the Bitcoin ABC development team published an announcement regarding the November hard fork changes with plans to finish the latest codebase by August 15. The proposal falls in line with the ABC developer’s upgrade timeline and contains about five different changes that will soon be ready for testing. Also read: Bitcoin Cash Acceptance Grows — Dish Network and Flow Partner With Bitpay Bitcoin ABC Publishes Plans and Consensus Changes for the Upcoming BCH November Upgrade The Bitcoin Cash community has plans to upgrade the network once again with consensus changes this November. Just recently, news.Bitcoin.com reported on Bitcoin ABC developers announcing they will be releasing new code on August 15th for testing. On August 8, the ABC development team revealed the changes they plan to add to the 0.18.0 codebase that includes about five new features. The ABC developers say there’s only one week left before the official code-completion date and they want to remind and update the BCH community with the latest developments. The new changes that have been completed and will undergo testing on August 15 include: Canonical transaction ordering (more info here) Enforcement of minimum transaction size of 100 bytes to prevent attacks on the Merkle tree (more info) Activation code and implementation for OP_CHECKDATASIG and OP_CHECKDATASIGVERIFY (more info) Make push-only mandatory for scriptsig (more info) Another change that is currently still in progress, but expected to be ready by next week, is a modified fee structure which would allow a significant decrease in transaction fees. ABC programmers explain that a modified fee structure is not necessarily a strict consensus change, but nevertheless will be included in the 0.18.0 version. In addition to the announcement, the team also published two specifications for the overall hard fork, and for OP_CHECKDATASIG and OP_CHECKDATASIGVERIFY. Craig Wright: ‘If a Certain Developer Wants This, Then We Will Fund Replacement Developers’ Of course, the announcement from Bitcoin ABC sparked a bunch of controversy due to certain additions within the code changes — most notably the activation of OP_CHECKDATASIGVERIFY (CDSV). Adding the change could allow developers to create binary contracts using the BCH chain, and Bitcoin Unlimited’s lead developer Andrew Stone has been researching and working on implementing the opcode in order to make bitcoin scripting applications more versatile. Nchain’s Craig Wright opposes adding OP_CHECKDATASIGVERIFY to the BCH upgrade. One of the most vocal individuals against adding the CDSV opcode is Nchain’s chief scientist, Craig Wright, who spoke out in opposition against the opcode addition right away. Wright explains to his Twitter followers that the opcode is not going to happen, while tagging Coinngeek’s Calvin Ayre and Viabtc’s Haipo Yang in the post as well. “OP_CHECKDATASIGVERIFY is not happening — If a certain ABC developer wants to push this, then we will just fund replacement developers — Trust me — There are others,” Wright explains after the Bitcoin ABC code announcement. Miners vote — Think we are not serious. Watch the Axe fall. There’s been some opposition to Wright’s objection as he already had been arguing with developers about ideas like pre-consensus. When Wright spoke out against pre-consensus, Coingeek’s Calvin Ayre took his side and announced a day later that Coingeek would not participate in any “risky” protocol changes. Coingeek’s mining pool commands a hashrate of around 21 percent of the network over the last seven days. On Thursday, Nchain’s Wright says to his Twitter followers that just like the Nchain team, his friend Calvin Ayre will not allow developers to treat Bitcoin like a toy. “And like us, Calvin Ayre will not settle for a devs plaything,” Wright emphasizes. The original base protocol — No experiments — Unlimited unbounded scale. Bitcoin Cash hashrate over the last seven days shows Coingeek’s hashrate share at 21 percent. Will Bitcoin Cash Miners Weigh in on the CDSV Opcode Subject? Of course, many trolls from the core camp have been trying to use the infighting to cause disruption among the BCH community. Bitcoin XT’s lead developer Tom Harding notes this observation on Thursday saying, “Underway: obvious campaign to sow discord among BCH supporters — Sorry trolls, Bitcoin is Byzantine fault tolerant.” So far there’s been a lot of debate about this subject, but at least BCH supporters know that the subjects are being discussed, rather than one side of the discussion being purposely suppressed by so-called ‘thought leaders’ and forum administrators. So far there hasn’t been an official response from Coingeek like the one shared the other day concerning pre-consensus changes. Moreover, Calvin Ayre has not said anything yet in regard to the CDSV opcode subject on Twitter, so people will be waiting to hear him weigh in on the CDSV topic. Viabtc’s Haipo Yang made an interesting statement on Twitter following the heated debate on Friday and said: We need to stop the regular hard fork of Bitcoin Cash. We need stable Bitcoin protocol specification, we need multiple implementations — There should not be dev decide but miner vote. However, other miners have not made any statements for or against the idea of implementing CDSV. Wright says he cares deeply about the project and people better not get in his way when it comes to protecting the original Bitcoin protocol. “I care about making bitcoin THE global currency,” Wright details this Friday. The original Bitcoin protocol — Not a social experiment. If you get in my way… Watch the juggernaut roll! What do you think about the consensus changes Bitcoin ABC has proposed? What do you think about Nchain’s Craig Wright weighing in on the subject? Let us know what you think about this topic in the comment section below. Images via Shutterstock, Bitcoin ABC logo, and Pixabay. 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 The Opposition Towards Bitcoin ABC’s Proposed Upgrade Changes appeared first on Bitcoin News. View the full article

Bitcoin is a permissionless ledger. In plain English, that means you don’t need to ask anyone’s damn permission to use it. There are no terms and conditions to read, no checkbox to tick, and no forms to sign before you can send or receive bitcoin. But if some people had their way, pseudonymous cryptocurrencies, as well as anonymous coins like monero, would only be used with the government’s permission. These people are wrong. So wrong it hurts. Also read: Illegal Activity No Longer Dominant Use of Bitcoin: DEA Agent Bad Advice is Easy to Come By Ever since bitcoin became officially cool, sometime last year, all its previous haters and ignorers have come out of the woodwork, offering to share their insights. Every day, the editorial inbox at news.Bitcoin.com fills with pitches from bankers, regulators, and financiers eager to dispense soundbites on this new asset class called cryptocurrency – the very same one that we could swear we’ve been covering for years. There’s no shame in being late to crypto; cool points are not awarded for the number of years you’ve been using bitcoin. But it does stick in the craw when johnny-come-latelies try to position themselves as cryptocurrency experts and insist on telling the rest of us what to do with them. One such newcomer is Weiss, an agency founded in 1971 that has since gone on to rate more than 55,000 institutions and investments. It’s new to cryptocurrency though – 2018 new – and it shows. We originally reported on its nonsensical crypto ratings back in January, when it awarded BTC a “C+” – i.e mediocre. It then supplemented this with a review of 93 cryptocurrencies in May, in which BTC scored a “B-”. The agency’s latest pronouncement, on privacy coins, which it urges the public to avoid, might be its most misinformed yet. It’s hard to tell whether Weiss Ratings actually believes the advice it dispenses or is simply shooting for rage clicks. If its strategy is the latter, it’s succeeding; if it’s the former, it should go back to reviewing legacy financial institutions, cos Weiss is hopelessly out of its depth when it comes to crypto. How You Spend Your Privacy Coins is No One Else’s Business A new report by Martin D. Weiss addresses government concerns about privacy coins, but observes that their technology can provide major benefits. It mentions government fears of privacy coins being used for the usual vices – drugs, kiddie porn, terrorism – before espousing the view that such coins do not present a threat right now due to their low usage. This tallies with comments from a DEA agent that privacy-focused cryptocurrencies like monero and zcash are not liquid enough, so “the overwhelming majority of dealings are still in bitcoin.” In observing that privacy coins do not currently present a threat to governments, Weiss is on firm ground. It then goes off at the deep end, however, and loses all credibility with the statement that follows. In its view, “cryptocurrencies that adhere to the high standards of transparency pioneered by Bitcoin still provide more than adequate resistance to censorship. Thus, efforts to discourage the usage of privacy coins for illicit activities would not hurt the crypto industry. Nor would it deny citizens protection from invasions of their privacy.” That’s right, Weiss just suggested it would be in the interests of everyone to discourage use of privacy coins, because bitcoin will suffice. In an era of Chainalysis, unprecedented state surveillance, and crackdowns on dissidents, there is apparently no need for privacy coins. According to Weiss, encouraging citizens to avoid privacy coins would not encroach on their right to privacy. That’s some twisted logic right there. Always Do the Opposite of What Weiss Says It’s no one’s business what you do with your money, be it paper or digital, pseudonymous or anonymous. While Weiss doesn’t come out as wholly against privacy coins in its report, and acknowledges that banning them would be impossible and undesirable, the notion that there is no need for privacy coins is laughable. As evidence of how little the agency understands cryptocurrency, it finishes its report by recommending that “The public should avoid privacy coins until the controversy and uncertainty surrounding their usage are resolved.” Fun fact: there will never be a time when privacy coins are not controversial, and there is no uncertainty over their usage to resolve. Coins like monero and zcash work, they work well, and their usage pisses off governments and legacy ratings agencies. If that’s not enough of an incentive to use them, what is? Instead of privacy coins, Weiss recommends “cryptocurrencies that enjoy better scalability and transaction volume, focusing on those that earn Weiss Ratings of B- (good) or better, such as Cardano (B), EOS (B), and Stellar Lumens (B-)”. Stick to spending shitcoins that Weiss gives a clean bill of health and you’re gonna have a bad time. While it makes sense, from an investment perspective, to acquire a diverse basket of cryptos, including both privacy and non-privacy coins, anyone serious about preserving their anonymity will want to use a cryptocurrency that is designed for this purpose. Ignore Weiss Ratings and stop waiting for the day when the government says it’s okay to use privacy coins because that day will never come. If you’re seeking permission to use cryptocurrency, you probably shouldn’t be using cryptocurrency. What do you think of Weiss Ratings’ privacy coin recommendations? Let us know in the comments section below. Images courtesy of Shutterstock, and Pixabay. 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 Apocalyptic Predictions About Privacy Coins Are Very Wide of the Mark appeared first on Bitcoin News. View the full article

Tantalizing, unconfirmed rumors are bouncing from crypto Twitter, and this time it’s Expanse co-founder Christopher Franko leading the charge. Mr. Franko insists he was quoted 400 bitcoin core (BTC), roughly $2.5 million as of this writing, for a token listing on the exchange Binance. On the cross accusation that he is lying, Mr. Franko further insisted “I literally have nothing to gain from this.” Also read: 15,000 Twitter Crypto Scam Giveaway Botsm, Reports Duo Security Expanse’s Franko Tweets Binance is Charging Millions for a Token Listing Expanse’s Christopher Franko took to Twitter this week, accusing popular cryptocurrency exchange Binance of quoting 400 BTC, $2.5 million at current prices, for token listings. As Mr. Franko tells it, “Just got a new @binance listing quote. 400 BTC,” he tweeted. Binance is a relatively new international crypto exchange. Created summer of last year, the exchange has been on fire. Its CEO, Changpeng Zhao, is a hotshot figure in the space, appearing on splash pages for a long time, someone everyone wants to know more about. Binance is both an exchange and a token (BNB), which can lessen fees when used in conjunction — one of the first exchanges to use the “ICO model” now all the rage. Rumors have followed it as long as Binance has been in existence, including moving from China to Japan and Taiwan. It is dogged by accusations of false liquidity, especially as it has become one of the most profitable exchanges with well over $1 billion in revenue. Reaction came fast and furious to the idea of what Mr. Franko considered a form of extortion by Binance. A lot of immediate commentary was of disbelief. Mr. Franko then produced a screenshot of the offending email. Still more commenters cried hacking or rogue employees. Mr. Franko seemed to bristle not only at the expensive quote but by the fact the exchange didn’t respond. He tweeted again, “Ok, @cz_binance if you are being genuine that it really doesnt cost 400 BTC to list @ExpanseOfficial there, then send me a DM with a real quote so we can clear this up. I believe you are probably an honorable person and the people want to know you are who you say you are.” Anti-Binance meme found in comments. Binance to Launch Decentralized Exchange Mr. Franko further appealed to Reddit sub forums. His posts were deleted, moderated out of the discussion. Defenders of the exchange also seemed to deny Mr. Franko’s claims. He explained it was the exchange’s choice to make, “If binance wants to charge 400 btc to get listed on their exchange that is their right to do so. They appear to have the most volume in the world. Getting listed there does usually result in higher awareness, but if that is the case.. just own it. ‘ya its expensive’… why lie?” Mr. Franko’s company, Expanse, “is an open blockchain platform forked from Ethereum that lets anyone build and use decentralized applications that run on blockchain technology. Like Bitcoin and Ethereum, no one controls or owns Expanse – it is an open-source project built by many people around the world. But unlike the Bitcoin protocol, Expanse was designed to be adaptable and flexible. It is easy to create new applications on the Expanse platform,” according to its website. Interestingly, Binance announced around the same time its effort at a decentralized exchange. And a decentralized exchange was also a plea many commenters made to Mr. Franko’s issue with Binance. 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. What juicy tidbits do you have? Let us know in the comments section below. Images via Pixabay, Twitter. Be sure to check out the podcast, Blockchain 2025; latest episode here. Want to create your own secure cold storage paper wallet? Check our tools section. The post Cryptowhispers: Binance Token Listing Quote – 400 BTC, $2.5 Million appeared first on Bitcoin News. View the full article

Covered in The Daily on Friday are several announcements crypto users may find interesting. Ledger has added support for 8 new coins and crypto exchange Okex is launching a white label platform. Also, Exmo will offer its European users faster payments and transfers in partnership with Mistertango, and Estonian startup Citowise has integrated credit card purchases for crypto in its Android app. Also read: Shapeshift Acquires Bitfract, Bitmain Invests in Tribeos Ledger Adds Support for 8 New Cryptocurrencies Popular hardware wallet provider Ledger has added support for third party applications developed for eight new digital assets to its Ledger Nano S device. From now on, the company will announce new additions on the first Tuesday of each month, in order to streamline app validation. Starting this week, the Ledger Live application for Ledger Nano S offers the following new coins: Poa, Icon, Vechain, Wanchain, Ontology, Kowala, Particl, and RSK, the company announced in a tweet. Ledger developers have also provided a link to their roadmap for planned releases and other useful details published on Trello. (1/2) Happy #FirstTuesdayCrypto ! Ledger now supports PoA, Icon, VeChain, WanChain, Ontology, Kowala, particl and RSK. These 3rd-party apps for Ledger Nano S are available on Ledger Live: https:/ledger.com/live More details on upcoming cryptos support: https://t.co/4PGV5TOz2l pic.twitter.com/YJLr0j4t5X — Ledger (@LedgerHQ) August 7, 2018 In a blog post, the team behind Ledger notes that the validation process for third-party apps will be simplified with clearer guidelines, giving developers more comprehensive guidance on security good practice, device applications interface, experience, and design requirements. The new applications will be available for installation on Ledger devices through Ledger Live. However, the coins won’t be directly compatible with the native app and initially customers will have to use a compatible third-party wallet to perform transactions. “Ledger Live will gradually incorporate full support for third-party applications to enable Ledger users to not only install, but also transact with these new crypto assets directly from Ledger Live,” the company explains. Okex Launches White Label Platform Crypto exchange Okex has announced the launch of its new Coinall platform, a white label solution which is part of its Open Partnership program that started a couple of months ago. “The launch of CoinAll, the 1st exchange under Open Partnership Program, symbolizes a new era to build a community- and project-centric open exchange, unveiling an exciting new chapter in the blockchain industry!” the Chinese-run company posted on Twitter. 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. Coinall developers also claim that it is the first autonomous, community-run crypto-trading platform. The launch of CoinAll, the 1st exchange under Open Partnership Program, symbolizes a new era to build a community- and project-centric open exchange, unveiling an exciting new chapter in the blockchain industry! Follow us on twitter for the latest updates- https://t.co/SawzazPlag pic.twitter.com/0jrDGuCdkb — OKEx (@OKEx_) August 8, 2018 Coinall has released 10 billion CAC tokens, 51% of which will be allocated as rewards to users. The other 49% are reserved for the founders of the exchange and the members of the Open Partnership program. Currently, the platform offers trading pairs of CAC with bitcoin core (BTC), ethereum (ETH), and tether (USDT). Exmo Introduces Faster Payments with Mistertango Thanks to a newly announced partnership with Lithuania-based payments provider Mistertango, European crypto exchange Exmo will offer its users the opportunity to make instant deposits and withdrawals in EUR. Traders will also be able to make Single Euro Payment Area (SEPA) transfers which translates into faster payments. The Mistertango payment account will allow Exmo users to fund their crypto-related activities using fiat currency. The account comes with an IBAN number, offering the ability to instantly transfer money via SEPA, and a prepaid Mastercard as well. According to a press release, the Lithuanian company already works with more than 100 cryptocurrency exchanges and intends to expand further in the crypto space. Estonian Citowise Offers CC Purchases of Cryptos Crypto wallet provider Citowise is now offering users the option to buy cryptocurrencies with Visa, Mastercard and American Express debit/credit cards. The newly integrated function in its Android app currently supports purchases of bitcoin core (BTC) and ethereum (ETH), with plans to add other cryptos in the future, including bitcoin cash (BCH), litecoin (LTC), ripple (XRP), and NEO. In a blog post, the team promises that the functionality will also be available on iOS soon. In order to buy cryptocurrencies with their bank cards, users need to pass KYC and AML verification, a service provided by a third party – Citowise’s partner company Transcoin. The purchasing limits for this option are set at €32,000 (~$36,600) per month. The total can be spread over a maximum of four credit or debit cards, the company notes. The app of the Tallinn-based startup also supports purchases of cryptocurrencies with SEPA payments. In this case, the monthly limit is €200,000 and the daily is €40,000. What are your thoughts on today’s news tidbits? Tell us in the comments section below. Images courtesy of Shutterstock, Ledger, Okex, Exmo, Citowise. 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: Ledger Adds Coins, Okex Launches Coinall, Exmo Partners with Mistertango 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. Hong Kong, 10 August 2018 – ExCraft, a cloud-native cryptocurrency exchange based in Hong Kong that implements a DAO governance ran by the users and pools, was launched today. ExCraft stands out by being a community and pool focused exchange, rewarding traders through a combination of “Proof of Existence” (PoE) and “Proof of Stake” (PoS) mechanisms, allowing power-users to create pools, vote for new project listings, and even create dedicated pool exchanges based on its immutable and fair PoE and PoS meritocracy. The first DAO-based exchange – “ExCraft, Craft Your Own Exchange!” ExCraft introduces the first decentralized autonomous organization exchange managed based on a single or pooled user trade volume meritocratic Proof of Existence voting system. Verified KYC (Know Your Customer) users will be able to vote on listing new projects to be sponsored in the exchange. The ExCraft community values all users input as well as those who trade most frequently. The governance of the DAO will combine ExCraft with a Congress and a Senate made of Pool Masters and Grand Pool Masters to which all votes will be submitted. All votes will be subjected to a Congress and a Senate smart contract voting based on both KYC users and the meritocratic system: • The Representative Proof of Stake Congress will be a meritocracy based on the top 101 users holding EXT tokens as determined by a smart contract. Any current representative of the congress may bring an issue to vote. The vote result will be transparent and easily verifiable on the blockchain. When a bill passes the Congress, it is passed to the Senate for a second vote in a new smart contract. • The Representative Pool Master Senate is made of Pool Masters of the top 101 pools containing the most PoE across their pool members. The system will empower the Senate with the ability to pass legislation through a democratic process. Conversely, users with only a single vote must convince the pools of senators with Proof of Existence to approve the legislation they have passed. Member of Congress are free to change pool and shift their PoE voting power to a new pool for the next round of voting should they disagree with the outcome of the vote. • The top 30 Senators who have at least 1000 KYC users on average over the past two weeks will be automatically designated as a Grand Pool Master. They will have the additional decision-making rights to request ExCraft to list custom tokens to their pool members only without requiring a full DAO vote, and only needing to go through a centralized ExCraft approval process. If 80% of all Grand Pool Masters (24) list a custom token, the token will be automatically and permanently approved for use for all ExCraft exchange users without requiring a DAO vote. An Innovative approach to rewarding users ExCraft will create an initial decentralized service by rewarding users based on “Proof of Existence” (PoE). The ExCraft platform will introduce three separate ways to reward users for their activity, with its own ERC20 compatible EXT token. The reward system is designed to sustain the EXT token economy ensuring value redistribution and increase over time: • Excraft will reward the community with a calculated number of EXT tokens daily which are distributed based on each user’s Proof of Existence volume. The exchange will also purchase EXT tokens with no less than 80% of the fees collected and permanently remove them from the overall supply. • A Proof of Stake mechanism will enable users who hold EXT tokens in the exchange or any private Ethereum wallet address registered with the exchange to receive rewards on a daily basis based on the amount of EXT they hold. • Pool Rewards will be distributed to users who chose to join “Exchange Pools’ and have their PoE counted towards the total pool PoE increasing their chance of receiving a larger portion of the daily token distribution. A pool will be considered eligible for pool rewards if it is among the top 101 pools as measured by the combined PoE of all their members and contains at least 100 KYC users. The Pool Master will elect to have the reward automatically redistributed to pool members, and may decide to retain a certain percentage of the reward. This innovative trifecta of user activity reward possibilities puts ExCraft a step ahead of other exchange as it values all users based on a meritocracy system totally new to the industry. Unparalleled reliability and security by design powered by cloud-native microservices The ExCraft Exchange Platform is implemented in Google Compute Platform, custom built to support both security and performance. The cloud-native exchange platform is architected to be both modular and scalable by utilizing docker for encapsulating key components into a set of microservices managed by Kubernetes. Unlike many traditional monolithic centralized exchanges, the ExCraft architecture promotes performance by allowing the exchange to quickly add additional resources and changes in functionality with minimal to no disruption to any existing trading activity. The exchange platform has been tested to support thousands of trading pairs with an overall capability to support tens of millions of transactions per second. The ExCraft platform utilizes docker not just as a means to bring operational efficiencies but also to reduce security risks by compartmentalizing critical services through network isolation and resource management. Should a vulnerability be found in one service, ExCraft uses hardened docker containers with Kubernetes to enforce “deny by default” to reduce the possibility of an attacker using a compromised service from accessing another service. About ExCraft ExCraft is registered in Hong Kong with the support of the Hong Kong Science Park, and invested in by Collinstar Captial, Eagle Fund, BXTING, RC4. The project is spearheaded by Roy Lam kt, CEO, and early bitcoin investor, investment fund manager and celebrity in high IQ and memory championships. The technical architecture of the exchange was developed under the leaderships of CTO Benjamin who brings over a decade of experience and multiple patents from working as Senior IT Architect and CTO at various blue chip tech companies. Follow ExCraft: Website: www.excraft.com Facebook: https://www.facebook.com/ExCraftExchange Twitter: https://twitter.com/ExCraftExchange Telegram: https://t.me/ExCraftExchangeEN Medium: https://medium.com/ExCraftExchange Naver Blog https://blog.naver.com/excraft_exchange Media Contact: Influence Matters PR blockchain@inmatt.com www.influencematters.asia Supporting Link http://www.excraft.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: ExCraft Launches DAO, User-Governed Cryptocurrency Exchange appeared first on Bitcoin News. View the full article

A report published by the pan-African bank, Ecobank Transnational Inc., has found that despite cryptocurrencies exerting a notable presence in each of the 36 African countries in which the company operates, only South Africa and Swaziland have adopted a “generally favorable and permissive [regulatory] stance” pertaining to cryptocurrencies. Also Read: The ICO Market Has Hit the Brakes Africa’s Regulators Adopt ‘Wait and See’ Approach Regarding Cryptocurrencies Ecobank’s report finds that “As in many other parts of the world, African governments and central banks are mostly adopting a ‘wait and see’ approach when it comes to regulating cryptocurrencies.” The report states that “Many African governments and regulators recognize both the risks and the potential positive impacts of cryptocurrencies,” and that some African governments have shown an “appreciat[ion of] the difference between cryptocurrencies and the underlying blockchain technology.” Despite such, Ecobank finds that many African states “have been reticent in authorizing cryptocurrency transactions, and mostly remain apprehensive about the potential risks,” adding that “African countries appear to be looking to their neighbors to regulate and innovate first, and learn from their mistakes, rather than being the first mover.” “No Discernible Regional Regulatory Trend” The report finds that “To date, there has been no discernible regional regulatory trend, whether favorable or unfavorable.” Ecobank assets that South Africa and Swaziland offer “the most favorable regulatory stances Africa,” whilst only Namibia has sought to prohibit cryptocurrencies. “With the exceptions of Cameroon, Rwanda, and Senegal, no other Francophone government or central bank has made a policy statement on virtual currencies,” the report states, adding “Those countries that have made a statement have indicated that cryptocurrencies operate in the grey area between legality and illegality. In these countries, the best a cryptocurrency innovator can hope to achieve is a ‘no objection’ to trialing the product rather than formal authorization and (ultimately) legislation to match. The consensus in these countries is that for Africans, although cryptocurrencies are generally not prohibited, consumers use them at their own risk and they have been warned about the potential consequences by regulators.” African Governments Concerned About Citizens Becoming “Overexposed to Cryptocurrency” Ecobank emphasizes that many African states have concerns pertaining to the potential systemic risk that could result from many citizens investing heavily and becoming overexposed to the cryptocurrency markets. The report states that “Cryptocurrencies such as Bitcoin, Ethereum and Ripple made waves in 2017 and early 2018, not just in terms of their innovation, but also of their role as highly speculative assets. […] “Unfortunately, the spectacular rise and fall in the traded value of cryptocurrencies has drowned out broader discussion on the potential benefits this new technology could bring. The transformational impact that could be delivered by tokenizing products and services on the blockchain has been compared to that of the Internet. Crypto tokens and currencies could enable consumers to transact instantly, cross-border and for free, provide them with KYC-compliant digital IDs, and incentivize their behavior and change the way they engage with governments & service providers.” “African governments worry that if its citizens become overexposed to cryptocurrency investments, the repercussions of a future crash could be felt in the broader economy, hence their skepticism of licensing their use,“ the report concludes. What is your response to Ecobank’s report on cryptocurrency regulation throughout Africa? Share your thoughts in the comments section below! Images courtesy of Shutterstock, Wikipedia At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more. The post Ecobank Report Finds Significant Presence of Crypto in 36 African Countries appeared first on Bitcoin News. View the full article

Soon after Thailand adopted its regulations for cryptocurrencies and initial coin offerings (ICOs), companies reportedly pile up to apply for licenses to operate in the country. According to the Thai Securities and Exchange Commission, about 50 ICO projects are seeking to launch, five portals plan to open for business and 20 crypto exchanges have applied for a license. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Preliminary Surge – 20 Exchanges, 50 ICOs Thailand’s regulatory framework for cryptocurrencies and ICOs went into effect on July 16. The Thai Securities and Exchange Commission (SEC), the main regulator of the country’s crypto industry, began accepting applications for crypto licenses on July 24. On Wednesday, the SEC revealed the number of companies that have applied for various licenses or are interested in applying, local media reported. According to Mr. Rapee Sucharitakul, the SEC secretary-general, about 50 projects have shown interest in issuing tokens. Five companies are interested in becoming ICO portals, three of which have already applied. As for crypto exchanges, citing that “license approvals are being processed,” the Bangkok Post quoted him saying: There are also around 20 companies that have applied for licenses to operate as digital asset exchanges. Coin Asset’s ATM Among companies that have applied for a license is Coin Asset, a six-month-old Thai crypto exchange with about 10,000 users. The exchange currently processes approximately 2-3 million baht (~US$60,186 – $90,279) daily, CEO Suvanus Yamdee told Prachachat Turakij newspaper. Coin Asset’s ATM. The company has a 90-day temporary license to operate an exchange while its application with the SEC is being reviewed, the publication noted. The exchange has also applied for a license to operate crypto ATMs, which it unveiled last week. Claiming that the ATM is the first of its kind among Asean countries, Mr. Suvanus explained that it supports multiple fiat currencies – the baht, euros, yuan, and dollars. With a minimum transaction amount of 100 baht (~$3), the ATM allows customers to buy and sell BTC, BCH, ETH, LTC, XMR, and DASH. If approved, the team plans to install the ATMs at Thailand’s major international airports, Suvarnabhumi and Don Mueang, as well as in Chiang Mai. Bright Crypto Future When a company files for a crypto business license in Thailand, the “market regulator will forward documents to the finance ministry within 90 days,” the Bangkok Post described. The finance ministry will make a decision within 60 days. Applicants must meet a number of criteria such as being a listed firm in Thailand and having the required paid-up capital, the news outlet explained. “The directors, executives and company shareholders must also have SEC approval.” Thuntee Sukchotrat, the CEO of Jibex, a local exchange backed by IT company J.I.B. Computer Group, was quoted saying: I believe that investors will invest in digital assets instead of stocks in the future…The investment ratio of ICOs to stocks will be on par within two years. This week, the country’s central bank also green-lighted subsidiaries of financial institutions for crypto activities. Do you think many more crypto companies will apply for licenses in Thailand? Let us know in the comments section below. Images courtesy of Shutterstock and Prachachat Turakij. Need to calculate your bitcoin holdings? Check our tools section. The post Crypto Friendly Policies Rapidly Drawing Companies to Thailand appeared first on Bitcoin News. View the full article

The ICO economy succumbed to a dramatic decline in Q2 of this year. Such was the extent of the slump that its pushed the average ROI for ICOs into the red for the first time since records began. New figures released this week show the severity of the great ICO slowdown. Also read: Decentralized Apps Might Be the Future but They’re Not the Present Token Sales Are in Trouble The fact that most ICOs from the last quarter are mired in the red will come as no surprise: anyone who’s glanced at their portfolio in the last 90 days will have deduced that much. New figures from ICOrating.com reveal the extent of the decline, but do provide a glimmer of hope for certain segments of the market. A detailed report highlights a number of interesting trends, the most headline-grabbing being the fact that despite an increase in funding, from $3.3 billion in Q1 to $8.3 billion, 50% of ICOs in Q2 failed to raise more than $100,000. Other noteworthy statistics include: Only 7% of ICOs from Q2 have been able to secure listings 55% of all ICOs from this period failed to hit their funding target 15% of projects already had a working business, versus 6% in Q1 This latter statistic could be taken as a sign of progress, but as ICOrating.com observes, “The absence of a working business had no effect on fundraising success.” If You Bought into an ICO in Q2, You’ve Probably Lost Half Your Investment In Q1 of 2018, ICOs made a median return on investment of 49.32%. In Q2, that figure slipped to -55.38%. It’s hard to tell what’s more surprising: the fact that ICOs lost so badly in Q2 or that they turned a modest profit in Q1. Looking back, it’s hard to recall a lot of winners from the start of the year, or indeed from at any point this year. Like the cryptocurrency market as a whole, the ICO industry has suffered from the bloodletting that has seen every major cryptocurrency, bar three, at a loss for the year to date. ICOrating.com’s research is to be commended for the level of granular detail it provides. Its 64-page report reveals, for instance, that 53% of all dapp-related ICOs failed, which tallies with figures showing that no one’s using dapps at this point in time. For all the hype surrounding security tokens, which were meant to be the breakthrough stars of 2018, it is utility tokens that have still raised the bulk of the funds, and by some distance: The research also found that projects at the idea stage – i.e comprising little more than a whitepaper and a basic team – raised just $4.5 million in Q2, whereas those with an MVP fared 8x better. Finally, Exchanges & Wallets, Real Assets, and Computing & Data Storage were the top three categories for fundraising during this period. Financial Services, Privacy & Security, and Banking & Payments, on the other hand, all wound up in the red. Q2 has been the toughest three months for ICOs yet. Token sales scheduled to go live in the remainder of 2018 will be praying for more forgiving conditions. Do you think the ICO market will pick up in the remainder of this year? Let us know in the comments section below. Images courtesy of Pixabay, and ICOrating.com. Need to calculate your bitcoin holdings? Check our tools section. The post The ICO Market Has Hit the Brakes appeared first on Bitcoin News. View the full article

A special agent with the U.S. Drug Enforcement Administration (DEA) has reportedly revealed that the use of bitcoin in illegal activities has shrunk to about 10 percent from 90 percent previously. This finding contradicts the popular perception of the cryptocurrency’s primary use. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space New Data From DEA Agent A DEA special agent, Lilita Infante, has reportedly admitted that illegal activity is no longer bitcoin’s primary use. She is part of the 10-person Cyber Investigative Task Force, a team focusing on dark web and crypto-related investigations. The group collaborates with other units of the Department of Justice including the Federal Bureau of Investigation and the Bureau of Alcohol, Tobacco, Firearms and Explosives. Infante explained to Bloomberg on Tuesday that five years ago when she started investigating cases involving bitcoin, “her analysis of blockchain data showed criminal activity was behind about 90 percent of transactions in the cryptocurrency.” However, she is now seeing the opposite: The ratio of legal to illegal activity in bitcoin has flipped…Now, illegal activity has shrunk to about 10 percent and speculation has become the dominant driver. “That doesn’t mean criminals stopped using bitcoin,” the publication noted. While the “total transaction volume associated with illegal uses has surged since 2013,” Infante reiterated: The majority of transactions are used for price speculation. Contradicting Popular Opinion Mainstream media have often described bitcoin as being used by criminals such as for money laundering and purchasing drugs and other illicit goods. According to Matthew Allen, ICE Homeland Security Investigations (HSI) Assistant Director, “HSI agents are increasingly encountering virtual currency… in the course of their investigations.” In a written testimony for a Senate Committee hearing on modernizing anti-money laundering (AML) laws in November last year, he wrote that among cryptocurrencies encountered were “anonymity enhancing cryptocurrencies (AECs).” In June, a high-ranking official of the U.S. Secret Service urged Congress to consider additional legislation to address potential challenges related to anonymity-enhanced cryptocurrencies. He claimed that some cryptocurrencies “have been used extensively for illicit activity.” In the same month, the House of Representatives unanimously passed a bill to help prevent the illicit use of cryptocurrencies. Citing the popular perceived use of bitcoin for illicit activities, Bloomberg emphasized: Infante’s findings contradict the popular perception. Furthermore, the special agent explained that privacy-focused cryptocurrencies like monero and zcash are not liquid enough, so “the overwhelming majority of dealings are still in bitcoin,” the publication conveyed. She was further quoted claiming that while these cryptocurrencies more anonymous than bitcoin, “we still have ways of tracking them.’’ What do you think of the DEA agent’s findings? Let us know in the comments section below. Images courtesy of Shutterstock and Cnbc. Need to calculate your bitcoin holdings? Check our tools section. The post Illegal Activity No Longer Dominant Use of Bitcoin: DEA Agent appeared first on Bitcoin News. View the full article

This week Bitcoin Cash (BCH) proponents will be pleased to hear that more merchants can now accept bitcoin cash due to the crypto-payment processing firm Bitpay announcing a few strategic partnerships this week. The first announcement stems from the subscription television channel provider, Dish, who announced on August 9th that BCH is now accepted as a payment option after collaborating with Bitpay. Further Bitpay joined forces with the firm Flow.io and BCH payments can be used with global cross-border e-commerce platform on more than 60 different payment methods across 200 countries. Also read: Philippines Building Crypto Valley of Asia Television Network Dish Now Accepts Bitcoin Cash Bitcoin cash payments can now be used to pay for television subscription services with the company Dish after the firm announced migrating away from its former payment processor to Bitpay. The partnership allows Dish customers to utilize their bitcoin cash to pay for monthly subscriptions, and pay-per-view movie events. The company says as a push transaction customers must send the exact amount of BCH needed to make a one-time payment. John Swieringa, Dish executive vice president, and the chief operating officer says the reason they adopted BCH is for the same reason they adopted BTC back in 2014. “We’ve added Bitcoin Cash just as we chose to accept Bitcoin to serve customers who have adopted a new way of doing business,” explains Swieringa. We have a steady volume of customers paying with cryptocurrency each month, and Bitpay will allow us to continue offering more choice and convenience to our customers. BCH proponents can use bitcoin cash to pay for monthly subscriptions with Dish and pay-per-view events. Flow.io Platform Users Can Opt to Accept Bitcoin Cash Another partnership with Bitpay that also adds more merchant acceptance to the Bitcoin Cash ecosystem is the company’s integration with the cross-border e-commerce platform Flow.io. The Flow business model is expanding its services to allow cryptocurrency payment processing through Bitpay. The collaborative effort enables Bitpay to process BCH transactions in real-time with more than 60 payment methods in over 200 countries on Flow’s application. “As an addition to Flow’s platform, bitcoin and bitcoin cash are ideal for international e-commerce payments making it easy to buy and sell goods from countries where traditional forms of payment are unavailable,” said Sonny Singh, Chief Commercial Officer at Bitpay. Of course, BCH enthusiasts are always pleased with more merchant acceptance and added BCH payment infrastructure support. Bitpay’s union with Dish gives BCH fans the ability to pay for cable television services with bitcoin cash. With the Flow.io partnership however it will still be up to the merchant if they want to accept cryptocurrency payments but nevertheless, the option is there for Flow.io customers. What do you think of the two partnerships with Bitpay allowing more BCH merchant acceptance? Let us know what you think about this subject in the comment section below. Images via Shutterstock, Dish, and Flow.io At news.Bitcoin.com all comments containing links are automatically held up for moderation in the Disqus system. That means an editor has to take a look at the comment to approve it. This is due to the many, repetitive, spam and scam links people post under our articles. We do not censor any comment content based on politics or personal opinions. So, please be patient. Your comment will be published. The post Bitcoin Cash Acceptance Grows — Dish Network and Flow Partner With Bitpay appeared first on Bitcoin News. View the full article

A draft law prepared by deputies and representatives of the industry aims to introduce light taxation of crypto incomes in Ukraine. Businesses and individuals will be required to pay 5% on their profits from trading and mining cryptocurrencies when exchanged to fiat. Add to that the mandatory ‘military charge’ of 1.5% all Ukrainians owe the state since the start of the conflict in the East. Also read: Poor Russians More Aware of Crypto Than the Rich, Poll Finds Ukrainians to Pay 5% Tax and 1.5% Military Charge on Crypto Profits Despite their increasing popularity, cryptocurrencies are not yet legalized and regulated in Ukraine. The country’s growing crypto sector is expecting authorities to do that as soon as possible but officials in Kiev have been slow to grasp the phenomenon and figure out what to do with it. Three bills are stuck in the Rada since last October and a fourth one is expected to be filed this September. Now when Ukraine is getting closer to adopting regulations after the approval of a regulatory concept last month, a new draft law addresses the aspects of taxation. A group of deputies led by Ukrainian lawmaker Oleksiy Mushak and two dozen representatives of the crypto business are working on the bill which proposes а temporary tax regime in the sector. The authors want it to be enforced in 2019 and remain in place until 2025. The draft envisages the introduction of a 5% tax rate on profits from cryptocurrency trading and mining, Liga Business reported. The tax will be levied at the difference between the buying and selling price of digital assets, and the difference between mining income and mining expenses. It will be due only when the crypto funds are exchanged to fiat or in case of payments for goods and services, including property. Crypto-to-crypto transactions will not be taxed. According to Mushak, the crypto industry has a positive attitude toward the proposals in the legal document. “The state shouldn’t touch the exchange between cryptos but the exit to fiat, the real sector, and the purchases of goods. 5% sounds optimal. In fact – this is the price to pay for the legalization of income from dealings in crypto,” says Artiom Afyan, managing partner at Juscutum law firm. In addition, Ukrainians profiting from cryptocurrencies, will be expected to pay the so-called “military charge” – 1.5% on their incomes as private individuals. The tax was imposed as a temporary measure to finance the reform of the Armed Forces of Ukraine in August 2014. Ukraine’s army is engaged in a military conflict with pro-Russian forces in the Eastern part of the country since the spring of the same year. Regulations and Regulators According to the new draft, the crypto market will be regulated by the National Securities and Stock Market Commission (NSSMC). Recently, the regulatory concept prepared by the agency won support in Ukraine’s Financial Stability Council. The body is composed of representatives of the NSSMC, the National Bank of Ukraine, the Ministry of Finance, the Deposit Guarantee Fund, and the National Financial Services Market Commission. Details about the new concept were made public by the NSSMC in July. It defines cryptocurrency as “token that functions as means of exchange and store of value”, and tokens are divided into “centralized or decentralized units of account” that are “cryptographically secure.” The Commission is also expected to take responsibility for licensing and oversight of crypto exchanges as well as the regulation of ICOs (Initial Coin Offerings). The Finance Ministry and the State Fiscal Service should implement the tax regime. According to Konstantin Yarmolenko, adviser to the head of Ukraine’s Electronic Government Agency, rules should be adopted in order to protect investors and not for the sake of regulation itself. Alexander Momot, CEO of the Ukrainian crypto startup Remme, thinks that in order to stimulate the development of the crypto sector in the country, tax and regulatory breaks should be introduced instead of tax and regulatory regimes. What do you think of the tax rate on cryptocurrency transactions proposed in Ukraine? Share your thoughts on the subject of crypto taxation in the comments section below. Images courtesy of Shutterstock, Bitmain. 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 New Bill Proposes 5% Tax on Crypto Incomes in Ukraine appeared first on Bitcoin News. View the full article

When people look at the fiat value of cryptocurrencies they usually observe prices from data sites like Coinmarketcap.com that pull aggregated digital asset spot prices from exchanges all across the world. Now there’s another market capitalization website that people may be interested in, called Coinfairvalue.com, a platform that’s a touch different than the normal data sites because it measures fair values without any implied speculation. Also read: Electron Cash Wallet Now Available for Basic Feature Phones This Website Highlights Cryptocurrencies and Fair Value Coinmarketcap.com (CMC) and the variety of other price data websites are common places people like to visit to find out the value of their favorite cryptocurrencies. Most websites like this aggregate all the spot prices from exchanges across the world and find the median average. This is why sites like CMC’s prices are different than when an individual observes the feed from a single exchange. Now there’s another site called Coinfairvalue.com (CFV) that lists the top cryptocurrency valuations but instead of using aggregated spot prices it measures fair values based on the current usage of each coin. Basically, the website is based upon the ‘Currencies Fair Value’ model published by Pablompa in 2017, explain the creators of CFV. The Pablompa model assesses compounded fair value by measuring actual real-world use by utilizing publicly available blockchain data. “Our Market Cap differs from Market Caps in other sites because we do not make the artificial distinction between Circulating Supply and Supply,” explains the CFV website. Let’s put it simply: the fact that the founders hold a part of the supply does not make their part of the supply less circulating than a part of the supply held for years by an investor. “Static” supply is reflected in the Velocity of Money. The more “static” supply within the total supply, the smaller the velocity – hence, the higher the tendency to hold savings. The dollar and the euro are included in Coinfairvalue.com’s list. An Entirely Different Look at the Top Cryptocurrencies The CFV data is interesting for many reasons and one of them is because the top two currencies are USD and EUR which is not usually included in other market cap websites. USD has the fair market value (FMV) of $1 per unit while the EUR has an FMV of around $1.12 per unit at the time of writing. Both currencies have market caps that exceed $12-14 trillion dollars and the USD market capitalization is 12,903 percent larger than BTC’s $109B, according to CFV. The website’s creators believe USD and EUR should be included because fiat currencies have an uncertain future supply function. But CFV notes that data is sparse when it comes to the number of trades in a given period with fiat, and “the consequence is that there is poor clarity on their fair value.” The top ten currencies according to the website’s data. The top five cryptocurrencies are very different than the values recorded on websites like CMC. Bitcoin core (BTC) prices, for instance, are around $6,360 per coin at press time, but the currency’s FMV on Coinfairvalue.com is $4,559. The second highest market capitalization held by ethereum (ETH) today is $360 per ETH, but CFV’s data suggests it should be worth more at $534 a coin. Usually, ripple (XRP) takes the third position on most sites but on CFV’s site, bitcoin cash is the third highest valued coin. BCH spot prices today are around $594 but CFV has the fair value priced at $923 per BCH. Ripple (XRP) should be only $0.13 per coin rather than today’s overvalued spot price of around $0.44 according to the website. EOS prices on CFV say that EOS is undervalued and should be worth $2.40 per coin more than its current market price of $6. Another List Called “Honest Coinmarketcap” and the Rational Behind the Currencies Fair Value Model CFV’s website is sure to be controversial to some cryptocurrency proponents, but there have been many attempts to create more realistic coin market cap data. Just recently, news.Bitcoin.com reported on a spreadsheet created by Andrew Rennhack that he calls “Honest Coinmarketcap.” Rennhack’s aggregated data is based on global cryptocurrency volumes because the researcher claims a great majority of BTC and ETH volumes are phony. Using parts of the Currencies Fair Value model, the CFV website creators believe their data is rational. “It arrives at the rational conclusion that currencies must be trading at their fair value when the number of speculative trades in the particular currency itself is negligible with respect the total number of overall trades conducted using the same currency as a tool, such as in the case of when someone trades BTC for BCH because he thinks BCH will perform better,” Coinfairvalue.com details. It also arrives at the conclusion that even when the number of speculative trades is not negligible, and the aggregated number of speculative trades is also unbiased and cancels out, then this indicates that the currency must be trading at its Fair Value — With that in mind, while analyzing the charts, it is in fact possible to determine how much speculation occurred. What do you think about Coinfairvalue.com’s price assessments? Let us know your thoughts in the comment section below. Images via Shutterstock, and Coinfairvalue.com. At news.Bitcoin.com all comments containing links are automatically held up for moderation in the Disqus system. That means an editor has to take a look at the comment to approve it. This is due to the many, repetitive, spam and scam links people post under our articles. We do not censor any comment content based on politics or personal opinions. So, please be patient. Your comment will be published. The post This Cryptocurrency Data Site Lists Coins by Fair Market Value appeared first on Bitcoin News. View the full article

Mt. Gox, the defunct and disgraced bitcoin exchange (at one time the biggest in the world) is preparing a final chapter in a long, sorted ordeal. Creditors have coalesced around a repayment scheme to make victims whole. It includes what might amount to $1.3 billion in returned bitcoin cash (BCH) and bitcoin core (BTC) as early as summer of 2019. Also read: Bitcoiners Hope to Have a Friend in Top US Regulator Jay Clayton Mt. Gox Creditors Outline Plans for Repayments by Summer of Next Year The civil rehabilitation plan, a legal maneuver short of formal bankruptcy within the Japanese system, has been updated this August, relating to Mt. Gox and making victims whole. In an announcement published recently, creditors revised policy to better reflect feedback from the previous iteration. Mark Karpeles of Mt. Gox back in 2014 The revision includes how formal repayment to victims will be in bitcoin cash (BCH) and bitcoin core (BTC) through existing accounts on various exchanges or pre-approved, newly opened accounts. “We think it desirable that the BTC and BCH be sent to exchanges in which many creditors have accounts or can open accounts easily,” creditors clarified. Another sticky issue seemingly resolved, at least for now, is that of fiat paper, cash. Gox still holds residual cash from previous sales, and creditors wish that repaid to who they term “monetary creditors” first. 168,000 in BCH and 160,000 in BTC Alternative coins to either BCH or BTC are no longer being considered in the creditors’ repayment scheme. Differing selections of alts, their notorious volatility, all conspired against their usage in this matter. Creditors describe the notion as “unrealistic.” True too would be such a dump on broader altcoin markets. “There is a possibility that the sale of the altcoins by the trustee would cause a sudden fall in the price of altcoins and security problems may arise if the trustee moves the altcoins. Therefore, the trustee should proceed with the sale of altcoins with careful consideration of these matters,” Gox creditors insisted. The August statement details how 168,000 in bitcoin cash and 160,000 in bitcoin core, combined with Gox “derivatives” will be paid by the trustee, summer of next year, assuming the rehabilitation is formally approved (which seems likely). The overall resolution plan itself appears to be lagging, and so it is suspected to be submitted by mid February of next year. Depending on the price, of course, payouts could be worth well north of $1 billion, akin to $1.3 billion as of this writing. Mt. Gox was at one point the world’s most popular bitcoin exchange, accounting for a supermajority of BTC’s volume just four years ago. It eventually went bust after 744,000 bitcoin core vanished. Creditors have spent years trying to recover losses. Last year, they petitioned Japanese bankruptcy officials to allow the case be settled in civil rehabilitation. The court eventually granted the request summer of this year. The trustee, Nobuaki Kobayashi, held over 200k bitcoin, liquidating some 30,000 by spring. The rehabilitation plan under Mr. Kobayashi won’t have to liquidate assets such BCH and BTC going forward. Creditors will be formally advised of claim procedures most likely this month. What do you think should be done with Mt. Gox’s left over crypto? Let us know in the comments section below. Images via Pixabay. Be sure to check out the podcast, Blockchain 2025; latest episode here. The post Gox Creditors Agree to $1.3Bil Repayment in BCH, BTC, No Altcoins, by Summer 2019 appeared first on Bitcoin News. View the full article

South Korean exchange Bithumb has resumed deposit and withdrawal services for a number of cryptocurrencies after the recent hack. Another major Korean exchange, Upbit, has released an audit report showing more crypto and cash reserves than needed to pay customers. Meanwhile, all customer deposits at Korbit will now be held by a bank. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Bithumb Resumes Deposit/Withdrawal Services Bithumb, South Korea’s largest crypto exchange, announced on Saturday, August 4, that deposit and withdrawal services for nine cryptocurrencies will be resumed on August 4 at 7 p.m. KST. The nine cryptocurrencies are BTC, ETH, ETC, XRP, LTC, BCH, ZEC, QTUM, and MITH. This list was revised from an announcement two days prior which stated that 10 cryptocurrencies would be included and the services would restart at 11 a.m. KST. XMR was subsequently left out of the new list without explanation. The exchange detailed: Bithumb has been undergoing system security check and security upgrade, the enhancement in the customers’ order to secure our asset. As the security check and upgrade have been completed, we would like to re-open cryptocurrency deposit and withdrawal services. However, the exchange noted that “some cryptocurrencies with a significant price difference of about 10% between the Bithumb market and the standard market will be opted out for this round in view of protecting our customers’ assets.” Recently, the exchange suspended issuing new virtual accounts after NH Nonghyup Bank refused to renew its real-name account service with the exchange, as news.Bitcoin.com previously reported. Upbit Audit Report Shows Plenty of Reserves Upbit, South Korea’s second largest crypto exchange, released an audit report Friday. The audit was conducted on June 28 and 29 by Eugene Accounting Corp and focused on 145 coins and the exchange’s deposits, according to Upbit. The report “was completed after checking the company’s balance in its digital wallet and bank account,” the Investor detailed, adding: Upbit operator Dunamu said its cryptocurrency reserve ratio stands at 103 percent of total deposits made by customers with cash reserve ratio of 127 percent. The company, however, has not revealed the exact figures. Dunamu CEO Lee Sir-goo was quoted saying “we hold excess amounts of cryptocurrency and cash reserves than what we have to pay our customers,” noting that “this indicates we are able to pay whenever our customers wish to (withdraw).” In May, the authorities started investigating Upbit since they were concerned that the exchange may not have the funds to repay customers due to its business practices and agreement with the US exchange Bittrex. Upbit was accused “of inflating their balance sheets without holding sufficient reserves,” the news outlet described. Korbit Lets Bank Hold all Customer Deposits Korbit, another of the country’s four largest crypto exchanges, has become the first exchange in the country to exclusively use the real-name system. Since the government implemented this system at the end of January, “Korbit has been implementing real-name verified deposit and withdrawal account services for cryptocurrency trading,” the exchange explained Thursday. This is “to comply with the government’s measures to promote the sound development of the cryptocurrency market,” Korbit noted, adding: In line with the government’s efforts, Shinhan Bank has strengthened its policy on separate custody of customer deposits, and as a result, Korbit’s customer deposits will be managed by Shinhan Bank starting from August 2018. The exchange clarified that, under this arrangement, withdrawals of Korean won from customer accounts “will not be available to users who have not completed the real-name verification. Due to government policy, real-name verification is only available to Korean citizens at this time.” The real-name system has been partially used by the country’s largest exchanges: Upbit, Bithumb, Coinone, and Korbit. The regulators want all crypto trading accounts converted into real-name ones but the conversions at each exchange have been progressing slowly. What do you think of Bithumb resuming deposit/withdrawal services, Upbit audit report showing excess reserves, and Korbit fully using the real-name system? Let us know in the comments section below. Images courtesy of Shutterstock, Bithumb, Upbit, and Korbit. Need to calculate your bitcoin holdings? Check our tools section. The post Bithumb Resumes Deposit and Withdrawal Services – Upbit Reveals 127% Cash Reserves appeared first on Bitcoin News. View the full article

Bitcoin Cash proponents are celebrating the one year anniversary of ‘Bitcoin Independence Day’ on August 1st and now into the weekend. Over the past week, quite a few bitcoiners have noticed there’s been a lot of developments, announcements, and commemorative parties within the BCH space. Also read: High Times Becomes the First IPO to Accept Cryptocurrencies Bitcoin Cash Fans Celebrate the August 1 Anniversary Into the Weekend There have been over 63,000 blocks mined since the blockchain split on August 1, 2017, and Bitcoin Cash fans have been observing the anniversary over the past few days with parties all around the world. At the moment, one bitcoin cash (BCH) is trading for $734 and the cryptocurrency holds the fifth highest trading volume amongst all 1600+ digital currencies that exist. On August 3, BCH transaction fees are around $0.002 USD while BTC fees are around $0.14 per transaction, in other words – around 6,900 percent cheaper. Meanwhile, there’s been a lot of developments happening within the bitcoin cash ecosystem and a new Street Fighter style video has been published which reveals the new BCH logo. Check out the Street Fighting Bitcoin Cash video below. Bitcoin Unlimited Ports Double Spend Relaying Protocol from Bitcoin XT One recent announcement that’s buzzing around the community is the double spend relaying protocol ported from Bitcoin XT has now been implemented into the Bitcoin Unlimited (BU) client. BU’s lead developer Andrew Stone merged the relay code — a protocol that’s aimed at improving the efficiency of zero-confirmation transactions. Just recently, news.Bitcoin.com reported on Bitcoin Unlimited merging Graphene, a block propagation protocol, into the codebase on July 25. Pixelwallet Allows Bitcoin Cash Users to Send a BCH Transaction Encrypted in an Image File A unique application called Pixelwallet has been released into the wild and bitcoin cash fans can now send a BCH transaction encrypted in an image file. The Android application’s creators say the platform is a first of its kind, and Pixelwallet is currently running on BCH testnet. Essentially, users enter an amount to send (with testnet BCH), select an image which can also have a password attached to the file, and after that, they can then send the image by email, Telegram, and other online messengers. GMO Group Joins the Bitcoin Cash Mining Party Again On Friday, August 3, the Japanese internet giant GMO joined the bitcoin cash party again mining a BCH block. When speaking with our publication a few weeks ago a spokesperson told news.Bitcoin.com’s Kevin Helms the company had mined 636 BCH so far. The firm is well known for introducing mining rigs that contain 7nm semiconductors and the company’s mining subsidiary started processing cryptocurrency blocks last December. Bitcoin Cash supporters were excited to see GMO process BCH block 541818. The Bitcoin Cash network hashrate has been steadily increasing over the past few months. Instacoin ATMs Announce BCH Integration While Supporters Observe the 687K Daily Transaction Milestone on August 1 Lastly, the cryptocurrency automated teller machine (ATM) company Instacoin has announced it has added multi-currency support this week. Instacoin ATMs will now sell dash, litecoin, and bitcoin cash. The ATM business details that the ability to sell BCH and the other coins to their machines will be available by the end of the month. The BCH network processed a record number of transactions on August 1, 2018. Overall, BCH supporters are pleased with the vast amount of developments taking place in the space and many are still celebrating the anniversary and the incredible milestone of over 687,000 on-chain transactions processed for less than 1/5th of a penny, just a few days ago. Check out one of the anniversary parties below as the Coingeek ‘Bitcoin Rebirth Party’ unveils the new bitcoin cash logo. What do you think about all the developments and platforms revealed this week in the bitcoin cash space? Let us know your thoughts in the comment section below. Images via Shutterstock, the BCH Street Fighter video, Pixelwallet, Pixabay, and Twitter. Need to calculate your bitcoin holdings? Check our tools section. The post BCH Roundup: More Developments, 687K Transactions, and Rebirth Parties appeared first on Bitcoin News. View the full article

As is now customary for the company, Coinbase has released a list of the latest assets it’s considering. The latest batch are being mooted for its institutional platform, Coinbase Custody, and thus are for storage only at this time, though future trading cannot be discounted. The list of altcoins it’s considering is as eclectic as it is incongruous. While some selections make sense, others have left observers scratching their heads. Also read: NYSE Owner: Bitcoin Should Be in Retirement Funds, Credit Cards, Retail Stores Coinbase Prepares to Unleash a Plague of Assets Coinbase, which has traditionally added new cryptocurrencies at a rate of one a year, has been on something of a splurge lately. In addition to ethereum classic (ETC), which is scheduled to start trading in around a week on its retail exchange, there’s a handful of other assets it’s likely to list in the near future such as ADA, BAT, and ZRX. Yesterday it was the turn of its institutional arm, Coinbase Custody, to unveil a shortlist of possible new tokens. Only in this case, it was more of a long list, containing no less than 34 coins. Scanning the list of coins that are candidates for custodial inclusion provides an insight into the thinking of CEO Brian Armstrong and his team, for like it or not, Coinbase exerts huge sway over the industry. It may be slow to list new coins, but when it does belatedly get its act together, the markets react swiftly to the news. ETC is up 15% in the past 24 hours ahead of its Coinbase listing, while the likes of Tezos, which is on the Coinbase Custody shortlist, is up by 20%. Even in a bear market, Coinbase has the power to move markets. The complete list of coins being considered by Coinbase Custody Half of Coinbase Custody’s Shortlisted Assets Make Little Sense Like any shortlist, the selection of coins that might make the grade at Coinbase Custody is open to debate. The company is naturally entitled to list whatever it likes, but from a business perspective, there are some odd choices. Furthermore, given that low market cap altcoins are more synonymous with retail investors than institutional, it’s hard to imagine why Coinbase Custody is interested in safeguarding altcoins that investment firms are unlikely to look twice at. As the company clarified in its blog post, “Coinbase Custody is exploring the addition of many existing and forthcoming crypto assets for storage only, and will be working to add them as quickly and safely as possible. At this time, we have not yet considered these assets for trading.” It is safe to assert, however, that Coinbase wouldn’t offer to care for these assets on behalf of its clients if it wasn’t at least considering making some of them tradable in the future. The Strangest Names on the List Of the 34 assets on the list, the following coins have attracted particular attention: Ripple: Could this be Coinbase’s way of taunting ripple bagholders by offering to safeguard their coin but never list it? Monero: Given XMR’s association with illicit transactions, it had been assumed that Coinbase would never touch a coin whose previous owners could have used it to fund anything from terrorism to drugs. Tezos: Last year this might have made sense, but ever since Tezos’ legal woes, the coin has become a hot potato that US investors in particular have been reticent to touch. It is currently listed on Gate.io, Hitbtc, and Gatecoin only. Bytecoin: As one commenter pithily put it, “listed on the Chinese govt top shitcoin list, now being considered by @CoinbaseCustody, apparently institutions might want to own this. Launch was a joke of a scam: claimed it had been used on deep web for 2 years, faked whitepaper dates, faked blockchain, 80% premine.” Bitshares: In 2015 maybe. Tatatu: A coin literally no one has heard of. Kik: Pump and dump vaporware. Bitcoin Gold: One of 2018’s worst performers, down 95% from its ATH (though listing might still make sense since it’s a BTC fork so many Coinbase customers will own it by default). On a brighter note, the remainder of Coinbase’s shortlist makes sense, with some commendable candidates ranging from the obvious (Decred) to the nostalgic (Doge) to the up-and-coming – Telegram, Hashgraph and Foam, which is so fresh its token sale hasn’t even completed. While crypto commenters debate the wisdom of Coinbase Custody’s proposed new additions to the vault, institutional investors will be googling hard, trying to ascertain the identity of these hitherto unheard of assets that are now poised for inclusion – and possibly even listing – on the world’s most famous exchange. What do you think of Coinbase Custody’s shortlist? Let us know in the comments section below. Images courtesy of Shutterstock, and Coinbase. Need to calculate your bitcoin holdings? Check our tools section. The post Coinbase Custody is Eyeing Some Odd Altcoins appeared first on Bitcoin News. View the full article

The wide adoption of cryptocurrencies in Russia has been put on hold after the State Duma postponed the final reading of three crypto bills for its fall session. Nevertheless, Russian companies are already planning to introduce crypto payments as soon as the regulations are in place. Among them, a major car dealer and an international pizza chain. Also in The Daily, the governor of Jeju has received support from Bitcoin.com for his efforts to create a Crypto Valley on the island. And while the South Korean province hopes to become a crypto and blockchain hub in Asia, major European banks have decided to base their blockchain initiative in Dublin. Also read: Hackers in High Demand, China Hires Cryptographer Avtospetscenter and Papa John’s Prepare for Crypto Payments With Russian parliamentarians taking vacation without keeping Putin’s July deadline for adopting comprehensive regulations for the country’s crypto space, Russian companies are left with only one option – to plan for crypto adoption after lawmakers officially recognize cryptocurrencies this fall. Two major businesses have announced their readiness to take advantage of crypto payments once they are legalized by authorities in Moscow. One of Russia’s major car dealers, Avtospetscenter (ASC), has admitted it intends to start selling automobiles for digital money. “We are thinking of selling cars for cryptocurrency. The idea is under development. If there are no obstacles in the legislation, ASC will start selling cars and providing crypto services by 2020 – 2021,” Andrey Turkin, general manager of ASC’s subsidiary Audi Center Taganka, said quoted by Bits Media. Soon, Russians will probably be able to order pizza with bitcoin as well. “Cryptocurrency has every chance of being directly applied in our business. I think, in the future, you’ll be able to buy our pizzas with bitcoin. We have the solutions ready, but for now we are just waiting for the right moment to start it all,” Christopher Wynne, Papa John’s President for Russia, CIS and Poland, revealed in an interview with TASS. Governor of Jeju With Bitcoin.com Wallet Won Hee-ryong, the governor of Jeju in South Korea, has presented some ambitious plans for his province and they involve cryptocurrency adoption with the help of Bitcoin.com and Bitcoin Cash (BCH). Won wants to turn Jeju Island into Korea’s Crypto Valley and has already made proposals for that to the country’s National Assembly. During the Huobi Carnival in Seoul this week, Won Hee-ryong met with Bitcoin.com CEO Roger Ver who promised to contribute to the realization of the project and support the efforts of the governor. Prior to their conversation, Mr. Ver showed Mr. Won how to download and install the Bitcoin.com wallet on his smartphone, Blockinpress reported. The opening of Jeju to various projects from around the world will help the development of the crypto and blockchain technology, Roger Ver noted. He also said that people from the crypto space will discover the island as a holiday destination. “I will support Jeju to become a prosperous blockchain hub,” Mr. Ver emphasized and revealed he is planning to visit the island next month. Won Hee-ryong accepted the offered help and added: “As Mr. Roger Ver said, Jeju is an international tourist destination with a good environment to become a blockchain hub.” He also noted that the island has a special, autonomous status that can help solve regulatory issues which haven’t been solved at national level. Top Euro Banks Choose Dublin for Their Blockchain Initiative An alliance of nine leading European banks has chosen the Irish capital as a base for their blockchain initiative, local media reported. The We.trade group, formerly Digital Trade Chain, includes major financial institutions from the Old Continent such as Deutsche Bank, HSBC and Santander. The consortium was founded in 2017 to explore and develop blockchain technologies for carrying out transactions between banks and their clients. The platform is currently used for trades among 11 European countries. After a period of development and testing, the participating banks are now working to onboard more clients, revealed We.trade’s Chief Operating Officer, Roberto Mancone, former head of the disruptive technologies division of Deutsche Bank. “It’s no longer a proof of concept, it’s no longer an experiment, the platform is now made available to the clients,” he said, adding that they can find counterparts in other countries and start trading using the platform to create smart contracts, finance invoices or make payments. Days after We.trade’s announcement, a European blockchain body expressed concerns over the lack of legal clarity in regards to the implementation of blockchain technologies and the application of EU’s General Data Protection Regulation law (GDPR). The EU Blockchain Observatory and Forum warned that the new rules which went into effect recently are actually threatening innovation in the space. “As long as the legal framework around personal data and blockchain remains unclear, entrepreneurs and those designing and building blockchain-based platforms and applications in Europe face massive uncertainty. That can put a brake on innovation,” the organization said in a report titled “Blockchain Innovation in Europe”. One of the main concerns stems from the incompatibility between the right of individuals under GDPR to request their personal data to be deleted and the immutability of data stored on a blockchain. What are your thoughts on today’s news tidbits? Tell us in the comments section below. Images courtesy of Shutterstock, Blockinpress. 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: Cars and Pizzas for Crypto in Russia, Crypto Valley in South Korea appeared first on Bitcoin News. View the full article