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Almost three months after starting to roll out cryptocurrency trading, Robinhood has expanded the service to another two more American localities. This means that residents of eight US states in total now have access to Robinhood Crypto. Also Read: This Week in Bitcoin: Bacon War, Mining Trucks and Coinbase Salutes Regulator Robinhood Crypto Reaches Eight Million More Americans Robinhood Financial LLC, the Palo Alto-headquartered US stocks brokerage app, has announced that it added another two locations where cryptocurrency trading is now supported for its clients. The company officially announced on Thursday on its twitter page that the service is rolling out to Wisconsin and New Mexico. Wisconsin is the 20th most populous American state with almost six million residents, and with a population of approximately two million, New Mexico is the 36th most populous state. This means that about eight million more Americans now have access to Robinhood Crypto. The two states are only the seventh and eighth locations in the country where Robinhood’s cryptocurrency trading service is made available. The company also added Colorado in April, after initially launching in California, Massachusetts, Missouri, Montana, and New Hampshire back in February. Robinhood Crypto is bringing you a new kind of cheddar! Commission-free Bitcoin and Ethereum trading is now rolled out and available to investors in Wisconsin. pic.twitter.com/6llxdYDEwG — Robinhood (@RobinhoodApp) May 3, 2018 More States Promised Sooner or Later Besides the few selected states that the company’s cryptocurrency trading service is available, Robinhood also offers market data on a total of sixteen cryptocurrencies including bitcoin, ethereum, bitcoin cash, litecoin, ripple, ethereum classic, zcash, monero, dash, stellar, qtum, bitcoin gold, omisego, neo, lisk and dogecoin. The company is also working on Robinhood Feed, a way to discuss cryptocurrencies, news, and market swings in real-time with other investors on the platform. On Friday, the app’s team has also assured clients that they are “working through regulatory processes to bring Robinhood Crypto trading to more states.” Robinhood Crypto is coming in hot! Commission-free Bitcoin and Ethereum trading is now rolled out and available to investors in New Mexico. pic.twitter.com/aq12aQwcpO — Robinhood (@RobinhoodApp) May 3, 2018 What country or American state should Robinhood Crypto reach next? Share your thoughts in the comments section below. Images courtesy of Shutterstock. Do you agree with us that Bitcoin is the best invention since sliced bread? Thought so. That’s why we are building this online universe revolving around anything and everything Bitcoin. We have a store. And a forum. And a casino, a pool and real-time price statistics. The post Robinhood App Expands Cryptocurrency Trading to Two More US States appeared first on Bitcoin News. View the full article

Despite already setting a precedent in a previous case, the Israeli courts system is again called upon to stop a bank from shutting down a crypto business. This time, Union Bank tried to refuse operating an account to a mining firm – a service all companies need to legally operate in the country. Also Read: This Week in Bitcoin: Bacon War, Mining Trucks and Coinbase Salutes Regulator Israminers vs. Union Bank Union Bank of Israel, Ltd. (TLV: UNON), the sixth largest Israeli bank, has been slapped with a lawsuit by a local cryptocurrency mining company. Israminers Ltd, accuses the bank of unilaterally deciding, after three months of operations, that it will no longer allow the company to accept funds from bitcoin exchanges, and then sending back money already received in the account – preventing the company from buying further mining hardware and shutting down the account within 30 days. The founders of Israminers, one of which is also the owner of a law firm, have decided to take the case to the courts, asking for a reprieve from the bank’s decision. The company has furthermore turned to the Israeli banking regulator with an official complaint against Union Bank. And today, the miners have announced that the Herzliya court has accepted the case, presenting a temporary order against the bank. Adv. Guy Penn told news.bitcoin.com today that: “banks in Israel are currently refusing services to companies that operate in the crypto field, without even checking or understanding their business activity. The banks’ overwhelming refusal leaves us with no choice but to take our case to the courts of law, otherwise the entire Israeli crypto field will have to relocate its business model abroad.” Supreme Precedent The Israeli banking system has not been welcoming to bitcoin-related business, to say the least, forcing companies to turn to the courts to get service. In February, for example, Bitflash LTD, a company which was established to provide digital currency trading services based in Acre, has asked the Tel Aviv District Court to order all 11 banks in the country to open a current account without credit for it. Later that month, the Supreme Court of Israel issued a temporary injunction order forbidding Bank Leumi from sweepingly halting the account activity of the Bits of Gold bitcoin exchange. This was seen as a major victory in the Israeli cryptocurrency industry – and one that sets a precedent for other bitcoin businesses struggling to get banking services. Should the regulators act against banks who refuse to serve bitcoin businesses? Share your thoughts in the comments section below. Images courtesy of Shutterstock. Do you agree with us that Bitcoin is the best invention since sliced bread? Thought so. That’s why we are building this online universe revolving around anything and everything Bitcoin. We have a store. And a forum. And a casino, a pool and real-time price statistics. The post Israeli Bitcoin Mining Company Sues Bank for Closing Its Account appeared first on Bitcoin News. View the full article

Bitcoin adoption continues to grow rapidly worldwide. This adoption roundup features four merchants that recently started accepting the digital currency – a boutique hotel in Spain, parking lots, an electrical supply store, and online courses in Japan. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Parking Lots Park Realty Co. Ltd., which provides a parking lot sharing serving called QRpark, announced last week that it has started accepting bitcoin payments. “It is the service to convert the industry’s first monthly parking lot into a temporary parking lot,” the company described. A parking lot owner just needs to set up a visible signboard on the premises to be shared. “Guests using the parking lot select the parking time at the time of parking and pay the fee using the [QRpark] application,” the company detailed, adding that “Compared to [traditional] coin parking, capital investment is small, so the price is also cheap.” The announcement states that the company believes that this system will lower the vacancy rate of monthly parking lots, and expects that approximately 4,000 locations and 10,000 renters nationwide to use this service throughout the year. The QRpark team wrote: We decided to introduce a bitcoin payment service, expecting to increase the convenience for customers by increasing the means of payment and [it will] lead to the acquisition of new customers. Electrical Supplies Store Fujiden Corporation recently started accepting bitcoin payments at one of its stores in Japan – the Yawata Electrical Materials Purchasing Center. This is done through Japan’s largest cryptocurrency exchange by volume, Bitflyer. The company currently has 11 stores in Japan, mostly in Kyoto and Osaka. The Yawata location is in Kyoto prefecture. “Cash settlement is the mainstream for electrical wires, electrical construction materials, electrical tools etc. used at construction sites, such as [for] electrical work and air conditioning construction,” the company explained, adding that while its stores focus on credit cards, “We intend to pursue further convenience by introducing bitcoin payments.” Online Courses Kiramex recently announced that it is accepting bitcoin payments for courses at its online school, Techacademy. Citing that customers can use Bitflyer’s Bitwise Shop to pay for all courses offered at the Techacademy online boot camp, the company elaborated: Techacademy responds to the needs of users born from new technologies and markets, such as starting to offer blockchain courses since February this year. The bitcoin payment [option] this time is part of that effort. Spain’s Hotel El Tiburon El Tiburón is a boutique hotel located on the beach of La Carihuela, Spain. The hotel announced last week that it has become “the first hotel in Andalusia to accept cryptocurrencies as a form of payment,” specifically naming “four main cryptocurrencies: bitcoin, ethereum, litecoin, and bitcoin cash.” The hotel uses Coinbase Commerce to accept crypto payments. El Tiburón says: We bet on technology to provide our customers with the latest digital trends, due to the great boom that has been generated with bitcoin, ethereum, dash, etc., we have decided that our customers should be able to pay for our services with this innovative technology. Do you think all merchants will soon adopt bitcoin? Let us know in the comments section below. Images courtesy of Shutterstock, Park Realty, Bitflyer, Fujiden, Tech Academy, Hotel El Tiburon. Need to calculate your bitcoin holdings? Check our tools section. The post Bitcoin Adoption Continues: Parking Lots, Supplies Store, Courses, Boutique Hotel appeared first on Bitcoin News. View the full article

A class action lawsuit has been filed against Ripple Labs, its CEO, and subsidiary. The plaintiff alleges that the defendants have violated the state and federal securities laws, engaging in schemes to raise hundreds of millions of dollars through the sale of unregistered ripple tokens (XRP). Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Class Action Lawsuit San Diego resident Ryan Coffey has filed a “securities class action” lawsuit against Ripple Labs Inc, its CEO Bradley Garlinghouse, its wholly owned subsidiary XRP II LLC, and ten related persons. Attorney James Taylor-Copeland representing Coffey filed the lawsuit with the Superior Court of the State of California, seeking damages on behalf of Coffey and all others similarly situated. According to the court document dated May 3, Coffey purchased 650 XRP at $2.60 per token around January 6 and sold them at approximately $1.70 per token around January 18. Coffey described: [The lawsuit] arises out of a scheme by defendants to raise hundreds of millions of dollars through the unregistered sale of XRP to retail investors in violation of the registration provisions of state and federal securities laws. ‘XRP Genesis and the Never-Ending ICO’ Coffey detailed in his filing, “unlike cryptocurrencies such as bitcoin and ethereum…all 100 billion of the XRP in existence were created out of thin air by Ripple Labs at its inception in 2013.” Citing that 20 billion tokens were given to Ripple Labs’ founders and 80 billion to the company itself, he alleges that the defendants “earned massive profits by quietly selling off this XRP to the general public,” adding: From 2013 to the present, [the] defendants have been engaged in an ongoing scheme to sell XRP to the general public in a never ending ICO…Defendants’ sales of XRP to the public accelerated rapidly in 2017 and early 2018. He also claims that “these ICOs have become a magnet for unscrupulous practices and fraud.” Coffey alleges that the “defendants market XRP to drive demand and increase [its] price,” including “blur[ring] differences between Ripple Labs’ Enterprise Solutions and XRP.” Other tactics include offering a bribe to Coinbase and Gemini exchanges to list XRP and promising R3, an enterprise software firm with a network of banks and financial institutions, a 5 billion XRP option, Coffey added. At the time of this writing, XRP is trading at $0.91 on Bitfinex, a 73% drop from its high of $3.30 in January. Violations of Securities Laws Citing that the US Securities and Exchange Commission (SEC) has made it clear that digital tokens including XRP often constitute “securities and may not be lawfully sold without registration with the SEC or pursuant to an exemption from registration,” Coffey elaborated: The XRP offered and sold by [the] defendants have all the traditional hallmarks of a security…However, [the] defendants did not register XRP with the SEC, and many of the representations [the] defendants made regarding XRP were designed to drive demand of XRP, allowing defendants to obtain greater returns on their XRP sales. Last month, the SEC stated that both XRP and ether could be classified as securities. However, Ripple’s chief market strategist, Cory Johnson, told CNBC in early April: We absolutely are not a security. We don’t meet the standards for what a security is based on the history of court law. Do you think this securities class action lawsuit against Ripple has any legs? Let us know in the comments section below. Images courtesy of Shutterstock, Trading View, and Ripple Labs. Need to calculate your bitcoin holdings? Check our tools section. The post Ripple Sued for Alleged Violations of US Securities Laws appeared first on Bitcoin News. View the full article

U.S. Patent and Trademark Office revealed this week JP Morgan Chase applied for a patent related to blockchain back in October of last year. It’s quite the turnaround for the bank, which has been on record as one of bitcoin’s and cryptocurrency’s biggest critics. Also read: Venezuela’s President Launches Crypto Funded Youth Bank, Encourages Mining Farms JP Morgan Swallows Hard, Attempts a Blockchain Patent Titled Systems and Methods for the Application of Distributed Ledgers for Network Payments as Financial Exchange Settlement and Reconciliation, the U.S. Patent and Trademark Office published JP Morgan Chase Bank’s formal application to patent what amounts to a variation on blockchain technology. JP Morgan Chase is the biggest bank in the United States, and it ranks as the world’s second largest by market cap. Its head, Jamie Dimon, has gone after the phenomenon of cryptocurrencies quite publicly over the years. His rhetoric seemed to ramp up in direct relation to the then skyrocketing price of bitcoin (BTC). Back in 2017, these pages noted, “JP Morgan executive Jamie Dimon is downplaying bitcoin again and this time calling the decentralized currency a ‘fraud.’ Dimon told a CNBC broadcast that bitcoin markets would “blow up” and he would fire anyone from his team if they traded bitcoin. ‘It’s worse than tulip bulbs — It won’t end well,’ explains Dimon to the news outlet.” Not too much long after, Mr. Dimon would not “shut up about bitcoin as the bank executive called bitcoin investors ‘stupid’ and someday they will ‘pay the price,’’ we explained. If that wasn’t enough, the bank was rumored to be considering bitcoin futures. This year’s turn, however, began when Mr. Dimon walked back some of those statements. Indeed, its annual report openly feared crypto would be a hugely disruptive force going forward, and perhaps for good. Such recent statements appeared to signal a shift in JP Morgan attitudes. The best evidence came this week, as the Patent Office detailed, “Systems and methods for the application of distributed ledgers for network payments as financial exchange settlement and reconciliation are disclosed. In one embodiment, a method for processing network payments using a distributed ledger may include: (1) a payment originator initiating a payment instruction to a payment beneficiary; (2) a payment originator bank posting and committing the payment instruction to a distributed ledger on a peer-to-peer network; (3) the payment beneficiary bank posting and committing the payment instruction to the distributed ledger on a peer-to-peer network; and (4) the payment originator bank validating and processing the payment through a payment originator bank internal system and debiting an originator account,” are all what JP Morgan is after. It might be the bank is attempting to cut in on the money wiring services industry across the globe. The market for remittances is many billions. Just how a blockchain, in the way commonly understood regarding the technology, would assist in cross-border transactions without a proprietary coin affiliated is not immediately clear as of this writing. What is clear is that JP Morgan and Mr. Dimon are sharing large slices of humble pie as news of the patent application spreads. What do you think JP Morgan Chase is up to? Let us know in the comments below. Images via Pixabay. Looking for a Bitcoin Cash Block Explorer? Check out Bitcoin.com’s BCH Block Explorer today to find transactions, blocks, and other important blockchain data. The post JP Morgan Chase Eats Humble Pie, Applies for Blockchain Patent appeared first on Bitcoin News. View the full article

The BTC markets have rallied to test resistance at the $10,000 area. Despite gaining 60% in just four weeks, BTC’s recent gains have been significantly overshadowed by those produced by many top performing cryptocurrency markets, including Bitcoin Cash – which has gained more than 225% since it’s early April lows. Also Read: Markets Update: BCH Prices See Uncorrelated Movement Gain 13% BTC Markets Produce Four Consecutive Green Weekly Candles The price of BTC has continued to make consistent gains, bouncing by almost 60% from the recent low of roughly $6,400 to the current prices of $9,600. When measuring the bounce in relation to the bear trend of early-2018, we can see that the price of BTC appears to be trying to consolidate at the 0.236% retracement area. The recent price action has seen BTC break out of its large descending triangle formation, after establishing an additional point of contact with a long-term ascending triangle. The bounce has also driven the weekly stochastic RSI to break above the 20 threshold for the first time since July 2017. During April, BTC produced four consecutive green weekly candles for the first time since December 2017. This apparent shift in momentum has been interpreted by many as a signal that the recent recovery may not be over. The bullish price action for bitcoin comes amid renewed interest among institutional investors, with Goldman Sachs indicating that they will launch bitcoin futures contracts in coming weeks, and the founder of Meitu, Cai Wensheng, announcing that he accumulated 10,000 bitcoins during the bear trend of early 2018. BTC Resistance at $10,000 Holds Strong, For Now Whilst longer-term price action appears to suggest more bullish momentum may be likely, immediate price action on the daily charts appears to be signaling that a retracement may be overdue. When looking at the daily chart, the price of bitcoin fell below its immediate ascending trendline and has consolidated in a somewhat sideways trajectory in recent days. The recent price action which has seen resistance at $10,000 hold also appears to have produced a failed test of the underside of the aforementioned broken trendline. Should the immediate ascending trendline on the 4-hourly chart fail to hold up, we may see a more significant retrace from current price levels. BCH and Altcoin Markets Gain Over BTC Despite the impressive performance of BTC during recent weeks, its gains have been dwarfed by those of many other markets, particularly Bitcoin Cash (BCH). When measuring from the lows of early April, BCH has gained by over 225%. With prices currently hovering at approximately $1700’s, BCH has made gains of roughly 14.5% in the last 24 hours alone – making Bitcoin Cash the strongest gaining market of the 60 largest cryptocurrencies by market capitalization. When measuring the bounce in relation to Bitcoin Cash’s almost 85% drop from its all-time high of $4,000, BCH appears to be gearing up for a test of the 0.382% fibonacci retracement area of approximately $2,000. When paired against BTC, the local price high of approximately 0.1875 with the 0.5% retracement area when measuring December’s highs, BCH currently boasts the fourth largest market cap with almost $30 billion. ETH Retains Second Largest Market Capitalization Ethereum has also made impressive gains during the last month, increasing in value by almost 150% from its early-April low. Ethereum’s market cap has retained a strong lead over all other alternative cryptocurrency markets – currently at over $82 billion. As of this writing, the price of ETH is approximately $780. After testing support at the low $300’s, ETH has since made a robust recovery – with the current price of roughly $825 sitting between the 0.326% and the 0.5% fibonacci retracement areas. When paired against BTC, one can identify the early-April low of roughly 0.05 as comprising the establishment of support at the approximately 0.236% retracement area. When measuring the crash from the June 2017 all-time high of approximately 0.15 BTC to the mid-July low of 0.025, the current prices of 0.081 appear to be approaching a test of the 0.5% fibonacci retracement area. When measuring from the 2017 high of roughly 0.12 to early-April low, current prices appear to be sitting just above the 0.326% retracement area. Eos Among Highest Gaining of Top Cryptocurrencies by Market Cap Eos has rallied to produce among the highest gains of all leading cryptocurrency markets in recent months. During mid-March, Eos produced a 75% bounce off its local low of roughly $4 to test resistance at $7 in under a week. Moving into April, the price of Eos consolidated around the $6 area, before making steady gains through the month to break into new all-time highs at the end of April. After establishing new record highs above $22, Eos has since retraced 25%, with prices currently hovering at roughly $16.60. At current prices, Eos has produced gains of over 175% since the April breakout, and over 300% since the March low of roughly $4. When running a fibonacci extension from the October 2017, to January 2018’s now-former record highs, and back to the local low of March 2018, we can see that the Eos markets have retraced from the 1.0% extension. According to coinmarketcap, Eos is now the 5th largest cryptocurrency by market capitalization – boasting a total capitalization of over $14.5 billion. Other Leading Markets Gain Over 100% In Four Weeks The respective 7th, 8th, and 9th largest cryptocurrency markets by capitalization, Cardano, Stellar, and IOTA, also produced gains of over 1000% from early April’s lows. Cardano currently boasts a market capitalization of nearly $9.5 billion, after having bounced nearly 150% from an early-April low of approximately $0.145 to currently trade for nearly $0.36. When measuring from Cardano’s all-time high of almost $1.40, the ADA markets are sitting just below the 0.236% retracement area – indicating the potential for further upside momentum, despite the considerable gains already made. Stellar has produced an approximately 125% bounce from its early-April low of just below $0.19, with current prices trading at almost $0.43. Stellar appears to be making a small consolidatory retrace after rallying to test resistance at the 0.326% retracement area. As of this writing, Stellar’s market capitalization is almost $8 billion. Iota has gained 150% this past month, bouncing from a local low of just below $1 – with prices currently trading at approximately $2.50. When measuring from Iota’s all-time high of over $5.50, IOT is currently making a small retrace from the 0.326% retracement area. The market capitalization of Iota is almost $7 billion. Do you think the cryptocurrency markets are overdue for a correction? Share your thoughts in the comments 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 courtesy of Shutterstock, Trading View, Bitcoinwisdom Need to calculate your bitcoin holdings? Check our tools section. The post Markets Update: BTC Resistance at $10,000 Holds, Gains Dwarfed by Alternative Markets appeared first on Bitcoin News. View the full article

From a turf war over “the world’s first” bacon-backed coin to mining trucks chasing cheap electricity across Europe, the cryptocurrency world never has a dull day. These stories and many more were covered in this week’s daily editions of Bitcoin in Brief. Also Read: Young New Zealand Man Spared Jail for Dealing Drugs With Bitcoin Outage Downs Telegram, Bitcoin Shines on a Bank As the messaging service of choice for many cryptocurrency groups, the problems at Telegram made headlines on Monday. While the company was facing a crackdown in Russia and Iran, this time it was a technical issue in one of Telegram’s data centers after a power outage in Amsterdam that caused interruptions across Europe, the Middle East, North Africa, Russia, and the CIS countries. Additionally covered were a photo which shows a huge Bitcoin logo projected on the Swiss National Bank building in Zurich and major companies’ blockchain developments in South Korea. IOTA Ditched, Bitcoin Taking Over Popular Culture On Tuesday we reported that UCL (University College London) cut all its ties with the IOTA Foundation because of its repeated threats against critics that reviewed the technology, that Wikimédia France will soon begin accepting donations in cryptocurrencies, and that someone has created the annoying bitcoin price alarm from HBO’s comedy series Silicon Valley. But the big news was all about bacon. Oscar Mayer, the meat brand owned by Kraft Heinz (NASDAQ: KHC), announced it had launched the “first-ever cryptocurrency backed by bacon.” Fans were invited to “mine” Bacoin by participating in a promotion and pump the value by shilling for it on social media. The company was soon hit with a cease-and-desist letter by someone claiming he invented a bacon-backed coin with the exact same name back in 2014. Luckily for fans, everything turned out well at the end. Oscar Mayer has offered to make a donation in his name, and to send its famous Wiener-mobile to the guy’s house to give him free bacon and entertain his kids for a while and the case was thus settled. Hacker Gets Trolled, Vertcoin Gets Hacked Hackers, a constant pest in the crypto world, have been our focus on Wednesday. Some scammers have taken over the official Vertcoin Twitter account and duped a handful of followers to send them some bitcoin with the false promise of a giveaway. Another scammer tried to blackmail a podcaster into giving him bitcoin by holding his website for ransom but got trolled hard. Additionally covered was Coinmarketcap’s five year anniversary, when the site unveiled a new logo, an iOS mobile app and added some new features. Crypto Traders in Troubled Waters A few unfortunate cases were covered on Thursday. Bitgrail, the Italian crypto exchange which suspended operations after losing 17 million XRB, has briefly reopened and soon closed again under order from the court of Florence. Btcxchange, the oldest bitcoin trading platform in Romania, has apparently closed down for good this time after multiple setbacks through the years. Shapeshift CEO Erik Voorhees lashed out in a tweet against Chase Bank which has closed his credit card account without warning nor an explanation. In other news, US-based cryptocurrency exchange and wallet Coinbase has applauded the investigation by New York Attorney General into the industry’s business practices. This was in sharp contrast to the strong rebuke by Kraken CEO Jesse Powell which took a brave stand against the American regulatory overreach. Farms on Wheels, a Hotel, and a Simulator for Miners On Friday, the latest developments in the mining space were our focus. These included a “mining hotel” in Moscow, Russia, a Bitmain Zcash ASIC miner, and even mining trucks. Italian inventors plan on installing their miners in shipping containers loaded on trucks, enabling them to rapidly move the mobile farms to destinations with cheap electricity and more favorable regulations. We also reported that a team of Belarusian developers is working on a project to create a “True Mining Simulator” – a computer game dedicated to replicating the life experiences of a cryptocurrency miner. Russian Crypto-Millionaire Found Dead The main news on Saturday, other than BTC flirting with the $10,000 price level again, was that Russian Youtuber Pavel Makushin had been found dead in his apartment. The 23-year-old was the victim of a robbery in January, which saw 24 million rubles (approximately $38,000 USD) stolen from him. Mr. Makushin’s mother was reported to have indicated that the robbery could have led him to take his own life. This Week in Bitcoin Podcast To make sure you didn’t miss any big bitcoin news this week, listen to the following podcast: What other stories everyone in the bitcoin world must have read this week? Share your thoughts in the comments section below. Images courtesy of Shutterstock. Do you agree with us that Bitcoin is the best invention since sliced bread? Thought so. That’s why we are building this online universe revolving around anything and everything Bitcoin. We have a store. And a forum. And a casino, a pool and real-time price statistics. The post This Week in Bitcoin: Bacon War, Mining Trucks and Coinbase Salutes Regulator appeared first on Bitcoin News. View the full article

Gains from cryptocurrency transactions will be taxed in Azerbaijan, according to a high-ranking official from the Tax Ministry. Authorities in the energy-rich nation intend to tap into both corporate profits and personal incomes. The country has previously taken a conservative stance on cryptocurrencies but the focus on taxation now signals a change in Baku. Also read: Here’s Why Kazakhstan Won’t Ban Mining and Cryptocurrencies Both Corporate and Private Incomes to Be Taxed Revenues from crypto transactions are subject to taxation in Azerbaijan, said Nidjat Imanov, deputy-director of the Department of Tax Policy and Strategic Studies at the Ministry of Taxes. Imanov clarified his department’s position during the Financial and Investment Forum held in the capital Baku this Saturday, Trend news agency reported. “Incomes from operations with cryptocurrencies will be taxed. Formally, this means – corporate profit tax for legal entities, and personal income tax for individuals,” the Tax Ministry’s representative stated. “If someone bought cryptocurrency and then sold it at a higher price, that amount must be reported as income and subjected to taxation,” Imanov explained. The profits of all resident enterprises in Azerbaijan are taxed under the country’s tax code. Currently, the corporate profit tax rate stands at 20 percent. The personal income tax is progressive and money earned by residents both home and abroad is taxed by the government. Incomes of less than 2,500 AZN a month (~$1,500) are taxed at 14 percent, and 25 percent tax is imposed on the amount exceeding that limit. Buying and Holding Bitcoin Still Works The volume of cryptocurrency trading is growing in Azerbaijan and the state hopes to increase budget revenues through crypto taxation. Crypto markets registered rapid growth between May and December last year. “During that period, even small investments of $10 or so, in almost any cryptocurrency, were profitable,” Elnur Guliyev, founder and CEO of Crypto Consulting, told Trend. After a few weak months this year, the markets are gaining momentum again. Guliyev warned, however, that markets are not booming every day and added that a certain set of skills is needed to predict which cryptocurrencies will rise. The obvious choice again, according to the expert, is to buy bitcoin and hold it until its value increases enough to justify selling it. “This option still works but it’s hard to say for how long,” Elnur Guliyev said. Azerbaijan to Develop Crypto and Blockchain Technologies The Eurasian country, rich in oil, gas, and other natural resources, has until recently maintained a relatively conservative stance towards cryptocurrencies. In December, the chairman of the Central Bank of Azerbaijan, Elman Rustamov, stated that cryptocurrencies “are not recognized as a legitimate means of payment.” He also insisted that cryptos “continue to be a dangerous instrument for investing”, stressing that comprehensive regulations should be adopted. Nevertheless, the crypto taxation talk in the executive branch of government now indicates that moods are changing in the corridors of power in Baku. Earlier this month, representatives of the crypto sector set up a new association called “Center for the Study and Development of Cryptocurrency Markets and Blockchain Technologies.” Its main activities will be to conduct educational work, prepare regulatory proposals, and offer consulting services. The center will also focus on the implementation of blockchain technologies in the corporate and banking sectors and support projects funded through initial coin offerings. Its representatives will seek cooperation with foreign experts. Do you owe tax on gains from cryptocurrency transactions in your country? Tell us in the comments section below. Images courtesy of Shutterstock. At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more. The post Azerbaijan to Tax Crypto Incomes and Profits appeared first on Bitcoin News. View the full article

Cryptocurrency markets are seeing some gains today as most digital assets are up over the past 24-hours between 3-15 percent. Bitcoin Cash (BCH) values spiked considerably during the day’s trading sessions on May 5 touching a high of $1,740 per BCH. At the time of publication, the price of BCH is hovering around $1,720 per coin, adding another $500Mn in 24-hour trade volume. Also read: Court Orders Chilean Banks to Re-Open Crypto Exchange Accounts Bitcoin Cash Markets See Action as BCH Values Spike Considerably During the Weekend Trading Sessions Bitcoin Cash markets have been surging on Saturday, May 5 as the decentralized cryptocurrency surpassed the $1,700 range during the days earlier morning trading sessions. Overall most digital assets markets are up in general, as at least 2/3rds of the top 500 cryptocurrencies are all seeing gains. BCH, in particular, has made a notable rise jumping over 13 percent over the past 24-hours. After a few weeks of BCH averaging over 0.1 BTC per BCH, the cryptocurrency is slowly approaching 0.2 BTC per coin showing some distinct non-correlated market activity lately. At the moment the top five exchanges swapping the most BCH today include Upbit, Huobi, Okex, Bitfinex, and Bithumb. Over the past few days on South Korean exchanges, BCH spot prices have been consistently $20-80 higher on trading platforms like Upbit and Bithumb. The top currency swapped for bitcoin cash today is Bitcoin Core (BTC), capturing 36.9 percent of all BCH trades. Following the BTC pair volume, is tether (USDT 24.6%), USD (16.8%), KRW (16.8%), and the EUR (1.4%). Two other notable currencies paired with BCH that have increased in trade volumes over the past day are ethereum (ETH 1%), and the Japanese yen (1%). The Korean won paired with BCH has also seen double the volumes since our last markets update. Further, over $3Bn has been added to the BCH market capitalization since our last report as well, as the total BCH valuation in circulation rests at $28.8Bn at the time of publication. Technical Indicators Looking at the charts shows BCH bulls are struggling to break resistance around the $1,750 mark at the moment. The 4-hour chart shows the two Simple Moving Averages (SMA) have a nice gap in between with the 100 SMA well above the longer term 200 SMA trendline. This indicates after eating through some sell orders the path to resistance should be on the upside. RSI levels are 71 right now, showing markets are a touch overbought at the moment and some slight downtrend and consolidation taking place at this vantage point is to be expected. The MACd, however, is heading northbound and it shows there’s more room for improvement over the next few hours. On the upside looking at order books shows bulls will need to muster enough strength to surpass thick resistance up until the $1,775 price range. On the flip side if bears take the reigns then there are some strong foundations between $1,625 down to the $1,500 zone before buys start to thin out. The Verdict: Optimistic — Market Action Will Likely Continue to Emulate from Consistent BCH Progress BCH advocates have been happy about the price but most are more concerned about development, spreading adoption, and preparing for the upcoming 32 MB upgrade that’s now ten days away. There’s been a bunch of development with things like Memo, Joystream, Blockpress, Cointext, Cash Shuffle, and many more projects on the horizon. The price to most BCH supporters is rather unimportant and its considered merely a reflection of all the effort that’s been put into the growing BCH ecosystem since the project’s inception. Where do you see the price of BCH headed from here? Let us know in the comments below. Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.” Images via Shutterstock, Trading View, and Satoshi Pulse. Want to create your own secure cold storage paper wallet? Check our tools section. The post Markets Update: BCH Prices See Uncorrelated Movement Gain 13% appeared first on Bitcoin News. View the full article

Betting with cryptocurrencies has grown significantly, including at the most famous US horse race, the Kentucky Derby. Using them to place bets on some of the web’s largest sportsbooks yields a number of benefits such as no fees and more frequent withdrawals. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Rising Trend of Crypto Bets International online horse racing news service US Racing recently reported “a non-insignificant trend in cryptocurrency being used to place wagers on the Kentucky Derby,” which is taking place at Churchill Downs on May 5. The Kentucky Derby is the most famous horse race in the US, held annually in Louisville, the largest city in the State of Kentucky. It is often referred to as “The Most Exciting Two Minutes in Sports” or “The Run for the Roses.” CBS Sports described, “There will be 20 horses in this year’s race, with $2 million as the prize.” “Over $100 million dollars was wagered on last year’s Kentucky Derby race (setting a new record) and many expect to see the overall volume increase in 2018,” US Racing wrote and quoted its operations director, Tim Maxwell, explaining: Right now, while punters are limited to a handful of private international gaming companies that will accept deposits with cryptocurrency, players with crypto wallets can use bitcoin, bitcoin cash or litecoin to make a deposit and bet on the Kentucky Derby. Further Adoption Expected Maxwell believes that the legality and risks associated with accepting cryptocurrencies need further clarification before widespread adoption can occur in the gaming and racing industry as a whole. Nonetheless, he said: We expect a handful of publicly traded UK, Maltese and Canadian gaming companies to accept bitcoin deposits on a trial basis by early to mid-2019 followed by land-based race books and casinos in late 2019 and early 2020. Bovada’s information. Many large online sportsbooks already accept bitcoin including Bovada, Bookmaker, 5dime, Topbet, and Betonline. Most of them do not charge any fees for bitcoin deposits and often offer bonuses when using the digital currency. Bovada, for example, charges no deposit fee for bitcoin compared to 5.9% for Visa and Mastercard, and 9.9% for American Express. Bitcoin withdrawals are also free of charge whereas other methods cost between $25 and $100, the company’s website details. Furthermore, wagers using bitcoin can deposit as often as they like and withdraw every three days. Those using other methods, however, can only deposit 10 times per day and withdraw every seven days. What do you think of the rising trend of crypto bets? Let us know in the comments section below. Images courtesy of Shutterstock and Bovada. Need to calculate your bitcoin holdings? Check our tools section. The post Cryptocurrency Bets Surge at Kentucky Derby appeared first on Bitcoin News. View the full article

Bitcoin might be digital but it’s equally suited to being stored and shared in the analogue world. Whether you’re looking for a way to safely store your coins, to issue paper bills that are made out to a specific bitcoin address and amount, paper is your friend. A printer and a little know-how is all it takes. Also read: The Idiot-Proof Vault: A Simple Cold Storage Guide Why Create a Paper Wallet? Exchange accounts can be hacked, mobile wallets breached, and smartphones lost, stolen or destroyed. But paper? It’s impervious to all digital attack vectors. It’s not foolproof – fire, water damage, or theft can still take their toll – but if you’re careful where you stash your paper wallet, it’s one on the safest ways to store cryptocurrency. Be it as a backup of an existing hardware, mobile or desktop wallet, or as a standalone wallet that exists solely offline, paper is perfect. The ultimate form of cold storage, a paper wallet simply consists of a printout of the private and public keys to your address. (These can even be handwritten if you don’t trust printers or have access to one). Suffice to say that while the public key can be shared so that others can send you coins, you shouldn’t share your private key with anyone. Thus, once you’ve printed your wallet, you need to store it somewhere only your eyes can view it. That could be a safe, a bank vault or a sly hiding place in your home. If you’re ultra cautious, you can even split your paper wallet into parts and store it in separate locations. Not much use if you’re a day trader, admittedly, but if you’re a hodler for life, a distributed paper wallet (with at least one duplicate to ensure redundancy) is about as safe as cold storage gets. How to Make a Paper Wallet There are numerous websites that allow you to create a paper wallet in seconds before printing it off. Choose a favorably reviewed site whose code is open sourced to prevent the sort of scams that are all too prevalent in the crypto space. Examples of paper wallet generating sites include the following: Bitaddress.org: A simple but effective open source Javascript wallet generator. Select the BTC wallet type you’d like, generate some entropy, choose how many addresses you want and hit “Print”. You can also create vanity, bulk, split, and brain wallets. Bitcoin.com: The tools section of Bitcoin.com allows you to create a bitcoin cash paper wallet just like the BTC example described above. Bitcoin.com’s paper wallet generator, like all of the sites listed here, does not store knowledge of your private key. Bitcoinpaperwallet.com: A self-explanatory site that allows you to create BTC and BCH paper wallets. There’s a useful section on paper wallet security tips and you can order tamper-proof holographic stickers for creating your own folding paper wallet. When it comes to print out your wallet, the sensitive details – namely the private key and QR code – are securely taped shut and sealed with a sticker. That way, you know that no one’s accessed your paper wallet and peeked at your private key. How to Make a Bitcoin Paper Bill Making a paper wallet containing your private key is fine for your own purposes, but what if you want to share your BTC address with others? In that case you only need to print your bitcoin address and QR code. Sites such as Gobitcoin.io will allow you to enter your BTC address, generate a QR code and even specify an amount. If you charge a fixed 0.05 BTC for a service, for example, you can hand people a QR code they can scan with that amount pre-entered. All they have to do is scan the QR code and hit send. Other sites will let you create QR codes for bitcoin cash and loads of other cryptocurrencies. Versatile and ultra-secure, paper wallets are one of the smartest ways to keep your crypto. Create it, print it, and then stash it in a very safe place. Do you use cold storage to secure your bitcoin? Let us know in the comments section below. Images courtesy of Shutterstock, Bitaddress.org and Bitcoinpaperwallet.com. Disclaimer: Bitcoin.com does not endorse nor support these products/services. Readers should do their own due diligence before taking any actions related to the mentioned companies or any of their affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. The post How to Create a Bitcoin Paper Wallet or Paper Bill appeared first on Bitcoin News. View the full article

State news agency Telesur reports Venezuela president Nicolás Maduro has announced formation of a youth bank funded by the country’s recently launched cryptocurrency, the Petro. Mr. Maduro also took the opportunity to urge countrymen to continue mining its state-backed digital money, including creation of mining farms. Also read: Only 1% of Business CIOs are Actually Using ”Blockchain” Technology Venezuela’s President Creates Crypto Funded Youth Bank Embattled Venezuelan president Nicolás Maduro, ahead of a contentious May 20 national election, has launched a ‘youth bank,’ funded by the state-backed cryptocurrency Petro. Aimed at appealing to its younger population, 20 million petros are to be allocated. Petro is a closely watched experiment for countries feeling the sting of sanctions meted out by the likes of industrial powers such as the United States, sanctions the once-oil rich government routinely points to for its current economic ills. Mr. Maduro seems to have worked closely with Russian operatives to bring about a first: a state backed, oil backed cryptocurrency. The country’s current economy is in shambles, and daily horrors abound, flooding headlines. Mr. Maduro noted over $1 billion in petro will be used to prop up the new bank, a bank which will function in ways that are unclear as of this writing. And though petro is itself a divisive issue among branches of the government, such as the legislature, Mr. Maduro has quipped he’s looking into yet another state crypto launch, this time backed by gold. For its part, the Trump administration has openly ordered United States citizens and businesses to not participate in any aspect of petro. Mining Farms The country has also become a use case for decentralized, open source cryptocurrencies such as bitcoin cash (BCH). As reported in these pages, “‘eat BCH’ has been offering help to Venezuelans suffering from difficult economic times. The group has been collecting bitcoin cash donations for the past few months and have been using the funds to purchase food and feed Venezuelans who are in need of assistance. Nearly every single day for over three months the group’s Twitter handle shows pictures of children and adults getting all kinds of food — and it’s all paid for with bitcoin cash.” The president also used the announcement to continue his urging of large scale mining of petro throughout the country. He pointed toward the need for universities to create mining farms to buttress the national crypto. As we reported last month, “Venezuela is calling for its citizens to build cryptocurrency mining farms throughout the country. The government has set up a crypto mining program which president Nicolas Maduro hopes will attract at least 1 million people such as university students, the unemployed, single mothers and the homeless.” What are your thoughts on the petro? Let us know in the comments below. Images via Pixabay. Looking for a Bitcoin Cash Block Explorer? Check out Bitcoin.com’s BCH Block Explorer today to find transactions, blocks, and other important blockchain data. The post Venezuela’s President Launches Crypto Funded Youth Bank, Encourages Mining Farms appeared first on Bitcoin News. View the full article

RBI’s ban on crypto-related banking services has been challenged again. Maharashtra-based Flintstone Technologies has turned to the High Court in Delhi to seek withdrawal of the April 6 circular issued by the Reserve Bank of India, calling it “arbitrary, unfair and unconstitutional.” The company points out that the central bank has not provided any reasons for the imposed restrictions. Also read: Indian Investors Flock to Trade Crypto Ahead of RBI Ban RBI’s Ban Faces another Challenge An Indian crypto trading company has raised another challenge to the ban imposed by the Reserve Bank of India on banking services offered to companies and individuals dealing with cryptocurrencies. Flintstone Technologies Private Limited has sought the withdrawal of RBI’s April 6 circular, filing a plea with the Delhi High Court. India’s central bank wants to prohibit commercial banks and other financial institutions from providing crypto-related services. On Friday, the plea was listed for hearing before Justice Rajiv Shakdher, the Business Standard reported. According to the Indian outlet, Shakdher has asked the court’s registry to place it before the bench which is already hearing a similar matter. Earlier this month, Kali Digital Eco-Systems, the company that will be operating the new Coin Recoil exchange, appealed to the High Court against the recent crackdown on banks working with companies from the crypto sector. In its petition, Flintstone Technologies contends that the central bank’ circular has “fenced” all regulated entities from providing services to any individual or business dealing in virtual currencies, without mentioning any reasons for its decision to impose the restrictions. RBI has given banks three months to comply with the order. The Maharashtra-based company, which is a provider of online crypto wallet services for Bitcoin and Money trade coin, has also submitted that while central authorities are still studying the effect of cryptocurrencies without banning them completely, the RBI’s circular indirectly restricts their trade. It claims that the prohibition is “arbitrary, unfair and unconstitutional.” Lack of Regulations Increases Uncertainty According to the document issued by the central bank of India, the entities regulated by the RBI are prohibited from “providing any service in relation to virtual currencies, including those of transfer or receipt of money in accounts relating to the purchase or sale of virtual currencies.” The other company that has challenged the ban, Kali Digital Ecosystems, has claimed that the lack of crypto regulations has “increased the uncertainty over the treatment of such transactions” and is adversely affecting its proposed business. The Gujarat-based company says that the RBI directive is arbitrary and represents a violation of the Constitution of India. On April 22, the Delhi High Court asked relevant authorities, including the RBI and the Goods and Services Tax Council, for official responses on the plea. The regulatory uncertainty and the broadening bank clampdown have seriously affected cryptocurrency exchanges in India. In March, representatives of the industry reported that the trading on local platforms had dropped significantly. Some companies have started looking for more favorable jurisdictions, as news.Bitcoin.com reported. Since the announcement of the upcoming restrictions, however, trading volumes in India have spiked again, with investors trying to take advantage of the window before the ban takes effect. Do you expect the Indian government to eventually legalize crypto-related activities? Share your thoughts in the comments section below. Images courtesy of Shutterstock. At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more. The post Another Indian Company Challenges Ban on Crypto Banking appeared first on Bitcoin News. View the full article

In a small village in Ukraine, all residents are now owners of cryptocurrency, thanks to an initiative by the head of the village council. Cryptocurrencies, such as bitcoin and ether, can also be used in the village to purchase items such as eggs, lard, meat, and milk. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space All Residents Own Crypto In the Ukrainian village of Elizavetovka of the Petrykivsky district in the Dnipropetrovsk region, all residents reportedly now own some crypto, according to local media. At a recent village council meeting, local deputies decided to allow the chairman of the council, Maxim Golosnoy, “to carry out operations with cryptocurrency in the interests of the territorial community without attracting budgetary funds,” Comments.ua reported. Golosnoy has “figured out how to replenish the local budget with the help of cryptocurrency,” Akcent Media elaborated. Citing that this is an experiment meant to earn money for the community, Tsn.ua emphasized: The village is now the first in Ukraine where the residents have become owners of digital currency. Furthermore, the news outlet reported that bitcoin, cardano, and ether can now be used in the village such as for buying meat, lard, eggs, and milk. Crypto Investing for the Village A month ago Golosnoy invested 13,000 hryvnias [~US$494] in cardano, the cryptocurrency which he now provides 1,500 of his residents with, Akcent Media described. Maxim Golosnoy. After the value of this investment went up to about 39,000 hryvnias [~$1,480], he repaid himself the 13,000 hryvnias and claims to have set the rest aside for his residents, Tsn.ua detailed, adding that “from now on, each villager is an owner of several crypto units.” For now the residents’ cryptocurrency is in Golosnoy’s care, although he has assured his villagers that they can cash out their coins whenever they want, the publication noted, adding that residents “are in no hurry, because they still do not understand either the principle of cryptocurrency or the benefits of it for themselves.” Currently, the village head has invested his personal funds in cryptocurrency and not the village budget, Akcent Media emphasized, noting that: Very soon he plans to appeal to the Cabinet of Ministers of Ukraine…to invest the future budget money. He expects to show the whole country how a small investment can earn on its own, and not draw money from the state treasury. Golosnoy pointed out that each year the village budget has a surplus of “3-4 million” hryvnia which he hopes that “at least some of the revenues could be invested in cryptocurrencies…if the supervisory authorities and the community allow,” Tsn.ua detailed. Ukraine currently has no legal framework for cryptocurrencies. However, in March, the State Financial Monitoring Service of Ukraine published its official position on cryptocurrencies. Meanwhile, three draft bills have been introduced but none has been adopted. What do you think of what Golosnoy is doing for the village? Let us know in the comments section below. Images courtesy of Shutterstock and Tsn. Need to calculate your bitcoin holdings? Check our tools section. The post Everyone in This Village Now Owns Cryptocurrency appeared first on Bitcoin News. View the full article

According to regional reports Vietnam’s oldest Bitcoin Exchange, Bitcoin.vn, is about to lose its domain per order of the Vietnamese Government. The website that has been operating since 2014 has been accused of operating a blog without permission from the Minister of Information & Communications of Vietnam. Also read: Crypto-to-Cash Lending is Growing Quite Popular These Days Vietnam’s Oldest Bitcoin Exchanges May Lose its Domain Bitcoin.vn is a Vietnamese trading platform that’s been providing bitcoin exchange services for over four years. Just recently the local publication ICT News reports that Bitcoin.vn (Bitcoin Vietnam) is being stripped of its website domain for being found guilty of “operating a blog without a proper license.” The Vietnamese trading platform is accused of operating the blog without obtaining a publisher license by the Minister of Information & Communications of Vietnam. Bitcoin Vietnam’s management team declined to comment on these reports because of the ongoing legal proceedings. However, the Department of Radio, Television and Electronic Information has fined Bitcoin Vietnam Co., Ltd. for illegally creating an alleged blog and social network. The charges against Bitcoin.vn are divided into a 15M VND fine ($660 USD) for operating a blog and 25M ($1,100) for allowing readers the ability to comment (unlicensed social network) below the published articles on Bitcoin.vn. News.Bitcoin.com spoke with an industry insider from the region about the litigation against the trading platform’s domain. According to the individual familiar with the matter, the blog barely saw any activity apart from irregular announcements about the exchange’s user interface upgrades and general service information. “They had like maybe two articles per month on there — to seize their domain for such a minor offense is a very, very heavy-handed approach,” explains the anonymous source to news.Bitcoin.com. Out of 100 Vietnamese startups, likely 99,9% don’t bother to register for a media/publisher license for their company blog — This is not a good sign for Vietnam’s startup scene. Bitcoin Vietnam also operates two BTMs. Sinister Activities at Play? Our sources also say there may be some more sinister activities at play concerning the charges against Bitcoin Vietnam. “Ask yourself why they picked this one company out of all the hundreds of startups and thousands of SME’s in Vietnam to charge them for running some small shitty blog — in order to confiscate their domain?” the anonymous individual explained in a telephone conversation. “If you understand a bit how Vietnam works, then there is not much to wonder about. These guys did not publish any anti-government propaganda in any way, so normally nobody would bother about them. The truth is, that this domain has — especially since the large crypto bull-run in 2017 — gained a lot of value – and somebody more powerful and with much more well-established connections than these guys wants to get a hold of it.” Bitcoin Vietnam might have been the pioneers in this market, but when the big guys finally start to come to play, they don’t play by the rules. They see something they want to have, and they take it. These guys can be lucky to just have received a minor fine – that their domain is gone is of course sad for them after they did all this pioneering work, but that’s just how Vietnam works. If you want to know who is behind this move — just watch out who will be the one utilizing this domain once the immediate dust has settled. Bitcoin Vietnam and the domain Bitcoin.vn is one of the oldest operating cryptocurrency exchanges and has been a reputable trading platform since the summer of 2014. At the moment there are no confirmed decisions made or any information on who might receive ownership of the website if the Ministry of Communications makes its decision to revoke the domain. What do you think about the Bitcoin.vn website losing its domain? Let us know your thoughts on this subject in the comments below. Images via Pixabay, Bitcoin.vn logos, and Zing.vn Want to see all 500 cryptocurrency market caps in real-time? We got a destination for that called — Satoshi Pulse. The post Bitcoin Vietnam Faces Losing its Domain from Government appeared first on Bitcoin News. View the full article

Today has seen the price of BTC rally to test $10,000 USD amid the bullish response to the increasing institutional presence in the cryptocurrency markets. In other trading news, fee-free exchange Cobinhood has announced the introduction of trading pairs for the ninth largest cryptocurrency by market capitalization, IOTA. In international news, Russian cryptocurrency Youtuber Pavel Makushin has been found dead in his apartment. The CEO of cybersecurity firm, Fireeye, has also discussed the challenges posed by cryptocurrencies in an interview today. Also Read: Indian Investors Flock to Trade Crypto Ahead of RBI Ban Bulls Test $10,000 The bitcoin markets have rallied in recent days, with the markets currently testing the five-figure threshold. The gains appear to have been driven by indications of the growing institutional presence in the cryptocurrency markets, with reports indicating that Goldman Sachs will launch trading for bitcoin futures contracts “in the next few weeks.” The bullish momentum follows bitcoin’s best performing month of 2018 – with April producing gains of nearly 47% after prices steadily grew from approximately $6,400 to close at roughly $9,400. April produced four consecutive green weekly candles for the first time since late 2017. As of this writing, the price of bitcoin is approximately $9,900 Cobinhood Introduces IOTA Trading Cobinhood, a zero-trading-fee cryptocurrency trading platform, has announced the introduction of trading for top ten cryptocurrency, Iota. The introduction of Iota brings the total number of cryptocurrencies available for trade on Cobinhood to more than forty. The chief executive officer of Cobinhood, Popo Chen, stated: “We are excited to continue our growth and momentum in the cryptocurrency space through the addition of Iota to the Cobinhood platform. Iota is a promising technology platform that will help to push the market forward, and we look forward to having them on our exchange on their journey to success.” Russian Cryptocurrency Youtuber Found Dead in Apartment Russian Youtuber Pavel Makushin has been found dead in his apartment, as reported by RT. The 23-year-old, known online as Pavel Nyashin, had cultivated the persona of a cryptocurrency trader and amassed approximately 20,000 subscribers. Mr. Makushin was the victim of a robbery in January, which saw 24 million rubles (approximately $38,000 USD) stolen from him. The Youtuber stated that the stolen money was not his own, and attributed the robbery to bragging of his wealth online. Mr. Makushin’s mother was reported to have indicated that the robbery could have led him to take his own life. Russian tabloid media is reportedly suggesting suicide as a potential cause of death. CEO of Fireeye Discusses Cyber Security Challenges in the Age of Cryptocurrencies Kevin Mandia, the chief executive officer of cybersecurity firm, Fireeye, today discussed some of the hurdles posed by the cryptocurrency phenomena in an interview with CNBC. “From a cybersecurity standpoint, an anonymous currency has not been a great thing,” Mr. Mandia said. “It just opens up another avenue to monetize computer intrusions, theft of IP and theft of communications. So we deal with bitcoin from that angle and it’s just been a problem for us.” Mr. Mandia described the anonymity underpinning cryptocurrencies as attracting some usage from criminals. “They’re anonymous currencies and that’s a very valuable thing,” Mr. Mandia said. “If you can commit a crime from 10,000 miles away, there’s not a lot of risk or repercussions to it. And if you can steal somebody’s email and extort that person in an anonymous currency, that’s a challenge for us.” “You can’t just be good at network security or just good at endpoint or just good at asset discovery. You’ve got to be good at email security, endpoint security and network security. You want to bring it all together,” he added. Do you like to keep your cryptocurrency holdings private? Or are you loud and proud with your crypto investments? Tell us in the comments section below! Images courtesy of Shutterstock, Trading View, Wikipedia, RT Need to calculate your bitcoin holdings? Check our tools section. The post Bitcoin in Brief Saturday: Bulls Test $10,000, Russian Crypto-Millionaire Found Dead, Cobinhood Launches IOTA Trading appeared first on Bitcoin News. View the full article

Investors in India are flocking to trade cryptocurrencies before the ban order by the Reserve Bank of India takes effect. There is a positive sentiment in the local crypto community that the Indian government will not outright ban crypto trading. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Investors Rush to Get Into Crypto It has been a month since the Reserve Bank of India ordered banks and financial institutions under its control to stop providing services to cryptocurrency exchanges. The central bank has given banks three months to end their relationships with crypto operators. However, ever since the order, cryptocurrency trading volumes in India have surged dramatically. “Exchange operators, investors, and analysts say people are rushing to take advantage of a three-month window the Reserve Bank of India has given banks to sever ties with cryptocurrency traders and exchanges,” Reuters elaborated, adding: Getting in now enables investors to convert rupees into cryptocurrencies, which they can later swap for other coins via private trading platforms even after the central bank’s rules take hold. Shivam Thakral, CEO of crypto exchange Buyucoin, was quoted saying “new investors are coming to our exchanges while existing ones are regaining interest after the drop because they’re getting good value and are making money as the prices of cryptocurrencies move higher.” Retail investors believe that “most trading is likely to move to peer-to-peer networks or social applications such as Telegram” after the three month period is up, the news outlet added. Crypto Trading Ban Unlikely The RBI’s order has already been challenged in court by a cryptocurrency firm. On Saturday, the Indian Express reported that Justice Rajiv Shakdher “issued a notice to the RBI, the finance ministry and the GST Council and sought their stand on the petition challenging the RBI’s April 6 circular ‘Withdrawing Banking Support to Virtual Currency Exchanges’.” Cryptocurrency firm Flintstone Technologies Pvt Ltd “sought [the] court’s direction for quashing of the circular issued by the Reserve Bank of India as the same was ‘arbitrary, unconstitutional’,” the publication detailed, adding: The company submitted that [the] circular issued by the RBI is devoid of any due application of mind and will cause huge prejudice to those who have invested their hard earned money into the business and transaction pertaining to the virtual currencies and cryptocurrency. Shubham Yadav, Coindelta’s co-founder, believes that crypto traders would likely continue to trade “if it remained legal, regardless of the banking ban,” Reuters conveyed. Thakral was then quoted by the publication, “there is a positive sentiment in the industry that the government will not ban trading in cryptocurrencies, and even if formal banking channels cannot be used, people can move to crypto-crypto trading platforms.” Trading between cryptocurrencies, which the central bank ban does not penalize, has already begun to ramp up. Last week, two Indian crypto exchanges started offering crypto-to-crypto trading – Zebpay and Koinex. The latter offers 23 trading pairs while the former offers one. What do you think of Indian traders rushing to trade crypto before the RBI ban takes effect? Do you think the RBI will take further action? Let us know in the comments section below. Images courtesy of Shutterstock, Business Standard, and Pixabay. Need to calculate your bitcoin holdings? Check our tools section. The post Indian Investors Flock to Trade Crypto Ahead of RBI Ban appeared first on Bitcoin News. View the full article

Reward Expert used Google Trends traffic data for keywords such as Litecoin, Ripple, Ethereum, Bitcoin, and cryptocurrency in an effort to gauge US states interest levels for cryptocurrency during a three month period this year. The company then determined a weighted average and ranked US states by interest and usage. Also read: Only 1% of Business CIOs are Actually Using ”Blockchain” Technology Ten US States Where Crypto is Taking Off Coming up with its findings also involved Geographic Information Systems (GIS) Data “containing the locations of all known establishments that accept Bitcoin as a form of payment, as well as Bitcoin ATMs, to gauge the usability of cryptocurrencies for purchases and other transactions. As data for other currencies was difficult to come by, we used Bitcoin as a proxy for all currencies. We obtained a count of the total number of establishments and ATMs in each state and calculated the number per capita and ranked the states accordingly,” Reward Expert noted. “An overall rank was derived by averaging interest and infrastructure.” MOST COMBINED INTEREST AND INFRASTRUCTURE 10. Michigan The Wolverine state didn’t rate at all in terms of general interest, but it did in usage (8th). It managed to just make the cumulative top ten, however. “Michigan would rank higher on our list if we were to go solely on its number of Bitcoin-enabled ATMs, with a total of 12 statewide. There are fewer establishments that accept Bitcoin payments on a per capita basis. On the other hand, there are few other states with multiple places where you can get cosmetic surgery and pay with cryptocurrency,” the survey explained. 09. Washington, 08. New Hampshire, 07. Utah The beehive state didn’t move the needle in terms of actual usage, but its interest in crypto managed to keep it alive in for a spot on the cumulative. Reward Expert notes, “At first glance, Utah would seem an unlikely member of this top ten. Certainly, it is geographically contiguous with sixth place Nevada, and tenth place Colorado (both of the interest top ten), but that is not much by way of an explanation. Interest is highest for Bitcoin (81/100), with establishments accepting crypto payments concentrated in the Salt Lake City area, suggesting that the state’s relatively well-developed tech industry may be one driver of interest.” 06. Florida, 05. Colorado, 04. California “Home to Silicon Valley and one of the major hubs for the US technology industry, California is unsurprisingly the state in which interest in cryptocurrencies is highest across the board,” researchers detail. “California tops Google Trends’ keyword search data for specific currencies, such as Bitcoin, Litecoin, Ethereum and Ripple, scoring 98, 92, 97 and 85, respectively, out of a possible 100. It also ranks highly for searches for the term ‘cryptocurrency’ itself, coming in at a score of 93. The state also has over 500 establishments where Bitcoin is an accepted form of payment.” 03. Washington, D.C., 02. Nevada, 01. New York The empire state ranked second in crypto interest, seventh in usage, but its cumulative score makes it the number one crypto environment in the US, even with its silly Bitcoin License in New York City. “New York, would naturally rank as one of the usual suspects. Likewise a major US tech hub, and also the financial capital not only of the US, but arguably of the world, New York City drives the statewide average level of interest to stratospheric levels. New Yorkers’ interest in Litecoin and Ethereum helps boost New York’s overall trends score for interest in specific currencies to 96.25 of 100. [Its] availability of Bitcoin infrastructure, with a total of 23 ATMs statewide (20 of which are in New York City, plus Westchester and Nassau Counties, with the remaining three in the Capital Region),” make it a hospitable environment for decentralized currency, the report states. “On this measure, New York trails only Georgia in absolute terms, while leading it in terms of the number of places where Bitcoin is accepted for payments.” STATES WITH MOST INTEREST IN CRYPTO 01. California 02. New York 03. New Jersey 04. Washington 05. Alaska 06. Nevada 07. Florida 08. Utah 09. New Jersey 10. Colorado STATES WITH THE MOST CRYPTO USAGE 01. Washington, D.C. 02. New Hampshire 03. Georgia 04. Nevada 05. Colorado 06. Kansas 07. New York 08. Michigan 09. Missouri 10. Oregon Which states surprised you? Let us know in the comments below. Images via Pixabay, Reward Expert. Looking for a Bitcoin Cash Block Explorer? Check out Bitcoin.com’s BCH Block Explorer today to find transactions, blocks, and other important blockchain data. The post Top Ten Surprising US States for Cryptocurrency appeared first on Bitcoin News. View the full article

British entrepreneur Richard Branson has spoken out over the “worrying” spread of bitcoin scam stories and ads. Some of the most common are false endorsements and fake binary trading schemes, he warns. Advising everyone to remain vigilant, Branson suggests that users should report fake stories to the platforms which have published them. Also read: Facebook to Be Sued for Defamation Related to Scammy Crypto Ads Billionaire Linked To “Get-Rich-Quick” Schemes Virgin Group founder, Sir Richard Branson, has voiced his concerns over the “worrying” rise in bitcoin-related online scams involving his name. “I have written several times warning people about the growing problem of fake stories online linking me to get-rich-quick schemes, fake pages, misleading ads, false endorsements, and fake binary trading schemes,” he says in a blog post titled “Beware of Fake Bitcoin Scams.” Some of the most regular and worrying fake stories currently spreading online are false endorsements of bitcoin trading schemes, Branson explains in the piece published on Virgin’s corporate website. “While I have often commented on the potential benefits of genuine bitcoin developments, I absolutely do not endorse these fake bitcoin stories,” he states. Branson also notes that the fake articles often have titles involving “quitting your job and yours truly investing in bitcoin financial tech”. The sites which publish them impersonate well known news outlets, such as CNN, to make them look legitimate, he warns. “You may come across these sites via links advertised on various social media sites and paid for ads. They link through to scam sites like Bitcoin Trader, and also feature fake endorsements by the likes of Bill Gates alongside myself,” Richard Branson complains. Sir Branson Advises Vigilance The British magnate informs his readers that his legal teams are working hard to take down the fake stories and deal with companies misrepresenting him and his businesses. “In the last year we’ve dealt with hundreds of instances. We are doing all we can and the police also work tirelessly to shut down the major operations,” he says. Branson’s Lawyers have also contacted the social networks where the fake stories are being spread: “[We] urge them to take the stories down and do more to proactively stop them appearing in the first place.” Richard Branson is not alone in this effort. Recently, British personal finance guru Martin Lewis vowed to take Facebook to court over fake ads featuring his photo, which have published on its platform. He accused the popular social media site of lack of vigilance in regards to fake accounts and adverts from scammers. In his post, Branson advises everyone to remain vigilant: “Check you are only clicking through to legitimate sites, with official website addresses and verified social media accounts.” He also suggests that people verify if the story about him they are reading originates from an official Virgin website. “All of my social networks are verified with blue ticks, so you can tell it is really me communicating with you,” he adds, posting links to his profiles. The entrepreneur recommends reading sources like Citizens Advice for tips on how to avoid online scams. He also urges users to report fake stories to the platforms where they have found them. Since the beginning of the year, the social networks Facebook and LinkedIn, the search engines Google and “Яндекс” (Yandex), and the microblogging platform Twitter have banned advertising of cryptocurrencies and related projects on their platforms. Representatives of crypto communities around the world have protested the measures claiming they hurt legitimate businesses. Crypto and blockchain associations and businesses from Russia, China, South Korea, Switzerland, Kazakhstan, and Armenia plan to file this month a class action lawsuit against internet corporations over banned crypto ads. What measures should social media networks take to prevent spreading fake stories and scams related to Bitcoin without hurting legitimate businesses? Tell us what you think in the comments section below. Images courtesy of Shutterstock, Virgin. 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 Richard Branson Speaks Out Against Fake Bitcoin Stories and Scams appeared first on Bitcoin News. View the full article

Over the past year, cryptocurrency-backed lending has grown very popular with organizations like Salt Lending, and Unchained Capital trying to capture a piece of this emerging industry. Projects like Salt Lending have issued millions worth of crypto-backed loans so far and the teams behind these digital currency operations believe crypto-to-cash lending is going to be a pretty big deal in the future. Furthermore, this week a company called Nexo also plans to offer a digital currency for cash lending platform and raised $50Mn USD in capital from venture capitalists like the Techcrunch founder Michael Arrington. Also read: Six Alternatives to Telegram for Cryptocurrency Communities The Crypto-to-Cash Phenomenon A new business model has formed recently called crypto-to-cash lending and this new financial sector is growing exponentially. The phenomenon follows the modern rise in recent years of peer-to-peer lending offered by financial giants like the Lending Club. Right now there are a few operations that are attempting to break the mold when it comes to this type of lending with projects such as Unchained Capital and Salt Lending taking the lead. Then there is a new startup called Nexo that plans to provide crypto-infused instant credit to borrowers without the need for credit checks. VCs like the Techcrunch founder Michael Arrington, and others recently pumped $50Mn into Nexo and the company has a security partnership with Bitgo. Nexo believes it will be the first firm to provide instant crypto-backed loans as it states on its website: Don’t sell your crypto — Don’t lose the upside potential — Get an instant crypto-backed Loan from Nexo. Two Lending Projects Trying to Make a Mark in the Crypto-Lending Industry Unchained Capital Unchained Capital is a firm that offers cash loans to businesses and individuals who provide Bitcoin Core (BTC) as collateral. The company believes cryptocurrency holders need a method to borrow against their digital assets without selling them. Unchain Capital’s interest rates are between 12.5-14 percent APR and funds are wired to a bank account of the customers choosing. Customers make monthly payments on the loan and once the credit is paid in full collateral will be reimbursed. Moreover, individuals can borrow up to $1Mn without a credit check and the ratio of loan appropriation is 50 percent. If the value of the collateral drops by 25 percent Unchained Capital will request more capital. If the digital asset dips below the 45 percent region the company can repossess the capital to recover any lost principal and interest. Unchained Capital loans USD to American residents and businesses with options to renew a loan when it comes to term. Both individuals and businesses may want to utilize a loan for tax savings as borrowing removes the need to pay capital gains. Salt Lending Then there is another program called, Salt Lending, a blockchain-backed loan program built on top of the Ethereum network. SALT tokens are created from the ERC-20 branch. The Salt Lending platform is more peer-to-peer than Unchained Capital as it lends funds from a large group of Salt lenders. The project has gained a lot of attention and has lent over $40Mn USD worth of digital currency loans since the project’s inception. Further, the Salt Lending platform has accrued over 65,000 members in less than a year. Just like Unchained Capital once a loan is paid back on the Salt Lending platform then a borrower can obtain their cryptocurrency again. According to Salt under Regulation D of 17 CFR § 230.501 et seq., all lenders are accredited investors who have passed a “lending suitability test.” There are various ways a lender will participate with the Salt Lending system and loans are processed using traditional financial markets. Salt users can borrow funds between $10,000 and $1,000,000 and no credit check is required. A New Peer-to-Peer Lending Economy Emerges Crypto-to-cash lending has been a trending business model in this industry for well over a year and there are other platforms trying similar ventures like Coinloan, Othera, Ethlend, and Everex. The popularity of this type of business is growing due to the many benefits loans like these offer such as lending without credit checks, and the ability to obtain fiat based off crypto reserves without paying capital gains. It’s likely there will be a lot more startups attempting to enter this market as the Crypto-to-cash lending economy is growing vibrant. What do you think about cryptocurrency lending projects? Let us know your thoughts on this subject in the comments below. Images via Shutterstock, Salt Lending, Nexo, and Unchained Capital. Need to find a specific transaction on the Bitcoin Cash network? Check out Bitcoin.com’s new Block Explorer today. Want to see all 500 cryptocurrency market caps in real-time? We got a destination for that too called Satoshi Pulse. The post Crypto-to-Cash Lending is Growing Quite Popular These Days appeared first on Bitcoin News. View the full article

What would happen if bitcoin were to suffer a 51% attack? It’s a hypothetical question, but one that has troubled some of the community’s brightest minds. Just as army generals play out countless war games, enacting doomsday scenarios, bitcoin defenders like to ponder ways in which the decentralized cryptocurrency could be attacked and brought to its knees. Also read: Taking the New On-Chain BCH-Powered Social App Blockpress for a Test Flight Contingency Planning for a Worst Case Scenario A 51% attack, also known as a majority attack, refers to a situation in which a single miner or group of miners control the majority of the network hashrate. If attained, this would enable a bad actor to censor and reverse transactions, allowing them to double spend coins. One of bitcoin’s greatest attributes is its immunity to attacks, be they governmental or technological. With over 31 exahash now concentrated on the bitcoin network, launching a 51% attack would be virtually impossible. And yet the very act of contemplating such an event is critical in mitigating the likelihood of it ever occurring. Bitcoin war games aren’t just larping: they’re strategic defense. 51% Is Probably Not Enough In a widely read article last month, Jimmy Song pondered various hostile mining scenarios, including those presented by chip manufacturers, ASIC manufacturers, and mining pools. He ran through the ways in which a 51% attack could play out, but observed that owning 51% of the harshrate may not be enough to take over the bitcoin network. According to Song, an attacker armed with 60% of the hashrate would still be expected to take 100 minutes to overtake the rest of the network in confirming blocks. Meanwhile, the rest of the network would have caught on to what was happening, and begun invalidating the attacker’s blocks. (Conversely, it is theoretically possible to attack the bitcoin network with less than 51% of the hashrate). Song notes: No rational merchant or exchange would ever take less than 30 confirmations in a scenario like this (at least without some knowledge about what’s going on)…Furthermore, a large reorg signals to the rest of the network that something nefarious is going on and nodes will likely view these new blocks with suspicion. It’s entirely possible that full node operators on the network will simply invalidate these blocks. Who Wins by Attacking Bitcoin? Due to bitcoin’s enormous hashrate, it would be impossible for anyone without any skin in the game – or rather ASICs in the game – to launch a 51% attack. The only players who could conceivably orchestrate such an attack are existing mining pools, or ASIC manufacturers if they were to backdoor their miners, for example, and later commandeer them. All of these entities are heavily invested in bitcoin, having spent hundreds of millions of dollars on the infrastructure required to compete in the mining sector. For their operations to remain profitable, bitcoin needs to maintain a certain price. If a bad actor (or pool of bad actors) were to start attacking bitcoin, they’d only be cannibalizing themselves. There are scenarios – far-fetched admittedly – in which a 51% attack on the bitcoin network could be attempted. A hostile state could start accumulating ASIC miners, spending billions of dollars in readiness for the moment they had enough hashrate to greenlight an attack. Even Bitmain themselves would struggle to assemble enough ASICs to make such a feat possible however. An alternative scenario would be for a chip or ASIC manufacturer to make a breakthrough that provided a significant advantage over existing miners. A sort of Asicboost on steroids. Once again though, the best way to profit from this would be to honestly mine bitcoin with the souped-up units, or to sell them for a premium, rather than to launch a 51% attack. Whatever way you slice it, a 51% attack on bitcoin isn’t just improbable – it makes zero sense for the attacker. Just because the cryptocurrency seems safe from mining attacks for now doesn’t mean it’s impervious to attack however. In a post entitled “Let’s destroy Bitcoin” published on MIT Technology Review, Morgan Peck proposes three ways in which bitcoin could be “brought down, co-opted, or made irrelevant”. None of them involve mining. A few altcoins, with a low hashrate, have been hit by a 51% attack in the past. In its nine-year history, bitcoin has never been attacked in such a manner. It didn’t happen in the past, even when one mining pool controlled a majority hashrate, and it’s probably not going to happen now. In what other ways do you think bitcoin could be attacked? Let us know in the comments section below. Images courtesy of Shutterstock. Need to calculate your bitcoin holdings? Check our tools section. The post A 51% Attack on Bitcoin Means Mutually Assured Destruction appeared first on Bitcoin News. View the full article

Kucoin exchange has devised a novel way of dealing with underperforming tokens. Rather than delist them, or leave them to die a slow death, it will send them to a “special treatment area”. Once placed on the token equivalent of the naughty step, they will be given a chance to buck up or risk being permanently removed. Also read: Tempers Flare at Milken Institute Cryptocurrency Conference Kucoin Sends Badly Performing Tokens to the Naughty Step Tokens that develop a low trading volume can expect placement in a special treatment (ST) area by Kucoin. Likewise with tokens whose team run into legal difficulties or go AWOL. It’s the first step towards delisting, aka a permaban, though assets will be given a chance to earn a reprieve. Coins that are moved to the ST zone will be marked as such, giving traders notice that there’s a risk of removal. Kucoin’s new policy has been welcomed by many traders, as it adds transparency and provides warning of assets that may be purged. Many exchanges delist coins at short notice and with little or no explanation. Bittrex, for example, has delisted dozens of coins at a time, leaving traders speculating as to the reason for their removal. While some of these clearly had no trading volume, others may have been deemed as securities, though it has traditionally been hard to tell. Badly behaved token teams will be sent to Kucoin’s naughty step Eight Reasons to Receive a Timeout Kucoin has listed eight reasons why a token may be moved to its newly designated ST area: Negative Trading Volume for a certain period of time. Cease or likely cease of business activities for three months. In liquidation, insolvent, bankrupt or otherwise subject or in a position to become subject to bankruptcy proceedings. Negative opinions by the company auditor. Failure to submit the updates reports in accordance with the requirements of the Exchange in terms of project development, status of the team and status of listing entity for a consecutive certain period of time. The team of the project is likely to be dissolved. Any act considered as malicious operation to the market. Any other situation as determinate by the Exchange from time to time. Cynics will point out that exchanges are only too happy to accept these tokens in the first place, and to pocket the hefty listing fees that can run into hundreds of thousands of dollars. Kucoin in particular has gone listing crazy over the past few months, adding tokens faster than any other major exchange. It is arguably due to the platform’s willingness to accept virtually any token that it now finds itself having to remove the worst performers. Do you think other exchanges should follow Kucoin’s lead and provide warning of tokens that may be delisted? Let us know in the comments section below. Images courtesy of Shutterstock. Need to calculate your bitcoin holdings? Check our tools section. The post Underperforming Tokens on Kucoin Will Be Sent for a Timeout appeared first on Bitcoin News. View the full article

South Korean Samsung Electronics saw its operating profits surge in the first quarter of this year compared to the previous year. The company attributes the increase to its semiconductor division which manufactures bitcoin mining chips and says that it expects the trend to continue into the second quarter. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Profits Surging A world leader in advanced semiconductor technology, South Korean Samsung Electronics Co. Ltd. recently announced its 1Q18 earnings results. Samsung Electronics is the flagship company of the Samsung Group with assembly plants and sales network in 80 countries. In the first quarter of this year, the company recorded consolidated earnings of 60.56 trillion won (~US$56 billion). Its operating profits were 15.64 trillion won (~$14.5 billion), a 58% increase from 9.9 trillion won (~$9.2 billion) achieved during the same period last year. Meanwhile, its year-on-year sales grew approximately 20%. The Seoul Newspaper elaborated that Samsung Electronics’ “semiconductor division…accounted for about three-quarters (73%) of total operating profits, leading the company to a record high.” Samsung explained: Demand for the semiconductor division increased due to sales of system LSIs [ASICs] for flagship smartphones and demand for virtual currency mining chips. Samsung’s Mining Chips & Earnings Outlook Samsung confirmed in January that it had begun manufacturing ASIC chips used for mining cryptocurrencies such as bitcoin and ether. Without providing details, a company spokesperson told Techcrunch at the time that “Samsung’s foundry business is currently engaged in the manufacturing of cryptocurrency mining chips.” Samsung Electronics offers design services which connect “mid-to small-sized companies with qualified ASIC design services and support.” In January, the Samsung Advanced Foundry Ecosystem program was launched to ensure deep collaboration between the Samsung foundry, ecosystem partners, and customers. Dragonmint T1 Miner. Mining rig manufacturer Halong Mining has previously revealed that its flagship product, the Dragonmint T1 Miner, uses Samsung’s 10nm T1558 mining chips, calling them “the first-ever 10nm bitcoin mining chips.” Halong says their rig is “the world’s most efficient bitcoin miner, operating at 16TH with Asicboost technology inside for greater power efficiency.” “Earnings growth should continue in 2Q18, driven by demand for HPC-based semiconductors and an increase in supply of new 10nm process products,” Samsung Electronics detailed, emphasizing that “In the foundry business, despite a decline in demand for mobile parts due to seasonal weakness in 1Q18, earnings increased on the back of high-performance computing (HPC) chip orders.” The company continued to share: The foundry business is expected to secure the second place in the industry with more than $10 billion in sales. Mining Chip Market In the field of ASIC mining chip manufacturing, Samsung Electronics is competing with a few other chipset manufacturers. The largest is Taiwan’s TSMC, which supplies mining chips to mining hardware makers such as Bitmain and Canaan. Recently, news.Bitcoin.com reported on TSMC hitting record sales during March due to demand for the hardware required for crypto mining. According to a Trendforce study published in November of last year, TSMC held a 55.9% market share by revenue in the semiconductor foundry business, followed by Global Foundries with 9.4% market share, UMC with 8.5% and then Samsung with 7.7% market share. Do you think Samsung will soon gain market share in the mining chip market? Let us know in the comments section below. Images courtesy of Shutterstock, Samsung, and TSMC. Need to calculate your bitcoin holdings? Check our tools section. The post Samsung Profits Surge on High Demand for Bitcoin Mining Chips appeared first on Bitcoin News. View the full article

With 80 percent of all bitcoins already mined, and the hashrate of the network reaching all-time highs, in today’s Bitcoin in Brief we are covering some news from the world of crypto mining. An Italian company is developing mobile mining farms, while in Russia a mining hotel offers an opportunity to legally earn cryptocurrency. And, if you can’t afford to buy or rent a rig, you can always experience the life of a miner thanks to one of the simulators that are hitting the market. Also read: Bitcoin in Brief Thursday: Bitgrail and Btcxchange Crypto Traders in Troubled Waters Farms on Wheels to Criss-Cross Europe Entrepreneurs Gabriele Angeli and Gabriele Stampa, founders of the Bitminer Factory in Florence, are working on a rig that could become the main component of a new business model for miners in Europe. The Italians, who run their country’s largest mining hosting facility, have developed their own mining rig – Bitminer 8. Their operation on the outskirts of the historical city, famous for minting coins through the Middle Ages, has attracted 140 participating miners. The Bitminer 8 machine, around which the whole enterprise is built, started as a prototype assembled in a dishwasher drawer from off-the-shelf computer parts, Reuters reports. It is designed to mine altcoins, as bitcoin itself needs enormous computing power offered only by applications specific circuits (ASICs). These cryptos give companies like Bitminer and small scale crypto miners a chance to make a living and ultimately help expand the horizons of the crypto ecosphere. The two Fiorentinos have a business idea that would push these boundaries even further. They now plan to literally hit the road by installing their Bitminer 8s in shipping containers loaded on trucks. The project will enable miners to move the mobile farms across the Old Continent to destinations with cheap electricity and favorable regulations – factors that are always subject to change. Besides, free mobility of people and capital is a basic principle of the Common Market, and small and medium-sized enterprises are its backbone. Supporting initiatives like this should be a “no-brainer” in Brussels! Bitmain Develops Zcash ASIC Miner Chinese mining giant and equipment producer Bitmain has announced on Twitter it is developing a new product targeting Zcash miners. The ASIC miner is capable of processing the proof-of-work algorithm of Equihash, used by Zcash and other cryptos. The Antminer Z9 Mini offers a hashrate of 10k Sol/s. It is expected to hit the market in June. Zcash is mined primarily with graphics processing units (GPUs) that can be acquired by individual miners. Equihash was actually introduced to prevent the use of ASIC miners. Bitmain, however, has a history of overcoming ASIC-resistant algorithms. The company has already developed powerful miners for many cryptocurrencies whose developers have tried to stop the centralization of the hashing power. These include miners for Ethash, used by the Ethereum network, and Cryptonight, used by Monero. Why Buy It, When You Can Mine It? Mining accommodation is a niche which is rapidly expanding in Europe’s eastern neighbor Russia. A new mining hotel has recently opened doors in Moscow. The team behind the project offers ASIC-rentals with round-the-clock tech maintenance, IT support, and a reliable power supply. Clients will be able to remotely control their mining rigs through unlimited and backed-up internet connection. The datacenter is also equipped with professional cooling and humidity control systems. The most important benefit of using a mining hotel, however, is that it offers Russians an opportunity to legally acquire bitcoins while the country’s crypto sector still struggles in a semi-regulated environment. Many aspects of regulation have yet to be clarified by Russian authorities, with two pieces of legislation pending in the State Duma. The bill “On digital financial assets” is expected to legalize crypto-related activities like mining, and another text should amend the country’s civil code to allow crypto payments. Mining, which is favored by authorities in energy-rich Russia, is considered a legal way to acquire cryptocurrencies. Even now miners are allowed to register as individual entrepreneurs and enjoy preferential tax of only 6% on their turnover. Technically speaking, with the exception of mining, most other crypto operations are illegal at the moment. According to the website of the mining hotel in Moscow, renting an Antminer S9 (14 TH/s) for minting bitcoin costs 9,600 rubles a month (~$150), and Antminer L3+ (504 MH/s), the most powerful litecoin miner, is offered for 5,500 rubles (<$90). True Mining Simulator A team of Belarusian developers is working on a project to create a “True Mining Simulator” – a computer game dedicated to replicating the life experiences of a cryptocurrency miner, Forklog reports. Players will be able to build their own mining farm, maintain its equipment, follow cryptocurrency markets, and exchange digital coins to fiat money. The creators of the simulation also say it will allow gamers to spend the cryptocurrency they have mined. They will be able to go to a restaurant or purchase a car in the virtual reality. Last year, Russian developers created a mining simulator called Cryptocity for those who want to know what crypto mining looks like but don’t have the money to purchase expensive mining equipment. The mobile application uses real rates from cryptocurrency exchanges to calculate the mining income. Players can buy buildings and build mining farms. The game also simulates incidents like fires in the mining facility. Do you think crypto mining will be profitable for individual miners in the long run? Share your thoughts on the subject in the comments section below. Images courtesy of Shutterstock, Forklog. 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 Bitcoin in Brief Friday: Farms on Wheels, a Hotel, and Even a Simulator for Miners appeared first on Bitcoin News. 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United Kingdom corporate research firm Gartner conducted a survey of nearly 300 Chief Information Officers (CIOs), in an attempt to separate hype from reality. The results are revealing, with a dismal 1% reporting “any kind of blockchain adoption within their organizations.” Also read: Telegram Rakes in Over $1.5 Billion, Ditches ICO for an Open Network & Token Survey of CIOs Reveals More Blockchain Hype Than Adoption A rather revealing survey of 293 CIOs conducted by English research outfit Gartner is attempting to suss out marketing campaigns from actual fact on the subject of blockchain usage among businesses. Gartner Vice President David Furlonger explained, “This year’s Gartner CIO Survey provides factual evidence about the massively hyped state of blockchain adoption and deployment. It is critical to understand what [it] is and what it is capable of today, compared to how it will transform companies, industries and society tomorrow.” Among some of the standout numbers: a whopping 77% of CIOs admitted their companies exhibited exactly no interest in the tech, nor have they plans to in the future; 8 percent claimed to be looking at interim planning or experimentation with it; and only “1 percent of CIOs indicated any kind of […] adoption within their organizations,” the survey detailed. Mr. Furlonger continued, “The challenge for CIOs is not just finding and retaining qualified engineers, but finding enough to accommodate growth in resources as blockchain developments grow. Qualified engineers may be cautious due to the historically libertarian and maverick nature of the [tech’s] developer community.” Numbers Point to Slow Going for Blockchain Adoption Cheekily, Mr. Furlonger waxed how “Blockchain continues its journey on the Gartner Hype Cycle at the Peak of Inflated Expectations. How quickly different industry players navigate the Trough of Disillusionment will be as much about the psychological acceptance of the innovations that [it] brings as the technology itself.” Furthermore, of those companies dabbling in the tech, 13 percent believed a complete restructuring of an information technology department would be the only way to bring along blockchain; 14 percent worried it would mean a large change of company culture; 23 percent indicated a host of new skills are required to meaningfully use it; and 18 percent noted knowledge of the tech is nearly impossible to find among potential employees. “Blockchain technology requires understanding of, at a fundamental level, aspects of security, law, value exchange, decentralized governance, process and commercial architectures,” Mr. Furlonger insisted. “It therefore implies that traditional lines of business and organization silos can no longer operate under their historical structures.” Industries inclined toward blockchain include financial services, of course, insurance, and telecommunications. The survey notes even public utilities, government agencies, and transportation sectors are exploring it for logistics and efficiency. “While many industries indicate an initial interest in [such] initiatives, it remains to be seen whether they will accept decentralized, distributed, tokenized networks, or stall as they try to introduce blockchain into legacy value streams and systems,” Mr. Furlonger stressed. Do you think blockchain is the inevitable future so many business leaders claim? Let us know in the comments below. Images via Pixabay, Gartner. Looking for a Bitcoin Cash Block Explorer? Check out Bitcoin.com’s BCH Block Explorer today to find transactions, blocks, and other important blockchain data. The post Only 1% of Business CIOs are Actually Using ”Blockchain” Technology appeared first on Bitcoin News. View the full article