Win BCH with Bitcoin.com’s Cash Games Stars Leaderboard

There’s a new promotion happening for Bitcoin.com Cash Games, with new winners each week, and first place taking home $200 in bitcoin cash. It can be said that crypto and gaming are made for each other, thanks to low fees, easy access, and privacy. Now things just got even better, with the new Cash Games Stars promotion, allowing 10 players of some of the most popular games at cashgames.bitcoin.com to win $1,000 in prizes every week.
Also Read: Pre-Register for Bitcoin.com’s New Crypto Exchange to Win Bitcoin Cash Prizes
Become a Cash Games Star and Win Prizes
The Cash Games Stars promotion, which launched August 19, is a leaderboard exclusively for the popular Slots, Roulette, Keno and Satoshi Circle Cash Games. New winners each week will have a chance to flex their skills and take home a weekly prize pool of $1,000 in BCH, with the top 10 receiving a prize. First prize is $200, and all prizes are paid in bitcoin cash.

With a reputation for fun and provably fair gaming, Cash Games is a leader in the field since 2016, and now gives players a way to win even more, with an exciting leaderboard that resets weekly, every Sunday at 23:59 (GMT). Winners simply provide an email address and are then able to receive their prize. The BCH/USD rate will be determined according to the date of the distribution of the prize pool. Jackpots do not count toward the leaderboard.
The leaderboard is waiting for you.
The Cash Games Stars Leaderboard Is Waiting for You
“The reason that we can guarantee provably fair gaming is that your web browser supplies a random number that we must incorporate into the random number generator in a provably consistent way,” notes cashgames.bitcoin.com. Now, with winners able to win even more for their efforts, there’s an additional reason to check it out. Visit the Cash Games Stars promo page for complete details, and best of luck in becoming the next Cash Games Star.
Are you excited to be the next Cash Games Star? Share your thoughts in the comments section below.
Images courtesy of Shutterstock.
Are you feeling lucky? Visit our official Bitcoin casino where you can play BCH slots, BCH poker, and many more BCH games. Every game has a progressive Bitcoin Cash jackpot to be won!
The post Win BCH with Bitcoin.com’s Cash Games Stars Leaderboard appeared first on Bitcoin News.
Bron : Bitcoin en toekomst van crypto

Another Self-Proclaimed Satoshi Fails to Sway Crypto Community

Another person has attempted to claim the title of Satoshi Nakamoto, the creator of Bitcoin. According to a blog post published on August 18, this new person aims to expose his “real-life identity” through a series of written memoirs. The final ‘reveal’ will allegedly give the public the true answers to the decade long mystery. Despite the attempt so far, the cryptocurrency community is not buying the story and the huge effort stemming from the website, Satoshi Nakamoto Renaissance Holdings, has been quite feeble. Some community members are not pleased with some elements of the story either.
Also read: Bitcoiners Brace for More Performance Art and Another ‘Satoshi Reveal’
Another Person Hopes to Convince the World He’s Satoshi With a Few Blog Posts
The latest person to claim to be Satoshi had published a slew of press releases explaining that he would be publishing a series of posts leading to the ultimate reveal. News.Bitcoin.com reported on the story when the press release came out and explained how most people assumed it was a marketing tactic to get people’s eyes on something else. It still might be a marketing effort or ruse of some sort, but the person truly attempts to claim the Satoshi Nakamoto monicker. In addition to the declaration, the person wrote a 3,300-word blog post about the origins of Bitcoin and his pseudonym. The post says it was written “as told to Ivy McLemore,” the PR team behind the so-called ‘reveal.’ It was also edited a few times since it was published at 4 p.m. EDT, when the word “cyberpunk” was changed to the word “cypherpunk” on two occasions. The blog edit was a pretty foolish mistake as the two words have different meanings.
The post was published at 4 p.m. EDT on Sunday, Aug. 18, 2019. It was also edited multiple times and the original can be seen on Archive.org.
The so-called creator of Bitcoin said he’s always been a believer in freedom and that’s why he began the blockchain journey. In the post, he explained that Hal Finney was his “closet ally and mentor” and the technology was not designed overnight. “Bitcoin was created through circumstantial requirements, but its current exposure cannot be attributed to design,” he noted. The author then veered off into a tone that’s similar to the Australian Craig Wright’s recent blog posts. The new Satoshi claimant said that the creation of Bitcoin led him to hide so he couldn’t be tied to something deemed illegal by governments. “At its conception, Bitcoin was worth mere cents,” the author remarked. “Later, when its usage was hijacked for illicit means, I made decisions and set off a chain of events to create distance between my creation and myself.” In order to further highlight the alleged misappropriation of the technology he invented, he added:
Today, when Bitcoin is understood by the advances of technology, but at the same time is being hijacked by greed, I feel I have a duty to work hard and make my creation better and take its vision to the next level.
The series of blog posts that aim to expose the self-proclaimed Satoshi’s “real-life identity.”
After discussing the origin of how everything transpired, the blog post explained how the author came up with the name “Bitcoin.” The name stemmed from a Pakastani bank called “BCCI,” a financial institution shut down in 1991 by the Bank of England for money laundering. His father worked for United Bank Limited and he got a unique perspective of the banking system. The financial crisis of 2008 was the “final push for Bitcoin to be created” and he was also dealing with difficulties obtaining a bank account.
“I didn’t like the way banks controlled and utilised other people’s money and I wanted to at least try to change this. I felt like a failure and was humiliated by the banks so I made it my mission to invent something that would enable a common layperson to access money without involving the big banks,” the memoirs detail. The term Bitcoin came from the BCCI name, as so: “Bank of CredIT and COmmerce INternational.” The author also stated:
I wanted to empower the poor person, empower the little man, and create something that was accessible as the people’s money – the people’s bank with no boundaries, no nationalities, and no discrimination – where nothing was controlled by the government and where no one dictated and destroyed people for the sake of misplaced politics.

No need to wait til Tuesday, seems like these two jokers are behind it
MR BILAL KHALID
MR MUNIR ASLAM MALIK pic.twitter.com/XLJe9DVmad
— SeekingSatoshi (@jimmy007forsure) August 18, 2019

Using Hal Finney’s Good Name and the New Vision
The last part of the blog post is one reason why people didn’t appreciate this so-called reveal because it involves the now deceased Hal Finney. Using Finney’s good name to promote a marketing ploy would be vile and disgusting to say the least. Before explaining the alleged relationship with Finney, the so-called inventor clarified how Chaldean numerology was used to create his moniker and he emphasized that numerology was a way to encrypt many of the decisions he made during the development of Bitcoin.

and using hal finney death for a PR stunt is absolutely digusting !
— Xavier59 (@TheCryptoBird) August 18, 2019

As far as Hal Finney was concerned, the author gives a lot of credit to the renowned cryptographer and the man who received the first bitcoin transaction. He considered Finney his “closest ally” and referred to him as the “Steve Wozniak” of Bitcoin, which means Finney did a lot of the leg work. “I always looked at how it would be successful commercially with a vision to change the financial world while he looked at the technical aspects,” the writer expounded.

Of course, a good portion of the crypto community thinks the entire story is a farce and they believe this is just another “Faketoshi” trying to steal some thunder. The website BCCI’s domain credentials and the company registration show two people behind the business – Bilal Khalid, and Munir Aslam Malik. Both names are very common in Pakistan and the blog post notes that Satoshi flew to Pakistan regularly from the UK. The blog announcement also says he changed his legal name in the UK, soon after the technology was up and running. There’s not much information on these two individuals online, minus a few connections to BCCI and a few other domains. There are other websites that are connected to the BCCI name which include tdwnpro.com, 5ato5hi.com, insidecaf.com, and onlinemarketing.net. The domain “5ato5hi” shows a lot more information about this debacle as the website’s home page says “Satoshi Nakamoto: A Round Peg in a Square Hole.”
The website 5ato5hi.com.
The website’s “about” section shows the business is awfully fascinated with the word “blockchain” and clearly shows the creator of the website thinks blockchain will disrupt “42 business verticals.” There’s the “Blockchain Operating System” which claims to be a distributed ledger framework that will become the “default operating system (OS)” for personal, business, and enterprise users. The associated websites and the ‘revealing’ story are all very tacky as all of the published material has been riddled with grammatical errors, misspellings, and using the word “cyberpunk” and changing it to “cypherpunk” after the internet called out the mistake. So far, many crypto proponents assume that the man who will step forward will be Bilal Khalid. “Hey Ivy McLemore, just so you’re aware, Bilal Khalid is not Satoshi Nakamoto. Have fun promoting his ‘reveal’ whilst your name gets dragged through the mud,” Monero’s Riccardo Spagni tweeted after the reveal post published.
The website 5ato5hi.com.
No One Believes the New Satoshi But People Love Fictional Satoshi Stories
Of course, the latest ‘reveal’ got attention as people do love the fan fiction behind Satoshi Nakamoto stories. It’s safe to say that a lot of observers will visit the URL to read the next blog post installments which plan to publish on Monday and Tuesday at 4 p.m. EDT. The next post will continue to cover his strong belief in Chaldean numerology. But the second installment will also “reveal all facts” related to his alleged 980,000 bitcoins. People will have to wait until the third published post to find out his “real-life identity” and decide whether or not his claims are legitimate.

So far, just like the pushback Craig Wright has seen, no one considers this new ‘reveal’ valid. Bitcoiners think the website, Satoshi Nakamoto Renaissance Holdings, is simply a tasteless marketing ploy. A lot of people also think the author’s writing is not at all similar to Satoshi’s old posts on Bitcointalk.org, and the self-proclaimed Satoshi over accentuates a U.K.-based undertone and says the word “whilst” quite a bit. However, the website has been getting a lot of traffic. The site’s server was down multiple times yesterday due to a traffic overload after the un-edited version of the blog post published.
What do you think about the so-called Satoshi reveal? Do you think it’s just another marketing ruse? Let us know what you think about this subject in the comments section below.
Disclaimer: Readers should do their own due diligence before taking any actions related to the mentioned companies, and websites associated with this story. Bitcoin.com or the author is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. This editorial review is for informational purposes only.
Image credits: Shutterstock, the Satoshi Nakamoto Renaissance Holdings website, 5ato5hi.com, and Twitter.
Did you know you could win big with Bitcoin gambling? Choose from a range of BCH games including BCH poker, BCH slots, and many more. All games are provably fair—good luck.
The post Another Self-Proclaimed Satoshi Fails to Sway Crypto Community appeared first on Bitcoin News.
Bron : Bitcoin en toekomst van crypto

Fiat Lite vs. Freedom Maximalist: The Two Types of Bitcoiner

As regulation continues growing exponentially for cryptocurrencies worldwide, a chasm is yawning ever deeper between supporters. On the one hand, many yearn for massive adoption and clear regulations so they can get on with their trading, and get on with their lives – not to mention the lucrative value gains attendant to such ubiquity. This notwithstanding, there remains a sizeable camp of hardheaded purists, who believe that sacrificing the whole foundational principle of bitcoin – permissionless, P2P transaction without intermediaries – is crypto-suicide, and should be avoided at all costs.
Also Read: The Most Important Aspect of Bitcoin Is the Separation of Money and State
‘Fiat Lite’
The so-called Bitcoin revolution, as touted by so many keyboard warriors on social media, sounds great. Overthrowing the violent fiat monopoly on money for the greater good of humankind is indeed a noble pursuit. Ages of forced financial servitude and debt-slavery via taxes, corruption, and unsound policy could be snuffed out peacefully, with a new era of financial freedom coming into clear view. The regulatory and governmental bodies that fought the emergent technology will finally acquiesce, yielding power back to the people as wealth creation and innovation are spurred, and everyone lives happily ever after. Except that, well, nothing works like that.
The critical debate has even made it to MSM, with crypto influencers disagreeing on the value of mass regulation.
With heavily armed agencies like the IRS, DHS, and others warning holders of crypto that their business is always state business, and massive news media outlets like the New York Times on a propaganda stampede to convince Americans that crypto is synonymous with terror, being a “bitcoin revolutionary” becomes much less appealing. Even MSM outlets like CNBC are hosting panelists divided on the best course of action.
Typing revolutionary shit on a keyboard is one thing – actually standing up for one’s convictions is another. As such, many of these Twitter Che Guevaras have taken a new tack: bringing about the revolution via mainstream regulation and centralized exchange. Creating a new ‘fiat lite,’ in other words, that is convenient, centralized, and less private than paper money. This would be akin to having one’s enemy privately inspect one’s own weapon before battle, according to some.
A national bank building in Australia has been wished a strange happy 102nd birthday with the message “Bitcoin will win.”
Freedom for All
The other crowd – the hardheaded “freedom for all” or “freedom maximalist” crowd – sees things much differently. An illustration of this vision would be the recently vandalized 102-year-old national bank facade in Australia, tagged by a man who spray painted sloppily “Bitcoin will win” over the face of the building. While most principled bitcoiners don’t advocate vandalism, the picture is painted well. Central banks and bitcoin simply do not mix – just like oil and water. They can work together on a voluntary basis, sure. But once the situation is forced by law as commonly understood (a monopoly on violence), the commonality ends in an abrupt, sheer drop.
As American economist and social theorist Thomas Sowell has written:
The very same people who say that government has no right to interfere with sexual activity between consenting adults believe that the government has every right to interfere with economic activity between consenting adults.
There is no way to justify a lack of consent in economic interaction between non-violent parties, just as there is no way to justify it in other areas, like human sexuality, and yet this non-consensual coercion is the basis for the entire modern monetary system.
Accounts on Twitter are encouraging others to report non-payment of taxes to the IRS for rewards. Some have already received them. With crypto holders now being a prime target, even one’s neighbors might have an eye out for some extra cash.
The Propaganda Machine
Fueling the growing divide between the two camps are propagandistic assaults on free trade, from prominent media outlets like the New York Times and Bloomberg, to the U.S. Federal Government itself. Other governments are doing the same, but for the purposes of this exploration, the U.S. state serves well as an example.
With titles like “Terrorists Turn to Bitcoin for Funding, and They’re Learning Fast” and “Bitcoin and Gold Are Monuments to Irrationality” repeating over and over, and the government itself calling Bitcoin a “thin air” asset conducive to crime, it’s not hard to see the message. Funny that this “thin air” is still being hunted down rabidly by agencies like the IRS for payments, though.
The New York Times article quotes former CIA analyst Yaya Fanusie as saying:
This is going to be a part of the terrorist financing mix, and it is something that people should pay attention to.
Interestingly Fanusie was just appointed to the heavily criticized and legally embattled membership of the New York State Digital Currency Task Force last month. And never mind that, overwhelmingly, it is fiat money used to engage in money laundering, drug/sex/weapons trafficking, and violence. This reality does not fit the government insider narrative, though, so it is often ignored.

It’s no surprise that with this brainwashing campaign in full-force, many on Twitter are frothing at the mouth to report acquaintances to violent groups like the IRS in order to earn a monetary reward. Typing “IRS report reward” in the Twitter search bar produces results numerous and slimy enough to turn even the stomachs of average, non-libertarian types. It’s a homegrown gestapo coming up in full force.
Is There a Middle Ground?
As far as a spectrum for crypto freedom and regulation goes, there is only a middle ground in the debate practically. Morally, there is none. Mathematically, there is none. The state will continue to leverage fear-based regulations made possible by threats, and this will in effect inhibit a certain amount and certain types of crypto usage. At press time, for example, many in the crypto space are currently speculating that recent drops in the price of BTC are due to IRS tax letter response deadlines approaching. Violence always changes practical reality.
All this said, the Bitcoin protocol is still just math. It allows for and enables permissionless, P2P transaction of money. Thus, the real divide can be seen much more clearly. The question is not a debate between pro-regulation and pro-freedom camps, but a debate between those who would willingly leverage violent force on non-violent human beings, and those who would not. The pro-regulation keyboard warriors aren’t likely brave enough to carry out the violence themselves, but are more than happy to see the state bring it to bear, or to vote for it.

The Necessity of Freedom
To those who would live freely and transact freely regardless, the road is uncertain. One thing is not, however: most principled hodlers and spenders wouldn’t be caught dead in a limp-spined, milksop revolution promoting a fiat lite, no matter how “extreme” peaceful human interaction might seem to the warped estimations of those promoting an unethical, illegitimate, and anti-human status quo via centralized policy. Where each independent market actor will venture, however, remains to be seen.
Which camp, if any, are you in? Let us know in the comments section below.
OP-ed disclaimer: This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information in this Op-ed article.
Images courtesy of Shutterstock, fair use.
Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The Local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.
The post Fiat Lite vs. Freedom Maximalist: The Two Types of Bitcoiner appeared first on Bitcoin News.
Bron : Bitcoin en toekomst van crypto

The Most Important Aspect of Bitcoin Is the Separation of Money and State

Many cryptocurrency supporters believe the technology allows for the separation of money and state in a manner that’s never been seen before. Governments inflict two forms of robbery against nonviolent citizens by forcing them to pay taxes while also stealing from them silently through inflation. Now there’s a wide array of digital currencies competing in different ways to help remove the parasitic behavior perpetrated by the oligarchy.
Also read: Bitcoin History Part 15: Silk Road Is Born
The Monetary System Designed by Oligarchs Penalizes the People
Most everyone lives under government rule and they are compelled to pay taxes and use the legal tender by order of their rulers. In most countries, everyone who has a job must contribute a portion of their earnings to the government. For instance, a portion of payroll taxes in the U.S. goes toward safety net concepts like Medicare and Social Security. 70% of an American’s income tax goes toward national defense, health care security programs, interest on the national debt, education, energy, and agriculture. A quarter of the funds go directly to the military and the average American family paid $12,000 in income tax in 2018. There are roughly 80 million households which means the U.S. government pulls in close to a trillion dollars annually from income taxes alone. That’s not counting state-funded lottery, road tolls, sales tax, capital gains, building taxes, business tariffs, property levies, and more.
The state has been pillaging and stealing from the general public for centuries.
Despite the fact that most of the safety nets and health care systems are in shambles, roads are filled with potholes, bridges are failing, and the education system is failing, the only thing that continues to grow is the U.S. military. Oddly enough, people still believe these fools know what they are doing. Not only has the national defense budget grown absurd in America, but the evolution of for-profit-prisons and the expansion of the police state has amplified significantly. Since 1776 the U.S. has been at war 226 out of 243 years or 93% of the country’s lifetime and American citizens have paid for every last minute. Governments have also created a monetary system meant to enrich the representatives and their close friends. Meanwhile, the money system is manipulated and inflated so badly year after year, the nation’s citizens are forced to accept more taxes. The fraudulent monetary system pressures them into believing they need more benefits.
Many are tired of paying for endless wars. With alternative currencies like bitcoin, people don’t have to contribute.
Cryptocurrency Solutions Are Tools for Increasing Freedom
There are many countries with different rules of law, taxation, and methods of managing the fiat currency governments produce and most of them are very similar. Meaning when someone says “If you don’t like it here, why don’t you just leave?” that really only gives them the choice to be ruled under another oppressive system. So if leaving isn’t so easy, there must be a way to circumvent the system where governments have control of our money but we must pay off their debts. The U.S. was founded by principles against taxation but the biggest foundation was the separation of church and state. For centuries humans have been forced to participate in the monetary system controlled by politicians and the world’s elite. But in 2009, the year the Bitcoin network went online, the monetary game changed and people now have the tools in cryptocurrency to disregard the rule of central money management.
“We will not find a solution to political problems in cryptography, but we can win a major battle in the arms race and gain a new territory of freedom for several years. Governments are good at cutting off the heads of a centrally controlled networks like Napster, but pure P2P networks like Gnutella and Tor seem to be holding their own,” – Satoshi Nakamoto.
In the summer of 2015, Shapeshift CEO Erik Voorhees explained how we all learned 100 years ago about the separation of church and state. Voorhees detailed that at the time humans realized the practice was immoral and he believes that with the state currently having control over money the system today, it is rotten to the core. “[The state] could tell you what to worship and how, when and why — Somehow, society realized perhaps that it was unethical – that we shouldn’t permit control of something so personal and important to your life to be controlled by the state,” Voorhees told a crowd in Dallas that year. The Shapeshift executive added:
Money is absolutely as fundamental to our lives as religion, and for many people, it is far more fundamental to their lives as religion. It affects how your life unfolds. The choices that you make about money dictate the ramifications of your life and those around you. And so, to have an institution like money so controlled by a central entity — by a monopoly — is absurd. It is immoral. We should get rid of it.”
“The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts,” – Satoshi Nakamoto.
Bitcoin and a slew of other cryptocurrencies offer people a monetary system where there is no intermediary to trust, no middleman, and no state or corporate entity stopping you from transacting on a decentralized network. Instead of using fiat money which is predicated by force and violence, individuals and organizations can voluntarily choose to use a system that is transparent, permissionless, censorship-resistant, reliable, fast and empowering. Bitcoin maximalists will tell you that BTC is simply the only way to bypass the state’s manipulated monetary system, but right now there’s a wide variety of digital assets that can help achieve that.
Alternative means of circumventing the state like using precious metals can be difficult because the government has deep hands in these markets. Cryptocurrencies offer a high rate of portability and a way to hide money from agents trying to steal someone’s hard-earned wealth. With a cryptocurrency like bitcoin cash (BCH) for example, it’s possible to send funds across any border permissionlessly. An individual cannot hide a million dollars’ worth of gold, but can easily hide a small piece of steel with mnemonic phrase words etched into it and take things even further by memorizing the seed phrase. Agents cannot steal from your brain.
Edward Snowden’s tweet on the subject back in 2016.
Like Many Ideas Before It, There’s Still a Chance That Bitcoin Could Fall Short of a Revolution
Cryptocurrencies are clearly tools that can be used to circumvent the state and these digital instruments could bring forth a new era of free markets. Despite the crypto enthusiasts who embrace the state daily and are literally begging for the institutionalization of Bitcoin, there are still thousands of individuals who participate in the crypto industry to promote the separation of money and state indefinitely. These people believe cryptocurrencies can empower the general population and not a group of oligarchs sitting on the hill. Libertarians and agorist philosophers who love cryptocurrencies don’t care about Bitcoin ETFs, Bakkt, and acceptance from congressional leaders. They care about separating the monetary system from the violent monopoly that steals from society every single day. In the summer of 2015, the founder of Defense Distributed, Cody Wilson, highlighted why cryptocurrencies like bitcoin could fall short of a revolution and fall victim to the same system we have today.
“Without a big expression of intentionality to what is considered not the polite things to do with Bitcoin — specifically money laundering, specifically private access to your coin, holding your own keys — without projects that express these principles, you have nothing of what you want with a revolution,” Wilson emphasized. “This leaves me to proclaim that most people involved with Bitcoin were not serious about that in the first place.”

Today Many Cryptocurrencies Offer a Road That Leads to Greater Freedom
There are now multiple avenues available for cryptocurrency users to circumvent the state’s control over money. Despite all the arguments and infighting within the cryptocurrency community, these roads toward freedom of choice are still wide open. If you find the idea of separation of money and state appealing but are relatively new to cryptocurrencies, it is well worth taking the time to read more into the subject to learn how you can wield these tools against the nation state for your advantage. If you’d like to participate in the counter-economy, you can also purchase digital currencies from trusted platforms as well as in-person using noncustodial, peer-to-peer marketplaces.
What do you think about how cryptocurrencies have opened the path toward separating money from the state? Let us know what you think about this subject in the comments section below.
OP-ed Disclaimer: This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information in this Op-ed article.
Image credits: Shutterstock, Pixabay, Twitter, Voluntary Exchange FB Page, Bitcoin Not Bombs, and Jamie Redman.
You can now purchase Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH directly from our trusted seller and, if you need a Bitcoin wallet to securely store it, you can download one from us here.
The post The Most Important Aspect of Bitcoin Is the Separation of Money and State appeared first on Bitcoin News.
Bron : Bitcoin en toekomst van crypto

Bitcoin History Part 15: Silk Road Is Born

Silk Road launched in February 2011 as the darknet’s first bitcoin-based marketplace. Within four months, it would be the darknet’s most notorious site whose reputation extended all the way to the U.S. Senate. The origins of the drugs marketplace can be traced back further, however, to a philosophical thread on the Bitcointalk forum. It was only later that the significance of this thread would be fully appreciated.
Also read: Bitcoin History Part 14: The 1,000 BTC Poker Game
‘A Heroin Store’
“As a Libertarian, the thing I love most about the Bitcoin project is the chance that it could be truly disruptive,” wrote early Bitcointalk user ‘teppy.’ It was June 2010, and Bitcoin was still very much in its infancy, with its potential use cases still being figured out. “I think that drug prohibition is one of the most socially harmful things that the US has ever done, and so I would like to do a thought experiment about how a heroin store might operate, accepting Bitcoins, and ending drug prohibition in the process,” continued teppy, before outlining his idea for how such a venture would operate.
The proposal was cautiously welcomed, with some users highlighting the hazards (“US government has endless resources and nothing to stop them from doing things they’re not supposed to … I think if it’s high profile enough you would still get busted somehow, something you didn’t think of”) and others elaborating on how it might work.

Although the thread was provocatively titled “A Heroin Store,” one user suggested a marijuana store would be preferable because “the risk of getting caught is much more calculable. Your clients are much trustworthier, and your competitioners are not as dangerous.”
A Framework for Silk Road
Although they couldn’t have known, the participants in the thread were brainstorming what would become Silk Road. From the use of Tor to the way packages could be shipped, it was all laid out. It is unclear if the discussion directly inspired Dread Pirate Roberts, or merely crystallized an idea he already had forming, but within two months of the thread appearing, he had begun work on Silk Road. On Jan. 29, 2011, user “altoid” posted a since-deleted response in the heroin store thread that read:
What an awesome thread! You guys have a ton of great ideas. Has anyone seen Silk Road yet? It’s kind of like an anonymous amazon.com. I don’t think they have heroin on there, but they are selling other stuff. They basically use bitcoin and tor to broker anonymous transactions. It’s at http://tydgccykixpbu6uz.onion. Those not familiar with Tor can go to silkroad420.wordpress.com for instructions on how to access the .onion site. Let me know what you guys think.
“So here we go, first Bitcoin drug store,” replied one user. “We’re going into deep water faster than i thought then. I wonder how long will it take for govs to start investigating Bitcoin.” Five months would prove to be the answer, after a Gawker article blew it wide open. Adrian Chen’s article would go on to accrue 3 million reads and spark a DEA investigation into Silk Road.

Lost Innocence
In early 2011, however, the world at large knew nothing about Silk Road, which was still the preserve of a few libertarians and free-thinkers on an obscure forum dedicated to magical internet money. On March 1, 2011, new user “silkroad” started a thread to promote the anonymous marketplace. The site had only been running for three weeks but “I am very pleased with the results,” they remarked. “There are several sellers and buyers finding mutually agreeable prices, and as of today, 28 transactions have been made!”
In time, those numbers would swell to thousands a day, with the site eventually racking up 1.2 million transactions. The community spirit that characterized the Bitcointalk forum in those early days was readily apparent, as users filled the thread with suggestions on how Silk Road could be improved.
Meanwhile, in the original heroin store thread, one user wrote a prediction on March 24, 2011 that would prove prescient: “Everything … is easily traceable. Using normal mail, there is 99,9% probability you will be caught sooner or later. Actually, anything physical (leaving physical traces) or involving third person is easily traceable, because you only need to find weak link in the chain to find the seller. People are usually the weakest links.” He finished:
I hope silkroad realizes this, because if he doesn’t … sooner or later he will be caught.
Bitcoin History is a multipart series from news.Bitcoin.com charting pivotal moments in the evolution of the world’s first cryptocurrency. Read part 14 here.
Images courtesy of Shutterstock.
You can now easily buy bitcoin with a credit card. Visit our Purchase Bitcoin page where you can buy BCH and BTC securely, and keep your coins secure by storing them in our free bitcoin mobile wallet.
The post Bitcoin History Part 15: Silk Road Is Born appeared first on Bitcoin News.
Bron : Bitcoin en toekomst van crypto

Philippines Increasingly Crypto Friendly – A Look at Driving Forces

There are many reasons why the Philippines is becoming increasingly crypto-friendly. Not only has its central bank registered more crypto exchanges recently, but the Securities and Exchange Commission has also been actively finalizing crypto guidelines. The country has an active crypto community, and one of its largest banks has engaged in multiple crypto projects.
Also read: Central Banks Worldwide Testing Their Own Digital Currencies
Rising Number of Crypto Exchanges
The number of approved crypto exchanges has been increasing in the Philippines. The country’s central bank, the Bangko Sentral ng Pilipinas (BSP), has registered 13 of them so far: Betur Inc. dba Coins.ph, Rebittance Inc., Bloomsolutions Inc., Virtual Currency Philippines Inc., Etranss Remittance International Corp., Fyntegrate Inc., Zybi Tech Inc., Bexpress Inc., Coinville Phils Inc., Aba Global Philippines Inc., Bitan Moneytech Co. Ltd., Telcoin Corp., and Atomtrans Tech Corp. The latter two were added to the BSP’s list of approved exchanges last month.
The central bank adopted a formal regulatory approach to cryptocurrency through the issuance of Circular No. 944 back in 2017. It requires businesses engaged in the exchange of cryptocurrencies for fiat money in the Philippines to register with the central bank as remittance and transfer companies.

Among the registered companies is Rebittance Inc., a wholly owned subsidiary of Satoshi Citadel Industries (SCI), a fintech company building a blockchain ecosystem in the Philippines. Co-founder Miguel Cuneta told news.Bitcoin.com that, besides the 13 registrants, many others are in “in the process of applying.”
In addition, the Philippines has a special economic zone where many overseas crypto exchanges have been licensed to operate. The Cagayan Economic Zone Authority (CEZA) revealed in June that it had licensed 37 crypto exchange operators. In collaboration with property developer Northern Star Gaming and Resorts, the authority has been building “Crypto Valley of Asia” for companies operating in the Cagayan Special Economic Zone and Freeport. However, CEZA’s licenses do not entitle licensees to “sell securities to Filipinos or to exchange tokens into fiat currency,” the authority clarified, noting that a BSP license is needed for such purpose.
Growing More Crypto-Friendly
Cuneta further shared with news.Bitcoin.com that he believes “The Philippines has always been one of the most crypto-friendly countries in the world,” highlighting several factors.
Firstly, he emphasized that the Philippines is “one of the first in the whole world” where the central bank registers companies wanting to provide services using cryptocurrency. The BSP started registering them in 2017, the same year Japan’s top financial regulator, the Financial Services Agency (FSA), began registering Japanese crypto exchanges. The FSA has registered 19 operators to legally operate crypto exchanges in Japan so far. Moreover, Cuneta elaborated:
We also now have new draft guidelines from our own SEC on ICO fundraising and order-book exchange regulations, paving the way for a more mature ecosystem with our own crypto marketplace for local price discovery.
The SCI co-founder additionally remarked that his country has “an active community and active meetup groups established since 2014.” He also acknowledged that CEZA “allows overseas crypto companies to register and cater to offshore customers.” After conveying various reasons for the crypto savvy image of the country, he concluded that “Definitely, the Philippines is becoming more and more crypto-friendly.”

Luis Buenaventura, founder and chief strategy officer at Bloomsolutions Inc., shares a similar sentiment. Describing his country as “one of the most crypto-friendly countries in the world,” he told news.Bitcoin.com: “Not only do we have an actual regulatory framework for crypto exchanges, but we’re also a predominantly English-speaking population that can use all the same tools and apps as North American or European audiences with minimal localization. Thus we tend to be a launchpad for U.S. startups looking to expand in the region.”
As an example, he mentioned popular mobile bitcoin wallet and investing app Abra. The startup has been offering its crypto-to-fiat conversion network in the Philippines since 2016, trialing it in the country first, before expanding to others. Many Filipinos are also trading bitcoin cash on Bitcoin.com’s peer-to-peer marketplace.
Crypto Adoption Advancing
Buenaventura estimates that there are approximately two million people in the Philippines who have had some exposure to crypto; some were “caught up in the buying frenzy of late 2017.” He further shared with news.Bitcoin.com:
We have a fairly sizable expat population, mostly Koreans, Chinese, and Japanese so there’s a lot of cross-pollination when it comes to financial technologies and payment systems.
Cuneta also believes that crypto adoption is growing in the Philippines, “at least in terms of the number of on-ramps and off-ramps we have for bitcoin and other cryptocurrencies in the country,” he explained to news.Bitcoin.com. “You can send money, pay bills, buy phone credits, and exchange crypto to fiat using several central-bank licensed exchanges and service providers.”

Another factor recognized by the SCI co-founder was that “Banks and other business are also more comfortable working with companies that are licensed by the central bank, unlike when we were starting out in 2014 and banks would just shut down our accounts as soon as they found out we are dealing with bitcoin.” He continued, “In terms of user adoption, we see more sophisticated and knowledgeable users, traders, and enthusiasts as compared to the speculative mania of 2017.”
While asserting that “Bitcoin-as-retail-payment has never caught on here,” Buenaventura opined:
Less than 2% of payments in the Philippines happens digitally so the importance of creating cash-to-crypto bridges can’t be overstated.
Stressing the growing number of places where “people can actively exchange physical cash for crypto,” he disclosed that his company “powers about a dozen physical locations, and they’re all licensed FX outlets, and we’re aiming to be in 50 by the end of the year.”
Unionbank’s Crypto Initiatives
The Union Bank of the Philippines (Unionbank), one of the largest banks in the country, has engaged in a couple of crypto projects. Following the installation of a bitcoin ATM at its branch in Makati called The Ark, the bank has reportedly launched a stablecoin.
The Philippine Star reported on July 26 that Unionbank had issued “a stablecoin dubbed PHX and became the first bank in the country to conduct transactions using the blockchain technology.” This stablecoin is not to be confused with the Red Pulse Phoenix coin which uses the same symbol. Unionbank backs the value of its coin, which is guaranteed to be at parity with the Philippine peso at all times, the publication conveyed.

A senior vice president and head of the fintech business group at Unionbank, Arvie de Vera, revealed that live PHX transactions were implemented on the bank’s i2i platform. Project i2i, which stands for island-to-island, institution-to-institution, and individual-to-individual, is the bank’s clearing system that connects rural banks through blockchain technology. Three banks participated: Summit Rural Bank in Luzon, Progressive Bank in Visayas and Cantilan Bank in Mindanao. Each performed buy, transfer, redemption transactions and domestic remittances using the stablecoin. Initially available only to i2i participants, the coin can be purchased and redeemed by debiting from and crediting directly to their Unionbank accounts. According to de Vera:
PHX is a stable store of value, medium of exchange and is a programmable token with self-executing logic. It enables transparent and automatic execution of payments.

SEC’s Digital Asset Exchange Rules
The Securities and Exchange Commission (SEC) of the Philippines has published a document entitled Rules on Digital Asset Exchange, which primarily governs the registration and operations of digital asset exchanges accessible in or from the Philippines.
The document has 10 main sections covering areas such as registration requirements, anti-money laundering measures, as well as the powers and responsibilities of digital asset exchanges, including capitalization maintenance requirements. “The digital asset exchange shall maintain the unimpaired paid-up capital of one hundred million pesos (Php 100,000,000.00 [~$1,912,450]) at all times … in a form, and amount as the Commission determines is sufficient to ensure the financial integrity of the digital asset exchange and its operations,” the SEC document reads.
Stakeholders, exchanges, broker-dealers, investment houses, the investing public, and other interested parties had until Aug. 14 to submit their input regarding the proposed rules.
What do you think of the Philippines’ crypto ecosystem? Let us know in the comments section below.
Images courtesy of Shutterstock.
Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The Local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.
The post Philippines Increasingly Crypto Friendly – A Look at Driving Forces appeared first on Bitcoin News.
Bron : Bitcoin en toekomst van crypto

IRS Revoking Passports Shows How Government Erodes Everything We Hold Dear

If you have outstanding tax debt, the IRS may now want to take your passport. For U.S. crypto holders still waiting on promised IRS guidelines for filing — especially those overseas who may have missed these warning memos — the over 400,000 agency notifications issued since February last year are troubling. This kind of behavior from government is nothing new, however, but an oft-repeating pattern of parasitism which sucks value from producers of goods, services and surplus, and punishes progress.
Also Read: Elon Musk Supports Yang – But Does Andrew Yang Really Support Bitcoin?
True Tyranny Is Vague
It has been said that the most cruel and insufferable forms of tyranny are not those with the most rules, but those with the rules that are the most unclear. Even under extremely unfair and unjust law, if one knows what is expected, one can often survive. It’s the proverbial drunken hand of the volatile, abusive caregiver, who one day is reserved about some small matter, and the next flies into a violent rage about the same, which is truly the crushing burden to bear. In the case of the caregiver, old, unaddressed emotional wounds are likely to blame. In the case of the state, the leveraging of ambiguity to produce fear is intentional.
In May, IRS commissioner Chuck Rettig wrote in a statement: “We have been considering these issues and intend to publish guidance addressing these [crypto issues] and other issues soon.” To date, no such guidance on filing crypto taxes has been issued. What has been issued, however, are vague threats and warnings to crypto holders and traders.
IRS commissioner Chuck Rettig has announced that letters will be sent to crypto holders who may have misreported or neglected to file, even in the absence of promised guidelines.
Since February, 2018, notifications have been going out to over 400,000 taxpayers who owe more than $51,000 (recently adjusted to $52,000) in overdue taxes. Since June this year, letters specifically targeting crypto holders have been issued. These letters also clarified inexplicably that, contrary to Rettig and the IRS’s previous statements, crypto is not simply treated as a property under U.S. policy. Every transaction except for buying crypto with fiat is a taxable event.
Expats, who may not have gotten these letters due to residing overseas, could potentially have their passports revoked. Those attempting to visit the U.S. may find themselves trapped in an airport, now without a recognized nationality, unable to return home to their families overseas should they set off alarm bells at immigration. Such mobility-stifling measures are a key means to contain and control financial assets, as the value creators moving them are then unable to relocate to more favorable economic climes.

The Attack on Sustenance
But, where there’s blood, there will be ticks. Where there’s self-sufficiency, surplus and charity, the government will be there to suck it dry. Attacking the geo-mobility of wealth holders through passport revocation is one desperate way to do this. But that’s not where the punishment of productivity ends, of course.
Much like the free exchange of bitcoin in the financial realm, being able to grow one’s own food is a major threat to the forced dependency of government. States worldwide have a long, continuing history of destroying food for price regulation, and shutting down private businesses serving their communities.
Just last month, for example, the U.K.’s sole organic hemp farming co-op was forced to destroy its crop worth an estimated £480,000 (~$583,000) due to licensing issues. The group, Hempen, states it had been completely forthright and transparent with officials, who had seen no problems for years until recently, suddenly deciding to revoke their license. The rationale for the revocation is of course, defined in tyrannically vague terms.
According to a BBC report, Hempen co-founder Patrick Gillen, lamenting the waste of potential tax revenue and benefits to the country from his products, stated:
Instead of capitalising on the booming CBD industry, the Home Office’s bureaucracy is leading British farmers to destroy their own crops, and millions of pounds’ worth of CBD flowers are being left to rot in the fields.
U.S. price control regulations have repeatedly forced Michigan cherry farmers to destroy massive portions of their produce.
Historically, the New Deal legislation of the Great Depression (which also included the abandonment of the gold standard and a mandatory surrender of privately held gold) made these types of practices a norm in the U.S., when regulations were introduced in a bid to protect prices. John Steinbeck describes the travesty in sobering fashion, in his classic novel, “The Grapes of Wrath”:

And men with hoses squirt kerosene on the oranges … A million people hungry, needing the fruit- and kerosene sprayed over the golden mountains … And children dying of pellagra must die because a profit cannot be taken from an orange.

Though fiction, the novel describes actual events that took place during that tragic era. These wasteful practices continue in the U.S. today. After being ordered to dump 30 million pounds of cherries to rot on the ground in 2009, for example, Michigan cherry farmer Rob Manigold echoed Steinbeck’s words:
The food pantry shelves are bare, people going hungry, and here we are dumping millions of pounds of cherries on the ground.
Arguments for such massive waste based on “the greater good” or “necessary regulation” don’t hold up to economic principle or moral scrutiny, as stifling production where demand is present is irrational, unless justified by one class of individuals possessing a supposed right to determine what others may or may not do with their own bodies or property, which is slavery.

Why Crypto Is the Final Target
So what in the hell do mountains of rotting fruit and revoked passports have to do with crypto? Quite a lot, it transpires. A money that cannot be centrally regulated provides the same essential power that a flourishing, productive private farm does, but on a whole new level. Self-sufficiency. A passport allows free movement, which is another necessity for self-sufficiency. Once the state is not needed for money, however, that’s the very end. At that point, centralized governance is not needed at all. The advent of bitcoin made the financial transcendence of central banks, geopolitical restrictions, and third party oversight possible.
With global devaluation of fiat currencies ever growing, and reckless low and negative interest rate policies being instituted to create more credit bubbles worldwide, the state is beginning to panic. That’s a good sign. The way to sense a debate has been won is often to simply observe one’s opponent beginning to react with fear or irrational outbursts. In the state’s case the reaction is actual violence, however, and that’s why no matter how hard anyone might try, it cannot be said that there is any freedom to be had without a very real risk. What price one is willing to pay for that freedom is entirely up to the individual.
What are your thoughts on government parasitism? Let us know in the comments section below.
OP-ed disclaimer: This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information in this Op-ed article.
Images courtesy of Shutterstock.
Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The Local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.
The post IRS Revoking Passports Shows How Government Erodes Everything We Hold Dear appeared first on Bitcoin News.
Bron : Bitcoin en toekomst van crypto

Bitcoiners Brace for More Performance Art and Another ‘Satoshi Reveal’

On Friday, a variety of paid press releases were published stemming from a company called Satoshi Nakamoto Renaissance Holdings, a firm that claims a big “reveal” is coming on Sunday, August 18. According to the announcement, Satoshi Nakamoto will divulge his “real-life identity” alongside his “country of origin, education, professional background, and why he has yet to move any of his 980,000 bitcoins.” Many cryptocurrency supporters believe the press release is nothing more than a market ploy similar to the Gotsatoshi.com ruse ‘unveiled’ last May.
Also read: Another Self-Proclaimed Satoshi Appears in the High Profile Bitcoin Lawsuit
Another So-Called Satoshi Plans to Reveal His Identity
There have been so many self-styled Satoshi Nakamotos over the years it’s starting to get hard to keep track of them all. Now this weekend on Sunday, August 18, another person who claims to be Bitcoin’s inventor is supposedly doing a “reveal” to show the world he’s Satoshi. The press release published by a PR agency called Ivy McLemore & Associates never mentions who the mysterious man is, but claims that the person will be disclosing his true “real-life identity.” “After a decade of anonymity, Satoshi Nakamoto will break his silence in Part I of his ‘My Reveal,’” the media release explains. The statement to the press stemming from the company Satoshi Nakamoto Renaissance Holdings can be found on various paid press service websites.
The reveal website.
“Indicative of the compelling evidence he presents in each part of the series, Nakamoto will illustrate the role that cyphers and encryption related to his devotion to Chaldean numerology played in many decisions in his creation of Bitcoin,” the announcement claims. Moreover, the so-called Satoshi revealer aims to publicize why he registered the website Bitcoin.org 11 years ago. The statement adds:
Nakamoto also will disclose why he chose the date August 18 not only to register Bitcoin.org in 2008 but also to release Part I of “My Reveal” this coming Sunday on the 11th anniversary of his registration of Bitcoin.org through Anonymousspeech.com.
Here We Go Again — There’s No ‘Blank Slate’ When It Comes to All the Satoshi Marketing Ploys
The company behind the reveal says that the revelations will allegedly culminate Tuesday with part II and III being published on the two websites mentioned in the media statement. The public will be introduced to the “Tabula Rasa, his clean-slate vision for Bitcoin’s transformational rebirth, and the declaration of his identity.” The Tabula Rasa is a theory defined by John Locke that suggests humans are born with a “blank slate” and everything is learned through one’s sensory experiences. What this theory means for the Bitcoin network is anyone’s guess, and it’s likely written in a cryptic way to keep a person curious about the so-called reveal on Sunday. The reveal day follows a similar announcement made last May when the creators of the website Gotsatoshi.com revealed themselves, and it turned out to be a cryptocurrency news feed app for mobile phones. Despite the last Satoshi reveal marketing ploy, the cryptocurrency community has been discussing the matter. “Cryptographically signed message or piss off,” exclaimed the Casa CTO Jameson Lopp.
The PR team behind the Satoshi Nakamoto Renaissance Holdings reveal.
Since the whole Craig Wright fiasco and the multitude of other self-proclaimed Satoshi’s, people seem to be getting tired of deception and sensational tactics. “Even if somebody did sign/verify the genesis block it doesn’t mean they are Satoshi,” the Twitter handle Bitconsultants responded to Lopp’s tweet. “It just means they have the keys. At this point, it’s next to impossible to prove who Satoshi is/was,” the account further remarked. Digital currency enthusiasts have also been responding to the announcement tweet stemming from Ivy McLemore. “Just get him to move a coin from the genesis block, then people will be bothered,” one person wrote to the PR agency. Another individual tweeted:
This would literally be the single stupidest move he/she/they could make and it would be known to be — 100% bullshit.
And the Satoshi LARP Award Goes to…
The story highlights the fact that there are a great number of people in search of the mysterious Nakamoto, but now marketers and businesses are using this desire to their advantage. It also shows the ridiculous number of Satoshi suspects and those who have claimed to be the currency’s creator. There’s the Hawaiian domain owner, Bitcoin Origins writer Scronty, the writer called “Duality,” the Bulgarian Debo Jurgen Etienne Guido, and of course the Australian who has claimed to be Satoshi for years. There are also Nakamoto suspects who are not alive or are in jail like the criminal mastermind Paul Le Roux, the forensics investigator David Kleiman, and the renowned cryptographer Hal Finney. There have been so many claimants over the years that it’s not even unbelievable anymore that people are willing to come forward and say they created Bitcoin. If anything the crypto community might want to host a live-action role-playing (LARP) award ceremony for all the nuts who say they are Satoshi.
There have been so many Satoshi LARPers there needs to be an award for the best performance art.
These Satoshi revealers have put far more energy into the Nakamoto LARP in contrast to the simplicity of merely verifying an old message or private keys. Instead, we have people creating domains using Satoshi’s name for marketing purposes, people writing memoirs, and Bitcoin inventors with their own PR teams. A great example of these ludicrous theatrical performances was back in May 2016 when Quartz columnist Joon Ian Wong reported that Craig Wright allegedly used the rockstar David Bowie’s PR agency, Outside Organisation, to help with the big reveal that week. Outside Organisation was so good that they were able to get the public’s eyes fixated on Bowie, David Beckham, the Spice Girls, and allegedly the self-proclaimed Satoshi. Wong’s Quartz article details that during the Wright reveal ceremonies reporters from three different publications were “selected” for “proof sessions.” In addition to David Bowie’s PR firm, the selected journalists from the Economist, GQ, and the BBC publications were forced to sign non-disclosure agreements (NDA) in order to participate in the reveal, Wong detailed.
The Satoshi Nakamoto Renaissance Holdings PR attempt is not much different than the slew of wannabes and attention seekers in the past. Part I of his “My Reveal” on Sunday, August 18, at 4 p.m. EDT will be shown on the company website, Satoshinhr.com. Its likely people will tune in to hear what the person has to say for a brief period of time, but its more probable that the reveal will be nothing more than a tacky marketing attempt in order to highlight something else. An illustration of the announcement’s marketing nonsense can be read under the Satoshi Nakamoto Renaissance (SNR) Holdings business description, which states the company is a provider of “blockchain technologies to help transform people’s lives.” In reality, the only thing this announcement will likely provide is another attempt at Satoshi performance art — And a poor one, too.
What do you think about the so-called Satoshi reveal scheduled for Sunday? Do you think it’s just another marketing ruse? Let us know what you think about this subject in the comments section below.
Image credits: Shutterstock, Pixabay, Satoshinhr.com, and Twitter.
How could our Bitcoin Block Explorer tool help you? Use the handy Bitcoin address search bar to track down transactions on both the BCH and BTC blockchains and, for even more industry insights, visit our in-depth Bitcoin Charts.
The post Bitcoiners Brace for More Performance Art and Another ‘Satoshi Reveal’ appeared first on Bitcoin News.
Bron : Bitcoin en toekomst van crypto

Passing the Burden of Negative Rates to Bank Clients Opens Door for Cryptocurrencies

Record low and negative interest rates have put commercial banks in a difficult spot. Across Europe, they have been passing the burden to their clients. Some have introduced fees for those with large account balances, while others are punishing everybody equally. In any case, some bankers fear this could lead to withdrawal of large amounts in cash, jeopardizing the cashless society traditional financial institutions have been building. Cryptocurrencies and their users have a lot to win in this situation.
Also read: EU Members Adopt Tougher Crypto Rules Than AML Directive Requires
Danske Bank Sees Risks for Society
Danske Bank, the troubled Danish institution which is struggling to overcome the consequences of a large money laundering scandal, is among those European banks that have been dealing in negative interest rates the longest. Denmark was arguably the first country on the continent to introduce them after the 2008 crash. In the summer of 2012, the central bank lowered its benchmark rate to -0.2% and has kept it around or below zero ever since.
Benchmark interest rate in Denmark
With unprecedented low interest rates in Europe, many financial institutions have made a decision to pass the burden on to their account holders and even introduce fees on large cash balances. However, Danske has recently vowed not to punish its wealthy depositors with additional charges, unlike other major banks in the region. Chief Financial Officer Christian Baltzer warned in a recent interview with Bloomberg that charging customers with large deposits could pose a risk to society, as he put it.
Baltzer said that Danske acknowledges the difficult conditions in the financial sector, but emphasized Denmark’s leading bank does not plan to impose negative interest rates on personal savings or current accounts. In his opinion, charging private customers to hold money in their accounts could add new risks, one of which would be the erosion of the progress toward developing a cashless society. He further commented:

Doing so could have a negative impact at the societal level, including the risk of customers withdrawing more deposits in cash.

Negative interest rates are becoming the norm in Denmark, and corporate clients have already felt the brunt of the shift. Some banks admit they are about to pass the costs to retail depositors as well, something Danske views as a risky move and states they’re not even considering. Also, the Danish bankers association is now trying to convince Denmark’s central bank to introduce measures mitigating the pain for account holders.
Sub-zero rates have left investors in the Nordic country and elsewhere in Europe with very few options. Denmark’s government debt is currently trading at negative yields across all maturities. For example, the yield on the 10-year bonds has dropped to -0.6%. By the way, that’s not a phenomenon isolated only to the Scandinavian region. Bond yields in the rest of Europe and in industrialized countries elsewhere have been close to zero or negative for some time.
Big Banks Impose Fees on Big Deposits
In these unfavorable circumstances, Danske Bank, which has been dogged by various problems, is trying to avoid a move other banks have already decided to make. Starting from November, UBS, the largest Swiss banking group with global presence, is going to apply an interest rate of -0.75% to CHF deposits of more than 2 million francs (approx. $2.04 million) and charge an annual fee of 0.6% on deposits of €500,000 ($550,000) or more.

The adjusted fees will be paid by the bank’s individual clients who hold Swiss francs with the Group’s bank in Switzerland, where other financial institutions like Julius Baer have already imposed similar rates and fees on cash deposits, Reuters reported last month quoting an official UBS statement. Another giant, Credit Suisse, also revealed it might do the same in regards to wealthy customers. Banks operating in the Eurozone are charging corporate depositors to cover the cost of negative rates but most large institutions have not levied such fees on private accounts yet.
Benchmark interest rates in the developed world remain historically low as central banks stubbornly insist on applying the same old recipe against recession. It’s a recipe that in an atmosphere of uncertainty and looming trade wars has largely failed to stimulate tangible economic growth but has instead inflated new bubbles, in the property market for instance. The Swiss National Bank policy rate and the rate it charges on commercial banks’ sight deposits remain in negative territory at -0.75%. The European Central Bank is expected to cut its deposit rate by 10 basis points to -0.5% next month. Denmark has its main interest rate set at -0.65%.
A Chance for Cryptocurrencies
A decade after the 2008 global financial crisis, banks are once again facing serious challenges. Beside Danske, other prominent European banks like Deutsche Bank, Raiffeisen, and KBC also had to deal with money-laundering accusations last year. In a first sign of what may be the next big financial meltdown, several banks in the U.S., Europe and China have already failed and had to be bailed out. The wave of job cuts in the industry is another indication the banking sector is struggling to overcome major problems.
In this situation, passing the burden of low rates on to bank account holders is going to hurt the traditional financial system. Even if wealthy depositors aren’t charged with additional fees, the negative interest rates are enough of a punishment for all clients in general. And it would be much easier for ordinary Europeans who keep billions in numerous small accounts to cash out their money, or even switch to alternative digital assets.

Such transition would happen even faster if people take a minute and think about what cash deposits really are. When you give your money to the bank, it becomes an asset of the financial institution and your account is only a liability. From a legal standpoint, you no longer own the money, just the right to withdraw under the terms agreed to with the bank for your checking or savings account. These terms define your rights when it comes to accessing what used to be your funds.
Things work differently in the world of cryptocurrencies where you are the sole owner of your holdings. The troubles of the traditional financial system have reignited interest in decentralized digital coins, the prices of which do not depend on benchmark interest rates determined by central banks. But at the same time, in case you prefer to receive stable income for your crypto assets, new platforms have emerged offering banking services in this space and the interest rates are in fact much higher.
If you are looking to securely acquire bitcoin cash (BCH) and other leading cryptocurrencies, you can do that at Buy.Bitcoin.com. And thanks to a new partnership between Bitcoin.com and Cred, you can now earn up to 6% on your BCH holdings. The offer shows that saving in digital assets can be much more profitable than keeping fiat in a bank account. This not only when prices are going up, but also through newly developed crypto banking services introducing more traditional products to the nascent industry.
Do you think banks should pass the burden of interest rates onto their clients? Share your thoughts on the subject in the comments section below.
Images courtesy of Shutterstock, Tradingeconomics.
Do you need a reliable bitcoin mobile wallet to send, receive, and store your coins? Download one for free from us and then head to our Purchase Bitcoin page where you can quickly buy bitcoin with a credit card.
The post Passing the Burden of Negative Rates to Bank Clients Opens Door for Cryptocurrencies appeared first on Bitcoin News.
Bron : Bitcoin en toekomst van crypto

How Coinbase Quietly Became the World’s Biggest Bitcoin Bank

On August 15, the San Francisco-based digital currency exchange Coinbase announced that it had acquired the cryptocurrency custody service Xapo’s institutional branch. The business move puts Coinbase in the limelight, making it the largest custodial service for digital assets worldwide, with more than $7 billion under custody.
Also Read: Hong Kong Protest Leader Hopes to Incite Run on Chinese Banks
Coinbase Acquires Xapo’s Institutional Arm and Now Commands $7 Billion Worth of Digital Assets
As early as 2010, Bitcoin supporters such as Hal Finney predicted that someday most BTC transactions would occur between massive bitcoin-backed banks. Finney believed that if a digital currency like bitcoin was to gain mass adoption, the network would not be able to include every single financial transaction in the world. The renowned cryptographer said that large bitcoin-backed banks would fill the void and “work like banks did before the nationalization of currency.” Fast forward to today, where firms like Coinbase are holding massive amounts of digital assets in custody. On Thursday, the California exchange announced that it had acquired Xapo’s institutional crypto operation and established itself as one of the largest crypto custodians worldwide. Coinbase published a blog post in regard to the acquisition and stated:
In just over one year since launch, Coinbase Custody has grown to over $7 billion in Assets Under Custody (AUC) stored on behalf of more than 120 clients in 14 different countries, making it the largest, most globally recognized and most trusted institutional custodian in the world.

Coinbase Growth Since 2012: $8 Billion Valuation, $600 Million in Annual Revenue
Coinbase has come a long way since Brian Armstrong and Fred Ehrsam started the company back in 2012. That year Coinbase allowed users to buy and sell BTC using a bank transfer and quickly became one of the biggest BTC providers next to Mt. Gox. Throughout 2012 and 2013, investors and venture capitalists started seeing potential in Armstrong and Ehrsam’s company and began to invest. The founders participated in a Y Combinator startup incubator, received $5 million from Fred Wilson in May 2013, and $25 million from Andreessen Horowitz, Union Square Ventures (USV), and Ribbit Capital in December 2013. By 2014, Coinbase users grew to more than one million accounts and the assets under the company’s control continued to grow exponentially from there. The cryptocurrency community really took notice of how large Coinbase had grown two years later, when in February 2016, Brian Armstrong told the public that “[Coinbase is] now storing about 10% of all bitcoin in circulation.”
In February 2016, Coinbase claimed to store 10% of all BTC in existence.
Coinbase is now valued at over $8 billion, after closing a funding round in 2018 for $300 million to “accelerate the adoption of cryptocurrencies and digital assets.” In 2019, despite stiff competition, the San Francisco tech company has estimated revenue between $569-650 million. Binance comes close to Coinbase, with The Block reporting in February that the exchange pulled in $446 million in profits. Kraken captures $150 million annually, Bitstamp $17M, Bitfinex $10M, and Itbit $4M in revenue. Coinbase has around 800 employees and the firm has made roughly 10 acquisitions since 2012. The company acquired startups like Blockr, Earn.com, Cipher, Digital Wealth, Keystone Capital, Blockspring, and now Xapo’s institutional arm. Coinbase has also made various equity investments like the recent cryptocurrency derivatives exchange Blade as well as acquiring Horizon Games, Textile, Near, and Dharma.
In 2017 Speculators Estimated Xapo Held $10 Billion Worth of Bitcoin With Keys Spread Across 5 Continents and a Swiss Military Bunker
Xapo started its business similarly to Coinbase, but did not offer its bitcoin wallet and cold storage vault services until March 2014. The Hong Kong-based company was founded by Wences Casares and Federico Murrone and quickly became a well-known crypto brand. In 2015, the company moved its headquarters to Zug and two years later the firm was granted a European e-money license in Gibraltar. That year, during the all-time highs of 2017, it was estimated that Xapo’s Swiss bitcoin vaults held billions of dollars’ worth of digital assets. Quartz columnist Joon Ian Wong reported on Xapo’s vault in Attinghausen, Switzerland when he visited the facility. The security was extreme and resembled a James Bond movie, Wong noted during his visit.
“[Xapo] won’t tell me how much bitcoin is stored in the vault, but he says he sometimes takes customers with “millions” of dollars worth of the cryptocurrency stored with Xapo to tour the vault,” the reporter wrote in October 2017.
Despite the company not disclosing how many coins are held in the Swiss vault, estimates from Bloomberg in the spring of 2018 said Xapo held more than $10 billion. By the summer of 2018, Xapo Inc. received the sixth Bitlicense and was approved to operate in the state of New York as a regulated Bitcoin business.

The @xapo bitcoin vault in a former swiss military bunker 320 m inside a mountain is seriously impressive. Thanks for arranging @tedmrogers. pic.twitter.com/H0n36lZfNX
— Marc van der Chijs (@chijs) October 5, 2017

Over the last two years, Xapo has made around $4.2 million in revenue annually. Additionally, Xapo employs around 52 people and the company has raised a total of $40 million since its inception in 2014. Reports stemming from Xapo’s vault in Switzerland have made speculators believe the company’s institutional vault still has a massive amount of digital wealth under its wing. Moreover, during Wong’s visit to the vault three years ago, Xapo told him the vault operators can never unwind. “This is not a race. It is a chess game. You have to think about the opponent’s next movement. You can never relax,” the Xapo executive detailed.

Sure. Consumers won’t mind bitcoin banks, but that is a huge systemic risk. Say goodbye to all of the core benefits of Bitcoin. Inflation resistance, censorship resistance, Gone.
— Paul Puey (@paullinator) August 16, 2019

Members of the Crypto Community Discuss the Current Custodial Trend
Coinbase and Xapo have scared some cryptocurrency advocates who think that storing a vast array of coins in custodial services might not be a good idea. Digital currency pundit Jill Carlson tweeted: “The Xapo [and] Coinbase collaboration has me asking: ‘What happens if someday one entity just custodies all 21 million bitcoins? Aren’t we just recreating the same, broken financial system?’” Edge Wallet founder Paul Puey responded by saying: “You need more than just the option too. You need a majority of crypto held in noncustodial solutions. Otherwise, we run the risk of losing the ability to transfer funds without a third-party.” Puey continued:
Bitcoin then just becomes an overleveraged asset class like a gold ETF.
Using a cringe-face emoji, Monero developer Riccardo Spagni jokingly wrote: “A few months back a VC told me that ‘custody is the most exciting space in the ecosystem right now.’” The Block writer Frank Chaparro (Fintech Frank) said that no smart asset manager would custody all of their coins with one provider. “There is a need for multiple custodians – we see this even in the so-called broker financial system,” Chaparro insisted. However, Coinshares executive Meltem Demirors revealed that she believes “everyone custodies their coins with one provider.” “Did you know that everyone in the U.S. custodies their share certificates with one entity – the DTCC?” Demirors wrote.
Did you know you can now easily buy Bitcoin in minutes with a credit card? Visit our Purchase Bitcoin page where you can buy BCH and BTC securely, and keep your coins secure by storing them in our free noncustodial Bitcoin mobile wallet.
Mega Bitcoin Banks Issuing Their Own Digital Bucks and Verifiable Proof-of-Reserves
The mega crypto bank discussion has many crypto enthusiasts wondering if the massive amount of digital currency custodianship is good for the environment. Coinmetrics executive Nic Carter sarcastically explained that he’s “waiting for a major custodian/exchange to implement proof of reserves” with a picture of a rotting skeleton next to a computer. It’s a stark cry from Hal Finney’s 2010 prediction, when he said that megabanks would be “the ultimate fate of Bitcoin.” “Most Bitcoin transactions will occur between banks, to settle net transfers,” Finney detailed. He also said that these banks would use the BTC to be “high-powered money,” which would serve as a reserve. Then these Bitcoin-backed banks could “issue their own digital cash,” Finney emphasized.

We have seen Hal’s prediction already start to occur within the cryptocurrency industry as large exchanges, which have silently become the largest crypto banks in the world, are starting to mint their own digital assets. Binance has created binancecoin (BNB), which holds the sixth largest crypto valuation out of more than 2,000 digital asset markets. Coinbase and Circle Financial have the Centre foundation, which controls the regulated stablecoin USDC. With a transparent blockchain system, a true “proof-of-reserves” type of scheme could transpire, unless people decide to trust these companies like the financial institutions today. If the community simply trusts these mega crypto banks without verification, then unsustainable banking techniques like fractional reserves could proliferate unchecked.

The way things are moving, with the recent Coinbase acquisition of Xapo and digital currency exchange providers becoming far bigger than traditional institutions, it begs the question: are mega bitcoin banks the shape of cryptocurrency custody to come? It may not be the future we chose, but it’s the one that’s fast becoming a reality.
What do you think about the Coinbase acquisition of Xapo? Do you think that custodial services will dominate the crypto industry? Let us know what you think about this subject in the comments section below.
Image credits: Shutterstock, Coinbase, Xapo, Pixabay, Twitter, Centre, Circle, Jamie Redman, and Wiki Commons.
Enjoy the easiest way to buy Bitcoin online with us. Download your free noncustodial Bitcoin wallet and head to our Purchase Bitcoin page where you can buy BCH, BTC, ETH, BNB, and other popular coins securely.
The post How Coinbase Quietly Became the World’s Biggest Bitcoin Bank appeared first on Bitcoin News.
Bron : Bitcoin en toekomst van crypto

Hong Kong Protest Leader Hopes to Incite Run on Chinese Banks

The 11th week of protesting in Hong Kong has passed as the world has witnessed massive sit-ins at the national airport and demonstrations across several locations citywide. The 2019 anti-extradition bill protests have affected Hong Kong’s local economy, investors have dumped on the benchmark Hang Seng index, and now pro-independence activist, Chen Haotian, has called upon the country’s citizens to withdraw bank deposits. The chairman of the Hong Kong National Party, Haotian further told the public that the “primary goal” of the bank run is to target “Chinese banks.”
Also Read: Bitcoin Trades for a Premium in Hong Kong During Protests
Hong Kong Independence Activist Proposes a Run on Chinese Banks
The protests in Hong Kong have been taking place now for many weeks and just recently things started escalating. It all began in March, with tens of thousands of Hong Kong residents taking to the streets to protest the 2019 extradition bill. If the bill is enacted into law, it would allow Chinese authorities to come in and extradite any Hong Kong citizen to mainland China if they are accused of a crime. In April and June, protests gathered a lot of momentum and in the eyes of many Hong Kong residents, the fight has turned into a giant independence movement in order to secede from China’s rule. On Sunday, June 16, the streets of downtown Victoria Park were filled with protestors who marched against the Chinese government’s communist rule. This week on August 12, the country’s airport had to suspend flights for days because thousands of protestors used the international travel hub for a demonstration sit-in.
Hong Kong International Airport.
Now, chairman of the Hong Kong National Party and well known independence activist, Chen Haotian, is calling for a bank run on Chinese banking entities. The term: ‘run on a bank’ describes the situation where a very large group of people withdraw funds from their financial institution at the same time. The bank run act could cause a bank to basically stop functioning, due to the fact that most financial institutions today operate with fractional reserves. Essentially, if a great majority of depositors run on a bank most likely there are not enough funds to go around to everybody who initially deposited. On August 15, China Press reported:
[Chen Haotian] called on Friday (August 16) that Hong Kong citizens take out all bank deposits. The primary goal is Chinese banks, but [Haotian] said other banks should also be targeted, otherwise Chinese banks can borrow money from other banks to solve problems.
Pro-independence activist, Chen Haotian.
The Threat of a Massive Bank Run Is Serious
The news of a bank run follows the reports of Hong Kong investors dumping the country’s most valuable stocks amid the protests. Some have speculated that these funds have moved into alternative markets like cryptocurrencies and precious metals. The bank run threat in the country should be taken seriously as Hong Kong has had bank runs in the past and even attempts during the 2008 financial crisis. At the time, the people thought the Bank of East Asia (BEA) would fall to insurmountable withdrawals after rumors sent thousands of Hong Kong residents to bank branches during a citywide run. Citizens flocked to BEA branches to withdraw deposits, but BEA executive Li Ka-Shing and the Hong Kong Monetary Authority (HKMA) told the public the institution was financially sound.
Police have tear-gassed protestors in the streets and railways in Hong Kong. At the airport sit-ins over 700 protestors have been arrested for “taking part in a riot” and “unlawful assembly.”
Prior to that fiasco, the people of Hong Kong witnessed a multi-day bank run in August 1991, when thousands of depositors ran on the financial institutions Standard Chartered Bank and Citibank Hong Kong. Politicians were not pleased with Hong Kong residents and David Nendick, the Secretary for Monetary Affairs, called the banks runs “malicious.” At the time, one Hong Kong citizen standing in the long bank run lines at Standard Chartered, said: “Nobody listens to the government any more — Better to listen to your friends and neighbors and to other reports.” Nendick, however, told the public that Hong Kong would wind up being “the laughing stock of the financial world” if the bank run antics kept up. At that time in 1991, Hong Kong was still a British dependent territory, but the sovereignty over Hong Kong was transferred to China in 1997. Many residents who live within the nation have wanted independence from China for quite some time and two years after the Occupy Wall Street protests, the Umbrella Movement pushed this cause to the forefront.
Bank runs in Hong Kong have happened before. Back in 1991 and during the worldwide financial crisis of 2008. Chinese banks were hit on the mainland during the Umbella Movement protests of 2014.
The World Is Watching
Just like today, the Umbrella Movement and other Hong Kong protestors wanted independence from China after the Standing Committee of the National People’s Congress (NPCSC) added reforms to the country’s electoral system. That same year, in 2014, a large Chinese financial institution was targeted after rumors spread that Jiangsu Sheyang Rural Commercial Bank in China was on the brink of liquidation. The Reuters journalist reporting from the scene stated that the financial institution decided to stay open 24-hours. The bank was allegedly bringing in truckloads of cash in armored cars to gratify depositors. Meanwhile, the Umbrella Movement urged Hong Kong citizens to continue protesting and China censored images of the 2014 protests on the mainland.
The 2019 protests in Hong Kong have a lingering resemblance to the prior Umbrella demonstrations. There likely won’t be a surge of Hong Kong citizens swiftly moving into cryptocurrencies if a bank run happens, but economic events like these have definitely given digital currencies and precious metal markets a push upwards in recent weeks. For decades now China has ruled over Hong Kong and history shows that individuals pursuing independence and autonomy have always found a way to succeed. Bank run or not, the world’s eyes are fixated on Hong Kong just as they were during the protests in Paris.
What do you think about the independence activist Chen Haotian inciting a bank run in Hong Kong against Chinese banks? Let us know what you think about this subject in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, Getty, AP, and Zerohedge.
Do you need a reliable Bitcoin mobile wallet to send, receive, and store your coins? Download one for free from us and then head to our Purchase Bitcoin page where you can quickly buy Bitcoin with a credit card.
The post Hong Kong Protest Leader Hopes to Incite Run on Chinese Banks appeared first on Bitcoin News.
Bron : Bitcoin en toekomst van crypto

These Portfolio Tracking Tools Will Also Prepare Your Crypto Taxes

Tax season is months away, which is why you need to start preparing for it now. Leave everything to the last minute and you’ll only end up cursing your procrastination. Organize your cryptocurrency activity in advance and you’ll breeze through tax deadline day without so much as flinching. Despite maddeningly vague or unfair legislation, filing your crypto taxes is surprisingly simple thanks to an array of tools that make tracking and calculating your obligations a cinch.
Also read: Argentina’s Peso Collapse Shows Governments Shouldn’t Control Money
Crypto Taxation Doesn’t Have to Be Testing
Whatever your thoughts on paying tax, the fact of the matter is that it’s an unavoidable obligation. Unless you’re fortunate enough to live in a country that doesn’t impose income tax (here’s looking at you Bermuda, Monaco, Bahamas, Andorra and the United Arab Emirates), come April, you’re going to have to pay your dues. There’s no getting around it, but that doesn’t mean you have to approach the close of the tax year with a sense of dread. With the right planning, you can automate much of the process, saving yourself no end of time, hassle and expense.

Accurately filing your crypto taxes calls for maintaining detailed records of all your transactions and trades that occur over the course of the year. As a result, most of the specialist tax software on the market also doubles as an excellent portfolio tracker. That’s right: even if you have no interest in paying tax, you can still derive value from a product that records all of your crypto gains (and losses), and presents them in an attractive package that can be viewed on desktop or mobile. The following tools provide all that plus a whole lot more.
Koinly
Koinly promises to help cryptocurrency owners calculate their taxes and minimize their bill in the process. It’s compatible with the tax system in over 100 countries and is free to start using: you’re only charged when you need to generate a tax report. When you sign up, you’re prompted to select whether you wish it to realize gains every time you trade crypto; if you select no, Koinly will simply serve as your portfolio tracker. Like the other tools profiled here, Koinly requires you to link exchange accounts and wallets, which can be done manually or via API. You can then review your transactions, tag airdrops, forks, and lost or gifted coins. 33 exchanges are supported as well as six blockchains including BCH, LTC, and BTC.
Koinly
Koinly automatically matches transfers between your wallets and shows you gains or losses for each transaction. There are also tools for analyzing your trading habits, tax loss harvesting, and cost tracking including mining expenses. The Hodler plan ($79 per year) covers 300 transactions and can record income and capital gains tax. The Trader plan ($179) covers 3,000 transactions, while Oracle ($399) has capacity for 10,000 transactions and offers enhanced support and import assistance.
Blox
Blox offers many of the same features as Koinly, but is targeted at crypto businesses as well as individuals. It benefits from CPA tools that allow teams to create an auditable record of all crypto activities, which can be exported as a CSV or imported directly into accountancy software that Blox has integrated with. Your current portfolio is neatly displayed in the dashboard, where you can view an account overview, access specific transactions, and see a daily snapshot of your portfolio. With thousands of cryptocurrencies listed within Blox, even the most dubious of tokens can be tracked and the corresponding tax obligations calculated.
Blox
Blox provides a detailed guide to prepping your taxes using their software, after which you can file your crypto taxes or export the data to your bookkeeper, who can take care of the rest. There’s also a suite of tools devised specifically for cryptocurrency miners, including cloud-hosted mining solutions. Blox even operates its own nodes to help ensure that transactions and balances are accurate. The Pro plan is free and covers 100 transactions (tx) and up to $50K AUM, while the Business plan, at $99 per month, covers 10K tx and $20M in assets. There’s also an Enterprise plan ($249) for heavy users that will accommodate a whopping $60M AUM.

Bittax
Complying with amorphous and frequently shifting tax guidelines can be challenging. Bittax aims to set cryptocurrency owners at ease by providing expert guidance on the latest decrees from the IRS. At its heart, Bittax is a crypto tax organizer that works similarly to the other products profiled here: import your wallet addresses and exchange data and the software will calculate your taxes. It uses a proprietary tax planning algorithm that helps to efficiently organize and consolidate your liabilities, without compromising your precious privacy. For U.S. citizens seeking to do everything by the book, and to meet the most rigorous standards set by the IRS, Bittax has got your back.
Cointracking
Cointracking’s greatest strength is as a cryptocurrency portfolio monitor. Its tax prepping properties are also useful, but the quality of the insights it provides active traders is particularly good. There’s a timeline tool, which populates with trading milestones, there are charts displaying your balance per day, trades per month, trades per exchange, average purchase price and much more. When it comes to taxes, Cointracking supports the FIFO, LIFO, HIFO and LOFO methods, of which FIFO (first in, first out) is the most commonly used.
Cointracking
There’s the ability to track coins that have been held for longer than a year, and which can thus be sold tax-free in certain jurisdictions. Other tools include the ability for U.S. citizens to create an FBAR report in the event of them owning foreign financial accounts containing assets worth over $10,000. The number of exchanges and wallets that Cointracking supports via API or CSV is impressive; there’s even legacy support for closed exchanges, from Btce to Mt. Gox. The free plan covers 200 tx, rising to 3,500 for Pro. There’s also an Unlimited plan for heavy traders. Another good thing about Cointracking is that you can pay for your subscription in BTC including the option to take out a lifetime license.
Don’t Let Tax Take Over Your Life
In many countries, the U.S. especially, the laws concerning crypto taxation are unfair, vague, and subject to interpretation. Only last month, North Carolina’s Rep. Ted Budd reintroduced the Virtual Value Tax Fix Act in the U.S. House of Representatives. The bill seeks to put a stop to the double tax that is currently imposed on cryptocurrency, making it unnecessarily complex to calculate and record tax every time a purchase is made.
As a cryptocurrency user, there’s little you can do to influence government policy when it comes to taxes; the state moves ponderously, and it may be a while yet before citizens in the U.S. and elsewhere see anything approaching a fair crypto tax policy. In the meantime, the best thing you can do is record your transactions using a purpose-built tool and then get on with your life in the knowledge that the hard part is done. Automate your tax and then you can relax.
What other tax tracking tools do you recommend? Let us know in the comments section below.
Disclaimer: Readers should do their own due diligence before taking any actions related to third party 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 third party content, goods or services mentioned in this article.
Images courtesy of Shutterstock.
Do you want to keep an eye on moving cryptocurrency prices? Visit our Bitcoin Markets tool to get real-time price updates, and head over to our Blockchain Explorer tool to view all previous BCH and BTC transactions.
The post These Portfolio Tracking Tools Will Also Prepare Your Crypto Taxes appeared first on Bitcoin News.
Bron : Bitcoin en toekomst van crypto

Samsung Adds Bitcoin Support to Its Blockchain Keystore

On August 13, Samsung, the South Korean multinational conglomerate, published the company’s new Blockchain Keystore SDK for developers and the latest release supports Bitcoin Core (BTC). The version follows Samsung’s previous Keystore release which only supported ETH and the ERC20 standard.
Also Read: Exploring the SLP Token Universe Built on the Bitcoin Cash Chain
Samsung Quietly Adds BTC Support to Its Blockchain Keystore
Cryptocurrency advocates were pleased to notice that Samsung (OTCMKTS: SSNLF) had finally added BTC support to the company’s Blockchain Keystore software development kit (SDK). The news came on Tuesday, August 13, when Samsung published the SDK with release notes, API reference, and programming guide. The reference to BTC can be found in a table that mentions “Cryptocurrency Specification,” “Cryptocurrency Limits,” and “Transaction Type Limits.” The cryptocurrency limits section notes that there’s a limit of 21,000,000 BTC or 2,100,000,000,000,000 satoshis. Transaction type limits include P2PKH (Pay To Public Key Hash), P2PK (Pay To Public Key), P2SH (Pay To Script Hash), and P2WPKH (Pay To Witness Public Key Hash). The transaction type limits are meant to require a sender to supply a valid signature within a wallet application that utilizes the Samsung Blockchain Keystore.
The Samsung Blockchain Keystore specs
The new Samsung BTC support can only be accessed by app makers and developers right now and only residents from South Korea, Spain, Switzerland, the U.S., Germany, Canada, and the U.K. can use the Samsung Blockchain Keystore. Interestingly, the tech giant added support for the Klaytn blockchain as well. This means developers using the Note10s, Galaxy S10, S10e, S10+, S10 5G can use ETH, any ERC20, BTC, and KLAY tokens. Samsung says there are two benefits to integrating the Samsung Blockchain Keystore SDK into an Android application:
Developers can use Samsung Blockchain Keystore API to request the Samsung Blockchain Keystore to sign a cryptocurrency transaction.
Developers can link a user’s Blockchain address like a user’s account. With the address returned from Samsung Blockchain Keystore, developers can check and show users how much cryptocurrency balance is in the account as well as view the transaction history.

The Samsung Blockchain Keystore specs. Did you know Bitcoin.com also has blockchain developer tools and SDKs for the Bitcoin Cash network? This includes Bitbox SDK, Badger SDK, SLP support, Cashscript, and much more. Check out Developer.Bitcoin.com today.
Software engineers who use the Samsung Keystore SDK are able to leverage many features that are commonly used in applications like noncustodial lite wallets. For instance, the Keystore will generate a cryptocurrency’s keypair (public & private key) on the device itself, while also storing the keys in a secure environment within the mobile device. “[Samsung] does not rely on other network or a third party to generate these keys,” the Keystore 1.1.0 version SDK specification reads. All the mnemonic words (seed phrase words) are compatible with the BIP-39 standard allowing users to deploy the recovery phrase on another device if the phone was ever lost or stolen. However, sending a signed transaction is out of Samsung’s scope, the company explains, and engineers who want to send signed transactions need to rely on their own nodes or a public node.
Opening the Door for Bitcoin Cash Support and the Race to Lead Blockchain Development Within the Smartphone Industry
With BTC being added to the Samsung Keystore, the cryptocurrency spec opens the door for similar networks like Bitcoin Cash. BCH also uses transaction types like P2PKH and P2PK and has a hard cap of 21,000,000 BCH or 2,100,000,000,000,000 satoshis. In the Keystore specs, Samsung notes “We plan to support more cryptocurrencies and expand supported regions in the near future.” People who want to test the Keystore functionality cannot simply download the application from the Galaxy store as Samsung’s blockchain SDK is preloaded on selected devices only. Software developers can test the Keystore application by using Samsung’s Remote Test Lab, which is located in the Samsung Developers Site.
Apple published the Cryptokit with iOS 13 last June.
Posts on social media and Reddit forums show that crypto advocates appreciate Samsung finally adding BTC to the Keystore. Currently, there are 17 cryptocurrency-related applications that can be used with the select Samsung phones and the Keystore. This includes decentralized applications (dapps) such as Enjin, Cryptokitties, Coinduck, and Cosmee. Samsung’s dapp store also recently gained two new dapps in the form of Mars and Jupiter, developed by fellow South Korean tech company Trustverse.
There have been unconfirmed rumors that eventually Samsung Pay will sync with the Keystore wallet so people can pay for goods and services with digital assets. The recent BTC support from Samsung follows the released Cryptokit for iOS 13 from the company’s California-based rival Apple. The Cryptokit from Apple gives speculators reason to believe that the Cupertino tech giant will release its own in-house crypto wallet system. Similar to Samsung’s Keystore SDK, the Apple Cryptokit provides three specific attributes:
Compute and compare cryptographically secure digests.
Use public-key cryptography to create and evaluate digital signatures, and to perform a key exchange. In addition to working with keys stored in memory, you can also use private keys stored in and managed by the Secure Enclave.
Generate symmetric keys, and use them in operations like message authentication and encryption.
Apple and Samsung entering the cryptocurrency industry by silently releasing software development kits shows that mobile phones that have blockchain capabilities and offer cryptocurrency solutions are here to stay. The mobile phone giants are neck and neck in terms of sales, and adding cryptocurrency features may give them an edge among the lucrative tech- and crypto-savvy demographic.
In May 2018, Huawei added pre-installed Btc.com wallets to the company’s mobile phones.
The Chinese communications technology company Huawei already beat Samsung and Apple to the punch by selling phones pre-installed with Btc.com’s cryptocurrency wallet in May 2018. Even the phone manufacturer Oppos is on the heels of these three tech giants with its system that could help a peer-to-peer network of cryptocurrency node operators validate transactions in regions with poor internet services.
Oppos Mesh Talk could allow for cryptocurrency transactions being sent without Wifi, cellular data, and Bluetooth.
According to reports, Oppo’s Mesh Talk system could allow phones to exchange blockchain key data without using Wifi, Bluetooth, or cellular data within a radius of three kilometers. With all of the blockchain-related developments from Huawei, Samsung, Apple, and Oppos smartphones, it’s safe to assume that the mobile giants are well aware that cryptocurrencies are here to stay.
What do you think about Samsung adding BTC support to the company’s in-house Blockchain Keystore? Let us know what you think about this subject in the comments section below.
Image credits: Samsung, Wiki Commons, Huawei, Apple, Oppos, and Pixabay.
Do you need a reliable Bitcoin mobile wallet to send, receive, and store your coins? Download one for free from us and then head to our Purchase Bitcoin page where you can quickly buy Bitcoin with a credit card.
The post Samsung Adds Bitcoin Support to Its Blockchain Keystore appeared first on Bitcoin News.
Bron : Bitcoin en toekomst van crypto

Ron Paul Slams Fednow Payment System and Encourages Crypto Competition

Ron Paul, the muckraking former congressman from Texas, is stirring things up once again, this time taking aim at the new real-time digital payment system proposed last week by the U.S. Federal Reserve. Presented as an innovative solution by government and media voices, the cryptosphere received the news of the Fednow program with little more than a disinterested shrug. Paul is not impressed either, maintaining that the implementation will crowd out competing protocols like Bitcoin, placing even more power in the hands of an already dangerously incompetent federal government.
Also Read: Argentina’s Peso Collapse Shows Governments Shouldn’t Control Money
Paul: Fednow Is Unnecessary
In a press release issued August 5th, the U.S. Federal Reserve announced it will develop “a new round-the-clock real-time payment and settlement service, called the FedNow Service, to support faster payments in the United States.” While the Fed already works with the private sector to provide such services via the Fedwire system, Fednow would be available 24-7, 365 days a year. While Fed representatives and some mainstream media outlets are making much ado over the announcement, with CNBC citing instant check clearance and cost reduction as a nice bonus, Ron Paul sees things a little differently.
The former congressman and medical doctor released a statement to campaignforliberty.org yesterday, saying: “Consumers already have numerous options to make real-time payments, so the Federal Reserve’s decision to begin work on a central bank-run and controlled real payments system — what Competitive Enterprise Institute Senior Fellow John Berlau calls “FedNow” — is baffling.”
Paul continued:
A Federal Reserve-run real payments system will crowd out private alternatives, leaving consumers with one government-run option for real-time payments. This will be bad for consumers and real-time entrepreneurs but good for power-hungry Federal Reserve bureaucrats who will no doubt use FedNow to help “protect” the Federal Reserve’s fiat currency system from competition from crypto currencies.
Though no expert on the technical inner workings of blockchains, Paul has been a strong proponent of crypto — and the underlying philosophy of financial autonomy and freedom from government control — for a while now. In a July 14 interview on CNBC’s Squawk alley, Paul maintained that “I’m all for cryptocurrencies and blockchain technology, because I like competing currencies.”

Competing Currencies Are Good for the Economy
As news.Bitcoin.com recently reported, several countries worldwide are now working on implementing their own central bank digital currencies (CBDC). Some of these are blockchain-based and others are not. Interestingly, various states are creating their own digital assets while simultaneously standing opposed to the free market use of bitcoin and other decentralized, permissionless assets. Although competition can be very good for consumers and value holders, voices like Paul point out that this competition is a very real, direct threat to central banks and governments who wish to maintain a violent monopoly on the money supply.
St. Louis Fed President James Bullard has conflicting opinions on currency competition.
According to the U.S. Federal Trade Commission (FTC), “Competition in the marketplace is good for consumers and good for business. Competition from many different companies and individuals through free enterprise and open markets is the basis of the U.S. economy.” Of course, this quote references goods and services, and not necessarily currencies themselves, but the same foundational principles apply, either way. St. Louis Federal Reserve President James Bullard addressed the topic of crypto and currency competition specifically at a meeting on July 19:
Cryptocurrencies are creating drift toward a non-uniform currency in the U.S., a state of affairs that has existed historically but was disliked and eventually replaced.
Who exactly disliked this competition is not specified, and maybe for good reason. The free banking era of competing currencies in America was ended by the National Bank Acts of 1863 and 1864, implemented to help the U.S. government collect more taxes via a centralized, one-currency framework, and to raise money for the Civil War.
Currency competition can sometimes create difficult situations, as various media of exchange battle for dominance. Still, competition — especially in a borderless, digital age — ultimately means more options for the individual value holder, consumer, and spender, and a choice as to what is paid for. This doesn’t bode well for broke governments frothing at the mouth for war, additional spending programs, or virtually limitless debt ceilings.

Forced Monopolies Engender Trade Wars, Competition Provides Aid
Money was never a big motivation for me, except as a way to keep score. The real excitement is playing the game.
– U.S. President Donald Trump
This may be money to Trump, but to the average individual, money certainly matters for more than just an ego boost. Its soundness and market value are of prime importance for individuals securing their everyday needs for life, survival, and enjoyment.
Centralized monopolies on currency potentiate volatile trade wars, as currently witnessed between the U.S. and China. With no competition to turn to when one currency is co-opted by bad actors or political interests, folks have no option but to “play the game” of fiat, and go down with the ship, so to speak. Now that free banking eras are a thing of the past, to not finance these trade wars via taxes is to risk imprisonment.
The global economy can be a lesson in the value of competition as well. Take Venezuela, and the aid that has poured in via crypto donations; the survival that has been enabled for some, in dumping the hyperinflated, virtually worthless bolivar for bitcoin. Zimbabwe’s astronomically inflated economy (perhaps laughably, if not so tragic) forced the state to print 100 trillion-dollar bills. Other world currencies, including P2P crypto, showed up to shore the walls and bring stability to the reeling society. Bitcoin has been trading at reported premiums of 4% to 10% in Argentina, after the country’s peso plummeted 30% on Monday. Without competing currencies, none of this would be possible.

Fednow Is Not Ready, Bitcoin Is
The Federal Reserve has stated that the new payments system is set to be rolled out in 2023 or 2024. As Federal Reserve Board Governor Lael Brainard claims, “Everyone deserves the same ability to make and receive payments immediately and securely, and every bank deserves the same opportunity to offer that service to its community.” No more overdraft fees, no more waiting on that check to clear, and no more inconvenience in having to wait until money is received to pay one’s bills or taxes.
What Brainard and others are missing, according to Dr. Paul’s prognosis, is that centralized, violence-backed convenience isn’t anything wonderful or special. It’s akin to talking about the convenience of never having to walk long distances anymore, because luckily the state broke both of your legs. Should violence-backed fiat powers continue in creating centralized CBDCs, pushing agendas to remove paper money from societies worldwide, in combination with forbidding crypto competition, humankind could soon feel the real inconvenience of total financial immobility, firsthand. All this in view, maybe it’s best for the Fed to heed the doctor’s orders this time, and let the medicine of free market competition do its work.
What do you think about Fednow? Let us know in the comments section below.
Images courtesy of Shutterstock, fair use.
Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The Local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.
The post Ron Paul Slams Fednow Payment System and Encourages Crypto Competition appeared first on Bitcoin News.
Bron : Bitcoin en toekomst van crypto

PR: Australian Bitcoin Cash Conference Brings Cryptocurrency Leaders to Townsville

Global leaders from the Bitcoin Cash community will gather at the first Bitcoin Cash City Conference in Australia, being held in Townsville on September 4 & 5.
Townsville has really embraced Bitcoin Cash, so hosting this conference in the cozy, coastal suburb was a natural next step. Australia’s first gathering of enthusiasts and global business leaders will convene to use the low-cost, friction-less payment system and digital money, while enjoying the region’s temperate climate and many attractions.
Bitcoin Cash has caught-on among merchants in Townsville, mostly because it enables anybody to move any amount of money anywhere in the world: instantly, securely, and consistently, with fees less than a cent. Essentially, Bitcoin Cash does away with banks and puts users in full control of their money. According to locals, merchants are taking up Bitcoin Cash because it competes with Visa and Mastercard, eliminating fees and giving them an extra three percent on all payments. Local enthusiasm for the cryptocurrency has made Townsville a hotbed of Bitcoin Cash activity: many Townsville businesses from coffee shop owners to helicopter operators now accept Bitcoin Cash as payment for goods and services, via a smartphone app.
Noel Lovisa, CEO of Townsville-based software company Code Valley explained, “Townsville enjoys the highest per capita merchant adoption of Bitcoin Cash in the world. The North Queensland Bitcoin Cash Merchants’ Group leveraged that to secure the Bitcoin Cash City Conference.” Townsville has become known as “Bitcoin Cash City,” and so the conference naturally takes advantage of such notoriety. North Queensland has also quietly founded nearly a dozen Bitcoin Cash-related software companies, several attracting venture capital in the millions.
Lovisa continued, “We’ve got 20 top international Bitcoin Cash speakers coming to this conference. The number one speaker, Amaury Séchet, helped write the original Bitcoin Cash client known as Bitcoin ABC, successfully upgrading Bitcoin to scale on-chain. That was the genesis of getting the original Bitcoin mission back on track after it was derailed.”
Hayden Otto, CEO of Townsville-based BitcoinBCH.com stressed a key difference in this first-of-its-kind conference for Australia. “Bitcoin Cash is so popular in Townsville that conference delegates will be able to pay with it for everything they need during their stay,” Otto insisted. “In addition to flights, accommodation, car rental and tourism activities, you can get all your food, drink and even pay for your laundry with Bitcoin Cash.”
He says the Bitcoin Cash City Conference presents a unique opportunity for Australians to discover the potential of cryptocurrency. “I want to personally invite you to the world’s premiere Bitcoin event. Bitcoin is peer-to-peer electronic cash that’s paving the way for financial sovereignty and greater economic freedom for people of all walks of life. Not everyone understands this, but we’re bringing together all those who do for an unparalleled conference which won’t be forgotten.”
Through a free Bitcoin.com wallet app, attendees can navigate the brave new world of cryptocurrency while learning more from guest speakers such as developers, legal experts, and entrepreneurs active in the Bitcoin Cash ecosystem.
Noel adopted Bitcoin Cash initially to solve a problem for Code Valley’s emergent coding project. “We’ve created a new technology for producing software by combining tiny fragments from around the world. Bitcoin Cash enables me to send a million dollars or as little as 20 cents to somebody in another country with it clearing instantly for a tenth of a penny. I can operate in 150 countries without needing to support 150 currencies,” he recalls. “There is also a roadmap of regular upgrades to meet demand so Bitcoin Cash is very reliable. And it’s hassle-free because there is no central point of authority. Bitcoin Cash is going to be the world’s number one cryptocurrency. Come along to the conference to find out why.”
The Bitcoin Cash City Conference will be held on September 4 and 5 at Quayside Terminal, Lennon Drive, South Townsville, Queensland.
Full details and registration: https://bitcoincashcity.com
Press enquiries:
Tel: +61416022287
email: sarita@admedia.net.au
The post PR: Australian Bitcoin Cash Conference Brings Cryptocurrency Leaders to Townsville appeared first on Bitcoin News.
Bron : Bitcoin en toekomst van crypto

Central Banks Worldwide Testing Their Own Digital Currencies

Central banks worldwide are examining the possibility of issuing a central bank digital currency (CBDC), with some already testing theirs for different uses. Countries that have advanced their digital currency projects include China, Singapore, Canada, the Bahamas, Thailand, Uruguay, and Sweden. India has also included the digital rupee in the country’s draft cryptocurrency bill.
Also read: Crypto Regulations Are Changing Worldwide to Comply With FATF Standards
China’s CBDC Is ‘Almost Ready’
The most recent country to claim that its CBDC is near completion is China. According to media reports, The People’s Bank of China (PBOC) is “almost ready” to issue the country’s own sovereign digital currency. This was revealed at a forum held in the northern Chinese province of Heilongjiang on Aug. 10 by Mu Changchun, deputy director of the PBOC’s payments department.
He explained that the CBDC will use a two-tier system where both the central bank and financial institutions will be legitimate issuers, Reuters conveyed, noting that “the digital currency would not solely rely on blockchain technology as current blockchain technology would not be able to handle transaction volumes in China.” The publication added that the PBOC started researching the possibility of launching its own CBDC in 2014 with the aim “to cut the costs of circulating traditional paper money and boost policymakers’ control of money supply.”

Trial Between Singapore and Canada
The Monetary Authority of Singapore (MAS) and the Bank of Canada have jointly conducted an experiment on cross-border and cross-currency payments using CBDCs. The two central banks linked up their respective experimental domestic payment networks — Project Jasper and Project Ubin — built on two different distributed ledger technology (DLT) platforms, the MAS described in May. The trial was carried out in partnership with Accenture and J.P. Morgan. The former supported the development of the Canadian network on Corda, while the latter supported the Singapore network on Quorum.

“Cross-border payments today are often slow and costly,” the MAS remarked, emphasizing that they rely on a correspondent banking network “subject to counterparty risk, inefficient liquidity management, and cumbersome reconciliation.” The two central banks, therefore, collaborated to use CBDCs “to make the cross-border payment process cheaper, faster, and safer.” The MAS elaborated:
This is the first such trial between two central banks, and has great potential to increase efficiencies and reduce risks for cross-border payments.
Bahamas Testing CBDC for Payments
Another country that is testing a CBDC is the Bahamas. The International Monetary Fund (IMF) released details of its discussion with the Bahamas’ central bank in July, including work done on the country’s CBDC. “By enabling peer-to-peer transactions, for example through e-wallets, a CBDC can increase access to digital payments systems,” the IMF explained:
The CBOB [the Central Bank of the Bahamas] is planning to pilot a digital version of the Bahamas dollar as a means of payment to boost financial inclusion, especially in smaller islands of the archipelago.

Noting that “the issuance of e-currency can also pose risks to financial stability, cybersecurity, and in the AML/CFT sphere,” the IMF staff “recommended investment in human capital and technological capabilities to ensure that the pilot — and the full-scale adoption of a general-purpose CBDC — is compatible with, and complementary to, the existing financial infrastructure.”
Thailand’s Multi-Phase CBDC Testing
The Bank of Thailand (BOT) has completed the second testing phase of its CBDC called Project Inthanon. Started in August last year, the first phase focused on developing a proof-of-concept decentralized Real-Time Gross Settlement system (RTGS) that uses a CBDC on a distributed ledger. The second phase, now complete, started in February to further explore how DLT can be used in two specific areas.

The first area was “the tokenization of BOT-issued debt instruments on a distributed ledger to achieve their life-cycle activities and delivery-versus-payment settlement.” The second was “the incorporation of regulatory compliance and data reconciliation functionalities into the payment process on a distributed ledger, so as to improve process efficiency and mitigate operational and compliance risks.” The results of the second testing phase were released in July.
The bank will soon proceed with the third phase, which aims to trial a “DLT-based RTGS prototype” that “will be expanded to connect with the other systems to support cross-border funds transfer transactions,” the BOT revealed. “The scope will also cover the regulatory and compliance issues from both THB and foreign currencies.”
Uruguay, Sweden and ECCU
In Uruguay, the central bank completed a pilot program on a retail CBDC in April last year as part of a wider governmental financial inclusion program. The pilot began in November 2017 to issue, circulate and test an e-peso, the Bank for International Settlements (BIS) described. “Transfers took place instantly and peer-to-peer, via mobile phones using either text messages or the e-peso app.” However, no blockchain was used. Twenty million e-pesos were issued, all of which were canceled when the pilot ended. The program is now in an evaluation phase before a decision on further trials and potential issuance can be made.
In Sweden, the Riksbank started working on an e-krona project in the spring of 2017 in response to many years of declining cash use. “An e-krona would give the general public access to a digital complement to cash, where the state would guarantee the value of the money,” the central bank’s website describes. While “There is no decision on whether or not to issue an e-krona,” the Riksbank confirmed that it “is continuing to investigate the possibilities for issuing an e-krona to increase competence and in this way be better prepared to meet a new digital payment market.”

The Eastern Caribbean Central Bank (ECCB) has signed a contract with Barbados-based fintech company Bitt Inc. to conduct a blockchain-issued CBDC pilot within the Eastern Caribbean Currency Union (ECCU). This pilot will involve a securely minted and issued digital version of the EC dollar (DXCD), which will be distributed and used by licensed financial institutions and non-bank financial institutions in the ECCU. The DXCD will be used for financial transactions using smart devices between consumers and merchants. “For example, an individual in St Kitts and Nevis will be able to send DXCD securely from his/her smartphone to a friend in Grenada in seconds — and at no cost to either party,” the ECCB explained.
India Open to a Digital Rupee
The Indian government is currently deliberating on a draft cryptocurrency bill entitled Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019. The bill proposes allowing the government to create a digital rupee as legal tender and currency, and defines digital rupee as “a form of currency issued digitally by the Reserve Bank and approved by the central government to be legal tender.”
The bill states that “The central government, in consultation with the Central Board of the Reserve Bank, may approve digital rupee to be legal tender with effect from such date and to such extent as may be specified.”

Why Central Banks Are Exploring CBDCs
The IMF explained in a June report that a number of central banks are examining issuing a CBDC, noting that those in advanced economies with falling use of cash are exploring the option as an alternative payment method. “The main reasons to consider CBDC are lowering costs, increasing efficiency of monetary policy implementation, countering competition from cryptocurrencies, ensuring contestability of the payment market, and offering a risk-free payment instrument to the public,” the report details:
Most central banks are considering non-anonymous CBDC. Almost all seem to be favoring a hybrid approach that allows the relevant authorities to trace transactions. Several are focusing research on a two-pronged approach with anonymous tokens for small holdings/transactions, and traceable currency for large ones.

Meanwhile, countries with underdeveloped financial systems and many unbanked citizens see CBDCs “as means to improve financial inclusion and support digitalization,” the IMF noted, adding that “several policy and technical hurdles need to be addressed, and a clear case for issuing CBDC has not yet emerged.”
BIS General Manager Agustín Carstens said at the end of June that “Global central banks may have to issue their own digital currencies sooner than expected,” The Financial Times reported. With Facebook’s Libra announcement, a number of central banks have reportedly ramped up efforts on their CBDCs. Concurring with the IMF, Carstens emphasized that “There needs to be evidence for demand for central bank digital currencies and it is not clear that the demand is there yet.” He was quoted as saying:
Many central banks are working on it; we are working on it, supporting them … And it might be that it is sooner than we think that there is a market and we need to be able to provide central bank digital currencies.
What do you think of central banks issuing their own digital currencies? Which country do you think will launch one first? Let us know in the comments section below.
Images courtesy of Shutterstock.
Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The Local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.
The post Central Banks Worldwide Testing Their Own Digital Currencies appeared first on Bitcoin News.
Bron : Bitcoin en toekomst van crypto

Alcor Life Extension Foundation Now Accepts Bitcoin Cash Donations

Alcor Life Extension Foundation has revealed the company is accepting bitcoin cash (BCH) donations. Alcor was convinced by Bitcoin.com’s executive chairman Roger Ver to add BCH acceptance, the same person who convinced Alcor to accept BTC payments via Bitpay back in 2014. The nonprofit organization is well known for its cryonics research and practices as the company has a strong relationship with cryptocurrency advocates.
Also Read: Exploring the SLP Token Universe Built on the Bitcoin Cash Chain
Alcor Foundation Convinced to Accept Bitcoin Cash Donations
The Alcor Life Extension Foundation now accepts bitcoin cash (BCH) donations for its cryonics research and operations in Scottsdale, Arizona. Many cryptocurrency historians will recall that the early cryptocurrency pioneer Hal Finney was a believer in life extension and he is cryopreserved at Alcor. However, they might not realize that Bitcoin.com’s executive chairman and one of the industry’s first angel investors, Roger Ver, convinced Alcor in 2014 to accept BTC. At the time, the company accepted BTC through the Atlanta-based payment processor Bitpay. On August 28, 2014, when Finney passed away, his body was brought to the cryonics facility for preservation. Alcor explained that Finney’s remains would be kept in “long-term storage, where he (would be) cared for until the day when repair and revival may be possible.” Finney’s cryonics process was paid for with his life insurance and “bitcoins donated by admirers” and his wife has also chosen to be cryopreserved.

Running bitcoin
— halfin (@halfin) January 11, 2009

Ver has once again convinced the nonprofit to accept a cryptocurrency and this time around it’s bitcoin cash (BCH). Alcor also accepts cryptocurrency payments in ETH, LTC, and BTC. “If you don’t see your preferred cryptocurrency in the list below you can contact us and we can probably provide you with a wallet address,” Alcor’s crypto donation page details. Donations help the company remain at the forefront of cryonics technology and give the Alcor team the ability to “preserve the future for all members.” Ver also generously gave Alcor 3 BCH (more than $1,000) after the company created a bitcoin cash donation address. People who wish to donate to Alcor’s cryonics research and operations can visit the nonprofit’s cryptocurrency donation page here.

Lots of Well-Known Blockchain Technology Advocates Support the Philosophy of Extropy and Cryonics Research
Besides Hal Finney being Alcor’s 128th patient, there are a bunch of blockchain technology proponents who believe in life extension and the philosophy of extropy. Extropianism is an “evolving framework of values and standards for continuously improving the human condition” and the belief is that someday humans will be able to live indefinitely through advances in science and technology. “The Principles of Extropy” started as a set of principles invoked by futurist and philosopher Max More. He’s also been the president and CEO of the Alcor Foundation since 2011.
A number of blockchain luminaries and digital currency proponents are believers in cryonics, life extension, and futurism.
Another member of the Alcor Foundation is the cryptocurrency magnate Robin Hanson and the world-renowned cryptographer Ralph Merkle has been known to be a “researcher and speaker of cryonics.” Years ago, Galaxy Digital founder Michael Novogratz gave money to SENS research, an organization that studies and develops regenerative medical therapies. “SENS Research Foundation works to develop, promote, and ensure widespread access to therapies that cure and prevent the diseases and disabilities of aging,” the website reads. More than $4 million dollars’ worth of digital currencies were donated to SENS from the Pineapple Fund and Ethereum cofounder Vitalik Buterin.
Bitcoin pioneer and cryptographer Hal Finney was Alcor’s 128th patient.
Whether It’s Anti-Aging Science or Mass Crypto Adoption, Persistence Pays Off
A few cryptocurrency advocates think highly of life extension, futurism, the philosophy of extropy, and organizations like Alcor and SENS research in the same way they believe digital currencies will revolutionize the world’s monetary system. Alcor is convinced that cryonics, cryonics research, and cryonics technology will help preserve our loved ones until the technology becomes available to restore them back to good health. SENS research has also redefined age-related ill-health treatments by “inspiring the next generation of biomedical scientists.” Just like digital asset proponents, believers in life extension face skeptics of these technologies and of newly created sciences. There’s no reason to think that some day digital currencies won’t be used by the global masses, because there’s a good chance it could happen. In the same way, we cannot say that science and technology will not be able to stop or slow down aging dramatically. Nor can we say that at some point in the future we won’t be able to restore our deceased loved ones’ lives.
Bitcoin Cash supporters are all about spreading mass adoption.
Alcor accepting bitcoin cash (BCH) donations is a natural fit, because both concepts derive from being optimistic on the future of math, science, and technology. Moreover, adding a variety of cryptocurrency addresses to the donation page promotes more free market choice by allowing people to donate using their preferred cryptocurrency. BCH fans will be pleased to hear that another well-known organization now accepts the peer-to-peer electronic cash. Similarly, through strong community persistence, organizations like Chess.com accept BCH for subscriptions and the Free Law Project’s Courtlistener Repository accepts BCH donations as well.
What do you think about the Alcor Life Extension Foundation accepting bitcoin cash and other cryptocurrencies for donations? Let us know what you think about this subject in the comments section below.
Images credits: Alcor, Shutterstock, Wiki Commons, Pixabay, and Twitter.
Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH, and other coins, on our market charts at Bitcoin.com Markets, another original and free service from Bitcoin.com.
 
The post Alcor Life Extension Foundation Now Accepts Bitcoin Cash Donations appeared first on Bitcoin News.
Bron : Bitcoin en toekomst van crypto

Argentina’s Peso Collapse Shows Governments Shouldn’t Control Money

Whenever bitcoin experiences a sharp drop or volatility, mainstream media analysts jump to declare that cryptocurrency isn’t stable enough to be considered money. The double-digit crash of the Argentine peso in one day, simply due to an election in the country, can be said to prove the same about fiat.
Also Read: Big Banks Enabled Jeffrey Epstein’s Sex Trafficking Crimes
Vote Sends Peso Into Free Fall
On Monday Argentina’s peso currency dropped over 30% in value to a record low of 65 pesos per 1 U.S. dollar. The country’s central bank intervened in the foreign exchange market, using its reserves to prop up the peso, but it still ended the day around 15% down. At the same time, the Argentine equity markets were doing even worse, with the country’s benchmark S&P Merval Index losing almost half its value in dollar terms. This was the worst daily performance by any stock market in the world for the past three decades and only the second worst in the last 70 years.
In case you missed the news, don’t worry, no foreign power has declared war on Argentina, nor has Buenos Aires been hit by a giant meteor. Instead, the event that triggered such a major financial crisis, with people seeing so much of their life’s savings vanishing into thin air overnight, was just a routine election. On Sunday there was a primary vote that signaled that the current politician in charge of the government might be replaced by another one in a few months, which was enough to send the markets tumbling in historic proportions.
Eva Peron’s portrait on the Argentine 100 peso bill
Looking at the details of the elections that spooked the markets and led to the collapse of the Argentine peso shows that there is room for some concern. The current president of the country, Mauricio Macri, is at least perceived to have tried to fix some of the structural problems of the local economy, even if his detractors can say that he has failed in doing so. His opposition, on the other hand, the Peronist Alberto Fernández and former president Cristina Fernández de Kirchner, are considered to be left wing populists who could set the country back with disastrous policies that will wreck Argentina’s economy once more. Regardless of whether these perceptions are true, the fact is that enough investors hold the news that the opposition might assume control of the government from Macri to be a serious threat to stability.
Here We Go Again
It is important to note that Argentina is not some small and inconsequential banana republic. In fact, it is the second largest economy in South America and even a member in the G20 group of major economies. It also inhabits a vast land rich in natural resources. Unfortunately, Argentina is also a common example in economic textbooks on how government mismanagement can destroy economies as it was once one of the richest countries in the world in terms of GDP per capita, at the start of the previous century, but has greatly deteriorated in relative terms over the subsequent decades.

The country has often fallen into financial crises and the people of Argentina have suffered from several severe recessions in recent memory. One of the persistent ills of the economy is very high inflation and the government even had to resort to redenomination, cutting zeros off the fiat currency, four times between 1970 to 1992 alone. This has remained true also in recent years, as in August 2013 one US dollar was exchanged for less than six Argentine pesos and today is worth about 10 times as much.
In 2001 the government of Argentina defaulted on its bonds, which cut the country off from the international financial market for years and caused a lasting economic crisis whose impact the people will not soon forget. Now the country might be at the start of another such calamity, with Argentinians again seeing their peso savings crashing to new lows.
Who Can You Trust?
Argentina of course isn’t the only country that is suffering from high inflation of its fiat currency. Two very notable examples of countries suffering from hyperinflation are Zimbabwe and Venezuela. In 2009, the Zimbabwe dollar set a world record for inflation, estimated to be in the billions of percent, with even the highest notes of 100 trillion dollars not worth enough to buy a single loaf of bread. In 2018 the Venezuelan government removed five zeros off its fiat, making the new “sovereign bolivar” worth 100,000 times the older bolivar which became basically useless as money. However, it shouldn’t be understood that these are the only countries to suffer from inflation. In fact, all fiat currencies suffer from inflation; it is merely a matter of degrees between the extreme cases and the average.

If you think that what happened with the peso can never happen with the U.S. dollar, this demands wholly trusting the American government to never mismanage its economic affairs to this extent. It means that you need to trust American politicians to always look beyond their own short-term incentives to weaken the currency to pump artificial growth ahead of elections or to print new money to buy votes. And it means that you need to trust that the Federal Reserve will always be willing and able to protect the USD from all external threats. Right now, with an international currency war going on, none of these seem to be set in stone.
The need to trust governments not to debase their fiat has always been a concern. It is why some people try to hamper government control of money by asking to return to a system like the gold standard where there is a natural limitation on the currency. However, in such a system you still need to trust the central bank to hold as much gold as it claims. Even in ancient times, those controlling the mints often diluted the percentage of precious metals in their coins, thus causing inflation. Cryptocurrency tries to overcome these problems by removing the need to trust any centralized entity, instead promising to base the value of your money on cold, hard math.
Do you think that the situation in Argentina proves governments shouldn’t control money? Share your thoughts in the comments section below.
Images courtesy of Shutterstock.
Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Bitcoin.com Markets, another original and free service from Bitcoin.com.
The post Argentina’s Peso Collapse Shows Governments Shouldn’t Control Money appeared first on Bitcoin News.
Bron : Bitcoin en toekomst van crypto

Social Network Memo Adds Decentralized SLP Token Exchange

The Simple Ledger Protocol (SLP), a token creation system built on top of the Bitcoin Cash (BCH) network continues to mature as developers have released a number of third-party applications that support SLP tokens. Now the onchain, BCH-based social network Memo.cash has implemented an SLP token exchange allowing people to list SLP tokens and sell them for bitcoin cash.
Also read: Creating Your Own SLP-Based Token Using Memo
The New Trustless Onchain SLP Token Exchange
Memo.cash is a popular social network that’s built on top of the BCH chain where every action uses an onchain transaction. For a while now Memo has accrued users and has added a variety of features since the platform’s inception. News.Bitcoin.com recently reported on the application adding the ability to forge SLP tokens on the Memo platform and to store, send, and receive SLP coins as well. At the time, we gave our readers step-by-step instructions on how to mint an SLP token using Memo and explained that the process takes less than a minute. Since then, the engineers behind Memo have added the ability for people to trade SLP tokens onchain in a safe environment. The new exchange service utilizes an open source decentralized trust-less protocol that accepts purchase offers and transfers using an atomic transaction.

The creators of Memo noted that the new feature that still has limited functionality and people using the exchange should understand there might be bugs. When you visit the Memo exchange page, you’re greeted with options like viewing the tokens already listed for sale, the ability to sell a token, and a list of offers you already created. Right now, looking at the listings page shows there are tons of SLP tokens being sold for various amounts of satoshis. Well-known SLP tokens such as Honestcoin (USDH), Spice, Honks, BTC2, and Trump are being sold alongside coins you probably never heard of. The exchange listings show when the tokens were listed, price, seller, and a tab that allows you to purchase tokens being sold instantly.

Selling Rare Stones
To demonstrate how the Memo exchange operates, I decided to mint six nonfungible tokens from the same address and called them the Infinity Stones or “IFS.” If you want to try to sell SLP tokens using Memo, you will need to register for an account to enjoy the new trading feature. People who know the story of the Infinity War and Thanos will know that there are six stones needed to complete the Infinity Gauntlet in order to harness god-like powers. So I minted tokens using the Electron Cash SLP wallet and each token represents the mind, space, reality, power, time, and soul stones. I designed them to be nondivisible and each stone was represented by only one token. Each stone is also tethered to a URL, which leads to the original Infinity Gauntlet comic book cover.

After the stones (tokens) were forged I sent them all to my Memo account dubbed “Zelda” and prepared to list each stone for sale. On the “List Tokens for Sale” page the Memo platform provides a customizable window to create new listings. On this page, I chose the tokens I wanted to list, how many tokens to list, the price per token, and the total price. I listed the six IFS tokens for 1,560,000 satoshis (0.0156 BCH) per token and for every completed trade Memo takes a 1.5% fee. So the fee for each IFS trade would be a total of 23,400 satoshis (0.000234 BCH).

After creating the listings for all six stones, I then tweeted out my IFS sales on Twitter to let people know I had some rare nonfungible tokens for sale. Not long after sending out my tweet, well-known BCH proponent and streamer Collin Enstad, host of “Collin’ It Like It Is,” a “no bullshit crypto show,” purchased two of the stones on the Memo exchange. According to Memo, Enstad is the proud owner of the mind and reality stones. Moreover, Enstad decided to sell the two IFS tokens for double the price I sold them for at 3,000,000 and 5,000,000 satoshis. So far there are four Infinity stones (IFS tokens) left waiting for someone to snatch them up at my price in an attempt to control the universe. Someone will have to buy them at Enstad’s price to capture his two stones. The Memo.cash SLP exchange has a lot of potential, but once an offer is submitted there is no way to cancel it right now, the Memo engineers have explained.

https://t.co/W1Y8pMkENU pic.twitter.com/hdmFZPPymD
— Jamie Redman (@jamieCrypto) August 14, 2019

Memo’s New Feature Augments the Broad Range of Support for the SLP Token Universe
Memo adding a decentralized way for people to swap tokens for BCH in an atomic fashion bolsters the social network’s powerful features. Just like the latest Cryptophyl exchange and the upcoming Exchange.Bitcoin.com, which will launch on September 2, the new Memo SLP marketplace also adds more trading liquidity to these unique tokens. Furthermore, well-known trading platforms like Altilly Exchange, Coinex, and Coinsuper are all listing SLP tokens. With all the exchange endorsements and wallet support from clients like Badger, Ifwallet, Cresent Cash, and Electron Cash, the SLP universe continues to showcase enormous amounts of innovative possibilities. Further, Bitcoin.com will soon be launching an SLP token dividend tool that allows people to pay dividends to groups of specific SLP token holders. Memo’s recent trading platform for SLP tokens has been welcomed by the BCH community, while also highlighting the innovation taking place within the BCH and SLP development community over the last few months.
What do you think about the ability to sell and purchase SLP tokens using the social network Memo.cash? Let us know what you think about this subject in the comments section below.
Disclaimer: Readers should do their own due diligence before taking any actions related to the mentioned software and trading platform. Bitcoin.com or the author is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, software, exchange, or services mentioned in this article. This editorial review is for informational purposes only.
Image credits: Shutterstock, Memo.cash, Marvel, Wiki Commons, Infinity War, and George Pérez.
Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The Local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. Also, we just announced launching a cryptocurrency exchange on September 2, 2019. Pre-register today at Exchange.Bitcoin.com to take part in the rewards and trading incentives.
The post Social Network Memo Adds Decentralized SLP Token Exchange appeared first on Bitcoin News.
Bron : Bitcoin en toekomst van crypto

Anti-Corruption Group Proves Crypto’s True Power: You Can’t Confiscate Math

Last week in Russia, state agents tore apart the offices of FBK, a privately funded anti-corruption foundation, freezing group assets and more than 100 bank accounts. Officials are using suspicion of money laundering as justification for targeting the largely bitcoin-funded group, possibly in a bid to quell their hand in upsetting Moscow politics. This case and others, like raising donations or moving through airport security checks, demonstrates something bitcoiners have known for years: a math-based money that exists on the blockchain cannot be confiscated.
Also Read: Bitcoin Mining Industry’s Exponential Growth Just Won’t Stop
Empty Safes in Russia
Alexey Navalny’s Moscow-based Anti-Corruption Foundation, known as FBK, is a perpetual thorn in the side of prevailing political powers in Russia, receiving significant funding in bitcoin and converting it to Russian rubles via a cash-in exchange service. According to Russian officials, the group has potentially laundered 75 million rubles (over 1 million USD) and in effect 100 bank accounts have been frozen, totaling assets worth $430,360, according to Russian media outlet Meduza.io.
FBK campaign chief Leonid Volkov maintains there is nothing illegal about their funding process, and that authorities there are only trying to intimidate dissenters. FBK’s press secretary Kirya Yarmysh states:
This case is fabricated from beginning to end, and its only goal is to scare people and stop the FBK’s activities.
These activities include a new “Smart Voting” project which offers voting tips for those interested in opposing United Russia, the ruling party in the country. FBK’s website is currently blocked as well. The group has become especially important now to Russia’s opposition supporters, as opposition candidates have been barred from participation in Moscow’s upcoming municipal elections, resulting in nationwide protests, some of which are aimed more broadly at Putin’s regime as well.

Полиция смогла открыть сейф и в этот раз (в прошлый раз его им открыл Алексей). Вот, как старались! Наверное, ожидали найти тот мифический миллиард, не меньше. Жаль, что снова провал: pic.twitter.com/LJMFmDnPI0
— Кира Ярмыш (@Kira_Yarmysh) August 8, 2019
You Can’t Confiscate an Idea
Posting a picture of their government-demolished safe to Twitter on August 8, Yarmysh quipped “Look how hard they tried! They were probably expecting to find that mythical billion, no less. Shame that the safe failed them again.” This “mythical billion” is in reference to the original laundering suspicion amount, which the government then changed to 75 million, later.
Some Twitter commenters also shared their support for FBK’s Bitcoin savvy:

On top of the search of FBK headquarters, several members’ private homes were reportedly searched as well, and some were allegedly injured in the process. According to FBK attorney Alexander Pomazuyev’s legal representation, Pomazuyev’s face was slammed against the floor by police. These tactics are brutal, but what remains interesting about FBK’s crypto funding is that no matter how violent somebody gets, it doesn’t matter to the math. Applications here extend all over, even outside the volatile climate in Russia, including taking one’s business off the ground and into the sky.
Paper Wallets for Flying
FBK’s government-disappointing safes are not the only use case for math-based, computer money. Crypto facilitates uninterrupted business in the air as well. Airports worldwide have limits as to how much cash and assets travelers can legally move through their security checkpoints. Though the limit is typically set to $10,000, crypto assets present a way to fly around these humiliating impositions. One simple printout of a paper wallet, a quick transaction to load it up, and a traveler is good to go, carrying however much they please. At least, for now.

Mobile wallets and other hardware also afford this option, but governments are already starting to crack down, searching phones and laptops via random checks and also where there is alleged suspicion of illegal activity. In recent documentation, the U.S. Departments of Homeland Security (DHS) and Customs and Border Protection (CBP) verify this Orwellian reality:
CBP’s search authority extends to all persons and merchandise, including
electronic devices, crossing our nation’s borders.
A paper wallet stashed in a suitcase, however, is nothing more than a piece of paper. A Bitcoin transaction to another address or device awaiting one’s arrival overseas, is nothing but numbers in the air. A random string of words for a seed, jotted down on a memo pad, is just “meaningless” words.

Unstoppable Charity Continues
FBK’s case and others are the very reason U.S. Congressman Patrick McHenry was right when he testified to lawmakers on July 17 that “The world that Satoshi Nakamoto, author of the Bitcoin whitepaper envisioned, and others are building, is an unstoppable force.”
Projects like Airdrop Venezuela, the Dementia Society of America’s crypto write-offs, and numerous grassroots, decentralized initiatives on social media to help with natural disaster relief display the real utility of permissionless giving. For example, in August, 2017, over $50,000 was raised in crypto donations to bring aid to Texas hurricane victims. None of this is to mention the untold number of smaller P2P, grassroots initiatives that fly under the radar, happening via small, community-based online calls for action.
As Joe Waltman, editor at Givecrypto.org states:

Restoring and fostering donor faith comes down to one simple word: transparency.

Transparency is important when large and reputable charities like the American Cancer Society have been reported as spending just 24% of their money on research, and large amounts on executive salaries. With crypto there’s no need for “watchdog organizations,” per se, as long as there’s a decentralized blockchain, guaranteeing that no third party can stand in the way of financial aid being delivered and confirmed.

The State’s Only Tool
As evidenced last week in Russia, crypto as an idea cannot be stopped, but governments are still going to try. The picture of the busted up FBK safe is a good metaphor for the one go-to tool of government: the application of force. FBK may be correct in asserting that the money laundering accusations are merely a tool to justify the infiltration and destruction of the muckraking organization. Where there’s no transparency, government entities like this can operate with virtual carte blanche by fabricating bogus charges easily. The conversation in the U.S. crypto space is similar, with regulated exchange on-ramps and taxes being now cited as chokepoints by which the government can stifle crypto fluidity. Bitcoin’s success ultimately relies fully on people’s willingness to use it according to its full function, regardless.
What do you think about FBK’s situation and the utility of crypto? Let us know in the comments section below.
Images courtesy of Shutterstock.
Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The Local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.
The post Anti-Corruption Group Proves Crypto’s True Power: You Can’t Confiscate Math appeared first on Bitcoin News.
Bron : Bitcoin en toekomst van crypto