RBI’s Power Over Crypto Challenged at Length in Indian Supreme Court Today

The Indian supreme court resumed hearing the writ petitions against the banking restriction by the central bank, the Reserve Bank of India (RBI), on Wednesday. Many issues were discussed, ranging from the legality of the RBI action to the classification of crypto assets and how each country regulates them.
Also read: India to Introduce Crypto Bill Next Parliament Session – A Look at Community Responses
Supreme Court Resumes Hearing RBI Case
The Indian supreme court resumed hearing arguments on Wednesday against the banking restriction by the central bank, which it began hearing in-depth last week.
The hearing started with Ashim Sood, counsel for the Internet and Mobile Association of India (IAMAI), explaining to the court why banking support is necessary for businesses that deal in cryptocurrencies, Indian crypto news analysis platform Crypto Kanoon reported from the courtroom. Sood then argued against the legality of the RBI ban, citing the Banking Regulation Act and the RBI Act, emphasizing that the central bank did no research before issuing the ban. He further claimed that the RBI taking action for the sake of general consumer interest is beyond legality. According to Crypto Kanoon, the counsel asserted:
Banning or regulating something must be a legislative act, it is a power which cannot be exercised by way of delegation. A decision to ban or regulate should have come from the legislature instead of RBI.
Sood informed the court that, while the RBI does not see the need to define crypto assets, other countries’ regulators recognize three different kinds, citing a report by the UK’s Financial Conduct Authority, Crypto Kanoon continued to report. The counsel further explained that the RBI itself admitted that it does not have jurisdiction over the legality of cryptocurrency as it is neither a coin nor currency, adding that both the RBI Act and Payment Settlements Act do not apply to crypto assets.

During the hearing, the court asked whether the counsel is concerned solely with bitcoin or with all cryptocurrencies. When the counsel replied all cryptocurrencies in general, the judge said, “we want to understand all, give us in writing about all and how they are different,” Crypto Kanoon conveyed.
Armed with charts and extensive research, the counsel immediately explained the basics of cryptocurrency and distributed ledger technology to the judge, as well as the regulatory frameworks adopted by other countries including all of the G20 nations. New York’s crypto regulation was discussed in depth. The hearing ended with the court scheduling further arguments for Aug. 20.
The Hearing Began Last Week
The crypto case was originally scheduled to be heard by the supreme court on July 23 but was postponed. The court finally heard the case against the RBI ban in depth on Aug. 8, but the hearing of petitions relating to crypto regulation in India has been moved to January next year.

Jaideep Reddy, a lawyer at Nishith Desai Associates representing the IAMAI in its writ petition against the RBI ban, shared what happened in court last week with news.Bitcoin.com. “The counsel Mr. Ashim Sood, briefed by Nishith Desai Associates, started arguments on Thursday with an introduction of the issues and why the circular may not be valid under its parent statutes, including the RBI Act and the Banking Regulation Act,” he detailed, adding:
The judges showed an inclination to hear the issues in detail.
The RBI issued a circular in April last year banning financial institutions from providing services to crypto businesses. The ban went into effect three months later and banks subsequently closed accounts of crypto exchanges, forcing some of them to shut down, including Zebpay, Coindelta, Coinome, Koinex, and Cryptokart.
Crypto Regulation-Related Hearing Moved to Next Year
The supreme court was informed last week that the Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019 may be introduced when parliament is reconvened, a court document shows. The bill was drafted by an interministerial committee (IMC) tasked with studying all aspects of cryptocurrencies and providing recommendations. The committee submitted its report along with the draft bill on Feb. 28. Both were made public on July 22.
Upon learning of the government’s intention to introduce the bill, the court decided to postpone hearing the petitions concerning crypto regulation in India until the last week of January 2020.
The IMC report is currently being examined by relevant regulators, according to the Ministry of Finance. However, Finance Minister Nirmala Sitharaman recently said she has yet to spend time on the report but thought that, based on the presentation she saw, the report is “very futuristic and well-thought-out.” News.Bitcoin.com previously reported on the content of this bill.

The IMC was constituted on Nov. 2, 2017, under the chairmanship of former Secretary of the Department of Economic Affairs Subhash Chandra Garg. It has representation from the Ministry of Electronics and Information Technology, the RBI, the Securities and Exchange Board of India, and Central Board of Direct Taxes.
Flawed Report, Banning Not a Solution
The Indian crypto community strongly believes that the IMC report is flawed in many ways, including how cryptocurrency is defined. Since the report was made public, the community has been ramping up efforts to convince lawmakers of how flawed the recommendations are in hopes that they will introduce positive regulation instead of proceeding with the draft bill to ban cryptocurrencies. Stakeholders in the industry are reportedly meeting government officials nationwide for this purpose.

Many people in the Indian crypto community and industry associations say banning is not a solution. The Indian National Association of Software and Services Companies (Nasscom) recently stated that “A ban is more likely to deter only the legitimate operators as they have no intent to be non-compliant.” Nasscom President Debjani Ghosh emphasized: “We cannot close the door on new technologies. We need to learn, experiment and create the right regulatory frameworks to get the best out of these technologies. Banning is not the answer.”
RBI Finalizes Regulatory Sandbox
While skeptical of cryptocurrency, the central bank is open to blockchain technology, as seen in its final fintech regulatory sandbox framework published on Aug. 13. The draft of this framework was made public on April 18 and stakeholders were invited to offer their comments and feedback.

“A total of 381 para-wise comments/feedback from 69 stakeholders, including fintech entities, banks, multilateral agencies, industry associations, payment aggregators, audit & legal firms, government departments, individuals etc. on the various aspects of the framework, were received. The suggestions appearing in 17 newspaper reports were also considered,” the RBI revealed. “The comments/feedback were mainly on the sandbox objectives, eligibility criteria, fit and proper criteria for participants, list of exclusions, legal and regulatory waiver, consumer protection and transparency & disclosure.” The central bank claims that “The suggestions received have been examined and suitably incorporated in the framework.”
The framework lists various types of businesses, projects, and services that may not be accepted for testing. They include cryptocurrency; crypto asset services; trading, investing, and settling in crypto assets; initial coin offerings (ICOs); and any products or services which have been banned by the government of India. However, smart contracts and “applications under blockchain technologies” are among the products, services or technology which the RBI would consider for testing in its regulatory sandbox.
What do you think of the supreme court hearing today? Do you think the court will lift the RBI ban? 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 RBI’s Power Over Crypto Challenged at Length in Indian Supreme Court Today appeared first on Bitcoin News.
Bron : Bitcoin en toekomst van crypto

Elon Musk Supports Yang – But Does Andrew Yang Really Support Bitcoin?

There’s much talk about multi-billionaire innovator Elon Musk’s newly announced support for Democratic presidential candidate Andrew Yang. Yang, known as the Bitcoin-friendly choice for 2020, has a reputation for innovation with his unique stance on Universal Basic Income, emphatic blockchain talking points, and acceptance of crypto donations. But it remains to be seen if the leader of the “Yang Gang” will be a proponent of Bitcoin in the fullest sense of the word, or which of his fellow candidates might do it better.
Also Read: How Bridging Blockchains Unlocks Value and Unites Crypto Tribes
Crypto Candidates
Interestingly, Yang is not the only candidate that is at least a little interested in crypto. Fellow Democratic candidate Eric Swalwell’s campaign (Swalwell has since bowed out of the race) announced in May that it would accept donations in BTC, BCH, BSV, ETH, XLM, and stablecoin WSD. The first ever presidential candidate to accept Bitcoin donations was Rand Paul, back in 2015. Yang’s opponent for the Democratic nomination, Tulsi Gabbard, also appears to be invested, quite literally, listed on an official Financial Disclosure Report as having purchased Ethereum and Litecoin in 2017.
Presidential candidate Tulsi Gabbard invested in a couple of coins back in 2017.
Yang’s Position on Bitcoin
With Elon Musk’s recent tweet of support for the Yang gang and his Universal Basic Income (UBI) proposal, and many news outlets reporting that Musk is now supporting a pro-Bitcoin candidate, it makes sense to check out what he actually says. Yang states in a January interview with the Being Libertarian podcast:
I think there should be a national cryptocurrency. You could even put this social credit stuff on the blockchain.
The social credit system he references would potentially supplement the UBI proposal, which is to be funded by a new Value Added Tax (VAT). When pressed in the interview about the VAT raising prices, Yang maintained that prices are staying the same for most things – it’s services like healthcare where the real pinch is felt, according to the candidate. This is interesting considering the general trend of currency devaluation worldwide.
One of Yang’s proposals is a digital currency to reward social credit.
As for regulation, Yang’s current campaign policy statement maintains that “A national framework for regulating these [crypto] assets has failed to emerge, with several federal agencies claiming conflicting jurisdictions. At the same time, states have come up with a patchwork of varying regulations that make it difficult for the US cryptocurrency markets to compete with those in other jurisdictions, especially China and Europe.”
In a Facebook AMA session Yang elaborated that:
I’m a fan of the underlying technology around blockchain. It has a wealth of potential. I do think the entire cryptocurrency phenomenon has gone a bit ahead of itself … Blockchain has immense potential …It could help provide the foundation for the digital social currency that I’m very much for.

That Blockchain Buzzword
Some of Yang’s positions on crypto seem favorable to regulated development in the industry. For example, Yang wants to define “what a token is, and when it is a security,” in the interest of clearing up regulatory confusion. He aims to “Clarify the tax implications of owning, selling, and trading digital assets.” For those lost in a fog of threatening IRS letters with no clear guidelines yet issued, this would likely be a welcome change.
Ignoring outright crypto antagonists like Donald Trump for the moment, though, the thing that seems to give Yang his Bitcoin-friendly image is simply that he is talking about it at all. Most are silent, save the likes of self-funded maverick anti-politician John McAfee, running as a Libertarian, and a few select others.
Sadly, for the die-hard Satoshi Nakamotos of the world, merely echoing buzzwords like “blockchain” doesn’t mean a whole lot. Even former Federal Reserve Chairman Ben Bernanke does that, as well as the president of Bitcoin-restrictive China, Xi Jinping. Many sing the praises of blockchain without digging into the real utility of crypto. And this utility is for the smallest minority there is: the individual. As Satoshi himself wrote in the Bitcoin whitepaper: “A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.” No regulation there, save math.

Musk and Other Candidates’ Statements
With Yang’s positions fairly well enumerated, it stands to look at other candidates, and also Yang supporter Elon Musk (who tends to wax humorous and tongue-in-cheek when discussing crypto). Their stance on the topic might shed additional light on the Yang Gang’s bid to do something novel in 2020. Below are some short quotes and summarized positions.
Elon Musk: “I literally own zero cryptocurrency, apart from .25 BTC that a friend sent me many years ago” (February 2018). “Dogecoin might be my fav cryptocurrency” (April 2019).
Donald Trump (R): “I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air…” (July 2019).
John Delaney (D): “Chair Giancarlo’s speech at the DC Blockchain Summit sponsored by the Chamber of Digital Commerce highlights the need for tech-forward regulatory solutions. We want savvy leaders guiding the country on blockchain” (March 2019).
Tulsi Gabbard (D): (Potentially still holding crypto, but otherwise silent).
John McAfee (L): “We are creating a permissionless society” (September 2018). “Bitcoin is at the mid 10’s and people worry. LMFAO!! Why do you pay attention to weekly fluctuations? Look at the past few months FFS! It’s rising drastically. I’m still positive about my $1 mil BTC price by the end of 2020. Alt coins like MTC and Apollo will rise ten times more” (July 2019).
The above list – as paltry as it may seem – constitutes most of what is being openly spoken about crypto by current candidates. Save for McAfee, it’s mostly talk about blockchain, the “underlying technology” of cryptocurrencies, and the need for centralized regulations. While many news outlets are hyping Musk support for the pro-Bitcoin candidate, a more apt moniker may be the “pro-blockchain” candidate, whatever that may mean.
What are your thoughts about Andrew Yang’s position on Bitcoin? 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 Elon Musk Supports Yang – But Does Andrew Yang Really Support Bitcoin? appeared first on Bitcoin News.
Bron : Bitcoin en toekomst van crypto

EU Members Adopt Tougher Crypto Rules Than AML Directive Requires

Europe is gradually tightening the rules for the crypto space. A wave of new regulations are introducing stricter requirements for companies operating in the industry and cryptocurrency users are going to feel the difference in the coming months. The measures stem from the obligation of member states to transpose EU’s Fifth Anti-Money Laundering Directive (AMLD5) into national law by January. Unfortunately, they often go beyond what Brussels wants them to do.
Also read: Big Banks, Big Troubles: HSBC, Deutsche, Societe, and Citi Lay Off Thousands Worldwide
German Regulations Chase Out Crypto Companies Like Bitpay
Germany, the flagship of the European Union, is one of the first to make the changes. New anti-money laundering (AML) regulations entering into force next year will oblige digital asset exchanges as well as providers of crypto payment and custodian services to apply for licenses from the Federal Financial Supervisory Authority (Bafin). They have to do so by the end of 2019, as the new pan-European legislation is supposed to be implemented in January 2020.

Starting from next year, German financial authorities will consider digital coins a financial instrument. And while some welcome the regulatory clarity regarding the status of cryptocurrencies, others think many more aspects need clarification and even look at the new rules as an obstacle to normal business. Members of the local crypto community believe the government is actually hurting the German blockchain industry and sending crypto companies abroad.
A major industry player that evidently needs some time to think about the matter is Bitpay. The payment processor, which facilitates both crypto and fiat transactions, is not providing services to German customers anymore. About a week ago, the platform announced on its website that it doesn’t currently work with merchants or users based in the Federal Republic among countries such as Algeria, Bangladesh, Bolivia, Cambodia, Ecuador, Egypt, Indonesia, Iraq, Kyrgyzstan, Morocco, Nepal, and Vietnam.
The list of supported markets is regularly updated according to Bitpay’s evaluation and understanding of local laws. And the company says it engages with local authorities to fully understand the rules in order to retain compliance and offer businesses the opportunity to accept blockchain payments. But the fact that it has pulled out of Germany at this point, even if it’s only a temporary step, means that new German regulations are already making it harder for crypto companies to operate freely.
Some serious businesses, like the largest food delivery portal in Germany, Lieferando, have been offering bitcoin as a payment option to their customers through cooperation with Bitpay. Members of the country’s crypto community have been warning that the new rules are going to chase other companies out of Germany in search for a more favorable climate in different jurisdictions in Europe or elsewhere.
Prague Tightens Noose on Nascent Crypto Industry
The Bundesrepublik is not the only EU member state taking the road to much stricter standards for the crypto industry. According to reports by local media, the Czech Republic is now working on its own set of rules, further tightening the noose around cryptocurrency users. For example, failure to register with the national Trade Licensing Office will lead to massive fines for service providers in the space.

Again, these measures have been inspired by the latest European AML directive, but the country’s leading business daily wrote last week that they are going to be tougher than the requirements set forth by the EU. In an article on the subject, Hospodářské noviny recently pointed out that the new cryptocurrency regulations will increase oversight on a wider range of companies than mandated by Brussels, jeopardizing the competitiveness of the Czech crypto sector.
Estonia is another EU member that has been tuning its crypto regulations in recent months. The tiny Baltic nation was one of the first on the continent to create favorable conditions for businesses dealing with digital assets and attracted many of them to its jurisdiction. Towards the end of last year, however, regulators in Tallinn took steps to tighten the existing licensing regime. As a result, it’s going to take longer and it will be harder in the future to acquire an Estonian license.
This spring, the finance ministry presented amendments to the country’s anti-money laundering and counterterrorist financing legislation. One of the changes requires Estonian companies to keep their headquarters in the country and entities incorporated abroad now have to maintain a permanent office in the republic. Estonia adopted its Money Laundering and Terrorist Financing Prevention Act in 2017 to transpose the provisions of the Fourth Anti-Money Laundering Directive.
France Introduces Optional Licensing
Other European nations have also taken crypto regulation seriously. Earlier this year, France announced intentions to publish updated rules for the crypto industry. In April, the government in Paris adopted a bill creating the legal framework for service providers in the space and projects conducting initial coin offerings. The law introduces mandatory registration with the French Financial Markets Authority (AMF) for providers of crypto custodian services as well as optional licensing for all service providers including cryptocurrency brokers, dealers and exchange operators.

About the same time, Finland enacted its law regulating crypto service providers like trading platforms, wallet providers and issuers of digital coins. The Act on Virtual Currency Providers entered into force on May 1 after it was approved by the country’s president. The Financial Supervisory Authority (FSA) was tasked with registering and supervising entities that fall into these categories. The new legislation and the introduction of other regulations by the FSA led to changes in the customer verification procedures applied by the peer-to-peer crypto exchange Localbitcoins.
Holland Abolishes Licensing Requirement
Obliging crypto companies to apply for licenses issued by regulators is a step too far and the case with the Dutch AMLD5 legislation demonstrates that. In early July, the Netherlands’ finance minister filed a bill in parliament implementing the directive and amending his country’s Money Laundering and Terrorist Financing Prevention Act. The draft envisaged the introduction of a licensing regime for crypto exchanges and wallet providers.
However, the unnecessary provision regarding licensing was met with a negative reaction from the Dutch Council of State, a body that advises Holland’s parliament on draft legislation prepared by the executive power and provides assessment of bills in terms of compliance with EU law. According to the council, AMLD5 does not offer a choice between licensing and registration, hence the minister’s proposal is not in line with the directive.
In its considerations, the legal portal Lexology reported, the Council of State also notes that the advice of the Dutch Central Bank (DNB) and the Financial Markets Authority (AFM) to introduce a licensing system in order to improve the effectiveness of oversight does not mean such a measure is proportionate, given the burden it imposes on service providers. As a result, the licensing requirement was abolished in the latest version of the law submitted to the Dutch parliament. There’s only a registration requirement, which is in line with EU’s directive and the Council of State’s suggestion.
AMLD5 Must Be Transposed Into National Law by January
The Fifth Anti-Money Laundering Directive was adopted by the Council of the European Union in May 2018 and published in the official journal of the EU on June 19 last year. AMLD5 modifies AMLD4, which was released in 2015. The revision was proposed in the summer of 2016 as part of the European Commission’s Action Plan against terrorism prepared after the terrorist attacks in Paris and Brussels and the Panama Papers scandal.

AMLD5 entered into force on July 9, 2018 and EU member states are obliged to transpose it into their legislation by Jan. 20, 2020. One of its key goals is to extend the scope of anti-money laundering laws to cover crypto exchange platforms and wallet providers. It also contains provisions regarding know your customer (KYC) rules and procedures. The implementation of the new directive is mandatory for EU countries.
In many cases, national laws transposing AMLD5 introduce regulations that are tougher than the directive requires, limiting services that have so far been readily available to the crypto community in Europe. Platforms such as Local.Bitcoin.com offer cryptocurrency users a marketplace where they are free to trade bitcoin cash (BCH) on a peer-to-peer basis and in a secure manner, without the need for KYC.
Why do you think regulators and authorities in EU member states adopt stricter measures than required by the Fifth Anti-Money Laundering Directive? Share your thoughts on the subject in the comments section below.
Images courtesy of Shutterstock.
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 EU Members Adopt Tougher Crypto Rules Than AML Directive Requires appeared first on Bitcoin News.
Bron : Bitcoin en toekomst van crypto

Market Outlook: Bitcoin Cash Spikes While Economic Fears Spread Worldwide

On Tuesday, August 13, most digital currency prices have dropped in value between 2-5% while crypto trade volumes globally have fallen to $46 billion in the last 48 hours. Despite the downturns across the board, bitcoin cash (BCH) is holding steady, up 2% today and now commanding the fourth largest market valuation.
Also read: Twitter Crypto Scammers Continue to Fly Under the Company’s Radar
The Top Digital Currency Markets
Most crypto markets are in the red today as many popular digital assets have lost a few points over the last day. At the time of writing, the overall market capitalization is roughly $286 billion. BTC prices are down a touch over 3% this Tuesday as each BTC is trading for $10,984. BTC does capture 68% of the $286 billion with a market valuation of $196 billion this week. The cryptocurrency is down 6.6% over the last seven days and has about $15.1 billion in global trading volume.
Did you know you can purchase digital currencies from our trusted platform as well as in-person using our noncustodial, peer-to-peer marketplace?
Behind BTC is ETH which has dropped more than 3% today as each ETH is swapping for $205. Ethereum markets have a valuation of about $22 billion in total and there’s roughly $5.6 billion in ETH trades worldwide. Ripple (XRP) has been extremely boring but dropped from $0.32 to $0.29, losing 2% in the last 24 hours. Lastly, litecoin (LTC) has seen the worst of the declines this week, losing more than 10.9%. Each LTC is swapping for $84 per coin and markets are down 2.5% on August 13.
Bitcoin Cash Fundamentals Look Bullish
Bitcoin cash (BCH) markets are leading the top 10 crypto pack as BCH has gained 2.17% in the last 24 hours. BCH is trading for $337 per coin and the cryptocurrency’s market capitalization today is roughly $6 billion. There’s 1.27 billion in global BCH trades and bitcoin cash currently holds the sixth largest trade volume. The top pair traded with bitcoin cash is tether (USDT) which has around 48.7% of all BCH trades today.

This is followed by BTC (32%), USD (9.4%), ETH (6.4%), and KRW (2%). The exchanges swapping the most BCH include Coinbene, Huobi Pro, Huobi Korea, Huobi Japan, and the trading platform EXX. Many traders have noticed that BCH has outperformed a bunch of other digital assets this past week, spiking more than 10% on Sunday. The well known digital currency trader Don Alt explained that bitcoin cash may see a price run-up soon. On August 11, Don Alt tweeted:
[Bitcoin Cash] is one of the charts with the most potential out there right now. Looks as if it wants to pull a BTC like run soon. As long as it can close through resistance (0.035) I’ll suspect BCH is going to retest blue (0.075) which would be + 150% from here.
Don Alt’s BCH/USD analysis chart.
Goldman Charts Indicate a BTC/USD Rally Toward $14K
A series of BTC/USD chart slides stemming from Goldman Sachs suggest that the current BTC price dip could be a buying opportunity for investors. The slides were created for institutional clientele and implied there was a possibility BTC could touch $13,971 per coin. “Any such retracement from $12,916-$13,971 should be viewed as an opportunity to buy on weakness as long as it doesn’t retrace further than the $9,084 low,” one slide details. The Goldman Sachs analyst used an Elliott Wave analysis, a tool that attempts to locate market cycles and trends in wave patterns. However, critics of the Elliott Wave principle believe the chart research is too broad and vague due to the fact that it’s very difficult to recognize the start and end of each wave.
Chart slides stemming from a Goldman Sachs investors report.
SEC Postpones Three Exchange Traded Funds
The BTC/USD price started fumbling after the U.S. Securities and Exchange Commission (SEC) delayed the Vaneck Solidx Bitcoin Trust, Wilshire Phoenix, and the Bitwise Bitcoin ETF Trust. Almost immediately after the announcement from the U.S. regulator, BTC/USD prices dipped from a high of $11,560 to $11,350 on Monday. Reports reveal that the Wilshire Phoenix proposal decision may come on September 29, while the Vaneck Solidx Bitcoin Trust could be made in mid-October.
The U.S. Securities and Exchange Commission (SEC) delayed three Bitcoin ETFs.
The regulator has delayed Bitcoin exchange-traded funds (ETF) for years starting with the Bitcoin ETF backed by the Winklevoss twins. Speaking during the Bakkt Digital Asset Conference, SEC commissioner Hester Peirce told the crowd that regulators are stiff against the crypto industry because regulators are the ones who get the blame when things go wrong. “It is very natural for regulators to be conservative because if we make a mistake then people are going to blame us and I know if people lose money, they always blame the regulator,” Peirce told the crowd.
Crypto Price Downturn Could Last Much Longer
According to the popular trader Cryptowolf, if the current BTC/USD price follows historical data the current correction could continue. BTC prices have failed to break the upper resistance above the $12K region over the last two weeks. Cryptowolf says the current correction will only last six and a half weeks if prices follow historical data. “One of the reasons I don’t expect a new high anytime soon in bitcoin is the lack of time in this correction,” the trader remarked on Sunday. “History has proven that every reversal rally was then followed by a correction of 189 – 203 days before breaking its previous high — Currently at only 45 days correction.” If the analyst’s timeframe correlates with prior prices, it started beyond the $12K rejections this month as BTC/USD stopped short just before the $14K zone at the end of June.
Cryptowolf’s chart.
Trade Wars, Faltering Debt and Hyperinflation Could Pose Systemic Risk to the Global Economy
Overall digital currency prices are still holding strong as the world’s economic woes continue to grow. Fears of a deep recession have started to look certain as particular regions pose a systemic risk to the global economy. There’s anxiety over a no-deal Brexit between the U.K. and the Eurozone as well as a chance that Italy could abandon the monetary system.
Hong Kong airport on August 12, 2019.
Economists are finding that Hong Kong is not only suffering from the U.S.-China trade war, but the protests are disrupting the country’s businesses as well. On August 12, the country’s most popular airport suspended all flights because protestors brought the international travel hub to a standstill. The airport in Hong Kong is one of the busiest worldwide with more than 1,100 daily flights. Reports detail that over 700 protestors have been arrested for “taking part in a riot” and unlawful assembly.
Gold and cryptocurrencies have reaped the benefits of a gloomy global economy. On Tuesday, August 13, gold spot prices remain above $1,500 an ounce.
Meanwhile, all eyes are on the German economy this week where economists and data reveal a looming recession. Data expected this week will show how the country’s economy performed during the first two quarters of 2019. Additionally, while the world was focused on the 10,000,000% inflation rate in Venezuela, people are now watching the economic chaos in Argentina. With all of the global fears growing, larger spot gold prices have touched all-time highs above $1,500 per ounce. Despite the 45-day long correction, with the global economy in disarray, cryptocurrency market prices remain strong.
Where do you see the cryptocurrency markets heading from here? Let us know what you think about this subject in the comments section below.
Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.” Cryptocurrency and gold prices referenced in this article were recorded at 12 p.m. EST on Tuesday, August 13, 2019.
Images via Shutterstock, Trading View, Bitcoin.com Markets, Getty, Goldprice.org, Wiki Commons, and Pixabay.
Want to create your own secure cold storage paper wallet? Check our tools section. You can also enjoy the easiest way to buy Bitcoin online with us. Download your free Bitcoin wallet and head to our Purchase Bitcoin page where you can buy BCH and BTC securely.
The post Market Outlook: Bitcoin Cash Spikes While Economic Fears Spread Worldwide appeared first on Bitcoin News.
Bron : Bitcoin en toekomst van crypto

PR: Decentralized Recurring Crypto Payments System Launched by Monarch Blockchain

Online service providers like Netflix and Hulu can now accept crypto for memberships and subscription services through an easy-to-integrate decentralized payment solution
BLOCKCHAIN FUTURIST CONFERENCE — TORONTO — Aug 13, 2019 — Monarch, the decentralized wallet and suite of crypto services, has launched the first decentralized recurring payments system Until now, there’s been no way to automatically pay merchants in crypto on a recurring basis due to the limits of blockchain-based transactions. To solve this, Monarch developed a patent-pending permission-based smart contract system that pays one wallet address the same amount of cryptocurrency on a daily, weekly, monthly, yearly or other recurring bases. This smart contract allows any merchant to start accepting recurring payments, and any user to start paying onboarded merchants with the supported cryptocurrencies.
Not only will businesses be able to create recurring subscription-based plans using the Monarch payment solution, but businesses and merchants will now also be able to create custom product and service payment plans. The applications for these custom payment plans are many, to include even creating 3, 6, 9, or 12-month payoff plans for higher ticket items and more. Businesses have full control over creating the exact type of contract, specific to their needs, and will be able to offer it to their customers in just minutes after the initial set up.
“Monarch believes in the free market and giving people more control and freedom over their financial lives. Because of this, we wanted to commemorate the launch of the world’s first Decentralized Recurring Cryptocurrency Payments Platform by honoring a person without whom Bitcoin and Cryptocurrency wouldn’t be what it is today: Ross Ulbricht,” said Robert Beadles, President of Monarch. “For less than the cost of a latte, people can now use aid Ross in the fight for his life using MonarchPay’s recurring payments to donate to the Free Ross Fund at freeross.org/donate”.
Coinbase and PumaPay made headlines by offering the first cryptocurrency subscriptions; however, they are both centralized. Centralized cryptocurrency payment systems don’t allow users to hold their own private keys and seed, leaving their personal data vulnerable and exposed. Monarch’s smart contract for crypto recurring payments is fully decentralized — an industry first — and allows users to make recurring crypto payments to subscription services, pay for products and services through custom payment plans and more, all while maintaining their own private keys and seed.
Here’s how it works: Merchants can sign up to accept recurring crypto payments using https://monarchpay.com/. On the consumer side, similarly, users set up their smart contract supported wallet to send recurring payments to their selected merchants. The system is decentralized, so any merchant can accept recurring payments without formally partnering with Monarch. Furthermore, Monarch’s recurring payments are Ethereum-based. The smart contract currently supports Ethereum, ERC20 stable tokens like TUSD and DAI to limit volatility, and soon any ERC20 token.
“Our continued focus is to provide services that make it easy for any merchant or consumer to start using crypto seamlessly throughout their everyday lives,” said Robert Beadles, President of Monarch. “98 percent of businesses are small businesses in the US alone. This simple utility allows them all to start using and receiving crypto today with MetaMask for recurring services. Why Metamask? We wanted to make this as available as possible to people without changing what they are used to. We’ll add this to the Monarch Wallet within the next few months, and will add support for Badger wallet as well. For now, anyone with a desktop computer and MetaMask can use it.”
The Monarch Wallet supports more than 3,000 cryptocurrencies, with functionality across iOS, Android, desktop, and Mac OS. Since launching in 2018, Monarch has become a one-stop-shop for more than 300,000 users, bringing together the best blockchain services under one application for consumers, merchants, and partners. Monarch eliminates the need for multiple applications and improves security with a single wallet, delivering every service needed to buy, sell, trade, and manage digital assets.
The company recently concluded its Token Generation Event, raising more than $2 million to help fund further development of the Monarch Wallet, MonarchPay, and a suite of other blockchain services. Monarch’s extensive network of partners includes a recent agreement with Ambisafe to release an Alternative Trading System (ATS) that will allow for investment in tokenized entities (Pending FINRA & SEC Approval). Headlining the offerings in the Monarch/Ambisafe ATS will be a pre-IPO token for SpaceX. Earlier this year, Monarch partnered with Celsius to allow wallet users to earn up to 8.1 percent APR on their crypto.
Monarch is advised by Roger Ver, Bitcoin Foundation Founder and Bitcoin.com Executive Chairman; Eric Ly, Co-Founder of LinkedIn; David Zimbeck, lead developer at BitBay and creator of the first smart contracts; Damon Nam, Founder of CoinVest, and many of the most influential names in the blockchain industry. Monarch has acquired a broker-dealer license and is awaiting SEC and FINRA approval.
Monarch offers mobile and desktop apps, a decentralized wallet and exchange, a portfolio tracker, and universal KYC integration. Monarch supports more than 3,000 cryptocurrencies. It allows qualified users to buy cryptocurrency with a bank or credit card, earn up to 8.1% APR interest on select cryptocurrency holdings, and switch between hot and cold wallets, all while maintaining their own private keys and seed.
Contact Email AddressBeadles@monarchtoken.io
Supporting Linkhttps://monarchtoken.io/#download
The post PR: Decentralized Recurring Crypto Payments System Launched by Monarch Blockchain appeared first on Bitcoin News.
Bron : Bitcoin en toekomst van crypto

Big Banks Enabled Jeffrey Epstein’s Sex Trafficking Crimes

Unlike the unfounded narrative that cryptocurrency enables crime, big banks are more than happy to serve unsavory clients if it is lucrative enough for them. The latest example of this is a report that Jeffrey Epstein was apparently using his bank accounts to fund sex trafficking and possibly other crimes.
Also Read: Deutsche Bank Collapse Could Crash Global Financial Markets
Follow the Money
The reported death of the Wall Street financier and convicted sex offender Jeffrey Epstein on Saturday morning in a Manhattan prison cell has left a lot of questions. Among these is how exactly he funded his criminal activities, which included sex trafficking of minors to be used by the rich and powerful. One matter that is not a mystery is how Epstein funded his perversions: he used the traditional fiat banking system, with all its extensive KYC and AML regulations.
The alleged suicide of Epstein shouldn’t stop the “Legions of lawyers, bankers and accountants” that have been digging into his financial affairs in recent weeks claims the New York Times. These include officials conducting internal reviews at the two big banks that worked with him for years, JP Morgan Chase and Deutsche Bank. The employees at both of these financial institutions have reportedly been going over their books in a long overdue attempt to understand how they got into business with the convicted criminal and what exactly he was using their banking services for. A person who was briefed on Deutsche Bank’s internal review reportedly said “it appeared that Mr. Epstein was using his accounts for sex trafficking and possibly other illegal activity.”
Deutsche Bank headquarters on Wall Street in Lower Manhattan, New York
Further, according to the report, compliance officers and other employees at both JP Morgan Chase and Deutsche Bank had strongly advised their higher-ups to stop doing business with Epstein years before his accounts were finally closed. This was suggested not due to the unpalatable nature of his businesses, but due to the risks associated with him such as hurting the bank’s brand and upsetting regulators. However, former employees at both banks said that “managers and executives rejected that advice and kept doing business with the lucrative client.”
Deutsche Bank Only Recently Closed Epstein’s Accounts
Jeffrey Epstein pleaded guilty and was convicted in court of law of both soliciting a prostitute and of procuring a minor for prostitution back in 2008. He served 13 months in custody with work release, as part of a plea deal, where federal prosecutes had identified 36 girls as young as 14 years old who had been victimized. His case was very hard to miss due to the fact that his name was tied to some of the most famous and powerful people in the world such as Donald Trump, former U.S. President Bill Clinton, the U.K.’s Prince Andrew, former Israeli Prime Minister Ehud Barak, and disgraced Hollywood star Kevin Spacey.
Despite all of this, it isn’t too hard to see why the higher-ups at the big banks didn’t want to let go of his business. While not much is known about the source of his money, Epstein definitely had a lot of it moving around. Among his confirmed assets is a private island in the U.S. Virgin Islands, a Manhattan mansion worth over $77 million, a Palm Beach estate worth over $12 million, additional real-estate properties in New Mexico and Paris, a private jet airplane and no less than 15 cars. Considering this, it isn’t that surprising that Deutsche Bank only cut its ties to Epstein when prosecutors were set to charge him again with operating a sex-trafficking ring of underage girls in June of this year.
A Chase Bank in Manhattan, New York
JP Morgan Chase worked with Epstein from the late 1990s until 2013 and Deutsche Bank served him from 2013 until June 2019. The latter bank has reportedly already started giving his complete transaction history to investigators while the former awaits receiving similar demands for his financial data from U.S. authorities.
In a statement on Saturday after the alleged suicide, Manhattan U.S. Attorney Geoffrey S. Berman expressed his commitment to the victims to keep the investigation ongoing, despite the demise of the defendant. This means that the public will hopefully get a detailed examination into the criminal banking activities of Epstein in due course.
Big Banks Have a Long History of Enabling Crime
Governments, central banks and international financial institutions have all been pushing a largely unfounded narrative in recent years that cryptocurrencies enable illicit activity. Parroted by the mainstream media, it was used as justification to crack down on exchanges and other crypto service providers with demands for less user privacy or outright bans. In contrast, the established banking system has a long and proven track record of enabling all sorts of crimes, despite its burdensome compliance requirements, and yet erring institutions receive nothing more than a fine equal to a slap on the wrist.
The recent seizure of a cargo ship owned by JP Morgan, which was loaded with 20 tons of cocaine, highlight the involvement of the big banks, albeit unwittingly in this instance, in such activities. Money laundering for drug cartels as well as moving funds for terrorists, arms dealers and dictatorial regimes are among the many misdeeds the banks have been caught red-handed abetting over the years.
What do you think about the big banks that reportedly enabled Jeffrey Epstein to fund his sex trafficking crimes? 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 Big Banks Enabled Jeffrey Epstein’s Sex Trafficking Crimes appeared first on Bitcoin News.
Bron : Bitcoin en toekomst van crypto

Twitter Crypto Scammers Continue to Fly Under the Company’s Radar 

Over the last two years, cryptocurrency scamming on social media has been prevalent. In January 2019, it was reported that crypto impersonation scams on Twitter raked in millions in cryptocurrencies from people pretending to be well known blockchain personalities. Now a new form of deception can be seen on the platform, as scammers are using photoshopped pictures of tech personalities and businesses like Coinbase to further another crypto con game.
Also read: Crypto Impersonation Scammers on Social Media Raked in Millions in 2018
There’s a New Crypto Scam on Twitter
There’s a new swindle on crypto Twitter where scammers are sharing screenshots of well known cryptocurrency and tech luminaries promoting supposed BTC giveaways. Typically these fraudsters will use a very popular post with hundreds or thousands of likes and type the phrase “Great News.” Underneath the user’s text is a photoshopped picture of an announcement from Coinbase saying that it’s offering a BTC giveaway. The tweets are a blatant scam in order to con a person into believing they can “double” their coins. For instance, on August 12, Morgan Creek cofounder Anthony “Pomp” Pompliano tweeted his usual weekly investors’ letter where people can sign up and get regular emails from Pomp. Just below Pomp’s tweet is a Twitter account called “Adam[BTC/HODL]” who states: “Thanks Coinbase I just received 1.90680 BTC — Anyone can join, not much left.” Below that statement is a photoshopped picture of a faked Coinbase account stating:
To celebrate 50 million users, we decided to host a 5,000 BTC giveaway event — You can use any wallet or exchange to participate. Visit our promotion site — If you are late, your BTC will be sent back, thank you for your support, Coinbase team.

Below the tweet, another scam Twitter account adds to the con game by saying they got some coins from the giveaway. “OMG — Just got 2 BTC, thanks for sharing this,” the user “Sierra” exclaims while 59 people have liked her tweet. Another fake account dubbed “Charrlees Hooskiinson” can be seen tweeting the same scam in a real Twitter thread started by Cardano’s Charles Hoskinson. The picture shared, in this case, is a photo of a phony Elon Musk account which says: “Our marketing department here at Tesla HQ came up with an idea — to hold a special BTC and ETH giveaway event for all the crypto fans out there.” Just like the bogus Coinbase account picture, the fake Musk account shows a website to visit where people can allegedly double their coins.
These tweets can be seen on hundreds of popular crypto Twitter threads.
Impersonating Prominent Crypto and Tech Influencers and a Phony Block Explorer
While investigating the first fraudulent website tied to these scams, visitors can see a Coinbase logo and a message geared toward new guests. The site says that if a person sends 0.1 to 10 BTC to the address they will receive a whopping 1-100 BTC in return. Below that is a BTC address the person can send funds to, which has also changed regularly since news.Bitcoin.com started this investigation.
The address provided by the phony Twitter accounts today is empty but the fake explorer on scam website shows transactions. Did you know you can verify any BTC or BCH transaction with our Bitcoin Block Explorer tool? Anyone, at any time can simply complete an address search to view it on the BCH or BTC blockchain.
The current address displayed on the scam giveaway site today has zero BTC and no transactions tied to the address have ever been recorded. But the website’s visitors get a different look as there’s a dummy block explorer shown on the website aiming to bolster the claim that people are really doubling their money. Watching the fake explorer shows someone just deposited 8 BTC and got 88 BTC sent back to the original address, but on a real block explorer, these transactions don’t exist.
The scam Twitter posts have a phony photo with a URL address that leads people to a fake Coinbase ‘doubler’ site.
Elon Musk, the founder of Tesla, is also targeted in the fraudulent Twitter act as photoshopped pictures show another BTC doubling scam. The con is done in the same way as the Coinbase example. Some random Twitter account shares a fake picture and underneath another phony account someone says they were just awarded a couple of BTC. The website in the photo leads to a fake Tesla page too that is almost exactly the same as the Coinbase version, but it’s red with a Tesla logo. Just like the last one, there’s another deceptive block explorer showing fictitious BTC transactions. There’s also a progress bar showing how much BTC is left in the so-called doubling pot and the longer you stay on the website it makes it seem like you’re missing out on a lot of BTC.
The fake block explorer shown on the web page.
Twitter Scammers Continue to Make Millions of Dollars From Crypto Newbs
It’s uncertain whether Twitter is aware of the latest scam revolving around the crypto Twitter space. Last year, researchers uncovered empirical data which confirmed 15,000 cryptocurrency scam accounts were strewn across the Twittersphere. In February, social media cryptocurrency community member impersonators were making $5,000 a day in ethereum on Twitter. One particular person sent $18,000 to a fake Erik Voorhees account. In March 2018, the well known crypto influencer Emin Gun Sirer told Twitter owner Jack Dorsey that the scams were getting out of hand, adding that if he “can’t detect this kind of brazen scam, what hope do you have of improving your platform?” Dorsey did respond to Sirer’s post that day and said: “We are on it.”

But the scam tweets have continued relentlessly and people are still complaining to Twitter every day about this obvious con. “People do not tweet out that they are giving away money for free — That is a complete scam — The old saying is true ‘if it seems too good to be true it probably is.’ There is a Bill Pulte investor in the cryptocurrency space that is promising to give away money — Twitter needs to investigate,” one person wrote on Monday. Another person tweeted: “This person has been creating accounts all over Twitter, trying to scam people out of crypto. Accounts keep cropping up replying to tweets from prominent people in the community — It’s a scam.” By the look of some of crypto Twitter’s most popular posts today, it seems the company still hasn’t received the message.
What do you think of the latest crypto Twitter scammers who use photoshopped pictures to promote their con game? Let us know what you think about this subject in the comments section below.
Disclaimer: Readers should do their own due diligence concerning the aforementioned scams and websites. 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, company, software or any activities mentioned in this article. This editorial review is for informational purposes only.
Image credits: Shutterstock, Pixabay, Twitter, and screenshots taken by Jamie Redman.
Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry.
The post Twitter Crypto Scammers Continue to Fly Under the Company’s Radar  appeared first on Bitcoin News.
Bron : Bitcoin en toekomst van crypto

How Bridging Blockchains Unlocks Value and Unites Crypto Tribes

Interoperability is a multisyllabic word for a multi-faceted problem. How do you get blockchains to communicate with one another? Until recently, there’s been no easy way to achieve this, leaving assets isolated and smart contract-powered dapps siloed on their respective protocols. Before crypto assets can take over the world, first they need to escape the valley where they originated, a task which calls for building bridges.
Also read: Bitcoin Mining Industry’s Exponential Growth Just Won’t Stop
The Quest to Connect Crypto Networks
The cryptosphere is often described as being tribalistic on account of its factions’ skepticism of opposing altcoiners, whose ideology differs from theirs. Tribalism doesn’t just apply to crypto culture however: it’s also deeply woven into the architecture of the blockchain protocols themselves. Early civilizations were quite literally tribalistic due to the geographical difficulties of making it into the next valley, where strangers dwelled. Until recently, it was the same with crypto networks: litecoin could only exist on Litecoin, dash on Dash, while bitcoin cash and bitcoin core were destined to remain forever opposed, despite their shared history.

Siloed crypto networks are no better than the incompatible rails that define the traditional financial system, resulting in slow international transfers and high fees imposed by the monopolies that control them. If crypto assets are to deliver financial inclusion for the many, not just the few, someone needs to build the bridges and connect the valleys where the various tribes reside. This calls for complex architecture that can facilitate the cross-chain transfer of assets and enable networks to share resources. Despite the magnitude of the task, significant headway has been made in getting blockchains to “talk” to one another.
Building Bridges With Blockchains
Liquid Link typifies the sort of projects that are currently making inroads in interoperability. Created by Liquidapps, it comprises a framework that enables dapps to be launched on Ethereum and EOS simultaneously, without suffering the usual trade-offs in speed and scalability. Developers have traditionally had to pick one crypto network on which to build, and then persevere with it, come what may. Blockchain migration, while not uncommon, is costly and time-intensive exercise. Through bridging smart contract networks, developers can enjoy the benefits that each protocol has to offer, while retaining the freedom to switch.

Liquid Link CEO Beni Hakak is a major critic of “blockchain maximalism” and has written at length about the need for crypto communities to overcome their petty differences, noting:
Supporters and users of crypto networks have a vested financial interest in the success of their chain, further magnifying tendencies to stigmatize and ridicule ‘outsiders’ of a competing chain.
He envisages a brighter future in which “The capacity to move value seamlessly across all blockchains will enable each one to focus on their core competency.” Although that vision has yet to be realized, there are signs, at least, of cross-chain concord. The more vocal factions in the BTC and BCH camps don’t see eye-to-eye on much, but that hasn’t prevented Sideshift’s Andreas Brekken from creating “BTC2,” an SLP token that operates on the BCH network, allowing people to transact in BTC while enjoying the low fees of Bitcoin Cash. For developers seeking to create similar applications for unlocking value on the BCH network, Bitcoin.com’s developer portal contains a wealth of tools and tutorials.
Wrapped Assets Are the Prelude to Greater Interoperability
Just because two cryptocurrencies reside on incompatible blockchains doesn’t mean the value they represent can’t be traded on opposing chains. In addition to Shideshift’s wrapping of BTC on BCH, wrapped bitcoin (WBTC) can be traded on Ethereum, with the BTC held in escrow. Binance has also got in on the act, introducing BTCB as a BEP2 token that’s tradable on Binance Chain. The trouble these solutions face is that they require a third party to custody the coins in order for their synthetic equivalent to be made tradable on the foreign chain.

The decentralized alternative to this is the atomic swap, in which the coins on each chain are locked, and a smart contract handles the exchange. Despite having been around since 2017, atomic swaps have fallen out of favor due to the slowness, complexity, and inability to perform high frequency, high volume swaps. The Lightning Network uses similar technology known as Hash Time Locked Contracts, but until such a time as LN moves out of its interminable test phase, real world usage of atomic swaps, and variants thereof, will remain marginal. Facilitating seamless cross-chain transfer of assets calls for the creation of components that can connect blockchain protocols, allowing them to communicate freely.
The Interoperability Projects Intent on Helping Blockchains ‘Escape the Valley’
Cosmos is described as an “internet of blockchains” that aims to unite disparate chains through its Interblockchain Communication (IBC) messaging protocol which works a bit like TCP/IP on the web. This “allows heterogeneous blockchains to transfer tokens and data to each other, meaning that blockchains with different applications and validator sets are interoperable.” With Cosmos, for example, tokens and other assets can be transferred between public and private blockchains.
Wanchain is an aptly named interoperability project, “wan” meaning “one” in Scots. Its developers aim to create one chain to connect them all, enabling different ledgers to communicate and exchange value, forming a distributed bank. So far, cross-chain transfer of BTC and ETH assets, including ERC20 tokens, has been achieved, enabling Ethereum dapps to access BTC, for instance.

Polkadot’s whitepaper is grandly titled “Vision for a heterogeneous multi-chain framework.” Heterogeneous is a term that crops up a lot in the esoteric world of blockchain interoperability and simply refers to the unification of two things that are intrinsically different, like water and oil, or Bitcoin and Ethereum. Any type of blockchain data or asset can be transferred using Polkadot’s series of relay chains, parachains, and bridges. Once it launches later this year, BTC, ETH, ZEC, and other leading crypto networks will be united.
The lack of adoption and completion of these interoperability solutions to date attests to the magnitude of the challenge being undertaken. However, just as it seems inevitable that all assets will eventually be represented and traded digitally (in the words of Pomp, it “could take 5 years or 50, but it is no longer a question of if, but when”), it seems certain that in the future all major crypto networks will be interoperable. Whether uniting the chains serves to unite their opposing factions, however, remains to be seen.
Which blockchain interoperability project do you think is likeliest to succeed? Let us know in the comments section below.
Images courtesy of Shutterstock and Polkadot.
Are you a developer looking to build on Bitcoin Cash? Head over to our Bitcoin Developer page where you can get Bitcoin Cash developer guides and start using the Bitbox, SLP, and Badger Wallet SDKs.
The post How Bridging Blockchains Unlocks Value and Unites Crypto Tribes appeared first on Bitcoin News.
Bron : Bitcoin en toekomst van crypto

Normalizing Negative Interest: It’s Flabbergasting How Closely Media Parrots the Government

Negative interest rates have been making big headlines lately, as several countries and big banks are now experimenting with the unorthodox monetary policy. While typically viewed as a last-ditch effort to shock some life back into struggling economies, these policies are getting a shiny new spin thanks to mainstream media outlets promoting government talking points and agendas. Instead of facing the ominous problems of inflation and devaluation of money, now there’s a new solution: normalize the negative, and sweep the consequences under the rug.
Also Read: Owning Fiat Just Got More Expensive – NIRP Strikes Again
Normalizing Catastrophe
Recently, news.Bitcoin.com reported on the current state of affairs globally in regard to negative interest rate policy (NIRP). More than ever, banks and national policymakers are experimenting with unorthodox cuts to interest rates, resulting in things like negative rate 10-year mortgage deals in Denmark, negative yielding bonds, bank closures and consolidations in Japan, and depositors being forced to move their money into alternative means of savings such as fiduciary call deposits. The problem is plaguing banks even in traditionally strong countries like Germany.
If quantitative easing is a hail mary attempt at stimulating a chilled economy, one might wonder why so many now view its long-term implementations as desirable. Former COO of Goldman Sachs, and former chief economic advisor to Donald Trump, Gary Cohn’s well-known quote comes to mind:
We’re in a currency war. One of the easier ways to stimulate your economy is to weaken your currency.
To most in America and elsewhere, strong money is a good thing. It encourages saving, and gives the consumer more purchasing power. To governments, however, who depend on credit, savings can be a threat. A population of hard-working savers means that politicians and bureaucrats are not getting their desired cut of the value being held, and are unable to spend for those things they deem necessary.
Further, deflation can be a natural signal that a market readjustment is needed to solve real value debt — not a call for the synthetic, centralized creation of more of the same. Now, even respected business publications like Forbes and Bloomberg are jumping on the NIRP bandwagon, and publishing articles attempting to normalize the devaluation of money.

Bloomberg and Forbes See the Silver Lining
In an article published on August 8 in Bloomberg Businessweek entitled “The Non-Weirdness of Negative Interest Rates,” the author states:
Savers in Europe are having to pay to store their wealth. That’s not so crazy when saving is all too plentiful.
The piece goes on to detail how folks have to pay to store anything, and don’t mind paying a fee for a safe deposit box, so why should they complain when they’re charged to store cash? Individuals in NIRP countries and banking at NIRP banks should simply go along for the ride, for the greater good of the economy, and stop grumbling.
Ignoring that saving or spending is solely the prerogative of the individual value holder, and not an opinionated third party writing for a news publication, an even bigger error seems to be made. The author is correct in saying that negative rates are not weird, but for all the wrong reasons.
NIRP is to be expected in societies whose economies are being blasted by the devaluation inherent to Keynesian economics. Using a simple inflation calculator, one can verify the global trend for themselves. For example, $100 in 1956 would be worth $937.44 in 2019. 100 Japanese yen would be worth 607.57 yen today, and 100 Australian dollars from 1949 would have the current purchasing power of about 3,002.63 AUD.
Just because someone is forced to get more and more credit cards to pay for groceries and necessities as they descend into insurmountable debt doesn’t make those credit cards a good or normal thing. They may not be “weird,” but they are certainly not sound in the long run. The food is needed, but the debt is racking up exponentially, and will come home to roost, at some point.
One U.S. dollar in 1860 could purchase the equivalent of 30 USD today. Prices in the U.S. today are 2,986.06% higher than in 1860. Source: http://www.in2013dollars.com/1860-dollars-in-2017?amount=1
On the same day Bloomberg published this piece, Forbes also published an article in the same vein, with a similar, sweep-it-under-the-rug type spin. In “Who’s Helped By Federal Interest Rates Cut? Start With Millennials,” contributor Jamie Hopkins lists four reasons that the July 31 Federal Reserve interest rate cut is good for young Americans. The reasons given all amount to — every last one of them — more debt. Reason number two is “Lower Mortgage Rates” and number three is “Credit Card Rates Could Drop.”
The Fed’s rate cut is the first since the global economic downturn of 2008-09, caused by easy mortgages and easy credit. One wonders why these top media outlets would publish views praising the very same causes and bad policies. To be fair, the aforementioned articles are both opinion pieces, but an austere, Austrian school criticism of these ideas via the same outlets doesn’t seem to be found anywhere.

2008 All Over Again, But Potentially Worse
With media narratives like these being pushed, and countries worldwide beginning to experiment more and more with slashing rates, it would seem stimulation could soon be quantitatively easing the world right into another severe financial downturn. This in combination with the continued attacks on the free exchange of sound, non-inflationary money, including secure cryptocurrencies worldwide, via FATF regulations and severe punishment of those trading outside legal channels.
Even in currently non-negative rate countries, the NIRP trend is catching on. For example, New Zealand Reserve Bank Governor Adrian Orr has his own ideas about coercing spending, stating in a recent interview:
Another one, of course, is a simple one, is saying: well, let’s remove the arbitrage between a negative interest rate and holding cash. Let’s tax cash holdings, simple as that: we’re back to monetary policy as usual; people are disincentivised to be holding large lumps of physical cash; they are having to think harder about putting money to work.
Taxing cash, cutting the cash rate, and eliminating 100 dollar bills. These ideas are all on the table in a country that has just cut its own interest rates 50 basis points last week. Should the global trend toward currency devaluation continue, it may not be long until another gigantic bubble looms over the world economy. This time, dwarfing the bubble of 2008. If it bursts, no amount of easy credit is likely to save the day. Still, governments and mainstream media worldwide have now begun to cheer on negative rates, pushing the policies on many who feel they have already found a better way via crypto.
What do you think about the normalization of negative interest? 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 Normalizing Negative Interest: It’s Flabbergasting How Closely Media Parrots the Government appeared first on Bitcoin News.
Bron : Bitcoin en toekomst van crypto

PR: Remco – Powerful Distributed Token Generating Platform

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.
Laurel, Maryland– Aug 12th, 2019 — remittancetoken.io, – the World’s First Powerful Distributed Token-Generating Platform for Money Transfer currently trading on Digifinex has announced it’s sponsoring blockchain Finance Lagos conference event in Africa’s largest market, Nigeria. Offering free flight ticket and accommodation to the qualified speakers.
Peter Ojo, Chief Executive Officer of remittancetoken.io, VTNGLOBAL.COM, said, “As I consider the potential impact from this group of innovators, I’m filled with a sense of encouragement for how this event will shape the future of blockchain on the continent and promote rapid adoption.”
In less than 90 days (Nov 16th, ) BFLagos (sponsored by RemittanceToken and VTNGLOBAL USA ) will host over 500 people from around the world at the Lagos Continental Hotel, the most prominent Blockchain Finance event.
The majority of the world biggest corporations have embraced blockchain and cryptocurrency. IBM and Bank of America each have about 50 active crypto-related patents. J.P. Morgan launched its JPM coin in early 2019. The Reserve Bank of South Africa launched Project Khokha, and The Monetary Authority of Singapore launched Project Ubin, both pilots focused on the intra-bank settlement on a blockchain. The Kiva Protocol (a credit rating for the unbanked) has a DLT element, Senegal has a digital currency, and all eyes are on a Facebook newly formed subsidiary, Calibra, and its plans for the cryptocurrency, Libra.
Just like it was during the Internet era, Nigerians are embracing cryptocurrency. However, there is room for educating the decision-makers and the government agencies.
Nigeria, with a population of over 180m, has one of the world most sophisticated payment system due to its instant payment confirmation. There are over 3000 registered microfinance banks and Bureau de change (combined), 23 commercial banks, over 15 active mobile payment operators, and five major telecom operators all with a reach of over 100 million customers. The country has the highest penetration of mobile phones and the Internet on the continent, yet with a great need for direct investment, social security, and process automation at all level. We believe that this event will allow blockchain solutions to find a home.
We will explore the following at the event:
How Distributed Ledger Technology Can help bank the Unbanked
Blockchain Tokenization for Money Transfer
The central bank-issued digital currencies
Investing, Crypto Funds, and Startup Capital Formation
Blockchain for good /Regulation and Legislation
Blockchain Innovations Real Estate
Blockchain Innovations Government/Social Payment
-Panel Discussions and more.
Are you interested in speaking? You may qualify for a free return ticket, food, and accommodation. Qualified speakers will be selected based on their topic/papers submitted to conference@bflagos.com.
If you have not registered yet, I would love to invite you to join me at BFLagos conference 2019. Together we will transform our businesses and lead the forefront of communications.
For more information/registration: visit http://www.bflagos.com
All inquiries about the conference (registration, accommodation, sponsorship, speaking opportunity, exhibition) should be directed to email address: conference@bflagos.com
Major sponsors: www.remittancetoken.io, www.vtnglobal.com
This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
The post PR: Remco – Powerful Distributed Token Generating Platform appeared first on Bitcoin News.
Bron : Bitcoin en toekomst van crypto

Crypto Regulations Are Changing Worldwide to Comply With FATF Standards

Governments worldwide are changing the way they regulate crypto assets to comply with the global cryptocurrency standards set by the Financial Action Task Force (FATF). Some are amending existing laws, while others are creating a new system to cooperate and share data.
Also read: China Publishes New Rankings of 37 Crypto Projects
A New Crypto System
A number of countries worldwide are reportedly setting up a new cryptocurrency system to help them comply with the FATF standards. Fifteen nations are planning to create a global system “to collect and share personal data on individuals who conduct cryptocurrency transactions,” Nikkei reported on Aug. 9, noting that “the G7 members, Australia, and Singapore will develop the new system.” The G7 members are France, Japan, Canada, Italy, Germany, the U.K., and the U.S.

The system will be designed by the FATF with the goal “to draw up detailed measures by 2020, and to have the system up and running a few years later,” the publication elaborated:
Once in place, the system would be managed by the private sector.
The FATF published its final guidance for a risk-based approach to crypto assets and service providers in June. It was discussed at the G20 summit in Japan where leaders of the G20 nations and their finance ministers declared their commitments to following the FATF standards.
Monitoring Compliance
The FATF is an intergovernmental organization founded to develop policies for combating money laundering. It currently comprises 37 member jurisdictions and 2 regional organizations. After releasing its guidance, the FATF announced its plans to monitor how countries apply the recommended standards. The organization declared in June:
The FATF will monitor implementation of the new requirements by countries and service providers and conduct a 12-month review in June 2020.
While the FATF emphasized that its “guidance is non-binding and does not overrule the purview of national authorities,” countries that do not comply risk being blacklisted.

At the closing of the FATF plenary in June, U.S. Secretary of the Treasury Steven T. Mnuchin explained that among the recommendations are the requirements for crypto service providers to “identify who they are sending funds on behalf of, and who is the recipient of those funds” and “develop processes where they are required to share that information with other providers of virtual assets, and law enforcement.” He remarked:
Under these new measures, virtual asset service providers will be required to implement the same AML/CFT requirements as traditional financial institutions.
Licensing Service Providers
In its guidance, the FATF stated that countries are obligated to “assess and mitigate their risks associated with virtual asset activities and service providers,” including to “license or register service providers and subject them to supervision or monitoring by competent national authorities.”
Several countries already require crypto service providers to be licensed by their financial authorities, such as Japan where crypto exchanges must register with the Financial Services Agency. So far 19 exchanges have been registered and at least 110 more have expressed interest in registering, the agency told news.Bitcoin.com.
Some countries without any crypto licensing regime are considering implementing one to comply with FATF’s standards. South Korea, for example, is one such country. Its “Financial Intelligence Unit (FIU) under the Financial Services Commission (FSC) has disclosed a plan to directly regulate cryptocurrency exchanges and bring them into the regulatory system,” Business Korea reported on Aug. 7. “Currently, the FIU indirectly controls cryptocurrency exchanges through administrative guidance to banks.”

An FIU official explained that a cryptocurrency exchange licensing system will be introduced, as recommended by the FATF. The news outlet detailed that the South Korean financial authorities are planning to revise the Act on Specified Financial Transaction Information this year “to strengthen crypto exchanges’ duty to prevent money laundering.”
A major distinction between how South Korea regulates crypto assets compared to most other countries is its real-name system. The government set up this system in January last year to reduce the risk associated with anonymity of crypto transactions, including money laundering. Any crypto exchange user wanting to withdraw or deposit Korean won must open a real-name-verified account at the bank providing this service to the exchange. However, banks are currently only providing this service to the country’s top four crypto exchanges: Bithumb, Upbit, Coinone, and Korbit.
Noting that there are nearly 200 crypto exchanges in the country and most of them are not using the real-name system, Business Korea emphasized:
If the revised bill is passed in a plenary session, it will form the legal basis on which the government refuses to register cryptocurrency exchanges that do not use real-name accounts.
According to the publication, any exchanges not using the real-name system “will be defined as unregistered exchanges and face up to five years in prison and a maximum 50 million won [~$41,116] in fines.”
Amending AML Laws
Instead of introducing new laws, some countries have opted to take the easier route of amending their existing laws to combat money laundering involving crypto assets. Thailand, for example, recently revealed a plan to amend its AML laws for this purpose, according to local media. The country started regulating crypto assets in May last year, requiring crypto exchanges to be approved by its financial authorities.

While not a member of the FATF, Thailand is a member of the Asia/Pacific Group on Money Laundering which ensures the adoption, implementation and enforcement of certain FATF recommendations.
The Thai Anti-Money Laundering Office (Amlo) said it will amend AML laws to include cryptocurrencies, the Bangkok Post reported on Aug. 5. Amlo acting secretary-general Pol Maj Gen Preecha Charoensahayanon plans to add a section to the country’s Anti-Money Laundering Act to require crypto exchanges to report activities to his office. He explained that this change corresponds with international standards which regulate these service providers. The news outlet noted that “Amlo officers currently do not receive complaints, or deal with, cases directly involving virtual currencies, [but] they need to stay alert.”
The Amlo chief also revealed in July a new reporting requirement for crypto exchanges. They will be required to report digital asset transactions with a value exceeding 5 million baht (~$162,547) to commercial banks, which will then report them to Amlo.
What do you think of how countries are complying with the FATF standards? Do you think the FATF recommendations are good for the crypto industry? 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 Crypto Regulations Are Changing Worldwide to Comply With FATF Standards appeared first on Bitcoin News.
Bron : Bitcoin en toekomst van crypto

Bitcoin Mining Industry’s Exponential Growth Just Won’t Stop

A decade ago when Satoshi Nakamoto unleashed the Bitcoin network, the security behind the protocol was guarded by only a few miners. These days, mining the SHA-256 algorithm has become a thriving industry that hasn’t stopped growing.
Also Read: Exploring the SLP Token Universe Built on the Bitcoin Cash Chain
Bitcoin Mining Pools and ASICs Change the Game
Every waking second of the day, bitcoin miners are crunching numbers, humming away in facilities that few people who use the network have ever seen. Miners from large facilities who form giant pools stem from a variety of provinces around the world. In the early days up until 2010, individuals mined bitcoin with a central processing unit (CPU). This was until people like Laszlo Hanyecz, the man who traded 10,000 BTC for two pizzas, and Artforz mined the cryptocurrency with a graphics processing unit (GPU). Artforz was an anonymous individual but became the talk of the bitcoin community during the early days after he created the first “farm” of GPU miners. In July 2010, Artforz said he had about 4% of the global hashrate at the time, mining 1,700 coins in six days. Less than three months later, people claimed the anonymous individual’s “Artfarm” controlled between 20-30% of the network hashrate.
In September 2012, the second year of the nascent BTC network, the processing power was only around 10,000,000,000,000 (ten trillion) hashes per second (10 TH/s)
A year before Artforz fired up his GPU farm to mine bitcoin, Satoshi Nakamoto asked the community to slow down on the mining arms race in December 2009. “We should have a gentleman’s agreement to postpone the GPU arms race as long as we can for the good of the network. It’s much easier to get new users up to speed if they don’t have to worry about GPU drivers and compatibility. It’s nice how anyone with just a CPU can compete fairly equally right now,” Nakamoto said at the time. The GPU arms race sparked the creation of the first mining pools in November 2010, when Marek Palatinus, otherwise known as “Slush,” formed a pool (Slushpool) because “mining became very hard for other people” after GPU enabled computers entered the fray. With mining pools, a collective of individual miners sharing profits became all the rage, and the summer of 2011 saw the inception of field-programmable gate arrays (FPGAs).
The infamous Artforz was one of the first individuals to start a GPU mining farm called the “Artfarm,” which was estimated to control between 20-30% of the network hashrate in 2010.
As soon as FPGAs were created, many bitcoiners knew application-specific integrated circuits (abbreviated as ASIC) were on the way very soon. Unlike the machines used in the past, ASICs are integrated circuits that have one specific job, which is to mine the SHA-256 algorithm. ASICs and pools quickly turned bitcoin mining into an industry and hobbyist miners began to contribute less over the next few years. Moreover, mining bitcoin without an ASIC became unprofitable and the CPU, GPU and FPGA days quickly came to an end in 2013. Roughly around this time, Avalon released its first set of ASICs and bitcoiners witnessed the birth of companies like Bitmain, Kncminer, Hashfast, Bitfury, Cointerra, and Butterfly Labs (BFL). From here the mining ecosystem went into overdrive and digital currency fans saw giant mining pools like Ghash.io and Btcguild gathering 51% of BTC network’s mining power. Many of the mining manufacturers are now bankrupt but some companies like Bitmain, Bitfury, and Slushpool have remained relevant over the years.
The BTC network hashrate didn’t touch 1 exahash per second (EH/s) until January 2016.
The Exahash Era, SHA256 Between Two Chains and Pool Distribution
The BTC network’s hashrate did not surpass 1 exahash per second (EH/s) until January 25, 2016. A year later, after August 1, 2017, well known and unknown mining pools processed both BTC and BCH transactions that summer and still do to this day. In mid-November, during the crypto bull run of 2017, the BTC network processed 10.8 EH/s, while the BCH network was around 5 EH/s. Interestingly, when markets plummeted downward in 2018, SHA-256 hashrates continued to climb, seeing little downward pressure. This was the highest profile split in history where two chains with the same algorithms saw large mining pools jump back and forth between chains depending on profitability. Moreover, on November 15, 2018, when the BCH/BSV split occurred, miners from the BTC network stepped in during the hashwar. Additionally, after the BSV fork, both BTC and BCH chains saw a considerable drop in hashrate and price per coin. Both chains have been gradually increasing in value and gathering far more processing power in 2019.
BTC hashrate on August 11, 2019 – 75-80 EH/s.
Currently, between BTC and BCH, there’s a whopping 75-80 EH/s processing both chains, with 75 EH/s on BTC and 2.24 on the BCH network today. There’s no doubt 80 EH/s is a monumental milestone for the BTC network and the metric is steadily approaching 100 EH/s, which would be 20% of one zetahash. One zetahash per second (ZH/s) is an unfathomable 1,000,000,000,000,000,000,000 (one sextillion) hashes per second. After the November 2018 hashwar, the 4-5 EH/s of processing power split into two (BCH and BSV) and both chains saw a low of under 1 EH/s. The BCH chain has gradually seen an increase of hashpower and has gathered over 2 EH/s in recent months.
BCH hashrate on August 11, 2019 – 2+ EH/s.
During the second year of the nascent BTC network, the processing power was only around 10,000,000,000,000 (ten trillion) hashes per second (10 TH/s). Because the tech has improved a great deal, a single mining rig can produce over 10 TH/s these days. After the second year anniversary of the split in 2017, the BCH hashrate is thousands of times larger with the network’s maintained two quintillion hashes per second. The BCH chain has roughly 14-15 known miners and around 29% of the overall hashrate from unknown pools. There are 12 known miners processing BTC transactions at the moment and 14% of the mining power is controlled by unknown miners as well. Additionally, six well-known BTC mining pools also mine the BCH chain as there’s sustained hash dedicated to both networks at all times. The four largest BCH mining pools are Btc.com, Antpool, Poolin, and Bitcoin.com. Btc.com is also the biggest pool mining on the BTC network followed by F2pool, Antpool, and Poolin.
BTC and BCH hashrate distribution on August 11, 2019.
2019 Mining Rigs and Next-Generation Semiconductors
In December 2018, during the crypto winter’s lowest of lows, only five SHA-256 mining rigs were profitable at the time. At an average electricity cost of $0.13 per kWh, machines that produced more than 28 TH/s profited at only $0.27 to $1.39 per day depending on the model. Now more than 40 mining devices on the market are profitable at 13 cents per kWh based on electric costs at current exchange rates. The top mining rigs profiting the most include a device by Microbt Whatsminer, and three models by Bitmain. The Microbt Whatsminer M20S (70TH/s) is profiting by $10.49 per day and the three newly manufactured Antminer S17 series (50-56 TH/s) can make a touch above $9 a day. Top mining manufacturers in the second half of 2019 include firms like Bitmain, Canaan, Ebang, Innosilicon, Strongu, and Microbt.
The top six most profitable SHA-256 mining rigs during the month of August 2019. (At an average electricity cost of $0.13 per kWh)
It will be interesting to see how the mining industry develops over the next 10 years. There’s a lot of money and electricity being used to mine SHA-256 coins and it doesn’t look like it will be slowing down anytime soon. Many of the aforementioned mining chip manufacturers above have made massive amounts of money and have become some of the largest IT companies in the world. Because of this, large mining firms like Canaan and Bitmain have filed for an initial public offering (IPO) in the U.S. Last December, the mining equipment maker Ebang filed a draft IPO prospectus with the Hong Kong Stock Exchange (HKEX).
Do you want to maximize your Bitcoin mining potential? Plug your own hardware into the world’s most profitable Bitcoin mining pool or get started without having to own hardware through one of our competitive Bitcoin cloud mining contracts.
Mining has also bolstered the International Technology Roadmap for Semiconductors by introducing machines that utilize the 7 nanometer (7nm) node design. Production of 256 Mbit SRAM semiconductors using a 7nm process started in 2017 in Taiwan. China-based mining manufacturers have deployed a variety of newer mining devices that use next-generation 7nm semiconductors. Bitmain has released more than five different miners in 2019 with 7nm chipsets stemming from the Taiwan Semiconductor Manufacturing Company (TSMC). Local reports in China have revealed that Bitmain recently placed an order for “30,000 7nm wafers from TSMC.”
7nm semiconductors have bolstered the SHA-256 mining industry a great deal.
The Taiwan-based foundry also reportedly expanded capacity for 7nm wafers due to large orders from IT companies like Bitmain. SHA-256 mining rigs using the 7nm technology are producing hashrates between 30-70+ TH/s according to 2019 device specifications. If mining continues to be popular and there’s enough demand to improve the mining process and industry, spectators will see much faster machines in the next few years. For instance, TSMC has already announced a 6-nanometer (N6) process is in the works and the tech is scheduled for risk production in Q1 2020.
For now, the SHA-256 mining industry remains a lucrative business even though there’s been a number of failed operations along the way. The ecosystem has grown mature since the days of Butterfly Labs, Cointerra, and Hashfast. Instead of hearing about individuals commanding a lot of hashrate like Artforz, you now hear about giant size pools racing to find newly minted coins. It’s safe to say that the industry will continue to move at a breakneck pace and even the largest pools will have to remain vigilant in order to stay relevant.
What do you think about the SHA-256 mining industry in 2019? 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, companies, mining manufacturers, mining devices, pools, and any of their affiliates. 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, company, software or service mentioned in this article. This editorial review is for informational purposes only.
Image credits: Shutterstock, Coin Dance, Blockchain.com, Whatsminer, Bitmain, Innosilicon, Bitcoin.com, CG Miner 2012, and Pixabay.
Did you know you can earn BTC and BCH through Bitcoin Mining? If you already own hardware, connect it to our powerful Bitcoin mining pool. If not, you can easily get started through one of our flexible Bitcoin cloud mining contracts.
The post Bitcoin Mining Industry’s Exponential Growth Just Won’t Stop appeared first on Bitcoin News.
Bron : Bitcoin en toekomst van crypto

BCH News Roundup: Transactions Spike, Cashaddr Support and Developer Congress

The last seven days have been busy within the Bitcoin Cash ecosystem with a slew of announcements and developments. Kraken exchange recently added the BCH-based Cashaddr address format and Coinbase open-sourced a utility that makes it easy to convert between Base58 and Cashaddr addresses. Additionally, the New Hampshire-based Anypay payment processor is bolstering merchant adoption by offering 10% bitcoin cashback for purchases through their point of sale services.
Also Read: Exploring the SLP Token Universe Built on the Bitcoin Cash Chain
Bitcoin Cash Markets Hold Steady While Transactions Per Day Keep Rising
In the past week, the BCH market capitalization ($5.55 billion) has surpassed LTC but BCH markets are down roughly 7.8% during this period. Each BCH is swapping for $309 per coin and there’s around $1.19 billion in global bitcoin cash volume. The top exchanges trading the most BCH on Saturday, August 10 include Coinbene, Digifinex, Hitbtc, Bibox, and Okex. Right now the top trading pairs swapped against BCH are USDT (52%), BTC (28%), USD (8.7%), ETH (6.8%), and KRW (2%).
BCH/USD price on Saturday, August 10, 2019. Did you know Bitcoin.com offers you the opportunity to purchase bitcoin cash (BCH) and other leading coins? If you’d like to obtain some BCH to use on the Cryptophyl trading platform – check out Buy.Bitcoin.com today
One of the biggest metrics rising over the last few weeks for BCH has been the number of daily transactions. BCH miners have been processing an average of 35-40,000 transactions (txn) per day and there have been multiple 24-hour periods above 60,000 txn per day. The influx of daily transactions is likely attributed to the Simple Ledger Protocol (SLP) tokens which have seen significant usage in recent weeks.
Bitcoin cash transactions per day on Saturday, August 10, 2019. From April 2019 until today, there’s been a steady rise in transactions per day.
Kraken Adds Cashaddr and Coinbase Open Sources a Cashaddr Utility
On August 8, the San Francisco-based Kraken exchange revealed that the trading platform is switching over to BCH Cashaddr-based addresses for all deposits starting August 15th. The cryptocurrency ecosystem transitioning from the legacy address format to the Cashaddr format is very important to the BCH ecosystem. The Cashaddr address system was deployed on January 14, 2018, and since then many third-party service providers have adopted the format. Bitcoin ABC lead developer Amaury Séchet explained on Thursday that he had contacted Kraken a few weeks ago and asked them to switch to Cashaddr. “I am happy to see Kraken implement this change — It benefits users by helping them avoid mistakes when depositing funds,” Séchet remarked.

Kraken is switching to CashAddr address format for BCH deposits. This is a win for #BitcoinCash users.
Thank you @krakenfx for the high-quality #BCH support! https://t.co/gj1ZuSC0qH
— Bitcoin ABC (@Bitcoin_ABC) August 8, 2019

In addition to Kraken adding the Cashaddr format, software engineer Josh Ellithorpe and Coinbase open-sourced a utility to convert between base58 and Cashaddr BCH addresses. The news was welcomed by the BCH community and people hope the utility introduced by Coinbase and Ellithorpe will bring more visibility to the Cashaddr format. Electron Cash developer Calin Culianu (Nilac the grim) explained that there’s open source code for Cashaddr in Python, JS, C++, Go, and more as well.
Anypay Offers BCH Cashback Promo
On Friday the crypto payment processing startup Anypay Global announced a 10% BCH back bonus for people spending bitcoin cash using the company’s system. The following day Reddit user u/Bitcointippingpoint revealed that there are 30 merchants in New Hampshire that accept crypto through Anypay and 27 of these retailers accept bitcoin cash. New Hampshire is known as the “Free State” for its large number of libertarian residents.

Spend $BCH, Get #BCHback – Grow adoption and get instant rewards. Easy: https://t.co/uCn91ychVk
— Anypay (@Anypay_) August 8, 2019

Seven of the BCH merchants are located in Keene, says Bitcointippingpoint and another six BCH-accepting merchants are located in Portsmouth. “14 of the 30 have accepted a payment within the last week,” the Reddit user announced. “Can attest to using this at the Fresh Press in Portsmouth, New Hampshire — It’s pretty sweet,” explained another Reddit user discussing the 10% BCH cashback promotion for purchases through Anypay’s point-of-sale. Anypay also provides a map of all the crypto accepting merchants
Developer Tendo Pein Reveals Spending Constraints With OP_Checkdatasig
This week the creator of the BCH-based programming language called Spedn wrote a blog post on Honest.cash which detailed some interesting schemes that can be developed using the opcode OP_Chechdatasig. On August 8, Tendo Pein told the BCH development community that one of the limitations of BCH Script was that you can only specify if one can spend the coin. However, people assumed there was no way of adding spending constraints but Pein shows how it’s now possible. Pein shows three types of constraints like a simple scheme like a Pay to Public Key Hash. Then the developer shows some more complex ideas that can be achieved and uses the Spedn language to show the benefits more clearly. During the end of the post which shows another example of a spending constraint dubbed “the fanciest,” Pein demonstrates how OP_Return tokens could be miner enforceable. This particular demonstration could make OP_Return tokens built on top of the chain stronger by backing them with the network’s security.

Txhighway Visualizer Adds New Features
With the number of daily transactions picking up on the BCH chain, many supporters noticed a few issues with the transaction visualizer Txhighway.com. Since then the site’s maintainer fixed the website’s Websockets and updated the page. The Txhighway website shows a large 32-lane highway for the Bitcoin Cash network while the Bitcoin Core (BTC) network has two lanes available and during periods of BTC congestion the website gives a unique perspective of the problem. Now there’s new logos, no reference to older BSV projects, and there’s now a Badger button available for donations. Additionally, with the popularity of SLP tokens on the rise, the highway also shows Spice token transactions on the move as well.

Bitcoin Cash City Conference and the BCH Developer Congress
Overall, the Bitcoin Cash ecosystem and its participants continue to truck forward after celebrating the recent two-year anniversary of BCH. In addition to the anniversary celebrations, BCH supporters are gearing up for the Bitcoin Cash City two-day conference next month in North Queensland, Australia. On August 8, Cointext founder Vin Armani announced an open call to all the developers who work on BCH infrastructure and provide BCH products and services to attend the first “Developer Congress.”

This is an open call for developers of products and services that support #BitcoinCash to attend the first Bitcoin Cash Developer Congress, taking place in Australia from September 3rd to September 5th.
The Developer Congress is in coordination with @BitcoinCashCity Conference. pic.twitter.com/1BGu8mQzaD
— Ⓥin Ⓐrmani (@vinarmani) August 8, 2019

The BCH developers’ meeting will take place between September 3-5 in coordination with the Bitcoin Cash City conference. This weekend, news.Bitcoin.com spoke with Armani about the event and what will be discussed.
“The Bitcoin Cash Developer Congress is an initiative, sponsored by Bitmain, with the primary purpose of bringing together developers from across the Bitcoin Cash ecosystem to discuss and debate upcoming projects and protocols which will be put into production within the next 12 months,” the Cointext founder explained.
What do you think about all the events within the Bitcoin Cash space over the last seven days? Let us know what you think about this subject in the comments section below.
Image credits: Shutterstock, Jamie Redman, Txhighway, and Markets.Bitcoin.com
Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry.
The post BCH News Roundup: Transactions Spike, Cashaddr Support and Developer Congress appeared first on Bitcoin News.
Bron : Bitcoin en toekomst van crypto

India to Introduce Crypto Bill Next Parliament Session – A Look at Community Responses

The Indian government has submitted a draft crypto bill to the supreme court and expressed its intention to introduce the bill in the next parliament session. The court subsequently set a new date to hear the case relating to crypto regulation. Meanwhile, the Indian crypto community has ramped up efforts to influence the government’s final decision on the country’s crypto policy.
Also read: Indian Supreme Court Heard Crypto Case in Depth Today
Government Unveils Plan for Crypto Bill
The Indian government has been deliberating on the crypto report submitted by an interministerial committee (IMC) tasked with studying all aspects of cryptocurrencies and providing recommendations. The report containing a draft crypto bill was made public on July 22 but the bill has yet to be introduced in parliament.
During Thursday’s supreme court hearing of the crypto case, the government unveiled its plan regarding the bill. Financial Express publication reported that the government informed the court that the IMC has recommended a “complete ban on private cryptocurrencies” in India, adding:
The Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019, will be introduced in parliament in the next session.
An Indian platform for crypto regulatory news and analysis, Crypto Kanoon, reported that the government requested the court to adjourn the crypto case until “January as it intends to introduce the bill in parliament in [the] winter session.” Lok Sabha, the lower house of the Indian parliament, has three sessions. The winter session takes place in November and December.
While the Indian government intends to introduce this bill, Nischal Shetty, CEO of local exchange Wazirx, emphasized that it is not set in stone as the crypto community in India is working tirelessly to convince the government that the bill is flawed. “I’m sure such a rough draft bill which does not even classify crypto properly will not be presented in parliament,” he opined.

Even though the supreme court postponed hearing the petitions relating to India’s crypto regulation, it heard the writ petitions against the banking restriction by the Reserve Bank of India (RBI) in some detail on Thursday. News.Bitcoin.com previously reported on the RBI hearing which will resume on Aug. 14. As for the petitions concerning the crypto regulation, the court is expected to hear the case in January next year.
Bill Seeks to Ban Crypto
Constituted on Nov. 2, 2017, under the chairmanship of former Secretary of the Department of Economic Affairs Subhash Chandra Garg, the IMC has representation from the Ministry of Electronics and Information Technology, the RBI, the Securities and Exchange Board of India, and Central Board of Direct Taxes.
The committee met three times before submitting its crypto report and draft bill to the Ministry of Finance. The report itself is dated Feb. 28. “The committee has recommended a law banning the cryptocurrencies in India and criminalizing carrying on of any activities connected with cryptocurrencies in India,” the report reads. Among other prohibitions, the bill states that “No person shall mine, generate, hold, sell, deal in, issue, transfer, dispose of or use cryptocurrency in the territory of India.” News.Bitcoin.com previously reported on the content of this bill.

The finance ministry has confirmed that the report is being examined by relevant regulators. However, Finance Minister Nirmala Sitharaman recently admitted that she had not spent time on the report but saw a presentation on it and thought that it was a “very futuristic and well-thought-out report.”
Flawed Report, Community’s Efforts to Inform Government
Since the public release of the IMC report, the Indian crypto community has ramped up efforts to help the government see how flawed the report is, pointing out many areas that indicate the lack of understanding of cryptocurrency and its underlying technology on the IMC part.
Sathvik Vishwanath, CEO of local crypto exchange Unocoin, told news.Bitcoin.com that, to his knowledge, there was never any invitation from the government to industry stakeholders to discuss the drafting of this bill. “In the draft bill, there are many major flaws,” he expressed. “They have a wrong understanding of the technology and usage of crypto assets.”

Shetty has been running a social media campaign called “India Wants Crypto” which has entered its 282nd day.
“We’re doing everything we can on our end to ensure that the government involves the stakeholders,” he shared with news.Bitcoin.com Friday. “I’m confident the government will set up a standing committee first (even the IMC report recommends that). If the standing committee is set up, we’ll see deeper industry participation and this will lead to a more comprehensive and well-planned crypto regulation in India.”
Elaborating that “Behind the scenes, we’re meeting elected representatives from all over the country,” he added:
We want to ensure that our leaders hear our point of view since this whole ban narrative has been created due to a misunderstanding that crypto is here to replace INR. Crypto is more an asset and utility and that’s the biggest use case currently prevalent in India.
Sumit Gupta, CEO of local crypto exchange Coindcx, also shared some thoughts with news.Bitcoin.com Friday. “We are hopeful that the government will consider the case presented by the crypto community and will make an informed decision that is in the best interest for the country,” he believes. “The Indian crypto community is actively working on sharing across our points to government officials for informed decision making.”
Further, many think that the Indian government should take into account more recent crypto developments since the report was drafted such as the crypto guidance by the Financial Action Task Force (FATF) and the G20 meetings where India and the finance minister independently declared their commitments to applying the FATF standards.
Crypto 101 Kit Sent to Finance Minister
Sohail Merchant, CEO of local crypto exchange Pocketbits, announced on Aug. 3 that he had sent a letter to the finance minister along with a “crypto 101 kit” on behalf of the crypto community in India. “The negative public perception of crypto needs to be changed with facts,” he tweeted.
Sohail Merchant’s crypto kit and documents to the Indian finance minister.
In his letter, Merchant pointed out that the IMC’s ban recommendations “are based on the premise that cryptocurrencies lack the characteristics of currency hence cannot be legal tender” and that “their usage for payments could compete with the use of INR, which could lead to less control over monetary policy.” However, Merchant argued that “the community has not requested crypto assets to be regulated as legal tender or currency,” reiterating:
Our request to be considered is that crypto assets can be classified as a commodity or an asset; it is a store of value. As Indian citizens, we want to exercise our right to trade and commerce, which was granted to use by The Constitution of India.
Banning Not a Solution
The Indian crypto community has been trying to convince the government that banning cryptocurrencies is not a solution. “If the ban comes into effect, the black market will continue to thrive. It will be the common man, compliant businesses, and innovators building upon these protocols that will be affected,” Merchant wrote in his letter to the finance minister. “If a standing committee is constituted to deliberate on regulating crypto assets, we as an industry are willing to work along and help draft a framework,” he offered.
His letter echoes a statement issued on July 31 by The Indian National Association of Software and Services Companies (Nasscom) regarding the banning of crypto assets. Nasscom is a non-profit information technology industry association self-described as “the apex body for the 154 billion dollar IT BPM industry in India.” Among its initiatives, the group “Liaisons with government and industry to influence a favourable policy framework,” its website states.

The association said it believes the recent IMC proposal “to ban all cryptocurrencies, barring those that are backed by the government, is not the most constructive measure. Instead, the government should work towards developing a risk-based framework to regulate and monitor cryptocurrencies and tokens.” This suggestion is in line with the guidance for a risk-based approach to crypto assets and service providers issued by the FATF for in June.
Emphasizing that “A ban would inhibit new applications and solutions from being deployed and would discourage tech startups” and “would handicap India from participating in new use cases that cryptocurrencies nad tokens offer,” Nasscom reiterated that “A ban is more likely to deter only the legitimate operators as they have no intent to be non-compliant.”
Endorsing her association’s stance, Nasscom President Debjani Ghosh tweeted Friday:
We cannot close the door on new technologies. We need to learn, experiment and create the right regulatory frameworks to get the best out of these technologies. Banning is not the answer.
Do you think the Indian crypto community will succeed at convincing the government to introduce positive crypto regulation instead of a ban? Let us know in the comments section below.
Images courtesy of Shutterstock and Sohail Merchant.
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 India to Introduce Crypto Bill Next Parliament Session – A Look at Community Responses appeared first on Bitcoin News.
Bron : Bitcoin en toekomst van crypto

Tokens Built on Bitcoin Cash Are Cheaper to Send Than Those of Rival Networks

Satoshi Nakamoto’s Bitcoin technology has inspired a lot of innovation spawning a myriad of tokens representing digitized assets. There are now token creation systems on blockchain networks like Omni Layer, Counterparty, and Ethereum. Each framework comes with the cost of sending tokens and right now the Simple Ledger Protocol is one of the cheapest most cost-effective ways to issue and send tokens.
Also read: Meet ‘Spedn’ — A Smart Contract Programming Language for Bitcoin Cash
The Rising Popularity of Tokens Built on Some of the Best Known Blockchains
Over the last few years, tokens have become a big part of the cryptocurrency ecosystem. Blockchain tokens, colored coins, and the association of real-world and digital assets tied to a secure network have been around for quite some time. In 2012, the Mastercoin protocol whitepaper was published and the author J. R. Willett explained: “The [Bitcoin blockchain] can be used as a protocol layer, on top of which new currency layers with new rules can be built without changing the foundation.” From here, history shows the initial formation of the Mastercoin project which slowly evolved into the Omni protocol.
Blockchain systems that have enabled token creation. From left to right: Counterparty, Omni Layer, Ethereum, and the Simple Ledger Protocol.
Other token creation systems appeared later, like Counterparty in 2014 and the Ethereum ERC20 token standard was proposed in late 2015. The Omni Layer protocol is known for issuing one of the most prominent stablecoins to date, Tether (USDT). The Ethereum network had a token explosion after the first ERC20s were released (DAO, Digix, Alethzero), which fueled the initial coin offering (ICO) token craze in 2017. Regardless of the merits of these tokens, there’s no doubt that Ethereum’s ERC20s and Omni’s USDT have made a mark on the crypto ecosystem.
The average fee for bitcoin core (BTC) transactions is unsustainable when it comes to token systems. This year, Omni-based tether (USDT) tokens have migrated a lot of the current USDT supply over to the ERC20 standard.
The Migration to Token Creation Systems With Lower Transaction Fees
Tether is an interesting project and recently there’s been news of the project migrating to the Ethereum network. Right now the stablecoin USDT is the seventh largest market valuation at approximately $4 billion. Interestingly, tethers represented within that market valuation are spread across multiple blockchains.
“Tether is working with an exchange to perform a swap from Omni to ERC20 of part of its USDT cold wallet,” Paolo Ardoino, technical director of Tether explained to the public on August 5. Currently, just over half of the USDTs in existence use the Omni Layer system, and more than $1.45 billion are represented as ERC20s. There’s also a little more than $350 million worth of tether tokens between the EOS and Tron blockchains and USDT will also appear on the Algorand network. The reason Tether is likely migrating to other chains is because the cost to send Omni-based tokens is based on the fees derived from the BTC chain. The average BTC fee is currently well above $1 and more recently touched $4-5 per transaction. However, the cheaper ETH fees or the gas to send ERC20s may only be a temporary bandaid.
There’s more than $1.45 billion ERC20 issued tether on the Ethereum network.
Currently, the gas needed to push an ERC20 token is between 11-19 U.S. cents and if you’re lucky maybe $0.03 to $0.05 per send. Like BTC, the Ethereum network can suffer from congestion and rising gas prices. On December 4, 2017, the entire cryptocurrency community celebrated all-time price highs, but both BTC and ETH had severe congestion difficulties. That week the Ethereum network was “congested with cats” thanks to the Crypto Kitties project. Crypto Kitties are represented as non-fungible Ethereum tokens. During the second week of January 2018, the average ETH network fee spiked to $3.26 per transaction.
Ethereum fees grew extremely high throughout 2017 and into the first half of 2018.
Ethereum’s elevated fees were not nearly as high as BTC’s exponential fee market that spiked well above $50 per transaction during the last week of December 2017. Dynamic fee markets that become unsustainable can essentially neuter token use cases as it becomes infeasible to send tokens that are worth less than the underlying fees to send them. After seeing a large project like Tether move from BTC to ETH, it’s apparent that blockchains that provide both security and low network fees will prevail in the token environment.
The average ETH transaction fee is roughly $0.12 per transaction on August 8, 2019.
Simple Ledger Protocol Tokens Using a DAG and BCH Scriptability Make the System Robust, While New Ideas Could Unleash Miner Enforceable Tokens
Bitcoin Cash and the Simple Ledger Protocol (SLP) have the opportunity to strive where other chains lack when it comes to delivering strong token creation. SLP tokens are robust because actions are all recorded onchain, SLP uses the BCH network’s scriptability, and the protocol uses a directed acyclic graph (DAG) for lite proofs. Other types of colored coin concepts utilize balance-based ideas, but these require a full node for the most optimal verification. SLP’s DAG is easy to implement into Simplified Payment Verification (SPV, a method for validating transactions included in a block without downloading the entire blockchain) and one can prove the legitimacy of token transactions with ease. Just like ERC20 tokens, SLP creations can be traditional fungible type 1 coins and people can also design non-fungible tokens (NFT1) using the Simple Ledger Protocol as well. In the future, SLP tokens could even be stronger by bringing the full BCH security model to tokens.
The Simple Ledger Protocol has become extremely popular over the last year and so far more than 2,700 token creations have been issued using the SLP system. Did you know our Bitcoin Cash Block Explorer tool can help you look up Simple Ledger Protocol tokens and their transactions? Use the handy Bitcoin address search bar to track down SLP and BCH transactions.
The reason BCH proponents like SLP is because the system doesn’t mess with the underlying consensus layer to facilitate the creation of tokens. However, developer Tendo Pein may have found a loophole where developers can combine OP_Checkdatasig spending constraints with OP_Return tokens, making them miner enforceable. Pein is the creator of “Spedn,” a BCH-based programming language that has a syntax similar to the C programming environment. On August 8, Pein published a post that shows that developers could design tokens that are miner enforceable and backed by the processing power behind the BCH network. During the end of the Honest.cash blog post, Pein showed some fancy spending constraints and explains how valid OP_Return tokens could be enforced by consensus. The Spedn creator remarked:
We can further introspect the provided script and check if it matches some pattern, for example – if it contains valid OP_Return metadata in a particular scheme … And in that way, make OP_Return based tokens miner-enforceable.
Spedn creator Tendo Pein’s spending restraints code which could be used to bolster OP_Return tokens that are miner enforceable.
With SLP Tokens Built on the BCH Chain Congestion and High Fees Could Be a Thing of the Past
Last but not least, SLP tokens are powered by BCH transactions, so the cost (gas) to send SLP created coins is far superior to ERC20s and BTC-based tokens stemming from Omni or Counterparty. The average bitcoin cash (BCH) transaction is between $0.001 to $0.003 per transaction and these cheaper network fees are applied to SLP’s current universe of tokens. So sending 50,000 Spice, Flex, or Honestcoin (USDH) is typically less than a tenth of a U.S. penny.

This opens the debate for skeptics arguing that BCH fees would rise just like BTC or ETH if SLP tokens gained enormous traction, but we’ve seen from statistical data that this wouldn’t be the case. Bitcoin Cash developers have already proved this during the first week of September in 2018 when BCH participants invoked stress tests. In a 24-hour period and with multiple large blocks (over 1MB), BCH miners processed 2.2 million BCH transactions and cleared the mempool with ease the whole day. Observers noticed that BCH network fees (the cost to send a transaction on the chain) remained at $0.001 during the stress tests in September.
BCH transactions per day on September 1 touched 2.2M, on the second day of the month 1.3M tx per day, the third day saw 450,000 tx per day, and on the fourth day 1.6M transactions in one day. At the time, BCH transaction fees had the lowest median average in months.
In time, the need for token systems that rely on cheap transaction fees to power the token’s movements and infrastructure will become evident. As a result, people aggregating toward building stablecoins, dividend tokens, non-fungible collectibles, extensible game items, and more using the SLP system will bolster the mainchain’s usage. Right now, the SLP ecosystem is still very young and tokens with real-world use cases and value are starting to appear. The big Omni to ERC20 tether swap this past week shows that token systems with low fees continue to be in demand going forward and even cheaper solutions like SLP on the BCH network may be a more attractive option.
What do you think about the fees to send SLP tokens in comparison with ERC20s and BTC-based tokens that stem from Omni or Counterparty? Let us know what you think about this subject in the comments section below.
Image credits: Shutterstock, Simple Ledger Protocol, Omni, Counterparty, Ethereum, ERC20, Tether, Bitinfocharts.com, Tendo Pein and Honest.cash.
Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry.
The post Tokens Built on Bitcoin Cash Are Cheaper to Send Than Those of Rival Networks appeared first on Bitcoin News.
Bron : Bitcoin en toekomst van crypto

Can the Fed Kill Bitcoin? Navigating the Chokepoints of Tax Law and KYC

Taxes. The one word that can kill any buzz in seconds flat. Whether you’re a libertarian ranting about how taxation is theft or one of those fabled creatures who is actually happy to file them as their so-called civic duty, one fact remains: those who don’t give the government a bite — or make mistakes in attempting to do so — can get chomped, and hard. Ominous tax laws and ever-increasing state requirements for exchanges have some wondering if these maladies could stall the Bitcoin revolution.
Also Read: From Spartacus to Satoshi: A Brief History of Economic Rebellion
Crypto Enthusiasts Anxious About Taxes
It’s often scary enough filing basic fiat returns, but crypto taxes are proving to be a whole new animal. First, the IRS seems almost intentionally vague on policy. This in combination with ever-constricting KYC and AML regulations on crypto exchanges, and one begins to wonder what bitcoin is even useful for. The whole P2P trustless money thing kind of flies out the window when you’ve got do anything and everything up to sending nudes and a DNA sample just to begin trading. The nightmare is real. Just ask this guy who wound up owing $400,000 even after losing most of his gains in 2018.
All this begs the question: by making the use of crypto such a tremendous pain in the ass for the average user, and a threat to their safety and that of their loved ones if they botch or “misreport” their taxes, can the Fed effectively kill Bitcoin?

Crypto Chokepoints
On a recent episode of CNBC’s Squawk Box the question was posed: “You’re the central banker for the United States — what do you do to kill Bitcoin?” To this Brian Kelly replied:
In terms of killing it, it’s very difficult. It’s very much like the internet. But the kind of, choke points and, at least where the AML/KYC, are the fiat on ramps … So where people are taking their U.S. dollars … and putting it into bitcoin, those are the points.
Of course this goes without saying. Most people know that Bitcoin’s not really something someone can “kill.” It’s not a centralized database. They’d have to take down the whole internet, and even then some interesting options might still exist.
There certainly does seem to be a case for an overarching, grand government conspiracy in all this mess. Edward Snowden’s famous NSA leaks revealed long before the crypto boom of 2017 that the state was tracking users via fake anonymization services such as the codenamed MONKEYROCKET. It’s also been well-established that as far as money laundering, trafficking and drug deals go, the USD reigns king. What emerges, then, is the truth that this probably isn’t about suppression of terrorism or crime at all, but monetary control.

Experts: You Buy a Coffee, They’ll Tax Your Sats
Even with recent confirmations that every last crypto transaction is a taxable event — from buying a donut at the corner store to a coffee at Starbucks — people are confused. Many in the U.S. continue to falsely believe that capital gains tax is the only tax which legally applies to crypto. EA (Enrolled Agent) and crypto tax expert Clinton Donnelly of donnellytaxlaw.com clarified to news.Bitcoin.com, however, that where virtually any crypto transaction has occurred, “it’s always been taxable.” Donnelly maintains:
I feel that crypto traders are low-hanging fruit for the IRS.
In Donnelly’s view, the IRS already knows who you are, referencing the discovery of NSA collection of metadata on virtually all email exchanges in the U.S. In other words, if you’ve ever signed up for a crypto exchange, you’re likely on a list somewhere. Clinton says he is passionate about helping traders and expats navigate the daunting and foggy maze of regulations, because so few CPAs currently know how to handle crypto taxes.
When asked about the recent warning letters from the IRS, he noted that the U.S. government is “bumping up the debt ceiling. The only person who can fix this is the IRS.” As such, Donnelly maintains they may be legitimately crunching the numbers for those that haven’t reported or, simply, “If they scare enough people they can get the same result.”
One CPA on Twitter also specializing in crypto reminds her followers in a pinned tweet:

While expert guidance navigating the sea of violence-backed red tape can be truly helpful, trying to calculate how much that .00001 of crypto profited you, every time you buy a stick of gum, still sucks the wind right out of most enthusiastic bitcoiners’ sails.
Right up there with the tax turn-off is Know Your Customer (KYC) and Anti-Money Laundering (AML) policies. Laws continue to stiffen worldwide, arguably bottlenecking merchant adopters and would-be traders alike. Under new global guidelines, for example, if a small business so much as holds a little crypto, technically they’re a VASP (virtual asset service provider) and are subject to special licensing requirements, fees and regulations.
Privacy-minded traders also suffer, some of whom could potentially improve their financial situations drastically with cryptocurrencies, if allowed to use the tech freely, as is. This is a real shame, when such easy, secure and quick means of building value are now available to the world. Some platforms, however, are bucking the invasive KYC trend, and standing strong for user privacy, such as the recently launched local.bitcoin.com, a marketplace where independent users can make exchanges in BCH and fiat privately, via end-to-end encrypted trade.

Clear the Way
Bitcoin’s heart is still beating, regardless of all these difficulties and any supposed murder attempts from the U.S. government. If the Fed does try to “kill it” they’d only be shooting themselves in the foot anyway, given how large and interconnected the market has grown. By demanding to know everything about everyone, and trying to control the movement of a money that was never designed to have a leader, the state (much like the highway cop that scares everyone shitless on the road) just causes more unnecessary congestion. Permissionless is a beautiful word.
Whatever one’s path for navigating these realities may be, that’s a decision for each individual alone to make. But, for the love of God, Fed, as John Galt so illustriously stated, and now so many crypto innovators are feeling:
Get the hell out of my way!
What are your thoughts on crypto taxes? 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 Can the Fed Kill Bitcoin? Navigating the Chokepoints of Tax Law and KYC appeared first on Bitcoin News.
Bron : Bitcoin en toekomst van crypto

Bitcoin History Part 14: The 1,000 BTC Poker Game

Bitcoin and poker have a history that stretches back to the very start. Perhaps, even, to before the start of Bitcoin as we know it, for there is evidence that Satoshi had a background in poker. What’s beyond dispute is that in March 2010, the world’s first bitcoin poker tournament took place, with the nascent digital currency serving as the unit of account. The buy in was set at 50 BTC, with the victor walking away with the then-worthless prize of 1,000 BTC.
Also read: Bitcoin History Part 13: The First Mining Pool
The World’s First Pseudonymous Poker Game
“BitcoinFX” was an early Bitcointalk forum user whose claims to fame include establishing the first bitcoin to fiat exchange, which operated by email only, in 2010. That same year, BitcoinFX achieved another first when he organized the first bitcoin poker game. In a thread posted March 10 titled “The Worlds First Sudo-Anonymous Poker Tournament,” BitcoinFX wrote: “I’ve decided to run a tournament with Bitcoins ! No ‘real’ money will change hands.”
At the time, bitcoin was as close to worthless as it was possible to get, at least when measured in fiat currency terms, with the best estimates pricing 333 BTC to a dollar. To its early adopters, though, bitcoin was already immensely valuable; it’s just that it would take some time for the rest of the world to catch on. In the meantime, there were use cases to be developed, fun to be had, and “electric bottle tops” to be won as BitcoinFX described the coins that would be wagered in his inaugural tournament.
The forum post announcing the first bitcoin poker game
The Half a Million Dollar Buy-In
It is disingenuous to calculate 2010’s BTC by today’s prices. Nevertheless, let the record show that if the game that took place on March 20, 2010 were to be repeated today, the 50 BTC buy-in would set you back over $500,000. As it was, it was priced at the coinbase reward for discovering a new block, and in early 2010, anyone could mine bitcoin on their computer’s CPU.
“I will be playing and hosting the game and providing the 1000 Bitcoin added prize pool,” wrote BitcoinFX. “You are trying to win my Bitcoins … Please PM me with your Bitcoin address and a random ‘username’. I will then PM you my Bitcoin address to send the 55 Bitcoin entry fee.” In the event, four players participated in the world’s first bitcoin poker game which took place at 3PM EST on March 20, 2010. User “dwdollar,” creator of the first bitcoin exchange, won the tournament, walking away with 600 BTC. Bitcointalk and later r/bitcoin moderator Theymos finished second, earning 325 BTC.

How Bitcoin and Poker Became Bedfellows
Following the inaugural bitcoin poker game, follow-up tournaments were planned on the forum and IRC. “Until a Bitcoin poker client is set up we will need to manually transfer all entry fees and winnings,” noted user “FreeMoney” in July 2010. What they, and most other bitcoiners, didn’t know is that Bitcoin had already shipped with a poker client of sorts built in. The original Bitcoin code includes the beginnings of a virtual poker game that Satoshi is believed to have started but never finished. Its code is neatly annotated with comments such as “These are your Bitcoin addresses for receiving payments. You may want to give a different one to each sender so you can keep track of who is paying you.”
Poker references are included in Bitcoin’s first code.
Did Satoshi have a background in gambling, and was this his inspiration for creating Bitcoin? He never alluded to it in his public writings, but it seems credible. Although Black Friday, when the U.S. government shut down the web’s three largest poker sites, didn’t occur until 2011, by the time Bitcoin came along, online poker was already massive, and already plagued with problems caused by payment processors that were apt to pulling the rug from under their users at the behest of the U.S. If Satoshi had been a poker player, he would have recognized the value that an unseizable P2P currency could bring to the industry. To this day, poker remains a mainstay of the cryptocurrency industry thanks to sites such as Cash Games by Bitcoin.com, which provides provably fair video poker and other casino favorites, with a payout of 99% or greater.
Intriguingly, possible Satoshi candidate Paul Le Roux “had dabbled in the online gambling business for years and had even built his own casino software,” notes the man who knows him best, biographer Evan Ratliff, who also suggests a connection between Le Roux and gambling mogul Calvin Ayre. All that is conjecture though. What can be said for certain is that efforts such as the poker game hosted by BitcoinFX in 2010 were instrumental in driving use cases for bitcoin. March was to prove a busy month for BTC; three days before the game was held, the first bitcoin exchange had gone live. Bitcoin was a little over a year old, but already the pieces were falling into place that would shape the greatest financial revolution of modern times.
Bitcoin History is a multipart series from news.Bitcoin.com charting pivotal moments in the evolution of the world’s first cryptocurrency. Read part 13 here.
Images courtesy of Shutterstock.
Ready to put your luck to the test Satoshi-style? Our online Bitcoin casino lets you play an array of BTC games including BTC slots, BTC poker, and many more. Plus, all of our Bitcoin gambling games are provably fair!
The post Bitcoin History Part 14: The 1,000 BTC Poker Game appeared first on Bitcoin News.
Bron : Bitcoin en toekomst van crypto

US Exchanges Race to Launch Regulated Physically-Delivered Bitcoin Futures

The race to launch regulated physically-delivered bitcoin futures is back on for three US-regulated trading platforms after one of them hit a snag with the country’s derivatives regulator, the Commodity Futures Trading Commission. Two other exchanges are racing to launch similar products this year.
Also read: SEC Commissioner: US Could Draw Crypto Policy From These Countries
Ledgerx Approved for Swaps, Not Futures
Three regulated trading platforms in the U.S. are vying to become the first to launch physically-delivered bitcoin futures. One of them almost reached the finish line ahead of the other two when the media reported last week that Ledgerx had launched physically-settled bitcoin futures. However, the company subsequently admitted that it has not been approved to offer this product.
Ledgerx CEO Paul Chou clarified on Aug. 6 that the news that his company was “live with trading futures for retail” was “incorrectly announced.”

Ledgerx has been working to obtain approval from the Commodity Futures Trading Commission (CFTC) to launch physically-settled bitcoin futures for many years. The company has been granted three different designations: a Swap Execution Facility (SEF) on July 6, 2017; a Derivatives Clearing Organization (DCO) on July 24, 2017; and a Designated Contract Market (DCM) in June this year.
The CFTC website states that “A DCO that seeks to provide clearing services with respect to futures contracts, options on futures contracts, or swaps must register with the CFTC before it can begin providing such services.” The agency confirmed on July 24:
Ledgerx has requested that the CFTC amend its order of registration as a DCO, which limits Ledgerx to clearing swaps, to allow it to clear futures listed on its DCM.

The newly obtained DCM license “allows Ledgerx to launch a retail trading platform for swaps and options.” The company launched its Omni trading platform on Aug. 1. “Omni is now live with trading, we have on-boarded real retail customers who have executed real trades with real funds,” the CEO shared.
Chou clarified that Ledgerx’s current licenses only allow it to “clear swaps and options,” adding that Ledgerx has “formally requested that the CFTC add futures to our DCO license we received in 2017. He confirmed, “We are still awaiting this amendment.”
Blunder at Ledgerx
Following media reports, Chou explained that the erroneous futures launch announcement was “Due to miscommunication around a single word between a principal, a PR team member, and one of our most valued publication relationships.” He tweeted that the “CFTC asked us to censor our tweets. We did. But never again, this is a disaster to democracy,” adding:
I’ve decided to sue the CFTC for anti-competitive behavior, breach of duty, going against the regs, etc … if the government does not do the right thing, we will sue them, period. Already talking to our lawyers.
Claiming to “have recordings for this type of thing,” Chou wrote, “I am going to release all of them on twitter until the government does their fucking job.”

Ledgerx launched its institutional trading platform in October 2017. “We launched a virtual trading pit, got approval for a BTC halving contract, and achieved our first months of profitability as a company,” the CEO detailed. As a SEF, Ledgerx “could legally only service what the CFTC calls Eligible Contract Participants (ECPs),” Chou emphasized. “Think accredited investor but even stricter. For example, individuals would need a net worth greater than $5mm if they wanted to ‘hedge’ risk on the platform, $10mm if they wanted to do ‘speculative’ trading.”
Erisx Approved for Regulated Futures
Another trading platform recently approved by the CFTC for physically-delivered bitcoin futures is TD Ameritrade-backed Erisx. The CFTC has approved its license to operate a DCO “for futures on physically-delivered digital assets,” the company said on July 1, adding that this approval supplements its DCM license obtained in 2011.
“Under the DCO order, Eris will be authorized to provide clearing services for fully-collateralized virtual currency futures. Eris’ indirect parent company, Eris Exchange Llc, is registered with the CFTC as a designated contract market,” the agency confirmed. Furthermore, the derivatives regulator’s Division of Clearing and Risk has issued a letter granting Eris no-action relief from complying with certain CFTC regulations due to the company’s fully-collateralized clearing model.

Erisx futures will be offered through Eris Exchange Llc (CFTC-registered DCM) and Eris Clearing Llc (CFTC-registered DCO). The company detailed:
As a registered DCO, the Erisx clearinghouse will offer the clearing of digital asset futures contracts traded on Erisx’s regulated derivatives market, which will launch later this year.
Laurian Cristea, General Counsel at Erisx, commented that “Obtaining the DCO license is the second key enterprise goal we achieved this year, after launching our spot market.”
Bakkt to Launch in Over 30 Countries
A major player trying to offer a similar product is Bakkt, a company formed by Intercontinental Exchange Inc. (ICE) “with the goal of establishing a global platform for digital assets,” according to the company’s Form 8-K filed with the U.S. Securities and Exchange Commission (SEC). ICE is a Fortune 500 company which owns and operates 12 regulated exchanges and marketplaces, spanning 9 asset classes, including the New York Stock Exchange and ICE futures exchanges in the U.S. and Europe.
The company plans to offer physically-delivered bitcoin futures as one of its first offerings. Bakkt’s website states:
We’re partnering with ICE’s leading futures exchange and clearing infrastructure to bring physical delivery futures contracts to market participants in more than 30 countries … A launch date is expected in the second half of 2019.

Bakkt plans to launch bitcoin daily and monthly futures which will be compliant with CFTC’s requirements, ICE Futures U.S. (CFTC-regulated DCM), and ICE Clear U.S. (CFTC-regulated DCO). Last month, Bakkt began testing its platform for bitcoin futures listed and traded at ICE Futures U.S. and cleared at ICE Clear US, COO Adam White announced. The company tweeted on July 22: “Today kicks off user acceptance testing … for the Bakkt Bitcoin Daily & Monthly Futures contracts … Testing is proceeding as planned with participants from around the world.” The company noted that “Participants will undergo applicable AML/KYC reviews, consistent with CFTC-regulated markets and connect via ICE’s existing infrastructure.”
In addition, Bakkt explained that it has filed with the New York State Department of Financial Services (NYDFS) “for approval to form a limited-purpose trust company that would serve as a qualified custodian of bitcoin under applicable law.” Its website details:
The launch will follow UAT [user acceptance testing] and Bakkt’s receipt of regulatory approval from NYDFS.
Which platform do you think will launch physically-delivered bitcoin futures 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 US Exchanges Race to Launch Regulated Physically-Delivered Bitcoin Futures appeared first on Bitcoin News.
Bron : Bitcoin en toekomst van crypto

Big Banks, Big Troubles: HSBC, Deutsche, Societe, and Citi Lay Off Thousands Worldwide

Banking giants are in trouble and it’s starting to show. Key players in the industry have already announced massive job cuts and executives with hefty salaries have been dismissed. HSBC, the largest bank in Europe, has revealed it plans to lay off over 4,000 employees and Citigroup is preparing to shrink its trading staff slashing hundreds of jobs. They are joining other global brands in a wave of layoffs hitting the unstable banking sector.
Also read: More Signs the Next Big Financial Crisis Begins in Germany
HSBC Confirms up to 4,700 Layoffs
London-based HSBC, which is the seventh largest bank in the world, is ready to discharge up to 4,700 employees this year, the financial institution confirmed recently. The news comes after the sudden departure of the bank‘s chief executive officer.
John Flint stepped down “by mutual agreement with the board” only a year and a half after his appointment. Noel Quinn, currently responsible for HSBC’s commercial banking, will be the group’s interim CEO serving as Director of HSBC Holdings while the company is looking for a new candidate.
The job cuts amount to 2% of HSBC’s workforce, CFO Ewan Stevenson told investors this past Monday, quoted by the Independent. Aiming to cut salary costs by 4%, the bank is likely to part ways with more senior staff but its management did not go into specifics.

Flint will help with the transition for which he will receive another annual salary and a bonus based on the bank’s performance in 2019. His “good leaver status” entitles him to other benefits as well. No details were shared about any such compensation for the other 4,699 employees who are going to lose their jobs.
The staff adjustments will be made despite HSBC’s latest half-year results showing the group’s pre-tax profits rose by almost 16% to $12.4 billion. “I have agreed with the board that today’s good interim results indicate that this is the right time for change, both for me and the bank,” the outgoing CEO stated.
The change of HSBC’s top management comes at a time when its retail banking is doing well and the prospects for its investment business are improving. However, the bank’s board is seeking more radical changes that will take into account the challenges HSBC is facing in its two main areas of operation – Asia, where a trade war between China and the U.S. is looming affecting the institution’s revenues, and Europe, which expects major problems from the uncertainty surrounding Brexit.
Deutsche Bank to Cut 18,000 Jobs
Other leading financial institutions with global reach have been experiencing similar difficulties. The layoffs across the banking industry are also a key indicator of the expectations of their managers for the near future.
Preparing for a major reorganization, in early July Deutsche Bank announced it’s going to lay off at least 18,000 people, or a fifth of its global workforce, in Germany, the U.K., U.S. and elsewhere. Forbes recently reported the largest German bank and top financial services provider is aiming to reduce costs by €6 billion.
Following the layoffs, Deutsche Bank will still have around 74,000 employees around the world. But the massive downsizing move could push remaining professionals to look for better opportunities and eventually leave the organization. The layoffs are expected to hit DB’s investment banking offices in London and New York hard.
The German giant has been dogged by other problems as well and many observers have been concerned about its prospects. Investors, economists and even international financial institutions such as the IMF fear the bank’s current state is contributing to the risks for the global financial system.

Deutsche Bank’s troubles also coincide with concerns about the situation in Germany. Europe’s leading economy has been slowing down due to various negative factors such as the trade wars with the U.S., hurting its exports to both East and West, as well as Britain’s complicated exit from the European Union.
To a great extent, the challenges facing the leading German lender stem from the scandals it got itself into over the last couple of years. Along with other European banks, DB was accused of facilitating money laundering schemes. For example, it paid U.S. and U.K. authorities $670 million in fines for allowing Russian citizens to expatriate billions of dollars in mirror trades through its Moscow office.
These scandals led to executives in the industry losing their jobs. The Board of Directors of Danske Bank, the Danish institution whose Estonian branch was in the epicenter of the money laundering fiasco, appointed a new CEO this spring, Chris Vogelzang. He took the baton from interim CEO Jesper Nielsen who replaced Thomas Borgen, relieved for his role in the dirty money saga.
Revelations about Swedbank’s involvement lead to changes in its management too. Chief Executive Birgitte Bonnesen and Chairman Lars Idermark left their posts at the Swedish lender with a sizable presence in the Baltics, where the bank became part of money laundering transactions with Danske.
Citigroup Plans to Axe Hundreds of Trading Roles
Other major banks have also joined the wave of personnel cuts. In April, France’s Societe Generale announced its intentions to axe 1,600 jobs as part of its plan to reduce costs by €500 million. Around half of the layoffs are expected in France but the lender has already dismissed dozens of employees at its London operations and may sack New York-based staff as well.
At the end of July, reports came out that Citigroup plans to lay off hundreds of employees working at its trading divisions. The job cuts, to be carried out by the end of the year, will affect its fixed-income and stock-trading business. According to The Telegraph, at least 100 positions in the bank’s equities unit, or around 10% of its staff, will be slashed. The layoffs come on the backdrop of sliding revenues in Citigroup’s trading and investment banking branches.

The unsatisfactory financial results are partly due to the current low benchmark interest rates. Last week, the U.S. Federal reserve announced a 0.25% cut to 2.25%, the first downward revision in more than a decade. Investors have also been cautious because of the general uncertainty regarding the global economy hit by intensifying trade and currency wars and growing expectations of a new financial crisis.
The difficult conditions traditional financial institutions are now dealing with have already led to bank failures, possibly signs of an upcoming banking crash involving bigger players. Alternative assets such as decentralized cryptocurrencies have enjoyed rising popularity among investors in the past months. Naturally, demand for related services has also grown. You can securely acquire bitcoin cash (BCH) and other leading cryptocurrencies at Buy.Bitcoin.com. And thanks to a new partnership with Cred, you can also earn up to 6% on your BCH holdings.
Do you think job cuts at global banks indicate the sector is heading towards a major crisis? Share your opinion in the comments section below.
Images courtesy of Shutterstock.
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 BCH and BTC with a credit card.
The post Big Banks, Big Troubles: HSBC, Deutsche, Societe, and Citi Lay Off Thousands Worldwide appeared first on Bitcoin News.
Bron : Bitcoin en toekomst van crypto

Developers Reveal Sandbox Video Game Powered by Bitcoin Cash

On August 7, developers from the team Block Hop announced a new sandbox game powered by the Bitcoin Cash (BCH) blockchain. The gaming software called Realmx is a “next-generation” game that uses blockchain technology, extensible crafted items, and online gaming to create unique experiences and gameplay.
Also Read: SLP Developers Publish Specs for a Unique Type of Non-Fungible Tokens
Developers Announce Realmx, an Online Video Game Tied to the Bitcoin Cash Network
Development and infrastructure surrounding the Bitcoin Cash (BCH) network has grown over the last year and there are all types of platforms individuals can experiment with. On Wednesday, the BCH community was introduced to a new online game called Realmx that relies on the Bitcoin Cash network as the protocol’s backbone. The game is being developed by a team of programmers called Block Hop and it’s an open-world sandbox tournament that aims to “redefine the relationship between developers and gamers.” Realmx begins in a simulation starting out in the stone age with cave dwellers and once a specific amount of productivity is completed the game will progress to a new world.
The Realmx video game powered by Bitcoin Cash was announced on Wednesday, August 7.
“Realmx game, players will be able to create items, battle monsters, monetize their content, and finally lead main game development as the game progresses,” Block Hop’s announcement explains. “Instead of using a centralized server, Realmx distinguishes itself from other sandbox games by storing all in-game assets on the blockchain — This means all in-game assets are genuinely owned by players and can be freely traded in a P2P manner.”
The Realmx website shows players will soon be able to purchase gift packs.
The Realmx engineers say when the game launches there will be four different scenes and roughly 40 unique types of monsters. The stone age setting will start with players competing in basic adventures and battles until the game progresses. Block Hop’s documentation reveals players will need “proper equipment and skillsets” to defeat tough enemies and acquire bonus points. The developers want to reward Realmx patrons for creating rare items and weaponry that are unique to each player. “Therefore, in Realmx, every player has chances to create their own recipe for new equipment/weapons — They can decide the design, the ingredients, and the price. Whenever another play is charged to craft the item on the recipe, the owner will receive BCH income,” the Block Hop programmers note.
The Realmx roadmap.
The creators highlight that the game is free to play but is far more robust when bitcoin cash transactions are applied to extensible in-game creations. For instance, crafting equipment and weapons is an available functionality within the game but there are two different methods of crafting: regular crafting and onchain crafting. Regular crafting allows players to craft items that are free but are for one-time use only. With onchain crafting, Realmx provides crafted items that are charged and can be permanently used throughout the game. Realmx also has alternate missions like “leisure farming” which basically allows players to farm for food and harvest it for reserves. “Farming in the game is quite simple — Sowing seeds in the ground and you can harvest them in a couple of hours. Also, you can breed animals to increase your production, which can be captured during your adventures,” the developers explain.
The Influx of Blockchain Gaming and In-Game Extensibility Continues
According to the website, Realmx started beta testing privately in February and the team hopes to create player development kits and keep improving the gaming experience by Q2-Q4 2019. By 2020, Block Hop aims to start focusing on basic technical support and having players lead main game development progress by Q1 2020. The website shows a video of gameplay and gift packs you can purchase at a later date. The section of the website where it says “Enter game” is out of focus and cannot be accessed right now. When the announcement was posted to the forum r/btc, BCH fans were curious to how the game works with onchain transactions. Unfortunately, there’s no Realmx source code or Github link available and the website does not detail technical information. The individual who posted the news on the forum told the community that the game will work on both desktop and mobile devices. The Realmx representative stressed the game is free to play and BCH deposits are not required. “The game will be released for downloading this month,” the representative highlighted.
Realmx offers in-game crafted equipment that can be purchased with bitcoin cash. Bitcoin.com offers you the opportunity to purchase bitcoin cash (BCH) and other leading coins.
Many BCH supporters have wanted a blockchain gaming concept built on top of the BCH chain and think that ideas like NFT1 SLP tokens could help bolster these kinds of games. Blockchain gaming and extensible item creation has been popular for quite some time and really started taking off after the launch of Spells of Genesis (SoG). The SoG game is a mobile tournament that uses blockchain-based trading cards and items to help players explore the online fantasy realm called Askian.
Spells of Genesis.
SoG offers true in-game asset ownership while cards and bitcrystals are issued using the Counterparty platform which is tethered to the BTC chain. In December 2018, news.Bitcoin.com reported on another game called Mafia Wars that also uses the Counterparty system. The game is also a collectible card-based tournament and provides online gamers with the ability to become crime bosses from one of five families from the early twenties.
Mafia Wars.
Realmx creators are betting that the BCH-based game will bring a similar fascination toward a blockchain tournament filled with onchain extensible items. If the game grew in popularity, players could bolster the BCH chain with numerous onchain transactions during gameplay. Obviously, like all blockchain projects, games such as Realmx need to gather momentum by building a large group of registered users. This hasn’t been so easy as individuals still flock to centralized platforms and games that only reward the developers. Still, a well built online tournament that uses bitcoin cash as an incentive might entice people to try something different. They may also be tempted by the open gameplay and sandbox style that gives players more creativity toward the in-game development process. If enough people are persuaded by the benefits of games tethered to a distributed ledger, it’s possible that 5-10 years from now we all could be playing blockchain-based games.
What do you think about the Realmx game built on top of the Bitcoin Cash blockchain? Let us know what you think about this project in the comments section below.
Disclaimer: Readers should do their own due diligence before taking any actions related to the mentioned companies, software or any of the affiliates or services. Bitcoin.com or the author is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. This editorial review is for informational purposes only.
Image credits: Realmx, Block Hop, Spells of Genesis, and Mafia Wars.
Ready to put your luck to the test Satoshi-style? Our online Bitcoin casino lets you play an array of BTC games including BTC slots, BTC poker, and many more. Plus, all of our Bitcoin gambling games are provably fair!
The post Developers Reveal Sandbox Video Game Powered by Bitcoin Cash appeared first on Bitcoin News.
Bron : Bitcoin en toekomst van crypto