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Venezuela’s president Nicolas Maduro has advanced the creation of the country’s national cryptocurrency, the Petro. He believes it will take off and solve the country’s economic problems next year, but experts are concerned with corruption. Moody’s credit rating agency, for example, says market participants would have no confidence in Maduro’s government to manage it.
Maduro Takes Next Steps with the Petro
News.Bitcoin.com reported last week on Maduro announcing the creation of the country’s national cryptocurrency called the Petro, backed by the country’s oil, gold, gas, and diamond reserves.
This week, Maduro revealed, as quoted by Ok Dinero:
In the next few days, I will sign the certificates where we put as certified support of the Venezuelan cryptocurrency, the Petro, thousands of barrels of oil from the Orinoco oil belt as sustainable support.
Maduro also commissioned Petroleum Minister Manuel Quevedo to coordinate the team that will create the Petro, according to the Costa Rica News. Quevedo is also the new president of the state-owned oil and natural gas company Petróleos de Venezuela (Pdvsa).
In addition, the Venezuelan government created two entities for the Petro this week: the National Blockchain Observatory and the Cryptocurrency Superintendency.
The former will oversee the operations of the Petro and serve as an institutional, political and legal base that will contribute to the launch of the new currency. The latter was created to govern the Petro transactions, with Carlos Vargas appointed as the superintendent.
“I have signed the decree for the creation of the superintendency of the Venezuelan cryptocurrency. I create a superintendency to govern the Petro,” Maduro announced and was quoted by Uno Tv saying:
I am sure that the steps we are taking are firm and the year 2018 I imagine, I feel it in my body, is the year of the takeoff of the cryptocurrency and the recovery of the economy of the country.
Avoiding Sanctions or Curbing Bitcoin Use?
U.S. President Donald Trump signed an executive order to impose economic sanctions on Venezuela and Maduro in August.
Yaya Fanusie, Director of the U.S. Center on Sanctions and Illicit Finance, believes that even if Venezuela were to develop the Petro and find acceptance for it, the new currency would unlikely help the government circumvent sanctions, El Nuevo Herald reported. “Most cryptocurrencies are identifiable and are not used as much to help authoritarian regimes to circumvent far-reaching sanctions,” she claims.
Instead, Fanusie suggested that Maduro’s announcement “sounds more like populist rhetoric to convince people not to use bitcoin,” which has become popular in Venezuela as the bolivar continues to depreciate.
Opportunity for More Corruption
A state-backed cryptocurrency like the Petro may offer new opportunities for corruption, the news outlet added, and then quoted Pedro Burelli, a former Pdvsa board member, saying:
This is another possibility of creating another business that is not transparent, which is like manipulating currency exchange rates, laundering money and smuggling gasoline.
Eric Farnsworth, Vice President of the Council of the Americas concurred, stating that “The potential for massive corruption is huge and Venezuela has become a society overwhelmed by corruption.”
Moody’s Sees Little Success in The Petro
Credit rating agency Moody’s published a report on the prospect of the Petro this week. The agency “sees little success in Venezuela’s attempt to circumvent international sanctions,” Ok Dinero reported. “The rating agency considers economic mismanagement, as well as political tensions and the suppression of economic data, has undermined the credibility of the government of Venezuela among foreign investors,” the news outlet noted and quoted the agency stating:
Even if the government were able to establish a virtual currency, we do not believe that the market participants felt sufficiently confident that the government would manage it faithfully and transparently, which would limit their willingness to buy or carry out transactions in petroleum.
Moody’s concluded that this lack of credibility would undermine the government’s efforts to utilize the Petro as alternative financing to avoid U.S. sanctions in the context of restructuring debt.
What do you think will happen with the Petro? Let us know in the comments section below.
Images courtesy of Shutterstock, Ariana Cubillos AP, and Twitter.
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The post Venezuela’s National Cryptocurrency Advances But Experts Warn of Corruption appeared first on Bitcoin News.
The half a trillion dollar cryptocurrency market is for the taking, and savvy market makers are not going to give up positions easily. Cboe was the first futures market for bitcoin, launching last Sunday a full week ahead of its crosstown and much larger competitor, CME Group Inc. With the might and heft CME brings into the space on Monday, Cboe is stealing a little of its thunder with TD Ameritrade’s announcement that it too will allow clients bitcoin futures on the same day.
Manic Monday, TD Ameritrade’s Cboe Bitcoin Futures Play
“At this point,” TD Ameritrade announced in an email, “we believe the market is showing signs of adequate liquidity for the Cboe product. Therefore, on Monday, December 18th, we will launch the Cboe bitcoin futures contract on our platform for a subset of qualified retail clients.”
The popular online retailer will require a minimum 25,000 USD in order to trade futures. It’s also increasing the margin one-and-a-half times beyond Cboe’s requirements, to 66 percent. To trade on a $ 17,000 bitcoin futures contract, for example, TD Ameritrade clients must fork over 11,000 USD. Entering the market at this point, the firm has elected not to simultaneously trade on CME, staying exclusively, for the moment, with Cboe as it waits to see how the rival exchange handles the digital asset.
TD Ameritrade is one of the largest retail futures traders around, and its Cboe play adds even more liquidity to the market. And though the Cboe contracts have been trading without incident, volume is very much on the low end due to most Cboe traders being outside the US, largely in South Korea and Japan where they obviously do not have US futures accounts. TD Ameritrade could be at once an answer to the volume conundrum and an easier way in for US institutional investors to enter bitcoin futures.
Regarding limiting trades to just Cboe, TD Ameritrade managing director JB Mackenzie explained: “Right now we are taking the same approach we did with the Cboe product, to wait and see how it goes. We want to watch that market open and become an orderly marketplace and see who the participants are in that marketplace. This is the same process we use with any new product. We want to see how the market reacts,” he told Bloomberg.
What do you think about the TD Ameritrade move? Let us know in the comments below.
Images via Pixabay, TD Ameritrade.
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Just recently, the Bank Negara Malaysia (BNM), the country’s central bank, has issued drafted digital currency regulatory guidelines for citizens and businesses residing in the region. The new regulations will fall under the country’s anti-money laundering and anti-terrorism financing act of 2001. If the guidelines are approved, cryptocurrency trading platforms must provide digital asset trade volume statistics, identify all customers, and also monitor transactions going in and out of the exchange.
The Bank Negara Malaysia: ‘A Digital Currency Exchanger Must Declare Its Details’
The central bank of Malaysia, BNM, has issued a draft of digital currency exchange regulations for public consultation. The laws will apply to all trading platforms that deal with cryptocurrencies, and any one individual can also be considered an “exchange” if they sell digital assets. For larger operations, there will be “transparency obligations” where trading platforms will be required to provide data to the BNM’s reporting entity.
“A digital currency exchanger must also declare its details to the Bank as a reporting institution,” explains the central bank.
Failure to declare its details as reporting institutions or comply with the reporting obligations may subject the digital currency exchangers to the enforcement and non-compliance actions as provided under the AMLA as well as the potential termination or denial of use of financial services in Malaysia.
Cryptocurrencies Like Bitcoin Are Not Legal Tender in Malaysia
Additionally, exchanges must comply with Know-Your-Customer (KYC) requirements when registering customers. The goal of verifying a user’s identity aims to provide adequate measures against money laundering, and terrorist financing, explains the bank. Further, the bank details that digital currencies are still not officially regulated, and there are significant risks tethered to operations dealing with cryptocurrencies before laws are enacted.
“The public is reminded that digital currencies are not legal tender in Malaysia,” the bank’s draft states. “Members of the public are advised to carefully evaluate the risks associated with dealings in digital currencies — This includes risks arising from high volatility in prices, the lack of deep markets and vulnerabilities to cyber-attack which can lead to significant losses.”
Users of digital currencies will also not be covered under established disputed resolution arrangements which exists for regulated financial institutions in the event of any dispute or losses.
Malaysian Citizens and Businesses May Write Written Feedback About the Proposed Laws
The proposed guidelines are considered the first steps towards making digital assets transparent in the country. BNM says they will be monitoring bitcoin and other cryptocurrencies to assess the risks retail investors face. Further, the central bank is welcoming written feedback in regard to the drafted legislation, and responses are due by January 14, 2018.
What do you think about the Bank Negara Malaysia and its proposed digital currency exchange legislation? Let us know what you think in the comments below.
Images via Shutterstock, and Bank Negara Malaysia
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On December 15 the largest bitcoin payment processor in the world, Bitpay, announced it will now process payments for multiple blockchains. The first decentralized currency Bitpay has opted to utilize will be bitcoin cash.
Bitpay Will Now Process Bitcoin Cash for Merchant Invoices and Debit Card Loads
Bitpay has made an announcement that’s sure to please bitcoin cash (BCH) supporters as the firm has announced BCH payment processing. This means Bitpay’s merchant invoices and card load ups can be paid in bitcoin cash as soon as the company finishes integration. The company explains they have received multiple requests over the years to support more than one digital asset. The firm believes allowing merchants to accept payments stemming from other blockchains will open up new customer bases. Another reason Bitpay is moving to alternative blockchains is also because of the bitcoin core network’s congestion and high fees.
“Demand for Bitcoin transactions is outstripping capacity, causing miner fees to rise on the Bitcoin network,” says Bitpay’s announcement.
With multiple blockchain payment options, our merchants’ customers will be able to choose one with features, confirmation times, and miner fee levels that work for them.
‘Bitcoin Cash Has Faster Network Confirmations and Significantly Lower Miner Fees’
Bitpay says they are not leaving the bitcoin core network behind and will continue to help build that chain. They are researching and developing ideas to make the network transactions more affordable and reliable. This includes assisting various efforts with the Lightning Network and Segregated Witness (Segwit) implementation. Bitpay details that Segwit could help fees drop and speed up the network but right now the situation is complicated.
“With average transaction fees already around $ 20, we understand that Bitcoin alone cannot handle the current demand for blockchain payments,” Bitpay explains.
Bitcoin Cash is a blockchain created by a fork of the Bitcoin network. It allows for payments with significantly faster network confirmations and significantly lower miner fee costs.
All Bitpay Invoices Will Default to Bitcoin Cash
Bitpay reveals the first step for BCH integration will be starting with Bitpay’s Visa card loads. Further in early 2018, all Bitpay invoices will default to a bitcoin cash invoice, but customers will still be able to utilize bitcoin core invoices the company emphasizes. The Atlanta-based firm says they will be notifying the public and its regular merchants well in advance before the launch of bitcoin cash invoice implementation.
“You will also continue to only receive the settlement type you have chosen, with zero volatility risk from price swings,” Bitpay concludes.
What do you think about Bitpay integrating bitcoin cash for payment invoices and debit card loads? Let us know what you think in the comments below.
Images via Shutterstock, Pixabay, and Bitpay.
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Commodity Futures Trading Commission (CFTC) was very active on the final business day before the globe’s largest futures market maker, CME Group Inc., is to begin its entrance into bitcoin contracts. The regulator created a website devoted to bitcoin, and it issued new cryptocurrency rules of compliance for public comment.
Futures Regulator Issues Compliance Rules
Release pr7664-17, Proposed Interpretation on Virtual Currency “Actual Delivery” in Retail Transactions, concerns “its authority over retail commodity transactions involving virtual currency, such as bitcoin,” the CFTC statement began. In it, they set “out the CFTC’s view regarding the ‘actual delivery’ exception that may apply to virtual currency transactions.”
The CFTC has long held bitcoin to be a commodity as defined within the Commodity Exchange Act (CEA). Now, it is clarifying what that means as market makers under its purview now that Cboe (last Sunday), CME (Monday), Nasdaq (middle of next year), and Cantor Fitzgerald (next year) are moving full-steam ahead to meet an insatiable demand for bitcoin. Broadly speaking, the CEA gives muscle to the CFTC, allowing it to oversee bitcoin/crypto futures on the retail side.
The proposed rules of 15 December 2017 exempt contracts if they’re delivered within 28 days. They establish “two primary factors necessary to demonstrate ‘actual delivery’ of retail commodity transactions in virtual currency: (1) a customer having the ability to: (i) take possession and control of the entire quantity of the commodity, whether it was purchased on margin, or using leverage, or any other financing arrangement, and (ii) use it freely in commerce (both within and away from any particular platform) no later than 28 days from the date of the transaction,” the statement outlined.
Participants have three months to issue their thoughts on the proposals, which also include “(2) the offeror and counterparty seller (including any of their respective affiliates or other persons acting in concert with the offeror or counterparty seller on a similar basis) not retaining any interest in or control over any of the commodity purchased on margin, leverage, or other financing arrangement at the expiration of 28 days from the date of the transaction,” the CFTC noted.
Such clarification is widely believed to be a way for the agency “to crack down on so-called ‘bucket shop’ outfits that take retail investors’ cash fraudulently claiming to plow it into a virtual currency, but no underlying transaction actually takes place,” Reuters stressed.
CFTC Launches Gloomy Bitcoin Website, Podcast
Friday also saw another first, a CFTC webpage dedicated exclusively to bitcoin. It aims to provide online “resources for market participants and customers on virtual currency and the CFTC’s role in oversight of this emerging innovation.”
It boasts a podcast, CFTC Talks, for which production values leave much to be desired. Its maiden episode is a roundtable of CFTC directors discussing existing and coming bitcoin futures. They each read banal introductions as to their purpose, and every participant sounds as if they’re directing flight traffic above a very large international airport. The host is also very excited about everything.
The website includes a primer on bitcoin as well as the ominously titled, Understand the Risks of Virtual Currency Trading. The one and a half page oddly formatted document warns: “Virtual currencies are commonly targeted by hackers and criminals who commit fraud. There is no assurance of recourse if your virtual currency is stolen. Be careful how and where you store your virtual currency.”
What do you think about the CFTC’s increased bitcoin activity? Tell us in the comments below.
Images via Pixabay.
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Earlier this week the blockchain technology-based research and development organization, Nchain, announced a strategic partnership with ‘SBI Bits,’ a subsidiary of SBI Holding’s core fintech strategy branch. In addition to this news, Nchain recently appointed Jimmy Nguyen as its Chief Executive Officer in order to tackle the ‘next chapter’ of the firm’s roadmap. News.Bitcoin.com decided to discuss the company’s recent developments this week with Mr. Nguyen, who tells us 2018 is going to be a “big year” for Nchain.
Supporting the Usage and Growth of Bitcoin Cash
Jimmy Nguyen has recently taken the position of CEO at Nchain after serving multiple roles with the firm. Nguyen tells us that Nchain’s mission is to enable massive growth of the bitcoin cash network, and his new position will bolster the vision. The company has four separate business units he oversees which includes a focus on blockchain development and research, an IP company, a cryptocurrency wallet and exchange based out of Canada, and its new investment arm called ‘Nchain Reaction.’
“Three of the business entities were already pre-existing,” Nguyen explains to news.Bitcoin.com. “The new business that is being added to the mix is our new investment entity which is called Nchain Reaction. The reason we started [Nchain Reaction] is because since we merged publicly earlier this year we’ve been approached by lots of companies and startups in the bitcoin and blockchain space, and we were supporting them somehow, and doing business deals with them.”
So we decided to start our own investment vehicle. One that could support companies with great products and applications that all are for the usage and growth of bitcoin cash in particular.
Making Cryptocurrency Solutions More Usable
Nguyen explains that at the moment bitcoin core (BTC) is having growth problems and is being used as a speculative asset rather than a currency.
“I’m sure you see one of the issues with the growth of bitcoin right now is people are buying it as an investment, and it’s not being used on a daily basis — It’s not being used in e-commerce or as we call ‘bit-commerce,’” the CEO of Nchain emphasizes.
Part of that I think is that there needs to be better applications and products out there to make cryptocurrencies more usable for consumers and merchants. So with that company, we are focused on making bitcoin cash more usable.
Bitcoin’s True Usage Is Electronic cash — The Only Viable Alternative for That Right Now Is Bitcoin Cash
Further Nguyen and Nchain believe bitcoin cash is the ‘true bitcoin’ and is the only network that genuinely reflects the bitcoin white paper written by Satoshi Nakamoto published in 2008. Nguyen tells us that both currencies will co-exist for a while, but he can’t predict what will happen in the future.
“We [Nchain] believe that bitcoin cash is the ‘true bitcoin’ and that it is closer to the vision of what bitcoin was supposed to be — a peer-to-peer electronic cash system. This is in contrast to the way the legacy chain is moving and how it’s trying to become more of a ‘store of value,’” he explained. Nguyen responds to a question about bitcoin core (BTC) and bitcoin cash (BCH) co-existing:
I never wish any other teams cryptocurrencies ‘ill will,’ and there may be a world where they can co-exist. However, we believe bitcoin’s true usage is electronic cash, and the only viable alternative for that right now is bitcoin cash.
A Big Year Ahead for Nchain in 2018
Nguyen says that this coming new year will be a new chapter for Nchain, and with his new role he aims to let the world know what his company is about and what it does.
“Now that I’m taking over the reigns at Nchain I recognize a lot of people have questions about who we are and what we do. I think it’s my mission as we enter this next chapter to have people understand that we are an ‘enabling company,’ one that will enable the growth of bitcoin cash and all blockchain technologies,” Nguyen explains. “We’re going to do that through our research and investments but also work with other people and organizations. What I aim to do most during the next chapter is make that clear to people.”
We’ve got many plans for things in the future, which we will start rolling out in a few months and the year to come. So, look for a big year in 2018 for Nchain.
What do you think about Nchain and its commitment to bitcoin cash? Let us know what you think about Jimmy Nguyen’s statements in the comments below.
Images via Shutterstock, Nchain Global, and Jimmy Nguyen.
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Professional cryptocurrency traders are a clever bunch. They must be, with all their talk of MAs, fibs, and ichis. Mere mortals could never hope to acquire their expert charting knowledge or ability to glean breakouts from glancing at a graph. Thankfully, there’s a way for beginners to trade like a pro without needing to spend five years at forex school: by paying for it. Joining a paid trading group seems like an easy way to fast track your gains, but be careful – those paid signals could be costing you more than you think.
Fib Level: Off The Charts
Traders, like gamblers, have a tendency to overplay their wins and hide their losses. If you’re a Twitter trader with an army of thousands hanging on your every call, admitting to being wrong isn’t good for business. When “pro” traders get it right, they have no qualms about reweeting their correct call. Get it wrong and those tweets are deleted faster than you can say flash crash.
The risks of blindly trusting traders was illustrated this week after someone published The Wolf of Poloniex’s Bitmex trading history. The Wolf, who styles himself on Leonardo DiCaprio’s Jordan Belfort, boasts a Twitter following of over 75,000 and is famed for his cries of EXIT ALL CRYPTO MARKETS anytime bitcoin looks bearish. He also operates a private trading group, The Wolfpack, which costs 0.1 BTC to enter. Within this inner circle, The Wolf dispenses the sort of priceless insights that aren’t available to the proletariat.
It all sounds very lucrative, not least to The Wolf of Poloniex, but what about to those who’ve shelled out $ 1,000 or more for his wisdom? Well, according to one accuser, the pseudonymous trader could be a sheep in wolf’s clothing.
The Trader Who Cried Wolf
If the above screenshot is correct, The Wolf of Poloniex has lost around half a million dollars, largely from unsuccessfully trying to short bitcoin.
This revelation raises questions not only as to the value of The Wolf’s predictions, but to those of Twitter traders in general. Critics swiftly poured into the thread to dissect The Wolf’s abilities, with one jibing: “His source of income is obviously not trading. It’s his wolfpack 0.1 BTC subscriptions (which he also blew by buying altcoin tops).” Others responded:
It’s easy to lay into traders for getting things wrong, but in their defense, charting is not an exact science. Even when it’s done well, it arguably bestows only the slenderest of advantages. Sniping at Twitter traders because you lost money is like blaming Ferrari because you crashed your high performance sportscar. The Wolf predictably came out swinging, retorting:
Riding to his defense, another user responded: “All jokes aside, people just love to hate. I support the wolf. This man makes educated calls based on experience. Follow him or not you make your own calls, do your own research.”
This sentiment was echoed in a recent Medium post which urged:
Invest in projects you believe are going to impact billions of people within the next 10 years. Do your due diligence. Invest in open teams that are accessible. speak to all the people building the technology, get to know them personally.
Exit All Trader Groups
The real Wolf of Wall Street, Jordan Belfort, came out swinging this week, denouncing bitcoin as a “huge danger” that’s “guaranteed” to fail. His Twitter namesake, at least, has nothing but love for the digital currency. Regardless of where The Wolf of Poloniex’s wins and losses stand, there’s a case for questioning the wisdom of paying to enter private groups for trading advice that can be found elsewhere for substantially cheaper. Veteran bitcoiner Charlie Shrem put it best when he wrote:
It’s easy to be a “crypto expert” with “private trading groups” when everything is rising….Most of these “experts” showed up less than a year ago.
For cryptocurrency investors seeking a less expensive alternative to paid trading groups, there are a few options. A number of crypto asset funds such as Safinus have sprung up which allow investors to defer to the wisdom of experts and earn a passive return that way. It’s too early to assess the efficacy of these models however, which are still relatively new.
Alternatively, do what the best crypto traders do: set aside one evening a month to perform fundamental analysis on the most enterprising projects currently in the works. Do your own research and that way the only person you’re answerable to is yourself. Finally, if you don’t have the time or focus for that, buy into some of the top market cap cryptocurrencies, forget about them and come back in a year.
To date, that’s proven a far more lucrative strategy than agonizing over fib retracements, ichis, and moving averages. That’s not to say you should disregard cryptocurrency traders altogether. They often get things wrong, but their memes are still dank and their charting knowledge is enviable. Follow them on Twitter by all means. Just don’t follow them blindly.
Have you found private trading groups to be profitable? Let us know in the comments section below.
Images courtesy of Shutterstock.
Disclaimer: This article is 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.”
The post That Crypto Trader You’re Paying for Advice Isn’t as Smart as You Think appeared first on Bitcoin News.
This week the developers of the komodo (KMD) blockchain platform performed a successful atomic swap between KMD and bitcoin cash (BCH) using the team’s Barterdex exchange.
Komodo Developers Perform Bitcoin Cash Atomic Swap On the Barterdex Platform
On December 14, the developers of the open source komodo cryptocurrency performed an atomic swap between KMD and BCH. Komodo is a digital asset that aims for privacy-centric ideals and hopes to provide more fungible blockchain transactions. The cryptocurrency uses a consensus mechanism called Delayed Proof-of-Work (dPoW) which is similar to bitcoin’s PoW, but also uses a block notarization method. In addition to the komodo token, the team has also built a decentralized exchange called Barterdex, a trading platform that provides cross-chain atomic swaps between other cryptocurrencies. Atomic swaps allow two parties to transact between two blockchains in a trustless manner without counterparty risk.
The developer who performed the first ‘BCH <-> KMD’ atomic swap revealed his findings on the Reddit forum.
“I was the one who did the actual swap,” the developer reveals. “This is an Atomic Swap between Komodo and Bitcoin Cash, where the KMD buyer bought BCH — The atomic swap protocol, as used in Barterdex, follows the Tier Nolan protocol (Alice is buyer, Bob is seller).”
Atomic Swaps Will Tear Down Cryptocurrency Trading Roadblocks
The Komodo team says the Barterdex BCH swap code is “quite complicated,” but also uses a 2-of-2 multi-signature mechanism which can be used if the trade needs to be canceled. The Barterdex platform also trades over 60 other digital assets that trade blockchain-to-blockchain. In addition to the atomic swaps with a GUI, Barterdex also provides decentralized order-matching. An order matching system matches buy and sell orders so each party can execute a desired trade. The Komodo team explains that there have been notable efforts to try and push the idea of decentralized exchanges like the Bisq network. However, the Bisq exchange and others still rely on an escrow system whereas Barterdex uses the atomic swap protocol.
According to the Komodo developers, bitcoin core (BTC) atomic swaps have been a nuisance during times when the mempool is congested. When the BTC blockchain is backed up with unconfirmed transactions, the Barterdex exchange has to put bitcoin core atomic swaps on hold until the mempool clears. “BTC won’t be disabled in Barterdex, except during periods of high mempool congestion when BTC atomic swaps are very likely to fail,” explains the komodo’s Twitter handle. For this reason, the developers explained to news.Bitcoin.com that they had decided to integrate bitcoin cash into the trading engine. The Komodo team explained to news.Bitcoin.com that they’re pleased with the BCH integration and believe atomic swaps will transform the future of cryptocurrency trading
“Atomic swaps tear down many major roadblocks, foremost among them being a current lack of security in cryptocurrency trading,” explains the Komodo development team.
What do you think about the Komodo developers performing an atomic swap between KMD and BCH? Let us know in the comments below.
Disclaimer: Bitcoin.com does not endorse the product/service Barterdex.
Readers should do their own due diligence before taking any actions related to the mentioned company, exchange, 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 this article.
Images via Shutterstock, Komodo, and the Barterdex GUI.
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According to a few regional news outlets, a Danish bitcoin billionaire and the co-owner of the Rungsted Seier Capital ice rink, Niklas Nikolajsen, plans to change the name of his skating hall and call it the “Bitcoin Arena.” In addition to this news, one of the professional hockey players who plays in the arena has opted to get his salary paid in bitcoin.
Saxo Bank Ice Skating Rink In Rungsted Will Soon Be Called the ‘Bitcoin Arena’
Soon there will be a professional hockey arena and ice skating rink in Hørsholm that features bitcoin advertisements, bitcoin hockey pucks, and a bitcoin symbol etched under the skating hall’s ice. The changes to the Rungsted Seier Capital hockey club are being made by its co-owner Niklas Nikolajsen who also runs the trading platform Bitcoin Suisse. The ice rink’s name will change from “Saxo Bank” to the “Bitcoin Arena” according to reports. The sponsorship deal includes an unknown “seven-digit amount” Danish news outlets reveal.
“It shows how far bitcoin has really come,” explains Niklas Nikolajsen. “It is quite interesting that when the classic banks move out, we move in.”
And I’m going to pull on a smile when I hear the sports commentators, every time they switch over to a match in Rungsted, they have to switch to the Bitcoin Arena. It’s funny, and it’s clear that it’s a little nasty thing.
A Nine Meter Bitcoin Symbol In the Center of the Rink and a Top Player Paid In Bitcoin
The changes are expected to take place on December 27 when Nikolajsen and his partner Lars Seier Christensen cut the Bitcoin Arena’s ribbon on opening day. The bitcoin symbol will be in the center of the skating rink and will stretch 9 meters in length. Alongside the new sponsorship deal, one of the leading players from the Rungsted team will be paid in bitcoin.
Nikolaj Rosenthal is a full-time hockey player who has been under contract for four years. Rosenthal has agreed to get his pay issued by Nikolajsen’s Bitcoin Suisse payment processor. So far Rosenthal is the only player that has opted to be paid in BTC, but he believes other players will also agree to this type of salary in the future.
“I can imagine that they would,” says Rosenthal. “It’s really exciting to be allowed to be a pioneer with this.”
What do you think about the Rungsted hockey rink changing its name to Bitcoin Arena? Let us know what you think about this story in the comments below.
Images via Shutterstock, Rungsted Seier Capital hockey club, and Bitcoin Suisse.
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PR: Winning Moonrise Competition Scales Talent Acquisition Platform Bitdegree Crowdsale to the Next LevelDecember 15, 2017 | dailybusinessnews
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As the Grand Prize winner of Moonrise 2017 competition, BitDegree – the blockchain learning and talent acquisition platform, has reinforced its fast-growing reputation as a game changer within the crypto community. BitDegree caught the attention of a huge number of contributors which led to a quick sellout of nearly one quarter of the total token supply.
Moonrise 2017 competition is held by Moontec – Northern Europe’s biggest conference devoted to cryptocurrencies. It aims to find the most promising and innovative crypto startups, and connect them with a global network which gives them the necessary financial and business support to succeed.
“Winning Moonrise 2017 is an astonishing achievement and motivational boost for us. Victory throws us extra challenges to work even harder towards achieving our goal.”, Andrius Putna, CEO of BitDegree commented on the victory of Moonrise competition.
BitDegree’s acclaim is not just booming amongst the blockchain community. Within hours of starting its token sale on December 1st, 2017, it had reached its soft-cap.
BitDegree is currently giving token sale participants a 10% bonus on all contributions they make towards the BitDegree platform until Friday, December 15th. Prior to crowdsale, BitDegree pledged their values of honesty, transparency and fairness. BitDegree gives no secret bonuses, organizes no pre-sales nor gives any special conditions to any participant. BitDegree believes in the egalitarian crypto spirit like the creator of Ethereum himself.
The innovative BitDegree platform is co-founded by Hostinger – the creator of the world’s biggest free web hosting service 000webhost. Hostinger CEO Arnas Stuopelis pledged that for the first year after the crowdsale, BDG tokens will be exchangeable to Hostinger services at the same ratio the tokens were originally gained during the crowdsale.
In the final quarter of 2017 alone, BitDegree’s innovative approach of applying blockchain to education teamed up an internationally-experienced members from the fields of education, tech, gamification and blockchain. These experts include Electronic Arts co-founder, Jeff Burton, and former Coursera senior manager, Roberto Santana who are members of the BitDegree advisory board.
All contributors can still take part in the BitDegree crowdsale, secure their share of BDG tokens and earn a 10% bonus by participating before December 15th, 2017.
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