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Theories Abound After BTC Leaps While Bitmex is Down

August 22, 2018 |

Theories Abound After Bitcoin Leaps While Bitmex is Down

It’s been an interesting 12 hours for BTC, with the cryptocurrency finally breaking through resistance levels. Most of the drama took place within the space of just a few minutes, when BTC gained $ 400 without blinking. It is no coincidence, however, that the event took place just as the popular cryptocurrency exchange Bitmex went offline. The experience has left traders crying foul and caused wild conspiracy theories to circulate.

Also read: Apple Co-Founder: Crypto World “Like the Internet When it was Brand New”

BTC Breaks Through Resistance While Bitmex Smolders

Shortly before 9pm EST on 21st August, bitcoin broke out of the resistance range it has been trapped in for weeks, climbing to $ 6,800. Traders had despaired of BTC escaping the $ 6,100-$ 6,600 range it had been bouncing around in without the aid of a major exogenous event such as ETF news. In the end it was something that ought to have been a minor event that triggered the breakout.

Theories Abound After Bitcoin Leaps While Bitmex is Down

Bitmex, which had been scheduled to go offline for maintenance at 9pm EST for 30 minutes, reopened on time in cancel-only mode. It immediately became clear that something wasn’t right, prompting the exchange to tweet “Some users are reporting difficulty in logging in”. Trading remained cancelled until 10pm, with Bitmex attributing the extended downtime to a DDoS attack. Some traders weren’t buying it though.

Beyond Godlike Kills Across the Board

While Bitmex struggled to get back online, traders trapped in shorts could only watch, helpless, as their positions were liquidated. Bitmex Rekt, an unofficial account that records margin calls on the platform, went into overdrive, tweeting out “beyond godlike” kills as position after position was wiped out.

Theories Abound After Bitcoin Leaps While Bitmex is Down

In the aftermath of ‘the rekoning’, conspiracy theories were in plentiful supply, with some even accusing Bitmex of deliberately keeping its platform offline in order to profit. There is no evidence to support such an allegation, but that hasn’t stopped speculation from mounting that this was an inside job. To critics, it’s further evidence of bitcoin manipulation and another example of why margin trading is dangerous. If one platform gets to call the shots (or rather the shorts), and stands to profit from disrupting its own service, it has no incentive to act ethically, critics claim.

Theories Abound After Bitcoin Leaps While Bitmex is Down

A less controversial explanation is that Bitmex was genuinely the target of a DDoS attack by an unknown third party seeking to manipulate the market. If that was the case, they were certainly successful, and are likely to have profited handsomely off the attack.

After the Breakout, What Next?

Regardless of how it happened, the $ 6,600 resistance level, which had been fiercely defended for weeks, has been breached. It is possible that this could now become the new support level for BTC. With news of the bitcoin ETF imminent, however, all attempts at TA could soon be rendered meaningless, as whatever the outcome of the ETF decision, the market is sure to move violently. Ironically, incidents such as that which occurred on Bitmex could be the catalyst for the SEC denying an ETF on the grounds that bitcoin is too prone to manipulation. With the number of BTC shorts nearing at a record high, there is also the possibility of a short squeeze occurring as traders are forced to buy more BTC to cover their positions. The last time this occurred, on April 12, bitcoin leapt by almost $ 1,000 in a day.

Theories Abound After Bitcoin Leaps While Bitmex is Down
At around 9pm EST last night, BTC leapt by $ 400 in just a few minutes

Whatever the outcome, the coming days promise to be extremely interesting for traders as they try to factor in a myriad of variables, while praying that Bitmex remains operational. The exchange traded $ 3.3 billion of BTC in the last 24 hours, most of it on leverage of up to 100x. Over-centralization is a recurring theme in cryptocurrency, and Bitmex, lead by the charismatic and unabashed Arthur Hayes, is merely the latest manifestation of the dangers that occur when a single entity has the power to call the shots.

Do you think Bitmex was the victim of a DDoS attack and do you think market manipulation is rife? Let us know in the comments section below.


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The post Theories Abound After BTC Leaps While Bitmex is Down appeared first on Bitcoin News.

Bitcoin News

The Daily: Bakkt Won’t Offer Leverage, Congresswoman Holds Crypto

August 22, 2018 |

The Daily: Bakkt Won't Offer Leverage, Congresswoman Holds Crypto

In today’s edition of Bitcoin in Brief we cover stories about Intercontinental Exchange’s crypto trading platform Bakkt, which won’t be offering leverage or margin trading, and a US politician who has revealed she’s bought a couple of cryptocurrencies.

Also Read: Researcher: Stop Worrying About Bitcoin’s Environmental Impact

Bakkt Won’t Offer Leverage

Bakkt, the recently-announced subsidiary of the parent of the New York Stock Exchange — Intercontinental Exchange (NYSE: ICE), has decided it won’t offer leverage on crypto trading. This was decided in the name of ensuring efficient price discovery and is meant to set it apart from other venues. Kelly Loeffler, the CEO of Bakkt, stated: “A critical element to price discovery is physical delivery. Specifically, with our solution, the buying and selling of Bitcoin is fully collateralized or pre-funded. As such, our new daily Bitcoin contract will not be traded on margin, use leverage, or serve to create a paper claim on a real asset. This supports market integrity and differentiates our effort from existing futures and crypto exchanges which allow for margin, leverage and cash settlement.”

Congresswoman Holds Crypto

The Daily: Bakkt Won't Offer Leverage, Congresswoman Holds CryptoTulsi Gabbard, the American congresswoman from the Democratic Party serving as the U.S. Representative for Hawaii’s 2nd congressional district, is the latest politician revealed to have made an investment in cryptocurrencies. She bought both ETH and LTC in December 2017 according to her latest Financial Disclosure Report to the Clerk of the House of the Representatives. The disclosure doesn’t reveal her current cryptfolio but the initial investment, at least, was somewhere between $ 2,000 and $ 30,000 USD.

The Daily: Bakkt Won't Offer Leverage, Congresswoman Holds Crypto

Wechat Begins New Crackdown on Crypto Accounts?

Chinese internet users are complaining that a number of cryptocurrency related media accounts, some of them very well known within the local crypto community, are no longer available on the popular social network Wechat. These include: Jinse Finance, Shenlian Finance, Bishijie, Dprating, Huobi news, Token Club and Wujie Blockchain. While nothing official about the matter has been announced yet, Chinese internet censors recently got a new leader which could provide a reason as to why they are cracking down on the field again. Just few weeks ago, the government revealed it picked Zhuang Rongwen as the next chief of Cyberspace Administration of China (CAC) after its former head (Lu Wei) was removed for corruption.

Israeli Startup Extends Reach to Africa

The Daily: Bakkt Won't Offer Leverage, Congresswoman Holds CryptoVirtual Crypto Technologies Ltd (OTCQB: VRCP), an Israel-based developer of cryptocurrency point-of-sales systems, has announced that it’s signed an Exclusive Distribution Agreement with a third party company, Virtual Crypto SA Ltd, to begin selling its products in the Southern African Region. The distributor has committed to acquiring both hardware and software solutions from the developer which will receive ongoing royalties and support fees. Territories in the deal include South Africa, Tanzania, Zambia, Zimbabwe, Angola, Botswana, Congo (DRC), Lesotho, Madagascar, Malawi, Mauritius, Mozambique, Namibia, Seychelles, and Swaziland.

CEO Alon Dayan commented: “Cryptocurrency is increasingly popular in the Southern African Region, which is a strong emerging market. Cryptocurrency provides investors and businesses with an opportunity to diversify their portfolio. In addition, the Virtual Crypto solutions offer businesses and consumers a secure payment alternative with real-time availability and broad accessibility.”

What do you think about today’s news tidbits? 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 Satoshi’s Pulse, another original and free service from Bitcoin.com.

The post The Daily: Bakkt Won’t Offer Leverage, Congresswoman Holds Crypto appeared first on Bitcoin News.

Bitcoin News

PR: More Stamps Global Launches – Cryptocurrency Travel Agency Opens Doors to World

August 22, 2018 |

More Stamps Global Launches - Cryptocurrency Travel Agency Opens Doors to World

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

More Stamps Global accepts forty different popular cryptocurrencies, allowing its customers to book flights, hotels, rental cars, and more at a variety of locations around the world. The agency’s launch marks a significant step forward in the adoption of cryptocurrencies.

“More Stamps Global was born from the zeal and hunger to offer freedom of movement and hassle-free travel to the world at large. This enthusiasm led to proper study and research of the travel and tourism industry to enable us to invent better and cheaper methods of embarking on journeys to any part of the world,” said Patrick Amoah, the Founder and CEO of More Stamps Global.

“Our search for a better travel means led us to the blockchain technology and cryptocurrencies, equipping us with a potent weapon to revolutionize the travel and tourism sector. On behalf of the More Stamps Global team, I welcome you to be a part of this revolution. Think More Stamps Global! Think freedom! Freedom of movement with More Stamps Global!”

While there are already some online travel agencies which accept cryptocurrency, many accept just a handful of the most popular, with services limited to just flights. More Stamps Global’s new model allows travelers to book full itineraries and pay for the whole trip using their cryptocurrency funds, a unique model that industry experts are hailing as an important development in the adoption of cryptocurrency as a transactional tool rather than a speculative vehicle only.

The sleek, modern website now means that crypto enthusiasts can book flights and accommodation at some of the world’s most famous destinations. Whether looking to explore the majestic nature of Australia’s Great Barrier Reef, take in the romantic sights of Paris in France, or jump into futuristic Shinjuku in Tokyo, Japan, More Stamps makes the whole trip possible using forty of the world’s most popular cryptocurrencies. Currencies accepted include DigiByte, Ethereum, Litecoin, OmiseGo, Augur, iExec, Salt, 0x, Basic Attention Token, Bitcoin Cash, Bancor, Dash, Decred, among many others.

In the 19th century, French novelist Jules Verne wrote of the adventures of Phileas Fogg in Around the World in Eighty Days – now, in the 21st century, the updated tale may well be Around the World in Forty Cryptocurrencies. The site’s ease of use and global reach, combined with its flexible cryptocurrency prices, has meant that many cryptocurrency investors are already flocking to the site to enjoy a well-deserved break using their speculative gains.

For more information about More Stamps Global, the forty cryptocurrencies it accepts, and how the business is revolutionizing the travel and tourism industry with its groundbreaking new cryptocurrency payment model, please visit https://www.morestamps.global/.

For all general and media inquiries, please contact Patrick Amoah, email him at support@morestamps.global.

About More Stamps Global
More Stamps Global is an online travel agency and crypto-enthusiast industry leader. The company helps intrepid globetrotters from around the world to fill their passports with “More Stamps.” More Stamps Global is the first worldwide online travel agency to accept 40+ individual cryptocurrencies as payment for travel services. Based in Hungary and operating internationally, the company specializes in unique vacation packages and customized itineraries, international and domestic flights, hotel accommodation, and transportation services. A pioneer in the consumer digital asset field, More Stamps Global welcomes and encourages its clients to use safe and secure cryptocurrencies for all online bookings and payments. Please visit www.morestamps.global for more information.

Website: https://www.morestamps.global/
Facebook: https://www.facebook.com/MoreStampsGlobal
Twitter: http://www.twitter.com/MoreStamps
Instagram: https://www.instagram.com/morestampsglobal/

Press Contact Email Address:
support@morestamps.global

Supporting Link
http://www.morestamps.global

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: More Stamps Global Launches – Cryptocurrency Travel Agency Opens Doors to World appeared first on Bitcoin News.

Bitcoin News

Dead Man’s Switch App Wins Tokyo Hackathon for Bitcoin Cash Grand Prize

August 22, 2018 |

Dead Man’s Switch App Wins Tokyo Hackathon for Bitcoin Cash Grand Prize

Thirty four tech-savvy engineers, enthusiasts and students gathered at Hash Hub, the co-working space in the Tokyo University neighborhood to participate in a hackathon organized and sponsored by Crypto Age, Yenom and Bitcoin.com last weekend.

Also read: Yenom Launches Bitcoin Cash Library Implemented in Apple’s iOS-language Swift

“Clock Wallet” Team Wins 1 BCH

Prizes in BCH have been awarded to the 3 best teams able to deliver a working mobile app prototype in two days. The hashtag for the event read #ビットコインしろ in Japanese, roughly meaning “let’s Bitcoin”, except it’s imperative, so rather “Do Bitcoin!” an organizer explained.

Dead Man’s Switch App Wins Tokyo Hackathon for Bitcoin Cash Grand Prize
Winners, Tokyo Hackathon 2018

“Clock Wallet” was the winning team’s project that facilitates the “inheritance of cryptocurrencies” by allowing users to set time-locked transactions that become effective if the users doesn’t log-in to his/her wallet after a set period.

Akifumi Fujita, 23, from Yenom told news.Bitcoin.com that the event took place two entire days, from August 18 to 19th, and that some participants came from as far as Osaka in southern Japan and also from Iwate, up north. “It was great because the goal for us organizing this hackathon was to give a chance to as many people in Japan to gather and develop apps for Bitcoin, and I’m happy to say we did it, many people said the event allowed them to learn new stuff on Bitcoin apps, and that they are even more excited to keep working on new ideas,” Fujita said. “We had highly motivated participants, 10 of them stayed over night at HashHub co-working space from Saturday to Sunday, taking short naps on 2 couches and a ‘bed’ which we had prepared for the occasion, or some even just slept on their desks,” he said. About half of the participants were Japanese IT students, most of them in their 20s, the rest were professional developers in their mid-30s or 40s, but some said they develop Bitcoin apps as a hobby, he added. There were reportedly 32 Japanese participants and 2 Foreigners.

Let’s Bitcoin!

Dead Man’s Switch App Wins Tokyo Hackathon for Bitcoin Cash Grand Prize

Gerald Fabrot and Paul Bergamo, (jointly representing one seat) from Bitcoin.com’s business and web development teams, Mr. Jo Miyamoto from Campfire, and Mr. Shigeyuki Azuchi, co-author of a Japanese book on Blockchain programming, were the judges who chose the winning team based on 3 main criteria. The app had to provide a meaningful use of bitcoin, it had to use technology and finally, the judges asked themselves if they would want to use it personally.

Initially Yenom team and the co-organizers expected 3 or 4 teams to compete. This weekend, 34 participants divided into 11 teams of 3 to 4 developers gathered at the hackathon. Team G, represented by Takahiro Hirata, Kawa, Shiho Takeuchi and Shoichi Yamazaki, won the first price of 1 BCH for their “dead man’s switch” BCH app that executes a transaction if the human operator stops being active. With their app, users can set time-locked transactions that become effective if they don’t log-in to their wallet after a set period.

Dead Man’s Switch App Wins Tokyo Hackathon for Bitcoin Cash Grand Prize

“With traditional banks when someone dies, it’s extremely complicated for the remaining family to easily access the dead persons’ assets,” Shiho Takeuchi, 25, who was one of the only two female participants at the hackathon, told news.Bitcoin.com. “It works like this, every month, you log-in and confirm that you’re still alive, and if you die or if you’re inactive for a certain period of time, your funds can be transferred to someone you have preselected beforehand. You set the trigger period, it can be anytime, like 6 months or 10 years, you can just choose,” Shiho Takeuchi explained, “you see, if I die and cannot access my wallet, then after the time is expired, the funds can be transferred with the app we have come up with.”

“We Need More Apps That solve Real-World Use Cases”

“If a user stops accessing his phone for ‘x’ amount of months or years,” Gerald Fabrot, one of the judges said, “the app aims at releasing the funds to a specific person. Team D’s idea is not entirely new, yet it has never been implemented, and people will increasingly need to deal with the inevitable issues of death/impairment and transmission of assets,” he said.  “We need more projects implementing functionalities that solve real-world use cases. I would use it. The use of time-lock is simple but elegant, and while time-lock transactions need to be re-created several times a year, the predictably low transaction fees of BCH makes it possible to implement for, perhaps, 10 JPY (0.09$ ) a year,” he added.

The winner team won 1 BCH from Bitcoin.com for their creative work, the second team won 0.5 BCH for putting together a voting system (pageants, etc,) that allows users to write a message to whomever they support as OP_Return in the Blockchain. The third team won 0.25 BCH for making Atomic swaps between lightning network and BCH, Gerald Fabrot said.

What do you think of this team’s mobile app? Let us know in the comments section below.


Images courtesy of Shutterstock, Yenom and Bitcoin.com.


Need to calculate your bitcoin holdings? Check our tools section.

The post Dead Man’s Switch App Wins Tokyo Hackathon for Bitcoin Cash Grand Prize appeared first on Bitcoin News.

Bitcoin News

Apple Co-Founder: Crypto World “Like the Internet When it was Brand New”

August 22, 2018 |

Apple Co-Founder: Crypto World "Like the Internet When it was Brand New"

Steve Wozniak, co-founder of Apple along with Steve Jobs, recently announced his participation in a crypto startup. During the interview, Mr. Wozniak (Woz) also spoke about cryptocurrencies and why he is excited about their prospects for the future.

Also read: Report: 15,000 Twitter Crypto Scam Giveaway Bots

Apple’s Wozniak is Very Excited About Cryptocurrencies and their Future

“I like to keep up with things,” Steve Wozniak, 68, famed computer engineer and co-founder of Apple explained at the Chainxchange blockchain convention recently in an interview. “Bitcoin caught my attention. It had so many unusual aspects for any technology I had ever heard of. Nobody is really known to be the creator. It doesn’t have any centralized [component]. It’s based on mathematics. There’s a certain number of Bitcoin that can ever exist.”

Apple Co-Founder: Crypto World "Like the Internet When it was Brand New"

Woz is best known in computer history lore as the right hand man to business visionary Steve Jobs. The two founded Apple, presently the most valuable company in human history, in 1976. Mr. Jobs handled the entrepreneurial aspects such as financing, Woz was the brains, building personal computing revelations, ushering in an industry that literally changed everything.  

“Mathematics to me is like nature,” Woz continued in his admiration for Bitcoin. “It’s much better than human beings… I trust those things of nature more than what man makes up. Man makes up currencies, controls them, issues new US dollars every year; Bitcoin was immune to that.”

Computer Revolutionary Describes Crypto Space as When the Internet Began

Woz helped Mr. Jobs build Apple in its critical infant years through 1981. He would finally leave the company in a more-or-less permanent way by 1985. He’s gone on to do a lot of philanthropic work, invented the Universal Remote, and has even hosted pop music shows. Of late he is seen more as an ambassador of computing’s earliest days.  

Apple Co-Founder: Crypto World "Like the Internet When it was Brand New"

It’s interesting to the current crop of builders, investors, and visionaries within the cryptocurrency space to get Woz’s perspective. It might be odd if he was less than enthusiastic about prospects in this regard, and, sure enough he didn’t disappoint convention goers.

“It’s so independent!” Woz announced excitedly about crypto. “It’s kind of like the internet when it was brand new… I was amazed at the technology behind it. People start up companies that do other things in life. I’ve encountered people working in real estate avenues, types of Uber systems, everything we’ve got in our life, especially involving transactions – retail sales, car sales, manufacturing of goods… working on Bitcoin applications… and they all have value. Every single one you hear about, to me, has value…. A few people can see the value, which reminds me very much of the early internet days.” He also discussed his involvement in a crypto investment group, Equi Capital — a first for Mr. Wozniak.

What do you think about Woz’ enthusiasm for crypto? Share your thoughts in the comments section below.


Images via Pixabay.


Be sure to check out the podcast, Blockchain 2025; latest episode here. Want to create your own secure cold storage paper wallet? Check our tools section.

The post Apple Co-Founder: Crypto World “Like the Internet When it was Brand New” appeared first on Bitcoin News.

Bitcoin News

Markets Update: BTC Shorts Approach Record Highs This Week

August 22, 2018 |

Markets Update: BTC Shorts Approach Record Highs This Week

Cryptocurrency markets have been consolidating after a few volatile spikes and subsequent dumps over the last few weeks. Now a lot of crypto-traders are uncertain what will happen next, but quite a lot of people are showing pessimism by betting against cryptocurrencies like BTC with short positions. At the moment, BTC/USD short positions on Bitfinex are slowly approaching the all-time high that took place this past April.

Also read: Testing the Newly Transformed Non-Custodial Coinbase Wallet   

BTC/USD Shorts Stack Up

Last April, BTC/USD short positions on Bitfinex reached a high of over 40,000 and now market shorts are climbing awfully close to that all-time high this August. At press time, there are 39,039 shorts on Bitfinex which means one of two things will happen — Either the price will drop downwards following suit with the bear’s predictions, or the bulls are playing a trick and the price will spike upwards very quickly in a very fast short-squeeze. People who are shorting BTC/USD believe and are betting the price will go down in the near future.

Markets Update: BTC Shorts Approach Record Highs This Week
BTC/USD shorts on Bitfinex are awfully close to April’s all-time high.

Long positions on Bitfinex are less than shorts at the moment, but not too much lower as there are 25,895 longs today on August 21. Traders playing long positions hope the BTC/USD price will replicate the action that took place last April when the price spiked fast and many got squeezed.

Markets Update: BTC Shorts Approach Record Highs This Week
Traders are betting long this week as well with 25,895 longs today on August 21. 

Waning Spot Volumes and a Lot of Money in Tether

There are two things that are also weighing heavily on traders: the lack of trade volume these days, and the amount of money in tether right now. BTC/USD trade volume has dropped significantly over the last few months and is around $ 3.7B over the last 24 hours. The lack of volume makes people leery of betting on a major rally as some traders think there’s not enough push to prime another bull-run.

Markets Update: BTC Shorts Approach Record Highs This Week

However, the large amounts of funds in tether (USDT) right now gives people the reason to believe all that money will flow back into cryptocurrencies. Tether does have a lot of money as the currency now holds the 8th largest market capitalization amongst every coin on August 21. USDT has a market valuation of around $ 2.7B right now and optimistic traders believe a large portion of that money will be back soon.

Leveraged Betting Increases Exponentially as Traders Hope They Made the Right Choice  

Additionally, leverage trading on exchanges that allow traders to bet short or long has grown exponentially over the past two months. Exchanges that offer these trades, like Bitfinex and Bitmex, have seen significant trades volumes. Bitfinex is the third largest trading platform by volume today on August 21, with $ 280M USD worth of BTC swapped over the last 24 hours. Another example is the leverage trading platform Bitmex, which traded 1,041,748 BTC on July 24 shattering records by hitting a daily trade volume over $ 1B USD. Bitmex touched another volume high again by swapping 1,027,214 BTC on August 8.

This week markets have been a lot less volatile which is giving everyone the impression that something will change shortly, especially with all the shorts stacking up over the last seven days. BTC/USD prices are hovering above the support zone, the rough region where most traders believe is BTC’s bottom ($ 5,800). Either the bulls will get rejected and the support zone gets tested again or they surpass current resistance and move back towards the $ 8K range. One thing is for sure, traders are betting on this outcome feverishly and hoping they made the right choice.

Where do you see the prices headed from here? Are you short or long? Let us know in the comment section below.

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


Images via Shutterstock, Trading View, and Satoshi Pulse.


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The post Markets Update: BTC Shorts Approach Record Highs This Week appeared first on Bitcoin News.

Bitcoin News

Australian Bills Can Soon Be Paid With 50-100 Cryptocurrencies

August 22, 2018 |

Cointree and Gobbill Enable Australian Bill Payments in Over 50 Cryptocurrencies

A partnership between a bill payment company and a crypto exchange will allow Australians to pay their bills with between 50 and 100 cryptocurrencies. Customers can use any coins in their Cointree accounts to pay their bills regardless of whether the billers accept cryptocurrency.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Gobbill Partners With Cointree

Cointree and Gobbill Enable Australian Bill Payments in Over 50 CryptocurrenciesBill payment company Gobbill and cryptocurrency exchange Cointree jointly announced a partnership on August 20 to enable Australians to pay bills using cryptocurrencies.

Cointree and Gobbill Enable Australian Bill Payments in Over 50 CryptocurrenciesThe announcement reads, “the global alliance [between the two companies] will allow users from both platforms to pay household bills using their crypto coins stored in Cointree’s wallet.” Gobbill’s website states that bills issued from any Australian provider can be paid through its system, including utilities, telecommunications, council rates, and insurance.

A Cointree representative told news.Bitcoin.com:

We are currently working on the integration with Gobbill to allow bill payments to be paid using any coin listed on our exchange.

He clarified that the integration will be completed in approximately one month when users will be able to pay their bills with any cryptocurrencies. Until then, members can pay their bills with just BTC using the Cointree platform.

Cointree and Gobbill Enable Australian Bill Payments in Over 50 CryptocurrenciesThe companies explained that Gobbill’s users “can link a crypto wallet in their account and elect to pay their bills either by credit card, bank account or a specified cryptocurrency regardless of whether the biller accepts the desired payment method.”

Claiming to have over 50,000 members, Cointree says that it has transacted over AU$ 100 million (~$ 74 million) worth of cryptocurrencies. The company is registered with the Australian Government regulatory and monitoring body for AML/CTF. Gobbill is an authorized representative of an Australian Financial Services Licence holder.

Paying Bills With 50-100 Coins

Currently, Cointree.com lists 27 cryptocurrencies on its website: ADA, AE, AION, BCH, BTC, DASH, DGD, ES, ETC, ETH, ICX, IOST, LTC, NEO, OMG, ONT, PPT, QTUM, REP, SNT, TRX, VEN, XEM, XRM, XRP, ZL, ZRX.

Cointree and Gobbill Enable Australian Bill Payments in Over 50 CryptocurrenciesHowever, the exchange’s representative told news.Bitcoin.com that “we have listed 10 more,” adding that “it will be live when [the] next update is deployed (this week/early next).” The new listings are ZEC, LSK, BTG, DCR, SC, STEEM, GNT, DGB, BAT, and KMD.

Once the integration with Gobbill is complete, the exchange expects to list “50-100 coins,” the representative shared.

He further noted that in two months, add-on features are expected to be launched, mainly on Gobbill’s end. For example, customers will be allowed “to swap or change utility providers [and] then those bills are updated on the platform.” However, he noted that these features are still being discussed and are not yet confirmed.

Some Other Crypto Bill Pay Services in Australia

Cointree and Gobbill Enable Australian Bill Payments in Over 50 CryptocurrenciesIn Australia, several other services already exist that allow bill payments with a small number of cryptocurrencies.

Living Room of Satoshi has long offered a way to pay Australian bills with BTC. The service currently offers the ability to pay with BTC, BCH, 11 other cryptocurrencies, and BTC through the lightning network. Its website states that over 100,000 bills have been paid using its platform.

Bit2bill and Paid by Coins also offer Australians the ability to pay their bills with a small selection of cryptocurrencies. Bit2bill allows payments in BTC, LTC, and ETH. Paid by Coins also supports the three cryptocurrencies in addition to LTC and XRP.

What do you think of Cointree and Gobbill allowing bill payments in 50-100 cryptocurrencies? Let us know in the comments section below.


Images courtesy of Shutterstock, Gobbill, and Cointree.


Need to calculate your bitcoin holdings? Check our tools section.

The post Australian Bills Can Soon Be Paid With 50-100 Cryptocurrencies appeared first on Bitcoin News.

Bitcoin News

Researcher: Stop Worrying About Bitcoin’s Environmental Impact

August 21, 2018 |

Researcher: Stop Worrying About Environmental Impact of Mining’s Energy Intensity

A common mainstream media trope is that Bitcoin mining will soon use so much electrical power it could lead to an environmental catastrophe. We’ve often provided examples of how this is a false narrative, and now an independent energy researcher is saying the same. She points to miners migrating to locations with abundant renewable energy and highlights that the banking system is far more wasteful.

Also Read: The Daily: Crypto Self-Regulatory Organization, 100 BTC Whistleblower Reward

Don’t Worry, Be Happy

Researcher: Stop Worrying About Environmental Impact of Mining’s Energy IntensityDr. Katrina M. Kelly-Pitou PhD holds dual roles at the University of Pittsburgh as a Research Associate in the Department of Electrical and Computer Engineering, and as Manager of Strategy and Business Development for the Center for Energy. On Monday her article titled “Stop worrying about how much energy bitcoin uses” appeared on The Conversation, a not-for-profit outlet for content sourced from academics and researchers. In it she takes to task the notion that mining is inherently energy wasteful and thus dangerous to the environment.

Regarding the oft-cited estimation that mining used 30 terrawatt hours in 2017 – as much as Ireland – she explains: “This is a lot, but not exorbitant. Banking consumes an estimated 100 terrawatts of power annually. If bitcoin technology were to mature by more than 100 times its current market size, it would still equal only 2 percent of all energy consumption.” She believes this maturing process is inevitable, as happened with previous energy-intensive new technologies such as data centers and computers, saying: “Over time, all of these have become more efficient, a natural progression of any technology: Saving energy equates to saving costs.”

Ask How, Not How Much

Researcher: Stop Worrying About Environmental Impact of Mining’s Energy IntensityThe researcher states that electricity usage can increase while still maintaining a minimal impact on the environment, and suggests that the source of power is what’s important. “Not all types of energy generation are equal in their impact on the environment, nor does the world uniformly rely on the same types of generation across states and markets,” she explains, adding that, “perhaps people should quit criticizing bitcoin for its energy intensity and start criticizing states and nations for still providing new industries with dirty power supplies instead.”

Specifically, she points to miners migrating out of coal-dependent China, and into areas with cheap renewable sources such as hydroelectric power in Oregon and geothermal-rich Iceland. For another example, we reported earlier this year about a Japanese electricity company that uses excess solar power for mining.

Do you think mainstream media estimates of Bitcoin’s environmental impact have been overstated? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


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Satoshi’s 1 Million Bitcoin Haul Could Be Smaller Than First Thought

August 21, 2018 |

Satoshi’s 1 Million Bitcoin Haul Could Be Smaller Than First Thought

Bitcoin’s elusive creator Satoshi Nakamoto owns 1 million BTC, plus a corresponding number of BCH and other forked coins. That’s always been what we were led to believe, ever since a 2013 analysis by Sergio Lerner. A new analysis by Bitmex Research has now called that figure into doubt, suggesting that Satoshi’s stack, while still huge, may be smaller than previously thought.

Also read: Are You Ready for What Happens If Satoshi’s Coins Move?

Revised Estimate Slashes Satoshi’s 1 Million Bitcoin Haul by 30%

Calculating the number of bitcoins owned by Satoshi has always been something of a guessing game, with 1 million BTC – just under 5% of the total supply – attributed to cryptocurrency’s founding father. That figure was calculated by Sergio Lerner in a well-cited blog post stemming from 2013. He wrote: “I can’t assure with 100% certainty that all the black dots [in the diagram below] are owned by Satoshi, but almost all are owned by a single entity, and that entity began mining right from block 1, and with the same performance as the genesis block…Also this entity is the only entity that has shown complete trust in Bitcoin, since it hasn’t spent any coins (as last as the eye can see). I estimate at eyesight that Satoshi fortune is around 1M Bitcoins.”

Satoshi’s 1 Million Bitcoin Haul Could Be Smaller Than First Thought

On Monday, Bitmex Research, famed for its diligent and painstaking investigative reports, published a new post on the matter. It draws heavily on Lerner’s original research, but downwardly revises Satoshi’s holdings by some 30%. The technical rationale behind why the majority of blocks from Bitcoin’s early days can be attributed to one entity are outlined in the Bitmex blog in some detail. For the purposes of this summary, all that matters is the takeaway Bitmex Research arrives at:

Although there is strong evidence of a dominant miner in 2009, we think the evidence is far less robust than many have assumed. Even if one is convinced, the evidence only supports the claim that the dominant miner may have generated significantly less than a million bitcoin in our view. Perhaps 600,000 to 700,000 bitcoin is a better estimate.

Two Billion Dollars Wiped off Satoshi’s Fortune

Satoshi’s 1 Million Bitcoin Haul Could Be Smaller Than First ThoughtEven if Bitmex Research is correct – and by its own admission it is hard to say for certain – Satoshi still has a good 700k BTC at his disposal. Thus the ‘loss’ of 300k BTC, despite amounting to around $ 2 billion, may seem immaterial in the grand scheme of things, given that it is assumed Satoshi’s coins will never be spent. However, the ownership of the 1 million BTC mined by an early adopter or adopters factors into a number of other calculations pertaining to coin distribution.

When calculating the number of bitcoins in circulation, for example, those 1 million BTC are written off along with coins whose wallets have been lost, as it is assumed that Satoshi’s coins will never move. That being said, even if 300k BTC stemming from 2010 belongs to someone other than Satoshi, those coins are still unlikely to move since they have remained static since they were first issued as a coinbase reward.

If it is assumed that Satoshi is a single entity who is not dead or in prison, a subsequent assumption that can be made is that those coins weren’t accidentally lost. Bitmex Research concludes its blog by quoting from Satoshi Nakamoto: “Why delete a wallet instead of moving it aside and keeping the old copy just in case? You should never delete a wallet.” Through 2009 and 2010, Satoshi chose not to spend his considerable stack of coins. His decision to continue that policy since going dark, as BTC rose exponentially in value, is surely a deliberate one. Should those coins one day start to move, it could cause all sorts of market panic. Until such a time, those bitcoins, be they 1 million, 600k, or somewhere in between, must be regarded as one of many mysteries that Satoshi left behind for the Bitcoin community to figure out.

Do you think it matters how many coins Satoshi owns and do you think they will ever be spent? Let us know in the comments section below.


Images courtesy of Shutterstock, and Sergio Lerner.


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The post Satoshi’s 1 Million Bitcoin Haul Could Be Smaller Than First Thought appeared first on Bitcoin News.

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Network Incompatibility Discussed After Bitcoin ABC Launches Latest Version

August 21, 2018 |

Network Incompatibility Discussed After Bitcoin ABC Launches Latest Version

On August 20, 2018, maintainers of the most used full node BCH client have announced the release of Bitcoin ABC version 0.18.0. The version release follows the recent announcement from the firm Nchain, who recently revealed they were launching a client called Bitcoin SV, but with completely different upgrade features.

Also read: Fivebucks.com: Meet the Freelancer’s Marketplace Powered by Bitcoin Cash

Bitcoin ABC Developers Launch Version 0.18.0 With Consensus Changes

Network Incompatibility Discussed After Bitcoin ABC Launches Latest VersionEven though Bitcoin ABC was late on delivery the developers released exactly what they initially described in the development team’s roadmap five days later on August 20. On Wednesday, August 8 the ABC programmers disclosed a list of consensus changes they planned on adding to the version 18 codebase. After the announcement the chief scientist of the blockchain firm Nchain, Craig Wright, denounced the client developers for adding OP_CHECKDATASIGVERIFY (CDSV), and said that the change would never take place.

Fast forward to August 16, when Nchain revealed to the community that the company was launching another Bitcoin Cash client called ‘Bitcoin SV.’ The client is said to be based off the Bitcoin ABC v0.17.2 codebase, but also contains three completely different consensus changes in contrast to the ABC developers desired upgrades. 

Now the version 18 ABC client is here, and contains the following consensus changes for this coming November:

  • A new opcode called OP_CHECKDATASIG that improves the BCH scripting language to permit the validation of messages from outside the blockchain. This will enable uses such as oracles and cross-chain atomic contracts.
  • The introduction of canonical transaction ordering. This is a technical building block that lays the foundation for massive scaling improvements in the future.
  • Several minor technical fixes and improvements.

The developers detail that all Bitcoin ABC users should upgrade to version 18 as soon as possible for the November 15 upgrade.

“We aim to work in the best interests of miners, investors, and users of Bitcoin Cash, and to collaborate and coordinate with other teams and projects in the Bitcoin Cash ecosystem,” explains the ABC developers. “Bitcoin ABC 0.18.0 grew out of this collaborative process  It implements network upgrade features developed with input and collaboration from many different groups.”

It is an important step in the process of careful and incremental technical progress to improve the utility of Bitcoin Cash and enable massive on-chain scaling.

Will the BCH Community See Two Incompatible Clients Next Month?

Following the release, the Bitcoin Cash community, of course, began to discuss the latest version release and how it will be different than Bitcoin SV. The creator of the social network Yours.org, Ryan X Charles said a few words to his followers after the announcement:

ABC moving forward with hard fork changes (CO, DSV) incompatible with Nchain and Coingeek’s hard fork plan (128 MB limit). We may end up having to run multiple nodes and pausing payments if the nodes disagree. What are BU, XT, and others going to do? 

After the statement from Ryan X Charles, a good portion of the community argued about each side of the debate ferociously. Some BCH supporters sided with ABC’s proposed consensus changes; some sided with Nchain and Coingeek’s Bitcoin SV concept and upgrade features. Most of the BCH crowd explained they would wait for miners like Bitmain and Viabtc to speak up about ABC’s new code and the opposition towards the changes.

Network Incompatibility Discussed After Bitcoin ABC Launches Latest Version
The Bitcoin ABC client is at odds with Nchain’s proposed client Bitcoin SV. At the moment Bitcoin SV is used by 65% of the network.

Coingeek’s Calvin Ayre Says His Hash ‘Will Only Support Bitcoin SV,’ and Nchain’s Craig Wright Says ‘No Compromise’

Network Incompatibility Discussed After Bitcoin ABC Launches Latest VersionFollowing the announcement the founder of Coingeek’s mining pool, Calvin Ayre explains his hash rate will be pointed at Bitcoin SV when it launches.

“My Hash will only Support Satoshi Vision,” Ayre emphasizes on August 20.

Craig Wright also had a few things to say on Twitter about the version 18 ABC release and responded to an individual who liked the idea of a compromise that was suggested earlier this week by Bitcoin Unlimited’s chief scientist Peter Rizun.

“Let’s compromise for the November hard fork for BCH: – Add Nchain’s opcodes (if ready)  Add OP_CHECKDATASIGVERIFY  Hold off on lexical ordering  Hold off on OP_GROUP,” Rizun explains on Twitter.

Implement BIP101 with no cap (a permanent solution instead of forking to 128 MB)

However, Wright disagrees with the idea of a compromise. “No, Bitcoin is all about competition – it is stable money,” Wright responds to the idea. “It is designed to STOP change  To fix the protocol in STONE  Compromise is what Chamberlain wanted in 1938 And, luckily Churchill had the balls to resist.”

Prior to the Version 18 Release Viabtc’s Founder Speaks Up, But Many Supporters Now Wait for the Next Move

Prior to the release of ABC’s new codebase with added upgrade features the founder and CEO of Viabtc and Coinex, Haipo Yang did give his opinion towards increasing the block size. The Viabtc founder believes a DDOS could threaten the BCH chain if developers are not careful.

“Bitcoin Cash will increase the block size as big as we can when it’s necessary  But I believe it is good for Bitcoin Cash to be anti- DDOS to keep the block size at a reasonable limit — I believe every serious business on blockchain industry has had a very bad experience with DDOS,” Haipo Ya explains one day before the code release.

Network Incompatibility Discussed After Bitcoin ABC Launches Latest Version
Bitcoin Cash fans now wait for the next move.

Overall the discussion about upgrading the Bitcoin Cash protocol is sure to continue, especially with the two sides in such disagreement over consensus changes. As we mentioned in our last report about this discussion we spoke with Bitcoin XT developer, Tom Harding, who explained to news.Bitcoin.com that XT would follow the majority hashrate’s decision. Further this week Bitcoin Unlimited released its latest version but detailed that November upgrade changes wouldn’t be added until later. Bitcoin Cash proponents will now wait to see if BCH Miners speak up and detail their opinions publicly. Further, most people know its now Nchain’s turn to provide a working full node client, because Bitcoin ABC is being utilized by over 65 percent of the BCH network.

What do you think about the recent Bitcoin ABC release and the possible incompatibility and conflict with Nchain’s upcoming Bitcoin SV client? Do you think miners will speak up about this subject in the next few weeks? Let us know what you think about this subject in the comment section below.


Images via Shutterstock, Bitcoin SV, and Bitcoin ABC logos. 


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