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Estonia Grants Licenses for Wallet and Exchange Services to Coin Metro

June 7, 2018 |

Estonia Grants Licenses for Wallet and Exchange Services to Coin Metro

It isn’t just Malta that is attracting crypto business these days, other small and fast moving countries on the European continent are joining the action. The latest example comes from Estonia, which recently granted licenses for offering wallet and exchange services to the cryptocurrency trading platform Coin Metro.

Also Read: Bitcoin in Brief Thursday: New Tech and a Quick Way to Make a Fortune in Crypto

Robust AML/KYC

Estonia Grants Licenses for Wallet and Exchange Services to Coin MetroCoin Metro, which has been founded by the same team behind the Vanuatu-registered forex broker FX Pig, has announced that it has secured two licenses for cryptocurrency trading activities from the Estonian government. The licenses allow the company to offer fiat to cryptocurrency exchange services and cryptocurrency and fiat currency e-wallet services.

The “virtual currency” wallet license and the exchange license (links to Estonian Register of Economic Activities) are Coin Metro’s first pair of licenses, enabling the company to operate under Estonian law and attract customers from around the world. The licenses are said to provide a framework for establishing robust checks for Anti-Money Laundering, Counter-Terrorism Financing, and Know-Your-Customer (KYC).

These licenses represent the first step towards being able to operate its fully regulated trading platform, based in the EU, and comes soon after the conclusion of its €12 million token sale. The company’s next step is seeking an e-money license from the UK’s Financial Conduct Authority (FCA).

Kevin Murcko, CEO of Coin Metro commented: “We’ve set no geographical limits and are determined in our aim to bring transparent, simplified access to the cryptocurrency market everywhere, where laws allow. With regulation on our side, Coin Metro offers a safe haven from the forthcoming legislative storm that has the potential to close many exchanges which aren’t compliant.”

The Estonian Edge

Estonia Grants Licenses for Wallet and Exchange Services to Coin MetroThe company explains its first choice for regulation by saying that Estonia is a popular location for crypto-related activity due to its open regulation and progressive attitude towards cryptocurrencies. An example of this was the country’s a plan to issue a state-backed national cryptocurrency – a plan just recently that had to be scaled down under intense pressure from the European Central Bank. It is now planned that these digital tokens will instead be distributed as an incentive to e-residents of the country.

Asked about the advantages of the jurisdiction, CEO Murcko told news.bitcoin.com that: “We decided to target Estonia (and build our HQ there) as it has been a hotbed for tech startups for years and has generally been very progressive on technology and innovation. In recent years, it has been actively adopting blockchain technologies, looking to be at the forefront of this new shift in distributed technologies. The fact that Estonia is the first country in the world to place its health records on the blockchain is a staunch example of just that.

The EU parliament passed the 5th Money Laundering Directive (MLD 5) in March of last year, giving the EU 18 months to draft a framework around the AML and KYC procedures for crypto exchanges and wallet services. Estonia was the first country to write and pass applicable legislation, and remains the only country to have done so for the time being.”

“While Malta is touted as a hub of cryptocurrency, and has a reputation of bringing new regulations to the island (gambling, FX, etc.), their crypto regulation seems to lack a solid foundation. Looking back at how previous industries have been regulated, it is not very promising,” he added.

Can Estonia become the next European cryptocurrency business hub? Share your thoughts in the comments section below. 


Images courtesy of Shutterstock.


Now live, Satoshi Pulse. A comprehensive, real-time listing of the cryptocurrency market. View prices, charts, transaction volumes, and more for the top 500 cryptocurrencies trading today.

The post Estonia Grants Licenses for Wallet and Exchange Services to Coin Metro appeared first on Bitcoin News.

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Data Prediction Sites Show More Conservative Cryptocurrency Price Forecasts

June 7, 2018 |

Data Prediction Sites Show More Conservative Cryptocurrency Price Forecasts

There are a lot of members within the cryptocurrency industry who have tried to predict the price of digital assets like Bitcoin Core (BTC). Furthermore, there are also a ton of bigwig Wall Street types who also try to predict the price of cryptocurrencies — While some of their BTC forecasts predict the currency’s value will drop to zero, a few of them believe it will be $ 25-100K per coin by the end of 2018. Then there are organizations who use software and data analysis to predict the price of digital currencies and one research firm, Trefis Technologies, believes its year-end price prediction for BTC ($ 12,500 USD) will be accurate based on prior analysis.

Also read: Bitcoin ETF: Firms Team, Reapply, $ 200,000 Price Targets Wall Street Institutions

Trefis Research Drop’s its Year-End Price Prediction Due to Data Based on Active Users and Daily Transaction Values

Trefis Technologies is a firm that uses data and analytics to measure risk, create a system of records, and forecast market trends. This week Trefis has updated its Bitcoin Core (BTC) price prediction that’s based on data aggregated from the number of active bitcoin users and daily transaction values. According to the company’s June research notes, the prediction has dropped around 17 percent from $ 15,000 per BTC to around $ 12,500 by year-end. The research firm Trefis also believes the current global regulatory climate towards cryptocurrencies has been affecting the overall value of BTC. The June analysis states:

The global cryptocurrency industry has seen a flurry of new developments since December. Many of these developments had a negative impact on the growth prospects of cryptocurrencies, like restrictions by banks on the use of credit cards to buy cryptocurrencies, and calls by financial regulators across the world for caution while investing in digital currencies.  

The Trefis system or the ‘Bitcoin Price Estimator’ claims to be extremely accurate when it comes to trends and market forecasts. The company says while backtesting the Trefis Estimator for average monthly BTC prices the system had shown an accuracy rate of 94 percent.

Data Prediction Sites Show More Conservative Cryptocurrency Price Forecasts
Trefis has updated it’s BTC prediction due to active users and daily transaction values. The firm’s prior forecast was $ 15,000 USD per BTC by the year-end but data has changed their prediction to $ 12,500 instead.

Other Crypto-Price Predicting Software Oracles

Trefis is not the only cryptocurrency price estimator on the internet-block, as there are a few other online services that aim to predict prices at the end of 2018, and even five years out. Another web portal called Wallet Investor also uses analytics to forecast the price of a variety of different digital assets. For instance, the prediction site details that Ethereum (ETH) will spike to $ 1,221 by the year’s end and in five years the website guesses that the price will be $ 3,900 per ETH. The same web portal predicts the overall value of Bitcoin Cash (BCH) in one year, and estimates show the site anticipates the BCH value per coin will be $ 1922. In five years Wallet Investor shows a BCH price increase of around $ 5949.

Data Prediction Sites Show More Conservative Cryptocurrency Price Forecasts
Wallet Investor predicts multiple cryptocurrencies over one year and five-year forecasts. The chart above represents the websites prediction for Bitcoin Cash (BCH) for one year ($ 1,922) and five years ($ 5,949).  

The forecast for the popular ‘bank coin’ Ripple (XRP) sees its price jumping to $ 1.37 per token and the XRP five year prediction is only $ 4.60. These data prediction sites like Trefis Technology and Wallet Investor, show far more conservative projections than the number of investors predicting BTC will be $ 25K or higher by the year’s end. Moreover, some people may find that actual data may provide better estimates than some big shot venture capitalist who is merely guessing to cause media attention towards themselves.

What do you think about these websites that use aggregated data to forecast the price of cryptocurrencies in one year? Do you think these systems are as accurate as they claim? Let us know your thoughts on this subject in the comment section below.

Disclaimer: Bitcoin.com does not endorse these websites/products/services. Readers should do their own due diligence before taking any actions related to the mentioned 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 this article.


Images via Shutterstock, Wallet Investor, and Trefis Technologies.


Want to find out how much Bitcoin Cash is worth in real-time or convert your portfolio into USD check out Bitcoin.com’s Bitcoin Cash Converter here!

The post Data Prediction Sites Show More Conservative Cryptocurrency Price Forecasts appeared first on Bitcoin News.

Bitcoin News

Mining Manufacturer Obelisk Announces ASIC-Friendly Launchpad

June 7, 2018 |

Mining Manufacturer Obelisk Announces ASIC-Friendly Launchpad

Obelisk, a new ASIC manufacturer led by Siacoin developer David Vorick, has released plans for an ASIC launchpad for Proof of Work coins. Its aim is to provide new and existing cryptocurrencies with an ASIC-friendly algorithm that will mitigate the rising threat of 51% attacks. Although initially devised with the company’s own ASIC miner in mind, an open source design will allow other ASIC developers to release their own compatible units.

Also read: Siacoin Developer: ASICS Are “Money Printing Machines” for Manufacturers

Obelisk Proposes a More Open ASIC Algorithm

New ASIC manufacturer Obelisk has shown a knack for releasing pronouncements that set tongues wagging within the industry. Founder David Vorick’s hard-hitting manifesto The State of Cryptocurrency Mining went viral last month, and the company has followed this with news of a launchpad for ASIC-friendly coins. Obelisk plans to partner with coin developers to devise an algorithm that ought to reduce the risk of 51% attacks. In the past month, Verge, Monacoin, Bitcoin Gold, and Zencash have all been hit with huge amounts of rented hashpower and double spend transactions forced through.

Mining Manufacturer Obelisk Announces ASIC-Friendly Launchpad

There are drawbacks to this proposal though as Obelisk concedes: “This does mean that at launch, the coin is centralized around a single ASIC manufacturer…An Obelisk Launchpad release will include open source chip design schematics that can be leveraged by competing companies to bring their own ASICs to market.” The upside to coin teams partnering with Obelisk is the added security that comes from knowing who controls the hashrate. The company explains:

The algorithm is not disclosed to the public until the ASICs are completed, meaning there is no chance that another group is able to be first to market. This gives the coin developers control over the launch of their coin. ASICs can be distributed throughout the community, and we can ensure that no party controls more than a certain percentage of the hashrate, nor has any capacity to commit abuse. From genesis, the coin is protected by powerful community owned ASICs.

Mining Centralization: The Lesser of Two Evils?

Interest in cryptocurrency mining had been waning up until April, as rising hashrates forced more hobbyists out of the game and new coins moved to Proof of Stake. That has all changed in the last couple of months, however, as a string of 51% attacks has piqued interest in mining once more and propelled the industry to the forefront of the cryptocurrency news cycle. On the one hand, there are those who believe that the centralization of mining, led by the dominant Bitmain, is a dangerous trend. But on the other hand, there are those who believe that mining centralization is a small price to pay for avoiding 51% attacks.

Battle of the Algorithms: How Bitmain Sparked an ASIC Mining WarGenerally speaking, coins which are equipped with ASIC-friendly algorithms are less prone to being hit with 51% attacks that can be perpetrated with rented hashpower. The flipside is that these coins can be plundered by huge pools of ASIC miners, squeezing out the community of smaller miners that have formed around a particular coin, and granting the lion’s share of the mining rewards to a privileged few.

Leading industry figures have spoken in strong terms of the need to combat further mining attacks, with Zcash founder Zooko stating that “defending against them is an urgent and critical job.” Should Obelisk’s ASIC launchpad prove successful, it, together with the emergence of GMO’s new miners, suggests a sliver of hope that Bitmain’s stranglehold of the industry could eventually loosen.

Do you think Obelisk’s proposal is likely to mitigate the risk of 51% attacks, or will it simply create more mining centralization? Let us know in the comments section below.


Images courtesy of Shutterstock, and Obelisk.


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

The post Mining Manufacturer Obelisk Announces ASIC-Friendly Launchpad appeared first on Bitcoin News.

Bitcoin News

Coinbase Acquires Investment Firms to Offer Regulated Crypto Securities

June 7, 2018 |

Coinbase Acquires Investment Firms to Offer Regulated Crypto Securities

Coinbase is seeking to become a fully licensed broker-dealer through its acquisition of three federally regulated firms. The company is confident that it will get the approvals necessary to start offering fully-regulated crypto securities.

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

Coinbase as Regulated Broker-Dealer

One of the world’s largest cryptocurrency companies, Coinbase, has implemented a plan to list crypto securities, the company announced on Wednesday. President and COO, Asiff Hirji, wrote:

Today, we’re announcing that Coinbase is on track to operate a regulated broker-dealer, pending approval by federal authorities. If approved, Coinbase will soon be capable of offering blockchain-based securities, under the oversight of the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (Finra).

With a presence in 32 countries, the San Francisco-based cryptocurrency company has traded $ 150 billion in assets and claims to have over 20 million customers.

Obtaining Licenses

Coinbase Acquires Investment Firms to Offer Regulated Crypto SecuritiesIn the US, crypto tokens exhibiting the characteristics of securities are subject to the SEC oversight.

Hirji explained that becoming a regulated broker-dealer for the company is “made possible by our acquisition of a broker-dealer license (B-D), an alternative trading system license (ATS), and a registered investment advisor (RIA) license,” adding:

If approved, these licenses will set Coinbase on a path to offer future services that include crypto securities trading, margin and over-the-counter (OTC) trading, and new market data products.

The company hopes to secure these licenses through the acquisition of three federally-regulated companies: Keystone Capital Corp, Venovate Marketplace Inc, and Digital Wealth LLC. All of them are registered with Finra.

Operating Under Keystone’s Licenses

Keystone Capital is a Finra-registered broker-dealer with licenses to operate an alternative trading system (ATS) and as a registered investment adviser.

Coinbase Acquires Investment Firms to Offer Regulated Crypto SecuritiesA regulatory approval is needed for Coinbase to operate under the Keystone licenses, the Wall Street Journal explained, adding that “Coinbase is essentially buying Keystone for its licenses.”

According to Hirji, the company “is confident it will get those approvals,” after which it would take several months to integrate Keystone’s operations into its own, the publication noted, adding:

Buying Keystone also raises the prospect that Coinbase could, down the line, expand into products tied to stocks or other securities.

On the company’s blog, the COO wrote, “Ultimately, we can envision a world where we may even work with regulators to tokenize existing types of securities, bringing to this space the benefits of cryptocurrency-based markets — like 24/7 trading, real-time settlement and chain-of-title.”

What do you think of Coinbase offering regulated crypto securities? Let us know in the comments section below.


Images courtesy of Shutterstock, Coinbase, and Finra.


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

The post Coinbase Acquires Investment Firms to Offer Regulated Crypto Securities appeared first on Bitcoin News.

Bitcoin News

Fidelity Investments Hints at Entering Cryptocurrency Exchange Space

June 7, 2018 |

Fidelity Investments Hints at Entering Cryptocurrency Exchange Space

Fidelity Investments is reportedly taking steps to offer a variation on the cryptocurrency exchange theme. Without an official public announcement, enthusiasts have precious few concrete details on which to hang hope. However, combine the retail legacy asset management company’s long time bullish attitude on bitcoin with what has been revealed this week through internal documents, and the spectre of a whale entering the ecosystem appears to be promising.

Also read: Bitcoin ETF: Firms Team, Reapply, $ 200,000 Price Targets Wall Street Institutions

Fidelity Flexes Muscles in Possible Crypto Exchange Move

Within the corporate world, if there is hesitation on a rollout, or a new product is particularly innovative, novel, trial balloons are floated in circuitous ways, and often to the financial press. Leak the idea to a well read reporter, and watch the broader reaction and reception.

The above planted, note how Business Insider (paywall) let loose juicy tidbits this week regarding an assumed move of Fidelity Investments into the cryptocurrency exchange space. Over two trillion dollars of muscle with closing-in on finishing its 8th decade of operations, it doesn’t come much more whale, much more legacy than Fidelity. Considering too the broader community’s Crypto Winter extending into Spring and not much more happening as it enters Summer, with huge price drops and stubborn lack of real recovery, news of this sort is very much coveted.

Whale Spotted! Fidelity Flexes its $  2+ Trillion Muscle in Possible Crypto Exchange Move

Crypto beat reporter, Frank Chaparro, reveals Fidelity internal documents point to the giant financial institution being on the hunt to fill a newly created development operations engineering position, helping to “engineer, create, and deploy a Digital Asset exchange to both a public and private cloud.” There’s also rumor the firm has been mulling such a move for the better part of a year. Documents also mention positions offering “first-in-class custodian services for Bitcoin and other digital currencies.” Ecosystem press has run wild with speculation on these tasty morsels.

Fidelity CEO Abigail Johnson, 56, caused a stir after assuming the formal helm of its 45,000 employees last Spring. In one of her first public addresses, she openly praised bitcoin. A billionaire many times over in her own right, Ms. Johnson declared, “I love this stuff,” while sporting a Vote Nakamoto President pin.

Fidelity Has History of Supporting Crypto

She went on last year to explain the company has Fidelity Labs largely dedicated to the tech, working with universities such as its hometown MIT Digital Currency Initiative. “Blockchain technology isn’t just a more efficient way to settle securities. It will fundamentally change market structures, and maybe even the architecture of the Internet itself,” Ms. Johnson urged. “I am still a believer. It’s no accident that I’m one of the few standing before you today from a large financial services firm that hasn’t given up on digital currencies,” she reminded at the time.

Fidelity presently has an arrangement with crypto bank Coinbase, which allows links between users’ two accounts respectively. The reported move in creating an exchange, if implemented, would immediately place Fidelity against Coinbase. It would also signal to the broader retail investment community how cryptocurrency will be a standard part of the speculative economy, and soon.  

Whale Spotted! Fidelity Flexes its $  2+ Trillion Muscle in Possible Crypto Exchange Move
Abigail Johnson

On many levels, crypto has sought a kind of mainstreaming for its assets. Fidelity brings that immediately on the first day it establishes an exchange, assuming rumors are true. Coinbase, not to be outdone, has recently announced its overt effort to embrace formal regulation and registration, something Fidelity has long held of course. Susquehanna International Group is also mulling a bitcoin futures move. Goldman Sachs is often linked to crypto desks being contemplated. 

As to whether all this at Fidelity’s end is just a trial balloon, Barron’s quotes a company spokeswoman as responding, “It’s no secret that we are actively exploring cryptocurrencies, including Bitcoin and other digital assets in our Blockchain Incubator at Fidelity. We see the future of financial services taking place on open and permissionless ledgers, with technologies like digital assets, currencies and Blockchains and we are very actively exploring what this may mean for Fidelity. We are hiring to meet the demand for this exploration, but we have nothing to announce today.”

Will Fidelity open a crypto exchange? Let us know in the comments. 


Images via the Pixabay, Fidelity.


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 Fidelity Investments Hints at Entering Cryptocurrency Exchange Space appeared first on Bitcoin News.

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Bitcoin in Brief Thursday: New Tech and a Quick Way to Make a Fortune in Crypto

June 7, 2018 |

Bitcoin in Brief Thursday: New Tech and a Quick Way to Make a Fortune in Crypto

The most important thing about bitcoin is the new freedom-enhancing innovations that the technology enables, but we know that’s not what everyone is looking for these days. So in today’s edition of Bitcoin in Brief we also feature a surefire way to make a quick fortune in cryptocurrency.

Also Read: Coinmint to Invest up to $ 700 Million in New York Mining Center

How to Make $ 120,000 in a Week

Are you too cautious to bet on ICOs? Sure they are all just bug-ridden trash, other than the outright scams. So why not make money off of that?

Guido Vranken, a software security auditor (white-hat hacker) from the Netherlands, has earned a cool $ 120,000 in just one week of hunting for bugs on the EOS code. He reported 12 vulnerabilities, for $ 10,000 each. As the EOS ICO brought in a whopping $ 4 billion, and evidently no shortage of bugs, this seems like a great way to fatten your wallet if you are willing to do the work. You can find their bug bounty program policy here to see what they cover and what not.

Ledger Wallet for Desktop Is Coming Soon

Bitcoin in Brief Thursday: New Tech and a Quick Way to Make a Fortune in CryptoLedger, the producer of the popular hardware wallet Nano Ledger, has announced that the release date of the new version of the Ledger Wallet desktop edition is now scheduled for July 9th, 2018. It will be available as native desktop application, supporting Windows, macOS, and Linux, so that users won’t require accessing the wallet via Google Chrome or Chromium anymore.

Quis Custodiet Ipsos Custodes?

Block Broker is the latest ICO to fall off the map, deleting all its social media presence and leaving investors to wonder if it was all an exit scam from the start. What makes this case interesting is that it was meant to “completely eliminate ICO fraud by creating a 100% safe investment environment.” The project promised a decentralized ICO investment platform to “ensure that fraudulent ICOs don’t get an opportunity to tarnish the booming industry.” Of course if you are going to trust a “team of experienced professionals” to somehow safely handpick investments for you in a decentralized way, you better make sure they aren’t scamming you first.

Strong Demand for Chinese Ghosts

Bitcoin in Brief Thursday: New Tech and a Quick Way to Make a Fortune in CryptoAnd speaking about dishonest ICOs, reports from China indicate that there is still high demand for ghostwriters to produce Chinese whitepapers, despite the ban on the practice in the country. In fact, there are also many people advertising their services as ICO writers in China, offering a whitepaper for an average of 15,000 yuan (about $ 2,350), according to Securities Daily.

“One 20-page whitepaper in Chinese will cost 15,000 yuan, and the one that has 45 to 50 pages will cost 40,000 yuan,” one provider reportedly said. “An additional 7,000 yuan to 10,000 yuan will be charged for an English version. The service usually takes 7 to 10 days to complete,” the whitepaper provider added.

Virtual Crypto Technologies’ New Two-Way ATM

Bitcoin in Brief Thursday: New Tech and a Quick Way to Make a Fortune in Crypto
NetoBit ATM

Virtual Crypto Technologies Ltd. (OTCQB: VRCP), an Israeli tech startup dedicated to making cryptocurrencies accessible to the public, announced that it will launch its bitcoin ATM at the Tech Crunch Tel Aviv event today. The Neto Bit ATM is a two-was machine that enables users to both buy and sell cryptocurrencies with fiat money.

Alon Dayan, CEO of Virtual Crypto, commented: “We continue to set standards for the burgeoning cryptocurrency sector. Our proprietary algorithm reduced the typical transaction time from [between 10 and 60 minutes] to [only] several seconds. At this stage, Neto Bit ATMs combine that speed with the convenience of an ATM, giving customers the ability to buy and sell bitcoin with fiat money. The result is a vastly improved trading experience for customers, which we believe will be attractive to our business partners as well as consumers.”

Bitcoin Cash on Money Week

Dominic Frisby, Money Week’s commentator on gold and commodities, and the author of ‘Bitcoin: the Future of Money?’ has written in the UK magazine yesterday about his impression of meeting BCH developers when looking for sponsors for his financial game-show. “I was deeply impressed with the ambition of the enterprise. They are really pushing this thing. In the coming weeks there are big deals for payments with major international merchants to be announced. They are building an enormous and ambitious payment infrastructure across all six continents. Owning the coin is like owning shares in the network, a network which is rapidly growing and well marketed. They want bitcoin cash to be used as widely as possible as a means of payment: to make sure it is actually used.”

Advising his readers if they should get BTC or BCH, he added that: “Bitcoin cash is more volatile and the downside risk is greater, but if you ask me which of the two is more likely to go up ten times from current prices, I’d have to say bitcoin cash.”

What do you think about today’s news updates? Are you going into bug hunting or ICO ghostwriting to make some change? Share your thoughts in the comments section below. 


Images courtesy of Shutterstock.


Now live, Satoshi Pulse. A comprehensive, real-time listing of the cryptocurrency market. View prices, charts, transaction volumes, and more for the top 500 cryptocurrencies trading today.

The post Bitcoin in Brief Thursday: New Tech and a Quick Way to Make a Fortune in Crypto appeared first on Bitcoin News.

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New Bitcoin Spellings Cause Confusion: Биткоин, Биткойн, Біткоїн, Биткојн

June 7, 2018 |

Time for Bitcoin to Enter More Dictionaries, But How Do You Spell It in Cyrillic?

The addition of “биткоин” (bitcoin) to the Russian spelling dictionary is “well grounded,” according to an important official from the Institute of Russian Language – another recognition of the cryptocurrency. Transliterating English words into a Slavic language written in Cyrillic, however, is not always a straightforward process. Two spelling forms have gained popularity in Russia, but which is the correct one? Other Slavic nations face a similar challenge. Besides, each one of them seems to have its own idea of how to write bitcoin with Cyrillic letters.

Also read: Russian Railways Eyes Crypto for Tickets, Blockchain for Cargo

Биткоин, Биткойн, Біткоїн, Биткојн – Bitcoin

Transliterating words from one language into another can sometimes spawn a number of spellings with none of the alternatives being a true original. This is often the case with borrowed terms describing new inventions that have to be written in a script different from the one they originated from. The word “bitcoin” is no exception – it is an invention, and it is a new term. Its introduction into Slavic languages using the Cyrillic alphabet has produced many spelling variations, with almost each nation “inventing” its own bitcoin, or биткойн I should say.

Time for Bitcoin to Enter More Dictionaries, But How Do You Spell It in Cyrillic?

Bulgarians, who liked and adopted the Cyrillic script a millennium ago, have decided, unofficially, to spell bitcoin the way it is pronounced in English and in their Slavic language – “биткойн.” Their closest linguistic relative, the Macedonians, write it “биткоин,” true to their commitment to be different. The short unstressed i-vowel “й” (as in /aɪ/ or /kɔɪn/) is missing from their version of the Cyrillic alphabet. No worries, we can still read it.

Ukrainians, who probably have more “i”-s than just about any other Slavs (и, й, і, ї,) have chosen to use two or three of those in their spellings of bitcoin – “бiткойн” and “біткоїн.” That adds a little Latin flavor, although truth be told, the “dotted i” was indeed part of the early Cyrillic alphabets and they have kept it to this day. Belarusians also write it “біткойн.” Serbs, who use a Latin script alongside the Cyrillic, spell it “биткојн” in. Gosh, now there is a “j” in it…

Bitcoin Making its Way into the Russian Spelling Dictionary

Russia, by far the largest Slavic country and most famous user of the Cyrillic script, has a dilemma. Both “биткоин” and “биткойн” are used to refer to the cryptocurrency in Russian media and by the local crypto community, although “биткоин” is more popular. The question about the correct spelling has sparked multiple discussions in Russian crypto forums. The rule applied to other English loanwords says bitcoin in Russian should be spelled with the short “й” in the second syllable. But as it often happens with living languages, people prefer the incorrect “и” version.

Time for Bitcoin to Enter More Dictionaries, But How Do You Spell It in Cyrillic?A high-ranking representative of the Institute of Russian Language, under the Russian Academy of Science, has recently spoken in favor of adding “биткоин” to the Russian Orthographic (spelling) Dictionary, local media reported. “The question of including the word “биткоин” in the dictionary seems to me well-grounded,” Oksana Grunchenko, senior researcher and head of the referral service at the Institute, told the Moscow News Agency.

Grunchenko expressed regret that bitcoin didn’t make it into the Russian Explanatory Dictionary. Its “Б” (B) volume went out without it. “But since the word “биткоин”, or “биткойн”, represents a spelling challenge too, I think it will find its place on the pages of the orthographic dictionary,” she added indicating that both spellings may be accepted. “If both are included, we can talk about variability of the norm,” she explained, noting that there are other examples of that in Russian.

I don’t want to say that but maybe we, the Slavs writing in Cyrillic, do need some central authority to sort things out… Although, that has never really worked well here. Besides, it’s not just bitcoin – I am pretty sure we have the same issue when spelling “core” and “cash.”

Do you think adding bitcoin to a dictionary is a recognition of its importance? Share your thoughts on the subject in the comments section below.


Images courtesy of Shutterstock.


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The post New Bitcoin Spellings Cause Confusion: Биткоин, Биткойн, Біткоїн, Биткојн appeared first on Bitcoin News.

Bitcoin News

Indian Crypto Exchanges Engage with RBI to Offer Banking Ban Alternatives

June 7, 2018 |

Indian Crypto Exchanges Engage with RBI to Offer Banking Ban Alternatives

Indian cryptocurrency exchanges have followed the Supreme Court’s suggestion for them to present their cases to the Reserve Bank of India. They have sent letters to the central bank, offering alternatives to the RBI’s banking ban.

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

Supreme Court’s Suggestion

Cryptocurrency exchanges in India have reportedly sent their pleas to the Reserve Bank of India (RBI) as directed by the Supreme Court’s ruling last month.

Indian Crypto Exchanges Engage with RBI to Offer Banking Ban Alternatives
Indian Supreme Court.

The central bank mandated in April that all financial institutions under its control must stop servicing cryptocurrency exchanges and other crypto-related businesses within three months. Some crypto exchanges subsequently took the RBI to court; their writ petitions were passed to the Supreme Court.

The country’s top court decided to hear all the petitions against the RBI ban on July 20 and ordered concerned parties to engage with the central bank to consider their requests. The Supreme Court “allowed cryptocurrency exchanges, their shareholders, traders and other individuals to present their cases within two weeks to the RBI, which will look into the issue in accordance with the law,” as news.Bitcoin.com previously reported. Quartz elaborated:

The supreme court suggested that these exchanges can engage with the RBI. So, last week, a clutch of such firms sent out letters making their case against the banking regulator’s prohibitory order.

Crypto Firms’ Requests

Indian Crypto Exchanges Engage with RBI to Offer Banking Ban AlternativesVarious suggestions were presented to the RBI. According to the news outlet, some of “the bitcoin exchanges have requested the RBI to remove the blanket ban, saying the regulator should instead enforce it only on firms violating the norms.”

A petitioner explained to the publication, “we have also suggested measures that we are ready to take to improve the KYC-AML [Know Your Customer – Anti-Money Laundering] norms, such as including passport details as well. We are also ready to take any suggestion that the regulator has to offer that can address their concerns.”

Anirudh Rastogi, TRA Law’s managing partner who filed the supreme court petition representing four exchanges, told the news outlet:

A ban is counter-productive, therefore, we have suggested that there should be appropriate regulations that can address the government or the central bank’s concerns.

“Other firms have asked for an extension on the deadline,” the publication wrote, adding that it has reviewed an application submitted by Kali Digital Eco-systems Private Limited to the RBI. The document states that “considering the next date of the hearing in the supreme court is after July 06, 2018,” the firm requests the central bank “to extend the time of three months granted in the captioned circular to at least Aug. 31, 2018.”

Coping with RBI Ban

Five writ petitions have been filed, as news.Bitcoin.com previously reported. Last month, the Supreme Court mandated that no other courts shall accept any more crypto-related petitions and all existing ones were transferred to the Supreme Court.

Indian Crypto Exchanges Engage with RBI to Offer Banking Ban AlternativesIn anticipation of the RBI order taking effect, crypto exchanges in the country are increasingly moving away from fiat, creating crypto-to-crypto trading platforms. Unocoin launched a new trading platform with 15 cryptocurrencies last week. Zebpay and Koinex have both launched crypto-to-crypto exchanges.

Currently, the Indian government is working on the regulatory framework for cryptocurrencies. It has set up a committee under Subhash Garg, the secretary of economic affairs in the finance ministry, to prepare a draft crypto law.

Do you think the RBI will reconsider the ban and accommodate the requests of crypto exchanges? Let us know in the comments section below.


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Ethereum Parity Full Nodes Suffer from Another Critical Issue

June 7, 2018 |

Ethereum Parity Full Nodes Suffer from Another Critical Issue

On June 6 the company Parity Technologies, the firm that maintains the Ethereum Parity full node client, issued a mandatory update for individuals and businesses who use the Parity software. According to the latest security alert, the client versions, 1.10.6-stable and 1.11.1-beta, had a consensus issue with the public test network Ropsten that could possibly extend to the Ethereum mainnet and “could have led to chain split.”

Also Read: Twitch Streamers Can Now Tip With Four Cryptocurrencies

Parity Issues a Mandatory Update Due to a Critical Vulnerability  

Ethereum Parity Full Nodes Suffer from Another Critical IssueThe Parity client has had some issues with bugs back in 2017 that saw the exploitation of thousands of ethereum. Now this week the company Parity Technologies has announced yet another vulnerability that mandates an immediate client upgrade for all Parity users utilizing versions 1.11.1 and prior. Parity technologies deemed the security alert “critical” and asked all Parity patrons to upgrade to 1.11.3-beta as soon as possible.      

“A consensus issue on the public test network Ropsten has revealed a consensus vulnerability that can be triggered by a malformed transaction,” explains Parity on June 6. “Examining the issues with our nodes on Ropsten, we have found out that there is a potential consensus-related issue between Parity Ethereum (up to versions 1.10.4-stable and 1.11.1-beta) and all other Ethereum clients.”

Please update your Parity Ethereum clients to 1.11.3-beta or 1.10.6-stable asap.

Ethereum Parity Full Nodes Suffer from Another Critical Issue
The Ethereum client Parity has suffered from three critical bugs over the past fourteen months.

Parity’s Rampant Bugs Over the Past Year Causing a Mass Exodus to Just One Reference Client is Not Likely  

Parity has suffered from quite a few exploits over the past fourteen months when Parity was hit with a hack that led to $ 30Mn in ETH (150,000 ethers) being stolen. Then five months later the full node Ethereum client experienced another vulnerability that saw a bunch of multi-sig contracts get locked up and frozen. The developers at the time stated, “This means that currently no funds can be moved out of the multi-sig wallets. $ 152 million in ether is believed to have been frozen following today’s news.”

Following this, Parity called for an Ethereum hard fork to reverse the million dollar bugs. However, the proposal EIP 999 to unfreeze the 513,774.16 ETH held in 587 wallets was rejected. Out of 639 votes for EIP 999, roughly 330 votes said ‘Nay’ while the rest did not care or favored the proposal. The latest bug doesn’t bode well for confidence in the Parity software but people are still pleased that Ethereum has multiple clients.

“Imagine if this consensus bug was on Geth?” asks Husam Abboud. Imagine there is no Parity and 95% used Geth, how risky that same client version blockchain would be — Parity + Variety = Stability.”

What do you think about Parity suffering from another bug this week? Let us know your thoughts on this subject in the comment section below.


Images via Shutterstock, Parity page, and Pixabay.


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The post Ethereum Parity Full Nodes Suffer from Another Critical Issue appeared first on Bitcoin News.

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Latin American NGOs Embark Upon Tour to Promote Bitcoin in Argentina

June 7, 2018 |

Latin American NGOs Embark Upon Tour to Promote Bitcoin in Argentina

“Bitcoineta”, a cryptocurrency awareness program conceived by non-profit organizations, Bitcoin Argentina, and Bitcoin Americana has commenced. The campaign will comprise a minivan boldly donning the bitcoin logo embarking on a road trip across Argentina and Latin America with the goal of spreading knowledge and fostering bitcoin adoption.

Also Read: Cryptocurrency Exchanges Are Drowning in Tokens

Latin American NGOs Team Up to Launch Bitcoin Awareness Campaign

Latin American NGOs Embark Upon Tour to Promote Bitcoin in ArgentinaNon-government organizations Bitcoin Argentina and Bitcoin Americana have begun ‘Bitcoineta‘ – a minivan tour across Argentina designed to bolster bitcoin awareness and adoption.

The tour will see the van visit numerous Argentine villages and small cities, with the tour seeking to emphasize the use-cases for bitcoin at a grassroots level. After traveling across Argentina, Bitcoineta then hopes to embark on an awareness campaign across Latin America.

The project seeks to target disparate social demographics that can benefit from greater cryptocurrency adoption. Gabriel Kurman, one of the founders of the Bitcoineta project, stated, “It’s a dream to bring bitcoin and blockchain technology to Latin America to those people who do not have access to knowledge. The [goal] of ​​Bitcoineta is to reach every small town and city in Argentina, and then the rest of America, teaching people how they can benefit from this technology.”

The two organizations purchased the minivan together, and equipped the vehicle with necessary amenities, and installed a projector that will be used to screen educational films.

Sowing the Seeds of Bitcoin Adoption

Latin American NGOs Embark Upon Tour to Promote Bitcoin in ArgentinaThe Bitcoineta van began its journey on June 1st. The first destination for the campaign is Chascomús, a small city located 123 kilometers (approximately 76.4 miles) south of Argentina’s capital of Buenos Aires. After Chascomús, Bitcoineta is then scheduled to visit Las Toninas, Tandil, Necochea, Tres Arrollos, Villa Ventana, Bahía Blanca, Pergamino, Junín, Chacabuco and Chivilcoy in Buenos Aires, and various destinations in the provinces of La Pampa, Santa Fe, and Córdoba.

Julian Drangosch, a university professor from the National Technological University of Argentina, offered praise to the Bitcoineta project, stating, “The first times you hear about these technologies, it is difficult to understand all the implications that you have today and in the future, and to start sowing this blockchain seed in the different communities will allow us to collect the fruits in a few years.”

Do you think that bitcoin will see widespread adoption across Latin America in coming years? Join the discussion in the comments section below!


Images courtesy of Shutterstock, Infobae


Want a comprehensive list of the top 500 cryptocurrencies and see their prices and overall market valuation? Check out Satoshi Pulse for all that hot market action!

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