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India’s supreme court has set a new date to hear the petitions against the cryptocurrency banking ban by the country’s central bank. Meanwhile, the crypto community in India is campaigning on social media for “positive regulations” and the rollback of the banking ban.
New Supreme Court Hearing Date
The Supreme Court of India has reportedly set a new date to hear the petitions against the crypto banking ban by the Reserve Bank of India (RBI). The central bank issued a circular in April banning all regulated financial institutions from providing services to crypto businesses. Banks complied and closed accounts of crypto exchanges by July.
A court document circulating on Twitter on Thursday indicates that the supreme court has scheduled Jan. 15, 2019, as the date it will revisit the crypto case.
The court originally scheduled to hear the case on Sept. 11 but continually postponed it. Then, on Oct. 25, it directed the government to submit a counter affidavit within two weeks, detailing its crypto regulatory progress.
Finance Ministry Backs RBI
According to Quartz India, the government has filed a counter affidavit with the supreme court, stating that it expects the regulatory framework to be finalized in December.
On Saturday, Inc42 reported that the finance ministry’s counter affidavit defends the RBI banking ban. The news outlet wrote:
Representatives from the finance ministry submitted that the RBI circular as well as warnings issued by finance ministry on December 29, 2017, and by finance minister Arun Jaitley in his budget speech on February 1, 2018, are in line with the first inter-ministerial (interdisciplinary) committee’s recommendations on cryptocurrencies.
The finance ministry set up an inter-ministerial committee in November last year, led by its Economic Affairs Secretary Subhash Chandra Garg, to recommend crypto regulatory measures. The publication noted that this committee has “yet to draft its report.” Its next meetings are in December and January.
Community Campaigns for ‘Positive Regulations’
The CEO of Indian cryptocurrency exchange Wazirx, Nischal Shetty, started an ongoing Twitter campaign on Oct. 31, calling for “positive regulations” for the Indian crypto industry. Shetty, who has over 55,100 followers on Twitter, wrote:
Please bring positive regulations in crypto and over 5 million crypto Indians will be thankful to you. Youth of India have found a new way to make wealth & this is especially important when there are not enough jobs for everyone.
He added, “We need to tweet to our ministers every day till we get [a] reply. The more we tweet the more chances of our voices being heard and crypto getting a positive regulation in India.”
Shetty plans to continue the campaign “till the time the government takes a positive stance on regulating cryptocurrency in India,” Inc42 quoted him emphasizing. The CEO elaborated:
We are worried about the RBI’s banking ban on crypto. It has hampered the entire crypto sector of India and the innovations that come along.
In addition, the news outlet noted that crypto exchange Bitbns started a campaign on Change.org, demanding the repeal of the RBI circular. This petition has garnered 44,626 signatories at press time.
Do you think the Indian government will implement positive crypto regulations? Let us know in the comments section below.
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The post Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations appeared first on Bitcoin News.
The Camp Fire in northern California has killed at least 83 people, with the number rising daily, and has displaced tens of thousands of others. Hundreds are unaccounted for. It won’t be a normal Thanksgiving for any of those families, but businesses and hundreds of volunteers have stepped up to…
The Bitcoin Cash (BCH) blockchain split on Nov. 15 and the community are still discussing the subject at great length. Since the chain splintered into two separate networks, additional trading platforms like Coinbase and Bitstamp have re-established BCH markets by choosing to list the ABC chain with the exchange ticker “BCH.”
Six Days, Over 800 Blocks, and Bloody Markets
It’s been close to a week since the fork on Nov. 15 and the ongoing hash war has caused major debate and mixed emotions. According to Coin Dance statistics, there have been 852 blocks mined since the consensus rules changed and the ABC chain is six blocks ahead. Further, the owners of Coin Dance have deemed the ABC chain as the winner of the BCH name and now refer to the chain as Bitcoin Cash (BCH). Statistics also show that BCH has 44% more proof-of-work (PoW) than the BSV network. At the time of publication, both chains have roughly 4,000 PH/s or 4 exahash worth of hashrate apiece. However, this metric has fluctuated wildly and the averages are harder to gauge over a short period of time.
BCH market prices have also dropped a bunch this week, touching a low of $ 227 per coin on Nov. 20. Right now, BCH/USD charts show the average spot price is between $ 230- $ 255 and the digital asset has a market valuation of just above $ 4 billion.
Exchanges like Bittrex and Poloniex have been coming back online, but global BCH trade volume is super low today with only $ 84 million worth of BCH swapped over the last 24 hours. The forked coin BSV is trading at about $ 50 at the time of publication at exchanges like Kraken, Bittrex, Poloniex, and Coinex. The circulating supply is currently unknown right now but statistics from Coinmarketcap estimate there has been roughly $ 57.6 million worth of SV trade volume this Wednesday.
Coinbase and Bitstamp List ABC Chain as Bitcoin Cash (BCH)
Additionally, two large exchanges have announced re-establishing BCH markets and have decided to give the ABC chain the BCH ticker. On Tuesday the San Francisco cryptocurrency exchange Coinbase detailed that it has been closely monitoring the BCH network. The Coinbase blog states that it has observed consensus and “the BCH ABC chain will retain the designation of Bitcoin Cash (BCH).” The exchange said a number of factors came into play including accumulated PoW and hashrate. For now, the business has resumed Coinbase Pro trading and the iOS and Android apps should be ready by next week. The exchange has also emphasized that the company will continue to monitor the SV chain.
“We will continue to evaluate the safety of the BCH SV chain — Our current intention is to support withdrawal services for the BCH SV chain so that our customers may withdraw funds at a future date,” Coinbase explained.
The San Francisco trading platform added:
If network conditions significantly change or become unsafe at any point, Coinbase may revise these plans.
The same day, the popular exchange Bitstamp revealed its plans to re-enable BCH deposits and withdrawals. The exchange explained to customers on Twitter that the platform “will only support transfers from/to the Bitcoin Cash ABC chain.” The company warned not to send BSV tokens to Bitstamp as they will not be credited to accounts. At the moment, the exchange requires 25 confirmations for BCH deposits to be processed.
The wallet Cointext, which allows anyone to send bitcoin cash to another person by SMS text, released its decision concerning the fork on Nov. 21. Cointext services will follow the ruleset of the Bitcoin ABC software implementation, the company detailed in a blog post. “This approach appears to be the clear consensus market-wide,” the announcement noted.
"In order to best serve our users and enable maximum compatibility with Bitcoin Cash wallets, exchanges, and services throughout the ecosystem, CoinText has returned BCH service on our platform to following the ABC blockchain."
— CoinText (@CoinText) November 21, 2018
Hash Battle Debate Grows Quieter and Unwriter Speaks
Overall, a large portion of the BCH community seems to want this mess to be over and believe the war has been costly to both sides. However, according to a recent statement, Nchain’s chief scientist Craig Wright has claimed SV miners are “still competing.” Although as each day passes, with exchanges listing ABC as Bitcoin Cash (BCH), it seems as though the war is coming to an end, or at the very least growing quieter.
In addition to the heated discussions and debates across forums and social media, the prolific BCH developer Unwriter has published a message concerning the recent hash war.
“Let me tell you guys a secret — Many of you have it completely backward. You — the developer — are the emperors of Bitcoin,” explained Unwriter’s post on Twitter.
The developer’s Twitter message continued:
Think of Bitcoin as a nation. You are the capitalists who build the wealth of the nation of bitcoin. Without you—the ones who create capital out of labor to increase the wealth of the nation of bitcoin — there is no value in bitcoin because the wealth of bitcoin as a nation comes from the utility you generate by building, it doesn’t come from speculating.
Unwriter stated that people should stop thinking like a follower and start thinking like a leader. The programmer further detailed that the 21st Century Motor Company has all four nodes supported and will continue to keep them operational.
Lots of BCH enthusiasts are now discussing the best methods to split their coins safely while also waiting for services like Bitpay to re-open. The company seems to be moving towards re-establishing services soon and sources suggest they have chosen the ABC side of the chain. Additionally, on Wednesday, Nov. 21, the Bitcoin Cash Association (BCA) revealed the organization has decided to “support the side that follows the Bitcoin ABC protocol as Bitcoin Cash.”
What do you think of the last six days of the hash war? Let us know what you think about this subject in the comments section below.
Images via Shutterstock, Coin Dance Twitter, Bitstamp, Pixabay, and Coinbase.
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The post Hash Wars: BCH Community Evaluates Six Days of Battle appeared first on Bitcoin News.
Tens of thousands of people fled a fast-moving wildfire Thursday in northern California, some clutching babies and pets as they abandoned vehicles and struck out on foot ahead of the flames that forced the evacuation of an entire town and destroyed hundreds of structures, the AP reports. “Pretty much the…
On Nov. 5, the software developer Brenton Gunning announced to the Bitcoin Cash (BCH) community that he’d developed a BCH library written in the programming language Rust. The new library allows developers the ability to work on BCH applications and platforms written in the Rust coding environment.
Also read: Discussions Intensify as BCH Fork Approaches
Rust-BCH 0.1.0: A Bitcoin Cash Library Written in the Rust Programming Environment
The Bitcoin Cash community has been introduced to another BCH library written in a different coding language. The systems programming environment Rust is a syntax similar to C++ code and was originally developed by Graydon Hoare. Gunning’s project, called Rust-BCH 0.1.0, is a library that contains protocol messages, address generation, support for mainnet and testnet, transaction signing, script evaluation, wallet key derivation and more.
“Today I’m releasing Rust-BCH 0.1.0, a new library to build applications on Bitcoin Cash in Rust,” explains Gunning on the Reddit forum r/btc. “All the existing Rust libraries were lacking for me in one way or another — You can use it to build a wallet, or a node, do chain analysis, and anything really — I use Rust-BCH myself for projects so I’ve also benefited from others’ contributions and this is me giving back.”
The Variety of Bitcoin Cash Implementations Continues to Grow
Gunning believes that Rust is an appreciable programming language that to him is “fast and low-level, but also very safe and predictable.” The developer explained during the announcement that he thinks Rust is a “great fit” for BCH applications and hopes to see more programmers use the coding language. The Rust-BCH Github repository explains that the project has no ties to the Rust-Bitcoin protocol but the library can do everything it can and more. Gunning’s repository also explains that there are other BCH projects like Parity and Bitcrust that use the Rust language and he believes “the two projects could be used together.” In addition to the library, Gunning has published the Rust-BCH documentation with examples.
Gunning does detail he has shown support to the Bitcoin SV ruleset and included it within his library. However, the developer stated on Reddit that he is prepared to support other outcomes and is willing to “see how the fork goes.” The BCH community on Reddit was pleased to see another BCH implementation and Gunning’s announcement was a popular post on the r/btc subreddit. Gunning concluded during his announcement that he would love to see some feedback and contributions to the Rust-BCH 0.1.0 library.
What do you think about the Rust-BCH 0.1.0 library and all the other implementations written in various programming languages? Let us know what you think about this subject in the comments section below.
Images via Shutterstock, Pixabay, and the Rust-BCH 0.1.0 repository.
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BEIJING, P.R. China – BTC.com today announced the launch of their Ethereum block explorer.
Building on the experience of developing and managing one of the famous Bitcoin Block Explorers, BTC.com starts to embrace Ethereum community by supporting foundation capabilities. BTC.com provides mining related service and customized API in the cryptocurrency industry since 2015. It now has the world’s largest Bitcoin mining pool and industry famous Bitcoin explorer.
BTC.com looks to transfer its industry-leading experience to help Ethereum scale its underlying infrastructure. By typing any of the following information: address, transaction hash, block, or token, users can get all the details of a transaction. By clicking bottom “Tokens,” users can check related information of any ERC-20 token.
BTC.com Ethereum Block Explorer features including real-time price and market cap checking. Users can view the latest blocks information, hash rate, and network difficulty on BTC.com Ethereum Block Explorer home page. Besides exhibition these essential data, there are two more boards: Pool’s Distribution, and Transaction Fees. We can see top five miners by blocks in 24 hours.
Of these boards, the Transaction Fees is the one gaining the most attention. In this board shows four indexes: average cost, average gas price, safe cost, and safe gas price. Once users want to initiate a transaction, he can estimate which gas price should be used. BTC.com Ethereum Block Explorer will display the estimated confirmation time for a different gas price.
“We will present more comprehensive data related service for our users,” says Zhong Zhuang, Director of BTC.com. “We are going to provide data insights for miners, investors, media, developers, and entrepreneurs in blockchain data service. We hold a very open cooperative attitude towards various ecological partners and hope to make positive contributions to the Ethereum community through technology and data cooperation.”
Stay tuned, on next version, BTC.com is planning to develop more functions of their block explorer. This version will include uncle bocks information, the complete list of pending transactions and mining pool. Users can view tokens holdings with any address on the blockchain and the new insight data of the real-time hash rate, uncle rates, and orphan rates of mining pools.
BTC.com spearheads a user-driven and open financial system that has introduced over a million new users across the world to Bitcoin and Bitcoin Cash. Since launching the BTC.com block explorer in 2015, BTC.com has been at the vanguard of Bitcoin data analytics and software development. In 2016, BTC.com led the industry in innovation with the release of an open-source mining pool and wallet, which today play key roles in driving and maintaining Bitcoin’s decentralized ecosystem. BTC.com is aiming to provide the infrastructure for Ethereum and to explore the bigger picture of the blockchain-related products and service currently underway.
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.
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