Bitcoin Cash Merchant Acceptance Is Thriving in These 3 Regions

Bitcoin Cash Merchant Acceptance Is Thriving Within These Three Regions

Bitcoin Cash supporters are all about spreading adoption, and many enthusiasts are relentlessly trying to get people to try BCH and merchants to accept the cryptocurrency for payments. Right now, there are three regions in the world with a significant number of BCH merchants: Slovenia, North Queensland, and Japan, areas which continue to add a slew of new brick n’ mortar stores every day.

Also read: Regulations Have Ruined the Physical Bitcoin Industry

Three Regions With Lots of Bitcoin Cash Accepting Merchants

Bitcoin cash merchant acceptance is growing. According to Marco Coino, there’s close to 1,000 retailers willing to accept BCH as a means of payment for goods and services. These merchants can be located all around the world and each country displays the number of retailers who accept BCH in the region. As BCH merchant adoption continues to grow, there are three specific regions in the world that have dense populations of retailers accepting the decentralized cryptocurrency.

Slovenia

At the moment, the Republic of Slovenia has the most merchants that accept bitcoin cash. According to geo-mapping application Marco Coino, the sovereign state located in southern Central Europe has 207 active BCH retailers who accept the cryptocurrency for payments. Slovenia has always been known for doing business as the country is in the middle of important European cultural and trade routes.

Bitcoin Cash Merchant Acceptance Is Thriving in These 3 Regions
Slovenia has 207 merchants according to Marco Coino.

The country has always been crypto friendly as well and most of the BCH merchants can be found in in the capital of Ljubljana, home to an area that is known as ‘Bitcoin City.’ BCH accepting merchants in Slovenia include the Asan Chill & Lounge Room, the Malibu Bar, AHZ Design, Venera Shop, the Blackout Bar, Potokar, Hot Horse, Soba’Room promenade bar, and Blockmaster.

Bitcoin Cash Merchant Acceptance Is Thriving in These 3 Regions
‘Bitcoin City’, Slovenia.

North Queensland

Many bitcoin cash fans are probably familiar with the name North Queensland because residents have posted so many many stories about the region’s BCH acceptance, it’s hard not to notice them. At the time of writing, this northern region of Australia is home to 56 BCH accepting merchants. North Queensland has a large Bitcoin Cash meetup, and the area also hosted the country’s first BCH-only automated teller machine.

Bitcoin Cash Merchant Acceptance Is Thriving in These 3 Regions
North Queensland has 56 merchants according to Marco Coino.

Right now BCH supporters can purchase meals, get their car fixed, and even get work done on their home by paying for the services in BCH. Merchants accepting BCH in the northern part of the Australian state include Bel Paese Pizzaria, Elements Studio, RJ’s Mechanical, Dawson Moving & Storage, FNQ Computers, and Toasted Bean Coffee. A denser area of North Queensland BCH-accepting retailers is located in the middle of Condon, Kelso, and the Townsville Conservation Park.

Bitcoin Cash Merchant Acceptance Is Thriving in These 3 Regions
North Queensland BCH supporters are extremely passionate about spreading bitcoin cash adoption.

Japan

Ever since Japan legalized cryptocurrency payments, the region has become a digital currency hub. Japan also has a ton of BCH merchants that accept the cryptocurrency for goods and services. According to the Marco Coino application, there are roughly 56 BCH accepting merchants in Japan.

Bitcoin Cash Merchant Acceptance Is Thriving in These 3 Regions
Japan has 56 merchants according to Marco Coino.

Retailers accepting the cryptocurrency here include the Village Hostel Namba, Hikari Clinic, Ruins Minakami, Good Heavens, Rakan, Yakitori Wine Bar, Ginza Secret, Organic Hair Salon, So Law Office, Cafe de Perle, Soul Food House and Two Dogs Taproom. The Tokyo BCH meetup is extremely large as well, as the group currently has 1,253 members. One member of the Japanese BCH community is Akane Yokoo, a passionate supporter who is responsible for spreading a lot of merchant adoption throughout Tokyo.

Bitcoin Cash Merchant Acceptance Is Thriving in These 3 Regions
Akane Yokoo is responsible for kickstarting a lot of merchant adoption throughout Tokyo

Spend & Replace: Kickstarting the Peer-to-Peer Electronic Cash Evolution

Other global runners up that are densely populated with BCH-accepting retailers include the U.S., Colombia, Barcelona, Belarus, and London. Bitcoin cash merchant adoption continues to thrive and the many retailers listed on Marco Coino does not include the vast array of merchants using Bitpay and Coinbase merchant services. Many BCH supporters believe in the idea of “spend and replace” when it comes to using the decentralized cryptocurrencies. Supporters believe a deflationary currency can still be spent and replaced over time in order to kickstart its evolution as a solid means of exchange. At the moment Slovenia, Japan and North Queensland BCH supporters are taking the lead by continuously spreading more adoption and merchant acceptance.

What do you think about Slovenia, North Queensland, and Japan having the most BCH merchants today? Let us know what you think about this subject in the comments section below.


Image credits: Shutterstock, Marco Coino, Twitter, and r/btc.


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BCH Devs Lock in Code for the Chain’s Next Upgrade: Schnorr and Segwit Recovery

BCH Devs Lock in Code for the Chain’s Next Upgrade — Schnorr and Segwit Recovery

On Feb. 14, a group of Bitcoin Cash (BCH) developers sat down and discussed the featured items for the scheduled upgrade this coming May. According to the programmers, two specific features will be ready for the upgrade: Schnorr signatures and Segwit recovery. The developers also detailed that certain features like nullfail and the 100-byte transaction size will not be ready for the May hard fork.

Also read: Cryptocurrency Can Now Be Purchased at 10,000 French Tobacco Shops

Two New Features Make the Cut for the Upcoming Bitcoin Cash Hard Fork

On Valentine’s Day, cryptocurrency developers Mark Lundeberg, Antony Zegers, Amaury Séchet, Jason B. Cox, Andrea Suisani, and Matias Garcia discussed the upcoming May upgrade with the meeting’s host David Allen. The fourth meeting was published to Youtube so BCH participants can listen in on what’s going on with development. At the moment the developers say that two improvements are ready for the May upgrade while a few others will have to wait until the next fork.

“Schnorr signatures and Segwit recovery will be ready for the May upgrade,” the video explains. “Other items such as nullfail, minimal data push, and amending the 100-byte transaction size limit will not be ready for this upgrade.”

BCH Devs Lock in Code for the Chain’s Next Upgrade: Schnorr and Segwit Recovery

The team of developers also discussed the testing and planning for the upgrades prior to the hard fork commitment. Examples include setting up a common source for shared information, deciding on common parameters, the concept of a persistent node with mining pool, and other test plans.

“There are a number of items that we had looked at over the last few months that were in consideration for the May hard fork — So far it looks like only a couple of the upgrade features will make it, like Schnorr,” explains developer Jason B. Cox. “That [feature] is looking pretty good so far and it’s gotten a lot of code review. There’s the Segwit recovery which I believe is also going to make it.”

“Yeah I don’t think there are going to be any more items added, but Schnorr has like one patch to go to make it work,” Bitcoin ABC’s lead developer Amaury Séchet replied to Cox.

Mark Lundeberg further explained the Segwit recovery feature, seeing how it wasn’t discussed during the last meeting and not many people know what it is, in comparison with the Schnorr feature. Lundeberg detailed that there is a specifications page up now up at the Bitcoin Cash repository which explains and shows the code to the Segwit recovery concept. Essentially, when BCH is sent to a Segwit address it can no longer be accepted on the BCH chain due to the clean stack rule. Lundeberg explains this feature will make Segwit addresses exempt from the clean stack rule and the coins will be recoverable.

BCH Devs Lock in Code for the Chain’s Next Upgrade: Schnorr and Segwit Recovery

Schnorr Likely to Be Added to the Bitcoin Cash Chain First

At the moment, the two new features are “frozen” into the BCH protocol so developers can begin experimenting on the testnet. Overall, the BCH programmers seem confident in the two featured upgrades for May and it seems Schnorr signatures may be implemented on BCH well before BTC developers get to it. However, Bitcoin Core developers are currently in the midst of working on Schnorr signatures as well and Blockstream just published a new standard for multi-signature transactions called MU-Sig. The protocol purportedly helps bolster the Schnorr implementation. In fact, Core developer Greg Maxwell boasted about the new MU-Sig protocol on the r/btc forum and made some dubious claims.

“Sounds like Bitcoin ABC is rushing ahead to deploy our signature scheme proposal (bip-schnorr),” Maxwell stated.

However, many BCH supporters didn’t care for Maxwell’s trolling commentary and explained that he and Blockstream developers “did not invent the Schnorr concept.” Mark Lundeberg said that he was aware of the MU-Sig protocol and explained that “BCH can use this too — it’s something purely on the wallet side; the nodes continue to verify the Schnorr Signatures the exact same way regardless.”

Overall, BCH enthusiasts on Reddit and social media seem positive about the upcoming upgrades and many supporters wholeheartedly believe that Schnorr will be implemented before the BTC camp plans to upgrade.

What do you think about the two features locked in for the scheduled BCH hard fork this May? Let us know what you think about this subject in the comments section below.


Image credits: Shutterstock, Youtube, and Bitcoin.com 


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Another ‘Satoshi’ Steps Out of the Woodwork, Calls Craig Wright a Liar

Another Satoshi Steps Out of the Woodwork Calls Craig Wright a Liar

On Feb. 8, the chief executive of Nchain, Craig Wright, wrote a blog post that purportedly described his experience of creating Bitcoin. Wright’s essay states “I was Satoshi” but throughout the story, he refuses to reveal his keys. It’s not the first time Wright has claimed to be Satoshi, but in the comment section of his blog post, another character calls him a “liar” and claims that he is in fact the real Satoshi Nakamoto.

Also Read: Bitmain Announces New 7nm Bitcoin Mining Chip With 29% More Efficiency

So Many Satoshis With Zero Proof

It is difficult to figure out why someone would claim to be Satoshi without having the smoking gun that proves they are the creator of Bitcoin. Nevertheless, there’s been a number of self-professed Satoshis, but all of them have yet to convince the greater community. Craig Wright is probably the most famous of them all but news.Bitcoin.com has reported on various individuals who wholeheartedly believe they were involved with the creation of Bitcoin.

Recently, the notorious Wright has been writing memoirs about his experience in the early days when he allegedly invented the protocol. One specific post called “Careful what you wish for…” is one of the most telling tales he’s written in a while and the post caught a lot of flak from the community. Most of the antagonism towards it was because Wright stated he was Satoshi but also declared he does not have to prove it. Wright has also been criticized for speaking negatively about Ross Ulbricht, the Silk Road, Julian Assange, and Wikileaks.

Another 'Satoshi' Steps Out of the Woodwork, Calls Craig Wright a Liar
This man believes he is Satoshi Nakamoto.

After the post was published, readers noticed another person in the essay’s comment section calling Wright a liar and claiming to be Satoshi Nakamoto.

“Liar — You, Dr. Craig Wright never had any digital key to sign, and no single proof of his claims — He could not even transact one bitcoin from my whale wallet,” explains the individual who believes he is Satoshi. “He did create an altcoin, BSV, then begged to convert bitcoin core into his crapcoin — Come on, you have nothing. You do not even know how I composed the genesis block and what I coded inside additionally.”

The commenter continues:

Yes, I do remember You, when You did try to trick me and ask me for a subkey. (Well, that was a dead end, I was warned by Hal about you.) Yes, I do remember our little IRC chat. And Your addiction to the dark world and the flattering of ego.

PGP Key 0x5EC948A1

The person also remarks by saying that when he digitally signs, he will show the world a registered, notary depot of his scientific paper (before the publication date on the internet) and the contents of the genesis block. Furthermore, the commenter left behind his Twitter handle @realsatoshin where he’s been telling people he is Satoshi for quite some time. The individual has 2,800 followers has tweeted publicly over 1,700 times. Many of the tweets declare he is the real Satoshi and explain that he will present himself in seven years. In the comment to Craig Wright, the person leaves the PGP key 0x5EC948A1 and explains that it was signed by Gavin and others in that time.

Another 'Satoshi' Steps Out of the Woodwork, Calls Craig Wright a Liar
The individual has been tweeting about being Satoshi for quite some time.

Looking at the PGP key 0x5EC948A1 shows some interesting data and fingerprints that are tied to an email address Satoshin@gmx.com and other Satoshi related email handles. There are also a few unique dates tied to the PGP key’s data like Oct. 30, 2008, the day before the white paper published, and Jan. 3, 2009 the day the genesis block was born. Another interesting aspect to the key is it shows a revocation on May 2, 2016, the exact same day Gavin Andresen’s keys were revoked by Core developer Wladimir van der Laan.

Another 'Satoshi' Steps Out of the Woodwork, Calls Craig Wright a Liar
The PGP Key 0x5EC948A1 is tethered to the email Satoshin@GMX.com and a few others. The PGP key has interesting fingerprints and dates associated with it.

On Jan. 6 the individual who believes he is Satoshi explained that he left the project for safety reasons and to protect the project. “A decentralized system needs no controllers and rulers, only the community,” he explained to his Twitter followers. The “Satoshin” character has also made numerous comments on other editorials detailing how he created the cryptocurrency and encoded his name into the chain. He also uses the name ‘nihsotas’ on Reddit and was very much involved in the discussion between the community and Gavin Andresen back in May 2016.

The Song Remains the Same: ‘Keys or GTFO’

The news also follows Craig Wright’s open letter to the U.S. Commodity Futures Trading Commission (CFTC) concerning the regulation of tokens and the Ethereum network. It seems Wright is willing to testify under oath that he was, in fact, the creator of Bitcoin.

“My name is Dr. Craig Wright and under the pseudonym of Satoshi Nakamoto I completed a project I started in 1997 that was filed with the Australian government in part under an AusIndustry project registered with the Dept. of Innovation as Blacknet,” explains the Australian native.

So far the community is hard set on only believing a person who signs Satoshi’s early keys and that goes for any self-proclaimed Bitcoin creator. “Keys or get the fuck out” is a common statement among crypto proponents, whereas so-called “easter eggs” and comments like “maybe I’ll tell you later” just doesn’t cut the mustard. The crypto community doesn’t believe the latest individual either. Even though he called Wright a liar, bitcoiners believe the new claimant is just another Wright clone fabricating tall tales, no different than the likes of Paul Bunyan.

What do you think about the individual who claims to be Satoshi and his 0x5EC948A1 PGP keys? Let us know what you think about this subject in the comments section below.


Image credits: Shutterstock, Pixabay, MIT PGP Database, and Twitter.


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Drivechain Creator’s Latest Paper Sparks Debate Over Bitcoin’s Future Security

Drivechain Creator's Latest Paper Causes Debate About Bitcoin's Future Security

Drivechain developer Paul Sztorc has the cryptocurrency community riled up over his latest blog “Security Budget in the Long Run.” The essay discusses the economics of BTC network fees over a long period of time and suggests rather than giving up the fees to competition, a dominant protocol should collect fees “from all networks.”

Also Read: More Than 30% of BTC Traffic Stems from the Veriblock Project

Unraveling Bitcoin’s Security Budget

Paul Sztorc has written another thought-provoking essay that has got many of the ‘bitcoin intellectuals’ talking. “Security Budget in the Long Run” speaks on how BTC could theoretically collect fees after many decades. Sztorc refers to this as the “security budget,” which is basically what participants are paying in order to prevent double spends and 51 percent attacks. Over the last few years during the scaling debate, many industry members showed concern about the block subsidy i.e the freshly minted coins and transaction fees miners get when they randomly find a block. A block needs to be instantly profitable to mine and Sztorc believes the block subsidy will continue to give the network more security in the future.

“Even though it “halves” once every four years (effectively falling by a factor of 0.84 per year), it hits for full force no matter how high the BTC exchange rate climbs,” Sztorc’s paper explains. “As long as annual appreciation 19%+, it fully compensates for the PP lost to the halvening.”

Drivechain Creator's Latest Paper Sparks Debate Over Bitcoin's Future Security
A graphical interpretation of BTC’s security budget over the next 40 years according to Sztorc’s essay “Security Budget in the Long Run.”

Sztorc then discussed the various theories people have used in the past, in order to describe what will offset the block subsidy when the block reward shrinks to zero. Many believe a relatively high fee market is needed for onchain transactions (txn) and most people wanting txn with cheaper fees will use the Lightning Network. For instance, Sztorc quotes the Bitcoin Core developer Greg Maxwell and other crypto luminaries for championing high fees back in 2017. The paper also underscores the rise of altcoins grabbing far more attention after BTC network fees crossed over $1 per txn and continued to rise.

“Furthermore, this (true) premise — that Altcoin-payments are indeed substitutes for Bitcoin-payments — is occasionally explicitly admitted, even by hardcore maximalists — Especially during the last fee run-up in late 2017,” Sztorc’s paper details.

The essay further states:

To me, this data refutes the theory that users will pay high BTC fees willingly. In fact, they seem to have only ever paid high fees unwillingly — during a brief “bubble” time (of relative panic and FOMO).

Drivechain Creator's Latest Paper Sparks Debate Over Bitcoin's Future Security
Bitcoin developer, economist, and Drivechain creator Paul Sztorc.

Lightning and Alternative Fee Sources

The blockchain researcher further digresses into theories of onboarding users onto the Lightning Network (LN) and the protocol’s theoretical alternative fee sources. Sztorc says that if the LN is successful then many transactions can be crammed into two onchain transactions. However, Sztorc has a hard time understanding how the LN will boost fees and guesses that they “cannot realistically increase by more than two orders of magnitude.” After detailing theories people have on how the LN can create a thriving economic system, Sztorc’s new paper details that he doesn’t have much faith in the user experience.

“LN also comes with new risks — the LN-design is very clever at minimizing these risks, but they are still there and will still be annoying to users,” Sztorc notes. “Users will prefer not to put up with them — So they will tend to prefer an Altcoin on-chain-txn over a mainchain-LN-txn.”

Drivechain Creator's Latest Paper Sparks Debate Over Bitcoin's Future Security
Some crypto enthusiasts didn’t like Sztorc’s opinion concerning the LN’s usability, while some described the LN user experience as being not even close to onchain payments.

Merged Mining and Sidechains

Sztorc concludes his paper by discussing two of his favorite subjects — merged mining and sidechains. Essentially the programmer says merge mined sidechains can do whatever altcoins can do and then some. Concepts like Drivechain could theoretically create large block sidechains that process millions of transactions per day. Sztorc’s paper says the Bitcoin network needs a high-security budget in order to prevent 51 percent attacks. In a sense, alternative chains will subdue the chances of a market-clearing fee rate, especially when higher fees begin to dominate and start showing signs of time dependency. Sztorc’s paper emphasizes how competition will make it difficult for BTC to collect miner fees and instead every network in existence should be a subsidy for BTC.

“A better way, is to attempt to devour the entire payments market and claim all of its fee revenues,” Sztorc concedes. “This can be done using merge mined Sidechains, without any decentralization loss.”

Of course, not everyone agreed with Sztorc’s assessment concerning long term security for the BTC network. After the founder of Coinmetrics, Nic Carter called the paper a “stunner” and “outstanding as usual,” many other developers and crypto luminaries threw in their two cents. BTC developer Eric Lombrozo said the essay was a “good read” but is “still very concerned about the economics of sidechains remaining viable unless we substantially alter the trust model.”

Drivechain Creator's Latest Paper Sparks Debate Over Bitcoin's Future Security
Sztorc emphasized on Twitter that the post describes competition with altcoins and not traditional payment networks.

A few bitcoiners responding were very stubborn, wholeheartedly insisting that a relatively high fee market is necessary to subsidize miners and higher fees will also mean BTC is successful. Veteran cryptographer Nick Szabo emphasized that he believes there are a few “bad assumptions” in Sztorc’s post. Szabo detailed that he has only seen one good argument for security under a transaction fee-only system. “That’s the volatility of fees, which seem to behave nonlinearly as blocks become full,” explained Szabo.

Drivechain Creator's Latest Paper Sparks Debate Over Bitcoin's Future Security
Sztorc’s article sparked a lot of criticism and conversation about the subject.

The many responses to Sztorc’s paper underlined the fact that BTC developers and maximalist proponents are still dead set on growing the fee market and LN solutions. It doesn’t seem like merged mined sidechains will be accepted anytime soon, unless it is enforced in a permissionless manner. Currently, a few alternative chains piggyback off of BTC in some form or another like Counterparty, Omnilayer, RSK, and Veriblock and there are more projects like the Stacks blockchain on the horizon. Core developers have been stubborn about Drivechain for quite some time and the issues stem from a deep distrust of miners. This is ironic given that their work is what secures the network and defines Nakamoto consensus.

What do you think about Paul Sztorc’s post concerning block subsidy and BTC’s security over the long run? Let us know in the comments section below.


Image credits: Shutterstock, Twitter, Pixabay, and Paul Sztorc’s paper.


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Bitmain Announces New 7nm Bitcoin Mining Chip With 29% More Efficiency

Bitmain Announces New 7nm Bitcoin Mining Chip With 28.6% More Efficiency

On Feb. 18, mining rig manufacturing giant Bitmain Technologies announced its next-generation 7nm ASIC chip for mining SHA-256 cryptocurrencies like BTC and BCH. According to Bitmain, the mining chip, called the BM1397, is more efficient when mining proof of work (PoW) coins and the new chips will be installed in the latest Antminer series of devices.

Also Read: Orca Pool Mining Operation Aims to Defend Altcoins and Forks From Attacks

The Next Generation 7nm Chip From Bitmain Technologies

Bitmain has announced a new mining chip that claims to be more effective than the semiconductors the company manufactured in the past. The new BM1397 chip is the successor to Bitmain’s previous SHA-256-centric chip, the BM1391. The revamped 7nm model “enables faster and cheaper mining” and offers a 28.6 percent improvement compared to the BM1391. Bitmain says the BM1397 uses low amounts of power and provides an energy consumption to computing ratio as low as 30J/TH.

Bitmain Announces New 7nm Bitcoin Mining Chip With 29% More Efficiency
The new BM1397 7nm semiconductor produced by Bitmain and TSMC.

“To achieve [better efficiency], Bitmain’s engineering team has thoroughly customized the chip design to optimize its architecture, circuit, and economics,” explains the company’s press release. It continues:

The chip is made using TSMC’s 7nm FinFET process — The BM1397 is a testament to Bitmain’s improvements in chip design methodology and deep understanding of the most advanced semiconductor fabrication technologies.

Bitmain Announces New 7nm Bitcoin Mining Chip With 29% More Efficiency
Bitmain also revealed it was manufacturing new Antminer models that will be announced at a later date.

Antminer S17 and T17 Models Will Support the New BM1397 and More Mining Rigs Are on the Way

The chip announcement follows recent rumors and discussions about the floundering mining ecosystem. Many reports have also detailed company shakeups with firms like Bitmain, Canaan, and Ebang making internal changes. Bitmain says the new semiconductor is proof of the company’s ongoing commitment to advancing the cryptocurrency ecosystem. The company’s announcement underscores that Bitmain devices allow anyone to participate in this fast growing economy.

“The BM1397, part of Bitmain’s growing chip portfolio, is designed to bring a better mining experience and aims to set a new benchmark in ASIC chip technology,” the company notes.

According to the press release, the BM1397 chip will be integrated into the latest Antminer S17 and T17 models. Moreover, Bitmain says the company has new devices that will be announced at a later date.

What do you think about the latest announcement from Bitmain Technologies and the new BM1397 chip? Let us know in the comments section below.  


Image credits: Shutterstock, Bitmain, and Bitcoin.com. 


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Shift Card Sunsets, Leaving US Crypto Card Users With Few Options

Crypto Card Users in the U.S. Left With Scarce Options as Shift Card Sunsets Services

U.S.-based Shift Card, a Visa debit card service that allows people to spend cryptocurrencies held on Coinbase in real-time, will be ceasing operations this April. Shift’s email to customers explains the company hopes to relaunch in the near future, but for now there are few crypto debit card options left for U.S. residents.

Also Read: More Than 30% of BTC Traffic Stems from the Veriblock Project

Shift Financial’s Crypto-to-Debit Services to End This Spring

Shift Card customers have received an email that explains the company has plans to close its debit card operations this spring. According to the email, the company will temporarily shut down on April 11, 2019, but the firm hopes to relaunch again. The Shift Card launched in the fourth quarter of 2015, allowing people to spend cryptocurrencies tethered to their Coinbase account on the go wherever Visa is accepted.

Shift Card Sunsets, Leaving US Crypto Card Users With Few Options
Shift Card has emailed customers letting them know the card program will be sunsetting for an unknown period of time.

Unlike the Atlanta based Bitpay Card, which essentially allows people to sell BTC and BCH for loaded U.S. dollars, the Shift Card deducts the funds directly from the Coinbase user’s account based on the spot price of the cryptocurrency in real time. The service existed for four years, but now users will have less than two months to use the Visa card before operations go on hiatus.

“We hope you enjoyed using the Shift Card and truly thank you for your loyalty,” runs the email from Shift Financial. “We, unfortunately, will be retiring the program in April of this year — All Shift Cards will officially be deactivated on April 11, 2019.”

The email continues:

Don’t worry, your Shift Card will continue to work until that date. Feel free to email Shift support if you have any questions we’d be happy to answer — We hope to re-launch the program and issue new cards in the near future. Thank you for your patience.

Little Choice Left for US Residents Seeking a Reliable Crypto Debit Card

The email doesn’t give any details as to why the crypto card service program is coming to an end. News.Bitcoin.com reached out to Shift support but has yet to receive a reply concerning the matter. Shift was partnered with Metropolitan Commercial Bank, a financial provider known for its partnerships with other cryptocurrency service providers. The move leaves the U.S. Shift customers in 46 states with only one reliable option, the Bitpay Visa card. Although there are other lesser known card operations in the works, none of them are worth discussing because some of the projects lack a physical card right now and others haven’t been around long enough to be reviewed.

Shift Card Sunsets, Leaving US Crypto Card Users With Few Options
U.S. residents have very little options for crypto-to-debit cards.

Other well-known cryptocurrency debit card service providers like Wirex, Uquid, Cryptopay, and Spectrocoin only cover the EU region and various non-U.S. countries. Customers from Europe have also had issues with crypto card operators in the past when Wavecrest Holdings, another known crypto banking provider, stopped offering crypto-to-debit services to EU residents. Some card operations have never returned while other companies quickly found replacement banking partners.

What do you think about the Shift Card ending its service this April? Do you think more crypto-to-debit services will be offered in the U.S.? Let us know in the comments section below.


Image credits: Shutterstock, Shift Card Visa, and Pixabay. 


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More Than 30% of BTC Traffic Stems from the Veriblock Project

More Than 30% of BTC Traffic Stems from the Veriblock Project

Over the last few weeks, a blockchain project called Veriblock whose protocol piggybacks off the Bitcoin Core (BTC) network has sparked debate. More than a quarter of BTC’s transaction numbers stem from the Veriblock system and the project has been criticized for using the blockchain in this manner.

Also Read: Orca Pool Mining Operation Aims to Defend Altcoins and Forks From Attacks

The Veriblock Chain Is Paying for a Lot of BTC Block Space

Most people are unaware that about a quarter of the BTC chain’s daily transactions are due to another project called Veriblock. The Veriblock chain utilizes a system called proof-of-proof (PoP) and the ‘proof’ stems from the security of the BTC chain. Essentially, Veriblock aims to provide alternative blockchain security by immersing a snapshot of the altcoin’s ledger into the BTC chain. Veriblock uses OP return transactions and other methods to embed the blockchain’s state data in an “SP blockchain transaction.” Last month BTC developer and Casa CTO Jameson Lopp noticed that Veriblock was dominating the number of BTC-based OP return transactions.

“Source of the now-highest volume of OP_RETURN outputs has been identified as Veriblock “proof of proof” miners,” explained Lopp. “They are creating around 20% of all BTC transactions now.”

More Than 30% of BTC Traffic Stems from the Veriblock Project
Jameson Lopp noticed the Veriblock transactions last December.

According to statistics published this week, Veriblock captures more than 30-45 percent of transactions on a good day. The project is still in testnet mode and has only recently caught the attention of cryptocurrency enthusiasts. A few other BTC community members have called the project “garbage” and complained about Veriblock spamming the network. As usual, there are various subjective valuations on whether or not some transaction use cases are spam. Most people understand, though, that the network is permissionless by nature and it really doesn’t matter as long as users pay for the block space. Veriblock believes other blockchains will be enticed by the PoP system because it gives them the ability to leverage BTC’s security and reputation.

“As a result, the reinforced security provided by PoP will encourage further adoption of these alternative blockchains,” Veriblock’s website details. “The transition of transactions from Bitcoin to alternative blockchains will also facilitate Bitcoin scaling, while continuing to drive value back to Bitcoin miners.”

More Than 30% of BTC Traffic Stems from the Veriblock Project
Veriblock testnet statistics.

Piggyback Projects Believe the Well-Established First Layer Adds More Security to the Second Chain

Because Veriblock piggybacks off of BTC’s security, the project can offer this safety net to alternative networks. Veriblock’s site says this enables early attack detection, protection against sustained 51 percent attacks and double-spend attack prevention. Veriblock is operated by CTO Maxwell Sanchez and CEO Justin Fisher and backed by former Bitcoin developer Jeff Garzik who acts as technical advisor.

More Than 30% of BTC Traffic Stems from the Veriblock Project
BTC confirmed transactions per day.

Veriblock is not the only project using the BTC chain for leverage as there have been other networks using the chain in a variety of ways. Omni Layer, the network that issues the stablecoin tether (USDT), uses OP_return transactions. Counterparty used a process called proof-of-burn (PoB) and other projects like Namecoin use merge mining. Another project using merge mining is the RSK network and the protocol is currently capturing 45 percent of BTC’s network hashrate.

Some BTC proponents dislike the merge mining process as well as other types of sidechain projects like Drivechain, because a few crypto community members are extremely paranoid about giving miners too much power. Veriblock is just another example of a chain using BTC’s established blockchain in order to add more value to what it produces. And because the cryptocurrency’s network is permissionless, people’s opinions on certain projects being “spam” or “inefficient” is little more than internet chatter.

What do you think about the Veriblock chain using 30-45 percent of BTC transactions? Let us know what you think about this subject in the comments section below.


Image credits: Shutterstock, Veriblock, Twitter, and Blockchain.com. 


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Orca Pool Mining Operation Aims to Defend Altcoins and Forks From Attacks

Mining Operation Orca Pool Aims to Defend Altcoins and Forks from Attacks

Last November the Bitcoin Cash (BCH) community witnessed a hash war that resulted in a bifurcation of the main chain. The spat saw one of the first examples of the alpha miner strategy and an attempt to truly test Nakamoto consensus. About a week before the fork, a new mining operation was announced called Shark Pool aimed at explicitly attacking weaker chains. However, a new type of mining organization revealed itself on Feb. 15 called Orca Pool which seeks to protect altcoins and forks from being attacked by malicious miners.

Also Read: Bitcoin’s Social Contract Must Be Resilient to the Whims of Future Generations

Blockchains Beware: Sharks in the Water

Just before the BCH hard fork and blockchain split which saw the birth of BSV, a new mining pool announced its plan to attack smaller cryptocurrency networks in order to cause disruption to the coin’s ecosystem. The operation Shark Pool explained during the first week of November 2018 that the mining organization would exclusively mine blocks on low proof-of-work chains and create a series of orphaned blocks. Furthermore, Shark Pool would also sell profits from mining these other coins in order to acquire BSV. Shark Pool was founded by Cashpay Solutions cofounder Ari Kuqi who is also known for the project Cryptonize.it.

“All altcoins, including forks and splits, are acts of war against Bitcoin and are going to be treated as such,” explained Shark Pool when they launched.

Orca Pool Mining Operation Aims to Defend Altcoins and Forks From Attacks

Even after the BCH fork, the Shark Pool organization had continued to announce threats toward certain coins they planned on ambushing. Three days after the split, Shark Pool warned community members of projects like bitcoin gold (BTG), bitcoin interest (BCI), bitcoin diamond (BCD) and bitcoin private (BTCP). Some people also accused Shark Pool of attacking the BCH testnet at this time as well. Just before the new year, the pool explained that 2019 would be the “Year of the Shark” and the organization emphasized that it still had its sights set on BTCP’s mainnet. “Exchanges will require 1,500+ confirms for BTCP, devastating for a cryptocurrency,” Shark Pool detailed on Dec. 23, 2018.

The Orca, Predator of the Shark

Since then, Shark Pool has continued to try and recruit more miners to join the mining operation. For instance, on Jan. 5, the well known BSV supporter Kevin Pham explained to his Twitter followers that “real Bitcoin maximalists” are like Shark Pool and “you’d want to destroy shitcoins like litecoin, not support them.” Not everyone agrees with the BSV community’s mentality though and on Feb. 15 a new pool was born in order to retaliate against miners like Shark Pool. On Friday afternoon a newly created Twitter handle stated:

Sign up for Orca Pool, a mining pool that counters attacks by Shark Pool and sells the rewards for bitcoin.

 

Orca Pool Mining Operation Aims to Defend Altcoins and Forks From Attacks

Orca Pool’s tweet leads to a website which explains that miners can sign up for early registration to join the pool’s resources. The website details that the Orca, otherwise known as the killer whale, is a predator of the shark. The mining organization’s website Orcapool.cash says the group believes miners should defend blockchain censorship and the site explains in detail why they started the group.

“All Altcoins, including forks and splits, should compete in the free market — Predatory pools have emerged that wish to interfere with this process by illegally attacking blockchains with hashpower,” it reads. “Orca Pool miners will exclusively mine chains needing defense from attackers, and sell the rewards for bitcoin.”

Orca Pool Mining Operation Aims to Defend Altcoins and Forks From Attacks

Once again, the cryptocurrency mining ecosystem and its players have shown how the industry is swift to adapt to new ideas. The concept of miners mining other chains so they can acquire their favorite coin is nothing new, but maliciously orphaning blocks and causing chaos for exchanges has been a relatively new threat since last November’s hash wars. Small chains with very low amounts of hashrate like bitcoin gold and vertcoin have been attacked recently which indicates that some miners think it’s open season and have been on the hunt for these chains. Lastly, there’s also been a lot of mining pools hiding their identities recently and a resurgence of “unknown miners” has been seen on both the BCH and BTC networks.

What do you think about mining operations like Shark Pool and Orca Pool? Let us know what you think about this subject in the comments section below.


Image credits: Shutterstock, Pixabay, Twitter, Shark Pool, and Orca Pool logos. 


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Markets Update: Crypto Traders Still Uncertain After a Week of Consolidation

Cryptocurrency markets are once again riding a long period of consolidation as the last seven days has failed to show any meaningful moves. During our last markets update, digital asset values spiked considerably, gaining billions in one hour on Feb. 8. But a week later cryptocurrencies have offset those gains and most markets have been following a narrow range for more than a week.

Also Read: Bitcoin’s Social Contract Must Be Resilient to the Whims of Future Generations

Crypto Gains Neutralize and Follow a Falling Narrow Range

Digital currency prices have been consolidating again into what looks like a falling wedge after seeing a significant jump in value eight days ago. The overall market capitalization of all 2,000+ cryptocurrencies is around $120 billion. Global trade volume is still decent, even though it’s a touch lighter than last week at $18.8 billion over the last 24 hours. Currently, bitcoin core (BTC) is priced at $3,635 with a market valuation of about $63.7 billion at the time of writing. BTC is down around 0.81% over the last week but has managed to gain 0.3% during this morning’s early trading sessions.

Markets Update: Crypto Traders Still Uncertain After a Week of Consolidation
Top 10 cryptocurrencies on Feb. 16, 2019.

The second highest market capitalization belongs to ethereum (ETH) as each token is trading for $123. Ethereum markets have managed to knock ripple (XRP) from the second position as XRP is swapping for $0.30 this Saturday. Litecoin (LTC) captures the fourth position with each coin trading for $43 as markets have gained 3.5% today. Lastly, eos (EOS) prices are up 1.5% as each eos is sitting at $2.83 per coin.

Markets Update: Crypto Traders Still Uncertain After a Week of Consolidation
Top 20 cryptocurrencies by market cap on Feb. 16, 2019.

Bitcoin Cash (BCH) Market Action

Bitcoin cash (BCH) prices have been coasting along at $122 per coin this weekend and markets are up 0.44%. BCH has an overall market valuation of around $2.1 billion and about $192 million traded over the last 24 hours. The top five exchanges trading the most bitcoin cash today are Lbank, Hitbtc, Fcoin, Binance, and Upbit. The top trading pair with BCH this weekend is ETH by 42.2% over the last day. This is followed by USDT (30.1%), BTC (17.4%), USD (4.2%) and KRW (3.7%). Over the last few weeks, larger concentrations of KRW/BCH pairs have been increasing. This weekend BCH is the ninth most traded cryptocurrency below dash and just above qtum.

Markets Update: Crypto Traders Still Uncertain After a Week of Consolidation
Bitcoin cash (BCH) seven-day chart on Feb. 16, 2019.

BCH/USD Technical Indicators

Looking at the 4-hour chart on Kraken and Bittrex shows the momentum from BCH bulls has neutralized. Over the last seven days, heavier resistance was able to build up and will make things more difficult for northbound movements. The two Simple Moving Average (SMA) trendlines show the long-term 200 SMA is still above the short-term 100 SMA. This solidifies the fact that the path toward the least resistance is still the downside. Although as noted in prior market updates, the two moving averages look to be converging in the near future unless some big changes await.

Markets Update: Crypto Traders Still Uncertain After a Week of Consolidation
BCH/USD on Bittrex 4-hour on Feb. 16, 2019.

Moving on to the Relative Strength Index (RSI), Stochastic, and MACd indicators we can see things meandering back and forth. RSI and the Stochastic oscillator levels are coasting along at 48.4 on the 4-hour chart, indicating traders seem to be cautious at the moment. MACd shows signals that BCH bears are getting exhausted and a reversed MACd divergence suggests the bottom may be in and market trends seem to be on the verge of change. Order books indicate some thick resistance between the current vantage point and prices above $150. The bears will struggle between today’s spot prices and numerous areas of support until $95.

Markets Update: Crypto Traders Still Uncertain After a Week of Consolidation
BCH/USD on Kraken 4-hour on Feb. 16, 2019. Extremely tight Bollinger Bands at 10:30 a.m. EST.

Traders Still Speculating on the Next Bull Run

Last week’s run-up in prices had given some cryptocurrency traders a new breath of optimism but others still think it was just another dead cat bounce. Many digital asset traders are selecting positions and just hoping they found the right seats during this game of musical chairs. One trader who goes by the name “Financial Survivalism” on Twitter thinks BTC prices might drop considerably before a big reversal in his “Hyperwave” price analysis. The trader suggests that BTC could fall to $1,165 before a large jump to $10,000.

Markets Update: Crypto Traders Still Uncertain After a Week of Consolidation
Fiat-to-crypto money flow on Feb. 16, 2019.

Furthermore, Zhu Fa, the cofounder of Poolin, a China-based mining operation, believes the price of BTC will skyrocket 10–20x higher than its prior all-time high of $20,000. The Poolin cofounder thinks that BTC will be priced between $70,000 or 5 million yuan ($738,000). Other traders also believe the next big cryptocurrency bull run will be the last huge run-up and the crypto economy’s subsequent years of life will see much slower growth.

Where do you see the price of BCH, BTC, and other coins heading from here? Let us know in the comments 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, Bitstamp, Coinlib.io, and Satoshi Pulse.


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Mobile Gifting Platform Swych Announces Cryptocurrency Support

Mobile Gifting Platform Swych Announces Cryptocurrency Support

On Feb. 15, the Dallas-based mobile gifting company Swych announced it will be accepting cryptocurrencies for payments. Starting next week, instead of using traditional payment processors, Swych users will be able to pay using decentralized digital assets such as BCH, LTC, ETH, BTC, and ETC.

Also Read: Bitcoin’s Social Contract Must Be Resilient to the Whims of Future Generations

Swych Mobile Gifting App to Add Support for 5 Cryptocurrencies

The popular mobile application Swych allows people to give virtual gift cards from over 600 well known retailers and if the person receiving the gift doesn’t like the store they can easily swap the virtual funds for another retailer. Swych was founded in 2015 by Deepak Jain and is backed by capital investment from UAE Exchange Group, a global money transfer exchange, and payment solutions provider. The gift cards available stem from retailers such as Toysrus, Old Navy, Macy’s, Nike, Target, Best Buy, Gap, Banana Republic, Sephora, Nordstrom, Amazon, and more. Essentially Swych allows users to purchase and send gift cards similarly to platforms like Egifter and Gyft. However, the mobile application allows people to effortlessly switch gift cards if they don’t appreciate the particular brand originally gifted.

Mobile Gifting Platform Swych Announces Cryptocurrency Support

Swych uses payment providers like Apple Pay, Paypal, Amazon Pay, and Google Pay. But according to an announcement on Friday, the company will be accepting five cryptocurrencies next week. Swych users will be able to pay with bitcoin cash (BCH), litecoin (LTC), ethereum (ETH), bitcoin core (BTC), and ethereum classic ETC. Deepak Jain, CEO of Swych, explained during the announcement that gift cards are a de facto choice among consumers and some of the same consumers also want to spend digital currencies.

“We feel we are ahead of the game considering most retailers have not yet chosen to accept crypto payments,” Jain stated. “In keeping with Swych’s mission of providing our consumers with choice and flexibility, we’d like to provide new options based on our customers’ needs — crypto integration is one of the many requests we’ve received.

Mobile Gifting Platform Swych Announces Cryptocurrency Support

‘Cryptocurrencies: The Go-to Choice for Consumers’

Jain says Swych is the only application that allows consumers to send gift cards by simply using a mobile phone number. Swych also got into blockchain technology last year and has rolled out a cross border gifting platform that’s built on top of the Stellar network. Jain believes blockchain technology and cryptocurrency solutions will make the digital gifting platforms’ operations become far more efficient. “While digital gifting is undoubtedly an amazing use case for blockchain, so is payments and I think cryptocurrencies are gradually going to become the go-to choice for consumers to make purchases on the internet,” Jain emphasized.

“For crypto holders, this means they can essentially use their crypto holdings for gift cards that are spendable at hundreds of different retail outlets,” Jain conceded. “There’s no doubt that this will be attractive to a large portion of the community, irrespective of whether the market is up or down.”

What do you think about the digital gifting platform Swych accepting cryptocurrencies? Let us know what you think about this subject in the comments section below.


Image credits: Shutterstock, Pixabay, and Swych. 


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RSK Sidechain Is Now Secured by 45% of BTC’s Hashrate

RSK Sidechain Is Now Secured by 45% of BTC's Network Hashrate

On Feb. 14, the cryptocurrency infrastructure organization led by RSK Labs announced the one-year anniversary of the RSK network and highlighted several notable achievements. Over the last 12 months, the project’s merge mining has managed to gather 45 percent of the Bitcoin Core (BTC) network hashrate, making the RSK smart contract system more secure than most blockchains.

Also Read: Bitcoin’s Social Contract Must Be Resilient to the Whims of Future Generations

Smart Contract Infrastructure Backed by More Than 20 Exahash of PoW

At approximately 1:41 a.m. CST on January 4, 2018, RSK Labs mined the sidechain’s genesis block. Since then, the blockchain network has increased its merge mining hashrate from 4 percent of the BTC network to 45 percent today. Following this milestone, the RSK team announced that the company’s RSK sidechain has become “the most secure smart contract platform in the world.” RSK’s recent blog post explains that to 51 percent attack the BTC chain would cost $244,853 per hour. “By surpassing 45% of the hashing power of the Bitcoin network, an attack on the RSK smart contract network would cost approximately US$ 112,000 per hour,” the RSK announcement detailed. “This makes RSK one of the most secure and reliable platforms for developers to build their decentralized apps (dapps), and proves that merge-mining can succeed in securing Bitcoin sidechains.”

RSK Sidechain Is Now Secured by 45% of BTC's Hashrate
The merge mined sidechain RSK has been tethered to the BTC blockchain for more than a year, gathering 45% of the overall hashrate.

During the announcement, Diego Gutierrez Zaldivar, chief executive of RSK Labs, explained that because BTC miners are able to secure its own chain alongside sidechains at no added cost, this gives people the ability to build layer 2 solutions confidently. Moreover, the RSK executive details that this type of system also facilitates layer 3 solutions.

“The development of layer 3 services — such as RIF OS — will be vital to scale Bitcoin and RSK to service tens of millions of users while providing peer-to-peer financial services, secure messaging, data storage, and other forms of decentralized services powered by Bitcoin,” Zaldivar emphasized.

Root Infrastructure Framework and the Internet of Value

The RIF system stands for Root Infrastructure Framework Open Standard (RIF OS) and the system is a purpose-driven organization that provides developers with peer-to-peer infrastructure services and software libraries to support easier and scalable dapp development. Over the last year, RSK Labs has partnered with more than 50 crypto-related organizations in order to expand the RSK sidechain network. Initially, the project started with its original 21 million smart bitcoins (SBTC) which circulate within the RSK network. But with the RIF OS, the company has created the RIF token which is intended to enable compatibility with RIF OS protocols and dapps.

RSK Sidechain Is Now Secured by 45% of BTC's Hashrate
The founders of RSK Labs have created a supply of RIF tokens for the firm’s new Root Infrastructure Framework Open Standard (RIF OS) system. Initially, there are only 320 million RIF tokens and the rest of the units are locked in the smart contract and dispersed over the course of five years.

People interested in how the RIF OS infrastructure works and its associated token can read the whitepaper written by the founding members of RSK Labs. The RIF token smart contract was officially deployed on the RSK blockchain on November 9, 2018, at approximately 8:12 p.m. UTC. At the moment, the RIF token smart contract has minted 1 billion coins, but only 320 million have been made available to be redeemed by the early contributors to the project, the RIF token whitepaper explains. The rest of the tokens are locked into the contract and will unlock themselves autonomously over a period of five years.

“Bitcoin set the foundation for the construction of a new internet for the transfer of value,” Zaldivar detailed. “Both the RSK smart contract network and RIF OS were created as a means to move this vision further with the hopes that this new internet of value will foster prosperity and equality around the world.”

Cryptocurrency community members haven’t seen a merge mining project like RSK since the Namecoin project which works in a similar fashion. Many other blockchains can be merge mined with the same proof-of-work (PoW) consensus algorithm that allows various networks to be mined simultaneously. Essentially the RSK blockchain works in the same manner and the smart contract system is bolstered by being secured by more than 20,000,000 trillion hashes per second at the time of writing.

What do you think about RSK’s smart contract system? Let us know what you think about this subject in the comments section below.


Image credits: Shutterstock, RIF OS, and Rsk Labs. 


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Bitcoin Cash-Focused Ifwallet Implements Cash Accounts Name System 

Bitcoin Cash Focused Ifwallet Implements Cash Accounts Name System 

Last month, on the 10th anniversary of the Bitcoin genesis block, Bitcoin Cash (BCH) developer Jonathan Silverblood launched his Cashaccount.info platform. The Cash Accounts platform allows users to tether human-readable names to BCH addresses in order to make payments easier. Now the Chinese BCH light client Ifwallet has become the first public wallet with Cash Accounts sending support.

Also Read: Bitcoin’s Social Contract Must Be Resilient to the Whims of Future Generations

Ifwallet and Cash Accounts

Bitcoin addresses are long strings of numbers and letters, a format that to some users can be nerve-racking and cumbersome. Over the last few months, BCH software programmer Jonathan Silverblood has been working on a project that helps bypass some of the friction associated with BCH addresses. He’s created Cashaccount.info, a platform that allows users to register a one-time human-readable name that is tied to a BCH public address. News.Bitcoin.com tested the application on January 2, the day before the official launch on Bitcoin’s 10th birthday. The platform hashes a name into the BCH blockchain by using an OP return transaction and after the transaction is registered into a block the name will be validated.

Bitcoin Cash-Focused Ifwallet Implements Cash Accounts Name System 
Ifwallet becomes the first public BCH wallet to integrate the Cash Accounts system.

When Silverblood first launched the project he also mentioned that he had been reaching out to wallet developers so they could possibly support Cash Accounts in the future. The Cashaccount.info website shows that the programmer has discussed the idea with Electron Cash, Edge, BRD, Bitcoin.com, Stash, Ledger Wallet and more. On Feb. 14 the Cash Accounts founder explained that the Chinese cryptocurrency light client Ifwallet has added support for the name address system within the sending interface.

“Congratulations to Ifwallet for releasing the first public wallet with Cash Accounts sending support,” Silverblood stated on Thursday.

The developer continued:

When you go to send you can now type in a Cash Accounts name and if they have compatible payment information in them they will show up in a dropdown list.

Bitcoin Cash-Focused Ifwallet Implements Cash Accounts Name System 
The Cashaccount.info OP return transaction process.

Experimenting With Ifwallet and Cash Accounts

Ifwallet is a cryptocurrency wallet with a focus on bitcoin cash and provides users with a secure asset management tool for token support. The mobile wallet is backed by investors such as Coinex and is partnered with projects like Johnwick.io, Viabtc, BCH Club, and Wormhole. Ifwallet also supports the Wormhole project by implementing WHC integration and incorporating the token factory. Recently the Ifwallet project launched the decentralized applications (dapp) store module and deployed a variety of dapps that can be used with the wallet.

Bitcoin Cash-Focused Ifwallet Implements Cash Accounts Name System 

On Feb. 15, news.Bitcoin.com tested the Ifwallet application and the client’s speed was similar to using the Japanese Yenom wallet. The wallet makes you create a six-digit PIN to access the interface but biometric settings like Apple’s Face ID/Touch ID can also be set up. The wallet doesn’t compel you to back up the wallet’s mnemonic phrase immediately and there is a warning message displayed until this part of the process is complete. I sent 0.00041575 BCH – or a nickel – to the Ifwallet, without realizing there was an identical amount of BSV attached to the BCH. The Ifwallet split the transaction into two and my wallet ended up with 0.00041575 BSV as well.

Bitcoin Cash-Focused Ifwallet Implements Cash Accounts Name System 
Sending a nickel’s worth of BCH to “Jamiecrypto#116” using the Ifwallet on iOS. 

After the transaction confirmed, I simply used Silverblood’s directions and sent money to the Cashaccount.info name “Jamiecrypto#116.” The transaction immediately showed a sent transaction to the Cash Accounts name and the process was much simpler than copy and pasting an alphanumeric string to use as an address. Overall the application worked well and if more wallets integrate this feature it would likely make sending and receiving easier for newcomers. However, some people will definitely take issue with reusing addresses and may not find the Cash Accounts payment system compatible with efforts toward financial privacy.

What do you think about Ifwallet implementing Cash Accounts support? Do you think concepts like Cash Accounts is a good idea? Let us know what you think about this subject in the comments section below.

Disclaimer: Readers should do their own due diligence before taking any actions related to the mentioned companies or any of its affiliates or services. Bitcoin.com and the author are 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. Neither Bitcoin.com nor the author is responsible for any losses, mistakes, skipped steps or security measures not taken, as the ultimate decision-making process to do any of these things is solely the reader’s responsibility. This editorial is for informational purposes only.


Image credits: Shutterstock, Ifwallet, Bitcoin.com’s Block Explorer, and Cashaccount.info.


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BCH-Powered Badger Wallet Now Connects to a Variety of Blockchain Apps

BCH-Powered Badger Wallet Now Connects to a Variety of Blockchain Apps

Since its inception, the bitcoin cash (BCH) light client Badger Wallet has become one of the most versatile BCH platforms. Over the last few weeks, Badger developers have added a slew of new features including Simple Ledger Protocol (SLP) support and integration with projects like Satoshi Dice and Sideshift.io.

Also Read: Bitcoin’s Social Contract Must Be Resilient to the Whims of Future Generations

Badger Wallet Wants to Be the Gateway for BCH-Centric Applications

The Badger Wallet light client has been making strides lately by showing the BCH community the application’s versatility with multiple BCH-centric applications. The Chrome and Firefox-based Badger software is similar to the ethereum (ETH) client Metamask and aims to be the gateway to a wide variety of BCH applications. With Badger, the developers have given the software the ability to communicate with BCH and tokens that have been created with the chain. Badger developers have emphasized that the wallet enables an entirely new dimension to the web with “micro-payments, smart-assets, decentralized exchanges, distributed autonomous organizations and more.” Over the last few weeks, Badger has shown its ability to adapt by being implemented into some of the most popular BCH-based platforms.

BCH-Powered Badger Wallet Now Connects to a Variety of Blockchain Apps
Badger Wallet working with the Cash-ID protocol.

For instance, last November Badger integrated Wormhole token support which allowed users to send and receive Wormhole-based tokens. On Feb. 6, 2019, Badger developer Gabriel Cardona revealed that the wallet’s version 0.1.4 is live and SLP tokens are now enabled. Because Badger supports both Wormhole and SLP tokens, it is the first wallet client that can support bitcoin cash and tokens from two different projects. Badger also works with the Cash-ID protocol and can act as an identity vault. The Cash-ID concept is an open protocol developed by Jonathan Silverblood. Within the Badger user interface, it provides individuals with the ability to sign in to web pages and BCH-based applications and also unlock content by using their private keys.

“We see this as an entirely new paradigm in identity management and an enabling technology in our goal to be your identity vault and gateway to Bitcoin Cash apps,” explains Badger’s website.

BCH-Powered Badger Wallet Now Connects to a Variety of Blockchain Apps
Badger wallet connects with Sideshift.io and Satoshi Dice.

Satoshi Dice, Sideshift and Memo.cash Integrations

Badger has also integrated with a few other platforms in the BCH universe recently. The popular bitcoin cash-powered betting platform Satoshi Dice has connected with the wallet’s “Badger Button” (an automated payment button) that adds a seamless and near instant user experience. Instead of having to scan QR codes with the Badger Button and the Satoshi Dice platform’s zero-confirmation acceptance, players can wager in a frictionless fashion. On Feb. 6, the side-shifting application Sideshift.io also added Badger support and “test pilots” do not have to scan QR codes to send BCH. Sideshift is an application that’s similar to Shapeshift and Badger swapping coins with BCH makes the process move much quicker.

BCH-Powered Badger Wallet Now Connects to a Variety of Blockchain Apps
The Badger OP return API allows users to send a memo on Memo.cash with Badger

The wallet’s development team has also published its new OP return API that allows users to send a memo on Memo.cash with Badger. If a user has a Badger Wallet installed on Chrome or Firefox then they can type the memo and after pressing confirm the wallet will sync with a bitcoin cash tethered OP return smart contract. After accepting the terms of the contract using the Badger interface, the message will be executed on the Memo.cash platform after confirming the payment. Overall, Badger’s developers in striving to reach their goal have continued to connect with well-known platforms and token solutions within the BCH ecosystem.

“Badger is your identity on this new web — You can pay for premium content, run smart contracts and experience Bitcoin Cash apps seamlessly and trust free,” the Badger Wallet developers explain.

What do you think about Badger Wallet? Let us know what you think about this subject in the comments section below.


Image credits: Shutterstock, Badger Wallet, Twitter, and Jamie Redman. 


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Bitcoin’s Social Contract Must Be Resilient to the Whims of Future Generations

Bitcoin's Social Contract Must Be Resilient to the Whims of Future Generations

Over the last few years, infighting and different visions has led to significant divides within the Bitcoin community, weakening the network effects no matter which chain you support. With all the arguments about scaling, privacy, consensus changes and the various forks, it is amazing that these public networks are still thriving. Nevertheless, the people who maintain the various software protocols that communicate with Bitcoin and the network’s many participants have lives that are finite — which means we don’t know if future generations will change the social contract Satoshi Nakamoto created years ago.

Also Read: Core Developer’s 300kb Block Proposal Bolstered in Bid to Push Lightning Adoption

Understanding the Social Layer of Bitcoin

The technology we all know and love called Bitcoin has changed the lives of many individuals over the last 10 years. However, during the latter half of that decade, the humans who have maintained the protocol have relentlessly argued over how it should operate. This has led to a large community divide, endless fighting, and many different forks. The protocol itself, however, has been able to continuously perpetuate the social contract we call “Bitcoin” during this period. However, the arguments have led to wavering opinions and whimsical ideas that threaten the Bitcoin network’s social contract.

Bitcoin's Social Contract Must Be Resilient to the Whims of Future Generations
“Money presents an important lesson: The larger and more valuable a social institution gets, the more it attracts others to seek control over it,” Hasu Fly Dec. 3, 2018. 

The independent cryptocurrency researcher Hasu Fly details the social contract very well in his memorable essay “Unpacking Bitcoin’s Social Contract.” Within the editorial Hasu details that fiat money is a social contract or an agreement between the citizens and the state. Many individuals reject this social contract though and believe the state fails to gain true consensus because it uses force as a means to manage each country’s economy. With Bitcoin, things are quite different and the protocol is used by individuals and organizations in a completely voluntary manner.

“Many don’t realize that Bitcoin works through a social contract as well,” explains Hasu’s essay. “The social layer and its rules are the heart of Bitcoin.”

After describing in great detail on how fiat money and Bitcoin are both social contracts, Hasu then reveals the rules of the network’s underlying social contract. The researcher details that Satoshi Nakamoto settled on four distinct rules: confiscation resistance, censorship resistance, inflation resistance, and counterfeit resistance. Essentially this means the owner of the coins can hold keys to the currency without it being taken away, and the owner can also transact on the network without permission. An owner of any amount of bitcoin knows that the protocol has a limited supply, and last but not least anyone can verify the first three rules at any time using the transparent and public blockchain.

Bitcoin's Social Contract Must Be Resilient to the Whims of Future Generations
The four rules of Bitcoin according to Hasu Fly’s essay “Unpacking Bitcoin’s Social Contract.”

Future Generations Could Drastically Change Bitcoin

So far the technology has stayed true to the social contract and one could easily say this applies to each network whether it be BTC or BCH. Hasu’s essay also details that most of the time social contracts do not fork, but the BCH fork was a rare case scenario and what was left over was “two weaker social contracts — each agreed to by fewer people than the old one.” However, we have yet to cross past one generation with the social contract in the decade since the genesis block. When people recently discussed changing the 21 million capped supply the community went ballistic, but in 10 more years we don’t know if future generations will be more willing. The average human generation is between 25-30 years and bitcoin could be changed drastically in 40 years if the social contract is not upheld today. Let’s face it, over time generations change things and some of those revisions are good and sometimes they are awful — like changing from the gold standard to fiat and trusting central banks.

Bitcoin's Social Contract Must Be Resilient to the Whims of Future Generations
Satoshi Nakamoto suggested in the genesis block back in Jan. 2009 that society had put too much trust in the central banking system. Future generations have continued to bolster centrally planned economics and Keynesianism.

For now, some of the lead developers of reference implementations are kings of the hill – or at least that’s how they act. But over time, younger generations who are smarter and can code better will challenge these open source developers, and at some point their skills will be useless. Ultimately when money is used as a social contract, participants vote by either using the tender or seeking alternatives. Furthermore, money not only applies to its own social contract theory in a general sense, but also weaves within other social contracts within our society. Like it or not, any one of the two dominant Bitcoin chains may be chosen by the masses by coexisting in an entirely different way and one chain may not survive over the next decade.

Bitcoin's Social Contract Must Be Resilient to the Whims of Future Generations
“Bitcoin at its most fundamental level is a breakthrough in computer science – one that builds on 20 years of research into cryptographic currency, and 40 years of research in cryptography, by thousands of researchers around the world,” – Marc Andreessen Jan. 21, 2014.

Bitcoin’s 4 Fundamentals Must Be Passed On

Still, if the first generation of users decides to stick to the rules of Bitcoin’s social contract they must continue to strengthen the agreement. After 10 years, many well-known bitcoiners are willing to dismiss the global understanding and want to discuss changing the rules. Some supporters want to instill censorship by only giving affluent individuals the ability to transact onchain and store value in Bitcoin, by bolstering a barrier to entry with expensive network fees.

Bitcoin's Social Contract Must Be Resilient to the Whims of Future Generations
All Bitcoin supporters can do is pass on Bitcoin’s social contract and rules to future generations and hope they won’t change the fundamentals.

The ultimate goal has always been “hyperbitcoinztion,” but if we waver on the very foundations of Bitcoin’s social convention then nothing will be socially, morally, and rationally justified. Over the last few years, some people have dismissed Satoshi’s genius and the fact he created a near perfect system that has been Byzantine fault tolerant for 10 years with 99.98332 percent uptime. Many people to this day, whichever camp they are in (BCH or BTC), still believe in Bitcoin’s rules wholeheartedly. However, with all the infighting and shifting opinions on the true meaning of rules 1-4 these issues may challenge future generations. The Bitcoin network we know of today may not be the same when our sons and daughters begin to truly participate unless we keep some consistency on the social layer. It is quite obvious that those who do not want Bitcoin’s technology to succeed are attacking the root of the social layer today, and will not relent until they have achieved their aims.

What do you think about future generations changing the social contract called Bitcoin? Let us know what you think about this subject in the comments section below.

OP-ed disclaimer: This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information in this Op-ed article.


Image credits: Shutterstock, Pixabay, Vacate Wall Street, and Hasu Fly’s 2018 essay.


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Chinese Miners Flock to Sichuan for Cheap Electricity During the Wet Season

Chinese Miners Flock to Sichuan for Cheap Electricity During the Wet Season

Over the last two months, the hashrate between the Bitcoin Cash (BCH) and Bitcoin Core (BTC) networks has increased significantly since hitting a low on December 15, 2018. Numerous reports detail that many Chinese miners who control a large portion of SHA-256 hashrate have been recently setting up shop in Sichuan. During the wet season here, miners can get an astounding 0.08 yuan per kWh or $0.01 per kWh.

Also Read: Self-Proclaimed ‘Satoshi’ Responds to Billion-Dollar Bitcoin Lawsuit

Chinese Mining Operations Return to Sichuan in Order to Snatch Cheap Hydro Power

Several reports detail that during the last three weeks, Chinese miners have been flocking back to the Sichuan region in order to obtain cheap hydroelectric energy. The migration follows the significant hashrate decline in December when the SHA-256 hashrate between BTC and BCH declined by about 30 percent from its all-time high. During the dry season in Sichuan, Chinese miners positioned themselves in other locations throughout China and other countries when the fiat value of cryptocurrencies, in general, was much higher. Back in 2015-2016, it was estimated that more than 70 percent of the SHA-256 hashrate stemmed from China and 70 percent of the hashpower from these Chinese facilities derived from Sichuan. But when the price of BTC and many other coins skyrocketed, large Chinese mining operations trekked to other areas and sought out electric subsidies from local governments.

Chinese Miners Flock to Sichuan for Cheap Electricity During the Wet Season
Sichuan, China, situated at more than 3,000m elevation is famous for its rivers and colorful pools formed by calcite deposits. Many of the rivers and waterways supply hydroelectricity plants with energy and bitcoin mining facilities have operated in the mountainous region for years.

For instance, Chinese journalist Eva Xiao reported in August 2017 how large bitcoin mines were partnering with local Chinese governments for cheaper electricity from the State Grid. The reason for the strategic move was because unlike the dry and wet seasons in Sichuan, government partnerships provide static electrical rates that remain fairly steady. Bitmain did this with the company’s mine in Ordos in Inner Mongolia when it acquired electricity from the State Grid for $0.04 per kWh. Xiao details that in exchange, Bitmain allowed the Ordos mine to be taxed. However, regional reports published on Jan. 21, 2019 state that an influx of Chinese miners has been returning to Sichuan for the wet season. The China-based publication recently explained that during the dry season in Sichuan, hydroelectric costs are three times higher than the wet season.

“This tragedy will seemingly come to an end as soon as the rainy season is expected to come in April,” local reporter Lylian noted. “The 1,419 rivers in the region will soon wake up to propel the roar of 3,267 hydro plants — Numerous bitcoin mines will revive as they will have cheaper and sufficient power supplies.”

The report continued:

In the period of high water, the cost of electricity in Sichuan can be as low as 0.08 yuan ($0.01), while the electricity cost of thermal power in the dry season is 0.28 yuan ($0.04).

Chinese Miners Flock to Sichuan for Cheap Electricity During the Wet Season
Reports also detail that second-hand Antminer S9s are selling for $119 per unit. 

Bitcoin Prices Still Have to Appreciate Before the Halving

Mining operations are also enticed by the cheap hardware costs these days, as lots of mining rig prices have been slashed. Local columnist Chloe Jiang reveals that a second-hand Antminer S9 will set someone back about 800 yuan ($119) per unit. According to the top mining rig manufacturer websites like Bitmain, Ebang, and Canaan, older units are very inexpensive right now. Jiang remarks that cheap mining rigs and $0.01 per kWh electric prices in Sichuan may help miners survive the ‘crypto winter.’

Chinese Miners Flock to Sichuan for Cheap Electricity During the Wet Season
Bitcoin Core (BTC) hashrate increase since Dec. 15, 2018.

The overall hashrate between both of the most dominant SHA-256 networks shows miners seem to be returning in greater number with many of them joining unknown pools. Analysts believe that at current electric prices worldwide and the upcoming reward halving for both networks, the price of BTC and BCH needs to rise to at least double current spot prices in order to maintain profitability.

What do you think about miners returning to Sichuan for cheap electricity? Let us know what you think about this story in the comments section below.


Image credits: Shutterstock, Blockchain.com, and Pixabay. 


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Self-Proclaimed ‘Satoshi’ Responds to Billion-Dollar Bitcoin Lawsuit

Self-Proclaimed 'Satoshi' Responds to Billion-Dollar Bitcoin Lawsuit

The man who claims to have invented Bitcoin, Craig Wright, is being sued in Florida for roughly $10 billion or 1.1 million BTC. Last December Florida district Judge Beth Bloom denied Wright’s motion to dismiss the billion-dollar lawsuit against him. Now Wright has responded to the complaints and most of his responses assert that he lacks knowledge or information sufficient to answer the allegations.

Also Read: Core Developer’s 300kb Block Proposal Bolstered in Bid to Push Lightning Adoption

Wright Denies Complaints and Lacks Sufficient Knowledge to Respond

Ira Kleiman, the brother of David Kleiman, who some believe may have been Satoshi Nakamoto, is suing Craig Wright because he believes his brother was manipulated and defrauded. In late 2018, Wright’s motion to dismiss the billion-dollar lawsuit against him was denied on most counts. Judge Beth Bloom from Florida granted Wright’s motion to dismiss complaints III and IV. But the self-proclaimed inventor of Bitcoin was forced to answer complaints I, II, and V-IX. Moreover, Judge Bloom explained that the lawsuit involves Florida residents, companies, and assets and the court has a strong interest in adjudicating a case that involves fraud. Following the denied dismissal, Wright had to respond and on Jan. 28, 2019 Wright’s lawyers answered the second amended complaint.

Self-Proclaimed ‘Satoshi’ Responds to Billion-Dollar Bitcoin Lawsuit
Craig Wright is being sued by Ira Kleiman, the brother of David Kleiman, for roughly 1.1 million BTC.

With exception to what is expressly admitted in the document, Wright denied each and every allegation in the second amended complaint. Further, by answering the complaint, Wright’s attorneys from Rivero Mestre LLP say that the defendant “does not admit the accuracy, validity, admissibility, or appropriateness of any of the exhibits to the second amended complaint.” Wright also reserved all rights and objections with respect to the exhibits, and throughout many of his answers he lacked sufficient knowledge to respond.

The majority of responses to the complaints’ numbered paragraphs state:

Dr. Wright lacks knowledge or information sufficient to form a belief as to the truth of the allegations.

Barred and Estopped

After denying much of the allegations, Wright’s defense says Ira Kleiman’s claims are basically barred by applicable statutes of limitations. In the fifth affirmative defense, Wright’s lawyers say the Kleimans accepted shares in a corporation from Wright which in turn released his obligations to the rights of David Kleiman. The eight affirmative defense responses explain that the plaintiffs are estopped from asserting their claims of fraud against Wright. Essentially this means the Kleimans were allegedly aware of the Australian Taxation Office investigation and the Estoppel shows they are asserting something contrary to what is implied. Additionally, Wright’s attorney says the alleged oral partnership agreement is barred by the statute of frauds as well. “There was no written partnership agreement between Dr. Wright and David Kleiman and/or W&K Info Defense Research, LLC,” the 36-page court document states.

Self-Proclaimed ‘Satoshi’ Responds to Billion-Dollar Bitcoin Lawsuit
Some people believe David Kleiman may be one of the lost members of the Satoshi Nakamoto group.

Wright’s Recent Memoir: ‘I Was Satoshi’

The news follows a random blog post written by Wright in which he reminisces about the old days when he allegedly created Bitcoin. Throughout the memoirs, the Nchain representative basically claims to be Satoshi. Wright further explains how he hated the Silk Road and disliked Wikileaks before going on to explain how he can sign messages with early public keys associated with Satoshi, but refuses to do so because it is akin to asking to see his bank statement. Moreover, if he did sign, no one would believe him any way, he asserts, and many would just say he stole the keys. “Gavin knows I have the early keys — What does it matter?” Wright concedes.

The post also states:

I am not going to list the people who helped me here, but Bitcoin started because of my ideas. It was my design, and it is my creation. And, making certain that it cannot be subverted by criminals is and remains my duty — I was Satoshi.

Following the post where Wright claims to be the inventor of Bitcoin, the community again dismissed his statements. Many think the fact that he won’t sign early keys is an excuse and they will not believe him until he signs with keys belonging to Nakamoto. Wikileaks did not appreciate Wright’s statements either and referred to him as a “proven serial forger of documents,” which is ironically one of the complaints against Wright in Florida case number 9:18-cv-80176.

What do you think about the Kleiman case against Craig Wright for 1.1 million BTC? Let us know what you think about this subject in the comments section below. 


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Report Claims 85% of the Monero Network Dominated by ASIC Miners

Report Claims 85% of the Monero Network Overshadowed by ASIC Miners

Over the last few years, certain cryptocurrency networks have tried to block ASIC mining with many fruitless attempts to forge ASIC-resistant protocols. Multiple cryptocurrency developers have attempted to brick ASIC miners, but with scant success. A perfect example is the privacy-centric digital currency Monero, a project that has tried to fork the software multiple times in order to gain ASIC resistance. Monero developers have once again failed in that respect as a recent analysis shows more than 85 percent of the Monero network is currently dominated by ASICs.

Also Read: Core Developer’s 300kb Block Proposal Bolstered in Bid to Push Lightning Adoption

Despite ASIC Resistance Attempts, ASIC Miners Dominate Monero

In April last year, XMR developers forked the Monero software in order to block companies like Bitmain and Innosilicon from developing XMR-based ASIC miners. The end result was the birth of three other Monero forks with each project claiming to be the original version. Monero also forked again in October last year with another attempt to implement “Cryptonight variant 2” which was supposedly less ASIC friendly. A few months later on Feb. 7, a researcher published an analysis of the XMR network which detailed once again the protocol’s hashrate was dominated by ASIC machines.

Report Claims 85% of the Monero Network Dominated by ASIC Miners
XMR network nonce distribution vs. block 1,500,000 to block 1,761,369 vs. network hashrate. Source.

The analysis was written by a pseudonymous critic who used nonce forensics to figure out whether or not XMR’s nonce distribution processed at random numbers. In the blockchain world, a nonce is a random number that is employed just once in cryptographic communication and many patterns can be analyzed from queried data sets. For example, the BTC network exerts a 32-bit (4-byte) field, a value that is customized by miners so that the hash is less than or equal to the current target of the network. ASIC miners produce patterns, which are easily identified and distinct when looking at data sets.

Report Claims 85% of the Monero Network Dominated by ASIC Miners
The author notes a sudden increase of XMR network nonces in the sub 1.342*10⁹ area while all other areas dramatically decrease.

ASIC miners do try to hide by mimicking nonce selection with patterns that resemble non-ASIC machines. The April XMR fork that produced an extremely controversial four-way split saw large mining farms rejoin the network in just three days. The author notes, though, that miners had realized how to obfuscate nonce patterns. “ASIC manufacturers had learned from past mistakes and implemented random nonce picking,” the analysis explains. The report also adds that after the October fork last year, XMR developers had some success with the new Cryptonight variant, but ASIC miners quickly returned on “December 31st, 2018 near block 1,738,000.”

“At the time of writing the network hash rate has increased to 810 Mh/s or 255 percent since the first signs of the ASICs at the end of December 2018, or approximately 40 days ago,” the study explains.

The report further details:

With the given numbers and methodology we can finally conclude that the current network hashrate likely consists of 85.2 percent ASICs (5400 ASIC machines) and some die-hard GPU miners and botnets.

Report Claims 85% of the Monero Network Dominated by ASIC Miners
XMR network showing ASIC-free periods and then the hashrate dominated by ASICs.

ASIC Resistance Continues to Fail

The Monero network is not the only project that has failed to thwart ASIC miners. In May last year, the Bitcoin Gold (BTG) protocol felt threatened by ASIC miners after the creation of the Equihash-based Antminer Z9 mining rig. Not too long after that, the BTG network was hijacked by a 51 percent attack and double spends. Similarly, another project that has tried to avoid ASIC domination is the Zcash protocol, but as of May 2018, research detailed that 30 percent of the network was mined by ASIC machines. Ethereum users last year were also concerned when Bitmain released its Antminer E3, a miner that processes the Ethhash (ETH) hashing algorithm. One Ethereum proponent explained at the time that “a regularly scheduled PoW change, like Monero” was needed.

Report Claims 85% of the Monero Network Dominated by ASIC Miners
ASIC resistance has never fared well since the creation of Litecoin (LTC).

ASIC resistance promises have continuously enticed manufacturers to produce machines that mine these coins. Another great example is when Sia network developers attempted to brick companies like Bitmain from creating Sia-based ASICs. Of course, the ASIC resistant endeavor met with disaster and the developers created the Obelisk algorithm. Ironically, ASICs rigs that mine Obelisk today are the most profitable ASIC mining rigs on the market and a decent machine will rake in $42 a day. Old school veterans will also never forget Charlie Lee’s attempt to create an ASIC-resistant cryptocurrency when he developed the Litecoin (LTC) network’s scrypt algorithm. When LTC first launched, ASIC resistance was supposed to be one of the project’s greatest benefits, but not too long after the launch, it turned out to be minable by application-specific semiconductors.

Once again, Monero developers are faced with a decision of whether to continue trying to fork off so ASIC miners cannot dominate the network. The threat comes at a time when ASIC mineable networks with very low hashrates are extremely susceptible to 51 percent attacks and reorganizations. With lots of studies detailing how easily ASIC farms command these protocols, the question remains: is ASIC resistance just a cat and mouse game that’s destined to bring little more than fleeting results?

What do you think about the research paper that explains ASIC miners control more than 85 percent of the XMR hashrate? Do you think developers should continue fighting ASICs or is ASIC resistance a waste of time? Let us know what you think about this subject in the comments section below.


Image credits: Shutterstock, MoneroCrusher, Pixabay, and Jamie Redman.  


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Core Developer’s 300kb Block Proposal Bolstered in Bid to Push Lightning Adoption

Bitcoin Core (BTC) developer Luke Dash Jr has once again sparked controversy with his idea to shrink the BTC chain’s block size down to 300kb. It’s not the first time the concept was proposed by the developer, but this time around there’s more support for the idea in order to drive Lightning Network adoption.

Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations

Luke Dash Jr Proposes Temporary 300kb Block Soft Fork

Back in January 2017, cryptocurrency developer Luke Dash Jr proposed a Bitcoin Improvement Proposal (BIP) requesting the block size to be decreased down to 300kb per block. The proposal was submitted months before network fees skyrocketed to $30-50 per transaction, but at the time the mempool (transaction queue) had already started to fill up. Back then the BIP was brushed off pretty quickly, since the scaling debate was starting to peak and people were already upset about the rising fee market.

Fast forward to today and Dash Jr is again proposing to shrink the block size down to less than one third of the 1mb limit. “This patch would enforce a very simple soft fork, reducing Bitcoin block sizes to ~300kb between Aug 1 and Dec 31 — It demonstrates how one can make a truly temporary soft fork,” the developer explained to on Twitter. “Do not run this in production even if you support UASF.”

Core Developer's 300kb Block Proposal Bolstered in Bid to Push Lightning Adoption

‘Increase Fees and Move Transactions to Lightning’

Three days later Bitrefill’s John Carvalho told his followers Dash Jr’s plan was something he could get behind. “I agree with Luke Dash Jr that the block size should be smaller. I feel more confident to say it now that we have Lightning Network making strides — I’ll run the soft fork,” Carvalho explained. When he was asked what financial incentives smaller blocks offered, Carvalho replied by bolstering higher network fees.

“I could imagine a few,” Carvalho stated. “To increase fees (doesn’t even have to be malicious, could be for survival). To move transactions to Lightning Network (maybe miners realize they can make easier money by increasing fees on L2, under the right conditions). To reduce costs (new network/web conditions).”

Core Developer's 300kb Block Proposal Bolstered in Bid to Push Lightning Adoption

In response to Carvalho’s tweet, the cryptocurrency entrepreneur Vinny Lingham replied to the discussion by saying that he totally agrees with Dash Jr’s plan and has been saying it for a while. “1mb is an arbitrary number and if Bitcoin is going to rely on L2 to scale, then it makes no sense to keep it at 1mb. — Reducing it to 350k as per the research from Luke Dash Jr is practical and can help move transactions to layer 2,” Lingham emphasized. A slew of people on Twitter believed that Lingham’s statement was said in jest, however, and was basically poking fun at the idea. Core Developer's 300kb Block Proposal Bolstered in Bid to Push Lightning Adoption

‘Stop the Madness’

However, not everyone agreed with Dash Jr’s concept and Carvalho’s statements about higher fees to push more Lightning Network adoption. One observer on Twitter commented: “Smaller blocks simply means less transactions on the chain, purposefully hard-coding a lower limit — It doesn’t make any logical sense.” However, Carvalho, Dash Jr, and Bitcoin Core developer Jorge Timón simply dismissed the individual’s statements after he said Lightning Network was “centralized, bloated, and overcomplicated”.

Core Developer's 300kb Block Proposal Bolstered in Bid to Push Lightning Adoption

Whatever the case may be, this time around Dash Jr’s concept to decrease the block size to 300kb has been more fruitful, especially for those pushing for adoption of the Lightning Network. However, Cobra the anonymous owner of Bitcoin.org, wants this discussion to end and has asked the community to “stop the madness.”

“A soft fork to ‘reduce the block size’ is a hard fork in all but name and this will split off from the established consensus, cause massive drama, and damage trust in Bitcoin,” Cobra stated. Once again it seems certain cryptocurrency proponents are all about high onchain fees due to their distrust for miners and the hope that the Lightning Network will work as well as Nakamoto consensus.

What do you think about Luke Dash Jr’s idea to temporarily soft fork bitcoin to decrease the block size to 300kb? Let us know what you think about this subject in the comments section below.


Image credits: Shutterstock, and Twitter. 


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Venezuelan Nonprofit Eatbch Celebrates First Anniversary Amidst Hyperinflation

Venezuelan Nonprofit Eatbch Celebrates First Anniversary in the Midst of Hyper-Inflation

On Sunday, Feb. 10, the creators of the charitable organization Eatbch, a nonprofit food drive powered by bitcoin cash, celebrated its one-year anniversary. Eatbch has come along way since its inception feeding Venezuelans thousands of meals alongside branching out to other less fortunate regions like South Sudan.

Also read: BCH Avalanche Transactions Show Finality Speeds 10x Faster Than Ethereum

Eatbch Celebrates One Year of Helping People in Need

This week the nonprofit Eatbch is celebrating its one-year anniversary after two individuals started the charity with just a $5 donation. With this small fraction of bitcoin cash, the organization managed to give 40 arepas (a type of food made of ground maize dough or cooked flour) in just one location and the group realized the potential of this type of charity.

Venezuelan Nonprofit Eatbch Celebrates First Anniversary Amidst Hyperinflation

“After a few months, we were giving thousands of meals each week in 23 locations in 6 states of the country,” explained José the cofounder of Eatbch Venezuela. Even though the funds have helped Venezuelans a great deal, José detailed that the economic situation in the country has not improved.

“A few days ago, the Venezuelan-Colombian crossing was blocked to avoid tons of aid from entering to the country — And the Venezuelan people highly need this. Inflation has skyrocketed to unseen levels, as high as 2,500,000 percent,” José emphasized while discussing the one-year anniversary.

The Eatbch cofounder added:

According to many economists worldwide, it will reach 10,000,000 percent at the end of the year and the level of uncertainty and fear we feel right now is unimaginable — For most of the people who receive hot meals each week, we are their only guaranteed meal that they can count on.

Venezuelan Nonprofit Eatbch Celebrates First Anniversary Amidst Hyperinflation

Crypto’s Utility Phase Emerging

In addition to helping people in Venezuela, the operation also branched off into South Sudan back in the summer of 2018. The region also has one of the highest inflation rates in the world and the citizens of South Sudan have been dealing with economic turmoil and a lack of daily nourishment.

Venezuelan Nonprofit Eatbch Celebrates First Anniversary Amidst Hyperinflation

“[Eatbch South Sudan] has been doing an amazing job providing meals for thousands for people who have been escaping the ongoing war,” José remarked. Last year, the group also caught the attention of the CEO of Coinbase, Brian Armstrong, who believes cryptocurrencies can give people in need economic freedom.

“In terms of crypto helping people (the utility phase emerging) this is pretty awesome,” Armstrong stated at the time.

Venezuelan Nonprofit Eatbch Celebrates First Anniversary Amidst Hyperinflation

José further detailed how the cofounders first started the nonprofit and debated on how Eatbch would operate. Many people asked the group to accept several different cryptocurrencies but the charity decided to accept just one. “Bitcoin Cash was and still is, the best cryptocurrency for us — It has the lowest fees, ensuring that we won’t lose your donations because of transaction costs,” José’s anniversary blog post emphasized.

The cofounder noted:

[Bitcoin cash] has widespread exchange support and it’s also easy to use, so we could convince merchants to accept BCH.

After finishing a year of good deeds, the Eatbch team said they are very thankful for the BCH community and all the volunteers who have helped them. Because of this growth and excitement, José said the nonprofit has gained attention from the mainstream press. The cofounder concluded that this attention is of no surprise to him because the community has impacted the lives of thousands of Venezuelans. “I thank you all deeply from the bottom of my heart for all your help and support,” the charity’s creator finished.

What do you think about the nonprofit Eatbch and its one-year anniversary? Do you think cryptocurrencies can empower global citizens suffering from economic turmoil? Let us know what you think about this subject in the comments section below.


Image credits: Eatbch, Shutterstock, and Pixabay. 


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Bitcoin Friendly Micronation Acknowledged by European Commission President

Bitcoin Friendly Micronation Acknowledged by European Commission President

In 2019 the sovereign state of Liberland continues to gather headway by getting recognized by key leaders in the European Union and members of parliament. On Jan. 31, the micronation claiming the parcel of land between Croatia and Serbia was validated by Jean-Claude Juncker, President of the European Commission.

Also read: These Video Sharing Sites Pay Content Creators in Bitcoin Cash

Liberland Continues to Strive for Recognition

Key members of the European Commission have recently been discussing the micronation known as the Free Republic of Liberland. The seven square kilometer territory on the banks of the Danube was claimed in 2015 by a group of individuals who believe in libertarian ideologies. The President of Liberland, Vít Jedlička, and citizens of the small country profess that no nation claims the land as its own. Since then the group has been fighting to get acknowledged by the rest of the world’s leaders by following the protocol of terra nullius. Seven months ago, Liberland presented its case to members of the EU Parliament in order to get recognized as a sovereign nation state. So far the region has garnered over 550,000 applicants who want to be citizens of Liberland.

Bitcoin Friendly Micronation Liberland Acknowledged by European Commission President
The Free Republic of Liberland is a seven square kilometer territory on the banks of the Danube river between Croatia and Serbia and was claimed in April 2015.

Now the micronation has been acknowledged in a recent parliamentary question asked on Jan. 31 about the parcel of land between Croatia and Serbia. Jean-Claude Juncker, president of the European Commission (EC), stated that Liberland, also known as Gornja Siga, “requires further clarification.” President Juncker’s comments were in response to a question from a member of the European Parliament from the West Midlands region, Bill Etheridge. The question asked about whether the Liberland territory is part of the European Union. Etheridge is also well known for his staunch libertarian beliefs. In the eyes of Liberland citizens, Juncker’s statement seemed to accredit the negotiation between Croatia and Serbia. The micronation believes the EC president’s remark is a step in the right direction towards “global recognition” of a voluntary based government.

“This is an extremely important development and represent real progress for us,” Vit Jedlička, President of the Free Republic of Liberland explained after the EC president’s commentary.

Jedlička continued:

We are a step closer to knowing that it may not be EU territory and that it can become an independent sovereign state.

Bitcoin Friendly Micronation Liberland Acknowledged by European Commission President
The Liberland Embassy (left) and Miss. Liberland, Kristýna Dolníčková. (right).

Cryptocurrency, DAOs and an Open Source Linear TV

Liberland is also still very much involved with spreading decentralized and innovative new technologies like cryptocurrencies. The Free Republic of Liberland’s official website states that in a world filled with over-taxation and over-regulation, the citizens of the land believe in bolstering forward-looking technologies such as cryptocurrencies and DAO (Decentralized Autonomous Organization) incorporated systems.

Bitcoin Friendly Micronation Liberland Acknowledged by European Commission President
Liberland’s “Bitcoin Freedom” boat.

The region has also been accepting digital currencies for funding for years and the mini-state utilizes currencies like bitcoin cash (BCH), ethereum (ETH), and bitcoin core (BTC). On Feb. 10, Bitcoin entrepreneur Roger Ver explained on social media that Liberland “has been funded with bitcoin cash more than any other cryptocurrency.” Lead Bitcoin ABC developer Amaury Séchet responded: “They also accepted it from day one — Vít is a great guy.”

Moreover, the region is currently in the midst of setting up the first Liberland private linear broadcasting service (online TV) called “Liber TV.” The platform was created by one of the founders of Liberland, Jiří Kreibich, and the application is open source and running in its early phases. Overall, the world’s third smallest nation state continues to make strides towards being acknowledged by global leaders.

What do you think about what’s happening with Liberland? Do you think that the micronation will finally get recognized by the larger nation states? Let us know what you think about this subject in the comments section below.


Image credits: Shutterstock, Bitcoin.com, Pixabay, Liberland, and Creative Commons. 


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BCH Avalanche Transactions Show Finality Speeds 10x Faster Than Ethereum

BCH Avalanche Transactions Show Finality Speeds 10x Faster Than Ethereum

Over the last few weeks, Bitcoin Cash (BCH) developers and community members have been discussing a pre-consensus method called Avalanche. Now BCH proponents have begun to notice the protocol has been applied to the Bchd full node implementation and the proof of concept officially running on the BCH mainnet.

Also read: Mt. Gox Creditors Neither Need nor Deserve This Kind of ‘Hero’

The Benefits of Avalanche and PoW Running in Parallel

The Avalanche proof-of-concept is a consensus algorithm that adds Byzantine fault tolerant proofs to a blockchain network so nodes can differentiate between two conflicting transactions. The protocol communicates with nodes in real time in order to bring consensus in a more efficient manner. This is because Avalanche queries the network of nodes and asks them to come to pre-consensus on which of the two conflicting transactions are preferred.

BCH Avalanche Transactions Show Finality Speeds 10x Faster Than Ethereum

People are often confused with Avalanche being applied to BCH because it’s also being used in a proof-of-stake (PoS) project designed by Cornell Professor Emin Gün Sirer. On the BCH chain, Avalanche is only being used for pre-consensus and runs parallel with the original proof-of-work consensus mechanism. A number of BCH developers and proponents believe Avalanche will make the BCH network far more robust.

Avalanche discussions have increased over the last week since the protocol is now running on the main network. “Ok, the Avalanche proof of concept is officially running on mainnet,” explained Bchd developer Chris Pacia on Feb. 7. The programmer also left a link to the protocol’s Github repository which gives developers a gist of the Avalanche pre-consensus specification implemented in the Bchd branch.

The Bchd version of Avalanche Github repository states:

[The following specification] is not intended to be a final spec and is likely not compatible with the implementation being developed by Bitcoin ABC — The primary purpose is to give other developers something tangible to look at, think about, and discuss.

BCH Avalanche Transactions Show Finality Speeds 10x Faster Than Ethereum

Irreversible Transactions in Seconds

In addition to the experimentation on the main BCH chain, Bchd developers have published an Avalanche transaction explorer as well. The speed at which BCH transactions are processed shows the transaction’s finality is typically 2-3 seconds or less. Essentially this means the transaction (tx) listed on the Avalanche explorer has reached a point at which it can no longer be reversed by a double spend, even though the tx is unconfirmed by miners.

“If used this way, it would give Bitcoin Cash the equivalent of nearly instantaneous confirmations while improving mempool synchronization and reducing the financial incentive to 51% attack,” the Avalanche blockchain explorer details. “As you can see, at present most transactions become irreversible after just a couple seconds — To take this from proof-of-concept to an actual consensus rule will require lots of testing, experimentation, data collection, code review, and soft fork activation rules.”

BCH Avalanche Transactions Show Finality Speeds 10x Faster Than Ethereum

10x Faster Than ETH and Reorganization Protection

Over the last few days, BCH supporters have also discussed how the transaction finality speeds have been 6-10x faster than the Ethereum network. “Transaction finalized in 1.559723305 seconds — That’s 10x faster than ETH — A serious game changer,” explained BCH developer and Bitbox founder Gabriel Cardona on Twitter. Bitcoin ABC developers have also been discussing Avalanche and the protocol is on the roadmap according to the BCH development statistics page on Coin Dance.

In the past, Bitcoin ABC developer Amaury Sechet has said the protocol can make synchronization far more efficient. The ABC developer discussed the benefits of Avalanche at the Satoshi’s Vision Conference in Italy last October. There are more advantages explained in a post written by the ABC developer Mengerian, who says not only is transaction finality fast, but the Avalanche protocol “provides a good mechanism for post-consensus defense against blockchain reorganization attacks.” It seems that the proof-of-concept Avalanche is making headway within the BCH ecosystem and the results have been positive so far.

What do you think about the Avalanche pre-consensus model? Let us know what you think about this subject in the comments section below.


Image credits: Shutterstock, Avalanche Transaction Explorer, Bchd website, and Github. 


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These Video Sharing Sites Pay Content Creators in Bitcoin Cash

On Feb. 4, Bitcoin Cash (BCH) supporters caught a sneak peek at two new video platforms dedicated to the BCH ecosystem. Porn.cash and Cinema.cash give content creators the ability to publish videos and get paid in cryptocurrency.

Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations

Video Publishers and Content Creators Get Paid in BCH at Cinema Cash

There’s a new BCH-fueled video service called Cinema.cash that allows users to upload content and be rewarded for posts. There are two types of revenue streams that content creators can utilize in order to get paid in crypto – tips and pay-per-view sessions. Tipping is set to default for all videos, and with pay-per-view, users have to pay beforehand to watch the content. Registering is fairly straightforward as users don’t need to use an email or verify their identity.

These Video Sharing Sites Pay Content Creators in Bitcoin Cash
Cinema.cash

Only a username and password is required to sign up to both websites. Cinema Cash has a wide array of videos including subjects like action, documentary, comedy, cryptocurrencies, and science fiction. The creators also designed a fundraising section so users can publish videos in order to raise some money for an effort or someone in need. Porn.cash is the same exact setup as Cinema Cash but obviously the content is more adult themed.

These Video Sharing Sites Pay Content Creators in Bitcoin Cash
Cinema.cash categories.

While taking a gander at the websites, visitors can see that both platforms have a decent amount of videos so far. Users can publish Youtube videos alongside Twitch TV and Vimeo movies as well. The Cinema Cash team says that with the ease of publishing content, creators can have their own stage. In addition to using BCH, the creators of the websites plan to encourage tipping with a token called “Cash.”

“To incentivize tipping, we are also giving away chances to win Cash tokens for every tipping done,” explains the application developer. “Cash tokens holders are all entitled to a share of the platform profits based on the percentage of Cash tokens they hold — Essentially, we are giving the platform away to the Bitcoin Cash community.”

These Video Sharing Sites Pay Content Creators in Bitcoin Cash
Both Cinema.cash and Porn.cash offer two payment types, “free” and “pay-per-view.”

Tipping and Pay-Per-View

In the member’s options section users can see a few tabs that allow them to interact with the site’s content. For instance, there’s an “upload video” tab which allows you to link a video to the website with some characterization. There are two payment types to choose from when uploading content, “free” and “pay-per-view.” From here the user can add a video title, description, video URL, a screenshot, categories, and keywords. The application has a native wallet that only allows withdrawals. When tipping or paying for a movie, the platform will deploy a BCH address that can be copied and a QR code that can be scanned. The withdrawal section will display earnings statistics, and balances for both BCH and Cash tokens.

These Video Sharing Sites Pay Content Creators in Bitcoin Cash
Porn.cash is almost identical to the regular site except it contains a large variety of adult films.

Overall the application has a decent amount of videos for such a new platform. Being basically a clone of Cinema Cash, the creator’s other project, Porn Cash, also has a lot of video material. The adult site has a whole lot more movies where members have to pay to watch and it’s likely the pay-per-view model performs better than on the ordinary site. On Reddit, BCH fans seem to be pleased with the two new video sites. The platform developer says there should be a more official announcement concerning the project development. Users should also note that both Cinema Cash and Porn Cash are currently in beta.

What do you think about the new bitcoin cash fueled video sites? Let us know in the comments section below.

Disclaimer: Readers should do their own due diligence before taking any actions related to the mentioned companies or any of its affiliates or services. Bitcoin.com and the author are 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. Neither Bitcoin.com nor the author is responsible for any losses, mistakes, skipped steps or security measures not taken, as the ultimate decision-making process to do any of these things is solely the reader’s responsibility. This editorial is for informational purposes only. 


Image credits: Shutterstock, Pixabay, Cinema.cash, and Porn.cash.  


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Markets Update: Cryptocurrencies Gain Billions in Less Than an Hour

Markets Update: Cryptocurrencies Gain Billions in Less Than an Hour

Cryptocurrency prices have spiked significantly in value during afternoon trading sessions on Feb. 8. The entire market cap of the top digital assets recorded today has added over $15 billion in fiat value in just one hour.

Also Read: Public Transportation Across Argentina Can Now Be Paid With BTC

Cryptocurrency Markets Gain Billions in One Hour

Earlier today, news.Bitcoin.com reported on a slew of leading digital currency markets breaking the descending trendline since December 2017’s all-time high (ATH). Not too long after our markets update, the bearish price trend for most cryptocurrencies has started to show signs of reversing. At the moment the entire digital asset economy is worth roughly $120.5 billion and global trade volumes have spiked to $20 billion+ worth of 24-hour trades.

Markets Update: Cryptocurrencies Gain Billions in Less Than an Hour
Top 10 digital assets according to Satoshi Pulse on Feb. 8, 2019, at 1:40 p.m. EST.

Bitcoin core (BTC) is currently trading for $3,657 per coin and has a market capitalization of $64 billion at the time of publication. 24-hour statistics show BTC has jumped 7.3% today in value so far, giving it a 4.8% lead in value for the last seven days. This is followed by ripple (XRP) markets, which are up 7.2% as each XRP is swapping for $0.31 a token. Ethereum (ETH) has jumped considerably seeing a 13.5% gain today with each ETH trading for $118 apiece. In a surprising move today, litecoin (LTC) jumped to the fourth largest market cap as the cryptocurrency has gained 28.4%. Each LTC is trading for $42 per coin at the time of writing. Lastly, eos (EOS) has seen a 16% increase over the last 24 hours and each coin is around $2.72.

Bitcoin Cash (BCH) Market Action

Bitcoin cash (BCH) markets are up over 10% today and 9.7% over the last seven days. At the moment, one BCH is trading for $127. The overall market valuation for BCH is around $2.25 billion and the cryptocurrency has about $321.6 million in trade volume. The top five exchanges trading the most BCH today are Lbank, Hitbtc, Fcoin, Huobi, and Coinbase. USDT is the strongest pair today against BCH and currently captures 32% of today’s trade. This is followed by ETH (29%), BTC (21.5%), USD (7.5%), and KRW (4.3%). Bitcoin cash today holds the seventh highest trade volume below XRP and above TRX.

Markets Update: Cryptocurrencies Gain Billions in Less Than an Hour
BCH/USD price 7-day on Feb. 8

BCH/USD Technical Indicators

Looking at the BCH/USD 4-hour chart on Poloniex and Kraken shows bitcoin cash bulls have pushed the price past heavy resistance much like most of the top coins. At press time the two Simple Moving Averages (SMA) are still spread, with the 200 SMA above the 100 SMA. This indicates the path toward the least resistance is still the downside. However, the two trendlines seem as though they will cross hairs in the near future, which would further solidify today’s gains if things reversed.

Markets Update: Cryptocurrencies Gain Billions in Less Than an Hour
BCH/USDC 4-hour on Poloniex on Feb. 8

RSI levels are screaming oversold conditions on the 4-hour BCH/USD chart but this is true for most coins at the moment. After the initial jump in price, there’s been a slight correction but nothing too crazy. Order books show a bunch more resistance for BCH all the way until the $145 range and from there, things look a touch lighter. On the backside, lots of foundational support has formed and if bears attempt to grab the reins again then they will see pit stops between now and $110.

Markets Update: Cryptocurrencies Gain Billions in Less Than an Hour
BCH/USD 4-hour on Kraken on Feb. 8

Breaking the Descending Wedge and the Eventuality of a Bitcoin ETF

Many traders are curious about what will happen next after many of the top digital assets broke out of their descending wedges. Many coins tried to overcome resistance in the past and today’s daily spike shows a bullish engulfing candle on BCH, BTC, ETH, and many other charts. Traders and speculators are also talking about bitcoin exchange-traded funds (ETF) today. The commissioner at the U.S. Securities and Exchange Commission (SEC), Robert J. Jackson Jr., explained he believes an ETF will “eventually” happen. Jackson thinks that someone will satisfy the SEC’s regulatory standards. For now, today’s cryptocurrency trading session seem far brighter than the last two weeks and the faithful remain positive a change will come.

Where do you see the price of BCH, BTC, and other coins heading from here? Let us know in the comments 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.”


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Crypto Investor Brock Pierce Is Attempting to Pull Mt. Gox From the Ashes

Crypto Proponent Brock Pierce Is Attempting to Pull Mt. Gox From the Ashes

Prominent cryptocurrency entrepreneur Brock Pierce is attempting to revive the defunct Mt. Gox exchange by submitting a single rehabilitation plan for creditors called Gox Rising. Back in 2014, the former CEO of Mt. Gox, Mark Karpeles, reportedly signed over all of the business’s assets to Pierce and a firm called Sunlot Holdings Limited.

Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations

The Wild Attempt to Revive Mt. Gox

According to Goxrising.com, a plan is in motion to help the creditors of Mt. Gox gain restitution. At The North American Bitcoin Conference (TNABC) in Miami, Brock Pierce revealed the plan to help claimants get their return of bitcoin lost years ago. On Jan. 22, Gox Rising Limited published a press release describing the ‘United We Rise’ rehabilitation proposal which outlines the effort in greater detail. The plan calls for an implementation that should focus on a high degree of certainty so that claims can be “repaid in bitcoin and bitcoin cash.”

“The Gox Rising movement aims to restore the creditors’ losses as well as the world’s faith in the cryptocurrency industry,” stated Brock Pierce during his speech in Miami.

Crypto Investor Brock Pierce Is Attempting to Pull Mt. Gox From the Ashes
Gox Rising Limited hopes to revamp Mt. Gox in order to pay creditors back.

Following the announcement, leaked documents stemming from the trial have been revealed over the last two weeks concerning Mt. Gox creditors, the company’s trustee, and Coinlab. According to additional reports, Pierce and the firm Sunlot Holdings Limited allegedly purchased all of the remaining Mt. Gox assets for a single bitcoin. The deal was supposedly agreed upon by Mark Karpeles and Tibanne (Mt. Gox’s parent company) but it is unclear if the agreement is binding. The documents stem from the infamous leaker Goxdox who published Sunlot Holdings’ proposed rehabilitation plan, which is dated March 28, 2014. The proposal submitted at the time is very similar to the ‘United We Rise’ plan and the document says the sponsor company has the “resource for the capacity to make payments to creditors.”

‘A Pro Rata Portion of All the Mt. Gox Cash and Coins’

On Feb. 7, a few cryptocurrency proponents spoke out on Twitter about Pierce’s involvement with the defunct exchange. Blocktech founder Devon James said, “Wow — Really impressed by the plan Brock Pierce has been working on for the past five years, as well as the patience involved.” The same day, Bitcoin Private founder Rhett Creighton also remarked “[Brock Pierce] owns 100% of Mt. Gox and plans to relaunch — Payback creditors, leave Mark Karpeles with nothing.” Following the statement, Pierce responded to Creighton’s tweet and stated:

It should be honored as soon as possible without selling any more coins and you should get your pro rata portion of all the cash and coins.

The original 2014 Sunlot proposal was filed with the Tokyo District Court and subsequently leaked to the press by Goxdox. At the time, a few crypto proponents discussed the “rebirth” of Mt. Gox but the Sunlot proposal eventually fizzled away. Now, after five years of creditors fighting the liquidation phase, the bankruptcy case has transformed into a civil rehabilitation plan. Gox Rising is hoping people who had deposits on Mt. Gox will support the organization’s plan, but there are still many issues at hand.

Crypto Investor Brock Pierce Is Attempting to Pull Mt. Gox From the Ashes
Brock Pierce and the Gox Rising Limited logo.

Our sources in Tokyo have told our newsdesk that Gox creditors are absolutely terrified that their claims will still be brushed aside or payouts will be delayed further. Claimants want to be sure no one will make an equity claim with the Mt. Gox estate and delay payouts for even longer. Some creditors believe it would be a public service to all Mt. Gox victims to get Pierce to make a statement publicly saying that the original Sunlot agreement is non-binding and that he will not make any equity claims with it. Most people’s Mt. Gox claims to date have not been actionable, as the statute of limitations has run on just about everyone.

The Gox Rising plan does emphasize: “Equity will make no claim on any of the cash and coins held by the trustee.” Also, if the trustee does not have any intentions to relaunch Mt. Gox then Gox Rising Limited will bid for the former trading platform’s intangible assets which include intellectual property, the Mt. Gox Estate, brand, domain names, and trademarks. “Gox Rising is separately putting forward a vision for this new Mt. Gox Exchange, which will voluntarily create significant additional value for participating crypto creditors towards full recovery of their claims,” the CR Pillars plan written by the Gox Rising team reads.

“The New Mt. Gox Exchange (the “Exchange”) will be launched as an institutional grade, fully licensed and partially decentralized crypto exchange,” the Gox Rising “vision” roadmap explains. The vision statement continues further by stating:

Crypto Creditors will be eligible to receive a 16.5% economic interest from the operations of the Exchange on a pro-rata basis — To participate, Crypto Creditors simply need to maintain an account with the Exchange.

Additionally, the Gox Rising team claims it will attempt the continued pursuit of residual assets including the lost or stolen coins. In the meantime, the trustee and the thousands of claimants still have the Coinlab claim hovering above them like a dark cloud.

What do you think about Brock Pierce’s plan to revive Mt. Gox and pay creditors back with this new plan? Let us know what you think about this subject in the comments section below. 


Image credits: Shutterstock, Pixabay, and Youtube. 


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BCH Publishing App Honest Cash Partners With Patreon Alternative Bitbacker.io

On Wednesday, Feb. 6, the Honest Cash publishing platform powered by bitcoin cash partnered with the cryptocurrency focused Patreon alternative Bitbacker.io. The new partnership aims to bolster the Honest Cash and Bitbacker user base by providing individuals with the means to crowdfund projects while at the same time being incentivized with BCH for sharing unique content.

Also Read: Many Self-Proclaimed Bitcoin Inventors and Satoshi Clues Were Debunked in 2018

Honest Cash and Bitbacker Team Up

In November, news.Bitcoin.com reported on the launch of a new BCH powered publishing platform called Honest Cash. The platform arrived soon after the Nov. 15 BCH blockchain split and the popular blogging platform moved on to support the altcoin BSV. A month later our newsdesk spoke with the creator of the cryptocurrency-fueled Patreon alternative Bitbacker.io and explained how users can crowdfund projects with BCH and BTC. Adrian Barwicki, CEO of Honest Cash, and Jonathan Silverblood, founder of Bitbacker, explained during the partnership announcement that the ultimate goal is to create a larger audience.

“The relationship provides users of both Honest Cash and Bitbacker a larger audience reach — Both users will now have the potential to earn pledges and secure backing within both platforms,” explained the team’s announcement.

BCH Publishing App Honest Cash Partners With Patreon Alternative Bitbacker.io
Adrian Barwicki, CEO of Honest Cash, and Jonathan Silverblood, founder of Bitbacker, just announced they will be releasing a series of blog posts to inform users about the partnership integrations in the near future.

Crypto Powered Applications See Improvement and Growth

Both platforms have been adding a lot of improvements over the last few weeks. For instance, Honest Cash has seen significant growth as the BCH application has encouraged any kind of content including video, images, art, and prose. Some Honest Cash users have made upwards of $1,000 per content piece in bitcoin cash tips. Moreover, the platform recently added a native BCH wallet providing Honest Cash users with the ability to generate a new wallet and import existing BCH keys with custom HD derivation path support.

BCH Publishing App Honest Cash Partners With Patreon Alternative Bitbacker.io
The Honest Cash publishing platform allows people to post all kinds of content like video, blogs, scripts, art, and photos.

Bitbacker.io has seen a lot of growth as well, as many cryptocurrency advocates have switched from Patreon to the alternative application. The platform supports BCH, LTC, Smart, and BTC while providing a variety of the same features the centralized website Patreon supplies. LTC integration was also recently applied to the crowdfunding platform. Jonathan Silverblood spoke with news.Bitcoin.com back in December, when he explained that Bitbacker is able to charge close to 1 percent, while in contrast fiat-based platforms like Patreon and Youtube charge 10-30 percent.

BCH Publishing App Honest Cash Partners With Patreon Alternative Bitbacker.io
Bitbacker.io is a crypto based alternative to Patreon. The platform supports BCH, Smart, LTC, and BTC.

Both Barwicki and Silverblood say they will soon be releasing a series of blog posts to inform users of both platforms detailing exactly what and when integrations will be made. The team says that the partnership is proof that when two innovative communities and developers support each other “incredible things happen.”

What do you think about the partnership between Bitbacker.io and Honest Cash? Let us know what you think about this project in the comments section below.


Image credits: Shutterstock, Bitbacker.io, Pixabay, and Honest Cash. 


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.

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Coinbase Noncustodial Wallet Adds BTC Support and Plans to Add More Assets

Coinbase has announced support for bitcoin core (BTC) in the company’s noncustodial wallet. The wallet was originally originally dedicated to ethereum (ETH), ethereum classic (ETC), ERC721 and ERC20 tokens. The San Francisco based company plans to add more currencies to the wallet in the near future.

Also Read: The Daily: F1 Team Gets Crypto Sponsor, Dubai Royal Partners Digital Assets Fund

Noncustodial Coinbase Wallet Now Supports BTC

After building a slew of custodial services, Coinbase released a noncustodial wallet for storing, sending, and receiving ETH, ETC, and a wide array of ERC-based tokens. Coinbase Wallet is a rebrand of the ‘Toshi’ client the company introduced back in April of 2017. The wallet also connects to a dapp browser that showcases certain ETH-fueled platforms. A few weeks ago Coinbase announced the development team was in the midst of adding BTC support to the wallet, and on Feb. 5, Coinbase representative Siddharth Coelho-Prabhu revealed that developers have fully integrated support for BTC. “Our goal with Coinbase Wallet is to create the world’s leading user custodied crypto wallet,” ran the announcement.

“Bitcoin support is activated by default — all you need to do is tap ‘Receive’ on the main wallet tab and select Bitcoin to send BTC to your Coinbase Wallet,” Coelho-Prabhu detailed. “Coinbase Wallet supports both newer segwit addresses with lower transaction fees, as well as legacy addresses for backward compatibility in all applications.”

Setting up a new Coinbase Wallet with username and passcode.

Just like the previous version of the wallet, the light client’s private keys are encrypted on your mobile phone or tablet using secure enclave technology. “This specialized hardware is considered the most secure way to safeguard private data on mobile devices,” Coelho-Prabhu explained. The Coinbase light client also supports the BTC and ETH testnets so programmers can work with testnet coins to deploy cryptocurrency integrated applications. At the moment most applications in the browser, like Peepeth, Instadapp, Totle, Cent, Smartdrops, Compound, Paradex, Oasis Direct, and Airswap are all Ethereum-based protocols. You can also click the “Discover Dapps” button to find more applications within the wallet’s browser.

Backing up the Coinbase Wallet’s private keys and the BTC wallet interface.

Bitcoin Cash, Litecoin, and Other Coins Will Be Supported Soon

Coinbase also details the company will be adding bitcoin cash (BCH), litecoin (LTC) and other popular digital assets soon. When BCH gets added to the wallet lineup there’s a wide variety of dapps that could be added to the Coinbase browser like Memo.cash, Craft.cash, Wormhole, the Simple Ledger Protocol (SLP) and Bookchain.

The Coinbase Wallet’s dapp browser, testnet section, and active wallets.

Not only has Coinbase announced BTC integration, but the company recommends Coinbase.com users should check out the wallet as it gives them control over their keys. The San Francisco company also emphasized the difference between the newly revamped wallet and the firm’s traditional brokerage operations.

“With Coinbase.com, you can buy crypto and Coinbase stores it (along with your private keys) for you; with Coinbase Wallet, you store your own crypto that’s safeguarded by a private key that only you know,” Coelho-Prabhu’s post concludes.

What do you think about the newly revamped Coinbase Wallet with added BTC support? Let us know what you think about this subject in the comments section below.


Image credits: Shutterstock, Jamie Redman, and the Coinbase Wallet.


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.

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BCH-Powered Paybutton Launches in Pre-Release

Developer Launches Pre-Release of BCH-Powered Paybutton

On Tuesday, Feb. 5, the well known Bitcoin Cash (BCH) advocate Soupernerd announced the pre-release and testing phase of a new BCH-powered payment button. At the moment the Paybutton.cash application will feature a simple payment button but there are plans to integrate other features down the line.

Also read: Markets Update: Traders Patiently Wait for Crypto’s Longest Bear Run to End

Paybutton Developer Launches Pre-Release and Announces Testing Phase

There’s a new payment button called Paybutton.cash that allows people to easily send and tip bitcoin cash to content creators, services, and websites. The full release of the application is not complete yet but the developer known as Soupernerd has announced the pre-release and testing phase. Soupernerd says the Paybutton team is currently waiting for Badger Wallet updates before activating that as a payment option and there is more to be tested.

“Paybutton.cash is pleased to announce our pre-release launch and testing phase,” explained Soupernerd on the Reddit forum r/btc. “Host a paybutton on your site with just snippet of code and convert 160+ currencies to BCH live — [Paybutton] is fully hosted on Github.”

BCH-Powered Paybutton Launches in Pre-Release
The Paybutton.cash website.

The Paybutton creator explains that a lot of credit goes to the Bitcoin.com and Badger Wallet development teams for making the platform possible. Moreover, Soupernerd says the Paybutton developers have a few more ideas in mind that go beyond just a simple payment button. On the r/btc thread, Soupernerd describes a static badge concept which could be placed next to the BCH Zoo. Further, the creator shows images of a donation badge and mentions a concept called “Paybutton Carts.” “More on that later,” says Soupernerd. “We will keep the pre-release folders up, even upon new releases until further notice.”

BCH-Powered Paybutton Launches in Pre-Release
The creator of Paybutton, ‘Soupernerd,’ is well known in the BCH community.

Other BCH-Powered Button Applications in the Works

The Paybutton platform joins two other BCH payment button applications that are also in early development stages. The applications started spawning after Ryan X Charles removed bitcoin cash support from his Money Button project and decided to support the coin BSV. Following the Money Button departure, the team behind Badger Wallet has been working on refining a BCH payment button. Another competitor to the Money Button is the bitcoin cash payment API and button provided by Gateway.cash.

“Gateway.cash will be a Money Button competitor for bitcoin cash and is now released open-source — The project is led by Ty Everett and he is looking for contributors,” the Gateway.cash developer explained on Nov. 19.

BCH-Powered Paybutton Launches in Pre-Release
Examples of the current modal pop-up button and a preview of the static badge.

Giving Incentives to Website Hosts, Blogs and Content Creators Even if They Can’t Code

Soupernerd’s announcement on r/btc was welcomed with enthusiasm as BCH supporters are looking forward to a variety of crypto-fueled payment buttons. One BCH supporter proceeded to outline their vision of how payment buttons can transform the web.

BCH-Powered Paybutton Launches in Pre-Release
Paybutton’s donation widget preview.

“Looks cool. For those that don’t get the significance it allows anyone without programming skills to more easily accept BCH — For example, tons of people have blogs or various other web presences where they can post raw HTML for visitors to see,” the Redditor emphasized. He continued:

Without coding skills, if Rick wants to take $1.50 donations for his blog posts he can at best post his BCH address.

Soupernerd’s Paybutton code can be reviewed here, and a description of some of the HTML codes can be seen here. People can test the Paybutton with the pre-release page and wait until the full release is complete. “We’re working hard to finish the development and our target launch date is Q1 2019,” states the Paybutton website.

What do you think about Paybutton.cash? Let us know what you think about this project in the comments section below.


Image credits: Shutterstock, Twitter, Reddit, and Paybutton.cash. 


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Yellow Vest Movement Starts a New Form of Protest – Burning Banknotes

Yellow Vest Movement Starts a New Form of Protest — Burning Banknotes

For well over two months, the yellow vest movement in France has continued to keep itself illuminated with fervent protests against taxes, the banking system, and the region’s bureaucrats. On Feb. 1, a group of Gilets Jaunes working at the bill printing factory explained their plan to show the world they mean business by burning pallets of bills, starting with Israeli banknotes.

Also Read: Embracing Utility in 2019: Unreliable Crypto Networks Will Lose to Hyperbitcoinization

Yellow Vests Burn Stock of Foreign Bills

The grassroots yellow vest movement in France has consistently made headlines across the world while protesting the country’s monetary system and politics. For instance, on Tuesday, Feb. 5, about 18,000 Gilets Jaunes joined a march in the French capital walking side by side with another 12,000 CGT union workers. The protest also followed a demonstration on Friday, which showed employees claiming to work for the Banque de France banknote mill. The yellow vest associated group threatened to burn large sums of paper banknotes. A news.Bitcoin.com correspondent from France explained how the bill burners are demanding fiscal and social justice in a unique fashion.

Yellow Vest Movement Starts a New Form of Protest — Burning Banknotes

“In the last 15 days we’ve burned passport paper, bank check paper, and grey card paper for vehicle documents,” explains the banknote burning group’s video on Facebook. “But the French government is completely deaf, so we move to the next level — If the French government continues to make it seem as nothing scandalous is happening, we will make this so all the world will know what’s happening.”

The bill factory employees state:

Starting today we start to burn foreign bills stock — The first paper ream we have here is for Israeli banknotes. We start with this, then we burn everything — If the French government doesn’t change, all foreign countries that are waiting for their bills, will not be delivered.

Hyperbitcoinization

News.Bitcoin.com has covered the yellow vest movement in the past and how many well-known bitcoiners have explained that Gilets Jaunes should really hit the banks where it hurts by moving from fiat to bitcoin. At the same time, the world economy has been shuddering once again and economists are predicting another global depression similar to 2008. Many regions like Venezuela, South Sudan, Turkey, Haiti, Zimbabwe and Argentina are suffering from economic hardships.

Yellow Vest Movement Starts a New Form of Protest — Burning Banknotes
“If every French person converted 20% of their bank deposits into bitcoin, French banks would collapse and a lot of bloodshed could be avoided,” said Max Keiser on Dec. 9, 2018. 

The economic uncertainty worldwide has bolstered the dream of hyperbitcoinization. Many have written about this dream and believe that cryptocurrencies like bitcoin will experience mass attention from a majority of citizens living in impoverished countries. The cofounder of the Satoshi Nakamoto Institute, Daniel Krawisz, once said: “A hyperbitcoinization event will be much quicker than a hyperinflation event.” Krawisz’s 2014 essay details how a country dealing with hyperbitcoinization will experience a voluntary transition from an inferior currency to a superior one. The country’s adoption represents a “series of individual acts of entrepreneurship rather than a single monopolist that games the system.”

Krawisz’s post continues by saying:

Hyperbitcoinization should be accompanied by a rapid improvement in productivity and wealth — Hyperbitcoinization will probably be a confusing time for everyone, like a second adolescence. However, once it is over, no one will be able to imagine how we got by with the earlier system.

Yellow Vest Movement Starts a New Form of Protest — Burning Banknotes
Banknotes stamped by the yellow vest movement.

A Loss of Confidence in the System Has Given Birth to Many Movements

The yellow vest movement is similar to the Occupy Wall Street movement that took place seven years ago and the birth of Bitcoin four years prior. Global citizens are upset with their leaders and losing confidence in the central bank’s paper bills which are printed by the trillions every year. People from all countries and continents are upset with the system and believe something has got to give. Our correspondent from France told news.Bitcoin.com that most individuals don’t wear yellow vests these days because if you take the train “to go to Paris and they check if you have a yellow vest then they can arrest you.” Not only are the protestors in France threatening to burn large stacks of bills, but they are also now printing special images of yellow vests on banknotes.

What do you think about the yellow vest movement threatening to burn pallets of banknotes? Let us know what you think about this subject in the comments section below.


Images via Pixabay, Shutterstock, and our correspondent from France. 


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 Yellow Vest Movement Starts a New Form of Protest – Burning Banknotes appeared first on Bitcoin News.

Leaked Documents Suggest Mt. Gox Trustee’s Bitcoin Sales Impacted Market Prices

On Tuesday, Feb. 5, the infamous Goxdox blog returned to inform the public of more detailed Mt. Gox information that “no one wants you to know about.” According to Goxdox, the Mt. Gox trustee Nobuaki Kobayashi’s bank book shows that he previously sold large sums of BTC and BCH using the exchange Bitpoint. The cryptocurrencies were sold on a traditional trading platform, which goes against the trustee’s past statements that the coins would not be sold in this manner.

Also read: Mt. Gox Restitution Process Frozen Due to One Man’s $16B Claim

Goxdox Returns

Last year there was a lot of talk about the Mt. Gox trustee Nobuaki Kobayashi and the possibility of him dumping large sums of bitcoin on the open market. The public was told this would be avoided and Kobayashi said he would take the advice of “experts” and sell them in a way that wouldn’t dilute the market. “I sold BTC and BCH but not by an ordinary sale through a BTC/BCH exchange, but in a manner that would avoid affecting the market price,” Kobayashi told the public last March. However, Goxdox reveals there was never any private auctions and at the time the crypto community noticed that the trustee’s withdrawals coincided with the January and February drops in BTC’s price.

“How do we know it’s Bitpoint?” asks the report’s anonymous author. “Goxdox is in possession of the trustee’s bank book, posted in full at the footer for your reading pleasure and Bitpoint in Japanese is ビットポイント.”  

The Goxdox report continues:

Unless Bitpoint is being really generous, we’d wager the reason they are depositing billions JPY into the trustee’s bank account is because they were hired to sell the Mt. Gox Estate’s BTC/BCH.

Leaked Documents Suggest Mt. Gox Trustee's Bitcoin Sales Impacted Market Prices
Goxdox.com says it calls out the bullshit for Mt. Gox creditors. After a five-year hiatus, the leaker is back with a new Goxdox to give the community the details certain people want kept secret.

Bitpoint’s Sale Affected Price Discovery

In order to make sense of the numbers, Goxdox reviewed the bank book entries which shows the balance of yen growing from the point when Bitpoint wired the original funds to the trustee’s account. Deposits shown in the bank ledger reveal an additional ¥34,346,581,104 ($312.4M) added to the to the initial balance. Unfortunately, the leak doesn’t have any entries prior to Feb. 23, 2018, but the wire amounts they do know of indicate that month the trustee received ¥8.3 billion yen from Bitpoint. “The May entries give us what we are looking for — The trustee received 22 wires between May 1 and June 4 and the bank book entries show Bitpoint sold roughly ¥24 billion JPY worth of BTC/BCH during that period,” explains Goxdox.

Leaked Documents Suggest Mt. Gox Trustee's Bitcoin Sales Impacted Market Prices
The trustee’s bank book documents, according to Goxdox.

The anonymous writer’s recent study claims that the reason Bitpoint sent wires so frequently was to prevent counter-party risk in the event that Bitpoint’s security was breached. Goxdox’ study further states:

The new data from the trustee’s bank book coupled with BTC’s price declines in May/June 2018 indicate that the method Bitpoint used to conduct the sale affected price discovery — In other words, Bitpoint sold on an exchange and not OTC.  

The revelation of the Mt. Gox trustee’s bank book follows the recent claim from Coinlab that hopes to gain a $16 billion settlement from the Mt. Gox civil rehabilitation. Coinlab’s claim could wipe out every other Mt. Gox claimant if it is successful and many creditors have expressed unhappiness with the situation. The civil rehabilitation claims need to be filed by mid-April and the trustee should announce his plan by then.

What do you think about the Mt. Gox trustee selling coins to Bitpoint? Let us know what you think about this story in the comments section below. 


Image credits: Shutterstock, Pixabay, and Goxdox.com


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 Leaked Documents Suggest Mt. Gox Trustee’s Bitcoin Sales Impacted Market Prices appeared first on Bitcoin News.

Data Shows Ethereum is the ‘Cryptocurrency of Choice for Scams’

Data Shows Ethereum is the 'Cryptocurrency of Choice for Scams'

Since the very early days, back when people learned how to create new cryptocurrencies or quickly build infrastructure models like digital asset trading platforms, many scams started to spawn frequently. According to the blockchain surveillance company Chainalysis, over the last two years fraud in the Ethereum ecosystem has run rampant and it’s been the “cryptocurrency of choice for scams for a variety of reasons,” the company’s latest Ethereum report highlights.

Also read: Cryptograffiti’s Latest ‘Running Bitcoin’ Portrait Sees Auction Bids of Over $30K

Scammers Flock to Ethereum Blockchain

The blockchain monitoring company Chainalysis has been releasing a series of reports concerning the recent “trends in crypto crime.” The firm’s report “Crypto Crime Series: Decoding Ethereum Scams” explains how ethereum (ETH) is the top choice for crypto-related scams throughout the ecosystem. In 2017, there was only $17 million worth of ETH stolen in scams but in 2018 roughly 0.01 percent of ETH was involved in swindles worth $36 million. “The number of scams declined through 2018, although those that remained were bigger, more sophisticated and vastly more lucrative,” the Chainalysis report details.

“From late 2016 through the end of 2018, Chainalysis has identified over 2,000 scam addresses on Ethereum that have received funds from nearly 40,000 unique users — Scam activity increased dramatically in 2018 with nearly 75% of scamming activity taking place that year,” the report explains.

Data Shows Ethereum is the 'Cryptocurrency of Choice for Scams'

There are four types of prevalent scams taking place within the Ethereum space – outright fraud, the ICO exit scam, a Ponzi product, and phishing attempts. Chainalysis also says the frequency and success rates of concepts like infection scams can change over time.

“Innovative criminals executed more complex Ponzi and ICO exit scams that generated millions of dollars in income — These more sophisticated schemes dominated the second half of the year,” the crime series report summarizes.

Data Shows Ethereum is the 'Cryptocurrency of Choice for Scams'
The transformation of scam types and growth throughout 2017 and 2018.

From Giveaways to Ponzis – Etherscam’s Database Shows 924 Scams Are Currently Active

Chainalysis is not the only group watching the Ethereum network for scam related incidents. In fact, the website Etherscamdb.info which showcases a plethora of ETH-related scams can be seen by the entire cryptocurrency community. The Etherscam database has recorded 6,378 scams and 924 are currently active. The records show 1,975 scam-related ethereum addresses and out of the 6,378, roughly 5,454 are inactive. What also should be taken into consideration is that this information is only what Etherscam’s database can trace and there are lots of fraudulent acts that go unnoticed.

Data Shows Ethereum is the 'Cryptocurrency of Choice for Scams'
The vast list of cryptocurrency scams using ethereum.

Etherscam collects data on fake My Ether Wallet (MEW) websites, Punycode lookalike domains, phony exchanges, fraudulent impersonation giveaways, and ICO exit scams. Then there are Ponzi games tied to the Ethereum ecosystem with multi-level pyramid applications like Fomo 3D and Powh 3D. These platforms only make money by bringing new users into the fold and use all kinds of tactics like pay-per-bid methods, and multi-level marketing techniques. Back in March, the founder of Dapp Radar, Skirmantas Januskas gave a great breakdown of the Powh 3D Ponzi game and called it the “biggest pyramid scheme on Ethereum so far.”

Even though there are many scams on the Ethereum network, there are various ways ETH users can protect themselves by not participating in blatant fraud. Veteran cryptocurrency participants will always illuminate the fact that holding your own keys, utilizing cold storage and multi-signature techniques are critical to keeping financial information safe. But there are many other methods that can be used like bookmarking official cryptocurrency websites, double-checking copy and pasted addresses, and not trusting “free giveaways” that will further help keep digital assets secure. As the Chainalysis crime series report details, blockchain criminals are executing petty crypto crimes far less than before, but the scams that still exist are becoming far more sophisticated.

What do you think about the number of scams attracted to the Ethereum network? Let us know what you think about this subject in the comments section below.


Image credits: Shutterstock, Ethereum logo, Pixabay, Brandon Arvanaghi, and Chainalysis.


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. 

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