Bitcoin Monthly Candle to Close Around $9,300: Bullish or Bearish?

In the next few hours, Bitcoin will see its monthly candle for October close. As the cryptocurrency has been subject to immense volatility over recent weeks, this close will be immensely important for Bitcoin’s directionality for the next few months.

Related Reading: Bitcoin Holds Above $9,000 as Buyers Look to Extend Its Upwards Momentum

So, with BTC seemingly poised to close October around $9,300, what are analysts saying?

Bitcoin Looking Relatively Strong

Stackin’ Bits posted the chart below recently, with the attached caption “yin/yang.” According to the chart, BTC remains above the red pivot line at around $8,700, presumably implying that it is still in the “yin” range, or bullish.

Crypto HornHairs echoed this seeming sentiment. He noted that there is a confluence of signs that imply Bitcoin is closing October bullish. This confluence is centered around the idea that BTC remains above the one-month bullish breaker, 0.618 Fibonacci Retracement, a yearly pivot, among other key levels. He thus claimed that he expects for the cryptocurrency to hit $14,000 before $7,000.

Bearish Continuation Possible

While Bitcoin’s monthly candle doesn’t look bad in and of itself, it could be viewed as a sign of impending bearish continuation when placed into context.

Related Reading: Bitcoin Whitepaper: Eleven Years On And Still Going Strong

Below is an image outlining the “Three Black Crows” technical analysis pattern. As NewsBTC reported in an earlier report, Bitcoin’s chart printed this pattern after September’s close, which many say is a sign of an extremely strong trend reversal, especially on long-term time frames like the monthly.

Image result for three black crows

While some have argued that the Three Black Crows were invalidated by Bitcoin’s massive 25%+ surge over the past week, some textbook examples of the pattern, like the one above, show one green recovery candle, before further losses in following trading sessions. This, of course, could play out with Bitcoin heading into the end of 2019.

Featured Image from Shutterstock

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Italians Prefer BTC to Visa or Mastercard When Shopping Online

Bitcoin is the third most-used online payment method in Italy, ahead of traditional credit cards like Visa, Mastercard and American Express.

According to new data from marketing analysis firm SEMRush, Bitcoin (BTC) is the third-most preferred online payment method in Italy.

Bitcoin comes in third place

On Oct. 31, the Italian news outlet La Stampa reported that the Boston-based marketing analysis company, it was stated that in the list of the most used methods of online payment systems in Italy, Bitcoin comes in a strong, third place, just behind PayPal and the Italian reloadable prepaid card service PostePay.

The data further revealed that Italians use Bitcoin for shopping online more widely than traditional credit cards, such as Visa, Mastercard or American Express.

According to La Stampa, Bitcoin is used more than 215,800 times per month for online purchases in Italy, while American Express is used just 189,000 per month. Visa, Mastercard, and other credit cards lag with only 33,950 online transactions per month.

Paypal And PostePay take the lead

The California-based online payment service Paypal remains the uncontested choice for online payments in Italy with around 1.3 million payment transactions per month. The Italian payment processor PostePay follows closely, with almost 1.2 million monthly transactions.

Italians are buying more and more online 

La Stampa wrote that in 2018 the total business-to-customer spending on e-commerce was over 40 billion euros, with 62% of Italians making at least one online purchase in that year.

Batgirl Voted to Impeach Trump, Making Halloween a Partisan Issue

Rep. Katie Porter voted to move forward with the Trump impeachment inquiry dressed as Batgirl. Porter’s Batman-inspired costume went viral on Twitter, where it met equal measures of praise and scorn. Unsurprisingly, the debate mostly fell on party lines. She isn’t defending Gotham, but supporters say House Rep. Katie Porter is saving the United States […]

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Users of decentralized exchange 0x will be able to vote on the next protocol upgrade

0x, a decentralized exchange protocol that enables token trading on the Ethereum network, announced that it has finalized plans for its next major update, that will be decided on by its users. All ZRX token holders will be able to cast their vote from Nov. 4 to Nov. 11, the company said.

Next updates to 0x to be decided by the ZRX community

Decentralized exchange protocol 0x announced that it has finalized its plans for the next major upgrade to the network. The protocol, which runs on Ethereum allowing ERC20 tokens to be traded on the Ethereum blockchain, is set to see its third version, 0x v3, come to life at the end of November. The company said:

“Version 3 of 0x is a major protocol upgrade that will establish 0x as the DEX + liquidity aggregator for the greater DeFi ecosystem.”

The holders of 0x’s native ZRX token will be able to decide whether the update goes through by casting their vote on the platform. The company said voting will begin on Nov. 4 and last until Nov. 11. If the v3 update gets approved, it will launch on the Ethereum mainnet after a two-week grace period, on Nov. 25.

V3 to bring more liquidity to the Defi ecosystem

While v3 will bring about quite a bit of innovation to 0x, most of them will focus on improving the protocol’s position in the DeFi space. The 0x team said that they developed “a powerful set of bridge contracts” that aggregate DEX liquidity both from 0x and other networks such as Kyber and Uniswap.

The company explained:

“With Liquidity Bridges, 0x becomes a one-stop-shop to source the best prices for both popular and long-tail trading pairs across DEXs.”

The upgrade will also bring about a ZRX staking mechanism that gives market makers monetary rewards (in ether) and additional ZRX voting power for providing liquidity.

The post Users of decentralized exchange 0x will be able to vote on the next protocol upgrade appeared first on CryptoSlate.

Bitcoin Holds Above $9,000 as Buyers Look to Extend Its Upwards Momentum

After hovering just above $9,250 for an extended period of time, Bitcoin (BTC) has now been able to climb slightly, signaling that buyers did not want to lose this level to sellers, who had been building significant strength over the past couple of days.

Analysts are now noting that the cryptocurrency may be positioned for further continuation as it nears a newly established support level that could bolster its price action in the near-term.

Bitcoin Bounces from Daily Lows as Bulls Ardently Defend $9,000

At the time of writing Bitcoin is trading up just under 2% at its current price of $9,250, which marks a slight surge from its daily lows of $9,000, which is right around where BTC’s price had been hovering for the past couple of days.

It is important to note that this level has proven to be a support region for the cryptocurrency, as it has consistently found decent buying pressure at this level on multiple occasions over the past week.

Presently, the cryptocurrency does have some notable resistance in the upper-$9,000 region, as it has tried and failed on multiple occasions to break above this level, with each break above $10,000 being short lived and followed by a swift rejection.

In the near-term, BTC’s bulls may be looking to push the crypto up to this resistance region, however, as its bulls are currently holding the crypto above a newly formed support level that could spark the next leg up.

Big Cheds, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, saying:

“$BTC #Bitcoin 30 min – Close watch on this level for potential continuation support.”

BTC Bulls Defend Against Significant Selling Pressure 

Bitcoin’s bulls have been showing some weakness ever since Bitcoin peaked around $10,600 during its recently rally, which was closely followed by a drop to its current price levels.

Josh Rager, a popular cryptocurrency analyst on Twitter, recently noted that bulls may be stronger than they seem, however, as this latest movement up came about in the face of significant selling pressure.

“Aggressive selling being held up by the heavier hand was showing the bigger player didn’t want price to drop from $9000. At least short term. Nice bounce from $BTC to tap $9400,” he explained.

If bulls are able to extend this momentum in the near-term, it may be emblematic of the possibility that significantly further gains are in store for the cryptocurrency in the coming days and weeks.

Featured image from Shutterstock

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John McCain Would Love Twitter’s Political Ad Ban

Jack Dorsey announced a ban on political ads starting November. The late Sen. John McCain was a life-long foe of “soft money.” Hillary Clinton supports Twitter’s political ban, and has condemned Facebook for hanging on to political advertising dollars. Donald Trump opposed Twitter’s new ad policy. With Twitter’s ban on paid political advertising, Jack Dorsey […]

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Proof-of-Work Doesn’t Solve Every Blockchain Use Case

Alternative use cases for a blockchain, existing alternatives to proof-of-work, and a case for why we need new consensus mechanisms.

The Bitcoin white paper was published 11 years ago today, on Oct. 31, 2008, meaning that Bitcoin (BTC) is celebrating its 11th year of existence. From its humble beginnings to over a $300 billion market capitalization in 2017, the success of Bitcoin is truly a remarkable accomplishment. 

What is Bitcoin? A question with many answers. Digital gold, magic internet money, a hedge against macro risk, tulip mania? One thing is for certain, Bitcoin found a product–market fit as a new form of money owned by the people. The Bitcoin brand is well known around the globe, the userbase is growing fast, and it continues to attract developers to the ecosystem. 

However, Bitcoin is not a panacea. When Satoshi first launched Bitcoin, he made design choices that were optimal for becoming a hard money with a limited attack surface at the cost of base-layer scalability and an expressive scripting language. One of those major choices was to implement a distributed proof-of-work (PoW) system to form network consensus. In other words, Bitcoin is great at being money but not very good at all the other potential use cases for a blockchain. 

The lesson here is that design choices come with tradeoffs, and Bitcoin has already cemented its path. This leaves room open for alternative blockchain architectures to capture value in a different market — such as supply chain management, enterprise software, social media, voting, prediction markets and more. 

Nonfinancial applications for a blockchain 

Money is an important use case for a blockchain, but that is just the tip of the iceberg. Let’s walk through a few alternative use cases for a blockchain.

Supply chain management

A blockchain can be used to create a shared database that tracks the provenance of an item from raw materials all the way into the consumer’s hands. This is currently being tested in the fair trade industry and by grocery stores looking to prevent the spread of contaminated food. 

Prediction markets on a blockchain

A prediction market enables users to bet on the outcomes of events — such as sports and elections. Due to the fact that public blockchains are "hard to stop," they're particularly well-suited for use cases that are quasi-legal. Prediction markets are a good example where they're legal in certain jurisdictions and illegal in others. Currently, there are a handful of projects working on prediction markets, such as Auger and Gnosis.

Social media on a blockchain

Social media platforms are heavily dependant on the network effects of their user base. In other words, people want to use the platform that all their friends are using. This harsh reality has lead to monopolies like Facebook, which has made it so users can't justify leaving to another platform due to the entrenched userbase. Facebook's captive audience makes it easy for the company to take advantage of its users by censoring free speech and selling their private data to the highest bidder. 

A blockchain-based social media platform could be engineered to prevent anyone from censoring someone's speech. If we combine social media and digital identity on a blockchain, it's possible to enable users to own their own data, which could be easily ported to a competitor platform. This shifts the balance of power back toward the individual — a huge win for humanity. 

Proof-of-work has limited functionality

All of the above use cases for a blockchain would not be suitable for a PoW blockchain. Instead, these use cases (and many others) require more scalability on the base layer to provide faster transaction confirmation. Imagine a social media site where you had to wait one hour to "like" a photo. 

The reality is, not enough people are innovating on the nonfinancial use cases for a blockchain. There are endless possibilities, and it's time for the industry to shift focus in this direction. 

Alternative consensus mechanisms (besides proof-of-work) 

We’ve already established that there are many use cases for a blockchain besides money, and each of these use cases needs an alternative to PoW. 

There are more than 40 known consensus mechanisms used with a blockchain, so let’s explore a few of the most common alternatives to PoW.

Proof-of-stake

With PoS, network participants put their capital (i.e., tokens) at risk to validate the blockchain. Bad actors of discouraged from acting maliciously toward the network because of the risk of losing their “staked tokens.” 

PoS provides a slight improvement to scalability and lowers the requirement of resources used to secure the chain. PoS networks are at risk of so-called “black swan events” and they lead to a “rich get richer” economic paradigm. 

Delegated proof-of-stake

In DPoS, network participants vote on a small number of delegates who maintain the ledger on their behalf. This structure is very similar to a representative democracy. 

The reduced number of nodes leads to increased throughput in the network. DPoS networks risk becoming centralized and are particularly susceptible to a takeover by an oligarchy. 

Besides PoW, PoS and DPoS, there is a long list of consensus mechanisms that are not widely used. Most are still experimental, and here are a few examples.

Proof-of-capacity 

While it is similar to PoW, proof-of-capacity leverages available disk space (storage) instead of computing resources. This offers a more environmentally friendly alternative to PoW and is less vulnerable to specialized hardware allowing mining groups to centralize the network. 

Hashgraph protocol

While technically not a blockchain, a hashgraph uses a directed acyclic graph, which enables similar use cases. In other words, a hashgraph uses a gossip protocol to spread information throughout the network, and a virtual voting mechanism to achieve consensus. Hashgraphs are supposed to be very scalable, as each device maintains its own “copy of the ledger” instead of sharing a single source of truth across every node. 

Proof-of-participation

The goal of a proof-of-participation system is to ensure a blockchain is secure by each node participating in the maintenance of the network. Proof-of-participation will be well-suited for nonfinancial use cases, and details will be announced soon. 

Let’s wrap up 

PoW is great for Bitcoin (i.e., money) but falls short for other use cases of a blockchain. As demonstrated above, there are many ways to form consensus in a distributed network. With an industry as nascent as blockchain, it’s important we continue our research in an effort to discover novel blockchain architectures. New consensus mechanisms will unlock new use cases for blockchain technology. The sky's the limit.

The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Roberto Capodieci is the founder and CEO of Blockchain Zoo, and a renowned expert on blockchain technology. He started programming when he was just six years old, sold his first video game when he was 10 and opened his first IT company at 14. He is a first-mover in the blockchain sector, a prodigious speaker and was one of the first to apply the tech to supply chain management and trade finance. Roberto is also a specialist in lawful interception systems and big data analysis, and serves as a consultant to law enforcement agencies.

Dull Epic Games Store Update Is Step in Right Direction

Epic Games released a development update for the Epic Games Store today. New features including a new storefront, back-end improvements, a checkout overlay, and more. While the update is underwhelming, Epic says it’s working on new features including a wish list and OpenCritic reviews integration. Epic Games pushed out a new development update for the […]

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Nearly 1/3 of Americans Believe This Myth About the US Dollar

Nearly one-third of Americans falsely believe that the US dollar is backed by gold, and 70% don’t know what is backing it. That’s just the tip of the iceberg when it comes to US financial illiteracy, however. A new study reveals just how little Americans know about how their money works. An eye-opening new study […]

The post Nearly 1/3 of Americans Believe This Myth About the US Dollar appeared first on CCN.com

Fiat Chrysler Reshapes Auto Industry with Peugeot Merger, Stock Rises

The merger between Fiat Chrysler and PSA Group will create a $50 billion entity. The resulting entity will be the fourth-largest carmaker on earth. The French government, which owns a stake in PSA Group, has not raised any objections to the merger. Shares of Fiat Chrysler Automobiles NV (NYSE: FCAU) surged by nearly 5% in […]

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U.S. Treasury Yields Plunge Ahead of What’s Expected to Be a Disastrous Nonfarm Payrolls Report

U.S. government debt yields tumbled on Thursday, as demand for Treasurys rose over concerns that the United States and China are no closer to finalizing a comprehensive trade agreement even once a partial deal is reached. Attention shifts to economic data on Friday, with the Labor Department expected to release a volatile batch of nonfarm […]

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Bitcoin Mining Firm Study Shows How Clueless People are About Money

A study by Bitcoin mining firm Genesis Mining has shown that a startling number of US citizens have no idea about how their financial system works. A whopping 29 percent of respondents said they thought the US dollar is still backed entirely by gold.

The study’s findings highlight just how little is really known by the general public about the nature of modern banking. If education about finance proliferates, the value of Bitcoin as these hardest form of money in history might become apparent to more individuals.

Is Lack of Knowledge About Modern Banking Holding back Bitcoin Adoption?

The study, conducted by Genesis Mining, is titled “Perceptions of Money and Banking in the United States 2019.” It sought to discover just how much the general public knows about the way the Federal Reserve and wider banking system operates. The 1,000 respondents were asked a series of 23 questions about US banking on September 19 this year.

Knowledge of key details of the operation of central banks is sorely missing.

The study, detailed in a press release published earlier today, states that a massive 29 percent of individuals believe that the US dollar is still backed by gold reserves as it was in the early 20th century. This is not the only huge misconception many of those asked held about the US financial system though.

More than half (54 percent) said that they believed that Federal Reserve Banks were owned exclusively by the US government, 26 percent said that they thought that banks held 100 percent of customer funds deposited with them as reserves, and 24 percent said that it was the Fed’s job to secure gold reserves.

As well as how well the respondents understand the system itself, the study asked about their spending habits. It found that more than two-thirds preferred some form of electronic payment (debit or credit cards mostly) over cash payments. However, somewhat conversely, a massive 76 percent said that they were against the idea of the US government replacing paper money with a purely digital currency.

Evidently, knowledge about how central banks in the US and beyond operate is lacking, at least in the US. With scant understanding of how the system really works, it is hardly surprising that many are yet to see the value in Bitcoin.

Bitcoin relies on no potentially misunderstood central entities for its issuance or overall monetary policy. This is the complete opposite of modern banking. Meanwhile, banks like the Federal Reserve are not public resources, as many people think, but private businesses. Rather than their customers’ interests, they are primarily drive by profits. If the public was aware of just how easily modern financial systems can crash or even collapse, perhaps a more decentralised, free system, such as Bitcoin, would become more appealing to the masses a lot quicker.

 

Related Reading: Gold, Not Bitcoin, is Making Most Out of Ongoing Economic Crisis

Feature Image from Shutterstock.

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Bitcoin Price Must Now Break $9.5K to Prove ‘Xi Pump’ Wasn’t a Fluke

Bitcoin bulls now hope to capitalize on last week’s big gain, but several resistance levels stand in the way before BTC/USD hits $10,000 again.

Bitcoin price (BTC) is currently locked in a battle to stay above the descending channel and have another run at the recent high at $10,540. In order to do this, first, the digital asset needs to overtake the resistance levels at $9,300 and $9,400. 

Was the “Xi pump” a fluke? 

As Bitcoin fights to stay above this all-important line, traders are likely beginning to wonder whether or not last week’s explosive pump to $10,540 was simply a one-off driven by Chinese President Xi Jinping’s call for China to accelerate the development of blockchain technology. 

Crypto market data daily view. Source: Coin360

Crypto market data daily view. Source: Coin360

But despite this morning’s breakout to $9,433, Bitcoin is still searching for solid ground after pulling back from the blow-off top at 10,540. 

BTC USD daily chart. Source: TradingViewBTC USD daily chart. Source: TradingView

Today’s move did bring Bitcoin above the descending channel but at the time of writing a higher was not achieved and the digital asset is still posting lower highs and lower lows. As shown on the daily chart, there has been a sharp decrease in trading volume and for today’s upside move to see a continuation, the volume will need to sustain. 

Key BTC support/resistance levels to watch for

A number of traders expect Bitcoin to drop to the CME gap at $8,750. This point is also near the 20-MA of the Bollinger Band indicator, a point which is often revisited after price breaks down after a rally. 

Bitcoin remains above the 200-daily moving average (DMA) but a drop below $8,650 would change this status and currently, the 50-DMA continues to curl away from the 200-DMA, avoiding the dreaded ‘death cross’. A drop below to $8,500 and below could bring the moving average closer to pulling below the 200-DMA. 

As discussed in the previous analysis, the 111 and 128 DMA remain too close for comfort but at this point, they have yet to cross. Traders will notice that bull and bear cross overs of these moving averages preceded the April 2019 rally and were a marker of a trend change

Although pierced for a third time this morning, $9,100 remains soft support and below this $9,020. If Bitcoin can overtake $9,300, then over the short-term, the asset needs to overcome key resistance levels at $9,573 and $9,800 in order to begin a bullish reversal. 

Traders will note that the moving average confluence divergence on the 4-hour timeframe is teasing a bull crossover and the relative strength index has climbed back above 50. 

BTC USD 4-hour chart. Source: TradingViewBTC USD 4-hour chart. Source: TradingView

On the 4-hour time frame, we can see Bitcoin trading within a narrowing wedge and the Bollinger Bands are tightening as this morning’s move to $9,433 brought price above the 20-MA but failed to extend past the upper arm.

Today’s move also brought the price above the 12 and 26 EMA but failure to hold above $9,200 will likely drop the price back to the base of the wedge it trades above now. 

Bitcoin’s price action is also following a similar pattern of dropping below the descending channel trendline (black line) then pumping above the descending trendline of the wedge (blue line). One will note the hourly candles following this morning’s high volume spike are already mirroring this pattern, hence the suggestion that Bitcoin needs to move above $9,573 to convince traders that the asset has turned bullish.

BTC USD 1-hour chart. Source: TradingViewBTC USD 1-hour chart. Source: TradingView

Looking forward 

BTC USD weekly chart. Source: TradingView

BTC USD weekly chart. Source: TradingView

Zooming out to the weekly timeframe shows Bitcoin above the multi-month descending channel and on the verge of changing the trend. The close at $9,540 did not produce a weekly higher high but Bitcoin rides above the 20-WMA and the MACD line has flattened as the histogram flipped pink off the strength of the most recent moves. 

Bitcoin does not immediately need to gain above $10,540, but a pattern of higher highs and higher lows needs to occur on the daily and weekly time frame to set up an eventual overtaking of the local high. As shown by the volume profile visible range, a move above $9,400 resistance is required, after which a quick run to $9,800 could occur. 

Alternatively, if Bitocin cannot hold $9,200, the price will likely drop back to the base of the wedge at the $9,000 support. Below this point, traders will likely target the $8,700 to $8,350 area where there are a series of supports. 

The views and opinions expressed here are solely those of the author (@HorusHughes) and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Could EA Be Bringing Back Knights of the Old Republic?

EA recently announced that they’d be releasing a remaster in 2021. Fans seem to believe that Mass Effect would be the game in question. In my opinion, more signs point towards Knights of the Old Republic. EA recently announced its plans for the 2021 financial year, and it has got a lot of fans excited. […]

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Data shows Tether transactions larger than $100k increase by 109% in the past week

During the past week, the total amount of transactions larger than $100,000 in USDT reached $7.3 billion, which represents an increase of 109.82 percent compared to the week before that. Data from IntoTheBlock has also shown that the overall number of USDT transactions has been on the rise in the past three months, as was the average transaction size.

Large transactions on Tether reach $7.3bn volume in the past week

Created to provide liquidity to cryptocurrency exchanges, Tether’s mentions in the crypto media always seem to focus on the controversy surrounding the coin. Whether it questions about the coin’s lack of transparency when it comes to fiat backing or accusations from the U.S. Attorney General of fund manipulation, there never seems to be a dull moment for Tether.

This time, however, the controversial stablecoin made the news due to the extremely large trading volume recorded in the past week, which seems to indicate that there’s no bear market for Tether.

According to data from the blockchain analytics firm IntoTheBlock, the total amount of transactions larger than $100,000 in USDT was $7.3 billion.

Tether number of transactions
Number of transactions with a value of $100,00 or greater (Source: IntoTheBlock)

The company said this was a “huge” deal for Tether, as it represented a 109.82 percent increase when compared to the previous week. In comparison, on Oct. 26, there were just under 3,000 large transactions on the network, with a total volume of just over $1 billion. The average balance of the transactions was around $363,000, the company said in a tweet.

Tether

Latest metrics show Tether usage on the rise

While the increasing number of large USDT transactions is an impressive feat for Tether, the network’s other metrics have also shown a significant increase in usage.

The average transaction size has been on the rise in the past month, averaging at around $16,500 in the past seven days.

Tether average transaction size
Average transaction size in USD (Source: IntoTheBlock)

The growth in the transaction size was followed with similar growth in the number of transactions the network has seen, averaging at just over 84,000 transactions in the past week.

Tether number of transactions
Number of transactions in the past three months (Source: IntoTheBlock)

However, the average balance on the network, which is calculated by dividing the market cap by the number of addresses that hold tokens, has been steadily declining since August. According to data from IntoTheBlock, the average balance on Aug. 17 was just over $41,000, while Oct. 30 saw an average balance of just $8,122.

Tether average balance
Average balance in USD in the past three months (Source: IntoTheBlock)

The conflicting stats make it hard to predict how Tether will perform in the following weeks. The company has just performed a 300 million USDT chain swap from the OMNI protocol to ERC20 protocol to increase “efficiency.”

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Dow Lurches Below 27,000 to End October in Abysmal Fashion

The Dow Jones fell on Thursday despite a big rally in Apple stock (AAPL). Trade war concerns loomed over the market, although President Trump had an alternative explanation for the stock market’s woes. Elsewhere, uncertainty over the Fed outlook remains an issue, alongside fears of a weak payrolls number in Friday’s jobs report. The Dow […]

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Big Bitcoin Bulls Don’t Want BTC to Dip Below $9000

Bitcoin btc bulls are strong

It’s Halloween today. It’s also the day when anonymous cypherpunk, Satoshi Nakamoto presented the idea of Bitcoin to the world, 11 years ago. The whitepaper released since then has become a model for censorship-resistant finance. Probably, that’s the reason why strong-headed BTC bulls don’t want the digital asset’s price to ‘dip’. Not at least today.


Aggressive Bears Meet Big Bad Bulls

As reported by Bitcoinist, a few hours ago, in the given market conditions bitcoin is hogging a little more than 30% of the daily crypto trading volume. Since President Xi’s blockchain-friendly comments 6 days ago, BTC bulls seemed to have come out with renewed confidence to push the market north. This is pretty much evident from the uber sporadic nearly 40% price jump in which bitcoin rallied from $7200 to $10,500.

BTC/USD Daily TradingView Chart

BTC/USD Daily TradingView Chart

Noted crypto trader Josh Rager succinctly expressed this concrete bullish behavior in one of his latest tweets today, just when bitcoin suddenly printed a green candle on the charts.

“Aggressive selling being held up by the heavier hand was showing the bigger player didn’t want price to drop from $9000 At least short term Nice bounce from $BTC to tap $9400,” he said. 

Since the epic pump following the Chinese head of state’s speech, bitcoin price has had its share of selloffs as bears reared their head again to suppress the rally. But bulls have been fighting hard to keep the show going on.

It’s been 11 years since the bitcoin whitepaper was made public. Since the mining of the genesis block, on January 3, 2019, the BTC network has been performing faultlessly. This coupled with the increasing institutional demand and product offerings is driving bulls to be all the more ‘bullish’.

Bitcoin Has Rallied Post Whitepaper Anniversary 6 Out of 10 Years

As per a tabular dataset, posted by self-professed full-time bitcoin trader, ‘BitDealer‘, BTC has posted gains the very next day after whitepaper anniversary in 6 years out of the last 10 years. The years 2015, 2016, 2017 are especially noteworthy, as bitcoin rallied more than 4% on November 1st in all these years.

Looking at the current price action, it seems this year too bitcoin will paint the charts green at least tomorrow (November 1).

U.S. Stocks Dip On the Back of an Uncertain Trade Deal

As per WSJ reports, the S&P 500 had a bad day today. Skepticism pertaining to the ongoing US-China trade settlement discussions and a slump in the latest manufacturing data seems to have caused stock markets to take a dip. It seems China is grossly unsure about reaching a long-term win-win trade deal with the US. According to numbers captured by the media outlet:

The broad stock-market index declined 0.7% after setting a new high Wednesday, while the Dow Jones Industrial Average fell 246 points, or 0.9%, to 26941. The Nasdaq Composite also fell, sliding 0.5%

This, in turn, must have forced retail players (not necessarily big fat bulls) to seek refuge in the bitcoin market for some quick gains. Whatever, maybe the reason, it’s bitcoin whitepaper day and BTC is looking pretty happy!

How far up (or down) do you think will bitcoin price go this year? Share your thoughts in the comments below. 


 

The post Big Bitcoin Bulls Don’t Want BTC to Dip Below $9000 appeared first on Bitcoinist.com.

Tom Brady Isn’t Going Anywhere and That’s Bad for the NFL

Speculation has run rampant in the media over what the future may hold for New England Patriots Quarterback Tom Brady. Brady said his focus is on the present and not the future. However, if he did go elsewhere, it might be good for the NFL. It is all Adam Schefter’s fault. If he hadn’t speculated […]

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The SEC Files as the CFTC Settles Charges Against Swiss Securities Dealer

The U.S. SEC and CFTC have both filed and settled charges against Switzerland-based securities dealer XBT Corp. SARL.

The United States Securities and Exchange Commission (SEC) has filed charges against XBT Corp. SARL on the same day that the Commodity Futures Trading Commission (CFTC) settles charges against the same company. 

SEC allegations

In a press release on Oct. 31, the SEC alleged that the Switzerland-based securities dealer, XBT Corp. SARL, operating under the name First Global Credit, offered and sold unregistered security-based swaps to U.S. investors without complying with the registration and exchange requirements governing security-based swaps. 

The SEC went on to say that XBT Corp. SARL used a multitude of marketing methods to entice U.S. individuals into using Bitcoin (BTC) to buy and sell a variety of investment products. Reportedly the company attempted to use different terminology to describe the investments it offered, such as "Bitcoin Asset Linked Notes,” to which regional director of the SEC's Fort Worth regional office David Peavler commented:

"Federal securities laws impose specific requirements for offering and selling security-based swaps to retail investors in the U.S. These obligations cannot be avoided merely by describing the swap transaction by a different name or funding it with digital currencies."

The SEC’s complaint further stated that XBT Corp. SARL also failed to transact its security-based swaps on a registered national exchange and also failed to properly register as a security-based swaps dealer.

Without admitting or denying the findings in the SEC's order, XBT Corp. SARL agreed to a cease-and-desist order and to pay disgorgement of $31,687 and a penalty of $100,000.

CFTC also charges XBT Corp. SARL

The CFTC filed and settled similar charges against XBT Corp. SARL for its failure to register with the Commission as a futures commission merchant.

The CFTC’s complaint requires the company to pay another $100,000 civil monetary penalty and disgorge gains received in connection with its violations and to cease and desist from future violations of the Commodity Exchange Act. CFTC Director of Enforcement James McDonald said:

“This case demonstrates that the CFTC will hold intermediaries accountable if they solicit or accept orders without properly registering with the agency. This case also underscores that the Commission will continue working with our law enforcement and regulatory partners to ensure the integrity of our markets."

Make It Or Break It Time For Bitcoin, Rally In Jeopardy If Support Is Lost

Bitcoin markets are on fire once again, following a massive price spike last weekend on the heels of news Chinese President Xi Jinping spoke out in support of the blockchain technology Bitcoin is built on.

The rally, which set a record for the third-largest 24-hour gain in the asset’s 11-year history, is now in jeopardy of being almost completely erased if the crypto asset cannot maintain support at current levels, according to one crypto investor and trader.

Bitcoin Price Resting on “Must Bounce” Level Or At Risk of Further Fall 

All throughout the summer months, Bitcoin price bounced back and forth between peaks and troughs, forming a descending triangle that ultimately broke down. The triangle pattern support at $9,200 eventually gave way, and Bitcoin price dropped to the low $7,000 range.

Related Reading | As Bitcoin Price Drops To $9K, Here Are the Targets Traders Are Watching 

But last weekend’s powerful rally following news that China would support the development of blockchain technology within the country’s borders took Bitcoin price skyrocketing from lows around $7,400 to as high at $10,500 before finding support in the mid-$9,000 range – where Bitcoin previously found support within the triangle.

The leading crypto asset by market cap is currently trading at just above $9,200 after repeated attempts to push the price of the asset lower, however, unless Bitcoin can sustain a bounce higher and confirm the current support as such, crypto analyst and venture capitalist Zhi Ko says that Bitcoin may be in “trouble.”

The analyst expects Bitcoin to make one final attempt at $9,600, fail, and ultimately drop back down to the mid-range of the recent bear flag, which resides in the low $8,000 range.

A fall from current highs back down to lows after such a historic and powerful rally, could deal a fatal blow to crypto bulls whose confidence was only just revived, only to be crushed once again by bears.

Was Last Weekend’s Rally a Bearish Retest Or The Start Of A Rebound?

Such a move would confirm that the recent spike was merely a powerful, but bearish retest of former resistance turned support, which would now be confirmed as such and caused Bitcoin to descend further into a downtrend.

Related Reading | Will Bitcoin Price Benefit From The Halloween Effect?

Clearly, the crypto asset is indeed at a make or break it moment, as the trader suggests, and the days ahead are especially important in determining the trend for the remainder of the calendar year.

On the bright side, assets like stocks and cryptocurrencies typically perform better from November through May than they do in the other half of the year, and with Bitcoin’s halving coming this May 2020, this next six month time period could be among the first-ever cryptocurrency’s most profitable yet.

Featured image from Shutterstock

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11 years ago today, Bitcoin was first introduced to the world

Bitcoin, the world’s first and largest cryptocurrency, might have celebrated its 10th birthday in January this year, but it was 11 years ago today that it was introduced to the world. On Oct. 31, 2008, an anonymous programmer by the name of Satoshi Nakamoto shared his vision for a permissionless, peer-to-peer cash system with the recipients of a cryptography newsletter.

Oct. 31 marks the day the Bitcoin whitepaper was introduced

While just over a decade old, the crypto industry has already changed the fundamentals of the world we live in. The mining of the first Bitcoin block on Jan. 3, 2009 is seen by most as the day when everything started, but the truth is that crypto history began much earlier than that.

It was 11 years ago today, on Oct. 31, 2008, that an anonymous programmer going by Satoshi Nakamoto first introduced the concept of Bitcoin to the world. The infamous email, in which Satoshi shared his vision for a peer-to-peer electronic cash system, was sent to a cryptography mailing list on metzdowd.com.

Titled “Bitcoin P2P e-cash paper,” the email contained the link to the Bitcoin Whitepaper, alongside a brief explanation of the new concept.

11 years since the world was changed forever

The email marked the beginning of a strenuous development process of mining the first Bitcoin that took just over two months to complete. In various other emails and forum posts in November and December 2008, Satoshi Nakamoto discussed and perfected the details of the new monetary system.

All of this led to the creation of the first Bitcoin block called the genesis block, on Jan. 3, 2009. It took fifteen months of idle mining before the first Bitcoin token was traded—it was traded for around $0.003 on Bitcoinmarket.com, a now-defunct trading platform.

Since then, the coin has broken every historical record—at press time, Bitcoin’s price stood at around $9258, which means it appreciated more than 308 million percent.

The post 11 years ago today, Bitcoin was first introduced to the world appeared first on CryptoSlate.

New IRS Tax Guidance Targets Crypto, and US Persons Who Use It

Do you have a diverse portfolio that contains digital currency? The United States Internal Revenue Service also wants to know your answer.

On Oct. 9, 2019, the United States Internal Revenue Service issued Revenue Ruling 2019-24 and a series of frequently asked questions, identifying rules governing U.S. taxation of digital currencies. Taxation in the U.S. is unbelievably complex, but the new IRS guidance takes a step-by-step approach to address some of the most common issues facing holders of digital currency.

The basics are as follows: If you hold digital currency and you sell or exchange it, you are subject to U.S. tax. If you are granted digital currency in the form of salary or as a result of a hard fork, you have taxable income. If you receive digital currency as a result of a gift, there is no immediate tax. 

U.S. taxation of digital currency is limited to U.S. persons. Who is a U.S. person? U.S. citizens, U.S. green card holders and individuals who spend more than 183 days in the country (measured using a formulaic three-year lookback). If that is you, a tax obligation may exist. 

How do you measure your gain or loss from a sale or exchange of currency? It’s the difference between your digital currency cost basis and the fair market value of the property you received in exchange. How do you know what your cost basis is? The FAQs provide detailed guidance, but essentially, the IRS allows two methods for identifying your basis: 

1) You can specifically identify the exact currency sold, traced to the ledger, and use the cost of that specific currency to determine your gain or loss. 

2) Or you can use the “first in, first out” method, meaning your basis is computed based on the cost of the oldest currency acquisition in your wallet, moving forward in time as you continue to sell currencies. 

Related: New IRS Guidance: How to Report Crypto Assets Accurately

What about digital currency provided as compensation for services? That type of distribution is treated as ordinary income, not a capital gain, similar to cash paid in the form of salary and wages.

What about cryptocurrency forks? The Revenue Ruling holds that when a taxpayer does not receive units of a new cryptocurrency as a result of a hard fork, the taxpayer also does not have gross income. That is the good news.

However, when units of new cryptocurrency are distributed (either as a complete currency replacement or split with the new currency being issued but old currency still valid), the Revenue Ruling holds that the taxpayer has accession to wealth and therefore has ordinary income. The amount included in gross income is equal to the fair market value of the new cryptocurrency measured as of the date that the distribution (usually via airdrop) is recorded on the distributed ledger. 

While the IRS materials provide much-needed guidance, there are some concerns about unexpected hard forks. Many times you find out about a hard fork after the fact. Nevertheless, the IRS takes the position that taxpayers must track and account for hard fork transactions. Thus, it places the burden on individuals to watch their wallet and trace activity throughout the year.

Also, there is no “de minimis” exclusion. Meaning, every transaction involving digital currency must be reported. What about a purchase of a cup of coffee with crypto cash? This payment gives rise to a taxable exchange. The value of the coffee you just bought less the basis in your currency you provided must be computed and reported to the IRS as a gain or loss.

Compliance efforts

Letter campaign

When did you have to start complying with these basis rules and coffee purchases? Forever. In July 2019, the IRS announced through a news release that it had begun sending “educational” letters to taxpayers with digital currency transactions that have either potentially failed to report income or did not accurately report their transactions. By the end of August, over 10,000 taxpayers had received these letters. There are three letter versions: Letter 6173, Letter 6174 and Letter 6174‑A.

Letter 6173 informs the taxpayer that the IRS has “information that you have or had one or more accounts containing virtual currency and may not have met your U.S. tax filing and reporting requirements for transactions involving virtual currency.” This letter requires the taxpayer to provide a direct response by taking one of three possible actions: 

1) File delinquent returns, reporting any digital currency transactions. 

2) Amend returns to properly report any digital currency transactions. 

3) Provide a statement that explains why the taxpayer believes it is in full compliance, signed under penalties of perjury.

Letters 6174 and 6174-A inform the taxpayer that the IRS has “information that you have or had one or more accounts containing virtual currency.” Though neither of the two letters requires a direct response from the taxpayer, Letter 6174-A expressly warns the taxpayer that the IRS may pursue further enforcement activity in the future.

The three versions of the letters show that the IRS is mining the information it has in its possession and forming views about which digital currency holders it believes are noncompliant, and to what degree. Although the IRS stated in its announcement that “all three versions of the letters strive to help taxpayers understand their tax and filing obligations and how to correct past errors,” Letter 6173 seems to presume that the taxpayer in question already understands the digital currency reporting requirements and has chosen not to comply with them. Letter 6174-A is a step down from Letter 6173, but it still assumes a higher level of knowledge on the part of the taxpayer than Letter 6174 does.

John Doe summons

The letters followed the IRS’s issuance of a “John Doe” summons to Coinbase, one of the largest platforms for exchanging Bitcoin and other forms of digital currency. Through the John Doe summons, the IRS sought information regarding all Coinbase customers who conducted transactions on the Coinbase platform between 2013 and 2015. Coinbase resisted the summons and sought to narrow its scope.

In late 2017, the U.S. District Court for the Northern District of California ordered Coinbase to produce the taxpayer identification number, name, birthdate, address, records of account activity, and all periodic statements of account or invoices. Ultimately, Coinbase produced documents for approximately 13,000 customers. While it is widely speculated that the IRS identified the initial group of more than 10,000 taxpayers to receive compliance letters using the data provided by the Coinbase subpoena, any taxpayer with dealings in digital currency should anticipate increased IRS scrutiny.

Revised draft Form 1040

Following the issuance of the October Revenue Ruling and FAQs, the IRS also released a draft Form 1040, Schedule 1 — which, if adopted, will require taxpayers to answer whether at any time during the year the taxpayer sold, sent, exchanged or otherwise acquired any financial interest in digital currency. The change in Form 1040 would place taxpayers in the position of having to think about their digital currency holdings and inquire whether there have been taxable events that need to be reported and taxed.

Methods of coming into compliance

In light of increased enforcement and compliance efforts on the part of the IRS, it is especially important for taxpayers who have held digital currency in the years preceding 2019 to seek advice from a competent tax professional to determine if there have been any taxable transactions associated with the acquisition or disposition of digital currencies. If there was a reportable transaction left off an income tax return, the IRS could impose significant penalties and interest charges. The IRS is also reviewing income tax returns to determine if the noncompliance was due to willful conduct. Such review can result in criminal referrals and prosecutions for filing false tax returns.

There is good news in the face of the potential enforcement of noncompliance. Most taxpayers can take advantage of the IRS’s voluntary disclosure policy, which mitigates penalties. And for those taxpayers who received letters directly from the IRS, options for taking affirmative action are outlined in the letter. The bottom line is this: If you have held digital currency at any time, you should contact a qualified tax professional to assist you in evaluating your tax situation.

The views, thoughts and opinions expressed here are the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

James N. Mastracchio is a partner resident in New York and Washington, D.C. and heads Eversheds Sutherland's federal tax controversy and criminal tax practices.

Sarah Paul is a partner at Eversheds Sutherland who practices in the firm’s litigation, federal tax controversy and criminal tax groups. Prior to joining Eversheds Sutherland, Sarah was an assistant United States attorney in the Southern District of New York, where she supervised all of the district’s criminal tax cases.

Katie Sint is an associate in the tax practice of Eversheds Sutherland’s Washington, D.C. office. She counsels clients in an array of federal income tax matters, including domestic and international tax planning, mergers and acquisitions, accounting and controversy.

How Stephen Curry’s Injury Could Help Launch the Next Warriors Dynasty

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The post How Stephen Curry’s Injury Could Help Launch the Next Warriors Dynasty appeared first on CCN.com

How Bitcoin’s Peer-to-Peer Cash System Was Revealed 11 Years Ago

Satoshi Nakamoto's Powerful Bitcoin White Paper Turns 11

On October 31, 2008, on the eve of Halloween, Satoshi Nakamoto published the Bitcoin whitepaper. Since then the revolutionary design of the network has changed the lives of many and has transformed how we look at money today.

Also read: China Ranks 35 Crypto Projects as President Xi Pushes Blockchain

The 11th Anniversary of the Bitcoin Whitepaper

11 years ago today, at 2:10 p.m. Eastern Standard, Satoshi Nakamoto published the Bitcoin whitepaper to the Cryptography Mailing List. The service used was a pipermail message service hosted on metzdowd.com run by a group of cypherpunks. The mailing list message title was called “Bitcoin P2P e-cash paper” and Nakamoto explained that he had been “working on a new electronic cash system that’s fully peer-to-peer, with no trusted third party.” The anonymous creator also revealed that the paper was hosted on the website bitcoin.org.

Satoshi Nakamoto's Powerful Bitcoin White Paper Turns 11
The first group of people Satoshi showed his project to were the cypherpunks using the Cryptography Mailing List hosted on metzdowd.com.

Nakamoto emphasized in his email that the main property of the protocol was that “double-spending is prevented with a peer-to-peer network.” He highlighted that there was no mint or trusted third parties and “participants can be anonymous” if they choose to be. The first email detailed that “new coins are made from Hashcash style proof-of-work and the proof-of-work for new coin generation also powers the network to prevent double-spending.”

Satoshi Nakamoto's Powerful Bitcoin White Paper Turns 11
On the eve of Halloween on October 31, 2008, Satoshi Nakamoto published the Bitcoin whitepaper for the first time. More than a decade later there are 3,000+ digital currencies in existence following Bitcoin’s initial launch.

The Bitcoin whitepaper announcement wasn’t a huge deal at the time and really only a small number of people witnessed the message and replied. So three days later on November 3, 2008, he decided to write the mailing list again pitching the newly published paper. The Bitcoin inventor mentioned some of the same things that were said in the previous message published on Halloween. A few people had replied to Satoshi at the time and one individual seemed to like the idea, but he didn’t think Bitcoin could scale. Nakamoto dismissed the scaling issue casually and said: “Long before the network gets anywhere near as large as that, it would be safe for users to use Simplified Payment Verification (section 8) to check for double spending, which only requires having the chain of block headers, or about 12KB per day. Only people trying to create new coins would need to run network nodes.” Nakamoto continued:

At first, most users would run network nodes, but as the network grows beyond a certain point, it would be left more and more to specialists with server farms of specialized hardware. A server farm would only need to have one node on the network and the rest of the LAN connects with that one node.

‘P2P Networks Seem to Be Holding Their Own’

Nakamoto also mentioned concepts like Moore’s Law and told the person that it would take several years for the network to grow extremely massive and “by then, sending 2 HD movies over the internet would probably not seem like a big deal.” The same day, Nakamoto replied again in regard to a few attack theories that could be associated with dishonest nodes. Again being the master of his craft, Nakamoto quickly replied and explained that if a “bad guy does overpower the network” the miner would have to outpace the system and it would be much like “bouncing a check.” “To exploit it, he would have to buy something from a merchant, wait till it ships, then overpower the network and try to take his money back. I don’t think he could make as much money trying to pull a carding scheme like that as he could by generating bitcoins,” Nakamoto stressed.

Satoshi Nakamoto's Powerful Bitcoin White Paper Turns 11
If you haven’t read the Bitcoin whitepaper you can read it here.

More than a decade later, the Bitcoin network and the cryptocurrency ecosystem have grown massive. There are more than 3,000 digital currencies listed on market capitalization websites and there’s roughly a quarter of a trillion dollars in digital currency value being held by people worldwide. Satoshi Nakamoto’s paper and the network that went online the following January created a system of wealth that transcends borders, governments, and corporate control. Nakamoto highlighted two days after his third email that Bitcoin was merely an efficient tool and it wasn’t the cure-all against the monopolistic system of force that still exists in society today.

“You will not find a solution to political problems in cryptography,” Nakamoto remarked on November 6. “But we can win a major battle in the arms race and gain a new territory of freedom for several years. Governments are good at cutting off the heads of centrally controlled networks like Napster, but pure P2P networks like Gnutella and Tor seem to be holding their own.”

So far his forecast has been true and Bitcoin has ushered in a new form of money and a taste of true laissez-faire. People have been able to use bitcoin and many other cryptocurrencies to bypass state laws, sanctions, capital controls, and help people who need funds without restrictions. Since the birth of cryptographic currency, many other ideas have stemmed from the technological innovation and people are focused on building platforms like decentralized exchanges and concepts that utilize zero-knowledge proofs. The 11th anniversary of the Bitcoin whitepaper reminds people how powerful Nakamoto’s invention still is to this day and how it continues to transform the world of finance as we know it.

If you haven’t read the Bitcoin whitepaper you can read it in its entirety here and if you’d like to learn more about the digital currency revolution you can get started here.

What do you think about Satoshi Nakamoto publishing the Bitcoin white paper 11 years ago today? Let us know what you think about this subject in the comments section below.


Image credits: Shutterstock, the Bitcoin white paper, the Cryptography Mailing List, and Pixabay.


You can now purchase Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH directly from our trusted seller and, if you need a Bitcoin wallet to securely store it, you can download one from us here.

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Tracking Bitcoin Transactions, Explained

Keeping track of your crypto transactions can be crucial for some much-needed peace of mind.

How can I be informed of what’s happening with my crypto transactions?

Some crypto exchanges are aiming to deliver full transparency to their users.

This attitude toward openness can be especially beneficial for users who are using Bitcoin and other cryptocurrencies for the first time.

HitBTC, which bills itself as one of the most advanced crypto exchanges on the market today, has created a System Monitor that delivers live statistics concerning incoming and outgoing transactions for each of the cryptocurrencies it supports. Processing times for the last 100 transactions are provided — detailing the slowest and fastest execution times as well as the average for the group. Information about maintenance operations also offers updates about any improvements being made to the platform that might briefly affect transactions.

Learn more about HitBTC

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

Can Bitcoin transactions be cancelled?

This is a very common question, but the answer is no.

Blockchains are designed to be irreversible, and once a transaction has been committed to a network, control falls out of your hands.

This is why it is imperative to check, double-check and triple-check before you are sending crypto transactions of a high value to ensure that you haven’t made any typographical errors in the address. It’s also worth verifying that you’re sending the right amount of crypto.

Why do Bitcoin transactions take so long?

Scalability has long been an issue on the Bitcoin network.

For a transaction to be finalized, it usually has to be confirmed six times before it is sent over to the recipient. This, when coupled with the high levels of demand that was mentioned before, means that it can take anywhere from 10 minutes to a day for transactions to clear — or even longer in some circumstances.

Bitcoin’s scalability issue has been a long-running issue for many years. The network is only capable of processing approximately seven transactions per second, meaning it pales in comparison to payment behemoths such as Visa. Workarounds such as the Lightning Network, which adds another layer to the blockchain to deliver instantaneous payments with lower fees, have been introduced, but it’s fair to say that even these solutions haven’t had the levels of traction expected.

How do I avoid stuck transactions?

To begin with, it’s important to ensure that you’re paying sufficient fees.

Over the years, the number of transactions being executed over the Bitcoin network has continued to increase apace. This has meant that miners end up prioritizing transactions with higher fees, including these in their blocks first.

When a crypto transaction is sent with a lower fee, it can take hours, days and potentially weeks for it to be confirmed. Such long delays normally indicate that the transaction is continually being outbid, and miners have little incentive to get it cleared. As a result, it ends up languishing in a mempool, waiting longingly for a block to come along.

Crypto wallets — and some exchanges — have started to help users achieve the best chance of their transaction being verified the first time around. Some monitor network activity and enforce dynamic fees, meaning the charges attached to each transaction fluctuate based on how busy miners are. If you are in a rush, it is also possible to manually add a higher fee to boost your chances of a speedy execution. Conversely, if you’re not a rush, you can save money on fees and accept it might take a little longer for your funds to reach the recipient.

Are there any benefits to transaction trackers?

There are an extraordinary number of potential applications.

When you are using a crypto exchange, transaction trackers can help you to double-check whether their trading platform is operating normally, and how long a transaction may take to finalize. This can provide valuable information in advance of a payment being made, as long delays may mean you choose to rely on a different provider instead.

It is possible that relying on some of these trackers can help you to be better prepared from a tax perspective too, and easily assess how your crypto portfolio has been performing. In the dreaded scenario that crypto has been sent by mistake, you’ll also have the opportunity to find out which address received it. Unfortunately, however, this is by no means a guarantee that you’ll get it back.

How can I track Bitcoin transactions?

Through block explorers and dedicated services offered by some crypto exchanges.

Unlike banks, where it can be difficult to find out information about details about transactions that are currently being processed — as well as those that have been completed — the blockchain offers far greater levels of transparency.

Anyone can search for information based on particular Bitcoin addresses, block numbers and transaction hashes. This, when coupled with wallet explorers, means it becomes possible to draw connections between addresses and the wallets being used to hold Bitcoin.

Of course, this will prove exceptionally useful if you’re worried about whether your crypto has gone to the right destination — or are wondering whether the transaction has been verified. But it’s worth remembering that these tools are also practical for law enforcement agencies that are attempting to clamp down on BTC being used for illegal means.

Crypto Futures Volume Is Now At 50% of Spot Trading Volume

Futures trading volumes creep up on spot trading in crypto, with futures now amounting to half of the value of more traditional buy-sell trades.

Crypto futures trading volume now reportedly amounts to nearly 50% of the value of spot trading on crypto markets, according to Bloomberg.

13 exchanges analyzed

Citing volume data from 13 major global crypto exchanges, Bloomberg reported on a massive growth of cryptocurrency futures markets Oct. 31.

The analyzed exchanges include institutional digital asset platform Bakkt, the Chicago Mercantile Exchange Group (CME), Binance, Bitfinex, the Huobi Derivative Market (DM), Kraken, FTX, Bitz, Deribit, CoinFlex, Bybit, OKEx and BitMEX.

First ever Bitcoin futures launched in late 2017

Spot trading is simply buying or selling a commodity or, in this case, a crypto asset at the moment of the trade. Prior to the launch of the first Bitcoin (BTC) futures platform back in 2017, spot trading was the principal option available for crypto trades. The Chicago Board Options Exchange (CBOE) launched the first trading of BTC-based futures contracts on Dec. 11, 2017, just a week before the launch of a similar product by the Chicago Mercantile Exchange (CME).

The Bloomberg report follows a new Bitcoin futures volumes record on major digital asset platform Bakkt, which launched its service on Sept. 22. On Oct. 26, Bakkt traded 1,183 Bitcoin futures contracts worth of $11 million after hitting a previous all time record of 441 Bitcoin futures on Oct. 23.

On Oct. 29, OKEx, the world’s 5th-largest crypto exchange by trading volume, announced plans to start trading Tether (USDT) futures.

Was Hack on Indian Nuclear Plant Used to Test Cyber Intrusion Abilities?

The Nuclear Power Corporation of India has confirmed the discovery of malware on its network. According to a statement, the infection was found on a central computer that was not connected to the more sensitive internal systems. Cybersecurity experts have linked the harmful code to North Korea’s Lazarus Group. The hacker unit uses a spectrum […]

The post Was Hack on Indian Nuclear Plant Used to Test Cyber Intrusion Abilities? appeared first on CCN.com