China’s Crypto Stance to Soften as Bank of China Outlines Bitcoin Qualities

Chinas-Crypto-Stance-to-Soften-as-Bank-of-China-Outlines-Bitcoin-Qualities

Bank of China recently posted an infographic entailing cryptocurrencies on its official website reveals news outlet Decrypt. As per the claims made, it seems to be an attempt to educate residents on the overall functioning of cryptocurrencies, followed by its real use cases and the value it could potentially conquer.

This is definitely caught off guard considering the fact that the country has dismissed the likes of cryptocurrencies ever since countries began to scrutinize it. It is important to stress that both the People’s Bank of China (PBoC) and Bank of China are two different entities, where the former constitutes regulatory frameworks and the latter exists in different branches.

Even the CEO of Tron, Justin Sun makes an appearance on this infographic, who supposedly was quoted saying (closest translation):

“The biggest problem is too much money!”

As for how the informative visualization was put together, Crypto Potato highlighted that it starts with Bitcoin’s history and Satoshi Nakamoto, followed by the notion of a decentralized peer-to-peer system, Bitcoin mining and issues such as Mt. Gox and an investor’s attempted suicide was reported.

Moreover, accomplishments have also been shared in this part, such as the first ever time pizzas were purchased with BTC, as well as Facebook’s most recent endeavor, Libra.

The second part explores more of what’s been happening for some time now, which includes the volatility in prices, stressing that investing in the giant is equivalent to a roller coaster ride.

As for the final part, it is more relatable to present time trading and successes including crypto ATMs, crypto-related payment options and ways cross-border payments can be achieved.

Is this a sign that China may reconsider its outlook on cryptocurrencies? Will countries like India follow suit?

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Author: Nirmala Velupillai

Cryptocurrencies and Sports Industries Join Forces: New Collaborations to Boost Mainstream Use

Crypto-and-Sports-Industries-Join-Forces-New-Collaborations-to-Strengthen-Mainstream-Adoption

Ever since Bitcoin’s performance witnessed some life, especially after the 2018 plummet, many sports and crypto projects have been joining forces. In particular, news outlet, Crypto Potato has provided a brief breakdown of three collaborations thus far. This shows how far crypto and blockchain have come and the rate at which they are taking over newer spaces.

The first-ever alliance between said parties involve an Italian soccer club, Rimini FC 1912 and global mobile blockchain bank, Quantocoin. The latter has been recognized, considering the fact that it provides services to well over two billion traders; not to forget its 25% ownership of the soccer club.

The next endeavor that was elaborated upon entails both European-based soccer club, Newcastle United and blockchain project, StormGain.

Since the announcement, the CEO of StormGain, Alex Althausen expressed enthusiasm in being able to collaborate with a well-known club, stressing that

“cryptocurrencies and mainstream sports is inevitable.”

Finally, Portugal-based soccer club, S.L. Benifica, has revealed that it will be accepting cryptos (primarily BTC, ETH and UTK) as a payment method for merchandise purchases.

This is just a sample of what’s taking place within the blockchain sector and the potential it has moving forward. In addition to partnerships, more and more advertisements are making waves. This is especially important because it attracts the general public, which is what we need for crypto adoption.

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Author: Nirmala Velupillai

Reasons for Increased Percentage of SegWit-Enabled BTC Payments Revealed: LongHash

Reasons-for-Increased-Percentage-of-SegWit-Enabled-BTC-Payments-Revealed

An increase in SegWit-enabled bitcoin payments has recently been witnessed reports news outlet, Long Hash. It turns out that this is actually an inverse relationship between SegWit and VeriBlock; that is, as VeriBlock’s presence decreases, the need for SegWit Increases.

SegWit, short for “Segregated Witness”, is a protocol upgrade that increases the block size limit by ridding signature data from Bitcoin transactions. Long Hash argues that traders normally retort to SegWit when transaction fees increase, which makes sense as now, more transactions can be processed.

Despite its advantage, many still do not use this implementation, as only 48.1 percent of BTC payments benefit from this. Blockchair and transactionfee.info have both been referenced by the news outlet as sources that keep track of SegWit use. The former measures SegWit BTC sent, while the latter measures SegWit BTC received.

Now’s the time to introduce VeriBlock, a proof-of-proof mechanism which extends BTC’s security to smaller blockchains in a secure and economical manner. Normally, VeriBlock will only process a small number of transactions as BTC transaction fees rise. Therefore, it was argued that SegWit’s uses may have increased amidst VeriBlock’s stagnation.

Is it true that BTC’s transaction fees have gone up and if so, is a drastic one? According to the claims made, said fees went from roughly $0.54 to $2.36 in a month’s time, namely in May of 2019. As a result, SegWit’s Bitcoin payments went from 40.41 to 45.71 percent in a matter of one week starting May 18, 2019.

Intriguingly, the fees at the very moment may not be of too much of a concern, but it does have an effect on traders, exchanges and developers’ behaviors to name a few. An example of the high fees of 2018 was given, in which exchanges, Coinbase and Bitpay had to reanalyze their interaction within the Bitcoin blockchain. This was also the time in which SegWit use increased by 257% in a matter of months.

Other factors deemed to have pushed the use of SegWit include the mere need to increase network capacity, especially when it is congested.

Ultimately, in the event of increased transaction fees, traders are advised to take advantage of SegWit updates.

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Author: Nirmala Velupillai

Curtin University is Now Accepting Bitcoin for its Crypto PhD Program

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  • Earlier this year, the University of British Columbia issued a press release on its website, announcing the launch of its blockchain-based graduate training program.
  • Additionally, back in 2013, Cyprus-based University of Nicosia became the first mainstream educational institution in the world to allow its students to pay their tuition fees in Bitcoin.

As per an all new statement released by the folks over at Curtin University — Western Australia’s largest educational institution with over 55k enrolled students — the centre for higher learning is all set to launch a crypto PhD Scholarship Fund that will be driven entirely by BTC and ETH donations.

In regards to the matter, it is being said the aforementioned scholarship fund will enable companies and individuals to sponsor PhD students to study niche’ tech domains such as blockchain, cybersecurity in a more in-depth fashion. Not only that, a representative for Curtin also pointed out that by funding the above stated study program (via Bitcoin and Ethereum), the crypto industry as a whole will be greatly benefited.

In a recent interview with Garry Allison — Curtin’s Associate Deputy Vice-Chancellor — he pointed out that this latest development provides crypto investors with a new opportunity to “foster a new generation of PhD graduates” who will help this field evolve in a more uniform and sustainable manner. On the issue, he was quoted as saying:

“By establishing the Cryptocurrency PhD Scholarship Fund, Curtin will provide the opportunity for entrepreneurs who have realised significant benefits from cryptocurrencies such as Bitcoin and Ethereum to give something back to these communities,”

The newly created fund will allow wealthy crypto investors to donate and help facilitate the faster adoption of Bitcoin and blockchain technology all over the globe.

According to Curtin university’s above linked statement, the most generous donors will be given the option to choose the field of speciality that they are looking to sponsor.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Shiraz J

Could President Donald Trump Be a True Crypto Catalyst for Bitcoin’s Price? Forbes Says Yes

Could-President-Donald-Trump-Be-a-True-Crypto-Catalyst-for-Bitcoins-Price-Forbes-Says-Yes
  • Bitcoin is centered around the freedom to use it anywhere.
  • Forbes recently stated three reasons why President Trump’s efforts actually mean something good for Bitcoin.

Bitcoin has been around now for over a decade, but there are still many people that doesn’t quite understand how much value it holds. The people who actually know about it understand the way that it acts as both a store of value and a medium of exchange, but the concept of being an apolitical asset is a little difficult to wrap the brain around.

For many people, the only way to fully understand what Bitcoin can do is by seeing the way that it can be used in the real world. According to Forbes, finding that use case is exactly where U.S. President Donald Trump comes in.

President Trump has tweeted fairly recently that he isn’t a fan of Bitcoin or Facebook’s Libra. However, aside from the fact that these two cryptocurrency assets are actually nothing like each other, the way that the president is handling the economy lately. Much of Bitcoin’s use in countries around the world have been due to authoritarian regimes and, while the United States is pretty far away from that, the president has still been a part of the education to the masses as to why Bitcoin could be useful as a protection from the legacy financial system.

There are three main reasons that Forbes believes that President Trump is good for Bitcoin, starting with currency wars. Previously, Trump has criticized the use of low interest rates and quantitative easing, but he’s flipped his stance lately, hoping to devalue the US dollar and to potentially fire the Federal Reserve Chairman, Jerome Powell. It is clear that the US government may soon have no choice but to do so, due to the constant spending of Congress.

Much of the reasoning for lowered interest rates appears to be entirely due to other central banks doing so. With this change, combined with the upcoming halving event for Bitcoin is a “perfect storm for Bitcoin,” according to multiple speakers at the 2019 Bitcoin conference in San Francisco last month. Ultimately, the idea is that investors will be faced with the necessity of using stores of value beyond fiat currency, like gold and Bitcoin.

With the current uncertainty in the industry regarding global monetary and fiscal policy, the boost in Bitcoin interest lately from major retail investors. Pantera CEO Dan Morehead even predicted that this year could see Bitcoin reach $42,000.

The second reason that Forbes sees President Trump as a positive thing for Bitcoin is due to threats to block international remittances. In recent news, and on multiple occasions, the president has threatened that he would keep individuals in the United States from sending money to family members in other countries. Originally, these claims were made during Trump’s run for president in 2016.

The plan, which he voiced at the time, was to limit the remittances that individuals could send to Mexico, which was meant to persuade the government to pay for the wall that he was so vocal about. Genesis Mining, a Bitcoin mining firm, had mocked the claims with billboards soon after.

The Genesis Mining billboard that mocked President Trump's plan to restrict remittances to Mexico.

The Genesis Mining billboard that mocked President Trump's plan to restrict remittances to Mexico.

In April, the White House released a statement that they were targeting remittances to help with the many migrants at the southern border. Not letting this idea go anytime soon, Trump tweeted that he may add on more fees and taxes for any remittance that is meant to go to Guatemala. For consumers that want to avoid these types of limits on their remittance, Bitcoin could be exactly what consumers need to maintain their financial freedom.

The third and final reason that Trump’s influence is a positive force for Bitcoin is for the push against end-to-end encryption from various government agencies, which could be the biggest supporting fact. Through the last month, multiple members of the White House staff, the US Attorney General William Bar, and director Christopher Wray of the FBI have all had the worse to say about the use of applications that include this type of encryption. Some parties have even recommended that end-to-end encryption should be banned.

These arguments are no different what has been brought up in the Crypto Wars of the 90s. In fact, this legal precedent contributes to the theory of Abra CEO Bill Barhydt, concerning how it would be difficult for a ban on Bitcoin to be implemented at all in the United States. In fact, one economist claimed that the only way to actually eradicate the use of Bitcoin is the come up with a digital asset that can compete with Bitcoin, which is highly unlikely.

At the core of all these problems is the theory that the government just wants to be able to see every single thing that every citizen is doing at any given moment. With the threat of a literal dystopian nightmare, Bitcoin could be the saving grace, and Trump’s decision to constant try to tear away these freedoms would be what keeps the market alive.

Presently, Bitcoin is priced at $10,087.10, rising by 3.28% in the last 24 hours.

All of Today’s Bitcoin Price Analysis, Chart Forecasts and Industry News

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Author: Krystle M

Chinese Alcohol Wholesaler And Marketer Oranco To Use Blockchain To Fight Counterfeit Products

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Oranco one of the most prominent premium alcohol marketer and wholesaler in China just announced that they are going to use a product based on blockchain technology to fight fake products.

Counterfeit goods are a nearly $500 billion industry that, by nature, is difficult to quantify. It’s likely that this number is much higher. Chinese merchants are particularly egregious in this regard, developing cheap knockoffs of popular brands and selling them to unsuspecting customers who are hungry for a good deal.

The press release of the product states:

“On August 20, 2018, the Company, through its wholly-owned subsidiary Fengyuang Huaxin Liquor Development Co., Ltd., entered into an agreement (the “Agreement”) with Guangzhou Silicon Technology Co., Ltd. (“GSTC”), a company specializing in blockchain technical solution development and technical support, to develop the Technology for the identification and anti-counterfeiting of the Company’s premium alcoholic beverages.”

Now, in accordance with the agreement, the participating companies have agreed on developing a blockchain-based tech for

“the identification and anti-counterfeiting of the Company’s premium alcoholic beverages.”

Blockchain offers an undeniable advantage for trust and customer/brand relations. By allowing identification information to be recorded and, above all, verified, it can allow real traceability of the marketed products and the way they have been produced.

President of Oranco, Mr. Peng Yang commented:

“This technology will assure the authenticity and further build the value of our premium products. We look forward to further exploring and exploiting blockchain technologies following this exciting step.”

Using blockchain to see if a product is fake or real is nothing new and has already been used for several years for the certification of diamonds and precious stones by Everledger, a company that has created a universal registry. Each stone or diamond is notarized in the blockchain with many traceability elements such as the owner’s name, the serial number which is also laser engraved on the stone, and all related data: size, color, purity, and so on.

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Author: Sritanshu Sinha

Multiple Complaints Filed on Unlicensed BTC-e by US Prosecutors for Conspiracy, Money Laundering

Multiple-Complaints-Filed-on-Unlicensed-BTC-e-by-US-Prosecutors-for-Conspiracy-Money-Laundering
  • The primary accused — Alexander Vilink — was allegedly claiming to be the owner of BTC-e and even sent out emails to his clients assuring that he would allow them to launder their funds without being caught by the government.
  • Vilink is currently serving a prison sentence in Greece. Not only that, he is also facing fresh new charges related to money laundering by the US Treasury Department — as a result of which, he might have to face a longer imprisonment term.

As per an all-new court document made available by the Northern District of California, US prosecutors have filed a formal complaint against BTC-e — a crypto exchange that is now defunct — as well as its alleged owner Alexander Vinnik. Additionally, a closer look at the filing shows us that the FinCEN (Financial Crimes Enforcement Network) determined late last year that the penalties that need to be levied on BTC-e and Vinnik should be around $88 million and $12 million, respectively. This is because Vinnik did not register his trading platform with the regulatory body and also failed to implement a number of Anti-Money Laundering practices that are required these days.

Back in 2016, BTC-e and Vinnik were charged with running an unlicensed money services business.

Similarly, the following year, a jury issued another indictment that contained additional charges related to money laundering against Vinnik.

The aforementioned court document clearly shows that the exchange did not follow through with the required identity checks required to facilitate monetary transfers ranging above a certain amount. If that wast enough, the report also states that BTC-e was used by criminals for their liquidation-related activities.

Some of the miscreants who made use of BTC-e on a regular basis used the platform to facilitate nefarious activities like hacks, ransomware payments, identity theft, and drug deals.

More On The Matter

For those of our readers who may not be aware, Vinnik is a citizen of Russia who is currently serving a sentence in Greece for his role with BTC-e as a senior management official. Now, the US Department of Treasury too is indicting him (as well as his exchange) on fresh new charges related to money laundering — it is being alleged that Vinnik sent out a number of emails in which he claimed to be the owner of BTC-e.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Shiraz J

Jack Dorsey’s Square Cash App is Giving Away Bitcoin (BTC)

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  • Square’s cash app is giving away $50k in Bitcoin and cash
  • #SuperCashAppFriday hashtag is trending while Bitcoin’s roller coaster ride to the moon video goes viral with 2.6 million views
  • Mobile payment service Cash App, developed by Square, is giving away $50k in Bitcoin and cash.

Cash App on its Twitter announced the give away on June 26. The tweet has gone viral since then with 35.6K retweets and having received 40.8K likes.

#SuperCashAppFriday hashtag is trending on twitter as well.

The roller coaster ride of Bitcoin to the moon video has received 2.6 million views till now.

The peer to peer payment app had 15 million monthly active accounts last year, up from 7 million in 2017 and further continues to grow.

As previously reported, at the end of June, Square enabled Bitcoin deposits for all of its Cash app users.

Bitcoin deposits can now be made from external wallets into the cash app’s bitcoin address. However, deposits are limited to $10,000 worth of Bitcoin in a seven day period. Transactions can also take several hours to be confirmed on the blockchain.

Founder and CEO of Twitter and Square, Jack Dorsey is a Bitcoin supporter who believes one day the flagship cryptocurrency could become the currency of the internet.

Dorsey has also been putting together a team to improve the crypto sector at Square.

Square is also enjoying growth as its stock is up about 56 percent in 2019, having started the year at $57 and currently trading at $81.81.

Meanwhile Bitcoin, the leading cryptocurrency is up 157 percent during the same period.

All of Today’s Bitcoin Price Analysis, Chart Forecasts and Industry News

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: AnTy

Perlin Buys Out Dispatch Labs Blockchain Development Project for Undisclosed Amount

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  • A quick glance at the terms of the deal show us that Dispatch’s ex CTO Zane Witherspoon will now serve as Peril’s tech development head.
  • As things stand, the financial aspects (i.e. tx details) of the deal are still not clear.

As per an announcement made earlier today by a spokesperson for Singapore-based blockchain firm Perlin, the company has just bought out another blockchain startup called Dispatch Labs. In relation to the matter, it is being reported that Perlin has also acquired Dispatch’s talent pool as well as the firm’s “provisional and non-provisional United States patents”.

Dispatch’s previous CTO — Zane Witherspoon — will now be heading Perlin’s latest development activities.

At press time, the monetary specifics of the deal have not yet been disclosed.

Additionally, it bears mentioning that this latest acquisition comes at a time when Dispatch Labs was being faced with huge financial losses.

For those of our readers who may not remember, Dispatch Labs was able to raise a whopping sum of $13 million (via a series of private fundraisers) during the first quarter of 2018. However, owing to the market slump that rocked the industry all through last year, the value of this raised capital dropped quite considerably.

Over the past six months or so, Perlin has been involved with a number of blockchain projects for various major companies such as:

(i) Asia Pacific Rayon: One of Asia’s first fully integrated viscose rayon producers.

(ii) International Chamber of Commerce: The world’s largest business conglomerate consisting of more than 45 million businesses (including big name players such as Amazon, McDonalds and PayPal.)

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Shiraz J