Popular Crypto Payment Processor BitPay To Add Support For Ethereum (ETH) Soon

BitPay, one of the main crypto payment providers in the world now, has recently announced that it would start to support Ethereum-based payments. Ethereum (ETH) is the second-largest token by market cap, which makes this a huge upgrade in the services.

According to the press release, all companies that are already using the services will be free to use Ethereum without having to do anything.

The upgrade will be rolled out automatically as soon as it is ready. Unfortunately, no actual date for the launch was given on the press release. It will also be possible to store the new token on the company’s wallet, which is set to be upgraded to hold it.

BitPay was originally launched back in 2011 and it offered the users the option to pay with Bitcoin (BTC) and then Bitcoin Cash (BCH) after the hard fork. So far, the company’s product has been used to pay over $3 million USD since its creation.

Vitalik Buterin, the co-founder and public face of the Ethereum network, has commented on the update, affirming that it is very exciting to see such a leading company integrating ETH with its payment system. This, he believes, will open a whole new channel for innovation.

In related news, BitPay has been working to improve the security of its systems. The company has just introduced new verification methods this year and will now start to require more information about the users before they are able to use the product. They will need to give their passports of social security numbers before they create an account, for instance.

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Author: Gabriel Machado

DASH Enters ‘Transfer-Only Mode’ On Coinbase Pro; Bitcoin and USD Trading Pairs To Start Soon

Coinbase has just announced that it would list a new asset on Coinbase Pro, the institutional version of its services. Now, DASH tokens will be listed on the platform. Deposits are already being accepted at the moment and trading opens up at 16:00 UTC.

This is part of a larger initiative. Last month, Coinbase promised to review eight new currencies. DASH happened to be the first of them to be approved for the professional trading platform.

About DASH

DASH is a proof of work crypto focused on payments. It has a wide network of merchants that accept it as payments all over the world. At the moment, the token has a market cap of $800 million USD and it is the 16th largest coin in the market.

According to the CEO of the Dash Core Group, Ryan Taylor, the listing was important, as Coinbase is one of the largest exchanges in the most powerful economy of the world. He also affirmed that the company was under scrutiny recently because of its CoinJoin transactions, which can be used to have more privacy on transactions, but that the listing proves the quality of the asset.

The CEO affirmed that Coinbase understands this and that Dash is far from the only coin to have privacy features. CoinJoin is basically a technique that mixes up transactions. Unlike other privacy protocols, it does not make the transactions completely anonymous, however.

Taylor affirmed that it was important that both clients and regulators understood the difference between complete privacy and privacy features such as CoinJoin. This, he believes, will help DASH to continue with these features without problems.

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Author: Hank Klinger

Only A Day Remains For US Citizens To Trade On Binance Before Becoming Storage Wallet

It has been about 3 months that Binance had announced that they would be shutting down US based investors from trading on their platform on September 12th. The time has finally arrived.

Binance is currently freely accessible by US residents. However, this has all along exposed the exchange to many risks due to regulators in the US starting to tighten up their grasp over the emerging market. Binance offers a variety of unique altcoins, some of which could very well be considered securities under US law which could eventually land the exchange in the hot seat.

On September 4, Binance CEO Changpeng Zhao confirmed that the exchange

“should not have any US users, as per our TOU.”

A poll posted by Reddit user u/millzcrypto on September 2 (now it has 200 responses), shows what options Binance users are considering. (It is estimated that 20% to 30% of Binance users are U.S. residents.) At the moment, most respondents stated that they are going to use “other,” not mentioned exchanges (34%), followed by KuCoin (30%), Coinbase Pro (21%), and Kraken (12%).

The leading crypto exchange also announced that it is planning to launch a branch in the United States

“in the coming weeks.”

KYC onboarding will begin a few days prior to live trading. To complete the onboarding process, users will be required to provide a valid government ID — driver’s license or a passport — and their social security number.

Notably, Binance.com isn’t the only exchange platform by Binance, it’s localized subsidiaries Binance Jersey, Binance Uganda, and Binance Singapore operate mainly as fiat onramps with a few trading pairs

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Author: Sritanshu Sinha

Two out of Five Millenials Look At Crypto During A Recession, eToro Survey Discovers

A new survey has discovered that 40% of the Millenials in America would rather invest in crypto assets than any other kind of asset during an upcoming recession. According to the study, which was conducted by eToro with 1,000 online investors in the U. S. recently, Millenials are the most open investors to crypto.

According to the data, two-thirds of the investors are afraid of a recession, but their solutions for how to handle it are different. While 40% of Millenials have chosen crypto, 50% of Generation Z had chosen real estate. Generation X is more inclined to invest in commodities, with 38% of them choosing this kind of asset.

Another trend is that fractional ownership interest has spiked. 92% of the investors affirmed that they would like to own pieces of artwork during a recession while 55% of them were eager to sell a portion of their current portfolios if they could find new investments that could be more profitable than the ones that they have right now.

Finally, the study also concluded that high net worth individuals are more likely to invest in Bitcoin than any other kind of crypto asset, as it is the most famous and powerful one.

The managing director at the company, Guy Hirsch, affirmed that during a recession most portfolios would end up shrinking. The main difference now is that crypto provides a true new path. The investment would not be confined only to people with a high net worth. Retail investors and not only institutional ones could gain money during the recession.

Hirsch also affirmed that current investors want more freedom besides just following the status quo of investments and they see an opportunity in Bitcoin.

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Author: BEG News Desk

Bitqyck Crypto Exchange Settles with SEC on Charges About Committing Token Sale Fraud

The U.S. Securities and Exchange Commission (SEC) has recently announced that it would settle the charges related to Bitqyck, a cryptocurrency token issuer which was accused of being a fraud. The two founders of the company, Sam Mendez and Bruce Bise, raised $13 million USD selling the tokens of their company to over 13,000 investors.

However, the sale of the tokens, which were deemed as securities by the regulators, was illegal because they were unregistered. According to the SEC, the goal of the tokens was to work like securities, as they provided a share of the company’s stocks via a smart contract.

Another accusation was that the company did not own any of the mining facilities that it affirmed to have. This company received $4.5 million USD from the investors but was not completely truthful when it disclosed its business.

According to David Peavler, a regional director of the SEC, digital assets such as this one can look appealing at first, but they might be dangerous investments.

During its investigations, the SEC was aided by the Texas State Securities Board and Hawaii’s Securities Commissioner Office.

Now, the company has decided to settle the matters and will pay around $8.5 million USD in penalties. Each of the founders will also have to pay over $850,000 USD.

This is part of a current trend that the SEC is following of prosecuting companies that offer illegal securities. Over 40 companies focused on the blockchain technology and cryptos were prosecuted so far.

One of the most high-profile cases involving the SEC the one related to the messaging platform Kik, which was charged in around $100 million USD.

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Author: Bitcoin Exchange Guide News Team

Bitcoin Drops Down $550 to $9,716 BTC/USD as Major Altcoins Price Plunge Suddenly

As soon as investors were starting to believe that $10,000 USD would be Bitcoin’s next bottom, prices dropped a lot. All the major cryptos’ prices, including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Ripple’s XRP all went down today. In only a few hours, Bitcoin lost 5% of its price and other cryptos lost 10%.

Bitcoin was up almost 200% until now, so the plunge comes as a surprise for most investors and marks a bad day. Bitcoin went down 5.6% today, but it stopped to fall as quickly as it started and now prices are around $9,750 USD again.

The reasons for the drop in prices remain unclear at the moment.  Dave Balter, the CEO of Flipside Crypto, told Bloomberg that it looked like a planned sell-off. To him, investors were planning to cash settle futures, which are coming up this Friday. Another investor, Jeff Dorman affirmed that, as volumes are pretty low this week, it is easy to move prices up and down.

Another sign of what may have happened can be seen at BitMEX. Around $144 million USD worth of BTC was liquidated at the exchange, which helps to strengthen the theory that this was a planned move.

The Crypto Monk, a prominent internet figure, affirmed that the weekend was very bullish but the week was calmer, so investors decided to cash on the euphoria of the market.

Will the prices go up again or is the bull run over? Too early to say, that much is sure. The crypto analyst Murad Mahmudov from Adaptive Capital affirmed that BTC will now test the $9,750 mark. If it remains above it, there are good chances that it may reach $20,000 by the end of 2019.

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Author: Gabriel Machado

Bitfinex Adds Three New Stablecoin Trading Pairs, USDC/USDT, PAX/USDT and TUSD/USDT

The crypto exchange Bitfinex has recently announced on Twitter that it would add three new stablecoin pairs to its rooster.

According to the company, clients will now be able to trade three stablecoins for Tether. These new trading pairs are USD Coin (USDC/USDT), Paxos Standard (PAX/USDT) and TrueUSD (TUSD/USDT).

Bitfinex is not only a crypto exchange but also the company that issues Tether, so the new pairs make sense. Trading starts today at 8:00 a. m. UTC. Only users who are already verified and whitelisted by the Know Your Customer (KYC) system of the company will be able to trade the new assets.

The Legal Trouble Surrounding Bitfinex

Despite continuing activities, as usual, it is fair to say that Bitfinex and Tether are living quite troubling times. At the moment, the two companies are facing the New York Attorney General (NYAG) in a battle to prove that the companies did not do anything illegal when Tether loaned $850 million USD to its sister company.

The company was being used to back the price of the stablecoin, so the NYAG argues that Bitfinex broke the law while the company argues that the whole case is not even in the jurisdiction of the NYAG because Tether does not have any clients who are resident in the New York state.

At the moment, the two companies are in a process to collect documents to prove that they did not break the law. To compensate the Tether holders, the company has started an Initial Coin Offering (ICO) to sell LEO tokens. The money will be used to pay the debts.

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Author: Gabriel Machado

Ethereum Classic (ETC) Dev Affirms That a Change of Name Would Get Other Cryptos “Rekt”

Would Ethereum Classic (ETC) be more popular if it removed Ethereum from its name? A developer seems to think so. Stevan Lohja, one of the devs from the ETC team, has recently affirmed on social media that other altcoins with a higher market value would be “rekt” if ETC decided to change its name.

The name Ethereum Classic was created after the hard fork in which some ETH users decided not to change the protocol after the DAO scandal back in 2016. The association with Ethereum, however, seems to be a problem for the token now.

Because of this, some people have started to affirm that the Ethereum name should be completely removed and that a rebrand is needed. Yaz Khoury, the director of the ETC Cooperate, agrees with that. He affirms that he has “always advocated” for the token to change its name because it needs a proper identity.

The best opportunity to discuss this further would be at the ETC Classic Summit, which is already set to happen in Vancouver, Canada, on October 3 to 4.

Names are important. It was proved that cryptos with three-letter symbols which are easier to remember will tend to fare better and that companies that associate their business with Bitcoin or blockchain tend to get more profits.

Because of this, a rebrand might be the way to go forward. At the moment. ETC is the 21st token by market cap, so the name change might not put into the Top 10 tokens as the developers seem to believe, but it may bring some important freshness to the brand.

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Author: Daniel W

Nearly 15 Governments to Cooperate in Creating a Worldwide Crypto Monitoring System To Fight Money Laundering

Governments of about 15 countries seek to establish a new system of cooperation that would enable them to collect and share with each other personal information on people who transact in cryptocurrencies, Nikkei Asian Review reports.

Among the countries that will develop the new system include the Group of 7 (G7) members, Australia and Singapore. The system is to be designed by the Financial Action Task Force (FATF), an international organization that consists of 37 member jurisdictions and 2 regional organizations.

According to the report, the plan is for the detailed measures to be drawn up by 2020, and a few years later, the system should be in operation, which would then be managed by the private sector.

The goal of this effort is to prevent the laundering of money, which is then used for a host of illegal purposes, including funding terrorist organizations.

Given that many countries do not have a regulatory framework for crypto, and that a number of them are working on establishing clear rules for cryptocurrencies, it is generally very difficult to establish a global set of rules or a system by which most, if not all, countries will be guided, but this effort might bring all of them closer and faster to their legal goals.

In June, the FATF agreed to implement their previous recommendations that would force governments to tighten oversight of the crypto business.

In other related news, just recently the Financial Conduct Authority (FCA), a financial regulatory body in the United Kingdom, issued the Final Guidance on crypto assets, while the G7 attendees at a summit of ministers and central bankers expressed concern about Facebook’s Libra and crypto-related matters and promised action.

The crypto industry has witnessed numerous regulatory announcements in the recent past, especially after the announcement of Facebook’s Libra project and the crypto enthusiasts can expect a lot more to come.

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Author: Joseph Kibe

Malta-Based Miner Sues Local BTC Mining Machines Over Power Consumption, Comes Out Victorious

Malta-Based-Miner-Sues-Local-BTC-Mining-Machines-Over-Power-Consumption-and-Wins

Perhaps you aren’t into mining Bitcoins or any cryptocurrency, but here’s a question: who would you feel if you were to buy a BTC miner whose power consumption is higher in value than that of the coins it actually mines?

Well, guess you’d be enraged like a Maltese Bitcoin miner who apparently sued a local IT company that sold him the machine. According to Malta Today, the individual took the firm to court after getting a power bill that was higher than the value of coins mined using the device.

The man who probably felt cheated and robbed filed the complaint at the country’s Consumer Claims Tribunal. He stated that the unspecified miner worth €2,600 was not only noisy but also unprofitable.

The Consumer Claims Tribunal requested 3 Group’s CEO, Dario Azzopardi, to appear and answer the charges. Through a statement made on Tuesday, the tribunal said that they issued Dario Azzopardi with a notice to appear and answer the complaints.

Bizarrely, the CEO of the IT firm filed no objection on the matter. He neither attended nor sent a written response to the matter. Eventually, the miner had his original sum of €2,000 used to buy the machine refunded.

When it comes to choosing a cryptocurrency miner, some of the fundamental factors one has to consider are power costs, prevailing coin market prices and the amount of coins it earns. The three play a huge role in the entire proof-of-work blockchains.

Bitcoin miners have an automatically adjusting “difficulty” feature that monitors the ease of solving mathematical problems that miners are rewarded for. The mechanism ensures that blocks are “mined’ after every 10 minutes, regardless of how powerful a machine is.

For a machine to survive this though it has to be powerful and monstrous on power consumption, thanks to the application-specific integrated circuits (ASICs). The Maltese miner probably never paid attention to this while buying the miner and thus incurred a loss.

The recent past has seen Bitcoin witness huge amounts of computing power. Data from BTC.com, a website dedicated to mining data, shows that the current average BTC mining hashrate stands at 71.43 quintillion hashes per second (EH/s), a record high. It previously stood at 64.49EH/s and the current level represents as 10.78% increase, perhaps a testament to the miner’s losses.

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Author: Lillian Peter