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  2. Today
  3. On December 15 the largest bitcoin payment processor in the world, Bitpay, announced it will now process payments for multiple blockchains. The first decentralized currency Bitpay has opted to utilize will be bitcoin cash. Also read: Venezuelans Turn to Bitcoin as Government Crackdown on Mining Intensifies Bitpay Will Now Process Bitcoin Cash for Merchant Invoices and Debit Card Loads Bitpay has made an announcement that’s sure to please bitcoin cash (BCH) supporters as the firm has announced BCH payment processing. This means Bitpay’s merchant invoices and card load ups can be paid in bitcoin cash as soon as the company finishes integration. The company explains they have received multiple requests over the years to support more than one digital asset. The firm believes allowing merchants to accept payments stemming from other blockchains will open up new customer bases. Another reason Bitpay is moving to alternative blockchains is also because of the bitcoin core network’s congestion and high fees. “Demand for Bitcoin transactions is outstripping capacity, causing miner fees to rise on the Bitcoin network,” says Bitpay’s announcement. With multiple blockchain payment options, our merchants’ customers will be able to choose one with features, confirmation times, and miner fee levels that work for them. ‘Bitcoin Cash Has Faster Network Confirmations and Significantly Lower Miner Fees’ Bitpay says they are not leaving the bitcoin core network behind and will continue to help build that chain. They are researching and developing ideas to make the network transactions more affordable and reliable. This includes assisting various efforts with the Lightning Network and Segregated Witness (Segwit) implementation. Bitpay details that Segwit could help fees drop and speed up the network but right now the situation is complicated. “With average transaction fees already around $20, we understand that Bitcoin alone cannot handle the current demand for blockchain payments,” Bitpay explains. Bitcoin Cash is a blockchain created by a fork of the Bitcoin network. It allows for payments with significantly faster network confirmations and significantly lower miner fee costs. All Bitpay Invoices Will Default to Bitcoin Cash Bitpay reveals the first step for BCH integration will be starting with Bitpay’s Visa card loads. Further in early 2018, all Bitpay invoices will default to a bitcoin cash invoice, but customers will still be able to utilize bitcoin core invoices the company emphasizes. The Atlanta-based firm says they will be notifying the public and its regular merchants well in advance before the launch of bitcoin cash invoice implementation. “You will also continue to only receive the settlement type you have chosen, with zero volatility risk from price swings,” Bitpay concludes. What do you think about Bitpay integrating bitcoin cash for payment invoices and debit card loads? Let us know what you think in the comments below. Images via Shutterstock, Pixabay, and Bitpay. Do you like to research and read about Bitcoin technology? Check out Bitcoin.com’s Wiki page for an in-depth look at Bitcoin’s innovative technology and interesting history. The post Bitpay Plans to Use Bitcoin Cash for Payment Invoices and Debit Loads appeared first on Bitcoin News. View the full article
  4. Commodity Futures Trading Commission (CFTC) was very active on the final business day before the globe’s largest futures market maker, CME Group Inc., is to begin its entrance into bitcoin contracts. The regulator created a website devoted to bitcoin, and it issued new cryptocurrency rules of compliance for public comment. Also read: Tezos Foundation Board Member Quits as Lawsuits, Allegations, Tensions Mount Futures Regulator Issues Compliance Rules Release pr7664-17, Proposed Interpretation on Virtual Currency “Actual Delivery” in Retail Transactions, concerns “its authority over retail commodity transactions involving virtual currency, such as bitcoin,” the CFTC statement began. In it, they set “out the CFTC’s view regarding the ‘actual delivery’ exception that may apply to virtual currency transactions.” The CFTC has long held bitcoin to be a commodity as defined within the Commodity Exchange Act (CEA). Now, it is clarifying what that means as market makers under its purview now that Cboe (last Sunday), CME (Monday), Nasdaq (middle of next year), and Cantor Fitzgerald (next year) are moving full-steam ahead to meet an insatiable demand for bitcoin. Broadly speaking, the CEA gives muscle to the CFTC, allowing it to oversee bitcoin/crypto futures on the retail side. The proposed rules of 15 December 2017 exempt contracts if they’re delivered within 28 days. They establish “two primary factors necessary to demonstrate ‘actual delivery’ of retail commodity transactions in virtual currency: (1) a customer having the ability to: (i) take possession and control of the entire quantity of the commodity, whether it was purchased on margin, or using leverage, or any other financing arrangement, and (ii) use it freely in commerce (both within and away from any particular platform) no later than 28 days from the date of the transaction,” the statement outlined. Participants have three months to issue their thoughts on the proposals, which also include “(2) the offeror and counterparty seller (including any of their respective affiliates or other persons acting in concert with the offeror or counterparty seller on a similar basis) not retaining any interest in or control over any of the commodity purchased on margin, leverage, or other financing arrangement at the expiration of 28 days from the date of the transaction,” the CFTC noted. Such clarification is widely believed to be a way for the agency “to crack down on so-called ‘bucket shop’ outfits that take retail investors’ cash fraudulently claiming to plow it into a virtual currency, but no underlying transaction actually takes place,” Reuters stressed. CFTC Launches Gloomy Bitcoin Website, Podcast Friday also saw another first, a CFTC webpage dedicated exclusively to bitcoin. It aims to provide online “resources for market participants and customers on virtual currency and the CFTC’s role in oversight of this emerging innovation.” It boasts a podcast, CFTC Talks, for which production values leave much to be desired. Its maiden episode is a roundtable of CFTC directors discussing existing and coming bitcoin futures. They each read banal introductions as to their purpose, and every participant sounds as if they’re directing flight traffic above a very large international airport. The host is also very excited about everything. The website includes a primer on bitcoin as well as the ominously titled, Understand the Risks of Virtual Currency Trading. The one and a half page oddly formatted document warns: “Virtual currencies are commonly targeted by hackers and criminals who commit fraud. There is no assurance of recourse if your virtual currency is stolen. Be careful how and where you store your virtual currency.” What do you think about the CFTC’s increased bitcoin activity? Tell us in the comments below. Images via Pixabay. Need to calculate your bitcoin holdings? Check our tools section. The post Ahead of CME’s Bitcoin Futures, Regulator Creates Website and New Crypto Rules appeared first on Bitcoin News. View the full article
  5. Earlier this week the blockchain technology-based research and development organization, Nchain, announced a strategic partnership with ‘SBI Bits,’ a subsidiary of SBI Holding’s core fintech strategy branch. In addition to this news, Nchain recently appointed Jimmy Nguyen as its Chief Executive Officer in order to tackle the ‘next chapter’ of the firm’s roadmap. News.Bitcoin.com decided to discuss the company’s recent developments this week with Mr. Nguyen, who tells us 2018 is going to be a “big year” for Nchain. Also Read: Israeli Regulator Won’t Allow Bitcoin Firms to Be Included in Stock Indices Supporting the Usage and Growth of Bitcoin Cash Nchain CEO, Jimmy Nguyen.Jimmy Nguyen has recently taken the position of CEO at Nchain after serving multiple roles with the firm. Nguyen tells us that Nchain’s mission is to enable massive growth of the bitcoin cash network, and his new position will bolster the vision. The company has four separate business units he oversees which includes a focus on blockchain development and research, an IP company, a cryptocurrency wallet and exchange based out of Canada, and its new investment arm called ‘Nchain Reaction.’ “Three of the business entities were already pre-existing,” Nguyen explains to news.Bitcoin.com. “The new business that is being added to the mix is our new investment entity which is called Nchain Reaction. The reason we started [Nchain Reaction] is because since we merged publicly earlier this year we’ve been approached by lots of companies and startups in the bitcoin and blockchain space, and we were supporting them somehow, and doing business deals with them.” So we decided to start our own investment vehicle. One that could support companies with great products and applications that all are for the usage and growth of bitcoin cash in particular. Making Cryptocurrency Solutions More Usable Nguyen explains that at the moment bitcoin core (BTC) is having growth problems and is being used as a speculative asset rather than a currency. “I’m sure you see one of the issues with the growth of bitcoin right now is people are buying it as an investment, and it’s not being used on a daily basis — It’s not being used in e-commerce or as we call ‘bit-commerce,’” the CEO of Nchain emphasizes. Part of that I think is that there needs to be better applications and products out there to make cryptocurrencies more usable for consumers and merchants. So with that company, we are focused on making bitcoin cash more usable. Bitcoin’s True Usage Is Electronic cash — The Only Viable Alternative for That Right Now Is Bitcoin Cash Further Nguyen and Nchain believe bitcoin cash is the ‘true bitcoin’ and is the only network that genuinely reflects the bitcoin white paper written by Satoshi Nakamoto published in 2008. Nguyen tells us that both currencies will co-exist for a while, but he can’t predict what will happen in the future. “We [Nchain] believe that bitcoin cash is the ‘true bitcoin’ and that it is closer to the vision of what bitcoin was supposed to be — a peer-to-peer electronic cash system. This is in contrast to the way the legacy chain is moving and how it’s trying to become more of a ‘store of value,’” he explained. Nguyen responds to a question about bitcoin core (BTC) and bitcoin cash (BCH) co-existing: I never wish any other teams cryptocurrencies ‘ill will,’ and there may be a world where they can co-exist. However, we believe bitcoin’s true usage is electronic cash, and the only viable alternative for that right now is bitcoin cash. A Big Year Ahead for Nchain in 2018 Nguyen says that this coming new year will be a new chapter for Nchain, and with his new role he aims to let the world know what his company is about and what it does. “Now that I’m taking over the reigns at Nchain I recognize a lot of people have questions about who we are and what we do. I think it’s my mission as we enter this next chapter to have people understand that we are an ‘enabling company,’ one that will enable the growth of bitcoin cash and all blockchain technologies,” Nguyen explains. “We’re going to do that through our research and investments but also work with other people and organizations. What I aim to do most during the next chapter is make that clear to people.” We’ve got many plans for things in the future, which we will start rolling out in a few months and the year to come. So, look for a big year in 2018 for Nchain. What do you think about Nchain and its commitment to bitcoin cash? Let us know what you think about Jimmy Nguyen’s statements in the comments below. Images via Shutterstock, Nchain Global, and Jimmy Nguyen. Do you like to research and read about Bitcoin technology? Check out Bitcoin.com’s Wiki page for an in-depth look at Bitcoin’s innovative technology and interesting history. The post Jimmy Nguyen Discusses Nchain’s New Investment Arm and Bitcoin Cash appeared first on Bitcoin News. View the full article
  6. Yesterday
  7. Professional cryptocurrency traders are a clever bunch. They must be, with all their talk of MAs, fibs, and ichis. Mere mortals could never hope to acquire their expert charting knowledge or ability to glean breakouts from glancing at a graph. Thankfully, there’s a way for beginners to trade like a pro without needing to spend five years at forex school: by paying for it. Joining a paid trading group seems like an easy way to fast track your gains, but be careful – those paid signals could be costing you more than you think. Also read: Venezuelans Turn to Bitcoin as Government Crackdown on Mining Intensifies Fib Level: Off The Charts Traders, like gamblers, have a tendency to overplay their wins and hide their losses. If you’re a Twitter trader with an army of thousands hanging on your every call, admitting to being wrong isn’t good for business. When “pro” traders get it right, they have no qualms about reweeting their correct call. Get it wrong and those tweets are deleted faster than you can say flash crash. The risks of blindly trusting traders was illustrated this week after someone published The Wolf of Poloniex’s Bitmex trading history. The Wolf, who styles himself on Leonardo DiCaprio’s Jordan Belfort, boasts a Twitter following of over 75,000 and is famed for his cries of EXIT ALL CRYPTO MARKETS anytime bitcoin looks bearish. He also operates a private trading group, The Wolfpack, which costs 0.1 BTC to enter. Within this inner circle, The Wolf dispenses the sort of priceless insights that aren’t available to the proletariat. It all sounds very lucrative, not least to The Wolf of Poloniex, but what about to those who’ve shelled out $1,000 or more for his wisdom? Well, according to one accuser, the pseudonymous trader could be a sheep in wolf’s clothing. The Trader Who Cried Wolf If the above screenshot is correct, The Wolf of Poloniex has lost around half a million dollars, largely from unsuccessfully trying to short bitcoin. This revelation raises questions not only as to the value of The Wolf’s predictions, but to those of Twitter traders in general. Critics swiftly poured into the thread to dissect The Wolf’s abilities, with one jibing: “His source of income is obviously not trading. It’s his wolfpack 0.1 BTC subscriptions (which he also blew by buying altcoin tops).” Others responded: It’s easy to lay into traders for getting things wrong, but in their defense, charting is not an exact science. Even when it’s done well, it arguably bestows only the slenderest of advantages. Sniping at Twitter traders because you lost money is like blaming Ferrari because you crashed your high performance sportscar. The Wolf predictably came out swinging, retorting: Riding to his defense, another user responded: “All jokes aside, people just love to hate. I support the wolf. This man makes educated calls based on experience. Follow him or not you make your own calls, do your own research.” This sentiment was echoed in a recent Medium post which urged: Invest in projects you believe are going to impact billions of people within the next 10 years. Do your due diligence. Invest in open teams that are accessible. speak to all the people building the technology, get to know them personally. Exit All Trader Groups The real Wolf of Wall Street, Jordan Belfort, came out swinging this week, denouncing bitcoin as a “huge danger” that’s “guaranteed” to fail. His Twitter namesake, at least, has nothing but love for the digital currency. Regardless of where The Wolf of Poloniex’s wins and losses stand, there’s a case for questioning the wisdom of paying to enter private groups for trading advice that can be found elsewhere for substantially cheaper. Veteran bitcoiner Charlie Shrem put it best when he wrote: It’s easy to be a “crypto expert” with “private trading groups” when everything is rising….Most of these “experts” showed up less than a year ago. For cryptocurrency investors seeking a less expensive alternative to paid trading groups, there are a few options. A number of crypto asset funds such as Safinus have sprung up which allow investors to defer to the wisdom of experts and earn a passive return that way. It’s too early to assess the efficacy of these models however, which are still relatively new. Alternatively, do what the best crypto traders do: set aside one evening a month to perform fundamental analysis on the most enterprising projects currently in the works. Do your own research and that way the only person you’re answerable to is yourself. Finally, if you don’t have the time or focus for that, buy into some of the top market cap cryptocurrencies, forget about them and come back in a year. Anything can be charted if you put your mind to it.To date, that’s proven a far more lucrative strategy than agonizing over fib retracements, ichis, and moving averages. That’s not to say you should disregard cryptocurrency traders altogether. They often get things wrong, but their memes are still dank and their charting knowledge is enviable. Follow them on Twitter by all means. Just don’t follow them blindly. Have you found private trading groups to be profitable? Let us know in the comments section below. Images courtesy of Shutterstock. Disclaimer: This article is intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.” The post That Crypto Trader You’re Paying for Advice Isn’t as Smart as You Think appeared first on Bitcoin News. View the full article
  8. This week the developers of the komodo (KMD) blockchain platform performed a successful atomic swap between KMD and bitcoin cash (BCH) using the team’s Barterdex exchange. Also read: Only Big Broker Offering CME Bitcoin Futures Allows Whales to Short Komodo Developers Perform Bitcoin Cash Atomic Swap On the Barterdex Platform On December 14, the developers of the open source komodo cryptocurrency performed an atomic swap between KMD and BCH. Komodo is a digital asset that aims for privacy-centric ideals and hopes to provide more fungible blockchain transactions. The cryptocurrency uses a consensus mechanism called Delayed Proof-of-Work (dPoW) which is similar to bitcoin’s PoW, but also uses a block notarization method. In addition to the komodo token, the team has also built a decentralized exchange called Barterdex, a trading platform that provides cross-chain atomic swaps between other cryptocurrencies. Atomic swaps allow two parties to transact between two blockchains in a trustless manner without counterparty risk. The developer who performed the first ‘BCH <-> KMD’ atomic swap revealed his findings on the Reddit forum. “I was the one who did the actual swap,” the developer reveals. “This is an Atomic Swap between Komodo and Bitcoin Cash, where the KMD buyer bought BCH — The atomic swap protocol, as used in Barterdex, follows the Tier Nolan protocol (Alice is buyer, Bob is seller).” Komodo developers perform a successful BCH <-> KMD atomic swap.Atomic Swaps Will Tear Down Cryptocurrency Trading Roadblocks The Komodo team says the Barterdex BCH swap code is “quite complicated,” but also uses a 2-of-2 multi-signature mechanism which can be used if the trade needs to be canceled. The Barterdex platform also trades over 60 other digital assets that trade blockchain-to-blockchain. In addition to the atomic swaps with a GUI, Barterdex also provides decentralized order-matching. An order matching system matches buy and sell orders so each party can execute a desired trade. The Komodo team explains that there have been notable efforts to try and push the idea of decentralized exchanges like the Bisq network. However, the Bisq exchange and others still rely on an escrow system whereas Barterdex uses the atomic swap protocol. Komodo’s Barterdex GUI with bitcoin cash and komodo atomic swap functionality. According to the Komodo developers, bitcoin core (BTC) atomic swaps have been a nuisance during times when the mempool is congested. When the BTC blockchain is backed up with unconfirmed transactions, the Barterdex exchange has to put bitcoin core atomic swaps on hold until the mempool clears. “BTC won’t be disabled in Barterdex, except during periods of high mempool congestion when BTC atomic swaps are very likely to fail,” explains the komodo’s Twitter handle. For this reason, the developers explained to news.Bitcoin.com that they had decided to integrate bitcoin cash into the trading engine. The Komodo team explained to news.Bitcoin.com that they’re pleased with the BCH integration and believe atomic swaps will transform the future of cryptocurrency trading “Atomic swaps tear down many major roadblocks, foremost among them being a current lack of security in cryptocurrency trading,” explains the Komodo development team. What do you think about the Komodo developers performing an atomic swap between KMD and BCH? Let us know in the comments below. Disclaimer: Bitcoin.com does not endorse the product/service Barterdex. Readers should do their own due diligence before taking any actions related to the mentioned company, exchange, or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Images via Shutterstock, Komodo, and the Barterdex GUI. Keep track of the bitcoin exchange rate in real-time. The post Komodo Developers Demonstrate Bitcoin Cash Atomic Swap appeared first on Bitcoin News. View the full article
  9. 35-year-old Louis Meza from New Jersey was charged with kidnapping and robbery. If found guilty, he could face upto 25 years in prison. View the full article
  10. US attorneys in Utah prosecuting a multimillion-dollar opioid drug-ring are moving quickly to sell seized bitcoin that's exploded in value to about $8.5m. View the full article
  11. Coinbase, one of the most popular ways to trade in cryptocurrency, is facing mounting customer complaints as it stumbles under the weight of intense interest in bitcoin. View the full article
  12. A 46-year-old career criminal has been convicted after trying to buy three grenades on the dark web using bitcoin, the UK's National Crime Agency said Friday 15 December. View the full article
  13. Just recently, the Bank Negara Malaysia (BNM), the country’s central bank, has issued drafted digital currency regulatory guidelines for citizens and businesses residing in the region. The new regulations will fall under the country’s anti-money laundering and anti-terrorism financing act of 2001. If the guidelines are approved, cryptocurrency trading platforms must provide digital asset trade volume statistics, identify all customers, and also monitor transactions going in and out of the exchange. Also read: Federal Reserve Chair: “Fed Doesn’t Really Play Any Regulatory Role” in Bitcoin The Bank Negara Malaysia: ‘A Digital Currency Exchanger Must Declare Its Details’ The central bank of Malaysia, BNM, has issued a draft of digital currency exchange regulations for public consultation. The laws will apply to all trading platforms that deal with cryptocurrencies, and any one individual can also be considered an “exchange” if they sell digital assets. For larger operations, there will be “transparency obligations” where trading platforms will be required to provide data to the BNM’s reporting entity. “A digital currency exchanger must also declare its details to the Bank as a reporting institution,” explains the central bank. Failure to declare its details as reporting institutions or comply with the reporting obligations may subject the digital currency exchangers to the enforcement and non-compliance actions as provided under the AMLA as well as the potential termination or denial of use of financial services in Malaysia. Cryptocurrencies Like Bitcoin Are Not Legal Tender in Malaysia Additionally, exchanges must comply with Know-Your-Customer (KYC) requirements when registering customers. The goal of verifying a user’s identity aims to provide adequate measures against money laundering, and terrorist financing, explains the bank. Further, the bank details that digital currencies are still not officially regulated, and there are significant risks tethered to operations dealing with cryptocurrencies before laws are enacted. “The public is reminded that digital currencies are not legal tender in Malaysia,” the bank’s draft states. “Members of the public are advised to carefully evaluate the risks associated with dealings in digital currencies — This includes risks arising from high volatility in prices, the lack of deep markets and vulnerabilities to cyber-attack which can lead to significant losses.” Users of digital currencies will also not be covered under established disputed resolution arrangements which exists for regulated financial institutions in the event of any dispute or losses. Malaysian Citizens and Businesses May Write Written Feedback About the Proposed Laws The proposed guidelines are considered the first steps towards making digital assets transparent in the country. BNM says they will be monitoring bitcoin and other cryptocurrencies to assess the risks retail investors face. Further, the central bank is welcoming written feedback in regard to the drafted legislation, and responses are due by January 14, 2018. What do you think about the Bank Negara Malaysia and its proposed digital currency exchange legislation? Let us know what you think in the comments below. Images via Shutterstock, and Bank Negara Malaysia At News.Bitcoin.com all comments containing links are automatically held up for moderation in the Disqus system. We do not censor any comment content based on politics or personal opinions. So, please be patient. Your comment will be published. The post Malaysia Issues Proposed Digital Currency Regulations for Public Review appeared first on Bitcoin News. View the full article
  14. According to a few regional news outlets, a Danish bitcoin billionaire and the co-owner of the Rungsted Seier Capital ice rink, Niklas Nikolajsen, plans to change the name of his skating hall and call it the “Bitcoin Arena.” In addition to this news, one of the professional hockey players who plays in the arena has opted to get his salary paid in bitcoin. Also read: An Anonymous Early Adopter Is Donating 5,057 BTC ($86M) to Charity Saxo Bank Ice Skating Rink In Rungsted Will Soon Be Called the ‘Bitcoin Arena’ Bitcoin billionaire Niklas Nikolajsen. Soon there will be a professional hockey arena and ice skating rink in Hørsholm that features bitcoin advertisements, bitcoin hockey pucks, and a bitcoin symbol etched under the skating hall’s ice. The changes to the Rungsted Seier Capital hockey club are being made by its co-owner Niklas Nikolajsen who also runs the trading platform Bitcoin Suisse. The ice rink’s name will change from “Saxo Bank” to the “Bitcoin Arena” according to reports. The sponsorship deal includes an unknown “seven-digit amount” Danish news outlets reveal. “It shows how far bitcoin has really come,” explains Niklas Nikolajsen. “It is quite interesting that when the classic banks move out, we move in.” And I’m going to pull on a smile when I hear the sports commentators, every time they switch over to a match in Rungsted, they have to switch to the Bitcoin Arena. It’s funny, and it’s clear that it’s a little nasty thing. A Nine Meter Bitcoin Symbol In the Center of the Rink and a Top Player Paid In Bitcoin The changes are expected to take place on December 27 when Nikolajsen and his partner Lars Seier Christensen cut the Bitcoin Arena’s ribbon on opening day. The bitcoin symbol will be in the center of the skating rink and will stretch 9 meters in length. Alongside the new sponsorship deal, one of the leading players from the Rungsted team will be paid in bitcoin. Nikolaj Rosenthal is a professional Rungsted hockey player who will be paid in bitcoin. Nikolaj Rosenthal is a full-time hockey player who has been under contract for four years. Rosenthal has agreed to get his pay issued by Nikolajsen’s Bitcoin Suisse payment processor. So far Rosenthal is the only player that has opted to be paid in BTC, but he believes other players will also agree to this type of salary in the future. “I can imagine that they would,” says Rosenthal. “It’s really exciting to be allowed to be a pioneer with this.” What do you think about the Rungsted hockey rink changing its name to Bitcoin Arena? Let us know what you think about this story in the comments below. Images via Shutterstock, Rungsted Seier Capital hockey club, and Bitcoin Suisse. Need to calculate your bitcoin holdings? Check our tools section. The post Danish Billionaire Renames the Rungsted Capital Ice Rink to ‘Bitcoin Arena’ appeared first on Bitcoin News. View the full article
  15. Yesterday, one post set the Bitcoin subreddit on fire An anonymous Bitcoiner who goes by the name of Pine announced that they are establishing the Pineapple Fund to donate 5,057 BTC, worth about $86 million at todays exchange rate, to charitable causes.Im very happy that I have held on to most of my bitcoins until today, Pine told Bitcoin Magazine. Most early adopters of bitcoin actually dont have much. Theyve sold to pay bills and expenses.Indeed, last week it was revealed that Bitcoin evang View the full article
  16. This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release. There are well established markets for trading the vast majority of commodities that are significant to the global economy. This includes everything from oil to gold to even soybeans. But there is one major commodity for which that isn’t true – diamonds. That’s finally going to change in 2018 with the launch of CEDEX, a decentralized diamond exchange that will transform diamonds into a tradable asset. Diamonds have been a steady store of value throughout modern history, similarly to gold and other precious metals. The problem is that very few people have access to the diamond market. This is primarily a consequence of three factors specific to the diamond industry: lack of transparency, lack of liquidity, and lack of standardization. By solving all three of these issues, CEDEX has built a bridge that will connect the diamond industry to innovative financial markets. Before discussing that solution, though, it’s important to understand the problems. First is the lack of transparency. How can you determine what any given diamond is worth? Unless you’re an expert, the answer is that you have to take it to a professional appraiser. The appraiser will then evaluate the diamond and try to gauge its true worth, a somewhat subjective process that may be inconsistent from one appraiser to the next. As a consequence, there isn’t clear and transparent pricing for diamonds and general investors can’t purchase them with any confidence. Even if the lack of transparency were solved, investors would face another serious problem – lack of liquidity. While diamonds are a durable good, they are mainly sold to end customers in a one-sided transaction. As a result, diamond owners can’t expect to resell their diamonds for anything close to fair market value. In fact, diamonds are usually resold at a loss of 30% – 50%. This leaves no incentive for general investors to even consider diamonds. The third problem is a lack of standardization, or fungibility. One gram of gold has the same value as any other gram of gold, but the same can’t be said for diamonds. Each one is unique, and its value must be assessed using multiple metrics. Professional diamond appraisers know these metrics best, but they still can’t achieve anything close to perfect standardization. Those are the three big obstacles that need to be overcome in order for diamonds to finally join the rest of the major commodities with established markets for trading them. By doing so, a market with incredible potential would be unlocked. Overcoming those obstacles isn’t going to be easy, but CEDEX has developed the solution to make it happen. The first critical part of that solution is bringing together the two sides of the diamond market. That will happen on CEDEX.com, the decentralized exchange platform that runs on CEDEX coin. CEDEX coin is an ERC-20 compatible token that will be traded on the Ethereum blockchain, allowing users to easily transfer their capital between diamonds, cryptocurrencies, and fiat currencies. On the supply side of the market, existing diamond dealers will use CEDEX as a new distribution channel. Private holders, meanwhile, will have their first opportunity to resell their diamonds at fair market prices. The demand side of the market will be almost entirely new. General investors and cryptocurrency investors alike will have access to diamonds as a means of hedging against inflation, the stock market, and volatility in other crypto coins. For investors who question how digital assets have any value, CEDEX coin can even serve as an entryway into the greater cryptocurrency markets. What about the lack of standardized and transparent pricing, though? Enter the DEX – CEDEX’s proprietary machine learning algorithm. The DEX was designed to evaluate diamonds transparently and coherently at a pricing accuracy rate of over 99.5%. As it’s available on the CEDEX platform, this provides anybody with a means of accurately appraising a diamond’s value without taking it to a professional appraiser. Diamonds are appraised by the DEX according to three main criteria. They are assigned a gemological purity “score” based on data collected from the Gemological Institute of America (GIA). Additionally, the DEX analyzes each diamond’s parallel composite and indices composite. The parallel composite indicates how rare the particular diamond type is, while the indices composite gives investors insight on current market sentiment. With the DEX, the days of human subjectivity being a part of diamond appraisals are soon going to be a thing of the past. If somebody is given the choice to trust a human they’ve never met before or a piece of open-source software that is transparent and trustless, they will choose the later. Trustlessness is a fundamental feature of cryptocurrencies that makes them valuable, and it is equally important to the CEDEX platform. A beta version of the DEX is already available on the CEDEX platform so that you can try it out for yourself. You can also find more information there about registering for the CEDEX Token pre-sale, which will start on January 12th of 2018. People have been trying for a long time to create a tradable market for diamonds. Now, CEDEX has developed the technology and know-how to actually pull it off. This is the kind of opportunity that doesn’t come around very often. To learn more, visit CEDEX.com where you can watch introductory videos and read the technical whitepaper. Supporting Link CEDEX.com Contact Email Address [email protected] This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. The post PR: Cedex – Transforming Diamonds into a Tradeable Asset appeared first on Bitcoin News. View the full article
  17. The post Changelly Review &8211 The 1 Thing They Won&8217t Tell You&8230 appeared first on 99 Bitcoins.nChangelly is a cryptocurrency exchange that aims to remove the technical barriers of traditional trading platforms. In operation since 2015, the service was originally associated with the Minergate team, which we recently reviewed as well however, today these are two different companies according to a source inside Changelly. Changelly uses an automatic trading robot that ...n View the full article
  18. The post Bitcoin IRA Review &8211 Tax Free Crypto appeared first on 99 Bitcoins.nInvestors are jumping for joy about the incredible explosion of wealth they can gain from cryptocurrencies. However, many remain blithely unaware of the elephant in the room the tax collector. Have you already profited from your investments, but youre hazy about the tax implications If so, speak to your accountant. Moving forward, you can shield ...n View the full article
  19. A look at bitcoin's value across various crypto trading pairs suggests a substantial push higher might not be likely in the short term. View the full article
  20. Financial data firm Bloomberg has added three new cryptocurrencies to its Terminal service. View the full article
  21. Soon after an all-time-high above $17,630 on the CoinDesk's price index, bitcoin prices are starting to look towards sub-$16,000 levels. View the full article
  22. Ripple's XRP cryptocurrency is scaling new heights today, but the rally looks overbought, according to price chart analysis. View the full article
  23. Governments haven't typically been thought of as early blockchain adopters. That could soon change, writes IBM's Marie Wieck. View the full article
  24. Gibraltar will publish guidance explaining how to apply its new blockchain legislation to startups on Friday. View the full article
  25. The paper that's meant to provide the rules for computers running ethereum's software is out of date, and agreeing an update may not be so easy. View the full article
  26. In a newly released patent application, Intel describes how it could run genetic sequencing operations on a blockchain. View the full article
  27. Denmark's Ministry of Foreign Affairs has released a new report on the applicability of blockchain to foreign aid. View the full article
  28. n BitCar team, a Singapore-based project which implements peer-to-peer ownership of exotic cars, talked to Cointelegraph about Singapore, reading and how the things were different back in 2013. BLOCKSHOWn View the full article
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