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    • 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. ‘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. 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
    • 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
    • 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.” 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. 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:    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.” 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
    • 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: 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: 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
    • 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

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