Sunday, December 31, 2017
Pineapple Fund Donates $5 Million in Bitcoin as Seed Capital for the Poor
One of the greatest things about having true wealth is offering a helping hand to those less fortunate. A new venture, Pineapple Fund, is showing the luckiest members of the bitcoin community how can this be done best.
Also Read: Paxful to Help Fund 100 Schools in Africa #BuiltWithBitcoin
Pineapple Seeds
The charity, supported by Google and others, is known for its rigorous analytical approach to finding the most impactful ways for distributing donations. It boasts a 91% efficiency rate, a high benchmark in a field full of organizations that waste much more on administration and fundraising costs.
Only revealed to the public earlier this month, the Pineapple Fund has already donated to six previous charities. These include Watsi ($1Mn), The Water Project ($1Mn), the Electronic Frontier Foundation ($1Mn), the Bitgive Foundation ($500K), MAPS psychedelic studies ($1Mn), and the Open BSD Foundation ($500K).
Universal Basic Income
UBI was one of the hottest economic topics of 2017, mostly talked about as a possible solution to technological unemployment – keeping people from falling behind once robots take over all the jobs we have today. By working in countries such as Kenya, where the average Give Directly recipient lives on just 65 cents per day, the organization is able to test the UBI concept with modest costs before it’s implemented in more expensive regions of the world.
What other good causes should the bitcoin community should get behind? Share your thoughts in the comments section below!
Images courtesy of Shutterstock.
Want to create your own secure cold storage paper wallet? Check our tools section.
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via Avi Mizrahi
PR: Decentralized News Network Kickstarts Private Pre-Sale
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.
Blockchain-powered news curation platform opened sale of DNN tokens on Dec. 18
EDISON, New Jersey — News curation platform the Decentralized News Network (DNN) launched the private pre-sale phase of their DNN token on Dec.. 18 at 9:00 a.m. (EST). A total of ‘100 million’ tokens will be available for sale during this period, with the phase tentatively slated to come to a close early in the new year.
“We are thrilled to begin the process of launching this important phase of our development as a company and we hope contributors and supporters will take a chance to join our private pre-sale phase,” said DNN CEO Samit Singh.
DNN will be accepting ether (ETH), and bitcoin (BTC). Anyone interested in participating in the private pre-sale will be required to sign a pre-sale agreement. In addition, a minimum contribution of 50 ETH is required.
Contributors can send ETH or BTC to the addresses provided to them by the DNN team. Contributors must use a non-exchange and ERC-20 compliant wallet in order to receive tokens.. Once the contributor’s non-ETH transaction has been confirmed by the DNN team, they will be sent tokens proportional to the ETH value of their contribution directly to their wallet.
For contributions not made in ETH, an average conversion rate between the contributed currency and ETH will be obtained using GDAX, Bitfinex, and Bittrex. This conversion will take place prior to tokens being allotted. Contributors who are interested in purchasing more than €15,000 worth of DNN tokens, will be required to go through a Know-Your-Customer (KYC) process.
For more information, or if interested in purchasing DNN tokens during the presale, contact presale@dnn.media.
About DNN
Decentralized News Network is a political news curation platform that relies on a peer-reviewed, community model of fact-checking, publishing, and news dissemination. It’s accountable news that answers to you.
Supporting Link
https://dnn.media
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.
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via Bitcoin.com PR
First Real Bitcoin Lightning Network Payment Completed via Bitrefill
Considering the persistent issues with the system at the moment, fast and cheap bitcoin (BTC) transactions might sound like a distant dream, but its realization might be just around the corner. The first transaction using real bitcoin to make a payment on the lighting network has recently been completed via mobile top-up service Bitrefill.
Also Read: Several Bitcoin Exchanges Are Closing Their Doors to New Traders
Lightning Payment on Bitrefill
The Lightning Network is a scaling solution that has been in development for a few years already. The protocol creates an off-chain system by forming a network of payment channels where funds are not entrusted to a third party. It theoretically promises to scale bitcoin by allowing thousands of transactions per second without compromising its trustless nature.
Mainnet Lightning Network paying my actual phone bill with actual Mainnet funds on @bitrefill. Speed: Instant. Fee: Zero. Future: Almost Here. http://pic.twitter.com/futhn502Lp
— Alex Bosworth (@alexbosworth) December 28, 2017
Bitrefill CEO, Sergej Kotliar, explained to news.bitcoin.com the motivation for this development by his team. “As we all know, blockchains currently don’t scale for consumer payments and currently require tradeoffs between decentralization and efficiency. Lightning is a tool that can enable the best of both worlds – a great customer experience (both fast and cheap), but also trustless custody of funds. So we’re eager to enable it as a payment method and do what we can to support developments on that front.”
Full Steam Ahead
This payment integration with Lightning has been surprisingly easy and the company is already working on further developments, Kotliar explained to us. “At first we’ve enabled Bitrefill orders to be paid with Lightning. That’s the easiest integration for us. Next step will be enabling full lightning support (send and receive) in our user accounts.”
As to how he sees his company’s role in the larger development of the network, the CEO said: “A common problem with new technology and innovation is actually implementing things in production. That’s also where real issues pop up. We’re a small company, but we think that it’s important to help where we can. In our case it’s at least implementing this new piece of technology as it becomes available and provide testing. Credit belongs where credit is due with all of the independent and corporate developers of the Lightning protocol.”
Bitrefill most recently made headlines when it came to the rescue of bitcoin PC gamers after Steam announced that the popular online games store would no longer accept BTC as a method of payment. “I can’t share revenue numbers but I’ll tell you that Steam voucher sales far exceeded our expectations, Kotliar commented. “We’re looking to add more voucher products to our service soon.”
Would the lightning network be the cure-all for bitcoin’s current ills? Let us know your thoughts in the comments section below.
Images courtesy of Shutterstock, Bitrefill.
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.
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via Avi Mizrahi
PR: Cryptocurrencies Are Now Instantly Spendable with MoxyOne’s White Labelled Debit Cards
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.
Cryptocurrencies are now worth over $600 billion. This is more than the net worth of Amazon or Facebook. Owing to its continual growth, many great projects have emerged that are developing to enhance pre-existing services and products. As the number of projects increases, so does the demand and need for a means to utilise company-issued tokens. These can range from platform and service fees on a company’s ecosystem to a more varied role such as grocery purchases and other daily transactions.
Realising the need for this service, MoxyOne is developing a white-label service for any company that wishes to supply their users with a company-issued debit card and wallet system. White labelling allows companies to become partners and gives them access to the MoxyOne infrastructure. Companies will have great flexibility to change the components on the MoxyOne system to suit their individual needs.
In addition to their white label service, MoxyOne will also be providing their token holders (SPEND) with a debit card and wallet system to make real-world purchases. Users will be able to utilise the wallet and debit card to make everyday purchases, withdraw funds from any compatible ATM and make instant payments anywhere, anytime [even where cryptocurrencies are not accepted]. Cryptocurrencies will instantly and automatically convert to fiat at point of sale without any extra input required by the user.
Liquidity providers are a major component of the MoxyOne system. These individuals or companies provide equivalent fiat for the amount of purchase by a user. They will in return, receive the full token amount as well as an added percentage of tokens as fees. By being available in multiple countries, users will incur little or no foreign exchange fees in the countries that liquidity providers are available. Cryptocurrencies and fiat will be exchanged at the domestic exchange rate which is great for travelling users.
MoxyOne already has an exchange partnership with Cryptopia, meaning SPEND will be listed there as soon as the token sale ends. Other exchanges, both majors and pay-to-play, will be listed and announced in the near future. Additionally, they have secured a partnership with a decentralised social networking platform, “Social” (SCL). They will be the first white label partner to offer its token holders a “Social” instant access debit card to be used on its platform.
Raiden Network’s micropayments channel will be used for enhanced transaction speeds and Gladius’ DDoS protection and security will be used to secure the system. It has also been announced that the MoxyOne developers are finalising a prototype for its wallet system. It may be released prior to the token sale in early 2018.
The pre-sale will begin on 8th February 2018 at 01:00 GMT and ends on 10th March 2018 at 01:00 GMT. The main token sale event will run from 14th March 2018 at 01:00 GMT to 14th April 2018 at 01:00 GMT.
Contact Email Address
info@moxy.one
Supporting Link
https://moxy.one/
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.
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via Bitcoin.com PR
CME Launches Bitcoin Futures Trading Simulator
Chicago Mercantile Exchange (CME) has launched a market simulation tool that allows newcomers to practice trading bitcoin futures without risking any capital. The free tool has been added to the company’s ‘CME Institute Suite’.
Also Read: Thailand’s Year of Bitcoin Ends With Central Bank Education Push
CME Tweeted About the New Simulator on December 27th – Less Than Two Weeks After Launching Its Bitcoin Futures Markets
The launch of the market simulation tool is likely designed to attract new participants in the bitcoin markets to CME in a bid to attain dominance in the bitcoin futures contracts-for-difference (CFD) markets.
On December 18th, CME Became the Second United States-Based Financial Market Company to Launch Bitcoin Futures
Major market-making firms DRW, DV Trading, and Akuna Capital have also indicated that they will provide liquidity to the bitcoin futures markets.
Despite the hype leading up to the launch of the bitcoin futures market, volume has thus far been dwarfed by the scale of trade being conducted on leading cryptocurrency exchanges. As of this writing, 1,078 contracts have been traded on CME, and 4,790 on CBOE.
Have you traded CME or CBOE’s futures markets? Share your experience in the comments section below!
Images courtesy of Shutterstock, Wikipedia
Need to calculate your bitcoin holdings? Check our tools section.
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via Samuel Haig
Saturday, December 30, 2017
Cryptocoinopoly Is the Game That Lets You Play the Cryptocurrency Markets with Friends
Someone was bound to create a cryptocurrency version of Monopoly. Well now they have, enabling you to gather friends and family to trade fake fiat currency for fake crypto. Playing with ersatz money won’t make the competition any less intense as you clamor to snap up Mayfair – or Bitcoin Core as it’s now known.
Also read: Poloniex Now Requires Legacy Trading Accounts to Verify Identity
Go to Hodl, Do Not Pass Go
The odds of an officially licensed version of crypto Monopoly being released seem as remote as ripple becoming a $10 coin. In other words, anything’s possible. For now though, hodlers can content themselves with printing their own version of the unofficial board recently shared by redditor ronoxe.
It features many of your favorite cryptocurrencies – plus a few you’re sure to loathe. “What the hell is cardano doing in the greens?” “Who put tron in there?” “Whose bright idea was it to add EOS?” All these points can be argued as you make your way around the board, skipping jail, rebranded as ‘hodl’, and trying to avoid paying capital gains tax. For crypto traders who aren’t getting enough of a buzz from the game, there’s nothing to stop you from playing with real crypto; the winner receives everyone’s cheapest alt bag.
Monopolize the Crypto Markets
One of the most fascinating things about Cryptocoinopoly is that it provides a snapshot of the markets at the point of the game’s creation. Were the board to be developed today, ripple certainly wouldn’t be languishing in the yellows; what a difference a week makes. It will be interesting to see which cryptocurrencies have traded places a year from now – and which will have been banished from the board altogether.
Since anyone is free to create their own version of Monopoly (even if Hasbro would prefer that they didn’t), it raises the possibility of there being competing editions of the game, each claiming to be the true Cryptocoinopoly. Highlights of this sharply designed edition include the orange properties, occupied by verge, Zcash, and monero, which shall henceforth be dubbed Privacy Street, plus the free parking square which is now ‘free market’. Instead of adding houses and hotels, players acquire cryptocurrency miners.
The game even has its own Github repository, which explains the objective as follows:
Acquire some of the most popular cryptocurrencies on the internet, charge players network fees for landing on your cryptos and collect money. Use your money to acquire more cryptocurrencies, build mining rigs and farms and become a whale in the crypto-world.
Monopoly has a storied history dating back to to 1903, when anti-monopolist Elizabeth Magie created The Landlord’s Game, as it was then known. This precursor to Monopoly was intended to illustrate the downsides to having land concentrated in private monopolies. In other words, it was a primer on the dangers of centralization. It seems fitting, 115 years on, that Monopoly should be reimagined as an introduction to decentralized currency.
What would you change on the Cryptocoinopoly board? Let us know in the comments section below.
Images courtesy of Shutterstock and Cryptocoinopoly.
Play with confidence! We guarantee that every Video Poker game you play at Bitcoin Games is completely fair. You will be dealt a completely random deck of cards every game, and we can provably demonstrate that we have in no way manipulated the shuffle.
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via Kai Sedgwick
Korean Exchange Youbit May Avert Bankruptcy – Members Have 3 Options
South Korean exchange Youbit filed bankruptcy last week but has now come up with additional options to pay back its members. The exchange is asking them to vote between three options.
Also read: Russian Regulators Draft Law to Restrict Crypto Mining, Payments, and Token Sales
Youbit’s Bankruptcy Filing
Youbit exchange’s operator Yaffian filed bankruptcy on December 19 after the platform was hacked, as previously reported by news.Bitcoin.com.
The news of Youbit’s bankruptcy sent shockwaves through the Korean crypto markets, prompting the government to step up its regulatory measures to prevent similar problems from occurring in the future. Following a meeting on December 20 to discuss cryptocurrency regulation, the regulators announced:
The bankruptcy of the virtual currency exchange Youbit following the recent hack is expected to cause financial losses for users. It is necessary to pay special attention to the risk of virtual currency speculation and to be vigilant about virtual currency trading participation.
Then on December 27, Youbit offered its creditors additional ways to be paid back and asked them to vote between three options. The voting period ends on December 31.
Options 1 and 2
The first option is to proceed with the bankruptcy filing. Citing that this option is expected to take between 1 and 3 years, Youbit described:
All assets of the company will be frozen as it is, and the court will appoint a bankruptcy trustee to handle the actual bankruptcy proceedings.
The second option is restructuring/rehabilitation, which the company can apply for in court. Should the court decide after an audit that creditors can better recoup their assets if the company continues to operate rather than go bankrupt, the rehabilitation process will ensue, Youbit explained.
In this case, creditors will be paid with the revenue generated by Youbit over time. The company estimates that this process may take three to ten years, adding that:
The withdrawal of your assets will be suspended for more than one year as the rehabilitation process proceeds.
Most Popular Option – Acquisition
After the acquisition, the exchange will be run by new executives, Youbit noted, adding:
The plan will be made so that the members’ principal will be compensated as much as possible, but it will be treated as a dividend payment plan for a certain period. It is expected that the withdrawal and transaction service will be reopened soon after the acquisition is confirmed.
On December 29, Youbit announced that about 97% of its members have so far voted for this option. Once the voting period has ended, and if this option is chosen, the company and its legal team will start discussing how to proceed in early January.
Which option do you think is best for Youbit’s creditors? Let us know in the comments section below.
Images courtesy of Shutterstock and Youbit.
Need to calculate your bitcoin holdings? Check our tools section.
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via Kevin Helms
PR: Alibaba and eBay’s Representatives Support Global Marketplace Storiqa
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.
Storiqa launched its token sale on November 28, 2017, and has exceeded its soft cap and has reached more than $6 million.
Storiqa aims to provide the ways of digital trading and destroy all the borders between buyers and sellers. It is the marketplace which supports cryptocurrency and smart-contracts. Due to using of blockchain technology, Storiqa has the lowest transaction and business costs. It also helps to make purchasing processes simplest in the world that every SME can start selling goods globally in one hour.
With the help of blockchain, Storiqa solves frequent and pressing issues in online trading. Transparent affiliate marketing helps in attracting to the platform traffic owners which are able to monetize their reviews when viewers purchase goods following the referral links. Smart review system provides online shoppers with honest reviews which means that a user drops the review only after receiving an ordered item.
Former eBay COO has become new Storiqa’s Advisor. He stated that blockchain brings eCommrece to the next level. During recent Asian roadshow, the team also welcomed another prominent professional — the member of Alibaba family Peter Xu, who currently advising Storiqa in development on Chinese market. The platform itself will be launched on local market in the second quarter of 2018.
Token sale ends on February 13, 2018. At the last stage of token sale price reaches $0.015. All questions regarding bonuses ask in Storiqa’s community: https://t.me/storiqa_en
Anastasia Taved
PR Coordinator
a.taved@storiqa.com
Supporting Link
storiqa.com
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.
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via Bitcoin.com PR
Trading Tip `The Wall´ – Absurd Profits from Zclassic a.k.a. Bitcoin Private
In just 3 months, the price of Zclassic (ZCL) has increased by +5,768%. In this post, I’ll give some background to what Zclassic is and try to explain what is going on with it.
Also read: The Art of Buying the Dip
A Quick History Lesson on Zclassic
Zcash (ZEC) is a privacy-centric cryptocurrency that launched Oct 28, 2016. It put cutting-edge cryptographic research in non-interactive zero-knowledge proofs (zk-SNARKs) into practice, allowing users to make transactions concealing both the sender and receiver of a transaction, as well as the amount being sent. The cryptography itself provides possibly the strongest privacy guarantees of any cryptocurrency, but part of the integrity of the protocol (specifically, preventing counterfeit coins from being issued) relies on a process known as trusted setup. Zcash launched with a founder’s reward, which for the first 4 years subtracts 20% of every block reward and distributes it to stakeholders of the Zcash Company to guarantee maintenance and development of the protocol. Zcash is an open-source project based on the Bitcoin codebase.
Since Zcash is an open-source project, there’s nothing to stop anyone from simply copying the codebase and removing the 20% founder’s fee if they wanted. That is exactly what happened, and that fork now goes by the name of Zclassic, which launched only a week after Zcash, reusing the same parameters from the trusted setup. Up until August 24 this year, Zclassic devs have been merging code updates from Zcash and issuing new releases in parallel. Since then, development on the Zclassic branch appears to have stagnated. Currently, I’m not even able to find a working block explorer for Zclassic. On Dec 14, the developer of Zclassic, Rhett Creighton proposed a relaunch and rebranding of Zclassic into “Bitcoin Private”, as a means of “revitalizing” the coin.
I would like to propose revitalizing @ZclassicCoin by migrating it to become a Bitcoin Hardfork, "Bitcoin Private" (or possibly other name).
New coinbase inputs would be airdropped onto the blockchain as a hardfork. What do you think? Should we add "Bitcoin Private" to the mix? http://pic.twitter.com/xOAKjCzzFk
— Rhett Creighton (@HeyRhett) December 14, 2017
This announcement caused the price to surge +2,000% in only a matter of days.
Why is this happening?
Bitcoin hard forks have become somewhat of a trend in recent months, with the first successful one being Bitcoin Cash. At the time, it was joked within the community that soon Bitcoin hard forks would cover the entire Coinmarketcap-spectrum.
@CoinMKTCap soon #bitcoin #BitcoinFork #BitcoinCash #bitcoincore #CryptoCurrencies http://pic.twitter.com/sjJ3ANiLM3
— ClubCrypto (@ClubCryptoorg) August 2, 2017
The joke has turned prophetic in the sense that 3 of the top 13 cryptocurrency positions by market capitalization are now held by Bitcoin or Bitcoin hard forks (Bitcoin, Bitcoin Cash & Bitcoin Gold). One could argue that Bitcoin Diamond (BCD) should make the 11th spot if Coinmarketcap had info on the total supply (which should be around ~167M), as 10 BCD are supposedly credited for every 1 BTC as their website claims.
What does it mean for an altcoin to become a Bitcoin hard fork?
The Zlassic and Bitcoin UTXO sets will merge, creating a total of 1.8M + 16.7M = 18.5M Bitcoin Private coins upon launch. Inflation schedule will be revised so 21M cap is still kept intact.
What “Bitcoin Private” essentially will be is a coin that borrows the name and UTXO set from Bitcoin (and Zclassic) and technology from Zcash. I contend that the rebranding from Zclassic to Bitcoin Private is a stroke of genius from Rhett Creighton’s side as it is going to make traders value Zclassic in relative terms to other Bitcoin hard forks such as Bitcoin Gold and Bitcoin Diamond. It is the cryptocurrency-equivalent of putting the word “blockchain” in your company name and seeing your stock soar 394%.
The great thing for Bitcoin Private is that Bitcoin Gold and Bitcoin Diamond are both ridiculous projects. I’ve written a piece on Bitcoin Gold previously which you can read here.
Bitcoin Gold: $269
Bitcoin Diamond: $31.6 ($316 when adjusted to equal supply)
Bitcoin Diamond’s valuation is even more absurd, since it is traded at a valuation which would place it at the ~11th spot among cryptocurrencies worldwide right now even though background research suggests that the project may be entirely fraudulent. That didn’t prevent the valuation from reaching that high before any source code for it even existed. My theory as to why Bitcoin Diamond is trading at such a high valuation is that there’s always going to be a handful of traders that either are trading by the greater fool theory or are entirely oblivious to fundamentals when valuating Bitcoin hard forks (i.e. not understanding that the tenfold increase in supply means $31.6 per coin is actually equivalent to $316). The price of these forks is simply determined by the size of the group of irrational buyers and the free float of the coin, which for both Bitcoin Gold and Bitcoin Diamond is deceivingly small.
Meanwhile, the free float of Zclassic (ZLC) is even smaller than that of Bitcoin Gold or Bitcoin Diamond. Merely 1.8M ZLC has been mined since Nov 2016. As Zclassic essentially becomes “Bitcoin Private futures” they’ll be exposed to the same group of irrational buyers, and prices beyond $400 per ZLC all of a sudden doesn’t seem that unthinkable (currently trading at $80). What’s funny is that buying Bitcoin Private doesn’t even have to be such an irrational idea. Fungibility is one of the most sought-after additions to Bitcoin, and zk-SNARKs do provide a solution to that problem. The relaunch will increase the coin’s network effect tremendously, forcing wallet support as well as listings on a multitude of exchanges. The only thing that is ridiculous about Bitcoin Private is the notion that an altcoin can fork into becoming a “Bitcoin hard fork” just by merging words.
What do you think the next coin adding the Bitcoin UTXO set and rebranding will be? Let us know in the comment section below!
Images via Shutterstock
Disclaimer: Bitcoin price articles and markets updates are 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.”
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via Eric Wall
The Satoshi Revolution – Chapter 3: Exchanges – Exchanging Liberty for Convenience? (Part 6)
The Satoshi Revolution: A Revolution of Rising Expectations.
Section 1 : The Trusted Third Party Problem
Chapter 3: Trying to Undo Satoshi
by Wendy McElroy
Exchanges – Exchanging Liberty for Convenience? (Chapter 3, Part 6)
The best “TTP” of all is one that does not exist, but the necessity for which has been eliminated by the protocol design, or which has been automated and distributed amongst the parties to a protocol. The latter strategy has given rise to the most promising areas of security protocol research including digital mixes, multiparty private computations, and Byzantine resiliant [sic] databases. These and similar implementations will be used to radically reduce the cost of current TTPs and to solve the many outstanding problems in privacy, integrity, property rights, and contract enforcement while minimizing the very high costs of creating and operating new TTP institutions.
The utter brilliance of Satoshi Nakamoto’s insight into the “trusted third party” problem is not obvious. Nor is its importance to freedom. It is not merely an economic insight or a clever sidestepping of government; it is a key to human progress that is as pivotal as the concept of property rights, freedom of speech, and freedom of religion.
First, it is necessary to seemingly disagree with Satoshi in order to arrive at a point of total agreement.
Trusted third parties (TTPs) are intermediaries between two parties who wish to transact business but require someone to administer the exchange, as in the case of the escrow on a house. TTPs can be an unadulterated good because they are a natural and valuable evolution within a complex human society. As society grows beyond barter, people need representatives whom they can trust on the basis of personal knowledge, reputation, or the vested interest of the TTP. International transfers of money, guarantees on loans, investment in start-ups…these are the stuff that allows businesses to establish and flourish.
There is a personal aspect, as well. A trusted other can act as a guardian for parents who are distant and incapacitated. This is part and parcel of human beings needing each other.
The required third party may be a financial institution, a family member, an attorney, a friend, or a recommended stranger. It is not be too strong a statement to say that a sophisticated economy could not exist without their presence.
But that’s not what Satoshi meant by a TTP. He decried an obscene perversion. TTPs have been usurped by government and converted into a grotesque mirror image of themselves. Instead of being freely chosen by individuals based on their own self interest, they are “choices” mandated by government based on its needs. In other words, TTPs such as central banks serve the government at the expense of people who are allegedly their customers who are reported, investigated, and prosecuted for conducting business with their own money.
Central banks, and other forms of finance, have converted the immense value of TTPs into a form of oppression. Years ago, I spoke to a friend who was visiting from a communist country. He said no one opened a business there because the process could take years and it required volumes of paperwork merely to sell a loaf of bread to someone. Loaves of bread still circulated, of course, because the black market flourished outside of “official” channels; the selling and buying of goods is the basis of life itself. It cannot be extinguished. It can only be criminalized. That’s what government does to wealth and the flow of community when it mandates who or what can be a TTP.
Cryptocurrency has thrown government for a loop. At first, it did not understand crypto and, so, it did not take the phenomenon seriously. Finally, a glimmer of understanding occurred. Not of the technical dynamics, of course, but of the political and social implications. It was and is a threat. Governments no longer controlled the issuance of money, and the mandated TTPs into which it forced people were being obsoleted.
Governments want to regain control. Some ban cryptocurrency; others issue their own statist versions of it; many scramble to come up with a combination of legal solutions. Mostly, politicians are just scrambling. They are trying to wrap their fists around the micromanagement of currency, which is the key to social control.
How? It was inevitable that a new form of free-market money would be used as something more than a form of direct exchange, and it would assume the many other roles money performs, such as speculation and currency exchange. Decentralized exchanges evolved to permit the role of crypto to expand without destroying its initial value of privacy, anonymity and control by the individual. But, unlike the individuals who use them, these exchanges were and are visible. They are vulnerable to attack by authorities.
There are two ways to quash this expression of economic freedom, and both are being used. Decentralized exchanges that operate without the permission of government are prosecuted. Centralized exchanges that are licensed and regulated in much the same manner as banks are encouraged. Eventually, the time will come when all peer-to-peer transactions will be viewed as criminally suspect, whether or not they occur through exchanges.
It is the incredible contribution of Satoshi that he combined the importance of issuing money with the trusted third party “problem”. There has never been a more profound acknowledgement of the TTP problem to personal freedom. It was a missing link that no one else connected.
Current TTPs endanger people’s freedom because they are now an arm of government, which Satoshi’s vision originated to avoid.
The fundamental feature of free-market third parties is that they facilitate the individuals who voluntarily use them and are considered to be customers. They provide a service on the free market. A crude and simplified test of whether a TTP is a service or a threat is to ask a few questions. Does the TTP make an individual’s personal property safer, or does it constitute a risk to it in any manner? Are there a range of free-market options among which to choose or are there monopoly institutions with which people are forced to deal in order to perform necessary financial matters, such an international transfer? Does the TTP serve the needs of individuals or of the government?
Many people have become so used to central banks and other government TTPs that they forget that “services” provided are supposed to be “services,” rather than vehicles of oppression. True services do not confiscate or freeze accounts in the absence of theft or fraud. They do not report transactions to hostile others, such as rapacious governments. They do not demand intrusive information or refuse transfers to unapproved traders.
A valid trusted third party is like a money-changer in the idealized olden days. He counts your currency with honesty; he checks the current conversion rate; he hands you the bills, and you walk away. All parties, who have any business being parties to a transaction, are satisfied. The foregoing example is simplistic, of course. But it captures something.
If government cannot control the issuance of money, it needs to control its circulation. Governments realize they have lost their monopoly over currency. Their best move is to control the circulation of every unit of wealth in society, whether or not it is created by them. And exchanges are the choke point at which they can do so. Unfortunately, most exchanges are more than happy to become ersatz bureaucracies in return for the official privileges they receive.
Prosperity is independence and freedom. I wish wealth, privacy, and protection from authority to everyone in 2018.
[To be continued next week.]
Thanks to editor/novelist Peri Dwyer Worrell for proofreading assistance.
Reprints of this article should credit bitcoin.com and include a link back to the original links to all previous chapters
Wendy McElroy has agreed to ”live-publish” her new book The Satoshi Revolution exclusively with Bitcoin.com. Every Saturday you’ll find another installment in a series of posts planned to conclude after about 18 months. Altogether they’ll make up her new book ”The Satoshi Revolution”. Read it here first.
The post The Satoshi Revolution – Chapter 3: Exchanges – Exchanging Liberty for Convenience? (Part 6) appeared first on Bitcoin News.
via Wendy McElroy
Russian Crypto Expert Released After Allegedly Being Kidnapped
Pavel Lerner, the Russian IT specialist kidnapped by masked men near his Kiev office on Tuesday, has been released after reportedly paying a bitcoin ransom worth more than a million in USD. This sum and payment has not been confirmed. Exmo’s executive was dropped off on a roadside by his attackers and is in a state of shock. The crypto entrepreneur has so far remained silent about the attack, that also shocked many Russians and Ukrainians.
Read more: Russian Reports Say Crypto Entrepreneur Pavel Lerner Kidnapped in Kiev
Snatched by Men With Rifles and Balaclavas
“He was freed by his kidnappers”, a police sources told Strana.ua, the Ukrainian website that broke the news about Lerner’s mysterious disappearing. The six attackers were armed with assault rifles and were wearing balaclavas. They dragged Lerner into a van in broad daylight on a main street in the Ukrainian capital, security officials added. The vehicle, a black Mercedes-Benz, had stolen registration plates. Friends of the Russian businessman reported him missing after he stopped taking phone calls on December 26.
The blockchain expert has been released after paying a ransom of more than $1m in bitcoins, a high-ranking Ukrainian official revealed [Editor’s note: this piece of info has not been confirmed]. “He was kidnapped by an armed gang for the purpose of extorting bitcoins”, Anton Gerashchenko, advisor to the Ukrainian interior minister, told the Financial Times. He described the attack as a “bitcoin kidnapping” and revealed “operative information” about the amount Lerner had paid for his freedom. Local and Russian media quote other sources claiming that the abductors simply got scared by the wide coverage and decided to let him go.
Shock and Awe in Russia and Ukraine
Pavel Lerner’s kidnapping has stunned crypto communities in both Russia and Ukraine where he has several businesses operating mining facilities and working on blockchain development projects. Exmo Finance LLP, the UK registered company he is working for, is a leading cryptocurrency exchange in the post-Soviet space, popular for processing Russian ruble transactions. Exmo has almost 95,000 active users and has hosted trading of $125m worth of bitcoin in a single day, BBC and FT reported. According to its website, more than 996 000 people in 200 countries have used its services.
With authorities reluctant to officially disclose details during an ongoing investigation, Lerner’s disappearing has prompted media speculations of a possible detention, a new “Vinnik case”. Alexander Vinnik is another Russian national with cryptocurrency background that has attracted a lot of media attention. He was arrested in Greece earlier this year on accusations of money laundering and other criminal activities through the now defunct BTC-e exchange, supposedly operated by him. US officials believe Vinnik is responsible for laundering $4 billion worth of bitcoin stolen in the Mt. Gox hack and have requested his extradition. He is also wanted by authorities in Russia where he is charged with stealing funds worth $10,000 USD.
Radio Silence After Lerner’s Release
But the “Vinnik scenario” is unlikely in Lerner’s case, as the 40-year-old Russian entrepreneur has never tried to hide his association with crypto businesses in several European countries – he has also resided in Poland and Spain. Initial media reports described him as the managing director of Exmo and according to his Linkedin profile he is the CEO of the British company running the exchange. In a statement, Exmo referred to him as “leading analyst” and “blockchain expert who leads an array of personal startup projects not related to the operations of the platform”.
Last week the UK-based cryptocurrency exchange posted that it had been targeted by cyber attackers. After Lerner’s abduction, the company asked for any information that could lead to finding him. It also addressed customers’ concerns stating that Pavel’s activity did not involve access to their financial assets and personal data. The exchange continued its operations despite the alleged kidnapping.
Pavel Lerner is yet to speak publically about his abduction. Attempts to contact him after his release have been unsuccessful. Ukrainian media believe he has decided to remain silent following instructions by the security services. “At the moment he is safe, and there was no physical harm inflicted on him. Nevertheless, Pavel is currently in a state of major stress, therefore, he will not provide any official comments in the coming days”, Exmo said in a statement published on its website.
What do you think of the abduction? Leave your comments below!
Images: Shutterstock.
Need to know the price of bitcoin? Check this chart.
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Ripple Gains 1,000% in One Month – Now the Second Largest Cryptocurrency
Today, the total market capitalization of Ripple exceeded $100 billion for the first time ever. This milestone makes Ripple the first cryptocurrency other than bitcoin to break into the 12-figure threshold, and positions it as the second largest crypto by total market capitalization.
Also Read: Markets Update: Bitcoin Markets Retrace to the $15,000 Area
Ripple Gains 1,000% in One Month
The value of XRP has skyrocketed this month, surging from less than $0.25 USD on the 1st of December to set an all-time high of roughly $2.50 earlier today on Bitfinex. The price spike has witnessed Ripple come to comprise the second largest cryptocurrency by total market capitalization, with XRP becoming the first altcoin to exceed a total market cap of $100 billion USD. As of this writing, XRP is trading for approximately $2.35.
XRP broke above its preceding all-time high of approximately $0.40 on the 13th of December – at the time comprising a gain of roughly 100% since the 8th of December. Following the establishment of a new record price high, the XRP markets continued to surge, producing further gains of more than 500% in less than three weeks. Looking at a daily chart, the last two weeks of trade has produced volume divergence despite the price continuing to gain hundreds of percent – suggesting that the establishment of a local top may be coming soon in the XRP markets.
Many Analysts Have Attributed the Recent Meteoric Price Rise to Ripple’s ‘Lockup’ of 55 Billion XRP Earlier This Month
On the 7th of December, Ripple announced that it had successfully locked up 55 billion XRP via a “cryptographically secured escrow account”. Ripple originally published its intention to conduct the lockup in May, stating that “By securing the lion’s share of our XRP, investors can now mathematically verify the maximum supply of XRP that can enter the market.”
The lockup was conducted using the “escrow feature in the XRP ledger” which Ripple launched during early 2017. The company has utilized the escrow feature to “establish 55 billion contracts of 1 billion XRP each that will expire on the first day of every month from months 0 to 54. As each contract expires, the XRP will become available for Ripple’s use,” with the company stating that it may “use [the] XRP for incentives to market makers who offer tighter spreads for payments and selling XRP to institutional investors.” Ripple adds that any unused XRP will be “return[ed]… to the back of the escrow rotation.”
Do you think that the XRP markets will continue to rally heading into 2018? Share your thoughts in the comments section below!
Images courtesy of Shutterstock, Tradingview
Need to calculate your bitcoin holdings? Check our tools section.
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Australian Freeze: Big Aussie Banks Denying Bitcoiners
Bitcoiners in Australia claim banks are on purpose freezing their bank accounts, disallowing exchange transfers, and at least one exchange is over-reacting to the freeze. They’re so unnerved they’ve done what any good crypto enthusiast does: air it all on social media and in comment threads.
Also read: Bitcoin’s Value — Like Beauty — Is in the Eye of Beholder
Australia’s Big Four Banks Freeze Crypto Accounts
Australian bitcoiners have taken, in frustration, to social media and comment threads to broadcast treatment by banks and, to a lesser degree, exchanges. In particular, Commonwealth Bank, Australia and New Zealand Banking Group (ANZ), National Australia Bank (NAB), Westpac Banking Corporation, known as the “big four,” have halted exchange transfers and frozen accounts, according to enthusiasts.
Popular regional crypto exchange, Coinspot, announced a temporary hold on fiat deposits from the country in response to friction with banks. “We assure you we are just as unhappy with the situation as you, but unfortunately Australian banks have been so far unwilling to work with the digital currency industry which leads to frequent account closures and strict limits on accounts whilst they remain operational, in effect debanking our industry,” the exchange alerted.
“At the very least you could have given us a month’s notice so we could stockpile reserves for ourselves. I can see you didn’t want to lose customers to other services so better just keep mum about it and we’ll sell them a bullshit story about being bullied by the banks!” he raged.
Bitcoin Babe Fights The Big Four
At Commonwealth, its terms do reference bitcoin, “saying it can refuse to process an international money transfer or an international cash management transaction ‘because the destination account previously has been connected to a fraud or an attempted fraudulent transaction or is an account used to facilitate payments to Bitcoins or similar virtual currency payment services,’” noted the Sydney Morning Herald.
All big four bank spokespersons referenced anti-money laundering laws, various regulatory requirements, and none expressed outright prohibition on bitcoin-related transfers or activity. “A NAB spokeswoman said it was important to note the currencies are currently unregulated. ‘While we don’t support unregulated currencies, NAB does not deny the right of individual customers to buy virtual currencies,’” she was quoted by the Herald.
Bitcoin Babe, Michael Juric, is having none of it. She told the Herald she’s “had business accounts closed by 30 banks and posted a picture of a letter from ANZ, saying it was closing her accounts effective 30 January 2018 in accordance with its terms and conditions.” She shared ten letters closing her various accounts, “with one saying she had received fraudulent funds, though none specifically referenced cryptocurrencies,” the article explained.
“She said banks were not the ‘be all and end all of accepting payments’ for Bitcoin and there were other avenues to transfer funds.”
Have you had any issues with your bank accounts and crypto exchanges? Let us know in the comments section below.
Images: Pixabay, Bitcoin Babe.
Need to know the price of bitcoin? Check this chart.
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PR: Prediction Markets Delphy Announces International Expansion
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.
• Delphy Platform to be launched for China Market in February 2018
• Delphy Hires Fox Holt GE executive as Vice President Business Development to lead international expansion
Delphy Foundation, the only predictions markets company headquartered in China, today announced the company’s international expansion plans. Delphy foundation aims to significantly enhance its’ geographic presence in Americas, Europe, Middle East and Asia Pacific region to grow its customer base for the much-anticipated launch of the Delphy platform.
Delphy Foundation will launch the Delphy platform for the China market in February 2018. The testimony of Delphy platform’s popularity in China, is the fact that within a few hours of the pre-registration launch, the influx of 10,000+ sign-ups, temporarily brought down our server. Furthermore, Delphy Foundation will launch the English version of the Delphy platform for its international users in Q2, 2018.
Delphy Foundation’s international expansion will be led by newly appointed Fox Holt, Vice President of Business Development. Mr. Holt brings a unique combination of sales, financial and technical experience working for large companies including GE, Morgan Stanley and more. Additionally, Mr. Holt led international entrepreneurial endeavors as founder and CEO of Orthogonal Inc and Torque Tech Capital.
“We are excited Mr. Holt has joined our team,” said Delphy Founder Bo Wang and co-founder of Factom. “We feel confident he will be a key factor in driving success and growth for Delphy.”
His vast experience commercializing new technologies from software to chemicals will be instrumental to our team. Mr. Holt brings with him nearly 20 years of experience working in diverse range of industries and markets ranging in size from start-ups to multinational organisations.
Mr. Holt will be responsible for the leadership of the Delphy marketing endevours, developing new business opportunities and work with product development team in creating the best-in-class mobile social platform for prediction markets. “Delphy’s progress since completing an ICO in August has been staggering. I am truly honored to join a team with such great experienced in both blockchain and entrepreneurship.”
Mr. Holt graduated from prestigious Cornell University, with a degree in Masters of Business Administration (MBA). In his free time, he enjoys playing golf and spending time with his family.
About Delphy
A Decentralised mobile social platform for predictions markets.
Delphy is an open-source, decentralised, mobile prediction market platform built on the Ethereum platform. Delphy uses market incentives to allow participants to transparently communicate with each other to discuss and share the outcome of upcoming events whilst effectively predicting the future. Our decentralised platform makes it difficult to manipulate prediction results.
Delphy incentivises its platform users with rewards for correctly predicting future events. We endevour to eliminate uncertainty in forecasting and predicting outcomes.
For more information, please contact Shalini Wood at shaliniwood@delphy.org or visit the Delphy website at http://ift.tt/2CbiBoK
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.
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Friday, December 29, 2017
Surveys: 73% of Russians Will Increase Crypto Investments
A recent survey shows that 49% of Russians want to receive cryptocurrency as gifts, with a large percentage specifying bitcoin. As cryptocurrencies grow in popularity, another survey reveals 73% of Russian investors expect to increase their cryptocurrency holdings next year.
Also read: Russian Regulators Draft Law to Restrict Crypto Mining, Payments, and Token Sales
49% Want Crypto Gifts
Russian technology portal Hi-Tech Mail conducted its traditional pre-New Year’s poll on what gifts Russians want to receive. With over 20,000 respondents participating, the company found:
When answering the question about the desire to receive a cryptocurrency as a gift, the opinions of the respondents were equally divided: 29% [said they] would be happy with such a prospect, another 20% specified that it must necessarily be bitcoin.
Meanwhile, 51% of respondents said they prefer to receive something else such as smartphones and other gadgets.
73% to Increase Crypto Holdings Next Year
According to Waves’ Gleb Kostarev, 15% believe that Russia will take lead and the same percentage believe South Korea will. 14% believe the US will be the leader in this field.
Among Russian respondents, 39% believe that Japan will take the lead. 32% believe Russia will and 12% believe it will be the U.S.
Furthermore, almost 89% of all surveyed Russians purchase cryptocurrencies as long-term investments, Financial One reported. Only 24% invest for short-term gains while 22% invest out of interest.
Citing that 59% of domestic crypto investors consider the risk of losing funds to be moderate, and 25% consider it high, Waves’ CEO and founder Alexander Ivanov was quoted by the publication:
Despite the fears of many experts about the formation of a bubble in the market of cryptocurrencies, Russians do not intend to reduce their investments in this type of asset. 73% of respondents noted that in the coming year they will increase their cryptocurrency investments.
Meanwhile, the central bank and the finance ministry submitted the bill to regulate cryptocurrencies and initial coin offerings (ICOs) in Russia on Thursday. The bank refuses to recognize bitcoin as a means of payment and the finance ministry proposed considering it “other property.” The bill is expected to be adopted in March.
Do you think Russia will become one of the top countries for crypto investments next year? Let us know in the comments section below.
Images courtesy of Shutterstock, Hi-Tech Mail, and Waves Platform.
Need to calculate your bitcoin holdings? Check our tools section.
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via Kevin Helms
Thailand’s Year of Bitcoin Ends with Central Bank Education Push
This week the Kingdom of Thailand announced its major regulators would team up in order to better educate its people about the world’s most popular cryptocurrency, bitcoin, openly worrying it might be a Ponzi scheme. This comes after its central bank issued reminders the digital asset was not legal tender. And so The Year of Bitcoin extends globally as Thailand’s always-bustling tourism industry, its attempt to grapple with financial technology (fintech) through regulations, and an unbanked population looking for a better life make the country fertile ground for crypto.
Also read: EU Board Member: No Plans to Issue State-Backed Cryptocurrency
Thailand’s Year of Bitcoin
The Kingdom of Thailand has a motor. The Southeast Asian, largely Buddhist nation of nearly 70 million people, along what appears to be borders drawn to resemble a squeezed water balloon, is the only country in its region to have never been colonized. It also has quietly racked up a GDP placing it in the world’s top twenty economies.
Among its government’s stated policy desires is to become a fintech hub in the region. They’re keenly aware of carefully balancing regulation to the Goldilocks rule: not too much, not too little. As these pages reported, its executive branch ordered the central bank summer of this year to study the growing phenomenon of cryptocurrencies. The government openly stated wishing to act more like its prosperous neighbor Japan in this regard.
By fall, reported here, the Kingdom’s Securities and Exchange Commission sought public comment and guidance to help deal with initial coin offerings, again under the auspice of not choking out innovation but with an eye toward protecting its citizens from scams. In spring, these pages also noted a key to driving Thailand’s fintech boom is from necessity: the country relies on tourism for a healthy chunk of its revenue. And tourists bring with them expectations for relatively frictionless payment systems, such as credit cards. They’re also bringing new ideas like bitcoin.
By summer, even with a central bank less than enthusiastic, conferences promoting mining, merchants accepting crypto as payment, and international exchanges popping up, have lead the media to use phrasing such as “bitcoin bug” and “catches fire” to describe the country’s enthusiasm.
Official Education, Uneasy Regulation, and a Peer-to-Peer Answer
Bangkok Post reports Somchai Sujjapongse, from the Kingdom’s Finance Ministry, “will join with other authorities to educate people about bitcoin.” His comments were made at a meeting with the country’s Anti-Money Laundering Office, Securities and Exchange Commission, and the Bank of Thailand – all at the urging of Prime Minister Prayut Chan-o-cha. He reportedly wants to “educate people about the risks of bitcoin investment after the recent sharp surge in bitcoin’s trading value prompted him to worry that Thais would fall victim to cryptocurrency speculation.”
Only last week, Bank of Thailand governor Veerathai Santiprabhob reminded bitcoin is still not legal tender in the country, though the central bank is not offering to regulate the growing industry just yet, an unusually restrained position.
Exchange volumes from the country have followed world trends, and Thais are eager to participate. “There are 37 bitcoin brokers in Thailand registered on LocalBitcoins, some with more than 1,000 bitcoins in assets. Prices for bitcoin are about 13% higher in Thailand than in the US, a sign of high demand for this cryptocurrency,” local media claim. There’s only one bitcoin ATM, and two larger exchanges are implementing know-your-customer constraints such as uploading pictures from passports.
Where Thais seem to be trading mostly is in the comparatively easy Localbitcoins exchange, as identification requirements aren’t as burdensome. This is especially important in a country where less than four in ten adults are formally banked, limiting their access to capital and credit in traditional ways. In such a cash-heavy economy, meetings organized such as Satoshi Square in Bangkok can be a lifeline to the world of investing, even if somewhat unorthodox. “My girlfriend knows about it because of me,” a group member is quoted, “and she is super interested because it makes sense and is all on the computer. People these days spend their lives on laptops and mobile phones,” he explained.
What are your thoughts on Thailand’s bitcoin efforts? Let us know in the comments section below.
Images: Pixabay.
Need to know the price of bitcoin? Check this chart.
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via C. Edward Kelso
Japan Approves New Bitcoin Exchange as Adoption Grows and Peers Expand Overseas
The Japanese financial regulator has approved one more cryptocurrency exchange, making it the 16th exchange to be licensed. As competition intensifies, some local exchanges are branching abroad in search for more volume and liquidity. Meanwhile, more merchants are embracing bitcoin.
Also read: Russian Regulators Draft Law to Restrict Crypto Mining, Payments, and Token Sales
Another Bitcoin Exchange Approved
Bitocean was founded in 2013 in China and Japan, its website states. The company is developing two-way bitcoin ATMs (BTMs) as well as a bitcoin trading platform. “We are working on setting up a new bitcoin trading platform in Tokyo while at the same time we are contributing to help with Mt Gox’s liquidation/rehabilitation process,” its website states.
This is the third round of approvals by the FSA. The first round was in September when 11 exchanges were approved. The second time was early this month when the agency approved 4 more exchanges, as news.Bitcoin.com reported. Meanwhile, Japan’s second-largest bitcoin exchange Coincheck has not yet been approved; Coincheck’s application is still under review by the agency.
Local Exchanges Expanding Abroad
As new exchanges come onboard, established trading platforms that were already approved by the FSA have been strategically expanding overseas. Nikkei recently reported:
Japanese trading platforms are expanding overseas in an effort to grow trading volume and enhance liquidity. Now that Japan has some 20 digital currency exchanges, there’s not enough business to go around, and investors are often having to wait to complete transactions involving infrequently traded currencies. These currencies also tend to fluctuate wildly when a big order is placed.
The country’s largest bitcoin exchange Bitflyer expanded into the US at the end of November and is planning to open an exchange in Europe. Other trading platform operators expanding overseas includes Quoine, which is launching in the Philippines next year. Bitpoint expanded into South Korea in November and is preparing to open an exchange in Taiwan in January. Bitbank is also planning to enter other Asian and Africa markets.
More Merchants Embracing Bitcoin
Recently, a variety of smaller merchants also started accepting bitcoin. One example is housing and facility construction specialist Hiroden Co. Ltd which started accepting the digital currency on a trial basis last month, with a limit of 1 million yen including tax. The company is located in Hirosaki City, a small town in the rural Aomori prefecture.
Earlier this week the Tokyo Campervan Rental Center Group, also known as Tokyo CRC, started accepting bitcoin at its five locations. Moreover, the group is offering a 20% discount on rental fees between January 4 to March 31 of next year for customers paying with the bitcoin.
What do you think of the growing number of crypto exchanges in Japan? Let us know in the comments section below.
Images courtesy of Shutterstock, Japan’s FSA, Stylefulness, and Tokyo CRC.
Need to calculate your bitcoin holdings? Check our tools section.
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