Sunday, June 30, 2019

Bitcoin Cash Register Surpasses 10,000 Installs and BCH is Coming to Brave in Weekly Video Update

Bitcoin Cash Register has surpassed 10,000 installs on the Google Play Store, live streaming platform Twitch reinstates cryptocurrency payments and BCH is coming to the Brave web browser. Watch these and other developments discussed in this week’s video update on Bitcoin.com’s Youtube channel.

Also Read: Over 22,000 Traders Have Now Signed up to Local.Bitcoin.com

Twitch Reenables Cryptocurrency Payments

Twitch is a video streaming platform owned by Amazon with more than 15 million unique daily visitors who mainly use it for watching live gaming and esports. Earlier this year, the website stopped accepting cryptocurrency payments by removing support for Bitpay. However, recently Twitch users have reported that the option to pay with bitcoin cash (BCH) and bitcoin core (BTC) is available once again.

Speaking about Bitpay, the leading cryptocurrency payment processor has launched a new directory for anyone who is looking for recommended places to spend their BCH or BTC. The directory features a variety of retailers, arranged by categories such as electronics and fashion. The entertainment and gaming section still doesn’t mention that Twitch is back, but does cover other online play options such as Chess.com.

In addition to enabling businesses to accept crypto payments, Bitpay also empowers charities to accept donations in digital assets. Recently the Tony Hawk Foundation announced it is now accepting cryptocurrencies from supporters through Bitpay.

BCH is Coming Soon to Brave Browser

Brendan Eich is creator of the Javascript programming language, co-founder of Mozilla and Firefox and current CEO of Brave Software. Eich revealed on Twitter that bitcoin cash (BCH) is coming soon to the Brave browser as an additional funding option in version 0.68 of the app. Brave is an open-source web browser based on Chromium that blocks ads by default but allows users to support the sites they visit with cryptocurrency.

The HTC Exodus 1 phone will also feature Brave as the default browser in its upcoming release. Bitcoin.com CEO Roger Ver commented: “I think I may have to switch my phone to an HTC phone once all of this is out.”

Bitcoin Cash Register Surpasses 10,000 Installs

Bitcoin Cash Register is a simple point-of-sale (PoS) app from Bitcoin.com that allows any business to accept BCH payments at any retail location. Merchants can choose from over 150 fiat currencies, and cash out customers wanting to pay in BCH in a non-custodial manner, without any registration. The app is available both for iOS and Android devices and has surpassed 10,000 installs on the Google Play Store.

The weekly video update also covered a couple of upcoming community events. The newest Bitcoin Cash Conference is coming to North Queensland, Australia, on Sept. 4 – 5. And Anarchovegas is coming up this July 20 – 21 in Las Vegas, Nevada, promoting individualism and freedom, with a special benefit to support Ross Ulbricht.

Make sure to subscribe to the Bitcoin.com Youtube channel and leave a comment on the latest video.


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Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Bitcoin.com Markets, another original and free service from Bitcoin.com.

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via Avi Mizrahi

Saturday, June 29, 2019

How to Pay Employees or Get Paid With Bitcoin

How to Pay Employees With Bitcoin or Be Hired for Cryptocurrency

Paying or getting paid with digital coins is the norm in the cryptocurrency sector. Participants in many other industries, however, may also be tempted to take advantage of the benefits offered by decentralized currencies. In the case of bitcoin cash (BCH), that means fast, secure and low-cost transactions. Some platforms facilitate crypto payments between companies and their employees, while peer-to-peer settlements remain a viable option as well.

Also read: BCH Can Be the Global Coin for Daily Spending, Says Italian Crypto Executive

Crypto Payroll Services Offered

Businesses exploring the possibility of introducing crypto payments for their employees and contractors may need the help of companies that specialize in this type of accounting. Bitwage is a well-established platform that provides payroll and human resource services for this day and age, when the use of digital currencies in payments is growing rapidly around the world.

Bitwage helps international companies pay their vendors faster and cheaper using crypto. Many of its clients are employers who want to offer their workers and contractors benefits associated with digital assets. At the same time, it provides individuals who would like to get paid with coins the option to receive some or all of their salary in cryptocurrency.

The platform, which has offices on both sides of the Atlantic and customers from Brazil to India, is working with businesses that need extensive payroll and HR services. It offers a wide range of flexible solutions and pricing to both employers and employees. For payroll funding, Bitwage currently supports bitcoin core (BTC) and ethereum (ETH) as well as multiple fiat currencies including U.S. dollar, Chinese yuan, Russian ruble, and euro.

How to Pay Employees or Get Paid With Bitcoin

Once Bitwage receives the funds, workers can choose to be paid in either cryptocurrency or local fiat. In the United States, it also gives companies the option to settle payroll taxes in crypto through a partnership with another American company, Simply Efficient HR. Since January, Bitwage clients in the U.S. have also been able to cover employee benefits such as health insurance. Tax obligations related to cryptocurrency income vary between jurisdictions and taxpayers should check their local regulations.

The establishment and advancement of other platforms providing payroll services is likely to entice even more businesses, especially those employing remote workers, to start paying wages in cryptocurrency. For now, Bitwage doesn’t have too many competitors at the same level but there are others with interesting proposals. For example, an employment service called Laborx has set out to cut banks and redefine salaries by facilitating real-time remuneration using cryptocurrency.

In its vision of what payroll management should look like, the Australian startup considers the current monthly and weekly payment arrangements outdated and allows companies to pay their employees as they work. At the end or even during the working day, employees will be able to spend what they’ve just earned. When the instant payment system was announced last year, it was meant only for members of Laborx’s hiring ecosystem using its Labour-Hour tokens. However, decentralized cryptocurrencies like bitcoin cash can be used for the same purpose, as BCH transfers often cost less than a U.S. cent.

Paying Directly With Bitcoin

Many companies from the crypto industry often prefer to fund their entire payroll with cryptocurrency. Bitcoin cash is the coin of choice in the case of Bitcoin.com for its obvious advantages over other digital currencies, including fast and safe transactions processed at a negligible cost.

No third party services are needed to implement such payments. All your employees and contractors would need is a secure and easy to use crypto wallet app. The Bitcoin.com Wallet is available for free on the App Store and Google Play. And for desktop applications you can try out the Badger wallet.

How to Pay Employees or Get Paid With Bitcoin

With the wallet, you can make and receive payments to and from any bitcoin cash and bitcoin core address and Badger has some useful features. One of them is the integration of an exchange service called Sideshift, which will let you swap BTC and BCH at very low cost and you’ll receive the exchanged amount directly in your wallet. You can also purchase coins with a credit card and without visiting an exchange.

But even if you work with people from countries where smartphones are rarer and internet connection is not as reliable, you can still pay them with bitcoin cash. Cointext is a platform that facilitates offline crypto transactions. The platform enables users to transfer BCH using simple text messages.

Create and Send Crypto Invoices

Invoicing is an important part of day-to-day business relations between companies and contractors. Multiple platforms now offer accounting services for businesses and professionals in the crypto space and beyond, including tools that will help you create and send cryptocurrency invoices like Gilded, Anypay, Blockonomics, CD Pay, and Coinpayments.

At the same time, platforms such as Piixpay allow you to pay bills and invoices with digital assets, including bitcoin cash, to entities that still accept only fiat money. To do so takes only a few steps before sending the electronic cash, like providing the exact amount in fiat currency, the recipient’s name and their bank account number.

How to Pay Employees or Get Paid With Bitcoin

The expansion of all these services has allowed many companies, and not only those operating within the crypto industry, to start paying wages, bonuses and other remuneration partially or fully using cryptocurrencies. For instance, platforms such as Openbazaar, Augur, Uber and Airbnb are among Bitwage’s clients.

Others have introduced arrangements allowing part of the salary payments to be made in crypto. Japanese internet giant GMO implemented such a system early last year. And in May 2019, in response to Peter Schiff’s claim that “there is no way people are going to work for salaries paid in bitcoin,” crypto exchange Kraken revealed it just paid over a quarter of its employees in cryptocurrency.

Finding a Job Paid With Cryptocurrency

Technological advances, including the spread of cryptocurrencies, have made the world smaller and the importance of freelancing grows with every passing year. A study released in 2017 predicted that freelancers will form the majority of the workforce in the United States within a decade. Remote jobs are a phenomenon that’s rapidly gaining traction globally as well.

Right now, cryptocurrency is as close to a frictionless, borderless means of payment as possible. It can serve the expanding freelancing space very well. A survey exploring the payment preferences of freelancers in the U.S., conducted by Humans.net in 2018, showed that almost a third of the respondents would like to be paid partially or entirely with crypto.

How to Pay Employees or Get Paid With Bitcoin

If you are a freelancer looking for employment in the crypto industry and you want to be paid with cryptocurrency, there’s a bunch of online platforms that can help you find the job you want. Check out, for example, sites like Crypto Jobs List, Angel List, Peopleperhour, Moneo, Hire Match, Blocklancer, and Bitjob.

Workingforbitcoins is another option that gives the opportunity to connect with businesses hiring people for crypto. The platform supports major currencies such as bitcoin cash (BCH) and will let you pick a job paid with your favorite coin. You can also find thousands of job ads offering crypto remuneration on Crypto.jobs and a service called Freelance for Coins enables users to place offers and bids for freelance services.

Is your company using cryptocurrency to fund its payroll? Are you interested in taking a job paid with cryptocurrency? Tell us in the comments section below.


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You can now easily buy Bitcoin with a credit card. Visit our Purchase Bitcoin page where you can buy BCH and BTC securely, and keep your coins secure by storing them in our free Bitcoin mobile wallet.

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via Lubomir Tassev

PR: Telcoin Partners With Vimo – Leading Vietnamese Mobile Wallet

PR: Telcoin Partners With Vimo - Leading Vietnamese Mobile Wallet

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

Telcoin partners with leading Vietnamese mobile wallet VIMO for international remittance. Partnership aims to introduce fastest, most affordable option for US$1B Canada-Vietnam remittance corridor.

26th June 2019 – FOR IMMEDIATE RELEASE

Singapore and Hanoi, Vietnam — Telcoin Pte. Ltd., a fintech startup leveraging blockchain technology to facilitate high-speed, low-cost international remittances, today announced a partnership with Vimo Technology JSC, operator of leading Vietnamese digital wallet Vimo.

Under the partnership, Telcoin users in Vietnam will soon be able to accept inbound international remittances from Canada (in CAD) and cash out to their Vimo digital wallet balance (in VND). Vimo has more than 1 million active wallets across Vietnam. In addition to merchant payments, Vimo offers P2P transfers, bill payment, ecommerce payment, mobile top-up, and bank transfer.

According to the World Bank, nearly US$1 billion in remittance outflows were sent from Canada to Vietnam in 2017. Incumbent remittance providers often charge exorbitant fees or take an unfair cut of currency exchange rates, with the global average cost of sending an international remittance at 7.01 percent. That figure is even higher for sending money from Canada to Vietnam, at 7.63 percent (US$15.25) to send US$200. Telcoin is targeting just 1 to 2.5 percent to send a secure remittance via mobile device in seconds, and the Telcoin Wallet application makes the entire process as easy as sending a text message.

In addition to Canada, Telcoin and Vimo plan to expand inbound remittance services to additional corridors in the near future. Vietnam’s top-10 inbound corridors generate more than US$12.6 billion in annual remittance volume, with the average cost of sending US$200 ranging from approximately 5 to 10 percent. Telcoin and Vimo look forward to disrupting the status quo and putting more money back into the hands of Vietnamese remittance recipients.

“We’re excited to bring Telcoin remittances to the Vietnamese market with Vimo,” said Mr. Claude P. Eguienta, Telcoin co-founder and CEO. “Vietnam is a major recipient of international remittances, and starting with the Canada-Vietnam corridor, we look forward to bringing a more affordable, hassle-free, and easy-to-use option to our customers there.”

“As one of the pioneering money transfer service providers in Vietnam, we acknowledge that the demands for transferring money from overseas into Vietnam is very huge,” said Mr. Do Cong Dien, Vimo CEO. “Cooperating with Telcoin, we hope to create an easier, cheaper, faster, and safer way for the Vietnamese community working in Canada to send money to their home country.”

Follow Telcoin and Vimo for further details and to be the first to know when Telcoin Remittances go live in Vietnam.

Telcoin:
Website: https://www.telco.in/
Twitter: @telcoin_team
Telegram: t.me/telcoincommunity
Vimo: https://vimo.vn/
Website:
Fanpage: https://ift.tt/2KLFe7e

Email:
hotro@vimo.vn

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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Why Bitcoiners Are Turning to Unschooling for Decentralized Education

Unschooling is an alternative education movement quickly gaining popularity and currency worldwide. Like Bitcoin, it is an individualist approach to an area of human action long thought to be established beyond question―education. Both cryptoeconomics and unschooling seek to provide autonomy to individuals, providing a return to logical, natural systems that value human life.

Also read: How to Keep Bitcoin Cash Transactions Private

What Is Unschooling?

Unschooling is a buzzword popping up in random conversations, hashtagged heavily on social media, and a source of bewilderment for those who may know what ‘homeschooling’ is, but have never heard of this sister term. Unschooling. Unlearning. These sound on the surface like steps backward from the goals of centralized, compulsory education. And they are.

The oft-misunderstood term was coined by late U.S. school teacher-turned-unschooling advocate John Holt. In 1964 Holt wrote How Children Fail, whose outlined methodologies and observations would ultimately cost him his job―and bring him to the forefront of the unschooling movement. Holt’s legacy can be summed up in part by his brief observation:

“Learning is not the product of teaching. Learning is the product of the activity of learners.”

Why Bitcoiners Are Turning to Unschooling for Decentralized Education

Unschooling Meets Crypto-Anarchy

At the time of writing, the Homeschooling Global Summit (June 17-29) is well underway. It’s an online event featuring 20+ homeschooling and unschooling advocates, speakers, and teachers. Some on the roster include Sir Ken Robinson, psychologist and founder of the Alliance for Self-Directed Education, Peter Gray, and Didi Taihuttu, “The Bitcoin Family” dad. Taihuttu sold most of his belongings back in 2017 to get into Bitcoin. Why?

I started to question the materialistic life, the economical system and the schooling of our kids and as a family we decided we needed to change and we did.

While Taihutti’s story is certainly one of the more visible examples, there are many others beside him choosing to live “outside the system” in some way or another, with crypto as a tool facilitating this. It affords flexibility. These are living examples of decentralized money and self-directed learning in action. And human action is ultimately what this all comes down to.

Austrian School economist Ludwig von Mises wrote something similar to John Holt on learning, except regarding market action, noting in Socialism: An Economic and Sociological Analysis: “All rational action is in the first place individual action. Only the individual thinks. Only the individual reasons. Only the individual acts.”

Holt and Mises were talking about the same reality, just applied to different―albeit overlapping and inextricably integrated―areas of human action. Both unschooling and Austrian economic principles stem from a sound understanding of property and individual self-ownership. An individual member of a group is still an individual without the abstraction called the “group.” The corollary does not hold true, however. A group without individuals is absolutely nothing. Only individual humans learn, and only individual market actors act.

Why Bitcoiners Are Turning to Unschooling for Decentralized Education

A lot has changed since 2009. Like trendy talk about unschooling, though the concept of decentralization was not new when it began to gain social traction thanks to Bitcoin. The Crypto Anarchist Manifesto had already called it, loud and clear, way back in 1988:

“Computer technology is on the verge of providing the ability for individuals and groups to communicate and interact with each other in a totally anonymous manner. Two persons may exchange messages, conduct business, and negotiate electronic contracts without ever knowing the True Name, or legal identity, of the other.”

The manifesto goes on make many more prescient observations, an important reminder that the current evolution taking hold has been in the works for a long time.

The Roof Is on Fire, Send Gasoline

What can now be seen in state-sanctioned finance and education is an attempt to put out a “fire” from the inside of a collapsing, burning building―and to do so, moreover, with even more fire and gasoline. The “solution” being implemented is to the tune of billions in taxpayer dollars each year. Both state-sanctioned systems are failing miserably; failing the individuals forced to pay for them, in ways too numerous to name.

In education, this failure is evidenced by declining academic performance, arrest of elementary school students, physically and sexually abusive teachers, and of course the taking by force of 12 of the most important years of one’s life, not to mention repeated, blatant instances of direct kidnapping. Take Sweden, where individuals must run from the law or hide, with almost zero chance at exemption, just to choose the type of education their child receives. In the U.S, CPS kidnappings have become a real problem as well.

Where financial institutions are concerned, euphemized theft, gross fiscal irresponsibility, and outright violence against non-violent market actors abound. The question to be asked here is not how to put out the fire, but why the buildings are allowed to stand in the first place.

Why Bitcoiners Are Turning to Unschooling for Decentralized Education

Human Nodes – Keys to the Kingdom

Flash-triggered, massive, avalanche-style decentralization of information followed the advent of the internet. The advent of Bitcoin and blockchain―this time the decentralization of trade and monetary systems―will continue to have similar implications of equally profound, if not greater, importance. Uber, Spotify, Airbnb and others are decentralizing legacy business models, giving customers the keys to their platforms, leveraging their userbases to do much of the heavy lifting for them. The “decentralize everything” trend is catching on. In just under 10 years the simple concept of Airbnb has enjoyed a 153% global compound growth rate. Uber has grown to 3 million drivers and 75 million riders making it a $72B company.

Signals from decentralized human “nodes” using platforms like Uber and others provide “boots on the ground” market data to business owners. Millions of engaged, independent users can relay much more about customer preference, market trends, and regional supply and demand cues than any board of directors in some remote high-rise ever could.

The more independent nodes, the more robust the network. It’s true for Bitcoin. It’s true for Uber and similar models. It should come as no surprise then, that it’s true in education as well. The more market options and opportunities for unschooling, community groups, student-led learning centers etc, the higher the quality of life for individuals set to do the learning.Why Bitcoiners Are Turning to Unschooling for Decentralized Education

A Return to Nature

The unschooling movement seeks the decentralization of education, and is an abandonment of centralized, authoritarian models. Where Montessori, charter schools, and state curriculum-based homeschooling might be the “Uber” and “Spotify,” forming quasi-decentralized legacy models of education, unschooling is far more radical.

It affords learners complete freedom to choose their own educational path, just as blockchains do not tell one how, why, where, or when to transact. Market actors know how they want to transact already, without coercive oversight to “help.” The same holds true in learning. Nature knows what it needs and wants to do. After all, if humans can become conversational in difficult languages like Mandarin or English in just the first three years of life, with no teachers, textbooks, or schools, why do some imagine that without this building called “school” no learning can take place?

The crypto and unschooling movements are a return to natural, logical systems, and the rejection of dysfunctional, illogical, and unsustainable ones. Unschooling is just another piece of the puzzle, where individual self-ownership and property intersect with learning and child development. As such, crypto enthusiasts are understandably interested in learning more.

What is your take on government schools? Are unschooling options available to you where you live? Let us know in the comments section below.

OP-ed disclaimer: This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. 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 information in this Op-ed article.


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Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry.

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via Graham Smith

Friday, June 28, 2019

Satoshi Comparisons Surface After Grin Founder Exits in Similar Circumstances

Pseudonymous Grin founder Ignotus Peverell has stepped away from the project, reassuring the privacy coin’s community that it is in “safe hands.” The move has sparked inevitable Satoshi Nakamoto comparisons. Bitcoin’s pseudonymous creator used almost identical language eight years ago, writing in an email that “I’ve moved on to other things,” before adding “It’s in good hands with Gavin and everyone.”

Also read: Bitcoin’s Big Price Drop Is the Latest in a Long History of Flash Crashes

Ignotus Peverell Pulls a Satoshi Nakamoto

Digital currency obsessives love a good mystery, and in Satoshi Nakamoto and to a lesser extent Ignotus Peverell, they’ve got a couple of crackers. The former needs no introduction, while the latter is the founder of Mimblewimble cryptocurrency Grin. The privacy technology underpinning the coin was posted to a bitcoin IRC chat in 2016 by someone called Tom Elvis Jedusor (Voldemort’s real name in the French version of Harry Potter), who then disappeared. It’s possible that Jedusor is also Ignotus Peverell (aka Igno), who posted an introduction to Mimblewimble and its Grin implementation on Github in March 2017.

Igno may or may not have created Mimblewimble, but it was he who got the ball rolling by turning Jedusor’s concept into a reality. The fact that the two share Harry Potter names is of course no coincidence. Ignotus Peverell was a pure-blood wizard from the 13th century, the youngest of three brothers and recipient of the invisibility cloak that eventually found its way to Harry Potter. It’s an apt moniker for a privacy coin developer who’s made a point of concealing his identity.

Satoshi Comparisons Surface After Grin Founder Exits in Similar Circumstances

On June 22, Grin member Yeastplume posted on the project’s forum: “As some have already noticed, Igno has not been very active over the past few weeks. He recently communicated to us in the council that he needs to be away from the project for a while for personal reasons. We do not have further details on his situation or a timeline for his return, but we anticipate he will be absent for at least a few months, possibly more. As Grin is open source and not reliant on any single person or group in order to progress, our work continues uninterrupted in his absence.” He added:

In his message to the council members, Igno stated that Grin was “in the best hands possible” … We individuals in the current council are as committed as ever to doing our part, putting in our best work, and moving Grin forward in the spirit in which Igno started this project. We look forward to Igno’s return, and, as always, invite you to join us and help us in making Grin the best it can be.

Igno’s Exodus Invites Satoshi Nakamoto Comparisons

The departure of Grin’s founder has given observers plenty to ponder. While little is known about Igno, his persona has some striking similarities with Satoshi. The first and last names of both characters are of the same length. Moreover, when ‘Ignotus’ is flipped and a few liberties are taken, it looks like this:

In Harry Potter, Ignotus Peverell was described as the wisest and humblest of the three brothers, qualities that could easily be applied to Satoshi, who lasted just 13 months on the Bitcointalk forum he founded before stepping away. Igno, in comparison, lasted 16 months on the Grin forum before bowing out.

Like Satoshi, Ignotus could write lucidly and code proficiently, but had little interest in self-promotion. In his only interview, Grin’s founder dismissed certain aspects of Bitcoin’s design, asserting “There is no evidence that bitcoin’s supply curve is optimal. But there is a growing body of solid research showing that several aspects of it are problematic.” He did profess to “believe in the bitcoin ideals” however and stated that he saw Grin as being “much closer to Monero or bitcoin” than to fellow Mimblewimble coin Beam.

Intriguing as the parallels between Satoshi and Ignotus are, the likeliest explanation is that Grin’s founder drew his cues from Bitcoin’s creator. Any similarities between the two are likely either a deliberate ploy on Igno’s part or mere coincidence. What’s not a coincidence is that the creators of three of the most innovative and fairly distributed cryptocurrencies to date – bitcoin, monero, and grin – are anonymous. Those who place the greater good over personal glory, it seems, leave a lasting legacy.

What do you think about the similarities between Igno and Satoshi? Let us know in the comments section below.


Images courtesy of Shutterstock.


Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry.

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via Kai Sedgwick

Bitcoin’s Big Price Drop Is the Latest in a Long History of Flash Crashes

Bitcoin's Big Price Drop Reminds Traders of the Long History of Flash Crashes

On Wednesday, June 26, the price of BTC came close to reaching $14K. One hour later, it had dropped by close to 18%. Such events are known as a flash crash, a moment in time where a rapid-sell off happens and often times a few exchanges become inoperable. Over the last few years, especially when the market is extremely bullish, flash crashes have been prevalent.

Also Read: Iranians Defy Warning and Share Pictures of Bitcoin Mining in Mosque

The June 2019 BTC Flash Crash

The price of bitcoin core (BTC) took a dive on Wednesday after touching $13,850, dipping to $11,900 at an extremely rapid rate. In the midst of the drop, Coinbase suffered an outage and customers could not access the website. Not too long afterward, the San Francisco exchange detailed that the platform was operational again. The outage and the $1,700 flash crash was yet another reminder of the risks assumed when people use centralized trading platforms. Cryptocurrency traders have dealt with flash crashes a lot over the years and it’s safe to assume there will be more in the future. In order to understand these events, news.Bitcoin.com has collected data on some of the biggest crypto flash crashes of our time.

Bitcoin's Big Price Drop Is the Latest in a Long History of Flash Crashes

Flash Crashes Have Plagued Crypto Traders Since 2011

Mt. Gox June 19, 2011 and April 10, 2013

One of the first big flash crashes was in 2011 when BTC was trading for $2 per unit on Mt. Gox before suddenly creeping up to $32 per coin. At the time, bitcoiners celebrated the fact that BTC met parity with 1 ounce of 0.999 fine silver. However, on June 19, 2011, there was a large flash crash on Mt. Gox which saw the price plummet from $17 to $0.01 in a matter of no time. The sell-off was initiated by the announcement that Mt. Gox had been hacked. The Mt. Gox website was also inoperable at the time and customers could not access their funds. The exchange reopened that Sunday at 10 p.m. EST and not long after, most bitcoiners forgot about the incident.

Bitcoin's Big Price Drop Is the Latest in a Long History of Flash Crashes

Another crash that took place in the spring of 2013 saw BTC prices tumble from $266 to $100 in a few hours. At the time, BTC prices were extremely bullish, rising from just $13 in January to over $200 during the start of the spring. The crash took place on Wednesday, April 10, 2013, and during the downswing, Mt. Gox customers complained of login issues and extreme lag using the trading engine. Some trades allegedly took more than 70 minutes to process according to Vitalik Buterin’s recount of the day. The community assumed Mt. Gox was suffering from a distributed denial-of-service (DDoS attack) but Mt. Gox told clients it wasn’t a DDoS and said the lag was due to “high volume trades.” Another Mt. Gox tweet that followed said: “Network maintenance, don’t freak out!”

Bitcoin's Big Price Drop Is the Latest in a Long History of Flash Crashes

Btc.e Exchange, February 10, 2014

The now-defunct Btc.e exchange was a popular and long-running trading platform during the earlier years of crypto. On Monday, February 10, 2014, traders on the exchange watched the price of BTC drop from $620 to $102 in a matter of seconds. According to reports, the price of BTC bounced right back on the exchange two minutes later. “The crash is the result of what appears to be a single person selling at least 6,000 bitcoins significantly below the market price,” explains the Bitcoin Wiki page en.bitcoin.it/wiki. The crash record notes that the motivation behind the sale was a “subject of debate” and “the sale was made with apparently extreme loss.”

Bitcoin's Big Price Drop Is the Latest in a Long History of Flash Crashes

Bitfinex August 19, 2015 and November 29, 2017

In the summer of 2015, the price of BTC dropped 29% on Bitfinex in roughly a 30-minute period. The entire global average took a 14% hit that day, but on Wednesday, August 19, 2015, BTC prices dipped from $255 to $179.35 on the exchange. At that time, Bitfinex was one of the most liquid bitcoin trading platforms by volume and told the media the crash was “triggered by several leveraged positions.” Bitfinex executive Phil Potter explained in an interview that the exchange dealt with “technical difficulties” and “lag in its live engine.”

Bitcoin's Big Price Drop Is the Latest in a Long History of Flash Crashes

On November 29, 2017, Bitfinex had multiple flash crashes as the prices of NEO, OMG, and ETP reportedly lost more than 90% of value in minutes. At the time, Bitcoin futures had just been announced and the price of BTC was rallying toward $10k. The same day, BTC’s price corrected by 20% and Sam Aiken wrote a blog post on Medium describing how he lost a great deal of money. Aiken said the price of ETP instantly fell from $3.50 to $0.05, triggering stop-losses and liquidations. “A bit later ETP will fall down again from $2.7 to $1.00 and jump right back — After that NEO fell down from $33 to $4,” Aiken declared.

GDAX/Coinbase, June 21, 2017

Ethereum traders were shocked to see the price of ETH fall from $319 per coin to as low as $0.10 on the GDAX exchange, which is now called Coinbase Pro. The flash crash was blamed on a “multimillion-dollar market sell order.” Reports state that when the price of ETH dropped more than 800%, stop loss orders and margin trade liquidations took place. Coinbase vice president Adam White explained that “some customers did not receive the quality of service we strive to provide and we want to do better.” White revealed that the San Francisco-based company would reimburse traders after the flash crash. “For customers who had buy orders filled — we are honoring all executed orders and no trades will be reversed. For affected customers who had margin calls or stop-loss orders executed – we are crediting you using company funds.”

Bitcoin's Big Price Drop Is the Latest in a Long History of Flash Crashes

Kraken May 7, 2017 and May 29, 2019

The price of BTC to Canadian dollars (CAD) dropped on Kraken exchange from $11,200 to $101 on May 29, 2019. The drop was over 99% but it lasted only a minute or so before the price stabilized. Years prior on May 7, 2017, ethereum traders saw the price of ETH/USD plummet from a high of $98 per ETH to $26 a coin which triggered a cascade of margin liquidations. Kraken revealed that despite the fact there was a DDoS attack “the liquidations had been triggered and they could not be stopped – DDoS or not.” “The DDoS did neither cause nor exacerbate liquidations,” Kraken added. “[If Kraken should have halted trading while under attack] the consequences for traders would have been even worse.”

Bitcoin's Big Price Drop Is the Latest in a Long History of Flash Crashes

Poloniex, May 26, 2019

Poloniex, a subsidiary of Circle Financial, had a flash crash on May 26, 2019, when the price of clams (CLAM) plummeted. Reports state that margin traders saw the price of clams lose 77% in value in less than an hour. Poloniex revealed that the platform’s margin lending pool took a loss of $13.5 million thanks to a burst of liquidations. “The velocity of the crash and the lack of liquidity in the CLAM market made it impossible for all of the automatic liquidations of CLAM margin positions to process as they normally would in a liquid market,” Poloniex told customers. “Lenders impacted will see the reduction in their accounts when they next log in,” the exchange added.

Bitcoin's Big Price Drop Is the Latest in a Long History of Flash Crashes

Trade Safely: Flash Crashes Can Happen at Any Time

The flash crash last Wednesday is a good reminder that cryptocurrency markets are still very much prone to these incidents. It also should give large trading platforms a kick in the ass to prepare for large waves of users if 2019 is anything like 2017. Exchanges had more than a year to prepare for the next bull run and heavier usage. Traders who keep funds on exchanges should be aware that flash crashes could happen at any time and there may be a chance they cannot access funds when they need to trade. People should never put down more than they are willing to lose on a centralized trading platform.

What do you think of all the flash crashes over the years in crypto-land? Let us know what you think of think about this subject in the comments section below.


Image credits: Shutterstock, Vitalik Buterin, Pixabay, Patrick Lorio, Coinmarketcap.com, Mt. Gox, and Wiki Commons.


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Keep Your Money and Passport Safe With Products You Can Buy With BCH

Keep Your Money and Passport Safe With Products You Can Buy With BCH

In this day and age, carrying your wallet, passport and mobile phone inside the inner pocket of your jacket is simply not enough to protect your assets. Thankfully, there’s a company called Tarriss which offers products designed to secure both your digital cash and personal data. It sells them for cryptocurrency and it takes bitcoin cash.

Also read: Namecheap Lets You Buy a Domain and Host Your Website With Bitcoin Cash

Tarriss Accepts Bitcoin Cash and Ships Globally

Nowadays your electronic money and your digital identity are exposed to various invisible risks. You can be robbed, tracked and hacked remotely. Wireless technologies can provide third parties with unwarranted access to your most precious data.

That’s why Tarriss, a company based in the Canadian city of Vancouver, has set out to develop protection for the money, documents and gadgets you’ll use while traveling, for example. It creates wireless signal blocking RFID and Faraday Cage products that safeguard your electronic devices from damage and your privacy from being compromised.

Keep Your Money and Passport Safe With Products You Can Buy With BCH

The platform ships these items worldwide and accepts major cryptocurrencies like bitcoin cash (BCH), bitcoin core (BTC), ethereum (ETH), and litecoin (LTC), beside traditional payment methods such as Mastercard and Apple Pay. The prices on their website can be denominated in six fiat currencies – U.S. dollar, Canadian dollar, Australian dollar, British pound, euro, and Japanese yen.

Among the products offered by Tarriss, you’ll find the RFID Passport Holder & Neck Wallet. It’s a smart invention that protects your RFID enabled credit cards and international passport. They also sell an RFID Money Belt & Hidden Travel, in case you prefer the fanny pack style solutions.

You can also order the Godark Faraday Bag which blocks EMF frequencies, EMR, wifi, cellular and Bluetooth signals. These inventions will give you the peace of mind you need in the modern age, when cards and passports come with chips, and mobile devices with GPS and NFC capabilities can be tracked and hacked.

Have you considered buying products like those developed and sold by Tarriss? Tell us in the comments section below.

Disclaimer: Readers should do their own due diligence before taking any actions related to third party companies or any of their 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 third party content, goods or services mentioned in this article.


Images courtesy of Shutterstock, Tarriss.


Do you need a reliable Bitcoin mobile wallet to send, receive, and store your coins? Download one for free from us and then head to our Purchase Bitcoin page where you can quickly buy BCH and BTC with a credit card.

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PR: Tokengen Makes Creating and Automating ICOs Free

PR: Tokengen Makes Creating and Automating ICOs Free

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

Sofia, Bulgaria, June 28th, 2019: Niquid Tech today announced the release of a new version of TokenGen, the company’s proprietary ICO automation tool. The new update features a re-structure of the pricing model, more specifically, a free basic plan. Previously, the company added a KYC solution by integrating TokenGen to work with the Civic decentralized identity ecosystem, available to projects using the Whitelistable Fundraiser feature.

The main goal of the past few updates is to expose the lucrative ICO fundraising model to more individuals and companies as well as meeting the know-your-customer demands of modern token generation events. Additionally, TokenGen has also [partnered up with Bounty0x, as a way of providing a bounty program solution to its users.

“The Fabric Token project is working to remove barriers to blockchain development and for most people interested in the industry at the moment, a lack of user-friendly interfaces is the biggest hurdle,” said Doncho Karaivanov, Co-Founder of Niquid Tech and the [Fabric Token, https://fabrictoken.io/] platform, of which TokenGen is an integral part. “We admire Civic for disrupting the standard identity storage model and are extremely excited to have integrated our ecosystem with their platform, providing a long-requested KYC solution to TokenGen.”

This partnership supports Civic’s commitment to giving back people and businesses control and protection of their identities. While anonymity is a big part of the concept of cryptocurrency, all truly serious ICO projects gather investor data through a KYC process, in order to remove the probability of future problems with government authorities.

“We are pleased to welcome Niquid Tech to Civic’s partner network. This collaboration marks another milestone for Civic’s ecosystem and for on-demand, secure, and low-cost access to identity verification services,” said Civic CEO, Vinny Lingham.

The integration with Civic also comes with a KYC control panel, seamlessly integrated with the whitelist contract for an easier whitelisting/blacklisting of fundraiser participants. A table displays all KYC entries and shows whether they were verified by Civic. The table also shows the country of the person, making it easy for projects to filter participants based on their policies.

The new TokenGen fremium model comes with full access to all UI features i.e. one-click deployments, automatic landing page, limitless builds, and provides basic ERC20 token and crowdsale contracts. The more advanced smart contract features will still add cost to each project.

Despite the obvious downtrend, ICOs are still well alive. That being said, the average amount of funds raised has become much more realistic compared to the absurdity of 2017. TokenGen is meeting this stabilizing demand for ICOs and as a result, the entire blockchain ecosystem can be advanced as better and more dashing projects appear on the scene.

Contact Email Address
doncho.karaivanov@niquid.tech

Supporting Link
https://fabrictoken.io

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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Thursday, June 27, 2019

Koinex Exchange Shuts Down Ahead of Crypto Regulation

Koinex Exchange Shuts Down Ahead of Crypto Regulation

Another Indian crypto exchange has shut down permanently due to the banking restriction and regulatory delays. The exchange cites denials in payment services and a sharp decline in trading volume resulting from the recent news of a draft bill to ban cryptocurrencies.

Also read: Indian Cryptocurrency Regulation Is Ready, Official Confirms

Koinex Shuts Down

Indian cryptocurrency exchange Koinex announced its shutdown Thursday. CEO Rahul Raj explained that “After months of uncertainty and disruption, we have regretfully decided to shut down all digital assets exchange services and operations today,” adding:

The digital assets trading services will be permanently disabled on all our platforms at 2:00 PM IST on Thursday, June 27, 2019. All open orders after this deadline will be automatically cancelled and the funds will be returned to corresponding wallets.

Koinex Exchange Shuts Down Ahead of Crypto Regulation

The exchange’s wallet service will continue to be functional but users are required to withdraw all funds from the platform by July 15. “Failing to do so may result in forfeiture of their funds, in case we are unable to keep the wallet function alive post the aforementioned timeline,” the exchange warned.

Koinex explained that a snapshot of users’ wallet balances will be taken for record and its “effort to disburse INR balances will begin immediately.” The company explained that in the next five weeks, it will attempt to release all user deposits to their registered bank accounts. A convenience fee of between INR 10 ($0.14) and INR 2,000 ($29) will be levied based on the user’s INR wallet balance. The exchange clarified:

Since the bank accounts with user funds are still frozen and the capital is held up, we have made arrangements for funds from our own resources … This is a voluntary move and is being undertaken even though it is not our legal obligation.

Koinex began service on Aug. 25, 2017. Within four months of launch, it recorded $265 million in trading volume and, at peak in December, it onboarded over 40,000 new users in 24 hours, the CEO claims. On its website, Koinex claims to have more than 1 million registered users and executed over 20,000 orders worth over $3 billion.

RBI Ban and Supreme Court Hearing

Raj also revealed that Koinex has been impacted by the crypto banking ban imposed by the central bank, the Reserve Bank of India (RBI).

Koinex Exchange Shuts Down Ahead of Crypto Regulation

In April last year, the central bank issued a circular banning regulated financial institutions from providing services to crypto businesses, giving them three months to exit relationships with companies and individuals dealing in cryptocurrencies. They also “block all such crypto-related transactions,” the CEO emphasized. While the RBI circular has been challenged in the country’s supreme court, nothing has changed so far and the banking restriction continues. Raj elaborated:

The last 14 months have been tough to operate a digital assets trading business in India, on account of the closure of bank accounts holding user deposits … Multiple delays by the government agencies in clarifying the regulatory framework for cryptocurrencies despite our pending writ petition in the Supreme Court of India.

“We have consistently been facing denials in payment services from payment gateways, bank account closures and blocking of transactions for trading of digital assets,” the CEO continued to share. “Even for non-crypto transactions like payment of salary, rent and purchase of equipment, our team members, service providers and vendors have had to answer questions from their respective banks  —  just because of an association with a digital assets exchange operator.”

Koinex has become the fourth crypto exchange to fall victim to the banking restriction by the RBI. In September last year, Zebpay shut down all its exchange activities in India due to the banking problem. Coindelta announced its shutdown in March, and Coinome made a similar announcement in May.

Several writ petitions have been filed to lift the banking ban. The country’s supreme court is set to hear the case on July 23. The court may also hear about the regulatory framework for cryptocurrency from the government at that time.

Koinex Exchange Shuts Down Ahead of Crypto Regulation

Indian Crypto Regulation

India’s regulatory framework for cryptocurrency has been drafted by an interministerial committee headed by Subhash Chandra Garg, Secretary of the Department of Economic Affairs and Finance Secretary. He recently stated that the committee’s report with the recommended crypto regulation is ready to be submitted to the finance minister for approval.

While the content of the report has not been made public, a couple of local news outlets have claimed to have knowledge of a draft cryptocurrency bill called the “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019.” Bloombergquint has made a bold claim that the bill proposes a 10-year jail sentence for a number of crypto activities. News.Bitcoin.com recently provided a preliminary analysis of the leaked information of this bill. Further, four different government bodies have replied to Right to Information (RTI) requests about this bill.

While media reports are not confirmed, Raj said that the news of this bill “has created enough FUD in the Indian crypto trading community to result into a sharp decline in trading volumes” on his exchange.

What do you think of Koinex shutting down due to the banking problem and regulatory clarity? Let us know in the comments section below.


Images courtesy of Shutterstock.


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How to Keep Bitcoin Cash Transactions Private

How to Keep Bitcoin Cash Transactions Private

There are many reasons to keep bitcoin cash transactions private and the top six ways to make them anonymous are outlined in a new video by Bitcoin.com. Meanwhile, the Financial Action Task Force has just released its global guidance for crypto assets, effectively calling on countries and crypto exchanges to strengthen their KYC measures.

Also read: Indian Cryptocurrency Regulation Is Ready, Official Confirms

Easy Ways to Keep Transactions Private

There are many ways bitcoin cash users can keep their transactions private. Bitcoin.com has produced a new video outlining the top six easy ways to help crypto transactions become anonymous.

One of the most common ways to increase privacy when transacting in cryptocurrencies is using peer-to-peer (P2P) platforms that do not require KYC information, such as the newly launched platform by Bitcoin.com. Over 22,000 people have signed up for Local.Bitcoin.com which “does not require you to identify yourself and you’re free to accept any of the payment methods listed on the site,” the video explains. It further details how users can stay safe when using P2P platforms in addition to staying “completely anonymous.”

BCH users can also use Cashshuffle which allows them “to shuffle their coins with other users so it’s almost impossible to tie the bitcoin cash to a certain person,” the video describes. It also details the use of Tor and VPN to enhance privacy.

Further, bitcoin ATMs that do not require KYC can be used for private transactions. “Bitcoin ATMs are popping up all over the world. It’s likely that there are several within a few miles of you,” the video notes, adding that anyone can find one using this tool. For those wanting to earn cryptocurrencies privately, this Bitcoin.com video describes the top ways to earn BCH income.

Increased Global KYC Efforts

Many countries and cryptocurrency exchanges could be getting more serious about their KYC measures. The Financial Action Task Force (FATF), the global money-laundering watchdog, released its guidance for virtual assets and virtual asset service providers last week. It recognizes:

The virtual asset ecosystem has seen the rise of anonymity-enhanced cryptocurrencies (AECs), mixers and tumblers, decentralized platforms and exchanges, and other types of products and services that enable or allow for reduced transparency and increased obfuscation of financial flows.

How to Keep Bitcoin Cash Transactions Private

The FATF also acknowledged that new methods continue to emerge “including the increasing use of virtual-to-virtual layering schemes that attempt to further obfuscate transactions in a comparatively easy, cheap, and secure manner.”

The organization subsequently calls on all countries and crypto exchanges to strengthen their measures against products and services that could undermine an exchange’s “ability to know its customers and implement effective customer due diligence.” However, its recommendations are not laws and not binding since each country may choose to implement any or none of the guidelines, as news.Bitcoin.com previously explained.

What is your favorite way to keep your crypto transactions private? Let us know in the comments section below.

Disclaimer: None of the information in this article is intended as investment advice, as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Neither Bitcoin.com nor the author is 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 courtesy of Shutterstock and Bitcoin.com.


Are you feeling lucky? Visit our official Bitcoin casino where you can play BCH slots, BCH poker, and many more BCH games. Every game has a progressive Bitcoin Cash jackpot to be won!

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via Kevin Helms