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Day: August 17, 2018

Bitcoin Trend Chart Predicts 2020 Block Halving Could Be Massive For Price – Bitcoinist


Bitcoinist

Bitcoin Trend Chart Predicts 2020 Block Halving Could Be Massive For Price
Bitcoinist
“In the months leading up to the last two halving events, we saw bitcoin’s price steadily trend upward, and then power higher following the reward halving,” Bitcoinist reported Blockchain research head Garrick Hileman as saying in May this year. Two …

and more »

Bitcoinist

Bitcoin Trend Chart Predicts 2020 Block Halving Could Be Massive For Price
Bitcoinist
“In the months leading up to the last two halving events, we saw bitcoin's price steadily trend upward, and then power higher following the reward halving,” Bitcoinist reported Blockchain research head Garrick Hileman as saying in May this year. Two …

and more »

Huge Chinese Retailer Launches Open Blockchain Platform

One of China’s largest retailers, JD.com, is launching a blockchain platform. The idea behind the JD Blockchain Open Platform is to allow the company’s enterprise customers to develop their own applications based on the innovative and disruptive technology. JD.com Hopes to Encourage Innovation with New Platform The goal of the JD.com’s new platform is to…

The post Huge Chinese Retailer Launches Open Blockchain Platform appeared first on NewsBTC.

One of China’s largest retailers, JD.com, is launching a blockchain platform. The idea behind the JD Blockchain Open Platform is to allow the company’s enterprise customers to develop their own applications based on the innovative and disruptive technology.

JD.com Hopes to Encourage Innovation with New Platform

The goal of the JD.com’s new platform is to provide the company’s business customers with a framework to develop their own smart contract-based systems. These will be hosted on public and private enterprise clouds. JD.com’s customers will be able to create and fine tune their own smart contract applications in line with their specific needs, according to a blog entry posted earlier today.

The post goes on to state that the JD Blockchain Open Platform is built on “multiple underlying technologies”. The hope is that by using these technologies, JD.com’s clients will be able to streamline vital operational procedures. These include tracing the movement or goods, verifying the authenticity of goods, assessing ownership, settling transactions, and providing digital copyright.

JD.com believes that these functions will enhance the overall productivity of their enterprise customers, as well as providing greater transparency, trust, and convenience. The functionality of the platform will be similar to Amazon’s blockchain templates that we reported on in April of this year.

JD Blockchain Open Platform represents the latest step by the massive Chinese retailer towards providing technological solutions to various issues that face traditional industries. The firm calls the strategy Retail as a Service (RaaS).

Clients of JD.com will benefit from the JD Open Platform’s “one-click deployment.” It is hoped that by simplifying the process as much as possible, JD.com will be able to help even those companies that lack detailed knowledge of blockchain technology, yet want to take advantage of its disruptive potential.

The platform itself will also feature an application store that will provide various blockchain tools or software features for use by JD.com’s enterprise customers. These have been designed through collaboration between in-house developers, as well as Independent Software Vendors. JD.com also aim to continuously improve the application store by recruiting new software vendors and creating a vibrant community for those vendors working on the platform.

All additions to the application store will undergo a stringent quality assessment program before being listed. It is hoped that such high standards will encourage customers to trust the service, which will in turn lead to a much more vibrant ecosystem of business-grade applications that are entirely customisable to each client’s specific needs.

JD.com’s head of big data and smart supply chains, Jian Pei, is quoted as stating the following about the development of the platform:

“JD Blockchain Open Platform is a culmination of the expertise and experience in blockchain technology that we initially developed for our own operations, to provide more visibility to consumers.”

 

Image from Shutterstock

The post Huge Chinese Retailer Launches Open Blockchain Platform appeared first on NewsBTC.

Coinbase Seeks Patent for Security-Enhanced Bitcoin Payment System

U.S.-based digital currency exchange Coinbase has filed a patent on a new Bitcoin payment system designed to make cryptocurrency payments safer. The new platform will provide an added layer of security for users’…

coinbase patent

U.S.-based digital currency exchange Coinbase has filed a patent on a new Bitcoin payment system designed to make cryptocurrency payments safer. The new platform will provide an added layer of security for users’ keys and allow them to make Bitcoin payments directly from their digital wallets.

A segment of the patent filing states, “It may be a security concern for users that the private keys of their Bitcoin addresses may be stolen from their wallets. Existing systems do not provide a solution for maintaining security over private keys while still allowing the users to checkout [sic] on a merchant page and making payments using their wallets.”

If approved, the system would work by allowing customers to encrypt their passphrases into a master key to create an additional buffer against theft. The master key encrypts customers’ private keys and whatever transactions are made. Once a transaction is complete, the master key is deleted, ensuring no outside party can gain access to the information. A new master key is created for each transaction.

Another novel element of the system is its “freeze logic,” which would allow administrators to suspend the system and prevent transactions from occurring in the event of a theft or cyberattack. The patent reads, “At any point in time after the master key is loaded, the system can be frozen. The system can be unfrozen after it has been frozen using keys from the key ceremony. The checkout process can be carried out when the system is frozen and when the system is unfrozen. The payment process can only be carried out when the system is unfrozen and not when the system is frozen.”

Lastly, the application proposes API integration capabilities, which would enable various websites to run versions of the payment system. The API uses a specific pair of keys – one of which is stored on the corresponding website, the other on Coinbase – that must match for a transaction to be approved and completed.

This is not the first time Coinbase has filed for such a patent. The company had tried for something similar nine times in 2015 alone, leading critics to accuse the exchange of trying to build a monopoly on bitcoin services. CEO Brian Armstrong denied this, saying that the company’s goal was to keep blockchain technology away from “patent trolls.”

“One of the best ways to defend against patent trolls is to build your own portfolio of patents, and this is exactly what we are doing, along with just about every other tech company out there,” he wrote in a blog post. “It is an unfortunate game we all must play, but we didn’t invent the rules.”

The company also filed a patent in 2016 to potentially secure Bitcoin-based private keys.

In addition to Coinbase, several traditional financial institutions have filed for blockchain-based patents. Bank of America filed approximately 50 live patents in the blockchain space, more than any other venture. Software giant IBM also has several under its belt, including one for “node characterization in blockchain,” which would allow a distributed ledger to house a series of nodes characterized by specific functions.

Last year in June, delivery company UPS also filed a blockchain patent for what it calls the “autonomous services selection system and distributed transportation database.” Whenever something is delivered from one point to another, it must go through multiple networks and segments before it reaches its destination. This makes it difficult for logistics services to coordinate with one another. The patented system would generate sets of transportation data that is then stored securely on a blockchain and easily tracked to ensure logistics companies meet handling requirements appropriately.

This article originally appeared on Bitcoin Magazine.

All Top 10 Cryptocurrencies in Green, Bitcoin Breaks $6,500

Crypto markets see a rebound today, all top 10 cryptocurrencies by market cap are in the green with Ripple and EOS seeing the highest gains

Crypto markets see a rebound today, all top 10 cryptocurrencies by market cap are in the green with Ripple and EOS seeing the highest gains

Africa and the Middle East: Crypto and Blockchain News Roundup, 10th to 16th August 2018

Africa and the Middle East Welcome to our weekly roundup of all important blockchain and cryptocurrency news from around the world. Follow the latest developments in the cryptocurrency space continent by continent, country by country. South Africa Crypto regulation needed to settle inheritance, divorce cases: The South African government is moved to attend to the …

The post Africa and the Middle East: Crypto and Blockchain News Roundup, 10th to 16th August 2018 appeared first on BitcoinNews.com.

Africa and the Middle East

Welcome to our weekly roundup of all important blockchain and cryptocurrency news from around the world. Follow the latest developments in the cryptocurrency space continent by continent, country by country.

South Africa

Crypto regulation needed to settle inheritance, divorce cases: The South African government is moved to attend to the issues arising from the ambiguity of cryptocurrencies in the country when it comes to settling inheritance claims and divorce cases.

Cryptocurrency has been around for a decade now and South African Revenue Service (SARS) designated them as an asset of intangible nature as far back as 2009. While it may have granted Bitcoin some legality, issues remain as legality of cryptocurrencies are unclear in comparison with other assets like shares and bonds and that can complicate things.

VAT may not be applied to Bitcoin in South Africa under new regulation: According to a draft being prepared by the South African Revenue Service (SARS), cryptocurrencies in the country will not be liable for Value Added Tax (VAT) but other regular tax laws will be applicable.

SARS has been deliberating on cryptocurrency regulation for some time and according to it, transactions of cryptocurrencies are seen as a service and thus it will be exempt from a VAT for now, something that is often a damaging perspective for cryptocurrencies in a country. All crypto dealers, however, will have to declare their gains and losses in crypto transactions and trades and pay relevant taxes.

Nigeria

Crypto exchange Luno educating users on identifying scams: Cryptocurrency exchange Luno is trying to educate the masses to help them avoid scams in the cryptosphere.

Luno’s country manager while speaking in a conference in Lagos said:

“The Central Bank of Nigeria while presently studying the market to enable it come up with a regulatory framework that will protect every player, Luno will not hesitate to guide present investors against scams.”

The exchange is advocating for self-regulation right now but welcomes regulation from the government in the future to help secure a better future for crypto.

Government launches blockchain hub: The Nigerian government’s blockchain innovation KAD ICT Hub, in collaboration with UK Blockchain company Coinfirm, has announced a new blockchain hub in the country called Africa Blockchain Lab.

The initiative is to launch a program to help bring together Blockchain companies across the continent to bring solutions to various problems in the continent and Nigeria itself. Some startups like Kora, a blockchain marketplace and digital payment system, have already signed on the new project.

Middle East

Turkey

Bitcoin popularity soars as lira freefalls: The recent freefall of Turkish lira has resulted in cryptocurrencies becoming more and more popular in the country as Koinim, the largest cryptocurrency exchange in the country, recorded more than 63% increase in trades last week alone.

Turkey is currently embroiled in a diplomatic tussle with the United States as the latter recently imposed sanctions on the country that followed up with a sharp decrease in demand for lira, the national currency. More and more Turks used platforms like Localbitcoins.com to save themselves from inflation. However, with the recent USD 15 billion loan from Qatar on the cards, it is yet to be seen how the future of cryptocurrency trading will look like in the short term as lira might bounce back.

12,000 investors affected in TurCoin scam: Turcoin, self-styled national cryptocurrency of Turkey has been revealed as a Ponzi scheme and more than 12,000 investors have been affected.

TurCoin offered swift dividends and even claimed backing of the Turkish government,resulting in excitement in Turkish crypto circles. Many investors invested some money in it only to be left out in the cold as it was eventually revealed to be a scam. Investigators have frozen company founder’s assets and he is now awaiting trial.

United Arab Emirates

Investor takes $140K loan and loses 85% in crypto trading: The risks of cryptocurrency investment are evident after the recent case of an Emirati investor borrowing USD 140,000 to invest in cryptocurrencies and lost most of it.

The amateur currency investor based in Abu Dhabi is 85% down from his USD 139,500 bank loan that he took a while ago. The investor goes by the name of Cryptohomie on Reddit and he shared documents regarding the loan online which he used to fund his cryptocurrency trading at the height of the 2017 bull run that brought Bitcoin to as high as USD 20,000. He is currently giving monthly payments of USD 3,381 that run till 14 December 2021.

Saudi Arabia

Government warns against use of crypto: The Saudi government has warned against the use of cryptocurrencies, describing them as illegal due to their perceived role in fraud and unauthorized payments.

The Saudi Arabian Monetary Authority (SAMA) gave the statement that included (cryptocurrencies) as “illegal in the kingdom and no parties or individuals are licensed for such practices”.

While the cryptocurrency use is currently deemed illegal, it is unclear to see what kind of authority the SAMA has to enforce a full ban in the country.

 

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The post Africa and the Middle East: Crypto and Blockchain News Roundup, 10th to 16th August 2018 appeared first on BitcoinNews.com.

UK Regulator Warns Investors of Rising Cryptocurrency Scams

The Financial Conduct Authority, UK’s financial watchdog, is reminding consumers that cryptocurrency scams are rising in the country. Residents in the United Kingdom who decide to invest in Bitcoin or any other virtual currency are not protected by the regulatory framework given that cryptocurrencies are not regulated by the FCA. £2 Million Lost In Cryptocurrency…

The post UK Regulator Warns Investors of Rising Cryptocurrency Scams appeared first on NewsBTC.

The Financial Conduct Authority, UK’s financial watchdog, is reminding consumers that cryptocurrency scams are rising in the country. Residents in the United Kingdom who decide to invest in Bitcoin or any other virtual currency are not protected by the regulatory framework given that cryptocurrencies are not regulated by the FCA.

£2 Million Lost In Cryptocurrency Scams In June And July Alone

A warning of cryptocurrency scams first made in June has been re-posted by the UK regulator to let consumers know that fraudulent schemes are on the rise.

“UK consumers are being increasingly targeted by cryptocurrency-related investment scams […] Cryptocurrency fraudsters tend to advertise on social media, often using the images of celebrities or well-known individuals to promote cryptocurrency investments. […] The firms operating the scams are usually based outside of the UK but will claim to have a UK presence, often a prestigious City of London address.”

Cryptocurrency swindles include posting images of celebrities supposedly endorsing said coins or tokens, according to the statement. The regulator has observed a rising number of reports about virtual currency scams, but its regulatory framework does not protect UK residents that choose to trade their fiat currency for any digital coin or token.

Britain’s financial watchdog has recently warned about two scams that involve companies impersonating respectable UK traders. Good Crypto and Fair Oaks Crypto have quoted the two legitimate firm’s addresses and Firm Reference Numbers as part of the swindle, the FCA said.

A report by the National Fraud and Cybercrime Reporting Centre said that approximately £2 million has been lost in cryptocurrency scams in June and July alone this year, an average of £10,095.59 per person. The statement noted that the most prevalent methods used by scammers are cold calls and social media-based campaigns.

Fraudsters are able to convince victims to sign up to their websites and provide sensitive information such as credit card details and driving licenses to open a trading account.  Victims are then persuaded to make sizable first deposits before realizing it is a fraud, said Director of Action Fraud Pauline Smith.

“It’s vital for anyone who invests or is thinking of investing in cryptocurrencies to thoroughly research the company they are choosing to invest with. The statistics show that opportunistic fraudsters are taking advantage of this market, offering investments in cryptocurrencies and using every trick in the book to defraud unsuspecting victims.”

As the FCA handles a rising number of virtual currency scam cases, the regulator announced it has launched investigations into 24 different cryptocurrency companies. In March 2018, a task force was also established with the Bank of England and the Treasury to develop UK’s policy thinking on crypto assets.

 

Image from Shutterstock

The post UK Regulator Warns Investors of Rising Cryptocurrency Scams appeared first on NewsBTC.

Dutch Trader Loses Reclamation Suit Against Banks That Froze His Accounts

In November 2016, a Dutch cryptotrader tried to buy his first 10 bitcoin, first using funds from his ING bank and later from ABN Amro. Both banks denied the transactions. He subsequently filed a complaint with Ki…

Dutch lawsuit

In November 2016, a Dutch cryptotrader tried to buy his first 10 bitcoin, first using funds from his ING bank and later from ABN Amro. Both banks denied the transactions. He subsequently filed a complaint with Kifid (Financial Services Complaints Institute), a resource that mediates between consumers and small businesses when there are complaints about financial products or services.

According to the complaint, the banks claimed the man’s transactions were denied due to fraud prevention measures. It argued, however, that fraud prevention isn’t the reason why ING and ABN denied the transactions. Instead, the complainant accused both banks of blocking his accounts for commercial reasons that were concealed as fraud prevention measures. ING and ABN Amro denied the accusation.

The aspiring trader filed suit for €43,220 (~$50,000). He arrived at this figure by projecting the gains he would have realized if he bought bitcoin at €330 (~$385) and sold at €2,500 (~$3,000 USD).

The Kifid ruling states that it does not consider this lack of ability to trade in any way relevant. Even if the banks refuse to perform a service, it isn’t their responsibility to compensate clients. In addition, the ruling states that the complainant failed to demonstrate that the acquisition of bitcoin was rendered impossible because of the actions of the banks: He could have tried to work with another bank.

Both ING and ABN claimed that once the block had been lifted on his account, he could have purchased the bitcoins. They both claim that the unblocking of the account was delayed for security reasons and the fact that the customer had set their account preferences to deny telephone contact.

Ultimately, the ruling determined that the potential bitcoin trader had no one to blame but himself for not securing the 10 bitcoin and realizing any potential profits.

This article originally appeared on Bitcoin Magazine.

[promoted] Equity Trust Forges a New Path for Crypto-Based IRA Investments

Asset diversification has long been touted as a
critical strategy for wealth building. This method of portfolio management,
which traditionally involves a mix of stocks, fixed assets and commodities
allo…

Equity Trust Thumb

Asset diversification has long been touted as a
critical strategy for wealth building. This method of portfolio management,
which traditionally involves a mix of stocks, fixed assets and commodities
allows for maximum return at the least amount of risk — an important element
for retirement savings.

One company with a strong foothold in this
investment space is Equity
Trust, a financial services company that allows
individual investors to diversify their retirement investment portfolios
through asset class options like private equity, precious metals, tax liens and
real estate among others. With over $25 billion in assets under custody and
administration as of the end of 2017, Equity Trust’s self-directed retirement
accounts have become a viable option for entrepreneurial investors seeking
control over their wealth building activities.

Merging the Worlds of IRAs and Crypto

Equity Trust recently launched a new digital
asset platform that allows individual retirement
accounts (IRAs) to invest in cryptocurrencies. It can be simple to open an account
online through myEQUITY (its online account system), or investors can call and
open an account through a senior account executive.   

The minimum investment required is $10,000 in
addition to a $500 nonrefundable fee for use of the digital asset platform.

Through this platform, investors can purchase and
sell bitcoin, bitcoin cash, ether, ethereum classic, litecoin and XRP using a
trade-date-plus-one formula (i.e., next-day cash availability for sale
transactions). The industry-leading cycle starts when purchase/sell orders are
immediately filed by liquidity providers to lock in the price and exchange of
fiat and digital currency takes place the following morning.

Because Internal Revenue Service (IRS) guidelines
treat crypto in a manner similar to real estate, an IRA offers some potential
tax advantages. If IRS guidelines are followed, taxes are deferred, meaning
that there are no immediate tax implications. By way of example, the major spike
in bitcoin prices in 2017 led to some major financial returns for investors in
this space, but it also resulted in a significant tax impact. If these
investments had been made through an IRA, taxes could have possibly been
deferred through retirement. 

This move on the part of Equity Trust to create a
digital currency platform signals demand on the part of clients and other
investors for tax-favorable investment vehicles like IRAs.

This pioneering platform brings ease of use to
the digital currency investment process through a simple online interface.
Here, both individual investors as well as institutional professionals who
represent clients are able to rapidly place digital currency orders using funds
from IRAs. 

The emergence of the digital asset platform reflects
the most recent in a series of technology investments made by Equity Trust.
Dave Allen, Equity Trust’s COO, said “it demonstrates the company’s aim to
invest in technologies that align with a broader strategic approach of
delivering innovative, world-class products and services that maximize client
value while accelerating client access to alternative investments.” 

Equity Trust’s target market includes current
cryptocurrency investors desiring a long-term investment approach, where there
is the potential for wealth to be built over a number of years. Equity Trust’s platform
is also ideal for investors seeking a more diversified retirement portfolio who
may not have explored cryptocurrency in the past. 

One of the prized features of the platform is the
ability to connect a client’s Equity Trust account with a “cold storage”
facility, allowing for a secure long-term storage approach for digital
currency. This feature significantly mitigates the customer risks often
associated with the investor holding their own cryptocurrency keys.

Allen indicated that a main factor that led the
company to pursue the intersection between IRAs and cryptocurrency was the
stated demand of Equity Trust’s existing clients.

“Equity Trust has specialized expertise in
providing responsible access to alternative asset classes, ” he said. “And with
cryptocurrency emerging as an asset that’s experiencing increased demand,
investors are desiring tax-advantaged retirement options to invest in
cryptocurrency. It made sense for Equity Trust to apply its expertise in this
area and deliver a solution.”

Note: Trading and investing
in digital assets is speculative and can be high risk. Based on the shifting
business and regulatory environment of such a new industry, this content should
not be considered investment or legal advice.

This promoted article originally appeared on Bitcoin Magazine.

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, ETC: Price Analysis, August 17 – Cointelegraph


Cointelegraph

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, ETC: Price Analysis, August 17
Cointelegraph
The cryptocurrency market capitalization has risen above the $215 billion mark once again. A resilient Bitcoin was the main reason for the pullback. If the leader holds ground, the investors gain confidence and start entering the markets. Crypto hedge …
Despite price crash, bitcoin believers still say the best is yet to comeNBCNews.com
Did Bitcoin Bottom Out at $5800 and is This the Beginning of a New Rally?newsBTC
Bitcoin’s rollercoaster ride reflects the biggest issue facing cryptocurrencies: regulationThe Conversation UK
Bitcoinist –CCN
all 119 news articles »

Cointelegraph
Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, ETC: Price Analysis, August 17
Cointelegraph
The cryptocurrency market capitalization has risen above the $215 billion mark once again. A resilient Bitcoin was the main reason for the pullback. If the leader holds ground, the investors gain confidence and start entering the markets. Crypto hedge ...
Despite price crash, bitcoin believers still say the best is yet to comeNBCNews.com
Did Bitcoin Bottom Out at $5800 and is This the Beginning of a New Rally?newsBTC
Bitcoin's rollercoaster ride reflects the biggest issue facing cryptocurrencies: regulationThe Conversation UK
Bitcoinist -CCN
all 119 news articles »

South America: Crypto and Blockchain News Roundup, 10th to 16th August 2018

South America Welcome to our weekly roundup of all important blockchain and cryptocurrency news from around the world. Follow the latest developments in the cryptocurrency space continent by continent, country by country. Brazil Presidential candidate pledges to legalize crypto if elected: Brazilian presidential elections are coming up and a presidential candidate has pledged to legalize cryptocurrency in …

The post South America: Crypto and Blockchain News Roundup, 10th to 16th August 2018 appeared first on BitcoinNews.com.

South America

Welcome to our weekly roundup of all important blockchain and cryptocurrency news from around the world. Follow the latest developments in the cryptocurrency space continent by continent, country by country.

Brazil

Presidential candidate pledges to legalize crypto if elected: Brazilian presidential elections are coming up and a presidential candidate has pledged to legalize cryptocurrency in the country if he gets elected.

Brazil remains a country that doesn’t recognize cryptocurrencies like Bitcoin as actual currencies that can be legally used to settle payments. Jao Amoedo, the Presidential hopeful has said that national currency will remain in its official status but Bitcoin could be accommodated as a foreign currency role like the US Dollar and thus break away from the financial setup dominated by the USA.

While the government doesn’t recognize Bitcoin as an actual currency, it hasn’t stopped Brazilians from investing a lot in it. In 2017 alone, more than USD 2.4 billion in Bitcoin transactions occurred in Brazil alone.

Brazil officials and crypto community debate future crypto regulations: In a new meeting called in by the Chamber of Deputies, representatives of the Brazilian government debated on possible cryptocurrency and blockchain regulations.

The discussion was held publicly in the Getulio Vargas Foundation’s Applied Information Technology Center in Sao Paulo. Different mindsets and opinions were heard in the hearing but the topic was somehow neglected overall. The Brazilian cryptocurrency community is one of the largest in South America and needs new regulation for the recognition of cryptocurrencies as assets or currencies.

Argentina

Argentinian political theorist working on blockchain-based voting systems: A video game developer-turned political theorist from Argentina, Santiago Siri, is working on a new blockchain-based voting system that could make things transparent and effective.

While the democratic system is widely adopted around the world, it is under threat by a new set of powers that are trying to undermine it. The powers include meddling of foreign powers in elections.

Siri’s non-profit startup called Democracy.Earth believes blockchain to be the solution for ensuring transparency in elections.

Chile

Thousands of businesses now accept crypto payments: A new partnership between cryptocurrency exchange Crypto MKT and Flow.cl means that over 5,000 stores across Chile now accept cryptocurrency payments.

The deal was signed between these two service companies allows cryptocurrency payments to be added to payment types on Flow.cl’s online payments platform. Store owners will receive money in fiat money and the transaction rates are some of the lowest in the country.

According to an official translation: “There is a guarantee fund that allows the payment is not affected by large increases or decreases in the price of Bitcoin, Ethereum and Stellar. This gives tranquility and security to the client.”

Venezuela

Petro set to become official currency alongside bolivar: State-owned oil-backed cryptocurrency is set to become officially recognized in Venezuela after President Nicholas Maduro made an announcement confirming its official status will start on Monday next week.

The official dealing in the state cryptocurrency will start when state-owned oil giant Petroleos de Venezuela (PDVSA) will start using cryptocurrency transactions for payment. Petro will not be the sole national currency anymore and the system will be made to incorporate the additional Petro cryptocurrency in a gradual manner.

Hyperinflation causing further increase in Bitcoin trading: Venezuela’s spiraling inflation issues are producing considerable surges in Bitcoin trading activities in the country.

With IMF recently stating that Venezuela may reach as much as 1 million per cent inflation by December, more and more people are turning to cryptocurrencies, especially Bitcoin to circumnavigate inflation’s vicious cycle. Bitcoin price itself is doubling in 18 days as a result as well.

Follow BitcoinNews.com on Twitter at https://twitter.com/bitcoinnewscom

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The post South America: Crypto and Blockchain News Roundup, 10th to 16th August 2018 appeared first on BitcoinNews.com.

Why is Zcash 2.0 Sapling Release Important for Private Crypto Transactions?

Privacy cryptocurrency Zcash (ZEC) announced the release of their 2.0.0 version on August 16th, introducing the first Sapling-compatible version of the Zcash node software.  The privacy currency also added several other notable features in the newest software update, including an important fix to the peer banning bug that came about following the previous Overwinter update.…

The post Why is Zcash 2.0 Sapling Release Important for Private Crypto Transactions? appeared first on NewsBTC.

Privacy cryptocurrency Zcash (ZEC) announced the release of their 2.0.0 version on August 16th, introducing the first Sapling-compatible version of the Zcash node software.  The privacy currency also added several other notable features in the newest software update, including an important fix to the peer banning bug that came about following the previous Overwinter update.

The update included other minor fixes and additions to the Zcash network, including backport upstream improvements, various bug fixes, and an update to the mainnet checkpoints to improve the speed of initial synchronization.

What is Sapling and How Does it Improve Private Transactions?

Sapling is the next major upgrade of the Zcash network and is scheduled to go live on October 28th of this year. The update comes after two years of the Zcash team conducting a plethora of tests and updates in an effort to improve the functionality and performance of encrypted transactions.

The key feature of Sapling is that it takes Zcash closer to having fully shielded transactions, which will provide users a new layer of security and anonymity. Currently, Zcash transactions operate similarly to those of Bitcoin, in that the addresses are transparent. Shielding addresses requires a significant amount of computational power, which is incredibly expensive, but updates provided through Sapling will eventually lead to lower transactional costs, making shielded transactions much more cost efficient.

Zcash explains Sapling on their blog, saying:

“Sapling is a network upgrade that introduces significant efficiency improvements for shielded transactions that will pave the way for broad mobile, exchange and vendor adoption of Zcash shielded addresses…Payments involving the new Sapling z-addresses can be constructed in as little as a few seconds and with only 40 megabytes of memory. Exchanges, mobile wallet providers, vendors and other 3rd parties will now be able to support shielded addresses. The increased use of shielded addresses will improve the effective privacy for the entire network.”

The Zcash team also emphasizes the importance of upgrading user’s Zcash software, explaining:

“Keep your Zcash software updated, and you’ll be on the newly-upgraded main chain along with everyone else. You will not miss the network upgrade, unless you are running your own full node and have manually configured your client to continue running the old code.”

According to the Zcash roadmap, the activation of Sapling will occur shortly after they introduce their version 2.0.1 and will precede the release of version 2.0.2 by less than a week.

Sapling is the third major software update to the Zcash network since its launch in 2016 and comes after the original Sprout upgrade and the most recent Overwinter release.

Zcash is currently sitting at $147, up 4% on the day but down from its monthly highs of approximately $200 on August 1st.  Like all other cryptocurrencies, Zcash has not been immune from the market downturn, and is currently about $750 off its all-time high of $900.  It is unlikely that the Sapling upgrade will lead to any immediate price increases, but it will provide greater utility and efficiency down the road.  The potential addition of Zcash to Coinbase could also lead to a potential price jump in the coming months.

Featured image from Shutterstock

The post Why is Zcash 2.0 Sapling Release Important for Private Crypto Transactions? appeared first on NewsBTC.

Bets Against Bitcoin Grow Since Start of August – Investopedia

InvestopediaBets Against Bitcoin Grow Since Start of AugustInvestopediaThe number of investors betting that bitcoin (BTC), the leading cryptocurrency, will decline has been increasing during the month of August amid rising volatility in the digital tok…


Investopedia
Bets Against Bitcoin Grow Since Start of August
Investopedia
The number of investors betting that bitcoin (BTC), the leading cryptocurrency, will decline has been increasing during the month of August amid rising volatility in the digital token market and a steep sell-off. MarketWatch, citing Bitfinex, the ...
Bitcoin ETFs Have Critics, TooETF Trends

all 11 news articles »