October Volume Report: Weakest Monthly Trading Activity of 2018

October Volume Report: Weakest Monthly Trade Activity of 2018

On the eve of the 10th anniversary of the initial publication of the Bitcoin whitepaper, the cryptocurrency markets recorded their weakest month for trading volume in all of 2018. Most of the leading markets saw a significant decline in trading activity throughout October, but NEO, TRX, QTUM and ZEC posted month-over-month volume increases.

Also Read: Venezuela Begins Public Sale of National Cryptocurrency Petro

BTC, USDT, ETH and EOS Hit
Lowest Points of the Year

October Volume Report: Weakest Monthly Trading Activity of 2018In the last 30 days, approximately $109.5 billion worth of BTC has changed hands, resulting in an 11.9 percent decline in trading activity from $124.3 billion in September — the weakest monthly volume posted in 2018 thus far. The drop in BTC trading activity coincided with a similar plunge in USDT trading volume. Despite fears of a widespread USDT “untethering,” as well as the eradication of 30 percent of Tether’s circulating supply, the trading volume of USDT fell by just 12.6 percent, from $86.5 billion in September to $69.5 billion.

October saw $41.2 billion in trade for ETH pairings, down 30 percent from the $53.8 billion recorded in the preceding month. EOS, meanwhile, returned to its position as the fourth most-traded cryptocurrency, with a 30-day trade volume of $13.94 billion — down 30 percent from $20 billion in September.

XRP and LTC Hit Second-Strongest Levels Since May

October Volume Report: Weakest Monthly Trading Activity of 2018XRP has held its top-five volume ranking for the second consecutive month, despite seeing a 45 percent reduction in trading activity. October saw $13.6 billion in trade across XRP pairings, down from $24.7 billion in September.

BCH was the sixth most-traded cryptocurrency in October, hitting $9.5 billion in trade volume over the past 30 days. BCH saw a 26 percent reduction in trading volume, down from $12.9 billion in the preceding month.

LTC ranked as the seventh most-traded cryptocurrency for the third consecutive month. About $9.14 billion of LTC changed hands in October, down 4.8 percent from $9.6 billion in September.

DASH posted a 30-day trade volume of 5.16 billion, settling at eighth place for the second consecutive month. Trading of the currency fell 20.6 percent from $6.5 billion in September.

NEO Breaks Into Top 10

NEO saw a massive 76.25 percent increase in trade volume in October, to rank ninth for the month. Approximately $4.6 billion worth of the currency has changed hands in the past 30 days, up from $2.61 billion in September.

ETC fell one position to rank 10th on the list of the most-traded cryptocurrencies in October. It hit a 30-day trading volume of $4.2 billion for the month, down 17.65 percent from $5.1 billion in September.

TRON, QTUM, and ZEC Post Modest Volume Gains

October Volume Report: Weakest Monthly Trading Activity of 2018TRX hit $3.67 billion in trade volume this past month, up 4.25 percent over the preceding month’s 3.52 billion. TRX was the 11th most-traded cryptocurrency in October, moving up one rank from September.

CKUSD posted a 16.5 percent drop in trading volume at $3.4 billion, down from $4.07 billion in September. CKUSD ranked 12th for the month, sliding two positions from the preceding four-week period.

Despite recording a slight 2.5 percent increase in 30-day trade volume, QTUM fell two places to 13th on the list of the most-traded cryptocurrencies in October. About $3.73 billion worth of the currency traded hands for the month, up from $3.64 billion in September.

Trading of ZEC fell 4.16 percent month over month to $3.5 billion. Despite rising slightly by volume from $3.36 billion in September, the currency slid one place to rank as the 14th most-traded cryptocurrency in October.

BIX climbed two places to rank as the 15th most-traded cryptocurrency over the past 30 days. The currency posted a monthly trading volume of $1.42 billion, down nearly 30 percent from $2.02 billion in September.

Stellar recorded a monthly volume of $1.33 billion, sliding one position to rank as the 16th most-traded cryptocurrency for October, following three consecutive weeks during which it ranked 15th. Trading of Stellar fell 42.17 percent by volume from $2.3 billion in September.

New Entrants in Top 20

October Volume Report: Weakest Monthly Trading Activity of 2018The declining trading volume across many leading markets saw several cryptocurrencies sneak into the top 20 rankings for the first time in recent months. ZB, for example, ranked 17th with a 30-day trade volume of $1.16 billion, following by XIN at $988 million.

BTM ranked 19th for the second consecutive month, with $920.8 million traded, despite falling 31.3 percent by volume, from $1.34 billion in September.

BNB, meanwhile, settled at 20th place in October, with $853.6 million worth of the currency changing hands over the last 30 days.

Do you think that the 10th anniversary of the Bitcoin whitepaper will drive greater trading volume across the cryptocurrency markets? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post October Volume Report: Weakest Monthly Trading Activity of 2018 appeared first on Bitcoin News.

Powered by WPeMatico

CMC Markets Adds Bitcoin Cash to Cryptocurrency Offering

CMC Markets Adds Bitcoin Cash to Cryptocurrency Offering

CMC Markets, a U.K.-headquartered financial derivatives brokerage with shares listed on the London Stock Exchange, revealed on Tuesday that it has expanded its cryptocurrency offering to include bitcoin cash (BCH), as well as litecoin (LTC) and ripple (XRP).

Also Read: How to Easily Give BCH as Gifts in Halloween Trick-or-Treat Packages

CMC Markets Responds to Demand

CMC Markets Adds Bitcoin Cash to Cryptocurrency OfferingThe roughly 60,000 clients that CMC Markets serves around the world can now start taking positions on the three additional cryptocurrencies paired against the U.S. dollar. The move follows the brokerage’s extension of its cryptocurrency offering from professional to retail clients in July. At launch, the trading platform only offered bitcoin core (BTC) and ethereum (ETH).

“Since the successful launch of our cryptocurrency offering in March, and subsequent extension to retail clients in July, our clients have expressed interest in extending their trading options beyond bitcoin and ethereum,” explained David Fineberg, group commercial director at CMC Markets. “We are pleased to offer them the chance to take a position on bitcoin cash, litecoin and ripple, three altcoins which continue to generate much speculation among traders.”

Research Before You Start Trading CFDs

CMC Markets Adds Bitcoin Cash to Cryptocurrency OfferingForex, spread betting and contracts for difference (CFDs) brokerages have been very eager to add cryptocurrency-based instruments in recent years, as the volatility lured their day-trader clients away to crypto exchanges. However, concerns about alerting regulators prevented some of the more established players from doing so as quickly as they could have. Only this week it was revealed that the U.K. government is now considering a ban on crypto derivatives.

CMC Markets cautiously entered the cryptocurrency CFDs race only after rivals such as Admiral Markets, Gain Capital’s City Index, Plus500 Ltd., and IG Group Holdings Plc. had already established operations in the space.

“Spread bets and CFDs offer a way to trade on cryptocurrencies as clients can take a position on market movements without owning the asset. By trading with an established provider, funds can be deposited and withdrawn with ease, avoiding the risks of purchasing cryptocurrencies directly through an exchange,” said Fineberg. “However, like all other financial instruments we offer, we always recommend clients understand the risks and conduct thorough research before trading.”

Is trading CFDs a good way to get exposure to bitcoin cash? Share your thoughts in the comments section below.


Images courtesy of Shutterstock, CMC Markets.


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 Satoshi’s Pulse, another original and free service from Bitcoin.com.

The post CMC Markets Adds Bitcoin Cash to Cryptocurrency Offering appeared first on Bitcoin News.

Powered by WPeMatico

Ten Years Ago Today, the Whitepaper Changed the Way We Look at Money

Ten Years Ago The White Paper Changed the Way We Look at Money

On Oct. 31, 2008, at 2:10 p.m. EDT, the creator of the Bitcoin network, Satoshi Nakamoto, announced the publication of the protocol’s whitepaper using a Vistomail email address. It’s now been 10 years to the day since Satoshi’s idea was first revealed to the world — an idea that unleashed the first pure peer-to-peer version of electronic cash.

Also read: Coinbase Raises $300 Million, Reaching $8 Billion Valuation

The Bitcoin Whitepaper:
Eight Pages of Pure Innovation

The Bitcoin whitepaper is an essential read for anyone who wants to understand the innovation behind the first cryptocurrency network to be powered by a secure proof-of-work (PoW) system. There is nothing quite like Satoshi’s whitepaper or the Bitcoin network itself, even though a myriad of similar protocols and whitepapers have popped up over the past decade. Rather than having a centralized third party, Satoshi’s paper describes a “system based on cryptographic proof instead of trust.”

“A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution,” he said to anyone who would listen on a cryptography mailing list.

Staving Off the Byzantine General

However, unlike the droves of theoretical papers written about online currencies before Bitcoin, the original whitepaper captured the essence of the entire network, well before it launched on Jan. 3, 2009. Since then we have seen this grand digital asset experiment play out, as the technology has gained value and mainstream attention over the years.

Ten Years Ago Today, the White Paper Changed the Way We Look at Money

We’ve seen the power of Nakamoto consensus create a computational system that has shielded any attempts at a “Byzantine Generals’ attack” for 10 years. “The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work,” Satoshi said in the renowned document.

He also reassured the reader by stating:       

The system is secure as long as honest nodes collectively control more CPU power than any cooperating group of attacker nodes.

The Bitcoin whitepaper has since changed the lives of many people. For the first time, internet-based commerce did not have to rely on financial institutions to process electronic payments. Many bitcoiners will tell you it’s been a long run, with many market fiascos and interesting developments along the way. But even after 10 years, they will also assure you that we are still at the beginning of the financial revolution ignited by the technology we all love.

Ten Years Ago Today, the White Paper Changed the Way We Look at Money
The first encounter with Satoshi 10 years ago on Oct.31, 2008. 

Birth of a Network

Despite the warnings of financial bigwigs like Warren Buffet over the years, as well as countless horrible economists, Bitcoin is definitely still alive and well. For example, Alejandro de la Torres, the vice president of business operations at BTC.com, holds a very different opinion about the technology than the likes of traditional bankers such as Jamie Dimon. The BTC.com executive believes that Satoshi’s protocol is one of the most revolutionary computational consensus models that society has seen to date.   

“Bitcoin’s PoW algorithm has proven to be the most successful consensus model, and I believe it is the best way forward for decentralized consensus systems. It provides a strong economic incentive for miners, while automatically adjusting difficulty to maintain long-term mining incentives,” he recently explained to news.Bitcoin.com.

Ten Years Ago Today, the White Paper Changed the Way We Look at Money

After 10 years, the whitepaper has shown us that the protocol is robust and the system continues to grow stronger as each day passes. Seven days after publishing the whitepaper, Satoshi said society “would not find a solution to political problems in cryptography.” However, that week the creator did stress on the cryptography mailing that Bitcoin could still win a “major battle,” while gaining a “new territory of freedom for several years.”

Bitcoin.com keeps an archived version of the Satoshi Nakamoto whitepaper here.

What do you think about the Bitcoin whitepaper? How did you feel when you read Satoshi’s words for the first time? Let us know what you think about this subject in the comments sections below. 


Images via Shutterstock, Jamie Redman, and Pixabay.


Need to calculate your bitcoin holdings? Check our tools section.

The post Ten Years Ago Today, the Whitepaper Changed the Way We Look at Money appeared first on Bitcoin News.

Powered by WPeMatico

PR: aXpire Acquires BlockchainWarehouse (BCW)

aXpire Acquires BlockchainWarehouse (BCW)

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

aXpire Acquires BlockchainWarehouse (BCW)

aXpire, a leading blockchain fund solutions company, has announced the acquisition of BlockchainWarehouse (BCW), a blockchain accelerator and leading token sale product developer. aXpire has made the acquisition to bolster the strength of its in-house blockchain talent and add a new product offering to its technology suite. BlockchainWarehouse offers a crypto-to-crypto gateway that aXpire has rebranded as “CoinBX” (pronounced “coinbox” or “coinbox blockchain exchange”), which will allow aXpire to offer AXPR purchases directly through its web applications, Resolvr and MatchBX. Clients will be able to buy AXPR with Bitcoin, Bitcoin Cash and Ether through a simple button on each product. This AXPR will be made available from existing tokens sold through exchanges.

CoinBX is another spoke in the “hub and spoke” Enterprise Resource Planning (ERP) software suite that aXpire is building out to make blockchain solutions a reality for businesses looking to become more profitable. CoinBX was originally used as a token sale platform, which aXpire will maintain, but will now also offer a discount or bonus to those using AXPR on the platform. In addition, the platform will be expanded into a crypto-to-crypto gateway, with part of the platform license fees payable in AXPR and burned. This new product means aXpire will be able to offer “Buy AXPR” buttons on its software, which will reduce the friction required for businesses and other customers to buy AXPR. This software represents the first aXpire venture into payments, and will serve as another building block in an ecosystem intended to encourage businesses to adopt blockchain.

The acquisition will also transfer all of BlockchainWarehouse’s clients to aXpire, allowing aXpire to create blockchain funds to share with its institutional investor database. These funds will utilize aXpire’s Resolvr software, and will allow investors a way to buy a diverse basket of blockchain projects with AXPR or fiat. Both methods of buying blockchain funds would end up utilizing AXPR and would provide another use case for the token.

Contact Email Address
[email protected]

Supporting Link
http://www.axpire.com

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

The post PR: aXpire Acquires BlockchainWarehouse (BCW) appeared first on Bitcoin News.

Powered by WPeMatico

Bitcoin Trader Faces Five Years in US Jail for Unlicensed Money Transmitting Business

Bitcoin Trader Faces Five Years in U.S. Jail for Unlicensed Money Transmitting Business

Bitcoin trader Jacob Burrell-Campos pleaded guilty this week in a U.S. federal court to operating an unlicensed money transmitting business. The 21-year-old San Diego native is now awaiting sentencing and faces a maximum of five years in jail.

Also Read: How to Easily Give BCH as Gifts in Halloween Trick-or-Treat Packages

‘Serious Threat’ to US Banking System

Bitcoin Trader Faces Five Years in U.S. Jail for Unlicensed Money Transmitting BusinessBurrell was arrested in August while trying to cross the border from Mexico. He was apprehended for trading crypto to fiat with over 1,000 people in the U.S. since January 2015, without any anti-money laundering safeguards in place. According to his plea bargain agreement, Burrell now admits to operating an unregistered exchange and has agreed to hand over more than $800,000 to the government.

“Unlicensed money transmitting businesses, especially those operating at or near the border, pose a serious threat to the integrity of the U.S. banking system, and provide an ‘open door’ for criminals to utilize such businesses to launder the proceeds of their illicit activities,” said U.S. attorney Adam Braverman. “The Department of Justice (DOJ) will continue to investigate and prosecute all individuals and businesses that seek to evade the licensing and anti-money laundering requirements under federal law.”

How It All Went Down

Bitcoin Trader Faces Five Years in U.S. Jail for Unlicensed Money Transmitting BusinessAccording to the DOJ, Burrell advertised his services on Localbitcoins and privately offered to sell bitcoin to people with no questions asked, in exchange for a 5 percent markup over the going rate. He initially purchased the cryptocurrencies he sold from Coinbase, but his account was closed due to the large number of suspicious transactions he had conducted. Undeterred, he turned to Bitfinex in March 2015 and bought about $3.3 million worth of bitcoin from the exchange over a period of just over two years.

As part of the plea deal, Burrell also admitted he had exchanged his dollars, which he kept in Mexico, with Joseph Castillo, a San Diego-based precious metals dealer. This amounted to importing more than $1 million in fiat on almost a daily basis between late 2016 and early 2018, according to the DOJ. He admitted this was intentionally done in multiple transactions, each with an amount slightly below the minimum $10,000 reporting requirement.

Does Burrell really pose a serious threat to the integrity of the U.S. banking system? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


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 Satoshi’s Pulse, another original and free service from Bitcoin.com.

The post Bitcoin Trader Faces Five Years in US Jail for Unlicensed Money Transmitting Business appeared first on Bitcoin News.

Powered by WPeMatico

The Daily: Nexo to Pay Interest on Stablecoins, Startups Launch Bank Services

The Daily: Nexo to Pay Interest on Stablecoins, Crypto Startups Launch Services for Banks

In this edition of The Daily, we cover Nexo’s recent decision to pay interest on stablecoin holdings, as well as a project by two Swiss cryptocurrency companies to offer exchange and custodial solutions for financial institutions that handle digital assets. We also look at Bitfinex’s newly updated app for “on-the-go” traders. 

Also read: Security Startup Raises $30M, Crypto Used to Fight Plastic Pollution

Nexo Announces 6.5 Percent
Interest Rate on Stablecoin Holdings

Nexo, a cryptocurrency loans service, said this week that it’s going to offer interest payments on several leading stablecoins. When stored on the platform, trueusd (TUSD), gemini dollar (GUSD), paxos standard (PAX), Circle’s usdcoin (USDC), and Maker’s dai (DAI) will generate a 6.5 percent interest rate for those holding the currencies.

According to an announcement on Twitter, Nexo will also guarantee a one-to-one conversion to U.S. dollars on any major stablecoin for all liquidity providers. The company claims this is a unique service on the market.

The Daily: Nexo to Pay Interest on Stablecoins, Startups Launch Services for Banks

After recently adding bitcoin cash (BCH), litecoin (LTC) and ripple (XRP), the cryptocurrency lending platform now supports seven digital currencies, including bitcoin core (BTC), ethereum (ETH) and binance coin (BNB), as well as its own token, Nexo. It accepts the coins as collateral for instant cryptocurrency-backed loans.

The APR for the loans is set at 16 percent, but a preferential rate will be applied when the native token is used as collateral. The platform will distribute 30 percent of its profits to Nexo holders, as part of the company’s first dividend payment in December.

Metaco and SCX Offer Exchange
and Custodial Services to Banks

The Daily: Nexo to Pay Interest on Stablecoins, Startups Launch Services for BanksTwo fintech companies in Switzerland have teamed up to launch new exchange and custodial services for digital assets. Metaco, a provider of secure blockchain infrastructure, and trading platform Swiss Crypto Exchange (SCX) plan to offer their solutions to banks and other regulated custodians.

The new system developed by SCX is designed to directly connect banks in order to eliminate risks associated with the storage of assets on cryptocurrency exchanges. Silo, Metaco’s custodial infrastructure solution, is integrated with SCX and is expected to enable secure and reliable cryptocurrency trading. The two companies claim there is no central point of failure with its new system.

While SCX is still a centralized marketplace, it will now work with decentralized custody providers. The cryptocurrency exchange will provide liquidity and technology to new ecosystems built by banks. The traditional financial institutions will be responsible for maintaining their custodial activities through Silo. Metaco’s cryptocurrency storage solution, which was announced in January of this year, has been developed in cooperation with data security agency Guardtime.

Bitfinex Releases Updated Mobile Trading App

Cryptocurrency exchange Bitfinex has launched its updated mobile application, which supports the latest features of the iOS and Android operating systems. In terms of functionality, the developers have tried to provide users with an experience that’s similar to the one they expect from the platform’s main website. The app now offers two landing pages, for trading and funding, respectively. Users can customize their favorites, orders, pairs and trading history, as well as the widgets on each page.

The Daily: Nexo to Pay Interest on Stablecoins, Startups Launch Services for Banks

The Hong Kong-based trading platform said in a blog post that the updated software supports both vertical and horizontal layouts, as well as iPhone X and other smartphones with notches running across the top of their screens. “On-the-go” traders can run the app on multiple devices and their settings will be preserved. Bitfinex promises a more tablet-friendly experience and has said that users can now unlock the app with a fingerprint and face scan.

What are your thoughts on today’s news tidbits? Tell us in the comments section.


Images courtesy of Shutterstock, Nexo, Bitfinex.


Make sure you do not miss any important Bitcoin-related news! Follow our news feed any which way you prefer; via Twitter, Facebook, Telegram, RSS or email (scroll down to the bottom of this page to subscribe). We’ve got daily, weekly and quarterly summaries in newsletter form. Bitcoin never sleeps. Neither do we.

The post The Daily: Nexo to Pay Interest on Stablecoins, Startups Launch Bank Services appeared first on Bitcoin News.

Powered by WPeMatico

Venezuela Begins Public Sale of National Cryptocurrency Petro

The Venezuelan government has opened up an exchange desk for the country’s national cryptocurrency at the headquarters of the Superintendency of Cryptoassets. According to the government, investors can now purchase the petro with a number of fiat currencies and cryptocurrencies. Delegates from China have reportedly purchased some with yuan.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Venezuela Starts Selling Petro

Venezuela Begins Public Sale of National Cryptocurrency PetroOn Monday, the Venezuelan government announced that the public can now purchase the country’s national cryptocurrency directly from the Superintendency of Cryptoassets and Related Activities (Sunacrip). Sunacrip is in charge of regulating all crypto-related activities in Venezuela.

The petro was originally backed by only oil. However, its latest whitepaper shows that the digital currency is now also backed by gold, iron, and diamond. The Venezuelan government-backed newspaper Correo del Orinoco wrote:

This Monday the sale of el petro cryptocurrency is successfully launched for all Venezuelans and those who want to make financial transactions digitally through this mechanism.

Venezuela Begins Public Sale of National Cryptocurrency Petro
Tareck El Aissami.

Venezuela’s vice president of the economy, Tareck El Aissami, explained that the petro can currently be acquired with a number of foreign currencies and cryptocurrencies. Accepted fiat currencies include the dollar, yuan, and the euro, he elaborated, adding that accepted cryptocurrencies include BTC, ETH, and XEM.

Buyers can visit the Sunacrip headquarters to purchase the petro with cash. Purchasing with cryptocurrencies can also be done on the petro’s official website, El Aissami noted.

A number of Venezuelan government officials turned up to purchase the petro on Monday. Each was issued a petro certificate at the time of purchase. “Superintendent Joselit Ramírez described the day as a success,” El Aissami tweeted. Ramírez replaced Carlos Vargas as Venezuela’s Superintendent of Cryptoassets in June.

Venezuela Begins Public Sale of National Cryptocurrency Petro
Venezuela’s Minister of Agriculture holding a petro certificate at Sunacrip’s headquarters.

Google Suspends Petro Wallet App

At the time of this writing, the links to download petro wallets for Windows and Linux on the official petro website lead to pages that are “not found” on the website’s server. Only user and install guides are available.

Previously, there was also a petro wallet app on the Google Play store which showed over 5,000 installs and 275 reviews. However, El Aissami explained that “on Oct. 15, Google suspended the wallet,” claiming that the internet giant is checking the wallet’s crypto functionality before reactivating it, Que Pasa publication reported. At the time of this writing, the petro wallet app is no longer listed on the Google Play store.

Venezuela Begins Public Sale of National Cryptocurrency Petro
The petro wallet app page that used to be on Google Play.

Additionally, the Venezuelan government’s own block explorer for the petro currently shows a total of 304 blocks despite the whitepaper describing a blocktime of one block per minute.

More Petro Options Coming Nov. 5

Venezuela Begins Public Sale of National Cryptocurrency Petro
El Aissami showing three petro options.

The public sale of the petro was scheduled for Nov. 5. However, Ramirez explained that the launch was moved forward due to “the fluidity with which events developed and the support of President Nicolás Maduro,” El Universal quoted him.

On Thursday, El Aissami unveiled two more petro options which will be enabled on the Sunacrip website on Nov. 5: Petro Pago (pay) and Petro Ahorro (savings). Noting that he has been meeting with representatives of savings banks to discuss starting petro savings plans, he clarified:

We are in the purchasing stage [of the petro]. Next week will be the savings stage.

Chinese Delegates Bought Petro

Venezuela Begins Public Sale of National Cryptocurrency Petro
A Chinese delegate holding a petro certificate.

Venezuela’s Vice President Delcy Rodríguez has been strengthening ties with China through the Chinese Development Bank as part of the Economic Recovery Program developed by Maduro, according to Correo del Orinoco.

“The delegation from the China Development Research Center attended the initial sale of el petro cryptocurrency and as a sign of confidence several of its members bought the Venezuelan digital currency” with yuan, the publication detailed. Rodríguez tweeted:

Thanks to our brothers from the People’s Republic of China … the first in line to buy petros in yuan.

What do you think of Venezuela’s various petro-related announcements? Let us know in the comments section below.


Images courtesy of Shutterstock, Twitter, Correo del Orinoco, and the Venezuelan government.


Need to calculate your bitcoin holdings? Check our tools section.

The post Venezuela Begins Public Sale of National Cryptocurrency Petro appeared first on Bitcoin News.

Powered by WPeMatico

Kenya’s Bithub Africa Mines Bitcoin Using Solar Power

Kenya's Bithub Africa Mines Bitcoin Using Solar Power

Bithub Africa has started using off-grid solar power to mine bitcoin and ethereum. John Karanja, the founder and chief executive officer of the small Kenyan mining operation, hopes to spread the technology to the rest of the continent while exposing the lie that cryptocurrency mining poses a danger to the environment.

Also Read: U.K Government Moots Ban on Cryptocurrency Derivatives

Clean Cryptocurrency

“We are using solar energy in a similar manner to traditional power sources to test its reliability as a source for cryptocurrency mining,” Karanja told news.Bitcoin.com in an interview on Oct. 30. “We are still analyzing the data, but what we can already see is that the blockchain economy is certainly incentivizing innovation in the renewable energy industry globally.”

Kenya's Bithub Africa Mines Bitcoin Using Solar Power
John Karanja

Bithub Africa has laid out a series of interconnected cables and devices at its small mining facility in Nairobi. An inverter connects to a battery, which is patched through to a controller that is linked to a 200-watt solar panel. The PV module is fixed to the roof at an angle to maximize solar capture. “We are using a standard (solar) panel that generates enough to power a small network node that runs the blockchain software,” Karanja said.

In a separate demonstration video on Bitcoinke, a Kenyan news site, he explained the setup in more detail. “Essentially what we have here is that the nuc computing device is integrated to the controller to generate the tokens on the protocol,” he said.

Founded in 2015, Bithub.Africa is a commercial blockchain accelerator that is driving the adoption of blockchain technology and solutions across Africa. The company also focuses on building systems that facilitate access to financial services and energy through public blockchain projects and open protocols such as Bitcoin.

In addition to its solar-powered cryptocurrency mining operations, Bithub Africa also extracts litecoin and ripple using conventional sources of electricity, with only minimum air-conditioning needed to keep the mining rigs from overheating. Its payments unit is aided by two Bitcoin Lightining nodes, which are collectively capable of supporting three million transactions per second.

Unfounded Environmental Claims

Off-grid solar panels are already lighting up many homes in urban and rural areas across Africa. And now they are also creating new businesses in cryptocurrency mining, on a continent that boasts an excellent solar resource.

Kenya’s Bithub Africa Mines Bitcoin Using Solar Power

 

With bitcoin mining facing criticism from environmental activists for allegedly consuming too much electricity, new business models that utilize renewable energy to generate digital coins could help to neutralize such concerns, however untrue. Renewables are also generally cheaper than electricity derived from coal-fired power plants, which still dominate in Africa’s nascent bitcoin mining industry. They can ease concerns about the high cost of electricity and computing power.

Karanja is opposed to the hullabaloo. “Recently there has been a lot of angst focused on bitcoin mining being a major contributor to global warming due to its extrapolated energy use based on current trends,” he said via email. “We disagree that this is the case. In fact, we believe the converse; that it will spur innovation in sustainable energy solutions.”

One challenge that Bithub Africa could encounter with renewable power sources is the issue of intermittency. Solar power is dependent on reliable, sunny weather. When the sun is not shining, it can be bad for business, as the company’s cryptocurrency mining rigs have to run continually, non-stop. Some solar systems, however, can provide power in bad weather by using energy stored in batteries.

Kenya's Bithub Africa Mines Bitcoin Using Solar Power

Karanja believes that the jury is still out on the potential scalability of solar-powered cryptocurrency mining. That’s largely because the technology is in the early stages of development, he said.

“However, if you look at solutions that scale in Africa, they tend to be organized in a localized and peer-to-peer manner, as this is the main way societies are organized,” he said. “We plan to increase adoption by educating and resourcing skilled engineers who will test and deploy the solution across the continent.”

What do you think about using renewable energy to mine cryptocurrency? Let us know in the comments section below.


Images courtesy of Shutterstock.


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 Satoshi’s Pulse, another original and free service from Bitcoin.com.

The post Kenya’s Bithub Africa Mines Bitcoin Using Solar Power appeared first on Bitcoin News.

Powered by WPeMatico

PR: BitCanna – Dutch Blockchain Startup Launching a Revolutionary Cannabis Platform

BitCanna - Dutch Blockchain Startup Launching a Revolutionary Cannabis Platform

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

Leading global cannabis brands are ready to go cashless and take advantage of all the opportunities offered by the BitCanna blockchain platform

AMSTERDAM, October 31, 2018 – With the current exponential growth of both the global cannabis industry and blockchain technology, there is a potential partnership that stands to benefit both. Within the cannabis industry, there is a growing demand for payment solutions, track & traceability of crops, and trust mechanisms. BitCanna is combining the best of all worlds, addressing each of these problems through the launch of its blockchain platform and associated cryptocurrency. Over the past year, a team of 20 dedicated specialists has worked in close collaboration with the cannabis industry on the development of the platform and its global expansion. A large and growing number of leading international brands have already confirmed their partnership, and on the first of November their ICO will open for interested investors.

Most banks and financial service providers still refuse to process cannabis transactions due to the large degree of regulatory uncertainty in the industry. Leading experts and entrepreneurs from both the financial and cannabis industries view this as a huge opportunity to build a global digital payment solution for cannabis retailers that can circumvent traditional financial institutions.

“Keeping up with constantly changing cannabis laws is very difficult. So banks, credit card companies, and online payment providers either refuse to get involved in cannabis, or they charge excessively high transaction fees,” according to Jan Scheele, CEO of BitCanna. “That puts companies who are selling cannabis products legally in a tricky situation — they have to figure out how to take their businesses cashless and sell online without breaking any laws. That’s where BitCanna will help.”

BitCanna is a global blockchain technology company that helps cannabis companies to go cashless securely, legally, and cost-effectively. The company claims to be able to process transactions using its BitCanna token almost instantaneously and for a fee of just a few cents. It will also let vendors manage their supply chains and record all customer identification data. It is an incremental technological breakthrough for the entire global industry.

“It doesn’t matter if it’s a $10 or $100 transaction. Our customers will pay a small flat fee,” says Scheele. “We’re introducing a payment system that will make it cost-effective and safe for all cannabis companies to accept digital payments — whether they’re selling online or in-store.”

It’s not just online retailers who can benefit from blockchain technology. Some brick and mortar cannabis retailers spend as much as 10-15% of their revenues on security and staff to upkeep a cash-only business. Providing these companies with payment processing technology can help them reduce security risks while complying with regulations.

Many industry experts believe that despite the growth we’ve seen over the past few years, the cannabis market is only just beginning to take shape. In the United States alone, the cannabis market is forecast to double from $22B in 2017 to $44B in 2020. And the global market is expected to reach $140B by 2027, according to European investment bank Bryan, Garnier & Co.

BitCanna is well-placed to benefit from this growing industry. The company will have direct integration with some of the largest online cannabis shops when it launches in Q3 2019. It will run pilots at brick and mortar locations in the cannabis capitals Amsterdam and Barcelona. BitCanna alone has already partnered with dozens of cannabis companies to create the BitCanna Alliance. Alliance members are active in 27 countries and attract a combined 10 million unique website visitors a month so far.

The company has ambitious plans to become the global digital payment solution for the cannabis industry. It will launch in Europe first and then quickly expand to the rest of the world.

About BitCanna

BitCanna is a decentralized payment network for the legal cannabis industry. The company was founded by Boy Ramsahai, a true cannabis industry veteran who founded an internationally successful cannabis media company in 1991. His Dutch-language magazines High Life and Soft Secrets are well known in the Netherlands. BitCanna has partnered with major brands in the European cannabis market to form the BitCanna Alliance. The Alliance is working to create a healthy and transparent cannabis market by securing and tracking digital transactions and implementing supply chain and customer management.

Contact Email Address
[email protected]

Supporting Link
https://www.bitcanna.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.

The post PR: BitCanna – Dutch Blockchain Startup Launching a Revolutionary Cannabis Platform appeared first on Bitcoin News.

Powered by WPeMatico

South Korea Cracks Down on Unauthorized Cryptocurrency Funds

South Korea Cracks Down on Unauthorized Cryptocurrency Funds

South Korean financial regulators are cracking down on unauthorized cryptocurrency funds. In particular, one crypto fund launched by a local exchange is reportedly being investigated. The exchange claims no wrongdoing as its token activities were carried out overseas, but has promptly canceled its plan to launch a second fund.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Unauthorized Crypto Funds

South Korea Cracks Down on Unauthorized Cryptocurrency FundsSouth Korea’s Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) have warned investors of unauthorized cryptocurrency funds. The warning followed the launch of a financial product where “cryptocurrencies collected from some investors are managed through initial coin offerings (ICO), and profits are distributed at their expiration dates,” Business Korea described.

The regulators specifically referred to the fund launched last month by crypto exchange Zeniex called “ZXG Crypto Fund No. 1,” which is “the first virtual currency fund in Korea,” the publication detailed, noting:

The virtual currency fund has never been registered with the Financial Supervisory Service … None of the management company, sales company and the trustee have been approved by the Financial Services Commission.

Maeil business newspaper reported on Tuesday that “The financial authorities have handed over the circumstantial data for the investigation to the prosecution.”

South Korea Cracks Down on Unauthorized Cryptocurrency FundsZeniex explained that while funding was made through its platform, “the actual recruitment and token issuance were made by overseas management companies,” the news outlet conveyed. Noting that less than 1 billion won ($878,080) has been raised, the company believes that there was no reporting obligation. An official of the exchange was quoted asserting:

An indirect investment in a virtual currency fund is an attractive tool to raise market soundness … It’s unfortunate that innovative attempts will not continue until the government’s guidelines are set.

The South Korean government banned ICOs in September last year but has yet to introduce guidelines for them. A number of proposals have been submitted to the National Assembly and the government is expected to announce its ICO stance in November.

Zeniex’s Funds and Capital Markets Law

South Korea Cracks Down on Unauthorized Cryptocurrency FundsBusiness Korea explained that under the Korean Capital Markets Act, all investment funds must be registered with the FSS.

In addition, “Public offering funds that collect funds from general investors must file securities reports,” and “an asset management company that manages a fund and the fund sales company that sells it have to obtain necessary financial approval,” the publication detailed.

The company must also “honor regulations on business practices such as the maintenance of minimum capital for soundness and the prevention of conflicts of interest and [has] a duty to explain to investors.”

As for Zeniex’s fund, an FSS official was quoted by Maeil saying, “It is the interpretation of the authorities that the fund must follow the investor protection system set out in the capital markets law as long as it is sold to domestic financial consumers.” However, the official admitted:

There is no way to check whether the platform is operating as claimed by Zeniex, because the financial authorities have no regulatory authority at present.

Zeniex had planned to launch its second fund this month. However, the company issued a statement on Monday stating that “The authorities are concerned that there is room for illegality,” adding that it “will completely cancel the launch of the second product because it could lead to misunderstandings of investors and regulators.” Local media then reported on Tuesday that Zeniex has canceled the launch of its second fund.

What do you think of South Korean regulators cracking down on unauthorized crypto funds? Let us know in the comments section below.


Images courtesy of Shutterstock and Zeniex.


Need to calculate your bitcoin holdings? Check our tools section.

The post South Korea Cracks Down on Unauthorized Cryptocurrency Funds appeared first on Bitcoin News.

Powered by WPeMatico