PR: Truckcoin, the Fastest Payment Processing Cryptocurrency ICO Is Finally Here

Truckcoin - Fastest Payment Processing Cryptocurrency

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.

The current cryptocurrency market has seen a myriad of ICO that have flopped. One easy way to determine the viability of an ICO is by looking at the performance of the Pre-ICO. Pre-ICOs are a precursor that can give you insights into investor confidence in a platform. In Truckcoin’s case, the confidence is resounding. The Pre-ICO that was expected to last 30 days was sold out in under 24 hours. Very few Pre-ICOs can achieve this fete. The success of the Truckcoin Pre-ICO can be attributed to several factors.

First, it is a startup in a very lucrative industry. The payment processing industry is growing at a CAGR of seven percent, and the growth is projected to maintain the pace for at least five years. Second, Truckcoin is venturing into an industry that is dominated by players that have been able to guarantee user security. This is evident with the perennial hacks reported in many payment processing firms.

Truckcoin features
As highlighted truckcoin provides a solution to many of the problems that are facing the payment processing firm. GoldenHill International Limited can do this by adding the following features to the Truckcoin blockchain.

i. Decentralized ledger. Truckcoin uses a decentralized ledger that is encrypted and synchronized across of the connected devices. This prevents the blockchain from being breached by hackers.

ii. Pseudonyms and cryptographic security. Truckcoin provides each user account with a unique pseudonym to ensure that sensitive user details are protected from any prying eyes. Additionally, the ledger is encrypted from anyone, not on the blockchain protecting transaction information.

iii. Shuffling public keys. The public keys used for receiving payments are shuffled using ring technology. This prevents transaction history from an account from being tracked by other users on the platform.

iv. Proof of Work. Truckcoin uses the PoW architecture instead of the PoS architecture. As a result, it is more robust but integrated with features to ensure it is as fast and upgradable as PoS blockchains.

v. Scalability. The Truckcoin distributed ledger is scalable to allow it to be reduced to 1-2MB. When the size exceeds this, pruning algorithms will scale the size back down to the required size. This allows the e-wallet to fit in handheld devices like mobile phones with limited storage.

vi. Low latency APIs. Truckcoin uses low latency APIs that are built to facilitate the real-time transaction and high-volume transactions without any downtime. This facilitates payment processing of any amount at any location around the world in real-time.

Lucrative investment opportunity
Truckcoin is not any of the run-of-the-mill ICOs in the market. The success of the Pre-ICO is a testament to that. Investors who want to invest in Truckcoin early can take part in the upcoming ICO scheduled for 1st – 31st December. Tickets will be available for between $20-50. Each ticket purchased represents three truckcoins once the platform is launched. Since the coin supply is capped at 513,333, any interested investors should ensure they purchase their tickets early enough. If Pre-ICO is an indicator, the ICO coins will be sold out in hours rather than days. Visit the following social media pages and platform website for any additional information.

www.truckcoin.io
https://truckcoin.com/truckcoin-introduction/
https://facebook.com/Truckcoinico/
https://t.me/joinchat/CCcH-UhZnaXEG-MI9jTPlg
https://bitcointalk.org/index.php?topic=2257104.0

Contact Email Address
edwin@goldenhillsolution.com
contact@goldenhillsolution.com
support@goldenhillsolution.com
Supporting Link
www.truckcoin.com/ico

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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How to Protect Your Bitcoin and Your Privacy When Passing Through Customs

How to Protect Your Bitcoin and Your Privacy When Passing Through Customs

Border patrol don’t like bitcoin. In fact they dislike anything they don’t understand or have been programmed to distrust. Encryption, cryptocurrency, graphics cards, all of the tech we take for granted is anathema to suspicious customs agents. Whether you’re traveling into the U.S. or any other surveillance state, here’s what you should do to avoid raising red flags.

See also: Stay Safe By Keeping Your ‘Bitcoin Business’ to Yourself

Red Flags and Black Marks

With lengthy layovers, endless queues, and heightened security, traveling abroad is stressful at the best of times. When you’re carrying cryptocurrency, however, passing How to Protect Your Bitcoin and Your Privacy When Passing Through Customsthrough borders isn’t just stressful – it’s also dangerous. Moving from country to country with a little bitcoin – or even a lot of bitcoin – stored on a hardware wallet, laptop, or cell phone should be a lot safer than carrying a corresponding amount of cash. Crypto is much easier to conceal. But it is the very concealment of cryptocurrency – or even the possibility of such concealment – that compels nosey TSA agents to order travelers to unlock their phones, decrypt their laptops, and bare their digital life for inspection.

Regardless of whether customs have the right to intimately scrutinize passengers in such a manner, the reality is that such practices are rampant, primarily at U.S. airports. To enter the land of the free, first you must surrender your freedoms.  

Welcome to Bitcoin Club

The first rule of Bitcoin Club is that when passing through customs – that’s right – you don’t talk about Bitcoin Club. The risks that international travelers arriving in the U.S. face was highlighted this week in a lengthy and understandably emotional tweetstorm by Amal El-Mohtar. The writer, who is no stranger to “enhanced” security checks at airports, largely on account of her name it appears, was subjected to a particularly grueling ordeal. She explained: “Last time… no one took my phone, everyone was embarrassed while they asked horribly violating questions about my parents & background…This time was different”. The Canadian citizen continues:

How to Protect Your Bitcoin and Your Privacy When Passing Through Customs
How to Protect Your Bitcoin and Your Privacy When Passing Through Customs

While anyone can have a bad experience at customs and then vent on social media, such experiences are not isolated. Having a suspicious surname seems grounds alone for enduring extensive interrogation. By the time her journal had been pored over along with her cell, which she’d been forced to unlock, Amal El-Mohtar had missed her flight and had to return to the check-in desk to rebook and repeat the process all over again.

How to Protect Your Bitcoin and Your Privacy When Passing Through Customs

Hide Yo Bitcoin, Hide Yo Encryption

How to Protect Your Bitcoin and Your Privacy When Passing Through CustomsCases such as this emphasize the need to keep your digital identity locked down when passing through hostile customs. Simply encrypting your hard drive may not be enough, as the very act of doing so can raise further suspicion. If you are going to encrypt sensitive data, consider partitioning your hard drive and concealing the encrypted sector, making it invisible to cursory searches. Hide cryptocurrency apps on your cell phone – yes, banish your Blockfolio. Better still, take a clean laptop and a burner phone and leave the real ones at home.

Admittedly, this isn’t always practical, and the TSA – or whatever border agency happens to be frisking you – is unlikely to detain you for having a thumb drive containing $100 of shitcoins. Nevertheless, given the ease which which an individual’s identity can be laid bare once their laptop or smartphone is unlocked, the simplest solution is to travel clean and with complete peace of mind. Either hide it well or don’t take it with you.

How to Protect Your Bitcoin and Your Privacy When Passing Through Customs

For so long as such innocuous markers as a person’s birth name or interest in bitcoin can be used to profile them under the all-encompassing umbrella of “muh terrorism”, it’s best to play it safe. You can’t easily change your name, but you can certainly conceal your affinity for the world’s favorite digital currency.

Have you ever experienced problems when traveling into the U.S? Let us know in the comments section below.


Images courtesy of Shutterstock.


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‘No Regulation Needed’ – Moscow Stock Exchange Plans to Trade Bitcoin Futures

‘No Regulation Needed’ - Moscow Stock Exchange Plans to Trade Bitcoin Futures

The largest stock exchange in Russia, Moscow Exchange, has been building an infrastructure for the trading of cryptocurrencies. However, recently the central bank has reportedly “banned” the exchange from launching bitcoin futures until the country’s cryptocurrency regulatory framework has been implemented. News.Bitcoin.com reached out to Moscow Exchange to verify this report and to find out the exchange’s plans for cryptocurrency and bitcoin futures trading.

Also read: South Korea Outlines Proposed Legislation for Cryptocurrency Exchanges

Central Bank Did Not ‘Ban’ Bitcoin Futures Trading

‘No Regulation Needed’ - Moscow Stock Exchange Plans to Trade Bitcoin FuturesMoscow Exchange (Moex) is the largest exchange group in Russia. It operates trading markets in equities, bonds, derivatives, the foreign exchange market, money markets and precious metals.

Russian news agency Tass reported on Thursday that, according to their sources, “the central bank banned Moscow Stock Exchange from starting the trading of ‘No Regulation Needed’ - Moscow Stock Exchange Plans to Trade Bitcoin Futuresbitcoin futures.” The news outlet conveyed, “the Bank of Russia is ready to return to consider this issue only after the corresponding legislation appears in Russia.”

However, Andrey Braginskiy, Managing Director of Communications at the exchange, told news.Bitcoin.com on Friday that Tass’ article “is not entirely correct.” He elaborated, “we haven’t asked the Central Bank of Russia (CBR) for permission to list the new futures contract. Therefore, stating that they have denied the permission is not accurate.” He then revealed:

Generally, listing the new bitcoin index futures doesn’t require any new regulation. Of course, an agreement with an exchange that calculates the index is needed. But the Russian regulator needs to be in comfort.

Moscow Exchange first announced that it was building an infrastructure to support the trading of cryptocurrencies in August, particularly bitcoin and its derivatives. News.Bitcoin.com also subsequently reported the exchange saying, “from both regulatory and technical standpoints, potentially it could be faster and easier to start with trading in cryptocurrency derivatives.”

Lots of Interest But Crypto Trading Needs Regulation

‘No Regulation Needed’ - Moscow Stock Exchange Plans to Trade Bitcoin FuturesBraginskiy told news.Bitcoin.com that the trading of cryptocurrencies themselves including bitcoin “is not on the immediate agenda as listing cryptocurrency would require a new regulation (unlike futures).”

In contrast, he reiterated that to list and trade bitcoin futures “no regulation is needed but the regulator needs to be in comfort.”

He further revealed:

There is a lot of hype around cryptocurrencies in Russia and bitcoin’s price is a top news story almost every day. So there is a lot of interest from brokers and their clients for exchange-listed futures.

His comment came on the same day the Chicago Mercantile Exchange Group (CME) announced that it will commence trading bitcoin futures on December 18. Meanwhile, Chicago Board Options Exchange (Cboe) and Nasdaq also have plans to trade bitcoin futures.

Last month, Russia’s president Vladimir Putin met with the country’s top regulators and subsequently confirmed that Russia will regulate cryptocurrencies. He further issued a mandate for the regulatory framework for cryptocurrencies in Russia to be finalized in July of next year.

What do you think of Moscow Exchange planning to trade bitcoin futures? Let us know in the comments section below.


Images courtesy of Shutterstock and Moscow Exchange.


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Indonesian Media Urge Bitcoiners to Cash In Ahead of Crypto Ban

Indonesia Media Urge Bitcoiners to Cash-in Ahead of Coming Government Crypto Ban

“Bank Indonesia will enact a regulation that confirms the ban on using virtual currency,” announced Pikiran Rakyat. The Republic of Indonesia’s central bank appears to be pushing forward on their often-threatened cryptocurrency ban, which is reported to include “parties that facilitate digital currency transactions.” In turn, at least one media outlet is encouraging holders to “cash in” as a way of avoiding the crackdown.

Also readIndonesian Bitcoin Payment Processors Shut Down, Exchanges Unaffected

Indonesia Media Urge Bitcoiners to Cash-in Ahead of Coming Government Crypto Ban

Indonesia Central Bank Hunts Bitcoin

“We view digital technology as bringing huge changes and high uncertainty to the future economic model, and we, as policy makers, need to anticipate the developments brought about by this fundamental change,” explained Bank Indonesia Governor Agus Martowardojo at the recent Annual Meeting of Bank Indonesia.

Tia Dwitiani Komalasari paraphrases the central banker as saying that “this is done to maintain the sovereignty of the rupiah as legal tender in the Unitary State of the Republic of Indonesia.”

Regional reports regularly point out the now cliched pretexts of cryptocurrencies being used in money laundering and terrorism to buttress Indonesia’s unusually aggressive move against decentralized currencies.

The ban seems to be comprehensive, as they’re also looking to “prevent arbitrage opportunities, unhealthy business practices and business controls by parties outside the legal reach of [the country] that could damage industrial structures,” Mr. Martowardojo detailed.

Unbanked

Indonesia is Southeast Asia’s largest economy, and home to the biggest concentration of Muslims in the world. It also has an enormous unbanked population, whereby as late as 2014 little more than a third of adults held bank accounts. And figures for the country’s poorest point to only 20 percent having access to banking capital. The government in recent years has launched campaigns and initiatives to increase institutional financial literacy.

Indonesia Media Urge Bitcoiners to Cash-in Ahead of Coming Government Crypto Ban

These basic facts might provide clues as to why its government is working hard to ban bitcoin. Bitcoin effectively limits the need for dependency on state notes as well as state minders.

Ms. Komalasari writes the ban will be “on using virtual currency that has no clear legal aspects, including bitcoin. The agency also prohibits payment system organizers to process and cooperate with parties that facilitate digital currency transactions.”

“Level playing fields,” Indonesia’s regulator warned, “with formal financial institutions need to be maintained, [and] we require all financial technology activists who move in the payment system to register with Bank Indonesia, report on activities, and conduct trials in the regulatory sandbox,” the central banker said (emphasis added).

Cash In?

Coconuts Jakarta didn’t mince its words at the banker’s comments, urging: “It might be necessary for owners of Bitcoin in Indonesia to cash in on their digital asset soon in the face of its impending ban by the government, especially as the value of the cryptocurrency has skyrocketed recently.”

“That said, Bitcoin remains popular in Indonesia, where it was estimated in 2015 that there are US$30,000 to US$50,000 worth of Bitcoin transactions taking place each day,” the online news agency noted.

What do you think of BI’s attitude toward bitcoin? Tell us in the comments below!


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Buying Bitcoin On a Margin: Winning Big or Losing Your Shirt

Buying Bitcoin On a Margin: Winning Big or Losing Your Shirt

On November 29 there were quite a few bitcoin market spikes, and so-called flash crashes on exchanges, according to traders on social media and forums. One particular group of traders that really felt the storm when markets got turbulent were margin traders on exchanges like Bitfinex. In fact, if one were to visit the Reddit forum /r/bitfinex that day, they would see a whole bunch of angry customers who were burned buying bitcoin on a margin.

Also read: ‘Big Four’ Firm PwC’s Hong Kong Office Accepts Bitcoin

Buying Bitcoin On a Margin

Many people trade bitcoin on exchanges and understand how to place a buy or sell order and interact with the trading platform’s operations. However, there are other methods of exchange on cryptocurrency trading platforms and brokerage services called ‘margin trading.’ Buying on a margin is borrowing money from the exchange, so you can obtain a profit in the short term by placing a long or short bet on a specific digital asset with loaned capital.

Margin trading is far riskier than basic trading. Essentially, individuals with a limited amount of crypto-capital can add leverage to their base investment. For instance, if you hold two bitcoins the exchange allows you to open a margin position with leverage (loaned money) based on your initial capital. Exchanges like Bitfinex, Bitmex, Kraken, Bittrex, and Poloniex all offer these types of trades, and some of them allow other customers to provide the lending material. The risk a margin trader deals with is that they are gambling with loaned money and the market may not follow their predictions.

Buying Bitcoin On a Margin: Winning Big or Losing Your Shirt
BTC/USD margin trading using Bitfinex.

Long and Short, Liquidations, and Stop-Loss Orders

As mentioned above traders who buy cryptocurrency on a margin place positions (bets) called “long or short.” A long trade is started by purchasing the digital asset and hoping to sell it for a higher price in the future. Short trades consist of selling a digital asset and betting the price will drop in the future. The net amount is the market’s value either bought or sold; so if you play a short position, your base values will be negative. Cryptocurrency exchanges use the estimated highest bid for long positions and the lowest values to realize short bets which in turn can lead to ‘liquidation.’

Buying Bitcoin On a Margin: Winning Big or Losing Your Shirt
Traders often forget to utilize the stop-loss tool in short positions, and this is when traders usually get burned.

A liquidated margin account means if your current balance is $1000 USD and a loss on the position is -$500 then you have lost half of your money. If the loss on the position is way lower, at say -$1200, your position will be forced liquidated at that market price. However, traders can utilize a tool called a ‘stop-loss order.’ This means you tell the exchange you want to sell the digital asset when it reaches an approximate price. The idea is to save someone’s assets from being forced liquidated when the market dips or for rare occasions like ‘flash crashes.’ However, a good majority of traders traditionally use the stop-loss order setting for long positions. Traders often forget to utilize this tool in short positions, and this is when traders usually get burned.

Traders Getting Burned

In addition to stop-loss orders, cryptocurrency exchanges use what’s called a ‘margin call.’ This is when a trading platform notifies the borrower when the user’s contract value goes below a specific price. All bitcoin exchanges have different formulas to how they execute margin call levels. Even though these trading safety nets are in place, traders still complain of issues during ‘flash crashes.’     

“Margin call level is the margin level at which you are in danger of having some of your positions forcibly closed (or “liquidated”),” explains the San Francisco based exchange Kraken. “If this happens, your positions will be closed in the order they were created, first to last The number of positions closed is at our discretion we may close all your positions or only enough to get your margin level above 100%.”

Margin call guidelines for the exchange Bitfinex are as follows:

When a position is force-liquidated, the system places a limit order at the zero-equity price (rather than simply executing a market order). We do this to prevent a liquidated position creating a negative account balance for the user due to slippage during highly volatile market periods.

There was a lot of complaining about margin traders getting ‘burned’ the day many digital assets reached new all-time highs. Take for instance this post on the Reddit forum /r/btc from an individual who was liquidated for $200K worth of funds on Bitfinex.

“Forgive me, but English is not my first language,” explains the post. “I see that Bitfinex has been having a lot of issues and I checked the website while bitcoin’s price was falling. As the page was loading in an instant, my account went from about $180,000 to minus -$20,000.”

I don’t know what to do — I tried to contact support, but no one has responded to me and now I can’t even log into my account at all.

  Who Is to Blame For Crypto-Flash Crashes?

Angriness has been the sentiment from margin traders on Bitfinex and other exchanges this week. Traders are not too pleased with the multitude of exchanges that had severe operational issues on November 29. Traders say they could not access their accounts and stop liquidations before it was too late. Looking at posts on /r/bitfinex and all across Twitter, it is safe to say traders lost hundreds of thousands of dollars that day.  

The question, however, is Who is to blame for the losses if traders did not set their stop-loss orders? Is it the trading platform’s fault for not being able to maintain consistent operations? Whatever the case may be margin traders can ‘lose their shirt’ if they are not careful with this type of trading method.

What do you think about cryptocurrency margin trading? Do you margin trade on exchanges? Let us know your thoughts in the comments below.


Images via Shutterstock, and Bitfinex.


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Is “Zero-Waste” Bitcoin Mining Achievable?

Could This Zero-Waste Energy Plant Transform Bitcoin Mining?

Mining is an essential but energy-intensive means of securing the bitcoin network. It is thanks to this process that millions of strangers can transact with complete trust, safe in the knowledge that the information stored on the blockchain is true. Despite this, the energy costs of bitcoin mining have come under scrutiny, prompting calls for a greener way of protecting the network. A new mining company claims to have achieved a breakthrough by devising “the world’s first waste-to-energy crypto mine”, but does this claim withstand scrutiny?

Also read: ”Ludicrous” – Analysts Debate How Much Power Is Consumed per Bitcoin Transaction

Waste Not, Want Not

Like any industrial process, bitcoin mining is energy-intensive. While most of this power is gobbled up by the ASICs that are frantically crunching numbers, some of it is expended in the form of heat. Entrepreneurs have attempted to re-use this wastage, developing miners that will also heat your home or provide hot water. Despite well-meaning attempts to recoup some of the energy lost through mining, running hundreds or thousands of overclocked GPUs still comes at an enormous expense.

Standard American Mining claims to have developed a mining solution, however, that has close to zero waste. Renewable energy is commonly used in bitcoin mining, particularly in regions such as China’s Sichuan province, where a ready supply of cheap hydro power is gleefully lapped up by mining farms. Standard American Mining has taken a different approach, constructing a mining farm on top of a waste plant.

Could This Zero-Waste Energy Plant Transform Bitcoin Mining?

Where There’s Muck There’s Money

The waste-to-energy plant sees car tires fed in at one end and oil, steel, and carbon synthetic gas produced as outputs. The oil and steel are sold as commodities, while the carbon and syngas are used to produce the energy that powers the mining operation. Little is known about Standard American Mining, whose website comprises a holding page. Nevertheless, CEO Anthony Pompliano claims the firm’s mining power is zero-cost “because the rest of the business is profitable without monetizing the power. Only a waste-to-energy business can pull this off”. He stated:

Cryptocurrency mining involves hardware, software, and an energy source. The hardware and software will become commoditized over time, hence why Standard American Mining is focused on creating arbitrage situations with untraditional, near-free energy sources.

How Free is Near-Free?

Could This Zero-Waste Energy Plant Transform Bitcoin Mining?Pompliano’s comments may be disingenuous, as any company wishing to harness a surplus of power will still be obliged to pay for it; plant operator PRTI weren’t simply going to let this energy go to waste had Standard American Mining not stepped in. Intriguing as the waste-to-energy mine is, there are few details in terms of its outputs, both hashrate and carbon footprint. Nevertheless, the scheme does hint at a possible future for bitcoin mining: large-scale miners striking direct deals with energy suppliers to capture electricity before it’s entered the national grid.

One expert who’s been eyeing the project with interest is cryptocurrency miner and Zencash business developer Rowan Stone. He told news.Bitcoin.com:

I think that sourcing renewable energy will be an essential part of crypto continuing to grow at its current rate. But when we talk about renewable energy, we talk about sources that cannot be depleted. That’s why the miners of tomorrow will power their mines with wind, water and solar energy – not car tyres.

Could This Zero-Waste Energy Plant Transform Bitcoin Mining?
Tires go in, bitcoin comes out.

The UK-based crypto miner has explored a number of renewable energy options including solar, wind, and steam, the latter using spent grain sourced from a local brewery. Each of these options was ruled out however on account of the setup costs or, in the case of steam, the CO2 emissions. Standard American Mining’s venture seems certain to fall foul of that last caveat. But the project raises hope that greener mining solutions may be on the horizon.

The amount of energy that bitcoin uses has been widely misreported, with at least one source claiming it to be significantly lower than stated. Several bitcoiners have countered claims that mining is unnecessarily wasteful by noting that the same can be said of Christmas lights, or bank offices. Bitcoin at least adds measurable value, providing verifiable truth in exchange for energy – a price worth paying for the millions who use the digital currency. “Zero-waste” or otherwise, any innovation that can make bitcoin more environmentally friendly – whilst providing a cheap and plentiful source of energy – is to be welcomed.

Do you think “zero-waste” mining is achievable? Can waste-to-energy plants transform bitcoin mining or are there other environmental concerns to factor in? Let us know in the comments section below.


Images courtesy of Shutterstock, and Standard American Mining.


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Trump and the Federal Reserve Are ‘Keeping an Eye on Bitcoin’

Trump and the Federal Reserve Are 'Keeping an Eye on Bitcoin'

The U.S. government is very aware of cryptocurrencies and the rise of bitcoin. This week American authorities from multiple agencies such as the IRS, the Federal Reserve, and President Trump’s press secretary all explained they are monitoring cryptocurrencies and bitcoin’s recent popularity.

Also read: It’s Official – CME Group to Launch Bitcoin Futures December 18

U.S. Government Agencies Are Paying Attention to the Rise of Bitcoin

Trump and the Federal Reserve Are 'Keeping an Eye on Bitcoin'Bitcoiners from the U.S. may have some more stringent battles to fight ahead as multiple government agencies are looking into the use of cryptocurrencies and some officials seem somewhat cynical. For instance, the country’s Internal Revenue Service has been granted permission by a federal judge to review Coinbase accounts for people who transacted with $20,000 or more from 2013-2016. Then a couple of days later the Federal Reserve revealed it was contemplating its own digital currency, but launching the idea is a different story. The president of the Fed’s New York branch, William Dudley, explained he believes bitcoin and cryptocurrencies are “more of a speculative activity.”

Bitcoin Is Being ‘Monitored’ by Our Team

Following the statements from the New York Fed executive on November 30, president Trump’s press secretary, Sarah Sanders discussed bitcoin briefly at the White House press briefing. A reporter asked Sanders whether or not the president was following cryptocurrencies “specifically the major run-up with bitcoin,” explains the journalist.

“Does he have an opinion on it, and does he feel it is now something that needs to be regulated?” asks the reporter. The press secretary Sanders explains the government is watching bitcoin stating;       

The [Bitcoin situation] is something that is being ‘monitored’ by our team — Homeland Security is involved. I know it’s something that he’s [Trump] keeping an eye on — And we’ll keep you posted when we have anything further on it.

Trump and the Federal Reserve Are 'Keeping an Eye on Bitcoin'
Trump’s press secretary, Sarah Sanders.

Members of the Federal Reserve Are Concerned About Cryptocurrency Spillover Effects

Trump and the Federal Reserve Are 'Keeping an Eye on Bitcoin'
U.S. Federal Reserve vice chairman, Randal Quarles.

In addition to the White House press secretary’s comments the U.S. Federal Reserve vice chairman, Randal Quarles stated on the same day that the rise of cryptocurrencies poses a threat to “financial stability.” Discussing the subject at the 2017 Financial Stability and Fintech event, Quarles said retail investors and regulators need to watch out for threatening “spillover effects” tethered to the popularity of digital assets. The reason Quarles is concerned is because decentralized currencies are not backed by traditional reserves, and suffer from significant price swings.

“Risk management can act as a mitigant, but if the central asset in a payment system cannot be predictably redeemed for the U.S. dollar at a stable exchange rate in times of adversity, the resulting price risk and potential liquidity and credit risk pose a large challenge for the system,” explains Quarles during the Fed’s conference.

Like many U.S. officials and agencies, Quarles says research is needed and testing these cryptocurrencies to see if they can handle financial stress. “It is not clear whether the payment system would be able to function, in times of stress,” Quarles emphasizes.

What do you think about the U.S. government’s statements towards bitcoin and cryptocurrencies? Do these issues concern you? Let us know in the comments below.


Images via Pixabay, the White House, the Federal Reserve logo and Bloomberg.


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Britain: Where You Can Bet on Bitcoin but Can’t Find a Bitcoin Exchange

Britain: Where You Can Bet on Bitcoin but Can't Use It to Pay Your Taxes

If buying bitcoin isn’t a big enough gamble, there’s another way to wager with it – by betting on which merchant will be next to accept the digital currency. One British bookmaker has released odds on a range of big brands accepting bitcoin including McDonald’s, Walmart, and Amazon. Factor in margin lending and futures trading, and there’s never been more ways to bet with bitcoin.

Also read: Circle Financial Plans to Launch a New Investment App Next Year

Super-Sized and Decentralized

British bookmakers are fond of issuing novelty bets. It’s a means of drumming up free publicity and luring in punters who aren’t normally prone to gambling. From the odds of the Queen dancing to Gangsta’s Paradise to the likelihood of Andy Murray swearing at Wimbledon, nothing is too whacky. Despite the inanity of the bets, the odds are genuine, and thus indicative of the probability that the event will occur. Every year, scores of Britons take bookmakers up on their novelty offers and have a flutter.

The odds of McDonald’s accepting bitcoin before the end of 2018, for example, are 1/2, according to bookmaker Betway. In comparison, the British bookie is offering 1/5 on Walmart following suit, 6/4 for Amazon, and 5/2 for Apple. Given that bitcoin is moving away from everyday transactability to wealth storage, shrewd bettors may decide it’s more prudent to hold onto their money rather than risk it.

Britain: Where You Can Bet on Bitcoin but Can't Use It to Pay Your Taxes

Despite offering bets on the probability of various bitcoin-related events coming to pass, Betway doesn’t allow its own casino customers to wager with the digital currency. Even if it did, it’s hard to imagine anyone wanting to lock up their bitcoin for a year at odds of 6/4 when there’s a good chance that simply hodling would yield a greater return. The same bookmaker has also offered odds of 11/8 on bitcoin surpassing $20,000 by the end of next year. Once again, however, believers in such an outcome would be as well to buy bitcoin.

Betting Good, Bitcoin Bad

Britain: Where You Can Bet on Bitcoin but Can't Use It to Pay Your TaxesEveryone wants to bet with bitcoin in some shape or form, it seems, but no one actually wants to pay for things with it. This week, a member of the British Parliament enquired as to whether cryptocurrency could be used to pay taxes. The written response from a government minister was unequivocal: “HM Revenue and Customs [Britain’s IRS] does not offer digital currencies as a payment method and has no current plans to do so.” The same politician also confirmed that profits made on cryptocurrency are chargeable at the normal capital gains rate.

If your bitcoin appreciates 10x, in other words, you’ll be expected to pay tax on its final valuation, rather than the price it was purchased for. The UK government has embraced gambling, allowing the trade to flourish while pocketing the tax windfall, but has been lukewarm on bitcoin. Despite fintech thriving in the city of London, cryptocurrency usage nationwide is still limited to the usual early adopters. The slow uptake is exacerbated by the fact that the UK still has zero bitcoin exchanges that permit OTC trading at market rates.

Britain: Where You Can Bet on Bitcoin but Can't Use It to Pay Your Taxes

Until the government rectifies the matter, British investors find themselves short of options. They can either purchase coins from a European change for a premium or give up in frustration, place their savings on a novelty bet, and pray that McDonald’s starts accepting Bitcoin before 2019.

Which major brand would you pick to start accepting bitcoin in 2018? Let us know in the comments section below.


Images courtesy of Shutterstock.


Express yourself freely at Bitcoin.com’s user forums. We don’t censor on political grounds. Check forum.Bitcoin.com.

The post Britain: Where You Can Bet on Bitcoin but Can’t Find a Bitcoin Exchange appeared first on Bitcoin News.

Source: Bitcoin News

PR: The Abyss Platform Aims to Reimagine the Video Game Industry Marketing

Abyss Platform - Game Industry Marketing

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.

The Abyss digital distribution platform is gearing up for its Token Sale. The team behind the project aims to allow gamers and game developers to have a mutually beneficial cooperation, in which both sides get to earn from their efforts. Players will be rewarded for playing games and being active with their friends and the community. While developers will get to enjoy marketing benefits, payments for in-game items, and referral benefits.

The gaming industry is growing at an alarming pace. Massive marketing expenses are necessary in order for developers to draw attention to their games. Developers have to spend more time on market shilling than game development. With The Abyss platform, that’s about to change.

The platform will provide developers with promotional and analytical tools, so that they can cough up less cash for ads, earning more at the same time.

Platform Referral System
Players and users will be able to refer other people to the platform and have new users play games, generate content, unlock achievements, and help the community grow. In exchange for rewards, which span over 5 levels.

Developers will be able to monetize their target audience through their games being played, as well as in-game payments. The Abyss is going to allocate about a third of funds to help to build the rewards pool for developers and the user base.

The referral program is split up into different levels. Players and Developers receive most benefits from referrals whom they invited to the platform directly, let’s call this the first level. First level rewards for platform use are 40%, second level and third levels (friends of friends) get 20%, fourth and fifth referral levels provide for 10% rewards.

Helpful Platform Tools
The platform also provides all of the needed analytical and metric tools needed for the video game industry. Tools and info like MAU, ROI, ARPU, LTV, and others.

All stages of user behavior (from traffic sources to in-game actions) will be fixated and calculated, so that developers can easily optimize their sales funnels, reduce expenses, and increase profits by redistributing advertising channels and increasing user value.
Developers won’t have to worry about monitoring and recording traffic, user behavior, as everything will be calculated on the platform. This will allow game developers to boost sales, decrease expenses, and increase the value of their games.

Internal CPA Network
Game developers will be able to sell excess traffic to others, buy it, or even utilize a lead network. Players can also sell traffic to developers through the internal CPA Network and its functionality. Developers can also utilize basic marketing tools like website banner ads, e-mail announcements, etc.

What Developers Can Draw From The Platform
For their efforts, developers will be compensated in fiat currencies or ABYSS tokens. They can also select what currency they receive and in which proportion for each transaction. Funds can be withdrawn instantly at the first request.

The platform will allow game developers to launch their games in alfa & beta versions, utilize crowdfunding for development purpose, and take advantage of the platform’s effective promo tools.

Developers will be able to use the The Abyss reward bank to retain players using achievements and take advantage of support services, and platform analytics tools around the clock.

Why Players Will Love The Abyss
Players will get to enjoy big pool of games and reap benefits and rewards for taking part in building The Abyss community. Earn by completing assignments for developers, generating content, in-game activities, and helping friends.

The platform also offers a lot of functionality such as good privacy settings, app hibernation, screen caps, video recording, customizable client settings, and LAN support.

Players can also get linked up with syndicates (Masternodes). Imagine playing and profiting together. The Abyss supports joint activity and community building, the reward bank ensures great rewards.

ABYSS Tokens Use Within The Platform
Players can use both, fiats and ABYSS tokens to make in-game purchases. ABYSS tokens are needed to power the syndicate system, rewards for user content, fund transfers, internal CPA Network, referral rewards program and in-game auction. The need for token use on the platform will drive up demand and price.

ABYSS Token Sale
1 ETH = 2500 ABYSS (ETH and BTC are acceptable)
SOFT CAP = 10 000 ETH

PRE-SALE:
Nov 29, 2017 – Dec 1, 2017.
Minimum contribution – 5 ETH
Pre-Sale Bonus: +25%

TOKEN SALE:
Dec 12, 2017 – Jan 24, 2018.
Minimum contribution – 0,1 ETH
Bonuses during Token Sale (Dec 12 – Jan 24):
Day 1: +15%
Days 2-4: +10%
Days 5-20: +5%

Players who buy tokens during the Pre-sale and main Token Sale will be provided with a platform bonus that spans over 5 years, bonus rewards for new players will be increased.

PRE-SALE
Every payment from:
5 ETH will provide +50% for the 1st level of referral program (my friends)
25 ETH will provide +50% for all other referral levels (friends of my friends, and so on)

TOKEN SALE
Every payment from:
20 ETH will provide +50% for the 1st referral level
100 ETH will provide +50% for all other referral levels

In order for the bonus to kick into effect, a special code must be used when registering on The Abyss platform. The special code can only be used once.

To find out more, visit The Abyss website: https://www.theabyss.com
Check out the Whitepaper: https://www.theabyss.com/static/docs/theabyss-whitepaper-en.pdf
Or contact the team: support@theabyss.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: The Abyss Platform Aims to Reimagine the Video Game Industry Marketing appeared first on Bitcoin News.

Source: Bitcoin News

“If My Wife Knows, I’m Dead” – Man Shares Story of Losing 1000 Bitcoins

"If My Wife Knows, I'm Dead" - Man Shares Story of Losing 1000 Bitcoins

An Australian man has recounted his story to local media of losing what would today be more than a seven-figure dollar sum of bitcoin, stressing that such should serve as a warning against storing one’s bitcoin’s keys on a cheap storage device.

Also Read: Australian Tells Story of Throwing Away Hard Drive With 1400 Bitcoins

Alex Mined Bitcoin in Late 2009

"If My Wife Knows, I'm Dead" - Man Shares Story of Losing 1000 BitcoinsWhen Alex began mining bitcoin, he was doing so out of technological curiosity and did not think that bitcoin would see meteoric price gains. Alex recounts “In the tech community we didn’t think bitcoin would be that big,” stating that he “got into [mining] just for fun… It was just applying our PC hardware to a global network, something novel. In the early days of GPU [graphics processing unit] mining, a single card could mine quite a few coins per day.”

Alex chose to store his wallet file on his USB stick, and did not think about his bitcoins until discovering that the price had reached nearly $1000 USD in 2013. After scrambling to find the storage device, Alex states he “[plugged] the USB stick back in to try and access the file, but the stick died. It was one of those cheap made-in-China ones,” he said.

“If My Wife Knows, I’m Dead”

"If My Wife Knows, I'm Dead" - Man Shares Story of Losing 1000 BitcoinsAlex’s approximately 1000 bitcoins would be worth more than $9 million USD at current prices. He describes the debacle as the “Worst mistake of [his] life.” Alex states “The thinking was that it’s offline, not on my PC, so in case something bad happened to the PC — [if] it blew up, or [was] hacked — I still had a backup… Never back up anything on a cheap Chinese-made disk or USB stick.”

Despite the bumpy start, Alex has persevered with cryptocurrency. Alex states that he mined “a lot” of Ethereum at the start of the year, adding “One day, maybe Ethereum might restore what I lost with bitcoin.”

How do you keep your bitcoins safe? Tell us in the comments section below!


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Want to create your own secure cold storage paper wallet? Check our tools section.

The post “If My Wife Knows, I’m Dead” – Man Shares Story of Losing 1000 Bitcoins appeared first on Bitcoin News.

Source: Bitcoin News