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The Coolest Jobs in Crypto

The Coolest Jobs in Crypto

Meme Lord. Street artist. Unique startup founder. Feeder of the hungry. There’s no end to the amount of cool jobs in crypto, and new uses for decentralized, peer-to-peer cash are limited only by the bounds of one’s imagination. Whether finding new and innovative solutions for longstanding societal or technological problems, just having fun, or both, those receiving a paycheck in digital currencies aren’t always day traders or suits doing desk work at a big firm.

Also Read: Street Artist Pascal Boyart Helps Venezuelan Creators Earn Crypto

Cool Money

Crypto is cool money. Peer-to-peer, decentralized and permissionless cash like bitcoin opens all sorts of opportunities for entrepreneurs, employers and employees alike. Without cumbersome banks, excessive fees and regulations standing in the way, sending and receiving payments for services is easier than ever. So is giving. While most everyone knows about the more conventional jobs in the space, this article aims to focus on the decentralized heart of crypto, where creatives and everyday individuals are leveraging the power of internet money for an unorthodox living or lifestyle.

Cool Crypto Gigs

Meme Lord

“So what do you do?”

“Oh, me? I’m a crypto meme lord.”

It’s no joke. If your dream job is to spend your days doing exactly what you do now — fighting the great meme wars of the 2010s and soon 20s — crypto makes that possible. In August, crypto swapping application Sideshift.ai was on the lookout for a “Meme Lord/Specialist.” The now expired (and ostensibly filled) job listing states the applicant would be responsible for “meme creation and related activities. If you have a ‘no idea is too spicy’ approach to memes and know how to push buttons, this may be the role for you.”

The posting goes on to note that his or her highness would be paid in a “cryptocurrency of [their] choice” and that hours are flexible as “Sideshift AI is focused on output.” The posting requires no resume, just the submission of a couple memes and desired hourly rate, plus a spicy meme idea for consideration.

Crypto Artist

Art and bitcoin go together like bread and butter, thanks to the openness and innovation both areas of free and permissionless human activity share. However, the pay the bills aspect when it comes to this nexus isn’t as often discussed. French artist Pboy has it down to a science. As news.Bitcoin.com reported in October, Pascal Boyart (Pboy) is not only making significant side scratch from his murals and economics-focused street art, he’s helping others to to do it too, with a bilingual, in-depth tutorial on how to attach QR codes to large murals. What’s cooler than spray-painting the town in counter-economics propaganda and getting paid for it?

Speaking, Crypto Nomadism and Other Independent Work

Cryptocurrencies can be freely traded peer-to-peer and are digital, thus there are fewer limits imposed on what enterprising minds can do to provide a service and be recompensed in the market. Whether a popular crypto vlogger and speaker like Ivan on Tech, a digital nomad traveling the world and documenting the adventure like Didi Taihuttu and the Bitcoin family, or someone with a new and useful app or startup idea, the cool of crypto is that it levels the playing field and opens opportunity to anyone with an idea and the drive to create it. Taihutti details the impetus for his choice to become a full-time crypto nomad with his family, saying:

I built up three successful companies but while doing so, I lost my mother when she was 48 and lost my father when he was 61. During these hard times in my life, I started reflecting life more and more and discovered that the life I was living was not the life I wanted to live. I experienced that Life could go very fast and that I needed to change. I sold my companies and started to travel with my family.

Taihutti and his family are involved in public speaking, bitcoin education, and charity as they travel the world.

Everyday individuals are finding that their ideas are more readily noticeable and feasible than in times past, thanks to the decentralized nature of the crypto space and democratization the internet provides. So if you can think of the next cool concept, you’ve got more of a shot than ever to get it to market. Develop an app, give private tours of your city for crypto, or sell produce for bitcoin in your local farmer’s market. The sky’s the limit.

Giving

While not technically a “job” according to some, for serious crypto charity organizers, giving is a time-consuming commitment of passion, and can be much more involved than any typical nine to five work. Crypto has demolished many of the hurdles that once made helping others difficult — political borders, banking fees, regulations and slow transfer speeds.

Jose and Gabriel, who started the charity organization Eatbch in Venezuela, don’t make money from their initiative. The coolness of their crypto gig is in what they do. When the founders saw “people we knew since childhood reduced to begging and searching trash bags for scraps of food” they sprang into action leveraging crypto in an organic, decentralized way, and now provide food via BCH donations to people and communities in need. The operation has also expanded to South Sudan. When it comes to crypto there are tons of truly cool charities that are transparent (thanks to the use of blockchain), grassroots, and not organized or governed by political interests.

Satoshi Nakamoto’s vision and protocol for a peer-to-peer electronic cash system has revolutionized the way finance can be done. With this revolution have come all kinds of new opportunities for those with great and innovative ideas to enjoy super cool jobs.

What’s your dream crypto job? Let us know in the comments section below.


Images courtesy of Shutterstock, fair use.


Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

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Source: Bitcoinnews.com

Bakkt Launches Bitcoin Options in US, Futures in Asia

Bakkt Launches Bitcoin Options in US, Futures in Asia

Bakkt has launched two new regulated bitcoin derivatives products. Within hours of launch, Bakkt announced that over 1,000 futures contracts had been traded in Asia. The platform now offers four types of regulated bitcoin derivatives products: monthly and daily physically delivered bitcoin futures, cash settled bitcoin futures, and options on monthly bitcoin futures.

Also read: SEC Approves Bitcoin Futures Fund

2 New Regulated Products

Bakkt, a digital asset platform powered by Intercontinental Exchange Inc. (ICE), the parent company of the New York Stock Exchange (NYSE), announced Monday that its two new bitcoin derivatives products are now live. They leverage the platform’s benchmark contract, the physically delivered bitcoin monthly futures, which was launched in September.

The first of the two new products is Bakkt Bitcoin (USD) Monthly Options, which settles into the underlying futures contract two days prior to expiry on ICE Futures U.S. The second is Bakkt Bitcoin (USD) Cash Settled Futures, which is available on ICE Futures Singapore. “We’re live with two new bitcoin contracts — a cash settled future and options on futures — both fully regulated and leveraging our benchmark,” COO Adam White remarked Monday. After about five hours following its launch announcement, Bakkt tweeted:

Over 1,000 Bakkt Bitcoin (USD) Cash Settled Futures contracts have been traded on ICE Futures Singapore since launching earlier today.

1,000 Bakkt Bitcoin Futures Contracts Traded Hours of Launch in Asia

ICE unveiled its plans to launch the cash-settled futures in Singapore on Nov. 21. The contracts are listed on ICE Futures Singapore and cleared by ICE Clear Singapore, both of which are regulated by the Monetary Authority of Singapore (MAS). “Our new cash settled futures contract will offer investors in Asia and around the world a convenient, capital efficient way to gain or hedge exposure in bitcoin markets,” commented Lucas Schmeddes, President and COO of both ICE Futures and Clear Singapore.

Rising Interest and Growing Volumes

The two newly launched products join the platform’s two existing offerings: the Bitcoin (USD) Monthly Futures and the Bitcoin (USD) Daily Futures. Both are supposed to be physically settled, with the underlying bitcoins held in the Bakkt Warehouse. Bakkt Trust Company Llc is licensed by the New York State Department of Financial Services (DFS) to provide custody of bitcoin. The “DFS has authorized Bakkt to provide custody services for bitcoin in conjunction with the launch of physically delivered bitcoin futures contracts,” the regulator said on Aug. 16. The trust company is also registered with the U.S. Financial Crimes Enforcement Network (Fincen).

Independent chart by Bakkt Volume Bot.

Despite a slow start in September, Bakkt’s futures trading volume soon picked up as BTC’s price plummeted. On Nov. 27, the platform boasted that a record high was set, tweeting:

Two months after their debut, Bakkt Bitcoin Futures reached a record high of 4,443 contracts traded today – up over 60% from our last record-setting day.

Meanwhile, Georgia Governor Brian Kemp has picked Bakkt CEO Kelly Loeffler to replace Senator Johnny Isakson who is retiring at the end of the month. Loeffler is expected to take office on Jan. 1.

What do you think of Bakkt’s two new bitcoin derivatives products? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Images courtesy of Shutterstock, ICE, and Bakkt Volume Bot on Twitter.


Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

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Source: Bitcoinnews.com

China Releases Year-End Crypto Rankings

China Releases Year-End Crypto Rankings

China’s Center for Information and Industry Development has published its year-end crypto project rankings. Thirty-five projects were evaluated and ranked overall as well as in three separate categories. Bitcoin has risen in ranking while EOS remains China’s favorite.

Also read: China Ranks 35 Crypto Projects as President Xi Pushes Blockchain

Year-End Crypto Rankings

The Center for Information and Industry Development (CCID), under China’s Ministry of Industry and Information Technology, released the 15th update of its crypto project rankings on Friday. While the hype for blockchain technology initiated by President Xi Jinping has somewhat subsided, the center continues its work on evaluating and ranking crypto projects. This month’s release is the last one this year. The center evaluated the same 35 projects in December as it did for the previous rankings in September.

In addition to the overall ranking, the CCID evaluated all the projects based on their basic technology, applicability, and creativity. EOS remains at the top of the overall ranking, followed by Ethereum and then Tron. The center started ranking Tron in February, debuting it at number two overall. However, in July, it dropped to the third place and Ethereum regained its number two ranking. In September, Tron overtook Ethereum once again but only to fall to the third place once more this month. NULS ranks fourth, followed by Lisk, Neo, Steem, and Bitshares. BTC has risen from the 11th spot to the 9th spot. BCH also improved, rising from the 30th spot to the 27th spot.

China Releases Year-End Crypto Rankings
CCID’s crypto rankings for December.

The CCID describes itself as “a first-class scientific research institution directly under the administration of the Ministry of Industry and Information Technology of China.” It provides professional services to the government including research, consulting, evaluation, certification, and research and development, according to its website. The center has been working on its Global Public Blockchain Technology Assessment Index since the beginning of last year. The rankings are compiled by CCID (Qingdao) Blockchain Research Institute, an entity established by the CCID, in collaboration with other organizations such as the CCID Think Tank and the China Software Evaluation Center. “The result of this assessment will allow the CCID group to provide better technical consulting services for government agencies, business enterprises, research institutes, and technology developers,” the CCID previously explained.

This Month’s Sub-Rankings

The CCID explained that the basic technology sub-category mainly evaluates the technical implementation of the public chain, primarily examining its functions, performance, security, and decentralization. This month, EOS and Tron still occupy the first and second places, the center noted, adding that “The average value of the basic technology sub-index has not changed much from the previous period.”

China Releases Year-End Crypto Rankings

The applicability sub-index mainly evaluates the comprehensive level of the applications that the public chain actually supports, including node deployment, wallet applications, development support, and application implementation. In this evaluation period, the center revealed that “The average value of the overall applicability index increased significantly from the previous period.” The creativity sub-index mainly examines the continuous innovation of the public chain, including the number of developers, code updates and code impact. The center noted that compared to the previous period, the average creativity sub-index has only increased slightly.

What do you think of this latest CCID rankings? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Images courtesy of Shutterstock and CCID.


Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

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Source: Bitcoinnews.com

Bitcoin History Part 21: Miners Pour One out for Satoshi

Bitcoin History Part 21: Miners Pour One out for Satoshi

There are a few ways of looking at bitcoin mining. As an ostensibly selfish enterprise, wherein miners are seeking to extract precious coins for profit. And as a community of individuals who envisage a better way of generating, handling and using money, and are motivated to secure the Bitcoin network. The truth is probably somewhere in between. Whatever the case, greed was not the motive for the bitcoin miners who took it upon themselves to claim less than their allotted coinbase reward. Why would anyone do such a thing?

Also read: Bitcoin History Part 20: BTC Reaches $1

The First Miner to ‘Pour One Out’

Paying homage to the legends who have gone before is not unusual. It nevertheless came as a surprise when Bitcointalk user ‘midnightmagic’ decided not to claim his coinbase reward for BTC block 124,724 as a token of respect to Bitcoin’s departed founder. Midnightmagic publicized his tribute on June 8, 2011, about six months after Satoshi’s final Bitcointalk message.

Coinbase rewards are awarded to miners of a valid bitcoin block, and until they were halved on November 28, 2012 they stood at 50 BTC. While each node verifies that miners don’t attempt to claim more than they are allowed, the software does not prevent them from claiming less than their earned share. Midnightmagic spoke for many when he wrote that he viewed this “as a freedom in the protocol, not a drawback.”

He added, “To make absolutely sure that I was doing it on purpose, I set the reward value to 49.99999999, which meant that I inadvertently threw away the transaction fees which I could have allocated to myself. I did it as a tribute to our missing Satoshi: we are missing Satoshi, and now the blockchain is missing 1 Satoshi too, for all time.”

Underpaying oneself to symbolically honor a shadowy figure who got the ball rolling on Bitcoin may seem like an odd move. But midnightmagic didn’t want to claim credit for the idea, saying years later that he merely implemented something Bitcoin developer Matt Corralo had “lobbed over the wall at me.”

Bitcoin History Part 21: Miners Pour One out for Satoshi

A Tidal Wave of Poured Liquor

Midnightmagic may have been the first but he certainly wasn’t the last. Miners have foregone their coinbase rewards at various block heights, with the most generous being 12.5 unclaimed BTC (the full block reward) at 501,726. Another miner tipped half of his reward, a sum totalling 6.25 BTC, in Satoshi’s direction at block height 526,591. The most intense patterns of such behavior occurred at heights 162,000, 180,000-230,000 and 530,000, with over 1,200 anomalies recorded.

Of course, BTC is not only lost when miners purposefully claim less than they are entitled to. Due to an early glitch in Bitcoin (later rectified by BIP-30), it was possible to create a coinbase transaction which duplicated a previous coinbase, thereby causing the coins created by the older coinbase to be irreversibly overwritten. These duplicate coinbase transactions wiped 100 BTC from Bitcoin’s ledger before the 2012 fix was put in place.

What would Satoshi have thought of miners deliberately reducing the number of spendable coins in existence? We can only speculate. While many factors affect Bitcoin’s actual circulating supply, from lost keys to coins sent to the genesis address, unclaimed rewards speaks to the enduring depth of feeling towards the enigmatic Nakamoto. Tipping their 40 ounce towards the kerb by reducing their coinbase reward is a gesture of miner gratitude, indelibly recorded onchain.

Bitcoin History is a multipart series from news.Bitcoin.com charting pivotal moments in the evolution of the world’s first and finest cryptocurrency. Read part 20 here.


Images courtesy of Shutterstock.


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

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Source: Bitcoinnews.com

UP Alliance Members to Lock Mega-Utility Tokens for a Year

UP Alliance Members to Lock Mega-Utility Tokens for a Year

Universal Protocol Token is a mega-utility token offering attractive interest rates when lending and borrowing, lower exchange fees, cashback and discounts on trading. The large holders of UPT in the UP Alliance have gotten together and committed to lock their tokens and not sell any UPT for at least a year.

Also Read: Mega-Utility Token UPT Will Offer Interest and Discounts on Trading

UP Alliance Members to Lock UPT Tokens

The Universal Protocol Alliance is a group of like-minded cryptocurrency companies and blockchain organizations that want to connect different digital assets in a single network including Bittrex, Brave, Certik, Omisego, Blockchain at Berkeley, Uphold, and Cred. The Universal Protocol Token (UPT) is the native token of the Universal Protocol Platform, and is the underlying utility token for the Universal Protocol ecosystem. Consumers can use it to make transactions with the additional tokens and stablecoins that Universal Protocol has released.

The large UPT holders in the UP Alliance have now gotten together and committed to lock their tokens for a certain period of time. The group says that members and investors are united in their decision to hold UPT for the good of the project — as this will allow the Alliance the runway it needs to operationalize its ambitious project with merchants, government officials, developers and customers of UPT. In total, 82.5% of all UPT is already locked for a period of over three years, vesting monthly. In addition, all UP Alliance members and investors representing over 96% of all UPT holdings have agreed to hold UPT for period of at least one year. The Alliance is also offering all UPT holders up to 4% interest on the tokens.

Mike Arrington, CEO of Arrington XRP Capital, stated: “As an investor in UPT and in some of the companies that comprise the Alliance, I have conviction that the Alliance members involved in this project have the vision, business know-how and grit to achieve mainstream adoption. This project can help everyone understand the very practical impact blockchain solutions can have on commerce, financial services and government tax collection. I wholeheartedly support long term holdling of UPT and encourage everyone to support the companies in the Alliance.”

UP Alliance Members to Lock Mega-Utility Tokens for a Year

 

Universal Protocol recently demonstrated a new service for vendors called Cred Merchant Solutions, which allowed elected California officials, along with members of the community, to purchase goods at a vendor with bitcoin cash (BCH). This mechanism permits merchants to settle transactions in the Universal Dollar in real-time, and transmits the tax remittance to the appropriate government authorities.

“We are thrilled to support the Alliance and UPT long term as we collectively build technology that solves real problems for customers, merchants, and elected officials to help usher in the next billion users of blockchain. The significant long term support from all Alliance members is a result of the very practical work of the Alliance, which will result in significant cost reduction for consumers and merchants, and enable highly productive tax collection, transparency, and predictability for city and state governments,” said Dan Schatt, co-founder of the Universal Protocol Alliance and CEO of Cred.

Bitcoin.com Exchange to Support Family of UP Tokens

Founded in 2018 to accelerate mainstream adoption of blockchain technology, the Universal Protocol Alliance is aiming to produce viable and pragmatic use cases that can benefit consumers, businesses, and governments globally. The group has identified that many users need innovative solutions to move digital assets seamlessly across different wallets, exchanges, and networks. In addition to the contributions made by alliance members, each member organization will integrate and incorporate UPT directly into their businesses.

Vansa Chatikavanji, CEO of Omisego said: “Omisego’s goal is to build fair and accessible financial services infrastructure. We are excited about the disruptive potential of the Alliance integration to the Omisego network, allowing for compelling scalable payment solutions for customers, merchants and governments. We are a firm believer in the long-term vision and the capabilities of the Alliance members.”

Daryl Hok, COO of Certik, explained: “The overall impact of the Alliance gains strength from the unified commitment of Alliance Members. CertiK has pledged to lock up all tokens for the comping year, demonstrating a commitment to the mission of the Alliance and the future of the Universal Protocol initiative. We believe in a future that empowers individuals to become the next generation of stablecoin auditors, and global confidence and standards this will bring to the Alliance.”

UP Alliance Members to Lock Mega-Utility Tokens for a Year

Digital assets like bitcoin cash and ethereum operate on disparate networks that currently cannot communicate with each other. Collaboration in meaningful ways without costly workarounds remains difficult, resulting in critical inefficiencies. Universal Protocol Platform has a solution to solve this communication problem, one that will enable all existing cryptocurrencies to become available, and fungible, on one blockchain network: the introduction of Proxy Tokens.

JP Thieriot, CEO of Uphold, added: “The early days of the internet were very similar to the world of blockchain today, with many different technology platforms fragmented and incapable of communicating with each other. We believe that the Universal Protocol Platform is a technology that has the potential to connect blockchain technologies – much like the breakthrough of the TCP and IP protocols that drove the internet towards mass adoption. We are long term hodlers of UPT and look forward to supporting the Alliance for the long term.”

Howard Wu, Managing Director of Dekrypt and Founder of Blockchain at Berkeley, commented: “The group of companies and investors coming together to make this project a reality is impressive and shows the potential of this technology to solve the issue of cross-chain transactions. Dekrypt is excited to be a part of this initiative, help bring a highly-scalable solution to blockchain interoperability to market and support the Alliance as long term hodlers of UPT.”

UP Alliance Members to Lock Mega-Utility Tokens for a Year

Bitcoin.com Exchange has provided an initial exchange listing for UPT in November and will also support Universal Protocol Stablecoins, including the Universal Dollar (UPUSD), Universal Euro (UPEUR), in addition to a tokenized version of bitcoin core, the Universal Bitcoin (UPBTC). The platform will also support interoperability between the Ethereum protocol and the Simple Ledger protocol on Bitcoin Cash, as well as work to develop the Universal Yen (UPYEN).

David Shin, CEO of Bitcoin.com Exchange, commented: “UPT is a perfect example of how an alliance of strong and active members can come together to create higher utility for its respective users. The very concrete and practical work the Alliance has done, the successful track record of its members, and the overarching mission of the Alliance aligns well with the key criteria we look for at the Bitcoin.com Exchange and we look forward to supporting the family of UP tokens for the long term.”

Is this development good for the ecosystem? 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 Bitcoin.com Markets, another original and free service from Bitcoin.com.

The post UP Alliance Members to Lock Mega-Utility Tokens for a Year appeared first on Bitcoin News.

Source: Bitcoinnews.com

Bitcoin Mining Operations Offer New Strategies Before Reward Reduction

Bitcoin Mining Operations Offer New Strategies Before the Reward Reduction

As the reward halving approaches, bitcoin miners are preparing new strategies so customers can reap the most profits from their hashrate services. On December 3, the mining operation Poolin introduced a hashrate auto-switch feature so clients can automatically switch between BTC and BCH mining. Moreover, a few days later at Bitmain’s annual customer appreciation meeting, the company’s CEO Jihan Wu explained the firm is offering three strategic mining offerings.

Also read: Mining Chip Maker Ebang Next in Line to File for US IPO

Poolin’s Auto-Switch Feature

Bitcoin mining is extremely competitive, and currently there’s a lot of processing power pointed at the SHA256 consensus networks BTC, BCH, and BSV. Ever since miners could choose between the BTC chain and the BCH chain, the profitability between those two networks has varied. For instance, at the time of publication, it is 2.5% more profitable to mine on the Bitcoin Cash blockchain, but this metric can change often.

Bitcoin Mining Operations Offer New Strategies Before the Reward Reduction
Do you want to maximize your bitcoin mining potential? Plug your hardware into Bitcoin.com’s profitable Bitcoin mining pool.

Similarly, the profitability between BTC and BCH can vary against BSV as well. Most miners process blocks on both the BCH and BTC chains, but a few operations mine all three chains depending on profit changes. Just recently, the mining operation Poolin announced a new hashrate auto-switch feature that will automatically connect to the most profitable chain between BCH and BTC. Poolin says that BSV will be included in the near future as well. According to Poolin, the hashrate auto-switch functionality will only work with cryptocurrencies using the same algorithm.

“We are thrilled to provide this feature that will increase profits for our miners, this hashrate auto-switch continues in the direction that Poolin has been forging, mainly, bringing excellence to this industry and customer-first service,” Poolin’s VP Alejandro De La Torre announced.

Bitcoin Mining Operations Offer New Strategies Before the Reward Reduction
The mining operation Poolin mines both the BTC and BCH chain. Poolin also has dedicated hashrate on the BSV chain and will be offering auto-switch for BSV as well.

The hashrate auto-switch feature was discussed on crypto-centric forums and one person asked if the switching feature would “make block time variance worse.” “Not really since just 2.8% of BCH miners are from Poolin. It’s mostly annoying for Bitcoin since its difficulty won’t adjust as fast to switching miners,” a BCH supporter replied.

Bitcoin Mining Operations Offer New Strategies Before the Reward Reduction
BCH mining profitability at 2:30 p.m. EST on December 9, 2019, using Coin Dance statistics.

Bitmain’s Three Strategies

Following the announcement from Poolin, Bitmain’s Jihan Wu revealed three new strategies for customers at the company’s annual customer appreciation meeting. Regional reports from China say that the Bitmain CEO introduced “installment payments,” “option hedging” and “joint mining” services. With the installment payment system, big facilities that purchase 100+ mining devices can put 50% down. Let’s say they want to purchase 5,000 mining rigs, then only a 20% down payment is required. However, the buyer needs to settle up seven days before the items are delivered. Jihan Wu also told attendees about the option hedging plan that will protect the price of bitcoin. He said that Bitmain plans to purchase options from the company Matrixport in order to combat price dumping. Local reports detail that the Bitmain option product is called the “Bitcoin 2020 / 3 / 27 35000 CNY Put Option.”

Bitcoin Mining Operations Offer New Strategies Before the Reward Reduction
Bitmain’s Jihan Wu.

In addition to the installment payments and option hedging, Jihan Wu spoke about offering a joint mining service that lasts 12 months. Reportedly, Bitmain will provide S17 mining rigs and pay the electrical costs, but the buyer needs to provide a facility and maintenance personnel. “The income during the cooperation period is settled on a monthly basis, which is distributed as 25% for the partners and 75% for Bitmain,” 8btc columnist Vincent He explained. “If the revenue cannot offset the electricity charge, no distribution will be made.”

Bitcoin Mining Operations Offer New Strategies Before the Reward Reduction

Structure Changes and New Mining Services Will Be Offered Prior to the Halving

It’s likely that many mining operations will change their structure and offer new features as signs of this trend have been cropping up six months before the reward halving. On Halloween, Bitcoin.com published a video of professional miners from around the world explaining what they think will happen when the block reward shrinks. The film included mining heavyweights like F2Pool’s Global Director Thomas Heller, Hyperblock’s CEO Sean Walsh, and Genesis Mining CEO Marco Streng. Some of the miners’ predictions in the video showed why SHA256 mining operations are trying to profit with new types of provisions like hashrate auto-switching and joint mining services.

“If you look at six months before the halving and six months after the halving in both previous instances you see a massive upward surge in the price of bitcoin,” Sean Walsh remarked in the film. “It is a bit scary being a miner and knowing that your revenue stream is gonna get cut in half overnight, but the exchange rate will more than compensate for the reduction in our bitcoin denominated revenue.”

What do you think about mining operations offering new types of services just before the halving takes place? Let us know what you think about this subject in the comments section below.

Disclaimer: This article is for informational purposes only. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Image credits: Shutterstock, Blockchain.com, Coin Dance Cash, news.8btc.com, Wiki Commons, Fair Use, Bitmain, and Pixabay.


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The post Bitcoin Mining Operations Offer New Strategies Before Reward Reduction appeared first on Bitcoin News.

Source: Bitcoinnews.com

Nexo Now Offers Bitcoin Cash Instant Crypto Credit Lines

Nexo Now Offers Bitcoin Cash Instant Crypto Credit Lines

Bitcoin Cash community members are able to borrow against their favorite digital asset in more than 40 fiat currencies across more than 200 jurisdictions. This is thanks to Nexo which now offers BCH Instant Crypto Credit Lines with one of the lowest annual percentage rates in the industry.

Also Read: Save the Children Now Accepts Bitcoin Cash Donations

Borrow Against Your BCH With Nexo

Nexo, the most successful crypto lender in the world, is expanding its ever-growing service by adding bitcoin cash (BCH) to the list of accepted collateral for its signature Instant Crypto Credit Lines following a new partnership agreement with Bitcoin.com.

Making the world’s first BCH-backed loans available on the Nexo platform enables BCH holders to borrow against their assets rather than selling them when in need of liquidity. Including bitcoin cash on Nexo’s Instant Crypto Credit Lines platform greatly increasing the asset’s utility, eases selling pressure and makes hodling BCH easier in the long run, all while providing the added benefits of Nexo’s unrivaled interest rates starting from 5.9% APR and superior tax-efficient service in 40+ fiat currencies across 200 jurisdictions.

Antoni Trenchev, managing partner at Nexo, commented on the partnership with Bitcoin.com: “Providing exceptional crypto lending services worldwide is fundamental for Nexo, and an underlying part of realizing this goal is ensuring our platform supports a vast selection of cryptocurrencies. Bitcoin cash, being one of the most widely used crypto assets, significantly increases Nexo’s addressable market. Together with bitcoin cash, Nexo is thriving in its mission to grow the utility and adoption of cryptocurrencies, and bring quality banking services to all corners of the world.”

Nexo Now Offers Bitcoin Cash Instant Crypto Credit Lines

Nexo is the world’s leading regulated financial institution for digital assets. The company’s mission is to maximize the value and utility of digital assets by offering tax-efficient ‘Instant Crypto Credit Lines,’ high-yield ‘Earn Interest’ products and ‘Send & Pay’ capabilities for its clients, while enjoying the $100 million custodial insurance and military-grade security of the Nexo Wallet. Since raising $52.5 million in 2018, Nexo has processed $1+ billion in 40+ fiat currencies for more than 500,000 users.

Promoting the BCH Ecosystem

Bitcoin.com is successfully promoting BCH adoption as peer-to-peer electronic money, as well as the development of the surrounding BCH ecosystem, with all its business partners. For example, recently the electronics manufacturer HTC added native bitcoin cash support to its flagship smartphone, Exodus 1, following a partnership with the company. Bitcoin.com is also in discussions about listing a bitcoin cash futures contract on a new exchange with approval from the U.S. CFTC, which is expected to reach the market by the first quarter of 2020.

Bitcoin.com CEO Stefan Rust commented: “More and more companies are seeing the ever-rising activity on many fronts around BCH and wish to take part in the action. It is great to see Nexo joining the foray with such interesting and compelling new financial services.”

What do you think about Nexo offering bitcoin cash instant crypto credit lines? Share your thoughts in the comments section below.


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IRS Now Requires Tax Filers to Disclose Crypto Activities

IRS Now Requires Tax Filers to Disclose Crypto Activities

The U.S. Internal Revenue Service (IRS) has finalized and put in use a new tax form that requires crypto owners to declare whether they received, bought, sold, exchanged, or acquired any cryptocurrencies in 2019. Tax experts are frustrated at the vagueness of the tax agency, with some questioning whether the answers would increase the chances of being audited by the IRS.

Also read: IRS Dispels Crypto Tax Confusion

New Tax Form With Crypto Question

The IRS published a new tax form containing a question about cryptocurrency on Thursday. The Schedule 1 form is part of the 1040 tax form for U.S. taxpayers to declare “Additional Income and Adjustments to Income.” The IRS first unveiled the draft of this form in October, as news.Bitcoin.com previously reported. The form is now finalized and posted on the IRS website for use in filing 2019 tax returns. Form 1040 is used by over 152 million U.S. tax filers. The first question on the new Schedule 1 reads:

At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?

IRS Now Requires Tax Filers to Disclose Crypto Activities
The new Schedule 1 of Form 1040.

What Will the IRS Do?

The crypto question at the beginning of the new tax form has the crypto community guessing the IRS’ intention, what it will do with the information, and what exactly needs to be declared. A tax expert told CNBC that “The inquiry itself is a vague one.”

Sarah-Jane Morin, a partner at Morgan Lewis in San Francisco, told the publication, “As a taxpayer myself, I find this question very frustrating because it isn’t clear.” She pointed out that moving one’s own cryptocurrency from one wallet to another could be considered “sending.” Morin concluded that “The most conservative approach that a taxpayer can take is to consider any interaction you’ve had with virtual currency and whether there’s any way this can fall under this very broad list of what you could’ve engaged in during 2019.”

IRS Now Requires Tax Filers to Disclose Crypto Activities

Jeffrey Levine, a CPA and director of financial planning at Blueprint Wealth Alliance in New York, was quoted by the news outlet as saying:

The biggest thing is that the IRS is asking this for a reason, and my question is how much have you increased your audit risk by checking ‘Yes’ in response?

The IRS has a history of being vague when it comes to taxing crypto transactions. The agency released new tax guidelines in October to supplement its previous guidance issued in 2014. However, while the new guidance answers some questions, it also raises several more, especially regarding how hard forks and airdrops are taxed. In November, two attorneys in the IRS Office of Associate Chief Counsel (Income Tax and Accounting) attempted to answer some questions regarding hard forks and like-kind exchanges.

IRS Increases Focus on Crypto

The IRS has been increasing its efforts to find and tax crypto owners. The agency’s Criminal Investigation Annual Report 2019 released last week outlines its efforts and progress in finding and convicting crypto tax evaders. The IRS wrote:

Cryptocurrencies are undermining the financial and tax system.

“Companies pay employees in cryptocurrency or receive crypto for goods/services,” the tax agency continued. “They do not pay taxes and entities shift income to offshore exchanges with no reporting requirements, utilizing exchanges with little to no AML practices.” The IRS added, “Understanding the advancements in this area and staying on top of the criminal methodologies is our bread and butter.”

IRS Now Requires Tax Filers to Disclose Crypto Activities

While admitting that its resources are limited, the IRS believes that it has the tools and ability to find crypto tax evaders. Cyber criminals “now deal in cryptocurrency, again thinking this will make them anonymous, but our agents have once again proved that there is nowhere to hide. We will not stop in our pursuit,” the report reads. In July, the tax agency sent more than 10,000 letters to crypto users reminding them of their tax obligations.

The IRS’ report also highlights the achievements of its collaboration with international partners, the Joint Chiefs of Global Tax Enforcement or J5. The group comprises the IRS Criminal Investigation and its counterparts in the U.K., Australia, Canada, and the Netherlands. The J5 focuses on international tax evasion including the use of cryptocurrency to evade international tax obligations. The IRS further wrote:

In just 18-months, we are already seeing the benefits to this group both in the development of new tools and in the numbering of real cases. We expect our first operational results from this group in FY20.

What do you think of the IRS asking all tax filers about their crypto activities? What do you think it will do with the information obtained? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Images courtesy of Shutterstock and the IRS.


Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

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Source: Bitcoinnews.com

Regulatory Roundup: Bitcoin Futures Fund Approved, India’s RBI-Backed Digital Currency

Regulatory Roundup: Bitcoin Futures Fund Approved, India's RBI-Backed Digital Currency

In this regulatory roundup, we cover the U.S. SEC approving a bitcoin futures fund, the new IRS tax form targeting crypto owners, and several more steps taken by the U.S. government toward crypto regulation. We also cover India’s central bank digital currency plan, South Korea’s crypto taxation plan, and the European Commission’s announcement regarding stablecoins.

Also read: Regulatory Roundup – Germany to Let Banks Sell and Store Crypto, Laws Changing in Asia

SEC, IRS, Financial Stability Council, Senate

Several U.S. regulators took some notable steps pertaining to their cryptocurrency oversight last week. In the financial sector, the Securities and Exchange Commission (SEC) green-lighted a bitcoin futures fund while still contemplating whether to approve bitcoin exchange-traded funds (ETFs). The NYDIG Bitcoin Strategy Fund is now preparing to launch with the objective of investing in cash-settled bitcoin futures contracts traded on CFTC-registered commodity exchanges. Stone Ridge Trust VI will be the fund’s investment advisor.

Over in the tax arena, the Internal Revenue Service (IRS) has finalized and published a new tax form mandating tax filers to disclose whether they bought, sold, exchanged, or acquired any cryptocurrencies during 2019. The agency also revealed its plans last week to identify and convict crypto tax evaders.

Regulatory Roundup: US Approves Bitcoin Futures Fund, India Plans RBI-Backed Digital Currency

Meanwhile, the U.S. Financial Stability Oversight Council, chaired by Secretary of the Treasury Steven Mnuchin, has published a report discussing crypto assets. While noting that their market capitalization has grown rapidly, the council asserted that “so far, digital assets have not been widely adopted as a means of payment or store of value.” Nonetheless, the report details:

The council recommends that federal and state regulators continue to examine risks to the financial system posed by new and emerging uses of digital assets and distributed ledger technologies.

In addition, Georgia Governor Brian Kemp picked former Bakkt CEO Kelly Loeffler last week to replace Senator Johnny Isakson who is retiring at the end of the month. Loeffler is expected to take office on Jan. 1.

India Reveals RBI-Issued Digital Currency Plan

The governor of the Reserve Bank of India (RBI), Shaktikanta Das, has revealed the central bank’s plan for a state-backed digital currency. Until now, there have been conflicting reports of whether the Indian government is planning to issue a digital rupee. The RBI governor himself has now shed some light on the situation. While noting that it is still very early to discuss the matter, he admitted that some discussions are going on and the RBI has “examined it internally.” Furthermore, “As and when the technology evolves with adequate safeguards,” the governor said:

I think it is an area where the Reserve Bank will certainly look at seriously at an appropriate time.

Regulatory Roundup: US Approves Bitcoin Futures Fund, India Plans RBI-Backed Digital Currency
RBI Governor Shaktikanta Das

The central bank’s stance on bitcoin and other cryptocurrencies has not changed, however, and the banking restriction on the crypto industry is still in place. The Indian supreme court is scheduled to resume hearing the arguments against the RBI ban on Jan. 14.

South Korea Pushes for Crypto Taxation

South Korea may soon change its tax laws to include cryptocurrencies. The Korea Times reported on Sunday that the government is seeking to start imposing taxes on capital gains from crypto transactions. The Ministry of Economy and Finance has reportedly confirmed that it is pushing for the measure to be reflected in tax legislation next year. An official of the ministry said:

Related discussions have been taking place. The revised bill will be drawn up by the first half of next year.

Regulatory Roundup: US Approves Bitcoin Futures Fund, India Plans RBI-Backed Digital Currency

The cryptocurrency regulation in South Korea is also undergoing changes following the passing of an amendment bill at the end of last month. Among other requirements, crypto exchanges must register with the Financial Services Commission’s Financial Intelligence Unit, have a system that complies with the standards set by the Financial Action Task Force (FATF), and use the real-name system. The new rules will go into effect one year after the regulation is promulgated.

EU Announces Position on Stablecoins

The European Council and the European Commission issued a joint statement regarding stablecoins on Thursday after several countries expressed concerns over Facebook’s planned currency, Libra, over the past months. While acknowledging that these coins may present cheap and fast payment opportunities, the two European authorities claim there are many risks. They wrote: “these arrangements pose multifaceted challenges and risks related for example to consumer protection, privacy, taxation, cyber security and operational resilience, money laundering, terrorism financing, market integrity, governance and legal certainty.”

Regulatory Roundup: US Approves Bitcoin Futures Fund, India Plans RBI-Backed Digital Currency

The Council and the Commission asserted that their concerns are likely to be amplified and new risks could emerge when a stablecoin has the potential to reach a global scale. Their joint statement reads:

The Council and the Commission state that no global ‘stablecoin’ arrangement should begin operation in the European Union until the legal, regulatory and oversight challenges and risks have been adequately identified and addressed.

Japan’s 21 Crypto Exchanges and Ukraine’s New Law

Japan’s top financial regulator, the Financial Services Agency (FSA), recently approved the country’s 21st cryptocurrency exchange. Lastroots began operations in 2017 before Japan started regulating crypto assets. The exchange applied for registration in September that year but was never approved until now. Meanwhile, the Bank of Japan has released a report which identifies and examines the main legal issues surrounding central bank digital currencies (CBDCs). However, the bank said it is currently not considering issuing one.

Over in Ukraine, amendments to a draft law have been approved, describing “virtual assets” as property and a digital expression of value that can be traded or transferred and used for payment or investment purposes. The new legislation aims to transpose the FATF standards into Ukraine’s national law. In addition, Ukrainian crypto companies can now receive grants of up to $75,000 each from the government.

What do you think of the regulatory developments in the crypto space covered in this roundup? Let us know in the comments section below.


Images courtesy of Shutterstock.


Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

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Source: Bitcoinnews.com

Weiss Ratings Downgrades EOS to ‘C-‘ Due to Centralization – How Other Coins Measure Up

Weiss Ratings Downgrades EOS to 'C-' Due to Centralization - How Other Coins Measure Up

Weiss Ratings has downgraded EOS once again, taking its ranking from a B to a C-. The group cites “failure to decentralize,” “misallocation of resources,” and a congested network as reasons for the fall in rank. “Weiss Crypto Ratings model is not based on opinion. It’s driven by data,” the group claims. In this article we’ll look at EOS, as well as top coins by market cap to see how Weiss — and other voices in the space — view their progress.

Also Read: Bitcoin Cash Represents 93% of November’s Crypto Spending in Australia

The Weiss Rating System

The self-described “only ratings agency that combines the broadest coverage, strictest independence, complete objectivity, high ethics, and a commitment to safety,” has moved EOS down to a C- rating. Weiss Crypto Ratings took to Twitter over the weekend to explain their reasoning. “We’ve had great respect for work and thinking that went into the EOS project. But the Weiss Crypto Ratings model is not based on opinion. It’s driven by data,” the group tweeted. “And that data has now caused a downgrade from B to C-. Here’s why (full article to be published soon).”

The first reason given is a perceived failure to decentralize. Weiss notes that 0.01% of EOS token holders “control a whopping 68% of the voting power. So much for the claim that EOS is a major improvement over older cryptos like Bitcoin (BTC) and Ethereum (ETH),” the group asserts. The second reason is a “misallocation of resources” that has resulted in network congestion, and frozen transactions for small token holders. “The issue of CPU, REX and the clogged network is too complex to explain in a simple Twitter format, so on this topic, see our article explaining EOS downgrade in detail, coming out soon,” Weiss details.

Weiss Ratings Downgrades EOS to 'C-' Due to Centralization - How Other Coins Measure Up
The Weiss Crypto Rating Scale. “A plus or minus sign indicates the upper third or lower third of a grade range, respectively. In addition, an F grade is assigned to cryptocurrencies that have failed or are subject to credible allegations of fraud.” Source: https://weisscrypto.com/en/about

How Other Cryptos Rate

Bitcoin Core

Weiss gives market cap leader Bitcoin Core (BTC) an overall rating of B+. Weak areas are “risk” and “momentum” and the coin receives a D grade in market performance. Adoption and technology both score well, getting an A. In a recent article published to the American Institute for Economic Research, Austrian economist and Bitcoin advocate Jeffrey A. Tucker seems to lend credence to the Weiss assessment on momentum, writing:

Consider the core data. Transactions per day are at 2016 levels. Exchange volume is at 2017 levels. Wallet use is at an all-time high but most new users come in through exchanges and keep their money there, which belies the hope of disintermediated money.

Ethereum

Ethereum also garners a B+ grade by the Weiss system, ranking “fair” and “excellent” in technology and adoption, respectively. A D- score in market performance counterbalances this positivity. While some in the crypto space would argue that there are serious scaling issues with Ethereum and question the technology and adoption score, Weiss nonetheless gives these an A, based on its ranking system.

XRP

XRP receives a B-, rated “very weak” in the momentum category and “weak” in the risk category. “Momentum,” according to the Weiss system, “evaluates the upside potential an investor could benefit from.” XRP’s most highly scored aspect is adoption, categorized as “excellent.” Centralization has been a big issue in the crypto space for critics of XRP, as some see the asset as being controlled directly by the company, and not a decentralized community.

Weiss Ratings Downgrades EOS to 'C-' Due to Centralization - How Other Coins Measure Up

Bitcoin Cash

Bitcoin Cash, whose community and tech seek to address some of the issues with BTC Tucker discusses in his article, gets an overall Weiss rating of C. Interestingly, no 90-day performance history is shown for BCH at press time, and this metric would ostensibly be needed to effectively establish risk and momentum, both of which Weiss rates as weak. In any case, BCH shines most brightly in the category of adoption, which is rated “good.”

This perhaps comes as no surprise to the BCH community, whose devs, merchants, charities, meetup organizers and influencers have been working tirelessly to increase and innovate adoption and make Bitcoin a true peer-to-peer permissionless cash as Satoshi Nakamoto intended. Low fees, fast speeds, and scalability all factor into this.

Issues With Ranking Systems

As Weiss themselves state:

Every grade issued by any rating agency is ultimately an opinion, to be used by the public in the context of opinions from analysts, developers and users … No ratings model, no matter how well designed, can evaluate all factors.

Ultimately it will be the market which decides which cryptos sink, tread water or take off moon-ward into 2020 and beyond, but the Weiss Ratings system provides an interesting analytical backdrop for those investigating various digital assets. Tether (USDT) was not included in the list of rated top market cap coins as it is a stablecoin, and does not have a ranked Weiss rating.

How does your favorite crypto rank? Do you agree with Weiss’s rating system? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


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Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

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Source: Bitcoinnews.com