Bitcoin Cash Supporters Prepare for the Network’s Next Six Months
It’s been six months since the inception of the Bitcoin Cash (BCH) network, and the decentralized currency’s infrastructure continues to grow. Over the past week, there’s been many new announcements surrounding the BCH chain and its ecosystem.
See also: Bitcoin ABC Developers Announce Medium-Term Bitcoin Cash Roadmap
Six Months In, the Bitcoin Cash Network Celebrates a Successful Hard Fork and Address Serialization Change
Six months have passed since the birth of the cryptocurrency bitcoin cash, and so far the protocol and economy continues to thrive despite the coin’s adversaries. Since the August 1st hard fork that produced the network, there’s been over 36,000 blocks mined, and the BCH chain is 8406 blocks ahead of the core chain. The Bitcoin Cash network recently had a successful hard fork which changed the protocol’s difficulty algorithm, and has kept mining profitability more consistent ever since the implementation. At 12.76 percent of the core chain’s difficulty, BCH is currently 5.6 percent more profitable to mine than BTC. Additionally this month BCH wallet providers and businesses implemented a new address format making it very difficult to send BCH to a BTC address.
Bitcoin Cash Compatible Bitcoin Unlimited 1.2.0.1 Released, While Kucoin Exchange Launches BCH Trading Pairs
The Village Catalog, an Online General Store, Focuses On Bitcoin Cash Acceptance; a New Woocommerce Plugin for BCH Released
Another addition to the BCH economy was the announcement from the Village Catalog an online general store that focuses on bitcoin cash acceptance. The Village Catalog sells a wide variety of healthy food products and cooking accessories for bitcoin cash.
“The Village Catalog is a place to find a quality product and have it shipped quickly and at a reasonable price — We use bitcoin cash because it’s peer-to-peer electronic cash in its original form: it is easy and cheap to transact with and secure to use,” explains the Village Catalog.
Another announcement that adds more bitcoin cash merchant adoption is the new Woocommerce plugin called ‘Cryptowoo’ that offers an API to take orders paid in BCH. Woocommerce version 1.2.1 allows any merchant using Word Press the ability to accept cryptocurrencies much like Bitpay and Paypal integrations. Additionally, if BCH supporters want to wait for Bitpay’s plugin the company announced its Woocommerce, WHMCS, and Prestashop implementations that will include bitcoin cash support.
Tokenstars Organization Plans On Switching to Bitcoin Cash
“The projects we launched in December, ‘Tokenstars’ Team’ token sale and Crypto Xmas Charity Auction, have shown that bitcoin is being used less for payments now — When compared to our ACE ICO from fall 2017, there is a sharp decline in bitcoin transactions — Bitcoin became too expensive for making regular payments and instead, bitcoin’s volatility and high commissions turned it into an investment tool,” Tokenstars CEO, Pavel Stukolov explains to news.Bitcoin.com.
In order to expand the number of Crypto Xmas Charity Auction participants, we now accept bets in bitcoin cash. We will also start accepting bitcoin cash as payment currency for Team tokens during TokenStars’ ICO.
Bitcoin Cash: What’s In Store for the Next Six Months?
“Bitcoin and bitcoin cash are focusing on two totally different markets right now,” Lingham said in a recent Fast Money interview on January 25.
When I look at it from the product standpoint, I think the greater demand is for peer-to-peer cash than for digital gold.
In addition to the past couple of weeks, the six months of life the Bitcoin Cash network has experienced has been very fruitful. The pace of transactions continues to rise while fees remain cheap and confirmation times come quickly for users. Moreover, BCH developers have released their roadmap recently which discusses some of the proposals going forward for the next six months. Bitcoin cash could see another hard fork that increases the block size, and a variety of other features like colored coins. Not only is Bitcoin Unlimited donating its resources, but developers and representatives from several projects including Bitprim, Nchain, Bitcrust, ElectrumX, Parity, and Bitcoin XT are also all collaborating to bolster the BCH protocol’s growth.
What do you think about the growth of bitcoin cash and it’s latest infrastructure additions? Let us know in the comments below.
Images via Crypo-graphics.com, Pixabay, Tokenstars, The Village Catalog, Coin Dance, and Bitcoin Unlimited.
Bitcoin Cash Games Has Arrived — Play Your Favorites Faster With BCH!!
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Lawyers Are Taking Payment in Bitcoin Despite Conflict of Interest Concerns
An increasing number of lawyers are taking payment in bitcoin and other cryptocurrencies. With many ICO startups destitute until their crowdsale, ether or tokens are often all they can offer. Rather than turn away business, some lawyers have admitted to taking payment in crypto. While increased acceptance of cryptocurrency – especially in such circles – is to be welcomed, it’s led to concerns that lawyers who are financially invested in a project may struggle to dispense impartial advice.
Also read: George Soros: Bitcoin is Propped Up by Dictators
Meet the Crypto-Chasing Lawyers
It would be easy to assume that cryptocurrency acceptance in the legal profession is limited to a handful of fringe mavericks and libertarians, but it’s attracted a number of mainstream advocates. A recent article in Law.com (paywalled) quotes several lawyers who now accept crypto including Washington-based lawyer Carol Van Cleef, who helps crypto clients with compliance matters. She explains: “I’ve known for a long time that my opportunity to expand in certain areas has been affected by not taking [cryptocurrency]”.
Historically, lawyers who’ve served the poorest and most marginalized members of society have done so for ideological reasons rather than pecuniary gain. In times gone by, it was not unheard of for defense attorneys to take payment in the form of firewood, food or whatever else their clients could spare. Had Breaking Bad been filmed five years later, it’s easy to imagine wheeler-dealer lawyer Saul Goodman accepting crypto and using it to help Walter White account for his vertiginous pallets of $20 bills.
Tokens for Attorneys
As cryptocurrencies have entered the mainstream, their association with illicit activities has diminished, and so has the stigma of accepting them. Lawyers must tread more carefully than professionals from other sectors however and accepting crypto from startups they’re advising raise possible conflict of interest concerns. It’s common practice for cash-strapped startups to offer team members payment in tokens.
Everyone from web designers to marketers can be pacified with the promise of tokens as soon as the project launches. Any legal expert entering into such an agreement would be obliged to rule that the token constituted a utility and not a security, as to do otherwise would mean they wouldn’t get paid.
Conflict of Interest or Credibility Booster?
If a lawyer has never sent or received cryptocurrency, they seem ill-equipped to advise crypto startups on their structuring model. Cryptocurrency theory is all well and good, but to truly appreciate and understand it, proponents insist, it is necessary to experience it in action, and not just once for test purposes, but as part of everyday life. Lawyers who have gotten their hands dirty, so to speak, by using crypto should be able to understand and explain it more effectively than their counterparts who are still crypto virgins. It would be hard to see bitcoin or ethereum acceptance as presenting a conflict of interest; a lawyer taking tokens for the platform they’re advising on, however, would be a much narrower crypto case, and one that is much harder to defend.
Dirty Digital Money
Accepting crypto is “a symbol for the client about how vested you are in the area,” says DC lawyer Carol Van Cleef. Defense attorney Jay Cohen also accepts bitcoin but confesses “We cash it out when it comes in, because of the volatility”. This practice tallies with an opinion delivered by a Nebraska Supreme Court committee which advises lawyers to convert crypto to fiat expeditiously to prevent conflicts of interest caused by lawyers getting vastly over or underpaid due to bitcoin volatility.
Former assistant U.S. attorney Kathryn Haun put it best when she told Law.com via email: “There is no reason to believe that cryptocurrency is illegitimate and criminally-derived any more than any other form of currency or payment. Cryptocurrencies are not special in that regard and I would think would be treated like any other funds.”
Do you think lawyers should be entitled to accept payment in crypto? Let us know in the comments section below.
Images courtesy of Shutterstock, and AMC.
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Indians Expect Clarity on Bitcoin Taxes within Days
Under mounting pressure to make decisions and take steps to clarify cryptocurrency matters, the Indian government may soon shed some light on one of many unclear aspects – taxation. Local media have turned the spotlight on Budget 2018, but lots of titles end with question marks. The new financial frame is to be presented next week by the Finance Minister. Recent developments suggest that the status of bitcoin in India is likely to be determined, at least in terms of how much cream the government is willing to scoop out.
Also read: Tax Loophole Closing For South Korean Cryptocurrency Exchanges
Finance Minister to Answer Many Questions
All eyes are on minister Arun Jaitley, the Financial Express wrote, asking: “Are Bitcoins Taxable in India?”. “Can the Budget Dodge Bitcoin?”, the Economic Times is wondering, referring to his budget expected on February 1. Anxiety about the true intentions Delhi hides behind mandatory warnings has been building up in Indian society. In short, “Cryptocurrency Enthusiasts Wait for Clarity”, as Zeebusiness put it on its webpage.
Members of the Indian crypto community have been calling for clear government policies towards cryptocurrency trading and taxation. Companies planning to set up new mining facilities and POS terminal networks in the country have also asked for clear guidelines to steer their businesses.
Clarity, in regards to taxation, is likely to be offered with the new budget. There are strong indications of the government’s eagerness to tap into crypto income, despite its consistent hostility towards bitcoin. Back in December, the Income Tax Department carried out searches at major exchanges. More recently, Indian crypto traders received notices from the tax authorities concerning crypto investments not reflected on their tax returns, as news.Bitcoin.com reported.
Last week local media revealed that India’s top banks had suspended some accounts of major crypto exchanges, suspecting “dubious transactions”. According to sources quoted by ET, at least eight accounts in various banks, including the State Bank of India, Axis Bank, HDFC Bank, ICICI Bank and Yes Bank, have been suspended. Cash withdrawals from other accounts were limited. Zebpay, Unocoin, Coinsecure and Btcx India have been mentioned as targeted exchanges. The banks were asked to file reports of suspicious transactions with the Financial Intelligence Unit.
Taxation without Representation (What Are the Options)
According to a tax authority official, quoted by ET, a special team has been investigating the applicability of sales tax on bitcoin exchanges for the previous financial year. It has been estimated that some of them operate at margins reaching 20% due in large to the gap between buying and selling rates, reaching 25% in some cases. The total revenue figure for the top 10 exchanges is about 400 billion rupee (more than $6 billion USD), Indian media reports.
Taxing bitcoin income is another subject that needs clarification. As both the Reserve Bank of India and the Finance Ministry do not recognize cryptos as currencies and legal tender, two options remain on the table. Goods and Services Tax can be levied at bitcoin and altcoins – 12%, if they are considered goods, or 18% if they are deemed as services. Currently, Indians are not paying GST on their bitcoins, but the government is working on it, Karan Batra, CEO of Charteredclub, told FT. He also shared his hopes for clarity in the new financial year.
In December the Finance Ministry set up a special panel to follow developments, including the volume of bitcoin related trade, and help speed up the process of adopting regulation. Representatives of the Department of Economic Affairs, the Reserve Bank of India and the Income Tax Department have been invited to join the committee. Again, no members of the crypto community have been asked to participate or share opinion.
Bitcoin, and cryptocurrency in general, is yet to be legally defined in India. Now it is neither classified as a commodity, an asset, nor as security or any other financial instrument. Some say there is no need to even mention bitcoin in the new budget. “It will die its own death”, says Asif Iqbal from Escorts Securities, quoted by FE. However, many Indians involved in crypto, and foreign investors eyeing the country’s potential, see a brighter future. Their participation in efforts to regulate, and why not legalize bitcoin, could have opened eyes in the corridors of power in Delhi. Unfortunately, they have not been given that chance by the authors of Budget 2018. Crypto India can only hope for some clarity.
Do you think that Budget 2018 will answer the outstanding questions about bitcoin in India? Tell us in the comments section below.
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Thailand Taking Steps to Regulate ICOs
As part of its balanced approach, Thailand is taking further steps to regulate initial coin offerings by expanding current guidelines. Discussions on the framework between relevant institutions have already started, with a public hearing to be conducted soon. The first ICO to be carried out by a locally registered company is scheduled for March. The plan is to raise more than $20 million for a decentralized lending platform.
Also read: New Research: 10% of Funds Raised in ICOs Lost or Stolen
Growth in Other Countries Convinced Thailand to Act
Thailand’s Securities and Exchange Commission (SEC) and the Stock Exchange of Thailand (SET) are discussing a comprehensive regulatory framework that will cover fundraising through initial coin offerings, the Bangkok Post reported. A public hearing is expected to be carried out in the near future. Once completed, the new set of rules will be presented to the Commission’s Board of Directors for further consideration.
Current guidelines limit the maximum investment for retail investors to $10,000 per ICO and $95,000 per person. Using additional information gathered from participants in the market, the SEC’s Board of Directors will finalize the regulatory framework for token sales and related financial transactions. The matter is expected to be raised with the board in the first quarter of this year.
The ICO issue requires a coherent national policy because it is a major issue
So said SEC Secretary-General Rapee Sucharitakul, noting that the rapid growth of ICO fundraising in many countries is the main reason behind Thailand’s decision to address the matter at policy level. Token sales will be discussed when SEC’s Board of Directors reconvenes.
If ICOs are not regulated, investors and other participants may question their legitimacy, Rapee warned in further comments on the need of regulatory support for this type of investment. The Thai official highlighted the increasing popularity of initial coin offerings with investors and startups from the tech sector. In his words, ICOs are trendy because they can raise funds swiftly without requiring a financial statement.
Initial Worries Set Aside
The SEC announcement represents a slight change in the generally positive attitude of the regulator towards initial coin offerings. Earlier comments by its representatives suggested some reservations but it seems that initial worries have been set aside. Assistant Secretary-General Praoporn Senanarong had previously stated that the new fundraising method posed “long-term disruptive risk to traditional financiers”.
At the time of his statement ICO regulation was promised by the second quarter of next year. Praoporn also shared concerns that token sales could replace initial public offerings in the long run. In his words, that would disrupt the traditional operations of asset management firms, investment banking, investment advisories, exchanges and brokers.
Seeking to adopt a “balanced policy with regard to ICOs”, last year the SEC expressed a desire to “strike the balance between supporting digital innovation and protecting investors from potential ICO scams”. The regulator warned that ICOs might be used as a tool for fraud, but also noted the potential of coin offerings to meet the funding needs of startups. Earlier this month Thailand’s regulators allowed bitcoin futures trading.
Under the new ICO regulations companies will be allowed to raise from retail investors up to 20 million baht (≈$640,000) per ICO project. The total fundraising amount is capped at 40 million baht (≈$1.3 million).
The Securities and Exchange Commission also intends to implement screening procedures for the ICO projects through a dedicated portal. Companies will be required to disclose the white paper detailing the project’s objectives, their business plans and models, intended use of proceeds, associated legal risks, management and advisory information, and details about the tokens.
Do you think that other countries in the region will follow Thailand’s move to implement balanced regulations regarding ICOs? Tell us in the comments section below.
Images courtesy of Shutterstock, Slideshare.net/PundiXLabs
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U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity
On January 25 the U.S. Immigration and Customs Enforcement (ICE) deputy assistant director, Greg Nevano, explained in a testimony that the agency was using “blockchain exploitation tools” to combat cryptocurrency use in illicit markets. Nevano’s testimony revolved around the growing opioid addiction problem in the U.S., and how the law enforcement organization is fighting the drugs deliveries stemming from international mail carriers.
Also Read: Oil Company Wants to Sell Bitcoin ATMs to Casinos, Stock Jumps 60%
ICE Is Combating Illicit Activities That Derive From International Mail Deliveries
Darknet Field Investigations and Exploiting Peer-to-Peer Cryptocurrency Exchangers
“The cyber division is providing assistance with the development and management of online undercover personas in furtherance of online undercover operations and collaborates with joint agency strategies in taking down online sources of opioids,” the testimony details.
In support of its diverse financial investigative efforts ICE uses undercover techniques to infiltrate and exploit peer-to-peer cryptocurrency exchangers who typically launder proceeds for criminal networks engaged in or supporting darknet marketplaces.
Training Agents to Understand Cryptocurrency and the Use of Blockchain Exploitation Tools
ICE says that it is training investigators from national and international law enforcement agencies to scrutinize cryptocurrency use that’s tethered to fentanyl/opioid or other narcotic purchases. Nevano’s testimony details that the organization is collecting “communication records such as phone toll records, Internet Protocol (IP) address activity records, email search warrants, and Title III wire intercepts” in these types of investigations. Further, the agency is also using tools that exploit blockchain networks tied to the digital assets used in illegal activity. Nevano states:
ICE leverages complex blockchain technology exploitation tools to analyze the digital currency transactions and identify transactors.
The testimony follows the recent actions taken by governments all around the world attempting to regulate the cryptocurrency economy. Moreover, news.Bitcoin.com reported on the blockchain surveillance company Chainalysis being contracted by ICE several times. Its likely that the Chainalysis blockchain monitoring products are just one of the exploitation tools deployed by the U.S. law enforcement agency. Nevano and ICE believe illicit narcotic smuggling in the international mail environment and cryptocurrencies are playing a role in the world’s opioid epidemic.
What do you think about ICE investigating the use of cryptocurrencies and the illegal opium trade? What kind of blockchain exploitation tools do you think this agency uses? Let us know your thoughts on this story in the comments below.
Images via Wiki Commons, ICE logo, and Pixabay.
Bitcoin Cash Games Has Arrived — Play Your Favorites Faster With BCH!!
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PR: Okoin VR Project Launches 2nd ICO Round
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 OKOIN project launches the second round of the ICO. According to the management of VR Technology, which owns the project, the second round will make the token more liquid and stable after entering the open exchange, and thanks to protection against speculative manipulations. The second round will last from January 25, 2018 to April 25, 2018. For its start, two additional programs are launched: Bounty and Affiliate ones.
During the first round, the OKOIN project managed to attract more than $25 million investment in equivalent. The current value of the token is $ 2.7. It is planned that during the second round the coin will also have a steady growth and the price will gradually rise to $8 (ROI 200-700%), after which the token will enter the exchange.
The main task of the second round is to protect the token from speculations and provide it an independent value with the infrastructure created to distribute the VR “18+” content, in particular, for viewing movies by using the virtual reality helmet VR OKO.
VR OKO is a self-contained innovative device developed by VR Technology, the virtual reality helmet for watching adult movies. VR OKO does not require a connection to the phone or computer and allows watching erotic movies for 6 hours without recharging. The video library of the project has more than 500 movies in 40 different genres. The helmet VR OKO can now be purchased for OKOIN tokens and ETH.
The OKOIN project launches two new programs in honor of the start of the second ICO round:
Bounty Program, in which anyone can receive a reward for being active in social networks (the Bitcointalk forum, Twitter, Facebook, Telegram messenger, etc.)
Affiliate (referral) Program, in which any user can receive a commission (2-5%) in ETH, plus a bonus in the OKOIN tokens.
In addition to the main programs, a special program “+100” is run for investors of the first round, within which each first round investor receives a bonus of 100% of the purchased tokens in the second round. Bonus tokens are accrued during one calendar month.
OKO STARS Party that was supposed to be held on January 26 has been shifted to April 25. The drawing of tickets will take place in the first days of April. The total number of tickets to be raffled –130. Investors of both the first and second rounds may participate in the drawing.
Participants of the Affiliate program, whose partners have invested more than 250 ETH in the project, are guaranteed to receive a VIP ticket to the party. The ticket completely covers flights, accommodation, and participation in the event.
Company website: https://okoin.io
E-mail: [email protected]
Legerova 1820/39, 120 00
Prague 2, Czech Republic
Company name: VR technology company s.r.o.
Contact Email Address
[email protected]
Supporting Link
https://okoin.io
This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
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Source: https://news.bitcoin.com/