New Bitcoin Fork Adopts Interest Payments

Bitcoin has inspired several spinoff currencies, or “forks,” that also offer financial services through blockchain payment networks. Some of these forks were wildly successful. Bitcoin Cash, arguably the most successful Bitcoin fork of all time, now has a market value of around $20 billion.

Bitcoin Cash and similar success stories have inspired several others to follow suit. Tech entrepreneurs who believe they can create a coin with better mining, transaction verification, or security than Bitcoin are all taking their shot at the big time. However, with forks becoming increasingly common on the Bitcoin blockchain, investors may struggle to compare the value of one new coin with another.

Bitcoin Interest is one of the latest forks on the Bitcoin blockchain to be announced for release in January of 2018.  This fork updated consensus rules to allow users to earn interest on Bitcoin Interest Coins they hold.

Bitcoin Interest and Other Bitcoin Forks

Not all forks that followed Bitcoin Cash have been able to mimic its success. For example, Bitcoin Gold launched in late October 2017 to major criticism and controversy.  Because the Bitcoin Gold offering included a premine period without reason, many in the cryptocurrency community accused it of being a money grab. Bitcoin Gold has never been able to remove the shadow of controversy that follows it, and several users have alleged hacking, fraud, and hidden fees associated with the coin.

Unlike the more controversial Bitcoin forks, Bitcoin Interest is providing a clear value to the virtual currency market place.  Specifically, Bitcoin Interest is offering interest payments to users who hold the currency for specific periods of time.

Interest-Bearing Accounts

For the most part, banks make money by charging interest on loans.  However, first they need people to deposit money into the bank so that it has a way to fund loans. To entice people into depositing funds into their bank accounts, banks usually pay interest based on the amount the customer has on deposit.

Interest rates for savings accounts are usually pretty low. The highest yielding savings accounts typically only offer around 1% interest on money deposited at the bank.  Sometimes, customers must maintain a minimum amount on deposit to even qualify for interest payments. However, money deposited in savings accounts is basically risk-free, so even a small return on your funds benefits you in the long run.

Bitcoin Interest: A New Application of an Existing Financial Technology

Interest-bearing bank accounts is not a new idea.  However, this everyday benefit enjoyed by most traditional bank customers has not been available to virtual currency users. Now, cryptocurrency holders can earn interest on their coins by using Bitcoin Interest.

Bitcoin Interest offers the interest-bearing benefits of traditional bank accounts with the ease and efficiency of cryptocurrencies. Bitcoin Interest coin holders can receive monthly or weekly interest payments in the form of Bitcoin Interest Coins (“BCI”) by “parking” their coins for an agreed upon time.  

Unlike traditional savings accounts, which pay low, fixed interest over time, users utilizing the Bitcoin Interest technology can access high, and dyanmic interest rates that give them true value for parking their wealth.

Bitcoin Interest Creates Real Value for Virtual Currency Users

Bitcoin Interest stands out among the growing blockchain technology industry because it is taking an old idea – the interest-bearing bank account – and applying it in a new way. Mainstream adoption has been a major obstacle to most blockchain companies. However, Bitcoin Interest offers a service that people are already familiar with.  

Offering an interest-bearing virtual currency is an innovative way to introduce a familiar financial service to a brand new market. This novel application of blockchain technology may be one of the most valuable forks on the Bitcoin blockchain we’ve seen yet.  Remember to have your Bitcoins in a wallet or exchange that will support the 1:1 swap of Bitcoin Interest (“BCI”) coins before January, you don’t want to miss out on this fork!

Source: cnn

Mexican Authorities Call ICOs Illegal, Cryptocurrencies Risky

Apparently spooked by bitcoin’s recent growth and popularity, Mexico’s central bank and finance industry warned consumers that initial coin offerings violate the law and claimed cryptocurrencies were risky investments, according to Reuters.

CNBV, the country’s securities regulator, joined other government authorities in stating that Mexico does not recognize cryptocurrencies as a legal form of payment. The statement further noted there have been no ICOs to originate in Mexico.

Government Wary Of Fraud

Some ICOs, depending on certain characteristics, that originate in Mexico could violate the Markets and Securities Law, thereby constituting a financial crime, the statement said.
Only seasoned investors should experiment with cryptocurrencies, authorities said, adding that they should be on the lookout for signs of fraud.

Cryptocurrencies have demonstrated high volatility and are subject to extensive speculation, the statement said.

This week, bitcoin reached record highs, causing outages at trading services and creating questions about the reliability of the cryptocurrency platforms.

Heavy trading activity caused Coinbase to go down on Tuesday while Bitfinex had to deactivate its website due to “junk” online requests.

The government previously ruled not to make bitcoin legal tender since it is not regulated by a central bank.

Also read: Mexico is working on legislature to regulate bitcoin firms

Lawmakers Seek Regulation

Mexico’s legislature recently proposed a bill to regulate companies that interact with bitcoin and other cryptocurrencies, along with the wider financial technology sector.

According to El Economista, the legislature will not regulate bitcoin and cryptocurrencies themselves. The bill will focus on firms that operate within the digital currency ecosystem.

The bill does not include specific details about the bitcoin regulations, giving the central bank broad authority to regulate companies operating within this space. However, it claims that the regulations will drive innovation and competition by establishing a clear operational framework.

The bill targets money launderers and terrorist organizations that allegedly use cryptocurrency to circumvent the law. Mexico’s approach is much more conciliatory than that of China, which issued a blanket ban on ICOs and has begun to shutter bitcoin exchanges.

Source: cryptocoinsnews

Nokia’s Upcoming Phone, The Nokia 6 Has Leaked

Nokia 6 was the first phone the company launched when it announced its comeback back in last year,the phone was a reasonably priced mid-range phone that sold very well in China. Now, it looks like HMD global is preparing to launch a new version of the phone with some added features and some major changes. AndroidHeadlines found the listing of the phone on TENAA’s website.

The leaked phone has model number TA-1054 and it will probably be launched next month. The phone will have a 5.5-inch display with an 18:9 aspect ratio and it will probably be powered by the Snapdragon 630 SoC accompanied by 4 GB of RAM.

In terms of storage, the listing suggests that the phone with come with 32 GB of Internal memory which will be expandable. There will be a fingerprint sensor too and just like theleaked Nokia 9, Nokia 6 will have a dual camera system on its back and the ‘Bothie’ feature which first came with Nokia 7 last month. This feature allows a user to shoot photos from both, the front and the back camera at once.

Considering the smartphone market is very competitive especially in the mid-range phones, it will be interesting to see how Nokia’s offering compares to phones from other brands in the same price section.

Source: gettingeek

‘Bitcoin Creator’ Craig Wright Claims 2018 Will Be the Year of Bitcoin Cash

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Australian businessman Craig Wright, infamous for two separate stints as the self-proclaimed creator of the flagship cryptocurrency Bitcoin, recently tweeted out that 2018 will be the year in which Bitcoin Cash (BCH) is brought to its full potential, as limits to what it can achieve won’t be there, and security will be improved.

Dr Craig S Wright

✔@ProfFaustus

2018 is the year we bring Bitcoin to its full potential. BCH will have more security and no more issues with limits on what it can achieve.

Op_Codes enabled
Block size not constrained

Time to bring it to the world

1:20 AM - Dec 10, 2017

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•  507507 likes

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In a follow-up tweet, Craig Wright pointed out that among what’s coming for the cryptocurrency in 2018 are “secure threshold systems to make even web wallets secure,” improved mixers, and transactions blinding to improve privacy. When asked who’s the team working on these improvements, and when a public roadmap and testnet would be available, Wright concisely replied with “Several. More public soon.”

In subsequent tweets, the self-proclaimed Bitcoin creator added that the teams working on Bitcoin Cash are looking to spread the cryptocurrency throughout the world in order to get more people to use it, which will in turn drive up BCH’s price, according to the businessman.

In one of his tweets, replying to a user who asked if the roadmap for 2018 was well planned, and if growth could be expected, Wright stated:

“It is well planned. There are many things coming. We are interested in delivering cash to the world. Not a bank settlement system. So, it is all about whether you believe in PayPal 1.5 in BTC or global cash in BCH”

To help, Craig Wright just asked users to build merchant solutions and “sexy UIs that people want to use.” That, and use Bitcoin Cash, something that may start happening more as new services and businesses related to the cryptocurrency keep appearing. Recently, mining pool ViaBTC announced a new crypto-to-crypto exchange platform that focuses on BCH, while Bitcoin.com CEO Roger Ver used Twitter to reveal a new Bitcoin Cash Visa debit card.

View image on Twitter

Roger Ver

✔@rogerkver

Who wants a Bitcoin Cash Visa debit card? http://Bitcoin.com  is going to be bringing it to you soon!

8:12 AM - Dec 11, 2017 · Saint Kitts and Nevis

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Whether Bitcoin Cash will outperform or surpass Bitcoin in 2018 remains to be seen, but it’s clear the flagship cryptocurrency won’t go down without a fight. As recently reported by CCN, CBOE’s futures are trading at near $18,000, following a launch filled with hiccups, as Bitcoin’s rapid price swings triggered the exchange’s “circuit breaker” on several occasions, which paused trading after it got to certain percentage checkpoints. Additionally, there was so much interest in the futures that CBOE’s website crashed.

Moreover, a Hong Kong trader who successfully forecast Bitcoin’s dramatic year-end ascent believes the cryptocurrency’s rally isn’t over, and added that he wouldn’t be surprised if Bitcoin’s price reaches $100,000 by the end of 2018.

Featured image from YouTube/BBC.

Source: cryptocoinsnews

Analyst: Expect Bitcoin Price at $3,000 By Year’s End

Bitcoin price could hit $3,000 by year’s end, having recently traded above gold and hitting a new high, according to Adam Davies, a consultant at Altus Consulting who works with financial institutions on technology. CNBC recently interviewed Davies, noting in the interest of disclosure, that he owns bitcoin.

Adam Davies

That price would mark a near 150% gain over the recent $1,204, and more than 130% over the $1,293.47 high from last week.

Market And Geopolitical Factors

Bitcoin’s price has not trading above an ounce of gold. However, it’s price is up 195% in the past 12 months, due to various market and geopolitical factors. China’s clampdown on money laundering has delivered stricter regulations in that country.

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Demonetization in India has made bitcoin a more likely alternative store of value. Other currencies have experienced volatility while the global economy faces uncertainty. Davies said as bitcoin expands and its acceptance grows, adoption will increase rapidly.

People are unsure about global events, he said. Brexit has impacted currencies such as the U.K. pound, causing people to divest into bitcoin. Such drivers will hedge against insecurity and currency fluctuation in markets.

Unprecedented Bitcoin Volume

Peter Smith, Blockchain’s CEO, told CNBC that Blockchain has experienced unprecedented volume. A £3,000 price by year end is feasible at current price appreciation. Experts cited other factors as well.

The expected approval of the Winklevoss exchange traded fund could deliver a “flood of institutional funds” into the bitcoin market, said Thomas Glucksmann, marketing head at Gatecoin, a cryptocurrency trading platform.

Positive Indicators Rise

Japan recently approved a law deeming digital currencies similar to fiat currency that can be used as methods of payment, bringing credibility to cryptocurrency. Glucksmann agreed a $3,000 bitcoin price by year end is realistic. He said a range of $2,000 to $2,5000 is a safer prediction.

The bitcoin price will rise this year, he said, but the extent of the rise is difficult to say.

Source: Cryptocoinsnews

Bitcoin and Ethereum are Booming

The digital currency space has reached new heights with a total market cap of more than $24 billion, an all-time high. The main driver appears to be the two biggest digital currencies, bitcoin and ethereum, which have attracted adoption based on different use cases.

Digital Currencies Reach an All-Time High Market Cap – image from coinmarketcap

Bitcoin is now seen as a hedge and a useful addition to investment portfolios due to its unique nature which means it is uncorrelated with any other assets, making it highly desirable for diversification as it reduces total risk while potentially increasing gains.

In particular, anticipation over the bitcoin ETF which, if approved, would bring in Wall Street, has propelled the currency to its highest level ever, surpassing gold. A historical event that may have significant psychological effects as the currency now proves its value.

Ethereum, a barely two years old digital currency has in a short time created a highly vibrant, dynamic and very innovative happy ecosystem with discussions ranging from primitive artificial intelligence to preventing cheating in fantasy sports. Its market cap has recently reached an all-time high.

The eth community speaks of a flipping – a point when ethereum’s market cap overtakes bitcoin. They argue the new currency can do everything bitcoin does, but better, and then some more. They say eth’s transaction times are in seconds, fees almost nonexistent, taking bitcoin’s mantra of as good as free and instant global payments.

Bitcoin, but better? Perhaps, but the two are different and as we have seen recently can both grow. Bitcoin is more concerned with gold-like qualities, something you uselessly hold as a hedge against monetary mismanagement. Eth is more concerned with codable cash, money you or machines spend either manually or automatically. It is further concerned with a much wider range than just money. Chronicled, for example, secures the authenticity of sneakers through eth’s blockchain to prevent fake goods.

Bitcoin, through Rootstock, can take some of eth’s niche while ethereum could make obsolete bitcoin’s gold claim by themselves capping coin issuance. They both are trying, but Rootstock has problems from a user perspective while eth, though there are suggestions it will be limited to around 100 million, might still have some inflation.

They, therefore, appear more complementary, at least for now, but many are asking: brothers or foes? The market hasn’t decided, instead appears to be betting on both.

Regardless of how matters may further develop, both communities, which often overlap, have much to celebrate. Bitcoin just surpassed gold parity, eth just surpassed silver parity. Both are at or near all-time high. The boom times have arrived.

Source: cryptocoinsnews

China to Lead the Way for Blockchain Usage

Industry experts have said that China is set to lead the way with the use of blockchain as it reinforces the development of digital intelligent services, reports the South China Morning Post.

According to the report, this development is running alongside plans by the country’s telecommunications industry as it works at rolling out 5G mobile services by 2020.

Vijay Mayadas, the vice-president of corporate strategy and head of blockchain strategy at Broadridge Financial Solutions, said to the South China Morning Post, that:

When 5G, the Internet of Things and autonomous driving start to get more prevalent then blockchain could potentially become the underlying ledger to record transactions and maintain trust in those applications.

Even though China has been slower to adopt the technology compared to other countries, it’s certainly making up for lost time. It’s doing this through its banks, which are hiring experts and developers to keep up-to-date with the technology-driven landscape.

Despite housing four of the world’s five largest banks by capital, the Chinese banking system still relies on paper and faxes. However, it is attempting to make the leap to a paperless, secure, auditable, and tamper-proof system through the blockchain as the technology gains pace.

In 2016, 86 percent of companies surveyed in China reported fraud, according to Kroll, a business intelligence firm. As the use of the blockchain gains in popularity for different use cases, Chinese regulators are beginning to see the technology as the ideal solution to stopping fraud.

Other global banks are also turning their attention to exploring blockchain to prevent fraud risk in the $4 trillion trade financing industry.

Not only that, but a survey from IBM, which looked at 200 global banks, found that 34 percent of those surveyed believed that blockchain would occur and ultimately envelop their banking services by 2020.

Digital Currency Interest

China’s boost in blockchain applications is highlighted by its increased interest in digital currency.

At the beginning of the year, the People’s Bank of China (PBOC) announced that it had completed a trial run of digital currency based on blockchain technology. According to the report, it revealed how the government plans on setting up the digital payment infrastructure when functional and ready for deployment.

Such a move clearly demonstrates the country’s commitment to staying ahead of competition and the fact that it understands the benefits that the blockchain can produce in the long-term. With its advancements, it’s set to become the global leader in the technology’s usage.

Source: Cryptocoinsnews