Gwyneth Paltrow Joins Bitcoin Wallet Abra as Advisor

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Gwyneth Paltrow Joins Bitcoin Wallet Abra as Advisor

Bitcoin wallet startup Abra has announced that actress and entrepreneur Gwyneth Paltrow has joined its team as an advisor.

Also read: Panel Recommends Indian Government Take Immediate Steps to Stop Bitcoin Use

Abra on Planet of the Apps

Gwyneth PaltrowGwyneth Paltrow Joins Bitcoin Wallet Abra as Advisor, an actress well known as Tony Stark’s girlfriend Pepper Potts in Marvel’s Iron Man and the Avengers series, has joined Abra as an advisor after being chosen by CEO Bill Barhydt during an episode of the Apple’s Planet of the Apps.

Airing his episode on Tuesday, the Shark Tank-style series from Apple Music allowed Barhydt to pitch his Bitcoin-based global money transfer app to a panel of four “entrepreneur advisors,” including Paltrow. The show, in its first season, allows each app developer to make a 60-second “escalator pitch” to the advisors. If at least one advisor is interested, the developer can choose to work with one over the course of several weeks to prepare the app and a pitch for a round of funding from Lightspeed Ventures, a well-known Silicon Valley VC fund.

Gwyneth Paltrow Joins Abra as AdvisorBarhydt spent three months working on the filming of the show since late 2016, which wrapped up in early 2017, he detailed on the Abra blog. During that time he had been contractually unable to speak about the show or give any details including Paltrow’s involvement until it aired.

The show’s other three advisors are New York Times bestselling author Gary Vaynerchuk, actress and entrepreneur Jessica Alba, and musician Will.i.am. All four entrepreneur advisors wanted to help his app, according to Forbes’ Laura Shin.

Abra Chose Gwyneth Paltrow

Gwyneth Paltrow Joins Abra as Advisor
Paltrow and Barhydt working together

“What happened totally blew me away because not only did all four of them get it, but all four were super excited about working with Abra, and I had to choose one person,” Barhydt recalled to the publication. “To be honest with you, I didn’t think I was going to be put in that situation.”

“In the end,” Barhydt stated on his blog, “I chose to work with Gwyneth and over the course of the show, she set up some valuable and fun meetings, including a Facetime session with Brian Chesky, co-founder & CEO of Airbnb.”

“She has been a huge value add,” Barhydt said of Paltrow. “She’s opened up her network to us, given us valuable business advice,” adding that she also shared “her insights on running a consumer business with hundreds of thousands of paying customers.”

Paltrow Helps Abra as an Advisor

Sitting beside Paltrow, the two Facetimed with Chesky, who advised Barhydt to “focus on making a product that a core group of people love before worrying too much about scaling.” According to the CEO, the advice has “really stuck with me and has helped guide our decision-making at Abra over the last few months.”

After working together for a few weeks, Barhydt and Paltrow presented the Abra app to four venture capitalists at Lightspeed Capital. Lightspeed’s Jeremy Liew commented, “wow, that is the biggest idea I think we’ve seen so far.” However, Lightspeed noted that the startup already had $14 million in venture funding from American Express and other VCs, so they would only invest in Abra if the app gains more user traction with the current investment they have.

How much do you think Paltrow’s involvement will help Abra grow? Let us know in the comments section below.


Images courtesy of Shutterstock and Abra


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Czech National Bank: “Don’t Be Afraid of Bitcoin”

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Czech National Bank Publishes Letter Addressing Bitcoin

The Czech National Bank has published a statement addressing bitcoin and cryptocurrency on its website. The document addresses the popularity of bitcoin in Prague and the Czech Republic, discusses whether cryptocurrency poses a threat to the traditional banking system, and argues that fiat currencies comprise better currencies than bitcoin due to price stability.

Also Read: Largest Czech Online Retailer Alza Accepts Bitcoin, Installs 2 Bitcoin ATMs in Showroom

The Czech National Bank States That There “Is No Reason for Banks to Fear” Bitcoin

Czech National Bank: "Don't Be Afraid of Bitcoin"

The Czech National Bank’s statement regarding cryptocurrency is titled “Don’t be afraid of bitcoin”, and seeks to address popular assertions regarding the potential threats that bitcoin and cryptocurrency may pose to existing monetary systems.

The document starts by stating that “Prague is home to a strong community of cryptocurrency supporters and users.” The statement then immediately turns to “questions regarding whether institutions such as the Czech National Bank should be afraid of bitcoin…. And of their power to marginalise traditional money.”

The Czech National Bank states that there “is no reason for banks to fear” bitcoin and cryptocurrency. Virtual currency adoption is described as “negligible in its size and scope”, arguing that “electronic transactions using bitcoin worldwide amount to only 16% of the electronic transactions conducted in the Czech koruna, a currency used by just 10.5m people.”

Bitcoin Is Described as the Antithesis of the Czech Money System

Czech National Bank Publishes Letter Addressing Bitcoin and Cryptocurrency

The article argues that bitcoin does not comprise a suitable mainstream money commodity due to it’s “constantly changing price.” A “good currency” is argued to possess a stable purchasing power, with the Czech National Bank describing Bitcoin as “inherently volatile” owing to its fixed supply.

Bitcoin is described as “the antithesis of [the Czech] elastic money system, which is based on the principle that to keep the purchasing power of money relatively constant the amount of money has to change flexibly over time.” Price stability is argued to be “the most beneficial feature of money in its present form”, with the bank concluding that “there is no reason to fear that our existing monetary system will be replaced by a fixed-money alternative.”

Do you think that bitcoin could comprise an effective mainstream currency? Or do you think that the recent history of price volatility is too great a hurdle for significant mainstream adoption to occur? Share your thoughts in the comments section below!


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European Union Proposes Account Freezes to Protect Failing Banks

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European Union Proposes Account Freezes to Protect Failing Banks

EU member nations are considering adopting measures that would allow states to protect against runs in failing banks by preventing people from accessing account deposits for up to 20 days. Reuters has revealed the proposal after receiving a leaked “EU document”.

Also Read: European Commission Launches Digital Currency and Dark Web Consortium

The Proposed Account Freezes Extend the Ability for States to Suspend Account Withdrawals

The Proposals Have Received Criticism From Some European Financial Institutions

It has been revealed that EU states are considering implementing measures that would allow states to temporarily prevent citizens from making withdrawals from the accounts of failing banks. The proposals have been drafted since the start of 2017, and are designed to prevent bank runs and crises within the financial sector.

The proposed account freezes extend the ability for states to suspend account withdrawals – which currently exempt insured deposit accounts that hold less than 100,000 euros. The plan would allow the suspension of payouts for five working days, with a possible extension of 20 days allocated for “exceptional circumstances”. Existing EU legislation allows for states to initiate a two-day suspension of certain payouts in the event of potential bank failure – with deposits explicitly excluded.

The Proposals Have Received Criticism From Some European Financial Institutions

 

European Union Proposes Account Freezes to Protect Failing Banks

The European Union is no stranger to bank runs, with Spanish bank, Banco Popular, failing in recent months – the collapse of which was intensified by a sudden run on deposits. Another example is the 2013 Cyprus banking crisis, which saw much of the country’s population rush to convert their savings into alternative stores of value. This was in response to announcements that EU backed austerity measures allowing the seizure of citizens deposits to bail out failing banks had been passed. The events garnered great attention for bitcoin as a potential flight asset, with many attributing the April 2013 bitcoin bubble to Cypriot money suddenly flooding the bitcoin markets.

The proposals have received criticism from some European financial institutions, who have suggested that the proposed measures may exacerbate the risk of citizens withdrawing their funds in periods of financial uncertainty. Charlie Bannister of the Association for Financial Markets in Europe told media “We strongly believe that this would incentivize depositors to run from a bank at an early stage.”

Do you think that the proposed legislation could intensify the risk of bank runs by making citizens more likely to withdraw deposits during periods of financial uncertainty? Share your thoughts in the comments section below!


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Bitstamp’s Position Changes — Will Distribute Bitcoin Cash to Customers

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Bitstamp's Position Changes Will Distribute Bitcoin Cash to Customers

The European Union based bitcoin marketplace, Bitstamp, has announced customers who left BTC on their exchange before the fork will receive Bitcoin Cash in the near future.

Also read: Indian Government May Take Immediate Steps to Stop Bitcoin Use 

Bitstamp: BCH Balances Will Be Made Available to Our Customers as Soon as It Is Safe

Bitstamp's Position Changes Will Distribute Bitcoin Cash to CustomersAugust 2nd has been an interesting day in the world of cryptocurrency as many exchanges came back online and the Bitcoin Cash (BCH) blockchain continues to slowly chug forward. Many trading platforms had given their customers contingency plan notices on how they would go forward with the BCH chain and associated token. A good majority of exchanges explained they would support and list the currency, while some had decided not to. Customers doing business with the latter were asked to remove their BTC by July 31 if they wanted to obtain the BCH token. This included big cryptocurrency trading platforms such as Coinbase, Bitstamp and a few others.

Now Bitstamp seems to have changed its position towards the BCH token. The exchange recorded all the balances left on the exchange before the fork and plans to distribute the funds as soon as it can.

“For those of our customers who chose to leave their BTC on our platform at the time of the fork, we recorded their BCH balances for the timestamp of the last common block (block 478558),” explains Bitstamp’s most recent update. “These BCH balances will be made available to our customers as soon as it is safe to do so. If and when the Bitcoin Cash system has been thoroughly tested and is sufficiently stable, we will then consider listing BCH.”

However, a series of technical, safety and regulatory requirements need to be met in order for this to occur, and it is still too early in the day to make realistic predictions about the timeframes involved.

Bitstamp Believes the Company Took the ‘Best Course of Action’

Bitstamp's Position Changes Will Distribute Bitcoin Cash to CustomersThe announcement follows shortly after new developments around the bitcoin trading platform Coinbase, which might be dealing with some possible legal scrutiny. According to the financial publication Fortune some customers may take the San Francisco-based bitcoin exchange to court over the company’s stance on BCH distribution. Furthermore, a new website has been created for those looking to join a class action lawsuit against Coinbase.

Bitstamp is currently the only exchange so far that is changing its tune towards BCH distribution. The popular European exchange believes it was “clearly the best course of action to take to ensure the continued stability and security of our platform.” Bitstamp says the safety of customer funds comes before anything and the fork could have caused temporary network disruption. The trading platform’s customers will likely be pleased that the exchange has changed its mind and will distribute the BCH tokens soon.

What do you think about Bitstamp’s decision to distribute BCH to customers who left funds on the exchange? Let us know what you think in the comments below.


Images via Shutterstock, Bitcoincash.org, and Bitstamp. 


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Coinbase Customers Could Instigate Class Action Lawsuit Over Bitcoin Cash

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Bitcoin Cash

The bitcoin hard fork went off without a hitch, creating bitcoin’s new alter ego, bitcoin cash. Immediately following yesterday’s fork, individuals who protected their private keys gained access to bitcoin cash. However, those who stored their coins on an exchange, left that decision to the exchange. This caused tensions to flare between Coinbase and their customers. They are now angrily requesting their share of bitcoin cash from the company. 

Also read: Panel Recommends Indian Government Take Immediate Steps to Stop Bitcoin Use

Prior to yesterday’s chain split, several exchanges publicly stated they would not be providing support for bitcoin cash. Coinbase was one of these exchanges. They provided a FAQ answer page before the split got under way. In regards to bitcoin cash, they said:

Coinbase will not support the BCC blockchain or digital currency. Any bitcoin within customers’ accounts will remain accessible on the main blockchain only. If you wish to have access to both BTC and BCC, please be sure to send your BTC off the platform by July 31.

After the split occurred, everyone who had moved their funds off of Coinbase and maintained their private keys, got awarded with an amount of bitcoin cash equivalent to their bitcoin legacy holdings.

Coinbase Customers Could Instigate Class Action Lawsuit Over Bitcoin Cash

Coinbase Customers Believe They are Entitled to Bitcoin Cash

Even though Coinbase said they will not support bitcoin cash, their customers still believe they are entitled to it. They have been posting angry and accusatory messages on Coinbase forums.

One legal scholar, Tim Wu, pointed out that Coinbase could be in serious legal trouble if they do not hand over the bitcoin cash. He tweeted, “In my opinion, @coinbase is courting serious, maybe ruinous legal trouble if it doesn’t give its users the full value of the Bitcoin fork.” He also analogized the situation to a brokerage firm not giving stock splits to their customers.

Wu believes that even Coinbase’s terms of service agreement will not save them. He implies they are obligated to do the right thing and hand over the bitcoin cash.

Coinbase Customers Legal Website Portal

There is even a website already set up for Coinbase customers to organize. It is the Coinbase Bitcoin Cash Lawsuit Portal. The site was apparently created to bring Coinbase customers together and initiate the start of legal proceedings. The site reads:

Coinbase Customers Could Instigate Class Action Lawsuit Over Bitcoin Cash

“Our ultimate aim is work with Coinbase, Inc to help them understand the user community’s concerns and take the correct and appropriate action of allowing users to trade or withdraw the Bitcoin Cash tokens that rightfully belong to them following the 8/1/2017 Bitcoin hard fork. However, Coinbase needs to understand that the community is ready and willing to pursue legal action if their BCH tokens continue to be withheld by Coinbase Inc, resulting in tangible and significant financial loss.”

Needless to say, Coinbase will have ample pressure applied to them regarding the bitcoin cash debacle, which could escalate into a burdensome and pricey legal affair.

Ethereum Split; Coinbase Has Not Commented on the Situation

Still, Coinbase may give into the pressure. This kind of situation has happened before. When Ethereum split last year into Ethereum Classic, Coinbase decided to give their customer base access to the currency. It took some time, though. A similar scenario could play out and Coinbase could finally hand over the bitcoin cash. At this time, however, it does not appear Coinbase has remarked on the situation.

Do you think Coinbase with capitulate with demands for bitcoin cash from their customers? Will a class action lawsuit take place? Let us know in the comments section below.


Images courtesy of Shutterstock and Coinbase.com


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Panel Recommends Indian Government Take Immediate Steps to Stop Bitcoin Use

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Indian Government Take Immediate Steps to Stop Bitcoin Use

The panel formed by the Indian finance ministry has reportedly provided the government with some long-awaited recommendations on how to deal with digital currencies including bitcoin. Immediate steps are to be taken to stop or discourage their use.

Also read: Indian Bitcoin Hotspot Bangalore Sees 50+ Merchants Added This Month

Immediate Steps Recommended

A multi-ministerial panel formed by the Indian finance ministry in April to study and suggest measures for the government to deal with digital currencies including bitcoin has reportedly given the government its official recommendations. The Financial Express reported that:

[The panel] has recommended the government to take immediate steps to stop use of VCs [virtual currencies] such as bitcoins to protect people from potential frauds and curb money laundering.

Indian Government Take Immediate Steps to Stop Bitcoin UsePrior to submitting its report to the government, the panel sought views from the public as well as cryptocurrency start-ups. It recently held a meeting where stakeholders were consulted, Minister of State for Finance Arjun Ram Meghwal said last week, adding that it looked into various aspects of digital currencies such as the usage of bitcoin.

The panel also proposed that if the use of digital currencies continues, the government has the option of stopping their transactions by regulating commercial establishments and intermediaries, sources told the news outlet.

Cryptocurrencies Already on the Rise in India

Indian Government Take Immediate Steps to Stop Bitcoin UseMeanwhile, bitcoin adoption in India is rapidly growing especially in cities like Bangalore, where Unocoin, one of the largest bitcoin exchanges in the country is located. The company told Bitcoin.com that over 50 new merchants have signed up to accept bitcoin this month alone. According to a recent survey, professionals in most industries have heard of bitcoin, even though they have not used it themselves.

A government official said that intermediaries have been regularly advertising cryptocurrencies and the government’s silence on them “can be construed as permission for such activities,” the Financial Express detailed, adding that:

The panel suggested that the government should launch a campaign to discourage people from buying digital currencies and stop advertisements by VC intermediaries.

Government Still Undecided on Bitcoin Regulation

Indian Government Take Immediate Steps to Stop Bitcoin UseThe Indian government has long been looking into regulating digital currencies like bitcoin. In addition to the aforementioned panel, the government has also set up a task force to look into regulating digital currencies. Recently, the Supreme Court has independently ordered the Reserve Bank of India (RBI) to investigate complaints regarding its inaction over digital currencies, giving the central bank four weeks to come up with a report.

Meanwhile, the RBI suggested that the Securities and Exchange Board of India (SEBI) should be the one regulating bitcoin as it should be considered a commodity, to which SEBI disagrees. The news outlet further noted:

The panel, however, did not recommend a blanket ban on digital currencies, as it is difficult to implement.

What do you think of the panel’s recommendations? Let us know in the comments section below.


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Several Exchanges Experienced Difficulties During Bitcoin Cash Distribution

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Exchanges Experience Difficulties During Bitcoin Cash Distribution

Several major cryptocurrency exchanges experienced a number of difficulties during the highly anticipated bitcoin cash distribution that took place yesterday. From 12:20 UTC onward, customers of Kraken and Bittrex experienced several interruptions to login functionality, whilst Bitfinex reported that traders had attempted to manipulate its bitcoin cash distribution coefficient.

Also Read: Fork Watch: Japanese Exchanges Embracing Bitcoin Cash Post-Fork

The Bitcoin Cash Distribution Resulting in a Flood of Traffic to Several Exchanges

Exchanges Experience Difficulties During Bitcoin Cash Distribution

Yesterday’s forking of the bitcoin network and subsequent bitcoin cash distribution comprised the most highly anticipated cryptocurrency event in recent years, with several exchanges experiencing an extreme flood of traffic as traders raced to access their accounts.

Bittrex was the first exchange to complete its bitcoin cash distribution, having taken a snapshot of wallet balances at 12:20 UTC – the time at which the hard fork had been expected to take place. With the 12:20 UTC approximation proving to be an hour premature, a flood of Bittrex customers raced to access their bitcoin cash tokens that did not yet exist. The flood of traffic resulted in many traders being left unable to access their accounts for approximately one hour, whilst Bittrex rushed to re-enable log in functionality.

Kraken also experienced a flood of traffic during the bitcoin cash distribution, resulting in several interruptions to the exchange’s login and trading operations leading up to and after the fork. At 12:45 UTC, Kraken posted that it had identified a number of “performance issues” resulting from “very heavy site traffic heading into the Bitcoin Cash (BCH) fork”, and reminded traders that “BCH account balances and trading will not be enabled until well after the 6th block with a timestamp of 12:20pm UTC or later”. At 13:36 UTC Kraken stated that “Bitcoin Cash (BCH) trading is now live”. This announced proved premature, and likely exacerbated operational difficulties, with the company posting that “BCH balances have not been credited yet. We are still working to credit BCH balances to accounts” just 4 minutes later. At 14:36 UTC Kraken announced it was “still seeing extremely heavy traffic to the site and login functionality is currently down.” Kraken would not complete it’s bitcoin cash distribution for another four hours, experiencing numerous operational difficulties throughout.

Bitfinex Reports to Have Identified Manipulation Attempts by Traders Attempting to Accrue Additional Bitcoin Cash

Exchanges Experience Difficulties During Bitcoin Cash Distribution

Bitfinex had a unique policy for their bitcoin cash distribution. According to a statement issued on July 27 by Bitfinex, the exchange would distribute bitcoin cash to “all BTC wallet balances”, and bitcoin lenders. The announcement stated that “Margin longs in BTC/USD and margin shorts in XXX/BTC will not receive BCH” and “Margin shorts in BTC/USD and margin longs in XXX/BTC will not pay BCH”. Due to the methodology employed, Bitfinex anticipated that it may see “a surplus or deficit of BCH”, and would be resolving the “discrepancy in the form of a localized distribution coefficient.”

After the fork had taken place, Bitfinex claimed to have held 101,798.8855 BCH to distribute to 131,237.8562 settled bitcoin wallet balances and -29,438.9707 BCH in unsettled margin positions, resulting in a bitcoin cash distribution coefficient of 0.7757 – however, the coefficient was changed to 0.8539 following “adjustments for manipulation attempts.” Bitfinex stated that “several accounts began large-scale manipulation tactics in an attempt to obtain BCH tokens at the expense of exchange longs and lenders of the platform, causing the distribution coefficient to artificially plummet.” Bitfinex has stated that those who attempted to execute “this kind of manipulation” were in “violation of Bitfinex’s terms of services” and have been “sanctioned accordingly”.

Did you experience any difficulties accessing exchanges during the bitcoin fork? Share your experience in the comments section below!


Images courtesy of Shutterstock and Bitfinex


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These Exchanges Are Now Trading Bitcoin Cash

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These Exchanges Are Now Trading Bitcoin Cash

An increasing number of trading platforms have started trading Bitcoin Cash (BCH, BCC), the new cryptocurrency resulting from the blockchain split on August 1.

Also read: Japanese Exchanges Embracing Bitcoin Cash Post-Fork

At 7 AM UCT on August 2, the 24-hour trading volume for Bitcoin Cash is approximately $130 million, according to Coinmarketcap. The new cryptocurrency is already ranked No. 3 among all cryptocurrencies, behind only bitcoin and ether.

Bittrex

Bittrex offers BCC/BTC, BCC/ETH and BCC/USDT trading pairs. Its collective 24-hour trading volume for all three pairs was at the time of writing approximately $59 million, with the BCC/BTC trading pair accounting for over $54 million volume.

These Exchanges Are Now Trading Bitcoin Cash
Bittrex trading chart for BCC/BTC from August 1 when BCC trading began

Kraken

These Exchanges Are Now Trading Bitcoin CashKraken opened BCH trading on August 1 at 13:24 UTC, shortly after the last common block on both chains, 478558, was mined. Trading began before customers were credited with BCH, leading to some criticisms. By 18:38 UTC, Kraken announced that all customers had been credited. The site had some problems as customers were trying to trade the new cryptocurrency. One customer tweeted, “BCH credited, disappeared, reappeared. Several crashes, but finally managed to sell some XBT for BCH.”

Three trading pairs are available on Kraken; BCH/EUR, BCH/USD, and BCH/XBT, with a collective 24-hour trading volume of approximately $49 million.

Viabtc

Viabtc announced on August 1 that it had started BCC deposits and withdrawals, stating that:

BCC deposits to Viabtc will be available for trading after 1 confirmation and withdrawal after 20 confirmations.

In contrast, bitcoin deposits will be available for trading after 1 confirmation and withdrawal after 6 confirmations. BCC/CNY and BCC/BTC and the two trading pairs available.

These Exchanges Are Now Trading Bitcoin Cash
Viabtc trading chart for BCC/BTC from August 1

Bter

Bter has about $4.3 million 24-hour trading volume for its two trading pairs BCC/CNY BCC/BTC. The former accounts for $4.26 million and the latter only $44,860 in volume.

These Exchanges Are Now Trading Bitcoin Cash
Bter trading chart for BCC/CNY from August 1

The Big Three Chinese Exchanges

Huobi
These Exchanges Are Now Trading Bitcoin CashHuobi announced that Huobi.pro will start trading BCC/BTC on August 2 at 2:41 Beijing time. Unlike Huobi.com which is a fiat-blockchain asset trading platform, Huobi.pro is a blockchain asset-only trading platform. It was launched on July 28.

Okcoin’s Okex
Okex stated that “in response to a large number of users’ requests, Okex has decided to enable BCC / BTC trading on August 1, 23:00 (Beijing time) 2017,” the company wrote.

These Exchanges Are Now Trading Bitcoin CashBTCC
BTCC has announced that its “BTCC DAX and USD Exchange will not support BCC deposits or trading for the time being.” However, its Justpay customers will be able to trade BCC/CNY on BTCChina’s Blockchain+ trading platform. Blockchain+ is BTCChina’s new platform for trading ETH and ICOCOIN with CNY.

BCC Also Trading on These Exchanges

Hitbtc offers BCC/BTC, BCC/USD, and BCC/ETH trading pairs. Their collective volume is about $1.7 million, according to Coinmarketcap.

These Exchanges Are Now Trading Bitcoin CashYobit opened trading for Bitcoin Cash on July 31 with two trading pairs, BCC/BTC and BCC/USD.

Cryptopia, a New Zealand-based digital asset exchange, offers BCH/BTC, BCH/LTC and BCH/DOGE trading pairs with a collective 24-hour trading volume of approximately $220,000.

Nova Exchange offers BCC/BTC, BTC/LTC, BCC/DOGE, and BCC/ETH with an overall 24-hour trading volume of $138,000.

The Rock Trading offers BCH/BTC with only $40,990 of 24-hour trading volume.

Coinexchange offers BCH/BTC trading with a 24-hour trading volume of $17,809.

Stocks.exchange offers a BCC/BTC trading pair with a 24-hour trading volume of only $30.

Which exchanges would you like to see trade Bitcoin Cash? Let us know in the comments section below.


Images courtesy of Shutterstock, Bittrex, Kraken, Viabtc, Bter


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Bitcoin Cash Now Third Highest Valued Cryptocurrency Market Cap

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Bitcoin Cash Now Third Highest Valued Cryptocurrency Market Cap

On August 1st the Bitcoin blockchain forked into two separate networks producing a digital currency called Bitcoin Cash (BCH). Currently, there’s been a total of twelve BCH blocks mined so far as two mining pools have been dedicating resources to the forked chain.

Also read: Fork Watch: BCH — The Ghost in the Exchange — Mostly

Bitcoin Cash Becomes the Third Highest Valued Cryptocurrency Market Cap  

Yesterday we reported on the genesis day of  Bitcoin Cash  A historical event that will be forever remembered in cryptocurrency history as people witnessed the Bitcoin ‘community’ go separate ways with entirely different visions. Since the split, the price of BTC has consistently remained stable at roughly $2700. Meanwhile, BCH has been trading at around $475-590 per token beating out litecoin in market capitalization. Every exchange trading so far has had different prices per BCH producing significant spreads between each trading platform. According to popular market cap data sites like Coinmarketcap.com and Coincap.io Bitcoin Cash is the third highest valued market.

Bitcoin Cash Released Into the Wild With a Long Road Ahead
Coin market cap data August 2, 2017, 7 am EDT.

Currently, fifteen cryptocurrency trading platforms are trading BCH including Bittrex, Kraken, Yobit, Viabtc, and more. On August 1st many Japanese exchanges announced supporting BCH trading as well over the next few days. Further, the currency is seeing over $129 million in 24-hour trades and is holding the fourth highest trading volume across global cryptocurrency markets. So far the currency is paired with currencies like CNY, USD, EUR, Bitcoin (BTC), Tether (USDT), and even Doge.

The Unknown ‘MC Pool’ and the Successful Parting

There are two mining pools dedicating resources to the BCH chain Viabtc, and an unknown mining pool called “MC Pool.” The anonymous pool has mined roughly half of the twelve BCH blocks mined so far and is possibly located in Hong Kong. These specific BCH blocks’ coinbase data reveal an address to a backpackers hostel called Kwong Wah Mansion. Currently, MC Pool is finding the majority of BCH blocks but both pools seemed to have dropped a good portion of their hashrate as of August 2.

Bitcoin Cash Released Into the Wild With a Long Road Ahead
Block coinbase data reveals an unknown miner with a Hong Kong address.

At the moment an exact hashrate of both pool’s efforts combined and the random miners worldwide mining the currency is unknown. However, people are currently speculating with data that there could be roughly 2-4 percent of the BTC network hashrate pointed at the BCH chain. A difficulty adjustment triggered at 09:40 UTC but has yet to activate. Further, the first BCH block was close to 2MB in size containing over 6K transactions but proceeding blocks have had very low transaction counts and various byte sizes per block.

Bitcoin Cash Released Into the Wild With a Long Road Ahead
Exchanges start coming back online throughout August 1-2.

 The Chick Has Hatched But Still Has an Uphill Battle

So far for both blockchains, the transition has been smooth all around, and this includes trading markets. The apocalyptic scenarios never happened, and Bitcoin successfully hard forked showing that it can be done without chaos. Both sides of the debate did well informing the masses of what would happen and how to manage the two cryptocurrencies after the split. There were even people from the Reddit forums r/bitcoin and r/btc congratulating each other for going separate ways amicably. At the moment ‘small blockers’ are getting what they want with the upcoming arrival of Segwit, and ‘big blockers’ now have a protocol with a block size limit of 8MB.

Bitcoin Cash Released Into the Wild With a Long Road Ahead
12 Bitcoin Cash (BCH) blocks have been mined so far.

There is still a long uphill battle for BCH to ‘survive’ and people will be monitoring this situation closely. The price has yet to be determined as exchanges are just coming back online and many people have not been moving BTC, and BCH over the past 24-hours. The BCH price has been extremely volatile over the past 12 hours. Some people with certain wallets are still unable to access their BCH so trading circulation and market liquidity is still very low. Furthermore, when difficulty adjusts it will drop 20 percent but the chain still needs more hashpower to flow smoothly. As of now, the chain is running very slowly which means it is not very profitable for miners at the moment and clearing transactions will take longer than usual. 

What do you think about the events over the past 24-hours? Let us know in the comments below.


Images via Shutterstock, Blockchair, Coinmarketcap, and Coin Dance. 


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D10e Startup Societies Summit: A Conversation With Organizer Matt McKibbin

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D10e Startup Societies Summit: A Conversation With Organizer Matt McKibbin

This week Bitcoin.com spoke with Matt McKibbin organizer of the D10e conference – an event that specializes in promoting decentralization and innovative technologies. D10e has held conferences all over the world, and will host another event on August 11-12 at City College in San Francisco with its “Startup Societies Summit.” McKibbin gives our readers an inside glimpse at what attendees should expect during the summit and what it’s like to organize a conference that promotes cryptocurrencies, blockchain tech, decentralized applications, and a vast array of other groundbreaking movements.

Also read: Fork Watch: Block 478558 Initiates ‘Bitcoin Cash’ Split    

D10e an Event Dedicated to Exploring Decentralized Technologies and Philosophies and Social Organizations

Bitcoin.com (BC): Can you tell our readers a summary of what D10e is?

Matt McKibbin (MM): Decentralize (D10e) is a conference dedicated to exploring decentralized technologies and philosophies and social organizations. We aim to provide engaging content from four main pillars of fintech/blockchain, the sharing economy, the future of work, and disruptive tech and cultures.  

Content has ranged from blockchain projects, apps that use the sharing economy to hack hunger, and the future of the sharing economy, to how psychedelics are being used in conjunction with traditional psychotherapy to disrupt the mental health industry.   

BC: How have past D10e events been so far?

D10e Startup Societies Summit: A Conversation With Organizer Matt McKibbin
Matt McKibbin of D10e.

MM: D10e events started when Coin Congress was rebranded to include a wider audience than just cryptocurrency. To date, we have held events in Amsterdam, San Francisco, Bucharest and Tel Aviv. The events have been well received by the community who are passionate about decentralization and the potential for creating positive political, social and financial change in the world. We have been fortunate to host some incredible speakers, including; Brock Pierce, Craig Sellars, David Orban, Jason King,  Bernard Lietaer, and John McAfee.

BC: Can you tell our readers a little about the upcoming conference in San Francisco? 

MM: This edition of D10e in San Francisco is focused entirely on Startup Societies.  Political decentralization comes when the people can easily exit their current governance systems and create their own private systems on top of the transparent and modern tools blockchains provide. The goal of this conference is to bring together all the parties involved in startup societies, be they investors in Special Economic Zones (SEZs), economists, infrastructure providers, and governance specialists. By bringing all the thought leaders and relevant stakeholders together under one roof, we will speed the process of innovation in startup societies.

D10e Startup Societies Summit: A Conversation With Organizer Matt McKibbinBC: What are startup societies?

MM: A startup society is an experimental government located in a small geographic area. We call them “startup societies” because they are experimental, lean, and geared towards the needs of those they serve.

Any governance philosophy or practice can be experimented in these zones. Examples include city states, special economic zones, eco-villages, private cities, intentional communities, communes, microstates, and seasteading. Modern day exemplars are Hong Kong, Singapore, and Shenzehn. Historical startup societies included venice, early united states, and greek city states.

BC: San Francisco is often referred to as a technological hub. Do you think this will be highlighted in the D10e Startup Societies Summit?  

MM: During this joint summit with the Startup Societies Foundation, we will bring together the worlds of political decentralization with the technologies that help to build the foundation for future cities and societies. San Francisco has some of the brightest minds in technology concentrated or “centralized” if you will in one place. This provides many companies and speakers who share our vision and provide some of the most cutting edge technologies in the world.  

BC: Is it a lot of work organizing conferences like these and what have you learned from organizing past events?

MM: It is definitely a lot of work to organize a conference. It feels like you can never actually finish your work or empty your email inbox. However, the feeling you get when people come up to you and tell you they learned something or became passionate about blockchains/decentralization at the conference is always worth the sleepless nights. Through this conference, I personally have learned how to actually create useful results from a shared vision, and that one is only as powerful as the network who surrounds you. Throwing conferences has shown me there are always people as passionate about subject as you are, and bringing them together can lead to transforming the world for the better. Also, the D10e affiliates parties are always a great time.

BC: How do you currently feel about the growth of cryptocurrencies, and blockchain solutions?

I think the growth of cryptocurrencies and blockchain solutions was inevitable and is healthy. The internet of money is a world changing tool which in my opinion will have a greater effect on society than the invention of the internet has. Applications not only in currency and financial transactions but governance and digital property recording applications are starting to become more mature and have real world impact. In the future all things of value which humans want to keep track of will be recorded and stored on the world wide ledger for transparency and accountability. These blockchain solutions and decentralized applications provide a way for all humans to trade value without having to trust third party intermediaries. This paves the way for an entire societal reformation. That said, like with any emerging technology there will be growing pains, and fortunes both won and lost. Despite these challenges, I remain bullish on cryptocurrency and distributed ledger technologies more generally, and believe they will lead to radically positive change long term.

BC: Can you explain what D10e’s overall mission is?

The overall mission of D10e is to teach people about the decentralization movement and the various subjects that fall under the decentralization umbrella. We bring together the brightest and most engaging speakers who educate and create memorable experiences within the community. We hope to grow exponentially the number of people who are passionate about decentralizing the world and making it a better place, and have been humbled by our ability to play a role in the movement thus far.

Will you be attending the D10e event in San Francisco? Let us know in the comments below.

Disclaimer: Bitcoin.com is a media partner and sponsor of the D10e conference 


Images via D10e, Linkedin, Matt McKibbin, and Pixabay. 


Bitcoin.com’s store features a wide range of interesting Bitcoin-related products. Looking for a hardware wallet? We got ‘em. Want a good-looking t-shirt? It’s there. Want to gift a nice Bitcoin coffee mug? Go shopping.

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