CFTC Demands Trading Data From Bitcoin Exchanges In Price Manipulation Probe

The US Commodity Futures Trading Commission (CFTC) has told certain bitcoin exchanges to provide extensive trading data to determine whether or not manipulation has distorted cryptocurrency markets, unnamed sources told The Wall Street Journal. Regulators opened the investigation after CME Group Inc. introduced bitcoin futures in December, according to the sources. The futures’ final values are … Continued

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Bitcoin.Org’s New Look to Entice: Purges Bitpay, Coinbase, Blockchain References

Bitcoin.Org's New Look to Entice: Purges Bitpay, Coinbase, Blockchain References

A foundational crypto ecosystem website, Bitcoin.org, promoted its new look this week. Designed to be more enticing and up-to-date, the site’s changes involve more than just cosmetics and graphics. For example, it has removed references to incredibly popular resources such as Coinbase, Blockchain.com, and Bitpay.  

Also read: Russian Farming Village: Local Crypto, Bitcoin Reserves, No Govt Money

Bitcoin.org Gets a New Look, and More

The mysterious avatar Cobra, apparently a key figure behind the important educational resource Bitcoin.org, tweeted this week, “We’ve finally updated http://Bitcoin.org to look modern and fresh. Check out the new design. Now people learning about Bitcoin for the first time can be presented with a more up to date and responsive website!”

Bitcoin.Org's New Look to Entice: Purges Bitpay, Coinbase, Blockchain References

Unpacking changes to the site tells a complicated story, one that involves ongoing debates within the crypto space. Right away, those clicking over to the new site are indeed greeted with stock Wix-like landing pages. The tri-color scheme is handsome and masculine, sporting burnt oranges, white, black. Pages load nicely enough, fast. Links and layout are clean and easy to access, read.

Bitcoin.Org's New Look to Entice: Purges Bitpay, Coinbase, Blockchain References

Only a few clicks in, however, a few other changes emerge. Weathered and tested ecosystem businesses such as Coinbase, Blockchain.com, and Bitpay aren’t even alluded to. Any organization serious about onboarding new folks would be hard pressed to find three private firms more responsible for introducing newbies to experiencing crypto, no matter how flawed.

Bitcoin.Org's New Look to Entice: Purges Bitpay, Coinbase, Blockchain References

Org’s history is said to begin (August 2009) shortly after Bitcoin’s pseudonymous creator released the client’s first iteration, and the site quickly became known as the ecosystem’s homepage. Controversy remains about just who began the site much less who now maintains it. Fin core dev Martti Malmi is said to be a good guess due to early registration records and attributions. Today, social media bomb thrower @CobraBitcoin, itself an unknown personage, is widely considered Org’s head or manager.   

Mission Schizophrenia

Though the cosmetic upgrade is novel, Org removing some ideas and inserting new ones is not. As a first online educational source, it made the case for years how the promise of bitcoin was both peer-to-peer and relatively quick and cheap. To its credit, the site was one of the only bitcoin core (BTC) supporters to face reality by late 2017. Transactions were no longer fast, and various devs were actively proposing off chain solutions. Fees were huge.

Bitcoin.Org's New Look to Entice: Purges Bitpay, Coinbase, Blockchain References

By the start of this year, Cobra seemed to have a sobering change of heart, tweeting, “I feel like I’ve lost a piece of my soul after merging this pull request. At some point we all forgot that Bitcoin was supposed to be decentralized money, and we became OK with outrageous fees and centralized mining, all to chase the $$$.” Prominent references to “peer-to-peer transactions” and “fast” and “low processing fees” were scrubbed from the site completely.  

The controversial bitcoin influencer went on to post pro bitcoin cash (BCH) arguments, or lauds, very clearly stunning supporters who expected less charitable appraisals of BCH. And though Cobra was and continued to be at least open to rebuilding the fractured community in BCH form, it was also equally obvious where ultimate sympathies lay.

Bitcoin.Org's New Look to Entice: Purges Bitpay, Coinbase, Blockchain References

Curiously, just a few months later, by Spring of this year, Cobra and Org once again decided to make an abrupt change, a restoration. Prior to the present design changes, the site reinserted phrasing once synonymous with bitcoin core. Peer-to-peer returned. As did the other traits. Rather than continuing down the path of a dark night of the soul, Cobra chalked up the previous Twitter lament as “temporary.”   

What do you think about Bitcoin.org’s changes? Let us know in the comments. 


Images via the Pixabay, Bitcoin.org


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 Satoshi’s Pulse, another original and free service from Bitcoin.com.

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Op-ed: Cryptocurrency Is Emerging as a Mainstream Asset Class

As is often the case with disruptive tech, the early stages are filled with criticism and disdain. Entrenched industry players hold firm to old ways (remember Kodak and the digital camera revolution?). That has been a huge part of cryptocurrency’s history and still is, though to a much lesser degree. Cryptocurrency has shaken up traditional … Continued

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South Korea Mulls Over How to Cash Out State-Owned Cryptocurrency

South Korea Mulls Over How to Cash Out State-Owned Cryptocurrency

The South Korean government is mulling over how to cash out the cryptocurrency it recently confiscated. While the most likely option is to auction the coins off using the government-owned auction platform, various concerns have been raised.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Cashing Out BTC

South Korea Mulls Over How to Cash Out State-Owned CryptocurrencyThe South Korean government is contemplating how to best cash out its recently-acquired cryptocurrency. As part of a criminal case, the government has seized 191.32333418 BTC belonging to “Ahn,” the convicted operator of a porn site. The country’s Supreme Court recently judged that cryptocurrency is a property that the government can confiscate.

“The prosecutor is facing a decision of how to dispose of the BTC and give the proceeds to the treasury,” Yonhap reported, elaborating:

The most likely option would be auctioning off through the asset disposal system of the Korea Asset Management Corporation (KAMCO), ‘Onbid’.

KAMCO is South Korea’s government-owned asset management company that manages Onbid, a system which facilitates the online trading of property owned by public-sector entities. The platform has been used to sell other items confiscated by the government such as securities. “Securities auctions have been actively conducted on Onbid,” Etoday noted.

BTC’s Price Fluctuation Is a Problem

According to Yonhap, “the prosecutor’s biggest concern is the price fluctuation of bitcoin.” The price of BTC reached over 25 million won on January 7 but has now dropped to 8.3 million won, according to data from Bithumb, one of the largest crypto exchanges in the country.

South Korea Mulls Over How to Cash Out State-Owned Cryptocurrency

“Onbid sets the date of public announcement, the date of public sale, and the lowest price. However, because of price volatility, the [price of] bitcoin may be larger between the announcement date and the bid date,” the news outlet described. “For example, if prosecutors set a minimum price of 8.3 million won on the 8th and receive a bid on the 13th, if the price of 1 bitcoin surges to 10 million won on the 13th, it becomes a ‘lottery auction’.”

An official of the legal department was quoted by the Seoul Newspaper as saying:

Unlike artwork, bitcoin has a daily market price…and the auction price can be changed in seconds.

Citing that “if the prosecution seizes foreign currencies, it will sell them to a foreign exchange bank…as if it were paid in the national currency,” therefore, the seized BTC could be similarly sold “directly to the market instead of an auction.” The prosecutor is now studying how to process the confiscated BTC.

Potential Conflict With Crypto Regulations

South Korea Mulls Over How to Cash Out State-Owned CryptocurrencyIn addition, “It is also pointed out that it is not appropriate for the prosecutor to sell [BTC] to the market without the government’s position on virtual currencies being fixed.” Since the ruling of the Supreme Court, the country’s top financial regulator, the Financial Services Agency (FSC), has confirmed that its view on cryptocurrency remains unchanged, crypto is not a financial asset, and there is no change in the regulations.

A KAMCO official commented that “Even if the bidding is conducted…there is no problem with the regulation,” the news outlet elaborated and quoted an official at the prosecution, emphasizing:

The first case is important, because [more] virtual currencies will be forfeited in the future.

What do you think the Korean government should do with the seized coins? Let us know in the comments section below.


Images courtesy of Shutterstock, Bithumb, and the Korean FSC.


Need to calculate your bitcoin holdings? Check our tools section.

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NBA & NHL Fans Can Now Earn KodakCoins for Taking In-Game Photos

Kodak, the company that was synonymous with photography for over a century, was almost entirely written off when digital technologies rendered Kodak’s chemical processes obsolete. Kodak’s fear of digital technology goes back to the 1970s, when an engineer working in house for Kodak came up with a prototype of a digital camera. Kodak’s management squashed … Continued

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Despite Warnings, ICO Promoters’ Self-Reporting is ‘Underwhelming’: SEC Official

ICOs are securities, according to the SEC, but few are reporting themselves as such. As CCN reported, the SEC announced this week that it isn’t planning to update its securities framework to accommodate ICOs, which behave much like securities in that they back funding towards a company like a stock or traditional IPO. However, the

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Paid in Bitcoin? Learn How to Survive Off a Crypto-Income

Paid in Bitcoin? Learn How to Survive Off a Crypto-Income

Cryptocurrencies have become very popular, and over the past few years, and due to new applications and infrastructure they’ve become easier to spend compared to the early days. Nowadays, individuals are starting to be paid for their services in cryptocurrencies like bitcoin cash or other digital assets, and living off of cryptocurrencies is the next step towards having a stress free crypto-based income.

Also read: Ledger Nano S Review: Can This $65 Device Top Trezor?

Living Off a Crypto-Income

Today we’re going to talk about people being paid in cryptocurrencies, and how to maintain the same lifestyle you did when you were being paid in fiat currencies. Unfortunately, right now, digital assets like bitcoin cash (BCH) haven’t seen mass adoption yet, and there aren’t as many merchants as we’d like to see all around the world. So people who opt to be paid in BCH or another cryptocurrency, need to know how to pay for everyday items with their assets and settle their monthly bills as well.

Paid in Bitcoin? Learn How to Survive Off a Crypto-Income

The Gift Card Method

As far as paying for things with cryptocurrencies there are a few options available. One of them is using platforms like e-Gifter and Gyft to purchase gift cards to a wide variety of stores. There are a few hundred merchants who sell their gift cards on these sites, and customers can purchase cards from places like iTunes, Amazon, Best Buy, Whole Foods, and a slew of other establishments and restaurants. There are also other sites that sell gift cards for cryptocurrencies, and our Bitcoin.com store sells Amazon cards for bitcoin cash. For years now, individuals who get paid in cryptocurrencies have purchased gift cards to buy things at their favorite stores.

Paid in Bitcoin? Learn How to Survive Off a Crypto-Income

Looking for Merchants Who Accept Crypto Directly

Finding merchants who accept cryptocurrencies directly is another option for buying things for everyday living, as you might find a merchant near you that fits your needs. Most of the most popular digital assets out there have online directories that show a list of merchants and their locations. For instance, bitcoin cash fans can utilize the ‘Accept Bitcoin Cash Initiative,’ which is a curated list of merchants who accept BCH directly. With a simple Google search, individuals can also find a merchant directory for cryptocurrencies like dash, monero, and bitcoin core. Some people find that purchasing items directly helps the cryptocurrency ecosystem as a whole because these merchants accepting digital assets like BCH directly are not immediately selling for fiat.

Paid in Bitcoin? Learn How to Survive Off a Crypto-Income
Looking to go shopping with cryptocurrencies? Check out our directory here, and also click over to the Accept Bitcoin Cash Initiative. 

Sell the Crypto to Exchanges

Another way you can live off of cryptocurrencies is by selling them to people on peer-to-peer exchanges like Localbitcoincash.org, or the various exchanges available online. However, a large majority of online exchanges will require you to verify your identification, because they are required by law to follow KYC and AML regulatory guidelines. This means you will have to verify a few things like your phone number, a picture of your license, and some exchanges also ask for proof of your address.

Paid in Bitcoin? Learn How to Survive Off a Crypto-Income
Check out our list of recommended exchanges here.

This process could take as little as two minutes or it could take weeks depending on the exchange and how busy they are, and some may deny you for specific reasons. However after jumping through a few hoops with a particular exchange, selling your cryptocurrencies is very simple and most platforms are fairly intuitive. Keep in mind when you sell on an exchange you are exposing your income to another party, and they may even ask you if you have paid your taxes in order to continue using their services. There are a few decentralized exchanges, but most of them (minus a few) only swap crypto-to-crypto assets.

Crypto-Infused Debit Cards

One popular way of living off a cryptocurrency income is the use of debit cards that allow users of these cards to purchase things wherever Visa or Mastercard is accepted. There are crypto-infused debit cards provided by companies like Wagecan, Bitpay, Shift (Coinbase), Wirex, and many more. Most of these cards support a bunch of the most popular cryptocurrencies, and when using them users can pay for bills or shop virtually anywhere. Some cryptocurrency cards are used just like your debit card after loading up some of your digital assets. Some cards operate differently too, like with the Bitpay card you pretty much sell your bitcoin cash for USD or EUR, and the value doesn’t fluctuate. But the Coinbase Shift card operates differently, because it deducts the exact value of the purchased item from whatever value your holdings are at the time.

Paid in Bitcoin? Learn How to Survive Off a Crypto-Income
Check out our list of recommended crypto-debit cards here.

Get a Backup Method and Ask Your Co-Workers How They Live Off a Crypto-Income

There are many ways you can learn how to live off of bitcoin, and these are just a few examples of how you can get started. It’s worth noting that using multiple exchanges and cards and having a backup plan on hand is highly recommended. Sometimes things happen and your provider may not be able to process your request when you need them. So having a backup provider on hand (like another exchange, another crypto-debit card, or another idea) so you can get by if your processor or merchant experiences downtime, is a pretty good idea.

Paid in Bitcoin? Learn How to Survive Off a Crypto-Income
The holy grail for most cryptocurrency enthusiasts is the hope that someday every merchant will accept digital assets.

Another good avenue to take when you start getting paid in cryptocurrencies is talking to your co-workers who have been paid in digital assets for years, and ask them how they live and pay bills. They may tell you some good tricks of the crypto-trade so you can move forward towards the digital age.

What do you think about the various methods available so people can live off of a crypto income? Are there any methods that we forgot? Let us know about your methods in the comment section below.


Images via Shutterstock, Pixabay, e-Gifter, Bitpay, and Wiki Commons. 


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 Satoshi’s Pulse, another original and free service from Bitcoin.com.

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