A Hands On Review of the New Card-Shaped Hardware Device Coolwallet S

A Hands On Review of the New Card-Shaped Hardware Device Coolwallet S

This week news.Bitcoin.com received the new Coolwallet S — the cryptocurrency hardware wallet shaped like a credit card. As we previously reported, the interesting digital asset storage card started shipping last month so we decided to give the wallet a hands on review.

Also read: North Carolina Banking Bill Passes — Adds Virtual Currency License Requirements

Testing Out the New Credit-Card Shaped Hardware Wallet

Last month we reported on the Coolwallet S hardware wallet launched by the Taiwanese financial-tech company founded by Michael Ou. The wallet is different than other wallet’s we have reviewed in the past like the Keepkey, Ledger nano, and Digital Bitbox because the Coolwallet is shaped like a traditional credit card. On June 20 our new Coolwallet arrived from Taiwan and when we observed the package the box was sealed very nicely. In fact, the Coolwallet’s packaging was sealed so tight you need a tool like a pocket knife to open the box, which is also sealed with special Coolwallet branded foil tape.

A Hands On Review of the New Card-Shaped Hardware Device Coolwallet S
The Coolwallet S comes tightly sealed with tamper-resistant tape.

On inspection, the product was not touched by any third parties and when opened, the box kind of resembles a jewelry box with a quote from Michael Ou on the revolutionary aspects of blockchain technology. The box comes with the Coolwallet itself which is basically a card that’s roughly 85×53 mm with rounded corners, and has a display on the backside. Just below the screen is the cards command button which has a clicking feel when pressed. Below that are two very small metal circles that are used to charge the battery and the card had some charge when it was delivered. The box also comes with the card’s charger, a USB connection, directions, a blank seed card, and a Coolwallet sticker.

A Hands On Review of the New Card-Shaped Hardware Device Coolwallet S
Packaging and battery charger.

The first thing we did was connect the USB wire to the card’s charger and plugged the card into the thin slot. This powered up the card and it then asks to pair with your mobile phone. You need to download the Coolwallet app from the Google Play store or Apple’s App Store to get the wallet platform and pair the card. After opening the app the phone will see the card and show you the serial number on your phone’s screen. The serial number for our Coolwallet X is blocked out for privacy, but it is at the top left corner next to the card’s screen. When pairing the app it will ask for a code which is shown on the card’s screen and after typing it into the app, the two should pair. Coolbitx states that the messages sent between the mobile phone and card use encrypted Bluetooth settings. 

A Hands On Review of the New Card-Shaped Hardware Device Coolwallet S
After pairing with a mobile phone the wallet asks to ‘create’ a new wallet or ‘restore’ an existing wallet. After hitting create you can choose between a 12, 18, and 24 length seed.

After pairing with your mobile phone you can either create a new wallet or restore an existing one. If you choose to create a new wallet you can choose between a 12, 18, and 24 length seed, but this seed is not your typical mnemonic phrase. Coolwallet uses numbers rather than words and asks you to write them all down in concession. After that, it asks you to add all the numbers up, and you must type in the sum to finish verifying the seed. This method is an interesting way of recording a seed as most others use randomized words.

A Hands On Review of the New Card-Shaped Hardware Device Coolwallet S
Coolwallet holds the following coins BTC, LTC, XRP, ETH, BCH, EOS, JAYZ, USDT, and WETH.

After the seed is verified, the mobile wallet loads and you are brought to the main interface which shows all the wallets and the sum of total assets. After the wallet was set up it was time to load the card. At first we did try to load some BTC dust ($2.00 USD) from the Digital Bitbox we reviewed a few months ago but unfortunately, with BTC fees rising again, the Swiss-made Bitbox would not send the funds. Following the attempt, we decided to load up the card with bitcoin cash (BCH) and sent multiple fractions to the new Coolwallet for about 0.0000111 BCH or less per transaction.

A Hands On Review of the New Card-Shaped Hardware Device Coolwallet S
Coolwallet S shows the balance on the card depending on the coin you are viewing.

After the funds were accessible, we decided to send a few transactions out of the wallet. Using the send screen you can toggle to whatever coin you feel like sending, and all you do is fill in the receiving address field, and set the amount. You can also adjust the fee settings and type the fee manually if you want to set a lower fee as well. We found the lowest fee settings for bitcoin cash on the Coolwallet was too high, and had to manually adjust the fee to below the one U.S. cent threshold. After pressing the send button when all the fields are complete, the app asks you to turn on the card. When the card is turned on the app syncs with the phone and you are asked to verify the send function using the button on the card. After pressing the button three times the transaction will send as the card acts as a second-factor authentication for the application.

We found the app and card worked very well except for the fee settings section for bitcoin cash as it was set too high. Another thing we noticed is that it takes a touch longer for the app and card to sync funds and transaction history after performing an action, but it’s not unbearable. Charging the card doesn’t take long and the charge lasts for an extremely long time as the system shuts down when it’s not being used. As for the cards’ shape and how bendable the card is without hurting the device is a great feature. It’s easy to hide in your back pocket, in your physical wallet, or anywhere you can hide a small credit card. Size is a plus because the wallet is definitely more concealable than Trezor or Ledger models, and other hardware wallets that are even larger than those two products.

Lastly, Coolbit has just partnered with the decentralized exchange Joyso, which means users will soon be able to trade ERC-20 tokens within the wallet using the hybrid decentralized exchange (HEX). The Coolwallet S is a bit more expensive than other hardware wallet models as the card goes for $189 USD (duo set $299) but the card’s size advantage and the ability to tether to both iOS and Android mobile has its benefits.

What do you think about the new Coolwallet S hardware wallet? Let us know in the comment section below.


Images courtesy of Jamie Redman, and Coolwallet


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North Carolina Banking Bill Passes — Adds Virtual Currency License Requirements

North Carolina Banking Bill Passes — Adds Virtual Currency License Requirements

The state of North Carolina has pushed the passage of House Bill 86 and some digital currency advocates and firms like Coinbase believe the bill makes the state more friendly towards cryptocurrency businesses. At the moment North Carolina’s House Bill 86 has been presented to Governor Roy Cooper and awaits his signature.

Also read: Major Korean Crypto Exchange: $31 Million Vanishes

North Carolina House Bill 86 Includes Money Transmission Changes and Licensure Guidelines in Regard to Virtual Currencies Passes Unanimously

North Carolina Banking Bill Passes — Adds Virtual Currency License Requirements On June 14, 2018, North Carolina’s general assembly unanimously ratified House Bill 86 which adds new language to the state’s permissible investments and statutory trust under the Money Transmitters Act. The bill’s final revision includes legal definitions concerning virtual currencies like bitcoin and other tokens. North Carolina’s legislation also requires the licensure of businesses that work with cryptocurrency activities. Furthermore, the state’s Commissioner of Banks Ray Grace can request data from the licensed cryptocurrency firm at any time. North Carolina House Bill 86 states:   

If the licensee possesses virtual currency as permissible investments under this Article, the Commissioner may at any time request that the licensee verify, in a manner acceptable to the Commissioner, aggregate virtual currency transmission obligations outstanding and virtual currency held as permissible investments, including virtual currency stored offline.

Coinbase Believes North Carolina’s Bill ‘Helps Cryptocurrency Companies Comply With the Letter of the Law’

North Carolina Banking Bill Passes — Adds Virtual Currency License Requirements
Coinbase executive Mike Lempres

Commissioner Grace had also helped write the revised edition which included virtual currency definitions and licensee requirements. The firm Coinbase applauded the passage of House Bill 86 and formally thanked the banking commissioner, representatives Tim Moore, Dan Bishop, Jon Hardister, Bill Rabon, Stephen Ross, Jason Saine, and Jeff Tarte for helping bolster the legislation.

“Passage of House Bill 86 exemplifies how regulators and legislators can work together to foster innovation by either licensing cryptocurrency money transmissions or exempting cryptocurrency from money transmission laws,” the Chief Legal and Compliance Officer at Coinbase, Mike Lempres said last Thursday.

By helping cryptocurrency companies comply with the letter of the law, leaders in both states are paving the way for the economic and social benefits of this new technology to flourish within their communities.           

The firm also complimented the state of Wyoming for recently passing its blockchain and cryptocurrency legislation after it had issues with the state prior to the passage of Wyoming’s guidelines. A while ago Coinbase suspended its services to Wyoming residents and the firm said at the time that the state’s Division of Banking made Coinbase operations impractical. As both North Carolina and Wyoming change their money transmissions laws the state’s look like they may see more business operations due to the legislative changes.

What do you think about North Carolina’s House Bill 86? Do you think more states will adapt virtual currencies into their laws? Or do you think these regulations are bad for cryptocurrencies in general? Let us know your thoughts in the comment section below.


Images via Pixabay, Wiki Commons, North Carolina Emblem, Coinbase, and Medium. 


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Bitcoin Cash Price Watch – BCH/USD Back On Bullish Run, Looking To Break $900

Bitcoin Cash price watch

Bitcoin Cash Price Watch: Bitcoin Cash (BCH) returns to bull run.

Key Highlights: Bitcoin Cash price bounced back from its decline this past weekend, now looking to break $900 once again. BCH/USD is back on a bullish run after establishing support at around $860. The $910 price level is considered a major resistance point. Bitcoin Cash Price Watch: BCH/USD Looking To Overtake $900

On Wednesday, Bitcoin Cash price continued to recover from its decline this past weekend, reaching a high of $909 before pulling back below $900. BCH/USD is now up by 6% over the past ...

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Chainbet Protocol Adds Trustless Multiplayer Bets, Auctions, and Dice Rolls

Chainbet Protocol Adds Trustless Multiplayer Bets, Auctions, and Dice Rolls

Just recently news.Bitcoin.com reported on the Chainbet protocol created by the developer Jonald Fyookball, designed to add trustless betting features to the Bitcoin Cash network. Following the launch of this concept, the Openbazaar developer Chris Pacia messed around with the idea and completed the first on-chain atomic bet. Now, this week the Chainbet contributors Fyookball, Pacia, and James Cramer have extended the protocol to include multiplayer bets, auctions, and dice rolls.

Also Read: An Inside Look at the Electron Cash Wallet Coming to iOS

Bitcoin Cash On-Chain Betting Protocol Chainbet Adds New Concepts

Chainbet Protocol Adds Trustless Multiplayer Bets, Auctions, and Dice RollsThe Chainbet protocol has been updated with some more complex trustless betting methods such as auctions, multiplayer bets, and dice rolls. The additional features have been added after the Openbazaar developer, Chris Pacia, utilized the BCH OP_Codes in order to create the first on-chain atomic bet. Bitcoin Cash supporters have been excited about these new concepts and the innovation that’s been happening with the re-enabled Satoshi OP_Codes since the upgrade in May.

Multiplayer Betting

The newly added multiplayer bet is a wager where the winner-takes-all between multiple participants with even chances, explains the Chainbet Github repository. The readme explains that the wager has the following properties: “It does not allow cheating via collusion, even against an attacker controlling all of the adversaries — And it protects an honest participant from losing money, even if a dishonest participant acts irrationally,” explains the Github page.

However, Fyookball notes add the end of the multiplayer bet summary that the betting scheme could also be accomplished with a dice bet and the practicality of the multiplayer bet comes into question.     

“Due to the large security deposit, the practicality of the betting scheme is in question. The same result could be accomplished with a dice like bet in many applications,” Fyookball details.  

For example, 6 people betting each other could be simulated by each of them betting on a dice roll, with more flexibility in that not all 6 people would need to be real. However, this scheme may serve as a building block other schemes and give us more ideas for the future.

Chainbet Protocol Adds Trustless Multiplayer Bets, Auctions, and Dice Rolls

Trustless Auctions and Dice Rolls

Fyookball details the auction method is a “trustless version of an open, ascending price auction can be constructed on the BCH blockchain.” This means the seller is guaranteed to receive the funds from the highest bidder in a decentralized fashion. Further, only the highest bidder will pay as all losing bids will be returned to the rightful owners. When the auction ends the seller would claim the funds within the last address used.  

“This is accomplished using a set of secrets. Each time someone is outbid, a secret is revealed that releases funds back to the losing bidder while the next secret is created for the new high bidder,” the Github page details.

Chainbet Protocol Adds Trustless Multiplayer Bets, Auctions, and Dice Rolls

Decentralized Betting Protocols Could Revolutionize Online Gambling

Lastly, the Chainbet protocol now goes further than the simple coin flip wager with the addition of a six-sided dice roll wager. The Github page details how a simple one-time dice roll but the process could be more complex adding all types of different bets.

Chainbet Protocol Adds Trustless Multiplayer Bets, Auctions, and Dice Rolls

Although the “result of a dice roll” is already an abstraction derived from large secret numbers, it is fun for players to guess their lucky numbers,” Fyookball emphasizes.  

It is therefore valuable to include a way for Bob to choose the number he wants. This is done with the “guess” field in the payload, and needs to be implemented in the script, with an IF-ELSE path. If the guess matches the remainder (plus one), the participant taking odds wins the bet, otherwise he/she loses.

The additional features added to the Chainbet protocol could be used in multiple ways and could innovate the entire online gambling industry by providing trustless bets without relying on a third party. Gambling portals like Satoshi Dice and other gaming sites could utilize these concepts to create a more robust decentralized betting atmosphere.

What do you think about the latest additions to the Chainbet protocol? Let us know your thoughts on this subject in the comment section below.


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Bittrex Taking Bitcoin Cash Offline – Why?

Bittrex taking Bitcoin Cash offline

It’s Monday, and the crypto market is sporting both a red and green look. Meanwhile, the crypto community is preparing itself for a busy week ahead. There’s a lot scheduled, but the event taking precedence is Bittrex taking Bitcoin Cash offline. While some are planning for the temporary removal, others are expressing concerns over it. At the end of the day, however, there’s not a great deal to worry about.

Bittrex Taking Bitcoin Cash Offline

With its dominance and size, it’s not hard to understand why Bittrex is considered to be one of the largest crypto ...

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Freedom of the Press Foundation Accepts Cryptocurrency Donations

Freedom of the Press Foundation accepts cryptocurrency donations

As of this Monday, June 18, 2018, the Freedom of the Press Foundation accepts cryptocurrency donations. But what tokens is it accepting?

Freedom of the Press Foundation Accepts Cryptocurrency Donations

The non-profit helps journalists to report on issues such as the “mismanagement, corruption, and law-breaking in government.” The foundation has announced that it is accepting Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), and Zcash (ZEC).

The foundation hopes to add more cryptocurrencies in the future, but currently, donations can be made to the digital wallets that have been added to the Freedom ...

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An Inside Look at the Electron Cash Wallet Coming to iOS

An Inside Look at the Electron Cash Wallet Coming to iOS

Just recently news.Bitcoin.com reported on the unique Electron Cash wallet alongside using the Cashshuffle plugin. Two weeks ago we were granted access to the Electron Cash iOS beta testing period, and we wanted to give our readers a sneak peek at what to expect when this bitcoin cash-centric light client launches.

Also Read: How to Shuffle Your BCH Coins Like a Boss

Electron Cash Is Coming to iOS

An Inside Look at the Electron Cash Wallet Coming to iOSThe Electron Cash wallet is a reputable bitcoin cash (BCH) wallet that’s been around for quite some time. At the moment the client is available for Mac, Linux, Windows, and Android for mobile phones. However, the wallet’s development team and lead developer Jonald Fyookball are in the midst of building the Electron Cash application for iOS users. Fyookball has allowed news.Bitcoin.com access to the beta testing using Apple’s Testflight system so we could experiment with the wallet, and share our experience with our readers.

Experimenting With Beta Version 3.2.0 on Testflight

When opening the wallet users are greeted by a neon-blue like screen that says Electron Cash, from here the user can choose a few options when they launch the app for the first time. The choices given are the usual create new wallet, import an existing seed, or use existing public or private keys. We created a new wallet and the Electron Cash iOS interface gave us a new twelve-word mnemonic phrase to write down. After finishing writing the seed down, the wallet asks you to re-type all twelve words, but it doesn’t take too long because words are predicted and easily-tappable after a few letters are typed. You also encrypt the wallet with a password, and are given the option to name it as well. Remember your password and mnemonic phrase give you access to your funds, and keeping them a secret is a top priority.

An Inside Look at the Electron Cash Wallet Coming to iOS

The Electron Cash iOS app always asks you for your password whenever you open it or if you want to sign an outgoing transaction. In the wallet interface there are five main settings which include wallets, addresses, coins, contacts, and the settings section. The wallet section is basically the main page you are greeted with after entering your password. It shows the name of the wallet(s) and you can toggle to different wallets in the first field on the top of the page. The page will also show you all the transactions that have occurred for that specific wallet. On the very top, there is a blue banner with a green light indicating the client is synced up and online. If it was red this would indicate the wallet is not online and synced to the BCH network.

Moving on to the addresses page it will show a bunch of addresses both used and unused. You can toggle between funded addresses and unfunded addresses, alongside if they are receiving or change addresses as well. The Electron Cash wallet allows users to create contacts by utilizing an individual or organizations’ address so you can easily send funds to any recurring contact. The coins area shows BCH transactions that have been sent or received but are not yet confirmed.

An Inside Look at the Electron Cash Wallet Coming to iOS

The Electron Cash Wallet Has Numerous Adjustable Settings  

The wallet’s settings section is where you can make a bunch of changes to the wallet, like change your password, and view your mnemonic phrase if you needed to see it again. In the settings, the Electron Cash iOS client has an address converter so a person can change a legacy address into the Cashaddr format. This section also offers a variety of features like the ability to change the fee to max static or the user can choose a custom fee. Below that where it says transactions, you can choose to utilize change addresses, multiple change addresses, and whether or not the wallet will spend only confirmed coins. Following this section, you can change the appearance, choose what block explorer you want to use. From here users can also set the fiat settings so you can view the value of coins in USD, EUR, and many other monetary units.

An Inside Look at the Electron Cash Wallet Coming to iOS

The wallet works very well for being in its beta (3.2.0) testing phase and Electron Cash users will be sure to enjoy this wallet. There were a few occasions where it was difficult to remove the keyboard and view the lower fields on the screen in the earlier versions we tried prior to the 3.2.0 upgrade released just the other day. Since then we’ve found the app works like a charm, and haven’t found any difficulties using it. The Electron Cash developers have also been looking for testers on the subreddit /r/BTC over the past few weeks in order to get feedback.

What do you think about the Electron Cash wallet for iOS? Let us know your thoughts on this subject in the comment section below.


Images via Shutterstock, Electron Cash, and Jamie Redman


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Markets Update: SEC Adds a Brief Market Spike — But Will It Last?

Markets Update: SEC Adds a Brief Market Spike — But Will It Last?

Cryptocurrency markets are steadily coasting along after suffering from some volatile low swings last week. Over the past 24 hours, most cryptocurrencies are still in the red nurturing losses between 1-3 percent, and a few are in the green by a few percentages. At the time of publication, the price of bitcoin cash (BCH) is hovering around $850 per coin. Meanwhile, bitcoin core values are meandering just above the $6,500 region.

Also read: William Shatner Joins Bitcoin Mining Project, Admits He Doesn’t Quite Get It

SEC Announcement Adds Second Wind Into the Cryptocurrency Market Sails

Since last week’s ‘Bloody Sunday’ cryptocurrency market have seen some slight recovery but not by much. Markets were dropping pretty low up until the U.S. Securities and Exchange Commission (SEC) revealed cryptocurrencies that are decentralized are not securities. After the SEC’s head of the Division of Corporate Finance, William Hinman, made these statements digital asset markets saw a small rally and this push has kept markets from drawing lower, at least for a short period of time. The overall market valuation for all 1600+ cryptocurrencies is currently worth around $280Bn USD and 24-hour trade volume for the entire lot of digital currencies is $10.8Bn.

BCH Market Action

Bitcoin cash markets have steadily held above the $840 – $855 region over the past few hours with around $303Mn in 24-hour trade volume. Just like before last week’s dump, trade volume is pretty flat and action has simmered down over the past day. The top exchanges swapping the most BCH today are Okex, Exx, Hitbtc, and Bitz. Bitcoin core (BTC) currently represents 48.8 percent of the trades swapped with BCH today. This is followed by tether (USDT 28.8%), USD (13%), KRW (4%) and ETH (2%). As of this writing, one BCH is equivalent to 0.1309 BTC, and bitcoin cash is the fifth highest trade volume.

Markets Update: SEC Adds a Brief Market Spike — But Will It Last?

BCH/USD Technical Indicators

The daily and 4-hour charts on Bitfinex show that BCH bulls have some resistance ahead in order for the markets to progress upwards. The two Simple Moving Averages (SMA) on the 4-hour BCH/USD chart show the short-term 100 SMA is above the long-term 200 trendline.

Markets Update: SEC Adds a Brief Market Spike — But Will It Last?

The two SMAs recently crossed hairs and this indicates a move to the upside could be in the cards. Both the Relative Strength Index (RSI) oscillator (54) and the MACd show deep consolidation and a touch of uncertainty. Looking at order books shows BCH bulls have some solid resistance past the $870 mark and some more between $900 – $950. On the backside, stronger foundations have been built up over the past few days and BCH bears will see some pit stops around $825 and $775.

Markets Update: SEC Adds a Brief Market Spike — But Will It Last?

BTC Market Action

As mentioned above, bitcoin core markets have been hovering just above the $6,500 territory for most of today’s trading sessions. Trade volume over the past 24 hours for BTC is around $3.1Bn and the overall market capitalization today is $111Bn. The top five exchanges by BTC trade volume on June 16 are Bitfinex, Coinbase, Bitstamp, Kraken, and Neraex. The Japanese yen today is dominating BTC trades today by over 71 percent. This is followed by tether (USDT 14.3%), USD (9.1%), KRW (1.6%), and the EUR (1.3%). Currently, BTC dominance amongst all the other markets is 39.9 percent.

Markets Update: SEC Adds a Brief Market Spike — But Will It Last?

BTC/USD Technical Indicators

4-hour and daily charts for GDAX and Bitstamp’s BTC/USD markets show quite a bit of consolidation as well. We can see from this chart that the two SMAs have also crossed paths with the 100 SMA just above the 200 SMA trendline. This indicates the path of least resistance will be towards the upside, but much like the BCH/USD 4-hour chart the gap is small, and the two could easily cross again.

Markets Update: SEC Adds a Brief Market Spike — But Will It Last?

RSI levels are the same as well (52) and the MACd looks to be heading southbound soon. The current resistance zone for BTC bulls is between $6650 and $6775 (20 and 50 MA) at press time. On the back side, bears will meet resistance between 6400 and 6200 and significant foundational buy support beyond that. If things were to go into the sub-$6K region, the $5K region will likely hold for a very long time. However, at any time between this vantage point and that theoretical region, we could see a strong impulse leg upward.

Markets Update: SEC Adds a Brief Market Spike — But Will It Last?

The Top Cryptocurrency Markets

On Saturday, June 16 the second highest valued market held by ethereum (ETH) is up 1.7 percent and one ETH is averaging around $500. Ethereum values over the last seven days are down 14 percent. Ripple XRP markets are down 0.4 percent over the last 24-hours and down 18 percent during the course of the week. One XRP is trading for $0.53 cents per token. The fifth largest market, EOS, is up 0.12 percent and down 23 percent over the last seven days. The EOS token is trading for $10.67 and the currency holds the fourth highest trade volumes today.

Markets Update: SEC Adds a Brief Market Spike — But Will It Last?

The Verdict: Skepticism Remains Strong

The verdict this weekend still leans towards the bearish side taking into consideration the current charts, but mostly, market volumes have been considerably low. The SEC news helped add some positivity to an otherwise extremely gloomy week as far as markets were concerned. Traders are likely to remain skeptical for the time being until some bullish signals appear. The good news is markets have found support once again but where it will take us from here is hard to say.

Where do you see the price of BCH, BTC, and other coins headed from here? Let us know in the comments below.

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


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Censorship, Bans, and ETH Scams: Twitter Suspends Bitmain’s Official Account

Censorship, Bans, and ETH Scams: Twitter Suspends Bitmain's Official Account

This week the Twitter handle @Bitmaintech was locked down because Twitter administrators claimed the account belongs to a 4-year-old. The Twitter handle’s owner and Bitmain’s head of marketing have complained to the social media company’s support team and Twitter’s CEO Jack Dorsey. The account lockdown marks the second high profile bitcoin-related account that’s been banned from Twitter in just a few months.

Also Read: Study Reveals ASIC Miners Represent 30% of the Equihash Mining Hashrate

The Official Bitmain Tech Twitter Account Has Been Suspended

On June 14 Bitmain Tech’s head of marketing Nishant Sharma tweeted to his followers that the company’s official Twitter account @Bitmaintech had been banned from Twitter. At the moment the Twitter account is completely inaccessible to the public and the Beijing-based company’s active ad campaigns have been paused.   

Censorship, Bans, and ETH Scams: Twitter Suspends Bitmain's Official Account
The official @Bitmaintech Twitter account was locked on June 14, 2018.

Bitmain’s account accumulated thousands of Twitter followers over the past four years and now the account is unable to post or utilize the social media platform in any manner until the case is resolved.          

“The @Bitmaintech account is temporarily inaccessible because apparently, Twitter thinks that the people behind the account are as old as Bitmain i.e. 4 years old,” says Sharma.

It should be back soon (and long before Bitmain turns 13). @Jack help please. Case# 85911059

The Recent @Bitcoin Account Suspension

The account removal comes at an awkward time for the Twitter CEO, Jack Dorsey, who has been asked to address multiple issues tied to the social media platform. For instance, just recently the @Bitcoin account was banned and the topic was very controversial. The account with over 750,000 followers was initially suspended and then the account was restored with a much lower follower count than it had prior to the ban. Some people accused Dorsey of being biased and showing a conflict of interest towards supporters of the Lightning Network (LN) by allowing the banning of the @Bitcoin account. The reason for this speculation is due to Dorsey’s recent investment into the LN project.

Censorship, Bans, and ETH Scams: Twitter Suspends Bitmain's Official Account Censorship, Bans, and ETH Scams: Twitter Suspends Bitmain's Official Account

 Legitimate Accounts Banned, but ETH Bot Impersonation Thrives

Twitter users within the cryptocurrency industry are also dealing with the vast amounts of scamming ETH bots that have cloned nearly every well-known person in the crypto-community. The ETH bots have managed to scam millions worth of ether because Twitter will not remove the fraudulent accounts impersonating digital currency luminaries. So essentially people are pretty frustrated that Twitter has managed to ban and censor legitimate users like @Bitcoin and @Bitmaintech, while allowing fraudulent scammers to run amuck all over the platform.

Censorship, Bans, and ETH Scams: Twitter Suspends Bitmain's Official Account

The case of Bitmain losing it’s official account, because Twitter admins believe it belongs to a four-year-old, seems absurd, but Twitter has been a whacky place lately, and the company hasn’t been very responsive. The issues with Twitter also follows the recent accusations and admissions stemming from other social media platform CEOs abusing their powers. Back in 2016, the Reddit CEO Steve Huffman admitted to editing comments on the pro-Donald Trump subreddit, r/the_donald. This year Facebook’s Mark Zuckerberg has been scrutinized for selling user data to Cambridge Analytica. And now Twitter users are complaining about banned accounts and censorship and many of them are pointing their fingers at Jack.   

What do you think about Bitmain’s Twitter account getting banned because admins believe the account belongs to a four-year-old child? Do you think Jack Dorsey and Twitter have a lot of explaining to do? Let us know your thoughts on this subject in the comment section below.


Images via Pixabay, Bitmaintech, the Twitter logo, @bitcoin, @bitmaintech, @laurashin 


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Regulated Crypto Exchange Itbit Adds BCH, ETH, LTC, and XLM Products

Regulated Crypto Exchange Itbit Adds BCH, ETH, LTC, and XLM Products

Regulated cryptocurrency exchange Itbit announced today that it has received approval from the New York State Department of Financial Services to add more cryptocurrencies to its product offerings. The company will begin offering custody, escrow, OTC trading, and exchange services for BCH, ETH, LTC, and XLM, in addition to its existing BTC offerings.

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

Approval by the NYDFS

Regulated Crypto Exchange Itbit Adds BCH, ETH, LTC, and XLM ProductsItbit announced on Thursday, June 14, that it will start offering several new products based on cryptocurrencies other than BTC. The New York-based company wrote:

Global crypto asset platform Itbit announced today it has received approval from the New York State Department of Financial Services (NYDFS) to offer expanded trading and custody services for bitcoin cash (BCH), ethereum (ETH), litecoin (LTC) and stellar lumens (XLM). Itbit will start immediately offering custody, escrow and OTC trading services for these new assets, with platform exchange trading to follow.

Regulated Crypto Exchange Itbit Adds BCH, ETH, LTC, and XLM ProductsPreviously only BTC products were available. Itbit COO Andrew Chang commented, “by gaining this regulatory approval, we are now able to open the doors for individuals and institutions to access crypto assets beyond just bitcoin.”

Itbit became the first bitcoin exchange to be granted a banking license by the NYDFS in May 2015. The license allows the exchange to operate in all 50 U.S. states under the New York banking laws, CEO Chad Cascarilla explained at the time.

Itbit’s Product Offerings

Itbit’s website outlines several services such as crypto exchange, OTC trading, and custody services. “US dollars are FDIC-insured and all fiat and bitcoin customer assets are fully protected and backed by mandatory capital reserves,” the company details. For OTC trading, the minimum investment is 25 BTC.

Regulated Crypto Exchange Itbit Adds BCH, ETH, LTC, and XLM ProductsThe exchange also offers escrow transactions. While “Itbit acts as the agent to negotiate a trade between two parties and conducts settlement” in OTC trading, it “acts as a neutral party to settle a trade brought forward by an agent or buyer/seller mandate” in escrow transactions.

At the end of May, Itbit’s operator, Paxos, announced that it had raised $65 million. Part of the funds raised will be used to operate the Itbit exchange and custodian service, CEO and co-founder Charles Cascarilla said at the time.

Last week, the U.S. Commodity Futures Trading Commission (CFTC) reportedly demanded trading data from Itbit and three other crypto exchanges since bitcoin futures provided by CME Group, which it regulates, derive their value from them.

What do you think of Itbit adding BCH, ETH, LTC, and XLM products? Let us know in the comments section below.


Images courtesy of Shutterstock, NYDFS, and Itbit.


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Markets Update: Crypto Markets Tests Key Support Levels

Markets Update: Crypto Markets Tests Key Support Levels

Bearish momentum appears to be accelerating across the cryptocurrency markets following the failure of BTC to hold above the long-term ascending trendline dating back to July 2017. As of this writing, the BTC markets appear to be falling to test support at the $6,000 USD area after forming a large descending triangle. The leading alternative cryptocurrency markets are following suit, with all of the top ten cryptocurrency markets having lost approximately 10% against USD in the last 24 hours.

Also Read: As Bitcoin Futures Volumes Increase Credit Agencies Look to Downgrade Dealers 

Bitcoin Breaks Below Symmetrical Triangle

It has been a rough week for the BTC market so far, with the price of bitcoin having lost roughly 15% in the last four days. The accelerating selling pressure can be attributed to bitcoin’s failure to break above the long-term symmetrical triangle comprised of an ascending trendline running from July 2017, and a descending trendline connecting the all-time of $20,000 to the local high of $10,000.

As of this writing, the immediate price action shows BTC trading for approximately $6,300 after producing a small bounce following a sharp drop down to $6,100. The bitcoin markets are yet to retest the prior local support area of roughly $6,600. In breaking below the symmetrical triangle, BTC has formed a descending triangle, with current price action testing the $6,000 resistance area for the third time this year.

Markets Update: Crypto Markets Tests Key Support Levels

Many trades are inferring from current price action that the short to medium term outlook may have a bearish bias – as BTC has broken below a key long-term ascending trendline, and have broken below the local low produced during April.

Bitcoin Cash Tests Major Trendline

The BCH markets are currently trading for approximately $815 after making a third point of contact with a descending trendline from the all-time price high and breaking below the $1,000 area for the third time in 2018 on Monday.

Markets Update: Crypto Markets Tests Key Support Levels

The price of BCH has lost 23.5% in the last four recent days, with current price action approaching the support-line of a large symmetrical triangle spanning the entirety of the market’s history. Immediate price action appears to be readying for a modest bounce off the key price area of approximately $775 – which shows confluence with the breakout area from November 2017, in addition to comprising February’s low. A bounce off this area would also comprise a fourth point of contact with the long-term ascending trendline dating back to the first week of BCH trading.

Whilst the Bitcoin Cash markets are not bucking the bearish trend, should the current support area hold, BCH could produce a higher low – which, after May’s bounce, posted a higher top than was produced in February, would comprise a confluence of notable bullish signals.

However, even if BCH is able to bounce off the approximately $750 area, it remains to be seen as to whether the market will be able to break above the large symmetrical triangle which appears to be guiding recent price action. BCH has also been highly correlated with BTC in recent months, suggesting that if BTC continues to bleed, it is highly likely that BCH will follow suit. A break below the year-long ascending trendline would likely signal further bearish action.

Ethereum Forms Symmetrical Triangle

Ethereum has lost approximately 20% in the last four days, with the price of ETH falling from approximately $600 to roughly $465 as of this writing. ETH is testing the support-line of large symmetrical triangle formation stemming from the market’s all-time price high of roughly $1,400, with current price action making a fifth point of contact with the ascending trendline dated from late-May 2017.

Markets Update: Crypto Markets Tests Key Support Levels

As with many other markets, even if Ethereum is able to bounce off the long-term ascending trendline, it is unlikely that the ETH markets will produce significant recovery unless Ethereum is able to break above large symmetrical triangle in which price action is currently trending.

EOS Drops by 55% in 6 Weeks

After rallying to produce a record high of approximately $23 at the start of May, the EOS markets have since produced heavy losses of over 55% in six weeks, including a drop of nearly $30% in last four days. As of this writing, the price of EOS is testing support at roughly $10.

Markets Update: Crypto Markets Tests Key Support Levels

Throughout June, EOS has maintained its position as the fourth most traded cryptocurrency by 24-hour volume.

Do you think that the markets are set to produce further bearish action in the short term? Join the discussion in the comments section below!


Images courtesy of Shutterstock, Trading View


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Coinbase Cryptocurrency Index Fund Now Open For Investment

Coinbase Cryptocurrency Index Fund Now Open For Investment

Coinbase has opened up its index fund for accredited US investors, giving them exposure to all cryptocurrencies listed on its exchange GDAX. The company is now working on “launching more funds which are accessible to all investors and cover a broader range of digital assets.”

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

Coinbase Index Fund Launched

Coinbase Cryptocurrency Index Fund Now Open For InvestmentCoinbase, one of the largest cryptocurrency companies, announced on Tuesday, June 12, that Coinbase Index Fund is now open for investment. The San Francisco-based company first unveiled this fund on March 6.

“We’ve seen overwhelming interest from investors since we announced the fund earlier this year,” Reuben Bramanathan, Product Lead of Coinbase Asset Management, wrote. He elaborated:

Coinbase Index Fund gives investors exposure to all assets listed on our exchange, weighted by market capitalization…At this stage, Coinbase Index Fund is only open to US-resident accredited investors. We’re working on launching more funds which are accessible to all investors and cover a broader range of digital assets.

The company’s website states that “Our vision is to make index investing in digital assets available to everyone.” Further, the company emphasized that they are “beginning the work required to offer index funds to all US investors,” not just accredited ones, adding that “In the future, we hope to be able to offer index investing to customers in the US and internationally.”

About the Fund

Coinbase Index Fund “is a private fund that seeks to track Coinbase Index (Fixed Supply),” which is a measure of the overall performance of the cryptocurrencies listed on Coinbase’s exchange, GDAX, the company describes.

Coinbase Cryptocurrency Index Fund Now Open For Investment
Coinbase Index composition, which will be rebalanced to add ETC.

The minimum investment amount for the fund is $250,000 and the maximum is $20 million. The fund’s annual management fee is 2%.

“The assets are weighted by market capitalization. The index level takes into account the ongoing increases in supply of each asset, not just changes in price,” the company noted, adding that the index is “reconstituted each time that a new asset is listed on GDAX,” such as the recent addition of ETC.

The current composition is 61.47% BTC, 27.17% ETH, 8.22% BCH, and 3.14% LTC. The fund will soon be rebalanced to include ETC.

Moreover, Coinbase explained that “Unlike actively managed investment funds,” the fund manager of its index fund “does not actively trade assets, or target a specific allocation for any asset.”

What do you think of Coinbase Index Fund? Let us know in the comments section below.


Images courtesy of Shutterstock and Coinbase.


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Korean Firm Keypair Launches Credit Card-Shaped NFC Hardware Wallet

Korean Firm Keypair Launches Credit Card Shaped NFC Hardware Wallet

A new hardware wallet has been launched by the South Korean financial tech firm Keypair. The company’s Keywallet Touch has an interesting design as it’s shaped like a credit card and utilizes NFC technology. The company says the device’s smart card chipset supports cryptocurrencies like bitcoin cash, ethereum, bitcoin core and litecoin, while also providing FIDO Universal 2nd Factor Authentication (U2F).

Also read: Bitcoin Cash Innovation Continues with the First On-Chain Atomic Bet

South Korean Firm Keypair Launches Keywallet Touch Hardware Wallet  

There’s been a slew of new cryptocurrency hardware wallets coming into the ecosystem and the South Korean company Keypair has launched a new model. This past March news.Bitcoin.com reported the firm’s previous design, the Keywallet Classic, and a few new hardware wallet manufacturers stemming from South Korea as demand for the devices has grown exponentially in that region. The Keywallet Classic debuted this January at the CES Electronics Show and the product has also been selling on Ebay. The company’s latest device the Keywallet Touch is a hardware wallet shaped like a credit card, similar to the Coolwallet device we reported on a few weeks ago.

Just like a credit card, the Keywallet Touch is 85.60 × 53.98 mm with rounded corners and built-in NFC technology that interacts with a mobile phone (Android). The phone application recognizes the card allowing users to send and receive bitcoin cash (BCH), ethereum (ETH), litecoin (LTC), bitcoin core (BTC), ripple (XRP), ethereum classic (ETC), and ERC20 tokens. The Keywallet Touch is $69.99 USD which is cheaper than a lot of other hardware wallets, but if you want to use a PC then you’ll require a USB connected reader ($69.99) that is not yet available to the public.

Korean Firm Keypair Launches Credit Card Shaped NFC Hardware Wallet
The Keywallet Touch specs.

Credit Card Shape and No Batteries

CEO Kevin CK Lee of the hardware-based security solution company explains the new hardware wallet card comes with “first-class” security. “The card is built with Secure Element and its OS and Crypto libraries made by the firm. It also has CC and Eal5+ and CMVP ready product,” Lee noted during the launch.

The company believes cryptocurrency enthusiasts will appreciate the credit card shaped feature so it can be carried easily, and the fact that the device has no batteries adds to the wallet’s overall durability. The Keywallet Touch software can be found at the Google Play store and the user interface acts like a portfolio if you hold multiple cryptocurrencies.

Korean Firm Keypair Launches Credit Card Shaped NFC Hardware Wallet
The Keywallet Touch connects to mobile phones using NFC technology and to connect to a PC users need the Keywallet reader which is not yet available. 

Keypair says that a traditional wallet OS or mobile phone platform keeps the private keys in “insecure areas (HDD, Flash Memory, etc.)”. Furthermore, Keypair explains that an iOS version of its wallet client is on the way, and mobile phones with built-in fingerprint sensors can be used with the Keywallet Touch. One thing to note is this hardware wallet is very new, just like the Coolwallet hardware wallet which has the same credit card shaped design, which means both of these wallets don’t have many reviews online. Some people will want to wait until this product is mass produced and reviewed by reputable third parties. 

What do you think about the Keywallet Touch? Let us know your thoughts on this new hardware wallet in the comment section below.

Disclaimer: Bitcoin.com does not endorse this product. Bitcoin.com and the author are 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 information with this hardware wallet platform. Readers should do their own due diligence before taking any actions related to the content.


Images via Shutterstock, and the Keywallet web portal. 


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Bitcoin Cash Innovation Continues with the First On-Chain Atomic Bet

Bitcoin Cash Innovation Continues With the First On-chain Atomic Bet

Just recently news.Bitcoin.com wrote about a trustless betting protocol designed by Jonald Fyookball called Chainbet, a protocol that enables simple coin flip wagers using the Bitcoin Cash (BCH) blockchain. Since then the Openbazaar developer Chris Pacia performed the first atomic bet utilizing the BCH network’s re-enabled OP_Codes and Fyookball’s Chainbet concept.

Also read: Chainbet Protocol Proposes a Trustless Bitcoin Cash Betting Mechanism

The First Trustless Atomic Wager Utilizes Bitcoin Cash OP_Codes

Bitcoin Cash Innovation Continues With the First On-chain Atomic Bet
Openbazaar’s Chris Pacia.

This weekend the Openbazaar developer Chris Pacia has performed the first atomic bet using the BCH network’s OP_Codes in order to demonstrate a trustless wager. Pacia said he tried the idea using bitcoin cash after seeing Fyookball’s new protocol concept, and notes that this method of trustless betting is not possible using the Bitcoin Core (BTC) network. The reason for this is due to the re-enabled OP_Codes added to the BCH protocol this past May.

“The way the scheme works from a high level is that Alice and Bob are going to generate secret random numbers and commit the hashes of those numbers to the bet’s output script,” explain’s Pacia’s demonstration post. “To determine the winner they will both reveal their random numbers and the script will add them together. If the sum is even, Alice wins — Otherwise, Bob wins.”

256-bit Random Numbers Converted to 32-bit Integers Using the New OP_SPLIT and OP_BIN2NUM Codes.

Pacia details the challenge of this operation is doing it securely, and adds that Bitcoin arithmetic operations only accept signed 32-bit integers. This means that the process wouldn’t work if Alice and Bob commit to 32-bit random numbers. Pacia’s demo commits to the hash of 256-bit random numbers and then converted into signed 32-bit integers using the new OP_SPLIT and OP_BIN2NUM codes. The Openbazaar developer notes that the OP_MOD directive is used to determine odd and even.

Bitcoin Cash Innovation Continues With the First On-chain Atomic Bet
Chris Pacia’s trustless bet demo.

“To make the scheme atomic, Alice first funds a special output with a redeem script of: OP_HASH160 <aliceCommitment> OP_EQUALVERIFY <alicePubkey> OP_CHECKSIG,” Pacia explains. “Alice and Bob then jointly build a transaction with two inputs ― Alice’s special output and a normal output from Bob’s wallet [edit: this will need to be a 2-of-2 to prevent bob from double spending].”

Bob signs the transaction first and sends his signature to Alice. Alice then signs her input and broadcasts the transaction to the blockchain. By signing the transaction Alice is revealing her secret number to Bob who can then use that number to determine if he won or lost the bet. If he won, Bob can immediately claim his winnings. If Alice won, Bob cannot do anything but Alice can claim the funds after a timelock (6 blocks) expires. 

BCH Supporters Thrilled to See the Trustless Scheme in Action, and Some Are Quite Amused the Procedure Can’t be Done Using BTC   

Many bitcoin cash supporters were thrilled to see that Pacia accomplished this procedure and shared his demonstration. BCH supporters believe this method of trustless wagers could further advance betting sites like Satoshi Dice. The creator of Chainbet, Jonald Fyookball, thanked Pacia for bringing his skills and adding life to his concept. 

“Looking forward to working with you and others to create a usable implementation soon,” Fyookball notes. “That’s pretty amusing that this scheme can’t be done on BTC.”

What do you think about the trustless betting demo performed by Chris Pacia? Let us know what you think in the comment section below.


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Large Passenger Bus Companies in Brazil Start Accepting Three Cryptocurrencies

Large Passenger Bus Companies in Brazil Accept Three Cryptocurrencies

Two major passenger bus companies in Brazil have started accepting cryptocurrency payments for ticket sales. The companies say they are the first in the sector to accept crypto payments in the country. One of them has more than 800 buses; the other claims to have the newest and most modern fleet in Brazil.

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

Three Cryptocurrencies

Large Passenger Bus Companies in Brazil Accept Three CryptocurrenciesTwo public transportation companies of the GBS Group have decided to accept payments in cryptocurrencies. Brasil Sul and Viação Garcia both started accepting BTC payments for online ticket sales on June 6. The crypto payment option has already been added to their websites.

The companies wrote, “In the country, it is the first group of passenger transports to accept” crypto payments, adding that:

The group opted, initially, to use bitcoin (BTC), the most popular virtual currency on the market today…[and] by July, two other cryptocurrencies will be accepted: bitcoin cash and litecoin.

Large Passenger Bus Companies in Brazil Accept Three CryptocurrenciesViação Garcia was founded in 1934. Today, the company is one of Brazil’s five largest companies in the sector, its website claims. “The modern fleet of more than 800 buses runs 5.5 million kilometers per month.” Meanwhile, Brasil Sul’s website claims that the company “has the newest and most modern fleet in Brazil.”

Large Passenger Bus Companies in Brazil Accept Three Cryptocurrencies
A Brasil Sul bus.

Buy Tickets With Crypto

Large Passenger Bus Companies in Brazil Accept Three CryptocurrenciesThe two companies both explained on their websites that “when choosing the bitcoin [payment] option, the client should open their wallet and scan the code that appears on the site screen.” The purchase is completed after the customer confirms the order.

The voucher will be forwarded to the customer’s email address to confirm the payment and the shipment, both firms similarly noted.

GBS vice president Estefano Boiko Junior indicated that the rest of company’s operations can also be carried out with cryptocurrencies, emphasizing that “the transport sector could not be left behind,” Cripto Tendencias conveyed and quoted him saying:

Cryptocurrencies represent changes in financial relationships. They facilitate purchases online. Many of the economic and commercial operations are migrating to the digital world and the segment of passenger transport by road could not be different.

What do you think of the two companies accepting crypto payments? Let us know in the comments section below.


Images courtesy of Shutterstock and GBS Group.


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Matter App Provides a Long-Form Blogger Platform Powered by BCH

Matter App Provides a Long-Form Blogger Platform Powered by BCH

Just recently a new on-chain social media application has entered the Bitcoin Cash ecosystem called Matter — another decentralized blogging community that’s fueled by the Bitcoin Cash (BCH) blockchain. Matter is the third social media platform that follows behind Blockpress and Memo, allowing users to store arbitrary data on the BCH chain.

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

Matter: Bitcoin Cash Powered Long Form Blog Posts

Another blogging site called Matter has been introduced to the BCH community, and the platform’s actions are all powered by the Bitcoin Cash network. Matter claims to have no access to the user’s key and explains keys are stored only in your browser. Now Matter does have its differences compared to the Blockpress application and Memo, as Matter users can publish arbitrarily long-form posts. Essentially due to the fact the miner’s fee using bitcoin cash is so minimal Matter users can store any document in the BCH chain in an immutable fashion.

Matter App Provides a Long-Form Blogger Platform Powered by BCH

Signing up for the website is fairly intuitive for anyone already familiar with cryptocurrency wallets and social media in general. When registering for Matter the app gives you a private key and a twelve-word mnemonic phrase which is needed to log into the platform. From here the application resembles the Blockpress app and you are able to add your name and add a profile picture. One thing worth noting is when performing such actions Matter asks you to confirm that you are aware that “all of the information will be permanently stored on the Bitcoin Cash (BCH) blockchain.”

Matter App Provides a Long-Form Blogger Platform Powered by BCH

More Characters Per Satoshi

Now as we stated above the biggest difference between the other social media apps and Matter is the fact you can add long-form posts to the chain. With Blockpress you are only allowed 217 characters, and writing longer posts can get cumbersome much like Twitter’s character limit. On June 9, 2018, we were able to add Timothy May’s entire 1988 piece ‘The Crypto Anarchist Manifesto’ and all my actions were recorded on the BCH chain. Now May’s phenomenal writing isn’t too long but it is still 500 words and the entire entry cost less than ten cents. You can also title the post, add bold lettering and other format functionalities.

Matter App Provides a Long-Form Blogger Platform Powered by BCH

In essence, Matter allows a decentralized way to bypass centralized clouds and corporations who sell and censor data. The new app had caused a discussion about whether or not adding large amounts of arbitrary data into the blockchain was a good idea. A few bitcoin cash proponents didn’t like the idea of all this data being applied to the chain, however many other BCH fans have favored these new on-chain publishing concepts.

What do you think about the Matter application? What do you think about individuals storing much longer forms of data using the Bitcoin Cash protocol? Let us know your thoughts in the comment section below.

Disclaimer: 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 information in this social media platform. Readers should do their own due diligence before taking any actions related to the content.


Images via Shutterstock, and the Matter platform. 


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Chainbet Protocol Proposes a Trustless Bitcoin Cash Betting Mechanism

Chainbet Protocol Proposes a Trustless Bitcoin Cash Betting Mechanism

On Saturday June 9, the founder of the bitcoin cash-centric wallet Electron Cash, Jonald Fyookball, revealed that he had created an on-chain betting protocol called Chainbet. The 255 lines of code form a proposal that allows a simple coin flip type of bet, but the software could be designed to handle more complex on-chain betting methods.

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

Chainbet: A Trustless Gaming Mechanism Built on the Bitcoin Cash Network

Chainbet Protocol Proposes a Trustless Bitcoin Cash Betting MechanismThis weekend the creator of Electron Cash, Jonald Fyookball, revealed a new on-chain betting protocol that enables a simple coin flip wager that’s tethered to the BCH chain. According to the Github repository, Fyookball’s protocol has two components, “a commitment scheme to enable a trustless wager, and an on-chain messaging system to facilitate communication.” At the moment the proposal can only do the coin flip bet but the protocol can be built out to allow more elaborate configurations, explains Fyookball.  

“Since Paleolithic times, humans have engaged in games of chance, and probably always will — Blockchain technology can increase the fairness, transparency, and safety of these activities,” the Github repository details.  

The Bitcoin Cash ecosystem can gain more users and more transaction volume by providing a trustless gaming mechanism.

Developer Says Chainbet Needs Peer Review

The Chainbet creator says in order to perform a trustless coin flip wager, Alice and Bob need to create secret values. If the sum of the value is ‘even’ then Alice wins, and if the sum of the value is ‘odd’ then Bob wins the bet. Meanwhile, both parties use a cryptographic scheme where Alice and Bob can lock the bet and reveal the secrets in a transparent manner. Moreover, the Chainbet protocol has a messaging client within the codebase that allows parties to exchange any “extraneous communication through the internet”.     

“[Chainbet] still needs peer review — And I’m waiting for someone to poke a serious hole in the basic idea,” Fyookball explains on the Reddit forum r/btc.

Thanks to the Reddit users who inspired this — One person asked about how we could do on chain betting, another person later asked about gaming lobby — This combines both of those ideas.

A good majority of Bitcoin Cash proponents seem to like the idea and complemented Fyookball on his concept. The repository gives a fairly good description of how the system can work and reduce collisions. Further, Fyookball has added some implementation considerations on how to make the protocol a bit more efficient and secure.

What do you think about the Chainbet protocol? Let us know what you think about this subject in the comment section below.


Images via Shutterstock, and Pixabay. 


Want to get a few bits of BCH to test out this awesome technology? Check out our Bitcoin Cash Faucet today!

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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.

The post Paid in Bitcoin? Learn How to Survive Off a Crypto-Income appeared first on Bitcoin News.

Bitcoin Cash Price Watch – BCH/USD Heads For Upside Break, Testing Resistance

Bitcoin Cash Price Watch

Key Highlights: Bitcoin Cash price held steady for the past few days, trading in the $1,050-1,150 range throughout most of the week. BCH/USD is heading for an upside break, now on a bullish trend line testing a major resistance of $1,125. A major support level has been established at $1,080. BCH/USD Heading For Upside Break

For the past week, Bitcoin Cash remained steady as price volatility began to decrease. BCH/USD mostly stayed between the $1,050-1,150 range, though it did surpass the $1,200 level briefly earlier this week.

At the moment, BCH/USD is heading for an upside ...

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Bitcoin Cash Roundup: New Apps, Announcements and Developments

Bitcoin Cash Roundup: New Apps, Announcements and Developments

This week, the decentralized cryptocurrency Bitcoin Cash has seen some market gains and there’s also been a slew of new announcements and development over the past couple of weeks. Currently, the price per BCH is around $1,120 after dropping below the $1K range the week prior. Moreover, since the fork this past May the BCH-ecosystem has seen all types of application development and community projects launched with a new announcement nearly every day.

Also Read: IMF Says Bitcoin Could Create Less Demand for Regular Debt-based Fiat Money

Today’s Bitcoin Cash Statistics

It’s been over 10 months since the August 1 fork and today the BCH chain is roughly 7201 blocks ahead of the Bitcoin Core (BTC) chain. Since then, the decentralized cryptocurrency ecosystem has performed two successful hard forks, one of which changed the currency’s difficulty algorithm, while the other fork added new OP_Codes, and raised the base block size to 32 MB. Over the past year, the BCH hashrate has grown exponentially and this week the hashrate is averaging close to 5 exahash per second between roughly 12 different mining pools. This Friday, June 8, the Bitcoin Cash chain is 1.5% more profitable to mine according to Coin Dance statistics. Further Coin Dance data details that it is 5.95x more expensive to transact on the BTC network today.

Bitcoin Cash Roundup: New Apps, Announcements and Developments

Market data shows that BCH is down 2 percent today but has gained 13 percent over the last seven days. The market has a lot more trade volume today than a few days prior with $516Mn BCH swapped over the past 24-hours. The top exchanges trading the most BCH liquidity include Okex, Binance, L Bank, EXX, and Huobi. Bitcoin Cash is the fourth highest market capitalization still but also holds the fourth highest trade volume for June 8, 2018. The strongest currency pair with BCH is BTC which captures 41 percent of trades. This is followed by tether (USDT 30.8%), USD (15.1%), KRW (7.9%), and ETH (1.3%).

New Platform Announcements, the Miners Choice Initiative, and Development Funding

Overall, the sentiment within the BCH community has been very positive, as there have been lots of announcements over the past couple of weeks. For instance, this past week 100+ coders met in China to develop BCH-based applications and organizers detail the event was a huge success. The Cryptonize.it team announced the launch of a new BCH-centric wallet called Cash Pay that allows anyone to purchase anything online. A few days later, the Cryptonize.it founder Ari explained to news.Bitcoin.com about how his team helped an anonymous developer create a new decentralized fundraising platform called Lighthouse.cash.

Bitcoin Cash Roundup: New Apps, Announcements and Developments

Earlier this week, we reported on a “Miners Choice” initiative started by the mining pools operated by Nchain, and Coingeek which aims to remove the BCH dust limit if 546 satoshis, alongside allowing some free transactions per block. Nchain’s Dr. Craig Wright spoke with news.Bitcoin.com about the initiative and he encouraged other mining pools to join the cause. So far since we reported on the topic, the mining pools Bitcoin.com and Viabtc have pledged to support the initiative. In addition to this, the Bitcoin.com pool has started to donate a fraction of block rewards to BCH development and has donated the funds to the Bitcoin ABC development team this week.

Bitcoin Cash Community Energy Still at Full Throttle

Other BCH announcements include the popular streaming gaming platform Twitch now allows BCH tips by utilizing the Streamlabs app tethered to their Coinbase accounts. An encrypted messaging service was launched this week that’s tethered to the BCH network called Keyport. Bitcoin Cash was featured in the UK’s popular financial magazine Moneyweek two days ago in an editorial detailing why investors should invest in BCH. Last but not least, the trading platform Boaexchange has added BCH as their base currency and default values. The Coinex exchange is another trading platform that also offers BCH trading pairs with other popular cryptocurrencies.

The trading platform Boaexchange offers BCH pairs.

Overall, the BCH community is optimistic about the future and pleased with the latest developments and announcements concerning the Bitcoin Cash ecosystem. One unique headline this week came from the Philippines, as there’s a decked out customized BCH Jeepney that drives between Philcoa in Quezon City and T.M. Kalaw in Manila every day. The BCH Jeepney project was initiated by 20 BCH community members who donated 0.5 BCH each, and the bus plans to accept bitcoin cash in the near future.  

Bitcoin Cash Roundup: New Apps, Announcements and Developments
The customized BCH Jeepney that drives throughout Manila.

There’s been a lot going on which has invoked a positive energy around the entire community, so far this fervor has been at full throttle.

What do you think about the BCH market and infrastructure the past few weeks? Let us know your thoughts on this subject in the comments section below.


Images via Shutterstock, Satoshi Pulse, and Visor.


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The post Bitcoin Cash Roundup: New Apps, Announcements and Developments appeared first on Bitcoin News.