Some analysts believe that the calm in the markets is about to end. Do the charts point to a potential breakout or a breakdown? Let’s find out
Crypto markets are seeing minor losses across the board, as low volatility and low price momentum continue
The Bill and Melinda Gates foundation has partnered with Ripple and Coil to implement Ripple’s Interledger protocol and develop their mobile platform for the unbanked
The cryptocurrency market is currently sitting just above $210 billion this morning. While mainstream media is heavily focused on cannabis at the moment, blockchain companies are still making moves in the background. Today, we’ll take a closer look at Ripple (XRP) and Litecoin (LTC) and the latest advancements with the two projects.Ripple (XRP)
Ripple and XRP are often confused as the same and are often grouped together because what Ripple the company does ultimately affects/influences the price of XRP.
Less than a month ago, Ripple revamped its website to solely focus on RippleNet. ...
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Crypto markets are seeing continued stability, with scant few of the major cryptocurrencies budging in price
Moneynetint, a UK-based provider of foreign exchange services for the corporate sector has integrated and deployed decentralized payments using Ripple blockchain network RippleNet. Based in London with a focus on payment services for corporate clients, Moneynetint revealed an ongoing collaboration with San Francisco-based blockchain industry giant Ripple on Tuesday. The payments platform, which provides cross-border
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While larger players may enter the market in the near future, they are likely to test the waters first. Until then, is it worthwhile to buy and hold or is there a risk of a further fall?
A central-bank approved Malaysian Fintech startup that has specializes in international money transfers has completed its first cross-border transfer on RippleNet, Ripple’s enterprise blockchain platform using an API solution. With a payment from Malaysia to Spain, Kuala Lumpur-based MoneyMatch has completed its first cross-border blockchain transaction, a local report from Focus Malaysia confirmed. The transaction,
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Today’s installment of The Daily is all about dirty tricks. The sort of tricks designed to convince the world that Bitcoin is bad. Spending bitcoin, mining it, or allowing the Chinese to mine it ahead of the U.S. — all bad, according to American Express, the White House (allegedly) and a handful of other haters. Needless to say, we’ll set the record straight on all counts.
Also read: How Bitcoin Mining Can Help Nuclear Reactors
American Express Fuels Anti-Bitcoin FUD
American Express’ decision to promote a tweet emphasizing the energy consumption of Proof-of-Work cryptocurrencies has been met with astonishment, with r/Bitcoin describing the act as “anti-crypto propaganda.” As one Redditor quipped: “Ah we’ve moved into the ‘then they fight you’ with shitty marketing phase.” Mining is the most widely misunderstood component of Bitcoin, and one which the media and corporations consistently get wrong, be it through ignorance or ulterior motives.
As news.Bitcoin.com recently noted, “You’ll often hear from mainstream media and uninformed economists that bitcoin burns more energy than a whole country. And while that accusation is far from the truth, as we’ve explained before, you’ll be surprised to hear something you are not being told — it’s way better to burn excess energy than waste it.” Readers can reach their own conclusions as to why American Express might be interested in playing up Bitcoin’s energy consumption, but it’s safe to say that environmental concerns have nothing to do with it.
No, the White House Doesn’t Care
About Bitcoin Mining
How much thought does the White House give to bitcoin mining? “Not a lot,” would be most people’s response, but then most people don’t work for Ripple. A clickbait piece in Forbes yesterday (Oct. 16) titled “China’s Bitcoin Dominance Is Worrying Trump’s White House — And Pushing It Toward Ripple” provoked derision in most quarters of the cryptocurrency space. Few, outside of XRP acolytes, took the article seriously, but there was one notable exception — Nouriel Roubini.
The fervent bitcoin-hater shared the Forbes article, asserting that the White House was “waking up” to the risks of Chinese mining pools, and credited his U.S. Senate testimony with highlighting the “national security risks” of enabling China to control 80 percent of bitcoin mining. As previously noted by news.Bitcoin.com, the location of cryptocurrency mining has no bearing on the network’s security, and Bitmain’s dominance is unlikely to feature in President Trump’s daily briefings. Nor, for that matter, is the mining-free alternative offered by Ripple’s native cryptocurrency, no matter how desperately its marketing team tries to insinuate such. Preston Byrne, predictably, was having none of it:
The Case for Post-Bitcoin Maximalism
You’ve heard of Bitcoin maximalism. Now say hello to post-Bitcoin maximalism, the next level of wokeness. While thought pieces generally aren’t the preserve of The Daily, which is more news-oriented, Ferdous Bhai’s treatise on post-bitcoin maximalism warrants a mention. The widely shared post, published on Oct. 15, takes aim at those who wish to define what Bitcoin is and how it should be used. By way of example, the post includes Giacomo Zucco’s much-maligned slide that professes to share four universal truths about Bitcoin.
Dismissing these notions, and others expressed by maximalists, Bhai writes: “One of the major reasons I believe we haven’t seen a war on Bitcoin is the existence of altcoins. Altcoins are insurance against state-level attacks on Bitcoin … From a game theory perspective, state-wide attacks on Bitcoin is a dumb idea, as long as the threat of one or more altcoins to replace Bitcoin’s role exists … Bitcoin is not the end-goal; it’s a means to our goal of censorship-resistant, permissionless, denationalized money that we can opt in and out voluntarily, not by coercion, social engineering or threats of violence.”
As Bitcoin grows stronger, attacks against it from governments, from legacy payment providers, and from concern trolls will only increase. It’s a dirty war.
What are your thoughts on today’s news tidbits as featured in The Daily? Let us know in the comments section below.
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Crypto markets are seeing some calm today, with most major cryptocurrencies seeing only small price changes, both red and green
If you are a young fortune-hunter toiling away on a computer in a basement, the prospect of death probably isn’t among your top considerations. Equally, if the main draw to crypto is its relative privacy, you may not be particularly eager to share your private keys with your loved ones, as a hacker could sift through your papers, weaponize your keys and empty your savings.
Prepare for the Inevitable
Most privacy-obsessed, wealth-chasing geeks are used to keeping their private keys a total secret. But when the Grim Reaper shows up unannounced, the family of an anonymous crypto-millionaire can be left without access to their relative’s riches. In one of the most widely publicized recent examples, paranoid U.S. investor Matthew Mellon died earlier this year, leaving few clues to a crypto fortune reportedly valued at more than $500 million.
In South Africa, for instance, thousands of people have invested in cryptocurrencies. However, once they pass away, many of those individuals will die with their holdings.
“As a young industry, with little regulation, it is crucial for investors to become more responsible in their attitude towards cryptocurrency investing,” Eran Brill, an investment management director at Stonehage Fleming in South Africa, recently told one news site. “Investors need a storage execution strategy for account information, as well as advice on the implications regarding the deceased estate, including access to accounts, distribution to beneficiaries, and tax implications.”
The ‘Double Funeral’ Dilemma
There have already been several examples around the world of bitcoin investors who have died without leaving their keys for their relatives. In such cases, families must deal with a kind of “double funeral,” as they mourn the loss of their loved ones while coming to terms with the loss of an irretrievable fortune that might have been theirs.
This underscores how bitcoin’s main attraction — its safe remove from regulators and impenetrable privacy from regulation — can also become its fatal weakness. Users may enjoy immunity from high bank fees and taxes, but they miss out on the good side of the old system, such as help with the administration of their estates.
According to Chainalysis, about 25 percent of all bitcoins now in circulation (valued at roughly $23.5 billion) have already been lost forever. Death likely accounts for a good portion of these losses. But the recent example of Mellon, in particular, may encourage investors to start thinking beyond their own lives.
Mellon died in April at the age of 54. He passed away with up to $500 million in ripple stashed away in cold storage under fake names in banks across the U.S. But the secretive millionaire took his fortune with him, because he failed to name heirs to his wealth and did not provide information on how to access his crypto wallets.
Posthumous losses of cryptocurrency will likely become more of a problem in the years to come, as investors will remain inclined to value secrecy to safeguard their wallets. While death is a concern, bitcoin wealth can also be lost through theft, accidental deletion, security breaches, and the loss of passwords and hard drives. This explains, in part, why cryptocurrency investors are secretive about their details.
Legislators in South Africa, the second-largest crypto market on the African continent after Nigeria, are still wrapping their heads around bitcoin regulation, nine years after the introduction of the virtual currency. But regulation could prove to be a mixed blessing for account holders. On the negative side, the South African tax regulator now recognizes cryptocurrency as an “asset of intangible nature.” But on the positive side, the introduction of new rules could mean that players operating in this decentralized space will be able to claim greater protection if the need arises.
South Africa’s formal recognition of bitcoin means its laws of succession apply to cryptocurrencies, as with other investments in the estates of deceased individuals. However, it is still up to investors themselves to formally identify their heirs in their wills.
That said, having a will does not automatically mean that one’s bitcoin wealth will get passed down to loved ones. Private keys are still needed to unlock crypto wallets, which is why individuals need to leave clear instructions on how their heirs can access their fortunes.
Inheritable digital safe services such as Digipulse help people to keep their bitcoin information safe, while allowing it to be utilized for legacy purposes. Simpler methods might include entrusting third parties with copies of private keys, either on paper or in digital format, but such options necessitate a level of trust.
What do you think about the relationship between cryptocurrency, privacy and death? Let us know in the comments section below.
Images courtesy of Shutterstock.
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 Pulse, another original and free service from Bitcoin.com.
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Major cryptocurrencies are seeing solid growth, but “stablecoin” Tether has dropped well below its usual trading price
Crypto markets keep their balance after the recent sell-off, most of the top 20 coins by market cap see slight growth today, with Bitcoin above $6,300
Crypto markets are seeing a mix of red and green, with 10 out of top 20 coins by market cap growing by less than 2 percent each
Markets have recently seen another sharp slump, but do chart patterns predict an even deeper fall, or a sharp rebound? Let’s find out
Ripple (XRP) is making a dashing comeback this morning after the crypto market lost over $20 billion in value this week. Many of the other cryptocurrencies in the top 20 were seeing double-digit losses yesterday, as investors began dumping their digital assets. Now it seems most are making a comeback and XRP is leading the way.Ripple (XRP) Comeback
Ripple concluded its annual Swell conference last week. The company put together a two-day conference that was held in San Francisco.
#SwellbyRipple is a wrap for 2018! Thanks to all those who joined us in ...
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The cryptocurrency markets appear to be consolidating following the significant sell-off that transpired on Thursday. The event saw BTC produce the largest percentage red daily candle posted since Sep. 5, driving losses across most major markets. ZRX was the most notable exception to the bearish price action that erupted through most cryptocurrencies, rallying significantly following the announcement that Coinbase Pro would be launching three ZRX pairings.
BTC Consolidates Within Triangle as Inter-Exchange Spreads Extend
BTC experienced a sharp sell-off yesterday, shedding nearly 6% against the dollar in little over an hour as it fell from roughly $6,630 to $6,250 on Bitfinex, and 7.35% as the market fell from $6,530 to a low of $6,030 on Bitstamp.
Despite the bearish move, the range of price action for BTC continues to consolidate and tighten within a long-term triangle formation, with many traders anxiously awaiting a significant move to break the triangle and establish a short-term direction for price action.
As of this writing, there is a significant spread in the price of BTC across various exchanges, with BTC trading for $6,330 on Bitfinex, $6,223 on Bitstamp, and $6,278 on Binance.
BCH Drops by 16%
BCH lost approximately 16% of its value when measured against the dollar yesterday, falling from $516 to $434 on Bitfinex, and from $510 to $428 on Bitstamp.
As with BTC, BCH is trading for a roughly 1% premium on Bitfinex. However, the majority of leading BCH markets by volume appear to be in unison, with BCH for approximately $451 on Bitfinex, and $446 to $447 across most leading exchanges as of this writing.
When measuring against BTC, BCH fell by 11% yesterday, dropping from 0.08 BTC to 0.0692 on Bitfinex. As of this writing, BCH is trading for 0.07115 BTC.
ETH Slips Below $200, XRP Bounces Strongly
ETH lost more than 15% against the dollar yesterday, slipping from $226 to approximately $190 on Bitfinex, and is now trading for around $195.
When measuring against BTC, ETH lost approximately 10% as it fell from 0.034 BTC to 0.03. As of this writing, ETH is trading for approximately 0.0315 BTC.
XRP suffered a loss of roughly 18% as it fell from $0.466 to $0.0383 on Bitfinex yesterday, before posting one of the stronger bounces of the major crypto markets today. XRP is currently trading at roughly 0.435% – approximately 12% higher than yesterday’s closing price, after retracing from its intraday high of almost $0.45.
XRP/BTC fell by roughly 12% yesterday, slipping from 0.00007 BTC to 0.000061 BTC. Despite the significant drop, XRP/BTC produced a significant recovery today as it rallied back to 0.00007 BTC, before retracing to its current price of roughly 0.000068 BTC.
ZRX Rallies On Coinbase Pro Listing
Whilst most market suffered heavy losses yesterday, ZRX closed 2.7% above yesterday’s opening price of $0.76 after rallying on the news of Coinbase Pro listing USD, EUR, and BTC pairings.
Initially, ZRX fell by 15% from $0.765 to $0.646 in two hours yesterday, before news of the Coinbase Pro listing broke. The markets quickly recovered to the day’s opening price, before rallying as high as $0.9 on Bitfinex – roughly 17.5% higher than yesterday’s opening price. As of this writing, ZRX is trading for $0.79.
When measuring against BTC, ZRX opened yesterday’s trading at 0.000114 BTC, before falling 8.5% to set an intraday low of 0.000104. ZRX then rallied to post an intraday high of 0.000144 BTC 26% higher than the day’s opening price, before closing the day up 8% at 0.000123 BTC. As of this writing, ZRX is trading for 0.0001255 BTC.
Do you think we will see a break down or a breakout when BTC exits its triangle? Share your thoughts in the comments section below!
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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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After yesterday’s plummet, crypto markets are seeing relative calm, with the top cryptocurrencies by market cap seeing moderate movement – some up and some down
The Ripple-to-Dollar (XRP/USD) exchange rate on Friday was the earliest to recover from its latest downtrend move. It surged as much as 19 percent from yesterday’s low at 0.377-fiat, which is higher than other top coins. Ripple, the company that issues XRP tokens, is reportedly heading towards forming a partnership with SWIFT, a global banking
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