Category Archives: Bitcoin

Comparing Apple to Bitcoin? Crypto Occupies a Class of Its Own – Cointelegraph

A recent article by a Cointelegraph Markets contributor proclaimed that Bitcoin is the new Apple, explaining just how Bitcoins (BTC) price could reach $60,000 by 2023: Bitcoin hangs near the chasm of the adoption curve, and its price looks similar to Apples stock in 2008 before it broke out with a 520% rally.

The technology adoption curve referenced was Everett Rogers famous diffusion of innovations model, published in 1962, which described the five stages through which technology becomes diffused i.e., goes mainstream: innovators, early adopters, early majority, late majority and laggards.

In 2008, manufacturer Apples United States smartphone penetration was stalled at about 11% and still waiting to cross the chasm, the gap between the early adopter stage and the early majority stages in the Rogers lexicon. Any technical innovation worth its salt needs to cross that threshold. Apples smartphone surmounted that chasm, of course: Usage exploded, and Apples share price soared into the ionosphere. Bitcoin may well be in a similar place today.

But this comparison, satisfying as it may be, raises some questions. Is BTC even a technology like radios, PCs, and smartphones or is it something different: unique, sui generis i.e., in a class by itself? Is BTCs global penetration really anywhere close to 11% its putative U.S. penetration rate? Also, while smartphone usage indubitably crossed the chasm more than a decade ago, how does one extrapolate BTCs future price from AAPLs share price? Shouldnt it be compared with smartphones price?

The resemblance between Bitcoin and Apple in terms of growth and adoption is indeed there, but in short, is it fair to compare Bitcoin to younger versions of tech giants like Apple?

Arvind Singhal, a professor of communication at the University of Texas at El Paso, whose academic research has focused on the diffusion of innovation, told Cointelegraph that Bitcoin did indeed seem singular: It has tremendous barriers to adoption for most individuals and operates in a space of multiple familiar currencies and that peculiarity would greatly influence its adoption.

Michel Rauchs, the head of Paradigma a consulting firm focusing on the digital assets sector and a former research affiliate for the cryptocurrency and blockchain research program at the Cambridge Centre for Alternative Finance at the University of Cambridge, told Cointelegraph: Bitcoin is not a technology in itself, and any comparison [with traditional technologies] is misguided. He added: It is a social/economic system, a new monetary order that uses technology to represent its unit of accounts. Technology is just a secondary component, a means to an end.

Additionally, it may be important here to separate Bitcoin from the more generalized blockchain technology in which it partakes or risk misapplying Rogerss diffusion of innovation theory suggested Theophanis Stratopoulos, PwC Chair Associate Professor at the University of Waterloos School of Accounting and Finance, who further explained to Cointelegraph:

When decision-makers consider whether to implement blockchain in, lets say, their supply chain they develop expectations in terms of the cost of making the investment e.g., paying for the implementation of the software versus the benefits, such as increased revenues or cost savings. It is the difference in expectations among decision-makers that explains the adoption cycle that was observed by Rogers.

But Bitcoin does not behave the same way as other technologies typically adopted by firms like CRM systems, for instance. When it comes to Bitcoin, its the expected price that drives people to invest in Bitcoin. It is a matter of speculation, Stratopoulos continued, closer to a pyramid scheme than a capital expenditure. If I believe that more people will want to hold Bitcoin in the future, the price of the Bitcoin will rise. In a case like this, it makes sense for me to invest today rather than tomorrow.

Oliver von Landsberg-Sadie, the CEO and founder of the BCB Group a digital assets financial services group agreed that BTCs adoption cycle was anomalous, telling Cointelegraph: The reason Bitcoins adoption path has broken formation with established adoption curves is quite technical: In the short term, the more users there are, the less useful it is as a currency.

With more users, the Bitcoin network self-regulates by raising the network fees as the mem pool bulges up in busy periods and breathes out in quieter ones. But this makes Bitcoin less effective as a payments processing system. As von Landsberg-Sadie explained: When fees are high, no one is going to pay a $5 transaction fee on a $5 coffee.

Many technical solutions have been proposed to solve this dilemma, some in the form of forks, others like the Lightning Network project that makes use of a second layer, but none have truly stuck in the core Bitcoin protocol, which has been the slowest to evolve. The good news is that it is evolving, and the increase in off-chain transactions is reducing barriers, but all of this means one cant expect Bitcoin to follow a classic Rogers technical adoption curve, according to von Landsberg-Sadie.

When U.S. smartphone penetration stalled at around the 11% mark in December 2008, Apples share price became volatile three-month volatility stood at 92%, according to the July 6 Cointelegraph article. In June 2020, with BTC penetration at 11%, three-month volatility was at 64%, indeed also a very high figure.

But Stratopoulos was unimpressed. I would not compare Bitcoin to the performance of Apple or Amazon or any other high-tech company. Rogerss adoption cycle applies to innovations emerging technologies not to the price of stock. Kevin Dowd, a professor of finance and economics at Durham University in the United Kingdom, agreed, telling Cointelegraph:

Since BTC is a form of product, then the natural comparison is with Apples smartphone product. Apples share price might have risen strongly, but the better comparison is with the price of smartphones, which have not.

It is relatively easy to find correlations like between AAPL in 2008 and BTC in 2020, commented Stratopoulos. It does not mean that there is causation, or it could be just a spurious correlation.

What, then, can be said about Bitcoin adoption? If measured by awareness e.g., recognition of the term Bitcoin then it has already entered the mainstream, said Rauchs. A Blockchain Capital survey reported 89% awareness of Bitcoin in the U.S. as of Spring 2019. A U.K. Financial Conduct Authority survey conducted in December 2019, which was recently published, found that 73% have heard about crypto, compared to 58% in 2019.

As for BTC ownership, the Blockchain Capital survey reported: In total, 9% of the [U.S] population owns Bitcoin including 18% of those aged 1834 and 12% of those aged 3544. The firm originally reported 11% but that was later corrected. In the U.K. survey, by comparison, an estimated 3.86% of the general population currently own cryptocurrencies. This projects to approximately 1.9 million adults within the U.K. population (over 18) of roughly 50 million.

Rauchs finds the lower U.K. adoption estimate more realistic if generalizing; that is, he would peg crypto ownership at 3%5% of the global population, which also includes indirect ownership e.g., individuals participating in a pension fund that invests in Bitcoin. But this clearly means that all crypto is in the first half of the early adopter stage nowhere near the so-called chasm.

Its not much different for blockchain technology. Stratopoulos co-authored a paper on blockchain technology adoption exclusive of cryptocurrencies that concluded: Despite the recent hype, the current adoption rate is relatively low, and blockchain has not become mainstream yet.

Bitcoin clearly means different things to different people. Its most popular use today is as a store of value, while back in 2011, its principal use was as a payment method for gaming and other purposes, said Rauchs. Depending on its applications, different adoption curve scenarios are possible. For his part, Rauchs believes that BTCs most likely future usage will be as an alternative, non-sovereign store of value.

According to von Landsberg-Sadie, Bitcoins true adoption pattern will be more like a wave, oscillating higher at each cycle. In this view, the biggest bets are on the most extreme outcomes: Bitcoin will either ripple slowly out of relevance, or it will amplify meaningfully into the mainstream. My money is on the latter.

In sum, BTC following the same growth pattern as Apple sounds like a fun version of what may happen, but ultimately, one shouldnt quibble that it is not based on a statistically valid experiment, as Dowd reminded Cointelegraph. Still, according to several experts, it doesnt make sense to compare Bitcoin to traditional technologies because Bitcoin does not have the ability to create value either in the form of increasing revenues or reducing costs, as Stratopoulous noted. Moreover, global BTC penetration is arguably closer to 4% than to the 11% mark where smartphones stood in 2008, immediately before they went mainstream.

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Comparing Apple to Bitcoin? Crypto Occupies a Class of Its Own - Cointelegraph

CoinSwap and the Ongoing Effort to Make Bitcoin Privacy ‘Invisible’ – CoinDesk – CoinDesk

A developer known for working on enhancing Bitcoin privacy has set his sights on a new project he hopes will massively improve how we keep our transactions private.

Chris Belcher, who also created the technical privacy market JoinMarket, is currently working on putting to the test CoinSwap, an idea first proposed by legendary Bitcoin developer Greg Maxwell in 2013. Belcher has been focusing on CoinSwap rather than JoinMarket because he thinks it will give users better privacy, he told CoinDesk.

Belcher recently received not just one, but two grants for his efforts, showing just how excited Bitcoiners are about the potential of the project.

Though the Bitcoin network arose from a privacy-minded movement, its privacy is actually pretty thin. Just take a look at any block explorer for a glimpse of how easy it is to pull up any transaction thats ever happened in Bitcoins history as well as the transactions associated history.

Right now, Bitcoin privacy is not very good at all. Anyone in the world can analyze the blockchain and then can find all sorts of information about users their balance, their history, who they transact with and in what amounts, when everything they spend, Belcher told CoinDesk in an interview.

Belcher argues that this is, in some ways, worse than the financial privacy we have in legacy systems today. The banking system, they know your transactions, but the general public doesnt. With Bitcoin it is the general public it is everyone that can see exactly what the user does, Belcher added.

He added its important to most people that this type of information isnt exposed to the whole world.

Financial privacy is good for human dignity, [for example], if you dont want your neighbors to see what charities you donate to or that type of thing, or if youre paid in bitcoin you dont want your employers to know what charities you donate to or what other activities youre involved in, Belcher added.

CoinJoins: today's Bitcoin privacy

CoinJoins (distinctive from CoinSwaps, which Belcher is putting to the test) are the privacy transactions that are most popular on Bitcoin today. CoinJoins give users good privacy and are becoming more popular. Thus far, they have been adopted in the Wasabi wallet, Samourai Wallet and JoinMarket.

A CoinJoin takes all inputs from several transactions by different users and mixes them into one big, collaborative transaction. This one big transaction then sends the bitcoins mixed from different addresses out to different addresses. Because no one can tell where the spent bitcoins originally came from, the scent of the trail is obfuscated and the participants in the CoinJoin gain better privacy.

But its not perfect. There are still ways for people analyzing the Bitcoin blockchain (namely blockchain analysis companies) to detect when and where bitcoins are being mixed.

For one thing, the transaction sizes of mixed coins are much bigger than normal transactions because they contain so many different inputs.

Also telling is the fact they have outputs that are all the same size. Equal output CoinJoins are very obvious. If someone sees them on the blockchain they can see that this kind of privacy protocol is happening, Belcher said.

Why are outputs the same size? If Bob sends 0.8 BTC into the CoinJoin transaction and Alice sends 0.187 BTC and Mary sends 1.2222 BTC, and the resulting outputs are exactly 0.8 BTC, 0.187 BTC and 1.2222 BTC respectively, that coincidence is pretty obvious to anyone who is looking.

In order to preserve privacy, a CoinJoin transaction usually splits the amount of bitcoin dispensed into even pieces, say 0.1 bitcoin. So, if Alice put in 0.3 bitcoin, she will receive three 0.1 pieces sent to three separate addresses that she controls.

Most transactions dont have a bunch of equal outputs like this. Thats why CoinJoins are easy to detect.

Indeed, there have been a few instances of cryptocurrency exchanges banning users who have evidently sent their bitcoin through such privacy services.

Theyll be suspicious. If theres someone analyzing the blockchain, theyll see this is a CoinJoin, so they know this person did that. And if they see another transaction, [by comparison] they can see that its not a CoinJoin, Belcher said.

CoinSwap: an invisibility cloak for transactions

CoinJoin and CoinSwap have similar names and they both help to preserve privacy, so its easy to confuse them. But theyre different, and Belcher argues CoinSwaps fixes many of the problems of some kinds of CoinJoins and is the next step for on-chain bitcoin privacy.

CoinSwaps can be made to look invisible, Belcher said. If done correctly, a CoinSwap transaction can look just like a vanilla bitcoin transaction.

In a CoinSwap, it looks like two separate people are sending completely separate transactions. But under the hood, something else completely is happening.

Two parties, say Alice and Bob, execute such a swap. In short, Alice sends some bitcoin to a CoinSwap address. Bob sends the same amount of bitcoin to a separate CoinSwap address.

If both send the right amount of money over, the coins are swapped. The coins Alice sent to the CoinSwap address are sent to a new address owned by Bob, and the coins Bob sent to his own CoinSwap address are sent to a new address owned by Alice.

'Teleporting' Coins

Under the hood, the CoinSwap address, which is responsible for this swapping, is much fancier than a normal bitcoin transaction. Its a multi-signature transaction, meaning it requires more than one person to sign off on it in order to send the transaction. Usually, these types of transactions stand out on the blockchain since they look different from normal bitcoin transactions. But by including ECDSA-2P cryptography, these multi-signature transactions can be made to look just like normal bitcoin transactions. This is very much Belchers plan.

With ECDSA-2P in place, Alice sends a CoinSwap to Bob and it just looks like just a normal transaction. But actually the coins have ended up somewhere else completely, Belcher said.

This component is important. If all of these transactions look the same, people who arent even using CoinSwaps are getting more privacy too. Theres no way to tell if any transaction is a CoinSwap transaction or a normal one, turning bitcoin chain analysis on its head.

Similar technology will expand to the Lightning Network as well, so blockchain watchers cant tell if any single transaction is a CoinSwap, a Lightning Network transaction or just a normal bitcoin transaction.

CoinSwap could be said to allow bitcoins to teleport undetectably to anywhere else on the blockchain, as a description of the technology on the Bitcoin Wiki puts it. For a deeper explanation, check out this post from JoinMarket developer Adam Gibson.

Thats not to say that CoinSwap is perfect, though. The problem with CoinSwap is that it is a much more complicated process to implement than CoinJoin.

'As decentralized as possible'

In his mountain of a post, Belcher describes how to turn the idea of CoinSwap into reality.

A key reason CoinSwaps havent taken off since Maxwell described them seven years ago is that theyre not as straightforward as CoinJoins. So, Belcher has his work cut out for him in implementing the complexity for the first time.

His first step was just thinking about the best way to do it, outlining a number of different design considerations in the article making up his plan of attack. For one, he plans to use the Rust programming language, since its potentially more secure than other languages.

I want to make it as decentralized as possible, so theres no central point of failure that can be switched off or censored, Belcher said. To meet this goal, he wants the whole thing to run over the privacy network Tor, which helps to shield IP addresses, which are kind of like a mailing address for a computer exposing where it is located.

I think thats quite necessary for privacy, he said.

Belcher outlines this and various other considerations in his proposal, such as routing and using PayJoin, yet another bitcoin privacy technology, alongside it. Now that his ideas are out in the public, people can comment and make suggestions.

The next step is actually implementing it. Belcher told CoinDesk he hopes to release a minimum viable product in the next six months.

Image: BallesStrob-4 by MathGoulet is licensed under CC BY-ND 2.0.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Bitcoin Transactions: New High for Argentina as Confidence in the Peso Tanks – Bitcoin News

Crisis laden Argentina saw bitcoin transactions worth $1.4 million (101 million pesos) being recorded in the past week, a new high for the country.

According to a report by Vorem, this figure is nearly double the previous high of $0.96 million recorded in the last week of June.

Citizens who have previously watched their currency lose value are now turning to bitcoin and those finding it difficult to transfer fiat money to other countries now make use of the cryptocurrency.

The Argentine financial troubles, which started in 2018, worsened following the Covid-19 induced economy lockdown.

The countrys peso currency is depreciating while the inflation rate is growing.

According to a World Bank report, issued just as the country implemented lockdown measures, Argentinas economic situation presents a precarious balance.

The Argentine peso has lost 68% of its value since 2018. Annual inflation is over 50% and after a 2.5% fall in GDP in 2018, the economy contracted an additional 2.2% in 2019.

Already government data for the first three months show the economy shrank 4.8%. Unemployment rose to over 10% in the same period.

Meanwhile, Vorem quotes analysts predicting the economy to shrink by 10% by the end of 2020.

Argentina, one of Latin Americas largest economies, has faced persistent economic troubles going back several decades.

The crises are blamed on several factors including an insistence on using an overvalued currency, large scale borrowing as well as a lack of financial support by multilateral institutions.

After the crisis between 2001 and 2002, the country dollarized as it tried to restore confidence. That policy was abandoned in favor of a returning peso.

Again, prominent economists are calling for a return to dollarization but as the Vorem report suggests, citizens might be seeking a safe haven in crypto assets instead.

What do you think about the recent demand for bitcoin in Argentina? Let us know what you think in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is 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 content, goods or services mentioned in this article.

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Bitcoin Transactions: New High for Argentina as Confidence in the Peso Tanks - Bitcoin News

Black wealth must exit to Bitcoin, says author Isaiah Jackson – Decrypt

Bitcoin & Black America author Isaiah Jackson joined us on the latest episode of the new The Decrypt Daily podcast, discussing his book, the impact of COVID-19 on black and brown communities, and how he sees Bitcoin as a solution to address wealth inequality.

Released in July 2019, Bitcoin & Black America discusses the potential for Bitcoins impact on the black community amidst the digital transformation of money, plus it explains how business owners can accept cryptocurrency and highlights key black figures in the crypto space.

I'm a very solutions-based person, and one of the things I wanted to do was provide solutions and meet people where they are, Jackson explained to The Decrypt Daily host Matthew Aaron. A lot of times in the Bitcoin space, people are so smart that they're dumb. They know everything about everything, but they can't explain it to anybody, because they use way too many big words and jargon that nobody really cares about.

Plus, they forget they're talking to humans; humans always have their own interests at heart, he added. When you're talking about Bitcoin in general, nobody cares. Like, Alright, whatever. How does this affect me?

In addition to explaining some of his proposed solutions to increasing black wealth with Bitcoin and keeping that wealth within the community, Jackson digs into the potential for Bitcoin to help the black community create leverage and potentially break away from the current American financial system if needed.

The only two solutions I've seen since I've been alive have been money or violence. Violence is not the route that you want to go. You do want to protect yourself. So let's talk about the money, he said.

We as a community can come together and say, Hey, we will exit the system, and the trillions of dollars that we have basically helped create in this country will exit to Bitcoin. At the very least, you'll get taken seriously. And banks will have to change their practices. A lot of credit unions who are around they'll have to change their practices.

We definitely need something to protest with, he added. I think Bitcoin is the best peaceful protest.

Subscribe on iTunes to The Decrypt Daily to hear our full interview with Isaiah Jackson and continue to be informed about the latest happenings in cryptocurrency, blockchain, and decentralized tech.

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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Black wealth must exit to Bitcoin, says author Isaiah Jackson - Decrypt

Bitcoin Price Retreat As Bulls Run Out Of Steam At The 50-Day SMA – InvestingCube

Bitcoin price retreat for the second consecutive trading session but managed to rebound from daily lows amid an improvement in equities markets. Bitcoin price mirrors the move in stock markets the last weeks and the price of bitcoin moves on the risk-on risk-off sentiment. Bitcoin price rejected at the 50-day moving average several times the last days, and bears might attempt a break below the 9,000 mark.

Bank of England governor Andrew Bailey said while talking to a webinar that BOE is looking into creating a government-backed digital currency (CBDC). The central bank is investigating a central bank digital currency which would have major implications across the payments system and society. Bailey said that the CBDC could be a real possibility in a few years.

Cryptocurrencies are trading mixed today. Ripple (XRPUSD) is 0.24% higher at $0.1990. Ethereum (ETHUSD) is 0.44% higher at $240.63, Litecoin (LTCUSD) is 0.11% lower at $43.85, Lumen (XLMUSD) is 0.82% higher at $0.09103.

Bitcoin price is 0.12% lower at $9,221, as the recent positive momentum for bitcoin cancelled at the 50-day moving average, where it rejected several times the last trading sessions. The technical picture has deteriorated the last days after the failure to break above the 9,400 mark. If the bitcoin price failed to break soon above the 50-day moving average might see a correction down to 8,800 the 100-day moving average.

On the upside, the initial resistance for Bitcoin will be met at $9,242 the daily top. The next obstacle for Bitcoin stands at $9,395 the 50-day moving average. If Bitcoin price breaks higher, then the next target stands at $9,650 the high from June 24th.

On the other side, the immediate support for bitcoin stands at $9,095 the daily low. A break below $9,095 would test the 9,000 psychological support. If the bears continue the selling pressure, then the next target will be met at $8,833 the 100-day moving average.

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US Dept of Homeland Security Buys Analytics Software From Coinbase | News – Bitcoin News

Coinbase is selling its blockchain analytics software to the U.S. Department of Homeland Security and the U.S. Secret Service. Following criticisms from the crypto community, CEO Brian Armstrong defended Coinbases position.

Public records on the U.S. governments websites reveal that the San Francisco-based crypto exchange Coinbase has signed a contract with the U.S. government for its blockchain analytics software. The records were first spotted by The Block.

The contract, awarded by the U.S. Department of Homeland Security (DHS), was signed on May 9. It went into effect the next day with a tentative end date of May 11, 2024. The obligated amount is currently $49,000 and the potential award amount is $183,750. The contracting agency is the U.S. Secret Service, a federal agency that investigates monetary crimes such as fraud and counterfeiting; it was transferred from the Department of the Treasury to the Department of Homeland Security on March 1, 2003.

Following the news of Coinbase selling its analytics software to the U.S. Secret Service, many people took to Twitter to criticize the companys action, with some urging others to delete Coinbase, saying that the company is bad for bitcoin and crypto.

Coinbase CEO Brian Armstrong quickly defended his companys decision. Blockchain analytics software is nothing new has been around a long time it uses publicly available data to try and track crypto transactions usually to catch bad actors, he tweeted.

Armstrong proceeded to explain that his company started off by using some of the existing blockchain analytics services out there. This worked out ok, but the issue with it was that we dont like sharing data with third parties when we can avoid it, and they didnt support all the features/chains we needed. So we realized at some point we would need to bring this capability in house, the CEO described, elaborating:

Its expensive to build this capability, and we want to recoup costs. There is an existing market for blockchain analytics software, so we sell it to a handful of folks as well. It also helps us build relationships with law enforcement which is important to growing crypto.

Last month, it was reported that Coinbase wanted to sell its analytics software to two other U.S. government agencies: the Drug Enforcement Administration (DEA) and the Internal Revenue Service (IRS). Meanwhile, the company is reportedly planning an initial public offering (IPO) in the U.S.

What do you think about Coinbase selling its analytics software to the government? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons, U.S. government

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is 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 content, goods or services mentioned in this article.

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Bug in Bitcoin Wallets Found Using the Replace-By-Fee Feature – PRNewswire

DUBLIN, July 13, 2020 /PRNewswire/ -- ResearchAndMarkets.com published a new article on the bitcoin industry "Bug in Bitcoin Wallets Found Using the Replace-By-Fee Feature"

A team at ZenGo discovered the BigSpender bug affecting major crypto-wallets, including Ledger Live, Edge, BreadWallet and potentially many more. The bug exploits how certain wallets handle the replace-by-fee feature which allows a user to swap an unconfirmed transaction with another transaction that has a higher fee. The RBF feature has become a standard way for users to send bitcoin and was developed as a way to circumvent slow confirmation times by paying more in fees.

Attackers can send funds to a wallet and set the fees low enough to almost guarantee the transaction will not receive a confirmation. The attacker can then use the RBF feature to replace the pending transaction with a transaction to another wallet that they control. For vulnerable wallets, this pending transaction will be reflected as an increase in the account balance, leading some users to believe they have received funds even though they have not. Attackers can also use the BigSpender vulnerability to send multiple fake transactions and reroute them before they are confirmed. This can cause the victim's stated balance and actual funds to become decoupled and could make the wallet unusable. Both Breadwallet and Ledger Live have released fixes to prevent the attacks.

To see the full article and a list of related reports on the market, visit "Bug in Bitcoin Wallets Found Using the Replace-By-Fee Feature"

About ResearchAndMarkets.comResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

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Nearly $60M in Bitcoin Moved to Ethereum in June – Yahoo Finance

Nearly $60 million worth of bitcoins moved to Ethereum during June, according to data estimates from Dune Analytics. Wrapped Bitcoin, the oldest tokenized bitcoin protocol on Ethereum, is responsible for roughly 75% of that growth after moving more than 4,800 BTC to Ethereum last month.

Demand has increased for using bitcoin in a variety of decentralized financial services as Ethereum continues to be the most popular off-chain destination for bitcoins. More specifically, yield farming and MakerDAO adding tokenized bitcoin as collateral are likely strong catalysts, said Medio Demarco, former associate at Deutsche Bank and co-founder of cryptocurrency research firm Delphi Digital.

The recent trend shouldnt come as a surprise and will probably continue, Demarco told CoinDesk.

Related: Introducing the CoinDesk 20: The Assets That Matter Most in Crypto

The increasing popularity of tokenized bitcoin is also no surprise to Ben Chan, CTO at BitGo, the cryptocurrency payments processor that spearheaded Wrapped Bitcoin. The purpose of WBTC is to bring bitcoin to the world of decentralized finance, Chan said. Yield opportunities for lending and supplying WBTC in Ethereum-based applications are driving recent growth, he added.

Currently $132 million worth of bitcoin is on Ethereum, at the time of publication, or roughly 0.08% of the leading cryptocurrencys market capitalization, according to OnChainFX.

Is the growing demand to use bitcoin on Ethereum a positive signal for the leading cryptocurrency? According to Demarco, the trend has a synergistic effect for both blockchains.

Chan agreed, telling CoinDesk that, for Ethereum, growth in the value of assets on decentralized finance applications is a step towards the maturation of trustless and transparent financial services. For Bitcoin, the benefit comes from being able to earn yield and collateralize bitcoin, which adds incentive for users to invest in the cryptocurrency, according to Chan.

Related: As Gold Hits 9-Year High, Bitcoin Eyes Price Breakout

Using bitcoin on Ethereum is potentially bullish for both networks, Chan said.

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Nearly $60M in Bitcoin Moved to Ethereum in June - Yahoo Finance

ModiHost’s Token Is Live on HitBTC, the Leading European Bitcoin Exchange | Press release – Bitcoin News

Gifts and Remittances: Bitcoin.com's New Tools Allow People to Send BCH via Email

This month Bitcoin.com launched two services that help facilitate bitcoin cash adoption and crypto remittance via email. In a recent video on June 5, Bitcoin.coms Roger Ver showcased gifts.bitcoin.com, a new feature that allows individuals to send BCH gift cards ... read more.

Bitcoin Investors Pocketed 42% in Gains During the Second Quarter of 2020

The second quarter of 2020 was very profitable for bitcoin investors, according to data analytics firm Skew. During the period, the top cryptocurrency climbed 42%, its fourth-best quarterly close since 2014. For the March quarter, the digital asset fell 10.6%, ... read more.

Tether's Market Valuation Grows 144% in 2020, USDT Market Cap Worth $10 Billion

The most popular stablecoin, Tether, has propelled its way into the third-largest position by cryptocurrency market capitalization. At the time of publication, a number of market valuation aggregators show that Tethers market cap is between $9.1 to $10.1 billion. Tether ... read more.

Alt-Right Activist Stefan Molyneux Banned from Youtube, Raises $100K in Crypto Donations

The founder of Freedomain, philosopher and alt-right activist, Stefan Molyneux, received more than $100,000 in cryptocurrency donations after he was banned from Youtube on June 29, 2020. Stefan Molyneux is well known for his Youtube videos, podcasts, and books. His ... read more.

A 'Significant Increase': UK Regulator Says 2.6 Million Residents Have Bought Cryptocurrencies

The UK's top financial regulator has conducted a survey and found a "significant increase" in the number of crypto owners and awareness of cryptocurrencies. The regulator estimates that 2.6 million people in the country have bought cryptocurrencies, most of which ... read more.

Russian Court: Bitcoin Theft Not a Crime

A Russian district court has dismissed bitcoin theft as a crime since cryptocurrency is not regulated in Russia and there is no legal status for bitcoin. The accused were found guilty, sentenced to prison, and ordered to return only the ... read more.

UK Court Denies Maduro Access to $1 Billion of Venezuela's Gold

The UK is denying Nicolas Maduro access to Venezuela's gold worth about $1 billion, stored at the Bank of England. The UK High Court has ruled that the country does not recognize Maduro as president of Venezuela, blocking him from ... read more.

Despite Covid-19 Negativity, Crypto Prediction Markets Say Trump Wins the 2020 Election

According to a number of crypto prediction markets and futures, Trump will still win the election in 123 days, but his chances have lessened a great deal. No matter who wins, however, the large sums of money flowing into these ... read more.

Crypto Use-Cases in Africa on the Rise, According to Luno

Twitter and Square CEO, Jack Dorsey recently said Africa will define the future (especially the Bitcoin one!) But was he right? Crypto in Africa on the Rise Sad to be leaving the continentfor now. Africa will define the future (especially ... read more.

The IRS Investigation Division Is Requesting Information About Privacy-Centric Cryptocurrencies

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ModiHost's Token Is Live on HitBTC, the Leading European Bitcoin Exchange | Press release - Bitcoin News

For The First Time It’s Free To Hold Bitcoin In A Retirement Account – Introducing The No Annual Fee Choice IRA For Digital And Traditional Assets -…

Kingdom Trust Also Unveils Solution for Individuals to Hold Their Own Bitcoin Private Keys in Retirement, Powered by Casa

- Kingdom Trust Unveils No Annual Fee Choice Retirement Account for Bitcoin and Traditional Assets

- The no annual fee account is the first account that makes it free to hold bitcoin in retirement

- Choice now offers members a full range of custody options: from no annual fee, to paid cold storage, to self-secured private keys

SIOUX FALLS, S.D., July 9, 2020 /PRNewswire/ -- 28 years after Charles Schwab Trust Company introduced the no-annual-fee IRA for traditional assets, Choice by Kingdom Trust is breaking down that wall on the digital asset front with the no annual fee Choice IRA.

With the new No Annual Fee Choice IRA, savers and investors get the free retirement account they've already come to expect for stocks, ETFs and bonds with a twist - they can hold bitcoin and other digital assets with no annual fee as well.

"No fee accounts have become the status quo in the traditional markets over the last decade, and we are excited that the industry has matured enough to bring free accounts to the digital space as well. That said, nothing in life is really free, usually when you aren't being charged for something - you or your assets are the product. Today we are excited to bring free accounts to the 7.1 million bitcoiners and beyond, while openly acknowledging the risks associated and offering a full spectrum of custody choices - from a free account where your bitcoin is in motion, to holding your own keys," says Ryan Radloff CEO of Kingdom Trust.

Offering the freedom to choose investments based on personal preferences and risk tolerances is a core tenant of Choice's mission. To that same end, Choice has unveiled a full spectrum of memberships which offer multiple custody options including: subsidizing your account with bitcoin in motion; having your bitcoin held in cold storage on your behalf; and even holding your own bitcoin private keys.

The latter option of holding your own private keys is a complex process which to date has been opaque and often required hiring professional consultants. To simplify that, Choice's solution is powered by Casa, the team known for making it easy to hold your own Bitcoin private keys in a secure manner.

"We're thrilled to work with the Choice team to help people make tax-advantaged investments in Bitcoin while maintaining control of their private keys, something I've wanted to do personally for a while now. Choice and Casa are giving people the chance to truly own their retirement savings by holding their own bitcoin keys, which is critical when saving over such a long period of time," said Nick Neuman, CEO of Casa.

The free account which right now, simply pays for itself, will allow for a yield share back to Choice members in the near future. This yield share program will use tools behind the scenes similar to what are used in the traditional financial markets to subsidize accounts or client fees and generate yield off of assets under custody.

"This type of intra-industry yield generation is typical in traditional financial markets, whether it is lending or order-book/trade flow selling and we think clients should get the same perks they've come to expect in traditional markets - free accounts, for their digital assets as well, if they are comfortable with that risk, said Radloff."

For more information on choice membership options or features, please visit retirewithchoice.com.

About Kingdom Trust Kingdom Trust is an independent qualified custodian regulated by the South Dakota Division of Banking. We specialize in unique and innovative custody solutions for individual investors, investment sponsors, family offices, advisory firms, broker-dealers and various other investment platforms. This approach has led to us powering more than 100,000 retirement accounts, and providing custody for more than $13 billion worth of assets. We pride ourselves on friendly service and our flexible platform, which holds more than 20,000 unique assets and empowers the most curious, creative investors.

In addition to retirement accounts, Kingdom Trust supports some of the biggest names in finance, providing a range of professional custody and escrow services for hundreds of institutional clients. From investment advisors and advisory firms to broker-dealers or fund managers, we help firms scale their business by making alternative assets accessible to clients, opening up private offerings to retirement investors and removing the complexities of custody.

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