Category Archives: Bitcoin
Frexit Discussion Following French Elections Could Drive Bitcoin Demand – newsBTC
France may start contemplating Frexit referendum soon after the presidential elections. Demand for Bitcoin may increase in the following days. Read more...
In the coming days, Bitcoin could be looking at yet another opportunity to surge beyond record levels in terms of price. The reason this time is not the Brexit or the US Presidential Elections, but a combination of both circumstances France. The upcoming French elections and the potential of France exiting the European Union have become the most widely discussed topic in the past few days.
With the French Elections about a week away, there are speculations of Front National leader, Marine Le Pen one of the contestants in the election garnering the most number of votes in the first round. Le Pen has been vocal about both reforms in France and her anti-EU stance regarding various matters. Provided the speculations turn out to be true, with Marine Le Pen gaining a huge majority in the elections, the global markets are bound to go into shock.
Le Pens win in the upcoming French Presidential Elections is expected to move the country towards Frexit. Reports suggest that even other presidential election contestants may harbor similar Frexit designs, especially Francois Fillon. The candidates have made a promise to improve the countrys job market and economy, which they believe has fallen victim to increased globalization influenced by its position in the European Union.
However, the other side of the argument state that France may not be able to economically sustain its separation from the European Union, as the impact on its future independent currency will be devastating. Meanwhile, the potential exit of France from the European Union will leave it weakened, both politically and economically. France, one of the founding members of EU is also an attractive market for many European companies, who will, in turn, end up losing free-access, just like in the case of Brexit.
The accompanying uncertainty regarding the value of Francs and Euro following Frexit will see increased demand in Bitcoin among investors in Europe looking for ways to safeguard the value of their earnings. As more people start opting for Bitcoin over other traditional assets, the cryptocurrencys value will be driven further upwards, making it profitable for both new and existing owners.
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Frexit Discussion Following French Elections Could Drive Bitcoin Demand - newsBTC
Private Investors Acquire Company Behind ‘Bitcoin Creator’ Craig Wright – CryptoCoinsNews
An EU-regulated fund, High Tech Private Equity Fund SICAV plc, managed by Accuro Fund Solutions, has acquired nChain, a technology group associated with Craig Wright, a scientist who previously claimed to be Satoshi Nakamoto.
SICAV claims the new acquisition is the biggest to date involving bitcoins underlying blockchain technology. SICAV put no value on the deal and did not mention Wright in its press release.
Reuters identified nChain, previously known as EITC Holdings, as Wrights vehicle for filing hundreds of blockchain and bitcoin-related patents.
Records from the U.K. confirmed that the target company, under both the nChain and EITC names, has filed more than 80 blockchain- and bitcoin-related patents.
A source close to the deal told Reuters $300 million was invested in nChain, but did not clarify over what time period.
Wright told Reuters the goal is to build bitcoin into a global system with no ruler, no king.
All I do is to help grow the use of bitcoin, and I want to see it in daily use by at least a billion people on-chain. We have the funds, the people and the technology to do this, Wright told Reuters.
Reuters previously reported Wright was working with Calvin Ayre, a Canadian online gambling tycoon, to create a patent portfolio.
nChain told Reuters via email that neither Wright nor Ayre had a stake in the companybefore or after the sale. nChain said it previously acquired Wrights assets and intellectual property, and that he now holds the post of chief scientist.
Reuters also previously learned that Wright was deeply involved in the early development of bitcoin, and had told Australian tax officials he owned more than 1 million bitcoins.
Thursdays announcement marked the first time nChain publicly acknowledged it is filing patents.
nChain is a distributed, decentralized ledger that chronologically records transactions in an immutable way.
The nChain group of companies has grown to a team of more than60 scientific research, engineering and other professionals based mainly in Vancouver, Canada and London, U.K. The acquisition will support nChains research activities and advance blockchain adoption globally.
While learning about the suite of nChains capabilities through the transaction, it became clear to me that we are in a new era of the digital age following the creation of the personal computer and the Internet, Arthur Davis, whohas been appointed as a director of nChain Holdings Limited, stated in the press release. This changes everything leading us into what we at nChain call the Internet of Transactions.
Davis said nChain has designed a blockchain infrastructure to transform the way businesses operate. He said the technology will be disruptive on a scale most people have not yet fully appreciated.
nChain sees the full extent of this disruption being achieved by maximizing transactional velocity on the bitcoin blockchain, he said.
nChains research demonstrates itsvision through:
Removing the bitcoin blockchains artificial block size limit (temporarily set at 1MB) to support greater scalability and usage;
Enabling on-chain scaling without undermining the benefits of decentralization;
Advancing native scripting to build smart contracts; and
Supporting open source protocols.
nChain is developing protocols and applications to support blockchain growth globally. There is a software development kit to allow programmers to create applications on the bitcoin blockchain, solutions to scale the bitcoin blockchain, innovations to improve security, on-chain smart contracts scripting, and a decentralized trading platform using autonomous agents.
nChain supports the formation of a neutral standards organization that will coordinate the bitcoin protocol. This will deliver a stronger software design. Ensuring the bitcoin blockchains long-term advance makes it essential to harmonize a miners objective of profitability and the importance of the governance principles led by the software development community.
The patent program at nChain involves some of the most complex technologies we have ever seen, and stands at the forefront of blockchain innovation worldwide, said Cerian Jones, a partner at Urquhart-Dykes & Lord LLP and nChains lead patent attorney.
Also read: Bitcoin creator Craig Wright lines up 70 blockchain patents
nChain plans to make some intellectual property assets available to the blockchain community through royalty-free licensing and open sourcing.
This acquisition is directly aligned with our investment objective of identifying and supporting world-leading disruptive technology innovators, said Michel Van Zanten, who oversaw the transaction for the investors. We were attracted to nChains core infrastructure capabilities and technical understanding of how a globally scalable enterprise-class architecture can be built to transform the way in which the world operates.
Nuovo Capital served as nChains financial advisor for the transaction. Baker McKenzie, a law firm, advised nChain on IP, tax and corporate aspects of the transaction.
Featured image from BBC.
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Private Investors Acquire Company Behind 'Bitcoin Creator' Craig Wright - CryptoCoinsNews
Beijing’s moves to reign in bitcoin aren’t deterring China’s new crypto-currency kings – ABC Online
Posted April 17, 2017 12:01:09
Some of the most powerful players in the world of bitcoin say recent moves by Chinese regulators targeting use of the virtual currency will not stall its long-term rise.
Through sheer weight of numbers, Chinese investors have seized virtual control of the highly valuable crypto-currency in recent years, with huge computer 'mining' farms in remote areas playing a crucial role.
At the start of this year, more than 90 per cent of daily trade for bitcoin was being made in Chinese yuan.
But that has fallen, as China's Central Bank, the PBOC, started taking a series of regulatory measures to reign in the use of bitcoin.
"The PBOC can potentially have very strong control over the price of bitcoin, at least in the short term, because it can effectively cut the money flow involved in bitcoin trading," said Jihan Wu, one of the most prominent figures in the global bitcoin community.
Mr Wu operates Bitmain a Beijing-based company that is the leading manufacturer of the specialist computers used to generate new bitcoins on the network.
His company also administers Antpool, one of the biggest bitcoin mining collectives, along with several computer 'mines' in China's remote western areas where electricity is cheaper.
"Potentially [the PBOC] could shut down all the Chinese bitcoin exchanges", he said.
"But I don't think the Chinese Government will do very aggressive regulation over bitcoin.
"I just think they want to control the risk for those investors who don't have enough knowledge about bitcoin."
In February, Chinese regulators forced two major Chinese bitcoin exchanges to temporarily halt withdrawals while they upgraded anti money-laundering measures.
While that wiped almost a third off bitcoin's value, it has rebounded to hit new highs peaking in March at $US1,290, before taking a hit when a US-based plan for a publicly listed bitcoin electronic trading fund was knocked back by regulators.
Since then, the currency has continued its upward rise, due to an explosion of direct buying and selling between Chinese investors off the exchanges, known as 'over the counter' trade.
"In the longer term, I don't think the regulations are a bad thing", said Zhao Dong, another Beijing-based investor who heads up a company called Galaxy Dragonfly Investments.
Mr Zhao previously invested in bitcoin mines, and has ridden the highs and lows of the currency's volatility, at one point losing close to $4 million.
But he still spends all day trading the currency on behalf of clients both in China and overseas.
"In future, if there's a global online currency that's adopted widely enough, then no government will be able to control it", he said.
"For bitcoin, the possibility of this is huge, and even if it's not bitcoin, a similar currency would also surely develop.
"This is why I devote myself to this career."
Topics: currency, computers-and-technology, world-politics, china
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Beijing's moves to reign in bitcoin aren't deterring China's new crypto-currency kings - ABC Online
Bitcoin Price Technical Analysis for 04/17/2017 – Reversal Pattern Forming? – newsBTC
Bitcoin Price Key Highlights
Bitcoin price appears to be forming a head and shoulders uptrend reversal pattern on its 1-hour time frame, possibly hinting at further losses.
Technical Indicators Signals
The 100 SMA is crossing below the longer-term 200 SMA to signal that the path of least resistance is to the downside. In other words, a triangle breakdown might be more likely to happen than a move higher. Note that the potential head and shoulders spans $1160 to $1240 so the resulting selloff could be of the same size, assuming that bitcoin price breaks below the neckline.
On the other hand, a break past the triangle resistance could lead to a move up to the recent highs at $1240 or higher. Stochastic is pointing up to show that buyers are in control of bitcoin price action while RSI is also heading north so bitcoin price might follow suit. However, both oscillators are also nearing overbought levels to show that selling pressure could return soon.
Market Events
Geopolitical risks still remain as tensions in the Asian region are picking up due to North Koreas missile tests. US President Trump has said that he will not back away from military action if North Korea doesnt rein in its activity, further increasing the risk of retaliation.
Meanwhile, liquidity could still stay low as most European markets are closed for Easter Monday. This means that headlines could still lead to big market moves as traders appear to flock to bitcoin in times of uncertainty, particularly in other financial markets.
As for the US, only the Empire State manufacturing index and NAHB housing market index are up for release next. As always, stay on the lookout for headlines that could inspire risk-off flows, which usually benefit bitcoin price.
Charts from SimpleFX
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Bitcoin Price Technical Analysis for 04/17/2017 - Reversal Pattern Forming? - newsBTC
GDAX Bitcoin Price Briefly Crashes to US$0.06 after System Maintenance – newsBTC
It is evident glitches like these can occur at any given time.
It doesnt happen often bitcoin exchanges cause a massive price glitch. For some reason, the GDAX exchange briefly listed bitcoin at US$0.06 per BTC. This event occurred right after the exchange came back from scheduled maintenance. Luckily, this price drop did not affect global bitcoin trading all that much. During times like these, it is good such a problem occurs on a smaller exchange.
A lot of traders were surprised last night when looking at the GDAX bitcoin price chart. During a brief moment, the BTC/USD price dropped by 99.9%. Keeping in mind how this trade revolved around 100 BTC in volume, there was a brief panic among traders. As a result, bitcoin was valued at US$0.06 before returning to its normal price. A rather interesting event, to say the least.
It is worth noting GDAX had undergone scheduled maintenance just prior to this incident. However, rather than waiting for order books to be depopulated, market executions were resumed immediately after. That allows for traders to buy and sell bitcoin at unprecedented rates. In this case, those who scooped up bitcoin at US$0.06 will be more than pleased. None of the other bitcoin exchanges emulated this price behavior, though.
One thing to keep in mind is how this drop affects the weighted bitcoin average. A lot of websites use GDAX to compute futures index prices. Such a drop to US$0.06 messes up the index quite a bit, to say the least. As a result of the drop, the bitcoin price index briefly dipped to US$888.48. Unfortunately for BitMEX users, some positions have been liquidated in the process. The exchange will refund all affected users, though.
It is evident glitches like these can occur at any given time. It remains unclear why GDAX did not repopulate the order book before resuming trading, though. It is possible this is just a one-off event, although it is worth keeping an eye on moving forward. Futures exchanges using average prices for their index will be affected by these incidents if they ever occur again. Moreover, if this problem repeats itself, the bitcoin price may effectively go down as a result.
Header image courtesy of Shutterstock
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GDAX Bitcoin Price Briefly Crashes to US$0.06 after System Maintenance - newsBTC
Bitcoin Price Weekly Analysis BTC/USD Top Formed – NEWSBTC – newsBTC
Bitcoin price may have made a short-term top near $1240 against the US Dollar, but dips remain supported in BTC/USD in the near term.
Bitcoin price may have made a short-term top near $1240 against the US Dollar, but dips remain supported in BTC/USD in the near term.
There was a solid increase in Bitcoin price, as it moved above $1200 against the US Dollar. The price started an upside move, and broke a couple of resistance levels like $1160 and $1185 to set an uptrend. The best part was a close above the 100 simple moving average (H4) at $1165. Moreover, the price was also able to break the 1.618 extension of the last decline from the $1120 high to $889 low. It ignited a sharp upside move and the price moved above $1200.
A new monthly high was formed near $1239 from there the price started correcting lower. The price has corrected lower, and broken a bullish trend line at $1224 on the 4-hours chart. This is a short-term bearish sign, and may call for more losses. At the moment, the BTC/USD pair is trading near another bullish trend line at $1190. It is acting as a support along with the 23.6% Fib retracement level of the last wave from the $889 low to $1239 high.
Moreover, the 100 simple moving average (H4) at $1160 is waiting to act as a support if the price moves down further. In my view, the price is under a short-term correction mode, but remains supported as long as above $1165.
Looking at the technical indicators:
4-hours MACD The MACD is currently flat.
4-hours RSI (Relative Strength Index) The RSI is struggling to hold the 50 level.
Major Support Level $1160
Major Resistance Level $1220
Charts courtesy SimpleFX
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Bitcoin Price Weekly Analysis BTC/USD Top Formed - NEWSBTC - newsBTC
Bitcoin is Now Larger Than Some Fiat Currencies in Europe & Americas in Market Cap – CryptoCoinsNews
The user base and market cap of bitcoin are larger than most fiat currencies of small countries in Central America, Africa and Europe. The next step for bitcoin is to surpass the market cap of reserve currencies, to establish itself as the global currency used by mainstream users and general consumers.
The truth is, bitcoin as a technology is not capable of surpassing the value or user base of reserve currencies as of yet. Various scaling issues have to be addressed and solutions must be implemented. One of these solutions is Bitcoin Cores Segregated Witness. If both the on-chain capacity and two-layer solutions of bitcoin are expanded and improved, bitcoin will be able to compete with larger fiat and reserve currencies of the world.
Still, the bitcoin network has demonstrated a significant rate of growth in terms of market cap and user base. Most notably, Blockchain, a popular bitcoin wallet platform, recorded over 6 million new users in the past 12 months. Other competing wallet platforms such as Coinbase have also shown a rapid growth rate, with the Coinbase wallet platform serving over 6 million users.
Coinbase and Blockchain alone are currently serving nearly 20 million wallet users. Apart from these regular day-to-day users, there exists many investors in regulated bitcoin exchange and trading platforms such as BitFlyer, Bitfinex and Bitstamp that hold bitcoin as an investment.
According to an infographic provided by a user of a bitcoin online community, the userbase of bitcoin is larger than many countries including Norway and Finland. The market cap of bitcoin is higher than the majority of fiat currencies in the world. Bitcoin has a higher market cap than the currencies of the following countries:
Mongolia, Bolivia, Paraguay, Papua New Guinea, Thailand, Laos, Sudan, Senegal, Nigeria and more. The full list of countries can be seen in the infographic shown below:
Bitcoin, as noted in Satoshi Nakamotos original white paper, was designed and introduced to operate as a peer to peer electronic cash system. Due to its high fees and relatively long confirmation times however, since 2015, bitcoin has begun to operate as digital gold. In order for bitcoin to appeal to the masses, it needs to be able to handle small payments that are cheap, secure and fast. In other words, for bitcoin to surpass the value of reserve currencies and obtain a massive user base, it has to refer back to Nakamotos original vision of bitcoin.
Technologically, bitcoin is not there yet. The open source development community of bitcoin is working toward adding a settlement layer on top of bitcoin so that it can operate as both digital gold and settlement network. Technologies like Segwit, Lightning and Tumblebit are all designed to add that second layer of infrastructure to handle small payments for day-to-day users.
In a way, the comparison digital currencies such as bitcoin to fiat currencies or reserve currencies that are actively utilized by their users on a daily basis could be incoherent. However, if bitcoin is used as a digital cash system as Nakamoto outlined in 2009 in the future, then this comparison could be more relevant.
Featured image from Shutterstock.
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Bitcoin is Now Larger Than Some Fiat Currencies in Europe & Americas in Market Cap - CryptoCoinsNews
Belgian Minster of Justice Plans to Crack Down on Bitcoin Activity – The Merkle
Bitcoin users around the world are well aware of how governments will never see eye-to-eye when it comes to cryptocurrency. The Belgian Minister of Justice aims to make the use of bitcoin semi-illegal in the country by confiscating all of the coins in circulation. The plan is to draft a new legislative proposal that would apply to Belgium, and possibly the rest of the European Union as well.
For some unknown reason, politicians struggle with the concept of bitcoin and cryptocurrency. There is no way to confiscate coins unless the bitcoin wallet owner relinquishes control over their wallet. No one in their right mind will ever do so, as bitcoin is the only asset in the world that puts the owner in full control over their finances.
Koen Geens, the Belgian Minister of Justice, feels he can draft a legislative proposal to ensure people hand over the private keys to their bitcoin wallets. Moreover, he plans to expand the existing regulation related to cooperating with the justice system so it encompasses digital currencies as well. It seems evident this will incur some dire changes for all exchanges dealing with customers from Belgium in the future.
As one would come to expect, this decision is not entirely surprising. Koen Geens is one of those individuals who sees bitcoin as a tool that facilitates criminal behavior. While there may be some truth to that statement, there has never been overwhelming evidence to indicate bitcoin facilitates more crime than cash, wire transfer, or any of the legal anonymous payment tools in existence right now.
One thing that does need to be addressed, however, is the platforms who claim to offer bitcoins to investors. These Ponzi schemes- including the likes of Onecoin need to be weeded out sooner rather than later. Anyone using the concept of digital currencies in a criminal manner should be punished for their actions. It is expected Belgium may draft the first version of such a legislation, with the European Union taking a similar stance on this matter moving forward.
However, what is disconcerting is how the Belgian Minister of Justice plans to confiscate bitcoin. Right now, it is unclear if this can only happen in relation to a criminal investigation or just randomly. Moreover, drafting a new type of legislation to facilitate this type of behavior may not necessarily be the best course of action either. Until more clarity is provided, it is impossible to tell what will happen exactly.
In the end, it is good to see the Belgian politicians pay some attention to bitcoin, even if their message is coming out all skewed. Addressing the criminal aspect of bitcoin is a positive development, yet confiscating bitcoin in the traditional sense will not be as easy as people want it to be. For now, it will be interesting to see how this legal proposal will turn out in the end.
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Belgian Minster of Justice Plans to Crack Down on Bitcoin Activity - The Merkle
Bitcoin in Africa: Insights from the Continent’s Biggest Bitcoin Exchange – CryptoCoinsNews
Isnt it absurd that nearly 326 million people representing 80% of the adult population in Africa do not have access to bank accounts? This wretched situation denies countless of people financial freedom in the so-called dark continent. Bureaucratic tenors and economic exclusion inter alia have paved the way for the current phenomenon.
Last year a study of 10 African nations with unusual inflationary ratio had South Sudan registering an unimaginable inflation rate of 295 percent. Egypt had the slightest with 12.30 percent. African governments continue to plunder the riches of the African people through Inflation. This makes it considerably insurmountable for individuals to conserve their resources.
Moreover, public sector borrowing has crowded out the efficient private sector that can put credit to good use. The IMF estimates that averagely credit to the private sector is estimated at 30 percent of GDP in Sub-Sahara Africa.
CCN spoke to Werner van Rooyen, Head of Business Development and Growth at Luno, the biggest Bitcoin exchange in Africa about how Bitcoin and cryptocurrencies are naturally poised to offer Africans financial inclusion.
CCN: Has Bitcoin anything to offer Africa?
Werner van Rooyen: Absolutely. There is a huge potential for Bitcoin in Africa. Many Africans could move straight to a cryptocurrency, like Bitcoin, or a bank of the future, such as Luno. Much of the existing financial infrastructure is inefficient: banks and branches are expensive, currency transfers can often be expensive and slow and most of the developing world is still unbanked.
There is the potential for Africans to leapfrog some of the existing financial services, in the same way, that many Africans skipped the part of owning a cumbersome and expensive land line and went straight to owning a mobile phone.
CCN: Most African currencies are reeking of inflation, does this make Bitcoin attractive as a store of value to Africans?
WvR: Bitcoin has proven to be the best-performing currency in the world in 2016. I believe more investors in high-inflation countries are looking at alternative asset classes, things like gold or Bitcoin.
Bitcoin has been found to be largely uncorrelated to other asset classes. With most asset classes, there is a correlation (or inverse correlation), like when a countrys stock market goes down, the currencys exchange rate usually also follows, same for the housing market. Bitcoin is largely uncorrelated, meaning it is becoming an attractive alternative to many investors.
CCN: What do you make of some African governments tagging Bitcoin as a tool for terrorism and money laundering?
I think this is mostly fueled by incorrect data, click-driven media hype and lack of understanding about Bitcoin. Firstly, I should say that the biggest facilitator of organised crime, including money laundering and terror financing, is cold hard cash.
Many other modern inventions, such as the Internet, Twitter, cars and cellphones, are currently being used to facilitate crime. It doesnt mean that we should shut these technological advances down (I doubt anyone is seriously proposing it), but rather that the good that comes with it outweighs the bad.
Lastly, there is very little proof that Bitcoin is currently being used for these nefarious purposes. Remember: Bitcoin is only pseudo-anonymous: all Bitcoin transactions ever conducted are recorded in the Blockchain.
Studies by the UK government looking into the best channels for laundering money has consistently found the risk of Bitcoin being used as very low.
CCN: Adoption in Africa is irritatingly slow. How do we push penetration?
WvR: Education and user experience. At Luno, were doing a lot to tackle this. Our aim is to make Luno the easiest place to buy, sell and learn about Bitcoin. Something which is no trivial task, but were seeing fantastic growth in Africa, especially for our mobile wallet. Weve also created a Learning Portal to help new people with some basic concepts about Bitcoin.
CCN: Do you think Africans will finally embrace Bitcoin?
WvR: I dont think they will, I think they already have! We are seeing fantastic adoption in places like South Africa and Nigeria and Im sure it will ripple to other African nations too.
CCN: What makes Bitcoin expensive in Africa than elsewhere?
WvR: Bitcoin is a very liquid instrument: its easy to move around the world. This, in theory, means that it can and will trade at roughly the same exchange rate, wherever it is available.
Obviously, there are many factors at play, but since the price is determined by supply and demand, it means that in some places where the demand is low, it may trade at a lower price (and vice versa).
Another issue is connectivity: to transact in Bitcoin, you need an Internet connection and ideally a smartphone. Many places are still underserved by the telcos, but this is changing fast. The price of smartphones is also continuously getting cheaper.
CCN: Could you paint a picture of the future of Bitcoin in Africa?
WvR: Its really too soon to tell, but what were seeing already today is really fantastic and I believe Bitcoin has a lot of potential in emerging markets in Africa and abroad.
Featured image from Shutterstock.
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Bitcoin in Africa: Insights from the Continent's Biggest Bitcoin Exchange - CryptoCoinsNews
Bitcoin Tracker: Miner’s Delight | PYMNTS.com – PYMNTS.com
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The past week saw bitcoin (BTC) rise to near-record highs above $1,230, only to fall sharply during Thursday afternoon trading. At the time of writing, one bitcoin was equivalent to $1,174.45, down 3.46 percent from Wednesdays close and trending downward still.
Bitcoins come a long way since its infancy in 2008.
According to a recent report published by the Cambridge Centre for Alternative Finance, being a bitcoin miner has become incredibly lucrative as of late.
In a nutshell, the way miners generate revenue is by solving cryptographic puzzles attached to blocks of bitcoin transactions (this is also a means to confirm the transactions legitimacy). For solving these puzzles, miners gain a payout which is currently worth 12.5 bitcoin (~$14,681).
That payout halves every 210,000 blocks, or about every four years. This means that, at the current rate of things, miners in 2020 will see that 12.5 BTC cut down to 6.25 BTC.
But who knows what one bitcoin will be worth by then? If the price were to freeze today, that would still leave miners with a cash value of about $7,340.50 per payout. (Conversely, if this halving werent in place, miners would still make 50 BTC per block, or about $58,724. Food for thought.)
At the current rate, the report found that bitcoin miners globally have pulled in over $2.07 billion in cumulative revenue from payouts. Given that bitcoin wasnt even worth over $1 until April 2011, most of this revenue has been generated in just the past few years.
The report indicates the revenue generated by the bitcoin mining sector could actually be significantly higher than that estimatesince the researchers didnt take into account revenue generated from selling mining equipment or cloud mining services.
Notably, more than half (58 percent) of major mining pool operations are located in China, with the U.S. holding some 16 percent and the rest of the world making up 26 percent.
These findings reinforce the notion that the price of bitcoinand its future viability and stability could still largely rely on Chinese trading volume not to mention Chinese government and regulatory sentiment.
On the latter front, its still wait and see.
A full month has passed since Chinese bitcoin exchanges were supposedly set to unfreeze digital currency withdrawals as talks reportedly continue with the Peoples Bank of China (PBoC).
While service upgrades have been completed, Coin Desk said that exchange officials and the PBoC are still at odds over the know-your-customer rules to be enforced on reopening. Still, the word from exchange officials appears to be optimistic that the parties involved would soon reach a conclusion.
A far speedier conclusion was reached Hong Kong-based bitcoin exchange Bitfinexs lawsuit against Wells Fargo.
Bitfinex filed suit in the U.S. District Court for the Northern District of California, alleging that Wells suspended outgoing wire transfers to the U.S. from four Taiwan-based banks that service the exchange.
According to Bitfinex, this effectively blocks stateside customers from selling virtual currency holdings. The digital currency exchange is seeking an injunction against Wells Fargo to prevent wire transfer stoppage, along with as much as $75,000 in damages.
The lawsuit stated that Wells Fargo had been made aware that the interruption of the cross-border transfers presented an existential threat to their businesses.
On Wednesday (April 12), Bitfinex filed a notice of voluntary dismissal. Bitfinex representative Brandon Carps told CoinDesk that the exchange aims to look past the issue. Additional details will reportedly be released in the near term.
As for the future of bitcoin, one of the worlds largest potential markets for digital currencies is gearing up to make some decisions in the crypto space.
India announced plans to create an interdisciplinary committee of government, economic and other financial regulatory officials to examine the current state of digital currency in India and on a global scale. The goal is to propose new regulations for the nation of 1.2 billion with respect to treatment of digital currencies.
In three months, the committee will submit a report that will suggest measures for dealing with such virtual currencies including issues relating to consumer protection, money laundering, etc.
Indias government and banking officials havent historically been champions of digital currency, suggesting that the new committee could choose to move in a more stringent direction. However, the nations current cash troubles and the recent precedent set by Japans legalization of bitcoin as a payment method could at the very least give Indias committee something to talk about.
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Bitcoin Tracker: Miner's Delight | PYMNTS.com - PYMNTS.com