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Bitcoins Long Road to Privacy | Crypto News Monitor | The #1 …

This article was originally posted on The Bitcoin News - a trusted site covering numerous topics related to Bitcoin since 2012.

Bitcoin is a terrible money for criminals. The assets loose pseudonymity makes it relatively easy to identify someones address and transactions. But its not just criminals that should want privacy. Privacy is important beyond its direct implications.

Fungibility is one of the key properties of sound money. This refers to the property whereby all coins appear identical in an economy and are therefore interchangeable. Without fungibility, its possible to trace coins back to their previous owners. If you happen to have bitcoin that was previously owned by a criminal, then an exchange may refuse to accept your deposit, essentially making it worth less than untainted coins, such as freshly minted coinbase bitcoins.

Bitcoins lack of privacy and fungibility has long been a source of frustration for users and developers. Due to the size of the Bitcoin ecosystem and the slow passage of Bitcoin Improvement Proposals (BIPs), we are still a long way from achieving anything resembling full privacy. However, instead, Bitcoin is making several small strides simultaneously in this direction at different levels. Lets take a look at some of these improvements.

Data analytics companies can tell an awful lot about Bitcoin activity.

The most important, and hardest to implement, form of privacy is at the protocol level. Even more problematic are those protocol changes that obfuscate data such as transactions amounts and addresses on the actual blockchain. Typically, the cryptography required demands a tradeoff in scalability due to the heavy data load of the mechanisms.

Confidential transactions (CTs) completely hides the amounts in transactions, leaving only the sender and receiver addresses visible. The main problem with CTs though is their huge size. If implemented right now and widely used, they would significantly reduce the throughput of Bitcoin. Fortunately, a recent breakthrough, Bulletproofs, allow for CTs to be far more compact and therefore more feasible. Whether the reduction is adequate, though, is another question as throughput would still fall to some extent.

For now, CTs are only in use on side chains. The Liquid sidechain from Blockstream uses CTs to obfuscate transaction amounts and the type of asset being exchanged. Liquid attaches to Bitcoin via a two-way peg. However, its currently only available to exchanges and institutions, not regular users.

MimbleWimble is a fascinating proposal that is already being adopted by two new projects Grin and Beam. Its also being considered by Litecoin.

MimbleWimble is a complete redesign of the Bitcoin blockchain structure. The protocol is able to achieve total blockchain privacy by hiding transaction amounts as well as the sender and receivers. Importantly, it does all this in a scalable manner. MimbleWimble offers a blockchain that can handle similar throughput to Bitcoins current capacity while completely obfuscating the data.

MimbleWimble is groundbreaking in being able to achieve scalable blockchain privacy.

Unfortunately, due to the radical design differences, developers cannot simply add MimbleWimble to the current Bitcoin blockchain. Either they give up the current design of Bitcoin including its scripting functionality or use an auxiliary method such as extension blocks to benefit from MimbleWimbles advantages. Alternatively, similar to CTs, MimbleWimble could be built as a side chain that is then pegged to the original Bitcoin blockchain. This would allow users to transact with total privacy and then return to Bitcoin when they want to.

Regardless of how much privacy exists on the blockchain level, without other precautions, nodes are still vulnerable to being identified. Onlookers and hostile parties can quite easily identify the IP addresses, geolocations, and other metadata should they want to.

Dandelion is a novel approach to achieving network privacy. Currently, transactions propagate through the Bitcoin network by flooding. This means that nodes communicate transactions randomly to any other node it has a connection with. As such, other parties can obtain useful and identifiable data on them through triangulation.

The Dandelion protocol will bring high-level privacy to all Bitcoin nodes.

In Dandelion, however, a node sends its data to just one other node that it has randomly chosen. This node then does the same. The process occurs several times until, after a while, a node sends out the information to the entire network at once. This alternative propagation method makes it all but impossible for onlookers to decipher valuable information about the original node.

Since its release in 2017, Dandelion has had several upgrades and should be part of a future Bitcoin Core release, possibly at some point this year.

While privacy at the blockchain level still leaves a lot wanting for Bitcoin, users will benefit from much stronger fungibility and privacy on layer two protocols such as the Lightning Network.

Lightning uses Sphinx, an onion-routing system, that prevents nodes from knowing both the sender and receiver of payments. As payments route through payment channels, nodes can see them. However, they have no method of determining the source or endpoint of the channel. A node can only see the node one hop in front and one hop behind them in the channel, and they dont know how long the channel is.

Furthermore, no onlooker can link packets flowing through the same channel. The benefit of Sphinx versus other onion-routing systems like Tor is that it precludes any need for exit nodes that can be used by surveillance entities to collect data.

Data is encrypted between all nodes on the Lightning Network.

To this end, privacy-conscious Bitcoin users would be far better using Lightning for payments than on-chain transactions.

Bitcoin Core developers and the Bitcoin research community have been working on several proposals to blur the lines between different types of transactions and smart contracts. Such upgrades will also make it impossible to identify on-chain from off-chain transactions.

Currently, Bitcoin uses an ECDSA signature scheme for creating digital signatures. One problem among others is that ECDSA requires every user in a multisignature transaction to unveil their public key. Schnorr signatures are an alternative scheme that allows for signature aggregation and therefore removes the need for individual participants to expose their respective public keys. Therefore, any multisignature arrangement would protect the identity of individual participants.

MAST (Merkelized Abstract Syntax Trees) is a way to reintroduce more extensive smart contracts into Bitcoin by significantly reducing the amount of data they occupy. More than that, though, it has an important ramification for privacy.

The increased efficiency of MAST means that only executed smart contracts are revealed, reducing the amount of other information that would otherwise be exposed. This, in short, helps to reduce the ability to decipher on-chain from off-chain transactions. However, it is far from perfect.

Taproot and its complimentary upgrade, Graftroot, make up for privacy deficiencies left behind by MAST.

Together, these upgrades make regular and multisignature transactions look completely identical on the blockchain. All in all, as the Lightning Network grows, these changes will increase in their impact, as all Bitcoin transactions, whatever network or layer they operate on, will appear the same.

Privacy and fungibility have been a goal of the Bitcoin community for a long time, so you might be surprised how far the protocol has yet to go. While the network level and second layer protocol privacy features are making huge progress, the underlying blockchain is still a long way from satisfaction.

If Bitcoin is truly to become sound money and a global reserve asset, developers will need to find a comprehensive BIP that guarantees solid fungibility at the blockchain level. Until then, all other upgrades, while helpful, fall short of the end goal.

The post Bitcoins Long Road to Privacy appeared first on CoinCentral.

source: https://coincentral.com/bitcoins-long-road-to-privacy/

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Bitcoin [BTC] mining could go nuclear; Belarus emerges as …

ndreas Antonopoulosis an educator and an experienced Bitcoin user; He is recognized as one of the most reliable voices in the Blockchain space. Antonopoulos has written four books in the blockchain space, they are Mastering Bitcoin (2014), Internet of Money Vol 1 (2016) and 2 (2017) and most recently Mastering Ethereum (2018).

In his recent interviewon YouTube channel,Singularity Web, he answered some hard-hitting questions that currently surround Bitcoin. First and most important was,Why Bitcoin?. Since the banking system itself has evolved over more than 50 years to store and send value.

However, according to Andreas,

Only 15% of the human population actually has access to banks Hence, the privildged cannot imagine to need of the system But its there Think about South America People, there are not happy with their economy or Government Countries with inflation problems

Hence, from the perception of a developed nation like the US, it is difficult to understand the immediate need for Bitcoin (BTC) in the world.

The second most striking question that the interviewer put was regarding the blockchain technology vs Bitcoin argument. Various industry leader and even banking institutions have emphasized that Bitcoin will die but blockchain will stay or that Blockchain is the real thing.

To this, Antonopoulos noted that Blockchains are basically secure databases. However,Blockchain alone does not guarantee immutability and trust. Bitcoin provides immutability and trust on the blockchain by addingproof of work(PoW) consensus mechanism.

The most interesting analogy that Andreas presented to the users was:

Bitcoin vs Blockchain is exactly the same as Facebook vs the open internet infrastructure.. People say that we are very excited about open-internet and Facebook is the internet, isnt it? No, its not. He added, Facebook is a centralized, control infrastrucure.. It is a terrible argument for many reasons.

He emphasized on the above argument because while Bitcoin is forging its way to become the worlds most robust, independent digitally secure currency and payment system itlacks in one aspect and i.e., privacy. However, the second layer of Bitcoin with Segregated Witness (Segwit) and Lightning Network (LN) is working towards addressing those issues as well.

Furthermore, he added that:

Bitcoin has continued to work like a Heartbeat.. producing a block every 10 minutes for the past 10 years It provides independence, empowerment, neutrality, borderless operation and open access. He also added that, the fact that it is still there is the real testament to the robustness of the technology.

Hence, midst numerous cryptocurrencies and centralized blockchain projects like theJPM Coin, Ripple, and even forks of Bitcoin like Bitcoin Cash (BCH), Antonopoulos is a staunch believer of the original Bitcoin (BTC). He implores that greed and investment in Blockchain is only the tip of the iceberg, and one must use and experience the technology before giving in to speculation and short-sighted thinking.

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Crypto Traders Bullish Bitcoin (BTC) Call Goes Viral Plus …

From a Bitcoin prediction gone viral to a brush with fate for Ripple and Ethereum, heres a look at some of the stories breaking in the world of crypto.

Bitcoin

A theory on how Bitcoin will plot a course back to its all-time high is going viral on Twitter.

The prediction, posted by a crypto trader who goes by the name B.Biddles, uses a popular stock trading indicator called a bump-and-run reversal (BARR), which highlights an accumulation phase followed by a bump to the downside and then a surge toward previous highs.

$BTC. Literally a textbook BARR bottom. Hint: This means bears are fucked. pic.twitter.com/5ZUMGCXMIt

B.Biddles (@thalamu_) April 14, 2019

According to an analysis of the theory from CCN, the BARR points to a potential Bitcoin breakout to $6,800.

Meanwhile, Murad Mahmudov of Adaptive Capital predicts the bear market is not over yet. On Trading View, Mahmudov plotted an incoming BTC rally to about $5,700, where Bitcoin traded for months in mid-2018. After that, Mahmudov believes Bitcoin could then crash to $4,800.

Mahmudov became well-known in the crypto community for outlining his ultimate Bitcoin argument on Anthony Pomplianos Off the Chain podcast. In January, he said Bitcoin may not have found its bottom yet and could still fall as low as $1,700.

Ethereum, Ripple and XRP

A simple twist of fate prevented Ethereum creator Vitalik Buterin from joining Ripples early efforts to create cross-border payment solutions and boost the XRP ecosystem.

On Twitter, Buterin revealed that he applied for an internship at Ripple back in 2013, but was denied a visa because Ripple had only been around for nine months instead of a year, which is the minimum requirement.

Fun fact: I tried to be an intern at Ripple back in the day (mid 2013), but US visa complications having to do with the fact that the company had only existed for 9 months and the minimum was 1 year stopped me.

Vitalik Non-giver of Ether (@VitalikButerin) April 19, 2019

Litecoin

The Litecoin Foundations partnership coordinator Andrew Yang has crafted a series of resources for anyone hoping to become familiar with LTC.

Yang has released a series of guides on The Lite School, including an introduction to Litecoin, understanding wallets and an overview of the technology powering LTC.

Stellar

The Stellar Development Foundation has announced a number of new hires.

Tron

Trons latest overview on the networks decentralized app (DApp) ecosystem is out. According to the report, more than 300 DApps are now running on Tron.

Cardano

IOHK, the company behind Cardano, has released more than 17 hours of footage from its recent summit in Miami. You can check out the overall agenda and speakers at the summit here.

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Benefits of Trading with Bitcoin Live Bitcoin News

Have you ever thought of changing the way you do your transactions and switching to Bitcoin instead of cash and banks? If you have and you are still undecided as to whether you should take the next step and go full digital cryptocurrency on your transactions, looking at the benefits of trading with Bitcoin might help you decide.

A digital marketing agency, for example, will often give their clients the expertise and guidance to succeed in a competitive market and one of the things that they suggest is switching over to using Bitcoin for some of their clients transactions.

Bitcoin doesnt Require Permissions

Contrary to what government officials and media outlets want to make you believe Bitcoin will never collapse or be banned from governments. In fact, chances are that Bitcoin will still be around and going strong while other currencies go through incredible devaluations.

This is because Bitcoin doesnt require permissions from governments, financial institutions, banks, and international organizations in order to be used. The digital cryptocurrency is free to use and has absolutely no borders like other currencies do.

It Will Never Be Seized

It is a well-known fact that money that you keep on a bank account can sometimes be seized for various reasons. For example, a creditor can easily seize your money if he has a judgement against you.

With Bitcoin, this will never happen as Bitcoin can never be seized. Neither a creditor nor anyone else can confiscate your Bitcoin because you own the digital cryptocurrency. That is not the case with money that you have borrowed from a bank which one moment might be at your disposal and the next out of your bank account.

There is a Limited Supply of Bitcoin

One of the reasons why mining for Bitcoin has become more difficult is the fact that Bitcoin has a limited supply. When all bitcoins are created their number will be 21 million and not a coin more. This means that those who have Bitcoin in their possession can be absolutely certain of their value because Bitcoin is very predictable and speculators cannot influence its value. While current currencies suffer from constant devaluation due to the constant printing of new money from central banks, Bitcoin is very scarce.

Fast and Easy to Use

One of the biggest selling points of Bitcoin is the fact that the currency is very easy to use and people who use it can complete their transactions almost instantly. This is because all Bitcoin transactions are peer-to-peer transfers and as Satoshi Nakamoto wrote in his whitepaper this is one of the basic principles of Bitcoin.

Central payment networks such as Visa, PayPal and Mastercard charge their clients certain fees through their banks when they make a transaction. This is not the case with Bitcoin as it does not charge any fees most of the time and when it does they are minimal.

Anonymous Currency

Another beneficial aspect of Bitcoin is the fact that you can be completely anonymous when making a transaction with Bitcoin. If it is used properly, the currency can keep you out of sight of the government as it does not require its users to provide name, email, social security number and other sensitive information.

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Bitcoin Exchange Binance Confirms Delisting Of Bitcoin SV

Many members of the cryptocurrency community have labeled these claims as fraudulent, and Wright has retaliated by threatening legal action through his legal representatives.

The controversy has gripped the entire cryptocurrency community, including Binance's CEO Changpeng Zhao, who mentioned the potential risk of delisting Bitcoin SV (BCHSV).

Bitcoin SV price decreased against the background of this piece of news.

In the meantime, Kraken held a Twitter poll asking their followers whether they should delist BSV or not.

Although Bitcoin Cash may directly benefit from Bitcoin SV's tailspin, analysts still expect it to possibly see further downside in the near-term.

"$BCH This has been one of my biggest winners in the last couple months!"

Some users have suggested that OKEx's decision to keep listing BSV may have been influenced by the recent announcement of OKEx's partnership with Jack C. Liu, founder of crypto wallet RelayX, to launch a BSV-based exchange.

"We stand with @binance and CZ's sentiments".

Kraken has joined the feud between Craig Wright and the Bitcoin community and made a decision to delist Bitcoin SV.

The official reason of Binance for delisting Bitcoin SV was that it didn't pass the review. Wright has reportedly announced a $5,000 bounty in BSV for this objective.

The latest cryptocurrency exchange to announce that they would be delisting BSV is Kraken, which recently tweeted that "the people have spoken" adding that they would be delisting Bitcoin SV, marking another significant blow to the embattled cryptocurrency.

Bitcoin SV network witnesses yet another blockchain reorganization: It was reported that Bitcoin SV's network witnessed another blockchain reorganization on a 128 MB block, with over six blocks orphaned [#578640-578645].

"In the next thirty days, we will end even close out support for #BSV transactions".

The people have spoken.

Image courtesy of Twitter, Shutterstock.

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How To Explain Bitcoin To Your Friends & Family …

Introduction:EVERYnew technological development throughout mankinds recorded history has been met initially with derision, protest, incarceration, torture, death, and sometimes war. From the Catholic Churchs restraint of Galileo, who insisted that Copernicus was correct in his assertion that the sun was the center of the solar system, rather than the Earth as center, as was the position of the church at the time, to the invention of the printing press, which facilitated the French Revolution due to its ability to improve communication exponentially, to the personal computer, to Bitcoin, virtual reality, artificial intelligence, driverless electric vehicles, etc., technology advancement has always intimidated mankind when first introduced. Bitcoin is no exception.

Taking it to its logical conclusion, the adoption of Bitcoin as a store of value and a means of exchange will literally destroy the existing banking and financial system as we know it. It is inevitable. Nothing can stop Bitcoin. All current assets owned by people across the globe will become worthless. This will include assets owned by all levels of government, including, social security funds, and any other type of retirement fund. It makes no difference if the asset is measured in Dollars, Euros Yen, or Renminbi, the value of all current forms of assets will disappear, literally overnight.

So there will be world anarchy, well retreat to the dark ages, everyone will be poor, and well have to subsist off the land, or die. Right? Wrong. There will exist a fairly large group of Bitcoin Billionaires and Trillionaires, so called whales, in all the currently existing advanced economies of the world. These people will control all the power because they control Bitcoin.

There will be a meeting of these people. It will be like Bretton Woods all over again, but instead of politicians and bankers attending, it will be Bitcoin Billionaires and Trillionaires. They will declare a New World Order. Under the Bitcoin New World Order, a percentage of all Bitcoin in the world will be taxed at some agreed upon amount sufficient to replace the capital of every private individual, institution, and government around the globe with an amount equivalent to the pre-Bitcoin changeover. All countries will receive Bitcoin in an amount equivalent to local currency and people will continue to work as they do now.

I further predict this event will transpire within the next five years when the use of bitcoin by individuals and organizations becomes so widespread that local currencies will become unnecessary. The event will be similar to what is happening right now with the Petrodollar. China has declared it will begin using its currency rather than Dollars to buy its oil needs. Potentially, this could lead to China becoming the dominant world power in buying and trading of crude oil. It is currently the largest buyer of crude, which, coincidentally, is the largest traded commodity by Dollar volume.

I also predict that this event will cause all the worlds central bankers to establish their own form of bitcoin but that attempt will fail because Bitcoin by then will already be established as the gold standard, so to speak.

If one reads, listens to, or watches the news, one will hear repeatedly that Bitcoin is a scam, that it will go bust, it will be put out of business by competing banks cybercurrencies, or that governments will stop it, etc. However, I happen to believe Bitcoin will prevail over all obstacles and I therefore boldly

(or perhaps stupidly), predict its future. In a remark attributed to Mark Twain, Predictions are hard, especially about the future.

On August 18, 2008, the domain name bitcoin.org was registered. In November that year, a link to a paper authored bySatoshi NakamototitledBitcoin: A Peer-to-Peer Electronic Cash Systemwas posted to a cryptography mailing list. Nakamoto implemented the bitcoin software asopen sourcecodeand released it in January 2009. The identity of Nakamoto remains unknown.

In January 2009, the bitcoin network came into existence after Satoshi Nakamoto mined the first ever block on the chain, known as thegenesis block, for a reward of 50 bitcoins.

The name Satoshi Nakamoto is shrouded in mystery. Its not known if it is a single person, a group of people or just a made up name. Whatever it is, its certainly prescient!

The potential, but real, threat of Bitcoin and the blockchain to the established financial order and to powerful financial elites, recently caused Jamie Dimon, CEO of J.P. Morgan, one of the worlds largest banks, to state that Bitcoinis afraud.

But the man speaks with forked tongue. Its a known fact that every bank in the world is frantically analyzing the blockchain upon which Bitcoin and over 1500 other cryptocurrencies are based because it willand is alreadychanging the fundamental workings of the global financial system. This new technology threatens the well-being and very existence of every financial powerhouse and its beneficiaries because it brings a truly distributed, democratic process to the functioning of money as a system for the storage and exchange of value. However, only those who believe in Bitcoin will come out whole on the other side.

Dimon speaks from his position at the very top of the established financial and political power base. He speaks not to the point that Bitcoin is a fraud, but rather from outright fear of the ability of this new technology to literally destroy that system he represents. Without a shadow of doubt, heFULLYcomprehends Bitcoins and the blockchains threat to the current financial system. Fifty to a hundred years from now, his statement will be seen as akin to those made during the advent of the automobile.

Bitcoin is fundamentally no different than our current global system of finance. Each country has its own form of currency which serves as a measure of value and means of exchange. Bitcoin, however, does not belong to any country. It belongs to its owners in a fully distributed manner.

All forms of money currently in existence in advanced economies are fiat, meaning they are backed by nothing. Until 1971 the U.S. dollar was backed by gold. As a result, the government could never print more money than the amount of gold stored in its vaults. This gold backing of the dollar also served to limit the amount of dollars that could be printed or coins minted. Thus the value of money could never decrease below the value of gold. Now the dollars backing exists only in the confidence and belief of people that money serves as a store of value and a means of exchange. Once people lose that confidence and belief, they will panic and there will be runs on banks as people seek to withdraw their money from their bank. This is exactly what happened in the U.S. before the Great Depression and also more recently in Cyprus.

In 1971, President Nixon removed gold as the backing behind the dollar. Since then, the price of dollars has been allowed to float freely like any other commodity on trading exchanges throughout the world. Each countrys central bank creates its money out of thin air by entering additional digital numbers in their computer ledgers. This so-called money printing has been proven time and time again throughout history to end in financial disaster. It is happening now, as we speak, in Zimbabwe and Venezuela.

Today, banks operate under what is known as the fractional reserve system. The U.S, Government requires that every bank hold in its vaults at least $50 million or $5% of its capital base. A simplified explanation of how the fractional reserve system works is that people deposit money into their bank and the bank is required to keep only 5% of that money in its vaults available for withdrawal by its owners. The bank is in the business of earning profits, so it turns around and loans 95% of its deposits to others in the form of loans or it may invest in financial instruments, such as government bonds, which pay a percentage of interest.

We must ask ourselves what the word value truly and fundamentally means. The fundamental value each individual offers in todays global society is the ability to work if one is in the working age group. For that value we are paid a wage in the currency of the country in which we reside.

Again, Bitcoin is fundamentally no different. However one key difference is in the type of work that is performed to create value. The work that will be completed by Bitcoin to create value will not be physical or mental. Instead the work that will be performed and is currently performed isdigitalandvirtual.

This digital and virtual work is made possible by a technology named the blockchain. The blockchain is a computer algorithm, akin to a mathematical puzzle, but infinitely more complex. The numbers in the algorithm (actually the ones and zeros of the program), stretch to an unimaginable length, nearing infinity. Each time an algorithm puzzle is solved, a new Bitcoin is produced

Furthermore, Bitcoin is limited in quantity to 20,000,000 Bitcoins, the maximum amount that will ever be produced. No central bank will be able to create more Bitcoin and thus inflate the currency. Bitcoins value will never be diminished because there are too many of them, the way there are too many dollars, Marks, or Zimbabwe Dollars, which ultimately leads to destructive inflation as in countries like Weimar Germany, Venezuela, and Zimbabwe.

The making, or mining, of Bitcoin is horrendously expensive, requiring vast networks of the most powerful computer servers to work incessantly, creating a Bitcoin approximately every ten minutes. Furthermore the servers create so much heat in their operation that they must be cooled at high expense to a point they can operate at their peak efficiency. This mining will continue until the maximum amount of 20,000,000 Bitcoin is reached. Each Bitcoin miner is free to keep or sell the Bitcoin they create.

The blockchain is a virtual ledger designed to track each and every Bitcoin as well as the creation and exchange of Bitcoin. The blockchain can be used in other digital applications as well, such as globalsupply chains,and financial transactions. The blockchain bookkeeping ledger is now virtual rather than residing on a computer or in a physical book into which accounting entries are made. Under all currently known technologies, the blockchain can never be hacked or compromised in any way, but that will undoubtedly change much sooner than most expect.

The virtual ledger is, in fact, a digital chain recording each transaction. This prevents any single transaction from ever being duplicated or changed, thus it provides security along with anonymity. This latter point presents a legitimate concern held by critics due to the fact Bitcoin can be used for illicit purposes without anyone knowing the better. At this point, there is no known antidote. But one could also argue that such activity takes place under the current system of currencies and there is no means to prevent it. However, it seems well within the realm of reason to expect that a virtual solution will indeed be found

In addition to the above mentioned concerns, investors say Bitcoin is nothing but the latest speculative investment, going all the way back to the Dutch Tulip Mania. They expect that a crash in price is inevitable. That will likely happen and, in fact, has already happened. No investment goes straight up, there are always up and down cycles.

Many believe another type of cryptocurrencies will replace Bitcoin, but there are no evident advantages to other cryptocurrencies under currently envisioned scenarios,

Another valid concern has recently been expressed, that 1000 people hold 40% of existing Bitcoin, socalled whales.. This concentration of power may allow those with evil intent to corner the market and control price. This very point confirms one point made in my prediction above, except that I would hope those whales would have honorable intentions to help mankind in a massively positive way.

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Bitcoin’s Path to Retake $20,000 Could Be Slow and Painful …

Get Exclusive Analysis and Investing Ideas of Future Assets on Hacked.com. Join the community today and get up to $400 in discount by using the code: CCN+Hacked. Sign up here. Get Exclusive Analysis and Investing Ideas of Future Assets on Hacked.com. Join the community today and get up to $400 in discount by using the code: CCN+Hacked. Sign up here.

By CCN: John McAfee continues to trumpet a bitcoin price that will hit $1 million by the end of the decade. He isnt even afraid of betting his manhood on the same. Nonetheless, crypto bears keep coming back to spoil the party. One such doubter is UBS analyst Kevin Dennean.

According to Forbes, Dennean recently wrote:

Were struck by how long it took other asset bubbles to recover their peak levels (as long as 22 years for the Dow Jones Industrials) and how pedestrian the annualized returns from trough to the recovery often are.

Dennean went on to add that crypto-bull contingents should consider what happens after the bubblenot every bubble that bursts recovers the old highs.

The analyst believes that just like other asset classes, the BTC price faces a slow and painful path to recovery. He likened the bitcoin price bubble to the 1929 Dow Jones collapse, suggesting he thinks it might take slightly more than two decades for the cryptocurrency to reach its highs of $20,000.

Thats a bold prediction to make considering the BTC price has rallied this year and now sits at approximately $5,300.

The bitcoin price vs. other asset bubbles. | Source: Business Insider, FactSet, CoinMarketCap and UBS

John McAfee recently reminded his followers that bitcoin is not a stock.

Come on people!!! Its time to brush up your basic math skills and run some f*^#$ng numbers!!!! It is mathematically impossible for Bitcoin to be less than $1 mil by the end of 2020. Bitcoin is not an effing stock!!! You cant apply stock paradigms or formulas and expect answers! pic.twitter.com/KM6qVX204R

John McAfee (@officialmcafee) April 15, 2019

Thats why it is futile to value the cryptocurrency in the same way as stocks.

Bitcoin is not a stock. At its heart, bitcoin is a digital currency independent of any centralization. Its designed to make peer-to-peer payments. So the mechanics of bitcoin prices are completely different than that of a stock, which is why Denneans throwback to the Dow Jones crash isnt an apples-to-apples comparison.

Bitcoin prices could keep soaring because both technicals and fundamentals are intact.

Bitcoins two-week moving average convergence divergence (MACD) indicates a positive trend for the cryptocurrency for the first time since May 2015. As it turns out, the bitcoin price has not tested its lows for 123 days and could be gearing up for a sustained rally.

On the fundamental side, rising demand could fuel more gains. Of course, McAfees prediction for $1 million BTC by 2020 seems like a huge stretch, but perhaps in the long run.

Wences Casares, a director at PayPal, is of the opinion that bitcoins success as a decentralized currency will be the key to its growth. The lack of developed financial systems in certain economies could lead to an increase in the number of people holding bitcoin.

Bitcoin is a big hit in African nations as it is turning out to be the preferred means of sending and receiving payments abroad in place of the U.S. dollar.

Critics sometimes miss the point that bitcoin is not a stock but rather a digital currency whose aim is to enable peer-to-peer payments independent of any central authority. Thats why analysts should never value it using the mechanics of stock valuation or else they might have to eat their words and will look foolish in the long run.

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Cryptocurrency Bear Market Waning, Going Through Accumulation …

The cryptocurrency bear market is winding down and is in its final stage, the accumulation phase, according to a report from digital assets fund Adamant Capital published on April 18.

Per the report, the accumulation phase is expected to bring bitcoin (BTC) to trade in the corridor between $3,000 and $6,500 until the new bull market gains ground. The researchers suggest that bitcoin whales are currently accumulating the leading cryptocurrency which echoes the bear market from 2014 to 2015.

The analysis reportedly showed that most retail traders have left the current market, while agnostic traders and long-term investors have become dominant. That reportedly fits BTC volatility lows analysis, wherein recent bitcoin 60 day volatility slumped below 5% a level not seen since late 2016. The report further explains:

During the accumulation phase, the market will trade in a range: the weak hands, who are trying to get out of the market, take profit during rallies and thus create the resistance, and the strong hands, looking to accumulate, buy at the bottom of the range which eventually creates a floor in the piece.

Millenials are also one of the key drivers of the cryptocurrency market growth, the report says, as 92% of this generation does not trust banks and the majority of bitcoin buyers are also millennials. The researchers forecast that bitcoin will see mass adoption in the coming five years, as well as become widely recognized as a portfolio hedging instrument and reserve asset.

As previously reported, research by blockchain-focused company Clovr revealed that cryptocurrency investing is most popular among millennials earning from $75,000 to $99,999 annually. Millenials are reportedly almost twice as likely as any other generation to invest in digital currencies, with 43 percent of men and 23 percent of women investing in crypto.

Another poll by crypto finance company Circle showed that 25 percent of millennials said they are interested in purchasing digital currencies over the next 12 months, which sets them apart from other generations by more than 10 percent.

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How Cryptocurrency Assets Are Becoming A New Battleground In …

Fighting over money is one thing; dealing with bitcoin and other types of cryptocurrency in a divorce is an entirely different story.

As cryptocurrency has surged in popularity, its become much more common for investors to carry shares in the largely unregulated market. For married couples looking to part ways, this means dealing with cryptocurrency as an asset could make for a difficult and lengthy divorce process.

Considering regulations and standards on digital currencies such as bitcoin are still being weighed by governments and financial regulators across the world, could the future of hiding assets during a nasty divorce be lying in its hands?

Cryptocurrency is virtual currency; it lives online and is traded on a blockchain, an encrypted ledger detailing transactions. Since each transaction is associated with a public and private key, its possible for each transaction to be traced back to a single individual.

Cryptocurrency has been around for about a decade, but it became more mainstream around 2017 when bitcoin skyrocketed to a price of $20,000 per coin and caught the public eye, before giving back much of its value in the time since.

In 2018, only 5 percent of the American population held cryptocurrency, according to a survey by the Global Blockchain Business Council. An additional 21 percent of respondents, however, said they were considering adding it to their portfolio.

As cryptocurrency grows in popularity, lawyers all over the world are beginning to face divorce cases with high-value disputes over these digital assets.

Jacqueline Newman, a New York-based matrimonial law attorney, represents all different types of clients, including those divorcing with cryptocurrency. She asks all of her clients to fill out a statement of net worth a comprehensive document detailing income, assets and debt of each party. She says her forms now ask parties to include cryptocurrency, too.

It hasnt gotten to the point where the court forms include it yet, but we have asked on ours and people list it under their general assets, Newman says.

Since bitcoin and other cryptocurrencies are largely unregulated and encrypted, some might think its a perfect place to anonymously stash away funds.

But thats not necessarily the case.

Mark DiMichael, CPA, certified Financial Forensics accountant and fraud examiner, specializes in cryptocurrency. In one recent case, a husband didnt report $100,000-plus in cryptocurrency assets on his statement of net worth. During the discovery process, DiMichael closely analyzed his bank statements and was able to trace the crypto transactions through a crypto-trading platform.

DiMichael warns, however, that cases can get more complicated. The more knowledgeable someone is in crypto, the bigger the threat they pose to successfully hiding the assets.

Although he hasnt worked on a large number of cases involving cryptocurrency so far, DiMichael gives the example of a cybersecurity expert exchanging cash for bitcoin as payment. By conducting the transaction in person, there would be no proof of the transaction occurring making the asset-hiding much more difficult to reveal to the court.

Its really hard to trace if the individual knows what theyre doing, DiMichael says. An expert is going to know not to leave any evidence on their computer, and it can be much more difficult to subpoena.

Edward Davis, a Miami-based asset-recovery attorney and founding shareholder of Sequor Law, says cases of financial infidelity involving crypto are only going to become more frequent in the coming years.

In 15 to 20 years, Davis expects people with large sums of money to turn toward cryptocurrency as a way to hide their assets.

Its a real threat, Davis says. Its not going to come up in the average divorce of Joe versus Mary where they both have regular jobs and are a middle class family. But the wealthy and uber-wealthy who have access to this are going to use it to hide their value.

Matrimonial attorneys interviewed for this story say there arent currently any specific laws regarding cryptocurrency protection during a divorce process. Davis says these laws to protect consumers from fraudulent crypto activity are likely coming, but they will be slow to implement.

The legal infrastructure and regulatory infrastructure for this stuff is way behind, Davis says. If you look at some of the people sitting in Congress some of them are in their 70s and 80s they have no idea what this is. They dont even know what Snapchat is. Youre talking about a generational change [that] is going to [have to] happen before people are confronting this kind of issue.

Another issue for getting a hand on regulating crypto, Davis says, is that theres a wide misunderstanding of how blockchain technology works.

Whenever something new comes along, everyone tends to minimize it, Davis says. Predicting technology is a very hard thing. People who are intimidated or scared or dont understand technology tend to minimize it.

As interest and commonality surrounding crypto continues to increase, experts in the legal field are having to quickly educate themselves on the asset to keep up. Some experts say there isnt enough being done to inform and train legal counsel on the inner workings of the asset.

Most of what DiMichael knows about crypto is self-taught. In 2018, DiMichael published A Forensic Guide to Finding Cryptocurrency in Divorce Litigation. He created the guide after his own research found there werent many resources available on the matter.

Ive seen some courses for it, but I think there should be more training, DiMichael says. Uncovering crypto is fairly complicated, and that can be even harder for someone not trained in crypto.

Most accountants dont understand cryptocurrency, DiMichael adds. More complicated divorce cases involving cryptocurrency can be a lengthy and complicated process and for an accountant learning everything on the fly, this can mean longer hours and a higher bill for the client. DiMichael says that he currently charges $435 per hour.

Davis hasnt worked directly on a case recovering cryptocurrency assets yet, but he has noticed an upswing in industry-related conversations in the past two years. Lawyers, who he says arent technology-savvy by nature, should pay close attention to cryptocurrency and educate themselves on how to manage it in court cases.

The main concern about crypto is how little we understand it and how dangerous it is because its an unregulated, untethered currency, Davis says. This is a real threat and one we have to think about.

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Altcoin Season 2019 Thrives: Everex (EVX) Leading Binance …

As this years altcoin season continues to flourish, yet another altcoin has marked tremendous gains in a short span of only two consecutive days.Everex (EVX) has recorded gains upwards of 275% over the last two days.

On March 24th, EVX was trading at around $0.29. At the time of this writing, the cryptocurrency sits at $1.23, marking an increase more than 300% in the last 48 hours. EVX has a market cap of a little more than $27 million, making it the 140 largest cryptocurrency in terms of total market capitalization.

Not only is this the higher price EVX has been trading at in 2019, but its also the cryptocurrencys 10-month high.

The primary source of liquidity and main market of EVX trading seems to be Binance the worlds leading cryptocurrency exchange. It reports an EVX/BTC traded volume of more than $145 million in the past 24 hours, accounting for almost 92% of the total trading volume EVX saw in this period.

Besides it being an altcoin season, which typically favors violent altcoin price movements, the primary reason for EVXs pump can be associated with recently published news.

Everex announced that their project has managed to receive approval from the state of New Jersey in the United States of America to onboard its users and to perform crypto-to-crypto domestic, as well as international transactions.

The reason for which this seems to be so significant for the price is because Everex is primarily a Singapore-based company with a main focus on Asian markets. Hence, taking its technology to the US and making sure that it is a compliant transacting technology substantially expands the projects reach.

Big news of the kind have the tendency to move price substantially, even though its important to note that an increase of more than 280 percent in 48 hours remains somewhat unorthodox.

Furthermore, a few days ago, EVX announced that it is being supported by the Ethos Universal Wallet, essentially improving its adoption further.

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