Coinspeaker Who is Satoshi Nakamoto? John McAfee Seems to Know the AnswerJohn McAfee is pretty much loud and slear about everyrhing he does including his presidential campaign. Now, he gets involved into “Who is Satoshi Nakamoto?” buzz, and, according to him, frauds claiming to be the real Satoshi are hurting the space. He says false claims from people like Craig S. Wright are negatively impacting the growth of the entire industry.He tweeted:“I have received today dozens of communications from people and groups claiming to be Satoshi. Below is an example email and my responses. So people, please – i do know who Satoshi is. Don’t make yourself look foolish by pretending.Again people, don’t make yourselves look foolish by contacting me and claiming to be Satoshi. If you need to contact me to reveal yourself then you are not him.”The recent twitter fight escalated when Binance, announced that it will be delisting BSV coin which is backed by none other than Dr. Craig Wright. This news sent the cryptoverse in to a frenzy, and most influencers of the crypto industry welcomed it. John also jumped in to it and expressed himself on Twitter by calling the Binance founder courageous.Wright has been serving people with legal notices for harassing him with tweets or comments. The barrage of lawsuits began with Hodlonaut, a Twitter user who seemed to have started the hashtag “CraigWrightIsAFraud.” He tweeted:“It’s my considered opinion that BSV is using Craig Wright’s bogus claim to be Satoshi as a means to fraudulently increase their price. God bless @cz_binance for having the courage to delist them!”Just for a reminder, Binance exchange has decided to delist and cease trading on all trading pairs for Bitcoin SV (BCHSV) starting from April 22nd, 2019.And it seems that several major exchanges have voiced their support for Binance’s intention to delist Bitcoin SV, dropping its price heavilyDo remember that McAfee made his prediction of $1 million Bitcoin price by 2020 based on mathematics:Come on people!!! It's time to brush up your basic math skills and run some f*^#$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 can't apply stock paradigms or formulas and expect answers! pic.twitter.com/KM6qVX204R— John McAfee (@officialmcafee) April 15, 2019According to the his previous statements, the actual value of Bitcoin is based on the cost of its production (or mining), as well as on the total number of users and transactions on its network. McAfee has also stressed that Bitcoin was not a speculative investment but an instrument that powered a payment protocol working without banks.Then, McAfee stated that the US dollar is widely used because people trust the regulator that issues and governs its value. When Bitcoin achieves massive adoption, its demand will surge, and there will be no need to issue dollar bills.As a result, there will be a protocol that puts a pre-defined supply cap over Bitcoin printing – 21 million units – and allocates the task of minting it to miners. Due to the protocol, funds will be transferred more cheaply than by a bank, which will also foster Bitcoin adoption.Who is Satoshi Nakamoto? John McAfee Seems to Know the Answer
Coinspeaker Tron Launched Its Version of USDT Predicting Massive Bull RunTron’s (TRX) is really trying to go mainstream. They are actually updating within the blockchain and developing all way long. Also they are partnering with major organizations. One of the biggest Tron revelations of 2019 has been its connections with USD-pegged stablecoin USDT and on April 18, USDT was officially launched on the Tron blockchain.They wrote on their blog:“USDT enables interoperability with TRON-based protocols and Decentralised Applications (DApps) while allowing users to transact and exchange fiat pegged currencies across the TRON Network.”Also announced was that TRON will reward TRC20 based USDT holders with 20 million USDT for 100 days. From April 30th to August 7th, TRON will be working with the world’s leading digital asset exchanges including Huobi, OKEx, etc. on this campaign. This incentive also has 4 distinctive features meaning the incentive program lasts for a duration of 100 days and there is attractive reward as well. The annualized interest rate reaches as high as 20%.It is also free of charge meaning users are expected to pay nothing to get the reward. And there’s more! There is a huge prize pool. Based on the current total amount of USDT, the total giveaway will be $20 million and there is no cap if there are special circumstances.CEO of Tron Foundation, Justin Sun tweeted:“Today #USDT is launched on TRON’s blockchain. $USDT is issued by @Tether_to on the #TRON network based on #TRC20 protocol. There will also be a total reward of 20 million $USDT for 100 days. $USDT will be fast, free and smart! #TRX #BTT”Sun has worked a lot about adopting the USDT-Tron partnership ever since its beginning, and he also said that that the team-up will make USDT more reliable, faster and cheaper in the future.He noted:“The current solution is very obsolete which is extremely expensive, slow and unreliable for other stable coins. So once we gain the USDT-Tron infrastructure, I think the whole Tron community and the whole blockchain community will benefit from the move away from Bitcoin.”The Tron community or the so-called ‘Tronics’ have been invested in every update of the partnership as the last announcement about the USDT-Tron launch date caused the price of TRX to shoot up by 8 percent.Tron begun a 100-Days campaign to promote the use of USDT based on TRC-20, meaning they begun a rewards program that would run for a hundred days. Under the campaign, the user stands a chance to earn about 20% annualized return on USDT-Tron for the first five days of the program by holding the tokens during the hundred day period.This incentive, intended to help facilitate TRON USDT adoption will be instated through leading digital asset exchanges, such as OKEx, Huboi, Gate.io, Bitfinex, and various other partners.Given the severe price volatility of cryptocurrency throughout the last year, a period which is now being referred to by some as the “crypto winter,” the advent of a stablecoin will be a welcome addition to TRON merchants and developers looking for more peace of mind in their transactions.Tron Launched Its Version of USDT Predicting Massive Bull Run
Coinspeaker Binance Coin Price Hits New All-Time High After Stream of AnnouncementsThis week, the world’s largest cryptocurrency exchange, Binance, released a stream of positive announcements. As a result, the exchange’s native cryptocurrency Binance Coin (BNB) has skyrocketed to hit its all-time high of $25.52. At the press time, the Binance Coin is trading at $24.59 with a massive $438 million in daily trading volumes. Moreover, with today’s price surge, BNB’s market cap tops above $3.5 billion.The Binance Coin has made massive gains over the last year with its price surging by 100%. This performance comes despite the massive crypto meltdown of 2018. Such a stellar performance can be attributed to Binance’s constant efforts to bring important structural changes to the crypto platform. Also, Binance has effectively managed to read the requirements of the crypto community.Binance Launches Its Native Blockchain NetworkTwo days back, in the early hours of April 18, Binance hinted the launch of its new native blockchain network, Binance Chain. Soon by the evening, Binance confirmed the launch of its mainnet. The crypto exchange also announced that on coming Tuesday, April 23, it would execute Mainnet Swap.It means the complete transfer of Binance Coin tokens, which are currently on the Ethereum blockchain network, to its native Binance Chain network. This is a massive achievement as nearly $3.5 billion worth crypto tokens will migrate to a new network.The Binance Chain poses direct competition to platforms like Ethereum. Further, it aims to create a complete ecosystem and use-cases for the Binance Coin thereby increasing its utility. Along with Binance Chain network, the company also announced the launch of its decentralized network (DEX).Besides Binance Coin, the Binance Chain is custom-built for hosting the entire decentralized exchange. The Binance Chain facilitates extremely huge transactional capacity with just one-second block times. Binance CEO Changpeng Zhao explained:“With the core Binance Chain technology, Binance DEX can handle the same trading volume as Binance.com is handling today. This solves the issues many other decentralized exchanges face with speed and power.”Binance is trying to attract several Ethereum-based crypto tokens to its native blockchain platform. Besides better performance, the exchange also promises ease-of-use and better liquidity. However, Binance will charge some listing fee from crypto projects willing to issue their tokens on Binance Chain. Depending on the size of the project, the listing fee could go to as high as $100,000 said Changpeng Zhao.Soon after the official announcement of Binance Chain launch, Mithril confirmed to be the first project to migrate on the Binance Chian.Binance Expanding to SingaporeEarlier this month, crypto exchange Binance announced that it will soon expand its operations to Singapore by launching a fiat-to-crypto exchange. The launch will take place next week confirms Binance CFO Wei Zhou. Speaking at the Paris Blockchain Week, Zhou told CoinDesk, “Next week we are going to launch the Singapore simple buy/sell on-ramp. It will actually be a new product we are launching, as a very easy buy/sell platform so users in Singapore can buy and sell bitcoin with Singapore dollars.”Zhou said that initial the exchange only plans to allow Bitcoin trading. However, it will soon add other digital currencies upon confirmation from the local jurisdictions.Binance Coin Price Hits New All-Time High After Stream of Announcements
Whether it’s a business idea or simply some general guidelines you are seeking to invest with Bitcoin, you can make the most of this financial advice and depend on your savings to get you where your dream wants you. Based on the professional knowledge of expert cryptocurrency advisors, we have rounded up some of the most effective tips that may help you regardless of your current savings in your wallet. So with that said, let’s check out some of these tips to begin your savings plan today.
Invest in Lucrative Ventures
If you have extra BTC to your disposal on a monthly basis, why not look into the investment option without lending money to do so? Finding a sound investment is indeed tricky, but if you speak to your colleagues, a few close friends or even if you consult a bitcoin broker or advisor, you can easily find some lucrative projects to invest in which should turn a profit in the months ahead. Do note that the trick with investing though is to know what you are putting your BTC into and how successful it will be in the medium to long term, should you decide to cash out. If you are turning a profit and you can afford it, add to your investment whenever you can to grow your returns even more.
Open a Fixed Deposit Account
If you’ve never done so before, you can look into opening an account that allows you to deposit money, but requires a notice period prior to withdrawing funds. This is a safe way to ensure that your BTC converted to currency savings cannot be touched and when you eventually do have access to the funds, you most likely won’t need it due to the long waiting period. Apart from this, there are even certain types of accounts are linked to your bank account to collect any small change that simply lies there after a purchase. To ensure you save more than you deposited, signing up for this service is absolutely necessary.
Looking at BTC Trading as an Additional Option
Making extra BTC isn’t always as easy as it sounds. If anyone could make a little more bitcoin, then we all would be doing so in a flash. What you can bank on is perhaps trading your BTC at a profit. If you’re opting to go this route, then note that it comes with the correct timing and skill to know what the market holds at the current and project what it will be in the future. As crazy as it seems, this is sound advice, especially to those with some knowledge about the market on their side.
Keep in mind all of these financial strategies may take time. Patience is key here and absolutely necessary and if you wish to see results, you need to put in the work. At the end of the day, it will all be well worth the effort and you will, in all likelihood, see results from these simple tips and tricks.
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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 doesn’t 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 doesn’t 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.
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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Coinspeaker Unspoken Side of Blockchain in Food and Beverages IndustryTrust is fragile and highly rated these days, especially with all new technological innovations and inventions that make the world a digital market. Once a mistake or breach has occurred in an industry sector, repairing the lost trust or data becomes twice as difficult as it was the first time to build that trust.The importance of trust is highly required in industries such as hospitals, food, and beverages because they directly deal with the physical and emotional state of everyone. Solutions provided by blockchain food and beverage helps to ensure that this trust between producers and customers does not get damaged.Blockchain technology for food and agriculture provides the necessary advanced tools and components to secure data, transfer funds and receive payments. They also protect products with immutable digital Intellectual Property Rights (IPR).Why Do We Need Blockchain for Food and Beverages Industry?According to World Health Organization (WHO), approximately 582 million people get affected and fall sick solely due to food contamination.This was during the year 2010 and the numbers have only been increasing ever since. Why is this happening? There are too many reasons why this is happening, some of which include improper packaging, fake substitute manufacturers, addition of too much preservatives, etc.All government agencies have been trying their best to eradicate food crime on a global scale through strict regulations but these changes and adherence will take time before it becomes a habit. With blockchain problems such as usage of fraudulent ingredients and fake manufacturers can be eliminated.Foodborne illness can be reduced to a greater extent as blockchain can be integrated with advanced Artificial Intelligence and Internet of Things (IoT) to identify and track food products in real-time.Consider Blockchain as a Doctor and Food Industry as a PatientSome of the following are some famous big giants that have started incorporating blockchain into their food business to protect food products in terms of quality and faster delivery.They are:NestleWalmartMcLane CompanyUnilever, etc.Most of the blockchain solutions in the food and beverage are taken over by IBM in order to protect the digital identities of suppliers and manufacturers. This is accomplished to ensure that only the necessary party will know about the manufacturing processes and there will be no other third-party involvement which in turn reduces the chances of manipulation. Also, blockchain is well-equipped to eliminate problems surgically.Provides Better Statistical InformationOne of the reasons why one out of 10 people falls ill due to contagious food processing is because traditionally the food industry lacked the right tools to maintain an efficient database. Also, they didn’t realize the importance of data analytics. But, today, every industry understands it, especially industry that deals directly with health and wellness.Blockchain is decentralized and uses smart contracts to connect multiple suppliers, manufacturers, and customers together in one place. All data is recorded and this data can be integrated with business analysis tools such as IBM SPPS or Qlik View to understand the food markets behavior much better.Authenticates Food and Beverage LabelsHonestly, do you read every single word mentioned in the food labels of the food products you buy every single-time? Honestly not every-single-time. Maybe once in a while but still that is not enough to verify if what we are eating is healthy, original and authorized. There are governmental certifications and seals that provide proof of evidence but these days, duplicating them is not that hard.Blockchain provides proof of evidence for every single ingredient used in a product allowing customers to track the original source easily. Nobody can manipulate the data stored or labeled as it is protected with public or private encryptions as per requirement.Connects Distributors and Farmers DirectlyOne of the major challenges faced in all countries in the food industry is allowing farmers to connect directly with distributors as well as customers. With blockchain, farmers can gladly say goodbye to third-party interventions. Now, they can sell directly to the customers and distributors at a price that they fix for their products rather than allowing centralized authorities to fix price of products.Aggregates Distributors of Farming EquipmentFarmers can now produce products at a faster rate and sell it to food and beverage manufacturers at the same speed with the help of blockchain.Since there is no middlemen interference, renting of farming equipment’s is possible through blockchain-based decentralized P2P network. Thus, there is no delay in harvesting crops, selling vegetables and fruits to big gigantic manufacturing units and this, in turn, allows those big giants to deliver quality food products to customers quickly too.Blockchain Can Act as an Uber for the Food and Beverage IndustryCustomers can instantly and directly order food to the manufacturing units, suppliers or agricultural farmers. This lowers the transaction fee and leads the food markets to help small and medium food and beverage enterprises too. Most of all, blockchain allow quick payments in the form of tokens and cryptos.Conclusion: Blockchain is the Center of Attention TodayAll industries are grabbing opportunities with blockchain to ensure security, privacy in terms of digital protection and legitimacy. When you can sell at your own price and reach more audience why do you want to still wait?Lead the food and beverage markets with your unique selling proposition. Work together with your suppliers, manufacturers, distributors, and customers to make the world a better and healthier place. Go Green.Unspoken Side of Blockchain in Food and Beverages Industry
Binance Coin (BNB) has shot up to a 15-month high following its exit from the Ethereum blockchain.
Bigger and Better Things
The currency – from one of the largest cryptocurrency exchanges in the world (Binance) – has moved to its own blockchain space, proving itself as a primary competitor to the second-largest cryptocurrency in the world by market cap. The blockchain is called Binance Chain and seeks to allow crypto startups to issue new currencies directly via the company’s platform.
Joe DiPasquale – CEO of cryptocurrency fund Bit Bull Capital – explains:
Binance Coin is rising in price due to the anticipated unity it will offer as the Binance ecosystem grows. Binance has a big edge in the space with a high-volume exchange and a big user base. They are doing the right things and that is reflected in their token’s price appreciation.
The ledger will also serve as the home of Binance’s future decentralized exchange. The system will allow customers to “trade more directly” than they would on centralized exchanges.
Kyle Samani – co-founder of the crypto hedge fund Multi-Coin Capital Management in Austin, Texas – believes this move will be very good for Binance and position it even higher in the crypto food chain. He states:
The launch of Binance Chain is one of the most important crypto events of the year. Binance Chain is competing with one of the primary use cases that helped catapult Ethereum into what it is today: issuing and trading tokens, and because Binance Chain is designed with that specific purpose in mind, it does a much better job (speed, transaction fees, etc.) than Ethereum can. I expect all of the regulated token offerings and [initial coin offerings] ICOs moving forward to take place on Binance Chain, as it simply provides a much better platform for these use cases.
One of the chain’s biggest pluses is the fact that companies will be able to raise funds through ICOs. Binance offers lots of exposure and liquidity to startups. Many of these startups have complained about their previous option, the Ethereum network, saying that it was often difficult to get their coins listed even after paying listing fees.
The move also stirs questions regarding the future of decentralized exchanges, known as Dexes. Many believe that this will spark higher usage of Dexes, which at press time, account for only a small portion of trading in the crypto space.
Final Words of Wisdom
Jeff Dorman, a partner and portfolio manager with Arca Funds (based in Los Angeles, California), claims:
Users and fanatics will now be able to directly participate in the economics of the platform without any barriers. The biggest question is, ‘Will the Binance Chain be able to offer the same speed and functionality as the Binance Exchange?’ We think so.
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Coinspeaker BitMax.io (BTMX.com) and EtherZero (ETZ) Established Strategic PartnershipEtherZero (ETZ) will be listed on the BitMax.io and trading begins on April 19th, 2019.What is EtherZero?EtherZero is a hard fork on Ethereum and provides a high scalability, instant payment, zero-cost decentralized platform for developers to deploy smart contracts and DApps. The advantage of instant transactions and zero fees make it an excellent platform for DApp development.EtherZero BenefitsHigh scalability: EtherZero supports very high transaction volumes with fast verifications. It can process 1,400 transactions per second.Instant payment: It’s unnecessary for developers to worry about network congestion or transaction delays when deploying DApps. Block generation speed could be lower than one to three seconds thus reducing confirmation time.Zero transaction fees: Whether developing a DApp, deploying a smart contract, or launching a transaction, there are zero transaction fees. The EtherZero system uses Power to ensure the operation of zero common transactions. Power is an EtherZero-origin native currency generated on the MPoS mechanism. It is not tradable or transferable and is only used for the consumption of Gas in transactions.Innovative MPoS consensus algorithm: MPoS is the abbreviation of Masternode plus PoS. The MPoS consensus algorithm integrates a Masternode system with Proof of Stake in a two-tier network. This makes the platform fair and more decentralized. As long as participants have 20,000 ETZ coins and a cloud server, they can join in masternode mining and have the right to vote in the autonomous community.Autonomous community: A high degree of community autonomy enables all masternodes to initiate community proposals, vote and participate in community construction. It is a means of reaching consensus on proposed changes to the network and the development of EtherZero ecosystem finance.Use Cases and Future PlansEtherZero helps developers set up DAPPs that are frequently used in daily life and not necessarily limited to business and finance.Some of the DApps currently on EtherZero are L’ETZ ROCK, a mining app and UnicornGo, Friends Farm and Hit the Crypto, all online games. The EtherZero team intends to design a proposal outsourcing and trading platform to connect game designers, writers, game manufacturers, etc.In November last year, EtherZero formed a partnership with the Russian blockchain game IZX which currently has more than 40,000 users.CryptoAds, the latest iteration of CallsFreeCalls, has teamed up with EtherZero. The platform allows users to make free calls to anyone, and is sponsored by advertisers. The partnership suggests that the company intends to provide the fastest service possible to users.Besides, EtherZero is developing an e-commerce platform to meet the needs of shopping using EZT. It also plans to implement a mapping application, referred to as MRO (Map of Real-World Organization). This app will help existing businesses to deal with internal management and relationship management using smart contracts.The EtherZero TeamGary Luo, CEO of EtherZero, believes it will become a common DApp development platform in the next five to ten years.A core development team from China is working on the global public blockchain network project. Two senior DApp development teams from Eastern Europe and India are helping with research and development.At the same time, a number of domestic and overseas marketing teams are working on the promotion and operation of the DApp base layer development platform.What Is BitMax.io?BitMax.io is the industry leading next-generation digital asset trading platform that provides a broad range of financial products and services to both retail and institutional clients across the globe. It was founded in 2018 by a group of Wall Street quant trading veterans and built upon the core values of blockchain, transparency and reliability, to deliver high-quality client services and trading experience.The BitMax.io team is well-known in the industry as the very first, and so far the only, to introduce the innovative trading model that combines “transaction mining” and “reverse mining.” While “transaction-mining” can be a relatively common practice, where users get platforms’ native tokens as rewards, a BitMax.io user can receive rebates for executing maker trades under “reverse-mining” mode.An equivalent market value of BTMX token, the BitMax.io platform native token, will be deducted from the user’s account, and subject to permanent lock-up. The combined trading model has proved effective to bring additional liquidity to the platform, and control the total circulation of BTMX token in the entire market.BitMax.io always strives to provide its global market with a comprehensive set of trading products. The margin trading function launched is another step forward from product offering perspective to better serve their dynamic trading needs.For those users who understand and acknowledge the risks involved in margin trading, the function allows users to borrow funds from the platform and to trade more digital assets than they normally could afford. (The margin trading function of BitMax.io is not available for North American markets.)Increased buying power means that users are able to leverage tradable assets as collateral. They have the potential for a higher return on investment when the price rises. However, they also have to face the risk of potential losses when the price goes down. Overall, the launch of margin trading helps to support the rapidly increasing volume and liquidity of the platform.A Mutually Beneficial PartnershipWith the commitment to listing only industry top-quality products as part of its client-centric strategy, BitMax.io has expanded its global client base to over 150,000 registered users and 53,000 active community members. Given that EtherZero is positioning itself as an integrator, promoter and practitioner of blockchain technology, the strategic partnership of BitMax.io and EtherZero is expected by the market to further encourage the usability of blockchain in daily life.BitMax.io (BTMX.com) and EtherZero (ETZ) Established Strategic Partnership
An official currency of China is slated to become a digital asset, according to a leading analyst.
China and Crypto: A Rocky Relationship
Donald Tapscott – executive chairman of the Blockchain Research Institute – claims that the currency renminbi (RMB) will likely become a cryptocurrency in the coming years.
China has not had a stellar relationship with digital assets in the past. Last year, the country banned all crypto-based trading and limited exchange platform activity expressing concern over malicious behavior (i.e. hackings and theft) and the volatile nature of digital currency prices.
In addition, the country has released a list of environmental hazards its looking to stop in the coming years. Among the items listed was bitcoin and cryptocurrency mining, though it’s unclear when (or even if) China will commit to this. China has been releasing similar lists for years and done little to nothing about these alleged hazards, so it’s difficult to say if bitcoin mining really has no place in China’s future.
The list has been put forth by the National Development and Reform Commission (NDRC), an organization that seeks to remove anything that has produced safety concerns, “seriously wasted resources” or “polluted the environment.”
By contrast, current Chinese president Xi Jinping has commented that blockchain – the technology underlying all forms of crypto – is among the most “important technologies for the future of the country.”
Tapscott says he recently met with the vice-chairman of the Communist Party in China. Among the topics discussed was the alleged oncoming ban. He states:
It’s not really necessary to do that [to ban exchanges and mining] because in 20 years we are not going to be using bitcoin in China. Chinese people will use the RMB, only the RMB will become a cryptocurrency. The central bank of China will turn it into a digital currency.
Tapscott also had much to say regarding digital financial exchanges. He exclaimed that not only can they do business in China, but that they’re likely to dominate central exchanges thanks to their transparency and abilities to detect “bad behavior.” He says that virtually all assets, even securities, will eventually make their way onto decentralized exchanges.
What Will China Lose Through a Mining Ban?
China has taken a harsh stance against cryptocurrencies, going so far as to ban initial coin offerings (ICOs) in 2018. At the same time, the country does serve as a global crypto hub, with roughly 60 percent of new bitcoins being mined and emerging from Chinese mining pools. The country’s main crypto-mining company, Bitmain, controlled as many as 11 separate mining farms in China by mid-2018.
Should the NDRC ever set forth a bitcoin mining ban, Bitmain and other giants like it could suffer greatly, and China would lose one its biggest revenue sources. China is also a leader in the blockchain space, with a reported 263 blockchain projects occurring at the time of writing.
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2020 democratic presidential candidate Andrew Yang is becoming very popular amongst cryptocurrency users.
Crypto… In the White House?
The entrepreneur says that among his duties as president will be fixing the country’s “confusing” cryptocurrency regulations. He wants a set list of regulations that companies and individuals can follow, so they no longer need to fear digital investing opportunities.
Already (and like most Democrats’ plans for the election), there are loopholes in Yang’s ideas. First off, he says he wants to protect users from “random changes” to these rules. Things are going to change over time. We need to accept this and make room for it. The cryptocurrency space is going to change, which means that the rules must do so as well.
If we keep the same rules and regulations in place under all circumstances, this is a hindrance to the cryptocurrency space. It will not mature, it will not grow, and it will not attract the right users. We need to leave the door open to potential alterations should the space ever call for this.
Where Yang does have his head in the right place is that he wants to give the United States a competitive edge. He says that during the present time, the U.S. cannot compete with regions like Europe and China thanks to its lagging crypto regulations, and it needs to step up to the plate if it’s going to cement itself as an official crypto hub in the future.
Right now, many federal officials are working to regulate cryptocurrencies by themselves. This is the wrong route to take. These organizations need to come together and agree on a national plan for the country that all individuals and businesses follow depending on their sizes and the money in question while leaving the door open to change current regulation patterns should this be required to benefit the space and its respective users.
It’s time for the federal government to create clear guidelines as to how cryptocurrencies and digital asset markets will be treated and regulated.
He says that if elected president, he will work with Wyoming legislators and the Token Taxonomy Act and model his cryptocurrency regulations after what they’ve done.
Not All Plans Are Good Ones
Yang’s campaign has been accepting bitcoin, Ethereum and other cryptocurrency-based donations. He also admitted he’s an avid fan of blockchain technology in a Reddit Ask-Me-Anything (AMA) session.
Where Yang falters again is in his plans to give everyone a $1,000 each month through a “Universal Basic Income” plan. Like all Democratic candidates, he has plans to give money or benefits out to American citizens – much like Bernie Sanders’ idea for Medicare for All – but is ignoring the hefty tax bill that will likely arrive after the plan takes effect.
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