Srp 19

Bitcoin Cash (BCH) Value Triples In Less Than Two Days

· August 19, 2017 · 5:00 pm

After hovering around $300 for weeks after its initial fork, Bitcoin Cash (BCH) skyrocketed to triple its value over the last two days.

On August 1, the Bitcoin blockchain forked to little fanfare. Although the new Bitcoin Cash (BCH) token quickly spiked to around $1000 in its opening hours, it soon after tumbled into a stagnant holding level around $300. In the meantime, Bitcoin surged past $4000 and posted all-time highs on a nearly daily basis. The question on everyone’s minds: Sell or hold their BCH?

Now it seems we have our answer. Like a phoenix rising from the ashes, BCH surged past previous highs to over $1000 on Saturday morning. It has since stabilized at $800 and is trading at $788.14 as of press time.

Bitcoin Cash price chart

BCH’s trading volume also recently surpassed that of BTC. CoinMarketCap now shows BCH edging out BTC trading volumes by a margin of roughly 300 million. In the meantime, BTC price has been sliding down, although it has yet to dip below its $4000 benchmark.

Bitcoin Cash vs Bitcoin

The Canary in the Bitcoin Mine

Thanks to Bitcoin Cash’s new price, mining the BCH blockchain is now more profitable than mining legacy BTC. Additionally, block 479,808 on the BCH blockchain will likely adjust the difficulty for BCH mining downwards by 50% sometime this weekend.

Following this adjustment, Bitcoin Cash miners will earn more than double mining BCH than they would legacy BTC. As miners switch to the new blockchain, the increased hashpower and lower transaction fees on the BCH blockchain will likely drive more investors to Bitcoin Cash.

Although profitability on the BCH chain could potentially skyrocket over the weekend, other factors may encourage miners to remain on the BTC chain. For one, miners are paid and extra 1.5 BTC per block on the legacy Bitcoin blockchain, leading to much higher rewards. Additionally, miners earn rewards on the BTC chain much faster than the BCH chain- Bitcoin takes about 17 hours whereas Bitcoin Cash takes about 34 hours.

As South Korea Goes, So Goes The Market

Increased demand from South Korea is also driving up prices. Trading jumped to ten times its previous volume prior to the surge, much of it in South Korean won. In fact, data from CoinMarketCap shows that roughly $2.1 billion of BCH’s $3.5 billion trade volume (around 60%) is coming from just three South Korean exchanges – Bithumb, Coinone, and Korbit.

BCH South Korean market

Analysts previously surmised that increased international tensions between the US and North Korea were the driving factor behind BTC’s rally last week. Caught in the middle of this fiery rhetoric is South Korea, a current hotspot for digital currency trading.

With cryptocurrencies slowly becoming a new (if unlikely) safe haven from government turmoil, there now seems to be a growing connection between crypto trading and regional turmoil.

This was previously demonstrated in Africa, particularly in Nigeria, where the nairi lost nearly 40% of its value overnight due to crashing oil prices. Google Trends showed increased interest in Bitcoin immediately following the crash, indicating an interest from Nigerian citizens in moving their money to a safer reserve currency.

This is also now being fully demonstrated in Venezuela, which is currently undergoing a sheer economic apocalypse. Prices for consumer goods in the South American country have skyrocketed a whopping 741% from early 2016 to early 2017. Venezuelan online travel agency Destinia will now only accept Bitcoin for payment citing “increasing restrictions” and economic woes in the country.

Do you think a new “flippening” is in the making? Will BCH overtake BTC in the near future? Tell us your predictions in the comments below.

Images courtesy of CoinMarketCap, Bloomberg

Show comments

Srp 18

LA Galaxy Overtake Rival Seattle Sounders as Most Valuable Club in Major League Soccer, Exciting Weekend of Top Notch Soccer Action with Eight Clashes Going Down

· August 18, 2017 · 5:00 pm

Starting off a weekend packed with Major League Soccer action is the match-up of the Portland Timbers vs New York Red Bulls, taking place in Portland, Oregon at the home of the Timbers in Providence Park. Local kick-off time is set to be 10 pm so do lock your coin bets in early to make the best of the available odds.

N.Y. Red Bulls vs. Portland Timbers

N.Y. Red Bulls vs. Portland Timbers

Following last week’s disappointing defeat to Toronto FC, the home side is keener than ever to find redemption with a hopefully credible performance in front of the home fans. Both sides are expected to have their starting 11 well rested prior to the Friday (local time) clash, we are in for a treat. With no suspensions or outstanding duties, the Timbers are still nursing injuries from Chance Myers’ supposed hamstring tear, Liam Ridgewell’s quadricep as well as Fanendo Adi and Gleeson’s hamstrings respectively. Gbenga Arokoyo will be out for a lengthy period due to an unfortunate Achilles tear also.

Who will you call to open with a screamer on the Portland side? Our call will be either Diego Valeri or Jeremy Ebobisse to score with a full-time score of 2-1 in favor of the home team. The odds are equally as charming as the thought of a positive performance. Out of their previous seven matches, New York Red Bulls have come out on top 6 times, however, this might just be the day for a change.

The New York Red Bulls have recently been victorious over FC Cincinnati in their US Open Cup Semi Final with an impressive 3-2. Bearing in mind they failed to reach the win within 90 minutes, we could be in for some extra time against the Timbers likewise. Again, no suspensions lined up for the Red Bulls, however, a long list of injured players include Daniel Royer and Mike Grella with knee injuries, with Grella being out for the rest of the season due to surgery. Overall our pick for this one will be more than 3 goals scored in the game – looking at the past few games it would make absolute sense to see a goal shower approach out of the blue.

Are the New York Red Bulls going to show a Cup Final worthy performance this weekend or are Sporting KC in for a breeze to lift the trophy?

D.C. United vs. Colorado Rapids

D.C. United vs. Colorado Rapids

On the other hand, D.C. United are paying Colorado Rapids a rapid visit indeed. Following major infrastructural changes at both clubs, the two will go head to head to see who adapted better. D.C. welcomed their new coaching team with open arms and are reportedly ready to go to war.

The absence of Pablo Mastroeni on Saturday evening locally will be rather odd for the fans, considering his fixture-like presence for the Rapids over the years. Both the fans and management are hoping to see a new trend bringing some significant results in as the weeks pass this season.

D.C. United’s head coach Ben Olsen is equally seeking redemption following a disappointing 1-0 defeat at home against Real Salt Lake. Bearing in mind that the game was postponed due to weather issues, the players were likely not enjoying the inconvenience but that cannot be used as an excuse for either side – you have to cope with what you have.

Zoltan Stieber is reportedly still waiting on his Visa so he will not be on our favorites list to open with a screamer. Either way, we are rooting for a 1-1 full-time result as we cannot see goal numbers exceed 2 or more. With some saucy odds, Nick DeLeon or Luciano Acosta are a good pairing to put your hard earnt cryptocoins on.

Let us know who your bets are on and suggest some score lines for next week’s line ups!

This Weekend’s Major League Soccer Match-Ups

The full list of Major League Soccer clashes this weekend are listed below:

  • Portland Timbers vs. New York Red Bulls
  • Orlando City vs. Colombus
  • Montreal vs. Real Salt Lake
  • Chicago vs. Toronto FC
  • Sporting KC vs. FC Dallas
  • Colorado vs D.C. United
  • Vancouver vs Houston Dynamo
  • San Jose vs. Philadelphia
  • New York City FC vs. New England

Think you’ve got game? For the hands-down best odds in town, visit They offer an easy to use interface that is lightning fast and the most flexible Bitcoin betting options. Wager as little as 0.1 mBTC or go big all the way up to 100 BTC. Sign up today for exclusive welcome offers and other bonus promotions.

Images courtesy of Wikimedia Commons

Show comments

Srp 13

Legendary Investor Howard Marks Admits ‘I Don’t Understand What’s Behind Bitcoin’

· August 13, 2017 · 4:00 pm

After calling Bitcoin a ‘fad’ and a ‘pyramid scheme’ the man who called the dot com bubble has admitted that he does not understand what is driving the value of Bitcoin, which keeps rising seemingly unhindered.

While many, including traditional investors, come around to Bitcoin and get on board with the digital currency that keeps breaking records in terms of its value, some are still stubbornly skeptical, and a little confused.

Where is the Value?

Howard Marks, the billionaire investor who made his name on Wall Street from calling some major investment bubbles, including the Dotcom bubble, said on CNBC’s Fast Money Halftime Report that he can’t figure out the actual value of Bitcoin.

Speaking about this new-age currency, Marks said:

It’s not a medium of exchange, it’s a medium of trading, so I can’t see any intrinsic value, I don’t understand what’s behind Bitcoin.

He later added:

For me, there is only one kind of investing: When you look at something, you don’t think, ‘Is it going up or down tomorrow?’ … You say, ‘What is the intrinsic value?’ and then you say, ‘Can I buy it for less? […] There is no intrinsic value in Bitcoin.

Value of Bitcoin tops $4000

Value Keeps on Rising

Despite this doyen of traditional investing stating that there is no intrinsic value to the most famous digital currency, its value recently topped $4,000. As such, there are very few assets in the world that can even come close.

Fundstrat co-founder Tom Lee, CEO of Ritholtz Wealth Management Josh Brown as well as another investing legend Bill Miller, are all in the opposite camp of Marks’ as they have thrown their full support behind this up and coming skyrocketing asset.

Lee believes it will be the top performing asset at the end of the year while Miller has said that he is the proud owner of Bitcoin.

Don't get left behind

Left Behind

Marks was happy to concede on the show that perhaps the digital currency was a technology and an asset that he was simply too old to understand.

“Maybe I’m just too old and too much of a dinosaur to understand Bitcoin,” Marks said jokingly.

However, Marks has still been bold enough to compare Bitcoin to other bubbles that have gone back as far as the 1900 Tulip mania in the Netherlands. It is through his popular memos that the former Oaktree Capital co-chairman warned about a crash in Bitcoin.

Should people worry about what these traditional investors think? Is Bitcoin breaking the mold and setting its own precedents? Let us know in the comments below!

Images courtesy of CoinMarketCap, Shutterstock, Thomas Lee/Bloomberg

Show comments

Srp 12

Nvidia to Focus More on Cryptocurrency Mining Market

· August 12, 2017 · 2:15 pm

In the wake of record-setting growth for digital currencies like Bitcoin and Ethereum, graphics card manufacturer Nvidia has expressed their intent to focus more on the cryptocurrency mining market.

Cryptocurrency Mining Boom

Since the beginning of 2017, the cryptocurrency market has grown at an enormous rate. In late 2016 the total market capitalization of the cryptocurrency market was a respectable $14 billion and in the months since has climbed a record-setting $135 billion as of this writing!

Bitcoin and Ethereum prices spiked to their ATH (all time high) and mining became profitable for individuals and miners rushed to purchase as many graphic cards as possible in order to profit from the surging prices of both Bitcoin and Ethereum.

The mining rush was so severe, that it even caused a national shortage of graphics cards in Russia. The graphics cards shortages made manufacturers like Nvidia and AMD realize that there is another profitable market for graphics cards, and that’s the cryptocurrency mining market.

Focusing on the Cryptocurrency Market

Nvidia graphics cards

According to a recent article in MarketWatch, Nvidia CEO Jensen Huang stated that the cryptocurrency mining market could potentially become another profitable area for Nvidia. In a recent phone call with analysts, Mr. Huang stated:

Crypto is here to stay, and the market will grow to be quite large.

He also went on to say:

It’s not likely to go away any time soon. There will be more currencies to come, they will come from different nations…We stay very close to the market, and understand the dynamics very well.

The most interesting aspect of the whole cryptocurrency mining rush is the potential development of GPUs for mining. While Nvidia officials have declined to comment on rumors that the famous graphics cards manufacturer is developing GPUs that are specifically made for cryptocurrency mining, Huang recently hinted to analysts that the company offers coin miners “a special coin-mining SKU [that is] optimized for mining.”

It’s also worth noting that thanks to the recent mining rush AMD shares have soared from the increase of graphics cards sales as well.

What are your thoughts on Nvidia’s stance on cryptocurrency mining? Do you think that AMD and Nvidia will focus more on cryptocurrency mining products? Let us know in the comments below!

Images courtesy of Pixabay, Nvidia

Show comments

Srp 09

Russia Squares Off with China in Battle for Bitcoin Mining Supremacy

· August 9, 2017 · 2:00 pm

An aide to Russian President Putin seeks to raise $100 million through an ICO of his company in a bid to help dethrone China as the country with the biggest Bitcoin mining industry. Putin has warmed up to blockchain technology, Ethereum in particular, and has extended support for its adoption through the help of local partners. Many believe that these developments indicate Russia’s predisposition to replace USD with Bitcoin as a reserve asset.

Russian Miner Coin

One of Putin’s aides on all matters pertaining to technological security co-owns a company seeking to raise $100 million worth of Bitcoin and Ethereum by holding an initial coin offering for its token, Russian Miner Coin. On its website, RMC claims that their investors will own rights to 18% of its total revenue earned using the company’s mining equipment. Russian official Dmitry Marinichev said, “Russia has the potential to reach up to 30 percent share in global cryptocurrency mining in the future.”

BTFO China?

RMC has adopted a two pronged strategy to accomplishing their goal of usurping China’s dominance in the mining of digital currencies. Firstly, they plan to make full use of Russia’s lower power prices vis-a-vis China: Not only does Russia produces 20 GW (gigawatts) of surplus power capacity, but it also has very cheap consumer electricity prices at only 80 kopeks (1.3 cents) per kWh (kilowatt hour). Secondly, the company plans on using Bitfury chips in Russia for mining.

The founder of Bitfury Group is Valery Vavilov, a Latvian with ties to Russia. Bitfury also happens to be the biggest rival to Bitmain technologies, which is China’s largest producer of mining computers. Eventually, RMC will seek to produce semiconductor chips in Russia itself that it can then use to reduce the power consumption involved in crypto-mining. They aim to devote 10% of the ICO proceeds towards the creation of these processors to achieve quick results.

Russia’s Tryst with Blockchain

President Putin has been very receptive of the nascent asset class of cryptocurrencies and has been particularly charmed by its underlying blockchain technology, specially Ethereum. With Russia going through its worst recession in recent history and facing decreasing revenues from oil and gas, Putin is believed to have earmarked Ethereum as the potential tool to rejuvenate the country’s economy.

The Kremlin’s website even mentions that after meeting with Ethereum’s founder Vitalik Buterin in June, Putin extended overwhelming support to the youngster to implement blockchain technology in Russia with the help of local partners. Russia’s Central Bank has already rolled out a pilot project built on blockchain that has the capability to process online payments and verify customer data with lenders.


The general consensus about this development is that this would not have happened without Putin’s backing and blessing. This move has coincided with Bitcoin breaking all-time high records and crossing the $3500 mark, which has raised a few eyebrows. Some have suggested that this is the most obvious indicator yet that Putin aims to use digital currencies to replace US Dollars as a reverse currency/asset.

Cynics argue that such large scale Bitcoin mining by the Russians might just be a mask for laundering money in the country notorious for corrupt oligarchs. Regardless, Russia’s embrace of the world of cryptocurrencies and blockchain technology comes as great news for the crypto-verse as it can only result in a greater adoption of the financial technology.

What do you think about Russia’s move to rival China in bitcoin mining? Do you think they are adopting the correct strategy? What do you believe are the ulterior motives behind Putin’s interest in this new fin-tech world? Let us know in the comments below.

Images courtesy of Wikimedia Commons

Show comments

Srp 08

Unregulated Bitcoin ‘Wild West’ Gives Rise to Spoofy

· August 8, 2017 · 5:30 pm

Spoof orders, illegal on financially regulated markets, are on the rise and being exploited on largely unregulated Bitcoin and cryptocurrency markets. Demonstrable instances, perpetrated by a group or individual known as Spoofy, have occurred on Bitfinex and GDAX.

Spoof orders, or placed market trade orders that are not actually intended to be executed, are part of the rampant manipulation of traders on cryptocurrency exchanges. Trading into your own buy or sells is also illegal in the regulated financial markets, and it is suspected that this behavior has become more rampant in order to help Bitcoin price manipulators cut potential loses from their dubious activities. They also serve to sway trader behavior with massive sell and buy walls which are suggested to be the work of an individual or group, perhaps even the exchanges themselves going under the pseudonym of Spoofy.

Spoof Trading Ruled Illegal On Traditional Exchanges

Spoof Trading Ruled Illegal On Traditional Exchanges

With trading bots and API access to exchanges providing all the data needed for a coordinated manipulator, it isn’t a question of “is someone doing it?” so much as “who is doing it?”. Cases have been brought to light and prosecuted in the traditional stock markets, such as when Navinder Sarao pleaded guilty to spoofing offenses.

Using an automated trading program, or bot, Navinder’s actions contributed to the 2010 stock market flash crash. Then there is Michael Coscia who used a flood of small orders before canceling them to manipulate other traders. During Coscia’s trial, assistant US attorney Sunil Harjani said:

Traders contemplating sophisticated scams will think twice if they know that there are more significant consequences than a civil lawsuit or a regulatory action. […] Hedge funds and proprietary trading firms will closely review their trades, and strike down get-rich-quick manipulation trading schemes because the cost is not worth the benefit.

Is Spoofy Real? Evidence Seems to Point to ‘Yes’

BitCrypto’ed provides plenty of evidence on the Hackernoon website on market manipulation (including the video above), alleging that the trade spoofing activity is primarily carried out on the Bitfinex exchange. According to the investigation, Spoofy is either an individual or group, but certainly a coordinated entity with an unrivaled amount of money to influence the market.

Laying out all of the evidence, BitCrypto’ed writes:

Spoofy makes the price go up when he wants it to go up, and Spoofy makes the price go down when he wants it to go down…And he’s got the coin… both USD, and bitcoin, of course, to pull it off, and with impunity on Bitfinex.

Marketwatch’s Shawn Langolois, who appears to agree with BitCrypto’ed, further clarifies:

If Spoofy places a large buy order that entices smaller traders to hop aboard, he can turn around and instead use the uptick to execute a sell order.

Not Everyone Believes

Not Everyone Believes

No matter the evidence, however, there are still plenty of people who have yet to be convinced that a single person or entity could possibly be the sole driving force behind Bitcoin’s price.

Whether or not Spoofy is real, the practice of spoofing is very real and is already common enough to warrant rulings against it in the traditional stock market. Largely unregulated, cryptocurrency markets are still very much the “wild west” frontier of finance, a reputation hard to dismiss as exchanges and owners disappear or get arrested with alarming frequency. The same lack of regulation that makes cryptocurrency so attractive to many is also what allows modern day Butch Cassidys and James Gangs to get away with their misbegotten deeds.

Do you believe in Spoofy? Is he just a ghost story whispered of by grizzled traders? Let us know in the comments below.

Images and video courtesy of AdobeStock, Hackernoon

Show comments

Srp 05

We Have Liftoff: Bitcoin Price Rockets Past $3000 Record High

· August 5, 2017 · 11:30 am

Bitcoin’s price reached historic new highs at $3230 late last night, while Bitcoin Cash settled below $300.

Enthusiasm has finally picked back up amidst the volatility following August 1’s hard fork, and Bitcoin has a brand new price tag to show for it. Bitcoin shattered its previous record high of $3000 last night, while Bitcoin Cash took another haircut and has settled at around $285.

The 3k price represents a notorious resistance level for Bitcoin, one which infamously ended BTC’s previous bull run in mid-June. BTC’s price had just barely grazed the 3k level before a massive sell-off sent it plummeting to around $2,500 in one of the currency’s largest single day losses.

Bitcoin price chart - CryptoCompare BTC index

Since then, many have waited for Bitcoin to return to its previous highs as prices stubbornly hovered around the mid-2k range for much of June and July. Market volatility leading up to the August 1 UASF activation drove it down even further below $2000 before SegWit2x signaling finally restored prices to around $2600 in mid-July.

BCH Down, Other Cryptos Up

On the other hand, Bitcoin Cash (BCC/BCH) took another hit last night as BTC climbed. Although BCH launched at $200 and then skyrocketed to $1000 quickly after the fork, it has since been slowly losing value in its first six days of trading. It lost just over 20% value in the past 24 hours of trading.

Many have already pointed out that BCH’s inflated price was a result of being unable to withdraw BCH funds from various wallets and exchanges, leading to low market liquidity. Once these issues were resolved and trading re-commenced, however, the price plummeted to around $400 and has since continued to dip.

Regardless, it appears that things have been going well for traders who held on to both coins. Although many traders reaped large profits from selling off their BCH while prices were high, both coins’ combined value is now just under $3500. It remains to be seen if BCH’s price will dip further before stabilizing.

Other cryptocurrencies are also faring well during this new boom. Ethereum is recovering previous losses and is now roughly $238. Litecoin shot up from $43 to $46 and is currently holding there. Ripple prices have also just recently spiked to $0.185, up from $0.175 last night.

Bitcoin Cash price chart - CryptoCompare BCH index

A Milestone for Bitcoin

BTC’s new price marks a historic moment for users of the digital currency, who have waited with baited breath to see the outcome of August 1. Many have long awaited a resolution to the contentious scaling debates which have dogged the community for months.

Although Bitcoin’s scaling issues are by no means over (there’s still the 2x part to implement in November), for now, users can breathe a collective sigh of relief that Bitcoin is now sailing in smoother waters.

Do you think Bitcoin’s prices will stay above $3000? Did you hold both your BTC and BCH, or have you dumped either coin yet? Let us know in the comments below.

Images courtesy of CryptoCompare, Twitter

Show comments

Srp 03

Cyber-Security Hero Who Stopped WannaCry Attack Arrested in Las Vegas

· August 3, 2017 · 4:15 pm

Marcus Hutchins, the British security researcher who aided ailing Wannacry malware victims, including the UK’s National Health Service, arrested by the FBI in Las Vegas.

The security researcher who stopped the Wannacry malware attack by registering an internet domain that the malware communicated with has reportedly been arrested at an airport. According to emerging reports, Hutchins was arrested in Las Vegas as he was leaving the country after attending the Blackhat and Def Con conventions which are held annually for security researchers.

Friends of Hutchins who were with him at the conventions say they do not know his whereabouts and have not heard from him for 18 hours. The US Department of Justice, however, released the following statement:

Marcus Hutchins… a citizen and resident of the United Kingdom, was arrested in the United States on 2 August 2017, in Las Vegas, Nevada, after a grand jury in the Eastern District of Wisconsin returned a six-count indictment against Hutchins for his role in creating and distributing the Kronos banking Trojan.

Confusion and Coincidence Amid Arrest Details

Members of both cryptocurrency and cyber security communities have taken to Twitter to express their disbelief and confusion:

Others were quick to rush to the 23-year-old security researcher’s defense:

Motherboard was the first to break the story, where there still seemed to be confusion about quite what had happened. In an e-mail to the publication, a U.S. Marshals spokesperson stated:

My colleague in Las Vegas says this was an FBI arrest. Mr. Hutchins is not in U.S. Marshals custody.

Ironically, hours after Hutchins was arrested, more than $130,000 worth of the bitcoin ransom taken by the creators of WannaCry appear to have been tumbled through a mixer for withdrawal. This marks the first movement of the coins on the Bitcoin network since the attack.

It is important to note that there is absolutely nothing to suggest that the withdrawal is in any way connected to Hutchins’ arrest.

The Kronos Malware

Bitcoin Wallet Malware

The Kronos malware was spread through emails with malicious attachments, hijacking credentials such as internet banking passwords and other such sensitive information. Malware such as Kronos and Wannacry are increasingly getting media attention and look set to be at record numbers in 2017 if statistics released by antivirus companies are to be believed.

What are your thoughts on this? Is Marcus Hutchins’ arrest possibly only a case of guilt by association? Let us know in the comments below.

Images courtesy of Shutterstock

Show comments

Srp 02

Russian Economic Minister Cautions Against Bitcoin ‘Pyramid Scheme’ As Russian Banks Adopt Blockchain Technology

· August 2, 2017 · 5:30 pm

Russian Economic Development minister, Maxim Oreshkin brands Bitcoin “a pyramid scheme” as the country’s largest banks including Sberbank PJSC and VTB Group look to a modified Ethereum blockchain to provide safer and faster payments.

What appears to be mixed messages coming out of Russia, where both a Bitcoin pyramid scheme warning and a veritable big bank endorsement of Ethereum based blockchain technology have been issued in the same week, proves indicative of the approach taken by governments around the world. Governments not wanting to stifle their countries’ role in what essentially amounts to be a technological revolution are taking a cautious and tentative approach to cryptocurrency in general.

In an interview with Russia’s Rossiya 24, Russian Economic Development Minister Maxim Oreshkin said (translated):

So far the markets of cryptocurrencies resemble a financial pyramid, and it is necessary to treat the value of this asset very carefully.

Technology Benefits

Bitcoin and blockchain technology benefits

Bitcoin as a pyramid scheme investment is a warning issued by governments and investors around the world, carefully considering a balance between promoting the benefits of blockchain technology and protecting inexperienced investors from it. Governments are keen to emphasize that cryptocurrencies such as Bitcoin are not a currency, which does avoid issues of regulation, with the President of the Russian Federation Vladimir Putin having previously announced;

Our attitude to this today is very cautious because almost nothing is regulated in this area today.

Benefits of Blockchain Technology For Banks

Benefits of blockchain technology for banks

Pyramid scheme investment warnings do not necessarily contradict news of active investment in blockchain-based technologies. Russia’s big banks have formed a consortium, similar to that of other banks outside of Russia, including Sberbank PJSC and VTB Group to provide safer and faster methods of payment. The consortium

The consortium is focusing on a modified version of the Ethereum blockchain, utilizing its ability to provide smart contracts. For instance, a blockchain method could cut costs by as much as 80% in the highly notarized financial sector, cutting out intermediaries in key areas such as mortgage certificates. Intermediaries such as notary bodies also increase security risks and data exposure in areas such as data storage and document transference.

Russian banks are keen to remain apace with technological advancement in the blockchain arena, seeking the cost saving, efficient and secure form of banking. Another factor to consider is the current state of banking in Russia. According to Vyacheslav Putilovsky, an analyst at the Moscow-based rating company Expert RA:

Russia’s not a very developed banking market. The top banks here are betting that they can catch up and maybe even overtake their western competitors in their adaptation of this type of technology.

It provides an opportunity for Russia to both reform their banking practices and keep up with the latest technological advancements. Exactly how they can mimic the same security provided by a large, decentralized and financially incentivized blockchain like that of Bitcoin remains to be seen.

Bitcoin’s financial incentive, rewarding miners, is a fundamental component of establishing a decentralized and secure blockchain ledger potentially leaving governments to see cryptocurrency investment as a potential state asset as opposed to empowering a rival to a state regulated currency. With other banks looking to companies like IBM to provide their infrastructure, it seems further cost cuts could be made by embracing what is already readily available and secure by utilizing Bitcoin’s already well establish and secure blockchain.

Do you think Russia’s warning about Bitcoin and its major banks forming a consortium to explore blockchain technology contradict one another? Let us know in the comments below.

Images courtesy of Shutterstock, Pixabay

Show comments

Čvc 31

BitcoinCash (BCC) Hardfork: What it Means and How to Secure Your Assets

· July 31, 2017 · 4:00 pm

The Fork Awakens… BitcoinCash is expected to fork off from the main chain on Tuesday taking roughly 30% of the hashpower with it. Antpool, the largest bitcoin mining pool, is expected to mine the alternate chain.

BitcoinCash Hard Fork

August 1st has been a long-awaited day for months on the calendars of Bitcoin enthusiasts worldwide. But with the UASF being deemed a success by many people in the community, a new event is worrying some and it just so happens to be on the same day. BitcoinCash or BCC (some are proposing the ticker abbreviation of BCH as BCC is already taken) is a planned fork of the Bitcoin ledger by means of a User Activated Hard Fork, or UAHF.

Mining company Bitmain has stated their intentions to fork and create this separate blockchain with different consensus rules, most notably an immediate blocksize increase to 8MB. It also includes wipeout and replay protection, something the developers added to allow both blockchains to coexist peacefully and without loss of user funds.

How to Secure Your Assets?

As with all cryptocurrency hard forks, users that own Bitcoin on the legacy chain and control their private keys will automatically own coins on the new BCC chain. No further action needed. However, your claim to these new coins could be threatened if you use a third-party wallet provider such as Coinbase or

Not controlling the private keys of your Bitcoins means you don’t control the private keys of your BitcoinCash either. Some examples of wallets that allow you to control the keys are Electrum, Jaxx, or Mycelium. The fork is scheduled to occur on Tuesday, August 1, 2017, at 12:20:00 pm (UTC time), so make sure to move your coins as soon as possible.

Exchanges That Support BitcoinCash (BCC)

Numerous exchanges have come out stating how they plan to deal with the upcoming hard fork. According to the BitcoinCash website, the following exchanges have announced that they will support, or at least allow users to access, BitcoinCash

Wallets That Support BitcoinCash (BCC)

Along with the exchanges, many reputable wallet providers, such as Ledger and Trezor, have released statements saying they will have their wallets support BCC. A more comprehensive list can be found below.

Full Nodes

Other Wallets

One thing to note is that ElectronCash is NOT made by the Electrum developers, which was cleared up in a statement made by them here.

ViaBTC currently has a futures market for BitcoinCash, and it currently sits at around $311.59, or about 12% of Bitcoin’s current market price. Only time will tell if this coin will gain traction, or be crushed by the thousands of people ready to dump the moment the fork occurs.

What do you think of the looming fork? Will BCC be blown out of the water by the massive offload of coins? Will you be transacting with BCC? Or do you think this is going to be one of hundreds of altcoins? Let us know in the comments below!

Images courtesy of,

Show comments