The cryptocurrency market is on Friday being painted by one massive green brush. The gains come to correct the negative correction recorded this week when Bitcoin dived to $9,500 twice, Ethereum touched weekly lows at $245 while Ripple crashed to $0.26. On the flip side, the bulls have made a decision to end the week in the positive ahead of the weekend session. Some of the market leaders include Ethereum Classic up 3.69%, EOS after growing 3.03% on the day and Litecoin with a 3.27% hike.

The fight against the Coronavirus could see the Peoples Bank of China (PBOC) accelerate its plans to release its digital currency according to remarks by the central banks former president Lihiu Li. His argument is that a digital currency system presents efficiency, cost-effectiveness, and convenience during a time of distress. Li is currently the head of blockchain at the state-run National Internet Finance Association.

The government has already taken measures such as quarantining the old paper cash and made a fresh distribution of 600 billion yuan to stop the spread of the virus, especially in Huobei. China has also restricted movements in affected regions.

Russias Federal Security Service (FSB) is in agreement with the Central Bank of Russia that digital payments should not be allowed in the country. A letter sent to the President, Vladimir Putin from the Deputy Prime Minister Dmitry Chernyshenko indicated that the two government institutions have agreed to outlaw cryptocurrencies as a means of payment.

A decision was made following a meeting in the government to establish a ban on the issuance and use of cryptocurrencies as a means of payment.

Bitcoin price is settling above $9,700 after recovery from the range between $9,500 and $9,600. The resistance at the 50 SMA at $9,800 on the 2-hour chart must come down to open the door for the final leg towards $10,000. The RSI signals that bulls are relatively in charge, but the sideways movement shows that the current session is likely to be characterized by sideways trading.

Ethereum is trading at $261 after adding about $4 to the opening value at $257. An intraday high as been formed $264. Further movement north is limited by the developing bearish momentum and the volatility levels.

Ripple price, on the other hand, teeters a $0.2757 following a jump from $00.2711 (opening value). Upward movement have failed to rise past $0.2786 (intraday high) leaving the resistance at $0.28 untested.

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Cryptocurrency Market Update: Hostility ousted as Bitcoin, Ethereum and Ripple make blissful moves - FXStreet

Justin Sun, the founder and CEO of Tron (TRX), the 15th biggest cryptocurrency by market cap, is investing in a number of cryptos other than Bitcoin (BTC).

In a Feb. 23 interview with CNN, Tron CEO said that he is a long-term believer in cryptocurrencies and owns a stake in many altcoins, including the two largest coins after Bitcoin Ether (ETH) and XRP.

When asked whether Sun has its crypto portfolio diversified, the Tron CEO answered:

I own a lot of XRP and Ethereum, too. Im like a long-term believer of the crypto so I want all crypto assets to succeed. So thats why I own a lot of other different cryptos as well.

As a major believer in crypto, Sun is bullish on the price of cryptocurrencies and confident that cryptos like Bitcoin are the future of money. In the interview, Tron CEO predicted that Bitcoin will cross $100,000 mark in 2025, emphasizing that other cryptocurrencies will follow the trend.

Justin Suns $100,000 Bitcoin prediction in his own words:

I definitely believe Bitcoin will pass $100K in 2025. I believe we can achieve this price before 2025. At the same time, I think a lot of other crypto projects like Tron, Ethereum and XRP will also see bull market.

In line with his bullish stance on crypto, Trons Justin Sun claimed in the interview that he invests all of his money to crypto. However, Sun still converts his crypto in fiat currencies like the United States dollar. In the interview, Tron CEO said that he only withdraws crypto to fiat when he needs to spend money in his daily life.

The news comes about a month after Sun had his charity lunch with Berkshire Hathaway chairman and known Bitcoin critic Warren Buffett. On Jan. 23, Tron CEO met with Buffett to finally have a long-awaited luncheon after postponing the event for medical reasons previously in 2019.

In the latest interview, Tron CEO revealed that he didnt exactly try to convince the famous billionaire investor that crypto will massively surge in the coming years. Instead, Justin Sun was trying to explain some crypto potentials to Buffett as he wanted him to understand basic fundamentals of blockchain and crypto such as instant crypto transactions.

Tron CEO also outlined that Buffett was very open to new technologies like crypto and blockchain, noting that the the known investor accepted Bitcoin and TRX from him. However, Buffett has claimed that he doesnt own any cryptocurrency and doesnt plan to invest in any crypto in a Feb. 24 interview with CNBC. In the interview, the billionaire investor reiterated his negative stance on crypto, arguing that cryptos have zero value and dont produce anything.

In another CNBC interview in 2018, Buffet predicted that crypto will come to a bad ending, declaring that Bitcoin is "probably rat poison squared.

Cointelegraph reached out to the Tron team for additional comments on the matter and will update if we hear back.

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Tron CEO: Bitcoin to Break $100K in 2025 and Pull Up Other Coins - Cointelegraph

Tax season is one of the most dreaded times of the year for many, and when the added confusion of filing crypto returns is thrown into to the mix, things can get even stickier. News.Bitcoin.com recently talked with Clinton Donnelly of Donnelly Tax Law, a service that specializes in crypto returns. The U.S. Treasury-licensed Enrolled Agent shared some of his opinions and insights regarding crypto audits and what triggers them, as well as an example from a client.

Also read: Tax Rules Hit Brazilian Crypto Exchanges, Forcing Trading Platforms Out of Business

The IRS announcement that thousands of tax warning letters would be issued to United States crypto holders last summer elicited calls for greater clarification and guidelines, but it hasnt stopped the Internal Revenue Service audit train from steaming forward. The presence of a new crypto question on 2019s Schedule 1 form has individuals concerned about reporting their crypto assets correctly more than ever, and according to experts, this is for good reason.

That is massive says Enrolled Agent Clinton Donnelly of Donnelly Tax Law. This question in the 2019 return it forces every taxpayer in the United States to make a decision whether or not theyre going to be honest or not on this question, because its a yes or no and when you sign the tax return its in small print, it says under penalty of perjury I have reviewed this return and its true, complete and correct, so failing to check the box is incomplete. He emphasizes:

Its a yes or no its kind of like coming out of the closets Anybody who was a trader in 19, well, they were probably a trader in 17 as well.

Donnelly went on to explain that by reporting crypto gains in light of the new question, many crypto holders will inadvertently reveal that they first acquired their digital assets years back, which calls their previous years returns into suspicion and makes an IRS investigation more likely.

Donnellys service has so far seen two cryptocurrency audits with its clients, and the tax professional is interested in learning more about what triggers an IRS investigation. One client claimed to have never received the 2019 warning letters, but was audited all the same. According to Donnelly, the focus of the IRS is not so much on the methods by which capital gains are reported, but that all inputs and outputs are accounted for, and that the AML (anti-money laundering) narrative remains in central focus.

I think people sense that the government views crypto traders as possibly engaging in some sort of crime, Donnelly notes. We shouldnt feel that way, but we do. He cites a recent Chainalysis report showing the darknets share of crypto usage is less than 1% of the total. The tax expert went on:

I would say most of these questions, as you read them, fall into the category of anti-money laundering My suspicion is that if the IRS wanted to crack down on every American that traded cryptos they could do it, but the backlash from voters back to congress would snap the IRS in the face and they would be sent packing So I think as long as they stay on the money laundering theme, then they look above board.

Donnelly also shared a non-confidential snippet of a clients IRS audit letter for a 2017 return relating to just under $40,000 in crypto gains. This client claims to have never received the warning letters from the agency.

Donnelly emphasized throughout our conversation that it is not so much the various means by which a crypto holder reports gains using different tax tools can and often does result in slightly different numbers but that the IRS wants to verify total asset amounts add up, with all inputs and outputs accounted for. Especially where cash is concerned. The image of the form above lays out in detail what types of specific information the agency wants to know.

Donnelly further detailed that high frequency traders are sometimes concerned when seeing large proceeds calculated for their trades on 1099-K forms from crypto exchanges, but that costs are not yet factored into these amounts. This can make some traders understandably hesitant to file, but audits are less likely if the proceeds amount is reported fully.

Half the court cases in tax court are because the IRS didnt do the procedure right, the due process, if you will, Donnelly details, but theres this form called the FBAR form that form is not a tax form, its not a part of the tax laws. The IRS administers it, but its not a part of the tax laws. Its part of the Bank Secrecy Act, Title 18. He goes on:

Prosecutors love the FBAR form because they can say you didnt file it, you should have, whammo, heres the penalty and we can assess it right now. Theres no due process defense on that.

The FBAR form has to do with assets held in foreign bank accounts, and must be filed by U.S. taxpayers if the aggregate value of those foreign financial accounts exceeded $10,000 at any time during the calendar year reported. The FBAR brings Fincen (Financial Crimes Enforcement Network) into the tax action, and has to do directly with combating money laundering, so Donnelly suspects this may be part of the reason the AML narrative has become the focus of crypto tax reporting. It is also a frightening prospect for crypto traders utilizing overseas exchanges and accounts.

The penalty for the anti-money laundering form this is FBAR is $10,000, plus $10,000 for every foreign account that youve never reported, Donnelly elaborates. If you never filed the FBAR, you just told the IRS all the exchanges you were on you just incriminated yourself. They say ah, well youre on Huobi, Kucoin, Binance, you got five of em. Thats $50,000 plus the $10,000 I originally smacked you with for not filing a form. You didnt do this in 17, you didnt do it in 18, you didnt do it in 16 either, so I can just add these penalties up. Before you know it youre up to $200, $300,000 and they can get worse if they want to be hostile about it. He concludes:

The IRS controls the narrative. Were not going after crypto traders, were going after people that are violating the anti-money laundering laws Its implicitly dirty, right? to be caught for money laundering.

Donnelly says his mission is to help people file what he calls a bulletproof tax return, as the penalties for simple mistakes and omissions can be so egregious, and so few tax advisors know how to help their clients when it comes to crypto.

News.Bitcoin.com also regularly publishes articles on available tax tools and software which may make the job of reporting easier for bitcoiners. Of course, when dealing with unpredictable and potentially dangerous groups like the IRS, individuals should exercise due diligence and research thoroughly before pursuing any course of action. Not surprisingly, the permissionless, peer-to-peer money designed to fight financial censorship that is bitcoin, has fast become a prime target for the very groups of middlemen, banks, politicians and other third parties it makes largely unnecessary.

What do you think of Donnellys views on crypto tax audits? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Images courtesy of Shutterstock, Cryptotaxaudit.com, fair use.

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Graham Smith is an American expat living in Japan, and the founder of Voluntary Japanan initiative dedicated to spreading the philosophies of unschooling, individual self-ownership, and economic freedom in the land of the rising sun.

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How the IRS Audits Cryptocurrency Tax Returns - Filing Expert Shares Example, Insights on AML Focus - Bitcoin News

The blockchain and cryptocurrency industry has matured and made a significant amount of progress in the past ten years. But still, much of the mass adoption eagerly anticipated by enthusiasts hasnt happened.

So why the lag? This may be for a few reasons. Although many people poured money into the blockchain/cryptocurrency industry during the 2017 bull market, not all of those investments went into projects that would have a successful future. When the crypto-markets collapsed in 2018, a lot of newcomers lost a lot of money.

So how can the blockchain and cryptocurrency industries move forward in a way that catalyzes global adoption, and in a way that alleviates the concerns of 2017 market participants who got badly burned by the market? We sat down with Yasuka Senga, the CEO of the inter-blockchain swap company Swingby, to hear his thoughts on this issue.

Senga: I have been researching both private and public chains for over four years. For several years, I have supported the implementation of blockchain PoCs, mainly in the financial industry. Later, I developed security models for token economics and public chains and produced a DAICO-based ICO framework proposed by Vitalik Buterin, co-founder of Ethereum. I now lead the Swingby Protocol team, which currently allows BTC to be interoperable across different blockchains.

You have some experience as both an observer and a crypto insider, so why hasnt blockchain technology and the use of cryptocurrency been adopted at the rate many people initially thought it would be adopted at?

Senga: I think there are two main factors.

One is the lack of UX, as in the early days of the Internet. In modern cryptocurrencies, ECDSAKeypair acts as an interface, allowing you to perform all operations in a single wallet, from sending coins to running smart contracts, logging into apps, and obtaining decentralized domains. Applications based on these features are called Dapps. These days, Dapps mostly come in the form of decentralized loan platforms and Decentralized Exchanges, but at the moment, the user base of those apps is relatively small.

Second, the lack of security and regulation in the blockchain and cryptocurrency industry is concerning. Currently, several centralized exchanges have security risks, especially on Japanese exchanges, where there have been two major hacks. With such a poor security structure and lack of investor protections, the quality of service will not be well received by an audience of observers.

The Regulator of Japan needs to define or create regulations that protect consumers. The lack of regulations further degrade UX and keep many users away from blockchain and cryptocurrency services.

But I am optimistic about these two areas becoming better. Each factor is improving UX, and I am convinced that blockchain will be a part of the Internets stack in the near future.

As you can see from the previous answer, the big problem is Wallet UX. Currently, most people around the world have a Google account, but creating a Google account can be done in just a few steps. In contrast, mobile wallets for cryptocurrencies require you to go through several tedious steps before they are created. Mainly because most cryptocurrency wallets suggest that you backup your private keys, but creating a wallet without understanding the private keys is very dangerous. As a result, many wallets can force backups too early on for the user to really comprehend.

However, from a users point of viewespecially if they are not tech-savvythere is little incentive to create a wallet that requires you to back up your private keys, even though these types of wallets are more secure. For the majority of the world, centralized exchange wallets are easier to use. If your centralized exchange wallet has a problem, the user can contact the support center. However, because these wallets are centralized, they have a central point of failure, which is one of the reasons why cryptocurrency exchanges have relatively poor security.

It may seem obvious, but with such advanced wallet UX, the current cryptocurrencies cannot be adopted in large numbers. As a result, the most successful investments in the cryptocurrency space are mainly focused on new blockchains and new protocols, Layer 2 solutions, exchanges and ToB services, and services for the wealthy.

I think stable coins and non-custodial exchanges have very high potentials. If the UX is sufficiently improved, the exchange will be more secure, and many wallets will be free to connect and provide liquidity. In addition, some wallets do not need to manage their own keys, and people are free from spells that manage private keys. I believe these technologies are continually improving, and the mass adoption of crypto requires a more human-friendly and user-friendly interface.

What solution(s) has the team at Swingby created to catalyze the adoption of blockchain technologies and cryptocurrency?

Swingby Skybridge is one of the long-awaited solutions in the cryptocurrency industry. The Swingby Skybridge is a distributed token bridge between multiple chains.

It uses a distributed key signature implementation in which the BTC is managed in a distributed manner by an unspecified number of participant nodes. As a result, BTC administrative private keys created over the network are generated only one per support chain and without a central custodian, which makes attacks substantially more difficult.In addition, we have developed our own leaderless consensus engine, improving the security of peers themselves, working to reduce the cost of inter-node communication, and eliminating single points of failure compared to BFT consensus.

TSS is a technology that maintains the private key of BTC between an unspecified number of participating nodes. Skybridge uses TSS and uses a proprietary consensus algorithm and several oracles to provide decentralized management of BTC. For example, suppose you enter BTC, and you want BTC.B on Binance Chain. You send the BTC to the TSS address generated, and the swap is completed immediately. Here, the BTC is stored inside the TSS and is distributed and held at the participants nodes. Therefore an attack is not possible because there is no central point of failure.

The two industries are now different, but basically, there is no significant difference in the blockchain security model. In the future, we believe that protocol integration will take place in both private and public chains. Therefore, as more and more chains are born, including the implementation of stable coins required by governments, solutions that seamlessly connect value transfer between multiple chains, such as Swingby Skybridge, are needed. Such different network attachment points can connect chains that are incompatible with each other and connect chains with different security models. In ten years from now, I believe that the multi-chain model will have the same finality. By this, I mean that different chains with the same finality logic will emerge. Therefore, in the next 10-year blockchain is likely to experience major mass adoption,

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Why Havent Blockchain and Cryptocurrency been mass adopted? - BTCMANAGER

Thesuicide note cited personal reasons. But Ashraf Nusubuga, a radiology studentat Kampalas Makerere University Ugandas leading higher educationinstitution didnt hang himself over a love affair gone wrong or because ofacademic pressure. The 22-year-old killed himself after losing money he hadinvested in a bogus cryptocurrency firm.

He had put all of his money and some he had borrowed into what turned out to be a Ponzi scheme, lured by the promise of high returns, according to Luke Oweyesigire, deputy spokesperson for Kampala Metropolitan Police. But Nusubuga isnt the only one to have fallen victim.

A series of large cryptocurrency scams is rocking Uganda, turning the East African nation into an unlikely hub for fraudulent firms claiming to offer digital currencies, while preying on weak governance and low financial literacy. Other major cryptocurrency scams in 2019 involved developed economies Japans BITPoint exchange lost $28 million, and con men in the U.K. and the Netherlands stole $27 million from Bitcoin users. Globally, cybercriminals stole $4.3 billion from users and exchanges last year. But Uganda is the worst hit by far.

At least five cryptocurrency firms have closed shop and walked away with a total of more than $26 million of their clients money in the past six months. From students and churchgoers to army officers and government officials, the victims span Ugandan society. Robert Bakalikwira, a criminal investigations officer probing these cases, estimates that in all, 200,000 Ugandans have lost about $1 billion, or almost 4 percent of the countrys GDP of $28 billion, over the past two years.

Ugandans are better off investing their money in cows than plunging into the unknown world of cryptocurrencies.

Patrick Mweheire, chairman, Uganda Bankers Association

These scams are different from those in the West, where hackers have stolen from exchanges or robbed from people. In Uganda, fake firms claiming to offer cryptocurrencies are luring people to buy in, before walking away with their money. The countrys growing crisis holds lessons for other poor nations with weak regulations unable to keep up with the sometimes misleading promise of technology.

We have receivedvery many cases of cryptocurrencyscams,says Fred Enanga, Ugandas national police spokesperson. We advise Ugandans toavoid being fleeced off their money in such deals.

But the role of President Yoweri Musevenis government is coming under scrutiny. It has set up a 10-member commission of inquiry, and is issuing public statements to alert Ugandans that the government and central bank dont recognize any cryptocurrency. Yet even though the country has no regulations for the sector, the government hasnt made it illegal to operate a cryptocurrency firm in Uganda. In parliament earlier this month, an MP pointed out that Kwame Rugunda, the son of Prime Minister Ruhakana Rugunda, is CEO of CryptoSavannah, a cryptocurrency advisory firm.

Museveni himself appeared to be an early proponent of cryptocurrencies. At an event in Kampala in January 2017, where Bank of Uganda Governor Emmanuel Mutebile said he wasnt confident about the credibility of cryptocurrency, the president rebuffed him. Museveni said Mutebile wasbeing dogmatic, and emphasized the need to embrace technology.

Many ordinary people in the country which has the lowest literacy rate in the region took it as a government endorsement of digital currencies. A flood of firms some legitimate and several fraudulent entered the country.

Museveni is partly responsible for our suffering, says 50-year-old Ken Wamala from the southern Uganda town of Masaka who says scams have cost him around $41,000.

The fraud firms include Dumanis Coins, whose management disappeared on Dec. 3, 2019, after collecting $2.7 million in Ugandan shillings. More than 10,000 people had invested in the company. Police have arrested one of the firms directors but are still searching for four others, says Kampala police spokesman Patrick Onyango. John Kalevu, whose shop is next to Dumanis Coins former office, says he came to work one day to find the cryptocurrency firms doors open, but the office empty.

Global Cryptocurrencies closed overnight in November. Andrew Kagwa, its chief executive, was arrested after two weeks on the run. More than 10,000 people had invested $8.2 million in the firm. Lion Cryptocurrency closed down in October 2019, taking with it $5.4 million in investments made by 17,000 people, says Henry Musagala, the investigating officer. One Coin, another of the fraud firms, duped 12,000 people out of $6.8 million. The D9 cryptocurrency company shut shop with $3.2 million in investments from 9,000 people.

Other cryptocurrency companies that have closed since early 2018 leaving thousands of people confused and stranded include Team, Dutch International, Finetegry and Fital-Science.

Employees of these firms havent escaped unscathed either. Sheila Nassali, a nurse by training, recalls how a Global Cryptocurrency director convinced her to join the company as a secretary and a customer. She was shocked when the director disappeared, leaving me to face angry customers who wanted to get their money.

Patrick Mweheire, chairman of the Uganda Bankers Association, says, Ugandans are better off investing their money in cows than plunging into the unknown world of cryptocurrencies.

But experts and former employees of these firms say ignorance isnt the only problem. Muzamiru Kigundu, who used to work with Lion Cryptocurrency before it shut down, alleges that many government officials are among the owners of cryptocurrency companies mushrooming in Uganda. That lends the industry legitimacy in the eyes of ordinary people. The directors of these firms rent fancy offices and drive expensive cars to create the impression that theyre wealth creators, he says.

Ugandas corruption it ranks 160 in Transparency Internationals index is also to blame. Some of the fake firms were registered as companies even though they didnt meet statutory requirements. The major cause of the cryptocurrency scams is corruption, says Joseph Bogere, professor of economics at Makerere University.

Ultimately, though, its the responsibility of the countrys leaders and security organizations to protect citizens against such crooks, says Solomon Male, a pastor. That isnt happening yet. An already poor nation is bleeding further, while gaining an unwanted reputation.

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The Billion-Dollar Cryptocurrency Scams You've Never Heard About - OZY

Cryptocurrency derivatives exchange, FTX, launched in May 2019, now ranks as a top 5 exchange by adjusted volume. Moreover, such has been their rise, they now seek to expand operations with a $15 million equity round. This puts a $1 billion valuation on the company.

In nine short months, FTX has managed to make a huge splash in the world of cryptocurrency exchanges. Yesterday, the adjusted trading volume reached an all-time high for the platform, at around $1.3 billion.

FTX provides a futures trading exchange for digital assets. Their platform features an easy-to-use interface offering futures trading, leveraged tokens, as well as an over-the-counter (OTC) portal.

Much of FTXs rise through the ranks can be attributed to trading firm Alameda Research, who founded FTX in the spring of last year. Alameda Research trades up to $1.5 billion in cryptocurrency each day, and are responsible for managing $100 million in digital assets.

This allows us to trade hundreds of millions of dollars per day, accessing all of the major sources of flow and liquidity. This allows us to show tight spreads, for large size, consistently.

Indeed, as major shakers in the world of cryptocurrency, Alameda Research also functions as a market maker. Their role in the cryptocurrency markets is such that they rank as the biggest provider of liquidity on Bitfinex.

Bitfinex leaderboard. (Source: bitfinex.com)

And while many institutions and individuals prefer to remain anonymous, Almeda Research, and CEO, Sam Bankman-Fried take great pride in standing up to be counted.

One of the things about a leader board is, its actually quantifiable and verifiable. Its something that made it stand out from other firms.

Not only that but FTX market themselves as a platform built by traders, for traders. And this is something highly evident in the raft of features available which makes it a highly liquid cryptocurrency exchange. For example, FTXs liquidation engine prevents clawbacks by slowly closing overleveraged positions while minimizing the impact on the market.

Sam Bankman-Fried, CEO and co-founder of FTX and Alameda Research started the firm in his Berkeley apartment in late 2017 using a combination of his own money and by borrowing from family and friends.

He cut his teeth as a trader on Jane Street Capitals international exchange-traded fund desk. Here he worked for three years trading traditional investments such as currency and equities.

But he began getting interested in cryptocurrency when he spotted simple LTC arbitrage opportunities based on a 30% premium of LTC on Coinbase.

Profile of Sam Bankman-Fried. (Source: alameda-research.com)

On launching FTX, Bankman-Fried spoke about his vision for the company, and how he sees FTX as different from other cryptocurrency exchanges:

In creating FTX, I wanted to build a platform for professional traders like me. While also bringing crypto trading to the mass market and first-time users.

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How This Cryptocurrency Platform Grew From Nothing to Top 5 Exchange Worth $1 Billion in 9 Months - newsBTC

Cryptocurrencies, particularly Bitcoin, have been around for over 10 years now. Currently, we still cant say that it has already reached the mainstream market, but many still see its potential. In the next years, it is expected that more people will be using cryptocurrencies to transact online.

It was really in 2017 when many have started to take notice of Bitcoin and other altcoins like Ethereum, DogeCoin, LiteCoin, Ripple, and etc. During this year, Bitcoins value peaked at 20,000 US dollars. This made quite the noise and many people and businesses have started to take cryptocurrencies as a mode of payment.

Definitely, the rise of cryptocurrencies has affected many online businesses positively. An example is the online gambling industry which includes online casinos and sportsbooks. Many have decided on using cryptos to gamble as it lets them avoid the hassle that banks would give them in terms of transactions that concern gambling.

Anonymity is also something that many punters and players get from using cryptos. It makes their transactions feel safer as using cryptos means that you no longer need to disclose your banking information to the casino just so you can make a deposit.

This also makes online betting and gambling easier for many people in the US. Many of the US players are placing bets on offshore-based casinos. Especially the ones who are residing in the states where online casinos and betting are still found illegal.

Federally, online casino gaming and betting arent illegal as long as the bets are placed outside the US. However, this can be quite risky as jurisdictions, where these casinos are licensed, are different. This means that it can be a bit tough if these players encounter any problems.

The best that they can do is check online casino review sites like SilentBet. It has the information that you need to determine how well an online casino or bookie is doing. This site has reviews on many online casinos and bookies like Librabet that are worth checking out. It lets you know whether an online bookie or casino accepts cryptocurrencies like Bitcoin.

Aside from businesses and consumers seeing the potential of cryptocurrencies, governments in different countries also started to take a look at it. This still means, however, that it took around 10 years for regulators to notice cryptocurrencies.

We can say that they have already seen cryptos even before 2017, but it was really when more people started to get into it because of its value and potential value that some regulators started to take actions about it.

An example is the recently implemented EU law called the Fifth Anti-Money Laundering Directive of the AMLD5. This isnt exactly a directive that only focuses on cryptocurrencies but it would have quite an effect on the industry.

There are two ways that this particular directive can affect crypto businesses. One effect is seen negatively but this could be mainly for smaller firms. The directive basically requires crypto-businesses to comply with regulations that could actually cost more money. This can be a problem for small firms as its possible that they cant afford it and they will either have to close or get involved in an acquisition.

Now, thats a problem that can take place in the early stages, but the thing is that this can also have a positive effect on the industry. This can be seen as a chance for crypto businesses to prove that the industry is serious about real solutions.

This can be a chance to let regulators focus on the positive side of the industry instead of the negative possible uses of cryptos that critics would point out like how it can be used for fraudulent and money-laundering activities.

The stability of cryptocurrencies can also be positively affected by this in the long run. The value of cryptos really depends on what the public and investors think of it. An example is how the value of Bitcoin plummeted when South Korea announced its ban on the country.

The same happened when China chose to do the same thing. The value of Bitcoin also significantly decreased after these countries didnt want to deal with cryptos. However, when these countries announced that they chose to regulate its use instead, Bitcoins value then increased.

This just shows that regulations could positively impact the value of cryptos because it may mean that more people or investors would invest in it. Overall, a proper regulatory framework can make the industry stronger and so thats something to be hopeful for. Its better than trying to avoid regulators touch the industry.

Image(s): Shutterstock.com

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Will the Implementation of Regulations Kill the Cryptocurrency-Dependent Industries? - The Merkle Hash

Verge (XVG) cryptocurrency is meant for everyday use. Verge (XVG) leverages the Wraith Protocol. Originally, it was known as DogeCoinDark, rebranded to Verge in 2016.

Verge (XVG) makes use of several anonymity-centric networks like TOR and I2P. The IP addresses of users are completely obfuscated, and the transactions are completely untraceable.

TOR is used to help transact cryptocurrencies. It is used to conduct transactions and hide the IP of the User. Basically, TOR is used to anonymize connection data. It is used in TCP connections, and it can also be used for several other purposes like browsing, IRC, SSH, P2P, email, and instant messaging. The traffic that passes through the TOR network is encrypted and relayed for three times. The network consists of several thousand servers, which bounces the Users IPs back to the servers, which is known as Tor Relays. However, TOR methods are not foolproof.

The I2P is an anonymous network that is built on the top of the network. Users can build online communities, create and access content in the network in both distributed and dynamic zone. Communication is protected, and monitoring by third parties like ISPs is resisted.

Since there are no fixed points, I2P is considered to be more secure than TOR. For each relay, TOR has two-way encrypted connections, and the I2P uses one-way connections between the servers in their tunnels.

Sydney Ifergan, the Crypto Expert, tweeted: Verge (XVG) cryptocurrency has evolved to be much more than what it was actually meant to be. One of the serious cryptocurrency projects around. They are still growing.

Justin Sunerock, the founder of Verge (XVG), when talking about how he launched Verge, stated, I decided maybe I should make my project for fun All these other guys were doing it, and theyre pre-mining and profiting from just making crap and hot air promises.

In the past, Justin Sunerock also stated, We are pioneers in a lot of senses. Were the first to put I2P We were the second to have I2P nodes. We were trying to focus on all the new aspects of privacy.

The founder also opined that there are different opinions about what makes a great privacy coin on the blockchain. Therefore nothing can be called necessarily the best than the other. However, Verge is facilitating the required privacy with TOR and I2P. Verge has a practical reason to be valued.

The rest is here:
Verge (XVG) One of the Serious Cryptocurrency Projects Around - The Cryptocurrency Analytics

The Swedish Central Bank will establish a test group for its potential digital currency the e-krona. It will run for a year and should confirm if theres an actual need case for launching a digital krona.

Recently reported by local news, the Riksbank is ready to launch a group to examine the potential e-krona. The participants will play out different scenarios to determine if the digital currencys performance is sufficient and reliable. A statement from the bank outlines the various requirements that the e-krona needs to address before launching:

The aim of the project is to show how an e-krona could be used by the general public. A digital krona should be simple, user-friendly as well as fulfill critical requirements for security and performance.

The project will run on the blockchain technology in an isolated test environment. The participants will store the e-krona in a digital wallet. They will use a mobile app to make payments, deposits, and withdrawals. Additionally, users will also make payments via cards and smartwatches.

The bank will run the test group for a year until February 2021.

The Swedish central bank will also collaborate with other countries to discuss potential cases for issuing their cryptocurrency. To do so, the Riksbank will enter a dedicated group with the banks of Britain, the Eurozone, Japan, and Switzerland.

The report also outlines the real purpose of the potential digital krona. It informs that the Swedish population has stopped using cash as the primary source of payment transactions. More specifically, the percentage of people paying with cash has dropped from 40 to 13 between 2010 and 2018.

Despite that, though, the Riksbank doesnt plan to replace cash entirely if it launches the digital krona. Instead, the central bank said that it would be used as a complement. It will continue to issue banknotes and coins, as long as theres a demand in the country.

Deutsche bank recently also touched upon the topic of cash necessity in todays society. It concluded that some banks, debit, and credit card providers, and governments are attempting to eliminate cash from daily usage. However, their document ultimately refuted the option of the end of cash.

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Swedens Central Bank To Begin Testing National Cryptocurrency - CryptoPotato