Category Archives: Cryptocurrency

PIVX cryptocurrency, forked from DASH v0.12.0.x core uses custom PoS, changes name from Darknet to enable private, instant and verified transactions.

PIVX (Private Instant Verified Transaction), formerly known as Darknet offers an upgraded DASH v0.12.0.x clean fork based cryptocurrency with custom Proof of Stake (PoS) code to the community. The open source cryptocurrency platform has replaced the previous Proof of Work (PoW) consensus algorithm to bring private, instant and verified transactions to the masses.

Through its latest changes, PIVX has eliminated the dependency on resource intensive hardware for mining, like in the case of other PoW cryptocurrencies. Instead, the community members can earn PIVX by holding on to some tokens in their wallet while keeping it connected to the internet. The platforms latest PoS 2.0 algorithm allows any device running a PIVX wallet, irrespective of its technical specification or operating system to take part in the staking process and earn rewards.

Being a Dash fork, PIVX utilizes Bitcoin Core by default. It uses the current Bitcoin v0.10.x core in combination with some already committed v0.13.2 updates. Since its launch on January 31, 2016, PIVX has been the only PoS cryptocurrency to be based on Bitcoin Core v0.10.x or above, making it the most up to date and technically advanced PoS cryptocurrencies in the market.

PIVX inherits all the technical features of Dash, including the masternodes, instant transfers, and private transfers. The PIVX team is working on further improving the platform by updating it to v0.12.1.x Dash core with enhanced features like IPv6 support, along with the existing IPv4 and TOR Network support.

The PIVX cryptocurrency network has a block time of 60 seconds with fixed block rewards. The custom seesaw algorithm incorporated in the system dynamically alters the rewards split between a masternode and staking nodes. Detailed information about the seesaw algorithm is available in PIVXs whitepaper.

The PIVX team is one of the first to explore the implementation of libzerocoin protocol with non-optional minting to the platform. A successful integration of the zerocoin protocol will further enhance the network privacy, making every end-to-end transaction untraceable.

PIVX believes in having an inclusive governance by the community. The team is currently involved in discussions to further improve the existing masternode voting system by including non-masternode PIVX holders in the decision-making process and utilization of its block reward budget. These discussions are held as publicly viewable live meetings for increased transparency continuing until an ideal governance solution is devised and implemented.

With these features, PIVX hopes to revolutionize the world of private cryptocurrency, in terms of monetization and exchange methods.

About PIVX

PIVX is a multifaceted community-centric endeavor in the blockchain tech and cryptocurrency realms. It offers a transactional security and privacy-centric, decentralized open source cryptocurrency for the community.

Learn more about PIVX at https://pivx.org/ Read PIVX whitepaper at https://pivx.org/what-is-pivx/white-papers/

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The Dash Fork, PIVX Cryptocurrency Brings Private Instant Verified Transactions to the Masses - Coinspeaker

It may take quite some time before Segregated Witness is activated on the bitcoin network. Until that happens, various altcoins are favoring the implementation of this protocol, by the look of things. While Litecoin has started to signal SegWit activation, MonaCoin and Vertcoin are taking a similar route. All of this seems to confirm SegWit is quite a powerful solution that is well worth exploring. Below is a list of all cryptocurrencies confirmed to consider SegWit activation in the future.

Although most people may not give MonaCoin a second thought, the altcoin has managed to gain a lot of traction in Asia. Some people on Bitcointalk proclaimed MonaCoin is dead in the water, but the developers are still actively working on the project as we speak. In fact, they recently ported the SegWit code from Litecoin to start signaling support with their own ecosystem.

According to one of our sources, it took the developers very little effort to port SegWit to MonaCoin. Since MONA is a Litecoin clone, the developers only had to change a handful of lines of code to make sure SegWit signaling is capable with the MonaCoin ecosystem. A soft fork on the network was activated on March 8th, and miners are currently able to signal for SegWit support. If the support reaches 75% consensus, the solution will activate within the next 10,080 network blocks.

A lot of people were surprised to find out VertCoin is looking to integrate Segregated Witness. Or to be more precise, the developers are open to the idea, yet it is up to the community to determine whether or not SegWit will be effectively activated. P2Pool developers have updated their software to include SegWit signaling support for VertCoin and successfully mined two network blocks without any problems. Every VertCoin miner running their own P2Pool node should upgrade the software to the latest version.

It is interesting to see VertCoin take this route, as there is no dire need for a solution such as SegWit. Then again, this code update solves malleability attacks which can affect any cryptocurrency blockchain in existence. Moreover, it will provide more feedback as to how SegWit affects these networks once it is activated. Whether or not SegWit will activate on the VertCoin network, remains to be seen, though. Then again, it is rather exciting to see various altcoins considering to implement this solution.

Most people are keeping an eye on whether or not SegWit will ever activate on the Litecoin network. Signaling for Segregated Witness started a few weeks ago, yet we are still far away from reaching the required support threshold. SegWit needs at least 75% before activating on the Litecoin network, yet support sits around the 24% mark for the time being. Some people feel this shows even altcoin users do not like Segregated Witness, although it is still too early to tell if there is a chance of success.

At the same time, people have to keep in mind Litecoin is no longer the superior altcoin it was several years ago. A lot of mining pools are allegedly hosted in China, yet most of the Chinese bitcoin mining pools seem to reject the idea of Segregated Witness altogether. This will impact the adoption rate for SegWit in the Litecoin ecosystem, although there is still a very long way to go before we can determine how this situation will evolve.It is an intriguing situation, though, that much is certain.

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Top 3 Cryptocurrencies Signaling SegWit - The Merkle

When SEC announced the rejection of Bitcoin ETF, a huge drop in Bitcoin price was expected. But nobody expected a sudden recovery soon after. Read more...

Bitcoin ETF easily qualifies as one of the buzzwords of 2017. The much-awaited SEC ruling on Bitcoin ETF left many people disappointed after the regulatory body weighed against it. However, the incident has also presented Bitcoin in a new light.

Bitcoin price is known for its volatility due to various influencing factors. These external factors fuel speculation, driving demand against supply. As the cryptocurrency matures, the room for speculating is gradually reducing, and need-based demand has taken over the driving seat, influencing Bitcoin price.

The renewed interest among investors in light of the potential approval of Bitcoin ETF by the SEC was considered to be the reason behind increasing demand in the recent days. It was also predicted that the failure of ETF approval would lead to a massive drop in demand, driving the digital currencys price down by hundreds of dollars. When the SEC announced its decision, people were expecting the cryptocurrency market to face a huge shock which might take a while to recover.

These speculations partially came true. Bitcoins price following the SEC announcement fell by close to $200. But surprisingly, the digital currency price recovered soon after to reach close to the earlier held levels. The quick bounce-back wasnt expected by many people, just like the time when the Chinese government cracked down on the countrys Bitcoin platforms. The effects of external factors on Bitcoin price has reduced drastically in the past few months, showing resiliency.

These two examples Chinese market volumes and Bitcoin ETF, were both expected to have a long-term effect on the digital currency. But thanks to the active community, effects were negligible, which has, in turn, increased the credibility of Bitcoin. The cryptocurrency has proved to be more stable than ever, giving it a chance to grab the mainstream currency title.

The failure of SEC to approve Bitcoin ETF may have proven to be more beneficial for Bitcoin than expected. The cryptocurrency has gained the faith of people, irrespective of whether they are part of the Bitcoin community or not. It will help Bitcoin further expand its community and emerge stronger than ever. Eventually, it will also influence regulatory agencies to approve the use of Bitcoin like any other currency.

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Bitcoin ETF Rejection Reinforces Faith in Cryptocurrency - newsBTC

Freewallet has announced the launch of a cryptocurrency wallet application for Dash cryptocurrency. Read more...

Dash is one of the fastest growing cryptocurrencies in the market, thanks to the technology prowess continually being showcased by the developer community. As the demand for Dash continues to increase, various cryptocurrency companies are now coming onboard by integrating Dash support to their platforms. Freewallet has become the latest platform to do so.

Freewallet is one of the leading cryptocurrency wallet providers. The company already has wallets for 11 different cryptocurrencies including Bitcoin, Ethereum, Monero, and others. The release of Dash wallet makes it the 12th crypto-wallet in Freewallets portfolio. The company announced the release a few days ago.

Dash Freewallet application is now available for download on Google Play Store, and it is soon expected to arrive on the Apple App Store as well. According to reports, the platform is currently waiting for approval from Apple to be included in the app store. However, given the strict policies regarding cryptocurrency based applications, one cant be sure until the wallet makes an appearance on the App Store.

A recent article on one of the financial website quoted the Freewallet team explaining the reason behind Dash integration. A team member said,

while Bitcoin increases fees, operating extremely slowly, Dash benefits its users providing instant transactions and low fees.

The release comes at a great timing as Dash, with its recent Sentinel upgrade as paved for the future cryptocurrency based payment system codenamed Project Evolution. As Dash works on creating a comprehensive cryptocurrency payments system for merchants, businesses and individuals alike, the number of users switching to Dash is bound to increase. Freewallet now stands to retain its existing customers of other crypto-wallets while attracting new ones at the same time.

Alvin Hagg, the founder of Freewallet said,

Freewallets policy is aimed at supporting the community in a timely manner. We regularly monitor the market to provide user-friendly services to make cryptocurrencies easy to use. Dash presence on crypto-scene has been particularly visible lately, and we did our utmost to release the wallet promptly.

The easy to use Freewallet, with intuitive interface and support for over seven languages, makes it an ideal wallet for the Dash community. The wallet is expected to soon gain traction, just like the other versions. Meanwhile, other providers are also likely to include support for Dash in the coming days.

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Freewallet Extends Support to Dash Cryptocurrency - newsBTC

Abid Hospital in Pakistan has become the first Asian hospital to accept cryptocurrency payments. Read more...

The healthcare industry has been actively exploring the use of cryptocurrency technology and not the cryptocurrencies itself. While there are a select few places in the world where one can pay for their treatment with Bitcoin, Abid Hospital in Pakistan has become the first Asian healthcare provider to accept cryptocurrency payments.

According to local media reports, the Blue Area, Islamabad-based Abid Hospital has announced the acceptance of PakCoin, a region-specific cryptocurrency created along the lines of Bitcoin. The relatively new hospital started in 2015 has been known for its technology adoption. The multispecialty hospital, offering round the clock healthcare services including emergency room and critical care has also decided to offer an additional discount for those opting to pay with PakCoin.

Healthcare is one of the most expensive services around the world. While Asian countries are known for their inexpensive and efficient healthcare systems, the costs are still high according to local standards. In such a scenario, any discount is good for the patients. The 20 % discount makes Abid Hospital an attractive option for patients. It will also help drive the adoption of PakCoin among the visitors.

Abid Hospital is not new to discount offerings. The institution has been offering 50% discount on frequently used services like the OPD (Out- Patient Department) and lab tests. Also, the hospital has special packages for Islamabads police and traffic police, with a discount rate of 20%. The same is also applicable for admitted, in-patients as well.

PakCoin holds the distinction of being the countrys first cryptocurrency. It is based on Litecoin and can be used not only in Pakistan but across the world. The creators of PakCoin have fixed the total supply of the digital currency at 182 million tokens, out of which 10 percent is already pre-mined. The cryptocurrency platform is also planning to give away 50 PakCoin tokens each to over 150,000 people in the coming days.

The popularity of PakCoin is currently increasing within the country as many people continue to adopt the digital currency and soon it may emerge as a leading virtual currency in Asia. Like Abid Hospital many other healthcare services providers may also join forces and do something similar, driving adoption even further.

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Hospital in Pakistan Accepts Cryptocurrency Payments, Offers Discounts - newsBTC

Cryptocurrencies such as bitcoin and Dash have a big role to play in the future of remittance payments. Cryptocurrencies are easy to transfer across the globe without being hindered by banking requirements. Bitso, one of Mexicos largest bitcoin exchanges, has created a Mexico-Canada remittance corridor with the help of Paycase. Moving funds from bank accounts between the two countries by using blockchain technology is now an official feature.

Finding a way to enable fiat currency-based micropayments has been challenging, to say the least. Using the banking system means these transfers suffer from high fees and unnecessary delays. Cryptocurrencies make a lot more sense in this regard, due to their global accessibility and lower fees. To be more precise, this made a lot of sense for bitcoin, yet its transaction fees have gone up spectacularly these past few weeks.

Bitso, one of the Mexican cryptocurrency exchanges, feels the time is now to put cryptocurrency technology to the test in the remittance sector. Creating a microtransaction corridor between Mexico and Canada is an important first step to make this happen. A bank transfer has been sent to Paycase and relayed to Bitso by using bitcoin. The final transfer between Bitso and the recipient occurred in the form of depositing Mexican pesos into a bank account. This entire process took around three minutes to complete, which is a lot quicker than using regular bank transfers.

For the time being, it remains unclear when the service will be made available to customers in either country. It is evident bitcoin and other cryptocurrencies can support global payments in a quick manner without charging ludicrous fees. Remittance corridors need to be created to keep local economies alive. While Canada is economically healthy, the same does not apply to Mexico right now. The country has been warming up a bit to cryptocurrency over these past few weeks, albeit no significant bullish behavior has been recorded to date.

Although this particular trial makes use of bitcoin technology, it is not unthinkable alternative currencies such as Dash can be used for similar purposes. Dash transfers can even be sent anonymously, which allows users to retain a level of privacy by not exposing personal information to third parties. Bitcoin-based remittance services have been scrutinized by governments these past few years, which only makes a stronger case to use alternative currencies for this type of purpose.

Header image courtesy of Shutterstock

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Bitso Creates Cryptocurrency-Based Remittance Corridor Between Mexico and Canada - The Dash Times (blog)

New Hampshire is home to the largest community of freedom advocates in the US, and possibly the largest Bitcoin-using community as well. The New Hampshire State House of Representatives recently passed an important bill for local Bitcoin businesses. The legislation unwinds a bill created two years prior, an ominous-sounding Bill, HB 666, which defined bitcoin and cryptocurrency-using businesses as money transmitter services.

The law forced at least one Bitcoin business from accepting customers in the state, and has kept new businesses from starting up in the otherwise bitcoin-friendly stronghold. The popular bitcoin and altcoin exchange Poloniex, based in Washington DC, discontinued services in October 2016, due to changes in New Hampshires regulatory statute as it applies to cryptocurrency.

Other Bitcoin exchanges, including Coinbase, CoinEx and Circle registered with the state Banking Department. They also handle US dollars, whereas Poloniex only deals in cryptocurrencies.

- Poloniex

Poloniexs CEO Michael Demopoulos later testified to a Committee studying Cryptocurrency regulation in New Hampshire, and began discussions with the New Hampshire Banking Department soon thereafter.

LBRY CEO Jeremy Kauffman joined the conversation when the New Hampshire governor appointed him as an industry expert on virtual currencies. [New Hampshire] already has the highest per-capita Bitcoin usage, Kauffman said soon after the new bill was approved, And very soon it is likely to have the most favorable regulatory climate. New Hampshire is passing legislation to completely deregulate cryptocurrencies.

Ian Freeman has also been working to overturn the legislation. How did this happen in a state with the largest concentration of bitcoin enthusiasts per capita? asked Freeman, who worked with a couple of the State Representatives to help clarify cryptocurrency usage. Honestly, we were caught off-guard, but now thats all changed.

Freeman is the Program Director of LRN.FM and hosts the popular libertarian podcast, Free Talk Live. He founded the the Free Keene blog in late 2006, after moving to New Hampshire as part of the Free State Project. The activist and talk show host had been attending and recording sessions of the state house committee formed in the wake of the Poloniex withdraw to study cryptocurrency.

- Ian Freeman, Program Director of LRN.FM and host of Free Talk Live

The bill [HB 436] as filed wasnt quite what wed hoped for, Freeman said on the Free Keene blog. It created a new definition and exemption for virtual currency in the statutes, but still left in statutes a definition and regulation for convertible virtual currency.

We explained to them that this was confusing and they should be striking the regulation for convertible virtual currency rather than creating the additional terminology, Freeman continued. You know what? They listened AND did us one better!

While the new bill removes cryptocurrencies from the category of money transmitter services, and therefore no longer requires licensing, it still has to pass the State Senate before becoming law. The commerce committee amended the bill and turned it into the best possible protection for bitcoin businesses in New Hampshire! The amended bill completely exempts from the money transmitter statutes, Freeman concluded.

New Hampshires legislature has had more than its share of run-ins with Bitcoin. In January 2016, the same House of Representatives voted 264 to 74 to kill a separate bill allowing citizens in New Hampshire to pay their taxes and other state fees using bitcoin.

The New Hampshire State Treasurer would have been forced to not only accept the cryptocurrency if the bill had passed, but also to choose a bitcoin payment processing firm to convert the transactions by January 2017. The bill faced serious opposition and has not been re-introduced since.

- New Hampshire Department of Revenue Administration

More and more states have been considering following New Hampshires early lead into Bitcoin regulation. Both Hawaii and Washington State recently introduce new rules. Bitfinex has since changed the terms of service on their website to exclude customers from Washington State.

Two weeks ago Coinbase announced that it will cease offering services in Hawaii. The state now requires local Bitcoin businesses to get a license and hold 100% reserves for each customer.

The Hawaii Division of Financial Institutions demanded that customer reserves be held in fiat currency. Although Coinbase securely maintains 100% of all customer funds on behalf of our customers, the company said in their announcement, it is impractical, costly, and inefficient for us to establish a redundant reserve of fiat currency over and above customer digital currency secured on our platform.

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New Hampshire House reverses stance on cryptocurrency money transmitter status - Brave New Coin

Eight years ago, bitcoin was an experimental technology of interest only to a handful of enthusiasts. Today, China which contains one in every five internet users is mulling the idea of a national cryptocurrency.

The Peoples Bank of China (PBOC) has been trialling a national digital currency based onthe same underlying technology as Bitcoin. Heres a description of how the blockchain works, but in summary its decentralized, transparent and secure.

Governments worldwide have had a problematic relationship with Bitcoin. The US has held federal hearings on it, while at a state level New York has heavily regulated the cryptocurrency with its Bitlicense. Ecuador, Bolivia and Russia have all moved to ban Bitcoin outright, while other countries have taken their time working out what to do with the cryptocurrency.

China has been among the more aggressively anti-Bitcoin regimes. Over the past few years, PBOC has pressured exchanges and banks over Bitcoin, and the government turned up the heatagain this year.

Its not surprising that countries have found it difficult to tackle cryptocurrencies. People exchanging things on peer to peer (P2P) networks used to be the music and video industrys problem. Now, suddenly, people were exchanging money with them.

When used properly, P2P money offers true anonymity, which creates problems for authorities trying to track the flow of cash to terrorists and organized criminals. Left unchecked, its also a greattax evasion tool.Wheregovernments are regulating, theyre typically making sure that anyone trading bitcoins registers their identities so that authoritiescan follow the money.

Its a tricky line for policymakers to walk. Governments need to control cryptocurrencies, but if they squash them altogether, they risk missing some of its best innovations. These include fast payments, micropayments, integration with the Internet of Things, and the ability to secure transactions using permission from multiple parties.

Governments could digitize paymentsusing a centrally controlled digital currency, sans blockchain, but then people might not trust it.Many people would find the idea ofgovernment-tracked money unpalatable.

Could a cryptocurrency-based national currency satisfy everyone, providing convenience and privacy, while giving governments enoughvisibility to avoid fraud and criminal financing? Thats what China seems to be hoping for.

PBOC said as far back as January 2016 that it was exploring a digital national currency, arguing that it would reduce the cost of distributing money, also also help curb financial fraud. It released several working papers, and trialled a blockchain-based trading platform that also supported currency issuance.

Fan Yifei, PBOCs vice-governor, has emphasised the differences between privately issued currencies (like Bitcoin) and other cryptocurrencies issued by central banks. The former is volatile, with limited acceptance, he has said, while sovereign credit backs the latter.

PBOC deputy director Yao Ago last autumn described a digital currency that could be issued by Chinas central bank, but through commercial banks that distribute it to the public. PBOC seems to recognize the need for anonymity, and wants to preserve that through the use of cryptography, but also wants to analyze data at a macroscopic level to understand where its going.

In short, he seems to be saying you can trust us. Bitcoins original ethos, though, was that you didnt have to trust anyone.

Still, tighter currency controls will be more attractive to many countries wanting to understand where the money goes and nowhere more than China, which faces a hefty shadow banking problem.

China isnt the only country to consider a digital version of a national currency. Singapore has been testing one. In the UK, a Bank of England economist at least toyed with the idea. In Canada, which for a while mulled its own digital payment system before selling it, the central bank has suggested that a digital currency would need its guiding hand to be truly successful.

National cryptocurrencies can come from other sources. In Iceland, where the economy suffered more than most during the financial crisis, anonymous cryptocurrency advocates released a cryptocurrency for the nation, called Auroracoin.

The blockchain isnt a necessity for countries considering digitised national currencies, but if used, it does offer at least a shot at privacy. Detail is everything, though, and specialists focused on cryptocurrency and security will be taking a close look.

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China mulls national cryptocurrency in race to digital money - Naked Security

ChronoBank, a blockchain-based initiative aimed at disrupting the short-term recruitment sector which ended its crowdsale with $5.4 million in funding, has announced thatTIME the Ethereum token representing a stake in ChronoBank has been added to several new exchanges.

Livecoin is an exchange that opened in 2015, registered in London.The exchange evenoffers VISA cards for rapid and easy withdrawal of funds. Currently, the majority of TIMEs volume occurs on Livecoin, as recorded by CoinMarketCap.

Liqui is a fairly new and relatively small exchange, but one that has a thriving community and a dedicated core of traders. Liqui is often quick to add new coins, proving agile where the larger exchanges take their time.

Mercatox is a professional trading platform for digital currencies. Although they focus on bitcoin, they have taken the decision to add TIME as well, judging it to have potential and appeal to their traders.

EtherDelta is a decentralised exchange built on Ethereum. More tech-savvy users will be able to trade peer-to-peer, without any risk of hacking or the failures that come with centralised exchanges.

ChronoBank are actively exploring listings with larger exchanges, and working closely with them to ensure that both compliance and technical requirements can be met, comments ChronoBank CEO Sergei Sergienko. The nature of this is that it can be a relatively drawn-out process, because it needs doing right, though rest assured that we are working as fast as we can from our end.

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Four More Cryptocurrency Exchanges Add ChronoBank's TIME - Finance Magnates

The legal status, and especially the tax classification, of cryptocurrency in the US is a burning issue at the moment following the IRS (Internal Revenue Service) demands that the Coinbase Bitcoin and Ethereum exchange will surrender all its US client data.

To help fix the situation, the Chamber of Digital Commerce and Steptoe & Johnson LLP today announced the formation of the Digital Assets Tax Policy Coalition, a Washington, D.C.-based coalition created to help develop effective and efficient tax policies for the market. Participants include exchanges, wallet providers, and transaction processing companies withSteptoe as counsel.

They explain that developing these policies will allow the IRS to implement the recent recommendations by the Treasury Inspector General for Tax Administration (TIGTA) that the IRS develop a strategic plan for its virtual currency program and create third-party tools to allow for greater compliance, while minimizing the need for aggressive and burdensome enforcement actions.

Clear tax treatment for digital assets is essential to ensure robust growth of this important sector, said Perianne Boring, president and founder of the Chamber of Digital Commerce.

We are proud to be working with the industrys leading companies to engage with policymakers on an issue of vital importance to the sector. Tax solutions that allow the IRS to do its job without resorting to actions such as a John Doe summons will be of benefit to all, said Jason Weinstein, partner at Steptoe and co-chair of Steptoes Blockchain and Digital Currency practice.

Blockchain and digital asset technologies pose unique challenges to tax administration. We look forward to working with the Coalition to develop policies that minimize compliance burdens for the industry while also providing the IRS the tools it needs to administer the tax code effectively and efficiently, said Cameron Arterton, of counsel at Steptoe.

Like a number of other regulators around the world, since 2014 the IRS considers cryptocurrencies to be property, not currency, for tax purposes.

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Tax Coalition Forms to Address Uncertainty in US Cryptocurrency Market - Finance Magnates