Day: January 12, 2019

Bitcoin Hovers Over $3,650 as Top Cryptocurrencies Mostly in the Red

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Saturday, Jan. 12 — most of the top 20 cryptocurrencies are reporting moderate to slight losses, while some are reporting up to double-digit gains. Bitcoin’s (BTC) price is still hovering over $3,650, according to Coin360 data. Market visualization from Coin360 At press time, Bitcoin is down under 1 percent on the day, trading at around $3,665. Looking at its weekly chart, the current price is lower than $3,878, the price of BTC one week ago, and $4,108, the mid-week high reported on Tuesday. Bitcoin 7-day price chart. Source: CoinMarketCap Ripple…

Bitcoin History Part 8: When 1,500 BTC Cost Less Than $1

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Featured How much is one bitcoin worth? In fiat currency terms, that’s a constantly shifting answer, but ever since the beginning, the following has held true: one bitcoin is worth as much as the buyer is willing to pay. Today, that’s likely to be a few thousand dollars, but back in the day, the reverse was more likely to be true: for one dollar, you could buy several thousand bitcoins. Also read: Bitcoin History Part 7: The First Major Hack Calculating Bitcoin’s Exchange Rate Once an asset has a universally…

Blockchain Research Now Granted Tax Credit in South Korea

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South Korea’s government has added blockchain to the fields of research and development eligible for a tax credit meant to boost innovation, English-language local media TheNews.Asia reports on Jan. 8. The local Ministry of Strategy and Finance announced the proposed changes to the enforcement decree of last year’s tax law, which will be enforced in February. The proposed amendments also include among the eligible fields wearable robots and fine dust reduction technology. According to the aforementioned article, a result of this amendment will be that 30 to 40 percent of…

Washington’s Douglas County is Looking to Build a Blockchain Innovation Campus

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Local officials of United States’ Douglas County located in central Washington want to build a blockchain innovation campus, local daily newspaper The Seattle Times reports on Jan. 11. According to the aforementioned article, the county is already used to hosting a substantial crypto mining industry. Crypto miners have been attracted to various central Washington counties due to their access to cheap hydroelectricity-generated power; however, the mining boom has reportedly busted in 2018, after the market downturn. The Seattle Times writes that local officials hope that blockchain can power a less…

Increased Supply of Altcoins Will Decrease BTC’s Value

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The creation of competing altcoins is likely to place downward pressure on the prices of all cryptocurrencies, including Bitcoin (BTC). This conclusion was found by research conducted by the Federal Reserve Bank of St. Louis and published on Jan. 11. The report cites two perspectives: Bitcoin bulls’ belief that the capped supply and increased demand will increase BTC’s price, and the bears’ belief that its price will fall to zero. The researchers state: “We think the future price path is more likely to remain bounded between these two extremes.” According…

Ethereum Nowa (ETN) and Ethereum Classic Vision (ETCV) Hard Forks Identified as Possible Scams

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The two additional hard forks of Ethereum Nowa (ETN) and Ethereum Classic Vision (ETCV) have come under scrutiny after reports emerged that both are taking the private keys of users trying to redeem the additional coins. They then use the private keys to empty out the wallets of those seeking to participate in the airdrops. The ETCV hard fork was meant to take place yesterday, 11th January whereas the ETN hard fork was scheduled for today, January 12th. Several Warning Signs and Words of Caution In the case of Ethereum…

Indian State Telangana to Use Blockchain for Unbanked Credit Scores

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Indian State Telangana to Use Blockchain for Unbanked Credit Scores January 12, 2019 by Akshay Makadiya The Indian state of Telangana has launched a blockchain pilot program in collaboration with U.K.-based Cognito Technologies to offer credit ratings to the local unbanked population. The move is another leap for the state in its bid to become blockchain capital of the country. Also see: After the Ethereum Classic 51% Attack, Experts Weigh in on Bitcoin’s Vulnerability Subscribe to the Bitsonline YouTube channel for great videos featuring industry insiders & experts Toward Building a Credit History…

CES 2019: Las Vegas studies Blockchain implementation

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Las Vegas is reviewing the potential implementation of blockchain, a database technology in which information is decentralized and maintained communally. Michael Lee Sherwood, the city’s director of innovation and technology, said Las Vegas is “examining with partners to harness the best application uses which will increase productivity and service delivery to our community.” “Look for more to come on Las Vegas and blockchain in 2019,” he said this week. Las Vegas is one of an increasing number of “cities flirting with blockchain,” which was also the title of an hourlong…

Pakistan’s First Blockchain-Based Remittance Service Launched Using Alipay’s Technology

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A Pakistani financial institution has rolled out a cross-border remittance service based on blockchain technology developed by Alibaba affiliate, Alipay. Telenor Microfinance Bank and Malaysian fintech firm Valyou have partnered to offer the service to that will operate between Malaysia and Pakistan. The service is expected to enhance the efficiency and speed of remittances from the former to the latter. Additionally, Pakistan’s first blockchain-based remittance service will eliminate intermediary costs making it cheaper to send money. Users will also be able to track the remittances at ‘every step of the…

Mongolia’s Cheap Electricity Draws Japanese Bitcoin Miners Seeking Profit

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A combination of cheap electricity and cold weather has started to draw a growing number of Japanese bitcoin miners to Mongolia, a country sandwiched between China to the south and Russia to the north. Amid falling mining revenues in other regions of the world due to the current crypto bear market, companies that have set up shop in Mongolia have found they can still run profitable mining operations. Also read: China Announces New Regulations for Blockchain Companies to ‘Promote Healthy Development’  Business Environment Harsh But Mongolia Is Still Profitable Tokyo-based e-wallet…