Category Archive : Bitcoin

WATCH: Coinmine Adds Interest Payments to Its At-Home Crypto Miners

The company now offers 6.5 percent interest on earnings held in Coinmine wallets.

Ohio Crypto Program Hits a Snag, Attorney General Finds It Illegal

US State of Ohio Crypto Program Hits a Snag, Attorney General Finds It Illegal

The Attorney General of the U.S. state of Ohio has assessed the state’s crypto program and concluded that it is a legal violation of state law. The state’s former treasurer skirted the law to launch a website that allowed 23 types of tax payments in cryptocurrency ahead of other states.

Also read: US State of Ohio Accepts Bitcoin for 23 Types of Taxes

Ohio’s Crypto Program Violates State Law

The U.S. state of Ohio made headlines last year when it began accepting cryptocurrencies for 23 types of tax payments. The crypto program was launched by former Treasurer Josh Mandel before he left office. He set up the Ohiocrypto.com website, operated by the treasurer, to allow tax payments in cryptocurrencies through Bitpay. In January, Mandel was succeeded by Robert Sprague as the state treasurer.

Last month, an internal review raised some legal issues regarding the Ohiocrypto website and the State Board of Deposit proceeded to request the opinion of Attorney General Dave Yost regarding whether Ohiocrypto.com is a financial transaction device subject to the requirement of R.C. 113.40. Sprague shut down the state’s crypto program pending Yost’s opinion.

Ohio Crypto Program Hits a Snag, Attorney General Finds It Illegal
Ohiocrypto.com on Nov. 14.

After evaluation, Yost wrote a letter to Sprague on Nov. 5 declaring his legal assessment of the situation. Noting that “No other statute gives the treasurer authority to use Ohiocrypto.com to collect state taxes,” Yost wrote:

I conclude that Ohiocrypto.com is a financial transaction device, and that it cannot be
used without first being approved by the Board of Deposit.

This means the treasurer must obtain approval from the State Board of Deposit before using the website to collect state taxes. The deposit board has three members: the treasurer who also serves as the chairman of the board, Auditor of State Keith Faber, and Yost. With the attorney general’s legal opinion, the board will now decide what to do about the program. However, at press time, no meeting has been scheduled to discuss this matter.

Ohio Crypto Program Hits a Snag, Attorney General Finds It Illegal
Ohio Attorney General Dave Yost

The Associated Press reported on Wednesday that “Republican Attorney General Dave Yost found then-Treasurer Josh Mandel skirted state law when he launched the Ohiocrypto.com website last year for business tax payments.” The publication added that Dave O’Neil, a spokesman for Yost’s office, clarified that “the opinion on Ohiocrypto.com was advisory in nature, so it would not be appropriate to refer it to law enforcement, despite the finding of a legal violation.”

Paying Ohio Taxes Via Bitpay

When former Treasurer Mandel launched the crypto program in November last year, he said that Ohio was the first state to accept tax payments via cryptocurrency and that it would help the state become a leader in embracing blockchain technology. However, the program did not take off. Sprague recently revealed that, in the 10 months that the website operated, fewer than 10 businesses chose to pay their taxes using cryptocurrency.

Ohio Crypto Program Hits a Snag, Attorney General Finds It Illegal
Ohio Treasurer Robert Sprague

Yost explained in his letter that taxpayers wanting to pay in cryptocurrency on Ohiocrypto.com did not pay the treasury directly and at no point did the state treasury actually hold digital coins. Yost, who became Ohio’s 51st Attorney General in January after serving as the 32nd Auditor of State, detailed:

The former treasurer contracted with a third-party company, Bitpay Inc., to process the payments. The taxpayer paid Bitpay in cryptocurrency. Bitpay settled the payment, converted the payment to U.S. dollars, and then paid the treasurer in U.S. dollars.

He added that Bitpay charged a fee for its service which was passed on to taxpayers, noting that payments were ultimately settled using an automated clearing house process between Bitpay and a bank account maintained by the treasurer.

What do you think of Ohio’s crypto program and the state attorney general’s assessment? Let us know in the comments section below.


Images courtesy of Shutterstock and the state of Ohio.


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Bitcoin Hovers Near Price Support as Long-Term Bear Cross Looms

Bitcoin may soon face selling pressure, courtesy of an impending bear cross. Longer term, though, the picture may be less gloomy for the bulls.

Coinbase Expands Reach of Visa Card in Europe, Adds 5 New Cryptos

The exchange has added new crypto options to its Visa debit card, including XRP, XLM and REP, and also expanded availability to 10 more nations.

Indian Government Programs Add New Crypto Courses

Indian Government Programs Add New Crypto Courses

The Indian government has added new educational courses teaching cryptocurrency and blockchain technology to the public and law enforcement officers. Amid regulatory uncertainty and banking restrictions, cryptocurrency and blockchain technology remain important topics of study in India.

Also read: Indian Supreme Court Postpones Crypto Case to November, New Date Confirmed

New Course on Crypto and Blockchain

A new course entitled “Introduction to Blockchain Technology and Applications” has been added to Swayam, a learning platform initiated by the Indian government’s Ministry of Human Resource Development. This eight–week, AICTE-approved course for undergraduates is scheduled to run from Feb. 24 to April 17, 2020, with the exam date set for April 25. The course is taught by professor Sandeep Shukla of the Indian Institute of Technology (ITT) Kanpur.

Indian Government Programs Add New Crypto Courses
ITT Kanpur Professor Sandeep Shukla

Students will learn the basics of blockchain technology and cryptographic concepts, including hashing and public key cryptosystems. The course will also go over private vs. public blockchains and their use cases, the Bitcoin blockchain specifically, how to mine it, and bitcoin’s use in micropayments. Ethereum, smart contracts, IOTA, mining consensus, Hyperledger, and Corda will also be covered.

“The course is free to enroll and learn from. But if you want a certificate, you have to register and write the proctored exam conducted by us in person at any of the designated exam centers. The exam is optional for a fee of Rs 1000/- (rupees one thousand only),” its information page on Swayam details.

Indian Government Programs Add New Crypto Courses

Swayam previously offered a course on the subject of cryptocurrency and blockchain technology entitled “Blockchain Architecture Design and Use Cases” which ran from July 29 to Oct. 18, as news.Bitcoin.com previously reported. In January next year, the platform will also offer another course called “Cryptography and Network Security” which briefly touches on the subject of bitcoin and cryptocurrency.

Police Officers Also Get New Course

Meanwhile, a new course has been introduced by Sardar Vallabhbhai Patel National Police Academy to educate high ranking officers on cryptocurrency. The five-day course entitled “Advance Course on Cyber Crime, Dark Web & Investigation of Cryptocurrencies” is scheduled to take place on Dec. 16-20. The course is for the Indian Police Service (IPS) officers of the rank of Additional Superintendent of Police to Inspector General of Police. It replaces the previously planned two-day course entitled “Investigation of Cases Involving Cryptocurrencies” which was supposed to take place in September but was canceled. The academy explained that “Due to administrative reasons, this course is now merged with a 5 day course on ‘Advance Cyber Crime investigation’ scheduled to be held from 16th to 20th December 2019.”

Among the new course’s objectives are the introduction to “various kinds of cryptocurrencies that are available on the internet,” the “working of the blockchain technology,” and “The legal challenges that are faced by various officers in investigating a crime involving cryptocurrencies and digital wallets.” Another two-day course on “Dark Web & Cryptocurrency” is planned for February next year.

Indian Government Programs Add New Crypto Courses
A course at Sardar Vallabhbhai Patel National Police Academy.

The academy trains IPS officers “who have been selected through an All India based Civil Services Examination,” the institute’s website describes. The IPS cadre is controlled by the Home Ministry of the Government of India and officers of this service can only be appointed and removed by an order of the President of India. “The trained officers will be posted as Assistant Superintendent of Police (ASP) in their respective states under whom the other sub-ranks of [the] police force will be working.”

Earlier this year, a national cyber forensic lab was set up for cryptocurrency to help law enforcement officers as a number of high-profile crimes involving digital coins have emerged. This week, the country’s Central Bureau of Investigation (CBI) booked its own officer for extorting money from a businessman in a crypto-related case.

What do you think of the crypto courses for the public and the police? Let us know in the comments section below.


Images courtesy of Shutterstock and the Indian government.


Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

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Is Bitcoin Selling Out with Joe Weisenthal – WBD165

Location: New York

Date: Friday, 25th October

Project: Bloomberg

Role: Editor

The Winklevoss twins first Exchange Traded Fund (ETF) application was rejected by the Securities and Exchange Commission (SEC) in March 2017.

In the 2 ‚ years since, there have been a number of other applications for an ETF, all of which have been rejected, with the SEC citing concerns regarding manipulation, volatility and fraudulent activity.

But does a government-granted ETF fit with the ethos of Bitcoin?

Bitcoin was born out of the cypherpunk movement, with the goal of taking power away from the government by giving people a trustless and censorship-resistant monetary system. As such. seeking approval from a government-run body for an investment fund is seemingly against this ideology.

It seems apparent that most Bitcoiners’ motivation behind seeking an ETF is likely down to money. The added liquidity, easy access to investors and media coverage an approved ETF would garner may well lead to a price increase and thus an ETF approval seems like an easily identifiable path to another bull market.

Could this be interpreted as Bitcoiners being hypocritical and caring more about the price of their coins than the intended goal of a censorship-resistant currency? On the other hand, it could be seen as a significant achievement in terms of mainstream adoption. After all, nothing aides Bitcoin’s adoption than media coverage and price-driven FOMO.

In this interview, I talk to Bloomberg Business News Editor, Joe Weisenthal. We discuss contradictory Bitcoin ideals and challenging the status quo, ETF’s, censorship resistance, privacy and the current state of the global economy.

This episode is also on:

PayPal’s Axing of PornHub Model Payments May Boost Verge Crypto

PayPal has abruptly cut its payments service to thousands of live performers on Pornhub. Can the verge crypto pick up the slack?

Samsung SDS Beefs Up Privacy on Its Business-Grade Blockchain

Samsung SDS, the enterprise tech arm of the South Korean behemoth, is enhancing privacy on its Nexledger blockchain with zero-knowledge proofs.

BitOrb Exchange Raises $6.4 Million

BitOrb Exchange Raises $6.4 Million

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

The BitOrb Exchange has successfully secured its funding round, raising a total of USD 6.4m. The round was led by the W-Rex Algo Trading Platform a product of the Wota Group.

Additionally, the Wota Group will act as a strategic partner and help the BitOrb Exchange grow its network of traders, user acquisition and advise on other key strategic decisions.

THE STRATEGIC SYNERGY BETWEEN THE COMPANIES

BitOrb is an innovative cryptocurrency derivatives exchange that is built for all levels of traders. The exchange is built completely in memory allowing for micro-second latency for higher frequency trading.

The exchange also introduces a never seen before feature “The Orchestrator”, which is an inbuilt automated trading strategy maker allowing traders to create customized trading strategies using key trading indicators.

The Wota Group is a cryptocurrency fund that has been involved in programmatic trading of crypto currencies since 2017. W-Rex is the latest product of the Wota Group, which is a programmatic trading platform with impressive growth since January 2018. WREX 3-Layered Algorithm System “has never recorded a loss in a typical month from January 2018 when we completed our beta testing,” said Jeffrey Ong, the CEO and founder of the Wota Group and the W-rex Platform.

He added “BitOrb is an exciting project for us because of the synergies involved between our company and a cryptocurrency derivatives trading platform. BitOrb introduces an exchange which is fresh and I believe that they have the potential to be a top player in the crypto exchange space and they have the right team to achieve this. Hence we see this as a strategic partnership which will be extremely beneficial to both parties”

The BitOrb Exchange has been under development since July 2018 and the current test version of the exchange can be viewed beta.BitOrb.com. The BitOrb Exchange is due for release in December 2019.

The funds raised during this round will be used for user acquisition, enhancements to the product, ramping up of the operations, marketing and compliance with statutory requirements. BitOrb aims to be a fair and transparent exchange and will allocate a portion of the funds to ensure compliance with regulatory bodies in all of its jurisdictions where applicable.

Lim-Hoong Teng, the CEO of the BitOrb Exchange also added “When we began raising funds in late 2018, we knew it was going to be a very challenging environment to raise funds. However, although the cryptocurrency market was completely bearish, the team continued to develop the exchange. It took us many months to get the funding we needed and by having an investor onboard like the Wota Group, the future is brighter and the potential greater.”

He continued to say “Our traders and token holders are of the utmost importance to us at BitOrb. We are pleased to announce that this recent partnership with the Wota Group will propel us into the future.”

The current fundraising round will end in November, and those who missed out can still grab this opportunity www.BitOrb.com

Contact Email Address
elina.nasution@bitorb.com

Supporting Link
https://www.bitorb.com

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not 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 the press release.

The post BitOrb Exchange Raises $6.4 Million appeared first on Bitcoin News.

Bitcoin.com Wallet App Marks Over Five Million Wallets Created

Bitcoin.com Wallet App Marks Over Five Million Wallets Created

The Bitcoin.com Wallet has now achieved a major milestone with over 5 million wallets created since the app launched just a little over two years ago. An upcoming version of the digital wallet app will add SLP token support and additional features.

Also Read: Video: Bitcoin Cash Lets You Buy Equity Over the Counter at a Bar

Bitcoin.com Wallet Continues to Grow

Bitcoin.com today marks more than five million wallets created with the company’s official wallet app. The Bitcoin.com Wallet was launched back in August 2017 and quickly gained a large following. The fast growth in adoption has continued this year, despite the challenging market, as a million new wallets have been created since May when the app marked four million wallets created.

“This is a key milestone in our mission to provide customers with safe and secure crypto transaction services. Few would have predicted that we’d manage 5 million wallets created in little over two years, but our community has grown rapidly due to increased awareness of digital tokens and our wallet’s ever-expanding features,” stated Stefan Rust, CEO of Bitcoin.com. “In the years ahead, we are confident that millions more will open new wallets with us, many of them new to crypto who are choosing Bitcoin.com wallets to be their first crypto wallet.”

Bitcoin.com Wallet App Marks Over Five Million Wallets Created
wallet.Bitcoin.com

The wallet allows users to send, receive, and store bitcoin cash (BCH) and bitcoin core (BTC) in a noncustodial fashion. Users also have the ability to purchase both cryptocurrencies within the wallet directly with a credit or debit card so they don’t have to deal with depositing money on any exchanges. The popular app is available for mobile devices running both Apple iOS and Google Android operating systems, and there are also desktop versions for Mac, Windows and Linux if you need them. You can check out all the versions available at wallet.Bitcoin.com and create a new wallet for yourself.

Important New Features in Upcoming Versions

While the wallet is growing fast, the developers are not resting on their laurels and continue to design new features to add to make it even better. An upcoming version of the app will give the wallet a complete overhaul with built-in SLP token support as well as improved design and user experience to make spending and managing your digital funds even easier. Another feature they are working on is threshold spending, a function that lets you simply scan a payment QR code and if the amount requested is lower than your safety threshold it automatically signs and send the funds without the need for any additional input. The wallet developers are also working to release an API that will empower engineers and third parties to build more tools and services that integrate easier with the wallet and its users.

“Our entire team at Bitcoin.com is excited to cross the 5 million wallet mark. We’re proud to see people from all over the world using cryptocurrency in their daily lives,” commented Corbin Fraser, Group Product Manager, Mobile Services at Bitcoin.com. “Our wallet team have been hard at work on new features and are excited to release a complete overhaul to the Bitcoin.com Wallet with some amazing new features to help grow the cryptocurrency ecosystem and onboard the next 50 Million wallet users to peer to peer electronic cash.”

Bitcoin.com Wallet App Marks Over Five Million Wallets Created

If you are not familiar with the term, the Simple Ledger Protocol (SLP) is a token system for the Bitcoin Cash network allowing anyone to create tokens in a permissionless manner. It has helped the development of an ecosystem for BCH that replicates the variety of ERC-20 tokens on the ETH network. SLP tokens can easily be created, traded, and managed on the Bitcoin Cash blockchain within seconds, while costing the users only fractions of a penny for each transaction. Using the SLP explorer Simpleledger.info shows that 5,760 tokens have already been created and more than 4,590 SLP-based token burns took place since the project started.

What do you think about the Bitcoin.com Wallet app achieving more than five million wallets created? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


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