‘End the Fed’ Evangelist Ron Paul Plugs Bitcoin IRA for Retirement

'End the Fed' Evangelist Ron Paul Plugs Bitcoin IRA for Retirement

The notorious former U.S. congressman, Ron Paul, is now telling FOX Business viewers to invest in bitcoin through an individual retirement account called Coin IRA. The staunch libertarian and gold bug makes his appearance on a nationally televised commercial telling millions that he’s “excited to see what bitcoin opens up.”

Also read: Internet Archive Adds Bitcoin Cash and Zcash for Donations

Libertarian Ron Paul Hopes to End the Central Banking Monopoly

Ron Paul is a former Texas congressman who is well known for spreading the beliefs of libertarianism during his multiple runs for the U.S. presidency over the past decade. Paul has always had different opinions than most of his fellow politicians, as the congressman has always been against war, bolstered sound economics and alternative currencies, and has relentlessly ridiculed how big government has grown. Moreover, Paul has always been against the central banking system and thinks gold and more recently cryptocurrencies can help defeat the monopoly on money.

“It is no coincidence that the century of total war coincided with the century of central banking,” explains Paul in his critically acclaimed book called ‘End the Fed.’

'End the Fed' Evangelist Ron Paul Plugs Bitcoin IRA for Retirement

Ron Paul: ‘I’m Excited to See the Options That Bitcoin Opens Up’

Since being a believer in precious metals, over the past year or so Paul has been favoring bitcoin lately in his discussions. Now the former politician appears in nationally televised commercials for the company, Coin IRA, a firm dedicated to cryptocurrency-based retirement accounts. The company is also a subdivision of a precious metals management firm called Goldco. Coin IRA offers cryptocurrency portfolios consisting of bitcoin, ethereum, litecoin, and ripple. Paul’s commercial targets an older crowd who would typically invest in commodities like gold. During the one minute long commercial Paul explains he’s looking forward to the cryptocurrency revolution saying;  

As a firm believer in currency competition, I’m excited to see the options what bitcoin opens up.

Bitcoin: ‘The Destroyer of the Dollar’

Across forums and social media, bitcoin proponents were pretty thrilled that Ron Paul is now ‘shilling’ for bitcoin retirement funds on television. “Yes, bitcoin will hasten the end of Rome — Of course, Rome is Washington DC these days,” writes a Ron Paul fan on Reddit. Of course, many of them agree with Paul’s view that bitcoin could be one of the tools that can ultimately decimate the U.S. dollar. Paul has emphasized this opinion during bitcoin’s first significant price spike that gained worldwide attention, as the Congressman explained at the time;    

There will be alternatives to the dollar, and this might be one of them — If people start using bitcoins en masse, “it’ll go down in history as the destroyer of the dollar.

Now as a spokesperson for Coin IRA commercials, it seems Paul has no problem selling the idea of bitcoin and the progression of alternative digital currencies. He says if people have done their crypto-research and are ready to invest in bitcoin and other cryptocurrencies then they should learn about the retirement options available.   

Check out Ron Paul’s bitcoin IRA ad below. 

What do you think about the libertarian and economist Ron Paul’s commercials for Coin IRA? What do you think about him promoting bitcoin retirement funds now? Let us know what you think in the comments below.

Disclaimer: Bitcoin.com does not endorse nor support this product/service.
Readers should do their own due diligence before taking any actions related to the mentioned 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 this article.


Images via Pixabay and Ronpaul.com. 


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The Price of Bitcoin Exceeds $8K Across Global Exchanges

The Price of Bitcoin Exceeds $8K Across Global Exchanges

The price of bitcoin reached an all-time high of over $8K per BTC across global exchanges on November 19. The bullish momentum pushed the price upwards nine days after the Segwit2x working group canceled their efforts to fork the network.

Also Read: A True Network or Troll? A Look at the “Bitcoin Clashic” Project

Bitcoin Reaches an All-Time High of Eight Grand Per BTC

Bitcoin (BTC) markets have been surging today and surpassed $8K per BTC on November 19, 2017, at approximately 1:00 pm EDT. The price spiked just nine days after the Segwit2x working group canceled the 2MB hard fork. This past weekend bitcoin’s value dropped below the sub-$6K region, after experiencing an interesting market correlation with bitcoin cash (BCH) markets. At the time BCH markets reached an all-time high of $2400 per token, but the tables have since turned. Bitcoin’s value started riding back up on November 14 and has continued to rise since. BTC trade volume is extremely high as roughly $2.8B worth of BTC has been traded over the past 24-hours. Over the course of the past 12 hours, bitcoin markets are up 10 percent while altcoins are seeing percentage increases as well. A few days before, the digital asset came awfully close to the $8K region twice but stopped short at $7,997. 

The Price of Bitcoin Exceeds $8K Across Global Exchanges
 

Technical Indicators

Right now technical indicators show some resistance above $8,200 range, and there may be a touch of sell off at this vantage point. The 100 Simple Moving Average (SMA) is still well above the long-term 200 SMA, as both trend lines have remained consistent since our last price analysis. This means after breaking some upper resistance, the path to the upside will likely keep steady with these two trend lines spread. Oscillators such as the RSI show oversold conditions, while the Stochastic shows more upside possibilities. Order books show after moving past the $8200 territory, the price could easily see some smooth sailing to the $9K region. Fibonacci retracement at 61.8 indicates a high of $8700 is obtainable in the short term. If the price experiences some extreme sell-off after the $8K highs, then prices could find a home back in the $7600-7800 territory.

The price of bitcoin exceeds $8,000 per BTC across global exchanges at 1 pm EDT on November 19, 2017. 

 Community Sentiment Seems Positive, but What Else Is in Store for Bitcoiners?

Bitcoin’s market spike hasn’t been the only metric showing optimism, as last week’s announcement canceling Segwit2x threw crypto-enthusiasts into a tizzy. Overall the bitcoin ‘community’ on both sides of the scaling debate seemed pleased with the decision to cancel Segwit2x. Of course, NO2x supporters were happy, but even bitcoin cash (BCH) fans celebrated the fork being canceled. As one BCH supporter said, “guys, seriously, this is great news for both BTC and BCH.”

We now have a healthy competition for the two “opposite” scaling solutions: on-chain and off-chain.

The Price of Bitcoin Exceeds $8K Across Global ExchangesSince then the debate is a bit quieter, but it has sparked back up a hair during the BTC/BCH market rivalry this past weekend. Moreover, there have been many complaints surrounding the BTC chain’s network congestion this week. Skeptics believe many Segwit2x supporters moved their positions to bitcoin cash, and the significant transaction backlog and high fees last week made things worse. Following the bitcoin cash hard fork on November 13, speculators now believe the two opposite scaling solutions will indeed have “healthy competition.” Additionally, the world is witnessing the cryptocurrency phenomenon grow larger every day as the entire digital asset ecosystem is around $226B, swapping over $12B worth of digital assets daily.   

Now as bitcoin enjoys being above $8K for the first time, many bitcoiners are wondering what else is in store for the decentralized currency. Quite a few bitcoin supporters are excited to see what happens to bitcoin markets once CME Group launches its futures market for mainstream investors. While other cryptocurrency fans look forward to the decentralized currency disrupting the old financial methods of the past, such as central banking and its tethered hyperinflation. Confirmation of this can be seen vividly as failed monetary policy is causing the citizens from countries like Zimbabwe and Venezuela to flock towards bitcoin’s valuable attributes.   

One thing is for sure, as many bitcoiners can attest — There’s never a dull day in Bitcoin-Land! 

What do you think about bitcoin touching $8K per BTC? Where do you see the price of bitcoin going from here? Let us know in the comments below.

Disclaimer: Bitcoin price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


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Markets Update: Traders Seek New Positions Waiting for the Next Price Swings

Bitcoin markets have been hovering around some new price territories recently, as the currency reached a few all-time highs over the past 72-hours. BTC reached a top of $7,997 on the popular exchange Bitstamp, and has come awfully close to $8,000 throughout many other trading platforms. Cryptocurrency enthusiasts are steadily waiting for bitcoin to surpass the $8K barrier and capture a whole new price range.    

Also read: Bitcoin.com Wallet Celebrates 500,000 Downloads in Three Months

Bitcoin Markets Tease the $8,000 Mark

Markets Update: Traders Seek New Positions Waiting for the Next Price Swings It’s been a week since bitcoin dropped below the $6K region last weekend and the end of this week shows  a whole new ball game is being played. Bitcoin markets have spiked quite a bit as bulls have been trying to charge past the $8K zone for a few days.

Presently, the price is trading between $7,700-7,800 across multiple exchanges with a 24-hour trade volume of $3B. Big money is flowing into bitcoin from Japan once again, as the yen is commanding over 67 percent of the global BTC volume. The USD is following the yen’s lead with 17 percent, and the South Korean won has around 9 percent of bitcoin’s trade volume today. The top five exchanges dominating the majority of trade volume include Bitfinex, Bithumb, Bittrex, GDAX, and Hitbtc.

Markets Update: Traders Seek New Positions Waiting for the Next Price Swings
Order books show resistance in the $8,000-8,200 price territories.

Bitcoin (BTC) Technical Indicators

Looking at charts for the past two days, bitcoin has been hovering around $7,700-7,800 after reaching its new highs. There has been some consolidation and order books show stiff resistance in the $8K region, which will get even tougher at $8,200. The sideways action has allowed traders to plant new positions at higher playing fields. Right now, the 100 Simple Moving Average is coasting along well above the 200 SMA, indicating we are still seeing a buyers market.

However, trade volume is weaker as volumes have dropped by $2B over the past 24 hours which may be showing signs of market exhaustion. At the moment the stochastic indicates some more upside play action may happen, and the RSI reveals some possible oversold conditions. If bulls push past $8,000 range, watch for the two key regions at $8,200 and $8,600 as there will be resistance in these areas. If buyers get exhausted and bears start clawing the market again, there are solid foundations around $7,400 and 7,200 if things get uglier.

Markets Update: Traders Seek New Positions Waiting for the Next Price Swings
Bitcoin’s price is averaging around $7,725.

A Quick Glimpse at Altcoin Markets

The top few altcoins are all in green right now with upward gains of around 3-8 percent. Ethereum (ETH) is grabbing the 8 percent increase today with a price around 361 per ETH. This is followed by Ripple (XRP) which is priced at $0.22 per token and is up by 2 percent. Litecoin (LTC) is up by 5 percent as each LTC is selling for $70 at press time. One notable altcoin rise this week is NEO which is up 14 percent capturing a value of $43 per token.

Markets Update: Traders Seek New Positions Waiting for the Next Price Swings

Bitcoin Cash Markets Dip After Rising to $1300

Markets Update: Traders Seek New Positions Waiting for the Next Price Swings This week bitcoin cash (BCH) has seen a significant increase after dropping below the $1K region. Following this event, BCH rebounded back up to the $1300 price range. Right now, one BCH is averaging around $1170 per token, but markets are down 5 percent since yesterday. Bitcoin cash markets have about $1.9B in global trade volume, with the South Korean won still taking the lion’s share. There’s some good arbitrage at the moment between the Korean exchanges Coinone and Bithumb. The top five exchanges trading the most BCH today by volume include Bithumb, Coinone, Bitfinex, Bittrex, and Hitbtc.

Bitcoin Cash (BCH) Technical Indicators

Looking at BCH charts also shows theres been some pretty consistent 36-hour market stability, but there’s heavy resistance in the $1300 region. The short-term 100 SMA is a touch higher from the long-term 200 SMA indicating a good chance for more upside swings. Expect some resistance in the $1300 area again and even more so around $1400 territory. Both the RSI and the stochastic reveal there’s definitely room for upper bounds in BCH value. The price could surpass $1300-1400 again in the near future, but it also could slide back to $1100-1000.

Markets Update: Traders Seek New Positions Waiting for the Next Price Swings
Bitcoin Cash is averaging around $1,170 per BCH.

The Verdict

As far as markets go, many traders have moved their attention away from the scaling debate and forks, and seem to be focused on better long-term positions. Traders are optimistic in regard to bitcoin exceeding the $8K territory, as many believe we will see $10K by the year-end. Speculators think the upcoming futures contracts from CME Group will bolster the price, alongside Cboe entering the game as well. So far LedgerX has already been processing millions of dollars worth of futures products, and at least one trader has wagered a long position predicting that bitcoin will hit $10K by December 28.

Where do you see the price of bitcoin (BTC) going from here? What do you think about bitcoin cash (BCH) markets right now? Let us know your thoughts in the comments below.

Disclaimer: Bitcoin price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


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A True Network or Troll? A Look at the “Bitcoin Clashic” Project

A True Network or Troll? A Look at the Bitcoin Clashic Project

Just recently, news.Bitcoin.com reported on the successful Bitcoin Cash hard fork that took place on November 13. However, according to reports across the web, the fork split into two, and an unknown group began mining blocks on the legacy chain producing what they call “Bitcoin Clashic.”

Also read: Privacy-Centric Protocol Mimblewimble Now Being Trialed on the Bitcoin Testnet

Supposedly All Bitcoin Owners Prior to Block 478558 Are Also Owners of Bitcoin Clashic

Allegedly there’s a network called Bitcoin Clashic that is utilizing the legacy BCH chain prior to the November 13th’s fork. The first observations of this chain operating behind BCH were noticed by Bitmain’s CEO Jihan Wu. The mining company’s founder explains that an unknown mining entity has dedicated hashrate to the rules of the original chain. Following Wu’s statements, the public was greeted by the group operating the network with a website and Twitter handle.

“All Bitcoin holders as of block 478558 are also owners of Bitcoin Clashic — All are welcome to join the Bitcoin Clashic community as we move forward in creating sound money accessible to the whole world,” explains the group’s website.

A True Network or Troll? A Look at the Bitcoin Clashic Project

Bitcoin Clashic Believes Satoshi’s True Vision Would Improve Erratic Mining Variances

At the moment there is no working blockchain explorer for the Clashic network, but there is a dedicated mining pool. There is an explorer currently under construction, called Satoshistruevision.com, but the site contains no data. The Clashic Twitter handle offers a network stats page as well, but the service has been unavailable at the time of this report. Clashic’s Twitter is very active and started tweeting on November 11. The first announcement on that day explains the Clashic team’s intent stating:

We are a private group of influential miners that will mine the existing chain to ensure the emergency difficulty adjustment takes place as intended — We believe that Satoshi would have been ok with a high variance of difficulty as a part of his true vision.

A Troll or Not a Troll? That is the Question

Presently, the Clashic infrastructure is basically a ghost town, minus the fact that the CEO of Satoshi Labs says if the network is built properly it would “work out of the box” using a Trezor hardware wallet. As far as exchanges and wallets there are none, but Clashic’s website details users can run a full node client using the Bitcoin ABC version 0.15.1.

A True Network or Troll? A Look at the Bitcoin Clashic Project
Bitcoin Clashic explains via Twitter that its difficulty is dropping.

No one knows who the owns the Clashic site as the webpage was registered using a Whois domain owner cloaking platform. On forums and across social media, bitcoin cash supporters believe the website’s owner is just trolling and many consider the project a joke. Moreover, BCH supporters also notice that quite a few people from the other side of the great bitcoin scaling debate who openly dislike the BCH chain have been bolstering and promoting Clashic since the group appeared on the internet seven days ago. Further, Clashic isn’t the only fork considered a ‘troll-blockchain’ as there have been reports of other forked networks called Super Bitcoin, Bitcoin2m, and Bitcoin Diamond as well. 

What do you think about this Clashic project? Do you think they are trolling or do you think this is a serious undertaking? Let us know in the comments below.


Images via Pixabay, Twitter, and the Bitcoin Clashic website.


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Internet Archive Adds Bitcoin Cash and Zcash for Donations

Internet Archive Adds Bitcoin Cash and Zcash for Donations

News.Bitcoin.com recently reported on the San Francisco–based digital library, the Internet Archive, ‘hodling’ its bitcoin donations and making some nice gains in the nonprofit’s yearly earnings reports. This week the Internet Archive has announced it will be accepting two more cryptocurrencies — bitcoin cash and zcash.  

Also read: Internet Archive and Overstock to ‘Hodl’ More Bitcoin Revenue and Donations

The Internet Archive Now Allows Bitcoin Cash and Zcash Donations

Internet Archive Adds Bitcoin Cash and Zcash for DonationsOn November 16, the Internet Archive revealed it will now accept bitcoin cash (BCH) and zcash (ZEC), alongside the bitcoin (BTC) donations it’s been accepting since 2012. The nonprofit explains the team has always been a fan of the cryptocurrency movement just as they believe in providing a free and secure internet backup for the public.

“We’ve been accepting Bitcoin donations since 2012, and starting this week, we are now accepting donations of Bitcoin Cash and Zcash,” explains the Internet Archive’s recent blog post.    

It all started when ‘UKcryptocurrency’ tweeted us asking the Internet Archive to start accepting bitcoin cash — We love a good challenge and got that link up within hours.

Internet Archive Adds Bitcoin Cash and Zcash for Donations
Servers at the Internet Archive’s data center.

Accessible Knowledge Forever and for Free

Founded by Brewster Kahle in 1996, the Archive has been a popular 501(c)(3) nonprofit headquartered in the U.S. The platform allows individuals to upload and download a vast cache of digital data while also managing a web archive called the Wayback Machine. According to Wikipedia, the Archive hosts the largest book digitization cache in the world.

Kahle has explained that cryptocurrency donations have been a big part of the charitable organization’s funding, and he’s even paid Archive employees in bitcoin over the years. The disruption bitcoin brings to the world of finance is very much tied to the evolution of the information age, and Kahle aims to keep the archive going for generations to come.          

“We are a non-profit organization with a huge mission: to give everyone access to all knowledge — the books, web pages, audio, television and software of our shared humanity — Forever — For Free,” the Archive’s blog post concludes.

What do you think about the Internet Archive accepting bitcoin cash and zcash? Let us know in the comments below.


Images via the Internet Archive. 


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Privacy-Centric Protocol Mimblewimble Now Being Trialed on the Bitcoin Testnet

Privacy-Centric Protocol Mimblewimble Now Being Trialed on the Bitcoin Testnet

Back in August of 2016, a paper named after the Harry Potter movie series called “Mimblewimble” was proposed to the bitcoin community. The concept aims to offer “near complete” bitcoin transaction anonymity and the project has intrigued many cryptocurrency enthusiasts for quite some time. The development team behind the project has announced that an early version of the Mimblewimble platform is now being tested on the Bitcoin testnet.

Also read: Bitcoin.com Wallet Celebrates 500,000 Downloads in Three Months

Bitcoin Testnet Developers Deploy The Privacy Focused Mimblewimble 

Privacy-Centric Protocol Mimblewimble Now Being Trialed on the Bitcoin TestnetOne of the holy grails for many bitcoiners is transacting with the decentralized currency in a completely private manner. There are many projects being built on the Bitcoin network, and within the altcoin space that attempt to provide stronger anonymity such as Tumblebit, and other methods of privacy. Last year a developer who uses the pseudonym, “Tom Elvis Jedusor,” introduced the Mimblewimble paper which supports the concepts of both Coinjoin and Confidential Transactions.

Essentially the protocol adds a cryptographic ‘blinding factor’ to a bitcoin transaction’s input and output values which obfuscates the transaction’s destination and the sum of funds sent. Now the development team has announced that Mimblewimble is being trialed on the Bitcoin testnet and developers can build their own nodes which connect to what’s called the “Grin network.”

Developers Are Building Nodes on the Grin Network While Searching for Bugs and Suggesting Enhancements

One of the project developers, “Windsok,” details on Github that it’s too early to claim which operating systems (OS) support the node build. Most of the testing is happening on Linux, and while Mac OS is known to work there are some “slight hiccups.” As far as Windows the project can compile, but support is not yet known and the development team is not focused on this OS at the moment. Build prerequisites include a Github repo, cmake 3.2 or greater, and the Rust programming software. After all the prerequisites are met, the Mimblewimble repo gives a developer a step-by-step walkthrough on how to create the protocol.

At the moment the project is being used with testnet coins and the development team is hoping programmers can sort out the early bugs. According to the Github issues page, the Mimblewimble testnet has been quite active since the announcement, and individuals are finding bugs while also suggesting enhancements.  

Overcoming Mimblewimble’s Disadvantages

Mimblewimble’s developers say the technology not only adds privacy, but could help with blockchain scaling as well. Although, there’s also talk about a significant disadvantage to Mimblewimble, because it removes scripts from transactions. Bitcoin transactions contain scripts (a simple programming language) embedded into inputs and outputs that are assessed when a transaction is confirmed, and these scripts must be verified as true. Developers are trying to figure out a way to bypass the removal of transaction scripts, or figure out if script support is possible; which is probably why the testing is using the Grin network. In the future after further development, Mimblewimble will likely operate as a sidechain, which is a separate network that will be tethered to the bitcoin blockchain for cross-platform compatibility.       

What do you think about Mimblewimble being tested? Do you look forward to privacy-centric protocols tethered to the Bitcoin network? Let us know in the comments below.


Images via Pixabay, the Harry Potter movie, and Paxful. 


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Amaury Séchet Proposes New Bitcoin Cash Address Format for January 14

Amaury Séchet Proposes Bitcoin Cash Address Format for January 14

This week, the lead developer for Bitcoin ABC, Amaury Séchet, sent out a proposal via the developer’s mailing list to upgrade the address format for the Bitcoin Cash (BCH) network. Séchet says the need to change the address format is “pressing” and the developer suggests aiming for deployment around January 14, 2018.

Also read: Meet the New Bitcoin Cash P2P Exchange Localbitcoincash.org

Bitcoin ABC Developer Amaury Séchet Proposes New Bitcoin Cash Address Format

Amaury Séchet Proposes Bitcoin Cash Address Format for January 14Back in October, news.Bitcoin.com reported on BCH developers discussing a change to the network’s current address format. Right now, there have been issues with people sending BCH to BTC addresses or vice versa; making the mistakenly sent funds unspendable. Bitcoin ABC’s lead developer, Amaury Séchet, has announced proposing to fix this problem after the new year with a new address format called the “Cashaddr format.” The protocol is based on work designed by Rusty Russel – who helped configure the format from a codebase called “bech32,” proposed by bitcoin developer Pieter Wuille.

“Bitcoin Cash has been in need for a new address format for quite some time — There is an immediate problem as people mistakenly send BCH to BTC address and vice versa, which is made worse by the fact that Segwit on the BTC chain had the brilliant idea to leverage outputs that anyone can spend, which make the recovery of the funds delicate on the Bitcoin Cash chain,” Séchet’s proposal explains.

While the problem of funds sent on the wrong chain is pressing, there are other reasons we need to update the address format. It is imperative that the chosen standard for Bitcoin Cash address the various issues present in the current address format as we cannot change addresses every other Tuesday.   

Séchet: ‘We Aim for Deployment Around January 14’

Séchet details that the Cashaddr format utilizes a strong checksum which ensures detection of up to 6 errors in an address and 8 in a ‘burst.’ The format also functions better with QR codes and allows the use of the alphanumeric mode. “It is also much faster to encode and decode than the previous format, which is important for a system having to handle a large number of addresses,” Séchet emphasizes.

The Bitcoin ABC programmer explains that there’s a need to reduce address confusion and he believes it is necessary to deploy the upgrade soon.

“Deploying such a change on the network will take some time for all wallets, exchanges and merchants to upgrade,” Séchet notes. “Christmas and the new year is coming soon, and nobody wants to do such an upgrade during this time.”  

As a result, I propose we aim for deployment around January 14, 2018. This leaves two months for everybody to get ready which I think is reasonable. Delaying further would push us into the Chinese new year territory, which is also undesirable.

Openbazaar Developer: ‘It’s Not a Protocol Change’

Currently, the community seems optimistic about Séchet’s suggestion, but some seem confused to whether or not the upgrade is a protocol change. Openbazaar developer, Chris Pacia, explains to BCH supporters that it does not require a hard fork.

“It’s not a protocol change — It’s a change to the address serialization,” explains Pacia. “Obviously you only want to use a wallet that uses the new address type if other wallets understand it and are capable of paying to it. It’s kind of one of those things where everyone should upgrade around the same time to avoid segmentation,” the developer concludes.

What do you think about the Bitcoin Cash network changing its address format? Let us know in the comments below.


Images via Shutterstock, and Bitcoincash.org.


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Tim Draper Predicts Using Fiat Currencies in Five Years Will Be Laughable

Tim Draper Predicts Using Fiat Currencies in Five Years Will Be Laughable

After making a prediction that bitcoin would be $10K by 2018, the American venture capitalist, Tim Draper, is still bullish about cryptocurrencies. In fact, Draper believes digital assets like bitcoin will be so prominent that using fiat currencies in five years will be considered laughable.

Also Read: The World’s Largest FX Exchange Hopes to Tame Bitcoin Volatility 

Tim Draper: “In Five Years Bitcoin Will Be So Relevant There Will Be No Reason to Use Fiat Currencies”

Tim Draper Predicts Using Fiat Currencies in Five Years Will Be LaughableBack in 2016, news.Bitcoin.com reported on Tim Draper’s 2014 prediction that bitcoin would reach $10K per BTC in 2018, and at the time it didn’t look possible. Now as 2018 approaches with less than two months left, bitcoin’s price is very close to that region touching $7,500 per bitcoin during the first week of November. Draper is well known for being very optimistic about the future of cryptocurrencies by investing in many digital currency startups, and purchasing $20M worth of bitcoin in the 2014 Silk Road government auction. Now Draper tells the tech journalist, John Koetsier, at this year’s Web Summit — Cryptocurrencies will be the future of money.

“In five years, if you try to use fiat currency they will laugh at you,” Draper explains at the 2017 Web Summit.

Bitcoin and other cryptocurrencies will be so relevant — there will be no reason to have the fiat currencies.

Tim Draper Predicts Using Fiat Currencies in Five Years Will Be Laughable

Draper Rakes In a $200M Profit from the Silk Road Auction

Draper’s 2014 Silk Road (SR) purchase of 30,000 BTC back in 2014 had confirmed the venture capitalist was a big believer, even when bitcoin’s markets were quite bearish that year. At the time, Draper’s SR bitcoins were purchased for a touch under $20M using 2014 spot prices. Draper’s crypto-hoard is worth $223M at today’s prices, giving the investor over $203M in gains in less than three years.      

In the Future Draper Believes Cryptocurrencies Will Interrelate, but the Tech Needs to be Simplified

Draper details at the Web Summit that he envisions digital assets will become superior “transfer agents and stores of value.” Even with a thousand bitcoin clones, Draper believes quite a few of them will work together in the future, but if cryptocurrencies don’t become more simplified, they may not get adopted.

“They are all [Cryptocurrencies] going to interrelate, and there will be exchange rates for all of them,” Draper emphasizes.

My guess is that it will centralize around a wallet that you have, and when you pay for that Starbucks, your wallet will optimize to whichever currency has most value — If it doesn’t get simplified it won’t get adopted — good marketing people will simplify all use of these things.

Draper also believes there may even be coins based on individuals, and some that put “value on our time and attention.” The investor has always had a firm conviction towards his predictions, as Draper even wagered $400K that bitcoin would rebound after 2014’s slump. The venture capitalist’s wild-eyed forecasts seem a touch more believable these days as bitcoin’s market cap is only $45B away from reaching his 2014 outlook.    

What do you think about Tim Draper’s predictions? Do you think he’s right that fiat currencies will be irrelevant and laughable in five years? Let us know what you think in the comments below.


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Openbazaar Sees a Variety of New Vendors After Privacy Enhancements

Openbazaar Sees a Variety of New Vendors After Privacy Enhancements

This past September the cryptocurrency-based decentralized marketplace, Openbazaar, launched its 2.0 platform with a slew of new features. Now a couple of months later, the marketplace seems to be seeing some significant growth as vendors from Darknet markets are starting to flock to the protocol’s benefits.

Also Read: Increased South African Bitcoin Adoption Highlights Need For Taxation Clarity 

Privacy Enhancements Give Openbazaar a Boost

Openbazaar Sees a Variety of New Vendors After Privacy EnhancementsThis week news.Bitcoin.com took a tour through the search listings held on the Openbazaar 2.0 platform. The new version has three search engines including OB1, Duo, and Raw Flood which give users more depth while searching for products using Openbazaar. In addition to the improved search features, the platform now utilizes the Tor browser, has a native bitcoin wallet, Shapeshift integration, and offline stores. Just by visiting Openbazaar a user can see that these attributes have increased the amount of vendors and users exponentially, as there are more products to peruse than a just a few months ago.

In fact, the offline stores and Tor integration have also attracted Darknet Market (DNM) vendors as well. These vendors are starting to believe using Tor over Openbazaar helps mask a user’s identity, while the Interplanetary File System (IPFS) protocol keeps stores available 24-7. On the Reddit forum /r/darknetmarkets, many users detail in a long thread that selling illicit products through Openbazaar by using Tor and VPNs is working as intended.

“We had our first sale today and were able to withdraw the money with no issues at all — The system is very smooth and easy to use,” explains a DNM vendor.

Serving Patrons from Both Black and White Markets

News.bitcoin.com decided to see how many listings we could find where people were selling illicit goods like cannabis. A search on DUO reveals there are 350 cannabis listings selling the actual flower, oil, and other marijuana accessories. Roughly a third of the cannabis listings are actually selling the drug online for a variety of different prices. There are other narcotics available like Kratom powder, Opium seeds, Molly (MDMA), Psilocybin, and a few designer drug listings as well.

Openbazaar Sees a Variety of New Vendors After Privacy Enhancements
Cannabis products are becoming pretty popular on Openbazaar 2.0.

Openbazaar definitely doesn’t have as many black market listings like centralized DNMs such as Dream, Libertas, and the Wall Street Market. Further, the decentralized market has a lot of legal products for sale too including socks, stickers, comic books, DVDs, cookies, Nintendo games, iPhones, Opendimes, Trezors and more. The sales and transaction history is way more advanced than the previous version, including dispute resolution data as well.

Openbazaar Sees a Variety of New Vendors After Privacy Enhancements
Openbazaar has a wide range of white market products for sale as well.

A Few Software Quirks, But a Whole Lot More Action

Using the platform, news.Bitcoin.com noticed every now an then there’s an error running Tor, and the search query for listings fails. Additionally, some users might not like the high fee estimation for the platform’s native wallet, but users can change the fee settings from “priority to economic” if they believe the fees are too much.

Besides a few initial software quirks, there’s a whole lot more action happening on the Openbazaar platform with more products, services, and vendors since our last review of the startup’s 1.0 platform. Additionally, those who enjoy chemical calisthenics might find what they’re looking for using Openbazaar’s improved search feature.

Have you visited Openbazaar since 2.0 was released? What do you think about the decentralized marketplace? What do you think about the platform attracting black market vendors? Let us know what you think in the comments below.

Disclaimer: Bitcoin.com does not endorse nor support this product/service.
Readers should do their own due diligence before taking any actions related to the mentioned 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 this article.


Images via Shutterstock, the OB logo, and Openbazaar 2.0.


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Markets Update: Bitcoin Price Took A Dive After Breaching New Highs

Markets Update: Bitcoin Price Free-Falls After Breaching New Highs

The price of bitcoin dived on November 6 after reaching an all-time high of $7,590 across global exchanges. The decentralized currency’s value dropped to the $6,950-7,000 range. At the moment, the cryptocurrency’s market is consolidating above the $7K territory after the late afternoon sell-off.

Also Read: This Developer is Bringing Atomic Swaps to the Bitcoin Cash Network

Bitcoin’s Meteoric Price Rally Hits the Brakes

What a difference a day can make in the land of bitcoin markets. Yesterday on November 5 bitcoin reached an all-time high (ATH) $7,590, but has since taken a 7 percent loss on November 6 which started around 1 pm EDT. Bitcoin’s market capitalization has shaved off a few billion as BTC currently commands a little over $116B. Even though bitcoin’s price corrected a touch, trade volume is exponentially high as there’s been over $3B worth of 24-hour global trade volume during each day of the week. Since the slump bitcoin’s market share dominance compared to all the other crypto-assets is still above 60 percent, but it may not last if the price drops further. Every cryptocurrency throughout the top fifteen highest crypto-caps, other than bitcoin (BTC), is in the green and up 2-15 percent.

The first week of November belongs to the Japanese yen again as far as capturing the leading bitcoin volume by currency. The yen is followed by the USD, KRW, EUR, and BGP capturing the most bitcoin trade volume right now. The top five exchanges by volume on November 6 are Bitfinex, Bitflyer, Bithumb, GDAX, and Bitstamp.     

Technical Indicators

Markets Update: Bitcoin Price Free-Falls After Breaching New HighsCurrently, bitcoin markets are trying to consolidate in the $7K-7,150 region, but bearish sentiment has set in as the currency lost $500+ in the last 6-hours. A few days ago oscillators had shown a few slight pullbacks were taking place as bulls started feeling some exhaustion. At the moment buyers have stepped away to gain new positions after last week’s meteoric rise. Even though bitcoin markets had dropped a solid eight legs down, the 100 Simple Moving Average (SMA) is still holding above the long-term 200 SMA. Basically, this means bulls are taking a temporary rest, and the upswing will continue after some short-term consolidation.  

Stochastic has been heading south, confirming overbought conditions, but at the moment the Relative Strength Index (RSI) is meandering sideways. Order books show some foundations in the $6,800-6,900 range if bears pull markets down more. Additionally, looking at the other side order books reveal some resistance again at $7,400-7,550, but the biggest wall is $8K. Bitcoin prices could easily spike back to newer ATHs and above the $8K zone before the fork, but a correction in the meantime was to be expected.

Markets Update: Bitcoin Price Free-Falls After Breaching New Highs

Hard Forks & Futures

Bitcoin markets have already been experiencing some nice swings back and forth. Cryptocurrency proponents are steadily preparing for the upcoming Segwit2x fork which hasn’t affected the market negatively so far. Just like the August 1 bitcoin cash hard fork, the price is actually seeing some more significant buy pressure. Another thing that may be helping the price is CME Group’s recent bitcoin futures markets announcement. According to CME, the BTC futures exchange will be launching on November 14. Being the largest FX exchange worldwide CME’s new exchange has brought some optimism that bitcoin is being embraced by the mainstream.

Moreover, the notorious Goldman Sachs markets team ‘Elliott Wave Theorist,’ Sheba Jafari, has some more predictions up her sleeve. Jafari sees a target of $7,941 according to her weekend notes meant for private investors. The analyst has become well known because she has seen some of her forecasts come true while other times she’s been way off the radar. After the $7,900s Jafari notes some consolidation will take place “before continuing higher.” 

Markets Update: Bitcoin Price Free-Falls After Breaching New Highs
Goldman Sachs’ ‘Elliott Wave Theorist,’ Sheba Jafari, sees some higher peaks in the short term.

The Verdict

Even though bitcoin markets dropped, traders seem relatively positive and enthusiastic right now. A good amount of traders believe the price could spike past the $8K region before the fork, but no one knows what will happen to markets during or after the Segwit2x. For the next 8-10 days, market enthusiasm will likely override uncertainty, but it might not last after that vantage point.

Bear Scenario: If a sell-off continues to capture the market then we could see a low around $6,800-6,900. Breaking those two key zones with added panic-selling prices could see prices between $6,600-6,700, but it doesn’t look likely. Bearish sentiment is gripping the market at the moment, but it seems like a temporary pullback.   

Bull Scenario: Once again bulls are playing musical chairs to find better positions during the sell-off. Price should jump again after some consolidation above the $7K zone. Prices close to or above $8K before the fork are still in the cards, and we could see wide price ranges between $7,700-8,200. Fibonacci trendlines at 61.8 percent show an upward rally towards $8,200 is possible pre-fork.

Where do you see the price of bitcoin heading from here? Let us know in the comments below.

Disclaimer: Bitcoin price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


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