Bitcoin Still the Preferred Cryptocurrency of Cybercriminals: Report

One of the best-known, longest-lasting applications of Bitcoin has been its use as money by those who are involved in black market activities on the internet. Indeed, many Bitcoin users interacted with the cryptocurrency for the first time when they decided to purchase some ecstasy or weed from one of the many available darknet markets. While many of these markets have been shut down by law enforcement agencies over the years, this form of illicit e-commerce is stronger than ever, with a reported $1 billion expected to be spent on…

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Hong Kong Free Press Gives BitPay the Boot, Brings BTCPay Onboard

The Hong Kong Free Press, a media and news outfit based out of Hong Kong, has changed its payment processor. In an official tweet published earlier today, October 11, 2019, the media outlet announced that it would be replacing popular cryptocurrency payment gateway BitPay with its competitor BTCPay, an open-source platform for receiving bitcoin payments. A Troubled Relationship The Hong Kong Free Press is known for being particularly unbiased in its reporting. In a period where Hong Kong is mired in anti-government protests and political upheaval, many have turned to…

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Op Ed: Wall St. May Support Bitcoin Adoption, But Markets of Unrest Are Key

Bitcoin has inspired coast-to-coast interest in the United States. In the boardrooms of Wall Street, suited executives are planning ways to profit from it; in Silicon Valley’s tech campuses and studio apartments, hoodie-wearing programmers are creating apps, tweaking code and proposing protocol upgrades. And enthusiasts across the South, throughout the Midwest, in cold Alaska and warm Hawaii, are obtaining, holding and occasionally trading bitcoin. The millions of American bitcoin enthusiasts are right to be excited about bitcoin’s potential to change the world, but most of them, if pressed, will admit…

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Upstart Poolin Discusses Growth, State of Mining and Bitcoin in China

Poolin made a splash when it jumped ship from Bitmain in 2017. The once-ally, now-adversary of the world’s premier mining company dove straight into the deep end with its defection: By February 2018, the newcomer mining pool was third in overall hash rate behind Bitmain’s BTC.com and Antpool, and this rise to prominence and the blow it dealt to Bitmain’s business put it in the legal crosshairs of its former employer. Poolin’s founding staff (CEO Zhibiao Pan, COO Fa Zhu and CTO Tianzhao Li), who oversaw Bitmain’s BTC.com pool before…

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Bitcoin Price Analysis: Breakout Gets Rejected as Supply Drowns Bulls

Summary: Last night, the bitcoin market saw a strong breakout get immediately rejected as selling pressure shoved the breakout down from $8,800 to $8,200s in a very short period of time. At the moment, the market is sitting on top of strong support and it hasn’t broken just yet.  If the bulls are going to muster up some confidence, we really want to see the market close above $8,380. If it doesn’t, it will likely be revisiting macro support in the $8,000s. If the market revisits the $8,000s, we really…

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Op Ed: Is the Age of Bitcoin-Powered Discounts Finally Upon Us?

While the digital gold narrative around Bitcoin has always existed, in the early days, there was also a heavy focus on payment use cases for the world’s first major cryptocurrency. There was plenty of block space to go around at the time, which meant transactions were practically free and users didn’t have to worry about whether or not their transactions would be included in the next block. Due to the lack of chargebacks and low fees associated with the Bitcoin network at the time, many Bitcoin enthusiasts wondered whether merchants…

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SEC Rejects Bitwise’s Bitcoin ETF Proposal

Like many that came before it, Bitwise’s bitcoin exchange-traded fund (ETF) aspirations have fallen by the wayside. This comes just three days after Bitwise’s Head of Research told CNBC that “We’re closer than we’ve ever been before to getting a bitcoin ETF approved.” The asset management firm filed this bitcoin ETF proposal in January 2019 in partnership with the NYSE Arca exchange, but that proposal was rejected in a U.S. Securities and Exchange Commission (SEC) letter published on October 9, 2019. Bitwise’s proposal was one of two outstanding filings, after…

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DropBit Adds Lightning Network Support

DropBit, a bitcoin wallet and payment service provided by CoinNinja, allows you to send bitcoin to people who don’t own any. Now, it’s using Lightning Network to beef up its self-stylized role as the Venmo for bitcoin. Revealed exclusively to Bitcoin Magazine ahead of a public announcement, the DropBit app has built out its own integration for the Lightning Network. As part of the app’s 3.0 update, this Lightning Network compatibility will allow users to send Lightning payments to folks who aren’t using the secondary network yet (or Bitcoin at…

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IRS Releases Tax Guidance on Hard Forks and Airdrops

The U.S. Internal Revenue Service (IRS) has taken a significant step to provide much-needed clarity for crypto users. On October 9, 2019, the tax authority published an announcement of Revenue Ruling 2019-24, which addresses an array of questions concerning tax compliance related to cryptocurrency airdrops and blockchain hard forks.  The issue of how to tax forked digital currencies has caused quite a stir, even in Capitol Hill. In July 2019, U.S. Congressman Tom Emmer introduced the “Safe Harbor for Taxpayers with Forked Assets” bill, which sought to bring tax clarity…

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Bitmain, Canaan Launch New Miners in Preparation for the Bitcoin Halving

This article was originally published by 8btc and written by Lylian Teng. On October 9, 2019, the China-based cryptocurrency mining giant Bitmain launched its two latest Antminer 17 models to an eager market. On the very same day, another leading ASIC producer, Canaan, also rolled out its next-generation bitcoin miner A11 series. Both new mining rigs from the top-two bitcoin miner manufacturers feature much higher hash rates and efficiencies than previous models, with Bitmain’s S17+ model delivering a hash rate of 73 terahashes per second (TH/s) operating at 40 joules…

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