Bitcoin News

China Zheshang Bank Issues Securities Worth $66 Million on Blockchain

Posted by Wolfie Zhao on

One of the largest privately held commercial banks in China has completed the issuance of securities worth $66 million via blockchain.

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Tron's BitTorrent Acquisition Triggers String of Employee Exits

Posted by Annaliese Milano on

At least five BitTorrent employees have left BitTorrent due to disagreements related to its acquisition by Tron founder Justin Sun.

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Experts Discuss Blockchain and Democracy and The ‘Freedom of Money’ at BlockShow Americas

Posted by Ana Alexandre on

Blockchain and crypto experts convene in Las Vegas to debate and discuss ideas on blockchain applications in governance, finance, and other topics.

BlockShow Americas 2018 kicked off this morning in Las Vegas, gathering over 1,500 attendees and 80 speakers from the blockchain industry from more than 50 countries worldwide to discuss the hottest topics that affect the blockchain community.

Today, the Main Stage brought into focus governmental initiatives, blockchain’s impact on major industries, and the latest updates on technological and legal aspects, while the Second Stage provided a forum for ideas and conflicting opinions, where companies and global experts challenged each other’s positions.

The conference hosts industry leaders and professionals, who shed light on the disruptive nature of blockchain in the fields of AI, advertisement, real estate, and more. Johanna Maska, Ex-Head of White House Press Advance for President Barack Obama, delivered a speech on the possibility of building democracy with blockchain.

Herb Stephens, co-founder and treasurer at Democracy Earth Foundation, also spoke at the conference about blockchain-powered democracy. Stephens argued that “corruption exists in centralized databases. We are moving from corruptible to incorruptible.” Dmitry Matskevich, CEO and co-founder of Dbrain added:

“Democracy is about inclusion of minorities and  those without access including to technology. Ability [sic] to distribute the power from majority to minority.”

Bobby Lee, board member of the Bitcoin Foundation and co-founder of cryptocurrency exchange BTCC, spoke about the “freedom of money.” According to Lee, financial institutions and regulators currently “have absolute control over your money.” He said:

“For me the crypto revolution is about freedom of money. Like freedom of speech.”

The famous Bitcoin advocate also outlined the top four mistakes to avoid in crypto investment; indecisiveness in investing, not buying enough, selling after a small gain, and selling after a panic crash.

The conference continued with debates on how proper regulation can foster blockchain development, featuring both industry players and tax, law, and accounting experts. Julian Zegelman, angel investor and founding partner at TMT Blockchain Fund, argued that the industry has been experiencing “jurisdictional agnosticism.”

Discussing challenges for Initial Coin Offerings (ICOs), Naeem Aslam, CMA at ThinkMarkets and columnist at Forbes, said that “price stability is the key factor for ICOs and regulations.” Andrew L. Rossow, attorney and Adjunct Law Professor, commented:

“It starts with just being smart. Make sure you are protected. Not always believing in what you are seeing.”

Stay tuned to Cointelegraph for more news from BlockShow Americas 2018.

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US Government Grants $800K to Blockchain Researchers

Posted by Nikhilesh De on

Researchers at the University of California–San Diego will receive more than $800,000 to develop a distributed ledger to store scientific data.

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Bitcoin Cash Use in Commerce Sees Significant Decrease

Posted by Ana Alexandre on

After analyzing 17 leading crypto exchanges, analysts found that Bitcoin Cash use in commerce has significantly decreased.

A review of payments received by the world’s 17 largest crypto exchanges has shown that Bitcoin Cash (BCH) use in commerce has decreased, according to blockchain analytics firm Chainanalysis, Bloomberg reported August 20.

A group of analysts from Chainanalysis found that BCH payments dropped to $3.7 million in May from $10.5 million in March, while the volume of Bitcoin (BTC) payments was estimated $60 million in May, down from a high of $412 million in September. Kim Grauer, senior economist at Chainalysis, said in a phone interview with Bloomberg:

“There are fewer users of Bitcoin Cash, fewer holders.”

This year, the BCH price decreased by 75 percent, while BTC dropped by about 55 percent. Grauer sees “concentrated ownership” as the reason for the low BCH adoption rate, where almost 56 percent of the cryptocurrency is controlled by 67 wallets that are not located on exchanges.

Between 10,000 and 100,000 BCH are held by two wallets. Grauer said it is possible that “the wealthiest holders are the ones sending a lot of the traffic to merchant services.”

BCH appeared a year ago after a hard fork from the BTC blockchain. While the launch of BCH caused controversy in the community, vice president of business operations, Alejandro de la Torre told Cointelegraph about the importance of the fork:

“The ability to make forks while keeping the community aligned was a great achievement. By providing much greater bandwidth per block by first increasing to 8 MB and then again to 32 MB. This additional room is more than what is needed right now, but BCH seems to be looking ahead and getting ready to process high volumes of traffic. The greater block size also enables BCH to store more information in each transaction, giving the blockchain space to write smart contracts on-chain at low costs.”

According to data from Coinmarketcap, even with the recent decline BCH is still the fourth largest cryptocurrency, with a market capitalization over $9 billion. At press time, BCH is down almost 9 percent and is trading around $522.

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