Tag: Cryptocurrency

WATCH: Ecash Creator David Chaum On His New ‘Quantum-Resistant’ Cryptocurrency, Praxxis 

Crypto Bit News Staff

  Digital money pioneer David Chaum is creating his second digital currency and we caught up with him at Devcon in Osaka, Japan. He created the first platform, Ecash, in 1983 and it was meant to be an electronic cash system, not unlike what bitcoin is today.  Now, Chaum is developing a new so-called “quantum-resistant” digital currency called Praxxis that innovates on his original ideas for Ecash as well as on the technology advanced by Satoshi Nakamoto’s bitcoin.  “Praxxis is delivering two things. One is a new consensus algorithm that…

Cryptocurrency Could Revolutionize Humanitarian Aid

Crypto Bit News Staff

When disaster strikes the swift delivery of aid often plays a massive role in preventing disease, exposure, and the pause in the delivery of essential services from exacerbating an already dire situation.  The abysmal response in Puerto Rico after Hurricane Maria pummeled the island in 2017 serves as a perfect example. In fact, data from a Harvard University study estimated that the delayed response in distributing aid contributed to an excess death count of 4,645, whereas the official death count by the government of Puerto Rico remains at 64. First…

Brazil Opens A Formal Inquiry Into The Country’s Rampant Cryptocurrency Scams

Crypto Bit News Staff

Brazilian Congressman Aureo Ribeiro, author of a bill that purports to regulate the Brazilian crypto market, requested the opening of a Parliamentary Inquiry Commission (PCI) to investigate crypto-related fraud in Brazil.  Cointelegraph got access to a document that asks for a deep investigatigation into companies like Atlas Quantum (and CEO Rodrigo Marques), Zero10, and Trader Group, among others. “Increasing interest in cryptocurrency transactions has been accompanied by a proliferation of fraud,” the document reads. “The lack of regulation and vigilance combined with high levels of abstraction, anonymity, cross-border operations, and…

CFTC Files Lawsuit Against $11M Ponzi-Like Cryptocurrency Scam

Crypto Bit News Staff

The United States Commodity Futures Trading Commission (CFTC) has announced the filing of a civil enforcement action against Nevada-based Circle Society. Defendants guaranteed investors 300% return On Oct. 16, the CFTC announced that it was charging Circle Society and its owner, David Gilbert Saffron, with “fraudulent solicitation, misappropriation, and registration violations relating to an $11 million binary options scheme.” According to the charges, the defendants misappropriated at least $11 million worth of Bitcoin (BTC) and U.S. dollars from individuals in the United States to “trade off-exchange binary options on foreign…

Wales to Develop Local Cryptocurrency to Underpin Mutual Credit System

Crypto Bit News Staff

Wales plans to test and subsequently launch its own cryptocurrency to boost the local Small and Medium Enterprises (SME) economy.  Local news outlet Business Cloud reported on Oct. 15 that the Welsh Government awarded £100,000 from the £4 million Foundational Economy Challenge Fund to develop the system. The funding will cover both a consultation and a pilot program in North Wales. Not a new idea The idea behind the project is based on the Sardex: a mutual credit system implemented on the Italian island and region of Sardinia.  Eifion Williams,…

Mastering Emotions and Managing Risk in Cryptocurrency Trading

Crypto Bit News Staff

When it comes to trading, there are several steps you can take in order to reduce your exposure to the market extremes of price volatility. A combination of both technical and fundamental analysis can be used to determine the true worth of a company or asset, securing a greater chance of success with a particular investment while reducing your risk along the way. But for that, you need a plan. Mastering your emotions Developing a successful risk management plan is paramount in minimizing unexpected outcomes, translating into an overall reduction in…

Cryptocurrency Exchange OKEx Korea Delists XMR, DASH, ZEC, ZEN, SBTC

Crypto Bit News Staff

Cryptocurrency exchange OKEx Korea announced the end of Monero (XMR), DASH, Zcash (ZEC), Horizen (ZEN) and Super Bitcoin (SBTC) trading as of today, Oct. 10. Per the Oct. 2 announcement, the assets have been delisted today. A previous version of the announcement was published on Sept. 10. That being said, since then the support for privacy coins ZEC and DASH has been defined as temporarily suspended due to regulatory concerns. Regulatory concerns over privacy coins More precisely, OKEx Korea reports having received a request to end the transaction support and…

CFTC Chairman Confirms Ether Cryptocurrency Is a Commodity

Crypto Bit News Staff

CFTC Chairman Heath Tarbert has said ether, the world’s second-largest cryptocurrency by market capitalization, is a commodity. Speaking at the Yahoo! Finance All Markets Summit Thursday, Tarbert said he believes ether is not a security. “We’ve been very clear on bitcoin: bitcoin is a commodity. We haven’t said anything about ether – until now,” Tarbert said. “It is my view as chairman of the CFTC that ether is a commodity.” Tarbert continued to say the CFTC is working with the SEC on the two cryptocurrencies and have agreed both are…

Cryptocurrency Wallets MyCrypto and Ambo Add Multiple New Features

Crypto Bit News Staff

Cryptocurrency wallets MyCrypto and Ambo (recently acquired by the former) have both announced major updates of their software. Among other improvements, MyCrypto added a multi-account management system. A major overhaul According to a press release shared with Cointelegraph on Oct. 10, MyCrypto’s software has seen a major overhaul with a new user interface and a new homepage, dashboard, screen lock, an updated address book and outgoing transaction procedure. That being said, all those new features are so far included only in the beta (early access) version of the wallet and…

UNICEF Launches Cryptocurrency Fund Supported by Ethereum Foundation

Crypto Bit News Staff

UNICEF, the United Nations Children’s Fund, has launched a cryptocurrency fund to support open source technology “benefiting children and young people around the world.” According to the official announcement published on Oct. 8, UNICEF thus became the first U.N. organization “to hold and make transactions in cryptocurrency,” namely Bitcoin (BTC) and Ether (ETH). UNICEF executive director Henrietta Fore added: “This is a new and exciting venture for UNICEF. If digital economies and currencies have the potential to shape the lives of coming generations, it is important that we explore the…