Putin signs law legalizing Bitcoin

Putin signs law legalizing Bitcoin

Digital financial assets, including cryptocurrencies, will be permitted to сirculate legally in Russia soon,

but if you’re planning to go shopping with bitcoin, or other variants, forget it. They won’t be legal tender. According to the new rules, due to come into force in January 2021, Russian citizens will be allowed to buy and sell bitcoin and other digital denominations. Until now, various cryptocurrencies have been in a “grey zone,” as the state did not recognize their existence, but no penalties for mining or buying them existed either. The law signed by President Vladimir Putin on Friday recognizes the existence of bitcoin, tokens and other digital assets. However, it does not remove restrictions to allow individuals to use cryptocurrency as a legal tender.

The law does not give cryptocurrencies the same rights that the ruble or any other fiat currency have. After the new law comes into force, it will still be impossible for individuals to use digital currencies as legal tender in Russia. Only financial organizations hand-picked by the Central Bank, as well as stock exchanges, will be able to do so. Still, the new law reiterates that no punishment for operations with bitcoin is envisaged. 

Cryptocurrency is described by lawmakers as a means of payment and a means of saving, as an investment, but it can’t be used to pay for goods and services in Russia,” Anatoly Aksakov, head of the State Duma Committee on the Financial Market, told RIA Novosti news agency.  The bill was passed by the State Duma, the Russian Parliament’s lower chamber, in July 2020. Aksakov said at the time that starting in 2021, some large Russian companies planned to issue their own tokens.

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Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. TheBitcoinNews.com holds several Cryptocurrencies, and this information does NOT constitute investment advice or an offer to invest. Everything on this website can be seen as Advertisment and most comes from Press Releases, TheBitcoinNews.com is is not responsible for any of the content of or from external sites and feeds. Sponsored posts are always flagged as this, guest posts, guest articles and PRs are most time but NOT always flagged as this. Expert opinions and Price predictions are not supported by us and comes up from 3th part websites.

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New Blockchain Platform Aims to Help Countries Issue CBDCs More Easily

Blockchain company Apollo Fintech touts its new system as tonic for national digital currency headaches.

Blockchain firm Apollo Fintech has announced the completion of its National Payment Platform, or NPP on August 12. This new blockchain platform is a cashless system that supposedly enables a central bank to issue central bank digital currency for national adoption.

The NPP system reportedly allows a government agency and central bank to onboard commercial banks and agents after CBDC is issued.

It will include features such as SMS, QR codes, cards and offline codes on a mobile application that allows individuals and merchants to transact in a hypothetical CBDC.

CEO of Apollo Fintech Stephen McCullah said, "[NPP] allows economic participants to save large amounts of time and resources and enables an economy to gain massive efficiencies at scale."

NPP is said to remove barriers to accessibility and usability by allowing physical access from any agent locally. Users can also complete CBDC transactions via text messages, meaning that older cellphone models can theoretically transact. McCullah said:

"By solving accessibility and usability challenges, NPP in conjunction with Apollo Fintech's other financial innovations can lead to accelerated mass adoption of digital payments and cashless transactions."

As Cointelegraph reported previously, countries globally such as China, Canada and South Korea are looking into implementing their own CBDCs. Yesterday, Cointelegraph reported that China is rolling out its digital yuan for testing in the greater Hong Kong area.

 

written by Ting Peng

https://cointelegraph.com/news/new-blockchain-platform-aims-to-help-countries-issue-cbdcs-more-easily

 

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Ethereum’s gas fee skyrockets what’s the DeFi link?

Ethereum gas fees hit a level seen 5 times in the last 4 years; why?

The average gas fees on Etherium blockchain has hit a level not seen in a long time. The average gas fees, at the time of writing, was just below 200. However, as per ETH gas station, for fast transaction confirmations, the gwei required is 200 and for a standard confirmation, it is 196.

Why is this happening?

Well, if you are not aware by now, DeFi ecosystem’s yield farming is the new hype.

With a new DeFi platform launching every other day promising huge returns, the hype around the DeFi ecosystem has surged. In this frenzy for yield farming, Yam seems to be the most popular platform at press time.

Considering the total assets locked in DeFi, which has surged from $600 million in April to a little under $5 billion, shows the interest and involvement in DeFi.

The craziest part about Yam is not yield farming or the exponential rise in prices of YAM tokens, but the fact that it was launched on Tuesday at 7:00 UTC and a little over 24 hours later, the total assets locked on Yam platform has hit $343 million.

Out of which, WETH holds the highest portion of $11 million, followed by LINK token at $76 million and YFI at 62 million.

All of this, for an unaudited platform. While DeFi has had its fair share of hacks, the users seem to just ignore this fact.

Congestion and gas fees

Source: Etherscan

With this fanfare around DeFi and a new yield farming platform coming up every day, the ETH network seems to be getting more congested. Already taking up a vast size of the network is the stablecoin Tether and a few other scams. However, with DeFi, this has caused the network to hit 96% congestion, a level last seen during the peak of the bull run in 2018.

Source: Etherscan

With the network being congested, the transactions need to be prioritized. Hence, the average gas price, as of August 11, hit 130 gwei and as of writing, it is at ~200 gwei. A gas level of 200 gwei was seen 5 times in the last ~4 years and today is one of those days.

 

written by Akash Girimath

https://eng.ambcrypto.com/ethereum-gas-fees-skyrocket-to-multi-year-highs-defi-to-blame/

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Russian Rail Network Could Join the Blockchain Adoption Wave

Russia may soon have a Blockchain-powered railway if Sergey Vinogradov gets his way.

An advisor to Russian Railways, the country’s national rail operator, praised the rise of blockchain technology and hinted that it could be implemented as part of the country’s rail network.

According to Vgudok, Sergey Vinogradov, the general director of the Scientific Research Institute of Railway Transport, blockchain may have a place in the national transport system. In fact, Vinogradov believes the rail network could be managed using blockchain-based smart contracts in tandem with a predictive system for managing the maintenance of container trains.

He also feels that a future blockchain-based platform could help logistics firms, buyers and sellers to purchase cargo spaces across Russia’s rail transportation network. He commented:

"The [blockchain] solution allows you to exclude operations for transshipment and storage of goods and to abandon specialized trucks, which cost two to three times more than multi-purpose trucks. The shunting and sorting work with the rolling stock will be significantly reduced."

Russia recently passed a major bill related to cryptocurrencies like Bitcoin (BTC) titled “On Digital Financial Assets.” This bill finally provided legal status to crypto, though it did not allow for digital currencies to be used as a form of payment.

 

written by Felipe Erazo

https://cointelegraph.com/news/russian-rail-network-could-join-the-blockchain-adoption-wave

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Number of Bitcoin Cash Whales Drops Following 39 Price Surge

The number of Bitcoin Cash investors holding at least $3M dropped by 10 since Aug. 1 following the price surge to more than $311.

Following a 39% price surge at the end of July, at least 10 Bitcoin Cash whales have left the network, possibly trading or selling their millions in holdings.

According to Crypto Twitter user Ali Martinez, data from analytics site Santiment shows the number of investors holding between 10,000-100,000 Bitcoin Cash (BCH) — roughly $3-30 million — has fallen by 10 since Aug. 1. The drop comes after the token surged 38.7% from $224.46 on July 17 to a three-month high of $311.34 on July 31, implying that a number of whales could have sold their holdings.

BCH continues to be the fifth largest crypto asset by market capitalization at $5.6 billion, with Chainlink (LINK) trailing at $4.6 billion. At the time of writing, Bitcoin Cash is trading at $307.84, having risen 3% in the last 24 hours.

Adjustments to BCH difficulty algorithm
Bitcoin Cash uses the SHA256D algorithm — the same as that used by Bitcoin. However, its hashing power is less than 5% of that of Bitcoin, which has sometimes left it vulnerable to a 51% attack.

In response, the BCH community has floated changing the algorithm as part of the network’s November upgrade. Cointelegraph reported on Aug. 7 that developers have worked out a compromise between two proposed solutions. The network will implement the ‘Aserti3-2d’ difficulty adjustment proposed by lead BCHN maintainer Jonathan Toomin, and an infrastructure funding plan.

 

written by Turner Wright

https://cointelegraph.com/news/number-of-bitcoin-cash-whales-drop-following-39-price-surge

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CRDT: Incentivising rewards for high-quality content

CRDT: Incentivising rewards for high-quality content

CRDT is a new project that we are very excited to share with you.

CRDT is its very own cryptographic token and one that is sure to grow throughout the crypto community. Over the next couple of days/weeks/months, we will take an in-depth look into the token on how it works and how it will benefit you as a trader.  CRDT tokens will be distributed to content creators and contributors to the website into their token digital wallet. Tied with the CRDT token payment card program, this will further give more purpose for contributors who participate in the ongoing success of the media offering. Remuneration of token will help give everyone the help and mutual interest that they need in order to develop the economy around token and CryptoDaily.

The overall network values many things for its token; however, innovative and unique content production that is preferred by our readership is a necessity for the ongoing success of the offering. In order to make sure everyone knows what the rewards are and why they are incentivised to continue their work for CryptoDaily, a clear rewarding system is necessary. This is why the content reward system was created with this approach and solution also helping us develop and extend the utility of the token. Since the media offering was founded in 2017, there have been more than 85 contributing authors to the website who have produced and delivered content to us with varying frequencies but always high-quality. This content includes breaking news and featured stories as well as market analysis and industry solutions. The list is really endless. All this news is geared towards Cryptocurrency and the world of blockchain as well as token economy.

Article Produced By
Robert Johnson

Robert is a keen investor with a particular interest in cryptocurrencies. He has been involved in the industry for many years, and because of this, has gathered a lot of knowledge surrounding this area. He studied English at university level and has a passion for writing. He loves being able to combine his two mains interests on a daily basis.

https://cryptodaily.co.uk/2020/08/crdt-incentivising-rewards-for

Thomas ClaimCo.in

How to Speculate on the Price of Gold Using Cryptocurrencies

How to Speculate on the Price of Gold Using Cryptocurrencies

Bitcoin: BTC Could Trade Sideways For A While (September 2019)

How high could Bitcoin go?
Bitcoin Bulls And Bears Finally Fight For Control
Earlier this week, gold spiked to over $2,000 for the first time in history.
The precious metal has been on the climb for more than two years straight, during which it has almost doubled in value, generating an incredible return for investors. 

Earlier this week, gold spiked to over $2,000 for the first time in history. The precious metal has been on the climb for more than two years straight, during which it has almost doubled in value, generating an incredible return for investors. Now, thanks to a cross-over between the traditional finance and cryptocurrency industries, investors can speculate on the value of gold using cryptocurrencies instead of fiat. Litecoin: Could 2019 be the end of LTC? : BTC Surprises Everyone Again (December 2019)Bitcoin: BTC Bulls Have othing To Worry About Yet (October 2019)

Invest in Gold-backed Tokens

Arguably the simplest way to speculate on the price of gold is by purchasing gold-backed tokens. In essence, these are tokens that are backed by a fixed allocation of gold, such that owning each token is equivalent to owning a fixed amount of gold. The amount of gold each token represents varies from provider to provider, but most stick with a ratio of 1 token equals 1 gram of pure investment grade gold. As such, the value of each token is usually roughly equivalent to the gold spot price, though it can fluctuate based on the economics of supply and demand, and several other factors. These tokens can usually be bought directly from the company or from third-party exchange platforms and can be traded or redeemed for real gold whenever the holder chooses. 

Though there is a wide range of gold-backed tokens available, it’s important to ensure that the ones you’re investing in meet certain basic criteria. The platform should offer a system to easily verify that it has sufficient gold in reserves to back the circulating supply 100%. CACHE Gold (GCT), for example, allows users to easily check how much gold it has in each of its vaults, with its GramChain® asset tracking system. Other platforms typically rely on irregular allocation reports to demonstrate their gold reserves. Beyond this, you should also consider the minimum redemption amount — or the minimum number of tokens that can be redeemed for physical gold. For CACHE Gold, this is 100 tokens (100 grams), whereas for Tether Gold (XAUt) this is 430 tokens (430 troy ounces). 

Trade Spot and Derivatives

For those looking to profit from the day-to-day fluctuations in the price of gold and gold-backed tokens, there’s also the option of trading gold derivatives and gold-backed tokens on a variety of cryptocurrency exchanges. Gold-backed tokens can be traded on most popular cryptocurrency exchanges. (Image: Huobi Global) Trading gold-backed tokens is no different from trading any other cryptocurrency. Once purchased, these tokens can be transferred to any cryptocurrency spot exchange that supports the cryptocurrency, where they can be traded against other cryptocurrencies or against fiat (where supported). Traders will then be able to capitalize on fluctuations in the token value as a result of changes in supply and demand, and the gold spot price. 

It’s also possible to trade a variety of gold derivatives using cryptocurrencies. These are essentially contracts that allow traders to speculate on the price of gold without actually purchasing or holding any gold or gold-backed tokens. These are typically considered more advanced financial instruments, however, since they can usually be traded with leverage — which can dramatically improve profits (or losses). 

Buy Gold Using Cryptocurrencies

Arguably one of the simplest ways to invest in gold and other precious metals is by simply purchasing physical gold bullion — essentially investment gold in the form of bars, ingots, and coins, using cryptocurrencies. Depending on where you live, the range of gold products available to you can vary considerably. Some of the more popular websites, including Money Metals and European Mint, offer a range of investment gold, ship worldwide, and accept payment in Bitcoin (BTC). Others, such as Bitgild and JM Bullion ship to a restricted range of countries. 

Though buying physical bullion with gold is a relatively simple endeavor in 2020, there are some downsides to the practice. For one, you’ll usually pay above spot price for the gold. This can range from just 1-2% above spot, to potentially much more depending on the vendor you choose. You will also likely need to pay shipping and insurance costs, which can become quite costly if you’re shipping large quantities of gold internationally. Physical gold also isn’t particularly liquid. This means you want to be able to liquidate your holdings easily, such as for trading purposes, or to capitalize on a temporary decline in value before buying back in. This is part of the reason why gold-backed tokens have achieved such popularity as an alternative. 

Article Produced By
Adrian Barkley

Adrian has been leading teams in the finance sector for over a decade. He is highly experienced, and is responsible for ensuring that the latest news is delivered to you as it is breaking. He has a keen interest in virtual currencies, and has even made investments himself, so is incredibly passionate when it comes to writing about this topic.

https://cryptodaily.co.uk/2020/08/how-to-speculate-on-the-price-of

Thomas ClaimCo.in

Smaller Bitcoin Holders Are Increasing Controlling More of BTC’s Supply Data Shows

Smaller Bitcoin Holders Are Increasing Controlling More of BTC’s Supply, Data Shows

 Data shows that the amount of bitcoin smaller entities hold has more than doubled over the past five years,

while BTC whales have seen their holdings decline significantly over the same period.According to on-chain analytics firm Glassnode, the percentage of bitcoin’s supply held by entities with 10 BTC or less has grown from 5.1% to 13.8% since June 2015, while entities with 100 to 100,000 BTC – colloquially known as whales – have seen their bitcoin holdings drop from 62.9% to 49.8%. The figure suggests that as bitcoin matures and adoption rises, the cryptocurrency is also becoming more decentralized, as whales and large investors become less dominant in the market. Part of the decline in the percentage of BTC held by whales can likely be attributed to inactive wallets, as early adopters mined 50 BTC per block with ease, but many became inactive.

Despite being inactive, some still pay attention to the market. As CryptoGlobe reported earlier this year an early bitcoin miner signed a message on the Bitcoin blockchain with over 140 different wallets, calling the self-proclaimed Satoshi Nakamoto Craig Wright a “liar and a fraud,” and signing off with “we are all Satoshi.” In its report, Glassnode pointed out that “control of bitcoin’s supply has been steadily shifting towards smaller entities.” Around 18.6 million BTC are in circulation today, out of the 21 million bitcoins that will ever be issued. An estimated 4 million coins are believed to be lost.Bitcoin whales, it’s worth noting, have in the past been accused of manipulating the market through various tactics, which include wash trading, pump and dump schemes, and more. In a report published back in June, Glassnode revealed that the number of BTC whales with over 1,000 coins in their wallets had risen to 1,882, from around 1,650 in January. The average balance by each whale has decreased over said period, so much so bitcoin whales now hold, on average, less than what they did in 2016.

Article Produced By
Francisco Memoria

Francisco is a cryptocurrency writer who's in love with technology and focuses on helping people see the value digital currencies have. His work has been published in numerous reputable industry publications. Francisco holds various cryptocurrencies

https://www.cryptoglobe.com/latest/2020/08/smaller-bitcoin-holders-are-increasing-controlling-more-of-btcs-supply-data-shows/

Thomas ClaimCo.in

Pantera CEO Dan Morehead Reveals Hedge Fund’s Biggest Crypto Positions

Pantera CEO Dan Morehead Reveals Hedge Fund’s Biggest Crypto Positions

-Pantera Capital CEO Dan Morehead revealed the hedge fund's largest crypto positions. -Morehead said a market inefficiency has failed to properly price bitcoin following May's halving.

 The chief executive officer for crypto hedge fund Pantera Capital has revealed some of the firm’s biggest crypto positions.

Speaking in a recent interview with Thinking Crypto, Pantera CEO Dan Morehead said the venture’s firm’s largest allocations were in bitcoin, followed by ethereum. Morehead went on to list polkadot, filecoin, augur, and 0x as altcoins the firm had allocated significant positions in. He also claimed to personally oversee and invest Pantera’s $600 million in assets in the crypto space.  In addition to outlining the firm’s investment strategy, Morehead said he was bullish on bitcoin and noted BTC’s average price increase of 200 percent year-over-year, despite the ups and downs. He argued a market inefficiency had failed to properly price the impact of bitcoin’s halvings. 

He explained, 

Over the past two halvings, there have been very clear positive impulses. They start about a year and a quarter prior to the halving and they go for about 440 days after the halving. And what’s typically happened is the markets have gone up a bit into the halving, and then after the halving, over the next 440 days, they go up a ton.

Morehead said bitcoin was projected to reach $115,000 by August 2021, based upon Pantera’s stock-to-flow analysis of previous halvings. 

Article Produced By
Michael Lavere

Mike is a financial and cryptocurrency journalist for CryptoGlobe covering the industry since 2017. Mike is an alumnus of the University of North Carolina Chapel Hill.

https://www.cryptoglobe.com/latest/2020/08/pantera-ceo-dan-morehead-reveals-hedge-funds-biggest-crypto-positions/

Thomas ClaimCo.in

A Slightly Stronger Dollar Halts Bitcoin but Long-Term Outlook Remains Unchanged

A Slightly Stronger Dollar Halts Bitcoin, but Long-Term Outlook Remains Unchanged

 On Friday (August 7), the U.S. Dollar Index (ticker: DXY) went up 0.60 (or 0.65) to close at 93.39 due to better-than-expected U.S. jobs growth in July.

On Friday, a press release (titled: “Employment Situation Summary”) by the U.S. Bureau of Labor Statistics, which is part of the U.S. Department of Labor, revealed that “total nonfarm payroll employment rose by 1.8 million in July, and the unemployment rate fell to 10.2 percent.” This report went on to say that “these improvements in the labor market reflected the continued resumption of economic activity that had been curtailed due to the coronavirus (COVID-19) pandemic and efforts to contain it.” According to a report by Reuters, despite the dollar’s bounce on Friday, last week marked “a seventh straight week of declines” for the world’s reserve currency. In fact, since March 19, the U.S. Dollar Index has fallen 9.17%, as you can see in the chart below by TradingView: The Reuters report says that Ronald D. Simpson, who is Managing Director for Global Currency Analysis at Action Economics,

wrote in a note to clients:

The employment report allayed the market’s downside job fears, allowing the Dollar to rally broadly through the N.Y. session.

It seems reasonable to assume that this slight strengthening of the U.S. dollar could have been at least partly responsible for the small declines in the prices of gold and Bitcoin that we witnessed on Friday, with gold closing 1.38% lower at $2,034.80 and Bitcoin currently (as of 11:10 UTC on August 9), trading around $11,685, down roughly 0.75% since just before the release of the U.S. jobs report for July. However, it appears that most analysts are not worried by small price pullbacks for either of these asset classes, and they seem content to remain bullish on both precious metals and Bitcoin as long as we continue to have the current macro environment. Daniel Pavilonis, a senior commodities broker at RJO Futures, provided the following explanation to Kitco News for why gold and silver are going up (and his explanation also applies to Bitcoin which more and more people are starting to view as “digital gold”):

“One of the reasons why the metals are going up is due to the printing up of money. It pushed the real yields into the negative territory down the road. Investors are looking at precious metals as a piece of a longer-term puzzle. As interest rate go lower or negative, investors have money in the bank that will be essentially taxed as they’d have to pay interest on it. What’s the another alternative? This is why people are buying gold, taking delivery of gold bars, and buying futures.” Interestingly, it is not just that precious metals and bitcoin that have been performing very well since around mid March: U.S. Treasuries, oil, and U.S. stocks have also recorded impressive gains during the past few months, with the S&P 500 up 49.8% since March 23. Christopher Stanton, Chief Investment Officer at Sunrise Capital Partners, told Reuters that we are in a

“bull everything” market:

There are very few losers. Only laggards.

And with the amount of money printing that is going to be needed to fight economic impact of the raging COVID-19 pandemic, it does not seem surprising that investors worried about the debasement of fiat currencies and the increasing potential for high inflation in the future would want to hold almost any asset class except cash.

Article Produced By
Siamak Masnavi

Siamak received his PhD in Computer Science from University of London in 1992. He has worked part-time as a freelance journalist since 1986.

https://www.cryptoglobe.com/latest/2020/08/a-slightly-stronger-dollar-halts-bitcoin-but-long-term-outlook-remains-unchanged/

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