Category Archives: BTC

Binance Denies Hack Rumors

Binance, the world’s highest-volume cryptocurrency exchange, denied rumors that it had been hacked after maintenance dragged on long past its originally-posted timeframe, leaving traders unable to access the platform. On Wednesday afternoon, Binance abruptly posted on Twitter that the exchange, which regularly handles several billion dollars worth of volume in a single day — was undergoing system maintenance and that users would likely experience “a temporary decrease” in performance. An hour later, the exchange posted another update, explaining that the maintenance — which involved fully resyncing the company’s replica database — would take longer than originally expected and that it could take “several hours” to get the platform back online.

Reference: https://www.ccn.com/binance-denies-hack-rumors-plans-reopen-trading-friday-morning/

Dark Web Users Ditch Bitcoin for Litecoin Due to Costly, Slow Transactions

The analysis found that since 2017, bitcoin payments have become economically infeasible due to a tenfold increase in transaction cost that can account for as much as 30% of smaller payment amounts. The slowness of transactions was also cited.
One Russian dark web user released a statement advising vendors they had to find an alternative to bitcoin to keep his business. The average transactions in the underground economy begin at between $50 and $300. Speed of payment is important on the dark web, as delays increase the risk of being cheated. The prospect of having to wait up to 24 hours to confirm transactions, along with high payment fees, has rendered bitcoin payments unusable for many dark web users.

Reference: https://www.ccn.com/dark-web-users-favoring-litecoin-due-to-bitcoins-costly-slow-transactions/

Washington, D.C. Gets Its First Bitcoin Luxury Condo Listings

The condos were converted from a single-family home, featuring soapstone counters, recessed lighting, stainless steel appliances and white oak hardwood floors. One-bedroom condos on the first and second floor go for $569,000 or 50 BTC and $665,000 or 59 BTC. A two-bedroom condo on the third floor is available for $677,000 or 60 BTC, while a two-bedroom penthouse, offering a private roof terrace, is listed at $949,000 or 84 BTC. The bitcoin prices would have to be adjusted to reflect the negotiated prices. Residential brokerage Venditti said developers are investing in bitcoin since they recognize that $8,700 worth of bitcoin in 2015 would have appreciated to the extent that it could now purchase the entire building for $3 million. He said millennials might not have the downpayment for the purchase, but if they invested in bitcoin, they could use it as part of the purchase.

Reference: https://www.ccn.com/washington-d-c-gets-its-first-bitcoin-condo-listings/

Relationship between Bitcoin and Ether

Ethereum would never be possible without bitcoin—both the technology and the currency—and we see ourselves not as a competing currency but as complementary within the digital ecosystem. Ether is to be treated as “crypto-fuel”, a token whose purpose is to pay for computation, and is not intended to be used as or considered a currency, asset, share or anything else.

There are many ways in which you can use Bitcoins within the Ethereum ecosystem:

Trade BTC for ETH: multiple third-party companies are working to make the exchanging of ether and bitcoins as easy and seamless as possible. If so desired one could trade bitcoins for ether with the purpose of executing contracts and trade it back immediately in order to keep their value pegged and secured by the bitcoin network. The latest version of the wallet includes an automatic conversion between ether and bitcoin.

Use a pegged derivative: Ethereum is a great tool for creating complex trading between multiple parties. If you have a source for the price of Bitcoin that all parties trust, then it’s possible to create an ethereum based currency whose value is pegged to the market value of Bitcoin. This means that you could trade bitcoins to a token that is guaranteed to always trade back to the same amount of bitcoins while still being fully compatible with other ethereum contracts.

Use a Bitcoin relay to convert a 2-way peg: the bitcoin relay is a piece of code that allows you to sidechain a bitcoin into ethereum. This means that you can use Bitcoin’s native limited scripting capability to lock a bitcoin into a contract that is directly connected to an ethereum contract, which can then issue an ethereum based token that is guaranteed to be backed by bitcoin. The relay is under development and as implementations are tested and proved to be secure.

Reference: https://www.ethereum.org/ether

Australia’s ‘Big Four’ Banks Will Not Prohibit Bitcoin Buy Transactions

Australia’s biggest banks have ruled out any notion of barring customers from buying cryptocurrencies like bitcoin. In marked contrast to a handful of US-based Wall Street banks and one major UK banking group, Australia’s traditional ‘big four’ banks won’t be withholding their customers from buying cryptocurrencies using their banks’ services, including credit cards, Australia’s ABC news reports. While Australia and New Zealand Banking Group (ANZ) rejects dealing with businesses operating as ‘issuers, dealers or exchanges’ of cryptocurrency due to their unregulated nature, the bank has no qualms about its customers buying cryptocurrencies with their money.

Reference: https://www.ccn.com/australias-big-four-banks-will-not-prohibit-bitcoin-buy-transactions/