Maybe We Can All Get Along After All – Even in Bitcoin


debate

Over the past year, the Bitcoin scaling debate has escalated to new levels. It seems no one can come to an agreement on the best path forward and people have resorted to attacks, slander, and rancorous disputes. Throughout the most recent hostility, a refreshing post on the subreddit r/bitcoin concerning a discussion on the r/btc forum suggests it is still possible we could all get along someday soon.  

Also read: India’s Government May Be Preparing to Legalize and Regulate Bitcoin This Summer

The Block Size Debate in the Beginning

Maybe We Can All Get Along After All – Even in BitcoinMost people don’t realize the block size debate has been taking place since the year it was created. For years now, one small commit to the code in 2010 has caused significant hostility throughout the entire Bitcoin community.

“(nBlockSize + nTxSize >= MAX_BLOCK_SIZE – 10000)” was written into the bitcoin protocol by Satoshi Nakamoto in July of 2010. Some believe it was conceived to stop massive spam attacks throughout the network, while others think there is no need for the hard coded 1mb limitation.  

A few months after the 1mb commit, on October 3, 2010, Jeff Garzik revealed an idea for a patch to increase the block size limit. Garzik stated at the time, “we should be able to at least match Paypal’s average transaction rate.” The particular discussion that day was the first of many conversations concerning removing the 1mb limitation. Just three months after the block size limit was implemented the heated debate began.

The Dispute Rages On

Maybe We Can All Get Along After All – Even in BitcoinFast forward to today where scaling discussions seem more bitter, venomous, and literally, never ending. The dispute has been raging on for so long people have grown weary, jaded, and downright tired of the fighting. The infighting has gotten so bad that people have resorted to tactics of attacking members of the bitcoin industry and the censorship of people’s opinions.

Then there have been meetings between developers, businesses, and miners many times over the years resulting in broken promises. Egos have taken over, and the scaling conversation has spread into multiple discussions about subjects that have nothing to do with the matter. Furthermore, many bitcoin newcomers are seeing a hostile community and are probably dismayed by the nasty energy.

One Reddit Post Gives a Glimmer of Hope

Nevertheless, a Reddit thread on April 28 with hundreds of upvotes showed a discussion between two bitcoiners choosing to converse amicably even though they disagreed. Many people thought the post was important because it conveyed the message that ALL Bitcoin proponents can still move forward demonstrating better behavior. One comment from the thread explains the current infighting situation in a unique way;   

It’s funny how when you have a passionate belief in a fringe technology that almost no one in the general public shares with you and the people you hate most are the .00001% of the population that agrees with almost everything you believe in.

Maybe We Can All Get Along After All – Even in Bitcoin
A photograph of the r/btc discussion.

Better Ways to Approach the Scaling Discussion Because We All Want Bitcoin to Succeed

The best way Bitcoin proponents can move forward is with healthy discussions using logic and reason as opposed to irrational emotions. We should pay attention to other people’s opinions and respect that many people will have different ideas about scaling Bitcoin. Maybe some of us discussing the issue in an emotional manner need to take a step back, pause and get more grounded. There are many things all of us within the Bitcoin ‘community’ can do to better approach the discussion because we all want the same thing for Bitcoin.

We all want Bitcoin to be the most successful cryptocurrency on the face of the earth, but some have lost sight of the goal with all the drama. We bitcoiners have created a $21.7 billion dollar market and $1300 bitcoins because we all fought long and hard for the digital currency to succeed.

The bottom line is we all want the same thing, and some of us disagree on the best path for bitcoin. However, most Bitcoin proponents would agree, now more than ever, we should be civilized and move forward by using better communication skills and demonstrating debate without emotions.

What do you think about the scaling debate lately? Do you think at some point we can all come to an agreement and move forward? Let us know what you think in the comments below.


Images via Shutterstock, Reddit, and Pixabay.


At News.Bitcoin.com all comments containing links are automatically held up for moderation in the Disqus system. That means an editor has to take a look at the comment to approve it. This is due to the many, repetitive, spam and scam links people post under our articles. We do not censor any comment content based on politics or personal opinions. So, please be patient. Your comment will be published.

The post Maybe We Can All Get Along After All – Even in Bitcoin appeared first on Bitcoin News.

Source: bitcoin.com

Is Bitcoin at Risk as Google and IBM Aim for 50-Qubit Quantum Computers?


quantum

A looming concern in the crypto community is whether quantum computing will destroy Bitcoin’s underlying protocol. People are worried government agencies or other nefarious entities will crack bitcoin’s code with quantum algorithms and undermine blockchain technology. In reality, these fears reflect more of an imagined doomsday scenario than a true statement about future events.

Also read: Antonopoulos Details Bitcoin’s Two Layers of Protection Against Quantum Computing

There are two main reasons why bitcoiners should be skeptical Quantum Computing May Not Crack Bitcoin's Encryptionabout quantum computing threats to blockchain technology. People tend to wallow in fear, uncertainty, and doubt regarding new technology. They assume new technology implies some type of inevitable apocalypse. Many of their omens, however, are steeped in voodoo and superstition. They are either exaggerated or false.

First, Bitcoin’s encryption is not wholly vulnerable to quantum computing. Satoshi Nakomoto knew about the possibility of stronger computer power being able to penetrate encryption, and that is why he built the protocol to withstand attacks. Second, even if a government agency or other organization possessed the talent to bust Bitcoin’s encryption, they would likely forgo the opportunity.

Quantum Computing versus Traditional Computing

Before delving further into these points, it is important to have knowledge of how quantum computers work, and how they differ from traditional machines.

Quantum computers are built on processors containing units called qubits, also called quantum bits. These units take advantage of quantum mechanics by functioning outside the realm of the Newtonian space. In other words, they do not conform to the rules governing the macroscopic, visually perceptible world. They behave according to the mystical order of the subatomic.

Instead of engaging in the binary behavior of 0’s and 1’s in the usual “on” and “off” fashion, quantum computers fuse “0’s” and “1’s,” making them indistinguishable and interconnected.

This paradoxical feature allows quantum computers to make tremendously enormous calculations. For example, to comprehend the difference between a laptop and a quantum computer’s calculation abilities, think of the differences between a horse-drawn chariot and Space-X’s Dragon spacecraft. This analogy expresses how much of an advantage quantum machines have over dinosaur-age computers.

The idea that 0’s and 1’s can be fused is called superposition Quantum Computing May Not Crack Bitcoin's Encryptionin quantum physics. This is the idea that on a subatomic scale, particles take on properties of other particles. For instance, it is well known that light can be both a particle and a wave. This phenomenon is called particle-wave duality.

Furthermore, particles can also merge. In accordance with quantum mechanics, they become enjoined in a delicate dance of vibratory ecstasy. This peculiar behavior is called entanglement, and this occurs within the confines of a computer chip the same as it does across the universe-at-large.

When dealing with quantum computers, controlling these states on an microcosmic scale with ultracold processors is difficult. This is the reason why quantum computers have not readily materialized and become commercially available.

Currently, quantum computers are in the early stages of development. They have only been used for specific purposes or specific projects. There is little practical application for them. However, a Newsweek article published on April 7 said they could be implemented sooner rather than later and could be more powerful than our most advanced supercomputer:

“Eventually, quantum computing could outperform the world’s fastest supercomputer—and then all computers ever made, combined. We aren’t there yet, but at 50 qubits, universal quantum computing would reach that inflection point and be able to solve problems existing computers can’t handle, says Jerry Chow, a member of IBM’s experimental quantum computing department. He added that IBM plans to build and distribute a 50-qubit system ‘In the next few years.” Google aims to complete a 49-qubit system by the end of 2017.’

Bitcoin is Naturally Resistant to Quantum Computing

However, regardless of how powerful these computers are and how soon they are created, Bitcoin’s encryption protocol will likely remain safe. There are many questions about what exactly will occur when the black cat is set loose from Pandora’s Box, but some things we know for sure.Quantum Computing May Not Crack Bitcoin's Encryption

Bitcoin’s underlying encryption protocol, SHA-256, is stubbornly resistant to nefarious attempts to undermine it. It is likely strong enough to withstand assaults from even the most savage quantum computer onslaught. A bitcoinnotbombs.com article explained that SHA-256 is formidable enough to handle the attacks:

“In Bitcoin your public key isn’t (initially) made public. While you share your Bitcoin address with others so that they can send you bitcoins, your Bitcoin address is only a hash of your public key, not the public key itself. What does that mean in English? A hash function is a one-way cryptographic function that takes an input and turns it into a cryptographic output. By one-way I mean that you can’t derive the input from the output. It’s kind of like encrypting something then losing the key.”

They continued,

All of that is a complicated way of saying that while an attacker with a quantum computer could derive the private key from the public key, he couldn’t derive the public key from the Bitcoin address since the public key was run through multiple quantum-resistant one-way hash functions.

 Government Incentive to Destroy Bitcoin’s Encryption

Another reason why agencies or other bad actors will not crack the bitcoin code is less obvious. Assuming it was possible to exploit, they might not want to crack it. This sounds silly…because breaking bitcoin’s encryption would help government protect their antiquated financial monopoly from bitcoin’s rapid, decentralized growth. There are good reasons, though.

If they choose to crack the protocol, they expose their quantum capabilities to their rivals. This spurs their enemies to develop counter-technology. Jamie Redman, writing for Bitcoin.com, elaborated by quoting bitcoin security expert Andreas Antonopoulos,

The last thing they are going to use that on is Bitcoin. Cause the moment you use it on Bitcoin you announce to the world we have quantum cryptography that can break elliptic curve — Guess what happens? Your nuclear rivals upgrade their cryptography very easily and try to implement quantum resistant cryptographic algorithms — of which there is a lot of research and a lot of suitable candidates. And you just blew all of your research and advancement in that technology on fighting a shitty little currency that some weirdos use in Prague.

Of course, there are arguments against this position. There could be individuals within these organizations that could act alone to crack the protocol. Arguably, anyone with the knowledge and technology to dismantle bitcoin’s encryption could do so at anytime—and what is scary—is that no one would know precisely who did it.

The fact that no one has conducted this kind of quantum hack, however, is demonstrated by the fact that everyone’s coins are still stored safely in their wallets.

SHA-384 and the Evolution of Bitcoin

Those involved in the cryptocurrency ecosystem should not lose sleep agonizing over the possibility of random people cracking the protocol. Best case scenario quantum computing is not poised to undermine bitcoin’s foundational technology. Worst case scenario, the technology to attack bitcoin is already here, but no one feels incentivized enough to crack it.

Nonetheless, there is a concern from security experts that the Quantum Computing May Not Crack Bitcoin's Encryptionbitcoin protocol should upgrade from SHA-256 to SHA-384, which is a sufficiently more advanced form of cryptography. This would be done as a safety measure, just in case. That is why Satoshi Nakomoto ensured the algorithm could easily be upgraded and enhanced. He knew technology would steadily evolve and he wanted his open-source, peer-to-peer system to evolve with it.

Therefore, even if bad actors decided to lay siege to the protocol, the good guys would have time to re-engineer it to withstand attack. They would likewise be able to improve the encryption mechanism to function in lockstep with the quantum computers that enabled the security breech to begin with. In this sense, Bitcoin’s underlying technology boasts tremendous flexibility in the way it can be tweaked for the purposes of self-defense and maturation over the long-term.

Do you believe quantum computing is sufficient to crack bitcoin’s encryption? Let us know in the comments section below.


Images courtesy of Shutterstock 


Do you have an easy and fast way to calculate your bitcoin holdings? Check out our tools section.

The post Is Bitcoin at Risk as Google and IBM Aim for 50-Qubit Quantum Computers? appeared first on Bitcoin News.

Source: bitcoin.com

Antigua and Barbuda Drafts Laws to ‘Implement’ Bitcoin


Antigua and Barbuda Drafts Laws to 'Implement' Bitcoin

The government of Antigua and Barbuda is drafting laws “for the implementation of Bitcoin,” according to a local publication. The decision may have been influenced by online gambling mogul Calvin Ayre and even self-proclaimed “Bitcoin creator” Craig Wright.

Also read: Craig Wright-associated Nchain Claimed to Be Largest Acquisition in Bitcoin History

Drafting Bitcoin Laws

Antigua and Barbuda Drafts Laws to 'Implement' Bitcoin
EP Chet Greene, Antigua & Barbuda Minister of Trade and Consumer Affairs

The Cabinet of the twin-island country Antigua and Barbuda has instructed their Attorney General, Steadroy Benjamin, “to draft laws for the implementation of Bitcoin,” reports the Antigua Observer. Antigua and Barbuda is a Commonwealth nation located in the Caribbean Sea, east of Puerto Rico.

The move follows the Cabinet’s meeting with a group connected with the Antigua Leisure and Gaming Association on Wednesday, the publication describes, adding that Bitcoin was discussed as “a new method of transacting the sale of goods and services.”

At the post-Cabinet briefing on Thursday, the Minister of Trade and Consumer Affairs, EP Chet Greene said: “Here in Antigua & Barbuda we know we are always very much front and centre of new developments; we are leaders, trendsetters in the Caribbean.” He then explained his country’s interest in Bitcoin:

This new currency [bitcoin] is immutable; you can always go and trace transactions, so in the context of allegations of our country being involved in tax havens, it allows for better traceability.

Primarily a tourism-driven economy, Antigua and Barbuda has a few casinos on the island as well as a growing Internet gaming industry. Greene also said: “The currency benefits us in Antigua & Barbuda in respect to our Internet gaming sector. It will allow us the satisfaction needed as a jurisdiction in respect to questions that would be asked of us in the global environment,” the Antigua Observer wrote.

Craig Wright and Calvin Ayre’s Influence

Antigua and Barbuda Drafts Laws to 'Implement' Bitcoin
Craig Wright

Last June, Reuters reported that the self-proclaimed “Bitcoin creator” Craig Wright had been building a large portfolio of Bitcoin and blockchain patents. Applications for more than 50 patents were filed in Britain through Antigua-registered EITC Holdings Ltd, with plans to apply for about 400 patents in total. Originally known as Ncrypt, EITC Holdings later rebranded as Nchain following its acquisition by Sicav plc.

The Antigua Observer’s article erroneously notes that the price of bitcoin “has increased in value several times since it was patented.” Bitcoin is open source and uses the MIT license for free software, therefore it cannot be patented.

Antigua and Barbuda Drafts Laws to 'Implement' Bitcoin
Calvin Ayre

Moreover, a document reviewed by Reuters reveals that, in 2015, Wright “planned to propose to the Antigua government that the island adopt bitcoin as its official currency.” His proposal for Antigua reads: “Bitcoin is not just a currency.[…] It’s a new backbone and commercial foundation for the internet.”

Wright also has the backing of Calvin Ayre, a wealthy Canadian entrepreneur who lives in Antigua. Ayre has been indicted in the U.S. on charges of running illegal online gambling operations, which he has denied. He began construction of a $25 million call center in Antigua in October, claiming “it was part of his vision for Bitcoin and online gaming,” Reuters reported and quoted Ayre saying:

I see a growing convergence of Bitcoin, online gaming, virtual reality and gamification technologies, and progressive countries like Antigua are poised to take advantage of this convergence by developing a truly global services industry.

While the government prepares to draft the laws concerning Bitcoin, Greene is encouraging the public to learn more about the cryptocurrency online, the Antigua Observer reports.

Do you think Antigua and Barbuda is drafting laws to use bitcoin as a legal currency? Let us know in the comments section below.


Images courtesy of Shutterstock, Aablp.ag, The Australian, and Times of Malta


Need to calculate your bitcoin holdings? Check our tools section.

The post Antigua and Barbuda Drafts Laws to ‘Implement’ Bitcoin appeared first on Bitcoin News.

Source: bitcoin.com

Arizona Localbitcoins Trader Detained by U.S. Homeland Security


trader

A well-known bitcoin blogger and Localbitcoins trader was taken into custody by Federal law enforcement agencies in Arizona last week. Thomas Costanzo, otherwise known as “Morpheus” is allegedly being investigated for digital currency money laundering charges.

Also Read: Bitcoin’s Triumphant Q1 Price Resilience and Performance Surpassed All Fiat Currencies

Arizona Bitcoin Trader Arrested by Federal Agents  

According to local reports and warrants obtained by the libertarian news outlet Freedom’s Phoenix Costanzo was detained by the U.S. Department of Homeland Security when officers raided his home on April 20. Costanzo is a well-known figure within Bitcoin and agorism-focused circles for his “Bitcoin and Cash” blog and libertarian writings.

A report published by the Phoenix New Times details that law enforcement agents are investigating Costanzo’s monetary dealings with bitcoin and other altcoins. Costanzo sold mining equipment, bitcoin ATMs, and sold cryptocurrency for an occupation over the past few years.

According to the regional publication, Costanzo is a popular Arizona trader who used Localbitcoins, and agents were authorized to confiscate financial records and any illegal contraband in his home.

Arizona Localbitcoins Trader Detained by U.S. Homeland Security
Thomas Costanzo’s blog “Bitcoins and Cash.”

Unlicensed Money Transmission

Law enforcement officials obtained a warrant from U.S. Magistrate Judge David Duncan to search Costanzo’s residence in Maricopa County. According to reports, Costanzo has only been charged with possession of 60 cartridges of ammunition, but warrants and investigators suggest federal authorities are also looking into his “unlicensed money transmitting business.” Costanzo appeared at his detention hearing on April 27 and was subsequently denied bail.

Arizona Localbitcoins Trader Detained by U.S. Homeland Security
Costanzo’s property receipt seized by Federal agents contains the words “bitcoins.” Photo via Freedom’s Phoenix

According to sources, the court believes Costanzo is a “flight risk” and will be held in custody until his trial begins. Federal prosecutors told U.S. Magistrate Judge Michelle Burns that Costanzo has a history of skipping out on warrants and other criminal court cases.

Why Is a Federal Taskforce Raiding a Man’s Home Over a Small Box of Ammunition?

The case has also been controversial across social media platforms as some critics have said the case has nothing to do with cryptocurrency. So far Costanzo is only charged with the ammunition possession. However other sources such as the Phoenix New Times suggest the investigation is likely a direct result of a cryptocurrency anti-money laundering crackdown by U.S. federal agencies.

People with these opinions believe it’s a bit extreme for Homeland Security to be arresting Costanzo for a mere sixty cartridges of Winchester ammunition.

 


How do you feel about a Localbitcoins trader being detained by the police? Let us know in the comments below.


Images via Shutterstock, Freedom’s Phoenix, and the Phoenix New Times.  


At News.Bitcoin.com all comments containing links are automatically held up for moderation in the Disqus system. That means an editor has to take a look at the comment to approve it. This is due to the many, repetitive, spam and scam links people post under our articles. We do not censor any comment content based on politics or personal opinions. So, please be patient. Your comment will be published.

The post Arizona Localbitcoins Trader Detained by U.S. Homeland Security appeared first on Bitcoin News.

Source: bitcoin.com

West Virginia Bill Aims to Define Bitcoin as a Monetary Instrument


West Virginia

West Virginia bureaucrats are moving forward to define bitcoin and other digital currencies with an anti-money laundering (AML) bill. The state’s latest House Bill 2585 will add bitcoin to the regions’ AML statutes defining virtual currencies as a ‘monetary instrument.’

Also Read: Bitcoin’s Triumphant Q1 Price Resilience and Performance Surpassed All Fiat Currencies

Cryptocurrency May be Added to West Virginia’s Monetary Instruments Definitions

West Virginia is headed in the same direction as Florida as the state’s House representatives are pushing for new bitcoin AML regulations. West Virginia House Bill 2585 will now be reviewed by Governor Jim Justice for his approval. In essence, the bill gives a legal definition to the new technologies that constitute as monetary instruments, most notably instruments such as bitcoin operating “independently of a central bank.” House Bill 2585 states:

The purpose of this bill is to create criminal offenses relating to money laundering. The bill specifies two new felonies relating to: Laundering criminal proceeds through financial transaction; and transportation, transmission, or transfer of criminal proceeds. The bill also provides for the forfeiture of proceeds involved or traceable to the laundering.

Awaiting the Governor’s Approval

West Virginia Bill Aims to Define Bitcoin as a Monetary InstrumentMonetary instruments are traditionally defined as fiat currency and checks, but will include gift cards, prepaid cards, and cryptocurrency, under the newly revised statutes if approved. The bill has passed in the House by a 78–21 vote and the legislation also passed unanimously during the Senate hearing. If the bill becomes law after the governor’s approval, West Virginians caught laundering funds using bitcoin will be subject to felonies and forfeiture.

“‘Cryptocurrency’ means digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds,” explains the West Virginia Bill.

West Virginia Senator Joe Manchin Once Called Bitcoin a Dangerous Currency Harming Hard-Working Americans

West Virginia Bill Aims to Define Bitcoin as a Monetary InstrumentThe bill is very much like the new proposed legislation introduced in Florida recognizing bitcoin as a monetary instrument. West Virginian bitcoin proponents may get worrisome if the bill is approved by Governor Jim Justice due to the opinions of lawmakers within the state. For instance a few years ago the West Virginia Senator Joe Manchin wrote a letter to regulators asking for bitcoin to be banned.

“The clear ends of Bitcoin for either transacting in illegal goods and services or speculative gambling make me wary of its use,” Sen. Joe Manchin (D-W. Va) wrote in his letter back then. “I urge the regulators to work together, act quickly, and prohibit this dangerous currency from harming hard-working Americans.”

West Virginia Joins the Many U.S. Regions Preparing Bitcoin Regulation in 2017

Many states are ramping up efforts to regulate bitcoin and gain some control over its use in regards to money laundering abuse. Some states are merely adding cryptocurrency to the state’s monetary instrument and taxation definitions, while other states like California are preparing business licensing legislation as well.     

What do you think about West Virginia House Bill 2585? Let us know in the comments below.  


Images via Shutterstock, Pixabay, and Wikipedia. 


The bitcoin rabbit hole is deep. Explore the first tunnels over at bitcoin.com’s Price Index and Statistics data pages. It’s all the data you need to sound like you know what you’re talking about – learn all about hashrate, block sizes, transaction fees paid, mining difficulty and transactions per day. Instant expertise, right here.

The post West Virginia Bill Aims to Define Bitcoin as a Monetary Instrument appeared first on Bitcoin News.

Source: bitcoin.com

India’s Government May Be Preparing to Legalize and Regulate Bitcoin This Summer


India

Over the past few years, India and bitcoin has had a positive relationship as the decentralized currency has grown in popularity within the country. Now a few regional news outlets are reporting that India’s government may be preparing to legalize and regulate bitcoin as a form of payment this summer.

Also read: Markets Update: Bitcoin Price Rise Climbs to Uncharted Territory

A Verdict Deciding the Future Legality of Bitcoin in India 

India's Government May Be Preparing to Legalize and Regulate BitcoinAccording to local news reports and India’s CNBC broadcast, Indian government officials are in the process of possibly giving bitcoin legal status. Just recently India’s parliamentary inter-ministerial committee held its first meeting to discuss bitcoin and virtual currency use in the country. Authorities have noticed the vast volumes of bitcoin being traded by Indian citizens lately. The Indian publication Money Control reported that a member of the committee stated bitcoin legality would soon be decided by the country’s officials.

“There will be more discussions; a verdict will be declared soon on the legality of the cryptocurrency in India,” the committee spokesperson said. However, the source also told the publication if leaders decide to ban bitcoin then trading platforms operating in the region will be forced to close operations.

India’s Parliamentary Committee Will Reveal Its Findings This May

During the parliamentary session, sources say quite a few officials had a positive outlook towards bitcoin while some disliked the cryptocurrency entirely. However, the beneficial attributes of bitcoin seemed to have swayed some members of the committee and lawmakers enough for them to consider amending the Reserve Bank of India (RBI) Act. Furthermore, the committee also discussed the possibility of taxation methods towards virtual currencies.

The inter-ministerial committee plans to reveal its research development during the end of May which could propose virtual currency legislation in the near future.

Reserve Bank of India and Ministry of Finance is ‘Watching and Learning About the Development of Bitcoin’

Bitcoin's Legal Status Could Change in India This YearThe news follows this past February’s RBI statements towards bitcoin in a negative light. The central bank did not update the country’s Payment and Settlement Systems Act to include cryptocurrencies this year. However other local reports in the region state the RBI is watching the decentralized currency closely and gathering insight on its behavior.

“As of now we are watching and learning about the developments of Bitcoin but are not regulating it,” a RBI spokeswoman explained.

Alongside the parliamentary sessions, the Indian Ministry of Finance revealed on April 12 the creation of a government think tank dedicated to researching virtual currencies. The newly created committee plans to publish a report on cryptocurrencies in three months. Bitcoin businesses such as exchanges are doing quite well in the region, and Localbitcoins volumes continue to soar in India.

Many bitcoin proponents hope Indian officials will recognize bitcoin in the same way Japan did on April 1. On the other hand, some of the country’s top officials like the Indian Parliament Member Kirit Somaiya may not agree with legislation that favors bitcoin legalization. Somaiya is one Indian official that has been very outspoken against Japan’s bitcoin legalization and he believes the cryptocurrency is a Ponzi.  

Do you think India will legalize bitcoin as a payment like Japan did? Let us know what you think in the comments below.  


Images via Shutterstock and Wikipedia. 


Whether you’re a beginner or a long-time bitcoin player, there’s always something interesting going on in the bitcoin.com Forums. We are proud free speech advocates, and no matter what your opinion on bitcoin we guarantee it’ll be seen and heard here. 

The post India’s Government May Be Preparing to Legalize and Regulate Bitcoin This Summer appeared first on Bitcoin News.

Source: bitcoin.com

Markets Update: Bitcoin Price Rise Climbs to Uncharted Territory


rise

The price of bitcoin has seen a spontaneous rise during the last week of April as the cryptocurrency’s fiat value has climbed to new highs. Over the course of the afternoon and evening of April 27 bitcoin’s price spiked to an all-time high of US$1360 across global exchanges. 

Also read: Japanese City Accepts Bitcoin Donations

Bitcoin Price Weekly View: April’s All Time Highs

Bitcoin markets are currently in an uncharted price territory as the digital asset once again surpassed its all-time high jumping in value 10 percent over the past 24 hours. The price has dipped a touch during the morning of April 28 as the global average on exchanges is roughly $1330 per BTC at press time. Bitcoin’s overall market capitalization is also higher than ever before as it currently captures a market share of $21.3 billion. Trading volume is also substantial as over $500 million worth of BTC has been traded daily over the past three days.

Markets Update: Bitcoin Price Rise Climbs to Uncharted Territory

The weekly view and technical indicators suggest the bull run is not over but could see a hiccup in the short term. Bitcoin’s 100 Simple Moving Average SMA is still well above the 200 SMA trendline which means the ascending climb upwards may continue over the long term. With the Relative Strength Index (RSI) one can assume that buyers are still playing their cards and may continue to prop the price upwards. However, as we reported in our past three market updates the Stochastic indicator readout shows that sellers could pull the price down at any given time. Furthermore, market data from Bitfinex and traders on the trading forum Trading View show a lot more ‘short’ positions than ‘long’ positions.

Markets Update: Bitcoin Price Rise Climbs to Uncharted Territory
Trading View trader Nixholas predicts a bull rally ahead for BTC/USD markets. “Three drives now, cup and handle broken. With CNBC and the other major news reporters coming into shill us, $1.5K won’t even be a problem,” explains Nixholas.

Cryptocurrency Markets Rise Capturing a $33 Billion Capitalization   

Markets Update: Bitcoin Price Rise Climbs to Uncharted Territory
Overall Cryptocurrency Market Cap: $33,812,543,483 / 24h Vol: $1,085,012,433 / BTC Dominance: 63.1% on April 28, 2017.

Overall cryptocurrency markets with altcoins included have also reached an all-time high of $33.6 billion USD at the time of writing. The second largest market capitalization held by Ethereum has skyrocketed to $5.7 billion over the past 24 hours. One ether is roughly $63, and Ethereum markets are trading a daily average of over $300 million in trade volume. The third runner-up Ripple (XRP) has seen a spike, as well, as the price has risen to over 4 cents per XRP.

Litecoin (LTC) markets continue to do well, after the network  recently locked-in Segregated Witness activation. At the moment LTC is over $14 per token with a $750 million dollar market capitalization. Dash has seen an increase too as the price stayed stable at $70 over the past two weeks. The price per Dash is now $78 per coin seeing a 6 percent price increase over the past 24 hours.

The other top ten cryptocurrency contenders are also seeing price rises, probably due to bitcoin’s ascending value. This includes price rises from Ethereum Classic ($4), NEM ($0.04), Monero ($21), Augur ($14), and Maidsafecoin ($0.23). Golem, Zcash, and PIVX are still trying to enter the top ten with 8-15 percent increases this week.

Speculators Look Towards the ETF, Japan, and Bitfinex USD Issues, but No One Really Knows Why the Price Is Rising

Markets Update: Bitcoin Price Rise Climbs to Uncharted Territory

Bitcoin proponents seem happy with the price increase, but some people are skeptical due to seeing considerably higher price spreads between Bitfinex and other USD bitcoin exchanges. Mainstream media is giving bitcoin coverage because of the price spike and are attributing the increase to the SEC reviewing the Coin bitcoin ETF again. Other news outlets say that Japan’s recent bitcoin payment legalization law has also propelled the price upwards as well. Many are unsure of where the boost is coming from, and a lot of the uncertainty is stemming from the $100 difference between Bitfinex and the global average.

Bear Scenario: Bitcoin’s fiat value has dipped during the early morning hours of April 28 since reaching its all-time high. A deeper correction could continue leading to prices below the $1300 mark. Order books across popular exchanges show current support looks very healthy in the $1250 per BTC price range. ‘Short’ positions are also starting to increase as the price has reached new territory.

Bull Scenario: If bitcoin breaks current resistance the path upwards could easily trend past the $1400 range this week and even towards $1500. Buyers have control over the market and SMA and RSI technical indicators show the price ascent should continue. The current price territory is highly psychological, and there will be many breaks and scalps in between. Intra-range and day traders will likely find price sweet spots over the course of the next week.

What do you think about Bitcoin’s price trends at the moment? Where do you see bitcoin’s price heading? Let us know in the comments below.

Disclaimer: Bitcoin price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


Images via Shutterstock, Bitcoin.com, Trading View, and Pixabay. 


Need to calculate your bitcoin holdings? Check our tools section.

The post Markets Update: Bitcoin Price Rise Climbs to Uncharted Territory appeared first on Bitcoin News.

Source: bitcoin.com