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Privacy and Scaling: Schnorr Signatures Are Coming to Bitcoin Cash

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On Tuesday, Jan. 29, Bitcoin Cash developer Mark Lundeberg revealed two planned features for the scheduled May 2019 BCH upgrade. In the gist published to Github, Lundeberg described a specific improvement that’s been discussed by cryptocurrency developers for years — implementing Schnorr signatures in place of ECDSA signatures. This could upgrade the BCH chain to a new level of innovation by bolstering scaling and privacy all at once.

Also read: A Look at Openbazaar’s Multi-Currency Wallet and Vendor Listings

The Bitcoin Cash Chain May See Schnorr Signature Support in the Near Future

Every six months, the BCH network upgrades its protocol in an effort to advance the blockchain in readiness for cryptocurrencies gathering mainstream attention. Back in November, news.Bitcoin.com reported on the proposed specification for the May fork, so developers could discuss the proposals and begin coding. One of the biggest concepts on the table was the implementation of Schnorr signatures to make the BCH protocol more robust. On Tuesday, Lundeberg published a description of two important features and one of the additions consists of supporting the Schnorr signature scheme.

Privacy and Scaling: Schnorr Signatures Are Coming to Bitcoin Cash

A Schnorr signature is a digital signature scheme invented by Claus Schnorr that is lauded on account of its simplicity. One of the main benefits of Schnorr is multisignature aggregation, which can benefit both data scaling and privacy. Traditional bitcoin transactions include a lot of data like multiple inputs, but Schnorr’s method simplifies this process by creating a single merged signature. For instance, when a multitude of bitcoin signatures produce one aggregated signature, it is estimated that Schnorr’s scheme could reduce blockchain storage and bandwidth by at least 25 percent.

Privacy and Scaling: Schnorr Signatures Are Coming to Bitcoin Cash

In addition to this advantage, the operation helps produce better privacy when combined with different protocols. One example privacy benefit Lundeberg notes is called “Hiding as P2PKH,” which allows an aggregation scheme with the standard pubkey script that Pays To PubKey Hash (P2PKH).

“Schnorr signatures allow very simple multi-party aggregation schemes, where multiple parties collaborate to produce one aggregated signature under one aggregated pubkey, checked with OP_CHECKSIG as in pay-to-public-key-hash (P2PKH) addresses,” explains Lundeberg’s Github gist.

Lundeberg’s research continues by stating that the Schnorr scheme can even avoid second-party malleability:

Schnorr signatures cannot be malleated at all, even in the aggregated case, except when all signers collaborate to create a new signature from scratch.

Privacy and Scaling: Schnorr Signatures Are Coming to Bitcoin Cash
CLTV payment channels.

The Combined Benefits of BIP62 and Schnorr

The BCH developer also describes the advantages of Schnorr-Spilman payment channels. Before the introduction of OP_CLTV, developers discussed the idea of Spilman payment channels, but the technique was insecure on BCH due to malleability, Lundeberg notes. However, by upgrading to Schnorr, not only can programmers use Spilman channels, they can also opt out of using OP_CHECKMULTISIG and use regular P2PKH addresses instead. The channels can be bolstered by using an aggregated signature and BIP62 malleability restrictions, the developer notes.

“I’ll repeat that for emphasis: we will be able to do payment channels which merely use P2PKH — completely indistinguishable from ordinary transactions,” Lundeberg states.

Privacy and Scaling: Schnorr Signatures Are Coming to Bitcoin Cash
Schnorr-Spilman channels.

The gist also highlights the possibility of hidden atomic swaps and high-frequency microswapping. Lundeberg had previously described how trustless cross-chain swaps could be hidden in payment channels, but the procedure can be done with Schnorr-Spilman payment channels as well. In addition to the benefits of Schnorr signatures, Lundeberg details how combining the upgrade with a completed version of BIP62 malleability restrictions adds enormous amounts of innovation. One example is the ability to create unmalleable smart contracts as Lundeberg explains it will be “possible to write smart contracts whose scriptSig inputs cannot be malleated.”

Privacy and Scaling: Schnorr Signatures Are Coming to Bitcoin Cash
Atomic swaps can be concealed in Schnorr-Spilman channels. Lundeberg is also the creator of the Openswap protocol.

In conclusion, Lundeberg details the “advantages and disadvantages” of BIP62 + Schnorr compared to the Segregated Witness (Segwit) approach. The BIP62 technique only requires a small change to wallet code, in order to quickly transition to Schnorr from ECDSA. However, smart contract developers must practice due diligence when designing contracts to prevent malleability, although Lundeberg says it’s not too difficult. A big difference is that Segwit makes a total of 66 types of addresses and the BIP62 + Schnorr approach only modifies one legacy address class (p2pkh). “For privacy reasons, it is desirable to have as few address types in use as possible, so as to not fracture the anonymity set,” the developer remarks. Lastly, Lundeberg emphasizes that backup transactions are more straightforward to set up with Segwit in certain cases.

Overall, the Bitcoin Cash community on social media and forums were elated to hear about the possible introduction of the Schnorr scheme and the completion of BIP62. Over the past few years, Bitcoin Core (BTC) developers have been discussing implementing Schnorr into the protocol, but removing the ECDSA signatures and replacing them with a Schnorr scheme is a major upgrade. With the rate of upgrades in favor of the Bitcoin Cash protocol, it’s likely BCH will see this improvement well before the BTC chain.

What do you think about the Bitcoin Cash chain supporting the Schnorr signature scheme? Let us know what you think about this subject in the comments section below.


Image credits: Shutterstock, Mark Lundeberg’s gist, and Bitcoin.com.


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Top Crypto Assets Open 2019 With Slow Month of Trading

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The leading cryptocurrency markets have seen a slow start to the year, with the top three markets by capitalization shedding between 10% and 37% since early January’s local highs. January has also seen volatility in market cap rankings, with XRP and ETH competing for the second largest crypto asset capitalization, and EOS, USDT, and BCH competing for a position within the top five.

Also Read: Iran in Talks With 8 Countries for Use of Cryptocurrency in Financial Transactions

BCH Maintains Triple Figures Throughout January

After ending 2018 with a roughly 200% bounce from the all-time lows at the $75 area, BCH/USD has produced a slow start to 2019, slipping 36% from the Jan. 3 local monthly high of $175 to currently trade for approximately $110. When measured from the local top of $240 posted on Dec. 21, BCH has lost nearly 54 percent over the course of six weeks.

Markets Update: Top Crypto Assets Open 2019 With Slow Month of Trading
BCH/USD – BItstamp – 4HR

On Jan. 28, the markets saw significant selling pressure that drove BCH down 15 percent in just 12 hours to test support at $100. Since then, BCH has made slight gains amid consolidation, but appears poised for a retest of all-time lows should the current support area fail to hold.

When measured against BTC, BCH has also shed most of the gains it garnered during the late December bounce, with the current price of 0.032 BTC comprising a 43% drop from the Dec. 21 local high of 0.057 BTC, and a loss of 27% from January’s high of 0.044 BTC, with BCH currently trading for 0.032 BTC.

Markets Update: Top Crypto Assets Open 2019 With Slow Month of Trading
BCH/BTC – BItstamp – 4HR

Despite the bearish price action, this past week’s selling pressure saw BCH/BTC retest the upper side of the descending trendline that appears to have guided price action over the course of the preceding six weeks. However, should the current support area fail to hold, it is likely that BCH will retest the all-time low area of 0.025 BTC.

Bitcoin cash is currently the sixth largest cryptocurrency with a market capitalization of $1.96 billion. BCH market dominance has slipped by nearly half a percent since the start of the month, dropping from 2.20% to nearly 1.73%.

BTC Experiences Low Volatility During January

BTC/USD has traded within a tight range during 2019 so far. BTC began January trading for $3,700, before posting a monthly high of $4,100 on Jan. 8.

Markets Update: Top Crypto Assets Open 2019 With Slow Month of Trading
BTC/USD – BItstamp – 4HR

Since then, BTC steadily bled down to yesterday’s local low of $3,325, a 19% drop in three weeks. BTC currently has a market capitalization of nearly $60.6 billion, and a dominance of 53.42%, up 1.5% since the start of the year.

XRP Ranks Second by Market Cap for Most of January

Opening January trading for nearly $0.35, XRP/USD spent the first 10 days of 2019 oscillating within an approximately 10% range, before posting a monthly high of over $0.38 on Jan. 10. Since then, ripple has fallen by roughly 25%, with prices currently testing support at December’s lows of roughly $0.28.

Markets Update: Top Crypto Assets Open 2019 With Slow Month of Trading
XRP/USD – Kraken – 4HR

Despite also producing a bearish start to 2019, the XRP/BTC charts show bullish price action, with XRP currently testing the support at the long-term key price area of 0.000084 BTC. However, XRP has fallen by nearly 12% since opening the year trading for 0.000095 BTC.

Markets Update: Top Crypto Assets Open 2019 With Slow Month of Trading
XRP/BTC – Binance – 1D

After starting the year as the second-ranked crypto asset by market cap with a dominance of roughly 11.50%, ripple slipped to third on Jan. 3 and Jan. 11. XRP has since regained its rank as the second largest crypto asset by capitalization, with XRP currently posting a market cap of $12.01 billion and a dominance of 10.57%.

ETH Posts Volatile Start to 2019

ETH/USD traded within a wide range during January, opening the year at roughly $135 before gaining over 25% in roughly one week. After posting a monthly high of approximately $170 on Jan. 6, ETH has since lost more than 37% against the dollar, with current prices testing support just below $110.

Markets Update: Top Crypto Assets Open 2019 With Slow Month of Trading
ETH/USD – Poloniex (Calculated by Tradingview) – 4HR

ETH/BTC started the year trading for roughly 0.035 BTC, before rallying over 17% in a week to post a three-monthly high of approximately 0.041 BTC on Jan. 6. Since then, ETH has fallen 26% when measuring against bitcoin core to currently trade for nearly 0.031 BTC.

Markets Update: Top Crypto Assets Open 2019 With Slow Month of Trading
ETH/BTC – Poloniex – 4HR

ETH is currently the third-largest cryptocurrency by market cap, with a capitalization of $11.08 billion. ETH dominance has fallen from 11.05% at the start of January to 9.78% as of this writing.

What do you think the overall trend for 2019 will be? Bullish? Bearish? Sideways? Share your prediction in the comments section below!


Images courtesy of Shutterstock


Disclaimer: 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.”

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Report: Two Hacker Groups Stole $1 Billion From Crypto Exchanges

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A new report alleges that just two groups of hackers dominate the majority of cybercrime directed against cryptocurrency exchanges. Together, these groups have responsible for stealing about $1 billion of cryptocurrency so far.

Also Read: Arwen Enables Self-Custody for Traders of Centralized Exchanges

The Most Lucrative of All Crypto Crimes

Digital surveillance company Chainalysis has released its latest “crypto crime” report, claiming to identify two groups responsible for the majority of hacks in the field. Its findings were obtained in part by analyzing the different practices the thieves used for laundering their illicit gains.

On average, the incidents that the researchers traced from the two hacking groups involved $90 million per incident. They suspect that the first group is a “giant, tightly controlled organization” that may be partly driven by non-monetary goals. The second group is found to be smaller and less organized but absolutely focused on money and without much regard for evading detection.

Report: Two Hacker Groups Stole $1 Billion From Crypto Exchanges

“Hacking dwarfs all other forms of crypto crime, and it is dominated by two prominent, professional hacking groups,” the Chainalysis team wrote. “Together, these two groups are responsible for stealing around $1 billion to date, at least 60% of all publicly reported hacks. And given the potential rewards, there’s no question hacking will continue; it is the most lucrative of all crypto crimes.”

Most Stolen Crypto Laundered on Exchanges

According to the report, at least 50 percent of the stolen funds were cashed out through some type of conversion service within 112 days of the hacks. The researchers found that 64.3 percent of the funds were sent to centralized cryptocurrency exchanges, 11.9 percent to peer-to-peer exchanges and the remaining 23.8 percent went through other conversion services such as mixing services, bitcoin ATMs and gambling sites.

“Exchanges are regularly processing the stolen funds, allowing the hackers to convert the funds to traditional currencies or other cryptocurrencies,” the Chainalysis team explained. “This is in part because unless you’re the exchange that was hacked, these funds look like they have come from legitimate owners (that is, the original entities who were hacked); it is hard to tell which funds have been stolen and which haven’t without specialized investigation software.”

Report: Two Hacker Groups Stole $1 Billion From Crypto Exchanges

Chainalysis recently announced the launch of Know Your Transaction (KYT) for stablecoins, an anti-money laundering (AML) compliance solution for monitoring stablecoin transactions from issuance to redemption.

What do you think about the findings of this report? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

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Arwen Enables Self-Custody for Traders of Centralized Crypto Exchanges

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Centralized exchanges are a common security concern in the cryptocurrency ecosystem. As a single point of failure they can be strong-armed by governments, routinely targeted by hackers, or operators could pull an exit scam and elope with client funds. Despite these risks, they dominate cryptocurrency trading volumes. A new solution promises to enable trade to use centralized exchanges but without handing over control of coins to them.

Also Read: Belarus’ Largest Bank May Establish a Cryptocurrency Exchange

Not Your Keys, Not Your Coins

Boston-based startup Arwen (formerly Commonwealth Crypto) announced on Jan. 28 the release of its testnet trading application. The company aims to bring atomic swaps to mainstream cryptocurrency trading with its technology. Using the service, traders can deposit their coins in an onchain escrow, rather than with an exchange, removing the need to trust the centralized venue to handle the money. This allows them to maintain custody of their coins while trading on a centralized exchange without having to transfer coins to the exchange’s omnibus wallet or their keys to a third-party web server.

Arwen Enables Self-Custody for Traders of Centralized Crypto Exchanges

“If you do not hold the keys, you do not own your coins,” Arwen’s CEO Sharon Goldberg stated. “The ethos behind cryptocurrency is built upon a trustless, non-custodial technology. Centralized exchanges are needed for liquidity; however, the exchange of customer coins should be executed in a trustless way. We have solved … that problem.”

Kucoin Is Already on Board

Arwen also announced it is teaming up with the popular Singapore-based global cryptocurrency exchange Kucoin to offer its customers the possibility of using the new service. In addition to Kucoin, the startup reports being in talks with other exchanges about integrating the protocol. It currently supports trading on BTC, LTC, BCH, ZEC and ETH as well as ERC20 tokens.

Arwen Enables Self-Custody for Traders of Centralized Crypto Exchanges

Kucoin President Eric Don commented: “KuCoin has been working hard to ensure the security of the exchange itself, and we are one of the few exchanges that are rated A in terms of security by ICOrating, but we are also exploring other ways to satisfy users who have extreme security requirements and do not trust any third party. [Arwen’s] escrow mechanism enables users who have extreme security requirements to have a higher sense of security in transactions.”

What do you think about using a protocol such as Arwen’s for trading? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

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Mystery Bitcoin Miners Are Altering Mining Pool Dominance

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During the first month of 2019, studies have revealed the growing trend of unknown miners processing blocks on the Bitcoin Core (BTC) network. A few years ago, most mining pools began revealing their identity via the coinbase parameter when they found a block. Over the last two years, however, unknown miners have started to dominate as established operations have lost a considerable share of hashrate.

Also read: Bloq Labs Reveals Software Suite That Aims to Increase Hash Power by Double Digits

Unknown Bitcoin Miners Have Been Shifting Hashrate Dominance

The bitcoin mining industry is extremely competitive, with the overall SHA-256 hashrate for major public blockchains growing immensely over the years. Between the two most popular mined SHA-256 coins, bitcoin cash (BCH) and bitcoin core (BTC), 41.8 exahashes per second (EH/s) are currently securing both chains. A recent study from the researchers at Diar explains how unknown miners are shifting the dominance of major known mining pools.

Mystery Bitcoin Miners Are Altering Mining Pool Dominance
Unknown pools have shifted the dominance of large mining pools like Btc.com, Antpool, and Viabtc.

“Unknown miners closed December having solved a whopping 22% of the total blocks up from 6% at the start of last year,” explains Diar’s research report. It continues:

The small miner exodus could be a possible positive for Bitcoin’s network security as smaller miners joined to the hip of large pools began turning off their computing power resulting in a decline in mining pool dominance.

The researchers say there could be “concerns” with the growth of unknown mining pools. Diar’s report explains that just because the miner chooses not to disclose its identity doesn’t mean the source of the hash power isn’t an existing known pool. The researchers note that the three large pools of Btc.com, Antpool, and Viabtc have all seen their percentage of total hashrate decline over the past year, even though they have added a 55 percent increase in pooled resources. In January of 2018, those three combined pools had 53 percent of the network while now they have less than 39 percent the report details.

Coinmetrics Notices the Resurgence of Mystery Miners After Parsing 450,000 BTC Blocks

Diar is not the only analysis team that has picked up on this growing trend of unknown mining pools. During the first week of 2019, cryptocurrency analytics site Coinmetrics noticed the same thing. After parsing the coinbase outputs from the last 450,000 BTC blocks, the researchers noted that one mystery arising from the charts is “the resurgence of unknown miners.” Coinmetrics details that between mid-2015 and mid-2017, most miners disclosed their identity through the coinbase parameter to identify themselves with the name of their pool.

“However, through 2018, unknown miners picked up — This may be due to the waning importance of miner signaling due to the resolution of the Segwit saga, a newly-found appreciation for privacy, or the emergence of miners who have something to hide,” explains Coinmetrics’ granular mining pool mapping research.

Mystery Bitcoin Miners Are Altering Mining Pool Dominance
Coinmetrics chart of the 450,000 BTC blocks the team parsed that shows the resurgence of anonymous miners.

Unknown Mining Pools Have Increased Since the Peak of the 2017 Scaling Debate

The resurgence of unknown miners is also prevalent within the BCH network. During the first few months after Aug. 1, 2017, the BCH network had a significant amount of unknown miners processing blocks. This period of time is when the shift seemingly began for both the BTC and BCH networks as it introduced the possibility for SHA-256 mining pools to switch between both chains depending on profitability.

Mystery Bitcoin Miners Are Altering Mining Pool Dominance
BTC mining pools (left) and BCH mining pools (right) on Jan. 28, 2019. Today, mystery miners command more than 22% of the BTC chain and 17% of the BCH chain. 

Since then, the rise of unknown mining pool sightings on both chains has continued to increase, and during the Nov. 15, 2018 BCH chain split, there was a huge influx of unknown miners on both networks. At the time of publication, unknown mining entities make up more than 17 percent of the BCH network. Similarly, on Jan. 28, 2019, the BTC chain’s hashrate distribution shows there’s roughly 22.7 percent of unknown miners processing BTC blocks.

What do you think about the resurgence of unknown miners taking away the dominance of known mining pools? Let us know what you think about this subject in the comments section below.


Image credits: Shutterstock, Pixabay, Diar, Coinmetrics, Blockchain.com, and Coin Dance. 


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Regulators Prefer Zcash (ZEC) Over Monero (XMR), Claim The Winklevoss Twins

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The Winklevoss twins have been in the spotlight recently a lot, and they keep expressing their positive take on crypto and more specific crypto exchange regulations in New York.

When they were interviewed by Laura Shin for her Unchained podcast, the twins explained Gemini’s process when it comes to listing new cryptos on the exchange.

The twins revealed that they chose to list ZEC over XMR because they were confident that the regulators would have a more favorable view on Zcash rather than on Monero.

Adding new coins on Gemini

The twins were also asked details on the listing process involving their exchange, Gemini, but in the context of Bitcoin Cash, CryptoDaily reports.

They said that the exchange received approval “to list the spinoff coin before the crypto asset split into two separate coins: Bitcoin Cash ABC and Bitcoin Cash SV (sometimes referred to as simply Bitcoin Cash and Bitcoin SV respectively).”

But it seems that eventually, Gemini decided to take a conservative approach with listing the altcoin.

“We said you know what, we’re going to wait this out and let the dust settle,” the twins said.

They also said that the exchange is still working on developing internal rules for listing new digital assets.

Regulators Prefer Zcash (ZEC) Over Monero (XMR), Claim The Winklevoss Twins

ZEC over XMR

“Obviously, we listed Zcash,” the twins said and continued to explain that  “we didn’t attempt to list Monero and we felt that Zcash was the privacy coin that we could get our regulators comfortable with.”

XMR and ZEC are the top privacy coins.

Monero is most attractive for miners especially due to its ASIC-resistance which practically means that you could mine XMR without buying expensive hardware.

Back in July 2018, Zcash was in the spotlight thanks to its massive mining profitability. It managed to outperform Bitcoin by 400%.

Both these privacy coins are great to mine this year.

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8 Food Delivery Sites That Accept Cryptocurrency

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Purchasing goods and services online with cryptocurrency is becoming increasingly popular. A growing number of takeaway platforms around the world are ready to accept your digital cash in exchange for a tasty meal, be it a pizza, burger or vegan dish.

Also read: 8 Crypto Debit Cards You Can Use Around the World Right Now

Get Pizza for Bitcoin

With pizza being among the first items purchased with bitcoin, it only seems fitting that we should start with a pizza delivery portal that accepts cryptocurrency. Pizzaforcoins is a service based in California where you can order from major chains such as Domino’s, Pizza Hut or Papa John’s.

Enter your address and the system will endeavor to find the nearest restaurants in your neighborhood. Then you’ll be prompted to choose a store and select one of two options – have the pizza delivered to your door or pick it up at the location.

8 Food Delivery Sites That Accept Cryptocurrency

The platform relays your order to the restaurant, once the payment is received, with available meals priced in BTC. Pizzaforcoins claims it accepts over 50 other cryptocurrencies through an integration with Shapeshift.

At the time of writing, however, the Check Address and Checkout functions in the shopping cart were not operating properly. This is likely to be a temporary issue as posts on crypto forums indicate that the website has operated successfully in the past.

Order a Dish With Digital Cash

Other, more established food ordering services offer bitcoin enthusiasts much larger menus to choose from. Amsterdam-headquartered Takeaway.com accepts cryptocurrency on some of the platforms it owns in Europe. One of them is Germany’s largest food delivery portal, Lieferando, acquired by the Dutch company four years ago.

Lieferando.de, which works with more than 11,000 restaurants, added bitcoin core (BTC) to its payment options in 2017, as news.Bitcoin.com reported. Because it uses Bitpay to process crypto transactions, the website now accepts bitcoin cash (BCH) as well. The same applies to its Polish subsidiary, Pyszne.pl, which partners with over 5,000 local restaurants.

8 Food Delivery Sites That Accept Cryptocurrency

Germany and Poland are Takeaway.com’s second and third largest market respectively. The company now operates 14 popular food delivery portals. Its other major platforms, including Takeaway’s Swiss edition and its original site in the Netherlands, Thuisbezorgd.nl, accept bitcoin.

Shuttle Delivery is a platform that introduced bitcoin cash (BCH) payments this past fall. It’s operating in and around the South Korean capital, Seoul. Shuttle Delivery allows BCH users to order food from over 200 restaurants in the area and pay for the meals with peer-to-peer electronic cash.

When Hungry

When Hungry is the international brand name of a young Russian food delivery service which is trying to conquer European markets such as Germany and the Baltic states. The platform, known in Russia as Хочу Поесть (Want to Eat), recently announced it’s accepting payments in ethereum (ETH) and its own digital token called WHY.

The portal currently works in 90 Russian cities and 31 cities in other CIS countries. It’s partnering with 800 restaurants in the region, none of which accepted cryptocurrencies prior to its decision to introduce the payment option.

To order any of the items in the menu with digital coins, users need to select ‘cryptocurrency’ when checking out and transfer the total amount to a crypto address. A large pizza can now be had for around 0.1 ether, which is much less, in crypto terms, than the 10,000 bitcoins paid for the first two pizzas bought with cryptocurrency back in 2009.

Do you expect more food delivery platforms to start accepting cryptocurrencies in the future? Tell us in the comments section below.


Images courtesy of Shutterstock, Lieferando, When Hungry.


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

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Markets Update: Consolidation Continues as Traders Wait for a Breakout

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On Sunday, Jan. 27, a vast majority of cryptocurrency markets have seen sideways consolidation as prices have been following a narrow range for over a week. A few major digital asset markets have seen decent gains this week, but most crypto prices remain tight as traders await a strong breakout.

Also read: Bloq Labs Reveals Software Suite That Aims to Increase Hash Power by Double Digits

That Narrow Range

At the time of publication, the entire cryptocurrency economy is valued at $118.6 billion. Since our last markets update, the entire market cap has shaved a few billion and daily trade volume worldwide has decreased a hair. This Sunday’s trade volume for all 2,000+ digital assets is around $16.4 billion. The leading cryptocurrency by market capitalization, bitcoin core (BTC), is currently trading for $3,581. BTC’s market cap captures $62.6 billion right now and global trade volume is roughly $5.5 billion. Ripple (XRP) holds the second position as each token is being swapped for $0.30 and the coin has a market valuation of $12.7 billion – officially, at least.

Markets Update: Consolidation Continues as Traders Wait for a Breakout
Top 10 cryptocurrencies on Jan. 27, 2019.

Below ripple is ethereum (ETH), which is trading for $113 per coin and has a $11.8 billion market cap. Out of the top five market caps, ETH’s 4% weekly loss is the deepest cut of them all. Lastly eos (EOS) is trading for $2.39 per coin and holds the fifth largest market valuation this weekend. One notable mention is the cryptocurrency tron, which has jumped to seventh position and gained more than 25% over the last seven days.

Bitcoin Cash (BCH) Market Action

Moving on to bitcoin cash (BCH) markets and the currency is being traded for $123 at the time of writing. BCH markets are down 2.8% today and have an overall market valuation of around $2.17 billion. The top exchanges this Sunday swapping the most bitcoin cash are Lbank, P2pb2b, Fcoin, Hitbtc, and Binance. Ethereum trades are dominating BCH swaps today as ETH captures 53% of all trades over the last 24 hours. This is followed by USDT (24.8%), BTC (12.2%), KRW (3.5%), and USD (3.4%) with JPY and EUR trailing not too far behind. It’s worth noting the South Korean won has captured a lot more BCH volume in recent days. Bitcoin cash is the eighth most traded coin today by volume below XRP, and just above ZEC.

Markets Update: Consolidation Continues as Traders Wait for a Breakout
BCH/USD daily chart. Jan. 27, 2019.

BCH/USD Technical Indicators

Looking at the BCH/USD charts on Bitstamp, particularly the four-hour and daily, shows BCH bulls continue to fail at breaking overhead resistance. At the moment, RSI levels are much closer to oversold conditions (-34.61) and MACd is meandering downward showing a similar reading. Looking at the two Simple Moving Averages (SMA) indicate the same sentiment as the long-term 200 SMA is still well above the short-term 100 SMA. This says the path toward the least resistance is still favoring the bears.

Markets Update: Consolidation Continues as Traders Wait for a Breakout
BCH/USD 4-hour Jan. 27, 2019 at 7:40 p.m. EST.

Moving on, we can see small dumps breaking light foundations and Bollinger Bands are extremely coiled indicating a strong move will take place soon. In terms of an upward breakout scenario, BCH bulls need to push past overhead resistance around $175. Currently, order books show there is heavy resistance between the current vantage point and $150. On the backside, there’s a bunch of support up to the $110 range, and then from there, things begin to lighten.

Markets Update: Consolidation Continues as Traders Wait for a Breakout
BCH/USD 4-hour Bitstamp. Jan. 27, 2019.

Monotonous Markets Usually Mean Something Will Happen Soon

For traders, the tedium and lack of volatility continue. Both ETH and BTC shorts positions on Bitfinex and Bitmex are not particularly high this weekend and uncertainty is still in the air. On Jan. 25, during an interview, Fundstrat founder Tom Lee touched on his previous year-long prediction of BTC charging to $25K by the end of 2018.

Markets Update: Consolidation Continues as Traders Wait for a Breakout
Money flow in the last 24 hours. Sunday, Jan. 27, 2019.

Lee says it was a “huge disappointment” that it didn’t come to fruition and made note of the initial coin offering (ICO) space collapsing. The Fundstrat executive still wholeheartedly believes his $25K forecast was “actually a fair value for bitcoin.” For now, that prediction seems very far off for the many depressed traders missing the days when everything was bullish.

Where do you see the price of BCH, BTC and other coins heading from here? Let us know in the comments below.

Disclaimer: 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, Trading View, Bitstamp, Coinlib.io, and Satoshi Pulse.


Want to create your own secure cold storage paper wallet? Check our tools section.

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The Daily: Crypto Wallet Raises $15 Million, Localbitcoins Suffers Vulnerability

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In today’s edition of The Daily we feature another recent example of venture capital infusion into the cryptocurrency space as Japan’s SBI invests in the BRD wallet. We also cover a recent security vulnerability that was detected on the P2P exchange Localbitcoins, and a new AML/KYC compliance solution for stablecoins.

Also Read: Galaxy Digital Is Raising $250M to Help Firms Survive Crypto Winter

Crypto Wallet Raises $15 Million

Cryptocurrency mobile wallet BRD (formally Bread Wallet) has announced it has raised $15 million in a Series B financing round to accelerate international expansion and scale its technology platform. The funding came from SBI Crypto Investment, a wholly owned subsidiary of Japanese conglomerate SBI Holdings. The new funds are meant to enable BRD to grow its product and engineering teams as well as to expand its operation in Japan and across Asia.

“SBI Group’s investment in BRD allows us to firmly cement ourselves in the Asian market,” said Adam Traidman, CEO of BRD. “It shows incredible support for the foundation that we have built in North America and reinforces our proven ability to scale the success we have achieved in the past 4 years. The new investment will ensure our long-term global growth, and we are incredibly excited about collaborating with SBI as a strategic investor and business partner to make that happen.”

The Daily: Crypto Wallet Raises $15 Million, Localbitcoins Suffers Vulnerability

BRD also announced the availability of cryptocurrency purchases using SEPA transfers for the European market through a partnership with payment provider Coinify. This will enable users to purchase bitcoin in the 34 countries across the SEPA region using bank accounts. “BRD has blazed the trail as a decentralised financial platform and we are excited to be the selected partner for their European launch,” said Rikke Staer, Chief Commercial Officer of Coinify. “They have been one of the pioneers of the virtual currency industry, and it is a pleasure to be chosen to power their SEPA trades.”

Localbitcoins Suffers Vulnerability

Peer-to-peer trading platform Localbitcoins has notified users that on Jan. 26, at approximately 10:00 UTC, the exchange’s team has detected a security vulnerability. The notification explained that “an unauthorised source was able to access and send transactions from a number of affected accounts.”

Outgoing transactions were temporarily disabled by Localbitcoins while the team investigated the case, and they were re-enabled after a number of measures to address the issue and secure the accounts were taken. “We were able to identify the problem, which was related to a feature powered by a third party software, and stop the attack. At the moment, we are determining the correct number of users affected – so far six cases have been confirmed. For security reasons, the forum feature has been disabled until further notice.” The team also added some security guidance for users: “Your Localbitcoins accounts are currently safe to log in and use – we encourage you to enable two-factor authentication, if you have not yet.”

The Daily: Crypto Wallet Raises $15 Million, Localbitcoins Suffers Vulnerability

The announcement by the exchange came after a user complained on Reddit about a phishing attack on the forum.

Chainalysis Goes After Stablecoins

Digital surveillance company Chainalysis has announced the launch of Know Your Transaction (KYT) for stablecoins, an anti-money laundering (AML) compliance solution for monitoring stablecoin transactions from issuance to redemption. The developers say that stablecoin issuers can integrate with the tool via an API to begin monitoring large volumes of activity and identify high risk transactions on an on-going basis. The service is also said to help issuers understand the risk profile of each stablecoin holder and filter them by level of risk exposure to identify those that require the most immediate attention.

The Daily: Crypto Wallet Raises $15 Million, Localbitcoins Suffers Vulnerability

“Chainalysis exists to build trust in cryptocurrencies among institutions and users,” said Chainalysis COO Jonathan Levin. “The repeated knock against cryptocurrency is its volatility, and trust in stablecoins could lead the way to increased commercial use. Chainalysis KYT for stablecoins further supports this vision by raising the bar for accountability and providing compliance teams with the technology they need to meet AML requirements.”

The company says that the service is now available for a number of ERC-20 stablecoins, and will become available for additional tokens in the coming months.

What do you think about today’s news tidbits? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


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Samsung to Introduce a Crypto Wallet in S10–Rumour or Reality?

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Samsung to Introduce a Crypto Wallet in S10–Rumour or Reality?

Samsung to Introduce a Crypto Wallet in S10--Rumour or Reality?

Smartphone heavyweight Samsung Electronics is quietly building blockchain and cryptocurrency features into its much-awaited upcoming flagship smartphone, specifically hoping to lure crypto aficionados. Are blockchain and cryptocurrency Samsung’s means to regain lost ground in the smartphone market?

Also read: Lightning Network Goes to Congress as Specter of Crypto Policy Grows

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A Glimpse at a Leaked Samsung Crypto Wallet

Leak visualizer Ben Geskin was one of the first to release multiple images of an inbuilt cryptocurrency wallet dubbed “Samsung Blockchain KeyStore” on Samsung’s S10 smartphone. However, as of now, there has been no official announcement from the South Korean electronics giant.

Geskin tweeted:

The screenshots indicate that the Blockchain Keystore is a cold wallet that will allow users to store private keys. Apart from that, users will have the option to either import or create the new crypto wallet. Although the leaked images show only Ethereum as one of the supported cryptocurrencies, it’s likely that the so-called crypto wallet would support bitcoin, Bitcoin Cash, and ERC20 tokens.

According to the leaked images the Blockchain KeyStore is touted as a “secure and convenient place for your cryptocurrency”.

Samsung smartphone

Winning Lost Turf With Cryptocurrencies

The term Blockchain Keystore rings a bell, as last year in December Bitsonline reported that Samsung had filed three crypto-related trademarks, one being the aforementioned. However, the South Korean smartphone powerhouse has been tight-lipped about its blockchain and crypto-related developments. At the time, a company official did not deny the trademark applications, but stated that the filing has stirred rumor and speculation.  

Reportedly, Samsung has witnessed a loss of over 10 percent of its smartphone market share in 2018 and hence is eyeing blockchain and cryptocurrencies to regain lost ground. As cryptocurrencies have become a hot topic, companies globally are testing new products targeting the ever-growing crypto community.  

Much of Samsung’s market share reduction has been due to its Chinese rivals such as Huawei. However, last year even Huawei had revealed plans to develop a smartphone with inbuilt blockchain applications.

Specifically hoping to lure crypto enthusiasts, Taiwan-based phone manufacturer HTC recently shipped its first lot of blockchain-powered smartphones, dubbed the Exodus 1. The phone comes with an inbuilt crypto wallet application.

However, if Samsung is to launch a blockchain wallet in a smartphone, then it would mark the first foray into the space by a major smartphone maker. This would offer positive news for crypto lovers, as they would no longer need to buy a special device to store their crypto wealth. The move would also be a step closer to bringing cryptocurrency to the mass market.

Will Samsung have an inbuilt crypto wallet in their new phone? Share your views in the comments section below.


Images via Pixabay



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