‘Burning’ coins: how Bitcoin Cash became the world’s hottest cryptocurrency
Bitcoin Cash is the hottest cryptocurrency around right now for more reasons than you may imagine. The offshoot of the biggest digital token has surged about 25 per cent since Friday, in part because Antpool, one of the largest mining groups, is “burning” a portion of the coins it receives in exchange for solving the complete mathematical puzzles that serve as the backbone of the network, potentially reducing supply and driving up the value. The manoeuvre is the latest salvo in an escalating battle between backers of Bitcoin and Bitcoin Cash, which was spun off last year. Through a war of words playing out on Twitter and Facebook, some of […]
Competition and profits see cryptocurrency exchanges get creative
How do you disrupt the disruptors? New exchanges are digging deep for a competitive edge. The ability to seamlessly cross borders is one of the consistent features of all cryptocurrencies, and the top exchanges tend to service customers from almost every country in the world. The biggest names each pick up a significant percentage of what might be a multi-trillion dollar market in coming years, and is already well into the multi-billions. Consider Coinbase for some perspective. It’s perhaps the USA’s biggest name in crypto, but its GDAX exchange is only the tenth largest by volume. Note that the trade volume figures should be taken with a grain of salt, […]
How Australia is becoming a cryptocurrency continent: Markets, Regulations and Plans
The very nature of cryptocurrencies dictate that regulation, control, and by extension, a centralized system, do not fit in with what they stand for. They are supposed to be totally decentralized, and therefore not dictated by many rules. This made a lot of sense when cryptocurrencies were not in the spotlight, and not a major factor on the world stage. However, as mainstream adoption has increased, and more individuals have entered the market, so has the interest from governments and regulators around the world. This has culminated with the G20 summit sitting down and discussing how to fit this decentralized financial system into today’s global society. However, one nation is […]
How you may be confused about Ethereum
According to Coinmarketcap.com, Ethereum is the second largest cryptocurrency by market capitalization. Bitcoin leads with a cap at slightly over US$100 billion, and Ethereum follows at about US$40 billion. While this evaluation is commonly accepted, it isn’t entirely accurate. The assumption places a false equivalence in the mind of anyone exploring the number two cryptocurrency after learning about it through Bitcoin. The coin versus the blockchain Most importantly, Ethereum is not actually a cryptocurrency but a protocol with a blockchain on which, theoretically, an infinite or endless number of cryptocurrencies can reside. Its equivalence is Bitcoin, a protocol with a blockchain that only supports the bitcoin (BTC) cryptocurrency. In the […]
AUSTRAC begins oversight of cryptocurrency
AUSTRAC has implemented new laws that will see it regulate digital currency exchanges operating in Australia. The new laws came into effect on Wednesday and will require Australian cryptocurrency service providers to register with AUSTRAC as well as meet the government’s anti-money laundering and counter-terrorism financing (AML/CTF) compliance and reporting obligations. AUSTRAC released a draft consultation paper in January regarding amendments to AML/CTF regulation to extend it to digital currency providers. In a statement, AUSTRAC chief executive Nicole Rose said the new laws strengthen AUSTRAC’s ability to help cryptocurrency exchanges defend against cyber crime. “It’s recognised that this reform will help protect their business operations from money laundering and terrorism […]
Soros prepares to trade cryptocurrencies as prices plunge
George Soros called cryptocurrencies a bubble in January. Now his $26 billion ($33 billion) family office is planning to trade digital assets. Adam Fisher, who oversees macro investing at New York-based Soros Fund Management, got internal approval to trade virtual coins in the last few months, though he has yet to make a wager, according to people familiar with the matter. A spokesman declined to comment. Soros, speaking at the World Economic Forum in Davos, said digital coins cannot function as actual currencies because of their volatility. But he didn’t predict the hard tumble that some observers had forecast at the time. “As long as you have dictatorships on the […]
This Australian fintech leader says cryptos won’t replace traditional currencies in ‘another three lifetimes’
The value of bitcoin lies in its use as a finite commodity protected by rock-solid cryptography, rather than a currency used to buy goods and services, according to Loretta Joseph, chair of the Australian Digital Commerce Association (ADCA). Joseph spoke to Business Insider following reports that Australian crypto trading exchanges must now comply with standards set out by financial intelligence agency AUSTRAC. The announcement followed an 18-month consultation period between AUSTRAC and the ADCA.“We have defined crypto as a commodity,” Joseph said. “It’s not a currency for use as a means of exchange.” “There was recently a key legal case in New York which defined bitcoin as a commodity. So […]
Aussie cryptocurrency exchange to trial BPAY’s Osko
Cryptocurrency exchange BTC Markets is trialling BPAY’s Osko service as a way to speed up conventional fiat deposits from customers. The company said it would support Osko, which runs as an overlay on Australia’s new payments platform (NPP), which went live in mid-February. The billion-dollar NPP allows banks to send payment messages in real time to each other via the Reserve Bank. In a brief statement, BTC Markets said it would trial Osko for deposits only, but that it expected the service to also support withdrawals within a few months. Osko presents an opportunity for cryptocurrency exchanges to support much faster deposits of fiat currency into their ecosystems, which can […]
