On Monday, June 17, the Chinese mining rig manufacturer Bitmain Technologies announced the launch of a low-cost miner called the Antminer S9 version SE. The new 16 terahash per second (16TH/s) S9 SE is $350 per unit and the launch celebrates the company’s most popular product, the original S9.
Bitmain has launched yet another product for solo miners and large operations, but this particular Antminer is a low-cost mining rig. The company announced the latest Antminer S9 Special Edition (SE) on Monday and the first batch went on sale the following day. The new S9 SE specifications detail that the miner processes the SHA-256 algorithm (BTC and BCH) at 16 terahash per second (16TH/s). The miner takes 1280W from the wall which leads to delivering a power efficiency of 80 joules per terahash (J/TH).
“The legacy that forever left its mark in the mining industry — Introducing a Special Edition miner, the Antminer S9 SE which continues that very same legacy,” Bitmain announced on Monday.
The S9 SE is selling for $350 per mining rig and in order to prevent hoarding the company has limited order to 10 miners per order. The first batch of rigs is expected to ship between July 21-31 on first-paid-first-ship basis. Of course, U.S. residents will have to pay more than the rest of the world because of the current trade war tariffs initiated by Donald Trump. People shipping miners to the U.S. will pay an additional 2.6% tax and an additional 25% import duty tax. The new S9 SE weighs about 4.5kg and when operating the unit puts out around 76 decibels (dB) of sound which is a touch louder than traditional dB outputs. According to the specifications, there are three hash boards with approximately 180 Bitmain-designed chips. However, the S9 SE documentation does not reveal what type of semiconductors are used with the hash boards.
Second Market, Old and Low-Hashrate Mining Rigs
Bitmain’s latest low-cost miner release follows the slew of next-generation miners the company released over the last few months. This includes the Bitmain Antminer S17 Pro (53TH/s), S17 (56TH/s), T17 (40TH/s), S15 (28TH/s), T15 (23TH/s), and the S11 (20.5TH/s). The latest S9 SE version is more comparable to the Antminer S9 Hydro (18TH/s), but without the water functionality.
The low-cost S9 SE comes at a time when mining revenues have been so good that older and low-hashrate devices are profiting. For instance, the 2016 S9 version with 11.5 terahash per second is still profiting by at least $0.75 per day at current prices and at $0.13 per kilowatt-hour (KWh). Coinshare’s latest mining report notes that older S9s are still being sold on the secondary market for “700 or 800 yuan” or “as low as $150 USD.” Even the older Antminer S7s could still be profiting as the June 2019 mining report notes:
With Bitcoin prices where they are at the time of writing it is assumed some people have turned at least a few of these units [S7s] back on.
Moreover, mining has become extremely competitive over the last few months and both BTC and BCH hash rates have been steadily climbing. For example, according to the analytical data from Charts.Bitcoin.com, there’s a total of 56.5 exahash per second (EH/s) with BTC capturing 54 EH/s while BCH has 2.5 EH/s. The Antminer S9 SE release shows Bitmain is taking a stab at trying to capture buyers looking for older or low-cost machines. With BCH above the $400 price zone per coin and BTC beyond the $9K region, any mining rigs processing 11 TH/s or more are profiting with $0.13 per KWh. Of course, many countries such as China ($0.04 to 0.01 per kWh in Sichuan) and Iran ($0.006 per KWh) have far lower electric costs than $0.13 per KWh which would make even lower hashrate producing models profitable.
What do you think about the latest S9 SE mining rigs from Bitmain? Let us know what you think about this subject in the comments section below.
Image credits: Shutterstock, Charts.Bitcoin.com, and Bitmain.
Cryptocurrency usage has been expanding globally and a new survey confirms that trend. The poll conducted by Statista shows that the citizens of troubled countries tend to exploit the benefits of decentralized digital money far more readily than the citizens of thriving nations.
The 2019 edition of the Statista Global Consumer Survey offers a worldwide perspective on consumption and explores how consumers think. It covers dozens of industries and attempts to answer questions like “How many Americans have a video on demand subscription?” and “What is the demographic profile of online food shoppers in the UK?” It polls more than 400,000 consumers in 46 countries.
“How common are cryptocurrencies around the world?” is another key question put forward by the authors of the survey. It’s been asked of around 1,000 people in each participating country. The results present the share of respondents who said they used or owned cryptocurrencies.
According to a summary of the study published recently by Statista, Latin America is a region where crypto holders and users form large minorities. Five of the top 10 countries in the sample are located south of the U.S. border. All of them scored in the double digits in terms of crypto adoption. In Brazil and Colombia, 18% of the respondents have admitted to owning and using digital assets. They are followed by Argentina with 16% and Chile with 11%.
Venezuela is a notable omission in the summary. Uncontrollable hyperinflation has created favorable conditions for wider adoption of cryptocurrencies such as bitcoin cash (BCH). There are now over 200 businesses accepting BCH payments in Caracas and other cities in the country, according to the Marco Coino app. It’s likely that many more merchants, such as the mining parts supplier Coincoin, accept BCH and other major digital currencies.
Inflation-Hit Turkey Leads the Pack, Spain Scores the Highest in Western Europe
Turkey is the pronounced leader among individual countries included in the study. The nation, which sits on the border between two continents, has experienced high inflation in the last couple of years. The depreciation of the national fiat currency, the lira, has resulted in cryptocurrencies steadily gaining popularity. A fifth of the Turkish participants in the Statista poll declared they own crypto.
Elsewhere in Europe, Spain, which has been trying to overcome its own long list of economic and financial problems, is the Western nation with the highest number of cryptocurrency users at 11%. However, Eastern European countries and some in Asia have ranked higher than most developed nations. These include the Russian Federation (9%) as well as China and Indonesia (11% each).
Among the surveyed First World nations, Denmark has scored 8%, followed by Australia with 7%, the United Kingdom and the U.S. with 6% and 5% respectively, and France and Germany with 4%. Surprisingly, only 3% of the respondents from Japan, which is considered a leader in terms of crypto regulations and adoption, confirmed they have real experience with cryptocurrencies.
Do these results surprise you in any way? Share your thoughts on the subject in the comments section below.
This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.
This article feature quotes returned direct from inquiry to the company CEO Gordon Gao. WaykiChain(WICC) CEO Gordon Gao’s credentials are substantial and they include (according to his LinkedIn page) having previously worked as a ‘senior business associate’ at Alibaba.com. His portfolio also lists a tenure as ‘lead data scientist’ at Fishbowl Marketing which, on its website, front-lines the fact that it features clients as huge as Coca-Cola and the National Restaurant Association.
WaykiChain DApp Funding Program:“A Win-Win-Win Business Model”
Gordon announced WaykiChain DApp Funding Program in April. He states that the WaykiChain ecosystem co-building program expects “each role on our public chain to be benefitted” – which is achieved by providing resources for developers, hence users can get a good DApp, which also enriches the public chain ecosystem.
The three way win-win situation is like the flywheel: a dynamic linkage mechanism that will eventually lead to our ecosystem prosperity.
“WaykiChain DApp Funding Program is a developer-friendly program” Gao continues that the team doesn’t intend developers to provide DApps, however they would like to provide developers with help, including: capital, technology, publicity, operation and other aspects.
“It’s all developer-centric.Secondly, what we provide is long-term support and will conduct continuous promotion through media and other large platforms, not only just limited to our community marketing promotion.”
Team Expanding Instead of Layoffs
WaykiChain pays attention to the talent induction. Beyond the senior and executive leadership staff, Gordon Gao says that WaykiChain is pro-actively expanding its core membership,
“Our project’s healthy finances allow us to keep the growth independently. Now we are paying more attention to internal infrastructure and adopting long-term investment strategy.
“The project’s technical talents have expanded four to five times since last year, including the talents of application layer and the public chain development.” Also bear in mind that WaykiChain successes come in spite of having formed in 2018, a tumultuous year for blockchain and cryptocurrencies for economic reasons (as reflected in the market): and a time when many other companies in the industry were laying off employees en-masse.
However, WaykiChain team constantly expands, with an increase in number from around 60 people in 2018 to around 100 people now. This trend of team expansion is suprising in blockchain industry in the hard time, and Gordon Gao mentioned that he is looking forward tobbuilding a world-class leading public chain with the joint efforts of WaykiChianers.
“From nothing to something is really something.”
“Throughout the violent swings; the peaks and valleys experienced by all throughout the restless 2018. We were extremely dedicated.”
“Our vigorous marketing publicity sky-rocketed users + community member numbers to over 300,000, within only a few months.”
Surmounting The Challenges Of Tomorrow
“There is always a solution.”
At present, the market is still skeptical about whether blockchain is profitable. In Gordon Gao’s own words, the WaykiChain business model “lacks experience”, and so the team intends on sticking to its core concept and principles: believing that a fair and transparent business model will always be welcome.
“In order to build a tier-one public chain, we recruit excellent technical talents all over around the world, and provide high treatment and welfare for them; Pay attention to talent training, provides them with their own growth space and prospects.”
“We are committed to conduct technological breakthroughs and will pursuit this project’s image to the whole world.”
“As I might say, there is always a Solution. Difficulties and challenges are nothing to stop us from stepping forward.”
On the technical level: whilst WaykiChain claims a complete plan in this regard, it currently faces a barrier in the form of high-demand for talent – which Gao states is difficult in the bear market. Another challenge is international market expansion. “Due to the cultural differences, there are great differences in people’s concerns between domestic market and overseas market. Fortunately, our team has many talents are overseas returnees.This could do some help. “We are constantly attracting overseas talents, teams and seed users to join us; and the greatest two values we seek in this capacity are effort and time. Our team’s exploration of overseas markets and industry knowledge keep progressing.”
What Makes WaykiChain Exceptional? –Development Strategy 2019
“Filter the Noise and Stay Ahead of the Pack”
WaykiChain meets the criteria of defining factors for public and investor importance laid out in the introduction (such as technical, conceptual, and quantitative standards of excellence). This is why we have decided to feature the project, which arguably saw its formative years in 2018 – when it seemed that the bear market was never going to end. Gordon Gao has keen industry insights. He gives out overall development strategy 2019 and his win-win-win business model. Gordon states that this was “the best time (in our opinion) to ‘polish’ the sword.” by “improving security, stability, efficiency and convenience for our public chain’s bottom layer” whilst “cultivating technology developers, building communities, and building overseas consensus.”
According to Gordon, WaykiChain’s development plan for this year can be
summarized into focuses on three major parts:
To open up the business model.
Public chain development.
Global consensus building.
1. Business Model Open-up:
The business model open-up we expected is to let each role in the ecosystem get the best benefits through the decentralized system. Here, the three main roles I mentioned include users: developers and the public chain.
Open source enables developers and users to participate in deployment and provides operators with simpler and easier products. WaykiChain provides a technology platform for any operator to reach users for profit. Users can also choose their own games. When users become active on our public chain, WICC will become increasingly popular. It forms a win-win-win situation.
2. Public chain development
Public chain development is a very complex and huge system, it involves many aspects. The most important is the public chain technology construction. Technology construction can also be divided into four aspects: security, stability, efficiency, and usability.
To ensure the technical security of the entire public chain, including security monitoring, such as black swan event warning and processing mechanism, emergency system and continuous repairing of public chain loopholes. The teams are constantly testing the public chain for vulnerabilities every day. In addition, the company hired a professional code auditor to conduct a comprehensive and detailed code audit of WaykiChain.
We also released a reward program for security breaches.Once a bug found, we reward the bug-finder. This needs to be done consistently in a long run.
Opening up business model is to let each role on public chain get profit. In addition to constantly optimizing and improving the stability of public chain, we will also set up a 24-hour emergency rescue team later.
If there is any problem with the public chain, we will immediately check and repair it to ensure the long and stable operation of the public chain.
To enhance the efficiency of public chain mainly refers to the improvement of public chain performance, increase of transaction speed, TPS.
‘Usability’ means that developers can easily and quickly access the public chain:
it includes development usability and functional usability. ‘Development usability’ refers to the improvement of virtual machines, the improvement of developer tools and documentation, and the easy access of invoking various interfaces. This is why we feature our own stablecoin (WICC) which we expect to be designed at the bottom layer of the public chain. Stablecoin is the shortest path on the real asset chain and also the easiest path to understand.
A stablecoin can keep the corresponding value of digital currency stable and are more suitable for circulation in application scenarios. With the support of a stablecoin, we can build a bridge between the physical world and the blockchain world.
A stablecoin is a cryptocurrency designed for price stability, such that it can function as medium of exchange and unit of account as an alternative to fiat currencies. It should generally be as effective for making payments as the RMB, but still exhibit the characteristics of WICC; transaction immutability, censorship resistance and decentralization.
For the general public, the price fluctuations of cryptocurrencies are actually pretty hard to accept.But stablecoins are easier to circulate in application scenarios and are more easily accepted by the public because of their constant value. That’s why It can also helps us to make it easier for developers to develop DApps on our public chain.
Through the above four points, we are committed to helping developers more easily develop their own DApps on our public chain and more easily achieve commercial value.
3. Consensus Building
As for consensus building, we will focus on overseas consensus building, the overall digital currency market in China is getting smaller.
Now digital currency opportunities are more from overseas. We already have a certain degree of popularity in China, but overseas market is a new world for us. Our overseas market penetration rate is still very small, which means that the overseas input-output ratio will be much higher.
The third reason is that at present, the whole digital currency is still affected by the bear market downturn. Domestic users and foreign users hold entirely different ideas towards market float.
Overseas users concerns more about the project progress and technological innovation. It’s more consistent with our overall strategy.
This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
On Monday, Bitcoin Cash (BCH) supporters learned that the popular website that focuses on U.S. court documents and the litigation system, Courtlistener.com, is accepting BCH for donations. Courtlistener captures hundreds of thousands of visitors every month by making high quality legal data widely available.
On June 17, one of the moderators of the Reddit forum r/btc (Beijing Bitcoins) announced that he’d again convinced a very popular website to accept BCH donations. Last March, the avid BCH supporter persuaded the owner of Chess.com to accept the decentralized currency for subscriptions. This time around, he emailed the popular litigation website Courtlistener.com and convinced them to accept bitcoin cash as well.
“I’ve been relying on this site a lot recently to follow developments in the Kleiman v. Wright case and I noticed that their donation page already had BTC as an option, so I decided to shoot them an email,” the r/btc moderator stated.
“I notice that your donation page already includes the option to donate with Bitcoin (BTC),” the email to Courtlistener read. “Unfortunately, the fees on BTC are very high rendering it not-very-useful for smaller donations.” The email added:
Bitcoin Cash (BCH) is a forked version of BTC that increased the network capacity and has perpetually minimal fees (average ~$0.001 per transaction compared to $2.70 per transaction on BTC). Note that these fees are not only the cost the donor has to pay to send you money, but the fee that you will need to pay yourselves whenever you need to move the bitcoins.
Bitcoin Cash Added to the Courtlistener Donation Page
A few days later, Courtlistener wrote back and said: “Hi, thanks for the suggestion. I went ahead and added Bitcoin Cash and Ethereum to our donate page: https://www.courtlistener.com/donate/ We really appreciate your support.” The BCH community was pleased to hear the news of another well known site accepting bitcoin cash. Launched in 2010, Courtlistener is one of the core subdivisions of the Free Law Project, a 501(c)(3) nonprofit designed to provide free legal materials and research tools.
Free Law Project founders Brian Carver (upper left) and Michael Lissner (lower right).
The Free Law Project supports academic research and Courtlistener much like Pacer provides court documents and filings in one repository but for free. The site is popular throughout the U.S. and gets about 700,000 to 1 million views per month according to Alexa rankings. The project was founded by Brian Carver and Michael Lissner in order to increase the public’s access to the law.
On the r/btc forum post, the Free Law Project responded to all the BCH supporters celebrating the news. “Thanks for reaching out — We really do like hearing from folks and trying to make people happy,” the organization’s Reddit account replied. “We don’t watch cryptocurrency super closely and were just waiting for the ecosystem to get a little more mature before adding something beyond just regular Bitcoin — Seems like Bitcoin Cash is there.”
What do you think about Courtlistener.com accepting BCH donations? Let us know what you think about this subject in the comments section below.
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 Bitcoin.com Markets, another original and free service from Bitcoin.com.
Seeing the value of your portfolio fluctuating can keep you up at night or push you to sell when prices are low, especially in a fast moving market like cryptocurrency. Luckily, there are ways to mitigate that.
Dollar cost averaging (DCA) is a technique that aims to reduce the impact of market volatility by cutting up a big investment into several parts of equal value and staggering your entry over a longer period of time. For example, if you want to buy $1,000 worth of bitcoin cash you might elect to purchase $100 of BCH at the start of every month over a 10-month period. This way if the price goes down after you begin your entrance to the market, the next purchases will get you more cryptocurrency and if the market goes up over a period and then back down you will be less impacted because you bought part of your portfolio when prices were lower earlier.
Obviously such an investment strategy will result in weaker performances under some market conditions, such as if the price skyrockets tomorrow and stays at a high level or if it just constantly increases. However, it will also prevent you from losing a major chunk of your investment if the market crashes right after you made a big move, which is a fear many people share. It additionally mitigates the risk of you panic selling when the price suddenly falls 10% or so if you bought most of your coins when the price was half of that a year before and so on average each coin you hold is still more valuable than it cost you.
As for actual implementation of cryptocurrency investing with dollar cost averaging, you need to set a schedule for buying and stick to it. You can buy bitcoin cash with credit card here or in a peer-to-peer fashion with Local.Bitcoin.com. Some platforms also offer a way to do this automatically, such as setting up a recurring buy on Coinbase.
What do you think about dollar cost averaging? Share your thoughts in the comments section 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 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 Bitcoin.com Markets, another original and free service from Bitcoin.com.
[Osaka, Japan, 18 June 2019] Legislators have shown their support for the V20 Summit which is set to take place alongside the G20 Leaders Summit in Osaka, Japan, 28 & 29 June 2019. The event will convene G20 representatives, national blockchain associations, the world’s leading Virtual Asset Service Providers (VASPs) and legislators from jurisdictions to discuss implications and explore possible technical solutions to achieve the desired outcomes of a new set of recommendations proposed by the Financial Action Task Force (FATF).
“What we are hearing from industry is that the new rules may have the opposite effect to which they were intended, effectively forcing crypto transactions off the controlled platforms, which are currently one of the best avenues we have in gaining visibility over financial crime” said ex-FATF President, Roger Wilkins AO and former secretary Australian Department of the Attorney General, who will deliver a keynote speech at the V20 Summit. “As a former regulator, I recognise how important it is to identify a balanced solution that implements the recommendations of the FATF while also building the opportunity for business,” added Wilkins.
While FATF Recommendations are internationally recognised, they are not legally binding. It is up to each jurisdiction to implement the rules into local law. The V20 will explore the role of national jurisdictions in ensuring that regulations impacting on blockchain technology are both effective and balanced.
“The VASP industry recognises the importance of clear regulation in preventing financial crime and mitigating corruption,” said Japanese Congressman Naokazu Takemoto. “Japan has led by example and we are delighted to share our learnings with industry and the international community,” said Takemoto.
Japan, the host nation for this year’s G20 Summit, granted its cryptocurrency industry the authority to self-regulate in October 2018. It is the only country in the world to achieve this legislative status.
“We must step together as a group of forward-looking legislators to encourage our national and cross-border interests, as we continue to build the thriving economies of tomorrow,” said Taiwanese Congressman Jason Hsu, who will also speak at the V20 Summit. Nicknamed ‘The Crypto Congressman’ by Ethereum co-founder Vitalik Buterin for his plans to make Taiwan the world’s next blockchain island and crypto nation, Hsu has called upon other legislative leaders to back the movement.
The V20 is hosted by the Singapore Cryptocurrency and Blockchain Industry Association (ACCESS) and the Australian Digital Commerce Association (ADCA), with the support of the British Blockchain and Frontier Technologies Association (BBFTA), the Korean Blockchain Association (KBCA), the Hong Kong Blockchain Association (HKBA), the FinTech Association of Hong Kong (FTAHK), and in cooperation with Global Digital Finance (GDF).
The Financial Action Task Force has kicked off its meeting to discuss global cryptocurrency regulations which the G20 countries have committed to follow. Meanwhile, the crypto industry has raised concerns regarding some recommendations, and a meeting has been set up to coincide with the G20 summit to influence policymakers.
The Financial Action Task Force (FATF), the global standard-setting body in areas such as combating money laundering, kicked off its plenary week Sunday. “For the first time under the FATF’s new, open-ended mandate, representatives from the 205 members of the FATF Global Network, the IMF, UN, World Bank and others will meet for FATF Week in Orlando, Florida,” the FATF elaborated:
During six days of meetings, they will discuss a range of important issues, focused on protecting the integrity of the financial system and contributing to global safety and security. This includes further progress in the regulation of virtual assets, with strong support from the G20.
A Financial Action Task Force meeting.
The first topic of discussion listed is the long-awaited “Interpretive Note and Guidance on Virtual Assets.” Also on the agenda is “The FATF report to G20 leaders.” The FATF has also confirmed that its president will give a press briefing on the outcomes of the discussions on June 21.
At the G20 Finance Ministers and Central Bank Governors Meeting in the Japanese city of Fukuoka on June 8-9, the G20 countries issued a joint statement regarding crypto assets. Noting that “Technological innovations, including those underlying crypto assets, can deliver significant benefits to the financial system and the broader economy,” their statement reads:
While crypto-assets do not pose a threat to global financial stability at this point, we remain vigilant to risks, including those related to consumer and investor protection, anti-money laundering (AML) and countering the financing of terrorism (CFT).
Group photo of the G20 Finance Ministers and Central Bank Governors Meeting in Fukuoka, Japan.
The G20 also reaffirmed its commitment to comply with the FATF’s new crypto asset guidance that is expected to be announced at the end of the plenary. The member countries jointly stated:
We reaffirm our commitment to applying the recently amended FATF standards to virtual assets and related providers for AML and CFT. We look forward to the adoption of the FATF Interpretive Note and Guidance by the FATF at its plenary later this month.
The FATF is expected to announce its standards based on the draft of its proposed guidance issued on Feb. 22 to clarify how they apply to activities or operations involving crypto assets. The private sector was invited to provide feedback on the guidance. “The text of the new Interpretive Note has been finalised, and will be formally adopted as part of the FATF standards in June 2019,” the FATF has revealed.
Some requirements stand out as being particularly challenging to comply with. Blockchain forensics firm Chainalysis explained that, according to the FATF, “Countries should ensure that originating VASPs [virtual asset service providers] obtain and hold required and accurate originator information and required beneficiary information on virtual asset transfers, submit the above information to beneficiary VASPs and counterparts (if any), and make it available on request to appropriate authorities,” asserting:
This would require VASPs not only to verify their customers’ identities, but also to identify the recipients of their customers’ transfers, and transfer that information. This would be applicable to all transactions above a 1,000 USD/EUR threshold.
Noting that “FATF’s guidance, as it is currently drafted, would have profound implications for the cryptocurrency industry,” Chainalysis outlined some roadblocks in the feedback it sent to the FATF. “There are clear technical obstacles that prevent cryptocurrency businesses from being able to comply with these standards,” the firm wrote, adding that cryptocurrency’s peer-to-peer nature implies that “In most circumstances, cryptocurrency exchanges are unable to tell if a beneficiary is using another exchange or a personal wallet.”
Moreover, “There is no infrastructure to transmit information between cryptocurrency businesses today,” the firm continued, noting that complying with the requirements could “drive activity to decentralized and peer-to-peer exchanges, and lead to de-risking by financial institutions. Such measures would decrease the transparency that is currently available to law enforcement.”
Jeff Horowitz, Coinbase’s chief compliance officer, explained to Bloomberg that “The FATF really needs to consider the many unintended consequences of applying this specific rule to VASPs,” emphasizing:
Applying bank regulations to this industry could drive more people to conduct person-to-person transactions, which would result in less transparency for law enforcement.
John Roth, Bittrex’s chief compliance officer, concurs. Describing to the publication that compliance will be costly given that wallet addresses are largely anonymous and exchanges currently have no way of knowing who the recipients of the funds are, he remarked:
It’s either going to require a complete and fundamental restructuring of blockchain technology, or it’s going to require a global parallel system to be sort of constructed among the 200 or so exchanges in the world … You can imagine difficulties in trying to build something like that.
Mary Beth Buchanan, Kraken’s general counsel, told the publication that a handful of U.S. exchanges are already discussing how to set up such a system. “There’s not a technological solution that would allow us to fully comply. We are working with international exchanges to try to come up with a solution,” she said.
Effects of Noncompliance
Chainalysis further explained why countries are very likely to comply with FATF’s rules, asserting:
FATF’s size and scope is massive, and if a country is deemed deficient regarding AML/CFT, FATF will add the country to its list of non-cooperative countries.
Being on this list of non-cooperative countries “would have a substantial effect on potential financial borrowing from institutions like the IMF and World Bank, lead to a downgrade in country ratings by the likes of Moody’s, S&P and Fitch, affect its bond market, and potentially lead to a loss of access to the Euro and/or USD,” the firm believes.
Some G20 countries have already started implementing the standards they discussed with the FATF including Russia, Japan, and South Korea, as news.Bitcoin.com previously reported.
Other Standards G20 Has Committed To
In addition to supporting the FATF standards, the G20 finance ministers and central bank governors made several other announcements at the end of their meeting in Fukuoka. After welcoming the work by the Financial Stability Board (FSB), an international body that monitors and makes recommendations about the global financial system, the member countries jointly stated:
We ask the FSB and standard setting bodies to monitor risks and consider work on additional multilateral responses as needed.
“We also continue to step up efforts to enhance cyber resilience, and welcome progress on the FSB’s initiative to identify effective practices for response to and recovery from cyber incidents,” their statement continues. The G20 additionally welcomed the work by the International Organization of Securities Commissions (IOSCO) “on crypto-asset trading platforms related to consumer and investor protection and market integrity.”
Coinciding with the G20 summit, a number of leading crypto exchanges have set up a meeting with financial regulators and global policymakers to debate the FATF proposals with the aim to “change a new data gathering rule they say could stymie their businesses,” Financial News reported Monday. The news outlet detailed:
The event, billed as the V20 summit, has been thrown together with just six weeks’ notice in order to coincide with the G20 summit in Osaka on June 28 and 29.
According to the event organizers, executives from major cryptocurrency exchanges including Circle, Coinbase, Bitflyer, Kraken and Huobi have confirmed attendance. Other expected attendees include Japan’s Financial Services Agency, congressmen from Taiwan, Japan and Australia, the regional economic counselor from the embassy of France in Japan, and a number of country representatives from the FATF including the U.K. secretariat. The publication added that invitations have also been sent to many G20 attendees including finance ministers and central bankers.
What do you think of the FATF’s upcoming guidance on crypto assets? Let us know in the comments section below.
Images courtesy of Shutterstock, the Japanese government, and the FATF.
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The Bitcoin Cash community has greatly advanced its efforts to support the sustainability of the cryptocurrency with a fundraiser whose contributions are donated to developers. The campaign has already reached the 95% milestone out of an initial goal of raising 800 BCH for the development fund by Aug. 1, 2019.
A number of big donations to the Bitcoin Cash Development Fund have just brought the total community contribution made to the campaign very close to the 800 BCH goal. As of the time of writing, with 44 more days to go, about 760 BCH ($326,800) has already been raised from almost 900 donors, promising that the funding drive will surely be a resounding success by the August 1 Phase One deadline.
The money collected in this fundraiser is to be donated in full to the development teams of Bitcoin ABC, Bitcoin Unlimited, BCHD, and Bcash. It will give them the capital they need to keep working on advancing the technological infrastructure of the cryptocurrency. This is the Bitcoin Cash community’s way of ensuring the future functionality, security, and success of the cryptocurrency as a decentralized project supported by multiple groups.
The Bitcoin Cash Development Fund was launched on May 30, 2019 by the not-for-profit FVNI Development Society in collaboration with Bitcoin.com, Bitcoincash.org, Electron Cash, Bitcoincash.com and an additional number of supporters from China. You can take part in the community funding effort by visiting one of these websites: Bitcoin.com/fundraise, Bitcoincash.org, Electroncash.org and Bitcoinabc.org.
The front page of Bitcoincash.org displays a BCH donation address for the General Fund and a corresponding QR code you can scan with your wallet. Bitcoin.com’s portal lists the main address plus four individual addresses needed to make a donation to a specific development team. On the Bitcoin.com/fundraise page you can also donate to any of the teams using the Badger Wallet. If you are a Badger Wallet user simply press the “Donate With Badger” button and it will trigger the Badger app.
What do you think about the Bitcoin Cash Development Fund? Share your thoughts in the comments section below.
Images courtesy of Shutterstock, and Bitcoincash.org.
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 Bitcoin.com Markets, another original and free service from Bitcoin.com.
Monarch is changing the world of Crypto. With a Universal Decentralized Crypto Wallet, The MonarchPay payment solution allowing businesses and individuals the ability to receive BTC & ETH payments and get paid in Fiat, along with the Monarch Marketplace & Motor, Monarch is on track to become the One Platform to Rule Them All.
The Monarch Wallet: ONE APP TO ACCESS THEM ALL
Monarch combines all your favorite blockchain services in one place. One login, one KYC for all-supported blockchain or crypto services, with access to all supported cryptocurrencies, and access to all supported services. Monarch has partnered and will continue to partner with the top blockchain projects to provide users with the best services in one simple app. Monarch is the must-have App for all users, traders, holders, investors, and merchants.
We stopped reinventing the wheel; we don’t need to create every service ourselves. We embrace all projects that have value. From all the best DEFI services to video games, partners can plug into the Monarch Motor and be powered by our Wallet and Users. Those who do so join the Monarch Blockchain Alliance.
Monarch For Users: Includes decentralized crypto storage/sending/receiving, one login & KYC process, access to the best in crypto services, and just one app to access them all.
Monarch For Merchants: Includes fiat to crypto, crypto to fiat, and opens businesses/merchants up to new revenue potential & users.
Monarch For Partners: Includes Monarch Motor integrations, access to Monarch users, partner development services, revenue share, and marketing exposure.
All of which supports Monarch’s Vision to bring the world’s best crypto services and companies to one safe, easy-to-use place, The Monarch Wallet.
What is The Monarch Wallet?
The Monarch Wallet is a blockchain-based Universal Decentralized application, making crypto easy and straightforward to use. The Wallet currently allows storage/sending/receiving of over 1900 cryptocurrencies to include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Stellar (XLM), Go-Chain (GO), TrueUSD (TUSD), all ERC20 and SLP Tokens. The Wallet also has an ERC20 Decentralized Exchange, Portfolio Tracker, and Updated Market & News Sections. These are services that everyone can use.
There are gated or limited services only available to those who pass KYC verification with Monarch and their partners. These services are part of the Monarch Marketplace, powered by the Monarch Motor and include a crypto fiat gateway, crypto APR% interest earning and crypto payment invoicing with many more features and services soon to be released. You can learn more about the Monarch wallet by watching the video here: https://youtu.be/-ayqyXP-ImA
Applications of Monarch
As a Crypto Wallet, Monarch solves the following problems:
One App, Not Ten: Just one app that includes the best blockchain services along with secure decentralized storage for most if not all your cryptocurrencies & digital assets. There is no more need to have multiples of apps to manage all your cryptocurrencies and digital assets.
Limited Capability With Most Crypto Apps: The Monarch Marketplace will feature more services and integrations for the Monarch Wallet while giving users the power, control, and flexibility to choose what services they want to opt-into all from one app, one kyc process, and easy to manage one place.
Expensive Fees: Monarch charges competitive fees for the majority of its services, but if users utilize the Monarch Utility Token (MT), they can reduce these up to 50%, further ensuring some of the lowest fees for popular services like Crypto-to-fiat, fiat-to-crypto, paying bills, sending crypto, exchanging crypto, and more.
What is the Monarch Utility Token (MT)??
MT is an ERC20 token used similarly like the Binance BNB token to lower fees for the majority of services inside the Monarch Wallet/Exchange/Marketplace. It is also the Medium for Monarch MTS dividend distribution.
Monarch is looking to raise a total of 5.5 Million USD during the LATOKEN IEO. They are offering participants a 60% discount until June 23rd, which places the price per MT at just $0.04 per token. Then from June 24th until June 30th the token price will only be discounted by 40%, making the token price $0.06 per token. Normal prices for the token are $0.10. On top of the discounts, LATOKEN is holding a BUY&HOLD competition which allows qualified users the ability to earn up to 10% more tokens.
Monarch’s central team consists of a decentralized group of over 15 people located in America and a few other countries. Advisors include a group of 9 people, including the founder of Bitcoin.com, Roger Ver, and Co-founder of LinkedIn, Eric Lee.
The IEO for Monarch is now Live; launched June 7th, on the LAToken platform.
Quantity sale: 137,000,000
Price: June 7-23rd, 60% discount from the standard $0.1 ($0.04 USD per token) June 24th – 30th, 40% discount ($0.06 USD per token)
Accept payment: ETH
Q2 2018: MVP: Cold Wallet Storage for BTC + ERC20 Tokens, Portfolio Tracker, Cryptocurrency News, Market Data.
Q4 2018: Continuous Additional Coin Support, Portfolio Tracker – Exchange API Integration.
Q1 2019: Monarch Decentralized Exchange, Fiat Support, Interest-Earning Accounts.
Q2 2019: Token Distribution, Dividend System for Monarch Security Token, Universal KYC, Decentralized Recurring Payments, Bitcoin Cash SLP Integration.
Q3 2019: Exchange Listings, ERC721 Support, Additional Coin Support, Crypto Loans, Merchant Crypto Fiat Support
Q4 2019: Cryptocurrency Tax Form Generator, STO & ICO Platform, Launchpad, Additional Coin Support, Encrypted Calls and Text in-app, Further Partner Integrations, ERC721 Games Integration, Additional Coin Support.
Q1 2020: MONARCH MOTOR: Continued Onboarding and Integration for Major Blockchains and Cryptocurrencies. MONARCH MARKETPLACE: Hundreds of Blockchain Products and Services Made Accessible within the Monarch Marketplace.
Bitcoin cash merchant acceptance has grown significantly over the last year according to the BCH merchant directory Marco Coino. One specific region, North Queensland, Australia has an extremely dense population of bitcoin cash accepting retailers. This week, News.Bitcoin.com spoke with Coinspice Executive Editor Hayden Otto about the influx of adoption in North Queensland and how it’s become a hub for bitcoin cash supporters.
Digital currency acceptance is a big deal to bitcoin cash proponents and many supporters work tirelessly every day to get online merchants and brick-and-mortar retailers to accept BCH for goods and services. Right now, according to Marco Coino data, there are three specific regions which have a great number of BCH accepting merchants compared to the rest of the world — Slovenia, Japan, and North Queensland, Australia.
Hayden Otto, Executive Editor for the publication Coinspice, chatted with News.Bitcoin.com this week about the vast amount of BCH support in the northern part of the massive Australian state. Otto can be seen in a number of videos giving people lessons on how to use BCH, promoting bitcoin cash to retailers, teaching people how to use Local.Bitcoin.com, and regularly discussing important BCH topics on social media. The young entrepreneur explained to our newsdesk why North Queensland (NQ) residents prefer the “cash version” of Bitcoin and how other cities and towns worldwide can emulate NQ’s virality for bolstering crypto payments that work.
News.Bitcoin.com (BC): So when did North Queensland (NQ) really start taking off as far as BCH adoption is concerned?
Hayden Otto: There was BTC adoption from 2011 or so that naturally switched to BCH at the fork. Pretty much all BTC held in the region was dumped for BCH in the weeks immediately following the fork. NQ has always been pro the cash version of Bitcoin with good local networks that were immune to Blockstream/Core narratives. I think that long history has meant that BCH adoption hasn’t been an overnight thing, however, something did change in late 2018 where I suspect a critical mass was gained.
BC: Why do you think BCH is so prevalent in North Queensland?
Hayden Otto: Early on, the merchants decided to adopt BCH exclusively. Supporting a single cryptocurrency allows a merchant to adapt quickly with minimal training but the big plus turned out to be that such installations allowed the extraordinary properties of Bitcoin BCH to shine.
Particularly BCH’s speed advantage which has a huge influence on the user payment experience. Merchants supporting Bitcoin BCH were viewed as trendy and modern by customers and the merchants really responded to that energy and engaged the community.
Over the last two years, there have been many photos shared on social media demonstrating NQ’s passion for bitcoin cash.
BC: There’s a video of you using Bitcoin.com’s BCH Register app at the Grand Central Cafe (GCC). Can you tell us how the Grand Central Cafe got introduced to the app?
Hayden Otto: GCC does a lot of BCH business and was originally onboarded with the Bitcoin.com Wallet. When the BCH Register App became available, the local BCH merchant group chose them to trial it.
BC: Can you tell our readers about the North Queensland BCH meetup?
Hayden Otto: They always get a good turnout for their meetups and typically it is a combination of merchants, users, and business leaders. There are many smaller meetups that typically occur on a weekly basis and on a less frequent basis they hold a large meetup and organise a speaker to video call in. At their last major meetup, Gabriel Cardona and Corbin Fraser were speakers while Amaury Séchet and Andy Murphy were organized for the one before. With these large meetups, attendees are always sporting custom T-shirts, BCH gadgets, badges or just wearing lots of green.
BC: You’ve filmed a lot of videos onboarding BCH merchants. Can you tell us what drives you to do this?
Hayden Otto: I think emergent_reasons said it best: “We have the morally pleasant benefit of not needing to lie to do great marketing.” I’ll onboard until Bitcoin BCH becomes the first global currency.
BC: Who owns the BCH mobile with the green Bitcoin Cash symbol that’s posted in a lot of NQ pictures shared on Twitter and Reddit regularly?
Hayden Otto: The BCH car(s) belongs to a local Bitcoin BCH enthusiast who created them from donations and input from local suppliers and made them available to the local BCH community for events or visiting VIPs.
BC: There’s a BCH-only automated teller machine (ATM) in North Queensland correct? Can you tell us about the machine?
Hayden Otto: There are actually many Bitcoin BCH-only ATMs in North Queensland. With recent changes to AML/CTF laws, they have been temporarily withdrawn from service while they are modified for compliance. I have tested the prototypes, they’re great. Watch this space.
NQ has a few Bitcoin Cash mobiles.
BC: What’s your opinion on the current state of BCH adoption right now?
Hayden Otto: Bullish. There are many Bitcoin BCH startups in North Queensland, several with million dollar plus seed capital.
These companies are still mostly in stealth mode but products are beginning to reach test stage. There is a lot of Bitcoin BCH momentum in North Queensland that has yet to be reported on.
BC: How can other towns and cities emulate what’s happening in North Queensland with BCH adoption?
Hayden Otto: There are some simple rules:
Merchants need nothing more than a Bitcoin.com Wallet to get started.
If anybody in your user group wants to purchase some BCH, consider underwriting a merchant instead. Purchasing coins from a merchant is cheaper than getting them from an exchange and the coins stay in the community.
Spend and replace – this costs you nothing but it provides great examples to others. Merchants will start encouraging users with specials and so on.
What do you think about all the merchant adoption in North Queensland, Australia? Let us know what you think about this subject in the comments section below.
Image credits: Shutterstock, Twitter, Hayden Otto, Reddit, Marco Coino, and Pixabay.