Bitcoin cash may be a house of cards that comes crashing down
To recap, on Tuesday, bitcoin split in two following a years-long battle in the community over the rules that should guide the cryptocurrency's network.
That split resulted in the creation of a new cryptocurrency, bitcoin cash, which has the same basic underpinnings, but plays by different rules. In essence, it's almost like bitcoin cash is a copy of bitcoin, but it's built to process more transactions and faster.
Following the fork, bitcoin investors who had their holdings in certain wallets and on certain exchanges now have just as much bitcoin cash as they do bitcoin. But only folks on exchanges are able to actively trade it.
The 95% of bitcoin cash holders who have their bitcoin cash in a private wallet, according to Aaron Lasher, the chief marketing officer of Breadwallet, can't do anything with it.
Full story at http://read.bi/2usSKjA
Source: Business Insider Nordic
Suddenly, Bitcoin Exchange Poloniex Changes Terms of Use, Triggers Alarm
Bitcoin exchange Poloniex recently notified users of changes to the site’s terms of use, triggering some degree of alarm on the /r/bitcoinmarkets subreddit.
"While Poloniex did not highlight the changes that were made, Reddit user NLNico parsed the document and composed a long list. There are some surprising changes, including bizarre items such as a claim to own anything that a user writes about the exchange on its social media accounts."
Users are also required to agree not to use a web crawler to access any of their pages and are informed that stop loss orders may not execute.
Full story at http://bit.ly/2utg9RF
Source: CoinTelegraph
Bitcoin Users Get Dedicated Tax Reporting Software in US
Blockchain Software as a Service startup Node40 has released its cryptocurrency tax reporting product for Bitcoin users.
Having initially been available for Dash traders, the company’s Balance software is now able to to calculate Bitcoin gains for tax reporting purposes precisely.
The tool is a direct response to increased scrutiny from US authorities, not least among which the IRS’ ongoing battle with Coinbase amid surging user numbers.
“The IRS Coinbase summons motivated Dash owners to use our service and get their records in order for the 2016 tax season, and Bitcoin owners have well and truly been put on notice,” CEO Perry Woodin said in a press release about the launch.
Full story at http://bit.ly/2ut1Yfz
Source: CoinTelegraph
Coinbase says it will support Bitcoin Cash after all — but it isn’t committed to trading yet
Coinbase, one of the world’s largest (if not the) largest cryptocurrency exchanges, has reversed its stance on Bitcoin Cash and said it will introduce support for the fork next year.
Coinbase was among numerous exchanges to opt out of trading Bitcoin Cash after it came into existence on August 1 on the grounds that it wasn’t proven or safe. Beyond refusing to facilitate trading, Coinbase also said it wouldn’t allow customers storing original Bitcoin on its platform to claim their Bitcoin Cash entitlement. Those who wanted it were told to remove their coins and go elsewhere to do that.
But now the company — which was started by former Airbnb engineer Brian Armstrong (pictured above) and is reportedly raising funding at a $1 billion valuation — has changed its stance slightly. It told customers via email that it will introduce “support” for Bitcoin Cash by January 1.
“Once supported, customers will be able to withdraw Bitcoin Cash. We’ll make a determination at a later date about adding trading support,” Coinbase said.
Full story at http://tcrn.ch/2usYeuH
Source: https://techcrunch.com
Two of the world's largest digital currency exchanges have changed their minds and decided to support the new asset "bitcoin cash", but customers will have to wait until January 2018 to gain access to their tokens.
"We've examined all of the relevant issues and have decided to work on adding support for bitcoin cash for Coinbase customers," David Farmer, director of communications at Coinbase, posted online on Thursday. An almost identically worded press release was posted by GDAX.
"We are planning to have support for bitcoin cash by January 1, 2018, assuming no additional risks emerge during that time."
Coinbase, which claims to have 9 million users, and its subsidiary the Global Digital Asset Exchange (GDAX) initially told customers they could not safely support the new crypto currency created on Tuesdayon their exchanges, citing concerns about the asset's stability and security.
Full story at http://cnb.cx/2utA1Ed
Source: CNBC
150 Bitcoin ATMs Coming to Ukraine
150 Bitcoin ATMs will be installed in Ukraine this year, including 20-30 machines set to be installed on the streets of Kiev, the capital city of Ukraine, by the end of the summer.
Approximately 20-30 Cryptomat Bitcoin ATMs (BTMs) will be installed in Kiev by the end of the summer, Michael Chobanian, founder of Kuna Bitcoin Agency and Kuna Cryptocurrency Exchange, told UBR this week. He also said:
By the end of the year, around 150 Bitcoin ATMs will be installed throughout Ukraine. This is at the request of one customer who contacted us. Plus, there is a constant demand from entrepreneurs across Ukraine who want to engage in this business, that is, buy terminals and sell cryptocurrencies.
Currently, there is only one BTM in Ukraine shown on Coinatmradar, a website that tracks BTMs globally. This 2-way BTM was installed in late April and is located in Odessa, a port city on the Black Sea in southern Ukraine. It is the first BTM in the country, according to UBR.
Full story at http://bit.ly/2utA1UJ
Source: Bitcoin News
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