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The hottest news coming out of the Bitcoin world is it being split into two. The hard fork, everyone was eagerly waiting for was carried out on August 1st and we no more have Bitcoin – the lord of the crypto – as a single entity. Yes, now there are two bitcoins:! BTC (original Bitcoin) and Bitcoin Cash or BCH (forked version of Bitcoin).

what is bitcoin cash?

Bitcoin Cash is similar to Bitcoin in terms of protocol: same block time, 21,000,000 supply, proof of work SHA-256 hashing, and the same reward system.

However, two of the main things that separate it from Bitcoin are: block size limit and the difficulty level.

Bitcoin Cash proposes to expand the block size to 8 MB compared to Bitcoin which offers a block size of just 1 MB. The other major difference between the two crypto-bros is difficulty level as BCH will adjust the difficulty every 6 blocks as opposed to Bitcoin’s 2016 blocks.

Some other differences are discussed in the following part of the article.

What Is The Difference Between Bitcoin And Bitcoin Cash?

  • BCH is an altcoin forked off Bitcoin
  • It separates blockchain and bumps up the block size up to 8MB
  • It removes Segwit
  • If the split is not successful or the community refuses the usage, BCH will soon diminish after the split.

How To get Bitcoin Cash?

Before obtaining Bitcoin Cash, make sure you go through the following points:

Get Your Private Key Ready:

Get a private key to make sure you have access to Bitcoin wallet. Having a private key is essential as without it, there is no way you can access the coins.

Create A BCH Wallet:

In order to keep Bitcoin Cash somewhere, you will need to create a BCH wallet. This will help secure your bitcoins and also assist to make transactions.

Do Not Trust Anyone:

Do not trust anyone, I repeat, do not trust anyone under any circumstances. You will be contacted with numerous scammers/tricksters whose sole purpose is to steal your coins. You can avoid them by not responding back and keeping your private key unrevealed.

What Are The Exchanges And Wallets That Except BCH?

bitcoin vs other cryptocurrencies:

The list of Exchanges/wallets that except BCH include:

  • Bitfinex
  • com
  • BTCC
  • CoinFloor
  • Quoinex
  • ViaBTC
  • Cryptopia
  • Jaxx
  • Korbit
  • HitBTC
  • Huobi
  • OKCoin
  • Bitflyer
  • Bithumb
  • Bittrex
  • Kraken
  • OKEx
  • Yobit

Wrap Up:

The word is, we now have two bitcoins: Bitcoin and Bitcoin Cash (BCC or BCH).

Just remember to be cautious while splitting your BTC and read as much about the split as possible. Hopefully, you made most of the split and are now enjoying your free coins.

Do let us know how the split turned out for you below!

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China Decides To Protect Yuan With Its Own Centralized Crypto

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The People’s Bank of China (PBoC) sketched out an agenda for 2018. According to this agenda the future of crypto in china has come under discussion again. China had to take this step to protect the national currency of China which is no doubt Yuan. Furthermore, according to a statement dated March 29 on the PBoC website, China will continue to apply strict measures against all kinds of virtual currencies to protect Yuan.

Background of Cryptocurrencies in China

We would have to go a couple of years back  to properly understand the situation cryptocurrencies are facing right now in China. According to the initial coin offering news few years back, Bitcoin had gained great popularity among the Chinese Citizens, prices were also going up steadily.

Concerned with the progress of Bitcoin and other cryptocurrencies,in December 2013 the People’s Bank of China along with some other ministries of China, published an official notice regarding Bitcoin. Originally this notice was meant to reduce or control the financial risk of Bitcoin. Several points were highlighted in that notice pertaining to the risks involved in the sale and purchase of cryptocurrencies.

initial coin offering news

Salient Features of Notice Against Cryptocurrencies

According to the above mentioned notice the People’s Bank of China strictly ordered that:

  • All companies offering Crypto-related services especially Bitcoins, must be registered with the relative government ministries.
  • Organizations dealing specially in Bitcoin-related services should implement necessary measures to prevent money laundering and other illegal activities.
  • Any kind of criminal activity such as fraud, money laundering and gambling etc should be reported instantly to the authorities.
  • Companies behind the deals of Bitcoin and all such services should educate the public about Bitcoin and the technology behind it. This measure will save the majority of laymen from frauds, and fake companies would not be able to mislead the public with misinformation.
  • Bitcoin can only be bought or sold in its original form and not to be exchanged with traditional currency at any cost.
  • Rather than money, cryptocurrency can be best defined as something that serves as a medium of exchange or a store of value.

China’s Latest Approach Against Cryptocurrency

The deputy governor of the People’s Bank of China Fan Yifei outlined objectives in protecting the yuan at the 2018 national video conference.  It was a serious effort dedicated to the major challenges faced by the Chinese monetary system in terms of Yuan.

In his statement Fan supported the development of a government based digital currency in order to protect the yuan against unofficial virtual currencies. However, as was done in the past, no specific policies against crypto currencies were offered this time.

 

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Bitcoin startups in India

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Bitcoin startups in India

As we know blockchain has created the great impact all over the world. In India, the situation is quite different.  Blockchain technology is considered as nascent technology. There are many controversies regarding the status of Bitcoin in India. Joint director,head-corporate affairs and capital market division of ASSOCHAM Santosh Parashar said,”all insecurities and controversies are due to the lack of knowledge about this technology”.

bitcoin startups in india

India’s going to assert itself in financial technology

This technology is Legal or illegal. These are two different aspects. Both are in discussion. Santosh said , the technology holders have not come from Neverland, but their work based on experiences. What is the future of blockchain in India? Future is uncertain. We know that India is known as IT hub for more than a decade, but things could soon take an even better turn as the country carries huge potential to create the same story in financial technology.

Global Summit platform

On 21st April 2017, the second Global Summit will be held in Bangalore. The summit will serve as a platform to discuss all the insecurities, challenges and opportunities linked with blockchain technology. It will try to work out the future of digital currency in India.

Summit will focus the impact of this technology on different sectors including banking, insurance and on different financial technology sectors.

A few years ago, the Reserve Bank of India issued a warning in relation to the purchase of Bitcoins. Now the Central Bank has released the updated version of the warning.

Earlier this year, the government of India was going to ban Bitcoin. As Some largest countries of the world like China, US, Japan tried to ban the technology, but due to the ever-growing interest from common folk, couldn’t implement it.

Can you hear us??

Local Bitcoin’s group wants to meet with financial technology sectors.  They want to explain their point of view regarding blockchain technology. block chain’s trade process and how you can earn from bitcoin. At this point, digital assets and blockchain foundation characterize the interest of the domestic industry.   local bitcoin’s group make it clear that they want to maintain the transactions, and will promote the blockchain in India as well.  For that purpose, they want to create meetings. Bitcoin exchange Unocoin were also there.

“We request the committee to give us an opportunity to meet them and showcase the benefits of this technology for our country. Financial inclusion, cheaper cross-border remittance, full trace and track on the movement of value on the blockchain network, and the potential for India to become a financial hub are key benefits that can be derived using virtual currencies.”

So, a message from Local Bitcoins group has changed the wind, and positive waves are starting to flow in India. Last week, India declared that they’d soon be taking part in Bitcoin trades, while revealed a committee that will develop and report back to tech. several government departments and country’s central banks are also taking part.

Tags: bitcoin price in India, buy bitcoin India

 

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Finance Minister, Wopke Hoekstra Demands ICO Regulations

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On Thursday, a letter was issued to parliament by Dutch finance minister, Wopke Hoekstra, to encourage a global approach to cryptocurrency regulation. The main focus of Hoekstra is on new consumer protections and to start it up, he wants to have a dialogue with credit card companies about potentially introducing stronger protections for those people who prefer to buy cryptocurrency with their credit cards.

According to Hoekstra, by the end of 2019, all local exchange platforms, plus, the cryptocurrency regulation and services would deceptively get registered with the government and should be also obeying their customers necessities. The finance minister also proposed some new regulations in the letter, that could also be helpful in protecting the ICOs (initial coin offering) contributors.

cryptocurrency regulation

Hoekstra highlighted;

“It is being investigated whether investors in ICOs can become just as good protected as investors with a normal IPO or bond issue. The current framework is not sufficient for this.”

In the past, particularly in ICOs, some issues were highlighted by the regulators, making these proposals more noteworthy. Last November, a statement was released by AFM (Authority for Financial Markets) of Netherlands, which is a Dutch version of U.S. SEC (Securities and Exchange Commission) and referred the ICO market to a dangerous-cocktail. Linked with these statements, a ban was proposed by Hoekstra that’d forbid marketing of risky financial products to random customers.

Moreover, Hoekstra also promised to work in the European Union with other countries as well and encourage collective research to discover the market’s cross-border nature. Yet, Hoekstra specified that even inside the Netherlands, more work is required for updating the laws of the country to account for cryptocurrencies and more erratic activities around it.

 

As in the letter Hoekstra wrote;

“The current supervisory framework and instruments are insufficiently tailored to cryptocurrency,”

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Bitcoin News 2017 – Digital Currencies Need Regulation

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Digital Currencies Need Regulation:

Digital currencies need regulation, without regulation, there might be a wild swing in the prices of digital currencies. The chief of BTCC says Chinese regulator isn’t cracking down on Bitcoin.

The head of a leading Chinese Bitcoin Exchange warned on Tuesday that Digital currencies should be regulated otherwise they have the risk to go out of control if more individuals invest in these digital assets.

Bitcoin and Ethereum are two most popular digital currencies. They have seen a rapid price swing in recent months.  In May, 19% price fall for Bitcoin noted nearly $4 billion in the value wiped off.  Last month, the Ethereum price crashed as down as 10 cents from about $319 on the GDAX digital currency exchange. Because there is a bullishness in the market, as some predict that the price of Bitcoin to climb as high as $100,000 in a decade.

Bobby Lee, the CEO of Bitcoin exchange “BTCC”, he told to CNBC’s that “I think regulation for digital currencies is much needed because it will run amok from the society”.

He also said in Hong Kong that the major challenge is how to craft the rules and regulation around this new technology. He added I think it is taking the regulators and lawmakers some time to come up with the suitable rules and regulations to govern companies.

Efforts of People’s Bank of China:

Regulators are discovering ways to regulate the digital currencies.  People’s Bank of China stepped up some efforts to regulate the market earlier this year. The bank set up a task force to conduct an inspection and ensure Bitcoin exchanges had realized anti-money laundering systems, and they also warned many exchanges against violating rules.

Image Credits: CoinTelegraph

Some noticed the moves from PBOC as a try to crack down on Bitcoin but Bobby Lee disagreed. He said it is not really a crackdown. Lee added, previously the Central Bank was not well aware of the details of Bitcoin usage and trading.

He described that the upsurge in the price of Bitcoin coincided with the huge capital outflows from the China and exchange rate changes for the renminbi against the dollar.

Lee said Central banks should admit the fact that Bitcoin is the new currency that is actively operating in China and around the world.  It is a new thing that the Central bank must pay attention and figure out what the regulation should be.

Story Credits: cnbc.com

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