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Bitcoin Scaling Layer Lightning Network “Works Like a Charm”, Says Bitfinex CTO

The first week of Lightning Network support at cryptocurrency exchange Bitfinex, has seen more than 800 transactions make use the Bitcoin payments layer. The company’s Chief Technical Officer Paolo Ardoino says customers have deposited more than seven Bitcoin (~$52,000) to the exchange since it added Lightning payments. Despite recent Lightning Network vulnerabilities, it appears to be serving the crypto exchange well. Ardoino says “it works like a charm!” “BAM!”: More than Seven Bitcoin Arrive at Bitfinex via Lightning Network Last week, Bitfinex became the first major crypto asset trading venue to offer Bitcoin deposits via the Lightning Network. The firm’s Chief Technical Officer Paolo Ardoino announced the integration via Twitter: LN and LN assets are not only the best P2P micro-payments solution, but an impressive settlement layer for B2B.@bitfinex leads the way. https://t.co/fzblyAtkCG — Paolo Ardoino (@paoloardoino) December 3, 2019 The integration of Lightning Network support at Bitfinex comes amid a wider push from the exchange to support Bitcoin’s scaling. Bitfinex started using bech32 (SegWit) addresses early last month. As NewsBTC reported, SegWit transactions require less space on the blockchain. As such, they effectively increase the chain’s capacity without needing to raise the size of each block – a subject that has been the focus of much impassioned debate previously. Despite the fact that major Lightning Network vulnerabilities were recently detailed, the deposit option appears to be proving popular immediately following its launch at Bitfinex. In the below tweet, Ardoino provides some early statistics for its use. More than 800 Lightning Network transactions processed so far by @bitfinex 600 of which are deposits, adding up to more than 7 #bitcoin deposited. And it works like a charm!BAM! — Paolo Ardoino (@paoloardoino) December 9, 2019 Ardoino claims that there have already been more than 800 transactions between the platform and its users. He adds that 600 of them have been deposits, which have seen more than seven Bitcoin (~$52,000) arriving at Bitfinex. The Chief Technical Officer also described how the integration was working so far. He wrote: “And it works like a charm! BAM!” As mentioned, Bitfinex is the first major exchange to integrate support for the still young Bitcoin scaling technology. Developers at Lightning Labs, one of the most active groups working on the network, continue to urge those experimenting with the micropayments system to do so with caution. Other exchanges have previously shown interest in the technology but are yet to add it to their own platforms. NewsBTC recently reported on BitMEX, the leading Bitcoin derivatives exchange, showcasing the power of the Lightning Network at a cryptocurrency conference held in Berlin earlier this year. Attendees at The Lightning Conference could buy a coffee for a single satoshi (the smallest unit of Bitcoin). At considerably less than a penny per cup, and coffee usually being free at conferences anyway, the idea wasn’t to make money with the Lightning Network coffee sale but to demonstrate how effective the system is for even the smallest payments.   Related Reading: Kraken Adds GBP Support for UK; What This Means for Crypto Market Featured Image from Shutterstock. Bitcoin Scaling Layer Lightning Network “Works Like a Charm”, Says Bitfinex CTO was last modified: December 9th, 2019 by Rick D.The post Bitcoin Scaling Layer Lightning Network “Works Like a Charm”, Says Bitfinex CTO appeared first on NewsBTC.
NewsBTC

Nayuta introduces hybrid “Bitcoin full node and SPV mode” lightning wallet on Android

Nayuta, a layer-2 blockchain technology development company and active contributor to Lightning Network, announced today it has introduced the first lightning wallet to implement “Bitcoin full node and SPV mode” hybrid on Android and released its code on Github. By open-sourcing, users or developers will be able to confirm how this wallet actually works and/or […] CryptoNinjas: Nayuta introduces hybrid “Bitcoin full node and SPV mode” lightning wallet on Android
CryptoNinjas

BITCOIN BULLISH BREAKOUT SIGNAL AFTER 3.5 YEARS?!?

👇🏻Support the channel by using my affiliate links below👇🏻 ✘ Exchanges I'm using: ► Coinbase FIAT https://www.coinbase.com/join/59398125002bcc03276297d6 ► Binance FIAT https://www.binance.je/?ref=35002320 ► Binance Altcoins https://www.binance.com/?ref=16553332 ► Bitmex Futures https://www.bitmex.com/register/s0r1z5 ► Bybit Futures https://www.bybit.com/app/register?ref=RPyME ► Deribit Futures & Options https://www.deribit.com/reg-2331.1757 ✘ My Chart Tool: ► TradingView https://tradingview.go2cloud.org/aff_c?offer_id=2&aff_id=12339 ✘ My Hardware Wallets: ► Ledger https://www.ledgerwallet.com/r/f7c4 ► Trezor https://shop.trezor.io/product/trezor-one-white?offer_id=14&aff_id=1164 ✘ Keep your Private Keys safe: ► https://cryptosteel.com/product/cryptosteel/?csr=517 ✘ Support the Channel via BTC Lightning Network: ► https://tippin.me/@sunnydecree ✘ BTC: ► 12vg29zgveAqm31yiUrL9kM2ANmYMFaA93 ✘ Follow me: ► https://twitter.com/sunnydecree ► https://discord.gg/Psrt8Yn ► https://www.youtube.com/sunnydecreede #Bitcoin #BTC #Crypto
sunny decree

NEW BITCOIN PRICE PREDICTIONS FOR 2020, 2024, 2028!!!

👇🏻Support the channel by using my affiliate links below👇🏻 ✘ Exchanges I'm using: ► Coinbase FIAT https://www.coinbase.com/join/59398125002bcc03276297d6 ► Binance FIAT https://www.binance.je/?ref=35002320 ► Binance Altcoins https://www.binance.com/?ref=16553332 ► Bitmex Futures https://www.bitmex.com/register/s0r1z5 ► Bybit Futures https://www.bybit.com/app/register?ref=RPyME ► Deribit Futures & Options https://www.deribit.com/reg-2331.1757 ✘ My Chart Tool: ► TradingView https://tradingview.go2cloud.org/aff_c?offer_id=2&aff_id=12339 ✘ My Hardware Wallets: ► Ledger https://www.ledgerwallet.com/r/f7c4 ► Trezor https://shop.trezor.io/product/trezor-one-white?offer_id=14&aff_id=1164 ✘ Keep your Private Keys safe: ► https://cryptosteel.com/product/cryptosteel/?csr=517 ✘ Support the Channel via BTC Lightning Network: ► https://tippin.me/@sunnydecree ✘ BTC: ► 12vg29zgveAqm31yiUrL9kM2ANmYMFaA93 ✘ Follow me: ► https://twitter.com/sunnydecree ► https://discord.gg/Psrt8Yn ► https://www.youtube.com/sunnydecreede #Bitcoin #BTC #Crypto
sunny decree

KEYS TO BITCOIN - free until Sunday night

my book, KEYS to BITCOIN, is FREE right now, and until SUNDAY NIGHT! Go deeper in your understanding of Bitcoin. "What is Bitcoin? How does it work? In this book you will find answers that go beyond the headlines. Whether you are an investor, a decision maker, or simply curious about Bitcoin, you will learn the key concepts behind the digital money: the blockchain, miners, digital signatures, and much more. Step by step, example by example. You do not need a Math degree to understand Bitcoin; this book will take you from not knowing anything about crypto-currencies to understanding Bitcoin completely: all the technologies used, why they are being used and how. It includes chapters on how to buy and store bitcoins, how Bitcoin is updated, and the newest evolutions in sight, such as the Lightning Network and Schnorr signatures. If you want to understand the evolution and revolution of digital currencies, this book is for you." So, I hope you read the book, it's a pretty dense read, but hopefully worth your time.
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This week Redditors discussed the opportunities to pay via BCH in Korea (South Korea, for sure), turned back to fundamentals in the market, and… More of Reddit-life is in our weekly digest.

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South Korea Prepares to Draft Bitcoin Capital Gains Tax Guidelines

The South Korean government wants to tax capital gains on cryptocurrencies. This new decree has yet to be officially improved by the proper authorities.  South Korean news outlet Korea Times claims the government wants to impose capital gains taxes on virtual currencies, including bitcoin. Bitcoin Taxation in South Korea This is a new measure by the domestic Ministry of Economy and Finance, which is expected to become part of tax regulation in 2020. Discussions regarding this measure have been going on for some time now. South Korea is one of the primary regions of cryptocurrency trading activity today. A revised tax regulation bill will be drafted by Q2 2020, after which it will be reviewed and revised wherever necessary. A second bill is on the table to enhance the overall transparency of virtual currency trading in South Korea. If that bill were to pass as well, it will be introduced one year after the taxation guidelines have been adjusted.  Several problems persist regarding both of these proposals, however. In South Korea, the current definition of virtual assets is ambiguous and leaves much room for debate  It is now up to government officials to draft clear guidelines on how bitcoin and other virtual currencies will be treated. Depending on that classification, the taxation guidelines will need to be altered as well. The coming months will prove to be crucial for the future of virtual currencies in South Korea.  Image(s): Shutterstock.com The post South Korea Prepares to Draft Bitcoin Capital Gains Tax Guidelines appeared first on NullTX.
NullTX

South Korea Crypto Account Holders Must Use Their Legal Names

South Korea has passed new laws requiring that everyone opening a cryptocurrency account use their true, legal names to do so. South Korea: The Center of Crypto Regulation? As time goes by, many cryptocurrency exchanges and businesses are seeking out ways to remain fully compliant with federal regulators. The problem is that to do this, they’re often required to invade the privacy of their customers to one extent or another, and this scenario is no exception. One of the issues at hand is that many argue that cryptocurrency is often utilized for criminal behavior, such as money laundering. While it’s nearly impossible to say how many individuals are using crypto to perform malicious activity, the fact remains that most cryptocurrencies share properties that make them ideal to the present financial infrastructure. They can solve many of the world’s monetary issues and potentially ease the burden of global poverty. Nevertheless, most regulators do not see this, and choose instead to focus primarily on what crypto can do to make the world a darker place. While it’s understandable that this should be considered, is enough emphasis being put on all the good that crypto can do? As it stands, South Korea will now have to report all cryptocurrency transaction data to regulators, who will oversee the transactions and decide if they are permissible or if there is something suspicious going on. On the one hand, this has a positive side in the sense that crime – if cryptocurrency is ever going to be taken seriously – must come to a full halt, and this is one potential way to do it. At the same time, the idea that people must now use their real names and in some cases, upload government-issued photo IDs to their accounts as part of the ongoing know your customer (KYC) tactics now employed by most cryptocurrency exchanges and businesses, really goes against what most forms of crypto are all about. Most digital assets, especially bitcoin, were designed with the general public in mind. They were designed to give people their financial freedom back, and this included anonymity and the chance to use their money as they saw fit, so the idea that people’s names, photos and other sensitive information is being forwarded to financial legislators every time is a little unseemly. Keeping Up Appearances South Korea’s new identity verification system is being implemented by a cryptocurrency exchange known as Bit Thumb. To an extent, it makes sense that the region is being so adamant about knowing exactly who their customers are considering popular trading platform Up Bit – also stationed in South Korea – was recently robbed of nearly $50 million in ether funds. In addition, the country accounts for roughly 20 percent of the world’s cryptocurrency transactions. With so much business at stake, it’s understandable that they want to heighten safety measures. The post South Korea Crypto Account Holders Must Use Their Legal Names appeared first on Live Bitcoin News.
Live Bitcoin News

Price Analysis 09/12: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, XTZ

Price Analysis 09/12: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, XTZ China could start its pilot for the central bank digital currency (CBDC) before the end of this year, according to local news outlet Caijing. The article states that the anticipated pilot project “will go out of the central bank system and enter […] Cet article Price Analysis 09/12: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, XTZ est apparu en premier sur Bitcoin Central.
Bitcoin Central

EOS Price Hit after Getting a C- in Decentralization by Weiss

Blockchain project EOS started this week on a negative note after an independent agency downgraded its rating from B to C-. Weiss Crypto Ratings published a report on December 6 wherein it demoted EOS to lower ranks over its centralization. The agency noted that just 0.01 percent of the EOS token holders control over 68 percent of the voting power on its blockchain. That allows a handful of entities to practice censorship over hundreds of thousands of EOS investors. In comparison, provable decentralized projects like Bitcoin works across 9,300 nodes to confirm and validate transactions atop its blockchain. 1/6 We’ve had great respect for work and thinking that went into the #EOS project. But the Weiss Crypto Ratings model is not based on opinion. It’s driven by data. And that data has now caused a downgrade from B to C-. Here's why (full article to be published soon): — Weiss Crypto Ratings (@WeissCrypto) December 6, 2019 EOS spent a quiet weekend but its value eventually took a toll during the Monday session. The EOS-to-dollar exchange rate was down by $0.083, or 3.02 percent, as of 1658 UTC. Against bitcoin, the cryptocurrency did relatively better, falling about 1.64 percent to trade at 359 sats. The market capitalization likewise took a plunge roughly worth $500 million to settle a low at $2.534 billion. At its December peak, it was $2.613 billion. Ascending Channel The latest move downside brought EOS close to retesting the support of an Ascending Channel. While the lower trendline certainly capped the price from falling further downward, the negative sentiment arising from the Weiss report could weaken it in the near-term. The bearish case prompts EOS to retest to close below the Channel Support and target 304-342 sats area as an accumulation range. In the event of a breakdown, traders could extend their short position towards 284 sats while keeping a stop loss above the level at which they had entered the trade. EOS is trending inside an ascending channel | Source: TradingView.com, Coinbase On the other hand, the price has not failed to reach the upper levels so far. A pullback action from Channel support could push EOS back towards the Channel resistance. Traders with low-risk appetite could use the bounce-back as an opportunity to open a fresh long position 405 sats. Meanwhile, they could minimize risks by maintaining a stop-loss order just below the Channel support. A Consideration From a fundamental point of view, investors who were bullish on EOS might find it hard to digest its centralization issues. The sentiment could prompt some to switch their positions for tokens with more attractive opportunities. Such a scenario could suit the breakdown scenario as discussed above. Meanwhile, traders can look to accumulate EOS ahead of the launch of Voice. EOS creator Block.One on Thursday announced that it would launch the EOS-based social media platform on February 14. While the announcement did not help neutralize trading sentiments immediately, traders can still speculate on the Voice launch to make interim profits. One could watch out for a reversal from Channel resistance – a sign that traders are processing the Voice news – and place his/her upside positions. EOS Price Hit after Getting a C- in Decentralization by Weiss was last modified: December 9th, 2019 by Yashu GolaThe post EOS Price Hit after Getting a C- in Decentralization by Weiss appeared first on NewsBTC.
NewsBTC
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