A few weeks back, the bitcoin network was subjected to a hard fork wherein two different versions of the software have been running. For developers Andresen and Hearn, this could allow the system to make a decision based on consensus when it comes to the bitcoin block size debate. Recall that developers and other bitcoin stakeholders have had opposing views on the need to increase the block size limit from 1MB to 8MB, possibly allowing the network to handle more transactions at a time and to cut down the time it takes for a transaction to be processed. This led to the creation of Bitcoin XT, a newer version from the Bitcoin Core software. Impact of Bitcoin Fork on Prices Naysayers think that subjecting the system to a hard fork could create more problems, as this…
Travis Patron is a digital money researcher and author of The Bitcoin Revolution: An Internet of Money. Here he explains why bitcoin may facilitate a taxation environment subversive to national governments and argues that cryptocurrency is already taxed by default. As the age of cryptocurrency comes into full force, it will facilitate a subversively viable taxation avoidance strategy for many of the technically savvy users of peer-to-peer cryptographic payment systems. In doing so, cryptocurrency will act to erode the tax revenue base of national jurisdictions and, ultimately, reposition taxation as a voluntary, pay-for-performance function. In this post, I’d like to cover some of the benefits such a strategy will have for cryptocurrency investors, why our…
In its efforts to keep money within its borders, China recently imposed a nationwide capital control law that would limit one’s ability to move money abroad. According to the recent reports, the Chinese government now requires a 20% margin on all currency forwards. It means that a bank, which has sold $100 of the currency forward, would now be required to deposit $20 at the central bank. The said law reminds one of the recent Greek crisis, where the country had taken similar steps to control the devaluation of its national currency. Like Greece, China also needs to keep its funds at home, only to battle the economic slowdown it is experiencing within. The new — and rather strict amendment — is simply aimed at fending off the greater macro-financial risks. But can…
Is the future of bitcoin in Europe? Acceptance and further developments behind the digital currency have been active and apparent in areas such as the United States and Southeast Asia. Coinbase recently announced its expansion into Singapore, and several major players such as Kraken make their home on American soil, but that’s not to say that there haven’t been problems. For one thing, the U.S. is still coming to terms with the idea of digital currencies in many ways. Regulation stemming from the BitLicense and the various “copy models” we now see in areas such as California and North Carolina has caused several businesses to leave, unwilling to “play by the rules” and put customer privacy on the line. Furthermore, hostility is coming from several…
CoinWallet, the UK based bitcoin buying and selling platform has planned to conduct another stress test on the bitcoin network. The company just cannot seem to have enough of these tests, disrupting the service each time. However, what CoinWallet is out to do maybe blatantly illegal and in such case, the implication of such a test need to be looked into and appropriate actions taken by both CoinWallet and law enforcement agencies to ensure that no laws are broken during the process. CoinWallet has already conducted a not so successful stress test earlier this year. Even though the previous test was not completely successful, it still managed to disrupt transactions happening over the bitcoin network. Now, with the impending stress test slated for Thursday, 10…
Chris Grundy is a self-confessed bitcoin obsessive and avid tech fan. He works for bitcoin lending platform Bitbond and has written for a variety of online publications. In this article, he speaks to a number of European bitcoin companies about why the future of cryptocurrency and blockchain technology could lie in their home continent, not the US. Innovation is the primary distinction between leaders and followers. It represents disruption and a challenge to our way of life. Bitcoin is an important innovation, and it needs progressive legislation to unlock its full potential. Clear and progressive legislative guidance will give aspiring bitcoin entrepreneurs the confidence they need to find new use cases and bring bitcoin to the masses. Despite this,…