Bitcoin SV now available in Brazil

Bitcoin SV (BSV) is becoming the cryptocurrency of choice for users and developers worldwide. The ease of use, low transaction costs and developer-friendly ecosystem mean BSV is increasingly the natural choice for consumers, merchants and app developers.

Now, the flexibility of BSV has become available for users in Brazil, opening up access for millions of consumers and merchants for the first time.

The news comes following the decision of local cryptocurrency exchange 3xbit to list BSV, in response to growing demand for access to Bitcoin SV. As a result, exchange customers will now be able to buy and sell BSV through the platform, as well as being able to send BSV from their accounts.

The listing has been welcomed across social media, where the news has been well received by 3xbit users keen to access the technology and utility of BSV locally.

It comes at a time of increasing adoption worldwide, as more people switch on to the benefits of Bitcoin SV in affording low cost microtransactions, mass scale potential and fast processing times.

Bitcoin SV is the only cryptocurrency true to Satoshi’s original whitepaper vision, and the only cryptocurrency capable of handling efficient payments on a global scale. With the Brazilian rollout, BSV comes one step closer to fully global adoption.

In choosing to support Bitcoin SV, 3xbit becomes only the latest exchange to show support for the cryptocurrency. At the time of writing, the currency had jumped over 1.34% on the exchange on the day.

The news comes ahead of the upcoming Quasar upgrade, scheduled for July 24. The upgrade is set to make BSV truly unique in its utility model, and will minimize the need for cryptocurrency exchanges altogether. With access to an on and off ramp to fiat, the upgraded protocol is expected to help BSV reach mainstream traction even sooner, with its unique scaling potential setting BSV apart from the rest.

The decision from 3xbit to list BSV is already proving to be a good decision, at a time when numerous other exchanges worldwide are in the process of onboarding BSV for their users.

Messaging giant Line announces crypto exchange plans

Messaging giant Line announces crypto exchange plans

In the latest embrace of cryptocurrency exchange by a mainstream company, messaging service Line announced on Thursday its plans for a new cryptocurrency exchange.

The service, which is Japan’s leading chat app, currently sees over 168 million users a month, and is expected to leverage its customer numbers in launching its proposed cryptocurrency exchange.

According to reports, Line has already established a subsidiary, called Line Financial Corporation, to work on the proposals.

“Going forward, Line will use this new company as a base as it proceeds with preparations to provide a variety of financial services, including a place to exchange and transact virtual currencies, loans, and insurance—all from the Line app,” the company stated.

Notably, the company already runs Line Pay, a corresponding payments service that already processes over JPY450 million (USD4.10 million) as of last year. As part of their Line Pay service, the company has secured partnerships with over 30 different banks and financial institutions, giving Line a strong foothold in the financial and banking ecosystems.

While it is not yet clear whether the new exchange business will integrate with Line Pay, some analysts have highlighted the clear opportunities for synergy the exchange business could provide.

According to Japanese regulations, domestic cryptocurrency exchanges now require the approval of the financial regulator before they can open their doors. According to the statement from Line this week, that process is already well underway.

“The application process for registration as a virtual currency exchanger has already been started with the Financial Services Agency, and it is currently under review,” Line stated.

The FSA review process is thought to take an average of around two months, which could see Line gaining approval before the end of March on current timelines—and potentially sooner.

The application comes at a time of intensifying scrutiny of cryptocurrency exchanges in Japan and elsewhere in the world, as regulators and governments look to tighten their grip on cryptocurrency regulation.

Nevertheless, the move has been seen as an attempt to replicate the success of their South Korean rivals, Kakao, which launched Upbit, now the country’s leading cryptocurrency exchange.

It remains to be seen whether the Line offering can win the approval of regulators, and go on to capitalise on their strong reach within the Japanese market.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Investors call ‘Crypto-Wonderland’ BitConnect a Ponzi scheme

Investors call ‘Crypto-Wonderland’ BitConnect a Ponzi scheme

Cryptocurrency exchange BitConnect is embroiled in a legal battle with a group of investors who accused the company of operating a “wide-reaching Ponzi scheme.”

According the class action lawsuit filed at the federal court in West Palm Beach, Florida, BitConnect and its associated marketers promoted an idea which has “illogically promised” monthly returns of 40%, with a 1% compounding daily interest, disregarding market performance. The plaintiffs also claimed that “things at BitConnect weren’t what they seemed to be.”

However, the cease-and-desist letters that BitConnect received from the states of Texas and North Carolina only discontinued its lending platform, shutting down the alleged Ponzi scheme, leaving investors with unusable tokens as the coin crashed 90% of its average value, depreciating further as its own executives hastened its demise.

Claiming to have lost a total of $771,000 to BitConnect, the plaintiffs accused the company, its directors, as well as all its associates of violations of state and federal securities laws and deceptive trade practices, among other claims.

The investors compared BitConnect’s narrative to “Wonderland” a story based on Lewis Carroll’s Alice stories. Convinced that its fictive elements present a danger to the investing public, the plaintiffs said their goal was “to prevent the wrongdoers from simply turning off the lights and dancing away singing: ‘Ciao, baby, gotta run!’”

Signing for the litigation was David Silver, a Florida-based lawyer who specializes in cryptocurrency-related cases. The case dossier does not list any lawyer for BitConnect or any other defendants.

With the two states prohibiting BitConnect’s sale of securities, falsely led investors in the crypto scene quickly reacted with major sell orders, effectively abandoning the coin. As of writing, BitConnect’s market cap has dwindled from $2.6 billion to a mere $57 million, according to CoinMarketCap.com

Without a whitepaper describing its business structure in detail, the people involved with BitConnect’s shady business are reportedly on the run. Despite all these, the infringements done by BitConnect and its associates are not enough to make it stop, according to reports. After its announced shutdown, BitConnect is still operation, with an offshoot called BitConnectX holding an ICO reserved for U.S.-based buyers.

Other coins that appeared to improve as a result of the shutdown surfaced almost instantly in the crypto market. Scheming new ways to obscurely advertise a Ponzi scheme, Davorcoin (DAV) and other altcoins continued the same strategy employed by BitConnect: pose as lending platforms in which users may lock their funds for a certain time, and thereafter receive daily returns for doing so. Such opportunist overtones are often seen in recent forking frenzies over crypto, and the continuation of what is exactly the same Ponzi schemes is alarming.

With all the heat brewing in the crypto world, it’s best for new users, particularly, to place their trust on major networks like Bitcoin Cash whose stability and scalability has been proven by its passionate community backed by decentralized development. As the true remaining version of Satoshi Nakamoto’s vision for peer-to-peer digital cash, Bitcoin Cash is poised to take on the future.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Hacked Japanese exchange Coincheck to repay depositors $425 million

Hacked Japanese exchange Coincheck to repay depositors $425 million

Should this proceed smoothly, it would be the most graceful handling of a crypto-heist to date.

Friday last week, Japanese cryptocurrency exchange Coincheck suffered the biggest theft in world history after hackers stole around 523 million NEM tokens (XEM) from its hot wallet, effectively dethroning the infamous Mt Gox hack.

Yesterday, the exchange has issued a statement saying “all affected users will be repaid in JPY via Coincheck Wallet” using their company funds.  The reparations policy indicates that 260,000 users will be repaid based on NEM trading value pulled from cryptocurrency exchange Zaif—at 88.549 JPY per NEM. On top of investigating the heist, the company still has to determine how to roll out the repayment, and for how long.

“We realize that this illicit transfer of funds from our platform and the resulting suspension in services has caused immense distress to our customers, other exchanges, and people throughout the cryptocurrency industry, and we would like to offer our deepest and humblest apologies to all of those involved. In moving towards reopening our services, we are putting all of our efforts towards discovering the cause of the illicit transfer and overhauling and strengthening our security measures while simultaneously continuing in our efforts to register with the Financial Services Agency as a Virtual Currency Exchange Service Provider.”

Meanwhile, the Japanese Federal Services Agency (FSA) has ordered Coincheck to improve its practices based on the Payment Services Act, they posted in another release today. The order, which Coincheck “earnestly accepts,” requires that the company submit a report by February 13 containing details on the investigation of the incident, support of its customers, and stronger mitigation and prevention measures.

In a Tweet, NEM President Lon Wong extended his support to Coincheck, saying they are doing everything they can to help. He clarified, however, that NEM will not be forking.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Kraken re-enables margin trading after rocky system upgrade

Kraken re-enables margin trading after rocky system upgrade

The exchange is also imposing zero fees on trading until January 31.

The last few months of last year have been rocky for the world’s fifth largest cryptocurrency exchange Kraken as massive surge of new users hoping to cash in on the cryptocurrency trade brought their system down to its knees, prompting the exchange to undergo a few rounds of upgrades to help cope with growing demand.

“The recent, unexpected explosion in demand has been overwhelming.  Each of the past few days has produced 50,000 new account registrations and 10,000 new support tickets — an order of magnitude above where we were just last quarter.  Concurrent users, daily trades and volumes are also hitting new all-time highs.  We are struggling to keep up,” they wrote in their blog in December.

Since then, there have been two rounds of upgrades, each stretching to around a week or two to fully implement due to certain issues. Following their January 13 upgrade, the exchange froze new margin positions as a security measure.

The downtime has been frustrating for users, especially since the expected duration had to be extended a few times—which meant that users could not proceed with their trading activities for longer periods of time. Withdrawals have also been problematic. And as we know of the cryptocurrency trade, every hour could possibly translate to thousands of dollars per coin.

Yesterday, Kraken released another post saying margin and free trading will be re-enabled by 10am PT. And seemingly to appease users who have been affected by the downtimes, the exchange is not charging any fees for trading, and reduced fees for margin positions.

According to the post, the system works the same way as before, but only smoother.

“Margin trading works exactly as it did before, only with the system upgrade the experience will now be even smoother. Clients unfamiliar with margin trading who want to get started can begin with our video tutorial and check out our support center for more detailed information on margin trading.”

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.