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##Twitter Founder May Put Significant Amount of Money into Bitcoin, Analyst Says

 

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Well-known cryptocurrency analyst Willy Woo commented on Bitcoin (BTC) and the state of the cryptocurrency market on Twitter on September 18, and suggested that Twitter CEO and co-founder Jack Dorsey may be readying himself for a big investment in Bitcoin.

Woo commented on Microstrategy CEO Michael Saylor’s interview on the Pomp Podcast, and the growing potency of Bitcoin as a store of value

Like Microstrategy, Woo sees other companies transferring some of its cash reserves into Bitcoin

He then points to Jack Dorsey and the fact that he is overseeing a cash reserve of $10 billion - hinting that it could be possible that Dorsey orchestrates a move similar to that of MicroStrategy

Dorsey is known for being a Bitcoin and cryptocurrency enthusiast, calling Bitcoin the “internet’s native currency”

Square, which Dorsey also runs, sells Bitcoin via its Cash App, and the business profits have surged in profits in the past 12 months

#MicroStrategy Exposes World’s Largest Sovereign Wealth Fund to Bitcoin

 

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MicroStategy shareholders, who include BlackRock, Vanguard and Norway's Oil Fund, are each now indirectly exposed to millions in Bitcoin.

In brief

MicroStategy recently bought $425 million worth of Bitcoin.

Its shareholders, who include BlackRock, Vanguard and Norway's Oil Fund, are thus indirectly exposed to Bitcoin.

Executives from BlackRock and Vanguard have previously spoken out against cryptocurrencies.

When US software company MicroStrategy bought $425 million worth of Bitcoin, the team didn’t keep it all for itself. Its investment means that its shareholders, among them BlackRock, Vanguard and the Norwegian Government Pension Fund, are significantly exposed to Bitcoin. 

Using rough, back-of-the-napkin math, crypto research firm Arcane Research looked up the percentage of MicroStrategy shares held by each of the companies to work out their exposure to Bitcoin. 

BlackRock Fund Advisors, one of the stalwarts of traditional finance, owns a 15.24% stake in MicroStrategy, meaning that MicroStrategy’s BTC holdings expose them to the equivalent of 5829.3 Bitcoin, or $60.6 million. 

Richard Turnill, BlackRock's global chief investment strategist, said in a note to investors in 2018 that cryptocurrency “should only be considered by those who can stomach potentially complete losses,” and that the firm does not “see them becoming part of mainstream investment portfolios soon.” 

The Vanguard Group, the investment group that creates popular index tracking products, holds 11.72% of shares in MicroStrategy, equivalent to an exposure of 4482.9 Bitcoin, or $46.6 million.

Vanguard CEO Tim Buckley in 2018 told CNBC that the firm tends “to stay away from assets that don’t have underlying economic value. They don’t generate earnings or cash flows.” 

And the Norwegian Government Pension Fund, known as the Oil Fund due to its investment in Norway’s petroleum industry, is the world’s largest sovereign wealth fund. It holds a 1.51% share in MicroStrategy, or an indirect holding of 577.58 Bitcoin. That’s equivalent to about $6 million.

MicroStrategy bought a lot of Bitcoin. It bought 21,424 Bitcoin in August for $250 million and then an additional 16,796 Bitcoin last week for $175 million. 

CEO Michael Saylor predicted in 2013 that “Bitcoin days are numbered,” and that “It seems like just a matter of time before it suffers the same fate as online gambling.” When quizzed about it last week, Saylor said he had no recollection of these statements. 

How many more CEOs and leaders of finance will “forget” they ever hated Bitcoin?

##Tezos agrees to pay $25 million in damages to Investors

 

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The Tezos Foundation will pay damages to plaintiffs and holders who made a loss on their token investments, said court documents.

In brief

The Tezos Foundation has agreed to pay $25 million in damages.

Damages will be distributed to plaintiffs, lawyers, and token holders who made a loss.

Despite the settlement, there is no ruling on whether XTZ is a security.

Acontroversial lawsuit alleging the crypto project Tezos conducted an illegal securities sale in 2017 has been settled with the court ruling in favor of the investors and the project’s founders agreeing to pay damages, according to a court filing last week.

Tezos and its founders, Arthur and Kathleen Breitman, will pay a total of $25 million to investors, as per the court order. It was first proposed in March this year but settled only last week.

Lead plaintiff Trigon Trading and other key figures will receive a small upfront settlement of $5,000 to $7,500 each while the plaintiff’s lawyers will receive over $8 million in legal fees.

The remaining $16.5 million will be distributed to Tezos investors who participated in the token sale and made a loss. No settlement will be doled to any holders who profited off the sale in the months after.

Tezos raised over $232 million in a token sale in July 2017, luring investors with its governance token, XTZ, and a platform that supported the creation of decentralized applications, similar to Ethereum. It was the largest initial coin offering at the time, before other initial coin offerings from file-storage network Filecoin and messaging app Telegram eclipsed the Tezos sale.

But the prolific sale irked some investors, who argued the Tezos token was an unregistered security, and hence, could not be sold to investors in the US. 

Tezos and the security debate

As per the country’s Federal Securities Law, no company could sell or issue “security” tokens—which derive their value from a real-world asset and are tradable—without registration in the Securities and Exchange Commission. Such tokens needed to qualify the Howey Test, which XTZ did not.

In 2017, as filings showed, investors alleged that the Tezos Foundation fraudulently and deceptively marketed the sale of tokens as equity investments when they were “charitable contributions” instead, allowing the defendants to pocket “tens of millions of dollars” for themselves. A three-year-long court case for remuneration followed.

In March this year, courts ruled Tezos must pay over $25 million to investors as damages, which the Tezos Foundation accepted at the time. However, it added in a statement, “The Foundation continues to believe the lawsuits were meritless and continues to deny any wrongdoing.”

It further explained, “Lawsuits are expensive and time-consuming, and it was decided that the one-time financial cost of a settlement was preferable to the distractions and legal costs associated with continuing to fight in the courts.”

Meanwhile, while the case is now closed and Tezos has agreed to pay damages, the question that started it all remains unanswered: Is XTZ a security or not?

#Ethereum Miners Earn $500,000 in Just One Hour

 

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Ethereum miners are increasingly profiting from transaction fees as they keep growing—along with concerns over the high prices.

In brief

Ethereum miners saw a record profit of over $500,000 in transaction fees in one hour.

As the blockchain keeps growing, its community is concerned over steep fees.

Increasing Gas limits per block could also lead to the network becoming unwieldy.

Miners on the Ethereum blockchain have set a new record by earning half a million dollars in transaction fees in just one hour, according to crypto analytics platform Glassnode.

While record revenues are an undoubtedly welcome achievement for miners, the Ethereum community has been raising concerns over steep—and constantly growing—transaction fees for some time now. As Decrypt reported, both Ethereum supporters and rivals are acknowledging that fees are getting out of hand—but there is no clear solution.

“Prediction: Ethereum gas fees ruin Defi for normal users (until Ethereum 2.0 in 1-2 years),” tweeted ShapeShift CEO Erik Voorhees. (DeFi is a term for decentralized finance.) He added that this might push developers to start building on other compatible platforms.

Ethereum co-founder Vitalik Buterin acknowledged the issue with fees on Twitter today, but reiterated his stance that Ethereum users should be using layer two technology to get around the issue.

“To those replying with "gas fees are too high", my answer to that is "well then more people should be accepting payments directly through zksync/loopring/OMG". Seriously, scaling to 2500+ TPS for simple-payments applications is here, we just need to... use it,” he said.

In mid-July, Decrypt reported that Ethereum’s network used a new daily all-time high of 74 billion Gas (units in which transaction fees are measured). Since then, that figure has already grown to 79 billion Gas by August 31—and it keeps rising, according to Etherscan.

While there are limits to the total value of transaction fees that can be included in one block in the blockchain, Ethereum miners keep raising them. In June, they pushed up the limit from 10 million to 12.5 million, where it currently stands.

##Tether moves 3 million USDT to OMG Network

 

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Stablecoin issuer Tether has moved 3 million USDT coins, tied 1:1 to the U.S. dollar, to the OMG Network from Ethereum.

Stablecoin issuer Tether has moved 3 million USDT coins, tied 1:1 to the U.S. dollar, to the OMG Network from Ethereum.

The move appears to be the first major transaction after Tether integrated with the OMG Network last week. OMG is a layer-2 scaling solution and is designed to reduce congestion on the Ethereum blockchain.

Tether CTO Paolo Ardoino told The Block that layer-2 solutions, in general, are growing in popularity as a scalability mechanism for popular blockchains — Lightning Network for Bitcoin, and OMG and zkRollups for Ethereum. These networks provide “extremely scalable layers that allow users to send many orders of magnitude, more transactions (with cheaper fees), still relying on the security of the main chain,” said Ardoino.

“I believe this is the most correct and clean approach from a technical and future proof point of view,” Ardoino added.

Tether, the largest stablecoin in the market with over 85% market share, currently works on seven blockchains: Algorand, Ethereum, EOS, Liquid Network, Omni, OMG Network, and Tron. Ethereum by far remains the largest value settler for Tether, as The Block reported recently.

#Top Investors Bet $7 Million that DeFi Will Move to Polkadot Network

 

                 

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Polkadot continues to attract DeFi developers and investors alike as the newly-launched network looks to take on Ethereum.

Acala, a DAO established on the newly-launched Polkadot network, has announced a successful series A funding from 15 high profile investors, such as Pantera Capital, Arrington XRP Capital, ParaFi Capital, CoinFund, DCG, Spartan Group, and others. 

Santiago Roel Santos, Partner at ParaFi Capital, says: 

“At ParaFi, we envision a constellation of DeFi ecosystems spanning multiple chains and believe that would be a win-win for the broader crypto industry. Acala is our first DeFi investment in Polkadot, and one of our first outside Ethereum. We are encouraged by the pace of development and innovation by Acala and are excited to join the team in their journey to become the primary DeFi hub of the Polkadot ecosystem.”

The investment is a simple agreement for future tokens (SAFT) deal and was led by Pantera Capital. According to Coindesk, the total amount raised is around $7 million.

Acala is a financial primitives platform that will provide an alternative infrastructure for DeFi on Polkadot’s multi-chain ecosystem. The Acala platform will feature a MakerDAO-like governance structure with split governance (ACA) and stablecoin (aUSD) tokens on the Polkadot network. 

However, it plans to go beyond MakerDAO’s current capabilities with a decentralized exchange (DEX) on top.

The need for a fast and cheap blockchain is rising, as Ethereum-based DeFi continues to be an unattainable investment for small retail investors. The rising gas fees are just one example of this, and may ultimately result in an investor migration from Ethereum to Polkadot. 

Regardless of the short term implications of Polkadot’s launch and Acala’s fundraising success, in the long run, Ethereum competition is extremely beneficial for everybody involved in crypto.

##Digital Currency Group Enters the Bitcoin Mining Industry

 

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Grayscale's parent company DCG has announced a subsidiary targeting the Bitcoin mining industry.

In brief

Digital Currency Group (DCG) has just announced Foundry, a wholly-owned subsidiary that was previously operating in stealth.

Following its launch in 2019, Foundry has already emerged as one of the largest Bitcoin mining firms in North America.

Through a $100 million investment, DCG seeks to position Foundry as a bridge between mining hardware manufacturers and capital.

Crypto-focused venture capital company Digital Currency Group (DGC) is now moving into the cryptocurrency mining industry with a subsidiary: Foundry.

Following the inception of Bitcoin mining in 2009, the cryptocurrency mining industry initially emerged as a lucrative market for solo miners mining Bitcoin with their laptops or computers. But in recent years, the barrier to entry has dramatically increased as massive corporate entities now dominate the landscape and a large chunk of the Bitcoin hash rate.

According to a press release, Foundry was designed to help institutional investors better access the cryptocurrency mining and staking industry—which has been largely dominated by private firms like Bitmain and Canaan Creative. Foundry's involvement in the cryptocurrency mining industry currently encompasses equipment financing and procurement, as well as mining, staking, and advisory services.

We want to empower decentralized infrastructure in the new digital economy, and our work will support the development and growth of mining operations—particularly in North America,” said Mike Colyer, CEO of Foundry.

Since being established in 2019, Foundry has emerged as one of the largest Bitcoin mining firms in North America and assisted with procuring around half of the mining hardware delivered to the region. Now, Foundry will give vetted mining hardware manufacturers and distributors access to capital resources, and help individuals and firm with an interest in the cryptocurrency mining space build and maintain decentralized networks.

“Digital asset mining and staking provide the backbone of the blockchain technology that will drive that advancement. Foundry is bringing critical resources and guidance to an essential corner of the industry, and Mike Colyer and his team have the expertise, credibility, and integrity to support the evolving needs of miners and manufacturers,” said Barry Silbert, Founder and CEO of DCG.

To help Foundry break way in the cryptocurrency mining space, Digital Currency Group will be investing more than $100 million into the initiative through to 2021.

##Mexico Finance Agency: Banks Biggest Money Laundering Threat

 

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Criminals still prefer traditional financial institutions to launder their dirty proceeds, according to a new report from the Mexican Financial Intelligence Unit.

In brief

The biggest banks in Mexico are the most attractive option for money launderers, a report claims.

Fintech and cryptocurrency is not mentioned in the report—despite being attractive to criminals elsewhere.

Mexican banks have long had problems with money laundering.

Banks in Mexico are the most attractive to money launderers in the country, a new report has claimed. As originally reported by Mexican daily El Economista, the largest banks in Mexico—the G7—are at the most risk of being used for money laundering.  

The news report published last week looks at the results of the National Risk Assessment (ENR) of money laundering and financing of terrorism by the country’s Financial Intelligence Unit (UIF) of the Ministry of Finance and Public Credit. 

Its findings say that despite the G7 banks being the most regulated, the highest amount of dirty money passes through them. The G7 comprises the biggest banks in Mexico: Citibanamex, BBVA Bancomer, Banco Santander Mexico, Banorte, HSBC Mexico, Scotiabank Inverlat, and Banco Inbursa. 

The report says that, previously, four sectors of the financial system were considered most likely to be used for money laundering. But now, the G7 and banks that carry out foreign exchange activity are the most likely culprits out of any financial institutions in Latin America’s second-largest economy. 

The report fails to mention the risks of cryptocurrency exchanges or fintech companies—both typically thought to be attractive for those wanting to “wash” dirty proceeds. Mexico is home to the most fintech startups in Latin America. And the country is also home to Tauros, the region’s first crypto debit card. 

Though, according to the report, at least, criminal groups in the country still prefer traditional finance. 

Banks in Mexico have long had trouble with money laundering. In 2012, HSBC agreed to pay a record $1.92 billion in fines to US authorities after Mexican and Colombian drug cartels were found to be using the bank to launder drug money.

##These 7 Stocks Alone Gained $282 Billion Yesterday Which Is Nearly The Total Crypto Market Cap

 

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Seven Wall Street companies gained nearly $300 billion in a day in total market cap – almost as much as the entire cryptocurrency market is worth.

Seven US-based giant companies, namely Facebook Inc, Apple Inc, Amazon.com Inc, Microsoft Corp, Alphabet Inc, Tesla Inc, and Salesforce.com Inc, gained nearly $300 billion in total market cap during yesterday’s trading session on Wall Street.

This only goes to show how small the digital asset field is compared to the giants, as their one-day combined gains represent almost the entire crypto market cap.

$282B Gained In A Day By 7 US Companies

Green dominated most tech-oriented stocks on Wall Street yesterday. Facebook’s shares (FB) exploded by over 8% to a new all-time high of over $300. The company’s total market cap increased by nearly $66 billion in just a day.

Apple’s stocks (AAPL) jumped by 1.36%, and one AAPL is more than $500. Apple’s TMC conquered the $2 trillion mark last week, and it has continued growing since then. Just during yesterday’s session, it went from $2,135 trillion to $2,164 trillion (gains worth $28 billion.) Interestingly, Apple’s market cap is larger than the GDP of countries such as Brazil, Canada, and Russia.

Amazon.com CEO Jeff Bezos became the first person ever to be worth over $200 billion after his company’s stocks (AMZN) soared by almost 3% to $3,442. Amazon’s TMC grew by $48 billion from $1,676 trillion to $1,724 trillion in a day.

Alphabet Inc, Google’s parent company, saw its market cap increase by $30 billion from $1,094 trillion to $1,124 trillion. The one-day TMC growth of Microsoft equaled $36 billion, Elon Musk’s Tesla’s – $24 billion, and Salesforce – over $50 billion.

As a result, all seven companies had their combined total market cap increase by roughly $282 billion.

The Crypto Market: How Small And Early It Really Is?

Outsiders of the cryptocurrency space often wonder if they have missed the train as Bitcoin’s price is in the five-digit territory, and it used to trade for much less just a few years ago. Other cryptocurrencies have also surged in value since inception, so investors worry that if it isn’t too late to enter.

However, by merely comparing the entire digital asset market with the information above, it’s easy to see that it may not be late to join the party. After all, the entire cryptocurrency market is worth about $355 billion at the time of this writing – slightly more than the gains marked by only seven companies in just one day.

Moreover, the cryptocurrency TMC was less than $280 billion in mid-July. In fact, even if we examine the top reached during the parabolic price increase in 2017/2018 of $830 billion, it’s still worth less than the market cap of Facebook and almost three times less than Apple’s.

Some may argue that most of these companies have been around for much longer than Bitcoin. However, while this is true for names like Microsoft (founded in 1975) and Apple (1976), it’s not entirely accurate for others such as Facebook (2004) and Tesla (2003).

Ultimately, this could showcase that although the cryptocurrency market contains thousands of digital assets, it’s still very early in its adoption cycle compared to the traditional financial field.

##Korean Crypto Firm Partners With Major Bank for Blockchain Product

 

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Shinhan bank customers can soon open accounts and access other financial services using a blockchain-based mobile app.

In brief

A top Korean bank will use blockchain-based KYC to remotely open customer accounts.

Korean crypto firm Iconloop will provide the underlying blockchain.

The country's government is betting big on blockchain to spur economic growth.

One of Korea’s most prominent crypto and blockchain firms, Iconloop, announced a partnership yesterday with Shinhan Bank, the country’s second-largest commercial bank, to issue Know-Your-Customer (KYC) compliance certificates, as per a release.

It is one in a long list of blockchain and crypto-based projects to be launched in Korea’s public domain this year. Others include an Ethereum-powered beach payments system and the use of blockchain-based apps for verifying driver’s licenses, with Iconloop’s new development one of the first instances of a bank-crypto firm partnership.

Through its mobile app Zzeung—which uses the firm's blockchain-based decentralized identity (DID) service—Iconloop will issue a KYC certificate accessible on its native blockchain for any interested users, who can then remotely open a Shinhan bank account using just their mobile app. This eliminates the need for paper documents and other extensive compliance demands, the release said.

Shinhan Bank-issued compliance certificates will be also applied to various other identity verification services used to access Shinhan’s mobile banking services, including mobile password issuances, password changes, and other customer verification needs. 

Users holding the compliance certificates can also use the KYC facility with Shinhan’s partner companies, making it faster for them to access financial services, such as brokerage, credit card, and insurance accounts.

 Jong-hyup Kim, the founder of Iconloop, commented on the launch, "This issuance of compliance certification with Shinhan Bank is of great significance because it is the first commercialization of DID services used in the financial sector in Korea.”

Zzeung is one of the main players of the MyID Alliance, a blockchain-focused—and government-recognized—consortium in Korea with over 77 members ranging from commercial banks to local governments and e-commerce companies.

This year, the country’s Financial Services Commission approved Zzeung into its financial sandbox to allow the development of compliance certifications and other identity verification services using blockchain technology.

The development comes as the Korean government is touting a massive investment in blockchain and other rising technologies such as AI. It has already put aside $400 million in a special investment vehicle for the purpose and is even pursuing research on a potential digital won, Korea’s digital alternative to its fiat.

##Korean Crypto Exchange Seized After Banking $85 Million in 'Illegal Profits'

 

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Authorities stormed into Coinbit’s offices today after they found the exchange had faked over 99% of its trading volume.

In brief

Coinbit was seized by authorities earlier today after manipulating volume on its exchange.

Police said the business made over $85 million in illegal income.

Investigations are ongoing.

Seoul police have raided the offices of Coinbit, one of the largest crypto exchanges in South Korea, this morning after they found the firm had used illicit methods to generate trading volume and earn millions of dollars, according to local outlet Seoul News. Coinbit allegedly faked over 99% of its volume using the scheme.

Fake volumes are a rampant feature in crypto markets globally, with researchers stating over 90% of all transactions on exchanges could be bots trading back and forth with each other to generate the illusion of an active market. This is referred to as “wash trading.”

Coinbit utilized a similar scheme, said the police. The exchange’s owner, Choi Mo, and other team members were alleged to have bought and sold various tokens between different accounts on the exchange, which authorities said affected Coinbit’s 252,000 monthly active users.

The modus operandi was as follows: Coinbit made two exchange accounts containing all user funds. One account wash traded on major cryptocurrencies such as Bitcoin, Ethereum, XRP, and Tether trading pairs with “ghost” accounts.

The other account was allegedly used exclusively for trading obscure altcoins and initial exchange offerings—where a coin is available only on one exchange—by controlling their supply, manipulating their prices to higher values, and eventually dumping the tokens on unsuspecting retail traders.

Doing so allowed Coinbit to attain over 100 billion won ($85 million) in fraudulent income coupled with their wash trading method that spurred the legal action, the report claimed.

Accounting fraud and more crackdowns ahead

Authorities have also raised questions about Coinbit's accounting practices, which point towards the possibility of additional malpractice and embezzlement, the report said.

An anonymous tax accountant told the local reporters, "The fact that Coinbit rejected the opinions from external auditors means that the company's operation was done in an out-of-the-box fashion, and in fact, its accounting cannot be trusted at all."

##Top Cryptocurrency Wallets of 2020

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One of the major points of contention when entering the cryptocurrency industry either as a trader or a HODLer is the security of digital assets. Many investors are on the fence when it comes to participating in this budding industry just because of the infamous incidents of hacks and cyber-attacks on crypto exchange platforms that have swindled investors to the tune of millions of dollars. As a measure to safeguard their investments, seasoned investors store their digital assets only on the most trusted and reputable crypto wallets.

In this article, we look at four of the most trustworthy and secure crypto wallets in the market today – CryptX, Ledger, Bitamp, and Electrum.

Differentiation Between Hot Wallets and Cold Wallets

Before we delve deeper into the aforementioned cryptocurrency wallets, it’s important to know about the different kinds of cryptocurrency wallets.

Primarily, cryptocurrency wallets can be divided between hot wallets and cold wallets.

What Are Hot Wallets?

Hot wallets, as the name suggests, are digital wallets that are connected to the Internet. Due to their online nature, hot wallets enable rapid access to digital assets. There is no dearth of secure hot wallets in the industry, with some of the most popular of them being MyCelium, Bread, Edge, Bitamp, and Electrum, among others.

Hot Wallets are optimal for those who require ‘on-the-go’ access to their digital assets for quick trades. As the price movement in the cryptocurrency industry is notoriously volatile, having or not having quick access to crypto investments can make or break the game for investors. Therefore, if you’re a trader or even just want to HODL cryptocurrencies for the long-term, you can bet your money on hot wallets. Investors can add an extra layer of security to their wallets by enabling PIN password and two-factor authorization.

What Are Cold Wallets?

As the name might suggest, cold wallets are ‘cold’ in the sense that they’re disconnected from the Internet. Cold wallets from companies such as Ledger and Trezor are becoming increasingly popular among novice and veteran investors alike courtesy of their unparalleled security.

However, due to their offline nature, they might not be the ideal choice for investors who are actively trading cryptocurrencies to make profits. Despite that, the stellar security provided by cold wallets makes them an ideal choice for those who want to store large amounts of crypto assets for the long-term.

Some of the Top Cryptocurrency Wallets

CryptX

Dubbed the “Swiss Bank for Digital Coins,” CryptX is a leading cryptocurrency wallet that offers its users enterprise custodial services with institutional-grade security. It is fast and easy to onboard.

(Source: CryptX)

With an intuitive and sleek user-interface, CryptX provides the simplest and most convenient way of sending, receiving, and managing crypto assets at minimal fees. The wallet secures users’ private keys in the impenetrable Swiss bank-grade Hardware Security Modules (HSM) that are developed, manufactured, and programmed in Switzerland. This, in essence, means that CryptX users can rest assured that no one is gaining unauthorized access to their private keys.

CryptX cryptocurrency wallet supports a wide array of digital assets and regularly introduces support for new ones, thereby eliminating the need for individuals to maintain multiple crypto wallets.

At present, CryptX can be used to manage more than 100 cryptocurrencies including top digital assets such as Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Tether (USDT), and Chainlink (LINK), among several others. CryptX also supports other crypto-specific events such as forks, and token airdrops so that users do not have to shuffle and move their digital assets to other wallets.

All secure information related to accessing the cryptocurrencies supported by CryptX are stored in Swiss HSM devices which can be managed through the wallet’s secure APIs via Two-Factor Authentication. In addition, CryptX also leverages several other robust security mechanisms such as wallet freezing, and address whitelisting.

CryptX provides its users with cutting-edge trading features.

For instance, consider the CryptX Auto Swap functionality that automatically swaps BTC, ETH, BCH, LTC, and USDT within the user’s wallet to eliminate exchange rate risk involved in cryptocurrency operations. In simpler terms, the Auto Swap feature ensures that users do not lose their investments on volatility. Users can tap this feature to safeguard their digital assets from undesirable price swings.

Last but not the least, CryptX is cognizant of how big a pain enormous transaction fees can be for users. In that regard, CryptX offers SegWit, transaction batching, and other fee management tools to ensure its users have minimal exposure to unnecessary expenses.

Interested individuals can book a CryptX wallet Demo on their official website here.

Ledger

Ledger is a leading hardware or cold wallet firm based out of France. Ledger’s two flagship products – Ledger Nano S and Ledger Nano X, are often considered the industry-benchmark for hardware wallets because of their robust and cutting-edge security mechanism.

Ledger Nano S supports a swathe of cryptocurrencies, including some of the most popular digital assets, such as Bitcoin (BTC), Ether (ETH), XRP, Litecoin (LTC), and Bitcoin Cash (BCH), among others.

Bitamp

A leading Bitcoin (BTC) wallet, Bitamp is a trusted name in the cryptocurrency wallet space. Bitamp is an open-source, client-side, Bitcoin wallet that enables users to seamlessly send and receive the premier cryptocurrency from anywhere in the world.

The wallet keeps user privacy at its core and requires no user information at all. Users are not required to share their email addresses or any other personal information to enjoy the benefits of this free Bitcoin wallet. Bitmain strives to preserve user’s anonymity and, in that regard, never stores the seed phrase, private key, IP address, or user browser details.

Electrum

One of the oldest digital wallets in the industry, Electrum has successfully maintained its reputation throughout the years.

Electrum is a desktop Bitcoin wallet compatible with various operating platforms such as Windows, Mac, and Linux. Because it’s an open-source wallet, Electrum has continually undergone important additions from the best programmers and security enthusiasts in the crypto space. The continual refinement has cemented Electrum as one of the most respected Bitcoin wallets in existence today. Just like Bitamp, Electrum can also be integrated with several leading hardware wallets including Ledger, Trezor, and others.

#US: IRS Considering Asking Every Citizen If they Ever Used Cryptocurrency

 

      

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The US taxation watchdog is tightening the noose around crypto investors.

IRS Wants to Know About Your Crypto Indulgences

The US Internal Revenue System (IRS) recently released drafts of its income tax forms for 2020 which particularly asks all taxpayers whether they ever bought any crypto.

In specific, the latest 1040 form asks individuals — “At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?”

Clearly, the IRS wants to keep a tab on all US citizens’ crypto adventures to ensure they pay the correct amount of tax owed to the regulator.

In October last year, the IRS issued fresh guidelines pertaining to crypto taxation to make it easier for crypto holders to file taxes.

Of note, filing taxes on cryptocurrency holdings is a nightmare due to the lack of regulatory and legal stature of digital assets. This has, in fact, led to the emergence of a trend where several consulting firms can be observed launching consumer service that would aid people in engaging in digital currency transactions to file their taxes correctly.

In December last year, the IRS suggested three ways to stay compliant with the cumbersome and ambiguous crypto tax laws. However, in February this year, the US Government Accountability Office (GAO) argued that some aspects of the IRS crypto tax guidelines are unenforceable.

On a more recent note, earlier this year in March, the IRS invited cryptocurrency stakeholders to a crypto tax summit after declaring its intention to pursue robust virtual currency tax enforcement in 2020.

All said and done, however, there’s evidently an urgency on the tax watchdog’s part to come up with robust cryptocurrency tax guidelines as soon as possible, especially given the fact that its own officials admit that some crypto laws are “not ideal.”

Crypto Taxation In Other Parts of the World

While the IRS is still trying to come up with an easy tax architecture for the crypto affluents, taxation watchdogs in other countries across the world seem to have a clearer approach, albeit a little stern.

As reported by BTCManager in June, South Korea was mulling levying taxes on cryptocurrency trading profits from 2021. This, however, drew a lot of flak from the peninsular country’s economists, who feared such strict laws could stifle the crypto industry’s growth in the long run

##Is Bitcoin mining still profitable in 2020?

       

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If you have access to cheap hardware and/or electricity, then Bitcoin mining can still be a profitable endeavor.

In brief

Bitcoin has more than doubled in value since March, but halving rewards have also been cut in half.

The Bitcoin hash rate also recently reached its all-time highest value, leaving smaller Bitcoin miners at a disadvantage.

The profitability of Bitcoin mining comes down to hardware acquisition and running costs; most modern miners are currently net positive in terms of daily yields.

Since reaching its lowest value of 2020 back in March, the price of Bitcoin (BTC) has been on a meteoric uptrend, with the leading cryptocurrency more than doubling in value in the last five months.

At the same time, the Bitcoin hash rate has increased by more than 25% since March, recently reaching its highest ever value. In May 2020, Bitcoin also completed its third halving event, which saw the amount of Bitcoin mined each day cut in half.

With all these factors coinciding with one another, it can be difficult to keep track of whether Bitcoin mining is still profitable in 2020. Here's what you need to know.

Mining difficulty tends to increase with time

One of the main things that miners need to consider when mining Bitcoin is the difficulty change. Briefly, the Bitcoin difficulty determines how much work a miner needs to put in to solve the complex mathematical problem that will allow them to add a new block of transactions to the blockchain.

This difficulty is either increased or decreased after every 2016 blocks, or roughly every 14 days, depending on how quickly the previous 2016 blocks were found. If the previous 2016 blocks took less than 14 days to discover, then the difficulty increases, whereas it decreases if it took more than 14 days to discover—all with the goal of returning the average block discovery time to 10 minutes.

##Metamask tightens license in response to Crypto browser boom

 

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MetaMask is shifting away from open-source to make large-scale app makers using its code pay up, and it leads to a contentious exchange with Brave leadership.

In brief

Ethereum wallet MetaMask will use a proprietary license because of “free-riders.”

The wallet will remain free to users, but some app makers will have to license the code.

Twitter bickering between MetaMask and Brave team members ensued.

Another week, another major change for the popular Ethereum wallet MetaMask. After last week’s announcement of a potential dapp-breaking code change on the horizon, the company announced this week that it will move away from its open-source approach.

Instead, MetaMask has adopted what it calls a “tiered proprietary license,” leaving behind its previous permissive MIT license. MetaMask will remain fully free to users, so there’s no need to worry there. Nothing is changing on that front.

However, this license states that organizations using MetaMask code—which is now owned by ConsenSys—to commercially serve 10,000 or more monthly users must enter a licensing agreement. (Disclosure: ConsenSys funds an editorially-independent Decrypt.)

According to lead developer Dan Finlay, it’s unsustainable for MetaMask to continue to allow other companies free reign to use MetaMask’s code for their own purposes.

“Open source development enables public participation and keeps Ethereum resilient,” he wrote. “Despite open source software solving critical shared problems, fair compensation for the maintenance of these community goods remains a problem, with many different sustainability attempts—from donations, to grants, to copyleft licenses.”

MetaMask will continue to provide its code for inspection and auditing, and for both non-profit organizations and developers of apps with fewer than 10,000 monthly commercial users, the story is much the same as before. This move solely affects any larger players who want to use MetaMask’s code to power their own wallet functionality.

“A developer shouldn’t have to decide between making proprietary software or continuing open source licenses,” Finlay wrote. “We also need to be on a fair playing field with other products in the ecosystem that exist upstream of MetaMask in the web3 tech stack.”

”We decided to keep to the principles of open source development with auditable code, but reserve the right to come to enterprise agreements with distributors whose version of MetaMask serves more than 10,000 users. This protects MetaMask from free-riders or upstream competitors from exerting monopolistic control.”

Who might these so-called “free-riders or upstream competitors” be? MetaMask Head of Product Jacob Cantele makes it clear in a tweet that includes an image of the Brave browser, writing: “Browsers, for example, have forked us and introduced patterns where it is increasingly difficult to use MetaMask, while the user is prompted to replace MM with a fork.”

Cantele suggests that Brave is actively blocking MetaMask usage and pushing its own Crypto Wallets functionality… which is forked from Brave

Brave’s team, for its part, disagreed with Cantele’s assertion. Co-founder and CTO Brian Bondy replied that Cantele’s post was a “spread of misinformation,” and that the prompt shown in the shared screenshot only happens if a user has already selected Crypto Wallets in a third-party dapp. Brave CEO and co-founder Brendan Eich also tweeted, “We do not block MetaMask.”

The whole back-and-forth had some contentious moments, including Bondy stating, “MetaMask wasn't forced to change their license. They just chose to do that,” and telling Cantele, “Please verify claims before throwing them out in disguise of facts.”

Another potential issue emerged in discussion: the possibility that MetaMask’s licensing shift was invalid due to the use of dependency that is subject to a GPL 3.0 license. MetaMask’s Erik Marks responded on GitHub that a single dependency in the code is subject to such a license, and that it will be removed. MetaMask locked the issue and considers it resolved.

##Major Singapore Bank: Central Bank Interest in Crypto and Gold Surged Following COVID-19

 

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DBS report showed that cryptocurrencies have grown amid the COVID-19 pandemic and central banks are “troubled and intrigued” by that fact.

The Singaporean multinational banking and financial services corporation DBS Bank has compiled a report on cryptocurrencies and the recent developments in the sector. The paper noted that central banks are both “troubled and intrigued” by the growing role of digital assets in today’s world, especially following the COVID-19 pandemic.

DBS Bank: Cryptocurrencies Are Growing

Headquartered in Marina Bay, DBS Bank is among the largest banks in the region. In its recent paper on cryptocurrencies, DBS said that while they were once perceived by central banks as entirely speculative assets with little-to-no real-life utilization, they have outgrown that mantra and have “captured the investor zeitgeist.”

The COVID-19 pandemic and the actions taken by central banks have only highlighted their merits and accelerated the developments in the field, the paper added.

“Ever since central banks around the world embarked on an unprecedented expansion of their balance sheets to combat the COVID-19 pandemic-related economic headwinds, interest in cryptocurrencies, along with gold, has resurged.”

Although the paper outlined that Bitcoin’s maximum cap of 21 million makes it an enticing investment instrument or a store of value, it also brought up a poll indicating compelling results.

Nearly 35% of participants have responded that they employ BTC and other digital assets for online payments and purchases. At the same time, less than 25% of all answers go to “general interest in it as a technology, short-term investment, and long-term investment.”

##Bitcoin Breaks Above $12,000 After David Portnoy and MicroStrategy Venture into BTC

 

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According to the chart from TradingView, Bitcoin has now gone above the $12,000 mark. Bulls have made it after dominating the market recently, but there have been a few major factors that may have pushed Bitcoin above this line.

Bitcoin goes up after Portnoy and MicroStrategy bet on it

As covered by U.Today recently, Barstool Sports founder and internet celebrity, David Portnoy, invited the Winklevoss twins to his place to let them tell him what Bitcoin (and crypto in general) is and how it works.

The twins, Bitcoin billionaires, pitched BTC to Portnoy successfully, as he immediately opened his laptop and acquired both BTC and Chainlink. Among the arguments that he heard was that Bitcoin is superior to gold, since Elon Musk and NASA plan on mining gold and other precious metals in space from asteroids.

Thus, Bitcoin, according to Cameron and Tyler Winklevoss, is the most scarce asset in the galaxy and gold’s supply is likely to be infinite.

MicroStrategy lays hands on Bitcoin

Another likely reason for Bitcoin's surge above $12,000 is that, last week, a major publicly-listed Nasdaq company—software giant Microstrategy—announced that it had got hold of $250,000,000 worth of Bitcoin.

The company decided to allocate this amount of cash to a safe haven asset and decided that Bitcoin can definitely be that, thus acknowledging BTC as a legitimate inflation hedge.

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#$217M Invested In Crypto As Grayscale Marks Its Best Week Following Nationwide Commercial Launch

 

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Grayscale Investments marked its best fundraising week, with over $200 million investments after launching a nationwide commercial educating the masses about digital assets.

The leading cryptocurrency asset management company – Grayscale Investments – has recorded its most significant fundraising week in its 7-year history.

Interestingly, the massive spike followed a nationwide advertising campaign the company ran in the U.S.

Grayscale Commercial Worked

As CryptoPotato reported a week ago, the digital asset manager planned to run a widespread advertising campaign in the United States to promote its Investment Trust and highlight the merits of investing in Bitcoin and other cryptocurrencies.

Although the initial message didn’t disclose extensive details, the campaign went live on Monday, August 10th.

The campaign is a quick 30-second commercial containing a brief history of the money, developments in the financial sector, and, naturally, the emerging digital assets trend and how people could invest through Grayscale.

Founder and CEO of Grayscale, Barry Silbert, asserted yesterday that Grayscale had marked its “largest fundraising week EVER” with $217 million invested into the different Grayscale funds. He attributed the impressive results to the success of the advertising campaign by saying, “guess you liked the commercial!”

Thus, the company’s net Assets Under Management (AUM) continue growing with massive steps this year, even after the impressive Q1 and Q2 results.

As of this week, Grayscale has increased the AUM to nearly $6 billion. Somewhat expectedly, the Bitcoin Trust represents the majority of all holdings with $4.9 billion, while the Ethereum Trust follows with $863 million.

Grayscale Launches An Educational Tool

The cryptocurrency management firm recently launched an educational resource for financial advisors and wealth managers. Dubbed “The Digital Currency Toolkit for Financial Advisors,” it’s a free resource aimed to provide advisors with comprehensive data regarding cryptocurrencies and how they can apply it to counsel clients accurately on the matter.

The company noted that as the cryptocurrency field keeps growing, more people outside of the space are attempting to receive credible information. However, Grayscale admitted that there are many misconceptions and even blatant lies circulating that confuse and repel traditional investors.

With the toolkit, though, advisors can educate curious investors about Bitcoin’s history and past performance, mainstream acceptance and adoption, and how they can enter the field.

“Having been in this space since 2013, Grayscale Investments is committed to educating financial advisors and providing them with the tools they need to consider and decide how digital currencies may fit into their clients’ portfolios and investment strategies.

Given the uncertainty in today’s environment, investors are increasingly turning to assets like Bitcoin. Now is the time for advisors to better understand this asset class.” – commented Grayscale Managing Director Michael Sonnenshein.