American ATM Network Athena Bitcoin Adds Bitcoin Cash Support

American ATM Network Athena Bitcoin Adds Bitcoin Cash Support

Bitcoin cash (BCH) is now available for trading in dozens of new physical locations across the US. The American ATM network Athena Bitcoin has added support for buying and selling the cryptocurrency for fiat cash on all its machines.

Also Read: Polish Financial Authorities Paid Youtuber to Smear Cryptocurrency

Bitcoin Cash ATM Network

Midwest US-based cryptocurrency ATM network Athena Bitcoin has recently announced that bitcoin cash (BCH) has been made available on all of its machines. This is only the third cryptocurrency now supported by the ATM network following bitcoin (BTC) and litecoin (LTC).

Athena machines offer both the buying and selling of cryptocurrency, which means American BCH holders have gained not only a new convenient method to increase their stockpile of the cryptocurrency but also the ability to easily exchange it for fiat in case they need to pay in shops that don’t accept credit or crypto.

The company explains to clients that bitcoin cash is a fully independent currency that features a different price, development team, and community compared with BTC, and that they will therefore need to use a BCH supporting wallet for buying the cryptocurency. The Athena Bitcoin wallet does not support BCH yet, but the company promises that it will be soon after an upcoming update.

ATMs Across America

American ATM Network Athena Bitcoin Adds Bitcoin Cash SupportAthena has 55 ATMs in eight American states (Florida, Georgia, Illinois, Missouri, Ohio, Pennsylvania, Texas and California) as well as one machine located in Yucatán Mexico at a place called Lapa Lapa Altabrisa Mérida. It features in locations that offer maximum convenience for everyday people such as gas station owners, bodegas and pawn shops.

Its ATMs are designed to allow users to purchase cryptocurrency without a bank account, debit card or credit card. The company promises people can buy cryptocurrency for the machines in as little as 90 seconds with just an appropriate crypto wallet on their smartphone.

American ATM Network Athena Bitcoin Adds Bitcoin Cash Support
North American ATM network of Athena Bitcoin

Should bitcoin ATM networks add support for even more cryptocurrencies? Tell us what you think in the comments section below.


Images courtesy of Shutterstock, Athena Bitcoin.


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Japan’s GMO to Launch BTC, BCH Cloud Mining Service in August

Japan’s GMO to Launch BTC, BCH Cloud Mining Service in August

Japanese technology conglomerate GMO Internet is about to launch a new cloud offering for mining BTC and BCH. If you have at least $5 million that you want to invest in such a venture, and don’t want the hassle of opening your own mining farm, applications start next month.

Also Read: Coinbase Develops Bitpay Competitor Supporting BTC, BCH, ETH and LTC

Japan’s GMO to Launch BTC, BCH Cloud Mining Service in AugustGMO Internet Group (TYO:9449) has announced the expansion of its recently launched cryptocurrency business with a new cloud mining service, which will be launched in August 2018 if everything goes as planned. The Z.com Cloud Mining service will focus only on two cryptocurrencies based on the SHA256 algorithm, meaning bitcoin (BTC) and bitcoin cash (BCH).

Starting March 1, the company will start accepting priority applications from potential customers who wish to use the new service, and it has already been approached by interested parties. To present the new service to investors GMO Internet will hold information sessions about it in nine major cities across the world, including: Tokyo, New York, Los Angeles, London, Frankfurt, Hong Kong, Singapore, Zurich and Dubai.

The company also explains to green-conscience prospectors that “In terms of power supply, we operate a next-generation mining center utilizing plentiful renewable energy in the region, which has allowed us to secure clean and inexpensive power supply.”

Aiming Big

Japan’s GMO to Launch BTC, BCH Cloud Mining Service in AugustContractually wise, GMO Internet will rent out part of its mining farms equipped with its own next generation 7nm mining chips, as well as manage the facilities, all of which are operated through its European legal entity.

Rather than appeal to small players, the service seems to target bigger businesses who still find it difficult to invest in and manage mining equipment on their own. Customers will pay $5 million (or about 550 million JPY) per contract upfront for a 2 years contract, with no cancellation option and an extra charge to cover operational costs such as electricity, real estate, maintenance, security and more.

“With the cryptocurrency mining business, GMO Internet Group will aim to become No. 1 worldwide in the cryptocurrency service.”

The Tokyo-headquartered conglomerate, comprising more than 60 individual companies domiciled in 10 different countries, first announced its entry to the cryptocurrency mining industry during September of last year. In January, GMO Internet succeeded in developing a 12 nm semiconductor for mining, which was a significant milestone for the group. It is currently working on research and development of its 7nm chip technology.

Is the GMO cloud a good option for more big players to get into bitcoin mining? Tell us what you think in the comments section below.


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Markets Update: Bitcoin Recovers to Test $10,000 Area

The BTC markets have ramped up to test the $10,000 USD area on leading exchanges following a break above resistance at $9,000. Bitcoin has recovered by more than 60% since testing the $6,000 area on February 6th.

Also Read: Coinbase Develops Bitpay Competitor Supporting BTC, BCH, ETH and LTC

Bitcoin Tests $10,000

Bitcoin has produced bullish action in recent days, forming an inverse head and shoulders pattern on the 4-hourly chart before breaking above resistance at roughly $9,000 area yesterday.

Markets Update: Bitcoin Recovers to Test $10,000 Area

The bearish action of recent weeks saw bitcoin lose approximately 65% of its value – falling from approximately $17,000 at the start of January to the recent low of less than $6,000 on the 6th of February. When compared with the all-time high of approximately $19,700 from December 17th, the drop down to $6,000 comprised a 70% loss in the value of BTC in just seven weeks.

Bullish Recovery Signs for BTC

The recent bullish momentum has seen bitcoin break above the 23.6% retracement area of the crash when measuring from the all-time high area of $19,000 – $20,000. Many traders are anticipating that BTC may soon test the major descending trendline stemming from the all-time high should the markets continue on their bullish trajectory.

Markets Update: Bitcoin Recovers to Test $10,000 Area

When looking at the weekly chart, the stochastic RSI appears poised to retest the 20 threshold after having dropped below such for the first time since mid-2017.

Markets Update: Bitcoin Recovers to Test $10,000 Area

According to Cryptocompare, Japan’s markets are by far the most dominant – with JPY/BTC trade currently comprising over 51% of the total volume of BTC traded globally during the last 24 hours. USD and USDT trade is estimated to represent approximately 37% of global trade combined, followed EUR/BTC trade with just under 5%. The shifting regulatory sands in South Korea have significantly reduced the dominance of the KRW/BTC markets – which presently comprises just 3.5% of BTC traded in the last 24 hours.

Altcoin Markets Correlated to BTC

The dollar-value of most altcoins have shown a strong correlation to BTC in recent months, with nearly every cryptocurrency producing a strong bounce in unison with bitcoin during February.

Among the best performing altcoins boasting a high market capitalization have been Litecoin and Ethereum Classic – both of which appear to have benefited from FOMO leading up to their respective forks, gaining over 100% since early February.

According to Coinmarketcap, bitcoin is currently exerting a market dominance of approximately 35%. Ethereum is second largest cryptocurrency market, boasting a 19.5% market dominance, followed by Ripple with 9.5%, and Bitcoin Cash with almost 5%.

Markets Update: Bitcoin Recovers to Test $10,000 Area

Do you think the bitcoin markets will continue to recover? Share your thoughts in the comments section below!


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Coinbase Develops Bitpay Competitor Supporting BTC, BCH, ETH and LTC

Coinbase Develops Bitpay Competitor Supporting BTC, BCH, ETH and LTC

While its trading clients might have preferred Coinbase to focus on improving its core service, the exchange is busy now expanding into another market. Coinbase Commerce has launched to help online stores handle payments in four leading cryptocurrencies.

Also Read: Independent Ratings Agency Alerts Investors About Dangers of Tether

Coinbase Commerce

San Francisco-based cryptocurrency exchange Coinbase has developed a new service that aims to simplify for merchants the adoption of multiple cryptocurrencies as payments for goods and services. Coinbase Commerce facilitates the acceptance of cryptocurrencies by monitoring, validating and confirming client transactions on each blockchain. And the company says that payments made from its customers are performed on-chain.

After a quiet soft launch test period, Coinbase Commerce was made available on Wednesday February 14 for all merchants globally. Online retailers everywhere can now use the service to accept bitcoin (BTC), bitcoin cash (BCH), ethereum (ETH) and litecoin (LTC) payments. It enables merchants to accept multiple cryptocurrencies directly into a user-controlled wallet. Unlike previous merchant tools that the company developed, this one is not a hosted service, meaning that retailers have actual control of their own digital currency.

Coinbase Develops Bitpay Competitor Supporting BTC, BCH, ETH and LTC

Shopify Integration

The developers of Coinbase Commerce say that it can be directly integrated into a merchant’s checkout flow or added as a payment option on an e-commerce platform. With just an email address and a phone, merchants can sign up and begin accepting crypto payments. The service has already been integrated with Canada-headquartered Shopify (NYSE: SHOP), one of the largest multi-channel commerce platforms, boasting more than 500,000 merchants with a total gross merchandise volume exceeding $45 billion. They add that they are actively adding more integrations with such platforms to make accepting cryptocurrency as easy as possible for merchants.

While the service can be most easily explained to retailers from outside the cryptocurrency ecosystem as a Paypal checkout for bitcoin, it’s more of an actual competitor to the largest bitcoin payment processor in the world today – Bitpay. The digital asset service provider based in Atlanta, Georgia has been the dominant player in the sector for a while now but Coinbase, whose revenues exceeded $1 billion last year, might be the best placed firm to challenge it.

Coinbase Develops Bitpay Competitor Supporting BTC, BCH, ETH and LTC

Is competition between Coinbase and Bitpay going to lead to better services? Tell us what you think in the comments section below.


Images courtesy of Shutterstock and Coinbase.


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Dubai Issues License to Cryptocurrency Firm

Dubai Issues License to Cryptocurrency Firm

The largest free economic zone in the UAE, with zero percent personal and corporate income tax, has started issuing licenses to firms trading cryptocurrencies. The first license has been issued to a gold trader that has recently started offering cryptocurrency services.

Also read: Japan Cracks Down on Foreign ICO Agency Operating Without License

Attracting Crypto Businesses

UAE’s Largest Free Economic Zone Issues License to Cryptocurrency FirmThe Dubai Multi Commodities Centre (DMCC) is a government entity established in 2002 to enhance commodity trade flows through Dubai. DMCC Free Zone is the largest and fastest growing free economic zone in the UAE.

“We perform a range of roles which continue to position Dubai as the preferred destination for global commodities trade and DMCC as the world’s No.1 Free Zone,” offering zero percent personal and corporate income tax, the center’s website states. Today, more than 14,100 multinational corporations and startups call DMCC home, with almost 90,000 people living and working there.

UAE’s Largest Free Economic Zone Issues License to Cryptocurrency FirmThe Centre has started issuing licenses to allow firms trading in cryptocurrencies to operate from its free zone, Thomson Reuters Zawya reported on Monday.

DMCC’s executive director for commodities, Sanjeev Dutta, told the publication that the Centre is “beginning to facilitate” a market in cryptocurrencies which, he acknowledged, is unregulated. Citing that firms looking to set up in the zone would be considered on a “case-by-case” basis, he elaborated:

To me, what is important is the fact that you are still evaluating it as part of your innovation strategy. You are not saying ‘no’ to something. You are not saying ‘yes’ either, but you are exploring, so you are clearly ahead of the others when the time to make a decision comes.

Cryptocurrencies as Commodities

DMCC is a member of the Global Blockchain Council, which began as a Dubai Smart City project and has 46 member organizations globally today. The Centre’s director of innovation hub, Franco Bosoni, said that a global consensus is emerging which favors classifying cryptocurrencies as commodities, the news outlet detailed and quoted him explaining:

DMCC’s view is that these [cryptocurrencies] meet the test of a commodity. They’re priced based on supply and demand, produced and sold globally at a uniform quality and (are) indistinguishable between products.

Wai Lum Kwok, head of capital markets for Abu Dhabi Global Markets Regulatory Authority, told the publication on Sunday that the regulator is “reviewing and considering the development of a robust, risk-appropriate regulatory framework” for crypto exchanges and intermediaries. Emphasizing that no timeframe has been set, he added:

As we develop our framework, we will also want to check in and have the conversations with, for example, US regulators, Japanese regulators and so on and so forth, so that there is some alignment of approach to avoid any regulatory arbitrage.

First License Issued

UAE’s Largest Free Economic Zone Issues License to Cryptocurrency FirmThe first license for the Free Zone reportedly went to Regal Assets, a gold trader and storage provider with offices in the US, Canada, and the UAE. The company added cryptocurrencies to its product line at the end of last year, offering brokerage services and an insured, high-security cold storage service for bitcoin, ether, bitcoin cash, ethereum classic, ripple, and dash.

According to Bloomberg, “Dubai gold trader Regal RA DMCC is the first company in the Middle East to get a license to trade cryptocurrencies.” The news outlet quoted DMCC acknowledging in a statement, “The company will offer storage of bitcoin, ethereum and other cryptocurrencies in a vault located in DMCC headquarters in Almas Tower in Dubai.”

DMCC Executive Chairman Ahmed Bin Sulayem was quoted by the publication, “At the heart of DMCC’s long-term strategic growth plan is the use of technology and innovation to disrupt and connect new markets, industries and customers,” adding that “the announcement today embodies this approach.”

Do you think more crypto companies will move to this free economic zone? Let us know in the comments section below.


Images courtesy of Shutterstock and DMCC.


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Swap BTC and BCH with the Bitcoin.com Wallet’s New Shapeshift API

Swap BTC and BCH With the Bitcoin.com Wallet's New Shapeshift API

Bitcoin.com, the premier source for all things Bitcoin, is pleased to announce that our development team has integrated the Shapeshift.io tool within the Bitcoin.com Wallet so users can shift between bitcoin cash (BCH) and bitcoin core (BTC) all within the platform’s interface.

Also read: Bitcoin Cash Games Arrives — Play Your Favorites Faster With BCH

The Bitcoin.com Wallet’s Shapeshifting Feature

Swap BTC and BCH With the Bitcoin.com Wallet's New Shapeshift APIThe Bitcoin.com Wallet is a robust non-custodial cryptocurrency client that allows users to store BCH and BTC securely. Since the launch of the wallet, there have been over 1.7 million downloads across both desktop and mobile operating systems. Additionally, the Bitcoin.com Wallet is one of seven compatible clients that work with Bitpay’s Payment Protocol invoice integration.

Adding the ability to Shapeshift between bitcoin cash and bitcoin core adds another powerful feature for wallet users. Bitcoin.com’s wallet service is meant to bolster the various educational resources and tools designed to improve the cryptocurrency ecosystem. Between all of the products, services, reading materials, and tools Bitcoin.com holds, it possesses the largest amount of bitcoin resources online. The founder and CEO of Shapeshift, Erik Voorhees, explained:    

The Shapeshift integration with Bitcoin.com allows their users to exchange Bitcoin and Bitcoin Cash within the Bitcoin.com Wallet —  Bitcoin.com has long been one of the most prominent voices in the Bitcoin community.

Swap BTC and BCH With the Bitcoin.com Wallet's New Shapeshift API

A Quick and Convenient Way to Swap BTC and BCH Without Registering for an Exchange

Bitcoin.com’s CEO, Roger Ver, says he’s thrilled to have a protocol like Shapeshift integrated into the wallet’s interface. The wallet’s shifting feature allows anyone to swap these two decentralized currencies quickly and conveniently without registering for an exchange.   

“This partnership with ShapeShift makes it simple for anyone to convert their bitcoin core to bitcoin cash, or vice versa,” said Roger Ver.  

This is also a major milestone for the Bitcoin.com Wallet and moves us one step closer to our goal of offering a comprehensive bitcoin platform of tools and services in addition to standard wallet features.

Using the shifting feature within the Bitcoin.com Wallet is easy and only takes a few minutes. All a user has to do is have either an amount of BCH or BTC held in their wallet, and they simply toggle the shifting feature in the ‘services’ section where the Shapeshift logo is located. This means that Bitcoin.com Wallet users can exchange BCH and BTC anytime they want without jumping through hoops.

“Shapeshift is an ideal exchange: it’s fast, easy, and requires no personal information — Integrating ShapeShift into the Bitcoin.com Wallet further increases the value proposition we strive to bring to our wallet users,” Ver adds.

What do you think about the Bitcoin.com Wallet integrating the Shapeshifting feature? Let us know what you think in the comments below.


Images via Bitcoin.com and Shapeshift. 


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This 16-Year Old Crypto-App Developer Fights Back Against Reddit Hate

This 16-Year Old Crypto-App Developer Fights Back Against Reddit Hate

Last month a 16-year old girl from India created a digital currency price ticker that tracks the price of cryptocurrencies like bitcoin cash, ethereum, and many others. However, when Harshita Arora introduced the iOS application to members of the bitcoin community who patronize the Reddit forum /r/bitcoin, she was accused of plagiarizing the app. Unfortunately, even though the accusations were false, Arora was further discriminated for being a woman, while commenters also speculated that an individual at her age couldn’t possibly create an iOS platform.

Also read: The 65 Percent Price Dip Has Made ‘Bitcoin Whales’ A lot More BTC

This week news.Bitcoin.com spoke with, Harshita Arora, a 16-year old girl who developed the Crypto Price Tracker application for iPhones. Arora explains she lives in a small town just outside of New Delhi in India and she’s a big fan of technology. Arora has been studying computer science, and was accepted to the Massachusetts Institute of Technology (MIT) for a summer internship. Arora decided to make a cryptocurrency price tracking app for iOS and announced the launch of the project on January 28.

This 16-Year Old Crypto-App Developer Fights Back Against Reddit Hate

However, when she announced the app herself on the forum /r/bitcoin, she was greeted by a mob of people who didn’t believe she created the app. One critic wrote a blog post detailing that the app was plagiarized although the story was later revealed as false. Most of the criticism came from the fact Arora hired help to do some of the backend coding on the Crypto Price Tracker. But following the accusations /r/bitcoin patrons started harassing Arora for being young and a wrote hateful and sexist comments to her. News.Bitcoin.com chatted with Arora to hear how she got into coding and cryptocurrencies but more importantly how she dealt with the issues she faced launching the platform.

Harshita Apps: How This Young Woman Overcame False Accusations and Attacks from Redditors

News.Bitcoin.com (BC): Can you tell our readers how you got into coding applications?

This 16-Year Old Crypto-App Developer Fights Back Against Reddit Hate I got into technology at first because of my CS teacher at school. He’d assign really interesting projects to play with design software, Google Scratch, and the MIT App Inventor so we could learn programming concepts and start building fun programs and software. He planted the seed that eventually made me more interested. I then invested my time in programming and building things. I learned iOS app development in Swift around 2017 after I came back from MIT summer program. After working on an iOS app, at the university with a team, and learning from my friends.

BC: What got you into bitcoin and cryptocurrencies?

The first time I heard about cryptocurrencies was in 2016, in a tech magazine I used to read every month (Digit). I learned about Bitcoin mining and understood some basic underlying technology and cryptography.

And then in 2017, cryptos and bitcoin was all over my Facebook feed and Quora. So I started getting more curious and read up more online.

BC: What made you decide to develop the Crypto Price Tracker?

I’ve written a bit here in this article. In short, it was because of frustration from using horribly-designed apps that made it extremely hard for me to keep up to date with prices. And being a designer and maker at heart, I couldn’t stop myself from designing a new app with a better UI and UX.

This 16-Year Old Crypto-App Developer Fights Back Against Reddit Hate

BC: When you introduced the application to the Reddit (bitcoin) community there were a lot of negative people saying mean things. Why do you think that happened?

Well, when I first introduced the app on the launch day (28th Jan), it got a lot of positive reaction. This was the thread. I got a lot of positive feedback on the app and how I could improve it further. I saw a lot of my traffic (in iTunes Connect App Analytics) came from Reddit. And I read four 5 star reviews mentioning that they came from Reddit. One of them even said, “I came here from Reddit, and I was not disappointed.”

But a woman decrypted my app on a jailbroken iPhone and wrote an angry blog post accusing me of plagiarizing the app based on inconclusive evidence. She posted it on Reddit, and that’s where it went viral and invited a lot of abuse and hatred.

BC: Do you think your age had anything to do with the criticism?

Likely, but I’m not sure. I’ve been thinking about it based on the patterns in the comments. There were quite a lot of sexist, racist, and ageist remarks by some abusers. Not sure if any of that was the sole reason people criticised me and my app. But it could be a strong reason because *some* people have a hard time believing that there are teen entrepreneurs and developers out there.

This 16-Year Old Crypto-App Developer Fights Back Against Reddit Hate

BC: Do you think this type of behavior may be only particular to the Reddit bitcoin crowd? — as in — Do you have confidence the bitcoin community overall is far friendlier?

After the article on The Daily Beast was published, I got an overwhelming amount of positive emails and messages from supporters in the bitcoin and crypto community.

People emphasized to me and understood what I had to go through. It might be just r/bitcoin that was nasty to me – but again, I’m not too sure.

BC: Are you a bitcoin holder or own any other cryptocurrencies?

No, I don’t invest in bitcoin or other cryptos. I’m much more interested in the technology more so than the economics. I think people have been treating cryptos wrongly as an asset to invest in and to make quick money with.

BC: Where you live do any of your peers or classmates know much about bitcoin and cryptocurrencies? Maybe classmates or friends?     

I live in a small town in North India. All of my friends use the Internet regularly. My closest friends know about bitcoin and are actually building applications for bitcoin and cryptos. I tend to spend most of my friend time with other nerds. As for classmates, I do not go to school. I left formal schooling in 2016.

What do you think about the Crypto Price Tracker app? What do you think about the issues Harshita Arora dealt with? Let us know your thoughts in the comments below. 


Images via Shutterstock, The Crypto Price Tracker, Harshita Arora, and Twitter.  


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Coingeek Launches £5 Million Bitcoin Cash Tokenization Contest

Coingeek Launches £5 Million Bitcoin Cash Tokenization Contest

A race to tokenize the bitcoin cash (BCH) cryptocurrency has just been triggered. Developers can now earn a whopping £5 million by bringing this advanced functionality to the cryptocurrency ecosystem, which means we might soon see smart contracts implemented with BCH. Tokenization can bring everything from land deeds to ICO coins onto the BCH network.

Also Read: Roboforex Adds Bitcoin Cash and Three Other Cryptocurrency CFDs for Trading

Bitcoin Cash Tokenization

Coingeek Launches £5 Million Bitcoin Cash Tokenization ContestCoingeek, the cryptocurrency company led by the billionaire entrepreneur Calvin Ayre, has launched a bitcoin cash tokenization contest offering £5 million in prize money. This competition is meant to elevate BCH from a cryptocurrency to “the cornerstone of the globally distributed economy.”

The company published a paper which defines the requirements for winning the contest and scope of the challenge for interested participants. In the paper Coingeek explains it is taking this move now because bitcoin cash has already demonstrated that on-chain scaling is possible and can be used to support a broader range of transactions than just payments.

State of the Art Smart Tokens

Coingeek Launches £5 Million Bitcoin Cash Tokenization ContestTokens can represent real world assets within a blockchain, allowing holders to make transactions based on them. They are typically executed with some form of smart contracts and can come in a variety of possible traits and functionalities, such as indivisibility, exclusivity in time and more.

The current state of the art for tokenization with regard to the Bitcoin-derived blockchain networks is best captured by the “coloured coins” concept, the company explains. Other cryptocurrencies that have been optimized for use with tokenization (like ethereum which is most used for ICOs), typically depend on smart contracts. However, Coingeek says that none of these solutions have yet created the optimal solution, with them all struggling with poor scalability, lack of documentation and controls, limited auditability, little transparency, and being prone to token loss.

The challenge for the content participants is to design a system that delivers a solution that permits token creation, issues tokens to users’ wallets, redeems tokens from users, and securely destroys tokens into the originating cryptocurrency at the end of that token’s life cycle.

Is tokenization going to be a game changer for bitcoin cash? Tell us what you think in the comments section below.


Images courtesy of Shutterstock.


Do you like to research and read about Bitcoin technology? Check out Bitcoin.com’s Wiki page for an in-depth look at Bitcoin’s innovative technology and interesting history.

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New Crypto Exchanges Launch in South Korea Despite Lack of Fiat Deposits

New Crypto Exchanges Launch in South Korea Despite Lack of Fiat Deposits

A number of new cryptocurrency exchanges are launching in South Korea despite being unable to provide full service due to regulatory challenges. Since the Korean government enforced the real-name system on cryptocurrency accounts, banks have only been providing fiat deposit services to the country’s four largest crypto exchanges.

Also read: Japan’s DMM Bitcoin Exchange Opens for Business With 7 Cryptocurrencies

Exchanges Undeterred by Regulations

New Crypto Exchanges Launch in South Korea Despite Lack of Fiat Deposits
South Korean regulator talking about the real-name system.

A number of new cryptocurrency exchanges are opening in South Korea despite regulatory uncertainty and the inability to accept fiat deposits. The challenge comes from the new system, enforced on January 30, which requires cryptocurrency traders to use real-name accounts to deposit money for trading at crypto exchanges.

While six major banks have the ability to service cryptocurrency accounts, they “have been converting only existing virtual accounts to real-name accounts for four large cryptocurrency exchanges” – Bithumb, Upbit, Coinone, and Korbit. The Investor elaborated:

The banks have also been refusing to issue new real-name accounts for other cryptocurrency exchanges, citing uncertainties and security concerns.

Zeniex

New Crypto Exchanges Launch in South Korea Despite Lack of Fiat Deposit ServiceNew crypto exchange Zeniex announced last week that it will begin service on February 12. The company explained that its launch “has been delayed by a month due to the latest regulations designed by the Korean government to cool the overheated cryptocurrency market,” the news outlet reported. Initially, the exchange will support bitcoin, bitcoin cash, ether, ethereum classic, litecoin, quantum, eos, bytom, and 0x.

Zeniex CEO Choi Kyung-joon was quoted detailing:

It’s currently difficult to provide our complete services due to delays in issuing real-name bank accounts for trading…Despite these circumstances, we have decided to go ahead with the launch to service our customers who have been waiting for our opening.

With the bank account problem, traders “can only buy and sell cryptocurrencies with bitcoins because major banks are putting off confirming and issuing real-name bank accounts,” the publication added.

Dexko

New Crypto Exchanges Launch in South Korea Despite Lack of Fiat Deposit ServiceAnother crypto exchange named Dexko announced on Friday that it will start accepting pre-registration of users with the aim to launch its cryptocurrency exchange on March 15, the Investor also reported. Initially, the exchange will support 10 cryptocurrencies including bitcoin, ether, bitcoin cash, litecoin, and ripple. Pre-registration runs from February 5 to 25, according to the company’s website.

The firm will exempt trading fees for a month for pre-registered users at launch, the news outlet detailed. Kim Yong-ho, the CEO of Korea Digital Exchange which operates the exchange, commented:

We worked hard to remove defects and minimize customer inconvenience by conducting in-depth analysis on other exchanges…Dexko has completed all the legal and systematic requirements and is preparing to introduce won-based trading soon.

Chinese Exchanges

Two Chinese exchanges are also planning to enter the South Korean market. Earlier this month, Okcoin reportedly reached a final investment agreement with South Korean game company NHN Entertainment Corp, which was previously part of Naver. “Under the agreement, Okcoin will provide its own trading system and NHN Entertainment will operate a domestic server and respond to customers,” Business Korea described. The company plans to trade more than 60 cryptocurrencies against the Korean won.

Huobi is also planning to enter the Korean market in the first quarter of this year, the publication noted. Before the Chinese government closed down all cryptocurrency trading last year, the two exchanges were among the very largest in the world as measured by volume.

What do you think of these new crypto exchanges launching in Korea? Let us know in the comments section below.


Images courtesy of Shutterstock, IHS, Zeniex, and Dexko.


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BCH Wallet ‘Handcash’ Enables Bitcoin Cash NFC Transactions

BCH Wallet 'Handcash' Enables Bitcoin Cash NFC Transactions

On Saturday, February 10 a new bitcoin cash (BCH) wallet was announced called, Handcash, an SPV client that enables Near Field Communication transactions. The wallet’s initial release is still in beta form but is available to download for experimentation on all compatible Android devices.

Also read: Trading Tip `the Wall´ – Disappearing Premiums Signal Bearish Mid-Term Outlook

Handcash the NFC Bitcoin Cash Wallet

BCH Wallet 'Handcash' Enables Bitcoin Cash NFC TransactionsA team of developers launched a new wallet called Handcash; a bitcoin cash client for Android phones. At the moment the platform is still in its beta form but the wallet focuses on ease of use and has a few unique features. One aspect is the wallet’s ability to complete Near Field Communication (NFC) payments in a matter of seconds. The feature effectively resembles handing someone some cash, hence the name ‘Handcash’ says the wallet developers. Anyone can make in-person payments with NFC without having to ask for a specific address or QR code.

“NFC Payments: seriously, you gotta try this out with someone. It’s so cool to do a BCH transaction with anyone in a couple of seconds without having to ask for an address. It’s effectively just like handing cash,” explains the Handcash creators.

BCH Wallet 'Handcash' Enables Bitcoin Cash NFC Transactions       ‘Cashtag’ Usernames and Encrypted Backups

BCH Wallet 'Handcash' Enables Bitcoin Cash NFC TransactionsIn addition to the NFC functionality, the wallet has a unique system for addresses because one element allows the use of usernames instead. The feature is called ‘cashtags’ and the developer says they are not linked to any certain address but they are linked to your phone’s ID. This means when a user sends bitcoin cash to another Handcash user the wallet’s system creates a new address for every transaction.

Further, the wallet’s developers detail the Android client has a one-tap wallet backup feature which is also different than the standard 12-word backup phrase. The team has developed a method that encrypts a wallets backup file and it stores both private key information and the rights to a ‘cashtag’ username in a Google Drive folder.

“So if you were using the google account you already are logged into on your phone — If you change your phone, you can recover your wallet on the first screen once you reinstall Handcash again,” explains a Handcash team member.

Beta Testing Until the App Works Properly

Handcash is still in beta and before the wallet jumps on the bitcoin cash mainnet the developers want to make sure the app works properly. However, a ‘Handcashbot’ distributes testnet BCH for users to test and experiment with certain features like NFC transactions. The beta version also does not encrypt the wallet username and encryption will be added when the 1.0 Handcash version goes live. Additionally, the developers conclude that the Cashaddress format is ready for mainnet once the app leaves beta.

What do you think about the Handcash wallet platform? Do you think NFC transactions will be used often in the future? Let us know what you think about this wallet in the comments below.

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Images via Shutterstock, Pixabay, Google Play, and Handcash.


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