Verge (XVG) Goes Through New Hype Cycle

With a weeks-long run up to an allegedly significant partnership, XVG defied the falling markets.

The Verge (XVG) project continued to rally in expectation of the announcement of a partnership on April 16. XVG grew by more than 17% overnight, recovering to $0.045. The asset continued to climb despite the general weakness in overall markets, which saw Bitcoin hover below $7,000.

The coin is up more than 12% in the past week, one of the rare weekly earners as other assets slid. But once again, the recovery is happening on very thin trading volumes, and nothing is certain at this point. What XVG has achieved was to climb to the 4-cents range, at least for now.

In the coming days, the Verge project may rely a lot on the partnership news, and confidence may return at least temporarily. But XVG has also positioned itself as a speculative asset, and buying into the current trend may be risky.

But beyond the planned efforts of the project, the fate of XVG, as well as other digital assets, depends on the general mood of acceptance in the wider community. In 2018, crypto coins may be set for a multiple-month period of low prices, with very thin volumes. And while short-term spikes may not be out of the question, the latest downturn showed that the market goes downward easily, and price spikes are the anomaly.

However, the hype around Verge continues on social media, and may invite new inflows of buyers in the coming days, or older buyers in expectations of a price rise. Yet some coins also fall after an announcement, so buying into Verge may also lead to new losses.

At this point, altcoins with a low price are seen as an appealing bet on a scenario in which their dominance increases and the value rises akin to Bitcoin, but also Ethereum, Monero, and other coins that spent years with a relatively low price.

However, other coins have remained underpriced for years. And now, Verge sees much speculation on its partnership, once again mentioning Amazon as a potential counterparty.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author: Christine Masters 
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Test Net And A Few Tron (TRX) Price Predictions

The Test Net countdown is live on the Tron (TRX) website. The much anticipated launch of the Beta version of the Tron Network is slated for release on the 31st of March, less than 5 days from today and at the moment of writing this. As a result, the world wide web is a bee hive of activity and ‘buzz’ surrounding the Tron project that has weathered the storm of FUD from all angles. Its founder, Justin Sun, was the victim of lots of FUD earlier on in the project but he has kept his cool and continued to push the project ahead – firing on all cylinders.

So much so, that the release of Main Net has been bumped up to May 31st of this year – exactly 2 months after the release of Test Net.

It is with such excitement about the events ahead in the Tron project that there is a lot of excitement about the price predictions of the token down the year 2018 and beyond.
One price prediction puts Tron (TRX) at $0.27 by the end of the year. This is after the consideration that Tron (TRX) will be the main medium of transactions on the Tron Network that is slated to be released in May. Also, more developers will start using the platform as the days go by leading to an increase in the price of the coin. By coin, this means that down the year, Tron will be on its own platform after Main Net is released, and not on the Ethereum (ERC20) one of the ICO. The token migration methods have not been confirmed but it will be on a 1:1 ratio.

Other price predictions without giving definite dates, put Tron (TRX) possibly at the $0.57 – $0.62 range, $3.15 or $5.72 depending on several conditions such as reception of the platform by developers and past performance of the token in the markets.

All in all, the buzz around Tron and the technology that is about to be released should have an impact on the price of the token and later, the coin. The big question is, are there more investors buying ahead of the launch of Test Net and Main Net to allow for an upward surge in the value of Tron (TRX) in the markets? Will the volume be sustained long enough for a higher support line in the charts?


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author: John P. Njui
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5 ALTCOINS LIKELY TO OUTPERFORM BITCOIN FOR MARCH 28, 2018 (A MIDWEEK ANALYSIS)

Every week provides a unique opportunity where major events will shape the price and utility of specific cryptocurrencies. This week provides major news events and platform updates to SNOV (Snovio), MTH (Monetha),  NAS (Nebulas), TRX (Tron) and SC(Siacoin).


The 5 Alts to Own This Week

This week’s coins likely to see significant returns based on upcoming events include: SNOV (Snovio), MTH (Monetha), NAS (Nebulas), TRX (Tron), and SC (Siacoin).

[You can check out how the previous analysis and predictions fared here.]

With major platform updates, coin burns, and important announcements the above cryptocurrencies should provide above-average returns when compared to BTC’s price movement in the upcoming few weeks.

Each of the events outlined for the above cryptocurrencies should provide publicity and increase the utility of the underlying crypto. Utility in the crypto space equates to value. SNOV, MTH, NAS, TRX, and SC, are all increasing their utility and publicity in the following week making them opportune targets for acquisition.

SNOV and MTH are the two cryptos most likely to increase in value due to their upcoming marketplace launches and first product milestones.

SNOVIO – SNOV (MARKETPLACE LAUNCH)

SNOV is currently trading at $.025 with a market cap of $10 million. It is likely SNOV sees a Northward trend begin when they release their marketplace and establish utility for their token within the week. SNOV is likely to have a run-up leading to their marketplace launch, or immediately following it when they publicize the total number of users and their successful launch.

The next five days will provide an unprecedented addition of utility to the SNOV token. The platform SNOV is about to release is a decentralized lead generation service that rewards contributors in tradable SNOV tokens for participating in their ecosystem.

The last two months have seen the total SNOV profiles grow to over 1,000,000 users. The following week is even more exciting for SNOV with the launch of their proprietary mailing module. The most important event is scheduled to occur before the conclusion of quarter one: The Blockchain Marketplace Launch. This platform will connect businesses and Data Research Analysts. This entire ecosystem will be powered by smart contracts using the SNOV token as a means of exchange.

The SNOV token has had no utility to date. By March 31, 2018, the SNOV token should be fully utilized allowing for its value to increase as more users adopt the SNOV marketplace.

MONETHA – MTH (FIRST PRODUCT MILESTONE) 

MTH has their first product milestone on March 31, 2018. Such a significant milestone coupled with the surrounding publicity should increase the value of MTH in the short-term while solidifying a utility for the MTH token over the long-term. If the MTH payment system is adopted the added utility that comes this week will only amplify the value of the underlying MTH coin.

MTH is unique in taking the standard crypto payment system one step further. They have developed a blockchain based algorithmic ranking system the analyzes the reputation of the purchaser and seller in every transaction. This ranking system will alleviate common issues in sales regarding problems such as fraud and sending defective goods.

MTH is valued at $0.10 per coin with a market cap of $23.36 million. When they released their first product milestone the utility of the MTH token will increase. When cryptos add the slightest bit to a well-respected coin, the underlying coin tends to respond by increasing in value.

January 12, 2018, MTH was trading at $0.59 — more than 590% higher than where it is priced today.

MTH has a great product but they also have a very impressive team. Andrey Rutskiy is the former vice-president of the development department of Adform. The other members of the team do not disappoint as they include former executives from Paypal Mobile and reputable authors in the digital trust and reputation risk management sector. The team speaks for itself and with their first milestone on the horizon, it is a very exciting time for everyone.

Look for MTH to rapidly appreciate leading up to their product milestone March 31, 2018. If the first product milestone launches without any issues or delays expect MTH to further increase in value.

SIACOIN – SC

SC (Siacoin), is currently trading at $0.015 per coin with a market cap of $480 million. SC specializes in cloud storage on the blockchain for a fraction of the cost of what competitor’s charge. This week may be one of the most important for SC as they have multiple developments that will not only increase the value of SC but also increase the underlying utility while making SC more attractive to cloud storage users.

Three features will make SC much more feasible as a competitor to current cloud storage facilities and offerings: increase speed of contract formation, private key file recovery, and file sharing. By increasing the speed of contract formation the users will have a more seamless experience using the SC platform.

Currently, the method for recovering lost files is extensive but by incorporating a private key feature similar to how crypto wallets work it allows the user to recover their lost files. File sharing is an important part of many cloud storage users experience and now the user will be able to share their files with other members of the SC cloud storage platform.

These three pertinent upgrades all increase the utility of SC and the appeal of their cloud storage system.

TRON – TRX (BETA LAUNCH AND COIN BURN)

TRX (Tron) is a crypto valued at $0.045 per coin with a market cap of over $3 billion. What makes TRX so very unique is they suffered multiple major FUD attacks at the beginning of 2018. When major FUD attacks occur it places the crypto in a prime spot for accumulation leading to major news events. This week provides multiple major publicity events for TRX.

TRX has their first Beta version (Exodus) being launched on March 31, 2018. This is a very important period for TRX because a successful BETA will likely lead to a successful Testnet and eventual Mainnet launch later in quarter two. TRX is also conducting a token burn this week to decrease the supply of total TRX. This week will not only see the TRX crypto increase its utility, but the total supply will also decrease of outstanding TRX.

By decreasing supply while increasing utility; TRX is positioning itself for a rapid ascension in value. Demand should increase as utility increases and by decreasing supply the price should rapidly climb North barring any setbacks.

NEBULAS – NAS (MAINNET LAUNCH)

Prior to the mainnet launch, NAS was a token with minimal to no utility beyond trading. NAS intends to be a decentralized search framework with a search engine and upgradable smart contract properties. To successfully do this NAS will have to move away from the ERC-20 format.

The initial steps would be to launch the NAS mainnet and convert ERC-20 tokens to the NAS mainnet tokens. This step begins later this week. If the NAS mainnet is launched successfully and the token conversion takes place without delays expect NAS to appreciate very nicely when compared to the rest of the crypto markets.

NAS (Nebulas), has their mainnet launch on March 29, 2018, and soon after plan their swap from their ERC-20 format to nebulas blockchain. The transferability of the NAS token will decrease in the short term as it will not be able to be held by ERC-20 friendly wallets, but if market adoption takes place NAS will have the ability to increase in value substantially.

Key features of Nebulas include the Nebulas Rank, Nebulas Force, Developer Incentive Protocol/Proof of Devotion, Search Engine, and Lightning Network Wallet. The Nebulas rank sets up a universal blockchain measure of value. Nebulas Force is a developer-friendly solution that supports smart contracts. Developer Incentive Protocol and Proof-of-Devotion are systems to award developers for contributions to the NAS platform.

The Search Engine will allow users to find desired data in a massive decentralized market. The Lightning Network Wallet will allow atomic swaps. This will allow for convenient “swapping” of your NAS for any lightning network enabled coin.

NAS is currently trading at a coin value of $6.29 with a market cap of $222 million. These numbers should increase substantially following the successful launch of the Nebulas Mainnet.

HALF A WEEK, PLENTY OF OPPORTUNITIES

The last four days of the week provide some exceptional opportunities in the crypto space. There are many coins with major events planned that should shift the entire cryptocurrency markets. The coins requiring immediate attention due to events occurring in the short term include SNOV (Snovio), MTH (Monetha), NAS (Nebulas), TRX (Tron), and SC (Siacoin).


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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What determines the success and failure of the altcoin?

An American blockchain expert talks about the present and the future of the altcoins. Will they be able to compete with fiat money? How long will they be kept afloat? Read an interview and find out.
With the development of cryptoeconomy, will the number of altcoins decrease or increase?

In my opinion, the number of altcoins will decrease in the future. The use cases of many coins will overlap and those that supply the best technology, support, and execution will ramp the fastest.

Cryptocurrencies are a means of investment mainly, and as their rates still grow, people buy them to multiply their savings. However, the conceptual meaning of cryptocurrency is a means of payment. But what can happen in future?

As the adoption of cryptocurrencies increases there is an opportunity for cryptocurrency transactions to become more commonplace as a means of payment. One thing to keep in mind is that cryptocurrencies provide technological functionality in addition to being a means of payment. For example, there are certain cryptocurrencies that can perform a on-monetary function or transfer of value beyond just monetary payment transactions. For example a “smart contract” can make a payment based on certain conditions, and some of the latest Artificial Intelligence platforms such as Thought Network, actually use blockchain to compute data analytics and machine learning algorithms.

Will cryptocurrencies be able to compete with fiat money in future? Or will they occupy their niche? Or maybe, they will cease to exist in a few years?

Cryptocurrencies will coexist with fiat money and will continue to be the next generation of “money” in today’s highly digital world. The innovation that cryptocurrencies bring is that they are not simply a single-dimensional transfer or an IOU, but they provide functionality in addition to transactions. This functionality is required to manage complex value transfers as the world braces for the technological explosion that will happen over the coming decades. The interest and investment in blockchain and cryptocurrency related technologies has greatly increased over the past year with almost all major companies announcing some for of involvement ranging from research to adoption. I expect that trend to accelerate in the coming years.

In case of its decrease, which altcoins will remain? Which altcoins will exit the market?

It’s too early to tell. We’re just in the infancy of crypto and many of the coins with huge market caps today won’t be around 1-2 years from now. In the same regard, coins we never heard of may be a default payment option.

What determines the success and failure of the altcoin: PR project, the success of technology on the market or something else?

Success of an altcoin is determined by many different forces:

  • depth and relevance of the technology
  • general market forces and competition by larger non-blockchain companies
  • level of funding
  • and certainly awareness and PR are a big contributor.

In addition to the above, the altcoin has to create value for it’s users and have a unique value proposition. For example a lot of altcoins simply take an existing cryptocurrency, make some minor change and release their new version with incremental value increase. A truly novel altcoin or cryptocurrency is based on some new premise that will solve some difficult problem that will eventually give back significantly to its users and the community.

What does determine the cost of altcoins? What is the reason that some altcoins cost 2-3 dollars and the others just a few cents?

It is a combination of market demand, total number of coins in circulation, and coin price. Just because a coin trades at $3 does not mean it’s worth more then a coin priced at $0.30.

The market cap is the ultimate factor to determine overall value. However, I would go one step further to say that real world application (not just speculation) is a more important factor.

Will there come a time when cryptocurrencies become a means of payment and not just a means of funds generating?

Yes. For Ternio, it will be June 2018 when we enter a live transaction environment. We are providing a scalable blockchain solution for the programmatic digital advertising industry. Blockchain is the ideal solution to bring transparency to the digital ad buying process.

Under which circumstances cryptocurrencies can become a means of payment besides of their recognition at the legislative level?

They already are a means of payment on websites like Overstock and Tesla. I think digital goods (advertising, ecommerce, etc.) will see the quickest adoption, followed thereafter by brick and mortar locations. Ultimately, there needs to be much more user adoption before traditional businesses will feel confident in accepting crypto as a means of currency that is on par with FIAT.

Questions by Emilia ROMAGNA


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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IRS Reminds Taxpayers to Report Virtual Currency Earnings

The United States Internal Revenue Service (IRS) recently published a document reminding taxpayers that income derived from virtual currency transactions must be reported on income tax returns. The IRS states that taxpayers who fail to report virtual currency earning may be audited or made liable for “penalties and interest.”

IRS Reminds U.S Crypto Investors of Tax Obligations

With the U.S tax deadline of April 17 fast approaching, the United States Internal Revenue Service has sought to remindcitizens profiting from virtual currency transactions of their looming tax obligations.

The IRS states that “Virtual currency, as generally defined, is a digital representation of value that functions in the same manner as a country’s traditional currency.” The regulator notes that “Because transactions in virtual currencies can be difficult to trace and have an inherently pseudo-anonymous aspect, some taxpayers may be tempted to hide taxable income from the IRS.”

Undisclosed Crypto Income May Incur Penalties

The IRS states that “income from virtual currency is reportable on […] tax returns,” adding that “Virtual currency transactions are taxable by law just like transactions in any other property”. Should taxpayers fail to accurately report income earned in the form of virtual currency “can be audited for those transactions and, when appropriate, can be liable for penalties and interest”.

The IRS states that in “extreme situations, taxpayers could be subject to criminal prosecution for failing to properly report the income tax consequences of virtual currency transactions.” Said criminal charges “could include tax evasion and filing a false tax return”. The IRS added that “Anyone convicted of tax evasion is subject to a prison term of up to five years and a fine of up to $250,000,” and “Anyone convicted of filing a false return is subject to a prison term of up to three years and a fine of up to $250,000.”

Due to its tax status as property, “virtual currency is subject to information reporting to the same extent as any other payment made in property” in the U.S.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Litecoin [LTC] Awaits Promising Days With Its Potential For The Long Term

The weekend started off very welcoming for the cryptocurrency market in general as almost all coins are in the green gaining zone. Any drop/decline or bearish movement is spread evenly across the networks which could conclude with the confidence around the ecosystem to stay high afloat and the prices to continue picking up the next days.

One of the digital currencies that has a giant support from the team and community backing it up is Litecoin [LTC] that did do very well [balancing bulls and bears] the past week with 6.89 percent recovery after reversing from the dip. If the trend continued, any trader needs to stay on the lookout for the resistance $166.00 if it is cleared out. In the case the major $180.00 will be next to be tested.
One of the main concern that the crypto-market has dealt the past few days is the troubles that the exchange platform – Binance is experiencing in Japan. The bearish news about a could-happenprohibition by the Japanese FSA [Financial Services Agency] tanked the prices into panic. But, not long after the exchange was reported on that it is deeply looking into Malta for the solution of the trouble.
Dropping prices accord investors with the opportunity to examine the market and establish trends. Litecoin is one of those coins that have the potential to rebound big time. It is expected that should a bull run be initiated, LTC will be one of the coins to watch.

.The addition of Litecoin to the Abra app and the revelation that LTC was the anchor coin, only adds to its continuing adoption push. It makes LTC visible to first time investors as well as those looking to buy other coins.

The announcement that Litecoin (LTC) will launch LitePay; a payment card system for purchasing goods and services caused a $2 bil increase in market cap. The above mentioned system – LitePay, made by the team supporting Litecoin – is a payment processor to make LTC changing hands with gov-issued traditional money [in a global scale] easier. As required, the service is developed in that way to be straightforward to use and flexible for any firm that has crypto-payment options in its roadmap.
As we all know the original goal of Litecoin is to do what Bitcoin, in a way, is failing to do – everyday use on various payments and transactions like the silver for the gold. The target now is to be transformed via the upcoming updates to the best choice for micro-payments in which case [if everything rolls as planned] fees will drop to 0.00001 LTC – easily said to be a guarantee for a price surge in the upcoming years. In terms of what you pay in fiat, the current tx fee stands at just $0.2, meaning it will be negligible with the update.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Litecoin (LTC) and 4 other Coins to HODL until 2020

hiodl2.png

1) Bitcoin (BTC)
As you may have heard before, Bitcoin is King. That’s true, Bitcoin still the top 1 coin to HODL for the long run. Being the first major cryptocurrency, the biggest one in market cap and also the pioneer of the blockchain technology behind its project makes it the referent for all other cryptocurrencies following.

Although Bitcoin has had a tough time over the last few months it is going nowhere. Once the transaction times and high fees went drastically down after soaring during the all-time highs in prices in December of 2017 there are no more reasons to fear scaling issues. Also, it is important to realize that in order to have some kind of scaling issues a coin has to scale and, the majority of coins haven’t reached anywhere near the daily volume that Bitcoin did and so it is impossible to compare it to altcoins on this matter.

hodl3

2) Etherum (ETH)

Ethereum is our second pick to HODL for the next 2 years:

The edge Ethereum has over Bitcoin is the ability to use smart contracts. These are contracts that are automatically executed without any human intervention the instant their terms are met.
However, Ethereum also permits developers to build decentralized apps, also know as dapps, on top of its blockchain technology. So, the more apps are built and got successful, the more valuable the Ethererum becomes.

Moreover, Ethereum demand is also a key to its great expectation. Demand will be driven by one of the two things: Either for its functionality as a currency that is built on a blockchain with several applications. Or as a possible investment vehicle that keeps appreciating in value.

hdllss

3) Ripple (XRP)

Our third pick is Ripple. We have to agree that Ripple superior technology makes it an excellent candidate to replace the antiquated SWIFT system, resulting in more and more banks getting on board. Besides, while Bitcoin can process seven transactions per second, Ripple has the ability to process 1500 transactions in the same second.

Furthermore, there have been rumors that Coinbase, the famous cryptocurrency exchange, is planning on adding Ripple to its list of tradable coins. Considering the fact that Ripple is now in the third spot as cryptocurrency this prediction is more than realistic. If this happens, would make Ripple more accessible to public investors, which will increase its adoption rate.

hodl6

4) Litecoin (LTC)

Called the silver to Bitcoin’s gold, Litecoin emerged onto the scene in 2011 by its creator, Charlie Lee envisioned as a currency used for transactions whereas Bitcoin would become used as a tool to store value. In addition, Litecoin is also being used to test new implementations and like this help remedy some of the flaws if Bitcoin.

Additionally, the amount of time required to carry out a transaction with Litecoin is a fourth of the time required for the same transaction using Bitcoin,  which makes this coin the perfect one for daily payments and transactions.

hodl7
5) Stellar (XLM)

Stellar Lumens, popularly known as Stellar, is an open-source network that facilitates digital asset transfers. It was created by the ex-Ripple cofounder, Jed McCaleb. So, Stellar and Ripple are similar as they are based on the same protocol. While Ripple targets transactions between large financial institutions and banks; on the contrary,Stellar targets smaller transactions between individuals.

The famous partnership with IBM and the increasing demand for cryptocurrency in general skyrocketed the price of Stellar by more than 900 percent in December last year; and, eventually will continue to grow and be one of the top 5 coins in 2020 with a higher capitalization and adoption rate.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Litecoin [LTC] Core Upgrade – Charlie Lee Declares

The founder of the silver-crypto – Litecoin [LTC] Charlie Lee, via twitter has announced all crypto-enthusiasts and traders that  the Litecoin Core has been upgraded and tagged:

Litecoin is a direct follower of bitcoin as the founder himself described the coin as the silver to gold – Litecoin to Bitcoin. An experimental virtual currency that allows instant payments to be completed irrespective of the person, time or place. The crypto has well cemented its place as the 5th largest one by market capitalization rocking the $9.3 billion and being one of the only in the green gaining zone in the last 24-hours reaching the $168.00 mark.

Litecoin Core is the open source software that allows the use of Litecoin [LTC] currency. It is released under the MIT license terms and is maintained by the Litecoin development team. The initial synchronization takes time and lot of space since it consists the entire Litecoin client, which in turn downloads the full blockchain.

The core has not been officially released despite the fact that it has been upgraded by the team supporting the platform a few hours ago. It has been highlighted out that the improvement still needs a few levels of in-depth testing before handing it out. The 0.16 version is planned to have native Segregated Witness Bech32 support and lower fees accordingly. Like mentioned by the founder, it is a reference wallet and not a coin fork. This update has been released after a short duration of the Bitcoin Core v0.16.0 upgrade.

In general, the litecoin followers and supporters are quite enthusiastic when it comes to the coin. The positive energy that is built up the community is impacted heavily [for the good] by the constant up-dating that Charlie Lee does through social network. Much appreciated!

“We are grateful to the entire team which has worked hard for this upgrade. All of this wouldn’t even exist without you all. SatoshiLite how does it feel? This is the kind of stuff that will make a decentralized world possible, power to the people!” -Litecoin Follower on Twitter.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Microsoft accepts Bitcoin Cash payments at 0% network costs

A few choice words from computer mogul Bill Gates isn’t going to stop the tech giant he founded from supporting cryptocurrencies like Bitcoin Cash (BCH).

This week, Microsoft quietly began accepting BCH payments alongside legacy Bitcoin (BTC), giving its users another option for topping up their Microsoft.com account balances. The key difference between the two options is that paying with BTC comes with 1.2% network cost, while Bitcoin Cash offers instant confirmation with 0% network fee.

Microsoft supporting Bitcoin Cash payments is a logical choice for the multinational technology company given that its Microsoft Billing Services has teamed up with payments processor BitPay to handle cryptocurrency-related transactions. Microsoft is among the over 100,000 merchants, along with Newegg, Namecheap and Vultr, that have started accepting payments made in Bitcoin Cash shortly after the payments processor included the popular cryptocurrency in its partner merchants’ accounts.

Currently, BCH payments are still converted to U.S. dollars or BTC before they’re delivered, although BitPay is looking to integrate an option for merchants to receive direct BCH payments in the next couple of weeks.

The tech giant has had a tumultuous relationship with BTC since it started supporting the cryptocurrency back in 2014. In 2016, a note in the Microsoft Store FAQ stated that users “can no longer redeem Bitcoin” into their Microsoft accounts, which the company immediately retracted citing “inaccurate information.” Early this year, reports surfaced that Microsoft again barred—albeit temporarily—its customers from adding BTC funds to their accounts due to the cryptocurrency’s “unstable state.”

BTC’s high transaction fees and network congestion has prompted BitPay to start processing payments on other blockchains like Bitcoin Cash. In an interview with CoinGeek, BitPay CEO Stephen Pair said their goal is to simplify the blockchain payments process for merchants, while also making sure that the retailers are paid fairly.

“We’re continuing to learn from customer feedback and refine the BitPay platform to be even simpler and more seamless for businesses that need blockchain payments. We expect that offering the same service for the Bitcoin Cash blockchain will make it easier for consumers and businesses to use BCH for important transactions,” Pair said.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Coinbase Releases Cryptocurrency Tax Calculator

Cryptocurrency startup Coinbase has launched a new gain/loss calculating tool as part of an effort to help its user base keep up with U.S. tax requirements.

In a blog post published on Tuesday, the firm explained that the calculator can be used to generate a report which outlines their capital gains (or losses) on its platform, using a first-in-first-out (FIFO) accounting method.

The tool comes with a few caveats, however, namely that it’s primarily aimed at users who have bought and sold on Coinbase exclusively – and isn’t recommended for those who have purchased digital assets elsewhere or participated in an initial coin offering, per the blog.

“This tool provides a preliminary gain/loss calculation to assist our customers, but should not be used as official tax documentation without validating the results with your tax professional,” the startup also cautioned.
Its release follows an earlier step by Coinbase on the tax front, when, in January, the startup reminded its users that they are liable for U.S. capital gains, even going as far as posting a consistent banner about the issue.

The issue of taxation and cryptocurrencies has always been someone of a contentious topic, ever since the U.S. Internal Revenue Service announced in 2014 that it would treat such assets as a taxable form of property rather than, say, a currency.

Concerns over the ambiguity of the IRS guidance – in its new blog, Coinbase itself writes that “we understand taxes for digital currency can be complicated” – have fueled complaints from professional circles.

The topic also carries an added degree of weight for Coinbase specifically, which was the target of a lawsuit by the IRS as it sought information on U.S.-based users in an effort to sniff out potential tax avoiders.

Ultimately, the startup would send information on about 13,000 users who had transacted on the platform between 2013 and 2015 after being ordered to by a U.S. district judge in November 2017.


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Author; Wolfie Zhao
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