Bitcoin is back above $1,000 after plunging below $950 over the weekend
Bitcoin rose back over $1,000 last night after it lost nearly a fifth of its value over the weekend.
The cryptocurrency fell to a low of $943.06 over the weekend as a split in its developer community threatened its future.
The currency was trading at $1,019.05 this morning compared with highs of more than $1,200 last week.
Read more: cityam.com
More Forex Brokers and Traders are Turning to Bitcoin Payments
With all our recent focus on trading cryptocurrencies it’s important to remember that the original use case for blockchain was as a payment network. Now bitcoin payments processor BitPay Inc. is reporting that forex traders and brokers are still turning to bitcoin for this purpose.
BitPay allows forex firms to accept bitcoin payments and receive EUR, USD, or other local currency settlement to their bank accounts, without the risk of bitcoin’s price volatility. The service is already known to be used in Europe by FXPrimus, Axiory, ShiftForex, and Golden Capital FX in Latin America.
Read more: financemagnates.com
China’s BTCC Launches Global Multicurrency Mobile Bitcoin Wallet ‘Mobi’
Chinese bitcoin company BTCC, the operator of China’s first oldest bitcoin exchange BTCChina, has launched Mobi, a multicurrency bitcoin wallet for iOS and Android today.
Launched today with support for over 100 currencies, the Mobi app is linked to a user’s phone number with instant money transfers guaranteed by Mobi via its ‘private blockchain’. Users’ accounts are linked to their mobile numbers with a focus on ease-of-use and convenience. Mobi will also support bitcoin transfers on the public bitcoin blockchain, the company announced.
Read more: cryptocoinsnews.com
Mobi is Killer App for Bitcoin: Bobby Lee of BTCC
Bobby Lee says:
“Mobi is the only app that supports instant conversion, storage and transfer of 100+ currencies so it can be used worldwide compared to AliPay and WeChat which only supports CNY, and can only be used in China. With Mobi you can send any form of money to anyone, anywhere. Mobi eliminates friction in money transfers, making money truly global.”
Read more: cointelegraph.com
Only 802 People Told the IRS About Bitcoin—Lawsuit
The Internal Revenue Service revealed new details about its investigation into tax evasion related to bitcoin, filing court documents that suggest only a tiny percentage of virtual currency owners are reporting profits or losses in their annual returns.
The new documents, filed Thursday in San Francisco federal court, come in the midst of a closely-watched legal fight between the IRS and Coinbase, a popular service for buying and selling bitcoins that hosts over a million customer accounts.
Read more: fortune.com
Bitcoin Unlimited: Mining Power Should Determine Hard Fork Outcome
In statements to CoinDesk, the Bitcoin Unlimited software development team, one of several groups seeking to introduce alternative software to the network, said today that it is encouraging bitcoin exchanges to list whichever blockchain is backed by most proof of work as 'BTC', the common designation for bitcoin.
"We at Bitcoin Unlimited are promoting ... improvements to bitcoin's anti-fragility qualities through further decentralization. One aspect of this is removing central planning from block size economics," the statement reads.
Read more: coindesk.com
Charts: How Bitcoin's Market Dominance is Being Challenged
Given its status as the original blockchain protocol, it should be no surprise that bitcoin has long dominated the digital currency markets.
In terms of market capitalization, it dwarfs other cryptocurrencies. Its first-mover status and widespread adoption has (so far) given bitcoin the dual advantage of network effect and steep barriers to entry, keeping alternatives at bay.
But there's evidence that this longstanding narrative could be changing.
Read more: coindesk.com
Bitcoin PoW Change “Good Backup Plan”: Peter Todd On Scaling
Consultant and Bitcoin Core Developer Peter Todd has advocated changes to the cryptocurrency’s proof-of-work (PoW) algorithm as the scaling debate continues.
As the prospect of a Bitcoin hard fork looms and associated “politicized” activity remains, Todd suggested “researching a PoW change” would be a “good backup plan.”
Read more: cointelegraph.com
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