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Back in 2016, Russian institutions had announced that anyone seen trading cryptocurrencies would be jailed. However, a year after, the government declared that Russia will legalize the use of cryptocurrencies.

So Why The Change After a Year?

The reasons lie behind the serious issues Russia’s been attempting to discuss for a while now. Their economy is falling apart since 2014, with their banking sector being affected the most.

The Russian Central Bank has been stressing more anti-corruption campaigns, to address banks that use money-laundering methods to remove capital from the country. With around 100 banks being shut down in the last three years, things aren’t looking so bright for Russia. As told by the Central Bank head, Elvira Nabiullina, the campaign will be continuing for at least 2 more years.

Liquidity Crisis:

The cost of closing down a bank isn’t cheap; this process has cost the Deposit Insurance Agency (DIA), around $50 billion. Along with this, the Central Bank is trying to dodge the liquidity concerns that arise with closing banks. Increased cash shortages are causing social unrest among the regions of Russia.

Corruption is another issue the Russian central authorities are working to reduce. The banks that were shut down were all involved in lending money to companies that carried out no real business activities, giving fake loans to individuals and money laundering.  Unfortunately, their owners are the first to flee when investigators begin to take matters into their hands.

Eliminating Fraud:

Shutting down banks is not enough to eliminate the occurrences of fraud and its impact on their economy. Instead, they must find a solution to stop it from happening in the first place.

To begin with, they can implement new technological applications that allow the government to observe people involved in the system. They’re approaching it enthusiastically due to its complete concealment from the government and unlike traditional currencies, Bitcoins are mined.

One is able to purchase Bitcoins with paper money on any bitcoin exchange portal or banks. These bitcoins can be used to purchase all sorts of goods and services, provided it’s allowed in that country.

Although, governments’ fear the anonymity that comes with cryptocurrencies, as it could help in money laundering. It’s a good news to them that the blockchain system is very transparent and allows tracking of user transactions.

Blockchain:

A blockchain is a distributed public ledger that keeps track of all bitcoin transactions taking place, basically keeping a record of everything.

The three main characters:

  • It consists of no central database or server that can be hacked.
  • Easily accessible by the network members who can view the transactions in real time.
  • It is completely encrypted.

This is another reason why the Russian authorities want to implement this technology to their financial systems. The benefits that come with using blockchain technology include faster processing speed, lower fees, and most importantly increased security. These features have attracted the Russians and they’re now working their way into the digital world.

We’re not aware if the Russians are planning on digitizing their banking sector completely, however they do have plans to adapt to the existing blockchain technology so that they develop a better understanding of the digital world; until banks can develop their own systems.

For now, their aim is to decrease the amount of fraud and corruption circulating throughout the financial sector. By doing this, they would be able to bring down government costs and get back on track.

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A Short Story of Scaling – The Master Mind of Bitcoin Drama

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It’s safe to say that everyone knew consensus was going to be extremely hard.

Dating back to earliest forums and boards, the Bitcoin community has always been pondering on how to expand the Bitcoin network to keep up with the work load and accommodate a larger number of transactions. However, it wasn’t until the year 2014 this idea got the spotlight.

Since then, there has been a heated, non-stop debate which, at best, has showcased the creativity of developers working on the project and, at worst, the damage that a non-stop debate can cause to the scientific pursuit.

Now, the experts look back to major stories in an attempt to recognize what could be a notable milestone that shaped the narrative.

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Australia Introduces Regulations for Cryptocurrency Exchanges

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According to the latest information on the website of AUSTRAC (Australian Transaction Reports and Analysis Centre), digital currency exchanges must have to be registered with authorities now and should also commit to several identity checking and reporting procedures. It’s been confirmed by the Australian government as well that the Australian cryptocurrency exchanges are abided by the new AML (Anti-Money Laundering) rules.

The Australian authorities are trying their best to close the remaining loopholes in cryptocurrency usage, concerning identity management and taxation of cryptocurrency. In contrast to a backdrop of discontent due to such sharp upsurge in scams, last week, the Australian Taxation Office was asked for taxpayer’s contribution into how deductions rising from the cryptocurrency returns should be assembled efficiently.

cryptocurrency exchange

Four-Principle Rules

Meanwhile, exchanges now must follow the four prime rules so that they can function above board, as a part of the security reformation. Following are the four rules:

  • Identification and verification of identities of their clients.
  • Keeping particular records for 7-years.
  • Accepting and maintaining a CTF/ AML program for the identification, alleviation, and management of terrorism financing perils and money laundering.
  • 6 months refinement period that will escort the new regulations, in which AUSTRAC will be a lot more compassionate on operators who “fall short of requirements.”
  • Reporting to AUSTRAC sceptical issues, and transactions linked to the physical currency of $10,000 and even more.

The laws relating to cryptocurrency exchanges regulations in Australia are also getting stricter, while the government has guaranteed that the investors wouldn’t feel left out. The Australian government took feedback from the public to know what their views are on the cryptocurrency taxation structure and are they going to like it or not.

The ATO (Australian Tax Office) had also posted:

“We’ve timed this consultation to coincide with an update to our website, which should address some of the feedback we have received to date about our cryptocurrency guidance. We’re eager to hear your feedback about cryptocurrency and its tax implications as the technology may impact how business operates in the future.”

Feedback from Taxpayers

Many governments across the world are getting stricter, especially when it comes to the taxation of cryptocurrencies. Many exchanges are being forced by the governments to disclose the data of consumers and to send out subpoenas to investors who have high net-worth. While many governments are getting stricter, the decision of Australian government to get the feedback from taxpayers before applying these tax laws is notable.

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A Beginner’s Guide About Primecoin

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What is Primecoin?

Primecoin is a form of cryptocurrency which is issued through a decentralized mining market. Primecoin is derived from Bitcoin and uses prime numbers as a proof of work. Moreover, Primecoin is the first ever cryptocurrency whose design comprises of the scientific computing as its work.

What Are The Advantages Of Primecoin?

The major advantages of Primecoin are:

  • Provides more security and minting to the network
  • Primecoin generates special chains of prime numbers which mathematical researchers often tend to use
  • Primecoin’s design can sustain a high level of security
  • Payment transactions are 10x faster than Bitcoin network

Primecoin Symbol – What Does It Represent?

Primecoin symbol is basically a Greek letter psi (Ψ). The shape of this letter symbolizes the Reimann zeta function and is chosen as a tribute to Reimann. The horizontal bar we see in the symbol not only represents the currency symbol convention but also represents one of the precious jewels in the history of math – Reimann hypothesis.

How Does Primecoin Work?

Primecoin works by searching for prime number chains. The chains’ names are Cunningham chains and bi-twin chains. As of now, the distribution of these prime chains is not very well understood as even for its simplest case, the nature of their infinite existence is not proven.

The circulation of primes has been a standout amongst the most vital revelations in math, and the investigation of prime chains follows its lineage to the work of Riemann and prime number hypothesis, with connections to the more profound nature of the seemingly arbitrary pattern of prime distribution.

Riemann’s investigation uncovered the connection between Riemann zeta function and prime distribution, though later on Riemann zeta function has proved to be of higher relevance in other branches of science such as physics, consequently the investigation of prime distribution is a vital piece of the establishment of present day sciences.

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How to mine Primecoin, How to buy Primecoin, What is Primecoin, How does Primecoin work, What is Primecoin mining, How to mine Primecoin with GPU, How to mine Primecoin with CPU, Bitcoin vs other cryptocurrencies, how to buy primecoin

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Gatecoin CEO Predicts Bitcoin to Reach $5000 This Year.

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Gatecoin is a Hong Kong based cryptocurrency exchange that claims Bitcoin’s price is to reach $5000 by the end of 2017.

Headlined “Bloomberg Daybreak: Asia,” this price prediction was made during an interview with Aurelien Menant, Gatecoin’s CEO, and founder. He said that the markets are responsible for driving increased interest in Bitcoin.

“Another factor that is very important is the arrival of more and more institutional investors in bitcoin,” Menant said. “Historically we used to have a few hatch funds trading bitcoin in Europe and the U.S. Now we have around 60 or 70 of them that are starting to trade bitcoin.”

Some funds are now dedicated to digital currencies. “So, this is definitely driving a surge in the price,” he said.

 

News Credits: coindesk.com

Image Credits: steemit.com

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A History of Bitcoin Soft Forks and Hard Forks

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Brief History of Bitcoin

Bitcoin was the first cryptocurrency, which was launched in 2009 by a mysterious developer, with a name “Satoshi Nakamoto.” Since the creation of Bitcoin, it has inspired thousands of other cryptocurrencies (generally called altcoins) and has gained an enormous acceptance across the world.

bitcoin blockchain

Though some altcoins have copied some aspects from the original concept of Satoshi, other altcoins also made significant development on the Bitcoin model. However, in some cases, some altcoins are just a copy of bitcoin and have the similar underlying program – but at the same time, they are a bit different from the original Bitcoin. In such cases, the bitcoin blockchain should undergo a procedure which is called “forking.”

Forking

  • In forking process, Bitcoin blockchain divided itself into two distinct entities.
  • Through forking, numerous cryptos with a similar name to Bitcoin were generated, including; bitcoin gold and bitcoin cash.
  • It may be a bit difficult for a casual investor to differentiate amid these cryptos and to plan the dissimilar hard forks on a timeline.

What is Genesis Block?

  • After Bitcoin was created, the first block was referred to as “Genesis Block.” It was mined on the Bitcoin blockchain by Satoshi.
  • Satoshi made many changes to the Bitcoin network in this process and those changes have now become even more complex as the userbase of Bitcoin has fully-fledged.
  • Not one can regulate when and how Bitcoin should upgrade, and this makes the entire process of changing/updating the system a little bit more complex.
  • Even after the creation of Genesis Block, a number of hard forks still existed.
  • Hard fork included the upgrading of software executing bitcoin and its mining processes.
  • Once a software is upgraded by a user, that software version discards all other transaction from older software and generates a new branch of the bitcoin blockchain.
  • However, users who use the older software are still going to continue to process transactions, henceforth, there’d be a similar set of transactions going on across two different Blockchains.

Bitcoin XT

  • This is one of the most notable Bitcoin hard forks.
  • In 2014, Mike Hearn made the software for integrating some of the new features that he proposed.
  • At that time, Bitcoin allowed only 7 transactions-per-second.
  • Bitcoin XT was intended to allow 24 transactions-per-second.
  • Bitcoin XT primarily experienced a great success after its launch, with almost 1,000 nodes running its software (back in 2015).
  • However, just after few months, users lost interest in Bitcoin XT, making it ‘doomed to die.’
  • Even though Bitcoin XT is officially available today, but it has visibly tumbled out of the errand of crypto community.

Bitcoin Classic

  • After Bitcoin XT failed, few cryptocurrency community members demanded an increase in the block sizes.

To accomplish this goal, Bitcoin Classic was created in 2016.

  • Unlike Bitcoin XT, Bitcoin Classic intended to raise block size to only 2 megabytes.
  • Just like Bitcoin XT, Bitcoin Classic also saw initial interest with almost 2,000 nodes for few months in 2016.
  • Bitcoin Classic still exists today and has gained a strong support from some developers.

SegWit

  • In 2015, Bitcoin core developer, Peter Wuille introduced the idea of SegWit (Segregated Witness).
  • SegWit aims to reduce the size of all Bitcoin transactions, letting more transactions to come off at the same time.
  • However, SegWit was officially a soft fork and might have assisted in prompting hard forks after it was initially proposed.

Bitcoin Cash

  • Some community users and developers decided to introduce a hard fork in response to SegWit, as well as to evade the procedure-updates.
  • This, at the same time led to the creation of Bitcoin Cash.
  • Bitcoin Cash detached from the main blockchain in August 2017 – when Bitcoin transactions were excluded by Bitcoin Cash wallets.
  • Up till now, Bitcoin Cash is the most effective and successful hard fork of Bitcoin.
  • Bitcoin Cash is also the 4th largest cryptocurrency by market cap and allows blocks of 8 megabytes.

Bitcoin Gold

  • After the creation of Bitcoin Cash, Bitcoin Gold was created.
  • The creators of Bitcoin Gold intended to evoke the mining functionality with elementary GPU (Graphics Processing Units) since they experienced that mining became also particular – in terms of hardware necessities.
  • Post-mine is an exclusive feature of the Bitcoin Gold and a procedure through which the developers mined 100,000 coins.
  • In general, Bitcoin Gold follows the basic concepts of Bitcoin.
  • Also, it is different in terms of ‘proof-of-work algorithm.’

As Bitcoin has been forked quite a few times within few years, there is a possibility that Bitcoin would still continuously experience both soft forks and hard forks in the future.

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