Is Bitpay Bullying Other Bitcoin Wallets and Hurting Users’ Privacy?

Is Bitpay Bullying Other Bitcoin Wallets and Hurting Users’ Privacy?

[ad_1] Bitpay is facing a backlash against its decision to implement a controversial feature it says is meant to protect bitcoin users. The leading payment processor is accused of abusing its dominant position to bully wallet providers into supporting its plans, degrading users’ privacy and hurting the use of bitcoin altogether. Also Read: Cryptocurrency Hedge Fund Headed by Ex-Goldman Sachs VP Raises $140 Million Bitpay Power Play Bitpay, the digital asset service provider based in Atlanta, Georgia, is coming under attack for a recent protocol change. As we reported at the time, only a handful of other wallets currently support BIP70 and its implementation is controversial. Meant to prevent main-in-the-middle attacks by using QR codes, critics fear BIP70 introduces legacy public-key infrastructure dependencies and its widespread implementation will create an…
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Confusion Grows Surrounding Official Chinese Position Regarding Bitcoin Mining

Confusion Grows Surrounding Official Chinese Position Regarding Bitcoin Mining

[ad_1] In recent days a number of conflicting reports have surfaced pertaining to the stance of China’s government with regards to bitcoin mining. Last week, Bloomberg reported that the People’s Bank of China (PBOC) had met to discuss curbing mining operations in China, whilst Chinese media reports denied such – however, it has since emerged that the local government of Xinjiang province has mandated an “orderly exit” of its bitcoin mining industry. Despite widespread speculation that the long-feared Chinese crackdown on cryptocurrency mining may have begun, the establishment of international facilities on the part of leading mining pools has led to analysts predicting that much of the bitcoin mining industry will be able to weather a Chinese regulatory crackdown. Also Read: Chinese Authorities Ask Local Miners to Submit Monthly Status Reports…
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Bitfury as Big Brother: Mining Company Tracks Bitcoiners

Bitfury as Big Brother: Mining Company Tracks Bitcoiners

[ad_1] Bitfury Group announced they’re concerned about the advent of bitcoin users having multiple wallet addresses, which the company views as leading to greater anonymity and, they also believe, facilitates crime. Also read: Nine Years Ago, Bitcoin’s Block Zero is Born Bitfury Watches Bitcoiners “Currently, bitcoin users can have multiple addresses,” Bitfury Group CEO Valery Vavilov detailed, “making it easier to conceal identities and commit crimes on the Blockchain,” he concluded. The relative ease of keeping transactions somewhat private has raised grave concern at one of the largest companies in the ecosystem. Founded in 2011, Bitfury is best known for its mining prowess. Estimates have it at one point the group held nearly half a million bitcoin, which put their reserves into the stratospheric category if they’ve managed to keep half…
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Shapeshift Throws Its Support Behind the Bits Standard for Measuring Bitcoin

Shapeshift Throws Its Support Behind the Bits Standard for Measuring Bitcoin

[ad_1] Bitcoin developer Jimmy Song is on a mission to redefine the default standard for measuring bitcoin. If Song has his way, BTC will be recorded in “bits” by default, with each bit corresponding to one thousandth of a bitcoin. His Bitcoin Improvement Proposal for bits was submitted in December and this week, the plan came a step closer to reality after Shapeshift’s Erik Voorhees threw his weight behind the plan. Also read: Jimmy Song Uses Andreas Antonopoulos Model, Open Sources Forthcoming Book One Bitcoin, One Thousand Bits The notion of rebranding bitcoin so that the cryptocurrency can be referenced in more relatable amounts is not a new one. Previous suggestions included referring to 0.001 – or one thousandth of a bitcoin – as a millibit. In an op-ed in…
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United States of Bitcoin: Illinois Gives Crypto Love While Other States Hate

United States of Bitcoin: Illinois Gives Crypto Love While Other States Hate

[ad_1] The United States continues to divide over the issue of cryptocurrency generally and bitcoin in particular. Idaho and Alaska issued crypto investment warnings, while Iowa’s Insurance Division cautions against the digital asset’s “high risk,” and Utah announces “scam” scares. Illinois bucks the worrywarts, however, and is instead crafting legislation that would welcome crypto businesses and innovation. Also read: African Central Banks Urged to Ditch Dollar and Buy Bitcoin Illinois Wants No Part of New York’s Bitlicense Overregulation In a trend-bucking move, legislators in the midwest state of Illinois are trying to craft legislation that would help the state welcome what some in their ranks see as an innovation. “New York went in and over regulated [bitcoin] and what ended up happening was a lot of those companies left the…
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Former Iced Tea Firm Plans to Mine Bitcoin in the Nordic Region

Former Iced Tea Firm Plans to Mine Bitcoin in the Nordic Region

[ad_1] Just recently we reported on the beverage firm Long Island Iced Tea Corp and its share price increase by more than 400% immediately after it rebranded to “Long Blockchain Corporation.” On January 4, the company filed with the U.S. Securities and Exchange Commission (SEC), stating its intentions to mine bitcoins and purchase 1,000 Bitmain manufactured Antminer S9 mining rigs. Also Read: Dogecoin Developers Lament Billion Dollar Market Cap Milestone The Iced Tea Company Is Shifting Gears With Plans to Mine Bitcoin The specialized drink company, ‘Long Island Iced Tea Corp,’ is now known as the ‘Long Blockchain Corporation’ (LBC), and it seems the firm had other intentions for changing its name. The company made headlines all over the world when it rebranded, and its shares spiked by 432 percent in a…
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