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BLOCKCHAIN HASHED: INDIA FINANCE MINISTER ACKNOWLEDGES BLOCKCHAIN

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RBI Clarified

As the clock struck 12 pm on February 1, 2018, amidst the national budget the Finance minister of India, reiterating its earlier stand on cryptocurrency, said

“…The Government does not consider crypto-currencies legal tender or coin and will take all measures to eliminate the use of these crypto-assets in financing illegitimate activities or as part of the payment system. The Government will explore the use of Blockchain technology proactively for ushering in the digital economy.”

This statement resulted in much speculation on whether cryptocurrency has been banned, or what is the government’s legal position on it. While some criticized, two things were in favor and one against

1.) blockchain and cryptocurrency found mention in the Budget

2.) “The Government will explore use of blockchain technology proactively for ushering in digital economy,”

3.) The Government does not consider crypto-currencies legal tender or coin and will take all measures to eliminate the use of these crypto-assets in financing illegitimate activities or as part of the payment system.

The outcome from the first point only goes to say impact it has is so widespread, and there is an understanding that it exists in a strong way.

The third point which means that there has neither any indication by the government that it is banning exchanges nor does it stop people from holding cryptocurrency. It is just saying that the government doesn’t recognize cryptocurrency as money, which no country in the world does except Japan. This meant there was no change in stance from the government as it had made clear previously that cryptocurrencies were not a legal tender and It would want to curb down its use in illicit activities.

What lies critically is the second point. It may look like a small step but may have some big implications in the way the country with 1.5 billion people works. If implemented in a fine manner this could be a significant support system as India is making the use of technology as ultimately the biggest and most basic use of blockchain is to reorganize record keeping and transactions and create systems that can share information.

Breaking down this statement brings us to a point that although the currency might not have been accepted the technology- blockchain has definitely made way into the world second largest country by population. What is needed is a truly unified framework of laws and regulations around cross-border taxation, KYC, fund management, and assets for this technology to become successful in India

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

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Altcoin News

Bitcoin Gold Got 51% Attacked, Now Surges By 19%

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bitcoin gold got
One researcher at the MIT Digital Currency Initiative recently discovered that Bitcoin Gold got attacked by 51% on January 23 but in the last 24 hours, the cryptocurrency has increased by 19% in price.A report published on the code repository GitHub, the MIT DCI research assistant James Lovejoy said that two separate attacks were carried out on Bitcoin Gold blocks within a span of two days.As you may know if you have read our altcoin news, a 51% attack is quite possibly the most serious form of attack against a cryptocurrency. If carried out successfully, it allows attackers to re-organize blocks and charge data within a blockchain.Moreover, analysts show that a 51% attack can cause dire consequences for a cryptocurrency. It is not cheap or easy to carry out a 51% attack. The attack itself requires a lot of control over a blockchain network's hashpower.For a major coin like Bitcoin or Ethereum, a 51% attack is quite impossible. One could do it but there would not be any incentive to do so and the attacker would end up losing money. As Lovejoy said, the orders of tens of blocks on the cryptocurrency are not enough to eliminate the incentive of launching a 51% attack against it.
“Based on Nicehash market price data for Zhash we estimate the cost of generating each reorg at around 0.2 BTC (~$1,700) and the attacker would have recouped around the same value in block rewards. Therefore, it is possible that the attacks were profitable if the double-spends succeeded at defrauding the attacker’s counterparty, or break-even if the double-spends were unsuccessful. This suggests that a confirmation requirement on the order of tens of blocks for BTG is still far too few to make the budget constraint to launch an attack significant,” the report read.
However, this is not the first time Bitcoin Gold got 51% attacked in the crypto news. In May 2018, it experienced a similar attack and reports indicated that $18 million were affected. Despite all of this, the price of Bitcoin Gold has been up by 20% in the past two days and is now trading at $12.06 with a 17% increase today, alone. As such, it proudly holds the 34th place on the market cap and could soon increase more.
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Bitcoin News

Key BTC Indicator That Called 2019 Bull Run Flashes Again

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The cryptocurrency news today show that Bitcoin plans to move higher and a key BTC indicator flashed green, triggering a potential bull run. As the new week begins, a group of measurements are combining to make traders firmly bullish on BTC.Dubbed the Guppy, this indicator is leading the positive signs but has been forgotten. This is a collection of exponential moving averages and has flashed green on the daily chart for the first time in around 300 days.This interval is significant and the last slip from red to green for Guppy was on April 9, 2019. The key indicator then coincided with Bitcoin's rapid rise to highs of $13,800. Before this, Guppy also turned bullish on January 14, 2018, when BTC briefly rose above $9,000 on the way down from its all-time high a month earlier.A second sign that the bullish momentum is building for Bitcoin lies in the Puell Multiple. Used to identify the crypto price cycles, this tool allows traders to tell from a miner's perspective when the value of newly-minted Bitcoins is historically too high or too low.The Puell Multiple indicator spiked during the 2017 highs and bottomed a year later in January 2019 when the BTC/USD pair traded at under $4,000. At present, the indicator suggests that BTC is significantly close to the "too low" area compared to its lifetime highs.Zooming in, there is steady enthusiasm already creeping into traders' forecasts. According to Michael van de Poppe, the current action means that $8,000 has now formed a fresh support level.
BTC/USD gained around 3.8% since Friday, having bounced off the local lows around $8,200. “Nice breakthrough of $8,600 level and we're back in the range. This means that the $8,000-8,100 level has now flipped as support,” he summarized in a tweet on January 27.
https://twitter.com/CryptoMichNL/status/1221701112505552897The key BTC indicator which flashed green also led van de Poppe to think that "a retest of $8,500" is possible after which "we can aim for $8,900" as he said.A classic guidance signal for Bitcoin is also the Mayer Multiple, which is firmly supportive of Bitcoin as a buying opportunity this week. Meanwhile, the Bitcoin news now show that the leading cryptocurrency is at $8,643 with a 2.30% increase on the day.
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The Mega Rejection At $9,200 Which Worried BTC Bulls

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the mega rejection
Bitcoin has stalled over the past few days and found itself between a rock and a hard place as analysts described it. People are still undecided about where the cryptocurrency will go in the next few weeks, even though one trader said that the mega rejection at $9,200 could ignite a further bearish trend.In the wake of the flash crash at $9,200 last week, the trader Haejin tweeted that the "mega rejection" happened when BTC was unable to go above $9,200 - and looked to the fact that BTC saw a bearish retest of the 200-day moving average, collapsing out of a multi-week rising wedge and failing to surmount the key macro resistance. These were the three signs in the Bitcoin price news that showed how bears remain decisively in control.https://twitter.com/Haejin_Crypto/status/1220524082975952897So, what does the mega rejection mean?According to Haejin, it fullfils a bearish fractal which the commentator laid out. As you may know, Haejin last week noted that Bitcoin's price action since the $14,000 top in June is reminiscent of the one seen in the 2018 bear market. Both the cycles are seeing a downward price channel, an upward wedge-formed false breakout, declining volume as well as signs of capitulation.Then, the analyst added that if BTC follows the exact path it did in 2018, the price will collapse to the $6,000 region soon and then BTC will capitulate in March or April to fall as low as $3,300 by the time of the halving.https://twitter.com/Haejin_Crypto/status/1218220456441937921The big question in the cryptocurrency news today is - can the Bitcoin bulls step in?The mega rejection makes everyone wonder about this. However, another analyst named filbfilb has the perfect answer for this and predicts that the halving taking place in May 2020 is a crucial event that brings back some optimism.
“Overall, Bitcoin is exactly where [I] anticipated; slowly grinding up towards previous resistance… I’m very much of the opinion that Bitcoin will reach to at least $12,500 level before the halving,” he said.
Another analyst wich a Twitter nickname Financial Survivalism said that he thinks that BTC is on track to hit $20,000 by July 1st and would likely extend its gains in the news few months.
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Bitcoin Needs PR From People Like Peter Schiff: Binance CEO

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bitcoin needs pr
Peter Schiff is known as one of the strongest skeptics in the world and a gold bug who is unwittingly advertising the cryptocurrency's virtues over other investments. However, according to the CEO of the exchange Binance, Changpeng Zhao, Bitcoin needs PR exactly from people like Schiff.As the popular 'CZ' summarized in a tweet on January 25, Schiff was falling in sewing distrust of Bitcoin among social media followers and beyond. 
“I think Peter is doing great to promote bitcoin. He probably does not realize that given his illogical reasoning, most people will do exactly opposite of what he says,” he wrote.
https://twitter.com/cz_binance/status/1220978020686548992In the Binance news, CZ concluded saying that “We need more of these types of ‘negative’ voices.”Bitcoin needs PR from people like Schiff and as CZ said, the gold bug was already notorious for his posts attacking Bitcoin which claim that gold is superior to the cryptocurrency. Last week, however, Schiff was undermining his credentials after he blamed the wallet provider blockchain for "losing" his Bitcoin holdings worth 0.21 BTC ($1,750) that he received in the form of donations in 2019. In the event, Schiff had simply confused his pin with his password - something that went viral in the cryptonews all over the world.However, Schiff continued to allege that Bitcoin investors were the true ignorant party for choosing cryptocurrency over the precious metal.
“Bitcoin bugs are saying I'm not qualified to give advice about Bitcoin because I don't know the difference between a pin and a password. I know the difference now and my advice hasn't changed,” the tweet which inspired CZ read.
Schiff also added that "Those bitcoin bugs still don't know the difference between #Bitcoin and #gold."Binance CEO thinks that Bitcoin needs PR from people like Schiff and it is clear why he resonated with this. On the other hand, many experts believe that Schiff failed to react to market movements and lost people money.As to what the gold bug claims, the precious metal has failed to deliver for investors in 2020 already, firmly decreasing while Bitcoin boomed this year. Meanwhile, the crypto market is very stable today and Bitcoin seems to have stabilized, potentially leading the market to a new rally. 
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