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BitPay Under Fire After Rejecting BTC Donation For The Amazon Rainforest

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BitPay Under Fire

Bitpay under fire after the crypto exchange denied helping raise funds for the saving of the Amazon Rainforest after the massive wildfires that destroyed it as we can read in all of the altcoin news reports these days.

The bitcoin blocked donation has caused bitpay some headaches because the crypto community has trashed the exchange for their decision. According to the social media exchange on August 23, the cryptoprocessor is facing some harsh criticism after it failed to allow the $100,000 Bitcoin donation to go through. The payment came directly from a donor to the Amazon Watch charity which uses the exchange’s platform to accept cryptocurrency payments.

BitPay rejected the payment because the Amazon watch’s maximum permitted amount was a little lower than $100,000 and after they ignored the formal complaint, the staff of the exchange told the charity on Twitter it could easily solve the problem by changing the settings in its account. This, however, turned out to be very untrue because in order to allow a higher level the company must first submit compliance:

 “…We tried to increase the volume but can’t do it through the dashboard and were told we needed to email compliance.’’

The debacle brought BitPay under fire due to the massive criticism which frequently engulfs the exchange. The prolonged bureaucracy compounded by another scandal including transaction fees which have led to frequent calls for business to open the source alternative payment processor and the logic as explained on Twitter pointed out in the comments on Amazon Watch’s difficulties is because Bitcoin is a free and open payment system and there are third parties that verify the transactions arbitrarily in order for the cryptocurrency to serve its purpose:

 “…You don’t need (BitPay) to reject your transactions when you can verify them yourselves for free.’’

As noted in the latest cryptocurrency news, BitPay’s difficulties have had a long history since 2017 even when the executives opted to support the controversial SeGwit2x bitcoins scaling proposal which eventually led for the crypto wallet Trezor to ditch the company. Amazon watch even stated that it would look into using BTCPay an alternative open-source option which could copy that similar one of the travel agent CheapAir from 2018. The backlash over the previous actions of the exchange led to many customers closing their accounts and invoices.

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Blockchain News

CJ Korea Develops A Blockchain-Based Music Copyright System

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One of the largest conglomerates in South Korea, CJ Korea, is developing a blockchain-based music copyright management system that uses the AWS' Amazon Managed Blockchain Service as local media outlets show. As the Korean news agency Yonhap said in a report on Thursday which made the altcoin news, the initiative is being led by CJ OliveNetworks which is a subsidiary of the CJ Corp parent company that operates the beauty retail and technology business of the conglomerate. Many best cryptocurrency news sites reported about CJ Korea too, saying that the digital copyright system is unique in many ways. The system will apparently keep a history of the broadcasting of copyrighted songs and store the information on the blockchain. The goal of CJ Korea is to allow the owners and users of the material to share the resulting ledger and arrive at an equitable payment scheme which will be set up for the use of the intellectual property management system.
“It is very important to have a system that guarantees fairness and transparency among copyright stakeholders,” said Kim Eung-do, the director of the DT Convergence Research Institute at CJ OliveNetworks in a report which was published in the business outlet Hankyung.
As he also noted, “the blockchain-based copyright management system will greatly contribute to improving the copyright management process.” Meanwhile, CJ Korea is South Korea's 14 largest conglomerate and has 31 trillion won ($25.9 billion) in assets as the latest Fair Trade Commission data report shows. The business lines include everything from food and beverage to logistics, beauty stores, IT, entertainment and a cinema chain. On the other hand, the latest cryptocurrency news show that CJ OliveNetworks operates OliveYoung, who is one of the country's K-beauty leaders. He has an IT division doing everything from Internet of Things (IoT) to cloud computing to Big Data. However, a decision was announced in April to split the two and transfer the IT division to CJ Korea Corp. Meanwhile, Amazon Web Services (AWS) became available in Korea in 2016.  2019 was the year when it started offering the Managed Blockchain to the public, following the introduction of the service back in 2018. So far, AT&T, Nestle and Accenture are among the respected clients of the service.
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Huge Mining Confidence Indicates A Strong Boost For Bitcoin

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Huge mining confidence shows that the bitcoin miners are not giving up and this could be a strong indicator for a boost in the price of bitcoin as per the coming altcoin news below. The last difficulty hike from September 13 made it 10.38% which is less likely for miners to discover a block. In the meantime, the mining pools have been compensated with even power. It is expected soon that another double-digit growth in difficulty will take place during the Bitcoin mining re-evaluation next week if the huge mining confidence keeps up the pace. The data shows that mining has grown exponentially. According to the analyst Hodlonaut, the race for more mining rigs is a sign of confidence. The miners are producing 1,800 new BTC each day which is a number that will be slashed in half in 2020. The halving of the reward could arrive earlier as the block times go down to less than 10 minutes. The growth in mining has led to an increase of 100 quintillion hashing operations which is a unique growth for any industry. Since the mining started with a computer CPUs and moved to multiple generations of specialized machines, it is hard to imagine what the future of Bitcoin mining will look like. Bitcoin is also the network with the highest daily transaction fees but Ethereum took over earlier this week due to the network overload and massive fee increase. The competition between the miners shows that there is a diverse selection of pools which discover the blocks of late. BTC.com still has a leading position but Poolin which a newly arrived pool, gained speed in the past months. The increase in mining shows to the launch of the estimated half a million mining rigs and Bitmain has pledged transparency on the Antminer shipments but it is still very difficult to estimate the number of new mining facilities. The reports show that Bitmain is building a significant fleet of miners in addition to supplying other pools as well. The miners point their machines to the Bitcoin Cash network where the mining has grown massively by 30 percent since the beginning of September to 2.68 EH/s which is about 40 times lower than that of Bitcoin. The hashrate for the other competitor Bitcoin SV remains unchanged. As per the latest cryptocurrency news, the bitcoin price dropped below $10,000 but mining is still viable.
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New Trojan Virus Launched That Steals Passwords From Crypto Wallets

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New Trojan virus was launched by cybercriminals over the past few days which are able to steal data from the crypto wallets. ThreatLabZ, a Zscaler team of security experts identified the malware as a RAT- Remote Access Trojan as we are about to find out more in the latest cryptocurrency news. The malware is using backdoor methods to gain unauthorized access to computers and other e-appliances and poses a huge threat. The Malwarebytes Labs cybersecurity company issued a report in 2019 about the State of Malware which underscored that two major malware categories included crypto miners and Trojans. The report predicted at that time that this year will be very interesting because of the new tricks and threats. Zscaler identified a new threat against the protection of privacy data which was written in the .NET programming language and it was later flagged as a new Trojan virus designed to perform a specific task such as stealing personal information. Among other things, InnfiRAT is written to look for cryptocurrency wallet information such as Litecoin and Bitcoin. InnfiRAT can grab the browser cookies to steal the stored usernames and passwords as well as the session data. The malware uses its screenshot functionality to gather information from the open windows while checking other applications running on the targeted system. According to the researches, the RAT transmits the stolen data to its command center and waits for further instructions. The instructions could direct the RAT to download some additional information from the targeted computer. The new Trojan virus poses a huge threat that involves a backdoor method but it is not new. For example, in 2018 the Director of Mac and Mobile at Malwarebytes, Thomas Reed, reported about the MAC cryptocurrency ‘’ticker app’’ because it is able to infect two open-source broad spectrum backdoors. The goal of the malware is not identified. Reed believes however that the malware was designed to steal digital coins from crypto wallets. The cybercriminals spread most of the computer viruses via email attachments. The ThreatLabZ security team reiterates best practices for email attachments as we found out earlier in the altcoin news.
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Bitfury Will Start Selling Bitcoin Mining Equipment To Small Enterprises

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Bitfury will start online selling of its Bitcoin hardware mining equipment for the first time for small and medium-sized enterprises as we are about to read in the latest cryptocurrency news below. According to an article posted in a Russian-speaking newspaper, the company opened the online hardware sales store for small and medium-sized enterprises. The equipment is now available in Bitfury’s online store which includes the Clarke ASIC chips, B9 Tardis Mining Rigs, and the BlockBox AC mobile mining units. Clarke 14NM ASIC costs about $2500 plus the taxes for a minimum of 1000 pieces. The chips are able to perform at up to 120 gigahashes per second an reach an efficiency rate at 55 millijoules per gigahash. The B9 Tardis rigs are fully loaded with Clarke ASICs and are even upgradeable when the new ASIC technology becomes available. The prices vary and could reach up to $3300 plus the taxes for the batch. Those who want to splash out on the BlockBox AC will have to go even deeper as the starting price is more than a half a million dollars without the tax. However, for this much money, you will get a mobile plug-and-play mining solution with up to 7.5 petahashes per second. All you will need is an affordable power source and internet access. The crypto equipment company has previously focused only on sales to larger corporate clients and the prices have been strictly on application only. By opening the sales to small and medium enterprises, Bitfury will expand the market reach. Purchasers will even have the access to support the design and production of their own miners that are based on the ASICs Clarke. As per the coming altcoin news, the analysts believe that this could only lead to an increase in the amount of hashing power on the ground. The hashrate has increased in the recent months to an all-time high which led to some of the speculate that Bitcoin price will follow soon. Aside from the mining machines, Bitfury is involved in many other blockchain infrastructure projects such as implementing lightning network payments on the BTCBIT exchange.
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