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Canada Gets A Publicly-Traded Bitcoin (BTC) Fund

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An October 30 press release is in the Bitcoin news updates, showing that the Canadian investment fund manager 3iQ will now be able to offer the investors in the country a regulated and publicly traded Bitcoin (BTC) fund. The news that Canada gets a Bitcoin fund were confirmed by the Ontario Securities Commission (OSC) which said that such fund is expected to be available on a major Canadian stock exchange by the end of the year.

In February this year, the markets regulator in Canada ruled negatively on the 3iQ proposal where the company pitched its plans about launching a regulated Bitcoin fund. However, the Toronto-based company (3iQ) appealed the decision and won approval from the OCS to launch its BTC fund.

“Over the past three years, we have worked actively with the OSC’s Investment Funds and Structured Products Branch to create an investment fund that we hope will allow retail investors the benefits of investing in Bitcoin through a regulated, listed fund,” the chief executive Fred Pye said.

Now that Canada gets a Bitcoin (BTC) fund, there are a lot of people who are confident about the crypto ecosystem in the country. Pye, for instance, previously worked as a senior VP at Fidelity Investments Canada. He told the Financial post that retail investors will be able to buy and sell the Bitcoin fund through traditional and discount brokers – and also be eligible for Canadian registered retirement savings plans and tax-free savings accounts.

The news on crypto regulation were well accepted as Canada gets its official Bitcoin fund. What’s also impressive is the fact that the New York-based cryptocurrency exchange Gemini (founded in 2014 by the Winklevoss twins) will act as a custodian of the fund’s Bitcoins.

In the other news, Canada is reportedly exploring possible opportunities and challenges related to launching its own cryptocurrency. As Canada gets open BTC trading, analysts believe that the bank’s stance is geared towards cryptocurrency. Some reports showed that a public central bank digital currency could be the answer to the direct threat that cryptocurrencies now present.

As Canada gets its first fund, 3iQ is definitely geared to become a leader in the space. The leading digital asset portfolio manager has been given the green light to file a prospectus and apply to list its Bitcoin fund on an official Canadian stock exchange.

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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Lighting Bitcoin Network And Its Speed Revealed

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The Lighting Bitcoin Network, also known as the Lighting Network, has been here for a while as an independent solution to all the problems that are keeping BTC from mainstream adoption. This network claims to solve the bleak scaling problem, make instant transactions, keep the transaction fees minuscule and take the transactions off the blockchain. But how can a system independent of core Bitcoin offer these improvements? And how can it violate the conventional rules of Bitcoin by offering secure transactions with zero confirmations? Most of all, our biggest question - what is the Lighting Bitcoin Network? As you probably know if you followed our Bitcoin news before, the Lighting Network is a second-layer network which transmits signed but non-broadcasted transactions among peers. It relies on the Bitcoin blockchain only for final settlement of funds. This means that the transactions are not limited to the block size at all, the confirmation times are irrelevant and the Bitcoin blockchain does not need to store every transaction that ever happens. The Lighting Bitcoin Network consists of many lighting nodes and channels - a node runs much like and unlike a Bitcoin node and actively monitor "channels" for malicious behaviour. As of March 27, 2019, the Lighting Bitcoin Network:
  • Has over 7.5 thousand nodes
  • Has almost 40 thousand open channels
  • A little over 1 thousand BTC in capacity
Also, reports in the crypto news show that it is growing at a rate of:
  • 25 nodes an hour
  • 304 channels an hour
Basically, the Lighting Bitcoin Network is praised because of its:
  • true micro transactions (coming at fractions of cents)
  • lowest fees imaginable (fractions of cents again)
  • a degree of privacy (without blockchain records)
Still, many point out that the disadvantages of this network start with the routing and centralization. Payment routes need to be calculated afresh every single time, which creates problem when the network gets big enough. This essentially says that since a chain of 10 hops to pay $10 requires everyone to pay $10 forward, you’d end up moving $100 in funds. Also, there is too much lending and at some point, moving large quantities becomes infeasible. All in all, the Lighting Bitcoin Network is a revolutionary thing which (just like many other things) needs further development.
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Bitcoin Erases Its February Gains Sinking Below $8,900

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A sharp correction has rocked the cryptocurrency market since February 23, continuing through February 27 as the BTC price dropped by more than 8% to a new daily low at $8,531 yesterday. The coin managed to recover but we can see that Bitcoin erases its February gains and is still 'in the middle of nowhere' by trading around the $8,800 mark. The cryptocurrency news today show that the bearish momentum is still there. At the opening bell, the equities markets recovered some of the losses of the previous two days. However, at the time of writing, we could see that all of the major stocks, Dow Jones futures, S&P 500 futures and Nasdaq futures dropped by 1.32%, 1.33% and 1.31% respectively. Investors have been increasingly concerned about the economic impact of the Coronavirus which is now present on every continent except Antarctica. As Bitcoin erases its February gains, tech giants Microsoft and Apple also announced that they anticipate missing key sales targets and it is very likely that they lent another blow to the futures markets. Reports from the Fuse which are in the Bitcoin news now show that oil refineries in China are processing 25% less oil than usual, and the International Energy Agency noted that oil demand could drop to 435,000 barrels per day, a figure which is significantly less compared to the same period last year. Russia and Saudi Arabia, both of which are major OPEC members, have entered into a schism over a disagreement related to Saudi Arabia and its decision to cut oil production. What's important for us is the fact that Bitcoin erases its February gains and at the time of writing is down by around 10%, minimizing the gains accrued from the January 26 rally when it went from $8,336 to $10,500. The sharp correction from $10,000 calls into question the oft-presented argument that Bitcoin functions as a hedge against volatility in traditional markets. Gold markets are continuing to push higher at the same time, while altcoins are following Bitcoin's trend and taking a similar beating - some of the top 20 tokens endured double-digit losses. Ether (ETH), for instance, dropped 10.15% to trade at $215 but then went back to $228 which is its price now, Litecoin (LTC) pulled back 13.21% while EOS and Ethereum Classic (ETC) both lost around 13%.
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Monero VS Bitcoin: Is The Privacy Feature Enough?

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Following our crypto news today, we read about the Monero vs Bitcoin relationship and whether the privacy feature of the XMR coin, is enough to outperform Bitcoin. Bitcoin is the digital cash of the world and the ability to transact large sums of money across the globe, without having to ask for permission and also without the need to use middlemen is one of the groundbreaking reasons. Bitcoin now only seems to serve as a limited set of use cases so it is not very private and the transactions are generally slower and expensive. It is becoming harder to upgrade and add a few new features to the protocol which makes it resistant to new innovations and technologies. Then Monero came to the scene. Monero is private by default with untraceable transactions and it has an adaptive block size. It has its own codebase and is not simply another bitcoin clone crypto. The developers are mainly anonymous and it ticks the permissionless digital cash boxes so far. However, the Monero VS bitcoin analysts wonder if that is the case. Bitcoin is pseudonymous which means that the users can transact without providing their identities. This means that there’s no need for using real-world identities as banks do since Bitcoin uses addresses to make transactions possible between the wallets. The problem is that the addresses along with the transaction information all get stored on the public ledger. The users can make transactions without ever attaching the personal identity and it is now widely known that the Bitcoin blockchain is being data mined by the analysis companies which are able to de-anonymize Bitcoin transactions. Unlike bitcoin, Monero has privacy turned on a default setting and it is untraceable so the anonymity is baked into the protocol. As a side effect, Monero is more fungible than Bitcoin which means that you can’t tell apart from one coin from the next. For example, if a particular exchange has been hacked or the funds get stolen, the hacked coins can be tracked subsequently by exchanges or vendors. This can make a lot of the coins unspendable which is not ideal for the digital representation of cash. Monero uses three different privacy innovations namely the ring signatures, Ring Confidential transactions, and stealth addresses.
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Crypto Payment Platform AnyPay Won’t Accept BTC Anymore

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The crypto payment platform AnyPay announced that the number one cryptocurrency will not be accepted anymore on its payment platform so this platform will no longer serve as a method of how to spend your BTC. Let’s read more about it in the BTC news below. The co-founder of the crypto payment platform AnyPay Steven Zeiler explained in a YouTube video adding that Bitcoin is worthless for payment which is the main reason for its delisting the cryptocurrency. Bitcoin crossed the $10,000 price level and many believe that it is preparing itself for a huge bull run. The BTC delisting on AnyPay came as a surprise to the entire crypto community so now its users are wondering how to spend BTC far away from this platform. The Crypto Payment platform blamed the delisting on how susceptible the crypto is to the double-spending problem. Since the advent of cryptocurrency, the core principles of it was its irreversibility. Once the tokens have been sent, there was not a single way to retrieve them. Now, you can apparently cancel already sent BTC tokens and this was one of the reasons that AnyPay decided to give up on Bitcoin. Prior to these developments, the chargeback crimes were unheard of in the crypto community. The business owners even started accepting Bitcoin as a PoS method of payment. Chargeback is when a fraudulent customer undoes the completed transaction in a bid to scam one trader while still holding on to the product. By introducing Replace by Fee, the chargeback crimes became the cause of huge concerns in the crypto space. The Replace by Fee was supposed to enable faster transaction speed but it left the option open to completely cancel a transaction. This option was only available on the full mode BTC software but in recent times, there were several other mobile applications that were integrating the feature. This left BTC payments open to chargeback frauds. The former CEO of Gyft Vinny Lingham, disclosed how bad the RBF was for his business in 2018 and he said:
“We processed over 100,000 transactions with amounts from $5-2000/transaction with no double spends. Over $25m in sales and the first time we got a double-spend attack was after RBF was introduced.”
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