Tag Archives: cryptocurrency

Bitcoin Payments: ATampT Customers Can Now Pay their Bill in Bitcoin

Bitcoin Payments: AT&T Customers Can Now Pay their Bill in Bitcoin

              Bitcoin Payments

Mainstream adoption of cryptocurrency is slowly growing

with the latest development being from AT&T Inc. (NYSE:T) which has indicated that from today they will be accepting bitcoin payments as an option of paying for mobile bills.

AT&T customers to pay bills in crypto

AT&T is the first major telecom company in the US to provide the option of paying in crypto. AT&T’s Communication Business Operations VP Kevin McDorman stated that the company is always looking for opportunities for improving and expanding its services. He added that cryptocurrency has become popular nowadays and some customers use it and thus the company is glad to provide them with a payment option of their preference for their bills.

Customers will be allowed to make their mobile bill payments through BitPay in the myAT&T app or by login to the online account. The company has not specified whether the bitcoin payments can be used to pay for purchases of phones and accessories in AT&T stores. BitPay will be processing the crypto payments and then give AT&T a conventional currency.

Although the adoption of cryptocurrency is a significant step, for Joe McCann Passport Capitals’ former hedge fund manager, the move may have come maybe as a result of the company having internal data that shows that more people are using Bitcoin payments nowadays. He added that AT&T did not have an upside to support Bitcoin payments.

Mainstream Bitcoin payment growing

BitPay’s Chief Commercial Officer, Sonny Singh lauded the move by AT&T and the job they have done to make it happen. He added that more companies will soon start the following suit because the adoption of crypto payment by such a big telecom company will motivate competitors to consider joining the trend as most companies are eager to learn.

AT&T follows other major corporation in the US that Accept bitcoin payments such as Subway, Expedia, Overstock, Microsoft, and Shopify. Most recently Whole Foods and a number of retailers began accepting bitcoin payments through third-party partnership.

Article Produced By
Ankit Singhania

Based in India, Ankit is a financial content writer and stock market analyst. He has worked for almost a decade on several financial projects related to the stock market news, fundamental research and technical analysis for several websites. He obtained his Masters Degree In finance (MS – finance) from ICFAI. Currently, he serves as a financial consultant and technical analyst at Tradersinsights.com.

https://cryptocurrencynews.com/bitcoin-payments-att-customers/

Deb Williams (hodlthrive)

Malta AI and Blockchain Summit Spring Addition 2019: Day 2 recap

Malta AI and Blockchain Summit Spring Addition 2019: Day 2 recap

After a productive day one at the Malta AI & Blockchain Summit,

delegates returned for their second dose of expo floor exploration, sessions, workshops and networking opportunities at the Hilton. While the summit attracted established businesses and entrepreneurs encompassing a number of industries, the intersection of iGaming and blockchain proved to be a particularly exciting area, especially because Malta is a hub for both industries.

“My keynote today was about blockchain and gambling and in my opinion its one of the leading sectors in this space in terms of monetization and actualization and exemplification of blockchain”, Carla Maree Vella of Consultxd shared with CoinGeek.com. “This is not just said by myself, tons of key figures out there that are saying blockchain and gambling, those are going to be the key examples”, she revealed. Vella went on to provide examples of iGaming companies that are using blockchain technology to engage consumers, while also touching on how the immutability of blockchain information takes everything one step further for iGaming.

Ganapati is an example of an iGaming company that is paving the way with its use of blockchain and in fact, they were big exhibitors at the summit and last night’s recipients of “Marketing Campaign of the Year” at the Malta AI & Blockchain Summit Awards. “Through our work as an online slot provider we found a hole in the market that a lot of the casino users didn’t trust the sites and the operators. Now what provides trust, and what provides transparency? Blockchain!”, shared Ganapati COO Juliet Adelstein.

“So we began building our own blockchain platform that our online casino will sit on top of. Along with that, in conjunction we’ve also released a stable coin, G8C, which is a brand new form of stable coin in the iGaming industry”, she explained. As the crypto industry matures, more and more practical uses for blockchain technology continue to make their way to Unlinkthe surface. Vinay Gupta, one of the early minds behind the Ethereum launch, revealed how his organization, Mattereum, is using the blockchain to track memorabilia.

“The problem that we’re solving is provenance of physical object and our first partnership is with William Shatner of Star Trek and many other series fame, to take the collectables and memorabilia and basically produce blockchain proofs that they are accurate, that they are what they are said to be and these proofs have some legal reinforcement”, Gupta shared with CoinGeek.com “So its not just that somebody says they are real, there’s actually a financial aspect to that proof that allows you to recover value if it turns out to be a ringer. So this is new territory and we’re very pleased to have such a high profile first partner”, he added.

As the two day summit came to a close, organizer Eman Pulis shared his thoughts on the blockchain industry in general and how his events are crafted to help push the industry forward in Malta and around the globe. “What characterizes this industry is that its moving so fast”, said Pulis. “So after last November I thought, listen, we can’t wait another 12 months to bring those amazing people back to Malta. So we said lets wait six months and launch the spring/summer addition. So we did”, he said.

“Despite the long crypto winter, despite the bear market, despite the European Union elections happening tomorrow, we still managed to get a buzzing crowd of 5,500 people”, Pulis confirmed. “I think what makes this show special, unlike shows in North America where you have a North American focus, its truly global. Its been the characterization of the November show, also at this show we have delegates from Asia, delegates from North America, delegates from South America, so it is truly a global show where West meets East”, he added.

Article Produced By
Becky Liggero

After four and a half years of iGaming industry experience with Casino City, Becky Liggero joined Bitcoin Entrepreneur and Economic Envoy to the Government of Antigua Calvin Ayre to serve as the Head On-site Reporter for the Calvin Ayre Media Group. Since August 2009, Becky has exclusively conducted interviews with senior level executives and enthusiasts for a while continuing to travel the world and document her adventures for all to watch and read.

https://coingeek.com/malta-ai-and-blockchain-summit-spring-addition-2019-day-2-recap-video/

Deb Williams (hodlthrive)

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CEO and Founder
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Deb Williams (hodlthrive)

Binance Crypto Exchange Ready To Launch Margin Trading For Users

Binance Crypto Exchange Ready To Launch Margin Trading For Users

 
 

                                 

 

The cryptocurrency exchange Binance has recently confirmed

that it will be launching margin trading for different digital assets. In a recent tweet uploaded by the platform, the exchange revealed two different interfaces for Binnace, one completely white and the second one completely dark. In these images, it is possible to see that the exchange is already testing margin trading.

Binance Could Soon Launch Margin Trading

Binance is one of the most popular exchanges in the market and it has been working in order to attract a large number of users. After being launched in 2017, it became one of the largest platforms for traders in the space. This time, the intention is to offer new features to users, including margin trading.

At the moment, there is no information about which is the leverage level that the company is going to be offering to its users. As they didn’t provide any guide regarding their plan for the future about margin trading, it is not possible to know which are going to be the digital assets that will have margin trading activated.  There are different digital currency exchanges that are currently offering margin trading, including Poloniex or BitMEX. However, Poloniex doesn’t offer a very competitive platform for margin traders. Kraken is also offering margin trading to its customers, while Coinbase Pro does not compete in this category.

Binance, with a large number of users, an easy to use interface and a fast service, became a recognized digital currency exchange. The firm has been also affected by a hack a few weeks ago that resulted in the loss of over 7,000 Bitcoin (BTC), worth close to $40 million at the time. With this new implementation that could be rolled out in the near future, according to Changpeng Zhao, the CEO of the company, the intention is to attract investors that were using other platforms to trade digital assets with margin.

Alex Krüger, a recognized crypto investor, released a poll on Twitter in which 36% of the respondents answered that they are going to be long crypto when margin becomes active on the platform. 14% answered that they are going to be shorting crypto. 32% said that they are not planning to use margin. Finally, 18% selected the “see results” option. At the time of writing this article, Binance is the second largest crypto trading platform with a market capitalisation of $2.31 billion traded in the last 24 hours.

Try Out Binance Today

or over two years, UseTheBitcoin has done the research, covered the news, and helped readers find the best blockchain projects. The one thing we keep coming back to is Binance. Binance has set itself apart as the best trading platform for beginners and experienced traders, and gives you hundreds of coins to invest in. Start trading today on Binance!

Article Produced By
Carlos Terenzi

Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.
 

Deb Williams (hodlthrive)

Facebook set to launch its own Cryptocurrency called Globalcoin in 2020

Facebook set to launch its own Cryptocurrency called “Globalcoin” in 2020

                                

Facebook’s Crypto to be called “Globalcoin”

Social media giant Facebook is planning to launch its own Cryptocurrency named “Globalcoin” in the first quarter of 2020, according to a report from BBC. It is looking to start trails by the end of this year. Facebook recently registered a company called “Libra Networks” which is a Blockchain initiative that it has been working on for over a year. Even though Facebook has been secretive about its project, reports have emerged that the social media giant was looking for a Billion dollar funding for the Libra project.

Facebook has reportedly sought advice from the U.S Treasury officials and the bank of England governor Mark Carney regarding the opportunities and risks involved in creating a Cryptocurrency. According to FT, the company is also in talks with Winklevoss led Gemini and Coinbase for custody and trading solutions. Facebook is also in talks with payment giants like Visa, Mastercard and Western Union to collaborate and fund the initiative. The social media giant is looking to tap into the global remittance market by enabling cross border payments on Whatsapp in 12 countries including India.

Facebook’s Coin a Bitcoin Killer?

Facebook’s coin will most likely be a stablecoin pegged to fiat currencies like the dollar instead of a volatile asset like Bitcoin, there is no information available on the technical details of the Libra project. However, based on Facebook’s reputation of selling user data and its monopolistic tendencies, it is fair to assume that Facebook’s “Globalcoin” would mostly be centrally controlled, unlike Bitcoin’s decentralized governance. While some are critical of Facebook’s Crypto endeavor, others view it as a positive step for the mainstream adoption of Cryptocurrencies. One must not forget that Facebook’s humungous userbase which is larger than any online platform, any product released by Facebook will likely gain massive adoption and would be unprecedented in Crypto.

Article Produced By

Shrikar

https://blockmanity.com/news/facebook-set-to-launch-its-own-cryptocurrency-called-globalcoin-in-2020/

Deb Williams (hodlthrive)

Tron Price Prediction 2019: What Price Can Tron Reach This Year?

Tron Price Prediction 2019: What Price Can Tron Reach This Year?

              

Short TRON Description

The decentralized platform was designed to enable content creators to send, upload, own, publish, and store their data without relying on third-parties. Tron was created by Justin Sun, a former employee of Ripple, and its headquarters are located in Singapore. Currently, TRX ranks 11th on the list of top digital currencies according to market cap.

TRON Price Prediction 2019: Analysis and Price Forecast

Seeing as the crypto is one of the best performing cryptos in the space, TRX has great expansion potential. Most recent Tron price predictions state that the project will most likely see an exponential increase before the end of the year. The CEO of TRON, Justin Sun, revealed that the TRON network has surpassed EOS in terms of unique addresses and that TRON has acquired more unique addresses in the first 95 days than ETH in the same time period during its own launch.

Two other upgrades are also in planned to occur by the end of the year- the first being scheduled for 15th of November and the other in December. The TRON Virtual Machine (TVM) was launched last year, which now means that developers are able to design dApps on TRON’s mainnet. The market responded positively, with TRON experiencing a price appreciation in the 24 hours following the launch. Based on past responses, the significant developments which are scheduled to come will increase Tron’s potential to see some price growths.

TRX has already forged several key partnerships which will bring mutual benefits that could greatly influence its price in the next three months and years to come. Justin Sun has secured partnerships with BitForex, FX market company- Shiftmarkets, and Chinese exchange OTCBTC. Justin Sun’s connection with Alibaba’s founder Jack Ma suggests that there may be a potential merger in the near future, which might boost Tron’s prices and adoption. 2019 is expected to bring many enhancements in TRX’s security and privacy.

Tron saw a rapid development in market rank, as just a few months ago it was in 56th position, and now it is placed in 11th position, according to data from CoinMarketCap. Even though Tron might experience increases, they will not be as noticeable when compared to those of its peers. But, after 2019, it might start to pick up the pace as it has its roadmap features a lot of plans for future developments. 2019 will see the release of one of its most anticipated projects – Project Atlas –  which would integrate BitTorrent to enhance its security.

                                               

Tron Price Prediction: Market Forecasts

Seeing as the markets are prone to volatility, no one is able to provide an exact prediction on how one crypto asset will evolve. There have been several publications and websites that have released their own Tron price prediction. We will be going through some of them in our list below:

1.BitcoinExchangeGuide

The site of Bitcoinexchangeguide forecasts that Tron will reach $2.78 by September next year.

2. investingpr.com

According to the Tron price prediction made by investingpr.com, TRX will hit the $1 mark only in five years which, at this moment, sounds like a realistic forecast.

3. WalletInvestor

WalletInvestor predicted that TRX will not pass the value of $0.1 this year as they believe 2019 will not be a good year for this digital asset. However, they are of the opinion that it is not a bad year in which you can make investments.

4. More investors

As Tron will gain new investors from various payment services such as PayPal, many investors have argued that these partnerships will lead to an increase of $1.5 per coin.

5. JioMobilePhone1500

The Tron price prediction of Jiomobilephone1500 is that TRX might reach the level of $5 by the end of 2019, as they believe this year will be very favorable for the crypto. They made another bullish prediction, stating that, by 2020, TRX might have a price of $47.

6. CoinTame

CoinTame made the least favorable prediction for Tron in our list, where they believed that TRX might be priced around $0.633 in 2019 and, by the end of 2020, it might hit the $1 mark.

7. Smartereum

The cryptocurrency experts from the Smartereum analysis website predict that TRX will reach a price of $12 by the peak of 2019. They also stated that: “Based on the analysis of the present value of the digital currency, they have also predicted that, by 2020, the value of Tron could get to $52.91.” However, this seems like a really improbable prediction, at least from our point of view.

8. CoinSwitch

Crypto aggregator website CoinSwitch predicts that “there are good possibilities for it to reach 0.4 USD in the coming 5-8 months.”  ”Tron will heavily boost up its price this year. In the first two quarters, it will be lingering across 0.05 to 0.06 USD. But in the third quarter, it picks up its pace, wherein it reaches $0.07, and by the end 2019, it will reach up to $0.11, which is positive as compared to the last year.” We believe that this is the most plausible prediction for TRX’s price for 2019, considering the current factors and data.

Summary

TRON has many factors that are currently in its favor, but it remains to be seen if the markets will be bullish in 2019 for TRX.

Article Produced By
Anca Faget

Hi, I’m Anca. You might’ve stumbled upon my literary creations while searching for stuff on the internet. I write mostly on topics related to tech, crypto and such (although there was a period in my life when I wrote sarcastic descriptions for bizarre Amazon products). When my ADD kicks in I turn sticky notes into Pikachus or pop bubble wrap.

https://coindoo.com/tron-price-prediction/

Deb Williams (hodlthrive)

3 Altcoins That Are Outperforming Bitcoin and Will Likely Face Consequences

3 Altcoins That Are Outperforming Bitcoin and Will Likely Face Consequences

                                 

The crypto market is going through a period of massive recovery

in the past few months, which has caused the investors’ optimism to return. While all eyes are on Bitcoin (BTC), as usual, the largest coin seems to be struggling with a major resistance level at $8,000 at the moment. While this level was breached a few times now, every breach resulted in a correction. At the time of writing, BTC is approaching this level yet again, with its current price being at $7,985,79, and rising further. The price managed to grow by 1.06% in the last 24 hours, and will undoubtedly hit $8,000 in a matter of hours, if not sooner.

However, while Bitcoin continues to remain volatile and struggles with waves of growth and decline, there are some altcoins that are not following its path. Of course, most of them are performing in pretty much the same manner as BTC, as they always had. But, a few coins have actually managed to outperform Bitcoin in recent months. While optimists believe that this might lead to decoupling from Bitcoin — something that only Binance Coin (BNB) managed to pull off up to this point — it is likely that there will be consequences for these cryptos. This likely means that a price drop for these specific coins awaits somewhere in the near future, as outperforming BTC during bull runs is not something that goes unnoticed — or unpunished.

Altcoins outperforming BTC

1. Bitcoin Cash (BCH)

Out of all the coins in the Bitcoin family, BCH has been one of the best performers ever since April 1st. It even managed to outperform BTC by nearly 25% during this time, which may come as a surprise, considering that this was a project whose update caused a second market crash back in November 2018.

However, this event, which also gave birth to Bitcoin SV (BSV) might be the very reason why BCH is outperforming BTC. Or, rather, BSV itself might be the reason. While BCH has been doing better than BTC, BSV has been outperforming BCH. In other words, the rivalry between the two, rather than the desire to get in line with Bitcoin, might be what fuels Bitcoin Cash’s great performance.

2. BitTorrent (BTT)

BitTorrent has been one of the best performers for a while now. The coin launched on January 28th on Binance Launchpad, and developed within the TRON ecosystem is still growing rapidly. In fact, it is rising through the ranks faster than any other cryptocurrency. Only a week ago, the coin was sitting at 40th spot, while it currently sits at 34th, and is threatening to fulfill Justin Sun’s promise of climbing up to top 20 in less than a month. At the time of writing, the coin’s price is at $0.001317, with 28.71% growth against the USD in the last 24 hours, and 24.07% growth against BTC during the same period.

3. Chainlink (LINK)

Finally, there is Chainlink (LINK), which is currently 26th largest cryptocurrency by market cap. The coin currently has a price of $1.13, with 12.58% growth against the USD in the last 24 hours, as well as 11.65% growth against Bitcoin. The project is seeing a lot of hype due to the fact that its MainNet is expected to see a launch in less than ten days, on May 30th.

The MainNet will allow the coin to migrate to its own network, and create its own ecosystem, which is always followed by the celebration from the community, and hype regarding the project. Whether or not the launch and following token migration will go as planned still remains to be seen. For now, however, this is one of the top performing tokens in the market.

Article Produced By
Ali Raza

A freelance journalist, with experience in web journalism and marketing. Ali holds a master degree in finance and enjoys writing about cryptocurrencies and fintech. Ali's work has been published on a number of cryptocurrency publications.

https://globalcoinreport.com/3-altcoins-outperforming-bitcoin/

Deb Williams (hodlthrive)

Monfex’s Analyst offers more support for a Bitcoin bull market

Monfex’s Analyst offers more support for a Bitcoin bull market

                                

 

According to its TradingView profile,

trading platform Monfex is echoing the general market sentiment by offering a strong buy signal for Bitcoin. Bitcoin is currently just below $8k USD, down from a 30 day high of $8,300 USD on May 16, 2019.

Bitcoin finally seeing daylight

These numbers follow an extended bear market for Bitcoin. This pattern included a nearly five month trough, where BTC struggled to stay above $3,000 USD. 2018’s dismal cryptocurrency market followed an extended period of exceptional growth for cryptocurrency. Led by Bitcoin, cryptocurrency saw unprecedented prices and industry expansion. While prices decreased over 2018, overall industry growth showed no signs of slowing.

Therefore, for dedicated cryptocurrency enthusiasts and investors, recent upward momentum in the charts is merely a sign of technological advancement and increased traditional market visibility. However, this upward price momentum continues to elicit excitement and anticipation amongst the most seasoned cryptocurrency traders. Will it is particularly good news for those with a specific stake in Bitcoin, trends within BTC and ETH have historically led the entire digital currency market.

The numbers don’t lie

Monfex analysis signals a strong buy based on careful technical analysis. Their TradingView profile includes analysis of these predictions. One post in particular outlines a long view trading strategy based on a combination of technical and market factors. One of the first things Monfex notes is that Bitcoin is currently overvalued as a short-term investment. This is based on a significant deviation from its mean value. Mean value is calculated based on a 20-day moving average and a linear regression channel. According to these indicators, Bitcoin should be valued between $7,000 and $7,500 USD. It currently sits at about $7,990. This price is $400 below the May 16 high, but also $400 above the central tendency.

A more recent Monfex post offered an updated point of view. Rather than predicting a slight correction, analysts instead suggested several weeks of flat charts through the end of May. Following this pseudo-correction, strong upward movement to the next plateau is expected. According to Monfex analysts, traders should buy in at $7,400. At this price, they should not anticipate another strong resistance level until about $11,500. This resistance level is a good time to sell. Monfex uses this price as a Take-Profit marker.

Opposing opinions

Other outlets express continued concern over Bitcoin’s viability as a long-term trading option. The primary challenge many analysts see for Bitcoin is its inability to move beyond an investment opportunity into the world of payments. Other experts disagree with this point of view. Even cryptocurrency entrepreneur and visionary Tyler Winklevoss has no qualms comparing Bitcoin to gold in terms of its investment potential.

Tom Lee and Tim Draper both share similarly maximalist opinions, regardless of the state of Bitcoin’s widespread use case. Lee offers 13 key indicators that the bottom of the current cycle is over and the time to buy is now. Venture capitalist and fiat market expert Tim Draper shares similar views, and an even higher Bitcoin price prediction. JPMorgan, however, warns that a continued bear market is not out of the realm of possibility. Noting eerie similarities to the 2017 bull run on Bitcoin, JPMorgan Chase analysts express concern over its unexpected April performance.

Bitcoin prices surged 100 percent, driving the token out of an extended through that lasted over 5 months. The recent surge is likely the result of multiple factors, including international trade relations, particularly between the U.S. and China. Other considerations could be the Consensus conference, particularly its depiction of a cryptocurrency climate evolving toward increased legitimacy. Bitcoin prices were last above intrinsic value during the height of the 2017 bull run. The comparisons between 2017 and today are not without merit. At around 10 percent, current overpricing cannot be considered moderate.

Why trust Monfex?

Built on Bitcoin and simplicity, the Monfex trading platform is a fresh take on cryptocurrency trading. Appropriate for seasoned traders and beginners alike, Monfex provides an easy to navigate, easy to use platform. For those looking for specific key features in a trading site, Monfex provides the following:

  • Bitcoin funded
  • Leverage up to 50 times
  • Traded against USD
  • Currently 12 cryptocurrencies
  • Low minimum trade size
  • No withdrawal fees/low trading fees (spreads and commissions)
  • Cold wallet storage

Proceed with caution

As always, caution should remain at the forefront of any cryptocurrency investment. With just over a decade of history to work from, even the most experienced and savvy of analysts runs the risk of a big mistake. In fact, due to the wide variance in opinions expressed by traders and analysts alike across both fiat and cryptocurrency, the reality is that at least one viewpoint is bound to be very wrong.

Article Produced By
Bitcoin Garden

This content is brought to you by the Bitcoin Garden staff.

https://bitcoingarden.org/monfexs-analyst-offers-more-support-for-a-bitcoin-bull-market/

Deb Williams (hodlthrive)

XRP Likely to Outperform Bitcoin There are 50x More in Circulation Than BTC

XRP Likely to Outperform Bitcoin, There are 50x More in Circulation Than BTC.
                                 

Bitcoin has been the King of cryptocurrency

since it started trading from a few dollars to now thousands of dollars. Experts who have done comprehensive forecast on the performance of all the digital assets believe Ripple XRP will be the future crypto king, outperforming Bitcoin. Craig Cole of CryptoMaps is one of the experts who believe that Ripple XRP will set the stage for cryptocurrency institutional adoption.

How Would XRP Out Perform Bitcoin

Ripple XRP acceptance by banks and other financial institutions will trigger off cryptocurrency institutional adoption. Ripple has brought in innovations into the financial industry via blockchain technology by helping financial institutions save money and maximize profit. The use of digital currency is on the rise and XRP is likely to be the base token for transfers and exchanges. If this happens, XRP will likely reach Bitcoin level or even surpass it.There Are More 50x More XRP in Circulation Than BTCXRP out numbers BTC in existence, like fifty times more than BTC. Though XRP is in drops and BTC in Satoshi, there will be more demand for XRP which will increase its value.

About 59 billion XRP is in escrow, excluding that, will be about twenty times more drops of XRP than Satoshi. These drops have the possibility of appreciating in value depending on the demand. Currently, XRP market performance has improved more than it was a couple of months ago. It has now gone up at 20% since the beginning of the year. The reported volume in the last twenty-four hours at the time of writing is $919m, trading over 22% at a current price of $0.30 and $0.34. XRP investors had been so discouraged by its performance a few months ago, even when BTC picked up, XRP price was still not encouraging. Now XRP is soaring high even at the time when other altcoins are struggling. The market performance is expected to get better, mostly now that Ripple has put some touch on all the features on its platform.

Article Produced By
Judith Riseshine


Hi I am a crypto writer, blockchain enthusiast, financial and travel blogger. Though a finance professional, crypto and blockchain are now my specialty. I write to inform you of what is happening in the crypto space and how the blockchain technology is changing the world. Besides writing, I am a digital marketer, promoting ICOs and other products.

https://todaysgazette.com/xrp-likely-to-out-perform-bitcoin-there-are-50x-more-in-circulation-than-btc/

Deb Williams (hodlthrive)

Bitcoin Is Taxable BTC Is an Asset not a Currency Israeli’s Court Rules to Favour Tax Authority

Bitcoin Is Taxable, BTC Is an Asset not a Currency – Israeli’s Court Rules to Favour Tax Authority
       Bitcoin Is Taxable, BTC Is an Asset not a Currency – Israeli's Court Rules to Favour Tax Authority

Bitcoin (BTC)’s  acceptance as real currencies confront stern challenges

on daily basis. A court in Israel has ruled in favour of the country’s Tax Authority, taking Bitcoin as an asset, but not a currency. Lod’s Central District Court ruled yesterday in support of Israel Tax Authority in its quest to make Bitcoin (BTC) and related digital assets’ trading taxable in the country. During the court session, Judge Shmuel Bornstein stressed that the reliability and existence of Bitcoin is still gloomy, it could be eventually replaced by another virtual currency. The Judge said this scenario will make accepting Bitcoin as a currency a bit difficult, especially for tax purposes.

The Israel Tax Authority in its argument clamoured that Bitcoin (BTC) emerged as an asset and was never a currency.  So cannot be termed as a foreign currency, making all profits made through its sales taxable. Noam Copel, founder of blockchain startup DAV was the appellant in the case. Copel reportedly went into Bitcoin (BTC) trading about 8 years ago, which he later sold with a relative profit of NIS 8.27 million. In Copel’s argument before the Judge, he claimed that Bitcoin should be treated as a foreign currency, and gains from trading it should be classified as exchanges between individuals, not as a business transaction. He reiterated that buying and selling of Bitcoin should not be taxed.

However, Copel’s stance was rejected by Judge Bornstein, and was ordered to pay a sum of NIS 30,000. This ruling makes the appellant due to remit tax of about NIS 3 million. The appellant lost the test case due to his inability to prove that Bitcoin (BTC) has physical and sure manifestation except being virtual currency that cannot represent physical notes in any country’s economic system. Nevertheless, the court action might not stop there as the appellant is liable to proceed to Supreme Court for final verdict.

When Bitcoin came to being in 2009, it was more like a valueless asset, but it grew up to $100 between 2011 and 2013. At press time Bicoin (BTC) is trading at $7,871.85, this implies that whoever that accumulated the digital asset 7 years ago without selling would be known as a multi-millionaire today.

Article Produced By
Solo

I am a creative writer and a cryptocurrency enthusiast. Learning and writing about Bitcoin (BTC), Ripple's XRP, and TRON (TRX) are my hobbies.

https://todaysgazette.com/bitcoin-is-taxable-btc-is-an-asset-not-a-currency-israelis-court-rules-to-favour-tax-authority/

Deb Williams (hodlthrive)