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Senator Warren Financial Inclusion Bitcoin



If you’re a member of the Bitcoin community, whether self-proclaimed or working with an entity such as Bitcoin Magazine, you should be well-experienced with the chaotic nature of the narratives and politics around Bitcoin — and the sweepingly ignorant inclusion with “cryptocurrencies” in general.

Bitcoin has become the favorite target for champions of Environmental, Social, and Corporate Governance (ESG) narratives, namely Bitcoin’s energy use and environmental impact. Now, Nic Carter has quashed that conversation. Swiftly and effectively, Nic has done an exemplary job at defending the energy sector and miners with his silver tongue and numerically-inclined mind, especially with his piece “The Frustrating, Maddening, All-Consuming Bitcoin Energy Debate.”





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Warren Davidson Cryptocurrency Infrastructure Tax Bill



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Unless you’ve been living under a rock for the past 48 hours, you’ve likely heard about the last-minute addition of a cryptocurrency tax to the U.S. Senate’s forthcoming infrastructure bill.

In this episode of the “Bitcoin Magazine Podcast,” host David Zell sat down with one of D.C.’s strongest Bitcoin supporters, Representative Warren Davidson (R-OH), to talk about the specific language and potential impact of this cryptocurrency tax legislation. As it stands now, the bill’s language is so broad that it could apply to a myriad of crypto-related activities that have no business being taxed. Worse still, the additional compliance costs that this bill could trigger would gravely jeopardize the viability of companies and startups in the Bitcoin space. Davidson blasted its stunningly poor verbiage, lamenting that it must have been written by people either totally ignorant about the industry or worse, by people looking to harm it. In his view, passing the bill in its current form would be a disaster both for the cryptocurrency industry and the American economy overall.



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Cardano (ADA) Launches Connector For DApps Integration


Cardano (ADA) continues to move further in its smart contracts integration on its blockchain. Cardano announced about a week ago that it had successfully completed the long-awaited Alonzo White Hard Fork. And with this, the project was moving on to the next phase of the integration.

Smart contracts on the Cardano network will allow developers to build decentralized finance (DeFi), NFTs, decentralized identity (DID), and countless other things not the network. This is why the move to smart contracts support is very important for the network.

Related Reading | Cardano (ADA) And Dogecoin (DOGE) Record Highest Gains As Crypto Market Surges

Continuing on down this road, Cardano has now launched a connector for DApps integration on the network using its Yoroi Wallet. Yoroi Wallet comes from the commercial arm and solutions provider of the Cardano Ecosystem known as EMURGO.

The Beta version of the connector was announced four months ago via a press release on the EMURGO website. This was in an effort to make a way for Cardano (ADA) and Ergo (ERG) users to be able to make DApp transactions on the blockchain with no problems.

Related Reading | Cardano (ADA) Demand Rises Amongst Retail And Institutional Investors, Why This Is Happening

The connector provides more incentives for DeFi developers to build solutions and services on the blockchains. And with Yoroi Wallet, seamlessly transfer between both networks. After months of Beta testing, Yoroi Wallet has announced that the App connector is now available for users on the blockchain.

The connector will increase adoption worldwide on the network. Bringing more and more people into the decentralized global operating system that was made for a user base that spans around the globe.

Functions Of Cardano’s Yoroi Wallet Connector

The Yoroi Wallet connector provides a much-needed bridge between users and blockchain-based decentralized apps (DApps) to enable them to access the services they require. The DApp connector will allow users to carry out activities permitted by the DApp that they are currently accessing.

Related Reading | Cardano (ADA) Launches Crypto Charity Platform With Rwanda-Based NGO

These activities include the buying and selling of tokens, getting access to resources provides by that DApp, and/or accessing features offered by the DApp.

The bridge provided by the Yoroi Wallet connector also permits the validation of owners of specific assets. Also allowing executions for transactions for the DApp, a functionality that would bring access to things like NFTs.

Cardano (ADA) price chart from TradingView.com

ADA price currently trending around $1.25 | Source: ADAUSD on TradingView.com

More importantly, is the fact that the Yoroi Wallet connector will act as the communication medium between the Cardano blockchain and smart contracts once the network is able to support them.

Users can get access to the connector by simply adding it as a plugin on their preferred browser of choice. From there, they can access whatever features they wish to use.

Featured image from NewsBeezer, chart from TradingView.com





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Behind This Bitcoin Price Correction


The bitcoin price rallied last week, but the move did not come out of the blue. While some people attributed the spike in price to the fake news about Amazon planning to accept bitcoin, the charts had been signaling a move was coming, approaching a decisive point for weeks.

I attribute this mid-cycle correction to three dominant and simultaneous narratives that, before resolved, caused major uncertainty and price declines. These events affected sentiment in all segments of the bitcoin market — miners and retail, developers and high-net-worth individuals. Any single one of these narratives on their own could have caused a dip, but all three together combined to cause a major drag on price.



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Malaysia Takes Enforcement Actions Against Binance, Advises Investors to ‘Withdraw All Investments Immediately’ – Regulation Bitcoin News


The securities regulator of Malaysia has taken enforcement actions against the global cryptocurrency exchange Binance. Noting that the exchange is operating illegally in the country, the regulator has advised those who currently have accounts with Binance “to immediately cease trading through its platforms and to withdraw all their investments immediately.”

Malaysia Issues Public Reprimand Against Binance

  • The Securities Commission Malaysia (SC) announced Friday “enforcement actions against Binance for illegally operating a digital asset exchange (DAX).”
  • Under Malaysia’s regulation, digital asset exchange operators must be registered with the Securities Commission as Recognized Market Operators (RMO).
  • Since the global crypto exchange is operating in Malaysia without being registered, the Malaysian securities watchdog “has issued a public reprimand” against four Binance entities and the company’s CEO, Changpeng Zhao (CZ), for continuing to operate illegally in Malaysia. According to the SC, Binance continued to operate in the country despite being included in the regulator’s Investor Alert List in July 2020.
  • The four entities are Binance Holdings Ltd. (registered in the Cayman Islands), Binance Digital Ltd. (registered in the U.K.), Binance UAB (registered in Lithuania) and Binance Asia Services Pte Ltd. (registered in Singapore).
  • All four Binance entities have been ordered by the securities regulator to “disable the Binance website (www.binance.com) and mobile applications in Malaysia within 14 business days from 26 July 2021.”
  • They must also “immediately cease all media and marketing activities, including circulating, publishing or sending any advertisements and/or other marketing material, whether via emails or otherwise, to Malaysian investors.” Furthermore, they must “immediately restrict Malaysian investors from accessing Binance’s Telegram group.”
  • The regulator also specifically ordered Zhao “to ensure that the above directives are carried out.”

  • Emphasizing that investors should stop dealing with and investing through illegal digital asset exchanges, the Securities Commission advised those who currently have accounts with Binance “to immediately cease trading through its platforms and to withdraw all their investments immediately.”
  • A growing number of regulators worldwide have warned Binance about operating in their jurisdictions without being authorized. They include regulators in Japan, the U.K., Cayman Islands, Hong Kong, Thailand, Germany, and Lithuania.
  • Commenting on the mounting regulatory scrutiny against his exchange, Zhao said, “We want to be licensed everywhere … From now on, we’re going to be a financial institution.” He also revealed that the company is looking for “a strong compliance background CEO to show our commitment to compliance as this is the top priority of the organization.”
  • Earlier this week, Binance announced that “Binance Margin will delist AUD, EUR and GBP cross and isolated margin pairs.” The exchange also announced that it will stop offering futures and derivatives products in Europe.

What do you think about Binance’s troubles with regulators worldwide? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





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The Semantics Of The Bitcoin Layers



The Semantics Of A Bitcoin Layer

The idea of a layer comes from two worlds, each of which uses a layered approach in a distinct manner: the world of money, and the world of networks. In this article we will briefly explore both worlds. After the concept of layers has been established, we will relate the layered framework to Bitcoin, which is a unique and new hybrid of both money and technology. We will introduce the nuance of layers, and propose that distinction in language is used in the absence of redefining historical context or using an entirely different nomenclature.



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Wealthfront Grayscale Bitcoin Trust GBTC



Robo-advisor giant Wealthfront has announced it will provide its nearly 400,000 clients with the option to get bitcoin exposure through Grayscale Bitcoin Trust (GBTC).

The firm, which provides a hands-free approach to investing and has $25 billion of assets under management (AUM), announced the new addition to its offerings on July 29. But clients will be limited to allocating up to 10% of their portfolios in bitcoin.

Wealthfront claimed the limit to be a protection because they consider GBTC an investment “riskier and more volatile than most ETFs.” The company also added new ETFs to its menu of investment options, including ARK, cannabis, self-driving cars, and fintech options.



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The University Of Pennsylvania Continues to Hold Donated Bitcoin



The University of Pennsylvania confirmed today it still holds part of a $5 million donation it received earlier this year in Bitcoin.

As reported by the New York Times, John Zeller, senior vice president for development and alumni relations at the university stated that this decision was partly informed by the wishes of the anonymous donor. 

“The donor’s goal was to make a gift of that magnitude, a promotable gift, to say, ‘If you’re interested, we’re in the crypto world, and we can accept it.'” 

The bitcoin gift was announced by the university with the amount of publicity usually reserved for larger donations of fiat investments such as stocks, bonds, and real estate, but without following all of the usual process. 



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Paypal Unveils Plans to Expand Cryptocurrency Services With ‘Super App’ and Open Banking Integration – Featured Bitcoin News


Payments giant Paypal has outlined its plans to expand cryptocurrency services, including via a new wallet “super app,” open banking integration, U.K. expansion, and third-party wallet transfers. “We continue to be really pleased with the momentum we’re seeing on crypto and we’re obviously adding incremental functionality into that,” said Paypal’s CEO.

Paypal Reveals Crypto Plans, Details of ‘Super App’

Paypal CEO Dan Schulman talked about his company’s crypto plans and the progress of the upcoming “super app” during the payments giant’s second-quarter earnings conference call Wednesday.

“I’m pleased to report that the initial version of our new consumer wallet super app is code complete and we are now beginning to slowly ramp,” Schulman began, elaborating:

New features will include high yield savings, early access to direct deposit funds, new and improved bill pay functionality, messaging capabilities outside of P2P to enable family and friend communications, as well as additional crypto capabilities and customized deals and offers.

“Each wallet will be uniquely driven by our advanced AI and machine learning capabilities in order to enhance each customer’s experiences and opportunities,” he added.

“In the next several months, we plan to be fully ramped in the U.S. with a host of products and services across payments, basic consumer financial services and commerce and shopping tools launching every quarter,” the CEO continued.

During the Q&A part of the call, Ramsey El-Assal, an analyst with Barclays Investment Bank, asked about the CEO’s updated view on crypto and blockchain and how Paypal planned to engage with the ecosystem from a consumer product perspective.

Schulman replied: “We continue to be really pleased with the momentum we’re seeing on crypto and we’re obviously adding incremental functionality into that.” The executive also mentioned that Paypal recently increased the weekly crypto purchase limit to $100,000 and removed the annual limit altogether.

Furthermore, the CEO noted:

We’re right in the middle of some open banking integration, which will increase the ability to fully integrate into ACH and do faster payments. We’re going to launch hopefully, maybe even next month in the UK, open up trading there. We’re working right now on transfers to third party wallets and we really want to make sure that we create a very seamless process for taxes and tax reporting.

“And so, we’re really looking at how do we integrate that into both the trading and the buy with crypto on our platform,” the CEO detailed, adding, “We’re also seeing strong adoption and trading of crypto on Venmo.”

What do you think about Paypal’s crypto plans? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





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University Pennsylvania Bitcoin Donation – Bitcoin Magazine: Bitcoin News, Articles, Charts, and Guides



The University of Pennsylvania has received an anonymous bitcoin donation worth $5 million to its business school. The bitcoin gift was announced by the university with the amount of publicity usually reserved for larger donations of fiat investments such as stocks, bonds, and real estate.

In an interview, John Zeller, senior vice president for development and alumni relations at Penn stated, “The donor’s goal was to make a gift of that magnitude, a promotable gift, to say, ‘If you’re interested, we’re in the crypto world, and we can accept it.'” This comes after years of discussion among nonprofits about whether they should accept Bitcoin.



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