US Court Temporarily Freezes M in Response to SEC Request Yesterday
US Court Temporarily Freezes M in Response to SEC Request Yesterday
Giant Bitcoin and Bitcoin Cash payment processor BitPay has announced that it is temporarily withdrawing its operations in Germany. In an e-mail sent to Cointelegraph on 1 August, BitPay confirmed that it had suspended its activities in Germany. In the sent e-mail, the BitPay head of Public Relations, Jan Jahosky explained that the company has […]
BitPay Temporarily Halts Its Operations In Germany Citing Confusion In Crypto Payment Regulations
The crypto exchange Bitfinex has recently announced that its deposit and withdrawals were suspended. The company used its Twitter profile in order to make the announcement. According to the exchange’s tweet, this was happened due to some outage on one of the company’s network providers. Therefore, they had to shut down the services temporarily. Due […]
Bitfinex Temporarily Shuts Down Deposits and Withdrawals, Says Exchange Funds are Safe
Crypto Exchange Bitfinex Temporarily Shuts Down Deposits and Withdrawals
Paragon, an altcoin that is aiming to reform the cannabis industry, briefly broke into the top 20 cryptocurrencies by market cap yesterday. This isnâ€™t good news, though: it seems that price manipulation was the cause of Paragonâ€™s short-lived success, and the coin quickly slid back down to #131. In terms of price, Paragon experienced an […]
Cannabis Coin â€˜Paragonâ€™ Temporarily Skyrockets After Probable Price Manipulation
The launch of Bakkt, a crypto futures trading platform, has been delayed once again. Bakktâ€™s attempts to gain a green light from regulators have stalled temporarily, possibly due to the current shutdown of the U.S. Government and/or delays within the regulatory body that Bakkt is working with. This means that Bakkt will not go live […]
Crypto Futures Alternative â€˜Bakktâ€™ Delayedâ€”But Gets Big Investments
Interest towards cryptocurrencies in Russia remained relatively stable throughout 2018, despite the significant drop in their prices. Ruble-denominated trade on Localbitcoins, for example, has shown a generally positive trend since last spring. In the past year, Russians also saw a growing number of other options to purchase digital coins.
The last 12 months will be remembered in the crypto space as a period of bearish sentiment and shrinking capitalization. In 2018, leading coins such as BTC saw an 80 percent drop in their valuation compared to the all-time highs reached in the last weeks of 2017. However, according to Olga Prokhorova from the International Financial Center investment consultancy, the falling prices have not significantly decreased interest in cryptocurrencies, and Russia is no exception.
In an interview with the Federal Press news outlet, Prokhorova quoted data from a recently published study by the University of Cambridge which revealed the number of identity-verified users in the ecosystem has increased to over 35 million. The study also noted the increased transaction volumes on P2P exchanges such as Localbitcoins from countries that have experienced monetary crisis. Russia, which has been through financial turmoil in the past, was included in this group of nations lead by Venezuela which is currently in economic trouble.
With the exception of a couple weeks during this past fall, weekly Localbitcoins volumes in Russian rubles have followed an upward trend since the spring of 2018, according to Coin Dance â€“ from the yearâ€™s low of around 740 million rubles in mid-March (~$10.6 million) to well over 1.2 billion rubles (almost $18 million) in the last full week of December.
Peer-to-peer exchanges are not the only option for Russians looking to acquire cryptocurrencies. There are a number of other platforms and the Russian online publication 1rre has recently summarized the tried-and-tested alternatives, starting with exchanges that are popular in the country such as Exmo, Bitfinex and Bitstamp. Another leading global trading platform, Huobi, recently opened an office in Russia and launched a Russian-language website. Livecoin, Yobit, Hitbtc, C-cex, and Spectrocoin can also be added to the list, according to previous publications. Crypto exchanges are arguably the safest way to buy digital coins, but users need to pass KYC procedures and pay fees.
Another option is to use an online payments processor such as Webmoney, which recently offered its customers the possibility to purchase and exchange cryptocurrencies with fiat money. Verified subscribers can also cash out directly to their bank cards. The major disadvantage in this case is the exchange rate, the news outlet remarks.
A number of online exchangers operating in the country have become a popular choice for many Russian crypto traders. Using their services, however, is still risky and requires some research in advance. A platform called Best Change helps Russians to do that. The website provides information about different options to trade cryptocurrencies with fiat money and claims all listed exchangers are verified.
Cryptocurrency teller machines have been installed in over 20 Russian cities, from the capital Moscow, with at least eight ATMs, to Yakutsk in Siberia. While most of them offer only purchases of popular digital coins such as BCH, BTC, ETH and LTC, some of these devices support sales as well. A new Russian BATM tracker, Cryptocoinmap.ru, was launched recently, as news.Bitcoin.com reported in December. Information about their fees and transaction limits can be found on Coinatmradar.com.
Russians can also buy and sell cryptocurrencies using Telegram bots. One of them, @btc_change_bot, provides Russian language support. It connects buyers and sellers of electronic cash for a commission of 1 percent on the traded amount.
What do you think about the options to buy and sell cryptocurrencies in Russia? Tell us in the comments section below.
Images courtesy of Shutterstock.
At Bitcoin.com thereâ€™s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.
The post Russians See Growing Number of Options to Buy Cryptocurrencies appeared first on Bitcoin News.
Russians See Growing Number of Options to Buy Cryptocurrencies
Some of cryptocurrencyâ€™s best-known names have joined public calls for exchange HitBTC to explain itself after it began halting withdrawals days before a significant event.
Trace Mayer, organizer of Proof of Keys, which calls for cryptocurrency owners to remove their holdings from third-party exchanges on January 3, condemned HitBTC for the move, reports of which began December 31.
â€œHas (HitBTC) failed Proof Of Keys? I do not have an account. Asked a friend to initiate a withdrawal. BEWARE!â€� he tweeted Tuesday.
â€œResult: â€˜Withdrawals are temporarily disabled on your account.â€™â€�
— Trace Mayer [Jan/3âžžâ‚¿âˆŽ] (@TraceMayer) January 2, 2019
Other figures soon joined him, among them John McAfee, who reiterated his distrust of the exchange which he â€œwarnedâ€� of earlier this year.
I was trashed for calling out HitBT (sic) as a corrupt cimpany (sic). Tough shit. You had six months warning from me to withdraw your funds. Do not ask me to help you now.
Executives from HitBTC have so far failed to respond to any accusations, while it appears no other major exchange has copied its behavior.
Proof of Keys, announced by Mayer last month, aims to increase cryptocurrency investorsâ€™ proficiency in understanding decentralized networks, principally Bitcoin. By taking control of private keys and not relying on third parties to hold them, Mayer argues investors will help educate others, thus aiding adoption.
On Twitter, both Mayerâ€™s and McAfeeâ€™s tweets saw multiple accusations of corruption and â€œscamâ€� practices on the part of the company, but not everyone appeared convinced.
The Crypto Dog, an account mostly offering trading advice, suggested the timing was more coincidental than targeted at Proof of Keys, but that it provided a â€œnarrativeâ€� by which to expose HitBTCâ€™s other transgressions.
Others were more damning. Bitfi, the curious company endorsed by McAfee which in September U-turned on its claim it had created an â€œunhackableâ€� wallet, said HitBTC had â€œblown its coverâ€� and suggested it was insolvent.
â€œThis is not like fractional reserve banking; this is just stealing your money,â€� executives commented.
What do you think about HitBTC’s withdrawal freeze? Let us know in the comments below!
Images courtesy of Shutterstock
The post HitBTC Slammed by Trace Mayer, John McAfee Over Account Freezes Day Before Proof Of Keys appeared first on Bitcoinist.com.
Authorities in Abkhazia have cut off 15 mining facilities from the territoryâ€™s electrical grid. The short-term measure is meant to alleviate power shortages during the cold winter months. The operators of the farms have fully cooperated with the local electric utility.
Chernomorenergo, the state-owned company responsible for the electricity distribution in the breakaway republic, said it disconnected all mining farms it managed to locate. The utility announced on its Facebook page that the shut down facilities had a total power capacity of 8,950 kWt. Their consumption is equal to that of 1,800 households, or the administrative region around Abkhaziaâ€™s capital, Sukhumi.
The move follows a decision by the government of the partially recognized entity in northwestern Georgia to temporarily halt cryptocurrency mining with locally produced electricity. The Abkhazian authorities explained the measure, which was approved at the end of last year, was necessary to guarantee the electricity supply for homes, social institutions and important production facilities.
The countryâ€™s electric power system has been over stressed by rising consumption due to the low winter temperatures. Chernomorenergo said the miners have complied with the recently issued government decree to limit their consumption. In summer months, however, the bitcoin farms help utilize excess electrical energy produced by a large hydro-power complex located on the de facto border and shared with Georgia.
The Enguri hydroelectric station, along with the smaller Vardnili plant, satisfies most of Abkhaziaâ€™s needs for electricity. According to an analysis published by The Financial last year, the total electricity consumption of Georgia reached 1,116 million kWh in March 2018. Around 19 percent of the electrical energy, or 207 million kWh, was consumed by Abkhazia.
Much like neighboring Georgia and other countries in the Transcaucasian region such as Armenia, Abkhazia has seen a rapid development of the cryptocurrency mining industry. Thatâ€™s largely due to the lack of strict regulations and the low operating costs, including cheap electricity which is a major expense in the energy-intensive process of minting digital coins.
The executive power in Sukhumi has recognized the need to regulate the activities of a growing number of mining businesses. The president of Abkhazia, Raul Khajimba, recently scheduled a government meeting to discuss the drafting of a new law that is expected to legalize the sector and place it under state oversight.
Cryptocurrency miners in Abkhazia have so far played a positive role. Their farms are often located on the premises of abandoned factories from Soviet times. Like several other countries and entities in the post-Soviet space such as Transnistria, for example, the self-proclaimed republic now has a chance to attract fresh foreign investments and increase its budget receipts by inviting more miners and other crypto companies.
Do you expect Abkhazia to become a crypto mining destination like other countries in the Transcaucasian region? Tell us in the comments section below.
Images courtesy of Shutterstock, Chernomorenergo.
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Abkhazia Temporarily Shuts Down 15 Mining Farms