This Week in Bitcoin: Smooth Bitcoin Cash Upgrade, BCH and BTC Tax Payments in Florida

A notable week for Bitcoin Cash (BCH) – the community efficiently upgraded the blockchain protocol by extending the block measurement to 32MB. The change will permit a better variety of transactions to be processed with cheap and constant transaction charges. Also, Seminole County in Florida will settle for tax funds in each Bitcoin Cash (BCH) and Bitcoin Core (BTC) due to a partnership with Bitpay.

Bitcoin Cash Upgrades Blockchain Protocol

The Bitcoin Cash community has easily and efficiently upgraded the blockchain protocol this Tuesday by extending the block measurement from 8MB to 32MB. The implementation of the brand new consensus guidelines went into impact at block top 530356.

This Week in Bitcoin: Smooth Bitcoin Cash Upgrade, BCH and BTC Tax Payments in FloridaThe change represents one of many largest block measurement will increase in blockchain historical past. The improve also contains an elevated default data-carrier-size, from 80-bytes to 220-bytes, and re-enabling beforehand disabled Satoshi OP_Codes, which might add the power to code coloured cash and binary contracts.

The fourfold block measurement enhance will permit huge quantities of transactions to go by way of the community with constant and cheap transaction charges. It also offers builders loads of respiration room to regulate the scale if it begins getting nearer to its restrict and paves a path for mass adoption. The block measurement limits are at the moment set by the miner, and builders are capable of set the capability in order that blocks can’t get full in the instant future. This signifies that the charges will stay low for fairly a while and also dependable, even when transaction utilization turns into as excessive as in the final quarter of 2017.

Bitpay Enables BCH and BTC for Tax Payments in Florida County

US-based crypto fee processor Bitpay has introduced a proper settlement with Florida’s Seminole County Tax Collector, Joel M. Greenberg. Both Bitcoin Cash (BCH) and Bitcoin Core (BTC) can be utilized for tax funds beginning this summer time. County residents will be capable to pay in crypto for driver licenses, ID playing cards, and even property taxes.

“We live in a world where technology has made access to services on demand, with same-day delivery and the expectation of highly efficient customer service, and we should expect the same from our government,” Greenberg mentioned. He added that the intention of his tenure in workplace is to make buyer expertise quicker, smarter, and extra environment friendly, and to carry authorities services from the 18th century into the 21st. One method to obtain that, the official says, is so as to add cryptocurrency to the out there fee choices.

China Ranks Almost 30 Cryptos, Finds Over 400 Fake Coins

The authorities of China, one of many first to ban cryptocurrencies like bitcoin, has come out with official crypto rankings. The Chinese Center for Information Industry Development (CCID) can be judging main digital cash in response to three main standards – innovation, know-how, and utility – though particulars in regards to the utilized methodology are but to be shared. A complete of 28 cryptocurrencies and their respective blockchains have been ranked. Of the highest 4 cash by market capitalization, Ethereum was ranked first, adopted by Bitcoin Core (BTC) at quantity 13, Ripple is 17th, and Bitcoin Cash (BCH) – 25th. The Chinese prime 5 embrace Ether, Steem, Lisk, NEO, and Komodo.

This Week in Bitcoin: Smooth Bitcoin Cash Upgrade, BCH and BTC Tax Payments in FloridaAnother signal of rising consideration to cryptocurrencies in China is the publication of a report on faux cash by a government-backed business group. The National Committee of Experts on the Internet Financial Security Technology (IFCERT) has recognized 421 faux cryptocurrencies. The group identified that 60% of those cryptos are deployed abroad. IFCERT also outlined some main pink flags of the faux cash. According to the Committee, they usually undertake “pyramid-based” enterprise fashions and declare excessive returns. The cryptos haven’t any actual code – they both don’t have a blockchain or can’t generate blocks for one. These cash aren’t traded on professional exchanges, the report also notes.

US Government Launches Scam Crypto Site

The US Securities and Exchange Commission (SEC) has created and printed its personal model of an preliminary coin providing (ICO) rip-off web site. “Combining the two most growth-oriented segments of the digital economy, blockchain technology and travel, Howeycoin is the newest and only coin offering that captures the magic of coin trading profits and the excitement and guaranteed returns of the travel industry,” the mock SEC web site claims. It guarantees partnerships in all segments of the journey business and “earning coins you can trade for profit.”

This Week in Bitcoin: Smooth Bitcoin Cash Upgrade, BCH and BTC Tax Payments in Florida

“The rapid growth of the ‘ICO’ market, and its widespread promotion as a new investment opportunity, has provided fertile ground for bad actors to take advantage of our Main Street investors. We embrace new technologies, but we also want investors to see what fraud looks like, so we built this educational site with many of the classic warning signs of fraud,” SEC Chairman Jay Clayton defined. He also famous that distributed ledger know-how can add effectivity to the capital elevating course of, however promoters and issuers want to verify they observe the securities legal guidelines. “I encourage investors to do their diligence and ask questions,” Clayton mentioned.

EU Adopts Rules to Reduce Anonymity for Crypto Users

EU Adopts Rules to Reduce Anonymity for Crypto UsersThis week, the European Union moved nearer to its aim to reduce nameless crypto transactions. The EU Council adopted a directive, which updates the European anti-money laundering laws. The new guidelines include necessities for crypto platforms to introduce know-your-customer procedures. The amendments had been adopted at a gathering of the General Affairs Council on Monday, following an settlement with the European Parliament kind December. In April this 12 months, MEPs voted to assist the deal to “bring cryptocurrencies under closer regulation.”

The foremost adjustments contain addressing the “risks linked to virtual currencies” by taking steps to scale back anonymity for each crypto merchants and crypto-related transactions. Providers of alternate services between digital and fiat currencies, in addition to custodian pockets suppliers, can be obliged to establish suspicious actions. The directive states that authorities ought to be capable to monitor using cryptocurrencies by way of these platforms, and the nationwide monetary intelligence items ought to have entry to info permitting them to affiliate crypto addresses with the their house owners.

South Korean Regulators Widen Investigation of Crypto Exchanges

The authorities in Seoul is widening its probe on cryptocurrency exchanges specializing in using company accounts for crypto transactions, which the regulators say can result in cash laundering. The follow ought to have been discontinued when authorities launched the real-name system on the finish of January. However, solely 30% of all crypto accounts have been transformed into real-name ones to this point. South Korea’s prime monetary regulators are actually teaming up with prosecutors to widen the investigation.

This Week in Bitcoin: Smooth Bitcoin Cash Upgrade, BCH and BTC Tax Payments in FloridaThe six banks that may difficulty real-name accounts have chosen to solely service the nation’s largest crypto exchanges: Upbit, Bithumb, Coinone, and Korbit. Nonetheless, not all accounts at these exchanges have been transformed into real-name ones. In addition, all small and medium-sized exchanges proceed to make use of company accounts for crypto transactions. The regulators warn that using company accounts can result in fraud. The announcement of the widening probe follows the launch of an investigation on the most important South Korean crypto alternate, Upbit.

What are your ideas on the highest tales we’ve lined this week? Let us know in the comments part below.

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