CryptoDigest@Steem Sunday, July 16, 2017

Dear Steemians!

Here is the daily press review for bitcoin and other crypto currencies.

Bitcoin Crashes as Chain-Split Risks Increase
Segwit2x implements segwit largely unchanged, but there are suggestions after the activation the client may only accept segwit blocks, while Bitcoin Core would accept both segwit and non-segwit blocks, which may lead to a split. On the bigger blocks side, there is Bitcoin Unlimited and BitcoinABC, which largely follows the approach of Bitcoin Unlimited but goes further in implementing a User Activated Hard-Fork that will chain-split regardless of miners support. Bitcoin fell below $1,900 today, from around $2,600, as the fast approaching August 1st deadline nears, seemingly considerably increasing uncertainty among traders and investors. We tried to speak to Jeff Garzik, the lead maintainer of the new segwit2x client, to gain some clarity on the relationship between segwit2x and Bitcoin Core, but have received no response at the time of writing. As such, we are likely to have at least two bitcoins on August the 1st, but there may be even more. (cryptocoinsnews.com)

Cryptocurrency Market Nears 50% Decline From All-Time High
Like the broader market, the value of tokens on the distributed payment system were down roughly 38% from an all-time high set in June. In just over 30 days, the market has fallen 46.9%, falling to a low of $61bn at press time. Also affected was the price of bitcoin, which continued to decline today after dropping below the $2,000 mark yesterday. The figure was the lowest total observed on the CoinDesk Bitcoin Price Index (BPI) in 58 days, or nearly two months of trading. With the move, the market has now declined precipitously from a peak reached in mid-June, when it set an all-time high of $115bn, according to data from Coinmarketcap. (coindesk.com)

Albanian Central Bank Issues Bitcoin Warning, Appeals To Public to Be Mature
The most recent bank to issue such a warning is the central bank of Albania. Central banks and governments continue to make statements regarding the dangers of digital currencies, or, conversely, extolling their benefits. Bitcoin and other cryptocurrencies have been making headlines around the world, and with the recent sell-off this week, more is sure to be said. Bitcoin enthusiasts would clearly point out that a centralized bank is the very essence of what Bitcoin is seeking to distance itself from, and so a less than glowing review would be expected. The bank issued a strong statement warning citizens that digital currencies were not under the direct purvey of the country’s banking sector regulations and that such vehicles carried extremely high levels of risk.“We appeal to the Albanian public to be mature and responsible in the administration of savings or liquidity they possess. (cointelegraph.com)

Bank of Albania Warns the Public About Bitcoin, Identifies Handful of "Key" Risks
However, the bank of Albania feels there are a few key risks people need to understand when it comes to Bitcoin. Hardly a month goes by without a central bank issuing a Bitcoin warning. According to the Bank of Albania, there are critical risks associated with Bitcoin. Bitcoin users have gotten used to central banks warning the public about cryptocurrency. It is evident the Bank of Albania is making some vague statements. (newsbtc.com)

Total Cryptocurrency Market Cap Continues to Shrink, Bitcoin Price Heads Toward Sub-US$1900
Moreover, the total cryptocurrency market cap continues to drop and is on target to go below US$60bn in the coming days. If the cryptocurrency market cap continues to shrink at the same rate, we will go below US$60bn very soon. We also saw both Dash and NEM suffer from their market cap going below US$1bn. Looking at the current price, Bitcoin is holding its own around the US$1,900 level. If the Bitcoin price goes down, the rest of the ecosystem will automatically follow. (themerkle.com)

Japan's Cryptocurrency Business Association Plans for August 1 Guidelines
What do you think about Japan Cryptocurrency Business Association drafting August 1 guidelines? Now the Japan Cryptocurrency Business Association made up of various regional exchanges is preparing to draft service suspension directives for bitcoin users in the country for that specific date. Now as the country continues to progress in adoption a possible blockchain split may happen in two weeks, and Japanese bitcoin businesses want to be prepared. The statement from the JCBA and a few Japanese exchanges follows the announcement from the GDAX exchange on July 13. Also read: Mining, Merchants, and Traders—Thailand’s Got the Bitcoin FeverJapan has had bitcoin fever over the past few months. (bitcoin.com)

Why India is Perfect for the Bitcoin (R)evolution
One of the major reasons as to why India is perfect for the Bitcoin revolution is due to their population’s lack of banking infrastructure. Another major reason why India is a perfect place for Bitcoin adoption is due to the overall population’s attitude towards their existing financial system. On the 2nd July 2015, Indian President, Narendra Modi, announced his digital reformation plan called Digital India. The meteoric rise of Bitcoin in India has not gone unnoticed by the Government and more specifically India’s finance minister, Arun Jaitley. India has announced their aggressive plans to become the first digital society and Bitcoin will play a major part in that. (cryptocoinsnews.com)

India Wants To Tax Bitcoin Like Gold
Indian regulators have decided against banning bitcoin in their country, and instead look toward applying a goods-and-services tax on BTC instead. India has cracked down considerably on its massive black market in recent years, limiting gold purchases and doing away with large denomination bills. At the very least, this situation is certainly worth keeping an eye on as the story continues to develop. Now, however, it is being reported that taxes are the probable outcome from this enquiry which will render the cryptocurrency legal, but also affect its growth as a decentralized alternative currency. On another, we’re seeing it treated like any other commodity, which undermines its uniqueness and decentralized nature. (etfdailynews.com)

Orania wants its own Bitcoin
This file photo taken on April 17, 2013 shows a young South African Afrikaner boy plays by a painted wall reading "Welcome in Orania" in Afrikaans in Orania. Photo: Stephane De Sakutin / AFPJOHANNESBURG - The whites-only enclave of Orania in Northern Cape is looking to take its currency digital. Orania was created by Afrikaners on private land in 1991, ahead of the dawn of democracy, and its residents are mostly white farmers or traders. If everything goes to plan, Orania could have the electronic ora in circulation as soon as mid-August. The paper vouchers will continue to circulate alongside the cyber cash, but unlike the physical "bank notes", the e-currency will have no expiry date. (enca.com)

Why An Ethereum ETF Might Come Before A Bitcoin ETF
Earlier in March, the SEC had rejected the bitcoin ETF proposals by Winklevoss twins and SolidX Management. Some believe that the ethereum ETF has better chances of getting approved due to ether’s corporate backing and wider acceptance. Will We See an Ethereum ETF Before a Bitcoin ETF?SEC is currently also reviewing an ethereum ETF proposal, filed by the backers of the EtherIndex Ether Trust . According to a recent survey of digital currency users, 94% of the respondents were positive about the state of ethereum, versus only 49% positive about bitcoin. While the market for digital currencies is slowly becoming more mature, investors should be prepared to stomach violent price swings. (etfdailynews.com)

The Litecoin Core Client Still Doesn't Create SegWit Transactions By Default
Interestingly enough, the Litecoin Core client doesn’t generate SegWit transactions by default. Additionally, it doesn’t mean there are no Litecoin SegWit transactions either. More specifically, Litecoin Core clients can’t generate SegWit transactions by default in release 0.13.2. It is important to keep in mind the current Litecoin Core client does support SegWit. While it is known a future version of Litecoin Core will solve this problem, some questions linger. (newsbtc.com)

How to spend your Bitcoin and Ethereum in South Africa
This allows stores to accept Bitcoin payments using a reliable third-party provider, which has increased the amount of local online stores which accept cryptocurrency payments. PayFast has partnered with South African Bitcoin exchange Luno to provide users with a way to pay for products or services with Bitcoin transactions. Ethereum is not widely supported for payment in South Africa, however, due to the lack of local cryptocurrency exchanges which support the blockchain. South African stores and services are slower to adopt cryptocurrencies than more developed countries, but users can still buy products locally with Bitcoin or Ethereum. Stores which accept payment in Bitcoin are detailed on Luno’s blog and include Takealot, Raru, PiShop, FirstShop, and more. (mybroadband.co.za)

Litecoin now available at all Athena Bitcoin ATMs
You can now purchase LTC directly from ALL Athena ATMs with cash; the process is nearly the same as buying bitcoin. Back in June, Chicago-based Athena Bitcoin, the popular bitcoin ATM and wallet provider announced they would start selling litecoin (LTC) from their automated teller machines in a trial period at select Atlanta area ATM locations. All Athena ATMs will now sell both bitcoin and litecoin. You can view all of the available locations in the Athena ATM network. Litecoin addresses begin with "L" and you will need a valid address to receive litecoin. (cryptoninjas.net)

Cryptocurrency Rally is Over: Bitcoin Under $2000, Ethereum Under $160 | Finance Magnates
Learn how to buy Bitcoin and Ethereum safely with our simple guide! The leading reason which investors attribute the fall in the price of Bitcoin to is the upcoming showdown between the two sides of the Bitcoin civil war. In total, the market cap of all cryptocurrencies is a mere $68 billion, down from as high as $120 billion in June. These two factors, as they are impacting the prices of the two largest coins, appear to be dragging the whole market down. Now, after a number of days of falling prices, we seem to be well into the correction phase again with all the top cryptocurrencies in the red. (financemagnates.com)

Possible Bitcoin Network Spam Attack is One User's Moby Dick
Most interestingly, LaurentMT suggested recent mempool backlog — causing slow transaction times and higher fees — has been a result of this Moby Dick spam attack. Do you believe the network has had to deal with a White Whale (spam) attack on the network? However, he mentioned the network could have been backlogged as a result of a possible network spam attack. He went on to say spamming the network with fan-out transactions is a multi-stage operation, and people generally only notice the first stage and then forget an attack was under way. LaurentMT Tweeted the attack on the network has been in effect for 18 months, until Janurary 2017. (bitcoin.com)

The Reason Why Ethereum Prices Rose By 5400% In 6 Months
Note: As of this writing, prices across all cryptocurrencies have plummeted, with Ethereum currently trading at around $200. As you can see from the chart above, that’s a stunning 5400% increase in a span of 6 months. As public awareness on cryptocurrencies grows, Ethereum will undoubtedly be one of the most attractive coins to look out for. Though Bitcoin functions primarily as digital money, Ethereum aims to expand the uses cases of Blockchain, which is the underlying technology behind Bitcoin. Its ground-breaking platform allows anyone to develop applications that expands the possible uses of Blockchain technology. (forbesmiddleeast.com)

More on these and other related news can be found at http://zentrade.online/bitcoin-news-digest-sunday-july-16-2017/