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Category Archive: bitcoin

HolyTransaction SegWit Bitcoin Litecoin

SegWit transactions are here

When checking your Bitcoin address from your balance page, you may have noticed that the address currently displayed differs from one you have seen listed in the past.

Thanks to the latest improvements in Bitcoin Core, we are happy to announce that HolyTransaction implemented the SegWit technology to improve the Bitcoin network capacity and reduce the network fees.

All new addresses generated for Bitcoin and Litecoin by the HolyTransaction wallet will be SegWit addresses.

We believe this change will be welcome by the community and will also help HolyTransaction reach new users. Check your wallet and try it out.

 

What’s SegWit?

SegWit makes it possible to rearrange the information in a block. Consequently, the block can contain more information and it makes transaction processing more cost-effective. Receiving payments on these SegWit addresses does not differ from typical addresses in any way. As of now, around 10% of all Bitcoin transactions pass in SegWit.

HolyTransaction SegWit Bitcoin Litecoin

Open your free digital wallet here to store your cryptocurrencies in a safe place.

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bitcoin block size

Bitcoin Cash: HolyTransaction shares its position about the fork

Tomorrow is August 1st, the long-awaited date for the Bitcoin-blockchain upgrade. That’s why you are asking us: what’s about HolyTransaction and Bitcoin Cash?

This upgrade, in fact, will cause a hard fork and so the creation of a new chain (and so a new digital currency) called Bitcoin Cash. This will:

  • Increase the block size to 8 MB;
  • Remove SegWit, a code change that might activate on the bitcoin blockchain by the end of August.

HolyTransaction and Bitcoin Cash

So, our users are asking if HolyTransaction will support Bitcoin Cash within the multicurrency wallet.

HolyTransaction, in fact, would like to announce that should UAHF choose to increase the Bitcoin block size on August 1st, our customer platform will not support the new blockchain or coin on that date.

Due to technical complexities, time and quality assurance needed to implement a second bitcoin ruleset and blockchain we will not support it.

We currently consider Bitcoin Cash as another cryptocurrency, though Bitcoin Cash’s transaction history would be the same as bitcoin’s .

HolyTransaction supports UASF

A few days ago, we shared a blog post in support of UASF or User Activated Soft Fork.

It is a system for the activation of a soft fork that might occur on a specified time enforced by full nodes, a concept that is also called “economic majority”.

In the past years, a UASF was successfully developed to activate the P2SH soft fork (BIP16).

Instead, currently, the UASF is combined with the so-called SegWit activation in the BIP148 proposal.

Click here to read more about UASF.

We know that some users are curious to see what happens with Bitcoin Cash, but we are currently not supporting this altcoin.

 

Let’s see what happen and happy trading!

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio
bitcoin price

Bitcoin Price Analysis and SegWit

While Bitcoin price is experiencing a new growth after the almost 50% drop from its all-time high, a few analysts of the crypto market suggest that bitcoin price at $4000 is in the air.

And this moment seems to come sooner than expected.

“When added to the professed agreement for major players to work together on the Bitcoin scaling issue starting September – if it becomes a reality, the price could see between $4,000 and $5,000 before the year ends,” said an expert to Cointelegraph.

2017 has been a good year for bitcoin price, as it traded at about $950 back in January and it reached its new all-time high a few months ago in June with a value of $3011: this means that bitcoin price grew of more than 3000% in a six-months period.

Compared to the all-time high we quoted above, the current price decrease is maybe due to the uncertainty around the upcoming SegWit activation that will take place on August 1st, 2017.

For those who are unfamiliar with this, SegWit is a new upgrade to the Bitcoin blockchain that will increase the block size to support more transactions and allow a faster confirmation for transactions.

At the moment, the blockchain supports up to 2000 transactions per block in 10 minutes and SegWit will double this capacity to 4000 transactions.

Also, Segwit2x will increase the size of each block from 1MB to 2MB.

SegWit will be implemented on August 1s, while it is not sure yet if Segwit2x will be implemented too.

That said, the real reason of uncertainty is caused by the hard fork needed to implement SegWit.

This might create two different chains in a similar way to what happened to Ethereum in 2016 with the DAO and Ethereum Classic.

Not a problem for the Bitcoin price

According to many experts in the industry, while this event might create panic sell and uncertainty within the community, will not be a real problem in the next future.

Kumar Gaurav of Cashaa explained to Cointelegraph:

“When looking at 2017 so far, it still has been a good year for Bitcoin, starting just below 1000$ and now standing just below $2,000. Whether and to which extent this overall trend will continue will be seen more clearly after some crucial dates such as 1st August. If 80% of the Bitcoin community adopts the updates all should be fine. It seems most likely this will be reached, as the current signaling of intended support is at 87.8 percent, an increase from 83.28 percent in May. Comparable to when in May, following the New York agreement on SegWit2x, Bitcoin reached an all-time high of $2,160, it can reach new all-time highs after a successful activation as Bitcoin will be more attractive again and bring users of other cryptocurrencies back to Bitcoin.”

Bitcoin-based ICOs

Another reason that might be influenced the price is the growing number of Bitcoin-based ICOs or Initial Coin Offerings.

ICOs managers might have cashed out during those days and this drove the prices because a huge amount of bitcoin appeared on the market.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio
bitcoin block size

Amir Taaki talks about Segwit, Ethereum and more

Amir Taaki is one of the first developers to start working on Bitcoin.

In two recent interviews on The Tatiana Show and The Crypto Show, Taaki explained his personal point of view on the current state of Bitcoin and the need to preserve digital currency’s core values.

Also, Taaki talked about a power struggle for the blockchain and his support for Bitcoin researcher Peter Todd and the various contributors to Bitcoin Core.

For him, the protocol development debate over Bitcoin is between those who think Bitcoin is a revolutionary technology to challenge central banks and those who simply believe it as only a payments innovation.

“With the Blockstream guys and Peter Todd, I have a lot of faith in those people. I was involved in Bitcoin since the very beginning, so I interacted with a lot of different people, I know what their personalities are, what their personal motivations are. I kind of think that most of the guys who are on that side have a pure intent, which is an intent for Bitcoin, not for their own personal gain, not to elevate themselves. A lot of them even existed in the shadows or even had the chance to gain power at different points but didn’t really fight to take power over Bitcoin.”

According to Taaki, people who cannot make informed decisions related to the changes to make on the Bitcoin protocol only need to look at those who are supporting each of the various proposals.

“When you have a guy like Peter Todd who is on one side and then you have people like Gavin Andresen and Roger Ver and other people on the other side, then it’s pretty clear which side to support. The developers who have worked on Bitcoin since its very beginning and got nothing personally out of working on Bitcoin — that work on Bitcoin because they believe in it based on principle — yeah I trust those guys,” explained Taaki.

Taaki quoted Gavin Andresen as someone who “tried to dominate the development process through titles rather than an organization of people and a governance process” because of his work at the Bitcoin Foundation.

Please note that the original Bitcoin Improvement Proposal (BIP) that explained the governance process for protocol development was a Taaki’s idea, although it has been replaced by BIP 2.

Bitcoin’s Main Values to be Preserved

Even if Taaki said that Bitcoin had just transcended “one really big power struggle for the heart of Bitcoin as a technology” during his speech at The Tatiana Show, SegWit2x was announced not long after this appearance.

“What me and Cody Wilson was — there was a side of Bitcoin that was just about [opposition to] the central banks and there was another side opposing that with different values to us. Basically, we’ve managed to get over that, and those values that were at the core of Bitcoin have been preserved. But it’s not enough to simply preserve Bitcoin as it is or what it is.”

According to Taaki, Bitcoin’s main values need to be preserved and also need to find their way in the Bitcoin Core codebase.

“It’s a dangerous moment because, if Bitcoin continues how it is, it’s just going to kind of meander around and then it’s going to fizzle out because it doesn’t pull people forwards toward something greater,” Taaki added.

Bitcoin vs Ethereum

Taaki also talked about his thoughts on the current state of Ethereum.

In his view, Ethereum is an example of developers going to their computers to escape the real world and creating toys instead of practical applications that can have an impact on the world.

“They’re developing a lot of cool toys, [but] it’s not really fulfilling a coherent need. That’s the biggest problem with Ethereum. I respect Vitalik for his technical knowledge, but there’s no social knowledge behind it.”

According to Taaki, he has always stuck with Bitcoin because it has “solved very real, practical problems that face humanity now.”

“Bitcoin is a political tool to actually change the society, to excise these real problems at the root of the society,” he said.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio
buy bitcoin sign

Buy Bitcoin Sign appeared at Congress

When Federal Reserve chair Janet Yellen testified at the Congress today, one attendee showed a buy bitcoin sign.

Yellen appeared before the House Financial Services Committee to talk about the state of the US economy and field questions from committee members. As chief of the US central bank, Yellen also spoke about a recent semi-annual report delivered to Congress by the Fed.

As chief of the US central bank, Yellen also talked about a recent semi-annual report delivered to Congress by the Fed.

While Yellen was expressing her willingness to raise interest rates amidst a healthier economic climate (following years of near-zero rates instituted in the wake of the 2008 financial crisis), there was one attendee who captured media coverage because he held up a buy bitcoin sign behind Yellen.

A screenshot of the event was tweeted by CNBC Steve Kopack, and later shared by other people who have been watching Yellen’s testimony.

buy bitcoin sign

The identity of the man who held up the buy bitcoin sign is not clear yet.

Yet in a follow-up tweet, Wall Street Journal national economics correspondent Nick Timiraos reported that the individual, along with another, had left the room “after a staffer made some instruction to them.” Video published by Bloomberg shows the two individuals being spoken to by a staffer.

Yellen, who told in 2014 that the Fed “doesn’t have the authority to supervise or regulate bitcoin in any way” – remarked that she believes that the blockchain is an “important technology”.

Thanks to her work, the Fed decided to publish some of its internal researchers into the distributed ledger tech, releasing its first report on the topic back in December.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio
bitcoin in japan

Bic Camera: new merchants accept Bitcoin in Japan

A new electronics retailer decided to start accepting bitcoin in Japan as one of the available payment methods in all its shops within the country.

It is Bic Camera that began to accept bitcoin at several shops back in April, and that is now it is looking to expand this payment after seeing huge levels of demand from its customers.

The retailer is taking payments in the digital currency thanks to a partnership with the domestic bitcoin exchange called bitFlyer, so they can convert bitcoin into yen right after the acceptance.

Bic Camera sells a wide range of products, including cameras, computers and home appliances like fridges and washing machines.

News that Bic Camera is accepting bitcoin at more locations came after the Japanese government’s new regulations around digital currencies and the exchange services. Among those, for example, there is a legal definition for bitcoin as a kind of payment instrument and the decision to eliminate bitcoin taxation.

Also, this could be one reason why we might aspect a new growth in the bitcoin price in the next days.

Read more about Bitcoin in Japan here.

 

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio
bitcoin meetup

Bitcoin Meetup in Rome with Riccardo Casatta and more

bitcoin meetup

On July 10th, a new Bitcoin meetup will be organized in Rome thanks to the Blockchain Education Network Italia. 

This bitcoin meetup aims at spreading the word about the blockchain and being a meeting place for all the enthusiasts of the distributed ledger and digital currencies.

The evening will host different meetings with two major experts in the industry:

After their speeches, there will be a pitch with a few startups that work in the industry and free networking with pizza and beer for free.

The event is free, but in order to have access you need to register yourself on Eventbrite here:
https://www.eventbrite.it/e/biglietti-blockchainedu-meetup-roma-35736918084

Click here to read more about this bitcoin meetup: https://www.meetup.com/Bitcoin-Generation-Roma/events/241266421/

This event is sponsored by HolyTransaction.

 

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio
bitcoin taxation

Japan eliminates Bitcoin Taxation; Rise in Price expected

Japan government officially eliminates bitcoin taxation after it recognized as legal method of payment a few months ago.

Consumption taxes on the sale of bitcoin will come into effect on July 1st.

According to a Deloitte’s report entitled “Japan: Inbound Tax Alert, 2017 Tax Reform Proposals,” digital currencies including Bitcoin will be exempt from the 8% consumption tax in Japan.

Deloitte’s report explains:

“The supply of virtual currency will be exempt from Japanese Consumption Tax (“JCT”). Currently, virtual currencies such as Bitcoin do not fall under the category of exempt sales, and as a result, the sale of virtual currencies in Japan have been treated as taxable for JCT purposes. Following the enactment of the amended Fund Settlement Law in May 2016, which newly defined “virtual currency” as a means of settlement, the sale of virtual currency as defined under the new Fund Settlement Law will be exempt from JCT. This change will apply to sales/purchase transactions performed in Japan on or after 1 July 2017.”

Bitcoin Industry in Japan

Back in March, the Japanese National Diet approved the tax reform proposed by Deloitte. The bill, which came into effect on July 1st will drastically increase bitcoin and cryptocurrency trading activities within the Japanese digital currency exchanges.

The bill will probably increase bitcoin and cryptocurrency trading activities within the Japanese digital currency exchanges.

On April 1, the Japanese government officially recognized Bitcoin as a legal payment method and currency.

The Japanese Bitcoin exchange industry is well regulated with Know Your Customer (KYC) and Anti-Money Laundering (AML) systems. AML policies are very strict in Japan and South Korea, and it is difficult for traders to take advantage of utilizing digital currencies to move large amounts outside of Japan.

Price growth because of bitcoin taxation

Although it could be a coincidence- since Japan has proposed the end of Bitcoin taxation, Bitcoin price increased from around $2,450 to $2,570.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio
how to store bitcoin

How to add more crypto to your HolyTransaction wallet

A few people daily ask us how to add more cryptocurrencies to HolyTransaction.

We currently accept more than 10 digital currencies, but sometimes you cannot see them all when you open your account on HolyTransaction.com.

To see the whole range of digital currencies you can store on your multi-currency wallet and see all the addresses, please read this step-by-step guide.

It is really easy and you will think: “Oh my, how didn’t I think about it?”.

  1. Login into your wallet or create a new one on HolyTransaction.com by clicking on “Sign in” or “Sign up”;
  2. Click on the “Plus” symbol you can find on the main page of your wallet as shown in the image below:

3. So now you will be able to the see the full list of digital currencies you can store on HolyTransaction:

4. You can select all the digital currencies you need. This way you will be able to see the new addresses on the main page of your wallet.

If you want us to add more digital currencies on our wallet, please contact us via email at support@holytransaction.com with more info about your crypto.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio

How to buy Bitcoin with bank account

How to buy bitcoin with bank accounts? Read this step-by-step guide to convert your fiat currencies into your favorite digital currency.

We recently opened a new service called HolyTransaction Trade where you can buy and sell bitcoins.

This is an important feature when you need to buy or sell bitcoin immediately. You just need to create an account on HolyTransaction Trade but you can use any wallet, not only HolyTransaction.

You just need to visit HolyTransaction Trade and follow the process you can read below.

This guide will enable you to buy bitcoin with bank account.

  1. Visit trade.holytransaction.com;
  2. Select your input method (bank transfer in this case) and your output method (bitcoin);
  3. Click on the blue “Continue” button;
  4. Fill the form with your personal information: wallet to receive bitcoins, email to send the invoice, password, and amount of euros to be sent (max 600 EUR).

buy bitcoin with bank

5. If you already have an account on HolyTransaction Trade you need to fill the form with your email and password. Conversely, you need to create a new account, so you need to click on “Register a new one” as shown in the picture below and confirm the link you will receive via email.

6. Then, if you are creating a new account, you need to provide your ID card. This process of verification will last a couple of minutes.

6. Then you will need to pay the amount of Euros you decided, so you need to order the bank transfer from your bank account. You will see the IBAN where you need to send the fiat currency to.

7. Then you will see a countdown that starts from 48h. At the end of that, the operation will be completed. You will see a similar image as shown below:

NOTE: the max amount you need to buy daily is 600 EUR.  Bank transfer needs 48h to be received.

Fees are 2%.

Open your account on HolyTransaction Trade here

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio