Tag Archives: cryptocurrency

Infographic: Comparing Altcoins

Comparing Altcoins: what features make each altcoin different?

 

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

jorge

HolyTransaction adds Ethereum


HolyTransaction is excited to announce support for a new cryptocurrency, as well as a renewed focus on our international customers. The last cryptocurrency that we added was Gridcoin, and now we have added Ethereum’s crypto fuel – Ether.

Ethereum is one of the most interesting decentralized projects that have been released in Bitcoin’s wake and we support its goals. Smart contracts can’t come soon enough!

Now, with HolyTransaction, you have:

– Send and receive Ether

– Ethereum server side wallet creation and transaction signing

– Set OTP for additional protection

 
About Ethereum
Ethereum is a decentralized platform that users can use to run smart contracts. Smart contracts are applications that run exactly as programmed (with a Turing complete language) without the possibility of downtime, censorship, fraud or 3rd party meddling. The Ethereum platform uses Ether as its “crypto-fuel.”

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

Satoshi

Australia investigating banks for anti-competitive behavior when closing Bitcoin company accounts


Australian authorities are looking into the bank account closures of several Bitcoin companies over the last few years. Specifically, the investigation is looking at anti-competitive behavior. Over the last year, bank actions have increasingly embraced blockchain technology instead of shunning it in the form of bank account closures. Though this type of account closure, for simply being associated with Bitcoin, is a common occurence in the United States, China, and some European countries as well, the Australian authorities are the first to look into at scale – a harrowing victory for those using blockchain technology. The Australia Competition and Consumer Commission (ACCC) chairman, Rod Sims, told the Australian Financial Review:

We are asking the banks why they acted as they did and what contact there was between them.

If ground reports from major Bitcoin companies such as BTC-e and OKCoin, that lost their accounts at the National Australia Bank, are to be believed, the contact was sparse and uninformative. Sims confirmed that the investigation had been ongoing for some time. Australian Senator Matthew Canavan also commented on the investigation:

We have strong laws against one business obstructing another business competing against it. These laws are even tougher for those companies that have the privileged position of a significant market share. Our banks wield great influence in the market and they have a great responsibility under our laws to not misuse that position. I am not sure if that has happened in this instance but there is no doubt that digital currencies do pose a threat to business of banks.

Australian Senate that Might Actually Understand Bitcoin and its Promise 

The investigation started as a result of Senatorial interest after the Australian government committed to a deeper understanding of Bitcoin and blockchain technology. One of the conclusions of said research, which has been shared by other governments in the world, was that existing financial laws should be more than enough to prosecute those using Bitcoin for illegal activities. Australia has also had brushes with Bitcoin advocacy groups when a Goods and Services tax was enforced on Bitcoin. Recently, the European Union has also joined the United Kingdom in not enforcing a Value Added Tax on Bitcoin.
A Labor Party Senator, Sam Dastyari, was not surprised to hear about the ACCC investigation. He had previously chaired the Senate investigation into digital currencies. At this time, banks such as the National Australia Bank and other similarly sized institutions around the world are delving into blockchain technology. If anything, this is a clear indication that the swift actions of last year, where both domestic and international Bitcoin companies lost their accounts at Australian banks, were anti-competitive in spirit. Even without the emerging facts regarding bank’s research, investment, and involvement with blockchain projects, the majority of domestic companies brought down by Australian bank action were providing services that were in essence competing with banks.

Australia has a large immigrant population from South East Asia that sends remittances back home. Some of the largest Bitcoin remittance companies are based in South East Asia in countries like the Phillipines or India. In Indonesia, Bitcoin is buyable at any of ten thousand plus IndoMaret stores. Australia now seems aptly prepared to benefit from the coming Bitcoin technology boom (bubble as called by some). Once the investigation is over, and banks are 100% clear on what not to do to Bitcoin companies, expect to see more Bitcoin companies return to Australia.

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

Satoshi

Infographic: Why Is Decentralized Currency Better?

https://holytransaction.com/page/why-is-decentralized-currency-better

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

jorge

BitShares 2.0 – Will Users and Banks Be Using Graphene in the Future?

Graphene, the super material that our computer chips might be made of soon, still isn’t very well known. However, with BitShares 2.0 being called Graphene, the word might become a stable part of your lexicon soon. The BitShares 2.0 has been long anticipated by both the BitShares and cryptocurrency communities. Since its announcement earlier this summer, BitShares has started to restructure themselves in preparation for BitShares 2.0. Though they are adding a lot of functionality, the core stake distribution is not changing at all. In testing, they have been able to sustain 3000+ tx per 3sec block, compared to the 7 transactions per second that the Bitcoin network is theoretically limited to. To reach even larger network sizes, Graphene is tapping into the same future expectations that Bitcoin users expect to keep their network viable: Moore’s Law. The pace of technology is such that eventually just one rented VPS will be able to handle all of the world’s financial transactions.
“We can trade peer to peer anywhere in the world in a few seconds. We’ve got capacity for every existing exchange to become a member of our network, treating their own customers to the combined market depth of all exchanges on a shared transparent ledger.”
Graphene works as an open source toolkit, and the original BitShares team needed this change because they were having to sell BitShares just to keep going. The list of new features include:
Votable Network Parameters, Flexible and Dynamic Access Control, Transferable Account Names, On-Chain Proposed Transactions, a New Full Node/Client Concept, a Referral Program, Recurring and Scheduled Payments, and the addition of new Privatized BitAssets. More information about Graphene and the newest features can be found here.

BitShares Style Decentralization Is What Banks Need

Decentralization provides the BitShare network, and all altcoin networks, with a new type of security that banks do not have – maybe even for functions we traditionally use a bank for. A network that functions by consensus and push transactions instead of pull transactions, is almost a holy grail in the banking industry. It’s no wonder that we’ve seen banks rush to “blockchain” technology. BitShares is confident in their security, they commented:
 
“It’s impervious to the hacker attacks that even the biggest exchanges have suffered.”
 
BitShares was one of the first cryptocurrencies to to engage in fiat and asset pegging, which is an angel that banks will certainly be interested in exploring. As we see more and more banks enter the Bitcoin and blockchain space, though, how many of them will realize that BitShares already has what they might need?

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

Satoshi

EU’s Top Court Rules That Bitcoin Exchange Is Tax-Free

(Bloomberg) Bitcoin and other virtual currencies can be exchanged tax free, the
European Union’s top court said in a ruling that puts them on a more
equal footing with traditional cash.
Value added tax — a type of
sales levy — needn’t be applied because the business involves “the
exchange of different means of payment,” the EU Court of Justice in
Luxembourg ruled Thursday. The case was triggered by a dispute in
Sweden, where David Hedqvist set up a service for the exchange of
mainstream money for bitcoin and vice versa.
Bitcoin
currency, introduced in 2008 by a programmer or group of programmers
under the name Satoshi Nakamoto, has no central issuing authority and
uses a public ledger to verify encrypted transactions. It has gained
traction with merchants selling legitimate products but also has been
used to facilitate illegal transactions because money can be transferred
anonymously.
“Transactions
to exchange traditional currencies for units of the bitcoin virtual
currency (and vice versa) constitute the supply of services” under the
bloc’s law “since they consist of the exchange of different means of
payment,” the court ruled. As such they are exempt from value-added
taxes, it said.
To exclude such transactions from the tax
exemptions given to traditional exchanges “would deprive it of part of
its effects,” given that the exemption’s aim is to counter “the
difficulties connected with determining the taxable amount and the
amount of VAT deductible” in cases of taxation of financial
transactions, the court said.

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

Satoshi

The 7 Best Bitcoin Youtube Video

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

Satoshi

Deutsche Bank Is Bringing Bitcoin-Inspired Blockchain Technology to Germany

In a recently translated piece by the Deutsche bank, originally written by Thomas F. Dapp and Alexander Karollus, the German bank discussed how banks in general might be able to benefit from p2p networks like Bitcoin. The authors specifically mention a hypothetical future scenario where banks might assume new tasks that still play on banks’ perceived trustworthiness – “e.g. as custodians of cryptographic keys.” Other existing centralized services might have to adapt to serve other roles in the coming decentralized world. Don’t be surprised if someday soon Bloomberg to self-proclaim themselves as an oracle? They went on to note that the politics of Bitcoin would eventually lead to a head with regulators, law enforcement, etc. However, in the face of this new technology and potential regulatory backlash, Deutsche bank still wants to push forward… Because the concept of a blockchain really is that compelling, and the banks are finally starting to get it. Dapp and Karollus wrote:

“Traditional banks should not rely on the regulator now, though, but instead actively experiment with the new technologies in their labs and collaborate without prejudice in order to create their own digital ecosystem in the medium run.”

This piece was originally published by Deutsche bank in late July. Since then, the German bank has delved head first into the investigation of blockchain use. Deutsche Bank is joining Morgan Stanley, Bank of America, HSBC, and Citi among other banks in a distributed ledger initiative lead by R3. Other banks include BNY Mellon, Commerzbank, Mitsubishi UFJ Financial Group, Royal Bank of Canada, SEB, National Australian Bank, and the Societe Generale and Toronto-Dominion Bank. The international representation in the project’s participants is not to be ignored. Many of these banks have also hosted big name Bitcoin companies, at least for a few weeks. For some banks, this move is clearly away from Bitcoin and to the blockchain – whatever that means. R3 CEO David Rutter commented:

“The addition of this new group of banks demonstrates widespread support for innovative distributed ledger solutions across the global financial services community, and we’re delighted to have them on board.”

Why are the banks rushing toward Bitcoin now? Why are they pushing the use of the words “distributed ledger” and “permissioned database” over “blockchain?” Why didn’t that sentence contain the word “Bitcoin?” All the banks delving into this new distributed technology know that they believe in blockchains more than bitcoins. After all, bitcoins have already suffered the taint of money laundering in the pen of the mainstream media and the eyes of the undiscerning reader, of which there are way too many. HolyTransaction believes in many blockchains, as evidenced by our support of other altcoins including our most recent addition – Gridcoin.

The community still isn’t quite sure what R3 is going to be doing with all of these banks and how involved Bitcoin will be. The emphasis that released products would be open source but might move away from proof of work, which some consider environmentally unviable. R3 is leading the world’s banks to the blockchain light. Better late than never!

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

Satoshi

Infographic: What is the Block Size debate, and will it lead to a hard fork?

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

jorge

Today Gridcoin joins HolyTransaction!

All HolyTransaction customers can create new address for Gridcoin balances and use the easy HolyTransaction Web Wallet to send and receive transactions or to instantly convert them to any 9 supported cryptocurrency.

Just like Bitcoin, you can now:

– Send Gridcoin to any supported cryptocurrencies’ address.
– Receive transactions
– Exchange Gridcoin for any coins.
– Make instant transactions between HT users
– Accountless Gridcoin (GRC) Exchange on Telegram with @HolyTransactionBot
– Get actual exchange rates on website and in telegram
– Set OTP for additional protection

We are really excited to be part of a new community!

About Gridcoin:
Gridcoin is a cryptocurrency that rewards individuals for contributing to computational research in math, science and several other areas of study with their home computer, laptop and android devices.

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

Satoshi