• At least two US institutions have requested that the IRS propose a definitive structure for taxing cryptocurrencies in the country. As authorities see the lucrative appeal of virtual currencies, they also see that they can benefit from this wealth in some way, specifically through taxing crypto holders. However, even though cryptocurrencies may only have been thrust into the mainstream spotlight last year, taxation queries are not as recent. According to CNBC, Tyson Cross, a US-based tax

    Internal Revenue Service (IRS) Asked to Provide a Clearer Cryptocurrency Tax Framework

    | 2018/01/20 5:00 pm
  • While there’s no doubt that Bitcoin is the currency of the moment, with its value rising from $0.0008 on inception, to a peak of $17,900 in December 2017, one of the biggest concerns that potential investors have is that, in reality, they are difficult to spend. With skeptics referring to horror stories such as the man who spent 10,000 Bitcoins on two pizzas in 2010 (an equivalent cost in today’s market of $20 million), it’s

    Five Ways To Spend Bitcoins in 2018

    | 2018/01/19 4:30 pm
  • Blockchain research is set to get a cash injection from Dash as the cryptocurrency collaborates with the Arizona State University’s Blockchain Research Laboratory. As blockchain awareness continues to grow, more and more industries are realizing that it could be a viable solution in their business. However, as with any evolving technology, time and effort need to be put into researching its mainstream benefits. Dash Offers Financial Support for Blockchain Research In November last year, Arizona

    Dash Funds Blockchain Research at Arizona State University

    | 2018/01/18 7:30 pm
  • Sweden’s central bank, the Riksbank, is looking at launching a national cryptocurrency called the e-Krona in as few as two years. Sweden’s position as potentially the world’s first cashless society has lead to a research note, written by HSBC economist James Pomeroy, entitled “Sweden’s big year: Can the economy overcome some challenges?” to identify the country as looking for international cooperation in developing an officially-sanctioned cryptocurrency. The note reads: The so-called e-Krona will have to

    Sweden Set To Become First Economy To Introduce Own Cryptocurrency

    | 2018/01/17 5:00 pm
  • Following months of bad press and publicity, lending and exchange platform Bitconnect has announced that it is shutting down. Many had suspected the platform of being a Ponzi scheme, and it had suffered multiple DDoS attacks on the website. In an announcement on its website, the platform said it was closing the lending operation immediately with the release of all outstanding loans. The notice cited continuous bad press, including two Cease and Desist letters from

    Bitconnect Shuts Down Amid Crypto Crash

    | 2018/01/17 6:15 am
  • Tax authorities in Malaysia have indefinitely frozen Luno’s local account used in the country, BitX Malaysia, while they investigate possible tax concerns. London-based cryptocurrency exchange, Luno, has had its Malaysian account frozen pending an investigation by the country’s tax authority, the Inland Revenue Board (IRB). In a statement sent to The Edge Markets, the exchange said: As part of this, IRB has requested that we provide them with information on all our Malaysian customers: identification,

    Malaysian Taxman Gives Luno the Cold Shoulder

    | 2018/01/16 11:30 pm
  • Mitsubishi UFJ Financial Group (MUFG) is launching an initiative to open a new exchange and issue its own virtual currency: the “MUFG coin.” By controlling the exchanges themselves, MUFG plan to suppress fluctuations in the price of MUFG coins in order that they can be used stably for settlement and remittance. The MUFG coin, due to their distribution being made available on a centralized exchange, can be directly overseen by the bank. In addition, the

    Japan’s Largest Financial Group To Launch Own Virtual Currency

    | 2018/01/16 2:30 pm
  • News of a fresh crackdown on cryptocurrency trading in China has added to stress on Bitcoin and altcoin markets, seeing assets lose 30% in hours. $200 Billion Disappears In New Downturn Bitcoin dipped around 13.7% to challenge $12,000 Tuesday as both South Korea and China present regulatory changes which could limit access even further for regular users. Despite local Korean news outlets forecasting that a “shutdown” on the cryptocurrency exchange space was “not likely” Monday,

    Dark Side Of The Moon: Bitcoin Sets Lunar New Year Lows For 3rd Time

    | 2018/01/16 5:30 am
  • Where to store your cryptocurrency can be a dilemma, especially when articles like this appear. With more digital currency entering the marketplace, hackers and cyber criminals are upping their efforts to steal it. It what could be considered a virtual bank robbery, online wallet provider Blackwallet was hacked over the weekend. The incursion resulted in the loss of over $400,000 of Stellar Lumens from customers’ accounts. It was reported that the group hijacked the server

    Stellar Lumens Lifted in Blackwallet Hack

    | 2018/01/16 3:45 am
  • Taking matters into his own hands, a Russian businessman buys two electric power plants for the purposes of cryptocurrency mining. For those who are active participants in cryptocurrency mining, there are a number of issues to be concerned with. One such problem is how a country’s national government feels about cryptocurrency, such as either accepting it or banning it outright. Another major concern is having access to the power needed for mining crypto in the

    Russian Businessman Buys Power Plants for Cryptocurrency Mining

    | 2018/01/15 2:30 pm
  • These are still very early days for crypto markets, and rising stars can fall just as quickly. Just ten days ago, one altcoin was looking to be the Next Big Thing, surging into the top ten and reaching the number six spot in the market capacity charts in a couple of days. Things can change quickly in crypto land, and a wave of social media FUD and PR blunders has brought Tron back down to

    Tron Struggles to Break Free From FUD

    | 2018/01/15 9:30 am
  • Blockchains and cryptocurrencies are here to stay, and banks and governments are concerned. With the momentum that the budding markets have built in recent months, digital assets like Bitcoin, Ethereum, Litecoin, and Ripple have become household names. However, crypto regulation does not necessarily have to mean prevention if it can be approached in the right way. In recent weeks, news has emerged of steps concerning crypto regulation taking place across the world, most significantly in

    Why Crypto Regulation Should Not Mean Prohibition

    | 2018/01/15 4:30 am
  • The Bitcoin community has leveled new criticism against Bitcoin Cash (BCH) after data reveals its bigger blocks are not living up to developers’ promises. ‘Big Blocks Failed’ Analysis of BCH and Bitcoin (BTC) blocks which software advocate Ben Verret uploaded to Twitter Sunday suggests that Bitcoin blocks, despite being smaller, are verifying more transactions than BCH’s ‘big blocks’ approach. The concept of bigger blocks providing greater scalability was a central feature touted by Bitcoin Cash

    Bitcoin Cash: Big Blocks ‘Fail’ To Improve User Experience – Analysis

    | 2018/01/14 3:00 pm
  • Iran’s citizens are straining under the weight of aggressive financial sanctions as result of its nuclear initiatives. Cryptocurrencies like Bitcoin provide a circumvention solution. Even though Bitcoin continues its somewhat volatile price jumps, it is still a desirable asset for investors around the world. Since its phenomenal growth last year, people are buying and holding until it reaches even greater heights. Bitcoin Is Not Just Something to Hodl Onto According to The Hill, however, for

    Bitcoin is More Than Just an Investment Option for Iran

    | 2018/01/11 7:00 pm
  • Embattled photography giant Kodak has released a Bitcoin miner which has already earnt “scam” accusations from the Bitcoin industry. ‘The Dumbest Thing I’ve Seen At CES’ In an unlikely move by the company, which sought to change direction after financial problems brought it to the brink of collapse, the new Kodak ASIC KashMiner promises a $9000 dividend on a two-year contract. Along with the hardware, Kodak announced it would also launch an ICO for its

    Press The Button, Get Scammed: Kodak Bitcoin Miner Branded ‘Blatant Lie’

    | 2018/01/10 12:00 pm
  • A security firm has found evidence that North Korea may be using mining software to obtain Monero and transfer it to a Pyongyang university. Running a regime while sidestepping pesky sanctions is an expensive endeavor and one that North Korea seems to have plenty of experience in. However, according to a California-based cybersecurity firm, cryptocurrency could be a cost-effective solution. Sneaky Monero Mining ABC News recently reported that the firm, AlienVault, discovered a crypto mining

    North Korea Could be Using Monero to Combat Money Woes

    | 2018/01/10 8:00 am
  • A few Harvard professors feel that Bitcoin, and other cryptocurrencies, will soon be a thing of the past as regulation efforts increase. With Bitcoin reaching $20k on some exchanges in December 2017, it’s hard to believe that it ever traded at laughable amounts like $5 in the years following its creation. Now there may not be a time machine on hand to take us back to purchase bitcoins at a cheaper price, but according to

    Cryptocurrencies: Death by Regulation Strangulation

    | 2018/01/09 4:30 am
  • The UK’s central bank, the Bank of England (BoE), has confirmed it is “not planning” to adopt a state-sponsored cryptocurrency. Understanding ‘Implications’ In new updates to its official position on the cryptocurrency phenomenon last week, the BoE instead announced it was favoring research into the concept in order to understand its “implications.” An increasingly active presence in Blockchain, the BoE has already produced a fintech accelerator scheme which will additionally inform its ongoing research in the

    Bank Of England: We’re ‘Not Planning’ To Issue A UK State Cryptocurrency

    | 2018/01/08 1:00 pm
  • Crisis-hit Venezuela will issue its own oil-backed cryptocurrency, Petro, with an implied value of $5.9 billion as its economy continues to decay. 100 Million Petros ‘Ordered’ At $59 A Piece In what appears to be a last-ditch attempt to circumvent US sanctions and keep cash flowing into the country, President Nicolas Maduro announced 100 million units of its Petro cryptocurrency would enter the market. The announcement, according to Reuters, came during the President’s appearance on

    Venezuela Petro Cryptocurrency ‘Will be Worth $5.9B’ Says Maduro

    | 2018/01/06 11:45 am
  • Knowledge is power, something that Extra Credit is well aware of. The platform has plans to revolutionize the crypto education industry by offering anyone and everyone the opportunity to learn about cryptocurrencies. If 2017 has taught us anything, it is that the future of the blockchain industry is bright. The world is starting to see that the underlying technology of cryptocurrencies can be utilized for much more than just that. It can also offer countless

    XTRA! XTRA! Read All About How Extra Credit Can Help with Blockchain and Crypto Education

    | 2018/01/05 8:00 pm
  • The state of Texas has filed an Emergency Cease and Desist Order against BitConnect, stopping their various investment programs. A common saying often heard in the US is “don’t mess with Texas.” Well, it seems that BitConnect is finding this out the hard way. The England-based crypto company is the subject of an Emergency Cease and Desist Order from the Texas State Securities Board. Mess With the Bull, You Get the Horns It appears that

    Texas Sends Cease and Desist Order to BitConnect

    | 2018/01/05 12:45 pm
  • The start of 2018 has been a bumper one for cryptocurrency with the total market capacity jumping $150 billion in just five days. Bitcoin has remained relatively flat, so it has been the job of the altcoins to boost the total investment, and Ethereum has been leading the way. For the first time a few hours ago, Ethereum reached a thousand dollars during the morning trading session in Asia. Cryptocurrencies have grown so much that

    Ethereum Flows into Four Figures

    | 2018/01/05 10:15 am
  • Ripple’s seemingly unstoppable bull run took a hit Thursday after US exchange Coinbase dispelled rumors it would add the asset. ‘No Plans For New Assets’ From highs above $3.60, the latest milestone in what has become the biggest-ever annual appreciation for a major cryptocurrency of around 35,000%, the platform’s XRP token swiftly fell by almost a fifth following the news. As of press time Friday, XRP is correcting and is still down 9% versus USD

    Coinbase Rejection Sees Ripple Drop 20% As Rumors Evaporate

    | 2018/01/05 5:15 am