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Why Privacy Coins ? because bitcoin is not a solution anymore

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Why you ask are Privacy Coins under attack after so many years? because bitcoin was once the privacy solution dream we all had for freedom. Today with millions of dollars being spent on Blockchain Analysts by government bodies of all kinds, we see that bitcoin can be private if users follow privacy practices at home such as using VPN’s, Tor, I2P, Secure Operating Systems, Firewalls, etc.

Most people do not even know that their privacy is compromised once sending a coin from one exchange to another. We are all learning quick and if bitcoin the prototype of all chains cannot do it for people then we need a solution that gives people financial privacy protections in cryptocurrency transactions by default. Pirate Cryptocurrency has privacy by default and a community team that focuses on protecting the user unlike so-called privacy coins like Zcash. They even built an operating system to make the most anonymous coin and the most secure coin in crypto even more private for you the user. 

With the enhancing understanding of cryptocurrencies, the question of exactly how to regulate them has been the primary centerpiece for regulators. Generally viewed as money for making illegal purchases, regulatory authorities have a feeling of seriousness to create stringent guidelines concerning their usage, traceability, as well as how they’ll be exhausted.

Each nation has its own controlling body pertaining to tax obligations, yet due to the United State’s influence on the rest of the world, the choices of the Internal Revenue Service held a good deal of persuading.

When Bitcoin was developed 10 years ago, the general suggestion behind it was to develop a form of digital cash that did away with all intermediary services. In other words, genuinely peer-to-peer money. Fast forward ten years and also Bitcoin, together with many various other altcoins, have produced an extensive splash on the planet of conventional controlled financial mediocrity. 

This upending of the status quo has sent out regulatory authorities with the IRS scrambling to figure out where cryptocurrencies lie. Are they a financial investment? A property? Spendable cash? Do they represent resource gains? Should they be a Security? These are all questions still being disputed, and also yet, the IRS in addition to significant exchanges such as Coinbase case that you carry out, in reality, owe taxes on them.

Because of the total absence of quality, customers will certainly be much better protected if they guard their digital wealth, firstly, prior to also thinking about paying the IRS and their rash digital currency tax obligation strategy.

The Very Best Blockchain to Anonymize Your Crypto

When it concerns keeping your crypto wealth undamaged, there isn’t a better option for anonymizing your accounts than with a purely privacy-oriented cryptocurrency. After cycling via the code and each blockchain’s major anonymizing features, Pirate Chain attracted attention among the remainder.

Pirate Chain defeated better-known money such as Monero, Zcash, PIVX, Komodo, and also Zen Cash money. Although Pirate Chain is based on Zcash and also Komodo, it executes its own distinct functions that permit it to shine in offering its customers total freedom.

Pirate Chain uses the state-of-the-art zk-SNARKs to obfuscate addresses when producing transactions. The cryptographic version allows for both ends (sender and receiver) to become totally confidential. This feature of privacy is finished all while allowing network consensus to validate the transaction and also enter it into its journal; all without ever compromising its customers.

Although Zcash was the initial to bring zk-SNARKs to the remainder of the crypto community, they failed to only enable personal purchases. Instead, most customers on the Zcash blockchain use the public send out address, which is inherently not private.

An additional primary concern is that most of the exchanges that hold Zcash already stated that they will not make use of protected (personal) addresses to keep users anonymous. Pirate Chain, on the other hand, will just allow confidential deals; consequently never ever compromising its customers financial privacy.

Recently, Coinbase has actually provided tax letters, worrying lots of movie critics as well as drawing conclusions that Coinbase is, as a matter of fact, attempting to keep themselves in excellent standing with regulatory authorities. Surprisingly sufficient, Zcash is a provided crypto on Coinbase, and also although the very first to clarify zk-SNARKs, the exchange has actually currently revealed they will not honor protected addresses.

This also comes with a time where there are lots of blockchain evaluation groups that have been contracted by firms such as the IRS as well as other regulatory and also financial establishments. These firms are used to compile data on crypto individuals, and also to properly match public wallet addresses with individual recognition.

This breach of trust is only another reason in a long list of why blockchains such as Pirate Coin are necessary. Making use of a privacy-based cryptocurrency doesn’t mean you have anything to conceal, it just implies that you hesitate to allow a regulatory body to control your digital wealth.

It can just be thought that agencies such as the IRS will continue as well as step up their initiatives to tax obligation individuals on their crypto holdings. Whether you feel that this is underhanded due to crypto’s decentralized as well as stateless nature, or if you assume that the Internal Revenue Service needs to formulate a better understanding of digital properties clearly, it’s best to remain anonymous to safeguard your hard-earned electronic riches.

How to Guard Your Digital Wealth Against the IRS

First, you will want to obtain Pirate Chain tokens (ARRR) on a digital exchange. The only exchange providing a pair with BTC or KMD is Digital Price and quickly to be Crypto Bridge DEX. As soon as you’ve traded your BTC or KMD for ARRR, you might now download the Pirate Chain Purse.

Alternatively, you can begin mining ARRR promptly using a GPU or ASIC miner. Block benefits are 256 ARRR with a new block happening every 60 seconds.

As soon as you’ve acquired ARRR by getting or extracting, you can currently send it to your indigenous Pirate Chain Budget. You can download and install any kind of variation from https://pirate.black/. As soon as you’ve downloaded and installed the Agama or KomodoOceanQT wallet, you can run it in Pirate indigenous setting.

Alternatively, if you wish to be a more protected pirate using the latest version of GhostShip which is PirateChain’s newest operating system provides tons of security for the individuals’ end. Such as Drive file encryption, Tor, VPN’s, MAC Address Spoofing as well as more. Plus the blockchain loads in 2 mins without having to wait for the chain to sync.

Currently, you prepare to negotiate completely confidential funds with Sapling addresses. This means that your electronic wide range is safe and secure due to the fact that you are the only person that recognizes its location address.

No longer will blockchain analysis teams have the capability to trace your electronic motions. The Internal Revenue Service will certainly additionally be not able to declare that you hold any type of digital crypto because you have successfully made it go away.

Up until the launch of Pirate Chain, lots of customers were attempting to anonymize their cryptocurrencies via bitcoin mixers as well as peer-to-peer networks such as LocalBitcoins. These services have essential defects that don’t properly resolve the issue of total privacy. The reasons being because of settlements through debit/credit cards or due to pure aggravation as well as a lack of count on.

Eventually, the safest approach to secure your digital wide range versus the IRS is by making it vanish. Pirate Chain has revealed that it can effectively do what other blockchain systems have failed to do. By creating a strictly private-send only cryptocurrency, Pirate Chain has actually shown that its main focus is keeping its users anonymous.

The post Why Privacy Coins ? because bitcoin is not a solution anymore appeared first on Crypto Core Media.

Source: https://cryptocoremedia.com/privacy_coins/

Blockchain

Bitcoin Is About to Strike the $12K Mark All Over Again

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Bitcoin is on the verge of hitting the $12,000 mark again. This would be the first time the currency has done so in about two months, with late August being the last time the price of the world’s number one cryptocurrency by market cap has come this close.

Bitcoin Is Once Again Heading for the Top

During that time, the asset rose as high as $12,400, though a historically bearish September would then set in and drag bitcoin down to the bottom of the financial ocean, taking its price all the way down to roughly $10,100 as early as September 2. From there, the currency would struggle to regain its previous momentum over the next four weeks, eventually reaching $11,000 again on September 19, though this spike would only last a few hours at most.

However, by the time October set in, bitcoin proved itself once again as the world’s number one digital asset and offered traders and investors everywhere another taste of its brilliant resilience. It once again jumped past $11,000 and has stayed there the entire month, and now, it looks like the five-figure territory we’ve grown to love is about to expand all over again.

The currency has risen by more than three percent in the last 24 hours, as previously, the currency was trading for just over $11,700. Now, at well over $11,900, it’s estimated that bitcoin could potentially reach $12,000 as early as tomorrow morning. Granted bitcoin can cross this line, many analysts believe that a major rally could occur – one that could potentially take bitcoin all the way to the $15,000 mark before the end of the year.

That would mark a massive change for 2020 in that we can end on relatively positive news. This whole year has been terribly marred by news of the spreading coronavirus pandemic, election confusion and a lot of other scares that have brought people’s confidence and self-esteem down, and it would be nice to see bitcoin return to form as a way of saying 2020 wasn’t for nothing. We’ll have to wait and see of course, but it looks like bitcoin is about to embark on another bullish path.

Some analysts are wondering what may have caused the sudden burst in bitcoin’s price. Many are claiming it had something to do with last Monday’s virtual meeting hosted by the International Monetary Fund. This meeting discussed cross-border payments and saw the likes of Federal Reserve Chairman Jerome Powell in attendance, who claims that the central bank is presently looking into the benefits of a centralized digital currency.

Countries Can’t Seem to Agree

The meeting was discussed by Mati Greenspan of Quantum Economics fame, who stated:

Comments from Jerome Powell and the other participants made it clear just how far apart the various countries are when it comes to CBDCs.

Tags: , , Source: https://www.livebitcoinnews.com/bitcoin-is-about-to-strike-the-12k-mark-again/

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Pro traders added to shorts as Bitcoin price broke $12K — Data shows

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As Bitcoin (BTC) breaks the $12,000 resistance, derivatives markets are flirting with overly excessive bullish sentiment. The futures basis and the options 25% delta skew both reached the same levels seen now on October 12 when BTC briefly tested $11,700 but failed to maintain momentum.

What differentiates the current situation from nine days ago is the positions of top crypto traders. On Oct. 12, these traders increased their longs, but during the recent move to $12,000 these professional traders are opening up short positions.

Despite this flip in sentiment, traders should not automatically conclude that today’s pump will turn into a flop exclusively based on the longs-to-shorts indicator. For starters, there is no way to know for sure how the top traders are positioned off-exchange.

For this reason, derivatives pricing is a better way to assess how bullish or bearish professional traders might be. This indicator focuses on the actual market conditions, whereas both the fear and greed and options put-to-call ratio are backward-looking.

Futures markets tend to trade at a slight premium to regular spot exchanges. This event is not exclusive to crypto markets but rather a derivatives effect.

The futures contracts premium (or basis) should range between a 5% to 10% annualized rate for healthy markets. Figures above this range denote excessive optimism, as traders bet on much higher prices. In the opposite situation, a negative futures contract premium indicates bearish sentiment.

BTC 3-month futures contracts annualized premium. Source: Skew

The above chart shows how the basis indicator has been flirting with over-optimistic levels, similar to what happened on October 12.

Traders should not mistake optimism with leverage as a positive funding rate on perpetual contracts is also needed to confirm this thesis.

The perpetual futures funding rate settles every 8 hours on most exchanges, and a fee is paid from longs (buyers) to shorts whenever the funding rate is positive. This situation would be the defining characteristic of overleveraged buyers, but that hasn’t been the case so far.

BTC perpetual contracts funding rate. Source: Digital Assets Data

The data above shows how volatile the funding rate has been, although there has not been any sustained funding periods. The standard measure for this indicator is 8 hours. Therefore a 0.05% rate is equivalent to 1% per week. The opposite holds for a negative funding rate when shorts are the ones paying it.

As for the BTC options market, there has been a similar movement as the 25% delta skew indicator entered the overconfident bullish territory. A negative skew indicates calls (buy) options cost more than similar puts (sell) options, thus indicating bullish sentiment. On the other hand, a positive skew suggests bearishness.

BTC 3-month 25% delta options skew. Source: Skew

Take notice how close the skew indicator is to its lowest levels in 6 months, indicating traders’ optimism. This situation is the same as October 12, when BTC gained 10% in 4 days. Although nothing is barring the skew indicator from remaining at the current level for extended periods, it is unlikely in BTC history.

After reading derivatives market indicators, one might conclude that professional traders are leaning bullish by adding long positions above $12K. Except, exchange-provided data on top traders long-to-short net ratios shows this hasn’t been the case.

Clients Long/Short Ratio. Source: Binance & OKEx

There are often discrepancies between exchanges’ methodologies, so readers should monitor changes instead of absolute figures. According to the above data, it is safe to say that top clients were either neutral or adding long positions ahead of Oct. 12.

On the other hand, there has been a sizable move in both exchanges over the past two days as top traders were more active on the sell-side when BTC approached $12K.

Therefore, regardless of derivatives indicators’ bullishness, these traders are signaling a lack of short-term optimism.

These seemingly opposing signals could reflect the recent 15% hike in two weeks, causing some traders to realize gains. Even though derivatives markets continue to favor a bullish trend, top traders appear to see no reason to add to long positions at the current levels.

Although the top traders call seems to have failed for now, they appear to be in no rush to FOMO at the current levels. Until these begin building some substantial long positions above $12K, this support level cannot be deemed strong enough.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Source: https://cointelegraph.com/news/pro-traders-added-to-shorts-as-bitcoin-price-broke-12k-data-shows

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PayPal to Enable Bitcoin and Crypto Purchasing and Selling

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  • One of the world’s largest online payment processing companies, PayPal, has joined the cryptocurrency market and it will allow its customers to hold, buy, and sell Bitcoin and other cryptos using fiat currency. 
  • In addition, PayPal customers will be able to spend Bitcoin to shop at over 26 million vendors already included in its network starting early 2021, Reuters reports
  • The company has stated that they are “working with central banks and thinking of all forms of digital currencies and PayPal can play a role.” 
  • The CEO also hopes that this service will encourage further usage of virtual currencies, as well as prepare its network for central bank digital currencies (CBDCs). 
  • US customers will be able to buy, sell, and hold crypto through their PayPal wallets in the coming weeks. Moreover, it also plans to expand this offering to Venmo and other countries in the first half of the following year.

Featured image courtesy of How Stuff Works

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Source: https://cryptopotato.com/paypal-to-enable-bitcoin-and-crypto-purchasing-and-selling/

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