Advocacy Group Claims IRS-Issued Crypto-Warning Letters Violated Taxpayer’s Rights

Close to a year ago last July, the U.S. Internal Revenue Service (IRS) revealed it would be sending ‘soft letters’ to suspected American cryptocurrency owners advising them to pay their taxes. Now according to the Taxpayer Advocate Service, a subsidiary of the IRS, the soft letters undermined the rights and protections of American taxpayers. The advocacy group stressed that specifically IRS Letter 6173, essentially violated tenets within the Taxpayer Bill of Rights. The U.S. government has been cracking down on digital currency operations and users for a few years now.…

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Emerging Markets Drive Paxful First Half 2020 Bitcoin Volume to $1.1 Billion

Peer-to-peer (P2P) crypto exchange Paxful reported Tuesday that its bitcoin trading volumes climbed 35% to $1.1 billion during the first six months of 2020 compared to $817 million a year ago. More than $182 million worth of bitcoin (BTC), on average, was traded on the platform every month between January and June this year, it said. Nigeria, U.S.,Ghana, India, and Kenya led the growth, with emerging markets rising fastest. To date, Paxful has accumulated 4.5 million users and reached a total $4.6 billion trading volume for BTC since it started…

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Iran Licenses 14 Bitcoin Mining Farms, Cuts Electricity Tariff up to 47% for Miners

Iran has reportedly issued permits for 14 bitcoin mining farms and will cut up to 47% off of the electricity tariff in order to support authorized cryptocurrency mining centers. Crypto miners will soon have to register with the government. Iran Licenses More Crypto Mining Farms The Islamic Republic of Iran has reportedly issued permits for 14 cryptocurrency mining farms, each with a capacity of 300 megawatts, Tehran-headquartered Mehr news agency reported Sunday. Cryptocurrency mining has been an authorized activity in Iran since July last year and the country’s Ministry of…

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Fidelity Acquires 10% Stake in Bitcoin Mining Firm Hut 8

The giant fund manager Fidelity International holds roughly 10.6% stake in the bitcoin mining company Hut 8. For six years now, Fidelity, the firm that currently manages $300 billion on behalf of its customers, has been mining the cryptocurrency bitcoin. In May 2017, news.Bitcoin.com reported on Fidelity integrating with Coinbase, mining bitcoin, and even accepting the digital asset at the firm’s cafeteria at its headquarters. Fidelity has been mining bitcoin since 2014, and over the years the firm has increased its stake in this growing industry. On June 10, a…

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Chainlink Token Price Surges, Briefly Breaks Into the Top Ten by Market Cap

The price of Link, the native token of the Chainlink network, soared in 48 hours gaining some 40% in that period. This rally saw the token briefly breaking into the crypto market capitalization top ten. At the time of writing, the token LINK had a market capitalization of nearly $2.6 billion easily beating EOS whose capitalization stood at $2.4 billion. The token, which had its listing in September 2017, started trading at just under $0.20. It currently trades at just above $7.3 and this represents a more than 4700% return…

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Bitcoin Difficulty Touches All-Time High, 120 Exahash of Hashpower Remains Strong

The network difficulty for the Bitcoin network spiked over 9.8% on Monday bringing the difficulty to its highest point ever. The record high of 17.35 trillion makes it much harder for bitcoin miners to profit. However, the overall Bitcoin network hashrate has remained consistently above the 120 exahash per second (EH/s) zone. On July 13, 2020, the Bitcoin (BTC) network saw it’s largest difficulty metric ever, as it touched the 17.35 trillion mark on Monday. Basically, difficulty is the value used to measure how difficult it is to find a…

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Deposition of Craig Wright’s Wife Shows Little Understanding of Bitcoin Private Keys

According to a court filing on June 30, the Kleiman v. Wright case has postponed the jury trial until October 13 in the Miami Division courthouse. Meanwhile, a deposition stemming from Craig Wright’s wife, Ramona Watts, shows that she has little understanding of how Bitcoin works after being married to the self-proclaimed ‘cryptocurrency inventor’ for years. The Deposition of Craig Wright’s Wife — Ramona Watts Just recently, news.Bitcoin.com reported on the Gavin Andresen deposition in the infamous Kleiman v. Wright billion-dollar lawsuit. Ira Kleiman, the brother of the now-deceased Dave…

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Covid-19 Forces Indians to Embrace Digital Payments but Country Still Lacks Crypto Regulation

The global pandemic Covid-19 is forcing Indians to resort to digital payment platforms when settling bills as well as paying for groceries. Before the Covid-19 outbreak, Indian citizens largely ignored a 2016 government decree that attempted to achieve the same, reports The Economic Times of India. The news site reports that the value of transactions on the Unified Payments Interface, a platform created by India’s largest banks in 2016, reached an all-time high in June. As the country’s infection rate and deaths associated with Covid-19 grew, Indians began switching to…

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Crypto Exchange Cashaa Loses 336 Bitcoin Worth $3 Million to Hackers

Cryptocurrency exchange Cashaa says it has lost 336 bitcoin (worth around $3.1 million) to hackers. The London-based platform has now ceased all crypto-related transactions, including withdrawals and deposits, as investigations into the breach get underway. In a tweet on July 11, Cashaa claimed that the hacker attacked one of its Blockchain.com wallets, which is used to store bitcoin (BTC) and make transfers from the exchange. The attacker is believed to have implanted malware into one of the exchange’s computers. And as an employee accessed the machine the afternoon of July…

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Japanese Listed Company Globalway Plans to Build Sharing Economy Protocol and Launch IEO

TimeCoinProtocol is a new project developed by TimeTicket leveraging blockchain technology to create a decentralized sharing economy platform. The solution is powered by the TimeCoin token (TMCN), an EOS-based native token used both for payments in decentralized apps built upon the protocol and for the allocation of rewards for platform supporters. TimeTicket’s parent company is Japanese tech group Globalway Inc, which has over 50 million users and is listed on the Tokyo Stock Exchange. Starting Point – TimeTicket, a Service With 250,000 Users TimeCoinProtocol will allow for users of sharing…

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