Over 2,000 vending machines in Australia and New Zealand now accept Bitcoin

By Ponvang Bulus – June 9, 2020

Over 2,000 vending machines in Australia and New Zealand now accept Bitcoin for Coca-Cola products, according to reports. This is made possible through a partnership between Coca-Cola’s largest bottling and distribution company in the region, Coca-Cola Amatil, and crypto payments startup Centrapay.

Those who intend to pay with Bitcoin and other cryptocurrencies only have to use their mobile phone-installed sylo smart wallet, a next-generation app that combines a private messenger with a digital wallet, to scan QR codes at supported vending machines across the two countries.

This doesn’t only make payments easier but also reduces the need for unnecessary contact during payment as users only have to touch the machine once.

Centrapay CEO Jerome Faury says this is in a bid to simplify the use of cryptocurrency for buying and selling of products. The firm according to Faury has worked hard to improve user experience for cryptocurrency users as well as simplified the integration process for mainstream businesses trying to integrate crypto payments. 

“Integration complexity and poor user experiences are barriers to adoption of Web 3 technology, such as digital identity and assets. We have solved both these issues. Centrapay is pioneering the way to enable this new internet of value and bring its benefits to both consumers and merchants,” he said.

In addition, Centrapay wants to give its users control over their finances and digital identity in the growing digital world where privacy is an issue.

“…we’re working to create a future where individuals are in control of their own data and digital identity. Brands can connect directly and ethically with people, empowering them to make the right purchasing decision, whilst also supporting their retail and other distribution partners.”

Going forward, the company plans to launch its services globally, first with a launch of “some world-first innovations,” in the United States. This could contribute significantly to driving cryptocurrency adoption and reducing the spread of the coronavirus which is currently a global public health emergency.

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Ponvang Bulus and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

Bitcoin Derivatives Exchanges to Have a Separate Page on Coinmarketcap

John P. Njui   •   BITCOIN (BTC) NEWS   CRYPTOCURRENCY   •   JUNE 9, 2020   •   2 Min read

In brief:

• Early this month, Coinmarketcap changed the algorithm used to rank crypto exchanges.
• The changes saw Bitmex, ByBit, and Deribit ranked 175th, 177th, and 179th respectively.
• The team at Coinmarketcap has explained that a separate page for derivative platforms will be added soon.

There is no doubt that the rate at which changes occur in the crypto-verse is exciting. Sometimes it becomes difficult to keep up with all the transformations with respect to crypto projects as can be seen in the recent changes in the ranking system of crypto exchanges on Coinmarketcap.com. At the time of writing this, the popular Bitcoin derivatives platforms of BitMex, ByBit, and Deribit are ranked 175th, 177th, and 179th respectively.

Screenshot courtesy of Coinmarketcap.com (Click on image for larger view)

Crypto Twitter and Crypto Exchanges React to the New Coinmarketcap Rankings

The current rankings of BitMex, ByBit and Deribit have caused a stir in the crypto community with many traders wondering what is going on. Evidence of this can be seen in the following tweet by @CosmonautC.

A Separate Page for Derivatives Platforms is in the Pipeline on Coinmarketcap

As shocking as the rankings of BitMex, ByBit and Deribit might be, the team at Coinmarketcap has explained that it is the first phase of changes being implemented in the exchange ranking algorithm on the platform.

In a June 8th update to the crypto community, the team at Coinmarketcap explained that the current exchange rankings apply to spot market pairs and a separate page will be added for derivative exchanges.

Please be reminded that the exchange ranking algorithm change below applies for spot market pairs and exchanges only. A separate page for derivative exchanges will be available in the near future.

Conclusion

In conclusion, the team at Coinmarketcap has clarified that the current exchange rankings are as a result of an initial phase of changes in the algorithm used to grade crypto exchange platforms. At the time of writing this, the algorithm is set for spot market pairs thus the discrepancies when it comes to ranking BitMex, ByBit, and Deribit. Although initially confusing to the crypto community, the changes will eventually include a separate page for derivatives exchanges and providing more accurate data with respect to BitMex, ByBit, and Deribit.

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of EWN or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

Cyber-attack Ransom Requested Skyrocket 200% In 2019

By RTTNews Staff Writer | Published: 6/8/2020 10:24 AM ET

Average ransom payments requested in cyber-attacks skyrocketed about 200 percent in 2019 compared to 2018, averaging $115,123 in 2019, according to a "2020 Incident Response & Data Breach Report" by security advisory firm Crypsis Group.

This is due in part to the shift toward attackers' use of enterprise-targeted ransomware families and careful selection of victims capable of paying higher sums, as well as the maturing tactics.

The rise of bitcoin and other cryptocurrencies also gave threat actors an efficient and anonymous method to extract ransom from victims while hiding their trail.

In 2019, Crypsis particularly observed Ryuk and Sodinokibi variants driving average ransom payments significantly higher. Earlier variants like Dharma and LockCrypt resulted in much lower ransom demands in 2017 and 2018.

Compared to other industry sectors, cyber attackers mostly targeted healthcare-related (16%) and financial services (14%) organizations as they store, transmit, and process high volumes of monetizable sensitive information and disproportionately attract threat actors.

Ransomware attacks and business email compromise (BEC) continue to be among the most pervasive and impactful cyber threats to organizations in terms of business disruption and monetary loss.

Since 2018, threat actors have evolved from deploying mass-distributed phishing campaigns with lower ransom demands to highly targeted, well-researched attacks on larger enterprises with deeper pockets.

The report states that these new methods represent a tactical shift in response to stronger enterprise security defenses and an associated reduction in organizations' willingness to pay.

Ransomware monetary demand amounts are trending up. The healthcare sector was the most affected with 22 percent share and manufacturing sector coming in second with a 13 percent share.

The incidents have included the deletion or disablement of backups, as well as the threat of releasing sensitive data publicly. The Maze ransomware is leading the way in extortionate tactics, but others are getting into the game.

According to a prediction by Cybersecurity Ventures, global ransomware damages are forecasted to reach $20 billion by 2021, copared to the estimated $325 million in damages in 2015.

Meanwhile, BEC attacks primarily leverage phishing, preying on the vulnerabilities of humans, to harvest cloud-based email passwords with the intent of committing wire fraud. Again, the financial services and healthcare sector organizations were the hardest hit, due to their high volume of financial transactions and reliance on email to conduct them.

Nearly one third of overall incidents in 2019 were BEC attacks. In nearly all cases, the motive of the attack was wire fraud, with an average theft of wired funds per incident of $264,117 in 2019.

Further, insider threats were the dark horse cyber risk of 2019 and are seen to silently grab sensitive data. These threats are often overlooked and deserve more focused attention as insider threat investigations rose approximately 70 percent year-over-year. 57 percent of these attacks were waged by departing employees looking to advance their careers.

The report observes that the IT security function within organizations focuses more time and resources on external threats than on internal ones, leaving sensitive data exposed to those who have authorized access and malicious intent.

As long as there are ways to profit from cybercrime, threat actors will continue to find new methods to exploit vulnerable systems and processes.

Recent attacks on healthcare institutions and supporting organizations during the worldwide coronavirus pandemic serve as a stark reminder that these attacks, while waged from a keyboard, are crimes and the threat actors remorseless.

The report analyzed data and leverage insights from over 1,000 investigations The Crypsis Group conducted in 2019. These range from ransomware, BEC, payment card breaches, and nation state attacks, to inadvertent data disclosure incidents and insider threat investigations.

For comments and feedback contact: editorial@rttnews.com

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Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe

Bitcoin Readies For $9,900 Test, Altcoins Trend Turns Bullish

By John Kiguru – June 8, 2020

Bitcoin adherents are closely watching the fast approaching $9,900 resistance. A break above this early in the week could mean a test of local highs by its end. A move to this level comes just after a retest of the $9,300 support at the end of the weekend. This was a positive sign that the bulls have prices largely under control.

The new week has begun slow but with its key resistance approaching, it is bound to see some price action. Notably, if $9,900 fails and Bitcoin continues to trade in the current range, attention will shift to altcoins.

While Bitcoin continues to trade in the mid 9K range, investors simply play with altcoins. And among the current favorites are Cardano, Etheruem, and Tron, while others like Tezos, Chainlink, and Crypto.com coin continue to impress despite low adoption.

For Cardano and Ethereum, their case has been clear, the launch of Shelley Mainnet and Ethereum 2.0 respectively has propelled the two coins. Now joining in the race is Tron.

Tron CEO Justin Sun announced a couple of hours ago that Tron 4.0 will be ready in about a month. This has since seen the digital asset rally by more than 5% and climb one better in the ranking charts to get above Monero. The Tron upgrade is set to improve key aspects such as security and privacy.

So while the altseason is far from being a reality, investors are not shying away from altcoins. But their eyes seem to be dead set on Bitcoin which could be unhesitant to witness a massive post halving rally.

Miners Ready For A Super Rally

Last week, some new data showed that miners have begun HODLing. Now it seems this isn’t all, it has been revealed that miners have upped their intensity, with now mining taking 8 minutes to discover new blocks, two minutes better than the normal 10 minutes. So despite not selling the Bitcoin rewards and choosing to store, they are mining more than ever.

If Bitcoin gets back above $10,000 again, there is a sense that miners will be key in keeping prices above this level in the long term.

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by John Kiguru and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

Bitcoin To Soar As High As $28,000 This Year: Bloomberg

By Joji Xavier | Published: 6/5/2020 11:42 AM ET

Bitcoin price could more than double this year to breach its record, and increase as high as $28,000, according to Bloomberg.

Its June Crypto Outlook report cites a slew of factors such as quantitative easing, the coronavirus pandemic, the falling stock market and crude oil as the reason for the meteoric rise.

The report says "something has to really go wrong for bitcoin not to appreciate in value."

"Covid-19 is hastening the shift away from paper money and stimulating plenty of quantitative easing, which is helping independent stores-of- value such as gold and bitcoin," according to the report.

In the opinion of the financial news outlet, 2020 is about increasingly favorable technical and fundamental underpinnings for Bitcoin, and less so for the broader crypto market.

"Last year, the high was about $14,000, which would translate into almost double in 2020 if rotating within the recent band, and mean little in the big picture," the report says.

The same forces buoying gold support Bitcoin, it added.

Bloomberg cites a possible repeat of 2016, when Bitcoin returned to its previous peak. "Bitcoin will approach the record high of about $20,000 this year, in our view, if it follows 2016's trend".

Although this year's market trend did not give an indication of such lofty increase in price, Bitcoin value doubled from $4944 in March to 9809 in June. the world's largest cryptocurrency by market capitalization is currently trading at $9675.

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Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe

Your Crypto Taxes Can Be Donated to Charity Instead

Cryptocurrency has become one of the easiest ways to donate to charity without the funds being funneled to third parties.

Image courtesy of CoinTelegraph

            JUNE 05, 2020

The crypto community is incredibly financially literate and savvy. Despite everyone calling for crypto adoption and more merchants to accept crypto as payment, most people want to accumulate more crypto, not spend it. Holders think it will be worth more in the future, so why spend it now?

Spending Bitcoin (BTC) at Starbucks for a cup of coffee is a huge pain in the side. Although the transaction itself might be relatively painless with the help of a mobile app, the accounting and tax implications can be frightening if you’re transacting on a regular basis. This is because the United States Internal Revenue Service classifies cryptocurrency as property, meaning that if it appreciates, you owe capital gains on the appreciated amount at the time you spend it. No one wants to figure out their tax liability on a $2 cup of coffee.

So when does it actually make sense to use crypto? The one time it actually benefits you financially might surprise you: donations. Hear me out. Those same tax laws that make it a pain to use crypto to buy coffee also make it an incredibly tax-efficient way to donate to your favorite charity. Not only are you doing good, but you’re lowering your taxes and saving money in the process. Sure, sounds too good to be true.

How to donate with crypto

When you donate crypto, everybody wins — except the IRS. That’s because when you donate crypto directly to a nonprofit, it is not a taxable event, meaning you do not pay capital gains tax and can deduct it on your taxes to offset other gains or income. The nonprofit doesn’t pay tax on their end either, meaning you’re also able to donate 20%+ more than if you sold it first and then donated in fiat.

Below is an example of donating $250,000 in Bitcoin that was purchased for $10,000.

The best part yet? Not only can you lower your taxes, but you can make sure you keep the same amount of crypto in your portfolio. How? If you already donate using a credit card or other method, there is an opportunity for tax arbitrage. Replace the way you typically donate with crypto and you’ll actually be able to donate and deduct 20%+ more, then repurchase that same amount of crypto afterwards.

Boom. Donated more, saved more, and kept the same crypto balance.

Do many nonprofits accept crypto donations?

Yes, more and more are getting onboard. Another added benefit of donating crypto is that it encourages more nonprofits to accept crypto, boosting adoption in the process.

Go ahead and Google “donate Bitcoin” or “donate crypto” to find a crypto-friendly nonprofit. You might be surprised by how many you find and how easy it is. Here are a few examples of nonprofits accepting crypto that you probably recognize:

• Save the Children
• No Kid Hungry
• Rainforest Foundation
• Pencils of Promise
• WaterAid
• The Water Project
• International Medical Corps

There are hundreds out there. The above ones even allow anonymous donations and can even automatically email you a tax receipt (you can use a private email like Protonmail).

So the next time your crypto moons, would you rather donate $57,120 to the IRS or to your favorite cause? The choice is yours.

The information provided here is for informational purposes only and should not be considered professional tax advice. If you have tax questions, contact a qualified tax professional.

The views, thoughts and opinions expressed here are the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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Original article posted on the CoinTelegraph.com site, by Alex Wilson.

Article re-posted on Markethive by Jeffrey Sloe

Nearly $1.4 Billion have been lost to crimes involving cryptocurrency in 2020, Analytics Firm Reveals

By Nick James – June 2, 2020

It’s true that the crypto space is awash with criminal masterminds looking to make a buck off the back of unsuspecting victims. Every year, multiple incidents are reported where fraudsters, hackers, and other thieves make away with huge crypto stashes. According to a new report released by renowned blockchain analytics firm, CipherTrace, the first 5 months of 2020 alone have seen the crypto market lose around $1.4 billion to criminals.

Although $1.4 billion is a huge figure to lose to malicious characters, the good news is that 2020 isn’t as bad as 2019. Upwards of $4.5 billion worth of cryptos were stolen in 2019. Still, 2020 looks to be on track to surpass the $1.7 billion lost in 2017. That will make 2020 the year with second-most funds stolen.

“A Classic Pyramid Scheme”

According to the information uncovered by CipherTrace, the major factor contributing to the $1.4 billion stolen this year can be traced to a single entity: Wotoken. Until a few months ago, Wotoken operated a sophisticated crypto-based pyramid scheme that attracted close to a million users. And then it just collapsed.

John Jefferies, the chief financial analyst at the analytics firm, described Wotoken as “a classic pyramid scheme.” Still, the cryptos stolen from the users are moving around – 292,000 LTC, 684,000 EOS, 2.04 million ETH, 56,000 BCH, and 46,000 BTC.

Point To Note

However, it’s worth noting that the bulk of the funds stolen is due to fraud as opposed to hacking. That means crypto exchanges and people are now more cautious and hackers are finding it harder to steal.

In fact, hacking accounts for just around 2% of the reported funds stolen in 2020 – as detailed by CipherTrace.

Criminals Are Getting Smarter

On the other hand, criminals who have acquired cryptos from dubious means seem to be getting smarter in how to hide the trail.

CipherTrace analyzed the cryptos sent from dark web wallets and noted that a majority of them are first transferred to an interim wallet or location before being spent on the regular network to obscure their original source.

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Nick James and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe