Bitcoin 

Bitcoin’s Block Size May Already Be ‘Too Big’

The chief strategy officer at Bitcoin (BTC) technology firm Blockstream has said that the current block size capacity may not even be needed in the future. Speaking in an interview with industry news outlet Decrypt on Oct. 6, Samson Mow stated that as off-chain scaling solutions such as the Lightning Network (LN) progress, Bitcoin will need less on-chain capacity. Current block size is suitable According to Mow, Bitcoin now has the equivalent of 4-megabyte blocks if transactions which use Segregated Witness technology are included. The future will show, however, “that…

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Bitcoin 

Galaxy Digital and XBTO Execute First Block Trade of Bakkt Bitcoin Futures

Intercontinental Exchange (ICE), the governing body behind the New York Stock Exchange, has executed the first block trade of Bakkt Bitcoin (BTC) futures contracts. ICE revealed the development in an Oct. 4 press release, specifying that the first Bakkt Bitcoin Futures block trade was executed between digital assets merchant bank Galaxy Digital and crypto investment firm XBTO on Oct. 1. The deal was cleared by agricultural commodities merchant ED&F Man. Following the block trade execution, XBTO stated: “Last week, we bought the first Bakkt Bitcoin Daily Futures contract and took…

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Blockchain 

H&R Block Offers Solutions for Taxpayers With Crypto Transactions

U.S.-based accounting firm H&R Block has begun serving as an intermediary between crypto users and the Internal Revenue Service (IRS) after the agency began sending letters to crypto traders who may have failed to report income and pay taxes. According to a Sept. 24 press release, H&R Block rolled out a new service targeting people with digital currency transactions, specifically providing consultations on how to properly file their cryptocurrency gains and losses on tax returns and interacting on the issue between cryptocurrency traders and taxing authorities. The IRS expands efforts…

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Bitcoin 

Bitcoin Cash Learns Block Size Economics, Ver Says BCH Not Restricted

Those who have followed the Bitcoin saga from the very beginning know that it’s a mistake in 2019 to only pay attention to the so-called “grandfather cryptocurrency,” as that would mean ignoring Bitcoin’s many relatives (and competitors) that share the same DNA. Bitcoin Cash (BCH), when it comes down to brass tacks, is similar to Bitcoin in most ways, but with one large distinction — it’s bigger block size of 32 megabytes. This is a result of BCH innovator Roger Ver’s idea that scaling should be possible on-chain, without third-party accelerators like the…

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Bitcoin 

US Gov’t Lawsuit to Block Book Is ‘Good for Bitcoin’

Whistleblower Edward Snowden has hinted he might place his wealth in Bitcoin (BTC) to avoid the United States government confiscating the funds. Snowden: Lawsuit is “good for Bitcoin” In a tweet on Sept. 17, Snowden, who lives in asylum in Russia, continued his response to news Washington is suing him over the content of his new book, “Permanent Record.” “In conclusion this is good for Bitcoin,” he wrote.  The episode continues a debacle about the publication, with the U.S. Justice Department (DOJ) complaining Snowden did not submit a draft of…

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Cryptocurrency 

France Pushes to Block Development of Libra in Europe

France’s Minister of the Economy and Finance has said the country will block the development of Libra in Europe as it threatens “monetary sovereignty.” Bruno Le Maire stated that he had serious concerns about the disruption the planned Facebook-led cryptocurrency could have on governments’ economic power at a meeting of the Organisation for Economic Co-operation and Development in Paris. “This eventual privatization of money contains risks of abuse of dominant position, risks to sovereignty and risks for consumers and for companies,” said Le Maire on the subject of Libra. Libra would be decentralized like…

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Bitcoin 

‘Never Use BitPay’ — Hong Kong Free Press Slams Bitcoin Donation Block

Cryptocurrency payment processor BitPay faces another publicity nightmare amid claims it blocked donations to Hong Kong for several weeks. According to a complaint on social media by Tom Grundy on Sept. 11, founder of crowdfunded media outlet Hong Kong Free Press (HKFP), BitPay suddenly began failing to pass on funds from donors.  Press CEO: “Never use BitPay” HKFP has accepted Bitcoin (BTC) support since 2015. Since that time, BitPay has processed payments worth just under 15,000 HKD ($1,900). For the past three weeks, however, the company has blocked access, Grundy…

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Bitcoin 

Deribit and Paradigm Launch Crypto Derivatives Block Trading

Dutch crypto derivatives exchange Deribit launched a block trading solution in partnership with American trading communication platform Paradigm. World’s first block trading tool for crypto derivatives The institutional block trading solution is reportedly the first one of its kind offered by a crypto-derivatives exchange, the firms said in a press release shared with Cointelegraph on Aug. 22. The new block trading solution intends to enable institutions to directly negotiate crypto-derivative trades via chat on Paradigm, while agreed information is automatically directed to Deribit for execution and clearing.  What are block…

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Bitcoin 

Bitcoin SV Splits Into Three Chains Following 210 MB Block

Following a recent hard fork of Bitcoin SV (BSV), the network saw a three-chain split after a massive 210 megabytes (MB) block was mined. As reported by BitMEX Research on Aug. 3, Bitcoin SV nodes divided into three groups on Saturday, making the network to split into three separate chains. According to the report, 65% of nodes were located on the current tip, while 17% were stuck on the 210 MB  block and 19% had not even upgraded and were on the old pre-hard fork chain. Bitcoin SV node chart.…

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Bitcoin 

Bitcoin Block Size, Explained | Cointelegraph

3. Over the years, Bitcoin has seen numerous proposals advocating that an increase is needed in order to reduce fees, process more transactions per second and allow Bitcoin to scale to compete with mainstream payments technologies.   On May 4, 2015, Gavin Andresen published an article titled “Why increasing the max block size is urgent,” further escalating the perceived gravity of the block size debate, despite the average BTC block then being only 30-40% full. Andresen warned: “If the number of transactions waiting gets large enough, the end result will be…

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