Inshorts

Russia starts treating Bitcoin as digital commodity. According to Interfax, Russia Central Bank Representative Olga Skorobogatova called for recognizing digital currencies and bitcoin in particular as a taxable commodity and thus applying corresponding regulatory standards. She claims bitcoin can lead to instability in financial markets if not controlled from the point of view of supply or backed by gold. 

New bitcoin and ethereum powerhouse in terms of trading volumes, liquidity and activity. South Korean three largest digital currency exchanges Bithumb, Korbit and Coinone have added support for Ethereum. According to Cointelegraph, in short period of time South Korea has become the largest Ethereum exchange market with a three hundred thirty five million dollars daily trading volume and thirty eight percent market share. South Korea has also become one of the largest Bitcoin exchange markets in the world.

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Blockchain will serve for US Defence Research Agency. As claimed by recently published press release, agreement on creating a corporate blockchain-based chatting platform was signed between military researchers’ administration and Indiana Technology and Manufacturing Companies (ITAMCO). The conglomerate won the contract and now is developing a non-hackable secure messaging and transmission platform. It will use blockchain to ensure a totally secure data transaction between agency officers. In practice, such platforms can be used for communication between intelligence officers or Pentagone.

The list of millionaire cryptocurrencies has grown. To date there are seven different currencies with a market capitalization over 1 billion dollars. It is possible that at least one more will be added before the end of May. Over the past few weeks, the cryptocurrency market has seen substantial growth. For the longest time, only Bitcoin seemed capable of achieving such a feat. Now other currencies such as Ethereum and Litecoin, as well as Ripple, New Economy Movement (NEM) and Dash have joined. 

Disclaimer. These videos are brought to you by CoinIdol.com in partnership with Koles Coin News Channel. This information is provided by a third-party source and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds in any company. 

The government of India wants citizens to express their views of digital currencies. They can do it on the government portal till May 31, 2017. The government of India wants to know from people if virtual currencies are to be regulated, what measures should be taken to ensure consumer protection and what measures should be taken to promote ‘orderly’ development of such currencies. The government is also asking the question which institutions should be involved in the monitoring and regulating of digital currencies.

Number of unconfirmed Bitcoin transactions keeps increasing, a lot of users are left frustrated. Blockchain Consultant, Timothy Suggs notes the possible reasons for the increased delays are exponential growth and acceptance of the platform and political reason. By political it means that, there are actors in the system sending thousands of transactions to themselves in order to add leverage to the block size debate. Suggs notes that to speed up their transaction time users can increase their fee or engage in what can be referred to as a round trip. For example, if you are using an exchange like Poloniex or Bittrex, simply trade your Bitcoin for an asset like Expanse and send it to your destination.

Disclaimer. These videos are brought to you by CoinIdol.com in partnership with Koles Coin News Channel. This information is provided by a third-party source and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds in any company. 

Bitcoin industry key figures signed an agreement on bitcoin network scaling solution. The developers from Bitcoin Core and Bitcoin Unlimited, including Jihan Wu from Bitmain Technologies announced the activation of the Segregated Witness protocol after reaching an 80 percent support level of the mining power. Bitcoin also expects hardfork with an increase of the blocksize to 2 MB within six months, which will speed up the transactions processing.

Developing countries are turning to blockchain technology with greater benefit than developed markets. A report on the popular business journal, Harvard Business Review gives an example of the telecom sector in Kenya and South Africa, where the countries directly implemented 3G networks, skipping the older copper cables and optic fiber. The signs of leapfrogging to cryptocurrencies are already visible on the African continent where platforms like BitPesa are enabling the population to send and receive money. Another example is the use of Aadhar biometric identity system in India. Experience is showing that the developing nations and markets are going to benefit the most out of it. 

Last Friday hospitals in the UK were hit by a large ransomware attack that officials are calling WannaCrypt. According to futurehealthcaretoday.com, attack was one of the world’s largest coordinated cyberattacks. Because of the attacks, patients were turned away, surgeries had to be postponed, and ambulances were rerouted. Damage from the attack could have been much worse if it wasn’t stopped sooner. Blockchain protects users without needing to upgrade your system. Taking blockchain as a standard may be part of the answer to preventing this type of attack in the future.

Disclaimer. These videos are brought to you by CoinIdol.com in partnership with Koles Coin News Channel. This information is provided by a third-party source and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds in any company.