‘Bitcoin cash’ surges 40% in single day as investors bet on its faster processing speeds

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  • The bitcoin offshoot, bitcoin cash, soared Friday after indications the alternative digital currency could achieve its goal of speeding up transactions.
  • Bitcoin cash rose 40 percent from Thursday’s close of $460.53 to briefly hit $655 Friday afternoon, according to CoinMarketCap.
  • On Wednesday morning, bitcoin cash “miners” successfully demonstrated that the digital currency could support an eight megabyte block, versus the original bitcoin’s one megabyte.
  • The eight megabyte block “has proven that bitcoin cash is working,” said Charlie Hayter, CEO of digital currency information website CryptoCompare.
  • With Friday’s gains, bitcoin cash ranked third by market value at around $10 billion, according to CoinMarketCap.

The bitcoin offshoot, bitcoin cash, soared Friday after indications it could achieve its goal of speeding up transactions.
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‘Bitcoin cash’ surges 40% in single day as investors bet on its faster processing speeds

  • The bitcoin offshoot, bitcoin cash, soared Friday after indications the alternative digital currency could achieve its goal of speeding up transactions.
  • Bitcoin cash rose 40 percent from Thursday’s close of $460.53 to briefly hit $655 Friday afternoon, according to CoinMarketCap.
  • On Wednesday morning, bitcoin cash “miners” successfully demonstrated that the digital currency could support an eight megabyte block, versus the original bitcoin’s one megabyte.
  • The eight megabyte block “has proven that bitcoin cash is working,” said Charlie Hayter, CEO of digital currency information website CryptoCompare.
  • With Friday’s gains, bitcoin cash ranked third by market value at around $10 billion, according to CoinMarketCap.

The bitcoin offshoot, bitcoin cash, soared Friday after indications it could achieve its goal of speeding up transactions.
Continue reading “‘Bitcoin cash’ surges 40% in single day as investors bet on its faster processing speeds”

IRS says Bitcoin is taxable property, not a currency

  • On Tuesday, the IRS notice said payments worth at least $600 and made with bitcoins will be taxed the same way the agency treats property transactions.
  • “A payment made using virtual currency is subject to information reporting to the same extent as any other payment made in property,” the IRS said.
  • The IRS admits Bitcoin and other electronic tokens sure function like a real currency.
  • The IRS’ notice serves as one of the first attempts by the U.S. government to regulate the digital money.
  • The IRS notice says bitcoins must be valued at their “fair market value” at the time you acquire it.

The IRS says it can tax Bitcoin, describing it as a property — not a currency.
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Bitcoin hater Schiff now selling gold for bitcoins

  • Peter Schiff is a famous gold proponent and investor, and more recently he has become known for his hatred of bitcoin.
  • That is why it may seem odd that Schiff’s Euro Pacific Precious Metals has announced that it is pairing with bitcoin payment processor BitPay in order to allow investors to buy gold and silver through Euro Pacific by using the digital currency.
  • In a November 2013 appearance on CNBC’s “Futures Now,” Schiff, chairman of Euro Pacific, declared that bitcoin was in a bubble that resembles “modern-day tulip mania.”
  • On Wednesday, BitPay announced that it was partnering with Euro Pacific in an arrangement that will allow customers to spend bitcoin in exchange for precious metals.
  • I still think that there is a bubble in bitcoin, and I don’t think that we’ve seen the lows yet,” Schiff said on Thursday’s Futures Now.

Peter Schiff has said bitcoin is “a bubble” and won’t become “a source of commerce for the world.” So why is he now accepting the digital currency?
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GOLDMAN SACHS: Bitcoin is going to test $3,000 and could get as high as $3,700

  • Bitcoin has held strong support and has its sights set on a test of the $3,000 level, according to Goldman Sachs.
  • The $1,856 to $1,790 area “has the potential to act as strong support,” Jafari wrote.
  • Jafari’s latest note comes two weeks after she predicted the cryptocurrency was setting up for a big drop.
  • Bitcoin has gained more than 20% from its July 17 low, and currently trades near $2,285.
  • As to how far bitcoin can go from here, Jafari expects another run at record highs.

Bitcoin has held strong support and has its sights set on a test of the $3,000 level, according…
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The bitcoin bump has turned into a beating – VICE News

The Bitcoin bump has turned into a beating

  • Bitcoin and ether — both tech-based alternative currencies — essentially crashed over the weekend before rebounding sharply on Monday, racking up the kind of gains in one day that normally take six months or a year in the stock market.
  • After a brief moratorium on withdrawals, three of the China’s popular bitcoin exchanges in early June, just before the crypto markets’ peak.
  • The global bitcoin market is also facing uncertainty over at the end of the month that would affect the transaction ledger, or blockchain, attached to each coin.
  • Both, however, are trading well below their June highs; ether is down almost 30 percent, and bitcoin, almost 60 percent.
  • Despite the recent downward trend, the price of bitcoin has still nearly tripled over the last 12 months, while ether is up more than 10 times its price a year ago.

Two of the most popular cryptocurrencies have a bit of a hangover after a wild weekend they’re only now starting to recover from.
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Bitcoin plummets below $1,500

#bitcoin plummets below $1,500 #hatersgonnahate

  • The cryptocurrency rallied 9% to an all-time high above $1,652 a coin on Thursday morning, but has given up virtually all of those gains over the past hour.
  • Bitcoin now trades up 1.5% at $1,537.41 a coin.
  • Bitcoin’s volatility comes as traders continue to wait on the US Securities and Exchange Comission’s ruling on whether or not it will reverse its decision to the reject the Winklevoss ETF.
  • Back in March, the SEC rejected the plans for two bitcoin ETFs, saying it “is disapproving this proposed rule change because it does not find the proposal to be consistent with Section 6(b)(5) of the Exchange Act, which requires, among other things, that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices and to protect investors and the public interest.”
  • Bitcoin has overcome China restricting trade, the SEC’s rejecting of two bitcoin ETFs, and threats from developers of creating a “hard fork” that would split the cryptocurrency in two to post a 61% gain so far in 2017.

The wild swings in bitcoin continue. The cryptocurrency rallied 9% to an all-time high above…
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