Use Bitcoin BCH to buy automotive parts at Newparts

Newparts, an online automotive parts store, has extended its payment platform to accept cryptocurrency payments. On October 8, the company announced that it has started supporting Bitcoin Cash (BCH) payments as part of its bid to open its store “to customers around the world.”

Dano Ramovich, CEO of Newparts, accepting cryptocurrencies will help expand their operation to international markets. To enable crypto payments, the company has partnered up with e-commerce platform Shopping Cart Elite.

With the new payment system, Newparts hopes to have faster and affordable transactions, which, in turn, will attract new clients to its operations. Newparts has joined a list of many companies who have opened up their payment systems to allow cryptocurrency payments, especially Bitcoin BCH. Other cryptos accepted on the platform include BTC, BTC Gold, XRP, ETH, LTC and Zcoin.

Allowing crypto payments will also help Newparts customers save money. According to the auto parts retailer, customers will now pay small fees from each transaction, making it cheaper to buy any auto parts they need. Cryptocurrency holders around the globe now have an opportunity to access a wide range of auto parts.

In the last five years, cryptocurrencies have become the alternative money to make any transaction. People prefer using cryptocurrencies like Bitcoin BCH due to their cost-effectiveness, security, accessibility, and decentralized nature.

Bitcoin cash, in particular, has been enjoying an increase in popularity and adoption since it was created—essentially a rebirth of Bitcoin on the original chain—in 2017. Many companies have added support for payments in Bitcoin Cash compared to other cryptocurrencies. This is because the cryptocurrency offers reliable, faster and cheap transactions compared to traditional means of sending money. Data available on Coinline, a Bitcoin Cash merchant directory, showed that there are more than 210 points throughout the world are accepting Bitcoin BCH payments, with Australia having the highest concentration of merchants accepting bitcoin cash in the world.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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UAE may soon allow companies to raise funds via ICOs

A new set of rules will soon allow domestic companies in the United Arab Emirates (UAE) to raise funds via initial coin offerings (ICOs).

On Monday, Reuters quoted Obaid Saif al-Zaabi, head of the Emirates Securities and Commodities Authority (ESCA), saying that the board “has approved considering ICOs as securities.” If all goes to plan, a legal framework regulating ICO activities in UAE will be introduced in 2019.

Under the proposed legal framework, companies in the country will be allowed to use ICOs as an alternative to traditional fundraising methods. Currently, firms are using initial public offering (IPOs), which involve selling shares in the company to the public.

The first draft of these new rules is already being set up. According to al-Zaabi, the security watchdog is also working with stock trading platforms in Abu Dhabi and Dubai to prepare them for the new digital transactions.

Lack of IPO activities in the past years has forced authorities in UAE to allow companies to raise their funds using ICOs. Low oil prices and unimpressive equities markets have been cited as the cause of the lack of IPO activities in UAE and its surrounding countries. In addition to new ICOs laws, the state is also planning to create rules that will help raise IPOs. The new IPO laws will encourage family owners to sell up to a 100% share of their firms.

If and when the new ICO regulations come into law, UAE will be among the few countries in the world to have brought in the regulatory framework for the cryptocurrency and blockchain sector. It joins Malta, which recently passed several bills providing a legal basis for blockchain, cryptocurrencies, and ICOs.

Other countries are also hard at work in regulating ICO activities. In September, the European Parliament agreed to draft a set of regulations that would make ICOs more accessible within the European Union (EU).

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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OTCXN hires Kingdom Trust as custodian

Trading platform OTC Exchange Network (OTCXN) announced its partnership with cryptocurrency custodian Kingdom Trust, in a press release.

Kingdom Trust will “serve as a neutral, third-party custodian of assets for trading entities and exchanges that use OTCXN technology to facilitate clearing and settlement of OTC block trades and cross-exchange trading,” according to the release.

OTCXN noted that the cryptocurrency custodian was the first regulated financial institution to provide custody of cryptocurrencies, of which it holds more than $12 billion.

Rosario Ingargiola, CEO and founder of OTCXN, said, “Kingdom Trust is one of only a few regulated U.S. entities that offers stand-alone custody services in both fiat and cryptocurrencies. They stand out for their integrity, experience, state-of-the-art infrastructure and client asset protection.”

Kingdom Trust CEO Matt Jennings said, “By partnering with OTCXN, Kingdom Trust will be able to offer its clients the best of both worlds, i.e., the ability to ‘trade hot, store cold.’ The OTCXN platform, its networks, and partners will offer the power of rapid liquidity to clients and markets where that has been in short supply.” The partnership, he added, would help eliminate counterparty and settlement risk.

OTCXN explained that “[t]rades on OTCXN execute as an atomic exchange of provable assets on the custodial blockchain ledgers in real-time, for instant clearing and settlement, with underlying assets held at the custodian, and crypto assets remaining in cold or deep storage.”

Among OTCXN’s others planned ventures is the launch of LiquiMatch, designed to allow clients of custodians on the network to access liquidity across OTCXN’s various platforms through a single account.

The company will also be servicing third-party credit and collateral providers, to aid them in the financing of traders’ long and short positions, offering margin loans and coin repurchase agreements, among other financial products.

Kingdom Trust is also partners with insurance market Lloyd’s of London, which provides insurance for cryptocurrencies held by Kingdom Trust in behalf of institutional investors.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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Merchant-friendly GoByte Pay allows fee-less acceptance of BCH payments

Malaysia-based GoByte has launched its GoByte Pay mobile app that allows merchants to accept Bitcoin Cash (BCH) without incurring fees.

The app, available on both the iOS App Store and Google Play for Android, is also designed for customers paying with their digital wallets. It also facilitates transfers between a user’s wallets, and provides an easy-to-view transaction history.

Among security features are Touch ID and Face ID options, in addition to password-protected accounts.

The app also provides synchronized access between desktop and mobile versions; QR code payments; live conversion of various currencies and displaying of one’s current balance in U.S. dollars; a built-in address book; and push notifications.

In an email to CoinGeek, the GoByte team confirmed that Bitcoin BCH is one of the first crypto coins that will be integrated in the payment system.

GoByte CEO Hisyam Nasir said, “GoByte’s mission is to be the leader in making cryptocurrency payments easier for users and merchants around the world, through the GoByte Pay platform.”

Nasir said development was still ongoing, noting, “We are developing a simple, powerful and adaptable platform which includes features that small and large businesses require to accept and process cryptocurrency payments.”

Brad Nickel, Adviser for GoByte, said in a blog post that the company will be implementing additional components, such as multi-currency compatibility, easy to implement shopping cart functions, and improving overall functionality of its apps already out on the market.

Developers of the app are working to improve integration with point-of-sale (POS) terminals, which would support random switching between addresses, audio-visual indication of payments made, and offline functionality.

GoByte has signed an agreement with retail management solutions firm iVend to have GoByte Pay installed in iVend’s POS systems located around the world.

The company also said it plans to issue cryptocurrency debit cards, ATMs, and POS terminals.

Apart from its mobile and desktop payment app, GoByte has a cryptocurrency GBX, said to be “an enhanced version” of Dash, as well as an online wallet.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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Roger Ver planning Bitcoin.com crypto exchange

Early Bitcoin Cash (BCH) user and investor Roger Ver has declared his plan to set up his own cryptocurrency exchange, according to Bloomberg.

The exchange will be available through Bitcoin.com, of which Ver is CEO, “so we’ll have thousands or tens of thousands of new users every single day,” he said. The website already offers his wallet app.

At this stage, Ver is still deciding whether to get a partner to create the exchange with, or to “build one internally.” The advantage of developing the platform on his own, according to him, was “we can do it really, really cheap, and we get exactly what we want.” He admitted, however, that “we don’t have the security of a battle-tested exchange that’s been around for a while.”

Hacks of cryptocurrency exchanges around the world continue to be a problem, resulting sometimes in millions of dollars worth of cryptocurrency being stolen. Just last month, Japanese cryptocurrency exchange Zaif was hacked, resulting in about $60 million stolen. At present, the exchange is not accepting new accounts.

In South Korea last June, two high-profile hacks of exchanges occurred, with about $40 million being lost from Coinrail, and about $30 million from Bithumb.

The problem has been somewhat offset with the introduction of insurance of cryptocurrency assets on exchanges, but this has yet to be commonplace, and many exchanges still need to find a way to be less vulnerable.

Ver said that Bitcoin BCH will be the base currency for the Bitcoin.com exchange. Already, some exchanges already use BCH as a base currency. Coinex launched late last year, and Voltaire.cash launched in September, offering BCH users more direct trades.

Ver, along with Bitcoin.com, has been one of the biggest proponents of BCH, citing its much lower transactions fees and faster transaction times compared to BTC. Bitcoin.com co-founder Emil Oldenburg made news last December when he said that he had sold all his “good as useless” BTC, trading them for BCH.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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Singapore set to receive first fiat-to-crypto exchange

According to the media outlet Financial News, Singapore now has its first fiat-to-cryptocurrency exchange. The platform, EurekaPro, is already accepting beta testers and over 8,000 individuals signed up the first week the testing was offered.

The exchange will make it easier for consumers and businesses to purchase and exchange cryptocurrencies. EurekaPro will support a number of Asian currencies, including the Singapore dollar, the Indonesian rupiah and the Malaysian ringgit, among others.

According to the platform’s CEO, Junus Eu, “Our platform represents a unique proposition for the blockchain space in Southeast Asia, by removing or reducing entry barriers to the crypto market that may otherwise prevent consumers from adopting blockchain technology.”

EurekaPro was founded by Eu in conjunction with Kin-Wai Lau and Douglas Gan. The company began as the Sweden-based Overswitch and has operations in that country, as well as in Singapore and Malaysia.

While cryptocurrency is gaining ground around the world, nowhere is this more evident than in Southeast Asia. It is currently the fastest growing market and is seeing strong adoption, in particular, among the middle class. Out of all the countries in the region, Singapore and Thailand are currently leading the way and have maintained an inviting atmosphere for cryptocurrency.

Last month, Singapore proved its trust in cryptocurrency at the Singapore Consensus conference. The Monetary Authority of Singapore (MAS), which acts as the country’s central bank, indicated that it was ready to accept cryptocurrency. The head of the FinTech Ecosystem division for MAS, Damien Pang, indicated that the bank would not be looking to regulate the technology, but would obviously regulate the purpose.

To assist with its endeavors, the MAS has partnered with the NASDAQ exchange, Deloitte and Anquan in order to create solutions for exchanges and for payment settlement solutions that could incorporate digital currencies and security assets.

Not too far behind, Thailand has been moving quickly to draft regulations for cryptocurrencies. It is also working on developing guidelines to classify different crypto as securities or currencies, depending on their purpose, and has introduces a series of regulations for initial coin offerings (ICO). Since the implementation of the ICO regulations, new offerings have dropped off substantially, a strong indication that only serious players are now willing to participate in the space.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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‘Simple alternative’ to cash now available for CoinText users in Hong Kong, Palestine, Israel

A novel cryptcurrency platform was first brought to light this past February and promised to bring Bitcoin BCH to those who have no access to the Internet. Eight months later, that platform, CoinText, is gaining in popularity and is now rolling out its service to several new areas.

In a press release, CoinText announced that its service is now available to users in Hong Kong, Palestine and Israel. Vin Armani, the company’s founder and lead developer, said, “These are important regions for us to connect because they’re financial centers. And CoinText gives them a simple alternative to physical cash.”

CoinText’s brilliance is in its simplicity. It allows a user to send Bitcoin BCH to anyone using just a mobile phone number or a cryptocurrency wallet. It does not require an Internet connection, instead relying on the global Simple Message System (SMS) text messaging protocol.

If cryptocurrency is sent to someone without a crypto wallet, CoinText automatically creates and configures the wallet as soon as the text message is received. Users of the platform can manage their wallets easily by using commands like BALANCE to check the wallet balance, and RECEIVE and SEND for their respective actions. Each geographic area has its own locally assigned number, giving users the ability to send Bitcoin BCH without incurring hefty charges.

Hong Kong became the first country in Asia to be set up with CoinText. While the default language of the platform is English, the company indicates that it will soon have support for both Chinese and Hebrew.

CoinText can be accessed in the new regions by dialing the following numbers: 85257456744 (Hong Kong); 972526230418 (Israel).

CoinText is now available in a total of 25 countries around the world. However, provided a user has an international roaming plan associated with his or her phone, access is available from anywhere. It is available in Canada, the U.S., Mexico, Chile and South Africa, as well as 16 countries in the European Union.

CoinText focused on Bitcoin BCH because it is the only cryptocurrency available today that is still advancing the original purpose of cryptocurrency—to be used as a viable and legitimate digital currency in lieu of fiat. The majority of the blockchain’s developers haven’t waivered from this initial goal, which is why Bitcoin BCH is the fastest growing retail cryptocurrency available today.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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Gap600 service targets crypto exchanges’ common pain point—transaction lags

Swedish financial technology company Cinnober has partnered with cryptocurrency payment solutions provider GAP600 to enable instant confirmation of cryptocurrency transactions on exchanges, according to a press release.

The instant cryptocurrency transactions functionality will be available as an add-on to Cinnober’s cryptocurrency offering for exchanges.

Eric Wall, Cinnober Cryptocurrency and Blockchain Lead, said, “GAP600’s instant confirmation service removes the lag time associated with cryptocurrency deposit transactions between users and exchanges. Such transactions can take 60 minutes or more until they are visible in the user’s trading account. Due to the volatility in the cryptocurrency markets, the value of the assets can change significantly during this time. This problem is removed with GAP600’s service.”

Instant confirmations are made possible by GAP600’s proprietary risk engine, which determines the risk involved with each transaction. Furthermore, cryptocurrency payments are guaranteed through an underwriter, even before a transaction is included in the blockchain.

GAP600 co-founder and CEO Daniel Lipshitz said, “GAP600 is easily integrated, which means the instant payment transaction functionality is ready to go live on the Cinnober platform, offered as a value-added feature to Cinnober customers. Offering this functionality will significantly improve the cryptocurrency exchange value proposition.”

Cinnober Group CEO Peter K. Lenardos noted how delays in confirming cryptocurrency transactions has been a significant concern for traders. “The current lag time for transactions over the blockchain is a major pain point for those trading cryptocurrencies. Being able to offer instant transaction functionality will help our clients improve their competitive advantage in the cryptocurrency exchange space,” he said.

For Bitcoin Cash (BCH) transactions, the new service will be offered on top of instantly verified transactions that allow users to spend amounts that have just been transferred to one’s wallet, almost instantaneously.

Last September, stock exchange company Nasdaq announced its plan to purchase Cinnober through a $190 million all-cash recommended public offer. The move is intended to allow Nasdaq to increase its presence in the cryptocurrency sphere. With Cinnober as strategic partner to cryptocurrency custodian BitGo, the acquisition will allow Nasdaq to venture into custody services using an already regulated entity.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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Binance to donate listing fees to charity

Binance, one of the world’s largest cryptocurrency exchanges, has come under fire for what some have viewed as exorbitant listing fees. It’s more than likely because of this, and not some altruistic vision, that the company announced yesterday that all of the fees it collects for listing new cryptocurrencies will be donated to charity.

The company said that its new policy is effective immediately. It added that it will donate the fees for the “greater good” and also that token developers can now tell the exchange what they would like to pay to have their tokens listed. Binance didn’t indicate that it would automatically accept the requested amount, but specified that there would be no minimum fee required.

According to the announcement, “Binance will continue to use the same high standard for the listing review process. A large donation does not guarantee or in any way influence the outcome of our listing review process.” It further said that the new policy applies to any new applications, as well as those that have already been submitting and which are waiting for approval.

Changpeng Zhao, the exchange’s CEO, said on Twitter, “I think this is a net win for us too. Charity will increase adoption, make the industry bigger, which in turn will benefit $bnb and @binance (and others too). Of course, we sacrifice short term direct gains. But if you keep a long term view, it’s a win-win on multiple fronts.”

This past August, Binance was targeted after a cryptocurrency developer tried to have his coin listed on the exchange. Christopher Franko, who created the blockchain platform Expanse, took to social media to complain that the exchange had asked him to pay 400 Bitcoin Core (BTC) to be listed, an amount that equaled approximately $2.6 million – not a reasonable fee for the majority of the startups in the blockchain space.

Zhao denied the allegation, saying that it was fake news. He asserted, “We don’t list shitcoins even if they pay 400 or 4,000 BTC…[The] question is not ‘how much does Binance charge to list?’ but ‘is my coin good enough?’ It’s not the fee, it’s your project! Focus on your own project!”

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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New AML rules target crypto businesses in Norway

Effective Oct. 15, cryptocurrency-related companies in Norway—including branches of multinational companies—will have to adhere to a new set of anti-money laundering regulations (AML) set by the Financial Supervisory Authority of Norway, also known as the Finanstilsynet.

The new regulations apply to cryptocurrency storage services and providers offering exchange services between cryptocurrencies and fiats, as well as “platforms that facilitate trading and exchanges by connecting buyers and sellers.” Crypto-to-crypto exchange platforms, however, are exempt from the new Money Laundering Act.

Companies storing private keys on behalf of clients are considered to be involved in the transfer, storage or purchase of virtual currency. Therefore, all companies conducting such operations will have to follow these new laws. This, however, will not apply to companies offering private cryptographic key storage.

Companies in the crypto sector will have until January 15, 2019, to comply with the new Money Laundering Act, which stated: “The Ministry may in regulations lay down rules making this Act applicable to undertakings engaged in the mediation of financing by way of donation, and to exchange service platforms and custodian wallet providers of virtual currency.”

In explaining to what extent the new laws will apply, the authority stated that FSA has the duty to monitor money-laundering activities done by virtual currencies and storage providers. These new rules were created to stop potential illegal activities from taking place.

“Service providers are subject to the regulatory framework by virtue of the services they offer, regardless of how the service is organized. This also covers service providers that currently operate without being registered in the enterprise register, which operate over private accounts,” according to Finanstilsynet.

In addition, Finanstilsynet explained that crypto companies in Norway will be required to register with the authority and provide the necessary documents to show their operations. Finanstilsynet will also require customers to prove their identity and answer questions on the purpose of their transaction, the origin of their funds and so forth.

These rules also impose reporting requirements on crypto services providers in the country. However, this will not affect people who buy or sell their own cryptocurrencies for private purposes. It will also not affect these who occasionally assist friends and acquaintances with the purchase and sale of virtual currencies.

Companies who fail to comply with these new rules will have face penalties from the authority.

“Finanstilsynet will ensure that virtual currency exchange and retention providers comply with the money laundering rules. However, FSA does not have any tasks related to the monitoring of other parts of these providers, such as investor protection or advice requirements,” according to the government agency.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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