BitcoinInsider

Miner outflows of bitcoin have dropped to decade lows, with analysts suggesting a hoarding mentality is partly responsible. The seven-day average of the total amount of bitcoin transferred out of miners' addresses declined to 987 on Thursday, hitting the lowest level since Feb. 3, 2010, according to data source Glassnode. The previous decade low of 988 was registered on May 23. glassnode-studio_bitcoin-miners-outflow-volume-7-d-moving-average Source: Glassnode The number of coins being sent by miners to exchanges is also at its lowest point in over a year, as noted by Glassnode in its weekly report. "It is a sign of efficient miners continuing to hoard (only selling a proportion of BTC)," said Asim Ahmad, co-chief investment officer at London-based Eterna Capital. The increase in miner holding does not necessarily have long-term bullish implications for the cryptocurrency's price. Miners tend to operate mainly on cash and liquidate their holdings almost on a daily bas...

Challenger bank startup Revolut has amended its terms and conditions, giving users 'beneficial rights' to digital currency bought through their platform. The change in terms follows the U.K. bank allowing all customers access to digital currency trading for the first time, having previously been reserved to its Metal and Premium users. While users will not be able to carry out the transactions themselves or send funds to an address other than one held by another Revolut customer, the change in terms means they will have rights to the financial value of the digital currency bought through the platform. The distinction gives users legal title to their digital currency on the platform for the first time, giving them the freedom to direct what happens to their money. "You will own the rights to the financial value of any cryptocurrency we buy for you. We will hold it on your behalf and you will have a right (called a 'beneficial right') to it. This means you can tell u...

A South Korean university has announced that it's building a blockchain and artificial intelligence (AI) campus in the city of Daegu. The campus will take a year to construct, with admission set to begin in 2021. Suseong University partnered on the initiative with the Korea Artificial Intelligence Association (KORAIA). In an announcement on local outlet Money Today, the university revealed that the campus will also focus on other emerging technologies such as big data and cloud computing. A number of technology companies based in Daegu have already signed up to be part of the project. They will provide training to the students, as well as practical experience. They include Wooshin Co. Ltd, an AI company based in Daegu. The COVID-19 crisis has created a need for more robust systems, and combining blockchain with AI is the best way to respond to this need, according to Kim Kun-woo, the university's Planning and Coordination Division director. Kun-woo further revealed that the uni...

The instability of the rupee combined with high remittance fees is driving digital currency adoption in India, according to a new report. The report from exchange OKEx in partnership with Coinpaprika found an increasing share of global digital currency business in India, projecting significant growth relative to other countries over the coming two years. The problem of remittance fees is particularly acute in the country, with 17 million Indian employees working overseas and remitting money home. Of the $80 billion remitted from overseas workers in 2018, some $5.67 billion in fees were incurred. According to the report, increasing liberalization of digital currency rules in India could set the country on a similar path to Mexico, where digital exchange Bitso has grown to account for 2% of U.S.-Mexico remittance. The growth in digital currency uptake has accelerated since the Supreme Court ruled against the Reserve Bank of India's ban on banks serving crypto businesses. OKEx has rep...

Happy Pizza Day! And this year, please make mine extra spicy. Yes, it's May 22 again, the day all Bitcoiners celebrate by ordering a pizza. Any pizza is good, but to make it special you'll need to buy it with Bitcoin—don't make the mistake of using BTC these days though, because at the time of writing the average transaction fee on the BTC network is US$6.28. What is Pizza Day and why is it significant? Today is actually the 10th anniversary of Bitcoin Pizza Day. It's significant because it marks the first (or at least, the first documented) purchase of real-world goods with Bitcoin. Before then, mining and transacting with Bitcoin was largely a hobbyist pursuit, so the purchase proved that Bitcoin could have a real-world dollar value. This in turn sent a price signal to the nascent "market" for Bitcoin, and became the first benchmark for BTC value. The rest, as they say, is history. On May 18, 2010, Laszlo Hanyecz of Jacksonville, Florida, posted on the Bitco...

Steem is going to freeze roughly $5 million in Steem tokens that belong to supporters of Hive.IO, a hard forked version of the Steem blockchain. The battle between Justin Sun's Steem and Hive has been going on for more than three months now, and the trouble began when Justin Sun acquired Steemit. Sun purchased Steemit, the blockchain-based blogging and social media website that rewards its users in Steem for publishing and curating content, on February 14. As part of his purchase, Sun became entitled to millions of pre-mined tokens (called the founder's reward) that belonged to former Steemit owner Ned Scott. However, the Steem community viewed Sun's acquisition as problematic. Steem is a delegated Proof-of-Stake blockchain that is governed by the community and the community's votes—the more Steem tokens a user holds, the more voting power they have. Sun's Steem inheritance represented about 20% of the total supply of tokens, which made him one of the most powerful ...

ABTCoin, a digital currency startup that was found guilty of violating federal securities laws, has just told New York federal judge Vernon S. Broderick that they cannot pay the $250,000 settlement that they agreed to pay plaintiffs. $20 million ICO but financially struggling On May 12, ABTCoins lawyers from Reitler Kailas & Rosenblatt LLC wrote a letter to U.S. District Judge Vernon S. Broderick saying the company was not able to pay the settlement cost that they proposed "due to a change in circumstances." The lawyers also added that ABTCoin was not able to cover their legal costs, and therefore, Reitler Kailas & Rosenblatt LLC lawyers were requesting to withdraw from the case. This news comes as a surprise considering that ABTCoin raised more than $20 million in its 2017 initial coin offering (ICO). Before hosting a token sale, ABTCoin told potential investors that it was going to use the funds that they raise to create "the fastest blockchain in the world....