Bitcoin Cash

Get Bitcoin Cash (BCH) all time high price, historical charts, latest news and other information.

One of the largest cryptocurrency mixing protocols, Tornado.cash, has announced the project will deploy on the L2 (layer 2) Ethereum platform Arbitrum One. The creators of the Ethereum-based mixing application explain that settling on Arbitrum will allow Tornado.cash users to benefit from cheaper transactions. 
Tornado.cash to Deploy on Arbitrum – ‘Cheaper Transactions Being the Biggest Comparative Advantage’
On November 29, the team behind the ethereum mixing application Tornado.cash revealed the project plans to deploy on the Arbitrum One network. The news follows the project’s recent collaborative efforts that applied network connections to Polygon, Avalanche, Binance Smart Chain, and Xdai. This week, total deposits for Tornado.cash on the Xdai chain crossed $1 million. In terms of ether deposited since the project’s inception, the protocol has taken in 2,222,007 ether, or $4.3 billion.
Essentially, Tornado.cash improves ether transfer privacy by breaking onchain links between the source and destination addresses. The protocol depends on zero-knowledge proofs (ZKP) in order to ensure links to deposits and withdrawals are non-existent. Tornado.cash is just over two years old as it was introduced in August 2019. The project even got the former Bitcoin Core developer, Gavin Andresen, to notice the ether mixing protocol in mid-January 2020.
On May 13, Tornado.cash developers destroyed their private keys using a process called multi-party computation (MPC). The scheme allowed the Tornado.cash developers to give the smart contract to the community without the developer’s private key. “With a record 1114 contributions this was by far the largest Trusted Setup Ceremony to date. By comparison, all other trusted setup ceremonies had less than 200 participants,” the Tornado.cash team explained in the blog post.
Arbitrum is an L2 solution that leverages optimistic rollups and Arbitrum users benefit by using ethereum (ETH), its token derivatives, and smart contracts for a fraction of the cost. Statistics from l2fees.info show that the average ethereum transaction can cost $7.08 while using Arbitrum the same transfer would cost $2.81. While transferring ERC20 tokens could cost $16.19 using L1 (layer 1), L2 fees using Arbitrum to transfer a token will cost $3.09.

Swapping tokens is the most expensive onchain (L1) transaction costing around $35.41 per transaction. However, Arbitrum users swapping tokens only pay around $4.85 per transfer according to today’s l2fees.info metrics. The Tornado.cash blog post says that “the protocol’s smart contracts are all set and ready to spin on Arbitrum.” The biggest advantage to using Tornado.cash with Arbitrum is data transfer costs.
“Settling on Arbitrum will allow Tornado.cash users to take advantage of all the benefits a Layer 2 can offer, with cheaper transactions being the biggest comparative advantage,” the team’s blog post highlights. “This proposal is part of the protocol’s desire to constantly improve itself and allow more users to claim back their right to privacy. Moreover, with this deployment, Tornado.cash will join a thriving ecosystem composed of multiple other defi applications.”
What do you think about the crypto mixing application Tornado.cash deploying on Arbitrum? Let us know what you think about this subject in the comments section below.



























One of the largest cryptocurrency mixing protocols, Tornado.cash, has announced the project will deploy on the L2 (layer 2) Ethereum platform Arbitrum One. The creators of the Ethereum-based mixing application explain that settling on Arbitrum will allow Tornado.cash users to benefit from cheaper...

news.bitcoin.com

Privacy-Centric Crypto Mixing Protocol Tornado.cash Plans to Deploy on L2 Platform Arbitrum

U.S. football Star Odell Beckham Jr. is taking his new salary in bitcoin and is giving away $1 million in the cryptocurrency in partnership with Square’s Cash App. “To all my fans out there … I’m giving back a total of $1M in BTC right now,” he wrote.
Football Star Odell Beckham Jr. Will Take His New Salary in Bitcoin and Is Giving Away $1 Million in the Crypto
Odell Beckham Jr., also known as OBJ, announced via Twitter Monday that he is taking his new salary in bitcoin via Square’s Cash App. He also told his 4.1 million Twitter followers that he is giving away $1 million in bitcoin.
OBJ is an American football wide receiver for the American National Football League (NFL)’s Los Angeles Rams. He signed a one-year deal with the Rams two weeks ago after the Cleveland Browns released him. According to reports, his contract comes with a base salary of $750,000 and a $500,000 signing bonus, with another $3 million available to earn in the form of team-based incentives.

At the time of writing, some people on Twitter have posted screenshots of them receiving bitcoin from Odell Beckham Jr. Most people received about $20 in BTC.

Last month, Green Bay Packers quarterback Aaron Rodgers also said that he is taking a portion of his salary in bitcoin. In addition, he also gave away $1 million in BTC to his fans in collaboration with Cash App.
Cash App also partnered with American rapper and hip hop artist Megan Thee Stallion to give away $1 million in bitcoin on Twitter in December last year.
A growing number of professional athletes are asking to be paid in bitcoin, including Russell Okung, Tom Brady, Saquon Barkley, and Sean Culkin.
Last week, the Perth Heat, a major baseball team in the Australian Baseball League, announced that it will operate on a bitcoin standard. The team said: “Perth Heat will pay players in bitcoin, pay staff in bitcoin, accept bitcoin payments for sponsorships, merchandise, and ballpark concessions, [and] hodl bitcoin on the club’s balance sheet.”
What do you think about Odell Beckham Jr. getting paid in bitcoin via Cash App and giving away $1 million in BTC? Let us know in the comments section below.



























U.S. football Star Odell Beckham Jr. is taking his new salary in bitcoin and is giving away $1 million in the cryptocurrency in partnership with Square&#x2019;s Cash App. &#x201C;To all my fans out there &#x2026; I&#x2019;m giving back a total of $1M in BTC right now,&#x201D; he wrote. Football S...

NFL Football Star Odell Beckham Jr Giving Away $1 Million in Bitcoin and Will Take His New Salary in BTC

A California man has been sentenced to three years in federal prison “for operating an unlicensed business that exchanged at least $13 million in bitcoin and cash, often for drug traffickers,” the U.S. Department of Justice said. He agreed to forfeit various assets, including seized cryptocurrency.
Bitcoin Exchange Operator Sentenced to 3 Years in Jail
The U.S. Department of Justice (DOJ) announced Thursday that a California man, Hugo Sergio Mejia, was sentenced “to 36 months in federal prison for operating an unlicensed business that exchanged at least $13 million in bitcoin and cash, often for drug traffickers.”
The 50-year-old San Bernardino County man pleaded guilty on July 1 to “one count of operating an unlicensed money transmitting business and one count of money laundering,” the DOJ detailed.
Mejia operated a cryptocurrency exchange business converting bitcoin to cash and vice versa from May 2018 to September 2020. He charged commissions for these transactions but never registered his business with the Financial Crimes Enforcement Network (FinCEN). In addition, he established companies to mask his true activity, including Worldwide Secure Communications LLC, World Secure Data, and The HODL Group LLC, the Department of Justice detailed, elaborating:
During the nearly 2½-year period, according to the plea agreement, Mejia exchanged at least $13 million.
The DOJ described that Mejia met with a client who was working with law enforcement several times between May 2009 and March 2020 “to exchange bitcoin for tens of thousands of dollars in cash.”

While conducting an exchange of 14.273 bitcoins for $82,150 in cash plus fees in March 2020, the client who worked with law enforcement informed Mejia that “his primary customer was a methamphetamine buyer in Australia who purchased methamphetamine every four to six weeks and sold it in Australia for five times more than the average price in the United States,” the DOJ explained.
The Justice Department noted, “Mejia and the client who was working with law enforcement conducted five bitcoin-cash transactions that cumulatively exceeded $250,000,” adding:
As part of his plea agreement with the government, Mejia agreed to forfeit all assets derived from the illegal conduct, including $233,987 in cash seized from residences in Santa Ana and Ontario, silver coins and bars, and approximately $95,587 in various cryptocurrency seized.
Do you think Mejia should go to prison for 3 years? Let us know in the comments section below.



























A California man has been sentenced to three years in federal prison &#x201C;for operating an unlicensed business that exchanged at least $13 million in bitcoin and cash, often for drug traffickers,&#x201D; the U.S. Department of Justice said. He agreed to forfeit various assets, including seized...

US Sentences Man to 3 Years in Prison for Operating Unlicensed Bitcoin Exchange Business

Twitter’s Chief Financial Officer (CFO), Ned Segal’s exclusive stance on Bitcoin investment has broken the internet. Segal commented in an interview yesterday, stating that an investment of Twitter’s corporate cash into crypto assets including Dorsey’s favorite, Bitcoin “doesn’t make sense right now”. Twitter CFO unveiled the shocking truth about the company’s current investment policy, revealing that Twitter prefers to hold comparatively stable assets like securities, over the highly volatile Bitcoin on its balance sheet, and that to invest the company’s money in crypto, Twitter “will have to change its investment policy and choose to own assets that are more volatile”.
Furthermore, Segal pointed out the common concern about crypto’s volatility among finance chiefs at Twitter, claiming price swings to be one of the biggest reasons they don’t use crypto for their corporate investments. Additionally, the finance departments across multiple US corporations have also raised the issue of the need for carving out specific accounting regulations and systems for crypto assets. Industry giants have approached the Financial Accounting Standards Board to lay down the rules on how to treat crypto assets.
“There is a different set of decisions we would have to make if we were to own cryptocurrencies on our balance sheet,” said Segal.
Twitter Internal Conflict-of-Interest
Twitter CFO’s stance on Bitcoin investment goes against everything that the CEO, Jack Dorsey has ever stood for, giving rise to speculations about an internal conflict-of-interest at Twitter. While Twitter has maintained its pro-crypto position in the market for a long time now, yet, when a financial official confirms an anti-crypto investment policy, the community is left perplexed about the platform’s intent, which has given voice to the decentralized industry for several years now. From introducing the Bitcoin tipping feature, along with its NFT drop, to forming Twitter’s Crypto team to extend its reach “beyond cryptocurrencies”, and work towards the expansion and enhancement of crypto, blockchains, and other decentralized technologies, the social media platform has always conveyed its support to the crypto community.
The post Twitter CFO Has a Very Different Take on Bitcoin Investment From CEO Jack Dorsey appeared first on Coingape.


Twitter&#8217;s Chief Financial Officer (CFO), Ned Segal&#8217;s exclusive stance on Bitcoin investment has broken the internet. Segal commented in an interview yesterday, stating that an investment of Twitter’s corporate cash into crypto assets including Dorsey&#8217;s favorite, Bitcoin “doesn’t...

coingape.com

Twitter CFO Has a Very Different Take on Bitcoin Investment From CEO Jack Dorsey

  
Miami’s citizens set to cash in, as mayor set to disburse $21M held in a city crypto wallet to all 442,000 of them.



“It’s a major priority for the city to be able to pay government employees in Bitcoin,” said Miami Mayor Francis Suarez in an interview with Bloomberg’s Emily Chang. This has had a say in the stash of $21M that the City of Miami has been amassing since August. The amassing of these funds has been the result of a nonprofit called CityCoins, which has opened a digital wallet and a new digital currency called MiamiCoin for all Miami citizens to access. Citizens can mint new tokens using their personal computers and earn a percentage of the tokens they create. The city gets 30 percent, while the users get 70%. One MiamiCoin is worth approximately $0.02, but miners have generated more than $21M for the city since August. Now the city is looking to cash out, and each of the 442,000 citizens of Miami will receive approximately 0.0007 BTC, which is about $47. 



The mayor said the creation of digital wallets for each citizen presents a technical challenge, for which he hopes to enlist the help of cryptocurrency exchanges. After that, a digital registration system will be created to lower the chance of fraud and of people moving to Miami just to receive Bitcoin. Then the payout will be made in bitcoin. The mayor wants to make the payment in bitcoin to conscientize people and get them used to the idea of bitcoin, even as government salaries stand to be paid in bitcoin.



Mayor Suarez is going full-steam ahead



The CityCoins project aligns with Mayor Suarez’s plan to pitch Miami a business-friendly environment for tech companies, offering low taxes. The mayor has been in talks with mining companies to set up mining operations near a power plant in South Florida. In February 2021, Suarez brought a proposal to city commissioners to allow Miami to invest its funds in Bitcoin. Still, state statutes do not permit local governments to hold volatile assets like Bitcoin.



Mayor Suarez has said that he is working with the Miami-Dade County Commissioner to allow citizens of Miami to pay taxes in bitcoin.



MiamiCoin relies on a lower-level cryptocurrency called Stacks. Miners can mint Stacks, and forward them to CityCoins, creating MiamiCoins. Miami’s city wallet converts deposited tokens into U.S. dollars, and city government officials can determine when to cash out. Anyone can download the MiamiCoin software, which raises legal concerns.



New York, New York



CityCoins initially developed the token following the Miami mayor’s online interaction with New York mayor-elect Eric Adams. Mr. Adams has promised to make New York a crypto-friendly city when he takes office. A community-led crypto project has been one of the first signs that he is going to be able to make good on his word. Patrick Stanley, a CityCoins community lead, told Bloomberg that the nonprofit voted that New York City and Austin were next to receive their own coins. New York was selected as the first city. The New York City coin is called NYCCoin, and the coin mining began on Nov. 10, 2021. The city will earn money because the NYCCoin exists, according to Stanley.



What do you think about this subject? Write to us and tell us!
  The post Miami City to Disburse $21M in Locally Mined Crypto to Citizens appeared first on BeInCrypto.


Miami's citizens set to cash in, as mayor set to disburse $21M held in a city crypto wallet to all 442,000 of them.
The post Miami City to Disburse $21M in Locally Mined Crypto to Citizens appeared first on BeInCrypto.


Bitcoin Cash price	$567.40
Low - High 24H	$557.62 - $583.13
Market cap	$10.74B
Volume 24H	$2.66B
All time high	$3,785.82 -84.94% December 20th 2017
All time low	$76.93 641.14% December 16th 2018
Genesis date	N/A

Recently viewed

Trending

Bitcoin Cash (BCH)

Performance

Bitcoin Cash News

Quick stats