Today on Altcoins This Week we discuss allegations of Bitcoin.com misleading users, Japan’s pressure against Altcoins, Bacoin, Altcoin prices and more.
Bitcoin.com Could Face Lawsuit
It has been reported on numerous sites that Bitcoin.com, a Bitcoin Cash (BCH) dedicated site, has been threatened with legal action, after users complained that the website was tricking them into buying BCH. The confusion came as a result of one of the website’s latest updates, where it had labelled Bitcoin Core (BTC) and Bitcoin Cash (BCH) as simply Bitcoin. Following the allegations, Bitcoin.com changed the misleading language on the website to avoid any confusion to crypto rookies.
Venezuela Validates 16 Exchanges
The President of Venezuela, Nicolas Maduro, has gone to extreme measures to promote the controversial Petro coin, a national cryptocurrency, launched by Maduro’s regime to boost the internal economy. Through an executive order, Maduro has officially allowed 16 cryptocurrency exchanges to legally operate in the country.
These exchanges will have a certificate that allows them to operate in the country. In Venezuela cryptocurrencies have now become a way of life. With a minimum wage of $3 a month, cryptocurrencies have saved the day for more than one individual. It has been reported that Venezuelan miners live off the cryptocurrencies which they produce. The country has some of the lowest electrical costs in the world which makes the mining industry ideal for locals. In the USA, President Trump has signed an executive order banning US transactions involving the Petro coin.
Japan Pressures Exchanges To Drop Altcoins
Japan’s Financial Services Agency (FSA) is taking steps to exclude certain cryptocurrencies that are allegedly favouring criminals and hackers. According to the FSA, it is difficult to identify people using cryptocurrencies such as Monero, for this reason the agency believes that these type of coins are being used by criminals for illegal purposes including the purchase of illegal goods.
The cryptocurrencies in question are Monero, Zcash and Dash, however the FSA may be looking to ban Monero at this time following reports that North Korea may be using the coin to raise funds.
Bacoin, Oscar Mayer’s Coin
Oscar Mayer, one of the biggest butcher houses in the world, has announced their intent to launch their own cryptocurrency by the name of Bacoin. Bacon is one of the main products the company has to offer and they are willing to back the coin with this. People interested in acquiring the coin can do so by logging into their official website at www.oscarmayerbacoin.com. Bacoins can later be exchanged for Bacon or any other products sold by the company.
Altcoins Are Experiencing A Steady Week
Altcoins are experiencing a steadier week than for some time. Ethereum (ETH) started the week at $635 and reached its highest point on Wednesday when it surpassed the $700 mark. However, after news hit that the SEC was considering the classification of Ethereum as a security, the price experienced a drop, going as low as $610 during Wednesday. After that, it started to climb back up closing the week at $680. Ripple (XRP) started the week at 0.88c and went up to 0.95c before dropping down to 0.77 on Wednesday closing the week at 0.87c. Bitcoin Cash (BTH) started the week at $1230 and went up to $1550 on Wednesday but ended up closing the week at $1390. Litecoin (LTC) opened and closed the week at the $140 mark.
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Altcoins This Week: Bitcoin.com Faces Lawsuite, Japan Pressures Exchanges To Drop Altcoins And More