Bitcoin 24h trading volume exceeded $2B

According to the Forbes, daily volume of first cryptocurrency trading exceeded $2 000 000 000 point
22 November 2017   1225

In 2017, bitcoin not only updated the historical maximum, exceeding the $ 8000 mark last week, but also set a new record in terms of the total volume of daily transactions. Since the beginning of the year, this indicator has grown more than tenfold, exceeding $ 2 billion, writes The Forbes.

At the same time, despite the fact that the number of transactions made since the beginning of the year remains almost unchanged, it was the increased price of bitcoin that allowed to reach these parameters.

Estimated USD transaction value per day on the Bitcoin network
Estimated USD transaction value per day on the Bitcoin network

For most of January 2017, the daily volume of transactions in financial terms was about $ 200 million, and the first major breakthrough happened only in May - by the end of the last month of spring, the figure of $ 700 million was not considered something unusual.

Then a small decline followed, and a new upsurge came in front of Bitcoin Cash hardfork, which took place on August 1. Also in August, the Segregated Witness protocol was activated, and earlier this month the average volume of daily transactions grew to $ 1 billion. And, despite the fact that by the end of September this parameter fell again, this time to $ 600 million, at the end of October the aggregate amount of daily transactions was already $ 1.5 billion.

Absolute record for the aggregate volume of daily transactions was put on November 16, when this parameter was $ 2,803,405,660.

At the same time, as noted, despite such growth, the number of actual transactions in the bitcoin network has remained stable all the time. Moreover, the peak index of the average number of transactions in the seven-day period was in May. In November, the number of transactions is almost the same as recorded in February.

Transactions confirmed on the Bitcoin network per day
Transactions confirmed on the Bitcoin network per day

As you know, earlier this year bitcoin actually reached the maximum limit on the block size and, accordingly, the number of transactions. With the activation of SegWit, this indicator has slightly increased, but to date, using this protocol, only about 10% of all transactions occur. When Peak SegWit will be used, network bandwidth is expected to double.

At the same time, we can talk about a significant increase in off-chain transactions. For example, not long ago the founder of Xapo service Wentses Casares said that in connection with the increased commissions in the network, the company handles more than 1 million off-transaction transactions daily.

The failure of SegWit2x can mean that the bitcoin network will increasingly act as a "digital gold" and a means of preserving values. At the same time, it is likely that additional payment layers will appear, as, for example, the expected sidekey from RSK in December.

Israeli BTC Investors to Face Catch 22

They need to pay taxes from Bitcoin investing in order to avoid their property arrest, but banks don't take their money due to AML issues
06 August 2019   132

Bitcoin investors in Israel are faced with the impossibility of paying taxes, as local banks refuse to accept funds received from the sale of cryptocurrencies because of the risks of money laundering and terrorist financing. About this writes the local edition of Haaretz on August 6.

Bitcoin is not recognized as a currency in Israel, therefore, individuals must pay 25% of the income from cryptocurrency trading to the treasury, and legal entities - 47%.

Investor Ron Gross told the publication that he acquired bitcoins in 2011 and reported his income to the tax office. In 2017, the bank that served Gross began to refuse to accept funds received from the sale of bitcoins. The investor met with representatives of the bank to demonstrate to them a 70-page history of bitcoin transactions as confirmation of the origin of the funds, but failed to convince them.

The tax authority is aware of the problem, but they say the ball isn’t in their courts. I’ve tried working with almost all the banks, but the minute they hear the word ‘Bitcoin’ they freeze up.
 

Ron Gross

Bitcoin investor from Israel

 

Since Gross was unable to pay taxes on time, his bank account, home, and even scooters were arrested. According to the investor, the tax authorities know about the problem, but can do nothing.

According to Haaretz, the tax office is aware of $ 86 million in unpaid taxes on income from cryptocurrency trading. It is possible that the real amount may be significantly higher.

Roy Arav, another Bitcoin investor, kept the proceeds from trading Bitcoin in an account with Israeli bank Discount under the control of the Bit2C exchange. The bank refuses to transfer money to Arava’s personal account under the pretext that its politicians forbid it to transfer funds related to virtual assets to client accounts due to the risks of money laundering and terrorist financing.

Arav also could not pay taxes and was forced to sue the bank. According to the investor, the authorities entered his position and granted him a deferral of time for the consideration of the claim.