Bitcoin Core Wallet Now Supports SegWit

Segregated Witness was introduced in August of last year and promised to bring noticeable efficiency changes to the Bitcoin network  
20 February 2018   253

Till now, many in the Bitcoin world were slow to adopt the new technology including developers of the Bitcoin Core Wallet. Today, SegWit was finally implemented with the released version 0.16.0.

Segregated Witness is a Bitcoin protocol improvement that facilitates scaling.The upgrade redefined the structure of blocks, changing one block from 1MB to become four million units. Witness data became serialized as just one unit. It will allow storing more transactions in each block, leading to less load on the network, faster transactions and lower fees.

It will also allow for the introduction of further upgrades such as Lightning Channels, established payment paths that would further ramp up transaction speeds.

Bitcoin wallet adoption of SegWit may result in an increase in the use of the technology. Currently, only 15% of Bitcoin transactions currently employ SegWit.

The major gateway between the fiat and cryptocurrency worlds has also scheduled SegWit implementation, with the update expected in the coming weeks following heavy pressure.

Supporters of this technology hope that it will be able to overcome the high transaction costs and long waiting times that users have recently struggled with under periods of high load.

Crypto Taxpayers to be supported in India

Cleartax, the largest Indian tax filing platform joins Zebpay exchange to help crypto taxpayers
24 March 2018   100

The object of this partnership is to educate Bitcoin traders and investors about the current tax laws and how to apply them in stating cryptocurrency profits and incomes. Indian authorities are aimed to find the best approach to Bitcoin and the other kinds of cryptocurrencies. The recent declarations of the regulators that new instructions would be accepted in a short time, have not been followed by real actions. So the attempts to enforce the control on this sphere have led to summaries that this task in not going to be simple at all. According to last month media reports, new frameworks and rules were waited by the end of March.

Though they failed to to introduce extensive regulations, the Indian authorities are focused to tapping into crypto earnings. In a previous month the Income Tax Department released notifications for thousands of cryptocurrency investors, as reported.

The Cryptocurrency Advisory Plan will help Indian bitcoin investors and traders in this year's tax campaign. The biggest tax filing platform Cleartax joins the Indian bitcoin exchanges and wallet providers Zebpay. They are both objected to support taxpayers to understand and abide by the law regarding taxation of the transactions with cryptocurrencies.

Cleartax declared it has the tax and technological expertise “to help people understand how bitcoin works”. Besides, the platform has started tax filing services for cryptocurrency investors. The Cleartax CEO and founder Archit Gupta claimed that together with Zebpay they are going to “simplify taxes for Indians”. The head of exchange at Zebpay, Nischint Sanghavi added that he believes the partnership with Cleartax will simplify tax planning for Zebpay`s customers.

In February about 100,000 cryptocurrency investors received tax notices from India`s Income Tax Department. Questionable dubious transactions, authorities investigated some of the cryptocurrency exchanges, and banks paused many of their accounts. Then the governmental pressure caused significant drop in trading volumes.

The authorities in Delhi have set a number of warnings against investing in BTC. Also the largest commercial banks have restricted severely the operations of local exchanges and individual cryptocurrency traders, even before any law demanding such measures is adopted.