Blockstream Launches Crypto Tipping App

Blockstream has announced the release of Nanotip, which is designed to test Blockstream implementation of the Lightning Network
27 March 2018   1296

Blockstream is the provider of blockchain technologies working mainly in cryptography and distributed systems. From fraud to counterfeiting, from security to confidentiality, from accountability to transparency, it has a mission to solve problems that undermine trust in today's financial systems.

Blockstream has stated that Lightning Network offers new possibilities for Bitcoin as it relies on unique payment requests, stepping away from the static addresses that create privacy implications when tipping on Bitcoin.

Blockstream lightning nanotipBlockstream Lightning Tip Box

On March 24 Blockstream has announced a solution for this problem with Nanotip, which is designed to test Blockstream implementation of the Lightning Network.

The nanotip LApp solves Lightning’s payment-request problem for tipping by creating a simple web server that writes Lightning payment requests on the fly. It gives each content provider their own tip-bot, but does it in a way that keeps those creators in total control, while giving them stronger privacy than a classic Bitcoin tipjar. Meanwhile, patrons of a creator or service can choose exactly who and how much they want to tip and will receive a Lightning invoice to do so with lightning speed.
 

Blockstream announcement

Moreover, on March 26, Blockstream has released Nanopos, a system for businesses with fixed-price items like, for instance, coffee shops. It work like that: the buyers choose their items and receive a QR code, which they can use to make a payment to the vendor’s Lightning Charge server.

Blockstream believes that Lightning Network can become the mechanism for everyday commerce, and will work on developing and improving the services.

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   171

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.