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.
Community members quickly raised complaints against the website due to what they saw as an attempt by Bitcoin.com to defraud users by misleading them into buying BCH instead of BTC. One group developed a website for the legal claim and asked other users to join the lawsuit. 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.
The exchanges certified by the executive order are: Criptoexchange, Criptocapital, Asesoría Financiaera CA, Italcambio, Amberes Coin, Cave Blockchainge, Valoratta Casa de Bolsa, Coinsecure.ve, Critiaechainge, Criptolago, Criptoventraige CA, Criptoactivo Menets CA, Criptoactivo Bancar CA, Criptomundo Casa de Intercambio CA, Inversiones Financieras 1444 CA, and Criptoactivo Criptoes.
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. The FSA tightened their rules after the Coincheck hack that resulted in the loss of over $530 million worth of NEM. For this reason they are now demanding exchanges to comply with their standards to assure customers’ assets.
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.
Through this initiative, the company seeks to boost their popularity and promote their products through their social media. According to the details of the product, each Bacoin will be worth 3 slices of Bacon. 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.