Is Lightning Network Suitable For Bitcoin Deposits, Withdrawals?

A Twitter poll by bitcoin evangelist Pierre Rochard discussed whether the Lightning Network is a suitable tool for BTC transactions on crypto exchanges. 

Poll Signals to Lightning Network Curiosity

Proponents of LN believe it would be a good fit for crypto exchanges.

Lately, exchanges have become extremely skeptical of inbound transactions, especially after a series of partial spending or 51% attacks affecting coins based on their core technology. It is not unusual for bitcoin exchanges to require as much as 100 node confirmations for networks that have fallen prey to double-spending. The most notorious cases include Bitcoin Gold (BTG), as well as Ethereum Classic (ETC).

On-chain bitcoin transactions are hardly threatened by attacks, and exchanges only require a few confirmations when processing a deposit/withdrawal. But the Lightning Network is still experimental and may lead to unexpected consequences.

LN still has a relatively small capacity in comparison to exchanges, which trade millions of bitcoins each day. The entire lightning network capacity is still pegged at 818 BTC.

Microtransactions to Boost BTC Adoption

LN is viewed as an opportunity to allow Satoshi transactions with zero fees and no time lag, to drive popularization for BTC micropayments. Exchanges function on a higher tier, often having a relatively high minimum threshold, or adding extra fees for the smallest on-chain transactions.

Adding the Lightning Network would then allow small-scale clients to move funds with ease. But so far, not one of the leading exchanges has seriously looked at implementing the technology.

Comments also included the possibility for veiled sending, as LN nodes are still pseudonymous and do not track their users. Currently, large-scale coin movements trigger whale-watching bots, which signal big fund movements. However, it is also uncertain if large-scale whales would be ready to entrust their funds to a network of voluntary peers. Loss of coins is still possible and may have happened before a recent bug was discovered and disabled.

The bitcoin network works out on-chain transactions close to $1 billion every day. The LN only managed to process $6,536, or around 0.784 BTC in the past 24 hours, as the real-life usage remains small.

What do you think about the potential of Bitcoin’s Lightning Network? Share your thoughts in the comments section below!

Images via Bitcoinist Media Library, Twitter: @pierre_rochard, @LNstats

WATCH: MyCrypto CEO Taylor Monahan on Crypto Adoption and Ethereum

At Devcon 5 last week, CoinDesk’s Leigh Cuen sat down with MyCrypto CEO Taylor Monahan to chat about user adoption and the state of ethereum.

Founded in 2015, MyCrypto makes the blockchain more accessible through customer-first products for ethereum and ERC-20 tokens.

As Monahan told CoinDesk, MyCrypto focuses on the customer experience:

“People are used to the Googles and the Facebooks and you type in your username and your password and if you forget it like they’ll recover it for you and everything’s fine. And then they enter crypto and it’s like, ‘No, that’s not how the world works.’”

As a wallet provider, MyCrypto is the first touching point for many crypto newbies, and onboarding non-crypto customers to crypto has its own set of unique challenges.

Monahan said:

“How can we make this similar to existing systems? And where it just is different, how can we educate the user? Because at the end of the day, we do want people to hold their own crypto.”

Taylor Monahan image via Brady Dale for CoinDesk

CipherTrace Expands Monitoring Platform to 700 Tokens

What can I do to prevent this in the future?

If you are on a personal connection, like at home, you can run an anti-virus scan on your device to make sure it is not infected with malware.

If you are at an office or shared network, you can ask the network administrator to run a scan across the network looking for misconfigured or infected devices.

CoinShares, Blockchain Wallet, and MKS Introduce Gold-Backed Token

CoinShares, Blockchain Wallet, and MKS Introduce Gold-Backed Token 

CoinShares, a leading digital assets management firm, has joined forces with Blockchain wallet and MKS, a Geneva-based precious metals trading firm, to develop DGLD, a gold-backed token powered by the Bitcoin distributed ledger technology (DLT) network. The team claims DGLD has all the qualities of physical gold with none of its limitations, according to a press release on October 15, 2019.

Real Gold on the Blockchain

In an effort to make it possible for both retail and institutional investors to invest in gold without having to go through the stress associated with the ownership of physical gold bars, CoinShares, Blockchain and MKS are launching the DGLD token.

Per sources close to the matter, DGLD token has been under development since 2017 and the project is built upon the Bitcoin blockchain, giving the token the entire attributes of real gold, gold exchange-traded funds (ETF) and the decentralized, borderless nature, robustness and security of the Bitcoin distributed ledger.

The team claims that the DLGD blockchain is linked to the Bitcoin network via CommerceBlock’s Mainstay protocol, ensuring that the record of gold ownership remains tamperproof.

$20M Worth of Physical Gold

The team says the DGLD network holds more than $20 million in digitized gold, with the physical gold stored in a Swiss vault. 

What’s more, the team has revealed that each DGLD token is the digital equivalent of 1/10th of a troy of the London bullion market (LBMA) gold, and for every new DGLD token created there must be a corresponding LBMA gold allocated and stored in the vault.

This fosters transparency, while also ensuring that each DGLD token can be redeemed for its exact equivalent in physical gold and vice versa.

Interestingly, the team has hinted that unlike gold-backed ETFs and other synthetic gold investments, DGLD comes under category 5 of FINMA’s stablecoin taxonomy, which gives DGLD token holders direct ownership to the physical gold, without any form of intermediaries.

DGLD will initially be available to both retail and institutional investors via Blochain’s PIT crypto exchange before the end of the year.

Commenting on the development, Danny Masters, Chairman of CoinShares said that:

“DGLD combines the stability of the world’s most enduring asset, gold, with the security of the world’s most resilient network, Bitcoin. You can now have the peace of mind of Swiss vaulted physical gold, with the same convenience, but not the same layers of middlemen, as owning a gold ETF.”

In related news, in September 2019, Paxos announced the launch of PAX Gold (PAXG), a cryptocurrency backed 100 percent by real gold. 

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中国银联电子支副研究院院长何朔:银联在BSN建设中 将致力于金融行业区块链标准研究
















    具体来看,比如说在服务网络,我们今天是发布内测,后续半年内测期,我们在区块链网络的建设和技术研发方面,重点会做几个事情:第一对现有的网络、安全、功能、性能各方面进行全面的测试,来保证系统符合行业真正支撑商业应用和企业应用的标准。第二包括对现有区块链的服务网络技术,再进一步的升级和优化,包括我们多框架的升级,之前我们演讲里也讲到,目前是支持Hyperledger  Fabric开源区块链的框架,未来会在这里提供更多的有各自特色的区块链框架来供应用开发者来选择,包括性能的优化、网络的优化等等各个方面,来保证我们系统是符合区块链应用各方个性化的需求。第三重点在区块链服务网络里,因为区块链服务网络融合了各个行业、各个产业、各个相关方,我们在进行合作的过程当中,一个前提条件是怎么在确保数据安全,确保隐私保护的情况下开展这样的合作,我们也会去和各方推动多方安全计算,或者数据共享隐私保护关键技术的研究,来实现既开放,又保护数据的双重属性满足。最后,相关运营工作,和国家信息中心、中移动、红枣科技以及未来有可能加入到网络领域的合作方,去共同确定相关运营机制和商业模式,去推动整个系统的商业化运行,让它健康稳定可持续的运转下去。






除了Libra 跨国商业巨头还组织了这6大区块链组织

10 月 15 日,Libra 官方推特宣布, 21 位成员正式签署 Libra 协会章程,成立 Libra 协会理事会,加上发起人脸书,目前Libra的联盟成员只剩下22家,较白皮书发布时的28家少了6家。

尤其是PayPal、 Visa、万事达、eBay、Stripe以及booking(缤客)这些具有极大影响力的跨国巨头退出,让Libra首届理事会失色不少。





MOBI (Mobility Open Blockchain)成立于2018年,这是一个汇聚全球顶级汽车制造厂商的区块链合作组织,成员主要包括了三类:

1. 汽车制造商:例如宝马、福特、通用汽车、雷诺集团、本田、现代等;

2. 汽车零部件:博世、采埃孚等;

3. 区块链相关机构:R3、超级账本、唯链、IBM、埃森哲等。




今年,另一几乎将全球航运巨头都揽入的区块链组织TradeLens也非常活跃。TradeLens由马士基和IBM于2017年联合打造。今年7月,赫伯罗特(Hapag-Lloyd)和总部位于新加坡的海洋网联船务(Ocean Network Express/ONE) 宣布将加入TradeLens。赫伯罗特和ONE分别是全球第五和第六大航运公司。至此,TradeLens可以提供全球海运集装箱货物超过一半的数据。TradeLens的会员数也实现了破百。


去年,航运全球排行第四的CMA CGM公司总经理 Peter Wolf 还曾公开反对TradeLens,但今年5月,该公司就协同拍卖第二的瑞士地中海航运公司(MSC)加入。但中国的航运巨头中远航运尚未加入。



先说mediledger,今年6月,大型零售巨头沃尔玛(Walmart)加入了MediLedger。MediLedger的成员已包括辉瑞(Pfizer)、基因泰克等制药商,以及三大制药批发商:麦克森(McKesson)、美源伯根(AmerisourceBergen)和嘉德诺(Cardinal Health)。据互链脉搏查询其官网,目前成员在25家左右。Mediledger是旨在追踪药品来源的区块链联盟。

Mediledger使用企业版以太坊区块链,该区块链由经修改的Parity客户端版本和称为权威证明(proof of authority)的共识机制构建。


西方许多著名银行参与了这个项目。仅今年就有包括德国商业银行(Commerzbank)、万事达(Mastercard)、美国银行(Bank of America)、三井住友银行(Sumitomo Mitsui Banking Corporation)等加入。早期成员还有诸如法国巴黎银行、荷兰国际集团等,目前可查的成员超过30名。



其中之一是Fnality。Fnality这家公司从2016年开始研发区块链金融系统,但今年它们咸鱼翻身,获得了传统金融机构大额投资。今年5月,包括英国巴克莱银行(Barclays)、美国道富银行(State Street)、日本三菱日联金融集团(MUFG)、三井住友银行(SMBC)、瑞银集团以及瑞士信贷银行等14家银行注资fnality,合计6320万美元。今年9月,日本瑞穗银行也入股该公司。



B3i联盟第一阶段的区块链产品是以区块链技术驱动的再保险交易平台。针对再保行业高度中介化、运营成本高和信息无法实时更新等痛点, B3i提出通过分布式账本技术(区块链),让再保险各个交易方维持同一本交易账本,减少交易方间重复对账的工作和减少保险和再保险企业对中介的依赖度,降低再保险行业的交易成本,提高再保险交易效率。仅从财务核算效率角度出发,再保险交易的财务核算一般需要10天以上,区块链技术能将这个时间缩短至5-10分钟。





1. 成员都来自传统行业的跨国巨头,并且世界500强云集,部分联盟组织中,原生区块链公司提供一些技术支持。这说明区块链技术具体到应用落地时,至少现阶段,还难以离开传统企业的支持。

2. 因为有跨国巨头的参与,这些组织非常活跃,联盟成员持续增加。可以看到,跨国巨头持续给联盟输入资金、场景、人力。今年在原生区块链项目纷纷停运之时,这些联盟项目仍在进行技术的迭代,应用落地的尝试以及新会员的吸纳。

3. 基本都是西方企业参与,包括中国在内的发展中国家的企业几乎无缘这些联盟。可以看到,纵使中国企业在全球500强的占比已经超越美国(2019年《财富》世界500强排行有129家来自中国,历史上首次超过美国的121家),但上述区块链联盟组织依然没有“待见”中国企业。这可能有两方面原因,其一,中国企业没有受到邀请;其二,中国企业不乐意参与其中。






Bitcoin Is a Weapon for Free Speech in the Face of Government and Corporate Censorship

Bitcoin Is a Weapon for Free Speech in the Face of Government and Corporate Censorship

Bitcoin Is a Weapon for Free Speech in the Face of Government and Corporate Censorship

The latest skirmishes in the bruising trade war between the U.S. and China have led to the unlikely politicization of the NBA. But how did the views of a basketball executive become such a political football? And what does China’s ideological commitment to censorship say about the value of free speech and of free speech money, as bitcoin is sometimes known?

Also read: Berlusconi Admins Disappear — Darknet Users Rush to Find Alternatives

US-China Censorship Spat Highlights the Value of Free Speech

The Communist Party’s gangsterish demands on private companies is nothing new, but the recent decision by Houston Rockets general manager Daryl Morey to tweet support for pro-democracy protestors amid bedlam in Hong Kong quickly exposed just how fragile the notion of ‘free speech’ really is. In the face of opprobrium from Beijing, Morey’s climbdown, augmented by groveling input from Rockets owner Tilman Fertitta and NBA spokesman Mike Bass, was pitiful to behold. But it hinted at the wider problem of gutlessness among companies that have provoked the ire of the Chinese government.

Bitcoin Is a Weapon for Free Speech in the Face of Government and Corporate Censorship
American leftists see an offensive frog. The Chinese see an offensive bear.

Basic Rights and Backdoor Entry Points

A curated list of companies that have kowtowed to Chinese censorship requests, maintained on Github, is damning. As well as the NBA, the roll of shame includes Apple, Marriott, Nike, ESPN, several of the world’s largest airlines like British Airways, Qantas and American Airlines, and Versace. With trade talks between the US and China underway in Washington, the specter of censorship, while not on the agenda, will loom large over proceedings.

Bitcoin Is a Weapon for Free Speech in the Face of Government and Corporate Censorship
Some of the US companies to have self-censored.

Both nations have a lot to answer for as far as free speech, privacy, money and other basic human rights are concerned. China’s persistent assault on freedom seems more flagrant, but the U.S. – and, for that matter, other western nations – hardly cover themselves in glory. Attorney General William Barr recently squeezed major tech companies to provide government agencies with backdoor entry points for encrypted devices and software. It remains perfectly legal for citizens throughout the world to be fired by their employer or interrogated by customs for something they’ve said on social media – even when it occurred years ago.

Who Watches the Watchers?

Edward Snowden’s exposè of rampant state surveillance shows that when it comes to assembling a digital panopticon that’s always watching, the Americans are even more ruthless than the Chinese. At least in China you can see the cameras observing you; there’s no such courtesy when the U.S. agencies activate your webcam and start recording.

Speaking of surveillance and its insidious incursion into people’s lives, the Washington Post just reported that more than 400 police departments across the U.S. have entered into surveillance partnerships with Amazon’s camera-enabled doorbell company, Ring. It’s yet another way in which the government is utilizing tech, while co-opting big business to bear down upon civil rights and liberties.

Bitcoin Is a Weapon for Free Speech in the Face of Government and Corporate Censorship

In the modern world, digital freedom is everything. The bulk of our lives now unfold online: our conversations, our financial transactions, our very identities. What we are witnessing, increasingly, is free speech being smothered via the deplatforming of certain voices and an attempt by governments to introduce regulatory oversight on financial transactions which goes beyond ensuring proper taxation, but – under the guise of crime prevention – impinges upon privacy at a fundamental level. When governments seek to blunt-force encrypted devices and software, it requires a stupefying level of naivety to assume that their motivation is cracking down on kiddie porn.

Value and dignity exist in an internet where speech, financial autonomy and other basic rights are not controlled by government agencies or international conglomerates. Where our private data is not commoditized and sold to the highest bidder, and where we have the right to lives that are not the object of constant and unforgiving scrutiny.

Bitcoin Is a Weapon for Free Speech in the Face of Government and Corporate Censorship

The Value of Free Speech Money

Avoiding inference from third parties in the form of censure (deplatforming) and restriction of speech are basic desires shared by all digital citizens. This is why, when the topic of censorship and governmental overreach rears its head, Bitcoin isn’t far behind. Being able to process payments on the internet without permission or risk of confiscation is a privilege that provokes a desire to exercise the same level of freedom in other realms. To harness fully open source, secure and private systems of expression that are immune to the tentacles of power.

If the convergence of state and corporate interests continues unchecked, we are all imperilled; Chinese, American, or otherwise. Seized bank accounts, stolen information, frozen assets and ever greater attempts to stifle free speech and freedom of association will become the norm, and not just for those existing on the fringes, but for the masses. Is it any wonder that protestors harness technology to combat the might of the state? Tools such as PGP, Bitcoin, and decentralized networks allow individuals to conduct their affairs without permission from any bank, corporation or government.

A Time for Reckoning

While the summit in Washington is focused on matters such as trade imbalances and intellectual property violations, at an individual level we have bigger questions to ask of ourselves. Are we prepared to endure online censorship and a veritable onslaught on our civil liberties? Or are we willing to fight for an internet that does not function as an arm of the state but as an open platform for the free exchange of ideas and value? A censorship-resistant internet benefits everyone. It also benefits Bitcoin, for where there’s free speech, there’s demand for free speech money.

Do you think free speech and financial sovereignty as provided by Bitcoin are interlinked? Let us know in the comments section below.

Op-ed disclaimer: This is an Op-ed article. The opinions expressed in this article are the author’s own. is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information in this Op-ed article.

Images courtesy of Shutterstock.

Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry.

Kai Sedgwick

Kai’s been manipulating words for a living since 2009 and bought his first bitcoin at $12. It’s long gone. He’s previously written whitepapers for blockchain startups and is especially interested in P2P exchanges and DNMs.

Venezuela’s Oil-Backed Cryptocurrency Is Now Accepted at 93 Stores, Officials Say


Venezuela’s Oil-Backed Cryptocurrency Is Now Accepted at 93 Stores, Officials Say


Venezuela’s oil-backed cryptocurrency Petro is now reportedly being accepted as a payment method at 93 stores in the country, with the number quickly rising.

According to Joselit Ramirez, the country’s Superintendent of Cryptoassets, the number of businesses in the country accepting the government’s cryptocurrency has been rising thanks to a new payments gateway called PetroPago, which can be used to accept payments in the cryptocurrency.

At the Carabobo Crypto Convention, Ramirez detailed that PetroPago can quickly convert petros into fiat currency, and as a result various supermarkets – including Ecomarket, Hiper Líder, and Kromi Market Biomercados – started accepting payments in petros. Other businesses like automotive parts dealers, hotels, and blockchain-related firms also accept payments in it.

To pay using petros, users have to install a wallet app that reportedly also allows them to store other cryptocurrencies, and to exchange one for another. The petro was already being supported by the state-sanctioned cryptocurrency exchange CritpoLAGO, that together with Glufco planned the release of a debit card and point-of-sale system that would support the oil-backed crypto.

Traki, one of Venezuela’s largest chains of department stores, was already accepting cryptocurrencies thanks to PundiX’s point-of-sale (PoS) device XPOS. The Venezuelan government ha over the last few months trying to get its citizens to use the Petro by taking various measures to bolster adoption.

Featured image via Unsplash.

US Congressman: Facebook Should Add Bitcoin, Not Create Libra

What can I do to prevent this in the future?

If you are on a personal connection, like at home, you can run an anti-virus scan on your device to make sure it is not infected with malware.

If you are at an office or shared network, you can ask the network administrator to run a scan across the network looking for misconfigured or infected devices.