The Honorable February Crypto Report

In our monthly Honorable Crypto reports, we look at the biggest headlines surrounding the world of cryptocurrency.

Headline 1:All The Damn Bots on Twitter

Oh my goodness is 'Crypto Twitter' ever full of spam. Whether it's bot accounts tweeting out websites (affiliate links, promoting websites, or scamming users with "giveaways"), or bots spamming comments on tweets about cryptocurrency, especially on big accounts. It is insane how many of these bots there are. In the video above, Dylan investigates the bots behind the scenes. They appear to have a great deal of bot accounts that like each others' replies. This is supposed to add validity to the replies, and it seems to work with some individuals. The account in the video has brought in over $50,000.

This is just one account of many and many. In the world of cryptocurrency, once a transaction has been completed, there is no going back. This is one of the best things about cryptocurrency, but in this case is used to these scammers advantage. One commonly used phrase in the video above, "Be careful out there!"

Headline 2: More Forks!

There have been a large number of forks to many of the different blockchains. The blockchain that is by far the most popular to fork is Bitcoin, and for obvious reason. Forking Bitcoin has gone incredibly for many coins. Some of the top examples are Bitcoin Cash and Bitcoin Gold. The month of February, we saw Litecoin Cash and Bitcoin Private be the most newsworthy forks. While these are the bigger forks of the month, there were many more.

Some forks bring new value to the blockchain. Bitcoin Private brings new utility to the ZClassic and Bitcoin blockchains, and Litecoin Cash brings new mining opportunity for people with older GPUs or ASICS. While forks tend to be viewed negatively, there is some positivity for some forks.

Headline 3: Germany Supports Cryptocurrency As Payment

Germany will not tax citizens for using cryptocurrency as a means of payment. This statement was primarily made about Bitcoin, but it undoubtedly will apply to all other cryptocurrencies as well. Using cryptocurrency as a form of payment in Germany may become more and more popular with this news. Cryptocurrency boasts many advantages as a means of payment when compared to forms of fiat currency.

Another note coming out of the official statement from the German government is that miners that solve blocks won't be taxed, as they are viewed as volunteers. Also, operators of major exchanges that act as an intermediary will be offered tax exemptions on their buying and selling of bitcoin. It remains to be seen how widely Bitcoin will be accepted by government, but Germany seems to be one that accepts cryptocurrency with little regulation.

February Crypto Report Recap

1. These Twitter Bots Need To Stop
2. The Rate of Forking is Forking Insane
3. Germany Supports Cryptocurrency in Multiple Ways

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Originally published at www.honorablecrypto.com on March 4, 2018.