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What is Bitcoin?

Bitcoin is a digital crypto-currency with no single point of failure due to its decentralized peer-to-peer architecture. The source code is publicly available and changes to the reference Bitcoin client are made via concensus within the community. Advantages of Bitcoin include irreversible transactions (i.e. no possibility of chargebacks as with credit cards), pseudo-anonymous, limited and fixed inflation, near instant transactions, multi-platform, no double-spend and little to no barriers to entry and more. It was created by an anonymous person known as Satoshi Nakamoto. Find out more at WeUseCoins.com.

Bitcoin Latest News

No Panic: Cooler Heads Prevail as SEC Casts Shadow on Cooley ICO Event

An event focused on initial coin offerings saw optimism despite SEC guidance that signaled a new era for the novel funding method.

Source

Posted on 26 July 2017 | 4:10 pm

SEC Weighs In on ICO Tokens as Securities; Ether Still Labeled “Currency”

SEC vs ICO tokens

It was only a matter of time before the U.S. Securities and Exchange Commission (SEC) moved in on the “Wild West” world of Initial Coin Offerings (ICOs), which has sent the blockchain world reeling. Yesterday, it finally did with its announcement that virtual tokens like the ones sold by the DAO are securities and now subject to federal securities laws.

The SEC statements reads in part: “federal securities laws apply to those who offer and sell securities in the United States, regardless whether the issuing entity is a traditional company or a decentralized autonomous organization, regardless whether those securities are purchased using U.S. dollars or virtual currencies, and regardless whether they are distributed in certificated form or through distributed ledger technology.”

The SEC is cautioning investors not only to be aware of the risks but also to ensure that those looking to get involved do their own due diligence as well.

One important distinction that seems to have emerged in the report, however, is that while DAO tokens are securities, Ether itself is still in the clear.

The Report seems to distinguish between Ether, labeled a virtual currency, and DAO Tokens, labeled a security. Market participants may take comfort in this distinction, as it supports the view that not all blockchain tokens are securities under the U.S. Federal Securities Laws. - Devebois & Plimpton LLC

The announcement, nevertheless, is expected to have an impact on token sales. As a result of this recent development, it is important to note that any company looking to raise capital through ICOs in the U.S. will have to take this SEC decision into consideration.

On the legal side, Mark Radcliffe of DLA Piper told Bitcoin Magazine: “Those considering a token offering would be well served to reconsider their plans and ensure compliance in all of these areas, from tip to tail.”

Radcliffe said: “The SEC’s release is most notable on its survey of many of the corollary issues which can be triggered under the federal securities laws when a token is deemed a security, from registration or exemption, whether general solicitation is permissible, to crowdfunding, to after-market trading and even addressed compliance issues under the 1940 Act.”

What Is “The Howey Test”?

The Howey test is the leading definition of an investment contract, referring to the U.S. Supreme Court case SEC v. W.J. Howey Co. Under the Howey test, an investment contract is “a contract, transaction or scheme whereby a person invests his money in a common enterprise and is led to expect profits solely from the efforts of the promoter or a third party.”

According to Jaron Lukasiewicz, CEO of stealth blockchain project WORKFLOW and former investment banker, “The standard test is an investment in a business where the buyer has a reasonable expectation of profits based on the efforts of others. It should come as no surprise that the SEC found that buyers of the DAO Token purchased a security.”

He explained that the key feature of the DAO token was indeed an expectation of profit if the investments made by the DAO were successful, and so DAO tokens were expressly sold as an investment.  

Lukasiewicz added: “Unlike a token such as Ether, the DAO token had no other utility.  Many people in the industry at the time were concerned about the DAO for the reasons stated by SEC.”

Marco Santori, partner at Cooley LLP and legal ambassador for the Delaware Blockchain Initiative, shared an excellent summary of the report's key points on Twitter, touching chiefly on the distinction between tokens that are and are not securities.

santori screenshot

Arnold Spencer acts as general counsel for the Coinsource network of Bitcoin ATMs. He summed up the distinction in a succinct analogy:

If you buy an interest in a golf course to make money from the business, it is a financial investment and therefore a security. If you join a golf club to play golf, it is not a financial investment and not a security.

Important — but Not Surprising

Ron Chernesky, CEO of social trading platform investFeed, said that he welcomes the SEC announcement, although he also noted that “before yesterday’s announcement, it was common knowledge that ICOs have been enveloped in a regulatory [gray] area.”

It would appear that that gray area has now shrunk somewhat.

The post SEC Weighs In on ICO Tokens as Securities; Ether Still Labeled “Currency” appeared first on Bitcoin Magazine.

Posted on 26 July 2017 | 3:33 pm

The Big News Behind the BTC-e Arrest and Mt Gox Connection

CoinDesk takes a look at new developments in the Mt Gox case, attempting to provide an easy-to-read overview of the complex events.

Source

Posted on 26 July 2017 | 3:17 pm

Four Visions for Scaling Bitcoin: A State of Digital Money Panel

Four Visions for Scaling Bitcoin: A State of Digital Money Panel

At the recent State of Digital Money event in Los Angeles, Bitcoin scaling was the topic of conversation for a panel consisting of Airbitz CEO Paul Puey, derivatives trader Tone Vays, Yours CEO Ryan X. Charles and Bitcoin Core contributor Eric Lombrozo. During the panel discussion, each participant was able to share his vision for how Bitcoin should be scaled to handle a much larger userbase.

Ciphrex CEO and Bitcoin Core Contributor Eric Lombrozo

For Lombrozo, scaling Bitcoin is about getting the greatest gains in terms of throughput increases while also limiting the amount of risk and security vulnerabilities involved in those improvements.

“Obviously, if you have just a few entities that are validating the transactions for everyone, then that creates a point of attack or a single point of failure,” said Lombrozo. “Part of the whole philosophy of Bitcoin is you should be able to validate your own transactions.”

Lombrozo added that scaling Bitcoin means users are able to validate their own transactions without necessarily being forced to validate everyone else’s transactions as well.

“That’s the trick,” said Lombrozo.

An example of this method of scaling Bitcoin is the Lightning Network, in addition to other Layer 2 protocols.

From Lombrozo’s perspective, using a blockchain for every transaction is like going to court every time a deal is made with a counterparty. The Lightning Network allows users to interact directly rather than dealing with the blockchain as a third party of sorts to process the transaction.

In the past, Joseph Poon, who is a co-author of the original Lightning Network white paper, has shared similar comments related to the use of Bitcoin’s underlying blockchain as a court for smart contracts.

“Instead of viewing [the blockchain] as simply a payment system, if you view it as a smart contracting system, which enables the blockchain to act as a dispute mediation system, viewing the blockchain as a judge is a lot more understandable and a lot more powerful,” said Poon at the 2016 MIT Bitcoin Expo.

Lombrozo added that second-layer protocols like the Lightning Network act as a sort of paper IOU to bitcoin’s gold — except in the case of the Lightning Network, the user knows they will always be able to redeem the paper for gold.

In addition to Layer 2 protocols, Lombrozo would also like to see different signature schemes implemented in Bitcoin to lower the resource requirements of operating a full node. Schnorr signatures are an example of such an improvement that has been in development for Bitcoin.

Another key point made by Lombrozo during the panel discussion was that different players in the Bitcoin ecosystem desire different features in the protocol; for example, long-term holders may not care as much about $10 on-chain transaction fees as those who have built businesses around the use of the blockchain for coffee purchases or other low-value transactions.

In summary, Lombrozo referred to a user’s ability to only need to validate their own transactions (while still remaining secure) as the “low-hanging fruit” of scaling Bitcoin.

Yours CEO Ryan X. Charles

While Charles claimed he was happy to see progress made on the eventual activation of Segregated Witness (SegWit) via the activation of BIP 91, he also added, “SegWit doesn’t go far enough.”

From Charles’s perspective, SegWit will not sufficiently lower on-chain transaction fees, which he sees as the key issue for users at this time. In his view, much lower on-chain transaction fees are needed for mainstream adoption of Bitcoin to occur.

According to Charles, the main disagreement between various parties when it comes to the best way to scale Bitcoin has to do with how much transactional activity should happen on the blockchain, as opposed to secondary layers of the network.

“I am very much in favor of radical increases to the block size,” said Charles.

Charles added that it would take 30 years to send every person in the world a bitcoin transaction with the current 1MB block size limit.

“That just doesn’t work from the point of view of mainstream adoption of bitcoin,” said Charles.

Charles also noted that the Lightning Network white paper stated that a 130MB block size limit would be necessary for mainstream adoption to be possible, even with various Layer 2 scaling options.

According to Charles, the key question to answer is: How does Bitcoin get from 1MB to 10GB blocks?

“Computers get faster and cheaper,” said Charles. “It doesn’t just have to be technical software and cryptographic optimizations.”

Derivatives Trader Tone Vays

When Vays spoke about his vision for scaling Bitcoin, he first noted that the digital cash system may not be able to do all of the things that were promised in the early days. He specifically mentioned privacy, security, instant transactions and cheap payments as examples of features that were promised by Bitcoin enthusiasts back in 2013.

“In reality, having all of those things at once is almost impossible,” said Vays. “There’s a chance Bitcoin can’t do all that.”

Vays reiterated Lombrozo’s point about different users wanting different features in Bitcoin. In his view, the censorship-resistant properties of the system should be viewed with the highest level of priority.

“The reality is a censorship-resistant payment method is way more important,” said Vays. “You have so many other ways to pay for your cup of coffee, but you don’t have a lot of ways to donate to Wikileaks. You don’t have a lot of ways to buy “other” things...”

Last year, Vays published a post on his blog where he examined some of these use cases involving censorship resistance.

Vays added that he trusts the current group of contributors to Bitcoin Core, the reference implementation of the Bitcoin protocol, to focus on this priority of censorship-resistant digital cash.

For Vays, the next area of focus for developers after the activation of SegWit should be privacy-focused improvements, such as MimbleWimble and Confidential Transactions.

Airbitz CEO Paul Puey

Before talking about anything else, Puey stated that he is very much for the activation of SegWit. However, he then shared his belief that much more on-chain capacity is needed on the Bitcoin network, as Charles had previously stated.

“We’re not going to be able to live with a 1MB block, and it was an arbitrary number,” said Puey.

Puey added that computers are now four to five times more powerful than when the block size limit was originally added to Bitcoin by the system’s creator. He also indicated that the correct “magical number” to define the block size limit is hard to figure out, which is why he believes the free market should decide.

“I don’t think the developers should make that decision,” said Puey.

Puey did not elaborate on how the free market would be able to make this decision. It’s unclear if he was talking about Bitcoin Unlimited’s concept of emergent consensus or simply users choosing between different blockchains with different block size limits.

The Airbitz CEO then prefaced the rest of his comments with the fact that he still has a tremendous amount of respect for the people who have been contributing to Bitcoin Core over the years as they’re trying to solve an incredibly hard problem.

Puey noted that he, as a developer, knows his limitations when it comes to developing a proper user experience for software applications.

“How many of you people want the developers designing the user experience of your protocol, your application [or] your website?” Puey asked the audience.

In Puey’s view, the idea that every Bitcoin user is going to run their own full node, even at a 1MB block size limit, creates a flawed user experience and will prevent the technology from being adopted by the masses.

“Every party in this debate wants decentralization, but they all define it differently,” Puey added.

While Puey suggested that more users running their own full nodes is helpful, he also shared his belief that having greater adoption of bitcoin as a currency would also help the system become more resilient to attackers.

“The more people that are using it, the more that the economy is dependent on it, the harder it is to stomp out a technology,” said Puey.

Puey concluded his response to the scaling question by stating that he was happy to see BIP 91 help end the stagnation in the adoption of protocol improvements.

The full panel discussion was streamed on Periscope by Civic Business Development Manager Vivek Kasarabada and can be viewed in its entirety here.

The post Four Visions for Scaling Bitcoin: A State of Digital Money Panel appeared first on Bitcoin Magazine.

Posted on 26 July 2017 | 2:10 pm

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Investor Tim Draper Calls on SEC to 'Grandfather' ICOs Into Compliance

Investor Tim Draper penned an open letter to the SEC today asking for the agency to carve-out exemptions for certain ICOs.

Source

Posted on 26 July 2017 | 1:04 pm

Bitcoin Investors Should Not Fear August 1 Chain Split - CoinTelegraph


CoinTelegraph

Bitcoin Investors Should Not Fear August 1 Chain Split
CoinTelegraph
Last week, some of the largest and leading Bitcoin exchanges and businesses including Coinbase and BitMEX clarified that they are not in favor of Bitcoin Cash and thus, cannot support the hard fork led by ViaBTC. Coinbase emphasized that it is not ...
Amid Chaos, We're About to Get a Whole New Kind of BitcoinGizmodo
BitMEX Won't Support Bitcoin Cash Due to Security ConcernsThe Merkle
When Will Bitcoin Fork, and What's It Mean for Crypto's Future?Inverse
CryptoNinjas -CryptoCoinsNews
all 15 news articles »

Posted on 26 July 2017 | 12:30 pm

The Fundamental Conflict At The Heart Of Bitcoin - Forbes


Forbes

The Fundamental Conflict At The Heart Of Bitcoin
Forbes
The Economist has a nice piece which highlights the fundamental conflict at the heart of Bitcoin. Miners want the price of bitcoin to keep on rising, because this gives them an incentive to keep mining despite the ever-rising energy cost of doing so ...

and more »

Posted on 26 July 2017 | 11:44 am

BTC-e Connected to Bitcoin Money Laundering Arrest in Greece

New reports have connected an arrest in Greece today with a bitcoin exchange long known for its secrecy.

Source

Posted on 26 July 2017 | 9:43 am

Bitcoin Cash: Why It's Forking the Blockchain And What That Means

A group of miners unhappy with scaling proposal Segwit2x have created Bitcoin Cash, an alternative that could fork the bitcoin network on Aug. 1.

Source

Posted on 26 July 2017 | 7:00 am

Bitcoin: Sequoia, Andreessen Back Cryptocurrency Hedge Fund ... - Fortune


Fortune

Bitcoin: Sequoia, Andreessen Back Cryptocurrency Hedge Fund ...
Fortune
Andreessen Horowitz, Union Square Ventures and other VCs secretly invested in a hedge fund that has returned 500% with Bitcoin and Ethereum.

and more »

Posted on 26 July 2017 | 5:05 am

Veritaseum Founder Claims $8 Million in ICO Tokens Stolen

A cryptocurrency project called Veritaseum was the victim of a suspicious hack this weekend, resulting in the loss of millions of $ in stolen tokens.

Source

Posted on 26 July 2017 | 4:33 am

Someone Tried to Extort 52 Bitcoins From Trump Advisor Jared Kushner Last Year

Jared Kushner, a senior aide to US President Donald Trump, revealed that the extortionist threatened to release information on Trump's tax returns.

Source

Posted on 26 July 2017 | 4:00 am

Goldman Sachs: Bitcoin May Reach New High Over $3,600

Goldman Sachs has issued a new forecast for the price of bitcoin, finding it will likely remain volatile before testing all-time highs again.

Source

Posted on 26 July 2017 | 3:10 am

ICOs: Foolish Mania or Market Discovery? (They Might Be Both)

As ICO mania subsides, CoinDesk contributor Ariel Deschapell argues the increased experimentation that will result is likely an industry boon.

Source

Posted on 26 July 2017 | 2:38 am

Virtual reality hit when I tried to cash in my bitcoins - The Guardian


The Guardian

Virtual reality hit when I tried to cash in my bitcoins
The Guardian
When my girlfriend became pregnant I decided to sell my bitcoins to decorate a nursery. I auctioned them via localbitcoins. You put your coins into an escrow account, wait for an offer and, when the buyer has paid by Bacs, you release the coins. The ...

Posted on 26 July 2017 | 12:00 am

Token Summit Creator: SEC ICO Guidance a 'Breath of Fresh Air'

A prominent figure in the movement to encourage blockchain tokens as a funding method has lauded new SEC guidance for the industry.

Source

Posted on 25 July 2017 | 5:30 pm

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'Not a Surprise': Blockchain Industry Saw SEC ICO Action Coming

The SEC's new blockchain token guidelines aren't a surprise to industry commentators.

Source

Posted on 25 July 2017 | 5:04 pm

Some Bitcoin Backers Are Defecting to Create a Rival Currency - New York Times


New York Times

Some Bitcoin Backers Are Defecting to Create a Rival Currency
New York Times
SAN FRANCISCO — For the last two years, rival factions have been vying for control of the Bitcoin virtual currency and its global network of computers and supporters. Now, one of the main camps is preparing to break off and create a competing version ...
Bitcoin, digital currencies retreat from recordsMarketWatch
A Bitcoin Civil War Has Been Avoided, at Least TemporarilyFuturism
Bitcoin Price Slides 7% As Bitcoin Cash Emerges - Fork Fears?CoinTelegraph
Bitcoin News (press release) -Motherboard -The Merkle -blog - Bitmain
all 25 news articles »

Posted on 25 July 2017 | 4:56 pm

Emin Gun Sirer: SEC ICO Guidance is 'End of Beginning for Blockchains'

A Cornell professor who was at the center of last year's DAO hack has issued new comments on an SEC ruling on the project.

Source

Posted on 25 July 2017 | 4:00 pm

This is what it will take for bitcoin to become a legit currency - MarketWatch


MarketWatch

This is what it will take for bitcoin to become a legit currency
MarketWatch
As the debate rages on whether bitcoin is a legitimate currency or just imaginary money, one Wall Street analyst stripped down the argument to three simple parameters — safety, liquidity and return. These attributes are the hallmarks of reserve ...
Merrill Lynch Plots Bitcoin's Path to Global LegitimacyCoinTelegraph
BofA Says Bitcoin Needs Acceptance to Thrive But That's Unlikely ...Bloomberg
Bank of America Analyst: Bank Acceptance a 'Crucial Hurdle' for ...CoinDesk

all 7 news articles »

Posted on 25 July 2017 | 3:42 pm

SEC: US Securities Laws 'May Apply' to Token Sales

The SEC said today that the offering and sale of digital tokens "are subject to the requirements of the federal securities laws".

Source

Posted on 25 July 2017 | 2:44 pm

Bitcoin slammed by more than 10% to below $2500; Ethereum down big too - CNBC


Forbes

Bitcoin slammed by more than 10% to below $2500; Ethereum down big too
CNBC
Bitcoin fell to its lowest in five days Tuesday amid uncertainty over whether the digital currency will still avoid a split. Bitcoin dropped more than 10 percent to $2,487.13, its lowest since last Thursday when it hit a low of $2,276.16, according to ...
Cryptocurrency Market Resilient As Bitcoin Approaches Potential Hard ForkForbes
Goldman Sachs: Bitcoin May Reach New High Over $3600CoinDesk
In Bitcoin We Trust???Barron's
Investopedia -MarketWatch -Lawfare (blog)
all 36 news articles »

Posted on 25 July 2017 | 2:41 pm

Ether Prices Drop Below $200 Amid Wider Crypto Market Fall

Ether prices are down more than 11%, dropping below $200 amidst a wider market fall among the world's top cryptocurrencies.

Source

Posted on 25 July 2017 | 2:10 pm

Lamassu’s Zach Harvey Shares Data on the Growing Use of Bitcoin ATMs

Lamassu’s Zach Harvey Shares Data on the Growing Use of Bitcoin ATMs

Lamassu is a bitcoin ATM manufacturer that started in 2013 with the goal of making it “as simple as possible to get bitcoin.” There are now hundreds of these bitcoin ATMs around the world, and one of Lamassu’s co-founders, Zach Harvey, recently shared some data related to how these machines are used at a Bitcoin meetup in Milan.

While a recent article in the New York Post warned bodega owners against putting bitcoin ATMs in their stores due to potential use by darknet market customers, Harvey stated his belief that most of the bitcoin ATM users are using the devices for speculation on the bitcoin price, which he sees as the biggest use case for the digital asset right now.

According to Harvey, Lamassu set up their business in a decentralized, distributed manner where they manufacture the machines in Portugal and then sell them to operators around the world.

“The reason we did this in a way that is more distributed is because we felt the system would be a lot more robust if every one of these individual operators ran the machines themselves, had their own bitcoin wallets from which to send to the end user, had full control over their user data, there would be no single point of failure, and it would also be more in the spirit of Bitcoin,” said Harvey at the recent meetup.

Harvey went on to discuss data related to the use of bitcoin ATMs, problems associated with increased congestion on the Bitcoin network, and a specific example of why he thinks bitcoin is going mainstream.

Who Uses Bitcoin ATMs?

According to Harvey, the people who use bitcoin ATMs are mostly non-tech savvy users who want to get their first taste of digital currency. Harvey added that bitcoin ATMs tend to attract these types of users due to a focus on convenience and user experience. The Lamassu co-founder also claimed that a new user can complete a transaction in 20 to 30 seconds, while someone familiar with the machine can be done in less than ten seconds.

Two of the key selling points of bitcoin ATMs mentioned by Harvey were that users don’t have to go through the process of connecting a bank account with an exchange and the machines can feel like a safer option than meeting up with a random person found on a P2P bitcoin trading marketplace like LocalBitcoins.

According to Harvey, the selling points of bitcoin ATMs are so strong that many people are willing to pay the 10 to 15 percent exchange fees that come with them. He claimed that the more popular bitcoin ATMs get around 50 transactions per day and “sometimes you’ll even have queue at some of the machines.”

“If you’re around a bitcoin ATM, there really is no easier way of [getting some bitcoin],” Harvey later added.

Having said that, Harvey indicated that many of the bitcoin ATMs in the United States include some sort of identity verification due to Know Your Customer and anti-money laundering regulations. The level of identity verification required tends to vary, depending on the amounts involved and where the bitcoin ATM is located.

Harvey also shared data from one of their operators, who owns 14 machines, that indicated these bitcoin ATMs tend to be used for low-value transactions.

“These are people that just want to get the first experience — see what it’s like to get into bitcoin,” said Harvey. “If they really just want to see what it’s about — feel a little bit of the magic of bitcoin — they’re going to start with a low amount.”

“If you look at machine number 13, there’s almost 90 percent of transactions that are under $100,” Harvey added.

According to the data shared by Harvey, 20 to 30 percent of the transactions at these particular bitcoin ATMs are for less than $10.


Screenshot 2017-07-21 at 4.37.14 PM.png


Network Transaction Fees Have an Effect on Bitcoin ATMs

During his appearance at the Bitcoin meetup in Milan, Harvey also discussed the effect that increased congestion on the Bitcoin network has had on bitcoin ATMs. He noted that operators asked for the functionality to add a flat fee or the complete removal of the $5 and $10 transaction amounts when on-chain transaction fees get into the $1–$2 range.

Harvey also noted that roughly 90 percent of the transactions that are usually processed by bitcoin ATMs would become uneconomical if on-chain bitcoin transaction fees reached $10.

Due to demand from their operators, Lamassu plans to add altcoins, such as ether and zcash, to their machines in the coming weeks. These altcoins feature shorter confirmation times, which can be helpful in situations where a user wants to trade their cryptocurrency for physical cash.

“It’s not as secure as a bitcoin confirmation, but it’s more secure than a zero-confirmation of bitcoin,” Harvey said of confirmations on other cryptocurrency networks.

Due to Bitcoin network congestion and poorly implemented fee estimation software on users’ mobile wallets, Harvey noted that some users have had to wait over a day to get their cash out of a bitcoin ATM.

In terms of unconfirmed bitcoin transactions, Harvey stated that not many operators have had issues with accepting them.

Bitcoin Going Mainstream?

Although Lamassu also has machines in North America, Europe, Asia, Australia and New Zealand, Canada has become their most active userbase. According to data shared by Harvey, the Toronto area alone has around 50 Lamassu bitcoin ATMs.

“Several years ago, [this] would have seemed like way too many, and now it’s starting to be something that’s the norm as bitcoin goes more mainstream,” said Harvey of the density of bitcoin ATMs in Toronto.

When sharing data related to the proliferation of Lamassu’s bitcoin ATMs around the world, Harvey showed a screenshot of an email he received from a convenience store owner in Toronto.


Screenshot 2017-07-21 at 4.37.44 PM.png

“Customers are coming into my store, and they’re telling me, ‘Why don’t you have a bitcoin ATM?’” Harvey paraphrased from the email. “Can I please get one placed here?”

This is the same area that already has roughly 50 bitcoin ATMs around it.

Watch the full presentation here.


The post Lamassu’s Zach Harvey Shares Data on the Growing Use of Bitcoin ATMs appeared first on Bitcoin Magazine.

Posted on 25 July 2017 | 12:42 pm

Putin's Internet Advisor: 30% of Russian Computers Infected By Crypto Mining Malware

An advisor to Russian President Vladimir Putin has claimed that as many as a quarter of computers are infected with cryptocurrency mining malware.

Source

Posted on 25 July 2017 | 11:00 am

Australian Bitcoin Exchange Raises $815k in Series A Funding

An Australian bitcoin exchange has reportedly raised $815k in Series A funding.

Source

Posted on 25 July 2017 | 10:00 am

Infosys EdgeVerve Expands Blockchain Integration to Sales Platform

A subsidiary of Indian IT giant Infosys is pushing ahead with its plans for blockchain in a bid to create new revenue streams.

Source

Posted on 25 July 2017 | 9:00 am

American Express Brings Credit Card Buying to Bitcoin App Abra

Abra users can now buy bitcoin with American Express credit cards, a move that diversifies its available payment options.

Source

Posted on 25 July 2017 | 7:58 am

Months to Minutes: Enigma Launch Aims to Boost Crypto Hedge Fund Creation

MIT Media Lab-incubated startup Enigma is today revealing a product designed to simplify the set-up of crypto hedge funds.

Source

Posted on 25 July 2017 | 7:02 am

Ether Price Analysis: Market Consolidation Provides Calm Before Next Breakout

Ether Price Analysis

Over the past few days, despite major swings throughout the crypto-market, ETH-USD finally appears to be displaying nice, reliable signs of market consolidation:

Figure_1 (1).jpgFigure 1: ETH-USD, 2-hr Candles, Bitfinex, Consolidation Pattern

Two key characteristics of market consolidation are decreasing volume over the course of a trend and decrease in price volatility. It should be noted that price consolidation can take many patterns and is not restricted to the convergent pattern (lower highs accompanied by higher lows) displayed above. For the sake of this article, we will focus on the convergent pattern displayed in our current market. To see the health of the overall market, let’s put this trend in the context of the weeks leading up to this pattern:

Figure_2 (1).jpgFigure 2: ETH-USD, 6-hr Candles, Bitfinex, Macro Fibonacci Retracement Values

Within the context of the macro trend, our consolidation pattern falls very neatly on the 60 percent Fibonacci Retracement values of the macro bull trend that brought us to our all-time high values. When looking at the health of this trend, the first thing that pops out is the large amount of supportive volume (shown in yellow) that has gone into shaping the current ETH-USD volume. The current volume trend far outweighs any of the previous volume trends throughout the life of the bear market and even throughout the life of the previous bull run that led to all-time high values.

If we zoom out even further, we can see our current volume is actually at the highest volume the market has seen since its last major consolidation period within the $40 values:

Figure_3 (1).jpgFigure 3: ETH-USD, 1-Day Candles, Log Scale, Bitfinex, Last Major Consolidation Period

The previous consolidation period (shown in yellow) resulted in a substantial Bull Pennant pattern that resulted in a bull run that doubled the market value of ETH-USD. Something interesting to note is our current consolidation pattern within the context of the entire market since the last consolidation pattern. If we look at the market moves post-consolidation as a massive bull run — which, technically, it is — we see ETH-USD is consolidating very nicely on the 50 percent Fibonacci Retracement values.

Although the price projections for our current consolidation period is substantially lower than the last major consolidation period, the important aspect to take away from Figure 3 is the magnitude of the volume the market has experienced over the past couple weeks. High volume leading into a consolidation period is a good sign that the market has found its bottom and is now gathering up support and investor confidence before a breakout.

There are two ways to view our current consolidation pattern:

  1. An agnostic (meaning it’s neither bullish-leaning nor bearish-leaning), symmetrical triangle;

  2. A Bull Pennant (a bullish continuation pattern).

For the sake of time, I won’t go into details regarding how to calculate the price targets of these patterns. Both symmetrical triangles and Bull Pennants are very commonly traded patterns and have a lot of literature to support their price targets. If this pattern turns out to be a symmetrical triangle and the consolidation breaks down, we can most likely expect a move down to the $180 range before any further upward movement is seen.

However, if this is a Bull Pennant, ETH-USD can most likely expect a ~$100 move upward, leading to a price target of approximately $330. It’s important to note that a price target of $330 would result in a 100 percent retracement since the beginning of our prior bear run. If the market breaks upward and we do see a $330 price target, a test of this 100 percent retracement value will be crucial to determine the future moves within the ETH-USD markets.

Summary:

  1. ETH-USD has spent days consolidating along $230.

  2. A breakout upward would most likely yield a $330 price target.

  3. A breakout downward would most likely yield a $180 price target.

Trading and investing in digital assets like bitcoin and ether is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Media related sites do not necessarily reflect the opinion of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.

The post Ether Price Analysis: Market Consolidation Provides Calm Before Next Breakout appeared first on Bitcoin Magazine.

Posted on 24 July 2017 | 2:17 pm

Mastercard and Cisco Join Enterprise Ethereum Alliance

Mastercard

The Enterprise Ethereum Alliance (EEA) was recently joined by 34 new members, including Mastercard, Cisco, Scotiabank and the Government of Andhra Pradesh, bringing the total membership of the consortium to over 150 organizations.

On July 18, 2017, the Enterprise Ethereum Alliance published a press release claiming that — with the 34 new members and the total size of 150-plus participants — the EEA became “the world’s largest open-source blockchain initiative.” According to the consortium, which focuses on developments on the Ethereum blockchain, the newest members of EEA represent a “wide variety of business sectors, including technology, banking, government, healthcare, energy, pharmaceuticals, marketing, and insurance, as well as a number of fast-growing Ethereum startups.”

The main concept of the nonprofit is to “build, promote, and broadly support Ethereum-based technology best practices, open standards, and open source reference architectures.”

There was a bit of confusion in the Ethereum Reddit community since Mastercard was not listed among the new members in EEA’s press release. However, Andrew Keys, head of global business development at ConsenSys, cleared up the issue.

“Mastercard is indeed a new member of EEA. They asked not to be in the press release document but approved being on the EEA official website. They may be doing their own communications on this,” he wrote.

CEOs and representatives of many of the newly joined members of the EEA expressed their gratitude and commitment toward the project.

“As Fintech Valley Vizag in Andhra Pradesh aims to become a vital financial technology hub, it is working on adopting more robust systems that are cost-effective. With security issues all over the world, there is no doubt that blockchain technology is set to be the biggest disruptor not only in the financial world, but also [in] a number of online and offline sectors. We are keen on integrating blockchain technology into governance and look forward to our collaboration with Enterprise Ethereum Alliance and provide market access to the community,” J. A. Chowdary, special chief secretary and IT advisor to the chief minister at the Government of Andhra Pradesh (India), stated.

“OTP Bank keeps focusing on innovative technologies. Nowadays we think that the most valuable asset is the trust between the bank and the customers. Blockchain technology gives several advanced solutions in [the] security industry. OTP Bank has chosen Ethereum as a partner, because we consider it a state-of-the-art blockchain technology. Via joining the Ethereum community, OTP will be able [to] achieve its goals smoothly. Through the common standards and best practices evolving in Ethereum Enterprise Alliance, our IT systems will be more secure and highly developed,” László Popovics, head of IT innovations at OTP Bank — the leading bank in Hungary and one of the largest independent financial service providers in Central and Eastern Europe — wrote.

The Enterprise Ethereum Alliance was formed in late February by a group of financial institutions, blockchain startups and innovators. The consortium — with J.P. Morgan and Intel as the most prominent names among the founding members — aims to standardize blockchain tech for enterprise settings. At the time of the EEA’s launch, the participants created a reference architecture for their project, called “EntEth 1.0,” which has a stronger focus on privacy.

Excluding Mastercard from the list, the newest members of the Enterprise Ethereum Alliance include:

2Advise; Amalto Technologies; Antibiotic Research UK (ANTRUK); Aquilon Energy Services, Inc.; ASSETH; BLOCKO Inc.; Bloq; Cisco Systems; Cybersoft Digital Services Corp.; Enter Corporation Co., Ltd.; Equities.com, Inc.; Finclusion Labs, Inc. (WeTrust.io); Government of Andhra Pradesh; HashCash Consultants; HEAL Alliance; iEx.ec; Lazarski University; Loyyal Corporation; MadHive; Mattr; NetObjex Inc.; OTP Bank Plc.; QIWI Blockchain Technologies LLC.; Revelry; RISKebiz; Scotiabank; Streami Inc.; Talkcrypto.org; Technical University of Munich; Texcent Asia Pte Ltd; TIS R&D Center, Inc.; TokenCard/Monolith; Ventured and Ypse IT Solutions.

The post Mastercard and Cisco Join Enterprise Ethereum Alliance appeared first on Bitcoin Magazine.

Posted on 24 July 2017 | 2:06 pm

CRYENGINE now accepts Bitcoin

Posted on 29 March 2017 | 1:24 am

Consulting firm EY Switzerland accepts Bitcoin

Posted on 26 November 2016 | 12:47 am

Bitcoin Trading Bots

There have been a wide variety of situations in which algorithmic trading programs have proven to be beneficial for investors. However, investors who only trade a cryptocurrency can also take advantage of bitcoin trading bots. Through bitcoin bot trading, traders can become more flexible and prompt, minimize errors and process information more rapidly. At this… Read More »

Posted on 8 November 2016 | 6:20 pm

Major Magazine Publisher to Accept Bitcoin Payments

Posted on 18 December 2014 | 12:43 pm

Microsoft accepts Bitcoin

Posted on 11 December 2014 | 5:06 am

Mozilla accepting Bitcoin

Posted on 20 November 2014 | 1:55 pm

PayPal and Virtual Currency

Posted on 23 September 2014 | 9:52 pm

Wikimedia Foundation Now Accepts Bitcoin

Posted on 30 July 2014 | 3:14 pm

German Newspaper "taz" accepts Bitcoin

Posted on 22 July 2014 | 1:32 pm

airBaltic - World’s First Airline To Accept Bitcoin

Posted on 22 July 2014 | 11:03 am

Expedia to accept Bitcoin payments for hotel bookings

Posted on 12 June 2014 | 12:41 pm

Bitcoin Core version 0.9.1 released

Posted on 8 April 2014 | 4:27 pm

July 26, 2017 -
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