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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

European Banks Select IBM Blockchain for Small Business Trade Finance

IBM has been chosen by Digital Trade Chain, a consortium of major European banks, to build a new blockchain platform for SMEs.

Source

Posted on 26 June 2017 | 4:08 pm

Bitcoin Price Analysis: Bear Run Shows No Decrease in Momentum

Bitcoin Price Analysis

Over the weekend, BTC-USD market cap dropped from $45 billion to a current (and still falling) market cap of $39 billion. BTC-USD brought the entire crypto market to a screeching halt as traders continued to see devaluations in nearly every tradable coin on the market. So, let’s take a look at what has happened and see just how bad this dive will be for BTC-USD and the other cryptocurrencies.

On a macro scale, BTC-USD has been in the process of making a massive Head-and-Shoulders (H&S) pattern on the 6-hour candles:

BTC Macro HS.png

Figure 1: BTC-USD, 6HR Candles, GDAX

Head and Shoulders are common, highly predictable market reversal patterns. They have well-defined criteria for price movement and price projections once the pattern breaks to the bottom. A H&S pattern is characterized by the following, illustrated above:

  1. There is typically an ascending trend line;

  2. A left shoulder that is smaller than a central peak (head) and a right shoulder that is smaller than the central peak;

  3. The two shoulders are connected by the “Neck Line” of the Head and Shoulders.

  4. There is first a test of the ascending trendline. A test and rejection of the ascending trend line’s support will bring us to the test of the neck line.

  5. A test of the neck line is usually the ultimate deciding condition for whether or not the pattern will continue downward.

At the time of this article, BTC-USD has broken the ascending trend line and is in the process of testing the Neck Line of the H&S pattern. If condition #5 is broken, the price projections are calculated in the figure below:

BTC Macro HS Price Target.png

Figure 2: BTC-USD, 6HR Candles, GDAX, Price Target for Head and Shoulders

Price targets are not guarantees of price movement. Rather, a price target should be used as more of a target “zone” rather than a discrete point in the price-space. In our case, BTC-USD happens to have a price target with a very reliable, major support line in the $1800s. Whether BTC-USD drops that far down remains to be seen. However, it is important to note the following in the figure below:

BTC Macro HS no volume.png

Figure 3: BTC-USD, 6HR Candles, GDAX, Steady Downward Momentum

  1. The momentum indicators, RSI and MACD, are showing no sign of downward momentum loss;

  2. The steady downward momentum is coupled with very little relative buy-back volume.

During previous bearish periods, there was a significant increase in buy volume. However, something we are not seeing in this current bear run is a volume increase. The market could reverse at any point (after all this is crypto!), but on all major long-term scales, the momentum indicators show no sign of slowing down.

If we break the Neck Line of the Head and Shoulders, below are the major support lines you can expect BTC-USD to rest on during its downward spiral:

BTC Macro HS Fib Lines.png

Figure 4: BTC-USD, 6HR Candles, GDAX, Fibonacci Retracement Levels

At the time of this article, the market is testing the 38% Fibonacci Retracement Level, but the market doesn’t appear to be interested in buying at these values. If the BTC markets don’t see an increase in volume, BTC-USD will continue to hemorrhage in value — as will the entire crypto-market.

Summary:
  1. BTC-USD completed a Head and Shoulders pattern that brought the entire crypto-market into a Bear Market.

  2. Current price projection based on Fibonacci Levels and Head and Shoulders price target has BTC-USD on a course for the $1800s.

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 BTCMedia related sites do not necessarily reflect the opinion of BTCMedia 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 Bitcoin Price Analysis: Bear Run Shows No Decrease in Momentum appeared first on Bitcoin Magazine.

Posted on 26 June 2017 | 4:01 pm

What Is Bitcoin's Elusive Intrinsic Value? - Forbes - Forbes


Forbes

What Is Bitcoin's Elusive Intrinsic Value? - Forbes
Forbes
Never before in the history of commerce has a speculative bubble developed around an asset that had no clear intrinsic value. Even tulips – the very symbol of a ...

and more »

Posted on 26 June 2017 | 3:24 pm

Crypto Correction: Bitcoin and Ether Dive as Market Sheds $13 ... - CoinDesk


CoinDesk

Crypto Correction: Bitcoin and Ether Dive as Market Sheds $13 ...
CoinDesk
There was certainly ample evidence to suggest the answer was yes today, as cryptocurrencies both large and small suffered widespread losses, a decline that ...
Bitcoin, Ether Lead Digital Currency Slide From Highs - BloombergBloomberg
Crypto in Crisis? Ether and Bitcoin Drop - Barron'sBarron's

all 3 news articles »

Posted on 26 June 2017 | 2:54 pm

Make Or Break August 1st Event Is Coming For Bitcoin Investors - Seeking Alpha


Make Or Break August 1st Event Is Coming For Bitcoin Investors
Seeking Alpha
This article aims to explain the chain of events that happened and going to happen in bitcoin space. Let me start with few basics so that for the benefit of non tech savvy long term investors. Though some of the terms mentioned below are technical, it ...

Posted on 26 June 2017 | 1:34 pm

Ethereum is crashing by 20% right now after confidence in bitcoin rival shaken - CNBC


CNBC

Ethereum is crashing by 20% right now after confidence in bitcoin rival shaken
CNBC
Bitcoin rival ethereum plunged Monday despite a major exchange's efforts to shore up confidence by announcing a credit for customers who lost money during last week's flash crash. Ethereum, also known as ether, traded 20.9 percent lower at $239.63 ...
As Bitcoin & Ethereum Fall, Coinbase Goes Offline & GDAX Halts TradingCryptoCoinsNews
ETH-USD Trading Update #2 – The GDAX BlogThe GDAX Blog
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Posted on 26 June 2017 | 12:38 pm

Bitcoin Shows What Banking Should Be: American Banker - CoinTelegraph


CoinTelegraph

Bitcoin Shows What Banking Should Be: American Banker
CoinTelegraph
American Banker, a daily trade newspaper that has been covering the financial sector since 1836, recently featured an analytical piece by its editor-in-chief Marc Hochstein entitled “How I missed the point of bitcoin,” to demonstrate how Bitcoin has ...

and more »

Posted on 26 June 2017 | 11:36 am

GDAX Exchange to Reimburse Traders After Ether Flash Crash

Digital asset exchange GDAX is moving to issue refunds after a stunning flash crash last week stoked anger amongst affected traders.

Source

Posted on 26 June 2017 | 11:25 am

Where's the Missing Mt. Gox Bitcoin, Now Worth $2 Billion? - Investopedia


Investopedia

Where's the Missing Mt. Gox Bitcoin, Now Worth $2 Billion?
Investopedia
Mt. Gox was one of the earliest and most public downfalls of the Bitcoin era. In early 2014, Mt. Gox stood atop the field of Bitcoin exchanges as the largest, until it declared bankruptcy following a devastating theft or disappearance. The exchange ...

Posted on 26 June 2017 | 9:56 am

Barclays Pitches UK Finance Regulator on Cryptocurrencies

Barclays has been in contact with one of UK's top finance regulators, a senior official for the bank said today. According to Ashok Vaswani, CEO of Barclays UK, the bank communicated with the Financial Conduct Authority (FCA) to bring cryptocurrencies  "into play". Vaswani disclosed the conversations on Monday in an interview with CNBC. Vaswani did not […]

Source

Posted on 26 June 2017 | 9:25 am

Bitcoin Tumbles to Lowest Level in More Than a Week - Bloomberg


Bloomberg

Bitcoin Tumbles to Lowest Level in More Than a Week
Bloomberg
Bitcoin declined as much as 11 percent to an intraday low of $2,409.50. The slide follows declines last week by rival digital currencies such as ether, which caused cryptocurrency exchanges Bitfinex and ShapeShift to halt trading. Bitcoin has still ...

Posted on 26 June 2017 | 7:32 am

Bank of China, Tencent to Trial Blockchain in New Research Effort

The Bank of China is partnering with Tencent, one of the country's biggest internet companies, to trial blockchain tech in financial applications.

Source

Posted on 26 June 2017 | 6:30 am

Gemalto Seeks to Patent Method for Secure Blockchain Identity

Security giant Gemalto hopes to be awarded a US patent for a method of verifying identity using blockchain technology.

Source

Posted on 26 June 2017 | 5:45 am

Bitcoin is tumbling - Business Insider


Business Insider

Bitcoin is tumbling
Business Insider
It's a rough start to the week for bitcoin. The cryptocurrency trades down 10.11% on Monday, at $2,275 a coin, a one-week low. The action seems to be a continuation of the selling that developed on Wednesday, when rival Ethereum flash-crashed from $296 ...
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Why a Respected CEO Believes “Bitcoin Is a Tool for Freeing Humanity”Futurism
Investopedia -Bitcoin Magazine -newsBTC
all 65 news articles »

Posted on 26 June 2017 | 5:42 am

Counting Chickens: Can Blockchain Restore Trust in China's Food Supply?

A new Chinese food-tracking initiative hints at the power of blockchain to improve society's deeper issues.

Source

Posted on 26 June 2017 | 5:03 am

Can Bitcoin's First Felon Help Make Cryptocurrency a Trillion-Dollar Market? - Fortune


Fortune

Can Bitcoin's First Felon Help Make Cryptocurrency a Trillion-Dollar Market?
Fortune
Bitcoin's first felon is in his favorite mode: full-on bluster. We're in Sarasota, where he lives, perched on stools at Pangea Alchemy Lab, a faux-speakeasy tucked behind a curtain in the back of a sandwich shop. The bartender is a bearded anarchist ...

Posted on 26 June 2017 | 4:31 am

Are Smart Contracts Smart? A Critical Look at Basic Blockchain Questions

A lawyer breaks down the existing legislation that determines whether smart contracts are smart, legally binding or a even contract at all.

Source

Posted on 26 June 2017 | 4:00 am

'Flippening' Flop? As Ethereum's Price Pulls Back, Market Remains Bullish

After weeks of growth, it seems ether's much-hyped 'Flippening' – overtaking bitcoin as the most valuable cryptocurrency – is on hold.

Source

Posted on 26 June 2017 | 3:00 am

ICOs: Why There's More Than One Way

EY's Pascal Leblanc discusses an alternative approach to ICOs, putting forth a new model aimed to mitigate the price volatility of tokens.

Source

Posted on 25 June 2017 | 7:00 am

EOS: Unpacking the Big Promises Behind a Possible Blockchain Contender

Dan Larimer says his new project has an infinitely scalable blockchain, but skeptics doubt the controversial figure's ability to pull it off.

Source

Posted on 25 June 2017 | 6:22 am

Analyzing Ether: A Bitcoin Investor's Skeptical Take

Miner and investor 'P4man' looks at the altcoin market to see if there is a credible alternative to bitcoin. Can ethereum cut the mustard?

Source

Posted on 24 June 2017 | 4:00 am

Local Government in China Trials Blockchain for Public Services

A city district in southern China is using blockchain to streamline government services for its one million residents.

Source

Posted on 23 June 2017 | 3:15 pm

Top Secret? Bitcoin Scaling Plan Segwit2x Leaves More Questions Than Answers

While SegWit2x has significant support, according to some in the bitcoin community, the group is closing off software development to outsiders.

Source

Posted on 23 June 2017 | 11:20 am

Antshares Rebrands, Introduces NEO and the New Smart Economy

NEO-Beijing.jpg

At a gathering at the Microsoft headquarters in Beijing on Thursday, with about 200 people in attendance, Antshares, the first open-source blockchain platform developed in China, announced a complete rebranding of its blockchain solution, as well as a number of other developments detailing their ambitious plans forward.

One of the revelations was the platform’s new name and brand, NEO, which in Greek means newness, novelty and youth. The developers also highlighted the strengths of their advanced smart contract code, which will support decentralized commerce, digital identities and the digitization of many different assets. This rebranding of Antshares represents a new direction for the development of China's blockchain community.

Currently, holders of ANS can now automatically generate Antcoins (ANC) in their Antshares wallets, which will be used as gas on the platform. The ANS asset symbol will become NEO in the 3rd quarter of 2017; meanwhile, the NEO team is working on new clients and a UI for the new NEO brand.

Throughout the day, there were presentations from participants including Microsoft representatives, NEO platform developers, and founders of partner platforms. Among the select attendees were several major potential investors, industry experts and blockchain enthusiasts, as well as members of the Chinese financial and mainstream media.

Presenters at the conference included: 

Da Hongfei, founder of NEO

After announcing NEO’s new brand and strategy, Da Hongfei elaborated on the future of blockchain technology, where every asset will be digitized and programmable with smart contracts. Calling for the transparency and openness of data, he introduced concepts of the “Smart Economy” and new smart contract system, and announced that he is building a new multi-chain protocol for interoperability.

Da Hongfei’s top revelations at the conference were that:

  • NEO is collaborating with certificate authorities in China to map real-world assets using smart contracts;

  • NEO has received a new patent for cross-chain distributed interoperability;

  • NEO’s recent new startup partners include Bancor, Agrello, Coindash, Nest Fund, and Binance, with more partner announcements to come.

Erik Zhang, Core Developer of NEO

In his presentation, Erik Zhang discussed the evolution of Smart Contracts 2.0, and explained the main differences between NEO and Ethereum. One big contrast of these competing platforms is their programming languages. Ethereum requires developers to learn to program with Solidity. Neo, on the other hand, will support almost all programming languages via a compiler, including those on Microsoft.net, Java, Kotlin, Go and Python, greatly lowering the difficulty for developers to write smart contracts. By making its programming languages more inclusive, NEO hopes to attract a larger community of developers. Zhang also explained the mechanics of the NEO Virtual Machine, its execution engine and interoperability.  

图片包含 屏幕截图

已生成极高可信度的说明

Slide Of The NEO Virtual Machine

Tony Tao, CEO of NEO and Founder of Nest Fund

Based on the concept of Ethereum’s The DAO, a blockchain-based investment fund, Tony Tao is about to release a whitepaper for a similar project. Called Nest Fund, and built on NEO’s blockchain, this fund will make improvements on the failures of The DAO. By offering a global bounty reward for any hacker who finds bugs, Nest will be audited by a worldwide peer review, and will then release its token for decentralized investing.

Srikanth Raju, Microsoft’s G.M of Developer Experience and Evangelism for the Greater China Region 

According to Mr. Raju, blockchain technology will lead us into a new digital age, displacing traditional businesses and middlemen throughout many industries. He said that Onchain (the company that founded NEO) is “one of the top 50 startup companies in China”, and offered his support for their endeavors going forward.

 Mr. Han Feng, Tsinghua University I-Center 

Fostering innovation and entrepreneurship at the top university in China, Tsinghua University’s I-Center focuses on the large-scale integration of technology resources. Speaking for the university’s growing interest in supporting blockchain technology, Mr. Han Feng said that current systems of commerce are “outdated and insecure,” and that the internet is ready for an upgrade to a blockchain-based operating system. Calling for a fully-automated, blockchain-based, decentralized economy, he said we can expect a digital revolution in the years to come. This will include digital currency, decentralized storage, secure smart contract codes, IoT, AI, and many more innovations.

 Chen Cheng Qiang, founder and CEO of Innospace

Located in Shanghai, Innospace is a business incubation company, with office spaces, meeting spaces, cafes and living spaces. At today’s conference, Innospace CEO Chen Cheng Qiang announced a ¥200 million CNY ($29.3 million USD) incubation fund, a collaboration between his company and the NEO blockchain team. Plans for the fund include the establishment of a new blockchain space in Shanghai, combining working spaces, startup incubation and acceleration services. According to Mr. Qiang, his company plans to provide the most successful entrepreneurship acceleration services in China.

 Alex Norta, founder of Agrello

Coming all the way from Estonia, Alex Norta announced that his startup Agrello will be partnering with NEO to develop smart contracts for automation, self-execution, accuracy and transparency. Powered by AI, Agrello will be a platform for non-programmers to create their own legally binding blockchain-based smart contracts. Use cases for Agrello’s tech include renting and sharing, freelance contracting, orchestrating production flows, and reducing administration costs for multinational corporations.

Adam Efrima, COO of Coindash

With offices in Israel and Shanghai, Coindash will be a social trading platform for crypto assets, offering portfolio management tools for digital asset investors. Features of the platform will include portfolio statistics and management tools, investment automation, an ICO dashboard, and insights into other traders’ successful investing strategies. In the upcoming development of Nest Fund, a blockchain-based smart fund by the developers of NEO, Coindash will offer advisory and prediction tools for Nest’s modern investors.

Mr. Zhao Chang Peng, CEO of Binance 

The former CTO of OkCoin, Mr. Zhao Chang Peng is starting his own digital asset exchange, hoping to compete with platforms like Poloniex. Calling his new platform Binance, this new exchange will only deal in coin-to-coin transactions, avoiding fiat pairs and therefore avoiding Chinese regulations. In order to maintain a standard in mature digital assets, Binance will only list coins that meet its strict criteria. With a launch planned for later this year, the platform’s first traded assets will be bitcoin, ether and NEO. 


From the looks, sounds, and energy of the event, NEO has built up some strong momentum going forward. They have one the top blockchain development teams in all of China, with 50 million ANS ($325 million) to support their funding needs and a growing list of partners now aligning by their side. While it may take some time to steal the spotlight from Ethereum, we are sure to see more from this platform in the months to come.  

The post Antshares Rebrands, Introduces NEO and the New Smart Economy appeared first on Bitcoin Magazine.

Posted on 22 June 2017 | 7:28 pm

Blockchain-Based Remittance Companies Win at RemTECH Awards Ceremony

RemTech Awards

The global remittance industry’s blockchain-based startups got a boost recently at the Remittance Technology (RemTECH) awards held at the United Nations in New York, from June 16 to 18 as part of the UN Global Forum on Remittances, Investment and Development.

Of the 11 award-winning remittance companies, five startups built on the blockchain were winners. The entries were judged on price, speed, the onboarding of enterprise clients (for white label solutions) and seamless delivery.

The aim of the RemTECH awards is to showcase the most innovative and outstanding ideas, models and projects designed to improve remittance services worldwide by improving transparency, speed, cost and reliability for companies and end-users that send and receive remittances.

Hugo Cuevas-Mohr, Director of the RemTECH Awards, told Bitcoin Magazine:

“Even though large money transfer companies still don’t see the importance of the breakthroughs of blockchain-based and Bitcoin remittance startups, the RemTECH Judging Panel was impressed by some of the solutions presented by companies like Bitso and Everex, just to name two of them.”

“The Awards gave new blockchain startups a chance to shine in the spotlight of the United Nations Forum where the public and private sector met to discuss the challenges of the remittance industry. At IMTC (International Money Transfer Conferences) we are striving to create this dialog of incumbents and fintech firms to work together and create win-win partnerships. It’s not easy but it is happening,” added Cuevas-Mohr.

Bitcoin and blockchain services AirPocket, Bitso, Everex, Moneytis and Trulioo took home the following awards:

Remittances and Financial Inclusion: AirPocket

AirPocket, built on the Bitcoin blockchain, serves Latin America with tens of thousands of payout locations and is supported by the top banks in each country.

Pioneering Spirit: Bitso

Mexican bitcoin exchange Bitso, which raised $2.5 million last September, has been working with Canadian payments startup Paycase to create a new remittance corridor between the two countries and send funds from bank accounts in Canada to Mexico.

Most Innovative Service: Moneytis

Bitcoin blockchain-based Moneytis aims to offer the lowest possible fees to help empower unbanked groups in the developing world. They also have a notification service that monitors all exchange rates in real-time and sends alerts when a significant change happens.

Potential for Growth: Trulioo

Trulioo is a Canadian blockchain-based financial technology company that in addition to remittance services, offers identity verification services for businesses and organizations worldwide using government and private databases.

Service Originality: Everex

Everex was the only Ethereum-based platform nominated. In addition to its contributions to remittance services, Everex has also developed a system for placing national currencies on the blockchain. By doing so, Everex allows people living in cash-based societies to earn a public financial reputation.

“The judges knew about Ethereum, and were excited by the ongoing experiments taking place on the network by individual users, small businesses and multinational corporations,” said Alexi Lane, CEO of Everex, in a statement. “This technology will transform the remittance industry and increase financial inclusion everywhere.”

Greta Geankoplis, a CEO and IMTC (International Money Transfer & Payments Conferences) advisor and entrepreneur who has developed blockchain systems and technology, co-chaired the judges panel. She told Bitcoin Magazine:

“Blockchain (and some Bitcoin specifically) platform-based companies competed shoulder to shoulder with older technology for delivering cross-border value to diverse customers in widely varying environments.

But this is just the beginning. Blockchain platforms in the $700 billion remittance industry holds the promise of leveraging many other needed services in the fastest growing markets: mobile based, micro insurance, loans, education, and remote healthcare to name a few.”

Other blockchain-based companies that were nominated for a RemTECH award included Bitex, Cashaa, DigitalX and OKLink.

The post Blockchain-Based Remittance Companies Win at RemTECH Awards Ceremony appeared first on Bitcoin Magazine.

Posted on 22 June 2017 | 11:18 am

U.S. Bill Requiring Travelers to Declare Digital Currencies Resurfaces

U.S. Bill Requiring Travelers to Declare Digital Currencies Resurfaces

The United States Senate has introduced a bill that would require all travelers entering the U.S. to declare digital currency holdings in excess of $10,000. Despite concerns raised by the invasive nature of the bill, the likelihood of it being passed is extremely low simply due to the incredibly challenging infrastructure that would be required.

In fact, the new bill is actually a reintroduction of an older bill that was originally introduced in 2011. The 2011 bill never made it out of sub-committee deliberation.

Speaking about the recent legislation development, David Siegel, founder of Twenty Thirty AG and Bitcoin enthusiast, tells Bitcoin Magazine, “It’s disappointing. It’s a step back toward 1934.”

The bill would require the Secretary of Homeland Secretary and the U.S. Customs and Border Protection Commissioner to submit a joint report to Congress withinthat meets the following two conditions over 18 months after the date of enactment of this Act:

“(1) detailing a strategy to interdict and detect prepaid access devices, digital currencies, or other similar instruments, at border crossings and other ports of entry for the United States; and;
(2) that includes an assessment of infrastructure needed to carry out the strategy ...”

The amount of technology that would have to be developed in order to enforce this law is incredible. How could they detect these crypto assets? The infrastructure investment that would be needed would be quite prodigious.

“My position on regulation is that there should be strong evidence supporting its effectiveness,” says Siegel. “I don’t see declaring moving money as a transparency issue, so I would say it’s a strong step in the wrong direction. I think regulation should be scaled way back to the point where we can show it’s actually better than no regulation.”

The bill, S.1241, would add “prepaid access devices” under the definition of U.S. monetary instruments in section 5312, title 31, of the U.S. Code. Specifically, a “‘prepaid access device’ means an electronic device or vehicle, such as a card, plate, code, number, electronic serial number, mobile identification number, personal identification number, or other instrument, that provides a portal to funds or the value of funds that have been paid in advance and can be retrievable and transferable at some point in the future.”

These prepaid access devices, in theory, could extend to include electronic ledgers, cryptocurrency wallets and even private keys. These are all portals where individuals can gain access to their private funds. Thus, individuals with more than $10,000 worth of crypto assets tied up on the blockchain would have to declare their crypto net worth to the U.S. Government by filling out a Report of International Transportation of Currency or Monetary Instruments, often called the FinCEN105. This could have a serious impact on digital currency holders traveling to the United States. Punishment for not reporting could include up to five years of jail time and forfeiture of those funds in the form of criminal and civilian penalties.

Formally known as the “Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017,” the bill was introduced on May 25, 2017, by Senator Chuck Grassley (R-IA) and is co-sponsored by Senators Dianne Feinstein (D-CA), John Cornyn (R-TX) and Sheldon Whitehouse (D-RI). It has been referred to the Committee on the Judiciary for further deliberation, but has a tremendous number of obstacles that must be overcome before reaching the President’s desk for final approval.

The post U.S. Bill Requiring Travelers to Declare Digital Currencies Resurfaces appeared first on Bitcoin Magazine.

Posted on 22 June 2017 | 10:54 am

Ether Price Analysis: Here’s What Just Went Down

Ether Price Analysis

A few days ago, just before a 25% market pullback, ETH-USD reached all-time high values upward of $420 as ICO investors desperately tried to accumulate ether to purchase Bancor tokens. The Bancor ICO was single-handedly responsible for congesting the Ethereum networks as users scrambled to get their ICO orders in time. This created a scenario where individuals were spending large sums of ETH to expedite their transactions and push other transaction times further and further back — the sheer volume of which could not be handled by many exchanges and wallets.

Coinbase Status.png

Figure 1: Coinbase Ethereum Transactions Delayed

Across multiple exchanges, messages like the one above began popping up yesterday as the perfect storm of ICO congestion from “Status” met a flood of ETH being sold off to BTC via the ETH-BTC markets (shown in yellow in the figure below). At the time of this article, the aftermath of the Status ICO is still being felt as many wallets and exchanges still have Ether-related services disabled. coinbase-ethbtc-Jun-21-2017-14-41-33.png

Figure 2: ETH-BTC, 1 HR Candles, GDAX

Once the services begin to open up and allow cold storage holders to get their coins on the market, one can only speculate how far the price will continue to be pushed down. Given the long-term, bearish indicators on the ETH-USD markets, it is entirely possible that we will see further tests of the lower support levels (shown in brown). The relatively low volume on this recent dip indicates the real price action has yet to truly begin. Because of the backlogged transactions from the Status ICO event, the volume we have seen thus far has mostly likely only been by those who held their coins on the exchange. The MACD and RSI (indicators of market momentum) are showing no sign of divergence (market momentum reversal) and there is very little upward pressure to keep the price aloft.

coinbase-ethusd-Jun-21-2017-15-55-12.png

Figure 3: ETH-USD, 6 HR Candles, GDAX

Where the bottom of this bear run truly lies remains to be seen. However, for the first time since the double-digit values, the 1-day candles are showing a bearish trend on the MACD (shown in purple), and the RSI is showing a loss of momentum (divergence shown in orange). As it stands, ETH-USD is sitting on the first Fibonacci Retracement Line at ~$315 where it is flirting with the idea of lower values.

kraken-ethusd-Jun-21-2017-16-13-58.png

Figure 4: ETH-USD, 1 Day Candles, Kraken

Bancor and Status set record transaction volumes and accumulated millions of USD in the form of ETH. Is $300 the bottom of this Bear Run? Maybe. But one has to ask, “What would you do if you just had two of the largest ICOs in history, where the value of the ETH used to fund your project is at all time high values? Would you watch your capital dwindle away under bearish conditions, or would you cash out?"

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 BTCMedia related sites do not necessarily reflect the opinion of BTCMedia 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: Here’s What Just Went Down appeared first on Bitcoin Magazine.

Posted on 21 June 2017 | 2:10 pm

Op Ed: How Cryptocurrency Holders Can Diversify While Deferring Taxes

Quasi-charitable Trusts: How Cryptocurrency Holders Can Diversify While Deferring Taxes

With the historic rally in Bitcoin and Ethereum, there are more investors than ever seeking to diversify their newly expanded cryptocurrency holdings. Whether this diversification involves exchanging cryptocurrency for fiat, other cryptocurrencies or a mix of both, the downside can be capital gains tax exposure.

Capital gains (if the underlying property has been held for over a year) are taxed at 15 percent, 18.8 percent or 23.8 percent, dependent upon the amount of income received during the year. One common method of tax reduction is to spread sales/exchanges over multiple years, in order to “soak up” the maximum amount of income into the 15 percent and 18.8 percent brackets.

If you're seeking to diversify, it’s really only practical to spread sales over a few years at most. But what if there were a way to sell immediately while still deferring this capital gains income over a much longer period, such as 20 years or even a lifetime? And what if this method were able to also provide some benefit to charity, with a corresponding charitable deduction?

Enter the Charitable Remainder Trust

This can actually be done with a quasi-charitable trust, namely a charitable remainder trust. With a charitable remainder trust, you contribute some amount of your cryptocurrency to a trust before selling. The trust then sells the cryptocurrency (or otherwise diversifies) on a completely tax-free basis. The proceeds of sale stay within the trust, where they can be reinvested in stocks, bonds, mutual funds, other cryptocurrency or almost any other investment asset.

In exchange for your contribution of cryptocurrency, the trust makes a payment to you each year for so long as you are alive. (You can alternatively choose to have the payment made for the joint lives of you and your spouse, or some shorter fixed term of years.) You choose the amount of this annual payment at the time you create the trust.

The whole process is sort of like receiving an annuity in exchange for your cryptocurrency. This payment can be a fixed amount, or it can be expressed as a fluctuating percentage of trust assets each year. When you pass away, whatever is left passes to a charity of your choice.

There are numerous tax benefits:

  1. The sale or exchange of cryptocurrency is completely tax-free.

  2. You personally only pay tax each year on the annual payment you receive from the trust. So if you use a charitable remainder trust to sell $5M of Bitcoin in 2017, but your annual payment for the rest of your life is $250,000 per year, then you only pay tax on $250,000 in 2017. This payment would be taxed at favorable capital gains rates. Depending on the amount of your other annual income, this strategy will likely keep you in the lower capital gains brackets.

  3. In the year of trust creation, you receive an income tax deduction equal to the actuarial value of the charity’s projected gift. This actuarial value is a calculation done by your attorney-CPA. The smaller the payment you select, the larger the charitable deduction. Assuming you choose an appropriate charity, the deduction can be used to reduce up to 30 percent of your income in a given year, and any unusable amount carries forward for up to five future years. For example, if a 42-year-old man were to contribute $2.5M of cryptocurrency to a charitable remainder trust in 2017 and selected an annual payment equal to 5 percent of trust assets, he would receive a charitable deduction of approximately $480,000 (at current IRS rates). That deduction could be used against his taxable income in 2017, 2018, 2019, 2020 and 2021.

You can even reserve the right to serve as trustee of the trust and to change the charitable remainder beneficiary whenever you please.

There are of course many technical caveats that need to be complied with. Most important, the IRS requires that the actuarial value of the charity’s share must be at least 10 percent of the assets contributed to the trust. Be sure to consult with appropriate counsel to ensure you meet the 10 percent rule and other technical requirements.

If you are looking to reduce and defer income taxes while keeping a guaranteed income for life and doing some good in the process, a charitable remainder trust can be the way to go.

This article is a guest post by Jeff Vandrew Jr. It does not necessarily reflect the views of BTC Media or Bitcoin Magazine and is for general information purposes only; it should not be taken as investment advice. Investors should conduct their own due diligence and consult with a qualified tax/investment professional before attempting anything described in this article.

The post Op Ed: How Cryptocurrency Holders Can Diversify While Deferring Taxes appeared first on Bitcoin Magazine.

Posted on 21 June 2017 | 8:47 am

“Free Ross” Account Glitch Latest Symptom of Coinbase Woes

rosscb.jpg

The “Free Ross” campaign which raises funds for jailed Silk Road founder Ross Ulbricht experienced a glitch last week, renewing concerns about the stability of the digital currency exchange Coinbase. This occurrence comes on the heels of Ulbricht’s latest appeal for release which was just denied in May.

A Twitter message from @free_ross dated June 15, 2017, created a bit of a social media firestorm. In it, his mother Lyn Ulbricht wrote:

.@Coinbase disabled the #FreeRoss account after receiving 16.5 #Bitcoin this morning. We need that for Ross' defense.

— Free_Ross (@Free_Ross) June 15, 2017

Later that day, Ulbricht confirmed that the Free Ross account on Coinbase had been re-enabled. In an email to Bitcoin Magazine, she remarked “I think they responded promptly because of the uproar on social media. We are not so sure of their explanation of why it happened and are looking into the record on that now.”

Later she responded, “They [Coinbase] said it was an automatic security response.”

The Free Ross account does not store all of its bitcoins on Coinbase. Rather, it was established as a convenient way to convert donations into U.S. dollars.

This recent hiccup comes as Coinbase, perhaps the world’s most popular bitcoin exchange, continues to face a litany of complaints from users. There have been numerous reports that the exchange shutters user accounts without reason or notice.  It has been alleged that Coinbase frequently flags and freezes accounts when even the smallest hint of suspicious activity is suspected. In some cases, there have been complaints among users saying that any coins they had in the account at the time were never returned to them.

In a Coinbase blog post on June 4, CEO Brian Armstrong acknowledged the need for changes to address the negative customer experiences, which he attributed to growing demands on the Coinbase system.

We’re storing customer funds, and I can understand how incredibly frustrating (and scary) it is when an issue arises and you can’t get a prompt response. We haven’t done enough to keep up with the growth, and we’re taking steps now to correct it. - Brian Armstrong

 Armstrong also set forth a plan to address some of the scaling solutions that Coinbase plans to implement later this year, including faster customer support response times and a new system to flag “risky withdrawals.” He indicated that the company has hired a consultant to consult on scaling and the introduction of phone support.

Bitcoin Magazine reached out to both Coinbase and Armstrong about the company’s continuing service woes in light of the problems with the FreeRoss account. In response to our questions, Megan Hernbroth from the strategic communications department at Coinbase, stated, “This account was initially blocked due to automated security feature because of the links between this account and a previously compromised one,” and referred us to the following Tweet:

.@coinbase has enabled #FreeRoss account. Was auto security response to possible link to previous compromised account. Never happened b4.

— Free_Ross (@Free_Ross) June 16, 2017

She also referred us back to the June 4th blog post in lieu of comment on Coinbase’s other service concerns.

Regulatory Challenges and a New Hire

In a recent announcement on its blog, Coinbase announced that former federal prosecutor Kathryn Haun would be joining its Board of Directors. Haun was the U.S. Department of Justice’s first-ever digital currency head and was tasked with addressing financial, cyber-crime, gang and national security concerns.

Among the investigations that she oversaw were those that led to the prosecution of the two federal agents accused of theft and corruption in the Silk Road case. Both are currently serving prison sentences.

Reports that Haun would be assisting Coinbase did not sit well with many in the Bitcoin community. And the fact that her appointment occurred the day after the Free Ross account was suspended was a hot topic of discussion on sites like Reddit.

It should be noted that given its rise in prominence as the leading bitcoin exchange in the U.S., Coinbase has been experiencing a flurry of regulatory scrutiny over the past 18 months. According to the Coinbase site, it is registered as a Money Services Business with FinCEN; as such, it is subject to stringent anti-money laundering (AML) and know-your-customer (KYC) compliance requirements in addition to state laws.

In a major development which occurred last year on this front, the IRS requested a John Doe summons as part of a bitcoin probe, seeking to identify and capture Coinbase user information in the U.S. associated with someone who conducted transactions in the digital currency.

On the regulatory front, a bill being pursued in Congress called the “Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017” seeks to, among other things, further target exchanges like Coinbase under the strictures of anti-money laundering regulations. Moreover, Congress is considering including cryptocurrency holdings over $10,000 on the list of reporting requirements when travelers are entering or leaving the U.S.

When asked about Coinbase amid this onslaught of regulatory activity, Perry Woodin, a computer engineer and CEO of the blockchain governance company, Node40 had this to say: “I suspect that Coinbase is suffering from the growing pains of being the leader in a rapidly evolving industry. Add to that growth, a changing states-based regulatory scene that requires Coinbase to jump through ever changing hoops, and customer service is bound to suffer. Coinbase has reported issues where Wyoming, Hawaii and Minnesota have overly burdensome regulations, forcing the exchange to withdraw from those states.”  

Issues Persist

As Armstrong asserted in his blog post, some of the technical and service issues facing Coinbase may be attributed to the increasing demand they’re facing amid the meteoric rise taking place in the cryptocurrency world. Nevertheless, concerns abound about frequent outages that throttle buy and sell orders, often for extended periods of time. There have also been instances during these major price movement periods where the Coinbase site couldn’t be accessed at all.

Lamented libertarian singer and songwriter Tatiana Moroz: “I have had countless problems with Coinbase, from repeated errors on the platform to it not being accessible when I’ve needed to sell or buy bitcoin most. It's not a few isolated incidents; it's ongoing.”

Moroz went on to say that Coinbase’s customer service has basically been nothing short of a “nightmare.”

“It makes me feel completely uncared for as a customer and I know I'm not the only one. I have sent service tickets that take 2-3 weeks for them to reply to. Their fees are also high. And there never seems to be a way to reach a human, which is very scary when you have your money there.”  

The Reddit post seems to underscore the frustration experienced by Moroz and scores of others regarding user experience snafus.

“Unfortunately, the subpar tier one support can cause angst that rapidly spreads across social media,” said Woodin. “I don’t know what recourse there is for users who have lost coins. I do hope that, as Coinbase continues to grow and expand, that they put more emphasis on customer support and service. Doing so will save Coinbase and their customers from unnecessary headaches.”

Lack of Options

Woodin also points to a frequently overlooked, central issue in this discussion, namely, the lack of  consumer choice and competition in terms of exchanges currently in the markets. He attributes this in large part to expense and regulatory climate factors associated with launching a new exchange.

“No doubt, it can be prohibitively expensive to meet the licensing requirements imposed by many states. Movement of fiat currency is highly regulated which means any competition coming to market would have a high financial burden for compliance. I do not see this changing anytime soon.”

Moroz echoed this notion, surmising that Coinbase’s troubles are in part regulatory in nature: “What's troubling is that the regulations and other barriers to entry allow it to operate as a monopoly essentially, and it's difficult to avoid using them if convenience is a factor. I’d like to also note that they seem to have a presence at so few of the major conferences. Frankly, this makes me wonder about how supportive they are of the Bitcoin community in the first place.”  

Libertarian economist and free-market advocate Jeffrey Tucker, in conversation Bitcoin Magazine, also weighed in with a final thought: “The fact is that there should be tens of thousands of exchanges. And there were scores that were already opening up before government intervened and forced all of these regulations on everybody. And, of course, that created a cartelized market with only a handful of players dominating everything. That allows them to exploit their customers by raising rates, by providing inferior service, not innovating. Currently, the exchange business is a non-competitive sector that, in my view, is a disaster for Bitcoin.”

The post “Free Ross” Account Glitch Latest Symptom of Coinbase Woes appeared first on Bitcoin Magazine.

Posted on 20 June 2017 | 12:07 pm

Bitcoin reaches new all-time high: $ 3,000

Posted on 12 June 2017 | 1:06 am

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

Steam accepts Bitcoin

Posted on 29 April 2016 | 1:09 am

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

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

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

June 26, 2017 -
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