$11 Billion: 24-Hour Cryptocurrency Trading Volume Hits New Record

$11 Billion: 24-Hour Cryptocurrency Trading Volume Hits New Record Cryptocurrency trading volume reached a new milestone on Friday, crossing $11 billion for the first time amid regulatory uncertainty in China. Crypto Markets Post Record Volume According to data obtained from CoinMarketCap, the combined 24-hour trading volume of all cryptocurrencies rose to $11.5 billion shortly after 16:00 UTC. The only other time daily trading volume has surpassed $10 billion was on August 19, when it briefly spiked to $10.5 billion. cryptocurrency trading volume Cryptocurrency Trading Volume & Market Cap Chart from CoinMarketCap Bitcoin topped the charts with $4.2 billion in volume, while ethereum and litecoin posted $1.9 billion and $1.5 billion, respectively. In all, 10 different currencies posted volume greater than $100 million. cryptocurrency trading volume Chart from CoinMarketCap Bithumb and Bitfinex each handled about $1.5 billion in trades while Chinese bitcoin exchange OKCoin accounted for $750 million. Altogether, at least seven exchanges, including GDAX, Bittrex, Poloniex, and Huobi surpassed the $500 million mark (Volume had tapered off a bit by the time of writing, so it is possible Kraken and Coinone crossed $500 million earlier in the day). Friday’s trading volume surge was caused by market volatility stemming from China’s crackdown on bitcoin exchanges. Yesterday, the markets crashed following reports that a bitcoin exchange ban was “certain” and BTCC’s subsequent announcement that it would shut down all trading services at the end of September. The markets continued to plunge Friday morning as Huobi and OKCoin were rumored to be meeting with regulators and two smaller exchanges–Yunbi and ViaBTC–also announced September closures. However, later in the day OKCoin and Huobi issued concurrent statements that suggested they might continue providing cryptocurrency-to-cryptocurrency trading services. Both exchanges announced that they would close CNY trading pairs on October 31, but–unlike BTCC, Yunbi, and ViaBTC–they did not announce the suspension of “all trading.” Moreover, they indicated that they “expect to continue to provide Chinese users with [compliant] digital asset services.” These announcements led to an immediate rally, and trading volume soared to a record level as the markets climbed back to $120 billion after dipping below $100 billion earlier in the day.

About Questra and Atlantic Global Asset Management

About Questra and Atlantic Global Asset Management I am so very excited! This might just be for YOU! I have something very unique to share with you that is of the utmost importance to your financial future and I want you to see this, then say “no” but please don’t say no until you’ve seen this and have done your own due diligence! Let’s start with THE MAGIC OF COMPOUND INTEREST! Maybe at some time in your life, someone you know asked you the following trick question: “Would you rather have $10,000.00 per day for 30 days or a penny that doubled in value every day for 30 days?” Today, we know to choose the doubling penny, because, at the end of 30 days, we’d have about $5MM versus the $300,000.00 we’d have if we chose the $10K a day! Compound interest is often called the “EIGHT WONDER OF THE WORLD” because it seems to possess magical powers, like turning a penny into $5MM in just 30 days! The great part about compound interest is that it applies to money, even little amounts like a penny or $100.00USD in the AGAM business model! It helps us achieve our financial goals, such as becoming a millionaire, and becoming financially independent! With only $100.00USD, (a meal for four family members at your local restaurant) you can be a millionaire in 222 weeks and have accumulated € 1,045,440.00! This is just like a CD, tax sheltered 401K, RRSP or other investment vehicle or is it? These vehicles keep the compounding for themselves and give you simple interest and they laugh all the way to the bank! Oh wait, maybe they are the bank! NOW, we can all participate with AGAM and receive the magic of compound interest for ourselves and if you are smart, your family, friends, and circle of influence as well! I stand corrected, it is not the magic of compound interest, it is even better! IT IS THE MAGIC OF COMPOUNDING PROFITS! One of the main reasons I’m so excited about AGAM is that I have personally experienced this compounding impact back in 2005 to 2007 with Castle Fair Ministries! We had two Forex traders in Switzerland earning our debt relief programs between 18-25% a month and they were earning that amount for themselves too! It was a perfect business until the US Govt and IRS destroyed the relationship of US entities with Switzerland and we had to shut down even though everything was done legally! But with AGAM, they are not only legal and lawful and have set themselves up offshore, but also have an eight-year track record with 25 Wealth Managers spreading the risk and during this eight-year period, they have never gone below 3% a week. So not just two, but 25 seasoned professionals working on our mutual behalf and we have to do nothing other than come up with $100.00USD to get it started! THIS IS A NO BRAINER! Check it out here: http://perfectincomes.com or get back to the person who referred you to this site and sign up with them please! Still a doubter? I’M AMAZED AT HOW NORMALLY POSITIVE PEOPLE IMMEDIATELY POOP ON THIS PARADE! I’ve had someone suggest it is a scam, it says so on the internet! HMMMMM! I wonder who these negative people on the internet work for? Isn’t it wonderful that a negative person always has a problem for every solution? I took some time and reviewed the negative info on the net and what they don’t know, is, that they don’t know, that they don’t know what they are talking about! Kenetra, my referring member has provided some proof below in her letter that she sends out to people who are doubters and “proof of income received” is always one of the best indicators that the program is working but also there is proof that the company exists and contracts are signed by senior referring partners with the leaders at their home office in Spain. You will see all of that info and more in the "Overview info and Video links" section! Check it out! http://perfectincomes.com  You can check out these sites for complete accurate information! https://atlanticgam.es/about https://questraworld.es/ William Eason http://perfectincomes.com

Prepare For SB1241’s Pit Bull Assault on Bitcoin Freedom

Prepare For SB1241’s Pit Bull Assault on Bitcoin Freedom By Wendy McElroy The Future of Bitcoin 728x90 Senate Bill 1241 defines digital currencies as “monetary instruments” and digital exchanges/tumblers as “financial institutions” for purposes of enforcing anti-money laundering laws. If successful, the “Combating Money Laundering, Terrorist Financing and Counterfeiting Act” would inflict unhappy consequences on bitcoin freedom. [Note: for a section-by-section analysis of the bill, please click here. Section 13 deals directly with cryptocurrencies. The other sections become relevant only because 13 makes bitcoin fall under their purview.] Also read: European Commission Launches Digital Currency and Dark Web Consortium SB1241 would have another impact that is less obvious but Prepare For SB1241's Pit Bull Assault on Bitcoin Freedomequally sweeping. Federal law is centralized law; that is, the same regulation is imposed equally on all states. Of course, the ideal is no regulation at all except for the community standards of businesses and users. But if bitcoin is to be regulated, then a patchwork of incompatible or differing laws is far more favorable to freedom than homogeneity. A network of decentralized authorities (states) may not constitute liberty but it does offer alternatives and escapes for those who seek greater freedom. The Obvious Unhappy Consequences Section 13 of SB1241 is entitled “Prepaid Access Devices, Stored Value Cards, Digital Currencies, and Other Similar Instruments.” This would amend Section 5316 of Title 31 in two significant ways. First, 5316 currently states: “(2) ‘financial institution’ means—…(B) a commercial bank or trust company.” This would be amended to insert “or any digital exchange or tumbler of digital currency.” The news site Coindesk observes, “the bill clarifies that any ‘issuer, redeemer or cashier’ of a ‘digital currency’ is also covered.” Second, a summary of the bill provided by co-sponsor Senator Chuck Grassley (R-IA) states, Funds stored in a digital format” would be included “within the definition of monetary instruments” making them subject to “anti-money laundering reporting requirements…where the value stored is above $10,000. In other words, digital exchanges would become the equivalent of banks. Parallel Institutions, The Less Obvious Unhappy Consequence Here, “institution” refers to a society or an organization. A “parallel institution” refers to a society or organization that acts as a counterbalance or competing authority to another organization, such as the federal government. Parallel institutions have always benefited freedom-seekers, especially religious and political refugees. In the Middle Ages, Protestant dissenters fled Anglican England to find refuge in the Netherlands. Puritans colonized the New World and served as a beacon to others who sought religious liberty. The power of parallel institutions is captured by the principle of “sanctuary” by which a Church exercises a higher authority than the State and can refuse to surrender ‘criminals’ who seek refuge within its walls. The political version of sanctuary plays out every day. People cross the border of one nation and escape into another. The second nation is not necessarily freer than the first but some aspect of it is freer to the refugee. Russia may not be freer than America, for example, but to Edward Snowden it is. The Ecuadorian embassy in London may be obscenely confining but it is more expansive than a prison cell to Julian Assange. Parallel institutions also play an important Prepare For SB1241's Pit Bull Assault on Bitcoin Freedompractical role in the bitcoin community which is highly fluid and transplantable. In June 2015, a harsh licensing requirement for crypto businesses became law In New York with enforcement to begin in August. Many businesses chose to leave rather than abide by a license that required, among other things, the divulgence and sharing of customer data. Fortune magazine noted, “Last weekend the deadline to apply for a BitLicense came and went, and a slew of bitcoin startups went too—right out of New York State… This is not a comprehensive list, but here are some of the companies that packed up and left New York: Bitfinex, Bitquick, BTCGuild, Eobot, Genesis Mining, Gocoin, Kraken, Localbitcoins, Paxful, and Poloniex.” Those who physically left did so by relocating to parallel institutions – that is, to other states with more palatable environments. The power of parallel institutions is also seen through what happens when the two merge their interests and become, in effect, one institution. Instead of offsetting each other’s power, they buttress and increase it at the expense of individual freedom. When church and state speak with one voice, both become more oppressive; it was precisely because the Anglican Church was the state church of England that religious dissenters felt impelled to flee. In extreme cases, the melding of church and government can lead to an Inquisition. When capitalism and government blend their interests, the results are no less devastating. Crony capitalism is established; government and favored businesses grant each other privileges by which both grow rich by picking the pockets of average people. This bastardization of the free market is an efficient engine of oppression. S1241 is the federal government’s attempt to merge its power with that of the states and to homogenize that power under laws it enforces. There would be “one law to rule them all, one law to find them, one law to bring them all and in the darkness bind them.” Moving from state to state to escape a specific regulation is a relatively trivial task. Under SB1241 and the follow-on legislation it would inspire, physical bitcoin businesses would need to move internationally or shut down. Conclusion SB1241 was referred to the Senate Judiciary Committee on May 25. This is the preliminary step before a bill can be introduced into the House or Senate for debate and, perhaps, a vote. In short, S1241 is in the earliest stage of legislation, and many bills never make it out of committee. If it does move forward, then the bill’s sweeping scope may be a barrier to passage in either the House or the Senate. On the other hand, the draft bill may deliberately express overreach in order to provide room for negotiation and compromise. And another terrorist attack on U.S. soil could create a political hysteria that the bill could ride into becoming law. One thing is clear: S1241 is what some—and Prepare For SB1241's Pit Bull Assault on Bitcoin Freedomprobably many—politicians want to impose on monetary instruments, including bitcoin, and financial institutions, including digital currency exchanges. A last point: S1241 mandates a report from Department of Homeland Security which is due 18 months after the bill’s passage. DHS is asked to detail “a strategy to detect prepaid access devices and digital currency at border crossings and ports of entry”. Travelling in and out of the U.S. with bitcoin could become a real problem. Currency control at the border is an indication of a government that is becoming or has become a totalitarian state. S1241 is a dot on the legal horizon. Whether or not it passes, this is the direction the state is pushing and will continue to push cyptocurrencies. Prepare now.

Mining Pool Viabtc Launches New Cryptocurrency Trading Platform

Mining Pool Viabtc Launches New Cryptocurrency Trading Platform By Jamie Redman trading platform Forum This week the Chinese company and mining pool, Viabtc has announced the launch of a new cryptocurrency trading platform called Viabtc.cn. The announcement follows the startup’s recent series A funding back in March which is now being used to expand domestic cryptocurrency trading in China. Also read: Use of Bitcoin in Ecuador Continues to Grow Despite Government Ban Mining Pool Viabtc Launches Chinese Bitcoin and Ethereum Exchange Mining Pool Viabtc Launches New Cryptocurrency Trading PlatformViabtc is a well-known mining pool that captures roughly 4 percent of the Bitcoin network’s hash rate. The company is also known for its staunch stance towards Bitcoin scaling and a tool it created a while back that accelerates bitcoin transactions. The company recently raised $2.9 million in funding and is utilizing the money for its new exchange which will cater to both bitcoin and ether trading paired with each other and CNY. “In March this year, we announced our closing of Series-A funding and plan to expand cryptocurrency trading business in domestic China,” explains Viabtc. “After three months of intensified developing and testing efforts, we are glad to present to you our brand new cryptocurrency trading platform — www.ViaBTC.CN.” Mining Pool Viabtc Launches New Cryptocurrency Trading Platform Viabtc’s charts will be provided by Trading View. The Trading Platform’s High-Speed Matching Engine Claims to Process 10,000 Transactions Per Second Viabtc says they are also offering introductory low fee trades and zero fee withdrawals to “celebrate the launch.” Also, the company states it has built a high-speed matching engine that can process 10,000 transactions per second. Moreover, Viabtc says all holdings will be held 100 percent in reserves. The company details that security will offer two-factor authentication (2FA), cold storage, and a multi-signature infrastructure as well. The company also details the platform will showcase professional charts from the firm Trading View. Besides stand market charts for average users, we’ve also integrated advanced Trading View charts, whose diversified indexes and charting tools provide an even better option for professional traders. Viabtc Says They Are Committed to Creating a Reliable Cryptocurrency Experience The bitcoin startup hopes Chinese traders will choose Viabtc because it aims to be a “convenient exchange platform supported by extensive technology innovations.” The company says the team has lots of experience in the cryptocurrency and blockchain industry and details that most of the team stems from the Chinese Internet company Tencent and other top tech firms in China. “ViaBTC.CN is committed to delivering a reliable cryptocurrency trading platform with high-speed transaction matching, full-dimension protection, and smooth user experience,” the company adds. What do you think about Viabtc launching a cryptocurrency exchange? Let us know in the comments below. Images courtesy of Shutterstock, and the Viabtc.cn website. At News.Bitcoin.com all comments containing links are automatically held up for moderation in the Disqus system. That means an editor has to take a look at the comment to approve it. This is due to the many, repetitive, spam and scam links people post under our articles. We do not censor any comment content based on politics or personal opinions. So, please be patient. Your comment will be published. William P. Eason MarketHive Entrepreneur/ Contributor

About Questra and Atlantic Global Asset Management

About Questra and Atlantic Global Asset Management I am so very excited! This might just be for YOU! I have something very unique to share with you that is of the utmost importance to your financial future and I want you to see this, then say “no” but please don’t say no until you’ve seen this and have done your own due diligence! Let’s start with THE MAGIC OF COMPOUND INTEREST! Maybe at some time in your life, someone you know asked you the following trick question: “Would you rather have $10,000.00 per day for 30 days or a penny that doubled in value every day for 30 days?” Today, we know to choose the doubling penny, because, at the end of 30 days, we’d have about $5MM versus the $300,000.00 we’d have if we chose the $10K a day! Compound interest is often called the “EIGHT WONDER OF THE WORLD” because it seems to possess magical powers, like turning a penny into $5MM in just 30 days! The great part about compound interest is that it applies to money, even little amounts like a penny or $100.00USD in the AGAM business model! It helps us achieve our financial goals, such as becoming a millionaire, and becoming financially independent! With only $100.00USD, (a meal for four family members at your local restaurant) you can be a millionaire in 222 weeks and have accumulated € 1,045,440.00! This is just like a CD, tax sheltered 401K, RRSP or other investment vehicle or is it? These vehicles keep the compounding for themselves and give you simple interest and they laugh all the way to the bank! Oh wait, maybe they are the bank! NOW, we can all participate with AGAM and receive the magic of compound interest for ourselves and if you are smart, your family, friends, and circle of influence as well! I stand corrected, it is not the magic of compound interest, it is even better! IT IS THE MAGIC OF COMPOUNDING PROFITS! One of the main reasons I’m so excited about AGAM is that I have personally experienced this compounding impact back in 2005 to 2007 with Castle Fair Ministries! We had two Forex traders in Switzerland earning our debt relief programs between 18-25% a month and they were earning that amount for themselves too! It was a perfect business until the US Govt and IRS destroyed the relationship of US entities with Switzerland and we had to shut down even though everything was done legally! But with AGAM, they are not only legal and lawful and have set themselves up offshore, but also have an eight-year track record with 25 Wealth Managers spreading the risk and during this eight-year period, they have never gone below 3% a week. So not just two, but 25 seasoned professionals working on our mutual behalf and we have to do nothing other than come up with $100.00USD to get it started! THIS IS A NO BRAINER! Check it out here: http://perfectincomes.com or get back to the person who referred you to this site and sign up with them please! Still a doubter? I’M AMAZED AT HOW NORMALLY POSITIVE PEOPLE IMMEDIATELY POOP ON THIS PARADE! I’ve had someone suggest it is a scam, it says so on the internet! HMMMMM! I wonder who these negative people on the internet work for? Isn’t it wonderful that a negative person always has a problem for every solution? I took some time and reviewed the negative info on the net and what they don’t know, is, that they don’t know, that they don’t know what they are talking about! Kenetra, my referring member has provided some proof below in her letter that she sends out to people who are doubters and “proof of income received” is always one of the best indicators that the program is working but also there is proof that the company exists and contracts are signed by senior referring partners with the leaders at their home office in Spain. You will see all of that info and more in the "Overview info and Video links" section! Check it out! http://perfectincomes.com You can check out these sites for complete accurate information! https://atlanticgam.es/about https://questraworld.es/ William Eason http://perfectincomes.com

South Korean Bitcoin Exchanges Trade $1000 Over Global Average By

South Korean Bitcoin Exchanges Trade $1000 Over Global Average By Jamie Redman South Korea Bitcoin is shining brightly in South Korea as the price per BTC in the region has reached upwards of $3500-3800 across the country’s top three exchanges. Many traders are finding significant arbitrage opportunities due to South Korean spreads being over $1000 higher than the global average. Also read: Korea Steadily Becoming a Cryptocurrency and Fintech Hub South Korean Bitcoin Trade Volume Is Surging Bitcoin is very popular in South Korea at the moment. According to statistics, the country’s top three exchanges Bithumb, Korbit, and Coinone are exploding with bitcoin volume over the past few months. The trading platforms are processing roughly $200 million USD worth of Korean Won-KRW/BTC trades daily, and lately, most of these trades have been well above the global average. Alongside this, the South Korean Localbitcoins volumes and spreads have been off the charts as well. South Korean Bitcoin Exchanges Trade $1000 Over Global Average Korbit and Coinone KRW Prices May 24, 11pm EST. Fintech Friendly Authorities South Korean Bitcoin Exchanges Trade $1000 Over Global Average The region has also been blossoming with startups dedicated to bitcoin remittance and financial tech advancement. The South Korean government has been very friendly towards digital currencies, and the country is steadily becoming a technology hub. Just recently the government lowered the equity capital requirement for bitcoin companies working with remittances. The new statutes will begin on June 18 with a reduction of required capital to 1 billion KRW in contrast to the prior requirement of 2 billion KRW. Additionally, researchers from the South Korean central bank recently released a report that detailed that virtual currencies like bitcoin can “coexist with fiat.” “The recent emergence of digital currency opens up a new type of dual currency regime in which digital currency, which has no intrinsic value and a government-issued fiat currency coexist,” explained the researchers from Seoul’s Hongik University and members of the Bank of Korea’s (BOK) report. Bithumb price May 24, 2017, 11pm EST. Korea’s Growing Bitcoin Community and Very Large Remittance Market Besides the central bank’s and government’s friendly attitude the bitcoin community in South Korea is thriving. For instance, the Seoul Bitcoin Meetup group has over 1,200 members and has over ten upcoming meetings scheduled. This past March the group discussed the differences between soft and hard forks. South Korea is also home to three bitcoin automated teller machines (ATM) as well. South Korean Bitcoin Exchanges Trade $1000 Over Global Average South Korea is fertile ground for cryptocurrency use with the country’s remittance market capturing billions every year. Korean remittances have undoubtedly bolstered bitcoin as startups like Korbit has pushed crypto-settlement forward. Financial incumbents like Shinhan Bank are also looking at bitcoin’s benefits towards the large remittance market in Korea. When it Comes to Bitcoin Korea is One Country to Watch With all the feverish demand for cryptocurrency solutions and financial technology, Korea has positioned itself as one of the top five leading countries in bitcoin trade volume. It’s safe to say that when it comes to bitcoin adoption, Korea will be one to watch with its population of over 50 million, a multi-billion dollar remittance industry, and a government that bolsters fintech. What do you think about Bitcoin growth exploding in South Korea? Let us know in the comments below. William P. Eason MarketHive Entrepreneur/ Contributor

Bitpay’s Bitcoin Prepaid Card Now Available to 131 Countries By Jamie Redman

Bitpay’s Bitcoin Prepaid Card Now Available to 131 Countries By Jamie Redman countries On May 22, Bitpay’s chief commercial officer, Sonny Singh, revealed its prepaid bitcoin debit card product will now be available in 131 countries. Initially, the card was only available for U.S. residents but due to the expansion users worldwide can now convert bitcoin into spendable euros, pounds, and many other fiat currencies. Also read: Is It Too Late for Barry Silbert’s Scaling Compromise Proposal? Bitpay’s Bitcoin Visa Debit Card Goes Global Bitpay's Bitcoin Prepaid Card Now Available to 131 Countries Bitpay’s chief commercial officer Sonny Singh. Bitpay’s recent announcement will mark the company’s pre-paid Visa card as the first cryptocurrency tethered debit card that’s available to over 130 countries worldwide. The Atlanta-based firm believes the improved accessibility of the Bitpay card will enable global citizens the ability to utilize the tool with their digital currency savings. “Today’s news makes the Bitpay Card the first prepaid Visa debit card available for bitcoin users in both the United States and in major bitcoin-using countries such as the UK, Germany, China, Japan, Argentina, and Brazil, along with 125 other nations,” explains Bitpay. With a growing bitcoin user base and a bitcoin market cap of $36 billion, the Bitpay Card is poised to become a powerful spending tool for bitcoin users around the world. ‘More Convenient Than Online Exchange Methods’ Bitpay's Bitcoin Prepaid Card Now Available to 131 Countries According to Bitpay, the company has issued over 15,000 cards since revealing the bitcoin debit card in May 2016 and has a waiting list of applicants as well. The card available for bitcoin users was the first to offer conversion ability in all 50 U.S. states. “The card is significantly more convenient, more affordable, and faster — by an order of days — than many online exchange methods for bitcoin today,” Bitpay’s announcement states. “The Bitpay Card’s recent integration with Bitpay’s bitcoin wallet allows users to convert bitcoin funds to dollars, euros, or pounds on the card in one in-app swipe.” What do you think of the Bitpay bitcoin card being available to 131 countries? Have you tried Bitpay’s Visa card? Let us know about your experiences and what you think about the bitcoin card in the comments below. William P. Eason MarketHive Entrepreneur/ Contributor

The Case for Using mBTC Over BTC Denominations

The Case for Using mBTC Over BTC Denominations By Jamie Redman mBTC Bitcoin Games As bitcoin’s price has gained quite a bit of value over the past few months, many bitcoin proponents have been asking the community to start thinking about using mBTC denominations rather than using decimal points. People proposing this idea believe it’s the right time to start referring to bitcoin percentages below one bitcoin in this fashion, to make calculations easier and to attract new users who think one bitcoin is too expensive. Also read: Hungary’s Central Bank and Police Create Onecoin Surveillance Group Using mBTC Denominations The Case for Using mBTC Over BTC Denominations The fiat value of bitcoin is getting seemingly close to the US$2000 range as the price per BTC hit an all-time high on May 11 reaching $1890 across global exchanges. Since bitcoin’s value is growing larger a bunch of cryptocurrency enthusiasts have proposed people start using mBTC denominations. One mBTC, otherwise known as a millibitcoin, is one thousandth of a whole bitcoin, or 0.001BTC. At current market prices, one mBTC is worth $1.85, and people have been bolstering the mBTC idea well before one mBTC was a dollar. The reason people would like to use the mBTC unit measurements instead is because it’s easier for humans to innumerate and communicate smaller portions of bitcoin. Furthermore, some people just learning about bitcoin sometimes believe they have to purchase a whole coin, which is not the case as anyone can purchase bitcoins in fractions. So bitcoin proponents believe using units of mBTC to describe smaller portions would allow new users to better conceptualize that they can buy ten dollars worth or 5 mBTC. There are a few wallet services and business that use the mBTC unit denomination within their application’s interface. Wallets that use mBTC include Electrum, Blockchain, and Mycelium. Satoshis & Bits Another terminology that measures smaller portions of bitcoin in units is called a “Satoshi”, named after Bitcoin’s creator. A Satoshi is the smallest fraction of bitcoin that can be recorded on the blockchain and equals one hundred-millionths of a whole bitcoin (0.00000001 BTC). The name caught on around 2010 after a lot of discussion concerning the topic came up in forums. Sometimes traders refer to one Satoshi as a “Sat” which is just an abbreviation. A “bit” is another terminology used to describe a millionth of a bitcoin. The Case for Using mBTC Over BTC Denominations Using Satoshis and bits as a language to discuss smaller bitcoin denominations is more widely used than mBTC. A few symbols have been created to represent a Satoshi measurement, but nothing has gained widespread adoption. Would it be Easier to Explain to New Users? The Case for Using mBTC Over BTC Denominations Throughout the past few weeks, the topic of changing the denomination language has come up in forums a lot more than usual. On May 11, one bitcoin proponent describes why people should think about mBTC units, saying that it would be far easier to communicate to new users. “Many new people that ask to me about bitcoins are “scared” by the fact that to buy a bitcoin you need several thousand of euros,” explains the post. To buy 0.05 of “something” sounds weird and little. So I think the community would greatly benefit if it switches to mBTC in exchanges and wallets. Also for shopping it would be easier to think that you are paying for a beer that costs three mBTC and not 0.003 BTC. Others believe things are just fine the way it is and it would be too difficult for the community and industry to adopt this language. Furthermore, some believe wallets companies, exchanges, and bitcoin-based businesses should decide to use whatever they prefer. Moreover, due to the rise of miner fees, some say the proposal of mBTC units is futile as many smaller denominations of bitcoin held in wallets can’t be used and are essentially unspendable addresses. For now changing the language of bitcoin units probably won’t happen very quickly but there are those that believe the cryptocurrency environment is still young and starting this trend now would be helpful for communication. William P. Eason MarketHive Entrepreneur/ Contributor

Top 10 Altcoins: All You Wanted to Know About Bitcoin’s Contenders

Top 10 Altcoins: All You Wanted to Know About Bitcoin’s Contenders Blockchain currency is revolutionizing money. Since Satoshi Nakamoto unveiled his cryptocurrency in 2008, we’ve witnessed a proliferation of digital cash companies and codebases. Utilizing his public, distributed ledger, dozens of promising currencies have emerged. Only a select few have proven themselves as true contenders to Bitcoin, however. Here are the top 10 altcoins on CoinMarketCap (note that the list is changing constantly, especially in the tail part, with other altcoins like MaidSafeCoin, Golem and Augur playing musical chairs with others): Ethereum J.P Morgan Chase, Microsoft and Intel allied in order to create the fiercest rival to Bitcoin in circulation today: Ethereum. The main purpose of the endeavor was to program binding agreements into the Blockchain itself. This incarnated into the now-popular smart contract feature. Interestingly, Ethereum is not just a currency. It’s a Blockchain platform powered by the Ether cryptocurrency. The New York Times describes the technology as “a single shared computer that is run by the network of users and on which resources are parceled out and paid for by Ether.” Ripple Ripple attracted a great deal of venture capital during its inception. The Google-backed altcoin startup managed to pull in upwards of $50 mln from banking institutions, gathering an impressive $90 mln in total funding. Ripple is unique in that it allows for transacting with any unit of value, from fiat currency to frequent flier miles. “Ripple provides global financial settlement solutions to enable the world to exchange value like it already exchanges information giving rise to an Internet of Value (IoV). Ripple solutions lower the total cost of settlement by enabling banks to transact directly, instantly and with certainty of settlement,” reads the company’s copy on their official website. Initially a middling contender, Ripple has gained momentum in the cryptocurrency market, seeing a marked surge earlier this year. In fact, Ripple experienced a 100 percent increase in value within a 24-hour period in late March. Litecoin Former Google engineer Charles Lee created this altcoin in an effort to improve upon Bitcoin. Namely, the speed to generate a new block is improved dramatically. Transactions are much faster. By the same token, however, this speed makes Litecoin’s Blockchain larger and more prone to producing orphaned blocks. Dash Dash, a combination of the words “digital” and “cash,” is the Internet’s cash-in-hand. Dash is quick. Its transactions are instant. “Your time is valuable. InstantSend payments confirm in less than a second,” Dash claims. By comparison, Bitcoin’s transactions can take up to an hour to process. GPU/CPU mining is no longer cost effective. In order to mine, you’ll need specific hardware, computers known as ASICs to complete Dash’s proof-of-work puzzles. NEM NEM is written in Java; built on an entirely new codebase separate and apart from Bitcoin’s open-source code. There are a few other intriguing differences from Bitcoin as well. In NEM, you harvest rather than mine. It’s essentially the same as mining in Bitcoin, only that multiple people profit - albeit in much smaller quantities - from a generated block. NEM introduced the proof-of-importance algorithm to the digital ledger. A user’s wealth and number of transactions are used to timestamp transactions. NEM has seen rapid growth in its valuation since the beginning of 2017 as the altcoin is currently being embraced in Japan. Ethereum Classic A parallel Ethereum platform exists and sustains a sizeable usership with a market cap hovering just below $430 mln. Why do two versions of the same platform exist? The Ethereum community fractured when a disagreement over how a technically legal theft of funds should be handled. The majority of users wished to change Ethereum’s code in order to get the lost funds back. A minority believed that Ethereum should not be tampered with or altered by third parties. Even in cases of users exploiting the smart contract feature to trick others, the Blockchain must remain “immutable.” Thus, the minority created the Classic version of Ethereum, which still survives and thrives. Monero Monero is geared toward those who desire greater anonymity. The cryptocurrency allows you to “send and receive funds without your transactions being publically visible on the Blockchain.” Transactions are completely untraceable due to Monero’s leveraging of ring signatures. Unfortunately, because of Monero’s emphasis on privacy, it has seen adoption by the darknet and other criminal organizations. Zcash Zcash, like Monero, offers greater privacy to users. Unlike Monero, transactions are shielded rather than made completely private. Meaning, the details of the transaction itself, such as the users involved and the amount traded, are hidden. Zcash does this by using a “zero-knowledge” proof that allows for parties to exchange funds without revealing each other’s identity. Decred Decred’s primary aim is to focus on “community input, open governance and sustainable funding and development.” The currency melds proof-of-work and proof-of-stake mining algorithms to ensure a minority of users do not own the majority of the funds and that decisions are led by the community rather than a handful of developers or early investors. PIVX PIVX stands for Private Instant Verified Transactions. Another open-source decentralized Blockchain currency, it is built upon Bitcoin Core. Like Zcash and Monero, PIVX boasts its heightened privacy and security. “[W]e believe that you have the right to exchange privately and securely, without interference from corporatocracy pressures, governmental influences, prying eyes, and nefarious individuals and movements,” PIVX contends. PIVX is highly volatile, experiencing massive spikes in trading volume and valuation as of March of this year. Again, because of the currency’s emphasis on privacy, PIVX is susceptible to criminal activity. Cryptocurrencies, Bitcoin and the altcoins it has spawned, may bring about a new global economy. They allow us to transact in a peer-to-peer fashion, without third-party bodies governing us. Bitcoin introduced the Blockchain, but other developers are quickly improving upon Nakamoto’s idea. Some currencies have focused on speed, as is the case with both Ripple and Litecoin. Others have honed in on privacy, currencies like Zcash going so far as making all transactions private and untraceable. Each altcoin comes with its own strengths and weakness. Surely, we’ll discover more as time goes on. For now, these 10 currencies are at the top. Their fate could turn, however, at a flip of a coin. William P. Eason MarketHive Entrepreneur

Gocelery Bitcoin Exchange Suspends Deposits and Withdrawals

Gocelery Bitcoin Exchange Suspends Deposits and Withdrawals By Jamie Redman On May 4, the New York-based cryptocurrency exchange Gocelery suspended deposits and withdrawals without any explanation. Cryptocurrency investors who use the platform to invest in bitcoin and altcoins are showing concern over the announcement across social media. Also read: Las Vegas Strip Club Aims to Use Cryptocurrency for Daily Operations A Small U.S. Based Cryptocurrency Exchange Suspends Services Gocelery Bitcoin Exchange Suspends Deposits and Withdrawals The cryptocurrency platform Gocelery, otherwise known as “Celery,” is a subsidiary of Btx Trader and was established in 2014. The trading platform is operated by Ilya Subkhankulov and Divya Thakur, who have claimed since the company started that 90 percent of customer funds were held in cold storage. Since 2014, the exchange has operated with little complaints and has also offered customers using Canadian bank accounts zero fees for transactions. During bitcoin’s climatic price rise to the $1600s, Gocelery.com users were notified that the company had suspended deposits and withdrawals until further notice. The trading platform did not give any reasons why they ceased offering these services but informed customers via Twitter and Celery’s update page. The trading platform announced its decision at 9:45 am on May 4, stating: All withdrawals, deposits, and orders are currently suspended. Please refer to this page for all further updates. Is this a Trending Issue Among Global Exchanges? Because the price is so high and a few other exchanges across the globe have also halted deposits and withdrawals, Celery’s announcement has caused concern. For instance, this past January, Chinese exchanges suspended withdrawals after the country’s central bank began inspecting them. Following China’s exchange issues, the popular exchange Bitfinex also suspended fiat withdrawals, causing bitcoiners to worry. However, the reasons behind these particular suspensions were revealed to the public. Both Chinese exchanges and Bitfinex have not reinstated withdrawals at the time of writing. Gocelery Bitcoin Exchange Suspends Deposits and Withdrawals Celery’s owner, Btx Trader, has been involved within the cryptocurrency environment since 2013. Btx trader is also a corporate branch of another company, as the firm is a wholly-owned subsidiary of WPCS International Inc. For now, customers believe they will just have to wait until Celery gives the public further information via their update page. Bad Memories The news of various exchanges suspending deposit and withdrawal services has been haunting bitcoiners with memories of Mt Gox. Celery’s suspension is yet another example of an exchange having issues in 2017, but the problem for customers is the company’s silence. William P. Eason MarketHive Entrepreneur/ Contributor

How to Disrupt Everything: the Largest Blockchain Conference Coming to Amsterdam By Bitcoin.com -

How to Disrupt Everything: the Largest Blockchain Conference Coming to Amsterdam By Bitcoin.com - Disrupt Everything This summer on July 10 & 11, Keynote Events will host the “How to Disrupt Everything” blockchain event in Amsterdam. Famous for creating The North American Bitcoin Conference in Miami, and the World Blockchain Forum, Keynote Events makes Amsterdam the home for its latest conference series. The two-day conference in the Netherlands will focus on the emerging digital currency and blockchain economy that is disrupting traditional systems around the world. Also read: QE and Capital Controls Create Worldwide Demand for Bitcoin How to Disrupt Everything On July 10th – 11th, 2017 at the gorgeous De Kromhouthal in Amsterdam the How to Disrupt Everything conference will be an inspiring environment focused on innovative blockchain technologies. The event aims to provoke thought leadership and networking for veterans and novices just learning about the benefits of blockchain protocols. How to Disrupt Everything: the Largest Blockchain Conference Coming to Amsterdam Furthermore, a variety of industry luminaries will speak to an audience of over 500 guests and 150 university students covering a broad range of topics such as decentralized applications, regulation, academic research and so much more. Past speakers include Vitalik Buterin (Ethereum), John McAfee (MGTI), Vinny Lingham (Gyft), Charlie Lee (Litecoin), Charlie Shrem, Jeffrey Tucker, Patrick Byrne (Overstock), and many more. Keynote Events CEO and the How to Disrupt Everything conference organizer Moe Levin is thrilled to host the blockchain conference in Amsterdam this summer. “As the blockchain industry presents new use cases to tackle problems and disrupt industries, it’s as an exciting time as ever to bring the community together,” explains Levin. “We look forward to bringing the brightest minds in blockchain together with newcomers to explore strategies for applying these technologies.” Focus on Recruitment and the Next Generation How to Disrupt Everything: the Largest Blockchain Conference Coming to Amsterdam Moe Levin, Keynote Events CEO and ‘How to Disrupt Everything’ organizer. In addition to the numerous speakers attending, the How to Disrupt Everything event will also provide recruiting opportunities for Blockchain Education Network (BEN) members pairing them up with innovative tech startups looking to hire. BEN members are students and academic professionals involved with researching and teaching Bitcoin and blockchain protocols. How to Disrupt Everything plans to help facilitate networking and connections between the brightest college minds and up and coming companies within the blockchain space. Student involvement can be broken down into three parts; CV Compilation, a recruitment hall, and speed recruiting sessions as well. “Students have a great capacity to think outside the status quo and explore paradigm shifts,” Levin adds, who also is a member of BEN’s advisory board. Young Bitcoin and blockchain enthusiasts understand that we aren’t restricted to traditional methods for managing trust, and their skills and inquisitiveness will be an invaluable asset to the blockchain industry’s future growth. An Invigorating Experience for Those Interested In Disruptive Technologies In addition to the blockchain recruitment section of the How to Disrupt Everything conference, the event will have a large exhibition hall. The space will be filled with promising blockchain startups, showcase innovative applications, and allow attendees to interact with supporting sponsors. Keynote Events believes the How to Disrupt Everything event at the beautiful Kromhouthal will be an invigorating experience for those interested in disruptive technologies — and maybe even score a new job. “With 500 attendees, including 150 students, there is great opportunity to network, delve deeper into new technologies, and even find your next rock star employee,” adds the conference organizers. William P. Eason MarketHive Entrepreneur/ Contributor

Nexxus Ecosystem to Create Density of Adoption with Token Sale

Nexxus Ecosystem to Create Density of Adoption with Token Sale Bitcoin Games This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release. Plano, TX: Nexxus announces its ecosystem to address one of the biggest challenges for bitcoin identified by Andreas Antonopoulos at the 2017 Blockchain Africa Conference, as the Density of Adoption. Andreas stated “You can’t do most of the things, yet, that might be very interesting markets and the reason you can’t do them is because there’s not enough liquidity, there’s not enough users, there’s not enough adoption”. Nexxus is promoting mainstream public adoption by introducing bitcoin and cryptocurrency to local communities worldwide with physical cryptocurrency cafes, a network of cryptocurrency ATMs, an innovative shopper rewards program, and cryptocurrency education and certification. The Nexxus ecosystem technology includes the Nexxus Rewards global rewards community and bartering program at www.NexxusRewards.com, the Nexxus University cryptocurrency education and certification program at www.NexxusUniversity.com, the Nexxus corporate strategy and executive management team at www.NexxusPartners.com, and the internal currency and digital token of the Nexxus ecosystem at www.NexxusCoin.com. The Nexxus go-to-market strategy includes viral marketing revenue sharing, a certified direct sales force, a community outreach program, and a critical mass strategy to create a significant concentration of merchants and shoppers in local communities worldwide. Nexxus founder and CEO, Bob Wood states, “Nexxus is facilitating bitcoin and cryptocurrency as a huge movement that is bigger than all disruptive technologies in modern history combined, because we’re now disrupting the power structure of the political and financial establishment – the people’s money”. Nexxus is also conducting a digital token sale on May 8, 2017 at http://bit.ly/2qeTUB7. The Nexxus digital token is the internal currency used for value exchange within the Nexxus ecosystem of cryptocurrency products and services, similar to the Ether token on the Ethereum platform. Nexxus digital tokens are used as the cash-back reward points given to shoppers by merchants for every transaction in any currency including local fiat currencies, credit/debit cards, cash, bitcoin and other top cryptocurrencies. Every purchase in any currency causes Nexxus digital tokens to be purchased from the open market to fulfill the granted reward points. Nexxus digital tokens have automated buyer demand from the Nexxus ecosystem. About Nexxus Partners: Nexxus Partners is a services company for the bitcoin and cryptocurrency industry, and is the developer of the Nexxus ecosystem, which includes the Nexxus Global Rewards Community that is the first local bitcoin loyalty rewards program taking cryptocurrency mainstream, the Nexxus University that provides the education and certification for people to benefit from the new peer-to-peer electronic cash system, the Nexxus Bartering program for local users to trade their unwanted or surplus products and services with each other in cryptocurrency, and the Nexxus HandUp program to assist the less fortunate with the benefits of cryptocurrency. ### William P. Eason MarketHive Entrepreneur/ Contributor http://markethive.com/wlmeas TradeCoinClub – Top 10 Cryptocurrency Trading Platform http://www.jointcc.me/ http://perfectincomes.com

Antigua and Barbuda Drafts Laws to ‘Implement’ Bitcoin

Antigua and Barbuda Drafts Laws to ‘Implement’ Bitcoin By Kevin Helms Antigua and Barbuda Drafts Laws to 'Implement' Bitcoin Bitcoin Games The government of Antigua and Barbuda is drafting laws “for the implementation of Bitcoin,” according to a local publication. The decision may have been influenced by online gambling mogul Calvin Ayre and even self-proclaimed “Bitcoin creator” Craig Wright. Also read: Craig Wright-associated Nchain Claimed to Be Largest Acquisition in Bitcoin History Drafting Bitcoin Laws Antigua and Barbuda Drafts Laws to 'Implement' Bitcoin EP Chet Greene, Antigua & Barbuda Minister of Trade and Consumer Affairs The Cabinet of the twin-island country Antigua and Barbuda has instructed their Attorney General, Steadroy Benjamin, “to draft laws for the implementation of Bitcoin,” reports the Antigua Observer. Antigua and Barbuda is a Commonwealth nation located in the Caribbean Sea, east of Puerto Rico. The move follows the Cabinet’s meeting with a group connected with the Antigua Leisure and Gaming Association on Wednesday, the publication describes, adding that Bitcoin was discussed as “a new method of transacting the sale of goods and services.” At the post-Cabinet briefing on Thursday, the Minister of Trade and Consumer Affairs, EP Chet Greene said: “Here in Antigua & Barbuda we know we are always very much front and centre of new developments; we are leaders, trendsetters in the Caribbean.” He then explained his country’s interest in Bitcoin: This new currency [bitcoin] is immutable; you can always go and trace transactions, so in the context of allegations of our country being involved in tax havens, it allows for better traceability. Primarily a tourism-driven economy, Antigua and Barbuda has a few casinos on the island as well as a growing Internet gaming industry. Greene also said: “The currency benefits us in Antigua & Barbuda in respect to our Internet gaming sector. It will allow us the satisfaction needed as a jurisdiction in respect to questions that would be asked of us in the global environment,” the Antigua Observer wrote. Craig Wright and Calvin Ayre’s Influence Antigua and Barbuda Drafts Laws to 'Implement' Bitcoin Craig Wright Last June, Reuters reported that the self-proclaimed “Bitcoin creator” Craig Wright had been building a large portfolio of Bitcoin and blockchain patents. Applications for more than 50 patents were filed in Britain through Antigua-registered EITC Holdings Ltd, with plans to apply for about 400 patents in total. Originally known as Ncrypt, EITC Holdings later rebranded as Nchain following its acquisition by Sicav plc. The Antigua Observer’s article erroneously notes that the price of bitcoin “has increased in value several times since it was patented.” Bitcoin is open source and uses the MIT license for free software, therefore it cannot be patented. Antigua and Barbuda Drafts Laws to 'Implement' Bitcoin Calvin Ayre Moreover, a document reviewed by Reuters reveals that, in 2015, Wright “planned to propose to the Antigua government that the island adopt bitcoin as its official currency.” His proposal for Antigua reads: “Bitcoin is not just a currency.[…] It’s a new backbone and commercial foundation for the internet.” Wright also has the backing of Calvin Ayre, a wealthy Canadian entrepreneur who lives in Antigua. Ayre has been indicted in the U.S. on charges of running illegal online gambling operations, which he has denied. He began construction of a $25 million call center in Antigua in October, claiming “it was part of his vision for Bitcoin and online gaming,” Reuters reported and quoted Ayre saying: I see a growing convergence of Bitcoin, online gaming, virtual reality and gamification technologies, and progressive countries like Antigua are poised to take advantage of this convergence by developing a truly global services industry. While the government prepares to draft the laws concerning Bitcoin, Greene is encouraging the public to learn more about the cryptocurrency online, the Antigua Observer reports. William P. Eason MarketHive Entrepreneur/ Contributor http://markethive.com/wlmeas TradeCoinClub – Top 10 Cryptocurrency Trading Platform http://www.jointcc.me/ http://perfectincomes.com

Markets Update: Bitcoin Price Rise Climbs to Uncharted Territory

Markets Update: Bitcoin Price Rise Climbs to Uncharted Territory By Jamie Redman - The price of bitcoin has seen a spontaneous rise during the last week of April as the cryptocurrency’s fiat value has climbed to new highs. Over the course of the afternoon and evening of April 27 bitcoin’s price spiked to an all-time high of US$1360 across global exchanges. Also read: Japanese City Accepts Bitcoin Donations Bitcoin Price Weekly View: April’s All Time Highs Bitcoin markets are currently in an uncharted price territory as the digital asset once again surpassed its all-time high jumping in value 10 percent over the past 24 hours. The price has dipped a touch during the morning of April 28 as the global average on exchanges is roughly $1330 per BTC at press time. Bitcoin’s overall market capitalization is also higher than ever before as it currently captures a market share of $21.3 billion. Trading volume is also substantial as over $500 million worth of BTC has been traded daily over the past three days. Markets Update: Bitcoin Price Rise Climbs to Uncharted Territory The weekly view and technical indicators suggest the bull run is not over but could see a hiccup in the short term. Bitcoin’s 100 Simple Moving Average SMA is still well above the 200 SMA trendline which means the ascending climb upwards may continue over the long term. With the Relative Strength Index (RSI) one can assume that buyers are still playing their cards and may continue to prop the price upwards. However, as we reported in our past three market updates the Stochastic indicator readout shows that sellers could pull the price down at any given time. Furthermore, market data from Bitfinex and traders on the trading forum Trading View show a lot more ‘short’ positions than ‘long’ positions. Markets Update: Bitcoin Price Rise Climbs to Uncharted Territory Trading View trader Nixholas predicts a bull rally ahead for BTC/USD markets. “Three drives now, cup and handle broken. With CNBC and the other major news reporters coming into shill us, $1.5K won’t even be a problem,” explains Nixholas. Cryptocurrency Markets Rise Capturing a $33 Billion Capitalization Markets Update: Bitcoin Price Rise Climbs to Uncharted Territory Overall Cryptocurrency Market Cap: $33,812,543,483 / 24h Vol: $1,085,012,433 / BTC Dominance: 63.1% on April 28, 2017. Overall cryptocurrency markets with altcoins included have also reached an all-time high of $33.6 billion USD at the time of writing. The second largest market capitalization held by Ethereum has skyrocketed to $5.7 billion over the past 24 hours. One ether is roughly $63, and Ethereum markets are trading a daily average of over $300 million in trade volume. The third runner-up Ripple (XRP) has seen a spike, as well, as the price has risen to over 4 cents per XRP. Litecoin (LTC) markets continue to do well, after the network recently locked-in Segregated Witness activation. At the moment LTC is over $14 per token with a $750 million dollar market capitalization. Dash has seen an increase too as the price stayed stable at $70 over the past two weeks. The price per Dash is now $78 per coin seeing a 6 percent price increase over the past 24 hours. The other top ten cryptocurrency contenders are also seeing price rises, probably due to bitcoin’s ascending value. This includes price rises from Ethereum Classic ($4), NEM ($0.04), Monero ($21), Augur ($14), and Maidsafecoin ($0.23). Golem, Zcash, and PIVX are still trying to enter the top ten with 8-15 percent increases this week. Speculators Look Towards the ETF, Japan, and Bitfinex USD Issues, but No One Really Knows Why the Price Is Rising Markets Update: Bitcoin Price Rise Climbs to Uncharted Territory Bitcoin proponents seem happy with the price increase, but some people are skeptical due to seeing considerably higher price spreads between Bitfinex and other USD bitcoin exchanges. Mainstream media is giving bitcoin coverage because of the price spike and are attributing the increase to the SEC reviewing the Coin bitcoin ETF again. Other news outlets say that Japan’s recent bitcoin payment legalization law has also propelled the price upwards as well. Many are unsure of where the boost is coming from, and a lot of the uncertainty is stemming from the $100 difference between Bitfinex and the global average. Bear Scenario: Bitcoin’s fiat value has dipped during the early morning hours of April 28 since reaching its all-time high. A deeper correction could continue leading to prices below the $1300 mark. Order books across popular exchanges show current support looks very healthy in the $1250 per BTC price range. ‘Short’ positions are also starting to increase as the price has reached new territory. Bull Scenario: If bitcoin breaks current resistance the path upwards could easily trend past the $1400 range this week and even towards $1500. Buyers have control over the market and SMA and RSI technical indicators show the price ascent should continue. The current price territory is highly psychological, and there will be many breaks and scalps in between. Intra-range and day traders will likely find price sweet spots over the course of the next week.

Bitfinex Price Spreads Bring Uncertainty to Bitcoin’s Price Rally

Bitfinex Bitcoin Games One week has passed since bitcoin exchange Bitfinex announced issues with banking partners and halted fiat withdrawals for its customers. Since then the price of bitcoin has been rallying upwards reaching new highs across global exchanges. As the price surges, Bitfinex prices have been $100 higher than at other exchanges, making traders worrisome a bubble is forming. Also read: SEC Approves Petition to Review Bitcoin ETF Rejection Bitfinex Price Spread Causing Fear and Uncertainty Bitfinex Price Spreads Bring Uncertainty to Bitcoin's Price Rally Everybody loves a good bull run, but this particular bitcoin price spike is being seen as unusual. The reason being one of the largest cryptocurrency exchanges has halted USD withdrawals and other fiat currencies until further notice. There was no adverse market reaction to the news, and Bitfinex prices began rising higher than every other exchange. At the time of writing the price per BTC on Bitfinex is $1405 but the price on Bitstamp is only $1306. This price spread has provoked fear and uncertainty among traders due to similar instances in the past. Traders don’t feel confident in the market because of the 2013 Mt Gox scandal which shook the bitcoin community to the core. For instance in September of 2013 Forbes columnist Donald Marron wrote an article that is eerily similar the current price spike called “How Bitcoin Spreads Violate a Fundamental Economic Law.” Marron notes that Mt Gox started having some price fluctuations when the exchange had issues with Wells Fargo and Dwolla. Price spreads began to happen slightly then picked up when Mt Gox suspended USD withdrawals. “Spreads briefly normalized until Mt Gox announced that it was suspending U.S. dollar withdrawals,” the author writes. Mt Gox had become a Roach Motel (or, if you prefer, a Hotel California) for U.S. dollars. Traders could check their dollars in, but they couldn’t check them out. ‘A Territory of Greed’ Bitfinex Price Spreads Bring Uncertainty to Bitcoin's Price Rally Bitcoin.com spoke with Petar Zivkovski, COO at Whaleclub, the Hong Kong-based bitcoin trading platform, about the current market price trends. Zivkovski said he’s been getting together with many industry experts and insiders over the past few weeks, and the tone is generally bearish. “I personally believe we are entering a territory of greed when it comes to bitcoin prices,” Zivkovski tells Bitcoin.com. “We’ve seen less than 2% of positions come in the past 24 hours to short BTC/USD on Whaleclub. That means almost nobody out of millions of dollars in volume is betting against the currency.” The reason is simple. Bitfinex is leading BTC/USD price at the moment while other USD exchanges follow. Bitfinex, however, has cut off USD withdrawals, which has worried many of its customers who have only one option left to take their funds off the platform: to buy BTC with their USD, then proceed to withdraw the BTC. This process artificially props up the price, which results in the $100 spread we’re seeing. Withdrawals and Thinning Books The Whaleclub executive says figures show that fifty percent of Bitfinex’s cold wallets have been drained in the past couple of weeks due to customer withdrawals. Bitfinex Price Spreads Bring Uncertainty to Bitcoin's Price Rally “As a result, the books on Bitfinex have become even thinner, particularly on the ask side,” explains Zivkovski. “So when a customer comes in to buy BTC (at market, because of the urgency), they move the price upwards more easily. Which is why we’ve seen a perpetual price rise. This reminds me of the Mt Gox debacle, where price only kept going up, for the same reasons (blocked USD withdrawals).” Bearish Sentiment During All Time Price Highs There hasn’t been any word from Bitfinex since April 20 and traders are wondering what will happen if and when the exchange allows fiat withdrawals. Aside from that particular uncertainty, Zivkovski says insiders are still bearish even with the current spike. The network scaling quagmire has many people worried, especially since nobody has a solution that everyone can agree on, Zivkovski explains. “Once the exchange withdrawal issues get resolved, or a bearish event hits (such as an exchange liquidation), bitcoin’s price is likely to drop aggressively since it’s currently artificially inflated,” Zivkovski adds.

Dual Blockchain Token MobileGo Raises $4.5M First 4 Hours of Crowdsale

Dual Blockchain Token Mobile Go Raises $4.5M First 4 Hours of Crowdsale This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release. Mobile Go, a cryptocurrency aiming to bring smart contract technologies to the world of mobile gaming, raised $4.5 million dollars after 4 hours of funding. The coin is backed by an experienced team of game and blockchain developers and will help fund the first crypto-based mobile game store. With an impressive start, the Mobile Go crowd sale raised $4.5 million dollars after 4 hours of its launch. The crowdsale will last four weeks, with different discounts for each week of investments. A minimum of 50% of funds raised will be used to market the GameCredits Mobile Store, where 10% of store profit goes to buying back and burning MobileGo. The remaining 50% of funds raised will be used for building MobileGo technologies, legal fees, team expansion, and gamification of the mobile platform. With these funds the team hopes to popularize the mobile store and create a competitive mobile gaming ecosystem. MobileGo is a dual blockchain cryptocurrency using Waves and Ethereum, aiming to bring smart contract technologies to the world of mobile gaming. These technologies include a virtual item exchange, player run wager tournaments, and player to player wager matchplay. They will exist on the Game Credits Mobile Store, a demo of which was released last week. MobileGo and Game Credits share a symbiotic relationship. GAME is the single coin used for in-game purchases, while MobileGo offers more ways for gamer to interact with their favorite games. Both coins are used for unique purposes and together will maximize user experience and interactivity on the mobile store. When asked why a second token was developed, Sergey Sholom, Game Credits VP of Business Operations and VP of Operations at MobileGo said, “Game Credits has been built to scale with the vast number of payments made in the gaming industry, however, it cannot use smart contracts. Creating MobileGo allows us to use smart contracts to solve several problems in the mobile gaming industry, while also expanding the market potential of the GameCredits Mobile Store. Together the two coins will create a mobile gaming experience where gamers can win money by playing their favorite games.” The GameCredits Mobile Store will greatly affect Mobile Go. As more gamers join the store due to marketing, the mobile platform will begin to have greater profits generated by in-game payments. As stated early, 10% of all profit will then go to buying back MobileGo from investors quarterly. The gamers on the mobile store will also be the target audience of Mobile Go's smart contract technologies, furthering demand for the token. The team behind Game Credits is also running the MobileGo crowdsale. Week one investors can enjoy a 15% discount on all currencies, with an additional 7% discount if they invest with GAME. The Mobile Go crowd sale represents one of the greatest opportunities in the world of cryptocurrency. Not only does the project have an experienced team of game and blockchain developers, but it is also targeting a rapidly growing 50-billion-dollar industry, with a product launching shortly after the crowd sale ends. Gamers using Mobile Go and the Game Credits Store can enjoy the benefits of blockchain technology, without having to understand it. The funds raised will go to acquiring these gamers, bringing mainstream adoption to the MobileGo and GameCredits ecosystem. Virtual currency investors looking for the latest information on the MobileGo can register and join the crowdfund here: https://mobilego.io/ About Game Credits, Inc.: Game Credits delivers blockchain-based products to the gaming industry. Founded in 2016, GameCredits allows game developers to accept the game credits cryptocurrency (GAME) to securely purchase existing in-game items without the inconvenience and cost of traditional banking and payment alternatives. Users can purchase GAME directly inside their own Game Credits wallet for USD, Euro and bitcoin, as well as on major exchanges globally, including Bittrex and Poloniex. William P. Eason MarketHive Entrepreneur/ Contributor

Weekly Round-Up and Cryptocurrency Markets Update Posted by CMO Chris Corey

Techshares Help Enterprises Better to Finance During Blockchain Bitcoin Games This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release. If 2015 was the year when many first heard about blockchain, 2016 was the year when many pretended to understand what it was, then 2017 will be the year when many try to apply it. 2016 saw the emergence of several open-source platforms for the financial services industry, several more platforms exist in the proprietary space, and many of these will head into open-source territory in 2017. Their proprietors will come to acknowledge that any chance of long-term success at the protocol level lies in the network effect. Many enterprises also aware that blockchain technology could better help with their busniesses, TechShares decentralization exchange will allow all others to reach their highest potential: money. Money is the lubricant of our economies and its value is in being the most frictionless asset of all. Unregulated cryptocurrencies have outperformed fiat currency in this regard and the financial world has woken up to this. TechShares decentralization exchange will allow other financial instruments such as bonds, equities, derivatives, to be migrated to the same blockchain and permit a plethora of use cases to come to full fruition. We will see the custodians of our fiat currencies, central banks, move closer to harnessing the power of blockchain technology for the benefit of entire economies. William P. Eason MarketHive Entrepreneur/ Contributor

Abra Now Offers Deposits and Withdrawals at 60+ US Financial Institutions

Abra Now Offers Deposits and Withdrawals at 60+ U.S. Financial Institutions Coinsbank Blockchain Cruise bitcoin conference The Bitcoin payments startup Abra has been busy adding to its service offering since Bitcoin.com reported on its progress in January. Abra users in the U.S. and the Philippines can buy bitcoin via their bank account or with cash. The list of supported banks has been growing fast. On Thursday, the company announced that over 60 U.S. banks and credit unions are now supported for both deposits and withdrawals. Also read: Abra to Finally Launch Global Bitcoin Network Next Month 60+ U.S. Financial Institutions Supported Abra Now Offers Deposits and Withdrawals at 60+ U.S. Financial InstitutionsAbra users load money into the company’s smartphone app in two ways; with a bank account or with cash. The company started offering the option to buy bitcoin via bank accounts in early March, but only to users in the U.S. and the Philippines. There is no fee to add, send, or withdraw money from a bank account. Initially, only 17 U.S. banks were supported. However, on Thursday, the company announced the addition of many more U.S. financial institutions, stating that: Our latest update adds support for 46 new US banks and credit unions, bringing the total number of supported US banks and credit unions to 63. “In the U.S., these banks are supported for adding and withdrawing funds held in the Abra app,” the company’s website states. At press time, there are 34 banks and 29 credit unions supported. They include Bank of America, Capital One, Charles Schwab, Chase, Citibank, Commerce Bank, Fidelity, Suntrust, TD Bank, USAA, Union Bank, and Wells Fargo. In the Philippines, adding funds to an Abra account can be done through only three banks: BDO Unibank, BPI, and Unionbank. Withdrawals can be done via most major banks, according to the Abra’s website, including Bank of Commerce, Citibank, HSBC, Metrobank and Union Bank. A full list of supported financial institutions for both the U.S. and the Philippines can be found here. Abra Now Offers Deposits and Withdrawals at 60+ U.S. Financial InstitutionsWhat makes Abra unique, however, is its network of human tellers, which currently supports over 50 currencies globally. While users outside the U.S. and the Philippines will have to use bitcoin to add and withdraw money from the Abra wallet, a teller can give them their local currency. The company is currently working to build out its teller network so that users can cash in and out from anywhere around the globe. At the end of March, the company revealed that there are Abra tellers in over 100 different cities worldwide including over 1,500 locations in the Philippines. Abra users in the Bitcoin community are starting to describe on social media their experiences using the app. Reddit user “Pdubl” mentioned that he has tested out the new features successfully. “ACH transfer was relatively quick compared to Coinbase/Glidera, about 2-3 days,” he recalled and noted the new fee structure as well. He added: The exchange rate seems to be about 1.5% but it’s built into the price. You also pay the BTC transaction fee when you withdraw. ACH Transfer Limits, Rates, Time Abra advertises “No transfer fees. Low exchange rates” on its website. “There’s a $500 daily limit on ACH-based cash loads,” the startup also noted. Once the money is loaded into the Abra app, users can hold, spend and send bitcoin to other Abra users anywhere in the world, as well as receive it in their own local currency. Abra Now Offers Deposits and Withdrawals at 60+ U.S. Financial InstitutionsThe company claims to offer “the least expensive ACH-based option for buying bitcoin today.” At launch, it used Coinbase for bitcoin price conversion but has recently changed to using Tradeblock’s XBX Index. “This will result in a conversion rate that more closely tracks the global average across institutional bitcoin exchanges,” Thursday’s announcement reads. Abra Now Offers Deposits and Withdrawals at 60+ U.S. Financial InstitutionsIn addition, Abra is “running tests to shorten the amount of time it takes to add money via bank deposit from 2-3 business days to 1-2 business days,” the company also revealed on Thursday. “In some cases we may require additional verification to protect the security of our customers’ accounts, which could add more time.” One of Abra’s main goals has always been to jumpstart the mass adoption of Bitcoin. In its recent statements, the company wrote: “Bitcoiners can now send bitcoin to pay people without having to explain Bitcoin.” In addition, “they won’t even know the sender sent them bitcoin. Recipients can then cash out their wallet balance to their bank account in any of our supported countries or find an Abra Teller nearby if they need or prefer to withdraw physical cash.”

Research Shows How Bitcoin Can Be Attacked Via Internet Routing Infrastructure

Research Shows How Bitcoin Can Be Attacked Via Internet Routing Infrastructure Forum Researchers from ETH Zurich and the Hebrew University have found how “internet routing attacks” and “malicious Internet Service Providers (ISPs)” can attack the Bitcoin network. In their research paper entitled “Hijacking Bitcoin: Routing Attacks on Cryptocurrencies”, they describe the attacks as well as countermeasures against them. The paper will be presented at the 2017 IEEE Symposium on security and privacy in May. Also read: Attacks on Data Privacy May Get Scarier in 2017 Internet Routing Attack Vector There are already many known Bitcoin attack vectors such as double spending, the 51% attack, DDoS, eclipsing, and transaction malleability. However, the authors asserted that: One important vector has been left out though: attacking the currency via the Internet routing infrastructure itself. Research Shows How Bitcoin Can Be Attacked Via Internet Routing InfrastructureWhile a Bitcoin node can be run from anywhere on earth, the researchers found that most of them are hosted with a few ISPs. Specifically, they found that 13 ISPs host 30% of the entire Bitcoin network. In addition, 60% of all possible Bitcoin connections cross 3 ISPs. “Together, these two characteristics make it relatively easy for a malicious ISP to intercept a lot of Bitcoin traffic,” they wrote, adding that “any third-party on the forwarding path can eavesdrop, drop, modify, inject, or delay Bitcoin messages such as blocks or transactions.” Two Types of Attacks Warned Research Shows How Bitcoin Can Be Attacked Via Internet Routing InfrastructureThe paper then describes two types of attacks claimed to be practical and possible today. The first is called a “Partition attack” which aims to partition the Bitcoin network or “completely disconnect a set of nodes from the network”. The second is called a “Delay attack” which aims to delay the propagation of new blocks to a set of Bitcoin nodes without disrupting their connections. To determine their effects, the authors set up a network and initiated the attacks on themselves. They performed a hijack in the wild against their own Bitcoin nodes to learn the effect of a Partition attack. For a Delay attack, they used an interception software against their own Bitcoin nodes. They eventually came to the conclusion that: The potential damage to Bitcoin is worrying. By isolating parts of the network or delaying block propagation, attackers can cause a significant amount of mining power to be wasted, leading to revenue losses and enabling a wide range of exploits such as double spending. Possible Countermeasures The paper offers various suggestions to combat the routing attacks of Research Shows How Bitcoin Can Be Attacked Via Internet Routing Infrastructureboth kinds. While nothing is a cure for all attack types, the more countermeasures deployed, the more effective a defense Bitcoin users will have. Both long and short-term countermeasures were suggested. Recommended strategies include increasing the diversity of node connections, selecting Bitcoin peers that are routed further away, monitoring round-trip communication times, and even encrypting all node traffic. The research team also proposes monitoring any other additional statistics so that deviations from normal behaviors can be immediately identified at each node. William P. Eason MarketHive Entrepreneur/ Contributor

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More Bitcoin Exchanges Fall Victim to Banking Problems

More Bitcoin Exchanges Fall Victim to Banking Problems Forum Following Bitfinex’s announcement to disable fiat deposits, more bitcoin exchanges are having the same issue. The other trading platforms have also disabled incoming USD wire transfers, citing bank account and “intermediary bank” problems. Also read: Bitfinex’s Problems Pile Up: Deposits Disabled, Withdrawals Delayed Deposit Problem Spreading to Other Exchanges Bitfinex is not the only bitcoin exchange which has disabled fiat deposits. The bitcoin exchange Btc-e has also announced on Twitter that it is not accepting U.S. dollar wire transfers until the end of the month, citing a bank account problem. More Bitcoin Exchanges Fall Victim to Banking ProblemsThe Chinese exchange, Okcoin, is also reportedly having the same issue. A Reddit user posted a message supposedly displayed on the user’s account stating that U.S. dollar deposits have been temporarily suspended since Wednesday “because of the issues with intermediary banks.” The announcement further reads: “Please do not make further deposit as your wires may be rejected by intermediary banks. We are now actively looking for alternatives to resume deposit as soon as possible.” A few other cryptocurrency services and money service businesses are reportedly encountering the same problem as well. Third Party Banks “De-Risking” Intermediary banks and correspondent banks are third party banks. The terms are sometimes used interchangeably. Regardless of any slight differences, they both facilitate international fund transfers as well as transaction settlements. More Bitcoin Exchanges Fall Victim to Banking ProblemsWhen Bitfinex filed a lawsuit against Wells Fargo, it was revealed that Wells Fargo was acting as a correspondent bank for the Taiwan-based banks which Bitfinex uses. Big banks have been known to “de-risk” correspondent banking relationships that are considered high risk for their businesses. It is a common problem. According to the World Bank, “this risk avoidance would typically occur on a wholesale basis, without a case-by-case assessment of the risk associated with individual customers, or the country or region involved, or as a result of an analysis indicating that the business relationship as a whole was no longer profitable.” Therefore, it would not be uncommon for a bank such as Wells Fargo to sever its correspondent banking relationships with other Bitcoin businesses in the same way it did with Bitfinex. Taiwan Banks Tightening AML Requirements Following Wells Fargo’s de-risking decision which only affected outgoing wires, Bitfinex informed customers that all its incoming wires will be “blocked and refused” by its Taiwan banks. According to an article by Whalecalls, banks in Taiwan did not previously have strict AML/KYC requirements, but they were enough to comply with U.S. regulations. However, the U.S. has recently revised these requirements. The U.S. Department of Financial Crimes Enforcement Network (Fincen) is now requiring businesses operating as a money transmitter to report any suspicious activities. “A report must be filed when a transaction that is conducted by, at or through the MSB [money service business] is both: suspicious, and $2,000 or more,” Fincen wrote on its website. Bitcoin exchanges are classified as money transmitters, according to the agency. More Bitcoin Exchanges Fall Victim to Banking Problems Taiwan’s Premier Lin Chuan While the U.S. has tightened its control over activities of money transmitters, Taiwan also has its own agenda when it comes to ramping up its AML/KYC efforts. On March 16, the Taiwanese government established an office to combat money laundering to help build a more transparent and orderly financial environment, according to Focus Taiwan publication. It also aims to beef up “money laundering prevention before the third evaluation round of the Asia/Pacific Group on Money Laundering (APG) next year,” the publication reported the country’s Premier Lin Chuan saying, adding that Taiwan is currently on the APG watch list. In August last year, the New York State’s Department of Financial Services (DFS) fined Taiwan’s Mega Bank US$180 million “for its poor compliance practices, after identifying ‘a number of suspicious transactions’ between the bank’s New York and Panama branches,” the publication further details. The Taiwanese Deputy Justice Minister Tsai Pi-Chung then noted that this incident damaged the credibility of Taiwan’s financial activities worldwide, which should be rectified. Bitcoin exchanges’ deposit problems started soon after the Taiwanese regulators set up the AML office. While U.S banks are de-risking and Taiwan is determined to regain its credibility, so that it is taken off the APG watch list, the situation is looking grim for any bitcoin exchanges using banks in Taiwan. William P. Eason MarketHive Entrepreneur/ Contributor

The Most Promising Cryptocurrencies To Buy In 2017

The Most Promising Cryptocurrencies To Buy In 2017 The Most Promising Cryptocurrencies To Buy In 2017 The year 2017 kicked start with a booming bullish wave that pushed the price of bitcoin and many altcoins up to unprecedented levels. Bitcoin recorded its all-time high a few weeks ago, as it exceeded the $1300 price level for the first time ever since the genesis block was mined. This rise in the market capital of bitcoin, ethereum, monero and others was fueled by uncertainty towards the fiat economy secondary to Trump’s winning of the US Presidential elections, Brexit and the unrest in the Middle East.Throughout this article, we will point out the most promising cryptocurrencies that have the potential to grow massively and hence, can represent good investment opportunities in 2017. Ethereum: Ethereum is a unique cryptocurrency that presents a distributed computing platform that features the “smart contract” functionality. Many crypto-enthusiasts think that ethereum is undervalued at the moment and others believe that its real value is even greater than that of bitcoin. Ethereum is by far the most promising coin to invest in this year. During the past couple of months, ethereum has been witnessing a bullish wave that led to more than %300 rise in its price in March. Even more, ethereum has recorded last March its all-time high of $54. In my opinion, ethereum has the potential to be worth more than $100 by the end of this year. Monero: Monero is one of the most promising altcoins that will definitely witness enormous gains in 2017. Apart from most other cryptocurrencies, Monero’s transactions are anonymous, thanks to its CryptoNote protocol that relies on ring signatures. Similarly to ethereum, monero’s price spiked, recording more than 100% gains during the past few weeks. Interestingly enough, monero has also recorded, in the later half of last March, its all-time high of $25. Monero has the potential to grow to over $50, especially after AlphaBay, one of the major darknet marketplace, has chosen to add monero as a payment method late in 2016. Oasis, another darknet marketplace, also started to accept monero payments, and more markets are expected to do so too, during 2017, which will take the price of monero to the moon. DASH: DASH currently represents the third biggest cryptocurrency by market capitalization. Similarly to monero, DASH’s transactions are anonymous via a unique coin mixing service known as “PrivateSend”. The year started with a bullish wave that has been controlling DASH’s market since then. The bullish wave climaxed later in March by scoring DASH’s price all time high of around $116. DASH was the second cryptocurrency to be added as an accepted payment method on darknet’s marketplaces. It has the potential to grow to over $200 this year, especially that DASH is by far the cryptocurrency with highest anonymity levels. Other Coins: There are other coins that hold great potential for growth in 2017. Augur is a promising altcoin as it is presenting a new concept for decentralized market predictions. STEEM also holds enormous potential as it is by far the most successful decentralized social network. MaidSafeCoin’s price can also skyrocket during the upcoming months as it is supporting a new concept of crowd-sourced internet. GameCredits also hold great potential for growth during 2017, especially that it is introducing a new concept for online gaming markets. William P. Eason MarketHive Entrepreneur/ Contributor http://markethive.com/wlmeas TradeCoinClub – Top 10 Cryptocurrency Trading Platform http://www.jointcc.me/ http://perfectincomes.com

Should You Accept Cryptocurrency In Your Small Business?

should you accept cryptocurrency in you small business Despite the controversy and challenges that occur — small-business owners are embracing cryptocurrencies, like bitcoin. The main reason, according to the more savvy entrepreneurial-types, is that by using the latest technology they can stand out from other businesses. Does that mean that accepting cryptocurrencies is the right fit for your business? It actually depends on your business’s particular situation and needs, but for the most part, cryptocurrencies can offer the following advantage for business owners. In years past U.S. merchants have had to pay over $78 billion in credit and debit card processing fees. Since cryptocurrencies are decentralized, meaning that they don’t require a bank to verify each transaction, you can eliminate those transaction fee which normally cost 2 percent up to 5 percent for each transaction. In other words, it costs almost nothing for your customers to transfer funds to you. As for you — as a business owner — don’t have to share your hard-earned revenue with that third party financial institutions. More privacy and security for your customers. According to a research by Statista, 17 percent of shopping cart abandonment is over payment security concerns, with another 18 percent is due to excessive payment security checks. With cryptocurrency transactions, customers don’t have to share personal data when making purchases because they rely on a send-only protocol, meaning that counterfeiting and identity theft are decreased because there aren’t any number for hacker to steal. Transactions are processed quickly. Waiting for a funds to become available in your bank account isn’t just frustrating, it can negatively impact your cash flow. That’s not the case with cryptocurrency transactions. In most cases, these transactions occur in real-time because there aren’t multiple banks holding-up the payment process. Even if it’s not that quick — funds are typically available in just a couple of minutes. It’s an international currency. If your business exports goods and services, or purchases supplies or materials from other countries, then cryptocurrencies like bitcoin can help you get around those expensive foreign transaction fees, exchange rates, or currencies. Since eCash, like bitcoin, is a global currency and it’s not tied to any single government or company. In other words, it ignores border restrictions. So as long as both parties accept bitcoin, you’re good to go. No fraud, no chargebacks. Cryptocurrencies are similar to cash, in that you either have it or you don’t and all transactions are final. This is because transactions are added to the blockchain via a complex system called mining. This system verifies funds and makes it pretty much impossible to spend more than you own. Also, since both parties must approve the transaction, there aren’t any disputes to worry about it. This means that chargebacks don’t occur and are a thing of the past. Acquire new customers. There are serious die-hard fans of cryptocurrencies. Having your customers already familiar with cryptocurrencies is a plus and can be a major assist for your business since they actively seek out businesses that accept digital currencies. Of course, that’s a niche market. However, as a general rule of thumb, when you offer more payment options the more customers you’ll be able to attract. In fact, it’s been found that up to 28 percent of shopping cart abandonment is caused by the lack of a payment option a shopper prefers to use. We’re moving away from paper. Both cryptocurrencies and digital wallets are continuing to grow. In fact, both the blockchain and bitcoin had banner years in 2016. Bitcoin was the top currency in 2016 and is being valued at around $1,000. It’s expected this trend will continue in 2017 and and began a high growth beyond 2017 as people become more familiar with this digital currency. Instead of resisting this change, it would make more sense for your business to become an early adopter and embrace cryptocurrencies so that you can set yourself apart from your competitors. The bottom line. While accepting cryptocurrencies can set you apart as an innovator and an early adopter of fintech. Cryptocurrencies are faster and cheaper than processing traditional payments, and are relatively secure. As yet, cryptocurrency is not equally regulated. Some countries are working to restricted cryptocurrency use. If is not considered as stable, yet. Cryptocurrency isn’t as regulated as the price of eCash and it can fluctuate suddenly. Limited scaling. The system is designed to only process so many transactions at this time. However, the fintech revolution is solving many of the issues surrounding the scaling. Lack of applications. There aren’t as many applications to process virtual currencies as compared to apps that can process credit or debit cards. However, several companies are in the race to come up with the MVP app for cryptocurrencies. Security. While identity theft and counterfeit can be greatly reduced with this type of system, there’s no system in place to prevent human error, technical glitches, or fiduciary fraud. (Of course, there never has been anything to stop those very same issues in traditional banking, either. Cryptocurrency still remains the most secure banking method as a result of the blockchain process.) Makes planning more challenging. Since cryptocurrencies are decentralized, and 100 percent digital, it can make preparing financial statements, determining taxes, and figuring out your prices difficult. If you do decide to start accepting cryptocurrencies after weighing the pros and cons, you can easily get started by using digital wallets like Due and Coinbase. There’s also POS systems like XBTerminal that allows customers to pay from any mobile bitcoin wallet by using NFC or QR code. William Eason Entrepreneur This article was originally published on Due.com.

Bitcoin Startups Challenging Big Banks Profits

Bitcoin Startups Challenging Big Banks Profits By Kevin Helms Bitcoin Startups Challenging Big Banks Profits Coinsbank Blockchain Cruise bitcoin conference Big banks are increasingly worried about losing profits to fintech companies such as Bitcoin startups. Eighty-eight percent of banks’ executives believe that their businesses are at risk of losing revenues to these new entrants, according to a recent survey. This profit loss could be as high as 10 percent at Santander Bank, a leaked memo shows. Also read: Mexico’s New Bill Could Be a Game Changer for Bitcoin Big Banks’ Profits Challenged One of the “Big Four” audit firms, Pricewaterhousecoopers (Pwc), published “A Global Fintech Report 2017” early this month, showing that 88% of surveyed incumbents’ executives believe their businesses to be at risk of losing revenues to fintech startups. The firm wrote: Many [banks’ executives] fear losing business to innovators, starting with payments, fund transfer and personal finance sectors. […] More consumers will adopt nontraditional financial services providers. Last week, Guardian Money reported on a leaked internal memo of Santander Bank which reveals that 10% of the bank’s profits come from its international cash transfer business. The documents detail how the bank charges six times more than its fintech Bitcoin Startups Challenging Big Banks Profitsrivals, making huge profits by giving customers poor exchange rates. Rather than charging them fees directly, big banks cash in on the difference between the money markets exchange rates and the rate they offer customers, which is known as the “FX margin”. “Santander made €585m from money transfers – equal to nearly a tenth of its 2016 global profit of €6.2bn – and that it charges six times as much as rival Transferwise for sending £10,000 from the UK to Spain,” the publication wrote. The memo informs Santander executives that new startups entering the money transfer business are “attacking the profitable slices” of the bank’s business, noting that: 10% of the group’s profits at risk when international transfers repricing takes place. Known Disruptor: Transferwise The Santander’s memo draws attention to money transfer service company Transferwise, stating that the service charges “€64 to move £10,000 from the Bitcoin Startups Challenging Big Banks ProfitsUK to Spain” while “Santander charged €394 – six times as much”. If Santander were to charge the same as Transferwise, “its revenue would collapse from €585m to €95m, a fall of 84%,” Guardian Money wrote. Launched in January 2011 and headquartered in London, Transferwise is a peer-to-peer money transfer service with eight offices worldwide. The company says it has more than a million customers and processes over $700 million in transactions every month. Unfortunately, the company states in its “Acceptable Use Policy” that it does not provide services to businesses involving bitcoin and other cryptocurrencies. Upcoming Disruptors: Bitcoin Startups Many money transfer startups today use Bitcoin in their businesses. Most of them offer low rates and no transfer fees. Below are some examples. Bitcoin Startups Challenging Big Banks Profits Luis Buenaventura Recently, Bitcoin.com interviewed Luis Buenaventura, Chief Technology Officer at Bitcoin remittance startup Bloom Solutions who has also written a book on remittances. He said that Bitcoin’s “strongest use case was probably remittances,” at least in his country, the Philippines. Bloom Solutions’ website claims to offer a solution for agents and resellers in the international remittance market a way to “reduce your international settlement and FX Costs by up to 50%.” The Singapore-based Coinpip is an example of a Bitcoin remittance company which offers services in more than 40 countries worldwide. The company charges “no forex and other hidden charges”, its website states. Another example is the Hong Kong-based Bitspark, which offers bitcoin-backed remittance service in five different currencies. The company told Bitcoin.com in an interview in February that “in competitive corridors, total costs can be as Bitcoin Startups Challenging Big Banks Profitslow as 2-3% with traditional providers on an average transaction size of $250 equivalent”. Then there is Abra, which has a different business model. The startup uses Bitcoin, smart contracts, and a peer to peer human teller network to transfer money directly from a sender to the recipient globally without a middleman. The company’s recently-launched app charges no transfer fees and advertises “low exchange rates”, allowing users to add and withdraw funds in bitcoin as well.

Microsoft Office Software Gets a Bitcoin Blockchain Certification Upgrade

blockchain Microsoft Office users can now create immutable documents with help from the Bitcoin blockchain. On April 10 the multinational tech giant Microsoft added a blockchain document certification and verification application called Stampery to the company’s Office program. Also read: Skeptics Show Concern as UASF Gains a Following Microsoft Office Adds a Bitcoin Blockchain Certification Feature Microsoft Office Software Gets a Blockchain Certification Upgrade Microsoft has shown support for Bitcoin-related applications for quite some time. Now the company has announced the implementation of the Stampery blockchain add-in for it’s Microsoft Office suite. Essentially users can certify and verify documents using either the Bitcoin or Ethereum blockchain. Microsoft believes enterprise organizations and individuals need to record and secure important documents every day. Immutable certification and verification are crucial to the integrity of legal documents and contracts that cannot be manipulated, Microsoft explains. “An alternative to relying on a single entity (commercial, public, government, etc.) to keep such proof of identity safe is to create a hash of the document and send that hash to the publicly accessible blockchain, such as Bitcoin,” Microsoft’s announcement reads. “Once the hash data is present on the public blockchain, the document can’t be changed without invalidating the hash. This approach guarantees both the document’s privacy and the data’s availability for future validation purposes.” Microsoft Office Software Gets a Blockchain Certification Upgrade How the Stampery program works using Microsoft Office. Blockchain Certification and Verification Without Leaving the Office Program Microsoft says they utilized a secure API to introduce the Stampery add-in to Microsoft Office and Outlook without leaving the program. This means the add-in blockchain certification and verification buttons can be found in the software’s toolbar. Microsoft details how the process works within the platform’s user interface; Certification: Pressing the certification button calls a JavaScript function in Office. This function hashes the document and sends the sha256 hash to a Node.js server as a REST call, so the document never leaves Office. The Node.js server runs as an Azure App Service and keeps a copy of the hash for later verification before calling the Stampery API with the hash. The Stampery service then takes the hash and puts it onto the public Ethereum and Bitcoin blockchains. Verification: Pressing the verification button calls the Javascript function from the certification process again, which hashes the document and sends the hash to the Node.js server as a REST call. The Node.js server then calls the Stampery API to access the original hash for the document from both blockchains. Microsoft Office Software Gets a Blockchain Certification Upgrade Stampery’s certify and verify buttons can be accessed within the Office application without leaving. A Notary Solution for Individuals and Enterprise Customers Microsoft believes adding Stampery to the Office platform will enable users to employ a more secure method of document storage. Furthermore, the tech company thinks enterprise customers will find the feature very useful as the application can ensure the validity of important business documentation. Created in 1988 Microsoft Office is one of the most popular word processing software suites utilized in office and business settings worldwide. The code for the Stampery Office add-in is open source, and the protocol can be reviewed on Github. “Users should be able to see that documents sent to them are signed or stamped, then verified or notarized,” explains Ville Rantala, Senior Engineer at Microsoft. What do you think about Microsoft adding the blockchain tool Stampery to the company’s Office suite? Let us know in the comments below.