Last Monday, GlobeNewswire reported that popular cryptocurrency personality Jason Appleton – better known as Crypto Crow – has just signed a contract with the CBS television network that will have 13-episode cryptocurrency based show shown on their network.

Cryptocurrency shows are expected to hit some American TVs within the next 2 months.

Let me say that again, a cryptocurrency show is set to premiere on American TVs in the very near future.

Jason Appleton, better known as Crypto Crow to the community, has just signed a deal with CBS which secures a 13-episode cryptocurrency based show on the television network. This is not the only good news, Jason will be funding the show with a fully stacked Bitcoin wallet which will be paid out to any sponsors or alternative costs. It is currently unclear how much the show will cost to produce but what is clear is the fact that the whole show will be funded by the world’s most popular cryptocurrency.

Jason started his public cryptocurrency personality career in November of last year when he launched a Youtube channel under the name of Crypto Crow. As the cryptocurrency market exploded, so did his channel, as he now boasts over 73,000 subscribers on the Youtube platform. Jason and his Youtube content provide a unique look at cryptocurrency projects and ICOs and perceptive analysis of the market in-depth.

So what qualifies Jason for a CBS TV show and a large cryptocurrency Youtube channel?

According to his LinkedIn page, Appleton has been analyzing and investing in cryptocurrencies for just around a year and has multiplied his original investment by over tenfold. Jason also has a background in the financial industry, working extensively with home mortgages and similar sub-industries.

Although some may doubt his credentials, it seems that the community has fallen in love with his content and his perspective on the cryptocurrency market.

CBS plans to air Appleton’s show titled, “Crypto Crow Show,” to over 17 million households across the U.S. and an additional 30 million households across the world through the ROKU streaming device. Not a small amount of market impact, that’s for sure. 

The first season of the show is expected to have 13 episodes which will cover a vast variety of topics from the basics of cryptocurrencies all the way to the promising future which cryptocurrencies hold.

The first episode is planned to be premiered on the 25th of June with an episode which will cover the basics of what cryptocurrencies are, providing the public with a bit more information on what may seem like “rat poison” to some.

The full topic list is as follows:

Episode 1: What Are Cryptocurrencies?

Episode 2: Crypto Security

Episode 3: Exchange Trading

Episode 4: Initial Coin Offerings

Episode 5: Bot Trading For Profits

Episode 6: 1st Gen vs 2nd, 3rd

Episode 7: Swing Trading

Episode 8: Crypto Cycles/Crashes

Episode 9: Crypto Mining Vs. Investing

Episode 10: Crypto Predictions

Episode 11: Passion To Profit

Episode 12: The Future Of Cryptocurrency

Episode 13: A New World Of Crypto

This list of topics should be sufficient to combat a vast majority of issues which critics believe that cryptocurrencies may have. This show could become a shelter in the tumultuous time which cryptocurrency has had over the past few months. 

It is highly likely that the premiere of this show will come with a new public perception on the topic of cryptocurrencies and their use cases in our world today.  

Are you going to tune in to the Crypto Crow Show? Do you think that this is going to be a successful venture, if not, why so? We would love to hear what you have to say. Please let us know in the comments below.

Images Courtesy of Crypto Crow, lukaszadam.com, Flickr/@dailyinnovation

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On Wednesday, Jack Dorsey, the CEO of Twitter and the Square payment company expressed his positive cryptocurrency sentiment as he stood on stage at the Consensus conference, saying that Bitcoin should be the cryptocurrency of the internet.

Jack Dorsey: Cryptocurrency Evangelist

Twitter has long been a platform that has been centric for cryptocurrency users and organizations. It quickly became a way in which crypto-related entities can convey announcements and talk about cryptocurrencies with members of the community. 

This may have been no accident as Twitter’s CEO, who also runs the mobile payment processor, Square, has come out in full support of cryptocurrencies at this year’s Consensus conference.

While Jack Dorsey was on stage at Consensus, the CEO of Twitter and Square stated:

The internet is going to have a native currency so let’s not wait for it to happen, let’s help it happen. I don’t know if it will be bitcoin but I hope it will be.

Dorsey also added that he is a “huge fan” of the growing industry and supports the technologies which help to assist cryptocurrencies and related developments. 

Square CEO Jack Dorsey wants his company to be at the forefront of getting cryptocurrency accepted as legitimate means of global payment. https://t.co/xfIYMAgNak

— CNBC (@CNBC) May 16, 2018

Tech Giants vs ICO Advertisements

Despite the CEO’s positive outlook on the cryptocurrency space, Twitter has shown a negative attitude toward the release of cryptocurrency-related ads on their service, banning ICO and cryptocurrency crowd sale advertisements in March. 

A Twitter spokesperson gave CNBC a statement on the matter, saying: 

We are committed to ensuring the safety of the Twitter community. As such, we have added a new policy for Twitter Ads relating to cryptocurrency. Under this new policy, the advertisement of Initial Coin Offerings (ICOs) and token sales will be prohibited globally.

This announcement came after similar announcements from Google and Facebook, who also banned ads related to cryptocurrency crowd sales from their respective platforms. 

Although it may be a bit late, Microsoft’s Bing platform has joined the ranks of those banning cryptocurrency advertisements, announcing that they would do the same just the other day. 

In direct contradiction of Twitter’s ban of ICO advertisements, Dorsey’s other venture, Square, has come out in full support of cryptocurrencies, launching Bitcoin trading on one of its apps in January.

The launch of Bitcoin trading on their Cash platform was the first move which Square made into the cryptocurrency space. As of yet, Square has yet to accept cryptocurrencies as a way in which consumers can pay merchants for products, who have traditionally used high-fee credit cards. 

But it seems that Square does have plans to accept a cryptocurrency like Bitcoin in the future, as Dorsey noted:

If we were able to use it (Bitcoin) as a currency today, we could release our apps in every app store around the world instead of the five we’re in.

The possibility of an addition of cryptocurrencies to the Square platform may be promising for the industry as Square has been growing faster than Paypal’s subsidiary, Venmo, another upcoming payment processing platform.

The aforementioned addition of cryptocurrency trading to Square’s Cash platform was an unbridled success, as millions of dollars worth of Bitcoin were quickly sold on the platform. At the end of the first fiscal quarter of 2018, Square reported that they had sold $34.1 million worth of Bitcoin in their first quarter, spending $33.9 million to acquire the same Bitcoin. 

Despite the success of the arrival of cryptocurrency trading on Square, it was still a controversial topic within the internal structure of the company. In Dorsey’s speech at Consensus, he mentioned, “We have a lot of healthy skepticism in the company and a lot of people were certainly skeptics of this technology.” He even mentioned how the debate over the addition of cryptocurrencies was prevalent “all the way at the board level.”

Even with the presence of “healthy discussion” about cryptos at Square, with Jack Dorsey at the helm, it can be assured that Square will continue to make moves to become more accepting of cryptocurrencies in the near future.

What do you think of Jack Dorsey’s statements? Do you like them, hate them, or are indifferent? What moves do you think Twitter and Square should make to become more accepting of cryptocurrencies and related technologies? We would love to know what you have to say, so let us know in the comments below.

Images Courtesy of Twitter/@CNBC, Reuters, howldb.com, Shutterstock

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The crypto-community celebrates the 8th anniversary of the first commercial transaction in which Bitcoin was used as a real-world currency to pay for an item.

Two Pizzas for 10,000 Bitcoins

On 17 May 2010, computer programmer Laszlo Hanyecz posted on the Internet a request to buy a pizza paying with bitcoins. A few days later, Hanyecz was successful. He bought two pizzas for 10,000 bitcoins from Jeremy Sturdivant, whose username was “jercos.” On May 22, 2010, Hanyecz posted on Bitcointalk forum,

“I just want to report that I successfully traded 10,000 bitcoins for pizza. Thanks, jercos!”

As of this writing, 10,000 bitcoins equals USD $82,000,000. But when Hanyecz performed this transaction, he may have been unaware of its significance.

Since then, Bitcoin has faced innumerable challenges. Governments and influential financial leaders have attacked Bitcoin relentlessly throughout its existence.

Scandals involving nefarious people using Bitcoin have often occupied the world press. Moreover, technical issues, including scalability and expensive transaction fees, have led the crypto community into a terrible civil war.

However, Bitcoin has shown great resiliency and has successfully confronted all these challenges. Therefore, it remains the most successful ever currency.

For example, new technological improvements such as SegWit, Lightning Network, and Atomic Multi-Path Payments over Lightning, and now Bitcoin Core 0.16.0, are solving Bitcoin’s scalability and transaction fee issues.

In this regard, Hanyecz made another spectacular contribution to the development of the cryptocurrency by buying a pizza again on February 25, 2018. However, this time, he performed the transaction via Lightning Network. Hanyecz, reported this transaction as follows:

I paid bitcoin using the lightning network, and he arranged for a pizza to be delivered to me. In this trade, my friend is just a middleman that is taking the risk of accepting lightning payments, but it demonstrates the basic premise of how this works for everyday transactions. It could just as well be the pizza shop accepting the payment directly with their own lightning node.

The Transaction That Changed the World

Indeed, the first-ever Bitcoin transaction changed the world of finances. Last year Bitcoin, escorted by futures trading contracts, entered into the circle of mainstream finance. This milestone event was formalized by the CBOE Global Markets’ launch of Bitcoin futures contracts, on December 10, 2017, easing the way to the cryptocurrency market for institutional investors’ trillions of dollars.

As a result, big banks and financial institutions are now aiming to trade Bitcoin. For example, according to Amber Baldet, former J.P Morgan executive, big banks will soon start trading cryptocurrencies. In a recent interview with CNBC, Baldet said, “I think it is coming sooner than people probably think.”

Goldman Sachs might also be on the path of start trading Bitcoin. The New York Times writes:

But Goldman Sachs, perhaps the most storied name in finance, is bucking the risks and moving ahead with plans to set up what appears to be the first Bitcoin trading operation at a Wall Street bank.

On the other hand, Bitcoin exchanges, such as Coinbase and Ivy Koin are moving to obtain bank licenses. Reportedly, Coinbase is already introducing over-the-counter (OTC) cryptocurrency trading services.

Today, the world celebrates the anniversary of Hanyecz’s first Bitcoin transaction. The crypto community remains optimistic that Bitcoin will continue demonstrating resiliency, by outperforming all fiat currencies, even if articles with titles such as “Bitcoin is dead” will keep coming.

How do you think buying two pizzas for 10,000 bitcoins has impacted the development of cryptocurrencies? Let us know what you think in the comments below.

Images courtesy of Pixabay, Shutterstock

The post The World Celebrates the 8th Anniversary of the First Bitcoin Transaction: Buying Two Pizzas appeared first on Bitcoinist.com.

The CFO of PayPal defended the case for fiat merchant settlements Monday, telling mainstream media the company could nonetheless “definitely support” Bitcoin in the future.

CFO Rainey Points Finger at Volatility

Speaking to CNBC in an edition of the network’s Mad Money segment, John Rainey, PayPal’s CFO, claimed that volatility was the reason PayPal did not “see a lot of interest” from its merchants regarding cryptocurrency acceptance.

Rainey told Mad Money host Jim Cramer:

Because of the volatility of the cryptocurrencies, if you’re a merchant and you have, let’s say, a 10 percent margin on a product that you sell and you accept Bitcoin, for example, and the very next day it moves 15 percent, you’re now underwater on that transaction.

Lightning Network to Beat Processors on Fees

The perspective comes as little surprise from PayPal, as the company toyed with Bitcoin acceptance via its Braintree integrated payments solution since 2015.

Since that time, Bitcoin volatility has curbed considerably, while merchant practices of instantly converting funds to fiat – a practice Rainey also highlights – could also soon change.

As Bitcoinist reported this week, advances in Bitcoin’s currency capabilities in the form of the Lightning Network continue to pressure both merchant processors and fiat-based solutions with conspicuously lower fees and near-instant transaction processing times.

Braintree, which charges on average 2.9% plus a $0.30 flat fee per transaction, became the subject of a direct comparison to Bitcoin payments via Lightning-enabled payment tools, which incur zero costs to the merchant.

Lightning remains in its infancy, with a total network capacity of just under $170,000.

Rainey meanwhile signaled that PayPal was not about to give up on Bitcoin. He added:

Right now, we don’t see a lot of interest from our merchants. But if it’s something that stabilizes in the future and is a better currency, then we’ll certainly support that.

What do you think about PayPal’s future relationship with Bitcoin? Let us know in the comments section below!

Images courtesy of Vimeo/@CNBC and Shutterstock.

The post PayPal: We’ll ‘Definitely Support’ Bitcoin If It Becomes ‘Better Currency’ appeared first on Bitcoinist.com.

A UK Turkish-owned mosque will become the country’s first to accept cryptocurrency donations during Ramadan, putting it at odds with Ankara on the subject.

‘Uncharted Waters’

Shacklewell Lane Mosque in Hackney, East London, also known as Masjid Ramadan, announced the measures as part of the Islamic traditions of Zakat and Sadaqah – giving to those in need.

The only such mosque to formally accept Bitcoin in the country, and one of just several worldwide, Shacklewell Lane partnered with local Blockchain startup Combo Innovation, which specializes in what it describes as “Islamic compliant Blockchain financial solutions.”

As various media outlets report, the idea came from Combo CEO Gurmit Singh, who suggested the idea to the mosque’s chairman Erkin Guney.

Guney explained:

So that’s when the conversation at the mosque started. We soon realized this was relatively uncharted water. […] There were a couple of mosques abroad that also announced they were going to accept cryptocurrency. It looks like we may be the first in Britain to do so.

Dealing With ‘Incompatible’ Crypto

As Britain’s only Turkish-owned mosque, Shacklewell is in a unique situation in terms of Ankara’s perspective on cryptocurrency.

Late last year, Bitcoinist reported on how government advisors had determined that Bitcoin and altcoins were “not compatible” with Islamic tradition and were thus unsuitable for Muslims.

In response to a civil request, Turkey’s Directorate of Religious Affairs, also known as the Diyanet, said:

Buying and selling virtual currencies is not compatible with religion at this time because of the fact that their valuation is open to speculation, they can be easily used in illegal activities like money laundering and they are not under the state’s audit and surveillance.

Countering the suspicion, however, Singh pointed out that Western capitalism had produced its worst crashes specifically due to the presence of the speculation to which some Islamic scholars object.

Singh added:

Would we have had […] the granddaddy of them all, the Wall Street Crash of 1929, if speculation was not standard practice in our conventional, Western banking system?

What do you think about Shacklewell Lane Mosque’s decision to accept Bitcoin? Let us know in the comments section below!

Images courtesy of Shutterstock, Yahoo! News

The post UK Mosque Defies Islamic Scholars To Accept Bitcoin Donations appeared first on Bitcoinist.com.

The cryptocurrency market is cooling, but institutional investments into the space have been heating up and have generated over a billion dollars worth of funding in under half a year.

Market Slowing But Investments Speeding Up?

You would think that with the slowdown in the cryptocurrency market would come a correlated slowdown in institutional investments. However, investments in the space from venture capital firms have only gained momentum since last year’s bull run.

Cryptocurrencies and blockchain technology seem to be buzzwords for venture capitalists as this industry has grabbed the attention of many venture capital firms over the past year.

TechCrunch has reported that venture capital investments made in the space have already surpassed the levels seen in the entirety of 2017, clocking in at casual $1.3 billion not even 5 months into the year. If investment keeps up at this rate, institutional firms’ investments will amount to over $2.8 billion by the end of the year.

2018 is already breaking records for VC blockchain and crypto funding https://t.co/WTjTutTnlR

— finder.com.au (@findercomau) May 21, 2018

It is important to note that the abovementioned amount excludes ICOs, bringing a further sense of scale to the amount of capital that has been invested in the cryptocurrency space.

The majority of the staggering $1.3 billion figure has been attributed to a few major developments in certain startups over the past few months, most notably Xpring, Circle, and the Basis Stablecoin.

Ripple-owned Xpring hopes to help startups achieve their business goals through funding, advice, and other resources in exchange for the implementation of XRP and the XRP Ledger. This program will help Ripple reach a higher level of market adoption and will allow XRP – both the coin and ledger – to be used in a broader range of applications. 

Goldman-Sachs backed Circle just announced that they will be creating a USD-pegged crypto similar to Tether. Circle intends for the proposed stablecoin be more regulated and transparent in comparison to the current stablecoin leader, Tether.

This announcement came quickly after Circle generated another $110 million in funding, with a majority of this funding coming from ASIC giant, Bitmain. After the investment round was completed, Circle has self-reported its company value at almost $3 billion.

Another startup, Basis, raised over $133 million in April from venture capital firms like Google Ventures, Andreessen Horowitz, and SkyCaptial for the creation of an alternative stablecoin. Details about their plans for a stablecoin are few and far between, but seeing as how they have received a substantial amount of support from VC firms, it is clear that they have some promising plans for consumers in the future.

In addition, Coinbase’s foray into the venture capital industry has been another move which has signaled an uptick in institutional investment. Coinbase recently joined venture capital giant VC Andreessen Horowitz in making an investment into a cryptocurrency startup called Compound. The company hopes that the move will allow their users to borrow and lend cryptocurrencies to gain a profit.

It has become apparent that this is just the start for Coinbase Ventures, as a recent self-valuation done by the Coinbase parent company pegged its value at over $8 billion, allowing for a potentially large fund allocation to be attributed to the venture subsidiary. 

The money isn’t just in startups. It is also in the ICO industry. In the first fiscal quarter of 2018, ICOs received $6.6 billion in funding – a more than 50% increase in comparison to Q4 2017. However, much of this ICO investment has been attributed to the more common retail investor, as institutions may find it difficult to legally invest in token offerings.

Build It And They Will Come

Many startups and ICOs are still very much in their infancy and have yet to release any products that will draw more consumers into the space. Until that time, it is unlikely that these startups will have much of an effect on the price levels seen in the cryptocurrency market at this time.

Naysayers continue to maintain that “cryptocurrencies are dead,” but the truth is that we are just seeing the tip of the iceberg. This rapidly growing industry is far from dead or declining, it is just experiencing a few growing pains along the way. With due time, many of these projects will begin to release working products and services that will help facilitate the wide-scale adoption of cryptocurrencies and related technologies. 

Like many market leaders like to say about the space, “build it and they will come.”

What do you think of the current relationship between VC firms and cryptocurrency startups and ICOs? Do you think that this is part of the healthy growth process? Do you think that more could be done to help the industry? Please let us know what you have to say in the comments down below. 

Images Courtesy of Twitter/@findercomau, Shutterstock

The post Is 2018 The Year of Venture Capital Investment in the Cryptocurrency Market? appeared first on Bitcoinist.com.

There are a lot of odd things you can buy with Bitcoin – spy gear, lasers, alpaca socks, and now, high-end deodorant.

‘Scent or Payment Method’

Deodorant maker Schmidt’s Naturals is the latest company to let online shoppers buy its products with Bitcoin. Co-founder and CEO Michael Cammarata claims Bitcoin has accounted for 5 to 10 percent of online sales since they started accepting the cryptocurrency on May 14.

“It’s starting to be a percent of sales more than we expected,” he said in an interview with Cheddar.

The all-natural deodorant comes in scents like lavender, tea tree, bergamot, and cedar and will set you back about $9, or 0.0011 BTC, a stick. Schmidt’s is the first company owned by hygiene giant Unilever to accept cryptocurrency as a payment method.

Cammarata said:

It kind of was actually a last minute surprise. We got a lot of consumers that are like, ‘Can we pay with Bitcoin’? We were playing around with the idea a little bit and our tech team was like, ‘Should we do this should not do it?’

But he admitted they “weren’t that shocked” when the company’s social media savvy consumers asked to pay with Bitcoin.

“We have a lot of millennials and highly socially active consumers,” he said.

Shopping with Bitcoin

You can make purchases on Schmidt’s Natural’s site using Bitpay, a widely available Bitcoin payments provider found on Shopify and in popular mobile games by Zynga. When it comes to e-commerce and online shopping, Bitpay is the most ubiquitous.

But the service has had its fair share of controversy. Newegg is a Canada-based online computer and electronics seller that uses Bitpay. The payment provider came under fire last month when a Newegg shopper accused Bitpay of taking more than their share when it comes to network costs.

Regardless, Bitcoin is becoming more widespread as a way to shop online. And as Schmidt’s Naturals co-founder said, it will take consumers demanding more payment options to see it more commonly accepted.

“Whether it be a scent or a payment method, we are very highly engaged with our consumer,” Cammarata said.

What do you think about paying for goods like deodorant with Bitcoin? Let us know in the comments!

Images courtesy of Schmidt’s Naturals

The post The Sweet Smell of Success: Unilever-Owned Schmidt’s Naturals Adds Bitcoin as Payment Option appeared first on Bitcoinist.com.

Influential political strategist Stephen K. Bannon predicts that Bitcoin and other cryptocurrencies will disrupt the banking system. Moreover, according to The New York Times, he wants to help entrepreneurs and countries to create and issue their own cryptocurrencies.

Bannon Has a “Good Stake” in Bitcoin

For many, Bannon was a major actor in masterminding the 2016 U.S. presidential elections. Subsequently, he was the White House Chief Strategist for the first seven months of President Donald Trump’s administration.

Besides his experience in the political arena, Bannon is also experienced in the banking industry. In fact, he was an investment banker and then a vice-president at Goldman Sachs.

Bannon was also the executive chairman of Breitbart News Network, which is a far-right syndicated news, commentary and opinion website.

Now, Bannon is expanding his interest in Bitcoin. The New York Times writes:

Stephen K. Bannon, 10 months removed from the job of chief strategist to President Trump and five months after his ouster from the arch-conservative news site Breitbart News, is betting that Bitcoin and other cryptocurrencies can disrupt banking the way Mr. Trump disrupted American politics.

Reportedly, Bannon already has laid out plans regarding cryptocurrencies, which he is in the early stages of implementing. Details of his plans are as yet unknown. In this regard, The New York Times reports that he does not want to reveal his plans because “he worries that the controversy that comes with his name could have a bad impact on projects just getting off the ground.” The publication adds:

But he has had private meetings with cryptocurrency investors and hedge funds where he has discussed working on so-called initial coin offerings through his investment business, Bannon & Company. And in his first interview on the topic, he said he had a ‘good stake’ in Bitcoin.

Bannon Wishes to Help Countries Move into the Crypto Space

Bannon’s vision of cryptocurrencies does not include a political component. At this point, according to The New York Times, Bannon wants to help entrepreneurs and even countries wishing to create their own cryptocurrencies.

Bannon continues to be influential in right-wing quarters not only in the U.S. but also in Europe. Recently, he has been actively working in the Czech Republic, Hungary, and Italy. As The Atlantic put it, “Steve Bannon has been touring Europe in a flurry of alt-right evangelism.”

Bannon is undoubtedly a trendsetter of right-wing America, and his influence is also being felt overseas, especially in Europe. Hence, his views and actions vis-à-vis Bitcoin might have a significant impact in the crypto space.

How do you think the actions and opinions of an influential politician such as Bannon’s can impact Bitcoin’s adoption rate? Let us know in the comments below!

Images courtesy of Flickr/Gage Skid, White House/Wikimedia Commons

The post Bannon Backs Bitcoin: Fmr White House Chief Strategist Enters Crypto Market appeared first on Bitcoinist.com.

With the recent rise in mainstream popularity of cryptocurrencies and the ever-present allegations of cybertheft and market manipulation, it has become a top priority for governments to put a lid on the madness.

Crimes Without Consequences

The very nature of cryptocurrencies and decentralized, autonomous systems pose a serious threat to the current structure of the global economy, but a more imminent issue in the eyes of world governments is the threat to the security of the average investor.

Between hacks on major exchanges like Bithumb, attacks on the individual cryptocurrency networks such as ZenCash, and phishing attacks on just about every popular crypto site, the world has seen an unprecedented number of cybertheft incidents as a result of the cryptocurrency craze.

Investors who fall victim to these crimes are, more often than not, left with no one to hold accountable for their damages, and they wait in vain for the protection they have come to expect of their local securities and exchange commissions.

Challenges of Regulating New Tech

In order for effective blockchain legislation to be drafted and implemented, however, regulators must understand the intricacies of the rapidly-evolving technology and this education requirement is proving to be a roadblock for many governments. Some, such as the Chinese government, have resorted to banning cryptocurrencies altogether, though this has proven ineffective as China remains a world leader in Bitcoin mining.

Other countries such as South Korea and England are taking their time with regulation, hoping to develop a compromise that is both fair to investors and enforceable.

John Salmon, a partner of Hogan Lovells International law firm in London, explains:

The market is less than 1 percent of GDP, so regulators aren’t so concerned about the financial resilience effects.

He goes on to say:

Scams are out there, they need to be addressed and everyone knows this, but we don’t want to stifle the industry, and if cryptocurrency regulation comes too early then we could end up with bad regulation.

As director of regulatory relations at Ripple Ryan Zagone sums up, “What we are seeing is a global conversation about the balance between risk and innovation.”

Luckily, many world leaders plan to embrace the new technology, but we are still left to question how and when they will arrange their controls—and whether said controls will be effective.

What are your thoughts on cryptocurrency regulation? Have any governments done it right thus far? How can regulations be improved? Let us know in the comments section below!

Images courtesy of Shutterstock

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The week of June 25 marked a new array of firsts for Bitcoin’s Lightning Network with acceptance rising and all three of its implementations entering beta.

c-lightning, lnd And Eclair Go Beta

The product of intense development, c-lightning, lightning network daemon (lnd) and Eclair formally entered beta release Monday.

Commenting on the milestone, c-lightning developer Blockstream said hinted the technology would now become more straightforward for end users – a key aspect in driving acceptance.

“It migrates away from the protocol used while designing the specification and toward a new architecture that is modular and extensible, to better adapt to your needs and your infrastructure,” a blog post explains.

Blockstream’s beta includes a “full-fledged” wallet for c-lightning, as well as compatibility for connecting to nodes running over the TOR network.

We’re excited to announce the c-lightning beta! v0.6 is a complete spec-compliant rewrite with many new features & improvements such as lightweight node support, an improved gossip protocol, Tor support, & API stability. #LightningNetwork #Bitcoin https://t.co/SR3QeRRloJ pic.twitter.com/tYFkRGieRB

— Blockstream (@Blockstream) June 25, 2018

Merchants Get New Acceptance Competitors

Lightning has grown considerably in the approximately seven months the technology’s Bitcoin mainnet implementation has been live.

Since Blockstream launched its Lightning-enabled webstore in January, the network has seen over 16,000% growth, now handling 25 BTC worth of payments using over 2560 nodes and 7600 channels. What’s more, many thousands more channels are private and not not visible in online statistics.

At the same time, startups have begun to vie for first mover advantage in opening up Lightning’s benefits to less technical Bitcoin audiences, both private and business.

Monday saw CoinGate, a Lithuania-based payment processor which originally signaled it would implement Lightning in May, reveal the launch of its mainnet acceptance option with limited availability from July 1.

GloBee, a processor accepting both Bitcoin and Monero, followed suit, also debuted Lightning payments.

The two join a steadily increasing pool of well-known Bitcoin businesses to offer the technology when paying in the cryptocurrency, these already including cellphone top-up operator Bitrefill, TorGuardVPN, content publishing website Yalls.org, and Australian payment network Living Room of Satoshi.

Users choosing to use the technology when paying can benefit from near-instant confirmation times, along with fees which have already run below a single satoshi, Bitcoin’s smallest unit currently worth $0.00006220.

What do you think about Lightning Network’s advances? Let us know in the comments section below!

Images courtesy of Shutterstock, Twitter, bitcoinvisuals.com

The post Lightning Network Gets 3 Beta Implementations as Adoption Spreads appeared first on Bitcoinist.com.

After a somewhat successful attempt at banning deceptive cryptocurrency advertising on their popular social media platform, Facebook has loosened their restrictions.

The Ban On Crypto

On January 30th of this year, Facebook launched an effort to ban all cryptocurrency-related advertising on their platform in an attempt to protect naïve social media users from falling victim to the scams running rampant in the industry.

At the time, Rob Leathern, Product Management Director at Facebook, told media:

We’ve created a new policy that prohibits ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency.

Leading advertisers Google, Twitter and Snapchat quickly joined the anti-crypto movement and banned cryptocurrency ads across their networks as well, citing the same reasons as Facebook.

The suppression was not entirely effective, however, as crafty cryptocurrency advertisers were still able to sneak their promotions onto the platforms by changing the spelling of common keywords – a tactic frequently used by malware developers. For the most part, though, the world saw a reduction in the spurious ICO ads popping up in their feeds.

The sudden constraint helped shut out many of the con artists, but it also barred legitimate cryptocurrency businesses such as Coinbase and Gemini from participating in 70% of the world’s digital ad market. They were left with very few options for advertising their services. The largest ad network that continued to allow them was Microsoft-owned search engine Bing, and even they announced a plan last month to ban crypto related ads.

Nevermind, We’re Cool With It

Now, just a few months after the ban, it appears that Facebook is loosening their restrictions, allowing certain preapproved advertisers to promote cryptocurrency-related campaigns once again.

This exception will allow legitimate cryptocurrency businesses and services such as exchanges to be advertised, though the services most associated with scams, like ICOs and binary options, will still be prohibited.

Even after the gut-wrenching price correction earlier this year, cryptocurrency remains a popular, developing industry with many potential advertisers to profit from. As long as Facebook can prevent its users from being lured into exit scams, they are going to happily accept the crypto-related ad revenue.

Are you interested in advertising crypto services on Facebook? Apply here.

What do you think of Facebook’s new policy? Is it hypocritical or is it exactly what we need to get the market fired up again?

Image courtesy of Shutterstock, AdobeStock

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Bitcoin has seen a massive decline in 2018 and it looks like it may get worse before it gets better. It is leaving investors grasping for reasons why the world’s top cryptocurrency is falling so hard, with some wondering – could this be it for Bitcoin?

Has Bitcoin Lost Its Way?

Interest in Bitcoin – and cryptocurrencies in general – reached a frenzied pitch back in December of last year as mainstream media sources scrambled to cover the digital currency’s meteoric rise to an all-time high of near $20,000. Since then, however, that surge has lost much of its momentum as prices continue to decline.

Although Bitcoin continues to appear in the mainstream media spotlight on a near-daily basis, the focus has shifted to the price decline as well as speculation on just how low the cryptocurrency could go. It has caused many commentators, experts, and investors to wonder: Has Bitcoin has finally fallen off the map or will we look back at the first half of 2018 as just another one of its many dips on the way to the moon?

If a recent article in Forbes is any indication, we may as well pack it in right now. Written by Peter Tchir, the piece attempts to point out the various reasons the author feels the cryptocurrency appears to be imploding. Unfortunately, and with all due respect, most of the arguments made lack substance and – in some cases – understanding of the subject matter.

Inefficient Means of Exchange

This is probably the only argument the author makes that has any truth to it. As much as I love Bitcoin, I am also a realist. At the height of Bitcoin-mania, it was taking hours – even days – for transactions to be confirmed.

Adding to the misery of long transaction times were high transaction fees. During this time, people were paying $20, $30, even $50 or more to send Bitcoin transactions. At an average size of 250 bytes per transaction, that works out to as much as $0.20 per byte. Because of this, Bitcoin was ill-suited for smaller day-to-day transactions, like the oft-cited buying a cup of coffee.

The current Bitcoin landscape is much different now, something the author at Forbes fails to take into account. With SegWit posting close to 38% adoption in recent weeks and the Lightning Network growing to more than 2600 nodes and more than 5300 channels, Bitcoin transaction times and fees have been reduced exponentially. In fact, just the other day, a single bitcoin transaction worth more than $300 million was confirmed with a transaction fee of just $0.04.

So while this argument may have been true at one time, as solutions like SegWit and Lightning Network see increased adoption, Bitcoin adoption is likely to increase as well.

Regulation Making it Harder to Hide Wealth from the Government

Whenever a so-called ‘expert’, official, or other talking head starts pontificating on the evils of Bitcoin, one argument that never fails to get trotted out is how people are using Bitcoin to hide their money from the government. That argument, of course, usually segues in with the “Bitcoin is cryptocurrency of preference for criminals and Very Bad People” argument.

Bitcoin wasn’t designed to hide wealth from the government. It was designed to allow people to control their own wealth. There is a difference. And frankly, if anonymity is a user’s primary concern, there are far more privacy-centric cryptocurrencies out there. Bitcoin is hardly anonymous – in fact, there is an entire growing industry dedicated to tracking transactions.

Of course, even with all of these developments, Bitcoin is still viewed by many as the currency of criminals. Salacious reports of crimes committed involving Bitcoin are being plastered across the Internet, but the truth is that the vast, vast majority of bitcoin transactions are non-criminal in nature.

ICOs Facing Increased Government Scrutiny = Less Demand for Bitcoin

Out of all of the author’s arguments, this one had me questioning his grasp of the landscape the most. In the article, he states:

There was a window where access to Initial Coin Offerings created a new need to own Bitcoin, but that has slowed as ICO’s have come under intense scrutiny.

Basically, he is claiming that because ICOs have come under increased scrutiny, investor interest has slowed, leading to less demand for Bitcoin. Granted, governments around the world have been cracking down on ICOs but even so, interest in such projects continues to flourish. According to ICOdata, in the first six months of 2018, there have been 885 ICOs launched and more than $5.7 billion raised. Compare that to the 872 ICOs and $6.1 billion raised in the entirety of 2017.

I would hardly call that waning interest.

But the kicker in this argument is the assertion that there is less demand for Bitcoin as a result of the increased scrutinization of ICOs. While Bitcoin is accepted by some ICOs, the go-to cryptocurrency for most projects launching an ICO is Ether.

Government regulation of ICOs may have a detrimental effect on the price of Bitcoin (doesn’t everything these days?) but not on the demand for it.

How can Bitcoin make a comeback?

Many new people in the space bought Bitcoin during the bull run, resulting in some terrible returns. But this was kind of expected. No asset increases 20x in less than a year without coming back down at some point. The correction was bound to happen.

Bitcoin can – and will – rebound. In terms of technology, nothing has really changed. Bitcoin still has the same attractive aspects as it did a year ago, albeit with lower fees. People can still speculate on it, send worldwide payments, buy goods and services, and have true control of their funds.

So no, Mr. Tchir. Bitcoin hasn’t lost its way. It’s just getting started.

What do you think about Bitcoin’s price decline? Have we seen the worst of it, or are there more dips to come? Let us know in the comments below!

Images courtesy of Shutterstock, Blockchain.info

The post Bitcoin Hasn’t Lost Its Way – It’s Just Getting Started appeared first on Bitcoinist.com.

When it’s time to blow some of your crypto-profits on a new toy, the possibilities are seemingly endless. But for those more interested in old toys the choice has perhaps been a bit more limited. Until now that is. Ford Mustang rebuilder Classic Recreations has started accepting payments in cryptocurrency.

(War Of) The World(s)

The company, based in Oklahoma, claims to be the first custom car builder to accept cryptocurrency as payment. And this isn’t just a token, ‘Oh. I’ve heard about this thing called Bitcoin. Why don’t we jump on that bandwagon.’ acceptance.

Classic Recreations accepts payments in Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and Docademic – but specify that they are not limiting payments to these currencies, so if you rock up with a bucket-load of some other altcoin, then I’d imagine they’ll still be willing to do business.

Owner Jason Engels sees this as an opportunity to expand the customer base and “connect with consumers from anywhere in the world.” He adds:

Cryptocurrencies have come a long way and continue to solidify themselves as a legitimate currency on the global market.

Back to the Future (II)

Classic Recreations specializes in restoring and enhancing vintage Mustangs. Ford has also licensed them to build brand new versions of certain Mustang models, which are hard to acquire original versions of. The company refers to these models as ‘continuation models’ rather than replicas.

You could almost say that Classic Recreations are bringing these restored and recreated models from the past, right back to the future.

Gone in Sixty Seconds

These cars don’t have prices, but the ‘investments’ start at $149,000 for the cheapest model – a rebuilt and updated Shelby GT 350CR. That’s cheaper than a brand new entry-level Lambo.

The top of the range version of the Shelby G.T.500, the 900CR, starts from $249,000, so your money will likely still be completely gone in sixty seconds.

Bullitt

If only that Steve McQueen film had been called “Bullish” I’d have been able to finish on a great pun. Something referring to the fact that classic cars, even replicas (or continuations), are also a great investment vehicle [ahem]. So if you aren’t feeling that ‘bullish’ about crypto then perhaps this could be the way to go.

If only.

What do you think of Classic Recreations? Would you buy a vehicle with cryptocurrency? Which crypto would you use? Let us know in the comments below.

Images courtesy of Shutterstock, Classic Recreations

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Throughout its short existence, Bitcoin has successfully confronted several challenges, such as technical issues and internal wars. It has also withstood relentless persecution from governments and powerful financial personages. However, although Bitcoin is undoubtedly not intrinsically illicit, it unfairly has a bad reputation.

Nothing is Illegal About Bitcoin

Granted, Bitcoin’s image needs improvement. Many still associate the cryptocurrency with cybercrime, drug dealing, fraud, and other illicit activities. Scandals, accusations, and allegations abundantly published in the world press have helped to tarnish Bitcoin’s reputation. Conspicuous are the cases of the Silk Road, the bankrupt Mt. Gox Bitcoin exchange, as well as several ransomware acts.

But Bitcoin itself is not illegal. Indeed, according to Dr. David Cowan:

With the controversy and confusion surrounding cryptocurrencies, it is easy to forget that there is nothing inherently illegal in them.

In effect, data shows that the use of Bitcoin in illegal activities is almost negligible.

In January 2018, Yaya Fanusie, director of analysis for the Foundation for Defense of Democracies’ Center on Sanctions and Illicit Finance (CSIF), released a study entitled “Bitcoin Laundering: An Analysis of Illicit Flows into Digital Currency Services.” The study concludes:

Less than one percent of Bitcoin transactions used for illicit activities.

Nevertheless, Bitcoin’s unwarranted shady reputation has hindered its rate of adoption and chased away big money investors.

Safeguards and Controls Will Inspire Confidence

Restoring Bitcoin’s reputation is becoming more and more urgent. Thus, a growing number of key actors of the crypto space are now debating how to restore the reputation of Bitcoin and other cryptocurrencies.

For example, Dr. Cowan in his article entitled “Cryptocurrency: restoring reputation for the future,” asserts that making cryptocurrencies mainstream would be key to eliminating illegal uses.

My look at Cryptocurrency and Reputation @raconteur @thetimes Views from @tomrobin @elliptic @AKirilenko_True @MBisanz @Mayer_Brown Read at https://t.co/QMrmhOazm5 #cryptocurrency #bitcoin #regulation #reputation

— Dr David Cowan (@dfcowan) July 3, 2018

In this regard, Matt Bisanz, financial services regulatory and enforcement associate at Mayer Brown, says:

We still have to put more in place to build confidence, where crimes are rare or have little effect on the consumer. When you get your credit card stolen, you don’t stop using it. It has low impact. Until crypto gets to a similar level, where people are not losing these sums of money, there will always be a question mark.

However, Bisanz optimistically concludes, “the safeguards and protections will come; they will inspire confidence.”

On the other hand, Tom Robinson, co-founder and chief data officer at Elliptic, asserts that regulations and controls over exchanges would help cryptocurrencies to restore cryptocurrencies’ reputation.

Bitcoin has proved time and time again its sturdiness and resiliency. For example, continued exposure to hacking and other illicit activities is, in fact, making Bitcoin immune to such attacks. As Christian Ferri, President and CEO of BlockStar, put it:

As in every technology, hacking will be painful for some in the short term; but it will be a major driver in strengthening the crypto ecosystem, making it more secure, which is key for mass adoption.

Therefore, Bitcoin and the crypto space will eventually become stronger and more secure. Sooner or later, Bitcoin’s strength and security will foster the confidence necessary to restore its reputation.

What do you think should be done to restore Bitcoin’s reputation? Let us know in the comments below.

Images courtesy of Shutterstock, Pixabay, Twitter/@dfcowan

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A stream of positive developments and new products is helping to boost Bitcoin’s adoption rate. One of the latest products is Change Wallet, a mobile app for trading Bitcoin and other cryptocurrencies with zero commission fees.

Change CEO Predicts: Cryptocurrencies Will Be Used As Much As Fiat Money

Change, a company headquartered in Estonia and financed from Singapore, has launched Change Wallet – a mobile app that allows users to buy and convert between cryptocurrencies. This multicurrency app supports digital assets such as Bitcoin, Ether, Ripple, Litecoin, and Tether.

According to the company, Change Wallet facilitates the execution of financial transactions and payments and provides access to an array of other financial services.

Significantly, no commission fees are charged for the transactions executed with Change Wallet, according to Change’s press release dated July 18, 2018.

Stop losing money to cryptocurrency fees! Buy and convert cryptos for free!

Download Android app: https://t.co/XgSKQTWYWQ
Download iOS app: https://t.co/BnFtys96d0 pic.twitter.com/LOETjsCPud

— Change (@changefinance) June 22, 2018

Change Wallet is now available to residents of the European Economic Area in IOS and Android operating systems.

Joining the experts predicting that Bitcoin is here to stay and that it is eventually going to be used in everyday life, Change’s CEO Kristjan Kangro declared at the launch of the app:

Cryptocurrencies will soon be used just as much as traditional currencies by the masses when paying for good and services.

Solving Traditional Banks’ Major Limitations

Change Wallet allows sending, receiving, and storing several cryptocurrencies as well as fiat currencies, including US dollars and Euros.

As Change’s whitepaper explains, because Change Wallet is a mobile app, it solves three significant problems affecting traditional banks.

Specifically, users can handle all transactions via the app, thus avoiding the inconvenience of needing to go to the bank. Moreover, Change Wallet can provide banking services to the millions of unbanked people around the world.

As Bitcoin continues its inexorable trajectory to test the USD 8,000 resistance mark, the crypto community is encouraged by initiatives, such as Change’s, that contribute to increasing Bitcoin’s adoption rate. One of Change Wallet’s supporters, Roger Crook, former CEO of DHL Global Forwarding, says:

I’m backing this project because I think it’s got an extremely great future, and I see that Change is going to have challenges going forward. I have no doubt that this business is going to thrive and grow globally over the coming years.

How do you think the commission-free Change Wallet will impact Bitcoin trading? Let us know in the comments below.

Images courtesy of AdobeStock, Twitter/@changefinance, Change

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Expect a major boost to bitcoin adoption as payment processing gateway CoinGate announces Lightning Network support across its entire merchant base.

‘Spending’ Time

All 4000+ merchants who rely on CoinGate for bitcoin processing solutions will now accept payments made through the Lightning Network. This follows a trial of over 100 merchants which started back in July.

During the trial, CoinGate had offered to reimburse any losses due to network error but found that actually, none occurred. One early trial user tweeted about his experience in an Oslo hummus restaurant.

Buying beer with bitcoin #lightning at Kasbah Pub in Oslo, Norway. They use Coingate as payment provider. Works absolutely flawless, confirmed in 1 second!
pic.twitter.com/9OxSEjeWn2

— [$1MM BTC]hodlonaut (@hodlonaut) July 3, 2018

Amongst the merchants who will now also be able to accept payments through LN are: Swiss watchmakers, e-sports bookmakers, a Lithuanian music festival, an Italian winter sports rentals store, and — of course —adult websites.

Spending ‘Time’

Bitcoin was initially designed as a payment mechanism, and merchants who accepted bitcoin were lauded by early adopters. However as it became more popular, issues arose, as low block sizes limited the transaction bandwidth. This caused delays in transaction processing times and higher fees, causing many merchants to abandon bitcoin.

Lightning Network works as a layer on top of the Bitcoin blockchain. Smart contracts secure multiple transactions on a ‘channel’, before the network adds the compound transaction to the underlying blockchain. This avoids the need to add every individual transaction to the blockchain.

LN Transactions can confirm in milliseconds, with greatly reduced fees. The network boasts the scalability to process millions or billions of transactions per second. This is many times greater than legacy payment processors such as Visa and MasterCard.

Just yesterday, we reported a new record high capacity of 100 BTC.

Spending Time?

So should we use this new functionality to spend our hard-HODLed coin? What will happen to the price of bitcoin as more people adopt it to (heaven forbid) actually use?

While nothing is certain, most analysts believe that increasing adoption will lead to further price rises. Certainly, the ability to use Bitcoin to make instant payments for a coffee will make it more attractive to a wider range of people. And ‘desirability’ is a very important factor in the value of a thing.

So HODL, spend… tell your friends. The more the merrier for sustainable long-term growth.

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Despite the flurry of bad news hitting cryptocurrencies, the latest SharePost’s survey reveals that consumers and investors remain optimistic. Indeed, they are considering more digital currency purchases within the next 12 months. Moreover, according to the survey, implementation of projects involving blockchain technology continues to grow.

Survey Says: A Growing Demand for Cryptocurrencies

A series of negative news stories continue to affect the crypto industry negatively. For example, the latest hit comes from a recent Goldman Sachs decision to reportedly drop its crypto trading plans due to an unclear regulatory environment. As a result, Bitcoin price 00 fell by over 5 percent on September 5.

Even so, retail investors are keeping their faith in the crypto industry, as shown by the results of a September 5th SharePost survey entitled Cryptocurrency and Blockchain Survey: Consumers Bullish, Investors Cautiously Optimistic.

One of the main findings of the survey states:

Cryptocurrency prices have seesawed over the past several months. Nevertheless, 59 percent of investors and 72 percent of consumers plan to increase their holdings over the next 12 months. Majority of respondents expect crypto valuations to increase over the next 12 months though investors were less bullish than in our previous survey. 57 percent of investors and 66 percent of consumers expect growth in crypto valuations over the next year.

The survey comprised the responses of 2,490 consumers and 528 institutional investors and accredited individuals.

Bitcoin remains the king of cryptocurrencies. According to the survey, Bitcoin is owned by the greatest number of survey respondents, followed by Ethereum, Ripple, and Litecoin. As shown in the chart below, over 70 percent of investors believe Ethereum will be the most successful currency.

On the other hand, 78 percent of consumers think Bitcoin will be the most successful currency.

Survey: Money Transfer and Payments are Top Candidates for Blockchain Disruption

The study also concludes that consumers and investors also retain a bullish outlook for blockchain technology. Specifically, “32 percent of investors and 49 percent of consumers say employers are planning to roll out Blockchain in the near future.”

Most of the respondents believe blockchain disruption will most likely occur in financial services, mostly in transactions involving payments and money transfer:

Four out of the five sectors respondents picked that would be impacted by Blockchain hail from financial services. Both investors and consumers are bullish about Blockchain disrupting money transfer, payments, and asset management sectors. Over 58 percent of investors and 55 percent of consumers think Blockchain will first strike money transfer.

For respondents, price volatility and security remain the main concerns. Additionally, the survey highlights that a lack of education about blockchain technology, compounded by a lack of use cases are obstacles to a higher rate of adoption.

On the bright side, consumers and investors are now more cognizant of cryptocurrencies — The study states that “Over 95 percent of consumers and 100 percent of investors are aware of crypto assets.”

Moreover, the SharePost survey concludes that a majority of the respondents believe 2025 would be a realistic projection for when cryptocurrencies would become mainstream currencies.

Do you think Bitcoin will become a mainstream currency by 2025? Let us know in the comments below!

Images courtesy of SharePost, Shutterstock

The post 72% of Consumers Plan to Buy More Cryptocurrency, New Survey Finds appeared first on Bitcoinist.com.

A 2-wallet Samourai Stowaway offers to make transactions private by masking user identity while keeping funds safe.

Bitcoin Transactions Are Pseudo-Anonymous

Bitcoin (BTC) 00 transactions are often described as anonymous because users can exchange the cryptocurrency without providing any personally identifying information.

However, Bitcoin transactions are pseudo-anonymous. The history of each Bitcoin transaction is permanently stored on the blockchain. And, anyone can track and view this information.

The abstract of BIP0069 describes the issue of the leak of private information, as follows,

Currently there is no standard for Bitcoin wallet clients when ordering transaction inputs and outputs. As a result, wallet clients often have a discernible blockchain fingerprint, and can leak private information about their users.

Now, the 2-wallet Samourai Stowaway promises to protect user privacy with a mechanism which is based on the trusted cooperation established between two wallets.

Here is a 2-wallet Samourai Stowaway spend. Neither output displays the true spend amount which is, in effect, "stowed away" via a trusted cooperation between 2 wallets.https://t.co/3VgGvnelgE Based on an idea from G Maxwell w/algo guidelines from @LaurentMT

— TDevD aka "Crud", [No BC.i][No KYC] (@SamouraiDev) September 15, 2018

In a separate tweet, user @SamouraiDev said,

We will err on the side of caution and privacy. Only two (or more) wallets that have engaged in a ‘trusted’ relationship will be permitted to collaborate in a cahoots spend.

Wallet Users Can Establish Private Transaction Channels

Currently, each time users perform a payment transaction, they must exchange the Bitcoin address. This handicap impedes Bitcoin from becoming a mainstream currency. For some experts, the implementation of Reusable Payment Codes might help to solve this issue.

BIP47, “Reusable Payment Codes for Hierarchical Deterministic Wallets,” proposes a technique that can help to simplify the payment process while enhancing the user’s level of privacy.

BIP47 allows for the establishment of an invisible channel between two users. As defined by Justus Ranvier, the BIP’s author:

This BIP defines a technique for creating a payment code which can be publicly advertised and associated with a real-life identity without creating the loss of security or privacy inherent to P2PKH address reuse.

The 2-wallet Samourai Stowaway can allow users to establish private payment channels with each other, without revealing their Bitcoin addresses.

In this regard, SamouraiDev indicates that they have taken “an undefined byte in the BIP47 payload and are using it as a ‘feature’ byte so other wallets can detect functionality.”

Do you think that concealing the Bitcoin address will improve the privacy of Bitcoin transactions? Let us know in the comments below.

Images courtesy of Pexels, Samourai, Shutterstock, Twitter/@SamouraiDev.

The post New Samourai Wallet Feature Makes Bitcoin Transactions Private appeared first on Bitcoinist.com.

The economic crisis in Argentina is driving investors to buy Bitcoin in order to protect their wealth, pushing the cryptocurrency’s price higher in-turn. In parallel, to satisfy the increasing demand, the first of 12 Bitcoin ATMs has already begun to operate in a Buenos Aires mall. The number of stores accepting Bitcoin also continues to rise.

Bitcoin Is a Safe-Haven During an Economic Crisis

As the country’s currency plunges, Argentinian investors and ordinary people are exchanging their pesos for Bitcoin (BTC) 00. In this regard, economist and mathematician D.H. Taylor writes,

“Argentinians are moving in large numbers out of their peso and into a more stable currency, BTC. The numbers being witnessed by the markets in BTC are surging from Argentina.” And he adds, “The stability being offered by the digital currency is far greater than the peso and Argentinians are moving in quickly.”

As for substantiating evidence, Taylor refers to the chart below showing the weekly volume of Bitcoin purchases in Argentina:

One of the wealthiest countries in Latin America, Argentina is once again undergoing a severe economic crisis. In April 2018, the peso started plunging against the dollar at an unexpected speed.

Most economists agree that the devaluation of the peso is due to investors’ doubts about the government’s ability to contain its unrelenting inflation and to minimize the effects of the U.S. Federal Reserve interest rate increases, which have strengthened the dollar all over the world.

Now, the Argentina year-over-year inflation rate reaches over 34 percent.

Taylor: The Biggest Solution is Bitcoin

So far, the efforts of Argentina’s Central Bank to stabilize the peso have been to no avail. As a result, according to Taylor, the Central Bank is exploring the possibility of diversifying into Bitcoin,

The biggest solution is Bitcoin, or BTC-USD and, according to the data, Argentinians are buying large amounts. At the same time, the Argentinian Central Bank is considering diversifying their currency reserves into BTC.

The Central Bank has already eased regulations regarding ATMs in the country. This easing of regulations has facilitated the installation of ATMs processing cryptocurrencies.

On September 19, 2018, Athena Bitcoin installed the first ATM designed to exchange the cryptocurrency in a mall, auguring that these machines will soon mushroom in Buenos Aires.

Indeed, according to Matias Goldenhorn, Athena Bitcoin Director for Latin America, 12 ATMs will soon be installed in the capital city. These units will operate with Bitcoin as well as other cryptocurrencies such as Litecoin, Ethereum, and Bitcoin Cash.

On the other hand, a variety of merchants are already accepting Bitcoin as payment. Taylor also highlights that “8,000 new Bitcoin pay stations are in convenience stores in Argentina.”

For example, La Nación recently reported that a butcher shop in Cordoba city is now accepting Bitcoin.

What solutions can Bitcoin provide to soften Argentina’s severe economic crisis? Let us know in the comments below.

Images courtesy of Pixabay, Infobae.

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Coinbase, the giant digital currency exchange, reports that it added $300 million USD after its latest fundraising round. As a result, the company says that its value now surpasses the $8 billion USD mark.

Coinbase Sees Tremendous Promise in Crypto

On October 30, 2018, Asiff Hirji, President and CEO, Coinbase, announced that the company had raised the additional amount of USD 300 million in its latest fundraising effort which was led by Tiger Global Management. Coinbase officially announced:

Today, we’re pleased to announce that Coinbase will add an additional $300 million of investment at a valuation of over $8 billion to accelerate the adoption of cryptocurrencies and digital assets. The Series E equity round is led by Tiger Global Management, with participation from Y Combinator Continuity, Wellington Management, Andreessen Horowitz, Polychain and others.

Several other investment management firms also participated in the fundraising, such as Y Combinator Continuity, Wellington Management, Andreessen Horowitz, and Polychain.

In making the announcement, Hirji expressed his optimism about the future of the crypto industry,

We see tremendous promise in crypto to build the next great phase of the internet (often referred to as Web 3), which has the power to put control back in the hands of consumers, unleash a new era of innovation, and offer greater access to economic opportunities to more people around the world.

What’s more, the company also released its first ever video commercial, which you can check out below.

At Coinbase, we believe that cryptocurrencies and the technologies that power them represent a breakthrough in computer science that will change both the internet and the global financial system for the better. pic.twitter.com/soaFnatNoH

— Coinbase (@coinbase) October 30, 2018

Coinbase Doubles Its Engineering Staff as Part of Its Business Expansion Strategy

The San Francisco-based exchange thus shows that it continues full steam ahead with its strategy of global expansion. It already boasts more than 1,000 employees, including contractors, distributed around the world. Early this year, the company asserted that it had doubled the size of its engineering team in the past year.

Steady with its expansionist plan, the company will be using this additional financing to accelerate the adoption rate of cryptocurrencies and other digital assets, to speed-up the offering of crypto assets, and to encourage financial institutions to participate in the crypto market, among other initiatives.

Coinbase blog details how it will use the financing as follows:

• Global expansion–building the infrastructure between fiat and crypto in regulated markets around the world;

• Offering more crypto assets, quickly — we see hundreds of cryptocurrencies that could be added to our platform today, and we will lay the groundwork to support thousands in the future;

• Utility applications for crypto — like the recently announced support for a stablecoin (USDC) on Coinbase and our continued development of Coinbase Wallet; and

• Bringing institutions into crypto — adding features and crypto assets to our Custody offering to bring more institutional funds into the crypto space.

To achieve its expansionist objectives, Coinbase needs to attract more talent, so if you’re interested, you can check this job site.

What do you think of Coinbase’s efforts to accelerate its global expansion? Let us know in the comments below!

Images courtesy of Shutterstock

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