Litecoin: Bitmain Trades Sides, Supports SegWit Activation

Litecoin: Bitmain Trades Sides, Supports SegWit Activation

Litecoin’s problematic course towards Segregated Witness (SegWit) activation has ended in an unusual display of unity. Litecoin Roundtable: We ‘Unanimously Agree’ On SegWit Activation. Following a meeting of Chinese cryptocurrency players including exchanges and miners, a consensus was reached on activating SegWit despite some participants having previously been against the idea. The so-called Litecoin Global Roundtable included Litecoin creator Charlie Lee, exchanges Huobi and Okcoin and formerly anti-SegWit mining pool Bitmain. Summarized minutes released from the meeting confirm that....


Cambodia’s Central Bank Taps Blockchain for Public Payment System

Cambodia’s Central Bank Taps Blockchain for Public Payment System

The National Bank of Cambodia is working toward a blockchain payment system for its citizens in partnership with Japanese industry startup Soramitsu. The startup is notably affiliated with the Linux Foundation’s open-source Hyperledger project. The central bank and Soramitsu have entered a co-development agreement to study and contribute toward the open-source development of Hyperledger Iroha, a blockchain project originally developed by the Japanese company. Iroha creates reusable components in C++, enabling web, mobile developers and programmers to contribute to the Hyperledger project.....

The One Man Supreme Court Bitlicense Battle Begins in Two Weeks

The One Man Supreme Court Bitlicense Battle Begins in Two Weeks

This past March Bitcoin.com reported on a single Bitcoin entrepreneur taking the New York Bitlicense to court due to the law stifling digital currency businesses and constraining regulations set forth by the New York Division of Financial Services (NYDFS). Now the French national, Theo Chino is taking the case to the Supreme Court with the first hearing beginning on May 4. One Bitcoin Entrepreneur Takes on the NYDFS. The New York Bitlicense has always been a contentious subject for bitcoiners ever since the former NYDFS regulator Ben Lawsky introduced the legislation. Since then droves of....

Middle East and North Africa Slow to Adopt FinTech, Say Experts

Middle East and North Africa Slow to Adopt FinTech, Say Experts

The Middle East and North Africa (Mena) region is being slow to adopt fintech services, putting them behind other nations who are embracing the sector, experts have said at a recent conference. Speaking at the Dubai International Finance Centre (DIFC) were Mustafa Adil, Thomson Reuters’ Head of Islamic Finance – Mena and Dr Jarmo Kotilaine, Chief Economist of the Bahrain Economic Development Board. According to a report from Thomson Reuters, worldwide fintech funding amounted to $25.8 billion in 2015. There was an average investment of $44 million per company compared to a typical startup....

Blockchain: Why a Trust-Less System the Most Trustable System in the World

Blockchain: Why a Trust-Less System the Most Trustable System in the World

When it comes to most technologies, we know about the basic functions they perform. But, a sizeable portion of users scarcely express any interest in understanding the technology at play. For example – when we talk about sending an email, we all know that the data we send is received by the recipient unless the transfer fails, which leaves us with the obvious option of clicking the “Retry” button. But how many of us know about the various protocols and the technicalities involved? Similar is the case with Blockchain. We all know that the data is immutable, transparent and the entire system....

Bullish Bitcoin Price Nears $1,250 at 30-Day High

Bullish Bitcoin Price Nears $1,250 at 30-Day High

Bitcoin price is pushing higher in a continuing rally that began in the last days of March leading into April. On April 20th, bitcoin value reached $1,243.9 on the Bitstamp Price Index (BPI). Bitcoin is now trading at its highest values in over 30 days, comparing to prices during a recovery from the Winklevoss ETF rejection by the SEC. The increasing gains come despite the ongoing scalability debate that has threatened to split bitcoin’s core software with a ‘hard fork’. The bigger topic over the past week has been the suspension of withdrawals and deposits of USD wire transfers from a....

Nurturing the Creation of Music Through the Blockchain

Nurturing the Creation of Music Through the Blockchain

According to a recent report from the Financial Times, music streaming is set to overtake CD and vinyl as the largest generator of income for British record labels in 2017. The report states that as more people opt for subscriptions to streaming services such as Spotify and Apple Music, revenues in the sector were pushed to a five-year high last year. Total income generated by the U.K. music industry increased by 5 percent to £925 million ($11.6 million) in 2016, from £881 million ($11.1 million). Yet despite the popularity of the music industry, musicians often find themselves unfairly....

Bitcoin Price Analysis: Exchange Rates Vary But Remain Bullish

Bitcoin Price Analysis: Exchange Rates Vary But Remain Bullish

Although the scaling and block size debate continues, this week the bigger focus has been on the halting of withdrawals and deposits of USD from various bitcoin exchanges, most notably Bitfinex and OKCoin. Many of the exchanges are still able to process USD, but are having a harder and harder time doing so due to an unfriendly regulatory milieu. Further explanation and breakdown of the restrictions can be found here. Despite all of this, the bitcoin price has continued to rise this week with divergences in price among all the USD exchanges. At present, there is a $57 differential between....

GAW Miners CEO Josh Garza Finally Pleads Guilty to Fraud

GAW Miners CEO Josh Garza Finally Pleads Guilty to Fraud

The Paycoin saga is finally coming to a close. As you can see in this document, sent to victims of the Josh Garza pyramid scheme called GAW Miners, Paycoin, et cetera, Garza is scheduled to plead guilty to one count of wire fraud on June 1st. He was previously facing three charges, but high-powered law firm Ballard Spahr did precisely as predicted in our last article, whittling the charges down to one in exchange for a guilty plea. Garza was initially facing securities fraud charges as well as selling unregistered securities. Each securities fraud charge carried up to 25 years and a....

Research Shows How Bitcoin Can Be Attacked Via Internet Routing Infrastructure

Research Shows How Bitcoin Can Be Attacked Via Internet Routing Infrastructure

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. Internet Routing Attack Vector. There are already many known Bitcoin attack vectors such as double spending, the 51% attack, DDoS, eclipsing, and transaction malleability.....

Porsche Invites Startups For €25,000 Blockchain Disruption Contest

Porsche Invites Startups For €25,000 Blockchain Disruption Contest

German automaker Porsche is seeking founders and startups in the blockchain industry to participate in a contest as it seeks to explore blockchain solutions for the company. Announced this month, the Porsche Innovation Contest is luring developers and startups in the blockchain space with prize money and possible participation in an accelerator program. It is the first clear indicator of the sports car manufacturer’s interest in the innovative technology. Notably, the path taken by the auto manufacturer is to engage startups in the industry rather than the path taken by other industry....

Music Society Giants Turn to Blockchain Technology

Music Society Giants Turn to Blockchain Technology

Three of the biggest music societies have teamed up to research a new system that will manage music copyright information through the blockchain. ASCAP, the American Society for Composers, Authors and Publishers; SACEM, the Society of Authors, Composers and Publishers of Music; and PRS for Music, are collaborating to create an innovative system, according to an announcement. Robert Ashcroft, PRS for Music’s Chief Executive, said that the blockchain and DLT are opening up new opportunities for many sectors to address long-standing issues. The digital market requires real-time reporting on....

After BitFinex, Chinese Bitcoin Exchange OKCoin Suspends Wire Transfers

After BitFinex, Chinese Bitcoin Exchange OKCoin Suspends Wire Transfers

Prominent China-based bitcoin exchange OKCoin joins Hong Kong-based Bitfinex in freezing wire transfers, citing ‘issues’ with intermediary banks. The announcement was visible on OKCoin users’ dashboards yesterday, 18th April, and has since been shared on public message boards, including Reddit. The notice in its entirety reads: Starting from today (April 18, 2017), Okcoin would temporarily suspend USD deposit because of the issues with intermediary banks. Please do not make further deposit [sic] because your wires may be rejected by intermediary banks. We are actively looking for....

Saudi P2P Bitcoin Trading on LocalBitcoins Climbs 280% to All-Time High

Saudi P2P Bitcoin Trading on LocalBitcoins Climbs 280% to All-Time High

Bitcoin trading volumes in Saudi Arabia via peer-to-peer trading platform LocalBitcoins have never been higher. For the first time, trading volumes in the desert natoin topped USD $100k in bitcoin traded over a week through the decentralized platform. According to data from Coin.Dance, trading volumes last week soared nearly 3x compared to the previous week, with over SAR400,000 in bitcoin traded during the week ending on April 15, a new all-time high. The figure is over 1.5x the previous ATH of SAR260,000. Last week’s record volume totals SAR409,998 traded in bitcoins, approximately....

Delaware Might Soon Introduce Pro-Blockchain Corporate Law

Delaware Might Soon Introduce Pro-Blockchain Corporate Law

Delaware to amend its corporate laws to allow implementation of blockchain technology for tracking stocks. Delaware, one of the hottest jurisdictions for incorporating companies, and the home to some of the leading corporates plans to streamline corporate governance by promoting blockchain adoption. According to a regional media outlet, the Delaware General Assembly could soon make necessary amendments to the state’s corporate law, facilitating the inclusion of distributed ledger technology for keeping track of stock owners. The plan to promote the adoption of blockchain technology among....

Bitcoin Rises, Footsie Falls, as UK Heads to Historical Elections

Bitcoin Rises, Footsie Falls, as UK Heads to Historical Elections

Theresa May, the British unelected current Prime Minister, has surprised and at the same time excited everyone by all the sudden calling a snap election in what may be an historical two months of campaigning. “It was with reluctance that I decided the country needs this election, but it is with strong conviction that I say it is necessary to secure the strong and stable leadership the country needs to see us through Brexit and beyond,” May said according to Reuters. No one was expecting the British election as May has univocally stated there will not be one, but the surprise u-turn sent....

Bitcoin Price Resurfaces Above $1,200

Bitcoin Price Resurfaces Above $1,200

Bitcoin price has recovered from last week’s late tumble to push beyond the $1,200 milestone, as it makes gains toward the 30-day high of $1,229 on the Bitstamp Price Index (BPI) scaled this time last week. Bitcoin prices began the week hovering above $1,160 through midday on Monday before a sharp spike at 14:30 UTC helped price jump from $1,161.45 to $1,190.07 in an hour. A brief correction ensued but the bullish trend remained as bitcoin prices began Tuesday at $1,177, climbing steadily to touch $1,200.72 at 05:00. The positive gains stuck, as bitcoin price reached a high of $1,210 at....

Inside LBC: How This Group Aims to Find a Bitcoin Cryptographic Collision

Inside LBC: How This Group Aims to Find a Bitcoin Cryptographic Collision

Around eight months ago a group called “Large Bitcoin Collider” (LBC) was formed aimed at cracking bitcoin wallets with hopes of finding a cryptographic collision within the protocol. The LBC server lets anyone download the software and attempt to take a crack at Bitcoin’s underlying cryptography. Meet the Large Bitcoin Collider. Announced last year on Bitcointalk.org a ‘hero member’ from the forum named Rico revealed an unusual project. Rico detailed the formation of a new group of cryptography proponents looking to brute-force bitcoin addresses and hopefully find a cryptographic....

Bitcoin Adoption in Thailand Led by Tourism Industry

Bitcoin Adoption in Thailand Led by Tourism Industry

The Bitcoin scaling debate affects some businesses more than others, but few real-world businesses have the volume to watch Bitcoin’s momentum react to it like the tourist hotspot, the Pattaya Beer Garden. Bitcoin.com discussed adoption trends in Thailand with Peter Noid, the proprietor of this large and popular restaurant and bar located in Pattaya, a resort city south-east of Bangkok. Bitcoin Accepted at the Pattaya Beer Garden. With seating for 400 and “around 2,000 visitors a day,” the Pattaya Beer Garden started accepting bitcoin in early 2014 when the Thai government first eased its....

Dubai Government Greenlights Citywide Blockchain Payments System

Dubai Government Greenlights Citywide Blockchain Payments System

The Smart Dubai Office, a government-backed initiative led by the Crown Prince of Dubai has partnered a FinTech specialist firm to implement a citywide payments platform based on blockchain technology. The government initiative has entered a memorandum of understanding (MoU) with FinTech consulting and development firm Avanza Solutions, signed in the presence of Hamdan bin Mohammed, the hereditary Prince to the crown of Dubai. Announced by Avanza quietly last week, the sweeping citywide project planned by the Smart Dubai Office will see a rollout of the blockchain payments platform to all....

Indian Bitcoin Industry Seeks Audience with the Government Ahead of New Rules

Indian Bitcoin Industry Seeks Audience with the Government Ahead of New Rules

An industry group of Indian bitcoin and blockchain-startups have sought an audience with the government as the latter looks to plausibly outline a regulatory framework for the innovation. The Indian government established a cryptocurrency ‘committee’ last week, one comprising of a number of officials from Indian ministries alongside representatives from the country’s central bank to research the framework surrounding digital currencies. The committee was notably co-established by the Ministry of Finance, India’s tax authority. Pertinently, the committee is tasked toward looking into....

Las Vegas Club Installs Bitcoin ATM, Records Memberships on Blockchain

Las Vegas Club Installs Bitcoin ATM, Records Memberships on Blockchain

Mixing up bitcoin with gentlemanly entertainment has been a popular idea, judging by the traffic at the recently-opened Legends Club in Las Vegas. To Peter Klamka, a bitcoin entrepreneur, it only seemed a natural location for a bitcoin ATM. But Klamka went a step further. He has branded a bitcoin ATM in the club with one of its strippers. The Legends Room debuted the first adult star branded ATM with its London Keyes Edition Bitcoin two-way ATM. In 2015, Klamka, who operates his ATMs under the company name Bitcoin Direct, LLC, placed a bitcoin ATM in a Las Vegas mixed martial arts studio,....

Op-ed: Is Bitcoin Exchange Bitfinex in Trouble?

Op-ed: Is Bitcoin Exchange Bitfinex in Trouble?

What exactly is bitcoin’s price? $1,174 as Coinbase is currently reporting, $1,211 as Bitfinex is saying or $1,028 as the Chinese exchanges are claiming? Normally, the arbitrage opportunity created gives us an answer within a day or two, but in this case, there may not be such easy answer as, although free money is up for grabs – some $40 per coin between Bifinex and Coinbase, while there’s a massive $200 opportunity between western and Chinese exchanges – no one is taking it. That suggests money can’t quite move. For Chinese exchanges, we know PBoC has forced them to halt withdrawals,....

Bitcoin is Booming in India as ‘Digital Gold’ Among Other Underlying Benefits

Bitcoin is Booming in India as ‘Digital Gold’ Among Other Underlying Benefits

Bitcoin is gaining a lot traction in India. Bitcoinist spoke with Sunny Ray, co-founder of India’s Bitcoin exchange UnoCoin, to better understand what is fueling this growing trend in the country. Bitcoin Goes Mainstream in India. Bitcoin is going places. After conquering China and catapulting it to the front line of Bitcoin’s trading and mining sector, it is now starting to get traction in other countries like Japan and South Korea. Now, Bitcoin is also showing signs of a growing adoption rate in India, a country that has been deeply impacted by the demonetization policies implemented. A....

Malaysia Takes Early Steps to Develop its Blockchain Industry

Malaysia Takes Early Steps to Develop its Blockchain Industry

An independent Malaysian non-profit industry-government group is leading the effort to foster and develop the local blockchain industry in the country. The Malaysian Industry-Government Group for High Technology (MiGHT), an industry-government think tank that advocates and develops the country’s high technology agenda, is taking the first steps toward establishing Malaysia’s blockchain industry. MiGHT is collaborating with Bloktex, a cryptocurrency and blockchain advocacy body based in the Malaysian capital of Kuala Lumpur, toward this effort, according to a regional report. The....

Russian Political Party, Partiya Rosta Launches Blockchain-Based Social Project

Russian Political Party, Partiya Rosta Launches Blockchain-Based Social Project

Russia has emerged as one of the major markets for cryptocurrencies and blockchain products. Political bodies are now utilizing the benefits of blockchain technology in the country. Partiya Rosta is one such Russian political party which has created its own cryptocurrency solution to support social causes. True to its name Partiya Rosta, which stands for the “Party of Growth” has made use of Waves blockchain platform to create a cryptocurrency called Upcoin. The cryptocurrency is said to be the brainchild of the party’s chairman, Boris Titov. In order to turn his aspiration of creating an....

Altcoins are Going SegWit for Price Boost of a Lifetime

Altcoins are Going SegWit for Price Boost of a Lifetime

Little-known altcoin DigiByte is following Litecoin and Syscoin in making investors rich with impending SegWit activation. DigiByte Celebrates Countdown To Ultimate Pump. Metrics highlighted by developers Saturday show the proportion of DigiByte miner support at 72.48% – inching past the 70% activation threshold. “6 more days to go till activation at this rate! Happy Easter everyone!” a Twitter post added. Despite having barely made a name for itself prior to the announcement, DigiByte is currently 63rd in CoinMarketCap’s cryptocurrency listings, its price increasing 15% in the 24 hours to....

Are We at the Brink of an Industrial Revolution?

Are We at the Brink of an Industrial Revolution?

“When Horace Jones was re-imagining Old Billingsgate Market, Britain was in the throes of its Second Industrial Revolution – a time of mass innovation that changed the way people lived, worked and interacted.” So said Mark Carney, Governor of the Bank of England, in a speech at the British government sponsored International FinTech Conference. It implies we may be going through the same sort of transformation, a transformation driven primarily by the invention of computer code. The internet has flattened the world. Our generation now goes to chatrooms where rich or poor, knowledgeable or....

Bitcoin’s Blockchain Timestamping Standards Face Off

Bitcoin’s Blockchain Timestamping Standards Face Off

A new version of the timestamping standard Chainpoint is being tested and will be released soon with new functionalities. However, the lead developer for competing standard Opentimestamps claims that the new version is too close to his team’s code. This article explores how Chainpoint works and how it compares to Opentimestamps. What is Chainpoint? Chainpoint is “an open standard for creating a timestamp proof of any data, file, or series of events,” its website describes. It was developed by blockchain data platform Tierion in June 2016 “for recording data in the blockchain” as well as....

One of Russia’s Central Bankers Claims Bitcoin Will Not Gain Legal Status By 2018

One of Russia’s Central Bankers Claims Bitcoin Will Not Gain Legal Status By 2018

In the end, this is still positive news coming out of Russia. An official acknowledgment of discussions taking place is better than nothing. A few days ago, news broke of Russia slowly taking a more positive stance toward bitcoin. It even seems bitcoin may gain legal status in the country. However, one of Russia’s central bankers is not convinced the outcome will be so positive. Legal recognition of cryptocurrency is not guaranteed, nor should anyone think otherwise. Cryptocurrency enthusiasts are well aware Russia will not embrace bitcoin all of a sudden. It is good to see the central....