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What is Bitcoin?

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

Bitcoin Latest News

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Posted on 13 December 2017 | 7:59 pm

Plan B? Ethereum Innovators Are Reviving the Fight for Net Neutrality

There's a tech meetup at a dimly lit New York City bar, in many ways a common occurrence. But what's peculiar about this particular meetup is that other locations throughout the East Village are being connected to the bar's Wi-Fi-enabled node, allowing anyone in the area to not only piggyback off all the signals but […]

Posted on 13 December 2017 | 7:05 pm

A bubble? We don't even know how to value Bitcoin - The Guardian


The Guardian

A bubble? We don't even know how to value Bitcoin
The Guardian
Bitcoin currently accounts for 59.4% of the total global cryptocurrency market but at the beginning of 2016 it was 91.3%. Many of these other cryptocurrencies have more functionality than Bitcoin (such as Ethereum's ability to execute smart contracts ...
Bitcoin is Riding a “Speculative Mania”, Says Australia's Central Bank ChiefCryptoCoinsNews
Bitcoin riding a 'speculative mania' - Australia central bank governorSky News

all 58 news articles »

Posted on 13 December 2017 | 5:39 pm

Saudi, UAE Central Banks Team Up to Test Cryptocurrency

The central banks of the United Arab Emirates and Saudi Arabia are reportedly testing a new cryptocurrency for cross-border payments.

Posted on 13 December 2017 | 3:15 pm

Commentary: Why Bitcoin Would Make a Great Holiday Gift - Fortune


Fortune

Commentary: Why Bitcoin Would Make a Great Holiday Gift
Fortune
Today, hovering at a price around $17,000, it looks more like that bitcoin will pay for Alex's tuition. However, that was not always the case. In 2013 it simply felt appropriate to give a child who will never know life without hyper-connectivity the ...
How to give the gift of bitcoin this holiday seasonQuartz
Bitcoin buyers must practice 'cold storage' for securityYahoo Finance

all 80 news articles »

Posted on 13 December 2017 | 2:50 pm

'Highly Speculative Asset.' The Fed Chair Just Issued a Stark Warning About Bitcoin - Fortune


Fortune

'Highly Speculative Asset.' The Fed Chair Just Issued a Stark Warning About Bitcoin
Fortune
Federal Reserve Chair Janet Yellen called the digital currency bitcoin a “highly speculative asset” that “doesn't constitute legal tender.” Bitcoin, the cryptocurrency, has surged about 17 times in value this year, prompting caution from central ...
Fed chair calls bitcoin 'highly speculative'CNNMoney
Yellen Pans Bitcoin Boom, Shows Scant Worry Over Surging StocksBloomberg
YELLEN: Bitcoin is a highly speculative assetYahoo Finance
Business Insider -Coindesk (press release) (blog)
all 926 news articles »

Posted on 13 December 2017 | 2:01 pm

South Korean Officials Weigh New Curbs on Bitcoin Trading

The South Korean government is considering a range of policy options in order to curb what it called an "overheating of virtual currency speculation."

Posted on 13 December 2017 | 1:15 pm

Man Stole $1.8 Million in Ether After Armed Robbery, Prosecutors Say

New York prosecutors have filed charges against a man alleged to have been involved in the theft of more than $1.8 million worth of ether.

Posted on 13 December 2017 | 12:00 pm

Colu Mixes VC and ICO for $14.5 Million Fundraise

Blockchain startup Colu has secured $14.5 million in new funding from a major business group in Israel.

Posted on 13 December 2017 | 10:00 am

Patrick Byrne Mulls Overstock Sale to Fund New Blockchain Venture

Overstock CEO Patrick Byrne has partnered with a well-known economist on a new blockchain land registry venture, and might sell the firm to fund it.

Posted on 13 December 2017 | 9:00 am

Bitcoin fever exposes crypto-market frailties - Reuters - Reuters


Reuters

Bitcoin fever exposes crypto-market frailties - Reuters
Reuters
As bitcoin raced to another record high on Tuesday, one of the biggest providers of digital currency wallets, Coinbase, went down under the weight of traffic, leaving many of its more than 10 million customers unable to access their funds.

and more »

Posted on 13 December 2017 | 8:49 am

Here Come the Bogus Bitcoin Scare Tactics - CoinDesk


CoinDesk

Here Come the Bogus Bitcoin Scare Tactics
CoinDesk
Unfortunately, these same people have never looked up the definition of "Ponzi scheme" or "fraud" because, even if bitcoin will fail or result in investors losing all their money, it does not meet the definition of either a Ponzi scheme or a fraud. Ely ...

Posted on 13 December 2017 | 8:07 am

Advertise with Anonymous Ads

Here Come the Bogus Bitcoin Scare Tactics

Fear, uncertainty and doubt are dominating the media, but Overstock's Steve Hopkins suggests talking points to counter the scaremongering.

Posted on 13 December 2017 | 8:00 am

Bitcoin Price Dilemma: Bull and Bear Paths in Play

Bitcoin may be at all-time highs, but it's also at a potentially key crossroads for its price, chart data shows.

Posted on 13 December 2017 | 7:00 am

$750: The Ether Price Freight Train Has a New Target

The price of ether, ethereum's native token, hit a new all-time high of $686 today, and the price chart analysis suggests the rally could continue.

Posted on 13 December 2017 | 5:45 am

Facebook Messenger VP Joins Coinbase's Board of Directors

David Marcus, vice president of messaging products at Facebook and ex-PayPal president, has joined the board of directors at Coinbase.

Posted on 13 December 2017 | 4:20 am

Japan's GMO Internet to Roll Out Bitcoin Payroll System

Japanese internet giant GMO revealed yesterday that it soon allow staff to receive some of their salary in bitcoin.

Posted on 13 December 2017 | 3:30 am

South Korea Considers Steps to Rein in the Bitcoin Frenzy - Fortune


Fortune

South Korea Considers Steps to Rein in the Bitcoin Frenzy
Fortune
South Korea will move to rein in the frenzy around bitcoin by banning minors from opening accounts on exchanges, and possibly by taxing capital gains from the trading of cryptocurrencies. Reuters reported the proposals following an emergency government ...
South Korea is going bitcoin crazyCNNMoney
South Korean Officials Weigh New Curbs on Bitcoin TradingCoindesk (press release) (blog)
South Korea Imposes Six Conditions for Crypto Exchanges to OperateBitcoin News (press release)
Reuters -VICE News -Sputnik International
all 116 news articles »

Posted on 13 December 2017 | 3:03 am

Bitcoin Has Gone Mainstream. That's a Very Big Deal

While we're still a long way from mass adoption, this is a moment of global awareness and dialogue that is opening up a wide array of possibilities.

Posted on 13 December 2017 | 2:00 am

Blockchain Startup LO3 Partners With Power Exchange

Linking local microgrids to wholesale markets will enable consumers to buy and sell surplus energy from neighbors or faraway strangers, the firms say.

Posted on 13 December 2017 | 12:00 am

Scratch That: CryptoKitties Isn't Quite Ethereum's Vision for Apps

Ethereum's biggest success story isn't showcasing the full benefits of the platform, at least that's what its critics allege.

Posted on 12 December 2017 | 10:01 pm

Victory Lap? 2017 Was Bitcoin's Backwards Year

2017 was another bad year in bitcoin in the eyes of long-time industry observer Jim Harper, but he sees a silver lining at the end of the story.

Posted on 12 December 2017 | 7:45 pm

How to sell bitcoin - Dec. 12, 2017 - CNN Money - CNNMoney


CNNMoney

How to sell bitcoin - Dec. 12, 2017 - CNN Money
CNNMoney
The only thing more nerve-racking than buying bitcoin right now may be trying to get your money out.
Bitcoin exchanges suffer outagesFinancial Times

all 23 news articles »

Posted on 12 December 2017 | 3:20 pm

New In-Game Cryptocurrency Systems Let You Buy Assets in the Virtual Reality World

New In-Game Cryptocurrency Systems Let You Buy Assets in the Virtual World

High Fidelity is announcing the launch of Avatar Island, a VR domain where High Fidelity users can purchase items for their avatars, all contributed by digital artists from around the world.

High Fidelity is a next-generation platform for Virtual Reality (VR) worlds developed by Philip Rosedale, the creator of the once very popular Second Life. In September 2017, the company announced that it was developing a blockchain for intellectual property protection and an in-game cryptocurrency .

“I’ve been looking at blockchain technology since Second Life, as the Linden dollar was one of the first digital goods currencies,” said Rosedale. “At the time that Bitcoin came out, I was thinking a lot about how we could generalize what we did at Second Life. I didn’t have all of the ideas, but in the last few quarters we have been building the backend system to make all of this work.”

Different sorts of VR items, such as custom wearables for avatars (which were and still are very successful in the Second Life marketplace) will be sold and bought in Avatar Island through a new cryptocurrency running on a blockchain, which will also track the history and ownership of each item.

“[This] is the first beta release of the commerce system, which is a cryptocurrency-based content protection and payment system,” said Rosedale in the High Fidelity forum. “[Behind]  the scenes, the currency is actually stored on a ‘blockchain’ very similar to Bitcoin but supporting a higher transaction rate and lower fees. This blockchain also stores the PoP [Proof of Provenance] information for digital goods, meaning that both your currency and your digital property will exist in a public database and cannot be altered.”

Contrary to Second Life, where the only option available to external operators was to host their VR worlds on servers operated by Second Life developer Linden Lab, High Fidelity allows developers to host VR worlds independently. In November 2017, High Fidelity released an update that allows developers to rapidly deploy High Fidelity VR domains to the cloud, in collaboration with DigitalOcean. The distributed nature of the upcoming High Fidelity VR network calls for full interoperability between different servers, including network-wide recognition of ownership rights.

High Fidelity’s Digital Asset Registry (DAR), is a decentralized, publicly auditable ledger that serves as a record of transactions made by High Fidelity users. Each item is uniquely identified with a digital fingerprint (a hash algorithm) and can be purchased using High Fidelity’s blockchain-based cryptocurrency, the High Fidelity Coin (HFC). The DAR includes tamper-proof PoP services for any asset’s chain of ownership, its characteristics and its entire history, from certification onward.

This approach is designed to solve the theft and counterfeiting problems that plagued Second Life. At the apex of Rosedale’s first VR world’s popularity, thousands of independent developers around the world made a living designing and selling virtual items, and the need for more solid anti-piracy measures was widely felt.

According to High Fidelity, the Bitcoin and Ethereum blockchains have limited throughput (transactions per second) and high transaction fees, which makes them unsuitable for HFC. Therefore, Rosedale’s team opted for a new, public but “permissioned” blockchain.

In a promotional video that predicts a booming future for the VR sector, with a billion users, 50 million servers and a trillion dollar economy, Rosedale explains the design and implementation criteria for High Fidelity’s blockchain.

“As of today, the blockchain is one node using the [Elements] codebase from Blockstream,” said Rosedale. “We’re going to federate it to a managed group of blocksigners and also provide a block explorer and a full read-only node as well, so that we have many backups of the blockchain. This is similar to the [DPoS] (Delegated Proof of Stake) model being used by [EOS] and others for upcoming public blockchains.”

For now, the High Fidelity Commerce system is in closed beta, and High Fidelity is giving HFCs to anyone interested in participating in the beta. Eventually, HFC will be traded on public exchanges like other cryptocurrencies.

“In the coming weeks and months, we will be attaching the HFC blockchain in several ways to the major cryptocurrency networks to enable you to freely trade HFC for other currencies like Bitcoin or Ether, or to use exchange markets to convert it back to real-world currency if you like,” said Rosedale. Considering high price volatility as a roadblock, High Fidelity will try and stabilize the value of HFC at 100 HFC = $1 USD.

Before getting too excited and rushing to buy HFC, it’s worth bearing in mind that Second Life never achieved mass-market appeal, and that could become the fate of High Fidelity as well. However, it can be argued that Second Life was launched too early, and modern VR interfaces, like the headsets and hand controllers developed by Facebook’s Oculus VR, could be the game changer that will permit High Fidelity to succeed where Second Life failed. As always, time will tell.

Crytek

Another VR game developer and technology provider, Crytek, is announcing a partnership with cryptocurrency startup Crycash to create a new cryptocurrency for gamers. Crytek is the maker of the high-performance game development platform CryEngine and publisher of many highly realistic VR games that are popular among hardcore gamers.

“The Crycash ecosystem solves two problems at once: it gives gamers a way to monetize game time by completing in-game tasks, set by game developers, while providing developers with decentralized sales options for games and other virtual items,” said Crycash CEO Wachtang Budagaschwili. “Crycash will consist of four major components: Plink, a communications app for gamers and Crycash wallet; an advertising platform; an eSports platform for gaming tournaments and other events; and a virtual asset marketplace.”

“We see a lot of potential in the Crycash concept, and we were impressed by the Crycash team’s innovative approach to creating practical products and tools for gamers,” said Crytek Managing Director Faruk Yerli.

Crycash will hold a token sale from December 12, 2017, to January 15, 2018, and add Crycash payment options to games from Crytek and other developers.



The post New In-Game Cryptocurrency Systems Let You Buy Assets in the Virtual Reality World appeared first on Bitcoin Magazine.

Posted on 12 December 2017 | 10:23 am

Gifto’s Vision for the Virtual Gifting Economy

Gifto Thumb


The digital age has changed many things about the way we work, play, think and live. And one key element of this is the act of giving.

In the online community, it’s hard to think of a more natural display of positive interaction than the act of giving virtual gifts.  In today’s digital age, giving has taken on a whole new meaning as growing numbers of transactions and exchanges occur online. 

At the nexus of this movement is a project called Gifto, a virtual gifting protocol for content creators and their fans throughout the world. 

Gifto seeks to forever change the way we give gifts through the use of smart contracts that facilitate customized, fun virtual gifts to be sent via the Ethereum blockchain, across all content platforms including Facebook, YouTube and Instagram. Gifto achieves this through a decentralized, user-driven model which rewards quality content generation, while fostering a richer set of connections between content creators and their audiences.

The brains behind this idea, Andy Tian, is the co-founder and CEO of Asia Innovations Group (AIG), which is the leading mobile interactive entertainment group in Asia. Headquartered in Hong Kong, AIG operates a suite of mobile, social and online entertainment products for users worldwide. 

Launched in May 2016, AIG’s flagship, live-streaming product, Uplive, is already available in more than 100 countries. The app enables anyone around the world to broadcast and view real-time video streams via their smartphones.  It currently has 20 million users and 60,000 broadcasters worldwide, with a projected revenue of more than $100 million from virtual gifting in 2017 alone. With Gifto, AIG is decentralizing its successful virtual gifting model to all content creators, regardless of whether they are on Uplive or not.

Uplive is one of the top five streaming apps in the world. It is the culmination of AIG’s many years of experience and tech development in gaming, social media and video. And Gifto is the culmination of Uplive’s experiences.

The Chinese live streaming market was valued at $5 billion in 2017, according to a forecast by Credit Suisse. Tian sees a golden opportunity with Gifto to replicate this incredibly successful model in international markets across any content platform through its universal protocol.

The Inspiration Behind Gifto

Gifto sprang from Tian’s personal interest in the question of how to apply game mechanics to any and all things that people engage with.

Born in China before moving to New York at age 10, Tian ran Google’s mobile business in China, during which he introduced Android to the China market. He then started one of the earliest social gaming companies in the world, XPD Media, which was later sold to Zynga to become Zynga China. After leaving Zynga, he co-founded AIG, which now has over 300 staff members located around the world, from Casablanca to Tokyo. 

Tian said that Gifto arose from conversations with both broadcasters and users of the Uplive community platform. That dialogue reinforced the notion that only the top 10 percent of all online influencers these days are able to effectively monetize their work. 

“What about the 90 percent of content creators who have 100,000 fans?” he asked. “Or only 50,000 fans? They can’t monetize at all based on the traditional ad/sponsorship model that’s currently in place.” 

One challenge on the Uplive platform was how to calculate the amount of revenue share a broadcaster has across all of Uplive. 

“We currently have a centralized system that does calculations and verification, a common practice among any centralized, consumer-based service,” Tian said. “But when a number of my investors and friends introduced me to smart contracts, that was a game changer. By integrating these contracts into the virtual gift itself, a transaction could automatically be executed, allowing for the instant delivery of revenue share to gift creators and producers.” 

This was a major development with respect to Uplive, where more than 25 million virtual gifts are sent every month.

“With blockchain, we can transparently, quickly and accurately execute payments so that our creators don’t have to wait 30 days or more to receive their share of the gift proceeds,” Tian said. “They can gain revenues directly from their fans.” 

Tian extols the idea of a crypto token that has a common value regardless of which country it is sent to or received from. 

“We currently have users paying us from 50-plus countries, with 30-plus payment providers worldwide,” he said. “With fiat, we have experienced lots of credit card fraud issues like cancelled transactions among other problems associated with this form of money on an international scale. Cryptocurrency can solve that. Not having to convert between different currency types will be a big win for our users.” 

In addition, Gifto can be used universally by any platform, not just Uplive, said Tian.

“The Gifto protocol will be available to any content creator on virtually any platform, including YouTube, Facebook and Instagram,” he said. “For the first time ever, content creators on these platforms won’t be constrained to the advertising-only model that generates very little revenue for the creators without millions of followers. Now, anyone will be able to accept virtual gifts through the Gifto platform and generate meaningful income from their content, directly from their fanbase.”   

Fostering a Global Gifting Economy

The concept of virtual gifts sent from fans to broadcasters is what drives Gifto. It allows creators to produce and place virtual gifts on a blockchain as a virtual asset and set their own pricing and value. Each created gift would have its own unique nature and character, adding the all-important element of fun to the whole gifting process. Broadcasters could then be digitally compensated regardless of the number of fans they have. 

Gifto’s public token sale on the Ethereum blockchain will begin on December 14, 2017. Thirty percent of the tokens, called “Gifto,” will be sold at that time subject to a $30 million hard cap. The campaign will adhere to a strict “know-your-customer” process, excluding citizens from China, the U.S., and Vietnam, based on legal regulations in those countries. 

Tian said the journey to exploring an initial coin offering (ICO) started early in 2017, when his company began examining the utility of blockchain technology as a solution to requests for new features from Uplive’s broadcasters and user base.  He said that monies garnered will be used for product development and engineering, marketing and market adoption, user acquisition and operations.

“We believe that we’ll be the highest revenue consumer company in Asia to launch a token offering,” Tian said. “Blockchain technology, in our opinion, is an awesome application and solution to decentralize everything and we want to advance this thinking.”

Tian’s ultimate goal is to make blockchain useful to mass-market consumers who don’t necessarily understand what the technology is, but can still enjoy the benefits of decentralization.

“It’s all about empowering the everyday people,” he concluded. “Content creators with a small, loyal fanbase now have a fun way to connect with their fans and make it easy for them to contribute.” 

The post Gifto’s Vision for the Virtual Gifting Economy appeared first on Bitcoin Magazine.

Posted on 12 December 2017 | 9:24 am

Munchee ICO Halted by SEC for Securities Violations

Munchee ICO Halted by SEC for Securities Violations

On December 11, the U.S. Securities and Exchange Commision (SEC) issued a cease-and-desist to California-based Munchee Inc. to stop their ICO and return the funds that had been collected.

Munchee had been seeking $15 million in capital to improve their existing mobile app and create a restaurant review ecosystem that they described as being “Yelp meets Instagram” in their Bitcointalk announcement. The problem arose when Munchee emphasized that it would take steps to create a secondary market for the tokens as an investment vehicle, leading investors to have a reasonable belief that their tokens would rise in value, long in advance of the utility of the token being made available.

In the SEC announcement, Stephanie Avakian, co-director of the SEC Enforcement Division, said, “We will continue to scrutinize the market vigilantly for improper offerings that seek to sell securities to the general public without the required registration or exemption. In deciding not to impose a penalty, the Commission recognized that the company stopped the ICO quickly, immediately returned the proceeds before issuing tokens, and cooperated with the investigation.”

In the SEC complaint, the commission argued that the MUN tokens were considered securities because “they were investment contracts” and were deemed a security regardless of their utility at the time of the sale. Munchee consented to the SEC’s order without admitting to, or denying, the findings.

The action is significant as it shows the willingness of the SEC to step in and take action. It also illustrates a willingness on the part of the SEC to work with companies that are cooperative when they run afoul of the regulations.

The post Munchee ICO Halted by SEC for Securities Violations appeared first on Bitcoin Magazine.

Posted on 11 December 2017 | 3:19 pm

U.S. Senate Mulls Reporting Requirements for Cryptocurrencies

USSenateBill

American Bitcoin holders may soon have to report their holding to the United States government.

First introduced on May 25, 2015, by Sen. Chuck Grassley [R-IA], Senate Bill S.1241, the
“Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017,” can have serious implications for those involved in the cryptocurrency space. The hearing for S.1241 was held with virtually no public notice on November 28, 2017; the full two-hour hearing can be viewed here.

Currently, the definition of “financial institution” includes banks, trust companies, credit unions, currency exchanges and the like. But according to Section 5312(a) of title 31, the new bill would amend the definition of “financial institution” to include “an issuer, redeemer, or cashier of prepaid access devices, digital currency, or any digital exchanger or tumbler of digital currency.” 

This is most specifically embedded in Section 13:

senatebilltextscreen.png

Sen. Dianne Feinstein [D-CA] said in her opening remarks of the hearing, “The bill criminalizes intentionally concealing ownership or control of a bank account.” Although, during the hearing, no further clarifications were given as to the effects this would have on the cryptocurrency community, based on the amended definition of “financial institution,” it would seem that the bill would criminalize anyone intentionally concealing ownership or control of a digital currency or exchange account. While there is no finalized bill yet, the implication would be that cryptocurrency holders need to fill in federal registration forms for tax disclosure, quarterly reporting and more.

Notably, while the purpose of the bill and hearing had to do with adding digital currencies and exchanges to the definition of financial institutions, there was almost no discussion on the topic other than briefly in reference to drug cartels using them to launder money. For example, nowhere in the testimony by Coinbase board of directors member Kathryn Haun Rodriguez does she mention digital currencies or exchanges, and at no time was she asked any questions about them.

Unsurprisingly, the bill is receiving pushback from some cryptocurrency holders. Activists on Reddit have started a social media campaign in opposition to the bill, and are suggesting others to tweet: “@senjudiciary that #Bitcoiners are not #Crooks Remove #DigitalCurrencies from Section 13 of S1241.” Others are contacting their senators directly.

The post U.S. Senate Mulls Reporting Requirements for Cryptocurrencies appeared first on Bitcoin Magazine.

Posted on 8 December 2017 | 3:23 pm

Op-ed: Bitcoin Is Not a Bubble; It's in an S-Curve and It's Just Getting Started

Op-ed: Bitcoin Is Not a Bubble; It's in an S-Curve and It's Just Getting Started

One of the most intriguing stories underpinning the recent rise of bitcoin prices is how financial institutions will interact with the currency.

The upcoming CBOE futures market is going to open the door for Wall Street giants to participate in the market. That could spell moon or doom for bitcoin, and everyone is speculating on what may happen next.

It is this Wall Street/BTC interaction (phenomenon) that may be driving the unbelievable price spike of the past few days — at least partially.

On the macro scale, however, we may be witnessing a more grand pattern forming; a price-correlated S-curve.

The S-curve is the classic adoption curve applied to the advent of new technologies. As a percentage of the population, adoption looks like a lag phase where the technology is utilized by the innovators of said technology, followed by an early adoption phase led by people who often take risks in order to be the first movers in a space. After the early adopter phase (~16% of the population is now participating), there comes a great “tipping point” where the wide use of the technology seems inevitable. The tipping point gives rise to the “Early Majority” joining in on the fun, followed by the late majority and, finally, the holdouts who allow the top of the S to asymptotically approach total adoption. The curve, as a factor of time and adoption, looks sort of like the following:

Screen_Shot_2017-12-08_at_9.56.44_AM.png

This curve correlates nicely with adoption of some of the greatest technological innovations in our recent history:

Screen_Shot_2017-12-08_at_9.57.15_AM.png

Some important things to note is that this is just U.S. adoption. Much of the world lagged behind the U.S. in the consumer appliance boom of the 1900s. All of these curves, however steep, do follow the same S-curve trend fairly nicely.

So what could that mean for bitcoin? It’s difficult to choose a metric to define bitcoin adoption, and, in fact, there are disputes about if one metric accurately captures it. However, for simplicity I’ll highlight Google searches for bitcoin and Coinbase user count as microcosms of the global adoption trend.

google search

Screen_Shot_2017-12-08_at_9.58.02_AM.png(from CNBC)

This seems to show a very similar pattern to what could be the transitional phase between “innovators” and “Early Adopters.” Just to harken back to the earlier statement though — it’s very difficult to put a number on bitcoin adoption.

So why is this remarkable? Bitcoin may be the first “buyable” S-curve. Because this is a capped-supply currency, more users adopting and using it necessitates an increase in price. Whether that correlation is even reflective of the current price action is a practically unanswerable question, and the obvious leaning would be towards there being a speculative additional value. However, with an increase in adoption, there seems to be a floor rising up to catch whatever “bubble burst” might occur, if and when it happens.

I'm starting to take the controversial position that I'm less looking at a financial market chart and more looking at a graph for adoption rates. $BTC pic.twitter.com/RmGFyCdwan

— Parabolic Trav (@parabolictrav) December 3, 2017

“Eternal September” is the phrase used to describe September of 1993, when widespread internet adoption began to look inevitable. It occured after AOL began a mailing campaign offering free trials of its internet service, leading to an influx of internet users that has since never ended. Hence “Eternal September.”

Always thought it would take another bubble for the #crypto equivalent, but this might be the start of #Bitcoin Eternal September https://t.co/95PaF9ZYD7

— David Bailey (@DavidFBailey) December 6, 2017

To compare bitcoin’s adoption to its complement — the internet — this may very well be the “Eternal September” episode for bitcoin.

If the S-curve adoption theory applies to bitcoin, then buckle up. I won’t pretend to be able to predict a spot price, but I will say I think we may be sitting close to another order of magnitude this time next year.

See y’all on the moon.

Corollary: Bulls sound smart in bull markets. We may look back and laugh at this thought, or it may hold true for years to come. Time will tell. ‘Til then, buy bitcoin.

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


The post Op-ed: Bitcoin Is Not a Bubble; It's in an S-Curve and It's Just Getting Started appeared first on Bitcoin Magazine.

Posted on 8 December 2017 | 11:09 am

A Vibrant Community: Viberate’s Key to ICO and Product Success

Viberate

For most of the year, a heated debate has been raging across markets and industries about the regulation, speculation and proper utilization of cryptocurrencies and, more specifically, ICOs. With the increased popularity of ICOs and the overall phenomenon of digital currencies, more business professionals than ever before want to know what it takes for a company to launch an ICO and, subsequently, what they’ll need for success and legitimacy.


Live music platform Viberate’s record-breaking ICO raised $11 million in under five minutes. One key to their success was the concept of their VIB token — a live music industry token any user can earn and spend. Viberate’s first and current phase after raising money is to implement the VIB token into their ecosystem as an incentive mechanism.


It’s all about the community


Viberate’s successful initial coin offering is best seen as a reflection of the VIB token’s unique value compared with what else is offered in the live music industry. As with most blockchain-powered marketplaces, user engagement is the most essential part of Viberate’s platform and that is why the company has maintained a persistent vision of giving a voice to their community members and supporters. Based on the belief that live music should be accessible to all, Viberate reached out to users so they could contribute to the community and the community responded.


How to Earn VIB Tokens


Users in the Viberate ecosystem earn VIB tokens through social engagement such as posting on forums and across social media; inviting friends to join the community; publishing promotional content, provided by Viberate; and making contributions to Viberate’s database, such as adding new artists, venues or events to the database and suggesting changes to the existing profiles (provided it’s approved by the editorial team).


Moving Forward


Viberate managed to create a demand for their product by offering a secure, easily traceable token that offers real value, not just in fiat currency but in Viberate’s community. The company transfers 5,000 VIBs into the pool each day for the first 2,000 days during which the bounty pool will be drained in different time periods. Subsequently, at the end of each period, the total amount of VIB will be distributed among contributors, whose awarded actions will be marked valid by the editorial team in the respective period.


Users are able to see their VIBs balance and the value in fiat, as with most digital wallets, but that’s not all - users are able to spend VIB tokens in freshly launched VIB store, selling celebrity merchandise, Viberate merchandise and selected event tickets. In the future users will be able to spend VIBs for paying booking fees, subscribing to premium services, and even advertising on Viberate. But what is the roadmap for the next few months? By end of 2017, Viberate is scheduled to launch booking agency profiles and in Phase 2, Viberate plans to expand their service with event organizer profiles and marketplace features.


With the goal of becoming the go-to digital currency and biggest talent marketplace for the live music industry, Viberate is setting out to engage its users through empowerment one phase at a time.


The post A Vibrant Community: Viberate’s Key to ICO and Product Success appeared first on Bitcoin Magazine.

Posted on 1 December 2017 | 10:17 am

Bitcoin price climbs over $4,000

Posted on 14 August 2017 | 1:16 am

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

Posted on 12 June 2017 | 1:06 am

CRYENGINE now accepts Bitcoin

Posted on 29 March 2017 | 1:24 am

Consulting firm EY Switzerland accepts Bitcoin

Posted on 26 November 2016 | 12:47 am

Steam accepts Bitcoin

Posted on 29 April 2016 | 1:09 am

Major Magazine Publisher to Accept Bitcoin Payments

Posted on 18 December 2014 | 12:43 pm

Microsoft accepts Bitcoin

Posted on 11 December 2014 | 5:06 am

Mozilla accepting Bitcoin

Posted on 20 November 2014 | 1:55 pm

PayPal and Virtual Currency

Posted on 23 September 2014 | 9:52 pm

Wikimedia Foundation Now Accepts Bitcoin

Posted on 30 July 2014 | 3:14 pm

German Newspaper "taz" accepts Bitcoin

Posted on 22 July 2014 | 1:32 pm

airBaltic - World’s First Airline To Accept Bitcoin

Posted on 22 July 2014 | 11:03 am

December 13, 2017 -
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