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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

Upside Ahead? Stellar Rally Fizzles But Lumen Could Regain Luster

The price of Stellar's lumen cryptocurrency has seen ups and downs of late – but gains could be ahead if a key indicator holds.

Posted on 23 October 2017 | 9:45 am

Bitcoin is 'just going to implode one day': Saudi Prince Alwaleed - MarketWatch


MarketWatch

Bitcoin is 'just going to implode one day': Saudi Prince Alwaleed
MarketWatch
Add Saudi billionaire Prince Alwaleed bin Talal to the roster of high-profile investors and financiers who don't believe bitcoin and other cryptocurrencies are here to stay. “I just don't believe in this bitcoin thing. I think it's just going to ...
Prince Alwaleed says bitcoin will implode: 'Enron in the making'CNBC
Saudi Billionaire Alwaleed Sees Enron-Like Demise for BitcoinBloomberg
Saudi Prince Alwaleed: Bitcoin is 'Enron in the making'New York Post
Benzinga -Reuters
all 23 news articles »

Posted on 23 October 2017 | 8:22 am

Bitcoin Exchange Operator Given 16-Month Prison Sentence

Coin.mx operator Yuri Lebedev has been sentenced to 16 months in prison, according to a new report.

Posted on 23 October 2017 | 8:15 am

Bitcoin 'doesn't solve a main need in society right now,' says Royal Bank of Canada CEO - CNBC


CNBC

Bitcoin 'doesn't solve a main need in society right now,' says Royal Bank of Canada CEO
CNBC
From JPMorgan's Jamie Dimon, to the IMF's Christine Lagarde, bitcoin has become a major talking point for the finance world's established voices. Now Royal Bank of Canada CEO, David McKay, is joining in calls to question the utility and legitimacy of ...
Bitcoin is no Fraud but There are Real Concerns: Royal Bank of Canada CEOCryptoCoinsNews

all 20 news articles »

Posted on 23 October 2017 | 7:46 am

Extreme Cold Storage: A Fortress of Solitude for Bitcoins - Bitcoin News (press release)


Bitcoin News (press release)

Extreme Cold Storage: A Fortress of Solitude for Bitcoins
Bitcoin News (press release)
Many bitcoin investors use hardware devices, paper wallets, and multi-signature solutions to keep their wealth safe from online threats such as hackers and malicious viruses. However, there are more extreme cold storage options for those who have lots ...

and more »

Posted on 23 October 2017 | 7:38 am

Foxconn Backs $16 Million Series B for Bitcoin Startup Abra

Abra founder Bill Barhydt now envisions that bitcoin micropayments and smart contracts, combined with IoT, can underpin a new type of consumer credit.

Posted on 23 October 2017 | 7:00 am

Prepping for a Pullback? Bitcoin Price Drops Below $6,000

Bitcoin prices are trending down, but is this the sign of a developing trend?

Posted on 23 October 2017 | 5:45 am

Abu Dhabi Admits 4 Blockchain Startups to Fintech Sandbox

The Abu Dhabi Global Market – the city's financial free zone – has admitted a second batch of fintech startups to its Regulatory Laboratory.

Posted on 23 October 2017 | 5:00 am

Bitcoin Price Lingers Below $6k As Post-Fork Altcoin Rally Expected - CoinTelegraph


CoinTelegraph

Bitcoin Price Lingers Below $6k As Post-Fork Altcoin Rally Expected
CoinTelegraph
Bitcoin prices were back below $6,000 Monday amid talk of an imminent altcoin rally to shelve protracted losses. Bitcoin's honeymoon above the latest significant barrier remained chequered over the weekend as momentum appeared to cool. After recrossing ...

Posted on 23 October 2017 | 4:47 am

American Express Eyes Blockchain for Customer Rewards System

New patent filings from American Express suggest the credit card provider is looking at blockchain as part of a consumer rewards system.

Posted on 23 October 2017 | 4:00 am

R3 Files Patents for 'Dynamic' DLT Recordkeeping

Consortium startup R3 has filed two patent applications detailing ways to apply distributed ledger tech to agreements between financial institutions.

Posted on 23 October 2017 | 3:00 am

Should We Fix Malleability in Bitcoin and Bitcoin Cash? If so, how? And when? - Bitcoin News (press release)


Bitcoin News (press release)

Should We Fix Malleability in Bitcoin and Bitcoin Cash? If so, how? And when?
Bitcoin News (press release)
Now combine this with the fact that Bitcoin transactions (including the signatures) are hashed to create a chain of ownership. Because ECDSA signatures are inherently malleable, and those signatures are part of each transaction, that means that Bitcoin ...

and more »

Posted on 23 October 2017 | 2:33 am

Thinking Big? Bank Blockchains Will Advance By Doing Anything But

Recently announced bank blockchain projects may be modest in scope, but they are beginning to paint a much larger picture.

Posted on 23 October 2017 | 2:00 am

UK Regulator: DLT Startups Are Being Denied Banking Services

The U.K.'s Financial Conduct Authority found that DLT businesses do not receive loans from banks as much as other companies.

Posted on 23 October 2017 | 1:00 am

Big money stays away from booming bitcoin - CNBC


CNBC

Big money stays away from booming bitcoin
CNBC
Bitcoin is booming, digital currency hedge funds are sprouting at the rate of two a week and the value of all cryptocurrencies has surged tenfold this year to more than $170 billion. Yet for all the hype, mainstream institutional investors are steering ...
Bithumb: Bitcoin price exceeds $6000, expected to surpass $7000MarketWatch
Prepping for a Pullback? Bitcoin Price Drops Below $6000CoinDesk
Is Bitcoin The New Gold? Some Think SoSeeking Alpha
CoinTelegraph -The Merkle -The Sydney Morning Herald
all 78 news articles »

Posted on 23 October 2017 | 12:31 am

Bittrex Issues Official Statement About Bitcoin Gold, Warns Users - CoinTelegraph


CoinTelegraph

Bittrex Issues Official Statement About Bitcoin Gold, Warns Users
CoinTelegraph
Bittrex, the US-based Bitcoin and altcoin exchange has announced its official position on Bitcoin Gold. The exchange, widely regarded as a substantial player in the marketplace, had previously hesitated issuing a formal statement. However, with the ...
Bitcoin Service Providers Continue to Reveal Plans for Bitcoin Gold ...Bitcoin News (press release)
Japan's Biggest Bitcoin Exchange Reveal Bitcoin Gold Hard Fork ...CryptoCoinsNews
Bitcoin Price is Following a “Parabolic Trend:” Australian Mainstream MedianewsBTC
Cryptovest -Kitco News -Bitcoinist
all 24 news articles »

Posted on 22 October 2017 | 11:44 pm

When Governments Get Intrusive, Bitcoin Provides Way Out - CoinTelegraph


CoinTelegraph

When Governments Get Intrusive, Bitcoin Provides Way Out
CoinTelegraph
Governments across the world are using technology and banks to keep an eye on their citizens. Decentralized currencies like Bitcoin may be the only way out for people who want to maintain their privacy.

Posted on 22 October 2017 | 11:23 pm

Is Bitcoin A Giffen Good? - Forbes


Forbes

Is Bitcoin A Giffen Good?
Forbes
In the case of Bitcoin, it seems clear to me that we are in a stage where rising prices fuels further demand - like a Giffen good. This makes sense, because as I have said, so many people I talk to are examining bitcoin (and cryptocurrencies) to see if ...
Will Bitcoin sow tulips or a financial revolution for young Australians?The Sydney Morning Herald

all 2 news articles »

Posted on 22 October 2017 | 7:13 am

To the Moon – Or Bust? Questions to Ask When Evaluating ICOs

Bruce Fenton offers a much needed uniform set of criteria by which investors can analyze ICOs and cryptocurrencies.

Posted on 22 October 2017 | 5:30 am

Dilbert Comics Mock Blockchain Mania

Initial coin offerings – the blockchain funding use case – are the latest subject of the long-running "Dilbert" comic strip.

Posted on 22 October 2017 | 3:10 am

This Chart Shows Why Bitcoin Can Go Higher Than $6000 - Fortune


Fortune

This Chart Shows Why Bitcoin Can Go Higher Than $6000
Fortune
If you thought you missed your chance to buy Bitcoin when the price broke $6,000 for the first time Friday, there's one argument that might convince you otherwise. It's not for the faint of heart. But with the Bitcoin price up more than 42% this month ...
Bitcoin surges above $6000 for the first time on heavy trading volumeCNBC
Bitcoin Climbs To Fresh All-Time Highs Above $6000Forbes
Bitcoin Breaches $6000 for the First TimeBloomberg
Reuters -CNET -CoinTelegraph
all 77 news articles »

Posted on 21 October 2017 | 12:15 pm

Macroeconomics, Gambling and Crypto: A Perfect Storm?

Two small islands are showing us how blockchain-friendly legislation can help encourage development that could affect the whole industry.

Posted on 21 October 2017 | 5:40 am

Money at Risk? Mobile Wallets Become Battleground in Bitcoin Fork Debate

As bitcoin heads toward a controversial fork this November, debate is breaking out about how wallet users – and their money – might be impacted.

Posted on 21 October 2017 | 2:15 am

TSMC: Cryptocurrency Mining Drove Strong Third Quarter Revenue

Cryptocurrency mining was a boon this past quarter for semiconductor foundry operator TSMC, according to new statements.

Posted on 20 October 2017 | 1:30 pm

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Bitcoin Breather? Higher Price Push Still Possible on Search Demand

The price of bitcoin continues to climb, and if price charts are any indication, there could be clear skies ahead.

Posted on 20 October 2017 | 12:30 pm

Islamic Development Bank to Research Sharia-Compliant Blockchain Products

Saudi Arabia's Islamic Development Bank (IDB) is developing sharia-compliant products based on blockchain technology.

Posted on 20 October 2017 | 10:40 am

Connecting the Luxury Fine Art Industry with the Modern Digital Economy

Connecting the Luxury Fine Art Industry with the Modern Digital Economy

Latest figures from the Tetaf art market report, released by the European Fine Art Foundation, show that in 2016 global art market sales amounted to an estimated $45 billion, up 1.7 percent from 2015. The U.S. remains the largest country in the world art market, with 29.5 percent of the market share, followed by the U.K. and China with 24 percent and 18 percent, respectively.

Yet, while the industry remains a profitable one, it is slowly changing. One that is considered difficult to enter and resistant to change, a few sector players are aiming to bridge the modern digital world with the luxury arts sector.

Two art galleries are taking a blockchain and cryptocurrency approach. Eleesa Dadiani, is the founder and owner of Dadiani Fine Art in Mayfair, London. Marcelo Garcia Casil is the co-founder and CEO of Maecenas, a decentralized art gallery that aims to democratize access to fine art investment.

Dadiani & Partners

In July 2017, Dadiani’s modern fine art gallery became the first in the U.K. to accept seven different cryptocurrencies as payment: bitcoin, ethereum, ethereum classic, litecoin, ripple, dash and NEM.

Dadiani told Bitcoin Magazine that the decision to introduce cryptocurrencies wasn’t an instinctively demand-driven decision; rather, it stemmed from a desire to encourage demand and merge the two markets together.

“On a practical level, introducing cryptocurrency will broaden the market, bringing a new type of buyer to art and luxury,” she said.

Through her recently launched Dadiani & Partners — the U.K.’s first and only luxury asset and commodity exchange for cryptocurrencies — Dadiani is hoping to unlock the potential of the digital currency market for high net-worth (HNW) investors and consumers. Acting as an intermediary, Dadiani & Partners will enable HNWs a platform to purchase luxury goods in digital currency. Dadiani says that there has been an increase in demand with the number of people seeking the purchase of assets in cryptocurrency.

“Many bitcoin millionaires are unable to cash in their digital currency as the banks won’t convert large amounts of cryptocurrency for cash,” she added.

Passionate about cryptocurrencies, and the blockchain that underpins them, Dadiani believes that they will have a profound impact in every sphere of business and our everyday lives.

“The technology will allow us to reclaim power, paving the way for decentralized, peer-to-peer transactions without the intervention of an intermediary,” she added. “This is a revolution that goes far beyond the art market.”

Since introducing the acceptance of digital currencies the art gallery has sold a number of pieces. Going forward, all of the art, across all the exhibitions, will be available to purchase in the available digital currencies. Dadiani says that the artists are onboard and keen for their pieces to be sold this way.

“Any of the pieces we sell can still be purchased via conventional fiat currency, but purchasing via cryptocurrency enables buyers to purchase peer-to-peer, person-to-person, without the intervention of a centralized authority,” Dadiani said.

It’s hoped that by further globalizing the business and broadening their customer base, Dadiani Fine Art will appeal to bitcoin millionaires who are looking to purchase assets via cryptocurrencies.

“Digital currency is being embraced by people of all ages, creed and class, and as it’s happening in other sectors, there is no reason why the gap between the modern digital world with the luxury sector cannot be bridged.”

Maecenas

Investment in the art world can be an expensive proposition. Named after Gaius Maecenas, an ancient Roman patron of the arts, Maecenas, is attempting to remove this barrier by letting anyone buy shares of fine art. Through its blockchain-driven platform, Maecenas divides artwork ownership into fragments and connects art owners with investors where shares are bought and sold.

“By turning masterpieces into tokenized tradable assets, Maecenas democratizes access to fine art by letting a much wider audience invest in multi-million dollar artworks which would otherwise be out of reach,” Casil said to Bitcoin Magazine.

Buying access to the artwork’s investment value does not mean buying access to the actual artwork itself, however. According to Maecenas, art pieces are not put on display; rather, they are held in purpose-built art storage facilities, ensuring the work is safe and looked after. If there is a demand in the future, then they may introduce an art-leasing facility where art lovers can temporarily hold the piece of art for a fee. The fee would then be distributed among the shareholders as income.

By injecting liquidity and transparency into the fine art market, the platform claims to be adding aspects to the sector that have been missing. Determining a fair price of an illiquid asset is now made possible via the blockchain through the conversion of small and liquid tradable financial units, creating tamper-proof, digital certificates denoting ownership. These are similar to shares of a company and can be traded on an open exchange.

Through the implementation of a Dutch auction process, Maecenas permits investors to submit private bids stating how many shares of the artwork they want to own and what price they’re willing to pay for them.

“The Dutch auction smart contract then handles all the bids and uses a well-known algorithm to determine the optimal price for the artwork shares,” Casil added. “This process is transparent and discourages price manipulation.”

Maecenas’ ART utility token functions as a clearing and settlement mechanism for all transactions of artwork on the Maecenas ecosystem. Participating in Dutch auctions, leasing artwork or performing any other sensitive platform operation is handled via smart contracts that require ART tokens to operate, says Casil.

“In the case of the auctions themselves, the token represents the investor bid and commitment, and a dollar value equivalent of the tokens is escrowed in the contract for the duration of the auction.”

For instance, if an investor wants to bid $50,000 for an artwork, and ART is worth $2, then 25,000 ART tokens must be submitted to the smart contract to reflect the bid.

To ensure the work is authentic, Maecenas has an internal team that checks the full provenance of the artwork including certificates of authenticity, condition reports, insurance policies, certificates of storage and valuation reports. Independent reputable experts will also assess and appraise the artwork. The documents produced during the due-diligence process are then protected and stored securely on the blockchain.

Maecenas recently completed their token crowdsale which raised 50,744 ETH. They are aiming to launch their platform in the first quarter of 2018.

The post Connecting the Luxury Fine Art Industry with the Modern Digital Economy appeared first on Bitcoin Magazine.

Posted on 18 October 2017 | 9:29 am

Chaincode Labs to Host a Second Run of Its Month-Long Bitcoin Coding Class

Chaincode Labs to Host a Second Run of Its Month-Long Bitcoin Coding Class

Chaincode Labs, the New York–based development company and major contributor to Bitcoin Core, is organizing a second edition of its Bitcoin residency program in the first months of 2018. The program intends to help developers overcome the steep learning curve associated with becoming a protocol-level contributor to projects like Bitcoin Core. In doing so, Chaincode Labs hopes to help expand Bitcoin’s development community.

“Last year was the first run,” Chaincode Labs developer John Newbery told Bitcoin Magazine. “We’ve now taken the good stuff from that and tried to make it even more focused and useful for residents this year.”

The Residency Program

Chaincode Labs, in collaboration with Matt Corallo — who worked at Blockstream last year but joined Chaincode Labs since — organized the residency program for the first time in September and October of 2016. The next edition will start on January 29, 2018, and will last until February 23.

Newbery himself was one of the attendees of this first residency program. He was later hired by Chaincode Labs and has since been one of the most prolific contributors to the Bitcoin Core project.

Now, he is coordinating the second of two legs of the new program.

“Chaincode Labs exists to strengthen Bitcoin,” said Newbery. “We mostly do that by contributing to Bitcoin Core, but each of us has a lot of freedom to do what we think is important. And the main purpose of this residency program is to try to strengthen the developer community.”

Specifically, courses will cover protocol design, adversarial thinking, threat models and security considerations, as well as address some of Bitcoin’s biggest challenges, like scaling, fungibility and privacy. Attendees will mostly learn by doing and could even start contributing to the Bitcoin Core project during the residency. Throughout the program they will be assisted by the entire Chaincode Labs team — Alex Morcos, Suhas Daftuar, Matt Corallo, John Newbery and Russ Yanofsky. There may also be guest speakers.

Two Blocks

Whereas the first edition of the residency program lasted four straight weeks for all attendees, this time the coding classes will be cut into two two-week phases. Candidates can either pick one of two legs or join both, with room for five or six attendees per session.

The first leg is coordinated by Corallo, who has been contributing to Bitcoin development since 2011.

“Session A is all about getting people to think about the security trade-offs and implications of the technical decisions we make,” Newbery explained. “There’s a lot of thought that goes into all the decisions that are made in Bitcoin, but that nuance is often lost. If we can help people to understand those trade-offs better and be able to communicate them, then perhaps we can raise the level of the conversations we have about Bitcoin.”

The second session will be more focused on the Bitcoin Core project itself, Newbery said.

“Session B is all about getting smart, talented people to start making useful contributions to Bitcoin Core. There’s a steep learning curve to becoming a contributor and if I can help people who want to contribute but have felt daunted or don’t know where to start, then I’ll feel like I’ve succeeded.”

Additionally, Chaincode Labs will organize a series of Wednesday night meetups ahead of the residency program. Contents of these meetups will be similar to the residency program, but these meetups are for participants who live in (or near) New York who can’t dedicate two or four full weeks to attending the residency program itself.

For more information on Chaincode Labs’ 2018 Bitcoin residency program and to find out how to apply, see the company’s announcement and the program website.

The post Chaincode Labs to Host a Second Run of Its Month-Long Bitcoin Coding Class appeared first on Bitcoin Magazine.

Posted on 18 October 2017 | 8:05 am

Ether Price Analysis: Eve and Adam Could Be Turning Back the Bulls

Ether Price Analysis

Since bottoming out around $200, ether has spent several weeks bouncing back and forth inside an ascending channel:

Figure_1 (15).JPGFigure 1: ETH-USD, 4-Hour Candles, Ascending Channel

For the last month and a half, ether’s trend has been contained within the bounds of this ascending channel, where it has continued its bullish rally. However, today (as of the time of this article) it is starting to make moves to aggressively test the lower boundary. Specifically, as ether tests this channel, it is forming a potential reversal pattern called an Eve-and-Adam Double Top.

Figure_2 (12).JPGFigure 2: ETH-USD, 1-Hour Candles, Eve-and-Adam Double Top

At the time of this article, ether is attempting to break the neckline (the pink dashed line) of the massive reversal pattern. Should ether break this neckline, the measured move from this pattern is a $30 move downward, which would ultimately shove ether outside the bullish ascending channel it has been trending within. The price target of the Double Top breakout would bring the ETH-USD price into the upper $200s.

On a macro scale, ether has support along the following Fibonacci levels:

Figure_3 (12).JPGFigure 3: ETH-USD, 4-Hour Candles, Fibonacci Levels

Should the ascending channel break, the above Fibonacci levels will provide support and will need to be tested in order to prove a bearish continuation. As of the time of this article, the Double Top mentioned in Figure 2 is sitting right on the 23 percent retracement values where it is making attempts at breaking it. There is strong support at these values, so if ether can break and hold below $315, it will send a strong bearish signal to the market.

Should the Double Top complete, we can expect a test of the 38 percent retracement values following the break of the ascending channel. At this time, the 4-hour MACD is showing strong bearish momentum on a macro scale, and the market is picking up sell volume.

Summary:

  1. For weeks, ether has been trending within an ascending channel.

  2. Ether is currently in the process of making a strong test of the ascending channel via an Eve-and-Adam Double Top reversal pattern.

  3. If the Double Top breaks downward, we can expect a break of the multi-week bullish channel and a test of the 38 percent Fibonacci Retracement values.

Trading and investing in digital assets like bitcoin, bitcoin cash 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 Ether Price Analysis: Eve and Adam Could Be Turning Back the Bulls appeared first on Bitcoin Magazine.

Posted on 17 October 2017 | 3:45 pm

Blockchain-Focused Presentations to Watch at Money 20/20 in Las Vegas

Blockchain-Focused Presentations to Watch at Money 20/20 in Las Vegas

Money 20/20 Las Vegas is only a few days away. The event, to be held on October 22–25, 2017, at the Venetian, will be packed with people from the top tiers of banking and finance looking to learn more about the future of money.

One thing is for sure, blockchain technology will play a key role in that future. Since 2014, the financial event, which will attract more than 11,000 visitors this year, has devoted an entire track to blockchain topics. Originally, the track was called “Bit(coin) World,” but that changed as conversations shifted to Bitcoin’s underlying ledger technology.  

For blockchain enthusiasts struggling to sort through the 450 presentations at Money 20/20, the following is a breakdown of the blockchain track and other blockchain-related talks at the event.

Blockchain Tuesday

Tuesday is the main day for blockchain programming at Money 20/20. Kicking off the blockchain track will be Adam Ludwin, CEO and co-founder of Chain, a company that provides blockchain solutions to banks. Ludwin’s talk will center on whether crypto-assets are in a sort of ‘90s bubble or if something real and substantial is happening beneath the hype.

To give a sense of how fast things are moving, bitcoin was around $650 at last year’s Money 20/20, when one panelist at the event, then Blockstream developer Eric Martindale, predicted bitcoin would increase 10x in value over the next 12 months. His prediction was nearly spot on. Bitcoin reached more than $5,800 just last week.

With crypto-assets hitting all time highs across the board, the new funding model known as initial coin offerings (ICOs) have raised $2.2 billion this year alone. Yet, amidst the enthusiasm, the threat of increased regulations hover like a dark cloud. Last month, the SEC brought the first charges against two so-called ICOs in what may be just the beginning of a long-anticipated crackdown.   

Four more panels on Tuesday will focus on issues like: What problems are private blockchains solving? Are ICOs here to stay or are they just a passing fad? What threats do regulatory agencies pose to ICOs? And, how will blockchain technology potentially transform stock exchanges? These panels will include experts from companies like Bloq, Kik, Fenbushi Capital, AngelList, Pantera, JP Morgan Chase, R3, Hyperledger, Nasdaq, and the London Stock Exchange Group. 

In between those, Arthur and Kathleen Breitman will talk about their new smart contract platform Tezos. The project raised $230 million in an ICO in July.

Tezos is a proof-of-stake cryptocurrency and smart contract platform built in the functional language OCaml. Eventually, Tezos’ goal is to compete with the likes of Ethereum and Cardano, another emerging platform. A primary feature of Tezos is its formal governance scheme, where coin holders get a say in how the protocol evolves.

It will be interesting to see how Tezos plans to differentiate itself in an increasingly competitive landscape.

Finally, Bobby Lee, CEO and co-founder of BTCC, China’s longest running bitcoin exchange, will share war stories on what it has been like operating an exchange in the biggest payments market in the world.

He should have a good story to tell, given that China’s central bank recently cracked down on digital currency exchanges, causing BTCC to halt all China-facing trading last month.  

Other Talks

Two other blockchain-related talks will take place at Money 20/20 on Monday. Bridget van Kralingen, who leads a group called “Industry Platforms” at IBM will talk about how AI, blockchain and cloud computing are converging to create better customer experiences.  

Bill Barhydt, co-founder and CEO of Abra, a cryptocurrency wallet, will give a keynote announcement on Abra’s “next chapter.” Barhydt attracted some attention recently when he chose actress Gwyneth Paltrow as an advisor for Abra in “Planet of the Apps,” a kind of “Shark Tank” for iOS apps.  

Also on Tuesday, BitGive Foundation, a nonprofit that receives bitcoin donations for charitable causes, will be giving a presentation on GiveTrack, its blockchain-based system for tracking donations in real time.

The topic of blockchain applications is sure to come up in plenty of other talks and discussions at Money 20/20, such as this one on financial inclusion on Sunday and those centered around pressing issues like security (the event comes on the heels of the Equifax breach), identity and more.  

The post Blockchain-Focused Presentations to Watch at Money 20/20 in Las Vegas appeared first on Bitcoin Magazine.

Posted on 17 October 2017 | 11:13 am

GoldMint and the Future of the Gold Trade

GoldMint Header

As a precious metal, gold is often associated with wealth, prestige and power. And as a commodity it has long been considered a prized asset for scores of investors throughout the world.

Beginning with bitcoin in 2009, cryptocurrencies have also seen their prominence rise due to some of the qualities that they share with gold, the most prominent of which is their scarcity.

One of the big issues that has continued to hamper gold as a physical asset is that it can often be difficult to transfer from one place to another. Moreover, the managing and handling of gold can be quite logistically challenging and laborious.

With the emergence of today’s digital age, a startup called GoldMint is seeking to alter this trend with a new means of exchange for physical gold, with transactions occurring over a blockchain-based platform.

This gold-based venture aims to assist investors and traders in managing volatility risks and gaining competitive commissions on commodities sold via GoldMint to financial institutions, pawn shops, and other business and individual stakeholders.

GoldMint’s platform will leverage the private and individual gold trading market, including potentially the management of larger physical stocks such as those in central banks. It will also deliver an electronic payment solution tethered to physical gold, as well as a gold-backed peer-to-peer lending system.

The GoldMint ecosystem is fueled by two types of tokens, GOLD and MNT.

The GOLD cryptoasset is an investment tool that is 100 percent backed by physical gold and/or an exchange-traded fund (ETF). One GOLD token represents one ounce of gold on the London Bullion Market Association (LBMA).

MNT  is GoldMint’s native cryptocurrency, which is used to confirm GOLD cryptoasset transactions. For GoldMint miners, the amount of MNTs reflects how many assignments, or transaction blocks, they can accept.

Fostering Digital Gold Trading

There are two options for trading GOLD for fiat or cryptocurrencies. First, there is a method for seeking a GoldMint-guaranteed buyback. And second, a loan can be requested. For either option, the process is as follows:

      Through the use of a special app which is not yet available, GOLD can be transferred as collateral to a designated GoldMint account.

      GoldMint utilizes the current price of gold, as set by the LBMA, to fix the rate of a loan.

      GoldMint requires the customer to undergo its know-your-customer (KYC) process as well as consent to GoldMint’s loan terms to receive the loan. Various repayment options for the loan amount and the means of repaying it are then offered.

      If a customer defaults on repayment, their GOLD cryptoassets are transferred to GoldMint.

GoldMint also has a process for converting gold into GOLD tokens and reconverting these tokens into gold for cross-border passages. This is designed to alleviate the hassles associated with carrying gold from one country to another, often resulting in untold expense and aggravation. By converting gold into GOLD, this hassle can not only be avoided, but a person can retrieve 100 percent of the value of their gold at the end of their travels.

“Custody Bot” is GoldMint’s decentralized storage unit, which computationally identifies and stores gold jewelry, small ingots (up to 100 grams) and coins. In this case, it functions as a DApp, a decentralized application that runs rapidly and efficiently without the need for a third-party intermediary to control it. Through the use of cutting-edge technology, Custody Bot inspects and assesses the value of incoming gold to ensure its purity and quality.

GoldMint ICO Accelerates Ahead

On September 20, GoldMint launched its initial coin offering (ICO), allowing users to send bitcoin or ether and receive MNTP (MNT pre-launch) tokens, issued on the Ethereum blockchain at a price of $7 per token.

The value of these tokens is expected to grow, because MNT is limited in its supply and is used in the Proof-of-Stake (PoS) consensus algorithm. Participation in the GoldMint crowdsale involves more than the purchase of cryptocurrencies. It involves a stake in the consensus algorithm that will be utilized by the GoldMint blockchain post-launch.

Owning MNT allows users to achieve 75 percent from commissions earned when transactions are validated through the GoldMint blockchain. The number of MNT tokens owned determines the number of transactions that can be validated.

 

The post GoldMint and the Future of the Gold Trade appeared first on Bitcoin Magazine.

Posted on 17 October 2017 | 9:06 am

Scaling Bitcoin Announces This Year’s Program and a New Developer Bootcamp

Scaling Bitcoin Just Released This Year’s Program and a New Developer Bootcamp

Today, Scaling Bitcoin, the international engineering conference focused on Bitcoin and blockchain research, released its program for the 2017 edition. The conference, to be held in Stanford, California, in the first weekend of November, will also introduce a new side event this year: Bitcoin Edge, a bootcamp for starting Bitcoin developers.

“The program is extremely interesting because it delivers cutting edge research on different blockchain scalability approaches, fungibility, consensus, data propagation, alternative techniques for handling blockchains and many other topics,” said Anton Yemelyanov, chair of the Scaling Bitcoin Planning Committee.

Scaling Bitcoin Stanford

After events in Montreal, Hong Kong and Milan, the fourth edition of the Scaling Bitcoin conference is taking place at Stanford University on November 4 and 5 of this year.

Where the first two editions of Scaling Bitcoin were mainly focused on scaling and scalability, the third edition broadened the scope of the conference to include a more diverse set of topics. This trend will continue in Stanford, where talks will range from highly technical topics concerning privacy and fungibility, to fee markets and fee estimation, censorship resistance and more.

“Bitcoin is the origin of all distributed ledger technology,” said Yemelyanov. “Scaling Bitcoin has been fortunate to act as a vehicle for bringing the audience technologies such as Segregated Witness and MimbleWimble, all of which have been adopted or incorporated into various blockchain projects. We hope that other material presented by our participants will be of similar value and help the industry advance the research and development of blockchains.”

Yemelyanov added that another key goal for Scaling Bitcoin conferences is to bring engineers and other technical minds together in a physical space where they can discuss their work in person.

“It is through collaboration where a lot of ideas are born and have potential of becoming reality,” he said.

Bitcoin Edge Dev++

In addition to the conference itself, Scaling Bitcoin is also introducing a two-day technical bootcamp for experienced developers getting into Bitcoin: Bitcoin Edge.

This nonprofit initiative is an effort to help scale the development capacity of the industry, Yemelyanov explained:

“One of the approaches of helping the industry scale is to scale the much needed development capacity of the industry. There is a clear talent deficit and we are trying to help all industry participants by running a nonprofit workshop that will allow developers to gain complete understanding of primitives that comprise Bitcoin and blockchains in general and be able to start working in this field.”

Bitcoin Edge will be led by well-known Bitcoin developers and academics Anditto Heristyo, Ethan Heilman, John Newbery, Karl-Johan Alm, Nicolas Dorier, Thaddeus Dryja and Jimmy Song. They’ll introduce participants to a range of technical Bitcoin-related topics, including Elliptic Curve cryptography, transaction structures, difficulty calculation and adjustments, and much more.

This workshop will take place on the November 2 and 3. For more information on the Bitcoin Edge initiative, visit bitcoinedge.org.

See here for the full Scaling Bitcoin Stanford program.

The post Scaling Bitcoin Announces This Year’s Program and a New Developer Bootcamp appeared first on Bitcoin Magazine.

Posted on 13 October 2017 | 2:46 pm

Yes, Bitcoin Can Do Smart Contracts and Particl Demonstrates How

Particl Thumb 3

The Bitcoin blockchain is not known for its ability to enable smart contracts. In fact, most developers creating smart contracts use a different blockchain, like Ethereum.

 

But the truth is that the Bitcoin protocol can be used to create smart contracts. Particl.io, the blockchain eCommerce platform, is doing just that by using Bitcoin-based smart contracts to manage funds in their trustless escrow: Mutually Assured Destruction (MAD) escrow.

 

For Particl, Bitcoin provides the ideal mix of smart contract functionality — enough to make smart contracts easy to implement but without the security and privacy risks of a more complicated platform like Ethereum.

Smart Contracts Overview

A smart contract is an agreement that can be enforced through a blockchain. Rather than relying on trust or a legal framework to ensure that each party that enters into a contract will adhere to its terms, you can use the blockchain to create a contract that is automatically enforced, between two people, in a decentralized fashion.

 

Ethereum has become the most popular blockchain for creating smart contracts. One of the major design goals of the Ethereum platform was to support smart contracts. From the start, this set Ethereum apart from Bitcoin, which was created first and foremost as a digital currency platform.

Smart Contracts on Bitcoin Codebase

As the Bitcoin protocol has evolved, it has gained support for smart contracts. Smart contract functionality is not as programmable and extensible on Bitcoin as it is on Ethereum. However, using features added to Bitcoin through improvement proposals, certain smart contract functionality can be achieved through Bitcoin scripting.

 

For Particl, the most important smart contract feature in Bitcoin is the OP_CHECKLOCKTIMEVERIFY opcode, which was introduced by Peter Todd as Bitcoin Improvement Proposal (BIP) 65. The opcode makes it possible to write scripts that prevent funds in a multi-signature wallet from being spent until a certain signature pattern is implemented or a certain amount of time passes.

Particl, Smart Contracts and MAD Escrow

MAD escrow is a technique that effectively prevents fraud in a transaction without requiring the oversight of a third party. In a MAD escrow contract, a buyer and seller both place funds into escrow. The seller starts by depositing an amount they want the buyer to match to symbolize a virtual handshake. This could be between 0 and 100 percent of the item’s purchase price. The buyer then deposits an amount equal to the handshake amount plus the price of the item they are buying. The escrowed funds are not released to anyone until both parties confirm that the transaction has been completed satisfactorily. The technique prevents either party from profiting through cheating in a transaction.

 

Particl uses the BIP 65 opcode to enable MAD escrow contracts by locking funds in a multi-signature wallet until all of the parties sign off on the transaction. With this approach, buyers and sellers on Particl’s ecommerce platform can operate without worrying about fraud or paying unnecessary fees.

 

They also don’t have to sacrifice privacy because no third party is involved in the transaction. Furthermore, and perhaps most significantly, because there is only basic scripting involved, security concerns are minimal.

 

Particl’s approach to MAD escrow smart contracts is arguably better than building smart contracts on a platform like Ethereum. While Ethereum provides more extensible support for smart contracts, that flexibility comes with a higher risk of security and privacy threats. The more code that goes into a smart contract, the greater the risk of introducing a vulnerability that could enable an intrusion.

 

Ethereum might be a strong foundation for writing very complex smart contracts, or ones in which security and privacy are not priorities, but Bitcoin provides a simpler and more reliable scripting framework for the private escrows that Particl requires.

Contributing to Bitcoin’s Future

 

Particl’s choice of Bitcoin as the backbone for its smart contracts is also a reflection of the team’s efforts to build a completely private platform on top of the Bitcoin codebase, arguably the most secure, battle tested and contributed to protocol on the market.

 

There are many dozens of Bitcoin-based blockchain projects out there, but most are simply building cryptocurrencies forked from Bitcoin. They’re not taking advantage of Bitcoin’s potential to create the foundation for a completely decentralized platform that supports a multitude of DApps and programmable functionality.

 

In this sense, Particl is helping to ensure that Bitcoin’s future will evolve more than just creating another cryptocurrency. Privacy enhancements Particl has already implemented onto the latest Bitcoin codebase such as Confidential Transactions and RingCT can just as easily be one day adopted upstream to further harden Bitcoin.

 

The post Yes, Bitcoin Can Do Smart Contracts and Particl Demonstrates How appeared first on Bitcoin Magazine.

Posted on 13 October 2017 | 9:18 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

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

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

October 23, 2017 -
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