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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 12 December 2017 | 9:50 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

Victory Lap? 2017 Was Bitcoin's Backward Year - CoinDesk


CoinDesk

Victory Lap? 2017 Was Bitcoin's Backward Year
CoinDesk
As in 2016, gains in the price of bitcoin belie deep deficits in the cryptocurrency world. Bitcoin's stock of social capital, the human institutions around this most important technology, remains woefully deficient, and the capacity of bitcoin to ...

and more »

Posted on 12 December 2017 | 7:45 pm

Bitcoin Futures Codes: How to Read Them And What They Mean

So you want to trade bitcoin futures? First, learn the Chicago exchanges' highly counterintuitive naming system for monthly contracts.

Posted on 12 December 2017 | 5:00 pm

Fake News? Former New Zealand Prime Minister Denies Investing in Bitcoin

Former New Zealand Prime Minister John Key said he did not advise people to invest in bitcoin, as was stated in a post pretending to be the NZ Herald.

Posted on 12 December 2017 | 3:20 pm

Advertise with Anonymous Ads

Looking to sell bitcoin? It's complicated - CNNMoney


CNNMoney

Looking to sell bitcoin? It's complicated
CNNMoney
A friend strongly warned me to move my bitcoin to an alternative digital wallet to avoid being hacked after publishing an article about my holdings. And the sage advice of my two investment gurus -- Warren Buffett and my wife -- continued to ring in my ...
Bitcoin exchanges suffer outagesFinancial Times
Large Bitcoin Exchange Says Hackers Are Attacking AgainBloomberg
Please invest responsibly — an important message from the Coinbase team - The Coinbase BlogThe Coinbase Blog
Twitter
all 37 news articles »

Posted on 12 December 2017 | 3:20 pm

I Was Wrong About Bitcoin. Here's Why. - New York Times


New York Times

I Was Wrong About Bitcoin. Here's Why.
New York Times
Several years ago, tech enthusiasts in San Francisco began buzzing about a new and mysterious thing called Bitcoin. There were rumors that the virtual money, invented by a pseudonymous math genius named Satoshi Nakamoto, would revolutionize modern ...
Bitcoin Regrets: How Much $100 Would Be Worth Today if You Invested EarlierFortune
Interest in Bitcoin Is Spreading 'Like a Contagion,' Says Nobel-Winning Economist Who Predicted the Housing BubbleMoney Magazine
Bitcoin hits another record high in march towards $20000Reuters
The Week Magazine -Forbes -Seeking Alpha
all 757 news articles »

Posted on 12 December 2017 | 2:34 pm

Bitcoin Is Soaring. Here's Why It's Not Ready for the Big Time - WIRED


WIRED

Bitcoin Is Soaring. Here's Why It's Not Ready for the Big Time
WIRED
Bitcoin was a gift to the world from Satoshi Nakamoto, a pseudonymous person or persons who laid out the design in a 2008 white paper. The paper complained that conventional financial institutions create unnecessary friction: banks and other mediators ...
Bitcoin's mastermind could be the world's first trillionaireMashable

all 24 news articles »

Posted on 12 December 2017 | 2:09 pm

I used to be a bitcoin bull—here's why that changed - Ars Technica


Ars Technica

I used to be a bitcoin bull—here's why that changed
Ars Technica
I used to be a bitcoin bull. As bitcoin's price soared from $13 to more than $1,000 in 2013, lots of people argued it was an unsustainable bubble. I argued the opposite: that bitcoin's price still had a lot of room to rise. And obviously, I turned out ...
What's the Value of Bitcoin? Who KnowsBloomberg
Bitcoin: Does it really use more electricity than Ireland?BBC News
Four Ways A Bitcoin Bubble Plays OutForbes
Washington Post -CBS News -MIT Technology Review
all 240 news articles »

Posted on 12 December 2017 | 12:14 pm

Trump Signs Defense Bill Authorizing Blockchain Study

President Donald Trump has signed a $700 billion military spending bill that includes a mandate for a blockchain cybersecurity research study.

Posted on 12 December 2017 | 11:40 am

Bitcoin Bulls Face 'Alt' Competition in Push to $20k - CoinDesk - CoinDesk


CoinDesk

Bitcoin Bulls Face 'Alt' Competition in Push to $20k - CoinDesk
CoinDesk
Bitcoin may still be in the hunt for $20,000, but the bulls need progress soon else a minor pullback could be in the offing. As per CoinDesk's Bitcoin Price Index (BPI), the cryptocurrency is trading at $17,539, having appreciated 4.48 percent in the ...

and more »

Posted on 12 December 2017 | 11:37 am

Bitcoin Bulls Face 'Alt' Competition in Push to $20k

The price of bitcoin may be at all-time highs, but a wave of new investors could quickly tilt the market dynamic, analysis suggests.

Posted on 12 December 2017 | 11:30 am

IcyWallet Offers a Cold Storage Bitcoin Wallet for the Visually Impaired

IcyWallet Offers a Cold Storage Bitcoin Wallet for the Visually Impaired

Safely storing cryptocurrency can be confusing, especially for newcomers to the space, but for people with visual impairments, finding an accessible option is especially challenging.

IcyWallet is a cold wallet with a difference: it is designed to make it as simple as possible for people with visual impairments to manage offline bitcoin storage.

The project got its start when Adam Newbold and his wife took a braille reading course as a learning activity. Shortly afterward, Newbold struck up a Reddit conversation with a blind Bitcoin enthusiast who expressed frustration with the lack of support for the blind community from Bitcoin software developers. None of the wallets worked correctly in his reader and he required help to perform any functions with bitcoin.

“I learned even more about practical accessibility issues and the real-world challenges that the blind encounter every day,” Newbold told Bitcoin Magazine. “This turned into a stronger personal interest that merged with my existing interest in Bitcoin when I realized that there are pretty big opportunities for improving the state of accessibility in Bitcoin software.”

He started a campaign in October 2017 to create a braille version of the original Bitcoin white paper. That campaign was successful and the document is now available for anyone wanting to get a copy.

That first success led Newbold to create the IcyWallet. His goal is to provide a 100 percent free and open source bitcoin hardware wallet for the blind. Work is currently underway with early milestones achieved, the progress of which is tracked on their website.

“One of the points you hear a lot about Bitcoin is that you can ‘be your own bank,’ which always sounds fun and empowering (and it is!),” said Newbold. “But it also means that you need to take responsibility for all of the things that banks do, like keeping your funds secure.”

He explained that even though today’s technology has solved a substantial number of issues that people with disabilities face, when it comes to bitcoin and security, there are still several missing pieces.

“There isn’t any kind of hardware wallet on the market today that’s fully accessible to people with blindness,” said Newbold, “and there are barriers to setting up secured, air-gapped solutions. This leaves people with blindness limited choices that all involve compromising security to some degree. With the IcyWallet, the private keys never leave the device.”

According to Newbold, here is how the device will work:

  • First, the transaction is generated on a (different) computer connected to the internet, so that the fee can be properly estimated;

  • Then, the transaction is signed by the IcyWallet device;

  • Finally, the transaction is broadcasted to the Bitcoin network back on the internet-connected device. This keeps the IcyWallet device completely offline, ensuring that the private keys are safe at all times.

Users simply plug in headphones and a keyboard or a refreshable braille display. The device boots directly into the wallet app with functional audio and braille support.

“Refreshable braille display support means that it will even support someone with deaf/blindness right out of the box,” said Newbold.

IcyWallet generates hierarchical deterministic wallets with mnemonic seeds for safe backup. The code is developed using the BitcoinJS library and is intended to be run on an “air-gapped” Raspberry Pi, though Newbold points out that, in theory, the software can run on other hardware.

Newbold has plans to make a demo video/audio track available soon, as well as an early release of the software (probably limited to wallet generation only) so that he can start to get more feedback and code suggestions that will improve the IcyWallet.

As Bitcoin in particular, and cryptocurrencies in general, see wider adoption, the implementation of greater accessibility systems will be important to their continued growth. IcyWallet is expected to launch at some point in 2018.



The post IcyWallet Offers a Cold Storage Bitcoin Wallet for the Visually Impaired appeared first on Bitcoin Magazine.

Posted on 12 December 2017 | 11:27 am

Coinbase Halts Litecoin, Ether Trades as Prices Spike

Digital currency startup Coinbase says it has paused trading for litecoin and ethereum.

Posted on 12 December 2017 | 10:40 am

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

CFTC Chair: Cryptocurrencies 'Unlike Any Commodity' Agency Has Seen

Cryptocurrencies have proven to be a unique challenge for the Commodity Futures Trading Commission, the agency's chairman has said.

Posted on 12 December 2017 | 9:20 am

Some Bitcoin Investors Are Mortgaging Their Homes to Buy More Digital Currency - Fortune


Fortune

Some Bitcoin Investors Are Mortgaging Their Homes to Buy More Digital Currency
Fortune
As Bitcoin continues to soar in valuation, new investors are joining the craze, even if they don't initially have the money to pay for the cryptocurrency. Securities regulator Joseph Borg says he has seen people doing everything from running up credit ...
People are mortgaging their houses to buy Bitcoin - EngadgetEngadget
People are putting their homes at risk to buy BitcoinBusiness Insider
People Mortgaging Their Homes To Buy Bitcoin, Report SaysCBS DFW
Big Think -Bitcoin News (press release) -CNBC
all 34 news articles »

Posted on 12 December 2017 | 8:33 am

South Korea is going bitcoin crazy - CNNMoney


CNNMoney

South Korea is going bitcoin crazy
CNNMoney
Bitcoin's value has jumped 1,500% so far this year to $17,000 as more and more people have bought into it. It's in such high demand on Korean exchanges that South Koreans often end up paying a premium of between 15% and 25% over global prices. Local ...
Millions of Individual Asian Investors Are Reportedly Driving Bitcoin's RiseSlate Magazine (blog)

all 43 news articles »

Posted on 12 December 2017 | 8:23 am

Bitcoin Investing: A 10,000-Year View

Far from a bubble, bitcoin is on the path to becoming a significant part of global money supply, according to trader and analyst Willy Woo.

Posted on 12 December 2017 | 7:45 am

Bitcoin Isn't Sapping Demand for Gold, Says Goldman Sachs Exec

A Goldman Sachs executive has said there is "no evidence" that bitcoin's price gains have reduced demand for gold.

Posted on 12 December 2017 | 7:00 am

Blockchain's Boom Year: Job Market Grows 200%

The number of blockchain jobs posted this year increased by 207 percent, according to data provided to CoinDesk from Indeed.com.

Posted on 12 December 2017 | 6:30 am

Crypto Fund Bitwise Raises $4 Million in VC Funding

Cryptocurrency investment firm Bitwise has raised $4 million in seed funding as it launches a new fund for digital assets.

Posted on 12 December 2017 | 5:00 am

No Stopping? After New High, Bitcoin Price Eyes $20k

Following yesterday's all-time high, bitcoin bulls look set to push prices as high as $20,000 over the next few days.

Posted on 12 December 2017 | 4:15 am

New Self-Regulatory Body Aims to Develop ICO Standards

Blockchain platform Waves is founding a self-regulatory body to set standards for initial coin offerings and the blockchain industry.

Posted on 12 December 2017 | 3:00 am

Hong Kong Regulator Issues Warning on Bitcoin Futures

A Hong Kong finance regulator has published a new circular on bitcoin futures contracts and other cryptocurrency-related investment products.

Posted on 11 December 2017 | 11:00 pm

2017: The 'Butt' of Bitcoin's Joke

Sanity? You weren't going to find it in the crypto world in 2017 according to author David Gerard. Insanity, though, there's plenty to go around...

Posted on 11 December 2017 | 9:00 pm

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

Out of Steam: PC Gaming Platform Ends Bitcoin Payment Option

Out of Steam - PC Gaming Platform Ends Bitcoin Payment Option

The utility aspect of Bitcoin faced a setback yesterday as PC gamers heard from Valve Corporation’s Steam Team in a blog post that Bitcoin would no longer be accepted as payment on its digital distribution platform, Steam. Citing the volatility of the currency as well as the rising cost of fees, a representative of The Steam Team, known as “kurtis”, explained that the volatility of Bitcoin has created a problem for users trying to purchases games using the currency. Kurtis pointed out that:

The value of Bitcoin is only guaranteed for a certain period of time so if the transaction doesn’t complete within that window of time, then the amount of Bitcoin needed to cover the transaction can change. The amount it can change has been increasing recently to a point where it can be significantly different.

Kurtis further elaborated that the normal resolution mechanism on Steam is either to refund the original payment to the user, which would negate the transaction or to ask the user to transfer additional funds to cover the remaining balance. “In both these cases, the user is hit with the Bitcoin network transaction fee again.” Bitcoin was adopted as a means of payment via  bitcoin payment processor, BitPay, for games on Steam on April 27, 2016.


Some users commenting on the blog seem to agree and support Valve’s decision, with many calling for utilization of alternative cryptos such as Vertcoin, IOTA, and Litecoin. Others, such as one user named “Kaj Jez”, stated,

Massively disappointing. The first purchase I ever made in Bitcoin was on Steam. As long as Steam doesn't accept BTC I will prefer to do business with devs' own stores that hopefully do…But as Bitcoin will undoubtedly improve itself with scalability solutions so to will Steam hopefully improve itself by rectifying this mistake and once again accepting it.

Steam, the largest digital distribution platform for PC Games, has an active user base of over 275 million users with an average of 11 games per user, according to Sergey Galyonkin’s Steam Spy API. In a Medium article, Galyonkin elaborated that 2016 sales for PC games through the Steam Platform totaled roughly $3.47 billion dollars. While it is unclear how much of that revenue resulted from bitcoin transactions during its period of acceptance, it is clear that the PC gaming community faced a major setback in utilizing Bitcoin as a means for buying games.


At the time of this writing, neither BitPay nor Steam nor Valve Corp could be reached for additional comment.

The post Out of Steam: PC Gaming Platform Ends Bitcoin Payment Option appeared first on Bitcoin Magazine.

Posted on 7 December 2017 | 3:11 pm

Bitcoin tops $10,000 milestone

Posted on 29 November 2017 | 2:30 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

Bitcoin Trading Bots

There have been a wide variety of situations in which algorithmic trading programs have proven to be beneficial for investors. However, investors who only trade a cryptocurrency can also take advantage of bitcoin trading bots. Through bitcoin bot trading, traders can become more flexible and prompt, minimize errors and process information more rapidly. At this… Read More »

Posted on 8 November 2016 | 6:20 pm

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

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

December 12, 2017 -
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