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  • Video Review: 10 Reasons Bitcoin Price Will Destroy All-Time Highs in 2017

    ​In my writing career, I have never done a Video Review before, as I have never a Bitcoin-related video worthy of a review, but this video inspired me. Hopefully, this doesn’t come across as promotional, because my goal is to educate, not remunerate. Since this video is not promoting any product, except for the digital asset’s value itself, a worthy ideal, in my opinion, let’s look at a new video called “10 Reasons Bitcoin Price Will Destroy All-Time Highs in 2017.”

    I will place the video below this article, for your convenience, but before you scroll down, let me give you an outline. The video is current and up-to-date, as it is only about ten days old, and it seeks to affirm the general optimism that surrounds Bitcoin’s potential price for 2017. It is produced by the “Renegade Investor” YouTube channel and is on the long side, standing at over twenty-six minutes.

    What you give up in speed you get back in scope. The most impressed aspect to me about the video is the comprehensive research of each point. Plenty of sources were enlisted in the creation, and the reasoning is all sound logic, in a matter-offact type manner of delivery. I was actually expecting 1-2 of the sections to be dismissable fluff, but this video did not fail to deliver value on each and every point noted. All points are legitimate and worthy of consideration for the new investor, except for one.

    The fifth item listed in Bitcoin’s favor is “Scaling Segregated Witness” and it intimates that SegWit should be adopted by the 95% of miners who signal they're ready to employ it by this November. As is shown in a progress chart in the video, SegWit has remained in the 25% range for an extended period of time.

    I’m personally worried that SegWit will never gain adoption to allow the scalability features like The Lightning Network to take hold. The Lightning Network could allow Bitcoin to effectively scale from the current limits of seven transactions, or less, per second, to as many as 10,000 per second (Visa will tap out at about 24,000 transcations per second, not the 2000-4000 mentioned in the video.)

    The Renegade Investor also mentions a double of the effective block size just through SegWit adoption alone, when the actual increase is around 70% over current limits, but the video is very comprehensive, mentioning the sweeping mainstream adoption of Bitcoin into popular Japanese culture, how the current bond market will influence Bitcoin value, and the effects of Bitcoin eventually passing Gold’s market price. Even clips from The Keiser Report are used effectively.

    Finer details aside, this video provides a lot of value. If you know of someone who is on the fence about getting involved in Bitcoin, as an investment, I can safely recommend this video to persuade the masses. It doesn’t shill for any product and just provides solid value for those who want the current state of the Bitcoin. Feel free to share this.

    Author : Evander Smart

    Evander Smart worked for many years as a Wall Street banker, and has learned how the economy is self-destructing from the inside. His travels, experience and research have led him to Bitcoin as the best way forward for the common man. He looks to spread the word on how Bitcoin can help anyone break the shackles of economic slavery being created by global establishment forces. Evander gets you thinking about what money really is, and how it will work for you going forward. The world of finance is getting ready for incredible changes, and he is getting ready for what's coming next. Are you? Learn more about "The Future of Money" @ Bitcoin Video University

  • India Establishment Refuses To Legitimize Bitcoin

    Living in India has been pretty hectic, one would imagine, over the last ninety days as the country’s establishment has forced the populace to go from cash to digital payments virtually overnight. Bitcoin has been thrust into the limelight as well, commanding premiums as high as 35% ever since, as the nation looks for reliable economic options. Where does India go from here with Bitcoin?

    According to The Telegraph of India, the Indian government has rejected the idea of a separate regulator for digital money, and the new digital monetary segment of finance will be under the broad purvue of the Reserve Bank of India (RBI.) It will set up a Payments Regulatory Board headed by the RBI governor to handle digital payment gateways. Officials said a separate regulator would have led to multiple financial regulators.

    "Globally the trend is towards unified regulators and the RBI is a strong institution, hence the government chose to go with it," Indian officials said.

    Attempts by Bitcoin players to come under the ambit of the new body are unlikely to succeed as the government and the RBI are not in favor of legitimizing bitcoins as legal tender. Bitcoin players in the country, which include Zebpay, Unocoin, Coinsecure and Searchtrade, have recently formed a Virtual Currency Association of India, which has started lobbying the government to allow bitcoin trading.

    However, the RBI has taken a strong stand against virtual currencies such as bitcoins pointing out that it has not issued any license or authorisation for trade in them. Officials said the amendments they were working on would try to bring parity between physical cash and digital transactions along with interoperability and access to a unified payment infrastructure.

    The government has been trying to push digital payments ever since it banned old Rs 500 and Rs 1000 notes on November 8, which constituted some 86 percent of the country's currency by value, hoping to push more transactions towards being digital to monitor transactions. Government data show that between November 8, when demonetization was announced, and December end mobile payment transactions in volume terms rose a whopping 5000 percent.

    Indian tax experts say that the push towards digital money did not mean the end of black money. It is possible to generate and transfer black money or untaxed money even through the digital mode. Besides, cash deals do not necessarily mean untaxed transactions. However, the thinking within the government appears to equal cash with untaxed or "dirty" money, while digital transactions are likely to be "clean" transactions.

    "I want to tell my small merchant brothers and sisters, this is the chance for you to enter the digital world," India’s prime Minister Narendra Modi said. "It's correct that a 100 percent cashless society is not possible. But why don't we make a beginning for a less-cash society in India? We can gradually move from a less-cash society to a cashless society.

    Author : Evander Smart

    Evander Smart worked for many years as a Wall Street banker, and has learned how the economy is self-destructing from the inside. His travels, experience and research have led him to Bitcoin as the best way forward for the common man. He looks to spread the word on how Bitcoin can help anyone break the shackles of economic slavery being created by global establishment forces. Evander gets you thinking about what money really is, and how it will work for you going forward. The world of finance is getting ready for incredible changes, and he is getting ready for what's coming next. Are you? Learn more about "The Future of Money" @ Bitcoin Video University

  • Top Japanese Banks Invest in Top Japanese Bitcoin Exchange

    ​The industry of Bitcoin exchange companies has been making news all year long and this is going to continue as Japanese Bitcoin exchange leader bitFlyer has gained major financing from an unlikely source.

    In other major markets, like London and Australia, the banking establishment can’t wait to cast shade upon the encroaching Bitcoin industry, closing down corporate accounts without warning, and deliberately undermining their ability to do business. The banks in that market act against Bitcoin businesses out of fear. It appears quite the opposite is happening in the fast-growing Japanese fintech market.

    Banking corporations Mizuho Financial Group, Sumitomo Mitsui Financial Group and Mitsubishi UFJ Financial Group have invested 200 million yen ($1.75 million) in bitFlyer, according to the Asian Nikkei Review.

    These Japanese banks see a large upside in working with much smaller bitFlyer. You see, their virtual currency know-how could help the banks provide more secure and cheaper international wire transfers, which now cost several thousand yen for a 100,000 yen remittance. With a virtual platform, wiring money could also become available around the clock, instead of being confined to ATM hours.

    The fintech revolution is about more than virtual currency. Mizuho for one is teaming up with SoftBank Group in putting artificial intelligence to work screening personal loan applications.

    Bank of Tokyo-Mitsubishi UFJ will use AI to cultivate business with small and midsize enterprises. Earlier this month, BTMU acquired an equity stake in Xenodata Lab, a Tokyo startup that specializes in AI-based data analysis. The deal marks the bank's first direct investment in a startup. Xenodata raised 60 million yen from BTMU, Mitsubishi UFJ Capital, online brokerage Kabu.com Securities and corporate credit researcher Teikoku Databank.

    MUFG will use that technology to analyze the vast transaction data collected within the group over the years, then employ the results in proposals to small and midsize enterprises. The group eyes more business with smaller companies, anticipating relatively high lending margins even under the Bank of Japan's negative interest rate policy.

    Sectors beyond the banking industry are also studying fintech. Dai-ichi Life says it aims to combine life insurance with fintech through its investment in bitFlyer.

    The Japanese government is encouraging partnerships between the country's financial institutions and fintech startups. Banks' stakes in nonfinancial companies are now capped at 5% by law, while bank holding companies face a ceiling of 15%. However, amendments that could be enacted as early as this spring would allow banks to acquire fintech firms.

    The big financial companies see a need to quickly cultivating and adopting fintech in the face of rising competition. The expertise they can provide in making faster, more secure financial services possible can grow a larger but slower, commercial banks service capabilities much faster than they could do on their own. Great business is where you find it. Only if all financial institutions could see the big picture so clearly.

    Author : Evander Smart

    Evander Smart worked for many years as a Wall Street banker, and has learned how the economy is self-destructing from the inside. His travels, experience and research have led him to Bitcoin as the best way forward for the common man. He looks to spread the word on how Bitcoin can help anyone break the shackles of economic slavery being created by global establishment forces. Evander gets you thinking about what money really is, and how it will work for you going forward. The world of finance is getting ready for incredible changes, and he is getting ready for what's coming next. Are you? Learn more about "The Future of Money" @ Bitcoin Video University

  • Trump Administration Adds More Pro-Bitcoin Executives to Cabinet

    ​​The entire world has been abuzz about the total political and philosophical makeover Donald Trump is giving The White House in his first month in office. His ability to keep his word on campaign promises has also been rather unprecedented, as well, especially after such a short period of time.

    Now, President Trump seems ready to create the most pro-Bitcoin administration in history with his newest hire, by way of his Vice President Mike Pence, Mark Calabria. Mr. Calabria has served as director of financial regulation studies at the Cato Institute and was tabbed by Pence to become Pence’s “chief economist,” according to Politico.

    Calabria gives "a voice around the (White House economic) table that will give them their philosophical true North,said Jim Parrott, a senior adviser to former President Barack Obama’s National Economic Council. “Bernstein was in exactly the same role and was pretty influential in our world,” said Parrott. “He played the role on our team of representing an economist version of Biden.”

    According to the report originally posted by Politico's Lorraine Woellert, Calabria will take on a role similar to the one held by Jared Bernstein, who served as chief economist to former Vice President Joe Biden. Bernstein was a strong voice and public face for the Obama administration, speaking frequently on employment, economic inequality and the middle class.

    Calabria is not a rookie when it comes to the political rigors of life in Washington. Before joining the Cato Institute in 2009, Calabria worked on Capitol Hill as a member of the senior professional staff of the Senate Committee on Banking, Housing, and Urban Affairs. Calabria has been outspoken about his views on the value of Bitcoin and its underlying blockchain technology.

    “While I’m an economist, not a tech guy, I’m very excited about Bitcoin, as I am about alternative currencies in general, and perhaps even more interested in the blockchain,” in a 2015 interview.

    He mentioned that Bitcoin was pretty popular over at the Cato Institute, saying “pretty much everyone at Cato, to varying degrees, is supportive of Bitcoin. A number of Cato staff own Bitcoin, as well as a few other alt-currencies.” When it comes to Bitcoin being taxed like a commodity in the U.S., Calabria was very negative on that concept and had some words on how he hoped this would change in the future, a future he has arrived in and can help influence from his new position.

    I’m not a fan of it. It’s obviously not a commodity in the strictest sense. There is an argument for subjecting it to capital gains taxes, in the same manner, you’d apply to a stock or bond, but I do worry that the IRS’s decision will complicate and slow acceptance. If its value relative to the dollar stabilizes, this becomes less of an issue. Of course, if lots of users start to use any capital losses to offset other income, I wouldn’t be surprised if the IRS reconsiders. I hope with a future administration (Trump) this gets reversed.

    Now, it would seem, Calabria has his chance to alter Bitcoin’s perception and governance for the better in his new position. His hire follows pro-Bitcoin additions that include Peter Thiel to Trump’s Transition Team, and Mick Mulvaney as his choice to become the head of the Office of Management and Budget, someone who has been educating Washington’s politicians for years about Bitcoin.

    The U.S. Government will also be creating a Congressional Blockchain Caucus to further understand the value and capabilities withing the world of digital currencies and blockchain technology. The U.S. has had talks in the past with IBM about adopting a national digital currency. Nothing is expected anytime soon, as the U.S. is actually one of the most cash-friendly places in Western culture, but with many Bitcoin advocates joining the government, this may move those talks along.

    Author : Evander Smart

    Evander Smart worked for many years as a Wall Street banker, and has learned how the economy is self-destructing from the inside. His travels, experience and research have led him to Bitcoin as the best way forward for the common man. He looks to spread the word on how Bitcoin can help anyone break the shackles of economic slavery being created by global establishment forces. Evander gets you thinking about what money really is, and how it will work for you going forward. The world of finance is getting ready for incredible changes, and he is getting ready for what's coming next. Are you? Learn more about "The Future of Money" @ Bitcoin Video University

  • India’s Top Bitcoin Companies Form New National Bitcoin Alliance

    ​India is one of the hottest new Bitcoin markets in the world and the Reserve Bank of India has noticed. After a recent negative caution against using Bitcoin, this brought the fast-growing Indian Bitcoin community leaders together to form a new alliance that will work towards self-regulation and usage standards.

    The leading companies in India include Unocoin, Zebpay, Coinsecure and Searchtrade. They were in preliminary talks to form an alliance but this message from the RBI created a sense of urgency to begin construction of the Blockchain and Virtual currency Association of India.

    While we have been planning to create an association for some time, we finally pushed things after the circular, said Saurabh Agarwal, co-founder of Bitcoin trading and wallet company Zebpay ". “We had thought of reviving the old association - Bitcoin Alliance of India (formed in 2014 but now defunct), but we also decided to add blockchain companies and create a larger association.”

    These four companies can be considered founding members, but they expect to have as many as twenty member companies later this year, according to the Economic Times of India. The association will also focus on making Bitcoin trading safe by ensuring members follow strong KYC measures and by creating awareness among users about Ponzi schemes and other risks.

    The Reserve Bank of India had the following to say about the use of Bitcoin in India:

    The Reserve Bank of India advises that it has not given any license/ authorization to any entity/company to operate such schemes or deal with Bitcoin or any virtual currency. As such, any user, holder, investor, trader, etc. dealing with Virtual Currencies will be doing so at their own risk.”

    The warnings have a hollow sound to them after the central bank and national government conspired to demonetize the entire nation of over 1 billion people almost immediately. Dozens have died waiting in queues for ATMs that are either broken or are out of currency within a couple of hours, as Prime Minister Narendra Modi looks to one day create a “cashless society.”

    Hundreds of merchants throughout India have quickly adopted Bitcoin’s digital currency as an accepted mode of payment, given the problems with accepting legal cash, not the targeted “black money,” or any cash at all. The government has created a new national system of digital currency that includes biometric scans on smartphones, creating a natural competitor in Bitcoin.

    Author : Evander Smart

    Evander Smart worked for many years as a Wall Street banker, and has learned how the economy is self-destructing from the inside. His travels, experience and research have led him to Bitcoin as the best way forward for the common man. He looks to spread the word on how Bitcoin can help anyone break the shackles of economic slavery being created by global establishment forces. Evander gets you thinking about what money really is, and how it will work for you going forward. The world of finance is getting ready for incredible changes, and he is getting ready for what's coming next. Are you? Learn more about "The Future of Money" @ Bitcoin Video University

  • Japan Creates BitLicense 2.0 As Bitcoin Becomes a Legal Currency

    ​​BitConnect was among the very first websites online to break the story of Japan legalizing Bitcoin as a national currency last Spring. It was one of our most-read, probably our most-read, articles to date, and for good reason. It was one of the Top 25 stories of last year on Reddit, with tens of thousands of views and shares. Now, it is time for Bitcoin to go legally live in Japan, and the details are coming out on its regulatory limits. Less than good news to report, people.

    How BitLicense 2.0 Works

    I guess we should start with the regulatory standard, or substandard, for Bitcoin governance which is New York’s BitLicense, started in 2014, revised in 2015, and I have railed about it since Day One. Keeping it short and sweet, if BitLicense’s goal was to keep Bitcoin businesses out of new York state, it was crafted masterfully. After over two years of the books, only three corporations, none of them a small company by any means, have obtained a license.

    Circle, Ripple, and Coinbase just got one, two years later. Many critics see BitLicense as purely a way to protect the incumbent legacy banking industry from competition from digital currency industry, and that is how this is playing out. It is several hundreds of thousands of dollars to have the compliance, insurance, and legal strength to fulfill all their requirements. It can be $100k just to apply, after all, costs are considered, according to Bitstamp. This makes it so onerous that mid-size companies like ShapeShift, BitStamp, and LocalBitcoins to not do business in New York at all. Maybe that was the point of BitLicense?

    Forgive Japan if they are more than a little gunshy about the world of digital currency, but they do have a right to be skittish. Mt. Gox devolved into the biggest Bitcoin scam in history, happening right in the center of Tokyo, and currently, there are pyramid schemes in the name of falsified digital coins that have cost Japanese investors at least $20 Million worth of Yen, recently. The lowly scammers are doing an excellent job of ruining a great thing for the rest of us. In 2017, the Bitcoin community will have to pay for the mistakes of the few.

    Last year, the finer details on how bitcoin and its related businesses would be related were not made public, as they were not hashed out at that time, so all we had was the broad strokes of the legal agreement. Now, with the help of a blog post from Koji Higashi, the Co-Founder of IndieSquare, who is much closer to the situation providing the nations detailed plans, the adoption looks less like an adoption nd more like a sentence, at least if you intend to do any level of Bitcoin business, not so much the investment side

    “Contrary to the popular narratives so far,” says Higashi, I personally have serious doubt about this law being a long term positive for the Japanese community and it may even set a bad precedent for other areas of the world similar to how people in the community were worried about the Bitlicense.

    Why this will slow Bitcoin business growth

    These are the reasons he is so pessimistic about the net effect on the Bitcoin community in Japan. Items required to even start a business in this industry include a Submission of a 3-year business plan, a detailed and approved organizational structure, join the government appointed industry association, implementation of an internal training program for compliance and virtual currency management, segregated fund management, frequent reporting to their national authority, external audit KYC/AML requirements, required to gather customer information from all users even for $1 worth of trading. Then we’ll do the paperwork required…...

    Overall, just in order to meet all the conditions above and become properly registered, says Higashi, “it is estimated to cost around $300,000~$500,000 USD equivalent for the applicant(a rough estimation by a few experts that I have talked to). That’s for the initial registration and of course, the cost of staying compliant and submitting more paperwork as it scales can add up to potentially millions of dollars.

    Also, don’t expect to create a new altcoin anytime soon. “Only approved virtual currencies by the authority are considered legitimate and can be traded, sold or promoted to the public,” according to the letter of the law. So, in short, if they haven’t heard of your coin before, you are not getting approved.

    And all of these regulations apply to non-custodial businesses, meaning if the company never holds one coin for another person, never has control of another person's digital currency, but you are in this industry, you will have to jump through all these time-consuming and expensive legal hoops. Sound familiar?

    Looks like it is going to do what it is intended to do, for now

    In closing, what this level of regulation will do is prevent the legitimate young techie who is looking to innovate from ever getting started. What it will do is coddle the banking establishment, and protect them from a broad-scale attack of potentially dozens of innovative, niche digital currencies. How many bankers, lobbyists and lawyers, who are paid by the establishment, did it take to come up with these regulations? How much input and influence did the digital currency community have in these regulations?

    Japan has basically copied New York’s BitLicense and just added their spin on it. BitLicense has made a blueprint for protecting the legacy banking industry from competition, curtailing the innovations the digital currency industry can provide consumers, and removed any testbeds for discovering what these new technologies can and can’t do. If your digital currency, the blockchain, or business model is not overfunded, rock solid, and basically perfected, you will not get clearance in The Land of The Rising Sun. Mission accomplished.

    If this can be done in two of the world's biggest markets, New York and Tokyo, how long before the rest of the world runs down this regulatory choke point? Will this level of regulation force the digital currency ecosystem to evolve and become more stealth, as it can’t comply with this level of restrictions by the agents of the establishment?

    Do New York and Japan really think that overregulating this innovation will really stifle new competitors and cut them off, in the long run? Or will they just create a larger black market they can't control at all in the years to come?

    The establishment may win this legal battle they have created, but they may end up losing the war.

    Author : Evander Smart

    Evander Smart worked for many years as a Wall Street banker, and has learned how the economy is self-destructing from the inside. His travels, experience and research have led him to Bitcoin as the best way forward for the common man. He looks to spread the word on how Bitcoin can help anyone break the shackles of economic slavery being created by global establishment forces. Evander gets you thinking about what money really is, and how it will work for you going forward. The world of finance is getting ready for incredible changes, and he is getting ready for what's coming next. Are you? Learn more about "The Future of Money" @ Bitcoin Video University

  • Bitcoin Price Takes a Wild Ride After Closed door Meeting

    ​​​Maybe China no longer controls 95+% of the global Bitcoin trading market, but it is still a top factor in Bitcoin’s price. If something goes down in China, the rest of the community will get heartburn. Another meeting in China between Bitcoin exchanges and the PBOC caused a major Bitcoin tumble on Wednesday.

    According to Bloomberg, China’s central bank, the People’s Bank of China, had its regulators hold a major meeting with several Bitcoin exchanges in the country, which may lead to more controls in the weeks to come. What was discussed included issues of money laundering, according to one source?

    This caused quite an effect on the market value of Bitcoin, at leats for a few hours. As of this writing, the Bitcoin price started Wednesday trading at around $1075 USD or 7300 Yuan, and it lost over $40 is less than an hour early on Wednesday, or almost 4%. As of this writing, Bitcoin has regained almost all of that previous value lost.

    China’s central bank warned domestic bitcoin exchanges that they risk being shut down if they are found to be in violation of the rules on foreign exchange and money laundering. The exchanges called to meet with central bank officials included nine platfoms, among them were BtcTrade.com, HaoBTC, Yunbi, Yuanbao.com, and BTC100.

    The exchanges should not violate state regulations on anti-money laundering, foreign exchange management, payment and settlement and other financial laws,said an official statement from the PBOC’s operations office.” If a bitcoin exchange is found to be in violation of the above requirements, the circumstance will be serious.

    Bobby Lee, the founder of China’s BTCC Bitcoin exchange, has recently come out against the perception that Bitcoin is the primary engine of “capital flight” in China, and the main source of recent money laundering efforts. (He has also posted a more extensive rebuttal to these ideas in his Medium post earlier this month.)

    The talking point is that many Chinese people are now using Bitcoin as a means to transfer large amounts of their RMB abroad, into other foreign currencies,said Lee. Well, I’m here to tell you that from everything I’ve seen on the ground here, running one of the largest Bitcoin exchanges in China, this is simply not the case.

    And he had this tweet to convey on Wednesday, regarding the issues with the PBOC and their Bitcoin activity taking place:

    Author : Evander Smart

    Evander Smart worked for many years as a Wall Street banker, and has learned how the economy is self-destructing from the inside. His travels, experience and research have led him to Bitcoin as the best way forward for the common man. He looks to spread the word on how Bitcoin can help anyone break the shackles of economic slavery being created by global establishment forces. Evander gets you thinking about what money really is, and how it will work for you going forward. The world of finance is getting ready for incredible changes, and he is getting ready for what's coming next. Are you? Learn more about "The Future of Money" @ Bitcoin Video University

  • Bitcoin Regulations by The Central Bank of The Philippines Begins

    As Bitcoin becomes accepted in more and more nations around the world, the regulatory risk increases every day. What was legal one day may be illegal the next, and governments love the ability to control and track their citizens. The central bank of the Philippines has begun an initiative to exert more control over Bitcoin exchanges and how they do business.

    The central bank of the Philippines, or the BSP, has created a new set of guidelines for the use of digital currencies in the country under what is known as BSP Circular No. 944. Under this new edict, the central bank has reaffirmed itself as the sole authority that can offer legal tender currency through official bank notes. They also are going to require Bitcoin businesses, like exchanges, to officially register with the BSP.

    Bangko Sentral recognizes that virtual currency (VC) systems have the potential to revolutionize delivery of financial services, particularly for payments and remittance, in view of their ability to provide faster and more economical transfer of funds, both domestic and international, and may further support financial inclusion, read the circular as signed by BSP Deputy Governor and officer-in-charge Nestor A. Espenilla, Jr.

    These benefits, however, should be considered along with the corresponding risks in VCs considering the higher degree of anonymity involved, the velocity of transactions, volatility of prices and global accessibility.

    The best way to exert control over the users of Bitcoin is to hit them when they exchange their digital currency into paper currency. The BSP wants to limit the ability to launder “black money,” or ill-gotten, undeclared funds.

    You have to make a distinction between the creators of bitcoin, you cannot regulate that because they are all over the world,” Mr. Espenilla told reporters late Monday. “So what we’ll regulate are the exchanges where the bitcoins or virtual currencies are exchanged for real money -- the intersection between the virtual world and real world, yun ang binabantayan namin”

    In effect, the BSP will be treating Bitcoin and its related businesses like a true financial services company, similar to credit cards, check cashing and so on, effectively validating the digital industry through these new regulations. Local Bitcoin business experts in the area said the BSP’s new set of rules formally welcome virtual currency in the local financial system, and the regulatory clarity is appreciated.

    “The circular is a positive step for Bitcoin firms and users, for sure,” said John Bailon, co-founder and chief executive officer of Bitcoin service provider Satoshi Citadel Industries. “It provides a framework wherein Bitcoin companies such as ours to operate legally and in compliance with rules and regulations set forth by the BSP.”

    BSP offered their first public notice advising against the use of digital currency in the aftermath of the collapse of Mt. Gox Bitcoin exchange back in March of 2014. Apparently, with more people using the currency since, these new, more aggressive measures were deemed necessary.

    Author : Evander Smart

    Evander Smart worked for many years as a Wall Street banker, and has learned how the economy is self-destructing from the inside. His travels, experience and research have led him to Bitcoin as the best way forward for the common man. He looks to spread the word on how Bitcoin can help anyone break the shackles of economic slavery being created by global establishment forces. Evander gets you thinking about what money really is, and how it will work for you going forward. The world of finance is getting ready for incredible changes, and he is getting ready for what's coming next. Are you? Learn more about "The Future of Money" @ Bitcoin Video University

  • Venezuela Sets Bitcoin Trading Records Even as Top Exchange Closes

    Due to the closure of its bank account, the Venezuelan exchange is forced to suspend its services in local currency. SurBitcoin hopes to resume activities within two weeks, during which time it will focus on improving their security measures. The exchange recommends the immediate withdrawal of funds in bolivars, according to DiarioBitcoin in Venezuela.

    SurBitcoin notified its users that they felt obliged to suspend its activities in local currency from Friday, February 3. The measure is due to a notice of Banesco in which he was informed that the exchange house bank account would be closed, so this may not trade in bolivars: or withdrawals or deposits.

    Despite the arrests miners and due to the partial closure of operations in the main exchange SurBitcoin , the service person to person has had an unprecedented volume of transactions almost double what was exchanged in December.

    Enthusiasts Bitcoin who buy and sell in Venezuela apparently are not afraid of the latest news that have cast doubt on the stability of the cryptocurrency in that country. The week just passed through Localbitcoins the largest number of operations performed in its history, if they are calculated in bolivars. 1.12 billion bolivars (approximately US $ 337,044, depending on the parallel market price) were exchanged.

    The previous week (the last of January) had traded for 744 million bolivars. In fact, it is the first time the number of operations exceeds the billion bolivars . The number of bitcoins exchanged was 359 bitcoins, when the last week of January fell from 252 hands bitcoins. It grows and grows.

    It is striking that such a volume of operations is taking place despite the climate of uncertainty that has woven with respect to the legality of the currency in the country. Although no government official has made an official statement on the cryptonnet, during the last two weeks of January several operations were carried out to stop the mining activity.

    First, on 26 January, four people were mining Bitcoin were seized in Charallave , Miranda state. Then two days later, it was dismantled one Bitcoin mine in Carabobo state , which had 11,000 teams (two people were arrested) and last week in Caracas police arrested two people for selling mining equipment Bitcoin through website Mercado Libre. Despite this series of arrests, at no time have been affected the buyers and sellers of the criptomoneda. In an article, Journal Bitcoin explained that the sale was still safe in Venezuela .

    However, last week happened a fact that surely made many people to migrate Localbitcoins . The bank Banesco, one of the most important , closed the account Surbitcoin , the country's largest exchange, which prevented the exchange operations in bolivars as of February 3. The same Surbitcoin alerted users about what was happening and recommended them to use the service person to person Localbitcoins if they were in the need to exchange currencies.

    Author : Evander Smart

    Evander Smart worked for many years as a Wall Street banker, and has learned how the economy is self-destructing from the inside. His travels, experience and research have led him to Bitcoin as the best way forward for the common man. He looks to spread the word on how Bitcoin can help anyone break the shackles of economic slavery being created by global establishment forces. Evander gets you thinking about what money really is, and how it will work for you going forward. The world of finance is getting ready for incredible changes, and he is getting ready for what's coming next. Are you? Learn more about "The Future of Money" @ Bitcoin Video University

  • Third Times The Charm? Bitcoin Price Reaches $1000 For Third Time

    For the third time in its disruptive, controversial, and innovative history, Bitcoin’s decentralized digital currency has passed the $1000 USD mark in value. The first time was in November of 2013 and the second was one month ago. Will this be the last time it needs to climb that psychological price barrier?

    Just one week after its 2017 peak, Bitcoin price slid to $770, losing one-third of its market value. Since that point, three weeks ago, Bitcoin has gained back more than $250 in value or over 35%. Bitcoin price has gained over 9% in value over just the last 48 hours.

    Reasons for this sudden shot of Bitcoin power are not immediately clear. One issue that did come to light on Tuesday is Iran says they will dump the U.S. Dollar, and Bitcoin is a common hedge during economic turmoil, so that could be a factor in Tuesday’s movement. Also, the Chinese New Year has come and gone, so the largest overall Bitcoin trading market, China, may be back in play for their favorite digital currency.

    In January, the entire Bitcoin trading system was altered by regulatory actions in China against Huobi, BTCC, and OKCoin exchanges. At the start of the year, they handled about 96 out of every 100 Bitcoin trades, worldwide. Today, not only are the not the top three traders anymore, but none of them are even in the Top 5 exchanges!only one of them, OKCoin, resides in the top 5 exchanges for trading volume, worldwide, according to bitcoinity.org

    As you can also see from the image above, Bitcoin exchange volume has never been more healthy and diversified, with ten different exchanges having at least 5% of the global market share. BTCC has fallen to 6th place over the last 24 hours, and Houbi is not a factor anymore, potentially indicating that the vast majority of its volume was free traders and not a real customer base.

    Bitcoin has a history of starting the year off very slowly, not unlike the automotive industry, struggling to get many customers out of the cold, hard winter to shop. February may signal a return to the currency’s normal appreciation arc, as it has already easily erased any January losses and is up about 4% so far in 2017.

    With a potential Wall Street ETF option coming next month, and the U.S. stock market bubble ready to burst at any moment, Bitcoin has the potential to eclipse its 126% gain of last year and pass $2000 in 2017. Stranger things have happened.

    Author : Evander Smart

    Evander Smart worked for many years as a Wall Street banker, and has learned how the economy is self-destructing from the inside. His travels, experience and research have led him to Bitcoin as the best way forward for the common man. He looks to spread the word on how Bitcoin can help anyone break the shackles of economic slavery being created by global establishment forces. Evander gets you thinking about what money really is, and how it will work for you going forward. The world of finance is getting ready for incredible changes, and he is getting ready for what's coming next. Are you? Learn more about "The Future of Money" @ Bitcoin Video University