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Bitcoin News

Bitcoin and Crypto Currency News

Browse latest bitcoin news about new businesses that accepts bitcoin and other cryptocurrencies, blockchain technology, and regulations of bitcoin. We report on latest crypto currency news, prices, talks and new start up related to bitcoin and other crypto currency.




  • 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

  • Bitcoin Mentioned For First Time Ever During The Super Bowl

    There was a time, not all that long ago, when Bitcoin being mentioned in any mainstream print ad was a reason for the entire Bitcoin community to rejoice. Today, mainstream mentions in the New York Times, Wall Street Journal, and any cable investment show are common place. Reaching the Super Bowl audience, however, is hallowed ground and yesterday marked the first-ever mention of Bitcoin during the most-watched televised event in the United States.

    Sunday’s Super Bowl LI (#51) ad was produced by Wealthsimple, a new investment firm with headquarters on Richmond Street in Toronto and Crosby Street in downtown Manhattan, New York City. It was a one-minute ad played just before halftime, centered around a man who seemed to be overwhelmed by the concept of beginning his investment career.

    His friends, acquaintances, and television investment experts are all yelling at him different pieces of advice. At about the thirty-seven-second mark, a woman yells into her smartphone, at him apparently, “Bitcoin!” after a TV guru said, “You should be in commodities!” Someone else said “Annuities!,” then the lady says “Bitcoin!,” followed by a man in the gym saying “Bonds!”

    The point is over 100 million households watched Bitcoin being favorably compared to the most-used and accepted investment options in America, if not the world, a first for Bitcoin. Bitpay released this commercial back in 2014 to promote their services and the ad was seen on ESPN and during the first-andonly “Bitcoin Bowl” back in December 26th, 2014, which I reported on at the time.

    It does not appear that Wealthsimple has any direct affiliation with Bitcoin, as Bitcoin is not mentioned on their site in any way. If you would like to see the ad, it is embedded below. It has been viewed on YouTube over 2.2 million times, but the ad has been posted for almost a month, and the has been commonly seen on Canadian television.

    The Super Bowl is among the most watched programs in the world, and is the most-watched program in the United States, as last year over 112 million people watched Super Bowl XL. However, there are other sporting events that are watched much more. For example, the 2014 FIFA World Cup Final between Germany and Argentina, was watched by over 900 million people.

    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

  • Digital Currencies Could Displace Bank-based Systems - Bank of England

    ​​It appears that the United Kingdom is setting itself up for some market disruption, in more ways than one. Last night, the Parliament voted, overwhelmingly, to back the vote of the British people, and approved a move away from the European Union. Meanwhile, last week, the Governor of the Bank of England had plenty to say about the future of digital currencies in England.

    On January 25th, 2017, Mark Carney, Governor of the Bank of England and the Chairman of the Financial Stability Board, made a speech at the recent G20 Conference held in Hamburg, Germany. There he discussed the FinTech industry, which really means any Bitcoin technology that can be used by or profited by, the commercial or central banking system. A transcript of the speech is available on the FSB website.

    He did make news, however, by noting the promise of the real innovations that will shape the future of money, speaking of what we can expect in the years to come in the banking industry.

    Looking ahead, it is possible that virtual currencies and FinTech-based providers, particularly where they gain direct membership to central bank payment systems, could begin to displace traditional bank-based payment services and systems.

    A strong statement that the bank of England has discussed before. You know what they say, that imitation is the sincerest form of flattery. We have previously reported on the idea of a national digital currency system coming out of England’s central bank last year, discussing the possible creation of their own version of Bitcoin. Another interesting statement from his speech mentions how Great Britain may court a competitive economic landscape that can include Bitcoin and digital currency-related businesses.

    The Bank of England is expanding access to central bank money to non-bank payments service providers (“PSPs”). Allowing access to the Bank’s Real Time Gross Settlement System allows PSPs to compete directly with banks, and so supports innovation, competition, and financial stability.

    So Great Britain seems poised to be at the forefront of an economic renaissance, with their eventual departure from the European Union, while embracing a fastapproaching digital currency future. However, is this a leveraged play to continue the phase-out of physical cash from the economic system, empowering the banking sector even more?

    Will cash become collateral damage in this progressive move forward, and how much power will the banks yield over consumers under that scenario? Will Bitcoin, and a national digital currency replace cash in the U.K. in the years to come?

    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

  • Zero-confirmation Bitcoin Deposits Begin at Bitcoin Exchange Gemini

    ​​As the Bitcoin community waits for Segregated Witness to be miner-approved, which will allow The Lightning Network the opportunity to be approved within the Bitcoin protocol, some businesses are doing zero-confirmation Bitcoin transactions, as we speak. Now the Bitcoin exchange Gemini is one of the few.

    There are a few other companies doing zero-confirmation Bitcoin transactions. BitGo started doing them almost one year ago to the day, with their BitGo Instant application. Even the domain registrar Namecheap, which has been accepting Bitcoin for years, has also been doing zero-confirmation Bitcoin transactions since the summer of 2013. The Lightning Network promises to do the same in the future by taking many transactions off-chain. However, this is virgin territory for a major Bitcoin exchange.

    “ We’re running every Bitcoin deposit on Gemini through a proprietary analysis to determine how likely it is to get confirmed, even if the network is clogged with other transactions,” Gemini says in their blog.If your transaction passes our criteria (which may take a few minutes), we’ll pre-credit the amount of your deposit and make it available for trading immediately. Our tests show that around two out of three deposits meet the criteria for being pre-credited. That means that you’ll be able to sell BTC for USD or ETH faster and more efficiently.”

    Gemini has been working on getting faster, more convenient Bitcoin transactions for over a year. They employed an Instant ACH transfer system last year, and have cut the normal amount of Bitcoin deposit confirmations they require from six to three. This move to full zero-confirmations is a first for the digital currency exchange industry, according to Gemini.

    “ Due to Bitcoin’s increasing transaction volume but fixed network capacity, it’s taking much longer for transactions to get mined into a block and included in the Blockchain. Transactions tend to get mined faster if their senders pay higher fees, so Gemini uses an aggressive fee algorithm to help your Bitcoin withdrawals get confirmed as soon as possible.

    Zero-confirmations are not restricted by the user profile but by the type of and amount of the transaction. If the transaction does fit their profile, the user will receive an email confirming the transaction is eligible.

    Gemini also trades Ethereum’s digital currency Ether, but there was no mention of this extending to the altcoin, which has shown impressive growth so far in 2017, rising from less than $8 USD to over $10.75 USD within the last 30 days.

    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

  • Was January of 2017 the craziest month in Bitcoin history?

    ​If you want to see economic fireworks, just get involved in the Bitcoin community anytime from November through January of any year. It’s like trying to fly a kite through a solar wind storm. Bitcoin began gaining momentum throughout November, via the demonetization of India. December saw another boost as people look to get all their Bitcoins in order by year’s end, but January was maybe the most exciting month in Bitcoin history.

    Compare Jnauary of 2017 to November/December of 2013

    The whirlwind that was November 2013 was unprecedented and has never been matched since, for the upwardly volatile price in less than a 30-day span. According to Bitcoin Average, Bitcoin started the month at $208 USD and was over $1183 USD by the 29th.

    However, the trading volume, number of people in the Bitcoin community, and global reach of the currency was considerably less than it is today. The fireworks were greater, but only in one part of the ecosystem, and in a much smaller ballpark than Bitcoin plays in today. Look at all the things that have changed for Bitcoin just in the last 30 days.

    In January, Bitcoin threatened the all-time price record, reaching a high of $1153 USD on the 5th. This day also set a record for most transactions in a day at Blockchain.info with over 345,000. Then, over the next 48 hours, the price bubble bursts, and Bitcoin loses over $320 USD in value or 28% of its value. Just a week after its peak, Bitcoin is down to $770 USD, losing one-third of its market value. Since that point, Bitcoin has gained back more than $150 USD in value or 20% in value.

    Also, consider the regulatory changes in China and the effect that they have had on the global market. At the start of this year, the three largest Bitcoin exchanges, BTCC, OKCoin, and Huobi controlled over 95% of the global Bitcoin trading volume. Today, not only are the not the top three traders anymore, none of them are even in the Top 5 exchanges anymore! The top Bitcoin exchange isn’t even in China anymore. Bitflyer, Japan’s leading exchange, now controls almost 20% of the global exchange market.

    To illustrate the change in the market, on January 4th and 5th, bitcoinity.org charted about 14 million in Bitcoin trading volume on each day. Yesterday, then volume dropped to just over 200,000, a reduction of almost 98.5% of the Bitcoin’s global trading volume. The new regulations and trading fees in the Bitcoin exchanges in China might have had a small effect on these metrics. Maybe.

    So if you look up the price changes from 2013, you are only seeing the cover. You should read the book on the Bitcoin ecosystem to discover that this month was indeed the most volatile, and maybe the most transformative month in bitcoin history. This month has affected more people, in more countries, and has redistributed the power structure in Bitcoin trading out of the hands of the few Chinese exchanges into the hands of the many worldwide. The Bitcoin landscape may have been changed for years to come based on what happened this month.

    Frankly, I hope that February is a little less….exciting. Who else needs a cigarette?

    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