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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.




  • How the Fall of Mt. Gox Made Bitcoin An Even Greater Success

    As you may have already heard, Bitcoin is closing the year of 2016 on an epic “bull run” that has not been seen since 2013, since the rise and fall of Mt. Gox. Bitcoin values, market capitalization, and positive publicity haven’t been higher since that important time in Bitcoin’s history. Today, I’m going to walk down ‘Memory Lane’ and write about how the loss of Mt. Gox may have been the best thing that ever happened to Bitcoin.

    For those of you who were not members, Mt. Gox was the ultimate Bitcoin exchange from around 2011 through the end of 2013. It serves as a very important part of Bitcoin’s development and history, as it was the place where Bitcoin developed a level of relative price to national currencies. It put Bitcoin’s relative value on the global map and gave the Bitcoin community a place to discover this level of value in real economic terms.

    Regardless of how it met its demise, Mt. Gox’s positive influence on the development of Bitcoin can never be diminished or forgotten.

    The dissolution of Mt. Gox in the first two months of 2014 caused a domino effect that was not fully understood until the next year, in January of 2015, when the value of Bitcoin had fallen from approximately $1100 USD to less than $190 USD. The losses over that year were more than just a relative value but in global confidence in the currency. People who live in Japan, where Mt. Gox was based, actually thought bItcoin had died with Mt. Gox. In a manner of speaking, they weren’t completely wrong. (For more details on the fall of Mt. Gox, click here for an excellent article in Wired.)

    The collapse of Mt. Gox was a lot like the terrorist attacks of 9/11, and the destruction of the World Trade Center, like Mt. Gox, also clouded in mystery and speculations of conspiracy. New York City and the United states at large took a long time to recover from what happened on 9/11, but after a year or two, they began to rebuild. Life must go on, for New York, for America, and for Bitcoin.

    Since that time, Bitcoin has become a much less centralized unit of exchange. Mt. Gox alone was doing almost the amount of business that the three largest Bitcoin exchanges are doing today. Today, it would be considerably more difficult to undermine and destroy three exchanges over one three years ago. That alone is a tangible improvement in the long-term stability of the global Bitcoin market.

    Other benefits include greater security measures by the leading exchanges to protect their fiduciary responsibilities to their clients. Users also have become somewhat savvier and self-conscious about how much leeway to give an exchange when holding one’s digital funds. Exchange risk is still the biggest weakness and threat to Bitcoin users, but new apps, regulations, and best practices have helped the greater community get stronger and smarter, together.

    Back in 2013, there was Mt. Gox, Blockchain.info, LocalBitcoins.com and not a whole lot else as far as major companies influencing Bitcoin worldwide, from the inside of the community. Now, there are better apps, wallet providers, websites, and exchanges to choose from. The frauds and weak have been weeded out of the market, and the global Bitcoin community heads into 2017 stronger, more valuable, and more secure than ever before.

    For Bitcoin to reach its full potential, and to act like a truly decentralized global currency, a central hub like Mt. Gox, controlling over two out of every three Bitcoin transactions, needed to go under. This is much the same as a mining pool that controls over half the mining community would. It would have been nice if its end was met through competition, not an implosion costing 800k Bitcoins to be “lost” in the process, but the fact that this happened fairly early in Bitcoin’s history, not today, is a much better time to take one’s medicine.

    The lessons the users should have learned from Mt. Gox does not keep funds inside of an exchange that you aren’t willing to lose, period. Personal wallets and hardware wallets, even more so, are the best way to hold any cache of Bitcoins worth saving. Trusting any third party is a fool’s game, and no third party should be trusted. The fall of Hash Ocean this summer is another example that no company can be trusted with the growing value of Bitcoins, in any significant amount.

    The ethos of Bitcoin has always been to provide you and I a mechanism to be our own banks, not to just create new banks inside of Bitcoin. We should have learned from the many, many transgressions of the legacy banking system that they are not to be trusted to look after your interests. I learned this from the inside, in my four years as a Wall Street banker. The various lawsuits, instances of collusion, and price rigging scandals in the five years since should have gotten you up to speed on this inalienable fact of life.

    Use exchanges exactly what they were meant for, to exchange currencies, not to store them. If you do, you really deserve what naturally follows next, even though fewer and fewer exchanges fold, it is a risk you shouldn’t take. The smart investors take the little extra time and effort to protect their investment, personally. Go and do likewise, gents. Exchanges are not banks, and Bitcoin does not need a bank. It needs you and me to do what banks never could, or would. Invest in a currency that is rigged in our favor, not to our detriment. And take full responsibility for our investments by right, earning healthy doses of peace of mind and total control in the process.

    If we properly police ourselves, there will be no need for regulations from nations, unless they do so out of fear of their own obsolescence. He who holds the private keys owns the Bitcoin. Don't be that guy or girl who calls on a national government to step in because you did not take responsibility for your own investment. Be better than that. You are your own bank. Act like it, and take an interest in your own economic sovereignty. If you do that, and never forget these tenets, you will live a very happy Bitcoin life in 2017, and beyond.

    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

  • ​ Starbucks Mobile App Accepts New Bitcoin Payment Program - Details

    Starbucks Mobile App Accepts New Bitcoin Payment Program - Details

    Bitcoin, in some ways, is like the smart new kid at a new school. Very talented, but socially awkward, and hasn’t made a ton of friends in the right places to move up the social stratosphere. Doesn’t know all the right people, but has all the potential in the world to take over this school. So, Bitcoin is making some connections and is beginning to get its name out there through some clever thirdparties. This has gotten Bitcoin a backdoor into Starbucks adoption, as you can now spend your Bitcoin on Starbucks’ mobile app. BitConnect has the details.

    There are certain hacks, if you will, that will get Bitcoin accepted into certain places online. Gift cards are a great example, allowing you to get store debit cards with Bitcoin that can take you shopping almost anywhere, online. iPayYou is another way to gain access to places like Amazon through their wallet features. Now, you can do the same with Starbucks through using an iPayYou wallet.

    "Bitcoin Direct is the quickest way for a busy iPayYou user to transfer funds to their Starbucks mobile app. After you initiate the transactions, your funds will be ready in seconds,” said iPayYou’s Founder and CEO Gene Kavner to Payment Week. “iPayYou is revolutionizing the way consumers spend their bitcoins by focusing on how to integrate bitcoin with the normal habits of our users. "

    How it works is you obviously fund your iPayYou wallet with BTC, then the wallet will allow you to send payments directly to your account on your Starbucks mobile app. In seconds, your Starbucks account is funded after transfer and you’re ready to latte.

    "Integrating with Starbucks was a no-brainer, as the company currently boasts 24,000 stores and with over one million customers using the Starbucks Mobile Order and Pay program per month. All of those customers can now use bitcoin to easily buy coffee, pastries, and so much more."

    Another potential future benefit is that this may catch on, and show Starbucks that the growing Bitcoin community is supporting the app and can generate some business for them, making it worth accepting directly. This could lead to Starbucks’ Bitcoin adoption in the next year or two.

    "We want to put bitcoin in the hands of everyone; our goal is a future where bitcoin is the default currency. The best way to get there is to give consumers the ability to incorporate this new form of currency into their everyday lives. The team at iPayYou works tirelessly to achieve this every single day,” Kavner added.

    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

  • President-elect Trump Nominates Bitcoin Advocate to U.S. Government Finance Post

    ​President-elect Donald John Trump has been making waves ever since Election Day, and has had many interesting meetings and appointed many people to his future cabinet. Now that the electors have successfully voted Mr. Trump as President on Monday, only a ceremonial counting of the ballots remains next month before he is sworn in on January 20th, 2017.

    Now, with the actual election squared away, it is time to start managing the nation’s finance, and who better than a Bitcoin man for the job? Congressman Rep. Mick Mulvaney (R-S.C.) has been tapped by Donald Trump to run the Office of Management and Budget

    What does the head of the Office of Management and Budget (OMB) control anyway? According to whitehouse.gov, the OMB assists the President in overseeing the preparation of the Federal budget and in supervising its administration in Federal agencies. The OMB also oversees and coordinates the Administration's procurement, financial management, information, and regulatory policies. Sounds like an important position, to me.

    Mulvaney has distinguished himself as an ardent Bitcoin advocate, going so far as to attempt to educate others in government. Not long ago, back in September, Mulvaney and Jared Polis (D-Colo.) launched the bipartisan Blockchain Caucus Monday to help their colleagues stay up to speed on evolving digital currency and blockchain technologies and develop policies that advance them.

    "Blockchain technology has the potential to revolutionize the financial services industry, the U.S. economy and the delivery of government services, and I am proud to be involved with this initiative," Mulvaney said in a statement. 

    Mulvaney has also been in close contact with Jerry Brito of Coin Center on this mission of digital currency education within Washington.

    "For the past two years we have worked with Representatives Mulvaney and Polis to educate their colleagues through briefings and other events, and the new Congressional Blockchain Caucus will be a wonderful new platform to continue these efforts," said Jerry Brito, executive director of Coin Center. "

    "Their forward-thinking leadership on blockchain technology in Congress is unmatched.”

    The mainstream media in the United States is up-in-arms about this newest antiestablishment selection, so you might think he is the right man for the job. President-elect Trump seems very impressed with his mental acumen, which might be important in such a position, stating “He’s a tremendous talent, especially when it comes to numbers and budgets,” Mr. Trump said in a statement about Mulvaney.

    This is easily the highest office any Bitcoin-advocate has ever attained within the United States. In my opinion, this is quite a Christmas gift from the nation’s next President to the Bitcoin community. To congratulate Mr. Mick Mulvaney, you can use his contact form at his house.gov website here.

    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 Adoption Report: Indian Merchants Starting to Accept Bitcoin By the Hundreds

    Bitcoin seems poised to end 2016 on a strong note. Bitcoin has undergone an unprecedented level of transactional volume in Q4 of 2016. November of 2016 was the highest volume month in Bitcoin history, according to Bitcoinity, and the economic conditions in India seem to be a key ingredient to this uptick in global Bitcoin demand.

    India’s leading bitcoin company Unocoin says that the average number of visitors to its site has crossed 14,000 from its daily average of 4,000 users before demonetisation. Zebpay, a local bitcoin company, has seen trades worth 75 cr in November 2016 alone, compared to a trade of Rs 100 cr in all of 2015.

    Now, it seems that merchants are getting in on the cryptocurrency action. Japan has seen a great uptick in business adoption, sporting over 1000 merchants nationwide, and that was as of several months ago. Hundreds of merchants in India have now adopted Bitcoin as a payment option due to the serious demonetization issues taking place in India over the past six weeks.

    “Over 500 merchants have started accepting bitcoins in India. And trading volumes are growing rapidly on the major Indian exchanges,” said Amit Bhardwaj, founder GBMiners, told Tech2 Firstpost. “Bitcoin and a few other cryptocurrencies are already (common) in many countries in Europe. India is yet to reach there, (but) demonetization has certainly reduced the time it would have taken India to reach there otherwise.”

    Another reason for the potential long-term demand for Bitcoin in India is a new tax program targeting people who own and buy gold. Tax regulations have also become much more strict recently, so between the problems just holding cash and/or gold, Bitcoin seems to be in the right place at the right time.

    “I believe times couldn’t have been better for the Indian investment class to fall in love with bitcoin, and this is exactly the reason behind the jump in both bitcoin price and volumes in the country,” Bhardwaj said.

    As Indian banks and government regulators all but force people into using economic alternatives, like Bitcoin, Bitcoin price has skyrocketed. Strangely, the election of Donald Trump in the United States and the actions of Prime Minister Modi in India both took place on November 8th, and Bitcoin values have risen over 10% since this date, with an $800 USD price by year’s end all but assured.

    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

  • Waiting for Segregated Witness to Join Bitcoin Protocol? Don’t Hold Your Breath

    Maybe you are like me, and have seen your Bitcoin payment last week take 100-120 minutes instead of 10-20 minutes? Maybe you would like to see a future of off-chain Bitcoin transactions not even have to go through the blockchain, bogging it down even further? Maybe you don’t want to hear the word “mempool” one more time? Then you might be interested in the future application of Pieter Wuille’s Segregated Witness into Bitcoin’s protocol sooner rather than later. My advice: Don’t hold your breath. It won’t anytime soon.

    Introduced right about this time last year at Hong Kong’s Scaling Bitcoin event, it is touted as having many benefits for those who would rather not see a “hard fork” for Bitcoin to increase Bitcoin’s block size or overall capacity or a spin-off like Bitcoin Unlimited to gain traction. Let’s give you a progress report on its acceptance by the Bitcoin mining community.

    As you can clearly see from the pie chart above, after approximately one month of voting by the mining community, SegWit, as it is known for short, has not even attained one-quarter of the industry’s approval. Bitcoin Unlimited has almost twice as much community support at 12.5%. This is a two-sided problem, given the fact that it needs 95% voting approval to enter the system, and SegWit does not have enough backing on its own, plus some who have chosen another path would need to convert to SegWit’s program.

    Even if all of the over 60% remaining voters who have not chosen a way forward accept SegWit, the voting block inside of Bitcoin Unlimited would easily be enough to prevent it from seeing the light of day. This is the good, the bad, and the ugly of a decentralized system of global governance. This may be due to a concerted effort by many in the Chinese mining community to delay or shuttle Segwit, according to Bitcoin Core developer and Chief Security Officer of Bitfinex, Phil Potter.

    The noted potential upsides include an approximate 70% increase in the effective block size without a hard fork. This would be key in eliminating delays in transactions, and a backlog in the “mempool.” SegWit would also open the door to future innovations like The Lightning Network, which would introduce offchain transaction capability. Lightning is said to provide a potential increase in the Bitcoin scalability exponentially, potentially within the transactional volume scope of what Visa can do today.

    It looks like it will be quite a while before SegWit, and therefore The Lightning Network becomes a major addition to the Bitcoin ecosystem. And with companies like Blockchain gaining over 5 million new Bitcoin wallet users in the last twelve months, transactional delays look to get much worse before they get much better.

    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

  • Cash May Be Under Attack in 2016, but Cash is Still King - Report

    It seems that I have spent the better part of the last couple of months reporting on the national attacks on the use of cash in various parts of the world. From India, to Spain, to Venezuela, the limiting of the amounts of cash that can be withdrawn from banks is accelerating like never before. In places like Singapore and Sweden, many stores don’t accept cash at all.

    This is worth noting in the Bitcoin community because whenever national currencies are devalued or decommissioned, this generally leads to increased demand and prices for Bitcoin. Inside of Satoshi Nakamoto’s official Bitcoin white paper, Bitcoin is referred to directly, in the first sentence, as “electronic cash.” However, a new report suggests that cash is still very strong as a payment type, perhaps THE strongest form of payment in many places, and will remain so for the foreseeable future.

    The report is called “Consumer Cash Usage: A Cross-Country Comparison with Payment Diary Survey Data” and has been years in the making. The results are from transactions made in 2009-2012 in seven Western nd European nations including Canada, Austria, France, Germany, Australia, the United States, and the Netherlands.

    This study was performed by the central banking authorities of each nation: Reserve Bank of Australia, Telecom ParisTech, Bank of Canada, De Nederlandsche Bank, Deutsche Bundesbank, Federal Reserve Bank of Boston and Oesterreichische Nationalbank.

    The findings show that cash is the preferred mode of payment in these nations, many times 2-to-1 or more, over debit cards. The United States had the lowest usage of cash, and the percentage of cash transactions was still almost 50% and close to twice as often used over debit cards.

    Cash is used for smaller transactions the most. The smaller the transaction, the more likely cash will be used. Most people in these nations carry, on average, around $30 USD worth of cash on them, but Austria and Germany love holding cash much more, with holdings closer to $100 USD worth.

    However, this reliance on cash did not stop India form snatching the two mostused bank notes out of circulation with virtually no notice. India may very well be a beta test for other nations to follow in the future. Abolishing cash, by any means necessary, creates many benefits for banks and governments, from mass surveillance of all transactions to more tax revenue to more reliance on banking services and deposits.

    Physical cash and its cousin electronic cash (Bitcoin) are the last beachheads against various corporate and government economic control grids. It is reassuring to know that physical cash is still extremely popular offline, and the decentralized digital currency market is growing in market share every day.

    Maybe this is why banks and governments are leading an assault on cash? To undermine this dominance of privately held economic power, in favor of a more centralized economic power grab?

    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

  • Is Bitcoin Destined to be Worth $1 Million USD? Experts Weigh In

    The world of Bitcoin is still a very, very small fish in a huge ocean of global financial services. It is so small that no whales have really even bothered to really manipulate the market since the epic bubble that was Mt. Gox’s demise three years ago. However, it is always fun to dream about what a little Bitcoin could one day become. Could it be one day worth one million USD?

    This actually started with a Business Insider article by Henry Blodget, who got caught up in the bubble that was Mt. Gox at the time. At the time of his November 2013 article, Bitcoin had reached a new all-time high of $340 USD on its way past $1100 USD later that month. He used the $1 Million dollar number as clickbait (as I am not above doing), only to hedge his bet and say Bitcoin could also be worth $0. He wasn’t willing to take a stand on Bitcoin, but hey, it got him over 100,000 views.

    Today, after Bitcoin has matured some and added many features and investment capital, where do we stand on that potential vision? A few leaders in the Bitcoin community and investment have weighed in. Let’s start with Wences Casares, the CEO of bitcoin service provider XAPO, who said at TechCrunch 2015 and the bitcoin.com forum:

    “I think that there is a higher than 50 percent chance that a bitcoin is worth more than a million dollars. It is hard to estimate how many people on bitcoins, but it may be somewhere between 13 and 15 million people right now. If Bitcoin is successful we will see hundreds of millions of people own Bitcoin and, eventually, billions.”

    “The only way we can get to billions of people owning Bitcoin is by the price going up by several orders of magnitude, let’s say $1 million. So, if I am right, and Bitcoin has to go from $390 to $1,000,000 the best way for it to get there without crashing irreversibly is with as much volatility as possible.”

    Financial analyst Rick Falkvinge, a frequent guest on Max Keiser’s “The Keiser Report” on Russia Today shares Max’s enthusiasm about Bitcoin’s potential future value (Max Kaiser also believes this value may be in the cards for Bitcoin one day). If Bitcoin takes as much as 10% of the transactional currency market:

    “This leads us to a target market cap of 600 billion to 6 trillion USD, to be fulfilled by about 6 million bitcoin, which makes for easy calculations. That means that each bitcoin would be worth $100,000 at the low market cap and $1,000,000 at the high market cap.”

    Trace Mayer has used his RunToGold.com website to also sing the praises of Bitcoin, and refer Gold and Silver investors to the digital currency. He believes that Bitcoin’s long-term value should exceed $1 million USDand may be closer to $3 million USD

    “If you moved just 1% of the cash balances from offshore tax haven bank accounts, which currently hold estimated 30 trillion dollars of value if you move just 1% of that into bitcoin you are looking at 2.8 million dollars per bitcoin,” says Mayer.

    It's all just pie-in-the-sky speculation, but the real question may be what will a USD be worth in the future? It has lost about 97% of its value since the Federal Reserve Act of 1913. China and Russia would love to see the U.S. Dollar lose its global reserve currency status in the near future, causing its value and demand to plummet almost overnight.

    With Bitcoin proving itself to be one of the world’s top economic safe havens, I see no reason to doubt the future value of Bitcoin. However, in the future, a million dollars really won’t be a million dollars. We may be valuing Bitcoins against an ounce of gold sooner than you think.

    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

  • The Future of Ransomware: Victims Spread Malware to Escape

    Bitcoin is in mainstream demand now more than ever, which is good news. The bad news is as Bitcoin continues to gain value much faster than old standards like gold and silver, and can be more easily sent online, hackers also want more Bitcoins. This is almost guaranteeing a future of more and more ransomware attacks worldwide, with the goal to gain valuable Bitcoins. Now, a new scourge is being developed that may spread one ransomware attack to new victims like a computer virus.

    The newest strain of computer malware is under development on the Dark Web and is called Popcorn Time, according to the Malware Hunter Team. Anyone who finds they’ve been infected with “Popcorn Time” will find their files locked with AES-256 encryption. It will remain in place unless a ransom of one bitcoin is paid to an anonymous wallet within seven days.

    If the victim doesn’t have Bitcoin, or will not pay the ransom, they do have a second, more diabolical option called “the nasty way.” They can share a link through the notice in Popcorn Time that if opened and infects two other computer systems will release a decryption key for them to get out of ransomware hell. Some may know this as a “share gate,” which is designed to make an online link or value go viral when share through social media.

  • Federal Reserve Rate Hike Could Drive Bitcoin Well Over $800

    2016 has turned into a banner year for Bitcoin, with values up almost 80%, Segregated Witness gaining the mining support it needs to expand the network, and less negative mainstream media press than ever. With less than three weeks remaining in the year, Bitcoin may go into 2017 with a bang if the United States Federal Reserve follows through on its intention to raise interest rates this month. Here’s how it will affect Bitcoin and should force values to clear $800.

    Important Year-End Federal Reserve Meeting This Week

    The Federal Reserve, a private corporation that manages the central banking interest rates and national monetary production for the United States, has spent the last year promoting the idea of higher interest rates. As many as four rate hikes have been intimated. Federal Reserve chairwoman Janet L. Yellen told Congress in November that a rate increase “could well become appropriate relatively soon.” This leads us to the two-day meeting, starting today, which many believe could conclude with an interest rate increase.

    How does this affect Bitcoin? If the Federal Reserve raises rates, this should strengthen the U.S. Dollar’s relative value, attracting investors from China to American investments. This means another round of “capital flight” from China, creating a demand for ways to move money out of China to America and other foreign markets. Bitcoin has been one of these popular economic avenues before, and there is no reason to believe it won’t be again.

    This is clearly not good news for China. A widening gap between onshore and offshore yuan prices points to further Yuan depreciation, and possible capital outflows, ahead. Hong Kong-traded CNH (offshore) yuan fell 0.84 percent versus the dollar in the last week, while CNY (onshore) dropped 0.41 percent. Analysts generally view the CNH to be an accurate predictor of the future dollar to yuan direction as it is not restricted by Chinese regulators.

    When the Yuan is devalued, again, which would be the seventh time this year, people in China will most likely look to Bitcoin as a safe haven to protect their wealth. Recent examples, besides this year’s actions in China, include spikes in investment during Cyprus’ “Bail-In” in 2013, the Grexit (2015) and Brexit earlier this year, and the U.S. Presidential election of Donald Trump last month.

    Demand for Bitcoin seems sure to increase in China by year’s end, under these circumstances. China is by far the global economic center for Bitcoin, with the Yuan accounting for 95-98% of all currency exchanged, and about 80% of all Bitcoin trading.

    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

  • 7 Nations Where Cash Bans Are Spuring Bitcoin Demand

    Everywhere you turn this year, it seems it is getting harder and harder to get cash from banks. One might even surmise it could be some sort of global conspiracy, things have changed so swiftly and decisively against the use of cash. Let’s review seven countries where cash has become scarce and Bitcoin is in demand. We’ll tie the demand for Bitcoin in each nation to the LocalBitcoins purchase numbers provided by Coindance, where applicable.

    Australia

    Australia has always been a hotbed of bitcoin activity, with entire towns saying they would enable Bitcoin payments for all public services as far back as two years ago. This will not abate after the country has begun to turn on the national paper. Citibank has said that people aren’t using cash but less than 5% of the time for deposits, so their branches no longer accept cash deposits. maybe they aren’t using cash because they’re so busy using Bitcoin? Purchases of Bitcoin at LBC has tripled in 2016.

    India

    India has dominated the financial news worldwide with their recent demonetization. Bitcoin has been trading for over $1000 USD in the aftermath. India is a cash-based society where over 90% of all purchases are done in cash, and now they have lost their two most popular currency notes, cause death and hardship. LocalBitcoins Bitcoin demand has gone from 4.4 Million Rupees in June to as much as 27 million a week this month.

    Sweden

    Going cashless has been a long-term plan in Sweden and other Nordic countries for several years now. Less than 1 in 5 purchases today are made in cash, as most transactions are done with some form of bank payment card. Bitcoin purchases at LBC have more than doubled since the first of the year.

    The Ukraine

    Life in the Ukraine has not been a hayride over the last couple of years. Constant issues with NATO and Russia threatening warfare, government coups, and recently government officials have announced they will go to a national digital currency. Bitcoin purchasing has more than tripled since the end of July.

    South Korea

    2016 has become a technological arrival party for this tech-savvy nation. The Bank of Korea has made many announcements, including the plan to phase out coinage by 2020. This is another location where card, not cash, is king. They even use cards to pay for taxi service. They plan to have a national digital currency in the years to come and have made deals with Singapore for a partnership to implement these changes.

    Singapore

    One of the most potent economic powers in Asia is taking a leadership role when it comes to a digitized future of money. Bitcoin is commonly used in this denselypopulated island nation, and many businesses do not accept cash at all. They have forged an agreement with tech-leader South Korea to work together on such initiatives. In a switch, while Bitcoin usage by people and businesses is relatively high, compared to other nations, Bitcoin purchasing demand is consistently low in Singapore, at least through LocalBitcoins.com

    Venezuela

    This country's monetary problems have become severe, with people waiting in line for hours for many services due to the lack of supply of goods, or the lack of funds. The Venezuelan bolivar has lost more than half its value just in the last month alone, and President Maduro just announced that the 100-bolivar bill will be discontinued this week. Bitcoin demand is up about 1000% in the last six months.

    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