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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.




  • Interview with Kaga Kawabata of coincheck, Japan’s Largest Bitcoin Exchange

    Japan had a rude awakening to the world of Bitcoin, considering the fact that world’s largest Bitcoin exchange of all-time collapsed within their boundaries just over two years ago. That is not the best way to introduce the mainstream to the wonderful world of decentralized digital currency. Would Japan ever get on board with Bitcoin and all that it can do, post Mt. Gox?

    Interview with Kaga Kawabata  of coincheckWell, it turns out that the Bitcoin start-up Coincheck , in business for less than two years, has almost single-handedly brought Japan’s interest in Bitcoin back from the dead. BitConnect spoke with Kagayaki (Kaga) Kawabata, Business Development Lead for Japan’s largest Bitcoin exchange, to see how Bitcoin in Japan has changed for the better so quickly. With new Bitcoin-friendly laws working their way through the government as we speak, how is “The Future of Money” changing e-commerce and investing in “The Land of The Rising Sun?”

    What is the history of Coincheck? Did it start before or after Mt. Gox’s collapse? What effect did Mt. Gox have on coincheck?

    "When Coincheck started its bitcoin exchange service, back in August 2014, which was after Mt. Gox, everyone had a terrible image of a company doing a bitcoin-related business in Japan. Because of the Mt. Gox bankruptcy, people in Japan had bad image toward bitcoin. Back then, Japanese banks did not allow companies doing bitcoin-related business to open a bank account. They didn't want to take a risk of being involved in money laundering. The news media in Japan also mentioned bitcoin as a fraudulent currency, making bitcoin’s public image even worse!"

    Please explain the new Japanese bills/law changes regarding Bitcoin as an accepted national currency. How did you hear about these changes? How does this help Coincheck?

    "On March 4, the Japanese government passed the new law that acknowledges bitcoin to have "asset-like values" to lower and upper houses of the legislature for review. The definition reportedly sought to emphasize their "asset-like values" and use in online payments. The Japanese bitcoin market is changing rapidly, and is now moving in a positive direction."

    "After the announcement, many companies started to trust bitcoins and contacted us about our payment service. If we follow the new guidelines and regulations, we believe there should be no future issues. Coincheck is also a member of JADA (Japan Authority of Digital Assets). As a member of JADA, we work with the Japanese government and Japanese Financial Services Agency to establish standards and codes of conduct for bitcoin businesses."

    Can you describe the average Japanese citizens feeling/interest towards Bitcoin? Roger Ver has said Japan has more or less forgotten about Bitcoin since Mt. Gox, thinking Mt. Gox WAS Bitcoin. Over the last two years, have you seen a change in public perception of Bitcoin/ digital currencies.

    "Exactly. Back then, Japanese people had a terrible image toward bitcoin, thinking that Mt. Gox WAS Bitcoin! However, the situation has changed in the past few years. Today, the amount of Japanese citizens who think of bitcoin as superior technology is increasing. To prove this point, Coincheck has more than 3 billion yen transaction/month! Our user age range is between 20-60, and we can even open a bank account."

    How did the Reddit AMA go? Why did you initiate that? What was the goal?

    "As a leading bitcoin exchange, we thought it is important to share bitcoin market situation in Japan. The Bitcoin market in Japan is moving in a positive direction, which includes new market growth and improved government regulations. The global media tends to follow only Western bitcoin start-ups. We wanted to share with the world that Japanese start-ups are also active in bitcoin market, and we’re contributing to the global growth of bitcoin."

    You mentioned you are the largest Bitcoin exchange in Japan. How do you quantify this? How has coincheck grown over the last couple of years?

    "Coincheck started as the last entrant to the Japanese bitcoin exchange market. Currently, we have the largest exchange volume in Japan (3 billion yen transaction/month). One of the reasons why we are leading the market is our finely tuned UX and super fast new feature release. Coincheck is the first one in the market to add features like leveraged trading, credit card payments, and iPhone/Android apps."

    "We also work to make our service simple and easy to use so that everyone can buy bitcoin with ease. Looking at bitcoin markets in other countries, we think the top two bitcoin companies (in each market) will survive. We also believe that bitcoin will be accepted by consumers as financial products. At coincheck, we will also add FOREX trading like features such as future trading, enhanced leveraged trading, and stop-loss order."

    Does the legal currency changes mean you expect to see Japanese citizens paying rent, taxes, utilities with Bitcoin? Are there companies in the region who would be able to facilitate businesses accepting it more like BitPay does in the West?

    "Currently, most bitcoin users buy bitcoin for investment purpose. However, this situation may change if more businesses accepting bitcoin. Coincheck is also the leading bitcoin payment service in Japan. We have a monopoly in bitcoin payment service where more than 1,000 merchants are using our payment solution. Recently, DMM.com, an entertainment giant with more than 19 million users in Japan, started to accept bitcoin payment by using coincheck."

    "We also have launched the first donation-based bitcoin crowdfunding platform in Japan (https://coincheck.jp/donations). As you can see, we are actively increasing places where bitcoin users can actually pay with bitcoins."

    Please provide your insight on the block size debate. Does the company have a public stance on 1 MB vs 2 MB? The Satoshi Roundtable tacitly agreeing to wait until the Summer of 2017 to go to 2 MB. Do you agree with this time frame? BitcoinClassic.....is that a better way forward, in the short-term?

    "We are neutral in a stance of block size debate. However, from a customer standpoint, we think all transactions should happen instantly. We hope that the debate will move in a positive direction, so future transaction delays won't happen. We hope that the bitcoin community will be a transparent and healthy community for all."

    What do you think Bitcoin will be in the year 2020, in Japan? What will it represent to the people?

    "The year 2020 is when Tokyo Olympics will take place in Japan. By that time, we hope that the locals and visitors can pay with bitcoins at most Japanese businesses. It will be a great opportunity to show the world that Japan is a technological leader."

    Somehow, I think the world has already gotten that message, Kaga. Thank you for your time, and keep up the valuable work Coincheck is doing in the Bitcoin community.

    What do you think about how Japan is handling Bitcoin? Share and comment below.

    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

  • China Details Their Interest in Creating New Digital Currency

    The world is going digital in every medium, from newspapers to retina displays, and money is looking to make a full conversion. The E.U. is spearheading a movement to ban cash , under the guise of fighting terrorism. This conveniently gives banks and governments more access to fees, taxes and surveillance. China also likes a high level of control over its citizenry and is beginning the process of creating their own digital currency, with Chinese Governor Zhou Xiaochuan revealing these intentions in the Caixin Weekly .

    If you can’t beat ‘em, join ‘em

    Bitcoin has become quite a phenomenon in China, with the world's largest mining operations operating in China. There was some consternation from the People’s Bank of China in 2014, with some ideas of banning it, domestically. Yet, China remains as the current economic engine for the global Bitcoin community , where about 80% of all Bitcoin mining takes place. Maybe the government has left Bitcoin alone as a way to learn about “The Future of Money” and use it as a model of their own? Xiaochuan explains his point of view on the subject of digital currency.

    "Paper money, as the last generation currency, lacks high-tech support, and it is an irresistible trend that paper money will be replaced by new products and new technologies with greater security and lower cost. With the rapid development of the Internet and the significant changes in the global payment systems, it is necessary to establish the issuance and circulation system of digital currency, which will help build the financial infrastructure and improve the quality and efficiency of the economy."

    There are some very basic advantages for China to move to a move digitally-based Yuan. With the economy slowing down, the wealthy and the speculators are moving substantial amounts of money out of China, and many are using Bitcoin to do it. It may be very difficult, if not impossible, for the Chinese government to stop this financial exodus, and creating a digital currency that cannot so easily take from the country’s systems has plenty of appeal.

    Printing money, fighting counterfeiting, and increasing the central government’s control over its use are also massive upside’s, from the state’s point of view. Given the sheer size of the Chinese economy, a full replacement of cash shouldn’t be expected anytime soon, says the Governor.

    "We do not have a timetable yet. China has the world's largest population and is a huge economy,” Xiaochuan says. “It will only take several months for a small country to replace an old version of paper money with a new one. But it has taken about ten years for China to do the same thing. So digital currency will co-exist with cash for quite a long time before it finally replaces cash."

    Xiaochuan also spoke about the PBOC investigating the use of blockchain technology, but he says it is not ready to scale at this time to the size required for an economy the size of China. This year, Chinese officials have been in meetings with Citibank and Deloitte about how to begin the implementation of this new digital currency. This dovetails with Japan accepting Bitcoin outright as a currency approved for use in Japan, pending new legislation.

    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

  • Will This Summer’s Bitcoin Halving Be as Sweet as the Last?

    There are many of you out there who are anxiously awaiting the Bitcoin halving this summer with baited breathe. Many of you are speculators who think it will be the beginning of some sort of short-term economic windfall. Is this whole Bitcoin thing going to go nuclear for all you day traders out there? Let us review the economic facts of the case, sprinkle in some pontification, add a little “bro- science,” run it up the flag pole, and see if it waves.

    (Do not take this as financial or investment advice. Do your own due diligence. The views here do not necessarily reflect those of BitConnect.co, and may just be the economic ramblings of a Bitcoin madmen. Viewer discretion is advised.)

    Let’s take a walk down Halving History Lane

    Just look at the history of Bitcoin halving, which entails all of one halving, after Block 210000 was solved on November 28th, 2012. A Bitcoin way back then was worth only $12.35 USD. In 2012, the halving had no drama at all surrounding it. The day after, there was no great spike in BTC value. Nor was there for the rest of 2012. Values proceeded as if a halving never occurred until 2013 when a new trajectory began to emerge.

    Things went crazy in early April 2013, as the banking “bail-in” in Cyprus caused not just a run on the banks, but a run on Bitcoin, driving values up to about $230 USD. This turned out to be a bubble, caused by the banks there, and the arc returned to normal. If you remove that spike/bubble, the price arc flowed quite naturally to a value of $129 USD on May 28th, 2013, exactly six months after the halving, a 944.5% increase versus the USD.

    Let’s say prices didn’t change, from today until July 6th, the day the 420000 Block is expected to be solved. That would mean the value of a Bitcoin would have to balloon to $4284.50 USD by January 6th of 2017.

    Sweet! Where do I sign up?

    Is that going to happen? Not if the Bitcoin community is still stuck in 1 MB newbie mode, it won’t. The developers, miners, coders, and business owners who run Bitcoin are much smarter than I, but I have dealt with more than a few smart people in my day. Smart people love to make difficult things to complete the things they accomplish easily and the simplest of things the hardest things they’ll ever do.

    Any current and consistent Bitcoin user, plus Bitcoin elite like Brain Armstrong and Gavin Andresen, know that a block size increase to 2MB in the immediate future is not only recommended but is, at this point, necessary. The blockchain is struggling with the steady influx of new users every day and has shown stress cracks over the last few months. What will happen in June, when a new wave of Johnny-come-lately BTC speculators hit the market to buy in? Translation volume will go through the roof, weeks in advance, and if Bitcoin still sits at the kiddie table, this will get ugly real quick!

    This buying frenzy may increase values, but crush the system under the weight of the demand. It does not seem that there is a resolution that includes a 2 MB upgrade in the immediate future by Bitcoin Core. It will be interesting to see how this plays out, as the Core may be pitting themselves against the entire Bitcoin community if things continue down this dangerous path.

    Back in 2012, Bitcoin was totally unknown in the mainstream. Today, it is still mostly unknown, but at least, the word is out there. The economy really hasn’t changed a great deal, at least in the West. It would seem the rest of the world has joined the West in the economic guitar, if anything, so external factors have changed negligibly.

    Could another E.U. country go under in the second half of 2016? Oh, sure! Spain, Italy and Ireland are next on the list of expected casualties to the failure scourge of the Eurozone. yet, these are bubbles, not catalysts for Bitcoin value change, in the long run.

    In closing, am I expecting a $4000 Bitcoin next January? No, I am not. It wouldn’t surprise me if it hit $1000-1500, or so. Last year, BTC grew over 35%, beating the USD 4:1. I’m not a speculator, but I’ll take that every year for the rest of my life. I’m in Bitcoin for the long haul, not for its relative worth versus some piece of fiat, so I really don’t care about the price, a great deal. I’m in it for the fight, not the money. It represents my opposition to the global USD hegemony, propagated by the “banksters” and “The Man,” by giving true global and decentralized economic power to The People. Bitcoin isn’t business for me. This is personal.

    My best advice is to buy BTC now, because this summer you may not be able to buy at all because Core, and the 1 MB limit, said so. I haven’t spoken to one person who agrees with the 1 MB concept staying in force for 2016 and beyond. Kind of like asking a first-grader to wear his kindergarten shoes. The kid will be in pain, and that’s where we as a community stand right now. In pain. If Bitcoin Core vs the Bitcoin Community goes down to the wire this Spring, stuck in neutral, you better put on your seatbelt, because it's gonna be one wild ride.

    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

  • Can Bitcoin’s Blockchain Tech Replace The SWIFT Interbank System?

    You know what they say, “Money makes the world go round.” Well, SWIFT, the Society for Worldwide Interbank Financial Telecommunication, makes the world’s banks’ money move around the world. Started in 1973 as an electronic upgrade over the manual telex system of monetary transfers, SWIFT’s system is the global standard, including banking interests from virtually every country on Earth. Is it time, after over forty years, for a SWIFT 2.0, based on Bitcoin’s blockchain technology? Finch and banking expert Chris Skinner says the time could be upon us.

    Over 15 million messages per day and $5 trillion a day in currencies sent by over 9000 banks are handled by message exchanges to and from the SWIFT network, so SWIFT is not going anywhere, in the short-term. However, Russian and China, known BFFs, are working on a new interbank system that will not be run by the Americans and monitored by the NSA. If the U.S. doesn’t like a country, for whatever reason, like Russia, they just ban them from SWIFT. It is a great position of leveraged power, kind of like being the only electric company in town. Hard to sell oil or buy gold internationally without a transfer through SWIFT.

    Skinner says Bitcoin’s blockchain technology has the potential to replace the existing system, due to its unique characteristics and innovations banks are learning about as we speak.

    "Bitcoin, the protocol, and other cryptocurrencies are for the recording of digital value exchanges that can take any form from a payment to a marriage vow,” says Skinner , author of the upcoming fintech book "ValueWeb: How Fintech Firms are Using Bitcoin Blockchain and Mobile Technologies to Create the Internet of Value.” “Bitcoin is a protocol, a commodity, a technology, a smart contracts system, a general ledger, a secure exchange — a many splendored thing. Blockchain, a technology that has more computing power behind it on a decentralized basis than any open source project in history, could fundamentally reinvent the banking system."

    While Russia has proven to be fairly intimidated by Bitcoin, seeing it as a potential domestic competitor to the weakened Ruble, that doesn’t mean they wouldn’t leverage the underlying technology to break the Unites State’s economic hegemony. As I have reported previously, Jamie Dimon, czar of J.P. Morgan Chase, has been vocal about his disregard for Bitcoin , but would have no problem taking its superior technology for his business needs. This is a point of view commonly held in many political and economic circles, worldwide.

    Economic sanctions and threats by the U.S. against Russia has led to Russia developing their own interbank system , and they’re enticing BRICS nations to join it. BRICS nations control about 40% of the world’s GDP and 40% of the global population. The Russian system is said to be less costly to use, and will remove dependence and leverage from the U.S. Dollar-based system, which no BRICS nation wants, hence the BRICS agreement and BRICS Development Bank was born.

    Maybe the Russians aren’t clever enough to use the blockchain technology? Maybe in this global chess match, SWIFT will move on blockchain technology first, forging the lowest possible costs for such monetary and information transfer. Whoever is smart enough to reach this golden goose first may indeed win the game. The way SWIFT talks about the advantages of this new technology, it’s not so far-fetched.

    "The fact that SWIFT is (already) highly inclusive of Ripple, Colored Coins, and the bitcoin community in its internal and external discussions shows that SWIFT is just as keen as I to highlight the importance of these developments to its financial community,” says Skinner."

    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

  • Your Future “Smart City” Will Secure Its Data With Bitcoin

    Everyone knows about Bitcoin the decentralized digital currency and the blockchain technology that provides its foundational ledger. Yet, the digital currency of Bitcoin is just the first application, and there will be many new ways to use Bitcoin in the future. Factom has started working on one in the creation of data security and verification in future “smart cities,” according to in Forbes.

    “The Future of Money” Merges With the “Smart City” of the Future

    Your Future “Smart City” Will Secure Its Data With BitcoinFactom is the quintessential “fintech” company, looking to bring Bitcoin’s blockchain technology to businesses around the world, even using bnkofthefuture.com to receive over $1 million last summer in a crowdfunding campaign. Since then, they have inked two separate agreements to work with provinces and companies in China to improve their data security and ability to verify information through Bitcoin’s blockchain.

    China has had many issues with corruption, project managers were not meeting timelines, and these issues have led production problems at scale, and even deadly accidents. Similar to the mindset of Japan using the Mt. Gox collapse as an impetus to regulate Bitcoin, while making it safer for users, China is looking to build their upcoming “smart cities” with better security and verification using Bitcoin’s secure platform through Factom.

    “Smart cities” refers to the concept of making cities smarter, not necessarily building new cities, although these are also potential usage cases in the future. Think along the lines of an “Internet of things” connectedness for a city’s central planners, spanning industries that may benefit from improved technologies, like law enforcement, sanitation, traffic, energy, etc.

    “The thing to understand about China,” says Paul Snow, Factom’s chief architect, “is they have larger data integrity and trust issues than we have. You don’t want to admit that traffic is slower than it’s supposed to be.”

    What is noteworthy about this is 99% of the company’s jumping on the Bitcoin bandwagon are going to third-parties, like Factom, to build new blockchains exclusively for their private purposes. As most of us have noticed recently, the Bitcoin blockchain is somewhat overwhelmed by the modest needs of the growing community today. How would it support a new “smart city” that may need 100,000,000 transactions annually? Factom is looking to leverage the security of the actual Bitcoin blockchain while keeping the bulk of the records “off-chain.”

    Factom will begin linking their own network to Bitcoin through small encrypted data packets that act something like digital anchors to keep records trustworthy. This makes Factom the middleman and keeps Chinese companies out of the murky regulatory waters of Bitcoin, which acts as the foundation. The cities, and this program are in the planning stages, so it should be a few years before this bears fruit, but Factom sees a large market for such uses in the future.

    Most importantly, Factom says their new plan does not hamper the Bitcoin blockchain under transactional loads much at all while gaining all the benefits of its secure platform. Snow see this new usage case simply, stating “There is no limit to the amount of data Bitcoin can secure.”

    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

  • Banking Facing “Serious Existential Threat” From Bitcoin - Deloitte

    As a former banker myself, I have no love for the profession, or else I’d still be a part of it. If any industry needs to encounter its comeuppance, it is the banking industry. The bankers’ interest rates have points, and the points have derivatives. The only real innovations the banking industry has produced is more efficient ways to charge and raise fees on consumers. Fortunately, true innovations like Bitcoin are here to remove virtually all the fees from the economic game, and a new report from Deloitte reviews this “serious existential threat.”

    Becoming Your Own Bank is Not Good For “The Money-Changers”

    Banks, or as they were originally known, “the money-changers,” are basically middlemen in consumer economics. Their convenient access to funds and credit help over two billion people worldwide transact and grow business, obtain new assets, and protect wealth. Banks are not going anywhere, but there are plenty of holes in their game, and Deloitte reviews these within their new report.

    Deloitte, for those who don’t know, is the second-largest international professional services corporation in the world, headquartered in New York. They are so large and influential that China is working with them, along with Citibank, on their upcoming national digital currency. With this in mind, their unique vantage point on the disruptive capabilities of Bitcoin and its blockchain tech on the banking establishment is pretty valuable to consider.

    “Various disruptive trends we are seeing today in areas such as…. blockchain technology, collaborative ecosystems, cryptocurrencies, demographics, and customer experience are coming together to influence the future of banking,” says Val Srinivas, Banking & Research leader for Financial Services for Deloitte.”

    Funny how before Bitcoin no one in such a position of economic influence was making such statements about an upcoming massive disruption to the future of the banking industry. When I was immersed in the banking culture from 2008 to 2011, the biggest threat was a competing bank opening up across the street. Now, it could be, and should be, a person doing their own banking, independently, on their smartphone with a decentralized, encrypted currency far more valuable than any fiat currency a bank distributes.

    “The scale of this assault on industry incumbents from different vantage points is quite staggering. There are literally thousands of start-ups all over the world focused on perceived vulnerabilities of traditional institutions.”

    These “perceived vulnerabilities” are quite real. Srinivas also mentions legitimate issues banks face post-2008 economic crisis. The fact that banks are among the least-trusted industries, and that banks will need to be more creative in building their brand and trust among consumers. Creativity is a four-letter word in the banking industry, and trust in modern banking will not be captured quickly from an increasingly savvy consumer with more options than ever before.

    “In all likelihood, blockchain innovations could be the most transformative, and we will likely see a number of real-life applications of blockchain applied to payments, beyond digital currencies, in the next five years.”

    Banks, much like Bitcoin itself, are not going anywhere, but are struggling to grow, and take their brands to the next level. Deloitte will help China become fully digitized, economically, and Bitcoin’s blockchain technology will help banks become much more efficient in the years to come. It just can’t make you trust them more. Blockchain technology is not a panacea for a collapsing economic model. That’s where Bitcoin comes in.

    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

  • Armstrong and Andresen Can’t Hide Disappointment in Latest Bitcoin Summit Meeting

    The top 20 nations of the world have their G20 summit meetings, gathering the leading representatives of the world’s most powerful nations. The United Nations has their member conventions from time to time. The Bitcoin community seems to be reading to commandeer the Roundtable moniker for their gatherings of the greatest import. With the Bitcoin community struggling under the weight of its own growth, coupled with a lack of direction, these roundtables are becoming frequent, and frustrating to some notable attendees.

    Two Bitcoin Guys Walk Into a Roundtable

    What is now known as “ The Satoshi Roundtable ,” as opposed to “The Bitcoin Roundtable” held two weekends ago in Hong Kong, was convened the following weekend. Invited attendees to this exclusive event at a Florida location brought together many of the leaders within the Bitcoin community including Bobby Lee, CEO to BTCC, the leading Chinese Bitcoin exchange, Brian Armstrong, CEO of Coinbase and Gavin Andresen, a former Bitcoin core developer, now of MIT/The Bitcoin Foundation.

    Armstrong and Andresen have decided to spill the beans on how the meeting went, and they appear less than pleased with the mindset of some developers, who shall remain nameless. Without calling out individual participants, as a condition of the Roundtable attendance, Armstrong goes over his thoughts on Medium , and how he saw the attitude of some members of Bitcoin Core:

    "Even though core says they are ok with a hard fork to 2MB (they have it on their own roadmap, just very far in the future), they refuse to prioritize it. They prefer to withhold something that could help the network now because they don’t trust the community to make educated decisions in the future. They view themselves as the central planners of the network, and protectors of the people. They seem ok with watching bitcoin fail, as long as they don’t compromise on their principles."

    Gavin Andresen seems to be on the same page with Armstrong when it comes to the direction of the Bitcoin Core development team, implying that there is an agenda afoot that may not be in the best interest of Bitcoin’s health. He took to his own blog to jot down his assessment of the State-of-the-Bitcoin.

    "Over the last year of trying, and failing, to reach a reasonable compromise, it has become clear to me that some developers don’t want any on-chain scaling solution anytime soon. They believe more theoretically elegant (but technically complicated) off-chain solutions like the Lightning Network are a better long- term scaling solution, and they believe that by resisting a simple limit increase we will get to that long-term solution faster. They are wrong."

    Frustrations are rising within the Bitcoin community, not just from Andresen and Armstrong, but user san merchants waiting hours or even longer for transactions to clear. Paying about 7 cents per transaction to get it on time is becoming recommended, assuming you have the option to adjust the fees paid. The other option is waiting over 40 minutes on average, for a confirmation. This was not how the famed decentralized Bitcoin protocol was supposed to work. Those who paid the most get acceptable service. The rest can eat cake.

    Nor should a decentralized network have a “Core” controlling its growth. How can you be decentralized and have an actual “core?” Hopefully, this issue will be resolved before the Bitcoin halving in July, when transactions into and out of Bitcoin will be fast and furious, starting weeks in advance. If Core and their supporters continue to sleep at the wheel, this could be one “Cruel Summer.”

    What do you think of Armstrong and Andresen’s stance? Do you trust them to do what is right for Bitcoin, or do you trust Bitcoin Core? Share and comment below.

    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

  • Japanese Cabinet Approves Bitcoin as Money

    Japanese Cabinet Approves Bitcoin as Money Since 2014, I have been reporting on Japan’s interest in Bitcoin becoming a growing part of their economic culture. Even after the fall of Mt. Gox, the Japanese have tried to make themselves one of the world’s most Bitcoin-friendly places in the world. It turns out they were very serious about their claims regarding “The Future of Money.” While other countries are starting to consider their own versions of Bitcoin, Japan’s Cabinet has decided to legally welcome Bitcoin into their countries basket of approved currencies.

    If you can’t beat ‘em.....

    Australia and China are working on their own digital currency, another vote of confidence and appreciation for the value and innovation Bitcoin brings to the economic world. Tunisia has recently put their national currency on a blockchain in digital form, beating the much larger countries to the punch. According to Nikkei, Japan has elected to welcome the original decentralized digital currency to the country, instead of building their own version of it.

    "The latest bills on virtual currencies recognize them as asset-like values that can be used in making payments and be transferred digitally,” says the Nikkei Asian Review . ”Regulations on the virtual currencies were prompted after the Financial Action Task Force called for them in a report last year. The task force is an international body on countering money laundering and terrorist financing."

    One would think that the negative publicity from the collapse of the world’s largest Bitcoin exchange Mt. Gox, based in Japan, in early 2014 would turn the Japanese government against Bitcoin, but it has done the opposite. The issue led to them approving a Bitcoin community-based regulatory body called JADA (Japan Authority of Digital Asset) to begin governing usage standards and codes of conduct for Bitcoin use , domestically.

    Regulations will require Bitcoin exchanges to adopt established KYC/AML standards used in other nations. Banks will be able to enter the burgeoning “Fintech” industry for future gains and asset management. Preventing new forms of money laundering and consumer protection will also be goals in 2016. It is unknown at this time if things like taxes will be payable in Bitcoin, but it would be hard to see why they would not, at some point in the future.

    These regulations and will be made public in the coming months. Bitconnect.co will discuss these changes in detail with Kagayaki Kawabata of Japan’s largest Bitcoin exchange, coincheck.jp, in an exclusive report, later this week. Check in daily with bitconnect.co as we bring you the latest breaking Bitcoin news.

    Image provided by thetimes.co.uk

    What do you think of Japan’s move? Will it inspire other countries to be more accepting of Bitcoin’s value? Share and comment below.

    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 Community Begins To Collapse Under Weight of Block Debate

    Becoming popular is a generally a highly admirable quality; one which is sought after by people, businesses, and brands alike. Bitcoin has taken seven years to reach its current level of acceptance, standing on the cusp of the mainstream. This point in time has become more like a crossroads, as the year 2016 may end up being the most important in it’s young history. With the Bitcoin halving coming in less than six months, the scalability issue is coming to a head, and that Bitcoin is having too much of a good thing.

    The end of an era

    Bitcoin has been limited to a 1MB block size and seven transactions per seconds for most of its life, but that limitation does not support a constantly growing customer base. In order for Bitcoin to satisfy current users and go to the next level, a block size increase is needed. Bitcoin needs to grow up, literally. From BitcoinClassic looking to commandeer the blockchain by proxy vote to a larger 2MB protocol to Bitcoin Core and the Satoshi Roundtable attempting to slowly phase in upgrades, the greater community seems to understand things must change.

    Users, including yours truly, are reporting extended waiting times for confirmations from the expected 10 minutes to hours, even days. Studies into this issue show that the average time before a first confirmation has ballooned to 43 minutes. The charts on Blockchain.info that show an average time of less than half that do not take into account backlogged transactions sufficiently. The latest updates on the times versus fees per transaction can be found here, as of March 2nd.

    One of the side effects of this backlog is merchants are left in the lurch. Imagine trying to accept a Bitcoin payment and having to wait 43 minutes, or more, with a consumer for the confirmation? The Barrel Drop, who has accepted Bitcoin since November 2014, revealed on Reddit that they would have to stop accepting Bitcoin until the issue is resolved.

    “Since we opened in Nottingham city centre in December 2014 we have accepted Bitcoin. Altogether it has worked flawlessly and the staff were able to cope fine accepting Bitcoin using a Mycelium wallet. Unfortunately, we are no longer able to accept Bitcoin while there is such a high probability that transactions will not confirm. Once the situation with full blocks is resolved we will be happy to start taking it again. We have no plans to accept any alternative coins at this time.”

    Some companies, like Expedia, have the transaction fail automatically if the confirmation isn’t made within ten minutes. Expect more companies to move away from Bitcoin over the next few months, either privately or publicly, until this block size issue is resolved. The Segregated Witness update will make blocks more efficient, but will be a temporary fix. Paying up to 7 vents for a transaction will expedite new transactions, but buying a common latte will lead to an insufferable waiting game.

    The Bitcoin halving is expected in July, and this problem will only intensify once the amount of Bitcoins available is drastically reduced, and people are buying and selling more Bitcoins to cash out on their speculation, or get in on an expected windfall later in the year. The most recent Satoshi Roundtable looks to push off the size increase until Summer 2017, but anyone agreeing to that timeframe has certainly lost touch with the state of the Bitcoin community as we speak.

    Bitcoin will crush itself under its own weight by this summer without a resolution before this July. Consumers, and merchants waiting for confirmations are losing patience and trust in the digital currency. Hopefully, they won’t be lost for good.

    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 Money vs. The Future of Cash

    The Future of Money vs. The Future of Cash The European Union is a hotbed of activity, and most of it has been pretty disturbing. The E.U.’s dam of regulation is literally breaking apart, with refugees pouring out everywhere. Unemployment is at an all-time high in many European countries. Greece and Cyprus have already seen economic collapse, and Italy, Portugal, and Ireland are next in line for austerity. Now, a new set of regulations against cash is ready to funnel more freedom away from citizens towards The State. Where does Bitcoin fit into this political quagmire?

    Andreas Antonopoulos once said, at a Bitcoin conference in Washington D.C. in 2014, “I’m against Bitcoin regulation because regulation doesn’t ——ing work!” Speaking of regulations that haven’t worked, massive, multi-national regulations throughout Europe has been the Soup of the Day ever since 1993, with the Euro introduced in 2002, and success has been very hard to find. Recent years have brought even more regulation, followed by more problems, poverty, and violence. The next stage of this tyrannical rule of law will banish the 500-euro note, which is being blamed for the funding of terrorism. Once this scapegoat moves through the regulatory passage, the 100-euro note can’t be far behind. Between the two notes, that is almost 50% of the value of the Euro, overall.

    The entire world is in discussions to do something with digital currency, from China to Australia, to the United States, so why should the entire E.U. be any different? Cash is the last bastion of private economic transfer left, and the banks and regulators colluding against cash may have unforeseen ramifications, like a movement towards digital currencies like Bitcoin, or the more privacy-minded Dash. With negative interest rates also becoming commonplace, these actions may force people to find value elsewhere.

    “We sure need a medium of exchange and we sure need a store of value,” said William White, an adviser to the Organization for Economic Cooperation and Development, said to Bloomberg Business , noting that it’s “not impossible” decentralized currencies will eclipse official money. “If it turns out that the system we’ve got doesn’t provide that, then something else will.”

    Issues with the looming banishment of cash will have severe consequences for some members of the populace. For example, how will the elderly, who are not internet or tech-savvy, get along without cash? Suspicions about government surveillance and abuse are not just an American phenomenon. Many in Germany see how this can give way too much power and control over money to The State.

    Some economists, like Thomas Mayer, a former chief economist at Deutsche Bank AG are calling out the failures of Keynesian economic policies that will use this as a back-door out of economic jail. He says many ruling economists see the abolition of cash as an exit out of their textbook problems,” he said. It’s my suspicion that they haven’t thought through the institutional implications of that. It opens the door to private-sector money (Bitcoin), and that’s a completely new world.

    Removal of cash as an option is definitely in the regulatory pipeline of most Western cultures. It makes a consumer “run on the bank” impossible, it can force people to pay the bank to hold funds through negative interest rates, and opens the door to government monitoring every transaction, and debiting accounts automatically. Regardless of you locale, banning cash will have serious consequences to anyone who wants economic freedom in the future.

    This may increase the long-term value of Bitcoin and certain altcoins, but will it be for the wrong reasons? Many unfortunate p eople may move to the world of decentralized digital currency because they have to, not because they want to.

    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