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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.




  • 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

  • Bitcoin is the World’s Top Economic Safe Haven of the 21st Century - Proof

    ​​No one has done this before, to my knowledge, so I’ll lay it out there for the world to see, in black and white. Bitcoin is the world’s top economic “safe haven” of the 21st Century, and I’ll provide you with four examples. These examples are from some recent economic crisis that had mainstream investors running for the “Eject Button” on their investment fighter jets, and they have sought to land in Bitcoin over the most recommended precious metals, Silver and Gold.

    Obviously, we can only cite examples from after the “Genesis Block” of Bitcoin on January 3rd, 2009. Feel free to check my math in the links provided, as I will not be using many images. Let us begin with the infamous and inaugural banking “bail-in” in Cyprus, from back in April 2013. This was essentially what put Bitcoin on the mainstream map as an investment option during economic turmoil.

    Keeping the history lessons brief, the “bail-in” of Cyprus reached critical mass in March-April of 2013, where the central and commercial banks conspired to “recapitalize” the banks from the accounts of depositors. This led to a run on little-known Bitcoin, which was trading for less than $35 USD before this unique event occurred in the Meditteranean Sea.

    For any Bitcoin prices during these indicated price periods, please go to BitcoinAverage.com and select “All” from the time field. Bitcoin started March of 2013 trading at around $33 USD, peaked on April 9th of the crisis at over $213 USD and finished April at just under $139 USD. I’d say an over 500% increase in price during this period is indicative of skyrocketing demand and is probably not a coincidence.

    Historical Gold and Silver prices are provided by PMBull.com or silver-and-goldprices.goldprice.org. Gold started the March 2013 at $1572.30 USD and Silver was trading at 28.45. End of March, Gold was trading at 1594.80 USD and Silver at $28.29 USD. So Gold was up less than 0.1% and Silver was down. This would not indicate much interest in March when Bitcoin went from about $33 USD to over $92 USD.

    On the day Bitcoin peaked during the crisis, Gold traded for $1586.20 USD and Silver at $27.87, so both Gold and Silver dropped during the peak of the crisis. I believe that proves Bitcoin was a qualified safe haven ahead of Gold and Silver during this economic event. Let’s move to “Grexit” in the summer of 2015.

    July 2015 typified the Grexit economic crisis and was a big month for Bitcoin trading and price movement, though not as dramatic as Cyprus was in USD values. However, let’s start with Gold prices for the month. Gold started by closing July 1st at $1168.65 USD. It’s highest value for the month was July 6th when it sold for $1173.60, and it finished the month down at $1094.53.

    Silver started July 1st closing the day at $15.57, peaking at $15.74, the same day that Gold peaked and closed the month down at $14.81.

    Bitcoin started the month of July at $260.75 USD, reached a high of $305 on the 12th and finished the 30th at $289.70. So Gold rose less than $5 USD in July, Silver less than a quarter, but Bitcoin rose over 10% for the month, with a peak gain of over 17%. Point #2 made.

    Let’s move to June of this year. The Brexit, where the British Pound dropped to 30-year lows. The Brexit Referendum date was June 23rd, 2016. On June 1st, Bitcoin was trading at $535.17. On the 19th, four days before the vote, Bitcoin reached its high for the year at $758.31, a gain of almost 42%, and it finished the month at $656.19, up almost 23%.

    Gold had gained this month too. It started June at $1213.35 USD, peaked for the month after the vote, on the 27th, indicative of value provided by the event, at $1325.55, a gain of 9.2% at its peak. It ended the month at $1322.18, a total gain of less than 9%.

    Silver started June 1st closing at $15.96 and rose steadily through the month, and into July as well. It closed June 30th at its best price of $18.71, a gain of 17.2%. This was almost twice as much of a gain as Gold, but still well behind Bitcoin for the month and less than half of its peak performance. Third time in a row that Bitcoin beats the precious metals market.

    Finally, let’s check out the election of Donald John Trump as America’s 45th President. We’ll just focus on the 7th of November to the 11th to see how the market reacted form that Monday, the day before the election, through Friday.

    Looking at Gold first is pretty easy. Gold dropped in value all week, from $1280.94 to $1225.85 at Friday’s close. Silver did better than that, but not much better. Silver started the week at $18.22 USD, peaked on Thursday at $18.64 and dropped big of Friday to $17.34. Not much market demand I’d say, given the most powerful man in the world is going to be a reality show star, which might scare market observers just a taste.

    What did Bitcoin do that week? Started the week at $708.85, rose to $724.14 on Thursday the 10th, and finished the week just above $720 USD. Not huge gains, in the 2% range, but easily ahead of Gold and Silver. Again.

    You can dismiss the final trial as statistically insignificant. Bitcoin may have just risen through its natural appreciation curve during that time, and the election may have had no effect at all on Bitcoin. This is possible. I'll take a two-point win over a loss any day.

    The point isn’t to cast shade against precious metals, or to say they have proven to be poor investments. They are excellent holds, in the long term. And to say these markets aren’t controlled and manipulated by major banking interests would be pure ignorance. Bankers have manipulated these markets for years, been caught more than once, and were hardly punished, which incetivizes them to keep on keeping on.

    Gold and silver may really be worth many times more than what they trade for but what can you do about it? The only ones punished were the investors left holding the bag of coins worth much less than they should, namely the minor investors amongst us.

    Unfortunately, a good reason to avoid the precious metals markets may be that you may never really get true value for your money, due to corruption, unlike Bitcoin’s market, which appears to be as free as financial markets get. Sound money at a true market value? What a concept!

    The point is when the chips are down, people are not moving into Gold or Silver. They have proven, time and time again, to head into Bitcoin, and probably make a nice profit on the back-end, with Bitcoin holding its value after the storm has passed.

    These are not opinions. These are Bitcoin value facts. Enjoy the truth of the matter, and have a great weekend!

    Reference:

    http://www.zerohedge.com/news/2016-12-08/deutsche-limplicates-other-banks-silver-gold-scandal

    https://www.bloomberg.com/news/articles/2015-05-20/six-banks-pay-5-8-billion-five-plead-guilty-to-market-rigging

     

    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

  • Circle Announces More Pivots Away From Bitcoin

    There was a time when Circle was positioning itself as the first global bank of Bitcoin, which was interesting considering the fact that Bitcoin brings banking to the individuals themselves. This idea might have come from their association with Goldman Sachs. However, this business model has not panned out to Circle’s satisfaction when it comes to centralizing Bitcoin transactions, as they announced this week that they will not be brokering Bitcoin transactions directly going forward.

    "Using bitcoin for speculative trading or people buying and selling bitcoin because they think it's fun, that’s not an interesting business for us," Jeremy Allaire, Circle's chief executive and co-founder, said in an interview with Reuters. "It's a distraction to have to support these customers given that our growth has been on our social payments business.”

    This may be because Coinbase has beat them at their own game, and Circle will refer Bitcoin users to Coinbase for those Bitcoin transactions. Circle says that they have not totally turned their back on the digital currency, as they will still convert the currency into fiat as needed via their app without fees. However, Allaire is not impressed with the progress into the mainstream Bitcoin has made.

    "A few years ago when we started the company, bitcoin is the only digital currency technology that mattered," said Allaire about Bitcoin’s progress, in his view. "We obviously envisioned it as a mainstream phenomenon and we had expected more progress in terms of technology development, but the development has slowed in the last three years."

    Circle is also focusing more on its international remittances business by forming more commercial partnerships. South Korea's Korbit and the Philippines' Coins.ph are new connections and they will work to integrate their Spark opensource platform to use digital wallets to share value.

    The company began business in 2013 and can convert Bitcoins into Pounds, Euros, or U.S. Dollars. Circle customers holding bitcoin balances may also simply continue to hold their bitcoin with Circle and receive Circle’s bitcoin insurance. Circle states that they will continue use of bitcoin as a settlement token and network behind the scenes, focusing on getting more digital wallets to adopt public blockchains as open transaction settlement networks.

    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

  • Vietnam Goes on the Legal Defensive To “Deal With” a Bitcoin Future

    Bitcoin’s digital currency is a rather new phenomenon in many nations around the world. The vast majority of the nation of the world have no regulations in place, or any real understanding of Bitcoin, overall. This is understandable, as most of Bitcoin's usage is centered around a few major nations, like China, Japan, and the United States. However, this has not stopped Vietnam from addressing Bitcoin and the growing world of decentralized digital currencies more directly, as we head into 2017.

    The Vietnamese government and agencies are currently drafting proposals that will focus on "Improving the legal framework to manage and deal with all kinds of virtual property, electronic money, virtual money," sources told Bloomberg. They refer to Bitcoin as “virtual currency.”

    The legislation seems to paint Bitcoin in a negative light, from the State’s perspective, highlighting potential issues including causing losses to the budget, or a tool for tax evasion, money laundering, bribery and weapons sales, and also raises the risk of bleeding in foreign currency, destabilizing financial markets currencies.

    Current Vietnamese law acknowledges “virtual assets” exist, and are legal, either tangibly or intangibly. According to their internal audits of such properties, Vietnam has over 100 million banking card account and over two million “digital wallets.” However, things like calling cards are not included and have little regulatory framework.

    "Vietnam law has provisions on electronic money but….there is still no uniform …..between electronic money and virtual currency. So research is needed to clarify understanding and unified management policy for each audience,” the draft text stated.

    There are several Vietnamese laws on the books, including State Bank Law of 2010, the Credit Institutions Act, 2010, the Foreign Exchange Ordinance of 2005 (amended in 2013,) the Electronic Transactions Act of 2005, the Information Technology Act of 2006, and Decree 52 of the Vietnamese Government, but none ban or prohibit currencies like Bitcoin.

    According to the Government, “the objective of the project is to build the full review, a comprehensive legal framework for virtual property, electronic money and virtual currency in Vietnam,” states a report by VnEconomy. “Clearly define the position and responsibilities, the role of State management agencies, chaired construction, finishing to minimize legal risks the financial system from virtual currency, virtual property, electronic money.”

    Back in March, BitConnect reported that the Department of E-Commerce and Information Technology in Vietnam had recommended that organizations and individuals should not make the transactions related to the kind of "virtual money.” Dating back to 2014, the State Bank of Vietnam has stated that the possession, sale and use of "virtual money,” like Bitcoin or other altcoins, as an underlying asset class is very risky for the people and are not protected by law.

    This new draft proposal should become clearer, and eventually become law at some point in 2017. BitConnect will keep you up to date on its progress as we get more information.

    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

  • South Korea Begins Transition to Becoming a Cashless Society

    People who use Bitcoin as “early adopters” are really people who are a few years ahead of a global trend or financial curve. Bitcoin is digital cash, and the rest of the world is now moving away from physical cash and is becoming more Bitcoinlike every day. Nations are building their own blockchains and digital currencies. If you can’t beat Bitcoin, join Bitcoin in the “Digital Currency Age.” The next nation to publicly declare their digital intentions is South Korea.

    The Bank of Korea, South Korea’s central bank, has begun a program to remove coinage from the culture over the next 5 years. The plan is to funnel the populace into using these coins to fund the nation’s popular “TMoney” card that is used at popular stores, taxis and public transportation sites throughout the country.

    "When we make a 10 won coin, it costs more than 10 won," said Lee Hyo-chan, head of research at the Credit Finance Institute in Seoul to the Financial Times, adding that "if Korea goes coinless, it is good for both customers and sellers as sellers will not need to prepare enough coins for their business."

    South Korea’s use of cards for payments is amongst the highest in the world, and their use of fiat currency for payments among the lowest. Only 1 out of 5 payments are made with cash, where in the United States it is close to 1 out of 2. The average South Korean citizen also has about 2 credit cards, making fo fertile ground in the global attack on cash as an economic option.

    "We can save a lot of cost by not using cash," said Kim Seong Hoon, a researcher at the Korea Economic Research Institute. "If we abandon cash, we could see 1.2 percent extra economic growth a year. A cashless society can help us tackle low growth, low inflation, and the low-interest environment.”

    On the surface, this is very sound and logical, to remove cash from the system to save money in production and security costs. The downside is when every transaction goes digital, all of that meta data and information is stored on a central server somewhere. It is shared with some intermediaries within the system. And it will be hacked by someone. Cash removes these real threats from the consumer’s economic profile and gives them the freedom and peace of mind a fully digital society may never offer again.

    Will you trust your national bank and government’s future copy of Bitcoin? Or will you stick with the original? If you’re going to go digital currency, choose your digital currency wisely.

    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

  • Another Day, Another Bank Found Rigging Global Finance Markets

    As a banker on Wall Street, from 2008-2011, I learned a great deal about the way the world turns. You know what they say, “Money makes the world go ‘round.” It proved much different in the real world than my standard college education in economics. Colleges do not teach you how to become a banker, much less how the FOREX market really does business.

    Like politics, the banking industry definitely has a seedy side, an underbelly, that I was not comfortable with, ethically, so I heading into the Bitcoin space. This story underscores why many good people in banking have headed for higher ground. Deutsche Bank has settled their market manipulation lawsuit from 2014 for a reported $60 Million USD.

    This is not standard industry practice, is it?

    Before I get to that, let’s go over what happened here. If you are an investor in precious metals, you may have noticed a disturbing trend in the value of gold and silver over the last five years or so. After peaking at about $1800 USD for gold and about $40 USD for silver back in 2011, the two popular investments have plummeted, causing silver investors to lose more than half of their value and gold to lose about 30%.

    Some found it strange that every financial advisor, known as FAs in banking circles, and television investment expert have told people to buy gold and buy silver for the last five years, yet the price has dropped in lockstep with all of this new money. It turns out that these precious metals markets have been controlled for years by banking interests like Deutsche Bank, and other banks.

    Deutsche Bank hasn’t even bothered to deny the claims against them in a classaction lawsuit outlining the following offenses against the common investor: employment of manipulative device claims, bid-rigging, and unjust enrichment, price fixing and unlawful restraint, price manipulation claims, and aiding and abetting and principal-agent claims.

    You see banks can independently, or collectively, manipulate a global market, or stock on an exchange, by “shorting” the stock or commodity, basically betting that it will lose value. This can be very profitable in a market as large as the global FOREX or gold market, and as you can see from any 5-year price history of Gold and silver, Deutsche Bank has made plenty of money doing this over the years.

    They certainly aren’t alone in this level of shadiness. Last year, the United States’ Department of Justice found some of the world’s largest banks guilty of currency and interest rate manipulation. Citicorp, JPMorgan Chase & Co., Barclays, Royal Bank of Scotland and UBS Group AG were found guilty of collusion, aligning positions, and timing transactions. The “short” of this story is that the markets are rigged, from the LIBOR to U.S. real estate, to interest rates, to precious metals like gold and silver.

    $60M USD is hardly a fine, as Deutsche Bank has made far more than that, you can be assured. This is a tacit slap on the wrist, and really a wink to keep doing it, maybe in a less obvious manner, and make sure other smaller banks don’t piggyback off their con game. Deutsche Bank made a very nice profit, and no one is going to jail, so what’s the problem?

    The only problem is you, the common investor, lost your shirt in their global 3- card Monty game over the last five years. If you think they’re the only bank rigging the precious metals market, you’re just a babe in the woods. This settlement is a farce, and it is meant to give the illusion of the policing of these markets. These are felony crimes where no one goes to jail for theft or embezzlement. No better than what Mark Karpeles did at the Mt. Gox exchange in 2013, just on a much grander scale.

    It is important that you understand the relationship between governments and banks, so I’ll wrap it up for you with these couple of paragraphs from “The International Man,Doug Casey, who explains it better than I ever could. (Get his free newsletter, BTW. Highly reommended.)

    “Governments, who are all bankrupt, borrow money from commercial banks. Commercial banks have lent it to them because they believe it’s a risk-free loan. Governments encourage them to lend recklessly, hoping that will jump-start sluggish economies. Central banks, which are the arms of their governments, have taken interest rates to zero and below for that reason and to make it easier for governments to service their debts.”

    “This policy has encouraged businesses to take on debt. It’s an idiotic and reckless experiment that will end, likely in this economic cycle, with bankrupt central banks and governments bailing out bankrupt commercial banks and businesses. Just the way they did in 2007–2009. Except this time (in the coming global economic crisis) the situation is much more serious.”

    So this is something you should keep in mind, going forward. Are you investing in financial systems that are rigged by the banks against you, like FOREX, gold, and silver? Or are you investing in sound money, free-market capitalism markets, like Bitcoin?

    If you want a legitimate economic market to invest in, Bitcoin may be “The Last of the Mohicans.

    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

  • Irreversible Transactions Need Irreversible Protection: Bitcoin Gets Exchange Insurance

    ​Many users of Bitcoin have misgivings about using a new currency whose transactions are essentially final and irreversible. In Japan, this is even more prevalent given the Mt. Gox Bitcoin exchange history. People want more protection of the money, and their precious Bitcoin, in particular. Mitsui Sumitomo Insurance says they will provide this layer of coverage with a new insurance product built specifically for the Bitcoin community in Japan.

    According to Nikkei Asian Review, Mitsui Sumitomo Insurance will launch an insurance product specifically designed to cover losses and damages at bitcoin exchanges. The product, developed with Japanese bitcoin exchange operator bitFlyer, will protect both exchanges and their customers. The total coverage, ranging from 10 million yen (About $88,000 USD) to 1 billion yen ($8.8 Million USD), will be offered against damages and losses caused by cyber attacks and other unauthorized accesses, as well as mistakes and impropriety by employees.

    The insurance will also pay for the costs of dealing with problems, such as notifying customers of an incident and handling damages suits from outside Japan. The insurance premium, calculated based on the exchange's commission revenue, will range between several hundred thousand to several million yen. Similar products are already offered in some countries, but this will be the first of its kind in Japan.

    Total monthly transactions at bitFlyer, Japan's top bitcoin exchange, exceed 100 billion yen, but most of the exchange's domestic peers operate on much smaller scales. Meanwhile, damages from a single cyber attack could reach as high as several billion yen. Since those small exchanges do not have the financial resources to cope with such large damages, their customers face the risk of not being able to recover losses.

    The new insurance product from the MS&AD Insurance Group Holdings subsidiary may help ease such anxiety among bitcoin users, especially those who keep their bitcoin holdings at small exchanges who may not have the funds, or insurance, to cover massive losses from a hack that takes hundreds or thousands of valuable Bitcoins.

    This product may definitely be the right product at the right time in Japan. More and more people are buying Bitcoin as an investment, while new Bitcoin payment services allowing people to send Bitcoin and pay for bills and utilities are also rising. Japanese market research firm Seed Planning in August predicted that total bitcoin transactions at exchanges that accept orders denominated in Japanese yen will quadruple between 2016 and 2017.

    The Japanese Yen is currently the #2 most-converted currency in the world for Bitcoin’s digital currency, behind the Chinese Yuan.

    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 Bankers and bitFlyer Bitcoin Exchange Release Blockchain Banking Report

    Every banker is looking for an edge over another banker; something to separate themselves from the pack and say to the consumer “This is why you should bank with me.” All banks have debit cards, checking accounts and alike. Virtually none have the latest blockchain technology in-house, but in Japan, this may change as early as next year. A nine-month multi-bank test of Bitcoin’s blockchain technology versus the traditional wire transfer system has been completed and we have the results.

    According to the report, seen in its entirety here, Mizuho Financial Group, Inc., Sumitomo Mitsui Banking Corporation, Mitsubishi UFJ Financial Group, Inc., the Deloitte Tohmatsu accounting group and the Bitcoin exchange bitFlyer have been running Blockchain tests for virtually all of 2016, with the final tests concluding in September.

    The goal was to see if Bitcoin’s Blockchain technology could hold up to the rigors and speed requirements of the current currency transfer systems. You could say that these tests were successful.

    “Blockchain's low processing speed was seen as a major drawback of the technology,” said the Asian Nikkei Times. “But researchers were able to conduct 1,500 transactions per second using Blockchain, on par with the nearly 1,400 transactions the current interbank wire system is capable of handling at peak times.”

    The banks again were not mentioned, but they are known to be the three largest banking groups in Japan. New regulations in Japan, which began this spring, have brought the economic value of the Bitcoin digital currency on par with the Japanese Yen, and these regulations have given Japanese corporations a legal field to work in as they seek to capitalize on the improvements this new technology can provide. The report states that the technology performed as advertised.

    “In terms of technology, considering the level required for actual operations of interbank payment services, though the range that could be verified in this practical experiment is limited, fatal defects were not identified and it is considered that blockchain technology can be applied to the area.”

    “In the assessment of the experiment environment constructed this time, it was proven that the performance throughput, in particular, achieved 1,500 transactions per second and that the level sufficient for actual operation is expected.”

    Cost benefits were also realized in several areas:

    “As a result, several points of cost reduction were confirmed on the central system side, and it is confirmed that system cost could be reduced by utilizing blockchain technology.”

    The successful nature of the tests has meant that greater implementation of the Blockchain technology in the banking sector is expected in 2017. Startups in the region that build Blockchains may see some very large contracts from the banking industry in the months and 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

  • San Francisco Subway System Says They Won’t Pay Bitcoin Ransom

    The holiday season may be a time for families and gift-giving, but it also seems like a time for hacking and ransomware. Just in the last few days, three new ransomware attacks have hit the news, all looking for Bitcoin. The most highprofile instance is with the shutdown of the computerized payment system of the San Francisco Municipal Transportation Agency or MUNI. After about a week under siege, they say they will not give into the attackers and will pay no Bitcoin ransom.

    Never Considered Paying

    Every situation is different, it is always best not to pay cybercriminals, but a MUNI spokesperson said they had never considered making any Bitcoin ransom payment. The demand is for 100 BTC, which translates to about $73,000 USD. The attack started last week and forced MUNi to allow MUNI users to go fare-free on Friday and Saturday, costing them over $1 Million USD in lost revenue.

    "We have never considered paying the ransom," Muni spokesman Paul Rose told Bank Info Security. "We have an IT team that can fully recover our systems, and they are doing that. Based on internal information and in a conference with the Department of Homeland Security, they do not have access to critical data files. Access to payroll timekeeping was, but we manually kept time for employees.”

    Matthew Schwartz of Bank Info Security contacted the email provided by the hacker to access the Bitcoin key for payment. He did receive a message back from someone going by Andy Saolis, who seemed glad to chat about the hack if he is the one pulling it off. The less-than-stellar English grammar left on the MUNI system matches Saolis’ syntax pretty closely, leading one to believe this is the mastermind. Muni reports that their payment machines are back online.

    "If some hacker tries to hack your transportation infrastructure target-based, it's have more impact!" he told Schwartz. He threatened to dump "publish 30G databases and documents include contracts, employees data, LLD Plans, [and] customers" information without a payment. “Sorry for my English anyway ;)" he added.

    As Bitcoins become more and more valuable, these attacks may pick up steam in 2017, since Bitcoin may become somewhat unaffordable to obtain by legitimate means. If anyone has a DDoS service protection for businesses in the works, your business should soar like Bitcoin prices for some time 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

  • Bitcoin Prices Soar to $1250 USD in Certain Cash-Strapped Countries

    Bitcoin has had a great year overall when it comes to gaining value and demand. Blockchain announced that the number of Bitcoin wallets they have created has doubled in the last twelve months from over 5 million to over 10 million. Overall pricing has increased at almost 70% for the year, trouncing old standbys like gold and silver as much as 3-to-1. Now, India is being forced to begin using Bitcoin as a digital currency due to cash bans, and the price is pretty steep.

    November 8th was quite a day in history

    On November 8th, Donald John Trump was named the 45th President of the United States. And on that day, India demonetized a huge segment of their cash economy, removing 500 Rs and 1000 Rs from circulation, which represents almost 90% of India’s cash economy, which is about 90% of the overall economy.

    In lieu of using Rupees, Bitcoin has gained tremendously in the Indian region. It is trading at over 62,000-67,000 Rupees over the weekend or between $909 and $985 USD at Indian Bitcoin exchange Unocoin. Zebpay is constantly selling Bitcoins for over $900 USD, or almost 62,000 Rupees, and their prices have peaked at $996 USD.

    These prices are over 35% higher than the global market average price of $735 USD. You might think this is the highest sale price for a Bitcoin right now, but that is not the case. In Nigeria, the Nigerian Naira currency is converting at a rate of about $1250 USD per Bitcoin.

    As new 500 Rs and 2000 Rs currency notes are introduced in India, supplies are still limited. People are restricted to just 4000 Rupees a day, or about $60 USD, in value for withdrawals. The money supply is believed to return to near normal towards the end of this year, but until then, demand for Bitcoin will remain high, and a new country will be exposed to the value and benefits of a decentralized digital currency.

    The Indian government, led by Prime Minister Narendra Modi says the banknote ban is aimed at cracking down on corruption, people with unaccounted wealth, and counterfeiting of notes. One of his campaign promises was to curb tax evasion and unaccounted wealth. This will help the banks and government, but how it is helping the people of India is unknown.

    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