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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.




  • Top Japanese Banks Invest in Top Japanese Bitcoin Exchange

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

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

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

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

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

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

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

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

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

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

    Author : Evander Smart

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

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

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

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

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

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

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

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

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

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

    Author : Evander Smart

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

  • BitConnect Interviews Director of “Banking on Bitcoin;” See Exclusive Movie Clip

    With all of the recent exciting news about Bitcoin price and value over the holidays and New Year, we almost forgot that Bitcoin is getting a new feature film released this week called “Banking on Bitcoin.” It would appear that by sheer luck the timing of this new release couldn’t be any better, as Bitcoin is approaching a new all-time high in market value.

    With a documentary feel and a cast that reads like the who’s-who of Bitcoin, we sat down with the director, Christopher Cannucciari, and discussed the genesis of this film about the world of decentralized digital currency.

    Who was the driving force behind the film?

    “The film began in late 2013 and for as much media coverage surrounding the rising price of Bitcoin, there was very little about how Bitcoin could interact with current financial institutions and national currencies. There were many who were looking into this and I wanted to give them a bigger voice. In those days it was easy to get caught up in the excitement of Bitcoin’s grand experiment, but we really had no idea if it would change money forever or die on the vine. Now we are seeing Cryptocurrency not only changing money but contracts, networks and so much more.”

    “Along the way, we noticed that government organizations were becoming increasingly interested in Bitcoin and it was clear that Cryptocurrency would leave the hypothetical disruptive phase and truly begin to test the boundaries of what sovereign governments would allow. In some ways, the attempts at Bitcoin regulation have been negative, especially for new players. Despite this the fact that it has garnered so much attention from those in business and office, that Bitcoin has gained a certain permanence after weathering these and many other storms.”

    What was the reason, the vision behind this film being made?

    “I wanted to offer not only a snapshot of Bitcoin’s arrival to the public at large but preserve the history of this time through the eyes of those who were involved in taking Bitcoin from the computer to the public. People like Erik Voorhees, The Winklevoss Twins, and Nick Spanos were crucial for getting Bitcoin in front of people who would have otherwise been fearful of it.”

    “I also wanted to follow through with the eventual response from the Government and the banks which Bitcoin had been invented to disrupt. The predictable regulatory response seemed enviable after the systematic demonization of Bitcoin through the Silk Road and BitInstant prosecutions, but what unexpected for us was from the banks. Rather than fight the technology meant to make them obsolete, the banks began to co-opt Bitcoin for their own ends.”

    What is expected to come from this film? What is the end goal?

    “There were two goals essential to making this film; firstly to document and preserve what I felt was the most crucial time period in Cryptocurrency, growth from enthusiasts and programmers to the wider public. Of course, this includes the big three Bitcoin press stories, Mt. Gox, Silk Road and the Satoshi Nakamoto hunt, but we wanted to use those moments to help a new audience look deeper at why Bitcoin has gained so much attention and how these events both hurt and helped Bitcoin’s growth.

    “The second goal was to help start the conversation about how disruptive we want our new technologies. Should we fight for more or less regulation of new powerful tools like Bitcoin? Should we call out the double standards of traditional banking versus banking with Bitcoin? And should be ok with currency controls or allow the public the chance to be in full control of untethered currency?”

    Check out the interview with movie director “Banking on Bitcoin.

    “Banking on Bitcoin” stars Charlie Shrem, Gavin Andresen, Erik Voorheen, Barry Silbert, Cameron Winklevoss, Tyler Winklevoss, Benjamin Lawsky (BitLicense creator,) Alex Winter (‘Deep Web’ creator,) Nathanial Popper, Andy Greenberg and Paul Vigna. Here is an exclusive clip of the movie, which premiers on Friday, January 6th. Visit Gravitas Ventures for more release details.

    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

  • 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

  • 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

  • Banks Beginning to Realize Blockchains May Not Be Their Panacea

    You’ve seen the headlines and you’ve heard the news throughout the mainstream media. Over the last eighteen months or so, blockchain technology has been seen as the greatest technological innovation to hit banking since the Internet itself, and the last real potential upgrade since online banking reached the market almost 20 years ago. Bitcoin’s blockchain technology has done such a great job for Bitcoin that it would surely do the same for the legacy banking industry. That has been the greater opinion recently, but not so fast.

    Might not be as banking-compatible as they thought

    According to the Financial Times, blockchains business case for bankers is not nearly as strong as it is for Bitcoin users. The banking industry wants more privacy in their transactions and blockchains do not offer that. Within the Bitcoin community, Bitcoin provides the privacy and encryption. Banks are not adopting Bitcoin itself, so they are not seeing the full benefit of the system. They seem to be trying to make a cake with all flour and no eggs.

    As a former banker myself, it must be understood that the legacy banking system is fundamentally flawed. Within the banking industry, every person’s identity is tied to every transaction. Publishing actual transactions with fiat currency amounts and balances plus account information with names are not what blockchains were designed for. Even on a closed loop, a much more private system would be better for banking, which is why their blockchains will also travel along a closed network, not that this would stop hackers. Banks want more privacy for another reason: To keep other banks from snooping into their loop.

    To many not greatly familiar with the technology, the blockchain may not carry much value or cache. Some wonder what the difference is with what is currently available.

    “If you’re a business guy you could look at the current construct versus the new construct and say ‘aren’t you just building a big database?’,” says Charley Cooper, managing director at R3, a consortium of 60 financial services institutions working on the blockchain.

    The problem is banking is largely a mass of inefficient systems with too many intermediaries, plenty of competition and new regulations every day. A better system could be a game-changer if you can come up with a new technology that improves an aging system where sending money from one bank to another, or one country to another, can take days or even weeks. I wondered aloud last year if banks could separate and reproduce blockchains from bitcoin as easily as they would. It appears some are realizing that blockchain technology is really optimized for bitcoin transactions, not banking transactions. And adopting new technologies on a closed loop means innovations and updates will be slow to populate throughout the industry. Bitcoin has several updates coming in the near future that banking may never be able to integrate.

    Bankers may one day successfully co-opt Bitcoin’s technology, but are sure to miss the point. Maybe they will make encrypted altcoins power their systems, although they won’t have any real value on a closed, internal network. When it comes to this chicken-or-the-egg story, I refer to Andreas Antonopoulos’ assessment from his “Let’s Talk Bitcoin” podcast #247 when it comes to what is the real innovation, Bitcoin, or its more palatable blockchain technology:

    “I think the entire idea of Blockchain as a technology, without the currency, without the open, decentralized Nakamoto Consensus, is really just a slow database and really of not much use.”

    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

  • Bankers’ Reveal Their Version of Bitcoin: How It All Works

    A group of major commercial banks, led by global giant UBS, is developing their own version of digital cash, using blockchain, the technology underpinning Bitcoin. UBS has teamed up with Deutsche Bank, Spanish Santander bank, and investment giant BNY Mellon to launch what they call the "Utility Settlement Coin."

    A Bitcoin by any other name…..

    Bankers’ Reveal Their Version of Bitcoin: How It All WorksThe group is planning to use the digital cash to settle financial trades using blockchain, avoiding clearing houses and settlement intermediaries. Their plan for blockchain technology could save the industry a fortune, since banks and other financial institutions fork out between $65 billion and $80 billion a year to clear and settle transactions. It would also make the whole process faster, as financial transactions currently take days to settle through clearing houses. Using blockchain could allow for transactions to be settled in near real time, according to UBS.

    Global banks and large financial institutions have been trying to figure out how to use blockchain in a way that would be efficient and safe. Unlike Bitcoin, the USC is not a new currency bypassing the central banks. UBS says the idea is that each USC coin is backed directly by cash sitting in a central bank and is equivalent to one dollar, pound or other currency in which the transaction is made. The digital coin is representing real money in the transaction and spending it is equivalent to spending its real world cash equivalent.

    "Cash is a leg to almost every trade, so this project is key to unlocking the benefits that the industry can gain from distributed automation technology in clearing, settlement and collateral management," said Robert Sams, founder and CEO of Clearmatics, the tech company that developed the concept with UBS. "The aim is to make this a core part of the financial markets ... it has been brewing for some time," Sams said.

    The banks are now trying to get the regulators on board to ensure their technology could be used widely in the future. For those who don’t know, Blockchain, the technology underpinning Bitcoin adn other digital currencies, is based on a public record of transactions. Each transaction between two parties, or a "block," is acknowledged and verified by the whole network of users and added to the chain.

    The blockchain acts like a bank ledger and its transparency makes it very difficult to tamper with the data. There's another advantage to the process -- by using the peer to peer verification system, blockchain doesn't need to rely on central banks.

    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

  • Banks Rushing to Buy Bitcoins For All The Wrong Reasons

    The banking industry has been circling the crypto-currency Bitcoin for years, trying to decide what to do with it. It presents both an existential threat, and an opportunity, if it’s power can be harnessed into a competitive advantage. A smaller bank could leverage the future of digital currency as a way to gain traction and against larger, less nimble competitors. There are plenty of regulatory hurdles standing in the way, and a threat that is very real and present is forcing many to get into Bitcoin, for all the wrong reasons.

    Ready or not, here they come

    It seems the criminal element has taken to Bitcoin much faster than the population at large and have no problem demanding their favorite peer-to-peer currency as the ransom for their hacking crimes. Ransomware has taken off against banks and large companies to the point that many are stockpiling Bitcoins as a form of insurance against a system-wide computer attack. Hackers can encrypt company files and not release this data until they receive Bitcoins in return.

    "In the last six to 12 months, this has just gone so aggressively to the business environment," Marcin Kleczynski, CEO of cyber security company Malwarebytes, tells Business Insider. "We see companies from 25 people all the way to 250,000 people getting hit with ransomware. I talked to a couple of banks and they say they have 50-100 bitcoin ready at all times in a wallet to deploy if a ransomware attack hits.”

    Healthcare and businesses tied to banking and financial services are seeing the most ransomware attacks over the last year. The number of attacks is increasing, with the value of bitcoins rising, and the ability to launch a computer attack for less than $10 USD. Companies can be extorted for anywhere from a few hundred dollars worth to as much as 100 bitcoins. Should companies do the bidding of cyber-criminals?

    "Lives should never be at stake," Kleczynski says. "But if they are, for whatever reason, I would pay the ransom. It’s just money. If you’re a student who has been working on something for four years and don’t have a backup of your Ph.D. thesis, again, it might be appropriate to pay the ransom.”

    One attack may lead to others in the future. No telling if the same criminal will come back for more, at a later date. Such a problem will definitely lead a company to upgrade their IT security systems, but there are as many potential targets as there are companies with online access, so this problem will get worse before it gets better. As long as there are criminals with computers, and Bitcoins that increase in value every year, there will be more of these attacks, so many in these fields are getting their Bitcoin wallets full of digital currency now, just in case.

    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 Progress Report: Can Indian Banks Hold Off Bitcoin Until They Catch Up?

    Every nation seems to have a different view or agenda with the world of Bitcoin and decentralized currencies. Banks and governments tend to be brothers-in-arms throughout the world when it comes to regulations and legal rules of economic empowerment. The billion-strong nation of India seems to have a plan for at least letting the banking system get its act together before releasing “The Future of Money” from its regulatory web.

    Establishment options try to head off Bitcoin at the pass

    bitcoin news indian governmentIn some countries, a central bank can make regulations over the unregulated that actually carry some weight when it comes to FOREX exchanges within the country. The Reserve Bank of India has created some regulations on Prepaid Payment Instruments in India, dating back to some fifteen years, in regards to the creation of things like mobile wallets.

    3.2 Only banks which have been permitted to provide Mobile Banking Transactions by the Reserve Bank of India shall be permitted to launch mobile-based prepaid payment instruments (mobile wallets & mobile accounts).”

    The vast majority of the nations of the world have no real regulatory agenda for or against Bitcoin, creating a grey area, which in general can be a positive. Last year, Nishith Desai, founder of Indian law firm Nishith Desai Associates, published a white paper on the legality of Bitcoin in India, proving that it is not illegal to mine, hold or sell BTC in the country. This has helped Indian Bitcoin businesses begin to build a following.

    Unocoin has taken off as the leading Indian bitcoin wallet, and there are two popular Bitcoin exchange options, in Coinsecure and BTCXIndia. Now, Indian merchants can accept Bitcoin directly through Unocoin's mobile app with no application fee, transaction fee or processing fees.

    The establishment’s banking industry is also stepping up their game in the peer-to-peer payment sector with Axis Bank’s Ping Pay, which allows payments to anyone in your social network whether they have an Axis account or not.

    Competition is a good thing for consumers, whether it is mobile apps or peer-to-peer currencies, and India is becoming one of the world’s largest consumer markets. Bitcoin seems to be off to a decent start and has not run into any legal threats. Grey areas can be good areas for economic freedom.

    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