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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.




  • Bitcoin Price Takes a Wild Ride After Closed door Meeting

    ​​​Maybe China no longer controls 95+% of the global Bitcoin trading market, but it is still a top factor in Bitcoin’s price. If something goes down in China, the rest of the community will get heartburn. Another meeting in China between Bitcoin exchanges and the PBOC caused a major Bitcoin tumble on Wednesday.

    According to Bloomberg, China’s central bank, the People’s Bank of China, had its regulators hold a major meeting with several Bitcoin exchanges in the country, which may lead to more controls in the weeks to come. What was discussed included issues of money laundering, according to one source?

    This caused quite an effect on the market value of Bitcoin, at leats for a few hours. As of this writing, the Bitcoin price started Wednesday trading at around $1075 USD or 7300 Yuan, and it lost over $40 is less than an hour early on Wednesday, or almost 4%. As of this writing, Bitcoin has regained almost all of that previous value lost.

    China’s central bank warned domestic bitcoin exchanges that they risk being shut down if they are found to be in violation of the rules on foreign exchange and money laundering. The exchanges called to meet with central bank officials included nine platfoms, among them were BtcTrade.com, HaoBTC, Yunbi, Yuanbao.com, and BTC100.

    The exchanges should not violate state regulations on anti-money laundering, foreign exchange management, payment and settlement and other financial laws,said an official statement from the PBOC’s operations office.” If a bitcoin exchange is found to be in violation of the above requirements, the circumstance will be serious.

    Bobby Lee, the founder of China’s BTCC Bitcoin exchange, has recently come out against the perception that Bitcoin is the primary engine of “capital flight” in China, and the main source of recent money laundering efforts. (He has also posted a more extensive rebuttal to these ideas in his Medium post earlier this month.)

    The talking point is that many Chinese people are now using Bitcoin as a means to transfer large amounts of their RMB abroad, into other foreign currencies,said Lee. Well, I’m here to tell you that from everything I’ve seen on the ground here, running one of the largest Bitcoin exchanges in China, this is simply not the case.

    And he had this tweet to convey on Wednesday, regarding the issues with the PBOC and their Bitcoin activity taking place:

    Author : Evander Smart

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

  • Venezuela Sets Bitcoin Trading Records Even as Top Exchange Closes

    Due to the closure of its bank account, the Venezuelan exchange is forced to suspend its services in local currency. SurBitcoin hopes to resume activities within two weeks, during which time it will focus on improving their security measures. The exchange recommends the immediate withdrawal of funds in bolivars, according to DiarioBitcoin in Venezuela.

    SurBitcoin notified its users that they felt obliged to suspend its activities in local currency from Friday, February 3. The measure is due to a notice of Banesco in which he was informed that the exchange house bank account would be closed, so this may not trade in bolivars: or withdrawals or deposits.

    Despite the arrests miners and due to the partial closure of operations in the main exchange SurBitcoin , the service person to person has had an unprecedented volume of transactions almost double what was exchanged in December.

    Enthusiasts Bitcoin who buy and sell in Venezuela apparently are not afraid of the latest news that have cast doubt on the stability of the cryptocurrency in that country. The week just passed through Localbitcoins the largest number of operations performed in its history, if they are calculated in bolivars. 1.12 billion bolivars (approximately US $ 337,044, depending on the parallel market price) were exchanged.

    The previous week (the last of January) had traded for 744 million bolivars. In fact, it is the first time the number of operations exceeds the billion bolivars . The number of bitcoins exchanged was 359 bitcoins, when the last week of January fell from 252 hands bitcoins. It grows and grows.

    It is striking that such a volume of operations is taking place despite the climate of uncertainty that has woven with respect to the legality of the currency in the country. Although no government official has made an official statement on the cryptonnet, during the last two weeks of January several operations were carried out to stop the mining activity.

    First, on 26 January, four people were mining Bitcoin were seized in Charallave , Miranda state. Then two days later, it was dismantled one Bitcoin mine in Carabobo state , which had 11,000 teams (two people were arrested) and last week in Caracas police arrested two people for selling mining equipment Bitcoin through website Mercado Libre. Despite this series of arrests, at no time have been affected the buyers and sellers of the criptomoneda. In an article, Journal Bitcoin explained that the sale was still safe in Venezuela .

    However, last week happened a fact that surely made many people to migrate Localbitcoins . The bank Banesco, one of the most important , closed the account Surbitcoin , the country's largest exchange, which prevented the exchange operations in bolivars as of February 3. The same Surbitcoin alerted users about what was happening and recommended them to use the service person to person Localbitcoins if they were in the need to exchange currencies.

    Author : Evander Smart

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

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

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

    Compare Jnauary of 2017 to November/December of 2013

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

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

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

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

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

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

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

    Author : Evander Smart

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

  • Bitcoin Exchanges See Massive Drop in Trade Volume After New Fees

    ​The Bitcoin business world has been controlled by the Chinese market over the last three years, but there is a caveat. The massive volumes put forth by Bitcoin exchanges, BTCC, Huobi and OkCoin have not exactly been on the up-and-up. No-fee trading policies have inflated numbers dramatically, and national financial regulators have come in to begin a more legitimate system. The results have been significant in recent days.

    High-speed, automated traders have made Chinese exchanges their method of choice due to the lack of any real cost to manipulate these systems. The trading volume is done mostly to lower the costs of withdrawing funds, but when over 90% of the world’s trades are happening in just three exchanges, someone has to police the system that wasn’t doing a good job of policing itself.

    Now that the regulators in China and the exchange's top executives have gotten together and made some working revisions that include trading fees, the trading volumes are now vastly different than they were just a week or two ago.

    “One-hour volume at OkCoin fell 89 percent to 1,026 bitcoins at 1 p.m. local time, from 10,062 during the same period on Monday, according to the venue’s website,” says Gary Gao of Bloomberg Business. “Huobi and BTC China saw declines of 92 percent and 82 percent respectively. Prices were little changed, at around 6,350 yuan per bitcoin.”

    These changes can do a lot of good for the greater Bitcoin community. This may lead to less drastic price swings and less volatility. Investors overseas may see the industry as less centralized and move more capital into the market, now that the volumes are not so manipulated or concentrated. Also, fewer speculators and a better cross-section of actual users will be represented by the volumes.

    Overplaying China’s trade volume leads to the wrong conclusion that bitcoin’s value is purely derived from its role as a speculative plaything for Chinese investors, says Neil Woodfine, COO of Remitsy, and a local Bitcoin businessman in Beijing. It leads people to make the mistake that there is (an) existential risk to bitcoin in the Chinese government’s treatment of bitcoin trading or just Chinese traders whimsy.

    These changes may be having an effect on Bitcoin’s price, as Bitcoin fell 2-3% on Tuesday, heading back under $900 USD as of this writing. After a massive bubble to start the year, Bitcoin is down about 6% so far in 2017.

    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 Exchanges in China Change Trading Rules After Regulator Visit

    ​he world of Bitcoin is a new, exciting, and largely unregulated place. This has its pros and cons, but the recent bubble bursting earlier this month caused quite a stir in China, where the lion’s share of the world’s Bitcoin trading takes place. The issues uncovered were enough to draw regulators into the top three Bitcoin exchanges in the world, and this, in turn, has driven these exchanges to alter they way they will do their Bitcoin business transactions in 2017.

    The end of a Golden Era in Bitcoin Trading

    In China, these massive exchanges have made their volumes explode due to their no-fee trading policies. This has attracted new business and has forced a fierce competition for that no-fee business. This has also led to inflated volume trading numbers, as many of these trade made were account owners trading to themselves to drive down their withdrawal fees, the way the exchanges actually earn an income in this business model.

    "(Since there are no transactional fees,) Chinese exchanges generate most of their revenue from CNY withdrawal fees,” said Neil Woodfine, Chief Operating Officer of Remitsy earlier this month. “And these CNY withdrawal fees are tiered based on each trader’s trade volume, encouraging traders to trade as much as possible to lower the cost of withdrawing their profits".

    Problem was that the sheer number of trades attempting to take place when Bitcoin was dropping fast prevented many from accessing their funds and protecting their digital wealth. We reported that some changes were likely to come after this calamity, and some consumer complaints, some discussions with regulators and some internal meetings generated the following policy changes. These will take effect in all three major Chinese exchanges, BTCC, Huobi, and OKCoin, starting tomorrow. Here’s the message on OKCoin’s News page.

    In order to curb speculation and prevent price volatility, currency OKCoin line will take effect January 24, 2017, 12:00 start charging transaction fees, specific adjustments are as follows: 1. Transaction fees according to a fixed proportion collect, sell the yuan, to buy or collect bitcoin, litecoin; 2. active and passive auction turnover rates; 3. service fee charged by a fixed rate of 0.2% of turnover.

    A similar message can be seen on the other exchange’s blogs, news pages, or Twitter feeds. This should reveal the true trading volume of each, and rebalance the market, somewhat. Interestingly, the London’s Coinfloor announced this weekend that they are going to a no-fee trading strategy, effective immediately, obviously to fill this market void and attract a new level of volume from traders around the world.

    So no shortage of major changes in major markets, with Donald Trump getting inaugurated on Friday, Chinese exchanges and their regulators changing their trading practices and Coinfloor looking to become a global force. The news may have influenced the buying market, as Bitcoin values rose about 3% over the weekend.

    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 Connects With Bitcoin Startup Cashaa - Can They Disrupt LocalBitcoins?

    ​​New and innovative services are popping up all the time in the digital currency space and today marks the launch of Cashaa, a new blockchain-based p2p marketplace. Cashaa markets themselves as a new service enabling zero-fee cash transfers. Based out of London by Kumar Gaurav, Cashaa does not charge the cash sender and receiver any fees, Cashaa does not require them to have a bank account or mobile wallet and transactions are conducted at a real-time exchange rate.

    BitConnect sat down with Mr. Guarev to get the details on just how disruptive this new service can be.

    What spurred you to create this service? What is the true genesis of Cashaa?/How did you get started in Bitcoin or digital currency services?

             

    "During my management studies, I traveled and met a lot of interesting people worldwide, and also had to use Western Union. I was wondering why companies would charge so much for something as simple as exchanging money. Losing 10-12% of the money was annoying, and so was the thought that there are people who with honest work make less money than Western Union, which does not create anything itself, but only exploits its customers."

    “In the same time in 2014, I met cryptocurrency traders and got involved in Bitcoin and blockchain. Bringing this together with my experiences, the idea for Cashaa was born. I decided to focus on the cash transfer market, as it is less serviced than bank-to-bank transfers, and people are paying these crazy fees plus exchange rate fees, and technology had not helped in this situation yet. Therefore, I started Cashaa.”

    This sounds a lot like LocalBitcoins.com concept, except the goal is to send money overseas, not with the goal of buying and selling BTC. Is that fair that they are similar in design? Can you perform these trades online, or only in person?

    Unlike LocalBitcoins, we are marketplace matching cash senders with any cryptocurrency traders. It can disrupt LocalBitcoins and cash exchanges at the same time. Now traders can find a trade without the physical presence of their counterpart in the same location. We are opening a global market for the crypto-traders and using the liquidity from cash remittance industry to connect the local bitcoiners in different countries.

    Until now, we have seen that bitcoin or cryptocurrency is being utilized by a very limited section of society with a sole purpose of speculation. But now, with Cashaa, people can send money to their friends and family without any cost without involving in bitcoin and leaving it to the traders who are speculating it on LocalBitcoins or an exchange. Even more, than this, it will help to educate more people outside of the crypto- currency industry by giving them a use case which is touching their day-to-day life.

    Cashaa works as follows: The cash sender sends a request, including how much money they want to have delivered, in which city, and which currency, to whom and in which time. We send a notification to all traders in the sender and the receiver`s city, who then can make their bid to pick up and deliver cash for selling and buying cryptocurrency. Once a match is found, the money sender and receiver are each meeting the individual trader in person, in a public place, in their city. Our current product is for cash in and cashes out.

    “We wanted to serve the most unserved section of the society, which is Western Union customers sending money that are still paying the very high fee. Cashaa is for them, and in future versions, our users will able to send and receive money through bank accounts, credit cards, as many other payment options.”

    So if there are really no fees on trades, how does Cashaa make money?

    “Whereas Cashaa is not charging the cash sender and receiver, we are making money through the traders. Traders through us get an increase in market size and a higher profit margin, compared to their local market. We don't charge any fixed fee like LocalBitcoins or exchanges. Our traders are free to choose their bid and ask price depending on their local market, and we keep anything left between them.”

    I understand this does not support altcoins, currently. Can you explain how that will be implemented in the future?

    The decision to come up with the only bitcoin was due to our test results and market size. In April 2016, for testing purposes, we launched a trading platform called Btc2Bid, which was Bitcoin-only. During testing, we had more than 10,000 traders sign up from 126 countries, who transferred about $2 million USD without us even having to spend anything on marketing.

    Cashaa will first be launched using this network of Bitcoin traders, but we are cryptocurrency/token-agnostic. We are building an internal InterLedger. So, for example, the trader on one side can be a Bitcoin trader, and the trader on the other side can be an altcoin trade. Therefore, we invite traders of any cryptocurrency to join us.

    The year is now 2020. Where is Bitcoin in the world of finance and where is Cashaa in the world of Bitcoin?

    “In 2020, Bitcoin will break all the rumor and negativity made around it and will establish itself into consumer space. Many killer Apps will launch which will help to deliver the advantage of Bitcoin and Blockchain to average consumers. As an asset Bitcoin has proven many times that it rise more sharply when political and economic issues have grown, which I think will bring more institutional investors into the domain to balance their portfolio. “

    Cashaa is one of the service builds on bitcoins and cryptocurrency connect the average and advanced consumers. Cashaa aim will be to develop a decentralized escrow system, exchange and serve as many as countries we can to build a win-win ecosystem for everyone.

    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 Trading in China May See New Controls After Bitcoin Slide

    ​​China pretty much controls the global Bitcoin market, with about 80% of the world’s Bitcoin trading and about 95% of currency exchanges from fiat. This makes how China regulates, or doesn’t regulate, their domestic Bitcoin industry extremely important in the years to come. To this point, China has taken a laissefaire approach to the Chinese Bitcoin industry, but that may be ready to change in 2017. Slightly

    According to the South China Morning Post, the Chinese authorities and People’s Bank of China are mulling whether to introduce third-party custodian services to oversee the world’s largest bitcoin market. This comes after the Bitcoin industry’s rapid national expansion and a recent sharp Bitcoin price fall that has highlighted the potential threat it poses to the stability of financial markets.

    “Regulators have noticed that some bitcoin platforms crashed during the recent market volatilities, causing some investors, particularly those trading with leverage tools, to bear huge losses because they were unable to log on to the website during the sell-off,” the China Securities Journal reported on Tuesday.

    In a perfect world, there may be a truly free market system where no one scams anyone in an investment, but China is not that world, and the raw volume of trading over the past twenty days has drawn a lot of attention in many influential circles. The Bitcoin industry in China has not been prone to theft, fraud or other maladies that used to plague the digital currency, but some tech issues may have been key to some investors taking a larger loss than was reasonable.

    “The bitcoins were not stolen or hacked. Investors suffered loss as they were unable to trade, possibly because of the sudden price fluctuation and large sell offers. Introducing a third-party custodian for the investors would not reduce this risk,” said PwC China Fintech PartnerWilliam Gee, who said based on what happened in early January, the major risk with bitcoin arises from the trading infrastructure rather than the credibility of the trading platforms themselves.

    Maybe individual investors contacted authorities for some level of intervention? Whatever the case may be, the PBOC and others are becoming more involved in the dealing of top Bitcoin exchanges, keeping dialogues open, and looking to make small adjustments into how business gets done.

    As the market is not self-regulated at this moment, this may be a good approach. Leaders withing these large trading platforms are discussing making some ‘rules for the road’ when it comes to their trading practices in the near future, maybe to prevent a heavier hand from authorities.

    “Regardless of the current position adopted by the regulators, recent market activities have certainly attracted their attention. Indeed, we have noticed more active engagement from the PBOC in this respect.” Chun Yin Cheung, another PwC China Fintech Partner, said.

    “Although both mainland and Hong Kong financial regulators have made it quite clear that bitcoin is not a currency and thus not covered by the existing regulatory framework, the bitcoin-related behaviors are evolving and bearing the features of traditional financial market activities.”

    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

  • Coin.mx Bitcoin Exchange Fraud Mastermind Pleads Guilty; Faces Lengthy Prison Sentence

    ​Over Bitcoin’s history, the most destructive and insidious issue that has threatened the community has been bitcoin exchange risk, or outright fraud run through exchanges. Whether it has been Mt. Gox, Cryptsy, or even cloud mining service Hash Ocean, no other issue has affected more Bitcoin’s users or done more damage to Bitcoin’s global reputation. Yesterday, another bitcoin exchange issue has reached a legal resolution with the case of Coin.mx.

    Anthony Murgio, 33, of Tampa, Florida, has pled guilty to several felony charges in relation to the case against the administration of the Coin.mx bitcoin exchange. Murgio was arrested in July 2015 on charges of breaching federal anti-money laundering laws and regulations, as well as on the allegation that he enabled criminal activity by exchanging cash for bitcoins for victims of ransomware attacks.

    This is also just part of his alleged criminal activity. Murgio and criminal cohort, Yuri Lebedev, seemed to have also gained control of the Helping Other People Excel (HOPE) Federal Credit Union. The U.S. Attorney in Manhattan said they channeled funds from Coin.mx through bribery, including bribing Trevon Gross, a pastor and former chairman of the credit union.

    The criminal activity was ramped up in the volume of funds exchanged through the credit union’s services, and this caught the attention of the credit union regulators at the National Credit Union Administration, which then alerted authorities.

    Murgio faces a minimum of 12 1/2 years in prison, according to Reuters, after pleading guilty to three felony counts. These include conspiracy to operate an unlicensed money transmitting business and conspiracy to commit bank fraud as part of a plea agreement.

    “By pleading guilty, Anthony Murgio accepts full responsibility for his conduct,” Murgio’s attorney Brian Klein told Coindesk via email. “Today, he was able to start the process of putting what happened behind him. In connection with his sentencing, we look forward to letting the judge know the many positive things about Anthony.”

    The case is also notable for Murgio’s attempts to have the charges dismissed by arguing that bitcoin was not a currency for the purposes of federal law prohibiting the operation of the unlicensed money transmitting businesses. A U.S. District Court judge ruled against the motion in September, finding that bitcoin qualified as the act describes “funds” versus fiat money, specifically. The judge also said that because bitcoins can be accepted as a payment for goods and services or bought directly from an exchange with a bank account, therefore Bitcoins do function as currency.

    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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Author : Evander Smart

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

  • Malaysian Premier Bitcoin Exchange Is Open for Business

    ​Malaysia, December 6, 2016- The financial world has evolved over time, and now involves various complex exchanges. Among these advancements is the emergence of bitcoin e-currency used for trading, whereby people can perform transactions on the internet with others who are thousands of miles away. Malaysia-based Xbit Asia Sdn Bhd (Xbit Asia) has launched its Bitcoin exchange service to match up with the globe’s advancements. The Malaysian Bitcoin Exchange was opened on September 15, 2016 and has been growing steadily for these past 3 months.

    Xbit Asia is the first ever locally owned Malaysian bitcoin exchange Company, where users can buy or sell bitcoins in Malaysian ringgit. The new Company has also prided themselves on giving its users a top priority security on transactions and fast processing services including different payment methods with online support available.

    The new bitcoin exchange which partnered with tons of exchanges around the globe will be providing excellent liquidity to individual investors, institutions, merchants, miners, exchanges, market makers, arbitrage traders, funds and professional trading firms.

    In a recent interview, Mr. Yuwarajan.K, CEO of Xbit Asia said; “We are happy to begin our operation in Malaysia. Our services allow you to be able to buy Bitcoin in less than an hour and we accept payment and deposit from any local banks in Malaysia. We will also be offering a Merchant Services option for local businesses to accept bitcoins and convert them to local currency by Q1 of 2017.

    Xbit Asia is also striving for an exceptional user experience of every single visit of every customer. The reliable support team will be happy to help users with any questions. To register, please visit www.xbitasia.com

    About Xbit Asia

    Founded by Malaysian digital Entrepreneurs , Yuwarajan .K and Mac Sivanesan in early 2016 . They have been educating the potential of Blockchain technology and the future of Financial Technologies locally here and in South East Asia. XBit Asia saw the future demand of bitcoin and the alternate crypto currency and decided to create a Crypto currency exchange which will be able to provide enough supply and to create a healthy competition in Malaysia. We are doing this by building an innovative and secure financial technology platform, leveraging the most optimal technologies available, including the blockchain.

    To learn more, visit https://www.xbitasia.com

    Website: https://www.xbitasia.com

    Contact

    Yuwarajanrajan@xbitasia.com

    Macmac@xbitasia.com

    The published press release on this page should not be viewed as an endorsement by us. The website or company may be unsafe, untrustworthy, or illegal in your jurisdiction. You should do your own research before investing money in any company or website.