1 BTC () = $1062.16 | 1 BCC = $0.73

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 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

  • BitPay Updates Three New Bitcoin Projects

    BitPay, who claims to be the world’s largest Bitcoin merchant processor, has been hard at work since the start of this fiscal year on several new Bitcoin projects. Today, BitConnect will connect you to three of them. First, BitPay has announced that they have come to terms with crowdfunding equity platform WeFunder to accept Bitcoin directly.

    World’s largest equity crowdfunding platform

    WeFunder has been in development for years but has been “live” only since May 2016. Even in that short period of time, they have made quite a bit of progress and started off strong. WeFunder has raised over $26 million USD for 135 new startups. They help fund U.S.-based businesses and corporations, but can now easily receive international payments with Bitcoin, thanks to BitPay. New startups using WeFunder can receive anywhere from $20,000 to $5 Million USD.

    “Bitcoin presents a big opportunity for equity crowdfunding platforms like WeFunder,” said BitPay in an official statement. “Currently, non-US citizens who want to invest in American companies have to rely on bank wire transfers, which can be costly for senders and difficult for recipients to track and receive in full. That means WeFunder and its platform companies gain a better way to reach international investors and the bitcoin community around the world.”

    BitPay also announced at the Money 20/20 financial technology conference Monday that they have integrated their CoPay wallet with Intel’s seventhgeneration Software Guard Extensions to bolster their security profile. Intel’s security platform creates a protected space where Bitcoin code and keys can perform functions without being compromised. This should see a release in early 2017.

    “The Intel processing chip is isolated from the rest of the machine in a secure execution environment, so neither compromised software nor a compromised PC can expose a Bitcoin user’s funds or private keys to risk from attackers,” explained BitPay marketing and communications manager James Walpole. “The Intel integration is sort of like a safe zone where the things that could be dangerous on a compromised machine become safe to execute.”

    And Bitcoin has released their updated mobile wallet on Google Play. It ties in directly to newer BitPay features like their BitPay Bitcoin Debit Visa Card (highly recommended, if you like in the United States) and it uses an open-source code for auditing purposes. Key features in their latest wallet update include hierarchical deterministic (HD) address generation and wallet backups, multiple bitcoin wallet creation, and management in-app, the ability to buy Amazon gift cards, and support for 150+ currency pricing options and unit denomination in BTC or bits.

    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

  • Shapeshift Closed; Forced to Rebuild From Scratch After Hack Attack

    The only thing more difficult than building a successful Bitcoin-based trading platform is protecting it from hackers looking for Bitcoins. Some of the world biggest and best Bitcoin platforms have discovered this, from Blockchain.info to LocalBitcoins to Mt. Gox. The latest casualty of the hack attack is Shapeshift.io, which has fallen prey to a loss significant enough to force an extended shutdown of their site a rebuild of their infrastructure, from the ground up.

    The Fox was hunted and captured

    The only good news is no Shapeshift customers lost funds, according to the company. The cyber-thieves only made off with funds from what ShapeShift calls their "hot wallet inventory fund.” Shapeshift’s unique design may have saved their customers from any losses. Shapeshift doesn't require users to create accounts. The service lets users transfer funds from one Bitcoin wallet to another using a universal transactions dashboard.

    “By design, ShapeShift doesn't hold customer balances, so even in the case of a security breach, there is no customer money at risk. However, a portion of our own hot wallet inventory funds was taken, but nothing that will interfere with operations once our new environment is online. This is also by design,” says CEO Erik Voorhees on the company’s Subreddit page.

    Something very similar happened almost exactly one year ago to another Bitcoin trader, BitQuick, who following a series of cyber-attacks have also decided to also go into dry-dock on their web-based services, which they hope to resume later this month. BitQuick’s message is virtually the same as Shapeshift’s, mentioning securing their codebase and performing security audits.

    “We are upgrading infrastructure, we will likely be down for a few days,” is the corporate message on their dormant website. “Apologies for the downtime, we're working hard to bring the fox back bigger and better."

    CEO Erik Voorhees has not made a tweet since this incident but has said previously that the site will continue on. The official Shapeshift Twitter feed was a flurry of activity over the weekend, as the company tried to keep the site up, only to reconsider on Sunday. Any pending customer transactions would be refunded within 24 hours.