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What is Bitcoin?

Bitcoin is a digital crypto-currency with no single point of failure due to its decentralized peer-to-peer architecture. The source code is publicly available and changes to the reference Bitcoin client are made via concensus within the community. Advantages of Bitcoin include irreversible transactions (i.e. no possibility of chargebacks as with credit cards), pseudo-anonymous, limited and fixed inflation, near instant transactions, multi-platform, no double-spend and little to no barriers to entry and more. It was created by an anonymous person known as Satoshi Nakamoto. Find out more at WeUseCoins.com.

Bitcoin Latest News

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Posted on 11 December 2017 | 7:43 pm

'According to Plan': CBOE Bullish on First Day of Bitcoin Futures Trading

The first day of trading for CBOE's bitcoin futures contracts is over and the day largely went according to plan, according to its CEO.

Posted on 11 December 2017 | 6:05 pm

Bitcoin: Does it really use more electricity than Ireland? - BBC News


BBC News

Bitcoin: Does it really use more electricity than Ireland?
BBC News
A widely-used formula to calculate energy consumption is from the crypto-currency blog Digiconomist, which relies on the performance specifications of common mining technology. It takes total mining revenues as a starting point, estimates the ...
Bitcoin Mining Operations Increase Sharply Resulting in BlackoutsCointelegraph (Bitcoin, Cryptocurrency and Blockchain News)
Bitcoin mining likely uses more energy than it takes to keep New ...ABC Online
An Expert's Guide to Navigating the World of BitcoinBloomberg
Digiconomist
all 27 news articles »

Posted on 11 December 2017 | 5:26 pm

Munchee ICO Halted by SEC for Securities Violations

Munchee ICO Halted by SEC for Securities Violations

On December 11, the U.S. Securities and Exchange Commision (SEC) issued a cease-and-desist to California-based Munchee Inc. to stop their ICO and return the funds that had been collected.

Munchee had been seeking $15 million in capital to improve their existing mobile app and create a restaurant review ecosystem that they described as being “Yelp meets Instagram” in their Bitcointalk announcement. The problem arose when Munchee emphasized that it would take steps to create a secondary market for the tokens as an investment vehicle, leading investors to have a reasonable belief that their tokens would rise in value, long in advance of the utility of the token being made available.

In the SEC announcement, Stephanie Avakian, co-director of the SEC Enforcement Division, said, “We will continue to scrutinize the market vigilantly for improper offerings that seek to sell securities to the general public without the required registration or exemption. In deciding not to impose a penalty, the Commission recognized that the company stopped the ICO quickly, immediately returned the proceeds before issuing tokens, and cooperated with the investigation.”

In the SEC complaint, the commission argued that the MUN tokens were considered securities because “they were investment contracts” and were deemed a security regardless of their utility at the time of the sale. Munchee consented to the SEC’s order without admitting to, or denying, the findings.

The action is significant as it shows the willingness of the SEC to step in and take action. It also illustrates a willingness on the part of the SEC to work with companies that are cooperative when they run afoul of the regulations.

The post Munchee ICO Halted by SEC for Securities Violations appeared first on Bitcoin Magazine.

Posted on 11 December 2017 | 3:19 pm

Some Americans are taking out mortgages to buy Bitcoin, regulator tells CNBC - The Australian Financial Review


The Australian Financial Review

Some Americans are taking out mortgages to buy Bitcoin, regulator tells CNBC
The Australian Financial Review
Bitcoin has just punched through $US17,000 ($22,580) on the Bitcoin platform and some Americans are now taking out mortgages to buy into the cryptocurrency mania, CNBC reports. "Bitcoin is in the 'mania phase, with some people even borrowing money to ...

and more »

Posted on 11 December 2017 | 2:46 pm

Bitcoin Price Back Above $17k to Set New All-Time High

The price of bitcoin has pushed back above $17,000, hitting a new all-time high on CoinDesk's Bitcoin Price Index (BPI)

Posted on 11 December 2017 | 1:48 pm

Understanding Futures: A Primer for Bitcoiners

You may be able to trade the bitcoin cash market anonymously, but you cannot do the same with futures.

Posted on 11 December 2017 | 1:15 pm

What's the Value of Bitcoin? Who Knows - Bloomberg


Bloomberg

What's the Value of Bitcoin? Who Knows
Bloomberg
This last statement, which I have made before, tends to irritate some bitcoin partisans. It shouldn't! The U.S. dollar has had no intrinsic value either since President Richard Nixon unlinked it from gold in 1971. Yet dollars remain useful as a means ...
Four Ways A Bitcoin Bubble Plays OutForbes
Why bitcoin's success could be its downfallWashington Post
Can China Contain Bitcoin? - MIT Technology ReviewMIT Technology Review
Wired.co.uk -The Guardian -Bitcoin News (press release)
all 222 news articles »

Posted on 11 December 2017 | 11:46 am

Bitcoin: Mainstream Baby! Whales Hang Onto Their Bitcoins -- No Big Shorts Yet - Forbes


Forbes

Bitcoin: Mainstream Baby! Whales Hang Onto Their Bitcoins -- No Big Shorts Yet
Forbes
However, since the futures have started to trade, one could see that the trading in the Bitcoin future has not only become more stable but the bid-ask spread has also narrowed. There are nearly 2,900 contracts which have traded for the month of January ...

Posted on 11 December 2017 | 9:56 am

SEC Halts Multimillion-Dollar 'Munchee' ICO for Securities Violations

A California-based company has refunded a $15 million initial coin offering following an investigation by the SEC.

Posted on 11 December 2017 | 9:40 am

New Bitcoin ETF Filings Follow CBOE Futures Debut

Public filings suggest that the launch of bitcoin futures products has renewed a push to create exchange-traded funds tied to the cryptocurrency.

Posted on 11 December 2017 | 9:00 am

Bitcoin fees are skyrocketing - Ars Technica


Ars Technica

Bitcoin fees are skyrocketing
Ars Technica
The cost to complete a Bitcoin transaction has skyrocketed in recent days. A week ago, it cost around $6 on average to get a transaction accepted by the Bitcoin network. The average fee soared to $26 on Friday and was still almost $20 on Sunday. The ...

and more »

Posted on 11 December 2017 | 8:49 am

Bitcoin Futures Started So Hot That Trading Had to Be Halted Twice - Fortune


Fortune

Bitcoin Futures Started So Hot That Trading Had to Be Halted Twice
Fortune
Futures on the world's most popular cryptocurrency surged as much as 26 percent in their debut session on Cboe Global Markets Inc.'s exchange, triggering two temporary trading halts designed to calm the market. Initial volume exceeded dealers ...
Bitcoin futures soar as the virtual currency begins trading on a major exchangeLos Angeles Times
Bitcoin's First 24 Hours on Wall Street Feed Euphoria and DoubtsBloomberg
BitMEX CEO: Bitcoin Futures Will Drastically Increase VolatilityCointelegraph (Bitcoin, Cryptocurrency and Blockchain News)
Washington Post -The Guardian -CoinDesk
all 382 news articles »

Posted on 11 December 2017 | 8:45 am

Craigslist Just Made It Easier to Use Bitcoin - Fortune


Fortune

Craigslist Just Made It Easier to Use Bitcoin
Fortune
The popular classified site Craigslist has quietly added an option that will make it easier for people to swap used cars, furniture, and other items for digital currencies like bitcoin. The new feature, spotted by a blockchain news site, permits ...

and more »

Posted on 11 December 2017 | 8:25 am

Bitcoin Gold Defies Gravity, But Price Rally Looks Weak

Bitcoin gold is well bid today, but chart analysis suggests the upturn in prices may be ephemeral.

Posted on 11 December 2017 | 8:00 am

Pantera Invests $3 Million in Sharing Economy Token Origin

Decentralizing Airbnb? A new blockchain protocol aims to disrupt nothing less than the entirety of the sharing economy.

Posted on 11 December 2017 | 7:30 am

BitGo Scores $43 Million as Crypto Goes Corporate

The maker of multi-signature cryptocurrency wallets turned profitable this year, as the institutional user base it had long courted finally arrived.

Posted on 11 December 2017 | 7:00 am

Futures Launch Puts Record Bitcoin Highs Back in Play

Having landed on Wall Street with a bang, bitcoin is solidly bid and looks set to scale new heights.

Posted on 11 December 2017 | 6:00 am

UBS to Launch Live Ethereum Platform with Barclays, Credit Suisse and More

Swiss banking giant UBS and a group of major banks plan to launch a live application later this month using the ethereum blockchain.

Posted on 11 December 2017 | 5:00 am

Parity Urges 'Rescue' Fork to Reclaim Frozen Millions

Parity Technologies has just released a proposal for reclaiming the millions in ether frozen last month due to a fault in its code.

Posted on 11 December 2017 | 4:10 am

South Korean NH Bank Joins R3 Distributed Ledger Consortium

South Korea's NongHyup Bank has joined the R3 distributed ledger consortium, saying it will launch a pilot blockchain project.

Posted on 11 December 2017 | 3:00 am

France Approves Blockchain Trading of Unlisted Securities

The French government has given the official nod for trading unlisted securities using blockchain technology.

Posted on 11 December 2017 | 2:00 am

SEC Official: Cryptocurrency Investment Funds Raise Questions

The head of the SEC's investment management office said the agency is weighing questions related to funds that plan to hold cryptocurrencies.

Posted on 11 December 2017 | 12:00 am

Gibraltar Bill Passage Paves Way for Blockchain Regulations

Lawmakers in Gibraltar approved a piece of legislation last week that fits into the government's broader plans for blockchain.

Posted on 10 December 2017 | 10:01 pm

Deutsche Bank: Blockchain Opportunities Are 'Huge'

A presentation by the bank's wealth management execs declared that blockchain technology has a lot of potential, but was lukewarm of cryptocurrencies.

Posted on 10 December 2017 | 8:00 pm

Bitcoin Futures Open Sees Price Spike, CBOE Crash

The CBOE's website became unavailable just as it launched its first bitcoin futures contracts on Sunday.

Posted on 10 December 2017 | 5:21 pm

Bitcoin Futures Launch Could Revive ETF Push, CBOE Says

Cboe may use information gleaned from futures trading to make a case to the Securities and Exchange Commission to allow bitcoin-linked ETF.

Posted on 10 December 2017 | 3:56 pm

U.S. Senate Mulls Reporting Requirements for Cryptocurrencies

USSenateBill

American Bitcoin holders may soon have to report their holding to the United States government.

First introduced on May 25, 2015, by Sen. Chuck Grassley [R-IA], Senate Bill S.1241, the
“Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017,” can have serious implications for those involved in the cryptocurrency space. The hearing for S.1241 was held with virtually no public notice on November 28, 2017; the full two-hour hearing can be viewed here.

Currently, the definition of “financial institution” includes banks, trust companies, credit unions, currency exchanges and the like. But according to Section 5312(a) of title 31, the new bill would amend the definition of “financial institution” to include “an issuer, redeemer, or cashier of prepaid access devices, digital currency, or any digital exchanger or tumbler of digital currency.” 

This is most specifically embedded in Section 13:

senatebilltextscreen.png

Sen. Dianne Feinstein [D-CA] said in her opening remarks of the hearing, “The bill criminalizes intentionally concealing ownership or control of a bank account.” Although, during the hearing, no further clarifications were given as to the effects this would have on the cryptocurrency community, based on the amended definition of “financial institution,” it would seem that the bill would criminalize anyone intentionally concealing ownership or control of a digital currency or exchange account. While there is no finalized bill yet, the implication would be that cryptocurrency holders need to fill in federal registration forms for tax disclosure, quarterly reporting and more.

Notably, while the purpose of the bill and hearing had to do with adding digital currencies and exchanges to the definition of financial institutions, there was almost no discussion on the topic other than briefly in reference to drug cartels using them to launder money. For example, nowhere in the testimony by Coinbase board of directors member Kathryn Haun Rodriguez does she mention digital currencies or exchanges, and at no time was she asked any questions about them.

Unsurprisingly, the bill is receiving pushback from some cryptocurrency holders. Activists on Reddit have started a social media campaign in opposition to the bill, and are suggesting others to tweet: “@senjudiciary that #Bitcoiners are not #Crooks Remove #DigitalCurrencies from Section 13 of S1241.” Others are contacting their senators directly.

The post U.S. Senate Mulls Reporting Requirements for Cryptocurrencies appeared first on Bitcoin Magazine.

Posted on 8 December 2017 | 3:23 pm

Op-ed: Bitcoin Is Not a Bubble; It's in an S-Curve and It's Just Getting Started

Op-ed: Bitcoin Is Not a Bubble; It's in an S-Curve and It's Just Getting Started

One of the most intriguing stories underpinning the recent rise of bitcoin prices is how financial institutions will interact with the currency.

The upcoming CBOE futures market is going to open the door for Wall Street giants to participate in the market. That could spell moon or doom for bitcoin, and everyone is speculating on what may happen next.

It is this Wall Street/BTC interaction (phenomenon) that may be driving the unbelievable price spike of the past few days — at least partially.

On the macro scale, however, we may be witnessing a more grand pattern forming; a price-correlated S-curve.

The S-curve is the classic adoption curve applied to the advent of new technologies. As a percentage of the population, adoption looks like a lag phase where the technology is utilized by the innovators of said technology, followed by an early adoption phase led by people who often take risks in order to be the first movers in a space. After the early adopter phase (~16% of the population is now participating), there comes a great “tipping point” where the wide use of the technology seems inevitable. The tipping point gives rise to the “Early Majority” joining in on the fun, followed by the late majority and, finally, the holdouts who allow the top of the S to asymptotically approach total adoption. The curve, as a factor of time and adoption, looks sort of like the following:

Screen_Shot_2017-12-08_at_9.56.44_AM.png

This curve correlates nicely with adoption of some of the greatest technological innovations in our recent history:

Screen_Shot_2017-12-08_at_9.57.15_AM.png

Some important things to note is that this is just U.S. adoption. Much of the world lagged behind the U.S. in the consumer appliance boom of the 1900s. All of these curves, however steep, do follow the same S-curve trend fairly nicely.

So what could that mean for bitcoin? It’s difficult to choose a metric to define bitcoin adoption, and, in fact, there are disputes about if one metric accurately captures it. However, for simplicity I’ll highlight Google searches for bitcoin and Coinbase user count as microcosms of the global adoption trend.

google search

Screen_Shot_2017-12-08_at_9.58.02_AM.png(from CNBC)

This seems to show a very similar pattern to what could be the transitional phase between “innovators” and “Early Adopters.” Just to harken back to the earlier statement though — it’s very difficult to put a number on bitcoin adoption.

So why is this remarkable? Bitcoin may be the first “buyable” S-curve. Because this is a capped-supply currency, more users adopting and using it necessitates an increase in price. Whether that correlation is even reflective of the current price action is a practically unanswerable question, and the obvious leaning would be towards there being a speculative additional value. However, with an increase in adoption, there seems to be a floor rising up to catch whatever “bubble burst” might occur, if and when it happens.

I'm starting to take the controversial position that I'm less looking at a financial market chart and more looking at a graph for adoption rates. $BTC pic.twitter.com/RmGFyCdwan

— Parabolic Trav (@parabolictrav) December 3, 2017

“Eternal September” is the phrase used to describe September of 1993, when widespread internet adoption began to look inevitable. It occured after AOL began a mailing campaign offering free trials of its internet service, leading to an influx of internet users that has since never ended. Hence “Eternal September.”

Always thought it would take another bubble for the #crypto equivalent, but this might be the start of #Bitcoin Eternal September https://t.co/95PaF9ZYD7

— David Bailey (@DavidFBailey) December 6, 2017

To compare bitcoin’s adoption to its complement — the internet — this may very well be the “Eternal September” episode for bitcoin.

If the S-curve adoption theory applies to bitcoin, then buckle up. I won’t pretend to be able to predict a spot price, but I will say I think we may be sitting close to another order of magnitude this time next year.

See y’all on the moon.

Corollary: Bulls sound smart in bull markets. We may look back and laugh at this thought, or it may hold true for years to come. Time will tell. ‘Til then, buy bitcoin.

Trading and investing in digital assets like bitcoin and ether is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Media related sites do not necessarily reflect the opinion of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.


The post Op-ed: Bitcoin Is Not a Bubble; It's in an S-Curve and It's Just Getting Started appeared first on Bitcoin Magazine.

Posted on 8 December 2017 | 11:09 am

It’s A Wonderful Life for Bitcoin Evangelist as Community Expresses Its Gratitude

It’s A Wonderful Life for Bitcoin Evangelist as Community Expresses Its Gratitude


In “It’s a Wonderful Life,” the 1940s Christmas classic, George Bailey (played by Jimmy Stewart) is the guiding force of a small-town bank, who ends up sacrificing his own dreams for the betterment of his community.

Ultimately, facing financial ruin, he begins to question what it was all for. That is when his friends appear, one by one, with a flurry of donations, reminding him of how he touched each and every one of their lives, and Bailey realizes he is a rich man after all.

Bitcoin evangelist Andreas Antonopoulos recently found himself at the center of a similar outpouring of gratitude. The author and public speaker has spent the last five years of his life traversing the globe and educating people about Bitcoin. But, as it turns out, he hadn’t exactly made himself rich along the way.

WIth the price of bitcoin soaring into the $16,000s, a grateful community has decided to give Antonopoulos’s fortunes a karmic boost. A spontaneous giving spree, fueled by social media, is under way. Thus far, more than 100 BTC, valued at over $1.7 million has been sent to his bitcoin address. One individual alone sent an eye-popping 37 BTC, worth $500,000. (Update: That same individual added another 42 BTC, making for a total of 79 BTC: worth well over $1,000,000.)

Along with the money, people are tweeting under the hashtag #ThankYouAndreas and reminding Antonopoulos of the many ways he made a difference in their lives.  

“Words are my craft but tonight I am speechless,” the author of Mastering Bitcoin tweeted last night.

Never a Rich Man

Antonopoulos became involved with Bitcoin in 2012. He has written two books on the subject, describing in detail the technical rules governing Bitcoin in a way that a novice could understand, and has given more than 200 talks (many of them free) about Bitcoin.

It is easy to imagine that someone who knows so much about Bitcoin might have found a way to profit from it. A small investment in the virtual currency five years ago, when bitcoin was at around $6, would have netted the Bitcoin writer a humongous profit. (Bitcoin is currently listed at $16,000.) But Antonopoulos wasn’t really a speculator.

Indeed, as investor Roger Ver pointed out in one of his tweets, if Antonopoulos had put more money into bitcoin early on, he would have been a lot better off financially.

But Antonopoulos was too busy, too obsessed with spreading his vision of a world free from the strictures of legacy banks and payment systems. He wanted people to understand the technology and to appreciate its promise.

That early obsession, as he described in a recent blog post, led him to undo a lifetime of savings and eventually fall into credit card debt as he tumbled down the Bitcoin rabbit hole. He lived paycheck to paycheck for years until becoming debt-free at the end of 2016. Those bitcoins he’d collected and earned had to be cashed out along the way to support him and his family.

I did invest, Roger. Then I sold in 2013 to pay my rent. I didn't have disposable income to work for two years without pay and invest at the same time. I should've gone into more debt, but that would have been irresponsible towards my family who I supported

— Andreas M. Antonopoulos (@aantonop) December 5, 2017

Because most people were not aware of Antonopoulos’s earlier struggles, some were puzzled when he recently began putting videos of his talks on Patreon, a membership platform that allows users to collect monthly subscription fees for services.  

I’m not a bitcoin millionnaire [sic],” Antonopoulos responded to one follower on Twitter. “My supporters on Patreon, many at $5/month, make it possible for me to work with independence.”

Developer Adam Back quickly responded with the suggestion that “if ‘sign guy’ can get a meaningful start from tips, we should try [to] find a way for the community to fund @aantonop to a hodlers position.” And the community agreed.

Shortly thereafter, his number of Patreon supporters began to rise, and donations started to pour into Antonopoulos’s bitcoin address.

In addition to the funds that accumulated, accolades began to pour in from supporters far and wide on Twitter, Reddit and Patreon. Many credit him for getting them into Bitcoin in the first place, for helping them to understand it and for inspiring them to pursue careers in the space.

“I don’t know anyone as authentic, well-intentioned and universally respected in the industry,” wrote entrepreneur Ryan Selkis in a tweet.

#THANKYOUANDREAS for being a shining example of what a thought leader in the space should look like 👏👏

— Dan Hedl (@danheld) December 6, 2017

“@aantonop is by far the BEST advocate and most eloquent speaker on #bitcoin. His speeches had a HUGE influence on me,” wrote investor and author Brian Kelly.

“The community raised over $700,000 worth of Bitcoin in a matter of hours for Andreas from all over the world, which beautifully shows the power of Bitcoin itself, actually,” wrote Erik Voorhees, CEO at cryptocurrency exchange ShapeShift.

For Antonopoulos, the outpouring of support has been no less than overwhelming.

“I am going offline for a few days. I need time to process everything that happened,” he tweeted on Wednesday. “If you sent me a message in the last 48 hrs, thank you. If I don’t respond for a week or so, I apologize.”




The post It’s A Wonderful Life for Bitcoin Evangelist as Community Expresses Its Gratitude appeared first on Bitcoin Magazine.

Posted on 7 December 2017 | 3:52 pm

Out of Steam: PC Gaming Platform Ends Bitcoin Payment Option

Out of Steam - PC Gaming Platform Ends Bitcoin Payment Option

The utility aspect of Bitcoin faced a setback yesterday as PC gamers heard from Valve Corporation’s Steam Team in a blog post that Bitcoin would no longer be accepted as payment on its digital distribution platform, Steam. Citing the volatility of the currency as well as the rising cost of fees, a representative of The Steam Team, known as “kurtis”, explained that the volatility of Bitcoin has created a problem for users trying to purchases games using the currency. Kurtis pointed out that:

The value of Bitcoin is only guaranteed for a certain period of time so if the transaction doesn’t complete within that window of time, then the amount of Bitcoin needed to cover the transaction can change. The amount it can change has been increasing recently to a point where it can be significantly different.

Kurtis further elaborated that the normal resolution mechanism on Steam is either to refund the original payment to the user, which would negate the transaction or to ask the user to transfer additional funds to cover the remaining balance. “In both these cases, the user is hit with the Bitcoin network transaction fee again.” Bitcoin was adopted as a means of payment via  bitcoin payment processor, BitPay, for games on Steam on April 27, 2016.


Some users commenting on the blog seem to agree and support Valve’s decision, with many calling for utilization of alternative cryptos such as Vertcoin, IOTA, and Litecoin. Others, such as one user named “Kaj Jez”, stated,

Massively disappointing. The first purchase I ever made in Bitcoin was on Steam. As long as Steam doesn't accept BTC I will prefer to do business with devs' own stores that hopefully do…But as Bitcoin will undoubtedly improve itself with scalability solutions so to will Steam hopefully improve itself by rectifying this mistake and once again accepting it.

Steam, the largest digital distribution platform for PC Games, has an active user base of over 275 million users with an average of 11 games per user, according to Sergey Galyonkin’s Steam Spy API. In a Medium article, Galyonkin elaborated that 2016 sales for PC games through the Steam Platform totaled roughly $3.47 billion dollars. While it is unclear how much of that revenue resulted from bitcoin transactions during its period of acceptance, it is clear that the PC gaming community faced a major setback in utilizing Bitcoin as a means for buying games.


At the time of this writing, neither BitPay nor Steam nor Valve Corp could be reached for additional comment.

The post Out of Steam: PC Gaming Platform Ends Bitcoin Payment Option appeared first on Bitcoin Magazine.

Posted on 7 December 2017 | 3:11 pm

BANKEX Aims to Boost Asset Liquidity for Businesses

BANKEX


Business is a constant flow of transactions, which are actions with assets. It can be buying, selling, exchanging, renting, lending, pledging, assigning rights, granting licenses and so on… And the easier and faster the transaction is, the better. Ease and speed often depends on the degree of liquidity of the asset involved in the transaction. The reasons for low liquidity might be the following:


Multiple asset owners — this creates barriers in which effective communication is needed so that a common understanding can be agreed upon.

  • Assets are spread so wide that there is a lack of transparency around how cash flow is generated by assets.
  • There are often long timeframes between when projects are launched and when they achieve desired liquidity.
  • Regulatory barriers obstruct non-public companies from entering financial markets or raising funds from public investors.
  • Tracking the lifecycle of an asset through cash flow is difficult.
  • There are clear complexities in asset withdrawal as well as high legal and accounting expenditures from asset transfers at peak profitability.

Enter BANKEX, a technology poised to solve the issues of asset liquidity by increasing asset auditing in real-time, decreasing the price of evaluating an asset for a particular deal and increasing the speed at which a deal is realized such as selling, loaning and sharing.

BANKEX merges the concepts of Bank-as-a-Service (BaaS), Proof-of-Asset (PoA) protocol and distributed technology to enable information to be passed in real time using a blockchain.

BaaS is a model that enables fintech services to be offered without the need for brick-and-mortar financial institutions. Through the use of application programming interfaces (APIs) and a refined technical process, BaaS unleashes unexplored possibilities for financial products in various business sectors.


The ushering in of this new model comes at a time when fintech is evolving at an unprecedented rate. The decentralized BaaS model coupled with the use of smart contracts could solve the problem of trust for traditional banks.


By utilizing the PoA protocol, BANKEX supports companies in successfully getting access to global capital with the ISAO procedure. This value for investors also includes the ability to track portfolio profitability and boost income. As a result, this protocol will be widely available for third-party fintech providers — including artificial intelligence (A.I.) and Internet of Things (IoT) labs — and traditional financial institutions, along with the broader community of asset owners.


The BANKEX PoA protocol can ensure increased liquidity of any asset while allowing it to be used as an investment tool. The technology is executed through a process called “tokenization,” which protects sensitive data through an algorithmically generated number called a token.

Tokenization is similar to how a website address represents an IP address on the internet. Through its protocol, BANKEX is able to convert the rights of an asset into a digital format on the blockchain, making it globally available to be traded on an asset exchange. BANKEX tokens have both utility and security — serving as a gateway to the platform while being backed with real-world assets. To tokenize an asset, the company must ensure that said asset generates cash flow.

This guarantees a high level of financial, legal and tech oversight throughout the tokenization process for any business at any level of maturity. The blockchain undergirds this process, ensuring that all data becomes uneditable, irreversible and always available to confirm proof of the assets’ existence and state.      

BANKEX Applied to the Real World


BANKEX is offering a new level of fintech solutions to a broad range of entities, from corporations to young entrepreneurs. The aim is to assist businesses in funding their projects through the combination of new technology coupled with the power of the global investment community.


The following hypothetical case of a retail chain store is just one example of how BANKEX’s Proof-of-Asset protocol can be applied to a wide variety of industry sectors comprised of both small and large companies.


John has a small retail chain that he would like to expand by franchising to other cities. His business model is profitable and already consists of five stores working under his franchise agreement. Supported by BANKEX, John issues tokens that are backed by revenue from new stores. This should guarantee profit in new stores by allowing token holders to purchase products with their tokens. He has installed a cash register that will be able to update the sales results of every store. Token holders will receive a return on their investments, in some cases holding enough tokens to take part in decision making. John’s business will become more attractive as BANKEX solutions assist him in opening new stores throughout the country.  


BANKEX Due Diligence


With its Head Office in New York, business development office in Singapore, strategic partnership in Tokyo and engineering team in Moscow, BANKEX offers innovative fintech products and services with far-reaching implications, including applications within the traditional finance and investment sectors, micro-financing, real estate as well as access to historically illiquid assets, natural resources, and futures markets.


BANKEX is a member of the Enterprise Ethereum Alliance. EEA members include financial and technology companies and funds such as JP Morgan, UBS, MasterCard, Intel and consulting companies such as Accenture. BANKEX is meanwhile honored to count Balanc3, a ConsenSys formation, as advisors.


BANKEX has also formed a number of strategic partnerships with prominent industry players including Microsoft; Symphony Software Foundation; Soramitsu; the Entrust Group; Chronobank; and the Moscow Exchange (MICEX).


BANKEX has already announced a collaboration with MovieCoin LLC. led by Hollywood Oscar-winning producer Christopher Woodrow. By utilizing smart contracts and BANKEX's proprietary Proof-of-Asset protocol (PoA), smart asset MovieCoin will allow institutional and individual investors to invest in the motion picture industry.


The BANKEX token sale started on November 28, 2017. As of December 1, BANKEX has raised more than $20 million USD. The company is listed among the top 50 token sales in the world.


The post BANKEX Aims to Boost Asset Liquidity for Businesses appeared first on Bitcoin Magazine.

Posted on 7 December 2017 | 9:47 am

Quant Network Launches Overledger for Cross-Blockchain Data Interoperability

Quant Network Launches Overledger for Cross-Blockchain Data Interoperability

Last month, science and technology magazine New Scientist covered the Overledger project in a story titled, “The Blockchain to Fix All Blockchains.” The story emphasizes the need for data interoperability technology across different blockchains that could play a role similar to TCP/IP, which enabled the internet to thrive.

“[Overledger] seems to be a straightforward extension of the original atomic swap idea,” said Cornell University cryptocurrency expert Emin Gun Sirer, as reported by New Scientist. But instead of only supporting currencies as atomic swaps do, the Overledger works for any data that can be put on the blockchain.

Overledger_Graphic_v0.4.png

The Quant Overledger project is just coming out of stealth mode. In conversation with Bitcoin Magazine Gilbert Verdian, CEO and co-founder of Quant Network, confirmed that a patent for Overledger technology was filed in the first week of December.

"The uniqueness of our operating system is that Overledger is not another blockchain,” Quant Chief Strategist and Executive Director of the UCL Centre for Blockchain Technology at University College London, Paolo Tasca, told Bitcoin Magazine. “We do not impose new consensus mechanisms, new gateways, adapters or special validating nodes on top of existing blockchains. Overledger is a virtual blockchain that links existing blockchains and allows developers to build multi-chain applications (or in other terms blockchain-agnostic applications)."

According to Verdian, blockchain technology needs to enable next generation applications to function across multiple blockchains, not be limited to any single a vendor or technology and allow seamless communication across multiple blockchains as well as recognition of transactions and assets across blockchains.

As such, Quant is focussing on three goals: developing an API to connect the world’s networks to multiple blockchains; bridging existing networks (e.g financial services) to new blockchains; and developing a new Blockchain Operating System with a protocol and a platform to create next-generation, multi-chain applications.

Promoting the Blockchain ISO Standard

Verdian initiated the development of Blockchain ISO Standard TC 307, which will allow for interoperability, governance and reference architecture of blockchain technologies to work between blockchains as well as allowing blockchain networks to interoperate with existing systems and networks in use today.

Currently, there are 40 countries and organizations, such as the European Commission, working on developing the Blockchain ISO Standard, and the timeline is to have a published Standard in 2020, Verdian explained.

“Establishing blockchain standards will position ISO as a leading contributor to develop global solutions to facilitate data movement and information flows, thus enabling more efficient and timely transactions,” Verdian told Bitcoin Magazine. “There is no one blockchain standard or protocol currently in use. International standards will allow for interoperability and implementation and use of multiple blockchain-related protocols.”

“Quant Overledger will be compatible to the Blockchain ISO Standard when it is released, allowing a gateway to ‘talk’ a common language to other networks and existing systems such as financial services networks,” continued Verdian. “The entry and exit points of Overledger will be compatible to the ISO Standard, which any other technology vendor can also implement in future.”

Benefits of Interoperability

Verdian added that the widespread adoption and use of international blockchain standards could facilitate a new wave of innovation, productivity, employment and industry opportunities. For example, the growing burden of KYC compliance could be reduced through the development of international blockchain standards which utilize shared databases for undertaking business and transacting payments.

The development of international standards to support smart contracts has the potential to decrease contracting, compliance and enforcement provision costs. Similarly, the development of international blockchain standards could reduce transaction costs for SMEs when dealing with governments and businesses.

“Quant will completely change how people will be able to interact with blockchains in a way that’s not possible today,” concluded Verdian. “A good example is the recognition of a person’s identity by one entity on a blockchain will be recognized and understood by every other blockchain and every entity connected to those.”

Dapp Development

There are plans for a Quant App Store that will allow developers and startups to create multi-chain applications on top of Overledger and monetize their applications in unique ways, without having to rely on capabilities of only one blockchain.

“As a company, we’re also planning to release distributed applications on top of Quant in the areas of RegTech, FinTech and HealthTech,” Verdian told Bitcoin Magazine, adding by allowing businesses to directly interact with multiple blockchains, they will be better able to cope with the modern supply chain complexities.

In a pre-ICO (Initial Coin Offering) in January, followed by an ICO in February, Quant will sell Quant Tokens that will allow users to access the Quant network. Developers will be able to publish distributed apps on the Quant store and optionally monetize their apps by charging usage fees in Quant Tokens, for example.

Quant plans to release the first versions of Overledger in Q1 2018 and finalize the SDK and libraries in Q3 2018. This will be an open source and freely available software release that developers and enterprises will be able to use for creating next generation multi-chain applications. Then, Quant plans to release the Quant App Store at the end of 2018 for developers to publish their apps and earn Quant tokens.


Image courtesy of Quant Project 

The post Quant Network Launches Overledger for Cross-Blockchain Data Interoperability appeared first on Bitcoin Magazine.

Posted on 7 December 2017 | 8:06 am

Bitcoin tops $10,000 milestone

Posted on 29 November 2017 | 2:30 am

Bitcoin price climbs over $4,000

Posted on 14 August 2017 | 1:16 am

CRYENGINE now accepts Bitcoin

Posted on 29 March 2017 | 1:24 am

Consulting firm EY Switzerland accepts Bitcoin

Posted on 26 November 2016 | 12:47 am

Microsoft accepts Bitcoin

Posted on 11 December 2014 | 5:06 am

Mozilla accepting Bitcoin

Posted on 20 November 2014 | 1:55 pm

Wikimedia Foundation Now Accepts Bitcoin

Posted on 30 July 2014 | 3:14 pm

German Newspaper "taz" accepts Bitcoin

Posted on 22 July 2014 | 1:32 pm

airBaltic - World’s First Airline To Accept Bitcoin

Posted on 22 July 2014 | 11:03 am

December 11, 2017 -
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