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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 19 November 2017 | 10:07 pm

Bitcoin Has an Unusual Relationship With Volatility - Bloomberg


Bloomberg

Bitcoin Has an Unusual Relationship With Volatility
Bloomberg
The chart shows bitcoin annualized volatility versus price. 7 They have an unusual relationship. At prices from $0.06 to $0.25 there is the rapidly increasing volatility associated with a bubble. But then volatility falls, only to repeat the process ...

and more »

Posted on 19 November 2017 | 9:00 pm

Bitcoin's Price Climbs Above $8100 to Hit New All-Time High - CoinDesk


CoinDesk

Bitcoin's Price Climbs Above $8100 to Hit New All-Time High
CoinDesk
Data from CoinDesk's Bitcoin Price Index (BPI) indicates that the price climbed to $8,101.91 between 20:00 and 20:15 UTC. This move came after bitcoin – which toed the $8,000 line during Friday trading – crossed that threshold several hours earlier ...
Newsflash: Bitcoin Price Reaches $8100, a New Record HighCryptoCoinsNews
Bitcoin Price Achieves New All-Time High at $8100, Market Confident in Institutional InvestorsnewsBTC

all 19 news articles »

Posted on 19 November 2017 | 8:27 pm

Bitcoin's Price Climbs Above $8,100 to Hit New All-Time High

Bitcoin's price rose above $8,100 for the first time on Sunday.

Posted on 19 November 2017 | 8:16 pm

Bitcoin, The Harmonic Gift From The Digital Gods - Seeking Alpha


Seeking Alpha

Bitcoin, The Harmonic Gift From The Digital Gods
Seeking Alpha
Bitcoin's hedonistic rise into to the heavens has plucked the harp of famous mathematicians all the way to where it now sits around $7500. Pretty simply speaking, the market has just enough people involved in pricing that prices are not skewed by ...

Posted on 19 November 2017 | 5:30 pm

The 3 biggest threats to your Bitcoin (and 10 tips to eliminate them) - VentureBeat


VentureBeat

The 3 biggest threats to your Bitcoin (and 10 tips to eliminate them)
VentureBeat
The rise of Bitcoin and other cryptocurrencies has attracted thousands of new users and investors, many of which are still at significant risk of losing their precious tokens to simple mistakes or hackers. By taking three small precautionary steps, you ...

Posted on 19 November 2017 | 3:22 pm

Setbacks And Naysayers Begone! Bitcoin Breaks $8000 On Investor Confidence - CryptoCoinsNews


Bitcoin News (press release)

Setbacks And Naysayers Begone! Bitcoin Breaks $8000 On Investor Confidence
CryptoCoinsNews
Bitcoin broke through the $8,000 price mark this morning, reaching an all-time high of $8,100, thumbing its nose at the growing chorus of doomsayers reacting to the financial industry's rising interest in the cryptocurrency. The price in the afternoon ...
The Price of Bitcoin Exceeds $8K Across Global ExchangesBitcoin News (press release)
Roger Ver Declares Bitcoin Cash to Be True Bitcoin, Market Forces Bring More AttentionCointelegraph (Bitcoin, Cryptocurrency and Blockchain News)
What Is the Bitcoin Cash Fund?The Merkle
Hacked -Benzinga -BTCMANAGER
all 18 news articles »

Posted on 19 November 2017 | 2:26 pm

Bitcoin Soars Past $8000 as Technology Shift Concern Vanishes - Bloomberg


Bloomberg

Bitcoin Soars Past $8000 as Technology Shift Concern Vanishes
Bloomberg
Bitcoin topped $8,000 for the first time, as investors set aside technology concerns that had derailed its advance earlier this month. Bitcoin rose 4.8 percent to $8,071.05 as of 7:17 a.m. Sydney time on Monday. It's now up more than 700 percent this ...

and more »

Posted on 19 November 2017 | 2:11 pm

Troy University's Malavika Nair Says Bitcoin Is Something Different ... - Bitcoin News (press release)


Bitcoin News (press release)

Troy University's Malavika Nair Says Bitcoin Is Something Different ...
Bitcoin News (press release)
Malavika Nair of Troy University describes bitcoin's price phenomenon as something other than a classic bubble. Bubbles, she said, do not go up, up, up, then ...
If There Is a Bubble, It's in Bitcoin - WSJWall Street Journal

all 2 news articles »

Posted on 19 November 2017 | 11:56 am

The 7 Biggest Challenges Facing Bitcoin -- The Motley Fool - Motley Fool


The 7 Biggest Challenges Facing Bitcoin -- The Motley Fool
Motley Fool
Bitcoin has come a long way in the eight or so years it's been in existence, but there's still a long way to go before the digital currency becomes a widely used ...

and more »

Posted on 19 November 2017 | 6:17 am

Even Investors with Access Want ICO Presale Reform

Many agree that the now-commonplace ICO presale to public sale process is too compressed and goes against the funding method's original intent.

Posted on 19 November 2017 | 4:40 am

The Gentrification of ICOs Is Underway

The ICO neighborhood, so to speak, is cleaning up, though University of Dublin's Paul Ennis suggests this may not exactly be a future to fear.

Posted on 19 November 2017 | 3:30 am

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First Long-Term LedgerX Bitcoin Option Pegs Price at $10,000

The first ever LedgerX long-term bitcoin futures option pegs the cryptocurrency price at $10,000 by next December.

Posted on 18 November 2017 | 2:59 pm

Millions Gone? Broker Takes Fire for Bitcoin Cash Freeze

Bitcoin cash's big ups and downs have had market impacts far and wide, while showcasing the nascent nature of the crypto sector as a whole.

Posted on 18 November 2017 | 4:45 am

Gox ICO? CEO Karpeles Floats Token Sale to Revive Bitcoin Exchange

A Mt Gox initial coin offering (ICO)? It's not that much of a far-fetched idea, according to the defunct bitcoin exchange's controversial CEO.

Posted on 17 November 2017 | 3:10 pm

Now the SegWit2x Hard Fork Has Really Failed to Activate

The SegWit2x Hard Fork Has Now Really Failed to Activate

In case there were any remaining doubts, it now seems clear that the SegWit2x hard fork will not happen.

The SegWit2x project, a product of the New York Agreement signed onto by a long list of companies and miners in May, had scheduled a hard fork to double Bitcoin’s block weight limit today. And while the controversial effort was suspended by leaders of the project last week, this would not have stopped anyone else from proceeding with it. Companies like Coinbase were indeed taking into account that the SegWit2x hard fork could still happen.

The Fork That Wasn’t

SegWit2x nodes — most notably btc1 — were programmed to fork away from the Bitcoin blockchain this afternoon (UTC) to create the SegWit2x blockchain and a new currency, often referred to as B2X. However, not a single SegWit2x block has been mined since fork point, nor is there any indication that this is likely to happen. For all intents and purposes, there is no SegWit2x — nor a B2X.

Further, software bugs in the btc1 codebase made all btc1 implementations grind to a halt even before it reached the expected fork point. While Bitcoin and SegWit2x nodes were widely expected to share a single blockchain up until block 494783 and then to go their own ways at block 494784, btc1 nodes never made it past block 494782.

This is mainly because the first block on the SegWit2x chain was required to have a “base block” larger than one megabyte. This is how the chain would diverge from the original Bitcoin protocol. But due to what is referred to as an “off-by-one error,” SegWit2x blocks started to reject smaller-than-one-megabyte blocks one block too soon — at block 494,783 instead of 494,784.

Moreover, another btc1 bug prevented miners from mining a big enough block when it was needed. So even if some miners did want to proceed with the fork, they accidentally wouldn’t have done so — at least not automatically. Miners would instead have had to manually configure their block weight settings, but it’s unlikely they knew about this step. Btc1 maintainer Jeff Garzik (while also denying there was a problem) has since released a patch to resolve this issue.

But judging by the absence of any SegWit2x blocks, the patch hasn’t made a difference, most likely because few, if any, miners were interested in mining on the SegWit2x chain in the first place.

NO2X?

Despite the seeming failure of SegWit2x to take off in any way, it should be noted that there is technically no way to declare a fork like SegWit2x officially “dead” or “failed.”

While unlikely, it’s always possible that the SegWit2x hard fork could proceed at some point in the future. In fact, there is no way to tell whether the SegWit2x chain is currently being mined with a little bit of hash power right now, and it is strictly impossible to foresee whether it will be mined later on. Perhaps a SegWit2x block will be found a day from now, a week from now or even ten years from now, at which point SegWit2x and B2X will technically come into existence.

However, since the SegWit2x chain did not include a mining difficulty reset, it will be as hard to mine a B2X block as it currently is to mine a BTC block. Meanwhile, market support for B2X appears to be extremely low, with B2X futures trading below 2 percent of BTC. So even if miners decide to mine B2X blocks, they’d almost certainly be earning far less than they would by mining BTC. Or, more accurately, they’d spend more on electricity bills than they’d be able to earn by mining B2X. The financial incentive to mine the SegWit2x chain just isn’t there.

Alternatively, SegWit2x could see a bit of a rebirth in the form of “BitcoinX” (BTX). This project, supposedly started by disappointed SegWit2x supporters, will take a snapshot of bitcoin balances at block height 494,783 and start a SegWit2x-like altcoin that offers all BTC holders the equivalent amount in BTX. Though, while this coin is arguably more viable than B2X thanks to a mining difficulty reset and more, it really is a new coin — arguably even more so than B2X would have been.

The post Now the SegWit2x Hard Fork Has Really Failed to Activate appeared first on Bitcoin Magazine.

Posted on 17 November 2017 | 2:54 pm

Blockchain Coalition Seeks to Make Bitcoin Welcome in Wyoming

wyomingbc.jpg

A group of people are on a mission to bring Bitcoin back to the state of Wyoming after unfriendly laws made it impossible to transact with cryptocurrencies there more than two years ago.

The Wyoming Blockchain Coalition announced its formation this week. Its volunteer members aim to create a legal and regulatory environment in the state that welcomes cryptocurrencies and blockchain technology companies with open arms.

Among the group’s advisors are Patrick Byrne, CEO of Overstock — Byrne lives in Utah but has been a Bitcoin advocate for years — a former Wyoming governor, and two deans and a computer science department head from the University of Wyoming.

Outdated Laws

Bitcoin used to be welcome in Wyoming. But a 2015 interpretation of the Wyoming Money Transmitters Act (which the state passed in 2003, years before Bitcoin even existed) by the Wyoming Division of Banking made it impractical for cryptocurrency exchanges to operate in the state.

Cryptocurrencies are not specifically included on the list of “permissible investments” within the Act, as stocks or securities would be. As a result, after learning it would have to put up huge financial backing to stay in operation in the state, Coinbase suspended its operations in Wyoming indefinitely in June 2015.   

But a lot of people think the law doesn’t make sense. They see cryptocurrency as the future, and they think Wyoming would benefit from being more progressive.

Caitlin Long is one of those people. Now living in New York, where she serves as chairman and president at smart contracts platform company Symbiont, Long grew up in Laramie, Wyoming.

Over the summer, she wanted to give back to her alma mater. But when she went to personally fund an endowment for female engineers at the University of Wyoming, she found out the school was unable to accept her bitcoin as an appreciated asset.  

Fortunately, Long was able to find a charity outside of Wyoming that could legally liquidate the bitcoin and send it to the university through a donor-advised fund.

“They still got the cash, but it prompted a lot of discussion internally in the university about ‘what just happened here?’” Long told Bitcoin Magazine.

Long would not disclose how much she donated, but typically, donations to an endowment are $50,000 and up.

“When universities have donors that are interested in donating properties, they usually try to find ways to accept the properties,” she said.  

The event prompted a lot of discussion among some of the people within the university and eventually led to the formation of a coalition aimed at educating about and advocating for the adoption of blockchain technology in the state.  

Long offered up her services as an advisor member. “I’m in the business,” she said. “So I volunteered to help with both the bitcoin and the blockchain education efforts.”

No Time to Lose

The coalition is moving quickly. Within a week, the group formed an LLC, sent out a press release stating its goals and launched a website. “This is very, very new, and it is happening in real time,” said Long.

They have good reason to make haste. The new legislative session begins in February. If the coalition wants to push through a bill that will get digital currencies recognized as a “permissible investment” under the Wyoming Money Transmitters Act, they will need to move quickly.

Currently the group is working on legislative language with local attorneys and legislators. Next, they need to educate the citizens of Wyoming and the legislators about the benefits of Bitcoin and blockchain technologies. Some of that will involve webinars and live events, as as well as organizing a dinner in Cheyenne during the legislative session.  

Last year, a similar regulatory effort, Wyoming House Bill 26, did not pass, but that was due to lack of knowledge and some “unrelated political feuds,” Robert Jennings, another one of the group’s advisor members, told Bitcoin Magazine.

This time around, he thinks “blockchain [technology] and cryptocurrency will stand on its own merits.”

Jennings added, “There is already a groundswell of support in the state due to the rise in popularity of Bitcoin.”

But, he cautioned, it will require “an extensive education campaign, which is why we formed the Wyoming Blockchain Coalition.”

The post Blockchain Coalition Seeks to Make Bitcoin Welcome in Wyoming appeared first on Bitcoin Magazine.

Posted on 17 November 2017 | 1:28 pm

Ethereum Could Soon Launch Its First Casper Testnet

An experimental consensus algorithm that's long been proposed as a pillar of the ethereum protocol could soon see its first testing.

Posted on 17 November 2017 | 11:45 am

No Fork, No Fire: Segwit2x Nodes Stall Running Abandoned Bitcoin Code

The Segwit2x bitcoin fork may have been formally called off, but as many as 150 nodes still running its code have stopped accepting transaction blocks

Posted on 17 November 2017 | 10:45 am

Internet Archive Adds Bitcoin Cash, Zcash to Donation Options

The Internet Archive, host of the Wayback Machine, has announced it now supports donations in bitcoin cash and zcash.

Posted on 17 November 2017 | 9:45 am

ECB Council Member: Central Banks Considering Crypto Regulation

The European Central Bank's Ewald Nowotny has said that China's recent crackdown has brought new focus on cryptocurrency regulations.

Posted on 17 November 2017 | 8:30 am

Ripple Makes a Splash: XRP Price Looks Up on Amex News

Positive news flow for Ripple seems to be boosting price, while the technical analysis also favors the bulls.

Posted on 17 November 2017 | 7:30 am

Visa Launches First Phase of Blockchain B2B Payments

Credit card giant Visa has launched the trial phase of its business-to-business payments system built with blockchain startup Chain.

Posted on 17 November 2017 | 6:35 am

Up and Away? Bitcoin Price Eyes $8,000 Or Higher

Bitcoin has staged a remarkable "V" shaped recovery from the last week's lows near $5,500, and may be looking at new highs ahead.

Posted on 17 November 2017 | 5:30 am

Friends Don't Let Friends Do Bad Crypto

Our duty to users doesn't end when they leave our site or app. Behaviors learned from us guide interactions with other services, writes Dan Elitzer.

Posted on 17 November 2017 | 4:30 am

Over 20 Banks Join Singapore-Hong Kong Blockchain Trade Network

A number of banks have joined the recently announced blockchain-based trade network pilot jointly set up by Hong Kong and Singapore.

Posted on 17 November 2017 | 3:20 am

Bitcoin adds $41 billion to market cap in 6 days as it hits all-time high of $7998 - CNBC


CNBC

Bitcoin adds $41 billion to market cap in 6 days as it hits all-time high of $7998
CNBC
The cryptocurrency touched an all-time high of $7,998.40 in the early hours, U.K. time, according to industry website CoinDesk. The digital currency erased the days gains to trade slightly lower near $7,632 late Friday afternoon. It's been a wild week ...
Bitcoin Hits Record Just Days After a 29% PlungeBloomberg
Bitcoin is hitting new highs—here's why it might not be a bubble | Ars ...Ars Technica
Bitcoin Reaches Latest High, Inches Closer To $8000Forbes
Reuters -CoinDesk -Cointelegraph (Bitcoin, Cryptocurrency and Blockchain News) -Forbes
all 238 news articles »

Posted on 17 November 2017 | 2:45 am

The Beginning? Tezos Could Open Doors for ICO Litigation

Class-action litigators in the U.S. appear to be positioning for a potential pop in the hot initial coin offering market.

Posted on 17 November 2017 | 2:00 am

Nasdaq Explores Storing Asset Data on Blockchain

Stock exchange operator Nasdaq filed a patent outlining how to store asset ownership data on a blockchain.

Posted on 17 November 2017 | 1:10 am

Swiss Firms to Let Traders Short Bitcoin With New Futures Products

Swiss bank Vontobel and Leonteq Securities announced that they will start trading Switzerland’s first two mini futures to short bitcoin on Friday.

Posted on 16 November 2017 | 10:30 pm

Bitcoin Price Analysis: BTC Pushes All-time Highs and Tests Historic Resistance

Bitcoin Price Analysis

Throughout the life of bitcoin’s two-year bull run, it has been confined within two macro trends: one parabolic and one linear — both on a logarithmic scale:

Figure_1.JPGFigure 1: BTC-USD, 1-Day Candles, Macro Trend

The parabolic envelope (black curves) has confined the entire bull run throughout the last two years. Over the weekend, we saw a test of the lower curve that proved to be proper support and propelled the market into a bounce that now has the market testing the upper linear trendline (purple lines) at the time of this article:
Figure_2.JPGFigure 2: BTC-USD, 2-Hour Candles, Test of Upper Trendline

As the bitcoin market approaches the upper trendline, the price action will coincide with a test of the previous all-time high. Expect this to be a point of resistance with possible market turbulence. However, if we manage to break that resistance level and hold support above the trendline, there is no clear resistance until we test the parabolic envelope in the upper $8,000s.

If we look at the macro indicators for this move, we see some signs that have proven to be indications of short-term rallies leading to corrections:

Figure_3.JPGFigure 3: BTC-USD, 1-Day Candles, Bollinger Band Trend

The last two corrections bitcoin has seen came on the tail of a minor pullback that rebounded to a new all-time high. The one-day candle trend is, so far, showing a repeated pattern that has led into a reversal each time it tested the upper parabolic curve. A rounding of the Bollinger bands during an upward move (shown in purple) is a forecast for decreased upward volatility that will lead to either a consolidation period or a reversal to the lower Bollinger bands.

While a reversal is not required of this move upward, one can speculate that once the price tags the upper parabolic curve, we could see a pullback to the lower Bollinger bands on the one-day charts. A pullback to the lower Bollinger bands would see support quite nicely with the lower parabolic curve.

One of two outcomes can be expected from this move upward: either we will test the upper parabolic trendline and reverse, or we will break above and consolidate before continuing on a very strong bullish move to new highs.

However, these macro moves have become increasingly more demanding on the market as we continue to get squeezed within the parabolic envelope. The forecast of the Bollinger bands indicates we are not likely to see a sustained move higher without a consolidation period or a pullback.

Summary:

  1. Over the weekend, bitcoin saw another test of the lower parabolic curve that proved to be strong support.

  2. After testing the parabolic curve, the market rebounded and has now established a new all-time high.

  3. If this trend continues, bitcoin could see prices in the mid to upper $8,000s before any noticeable resistance stands in the way of the price growth.

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 Bitcoin Price Analysis: BTC Pushes All-time Highs and Tests Historic Resistance appeared first on Bitcoin Magazine.

Posted on 16 November 2017 | 4:00 pm

A Beginner’s Guide to Claiming Your Bitcoin Gold (and Selling It)

Claim your Bitcoin Gold

This is a re-write of “A Beginner’s Guide to Claiming Your ‘Bitcoin Cash’ (and Selling It)”. Please note: Everything in this article is just advice based on our best understanding of the current situation.

Bitcoin Gold (also referred to as Bgold, and trading under the ticker BTG) launched November 12, 2017. Since the Bitcoin blockchain technically forked on Bitcoin block 491407, anyone who held bitcoin (BTC) on October 24, 2017 should have an equivalent amount of BTG attributed to their Bitcoin private keys.

In our beginner’s guide to surviving the Bgold and SegWit2x forks, we explained how to secure your private keys so you could be sure to access your BTG and B2X. The B2X fork has since been suspended by the leaders of that project, however, and it currently seems very unlikely to happen in any serious way.

As such, this follow-up article explains how you can claim (and potentially use) your BTG — only your BTG.

Be Careful

Good news: Bitcoin Gold enforces strong replay protection. This means you can’t accidentally spend your BTC when you mean to spend BTG or vice versa.

As such, if you don’t care about BTG at all right now, you don’t need to do a thing. You can just keep using bitcoin as you always have. If you ever change your mind (and don’t lose your Bitcoin private keys in the meantime), you can still claim your BTG at any point in the future.

Likewise, if you want to hold onto your BTG long term, you also don’t need to do anything right now. You can keep using BTC as if nothing happened; just make sure to never lose your private keys.

(In both these cases, however, it could come in handy to keep a record of the Bitcoin addresses that stored your bitcoins at the time of the split. This is not strictly necessary, but your future self may thank you if you do it. You should be able to find this information in your wallet of choice, though where you find it may differ a little bit from wallet to wallet. Alternatively, you could move all your coins to a new address. If you then look up all your transactions since October 25, 2017, and note which addresses spent coins since that date, you know which addresses held coins at the time of the split.)

Now let’s assume you do care about BTG right now, at least enough to want to sell your share. (1 BTG is trading around 0.02 BTC at the time of writing of this article, so you could earn a 2 percent “dividend” on your BTC if you decide to sell.)

If you followed the advice outlined in our beginner’s guide, the good news is that you should be in full control of your Bitcoin private keys. This means you now hold BTC as well as BTG.

The bad news is that it’s not necessarily easy or safe to claim your BTG. If you’re using insecure (or even malicious) software, you may accidentally expose your private keys. And because these are the same private keys that secure your BTC, this exposure could lead to your BTC being stolen. You stand to lose much more from losing your BTC than you stand to gain from selling your BTG.

Therefore, you are going to want to take your time and make sure you understand what you are doing well enough to do it without exposing your private keys. Your BTG isn’t going anywhere.

Accessing Your Coins

In our beginner’s guide to surviving the Bgold (and SegWit2x) forks, we explained how to secure your private keys and recommended different wallet options. Here, you can find, per option, how to access your BTG.

Note that while it’s not strictly necessary in all cases, it’s probably best to first move your bitcoins (BTC) to a new address, or even a whole new wallet with a new seed, before you even touch your BTG. This way you don’t add any security risks, while it’s potentially also a bit better for privacy. (More on this below.)

Update: It was pointed out to us that the Coinomi wallet is now closed source. This means that you should definitely follow the suggested advice, and first move your BTC to a new address or a whole new wallet with a new seed before inserting your private keys into the Coinomi wallet!

Paper Wallet

The first recommendation in our beginner’s guide to surviving the Bgold (and SegWit2x) forks was to use a paper wallet. This advice was given in the context of storing your coins long term in particular. But if you want to access your BTG, you can, of course, do this right away.

However, the point of a paper wallet really is that your private keys are not stored in any device that could be hacked. Therefore, if you’re going to upload your private key into a Bitcoin Gold wallet, you should definitely create a whole new paper wallet with a new private key for your bitcoin (BTC). It’s probably best to then first sweep your private keys with a Bitcoin (BTC) wallet, and then send the coins to this new paper wallet for BTC.

Electrum and Coinomi are two wallets that allow you to sweep Bitcoin private keys. Look for the “sweep” option in the menus of these wallets; that’s where you can scan the QR-code displayed on your paper wallet. (Alternatively, you could type in the private key.) Once you’ve done this, send the bitcoins to the new paper wallet.

Once your bitcoins are stored safely on the new paper wallet (ideally after at least one confirmation), the old paper wallet still holds the BTG.

Now, the same trick must be repeated to access your BTG. Electrum does not support BTG, but Coinomi does. Coinomi also published a blog post explaining exactly how to access your BTG. This includes instructions for paper wallets.

Regular Wallet

Our second recommendation was to use a regular wallet, as listed on bitcoin.org.

How to access your BTG if you were using a regular wallet differs from one wallet to the next. But in most cases, Coinomi is once again the best wallet to import your keys into. While originally written for Bitcoin Cash, this Coinomi blog post explains exactly how to make that switch for a number of wallets. (Just mentally replace “BCH” for “BTG” wherever relevant.)

Full Node Wallet

Our third recommendation was to use a full node wallet, like Bitcoin Core or Bitcoin Knots.

These wallets store your private keys in a dedicated folder on your computer. You can make a backup of this folder using the menu in your wallet and select "Backup wallet." Once you’ve done this, you should be able to import this backup into the Bitcoin Gold full node, Bitcoin Gold Core.

But once again, it’s a lot easier (and possibly even safer) to export your private keys from your Bitcoin full node and import them into the Coinomi mobile wallet. While originally written for Bitcoin Cash, this Coinomi blog post explains how to do that for BTG as well. (Just mentally replace “BCH” for “BTG” wherever relevant.)

Hardware Wallet

We also recommended using a hardware wallet to keep your private keys secure — though we also noted that these wallets don’t necessarily make it easy to access your BTG.

Indeed, at the time of writing, no hardware wallet has enabled access to BTG. However, Ledger and Trezor have published blog posts indicating that they will be working on it. If you use either of these wallets, keep an eye out for announcements on their social media or blogs. Digital Bitbox and Keep Key have also published blog posts on the Bgold fork, suggesting they might support it; but they don’t support it yet. Keep an eye on their social media and blog to see if that changes.

Other (Non-bitcoin.org) Wallets, Exchanges, etc.

If you did not follow our advice and instead stored your BTC in any other wallet, or on an exchange, or anywhere else, you may or may not still be able to claim your BTG. In this case, you’ll have to figure out for yourself whether this is the case or not, and how to do so. This Coinomi blog post may, once again, be of help for some wallets. (Just mentally replace “BCH” for “BTG” wherever relevant.)

Using (or Selling) Your BTG

Once you have claimed your BTG, you can use it however you please. Just like any other altcoin, you could, for example, sell it for BTC or perhaps spend it somewhere if it’s accepted for payment, etc.

If you decide to sell your BTG, there are a number of exchanges where you can do this. The Bitcoin Gold website lists most of them here. (Which of these you decide to trust is up to you; we’re not giving any particular advice.)

But there are three more factors to keep in mind before doing so.

The first factor is privacy. Your public keys (which are linked to your BTC and BTG addresses) are identical for BTC and BTG. This means that whenever you spend your BTG (for example, to send them to an exchange), you do not only reveal your BTG addresses but also your BTC addresses. This can, in turn, reveal a lot about your current holdings as well as your past and future transactions and can even, by extension, reveal other data about people or entities you transact with. Make sure you are comfortable with giving up this privacy if you are going to send your BTG to an exchange or anywhere else.

The second factor is mostly theoretical at this point but worth a quick mention nonetheless:  security. By revealing your public key when spending BTG, you strip away one layer of cryptographic security, even for your BTC addresses. This doesn’t mean that your BTC are insecure right now, but there is an increased chance that your BTC won’t be secure at some point in the (far) future when this particular cryptographic standard is weakened. It is, therefore, best to move your BTC to a new address, at least some time within the next couple of years.

The third factor was already mentioned but bears repeating: If you’re using insecure software to claim your BTG, your BTC may be at risk. It’s probably best to move your BTC to a new address or even a whole new wallet with a new wallet seed before you even start meddling with BTG — regardless of which wallet you were using. That way, if you do mess up with insecure BTG software, you shouldn't lose your BTC.

So, to Recap …

1. You don’t have to do anything if you don’t want to, and there is no rush. If your private keys are secure, your BTG is secure.

2. If you want to use your BTG in any way, it's probably best to first move your BTC to a whole new address that you control, or even to a whole new wallet generated from a new seed. (But don’t lose your old private keys or seed: These still hold your BTG!)

3. Once you know what you’re doing, upload your private keys into a Bitcoin Gold wallet, like Coinomi. Then you can keep it, spend it, perhaps send it to an exchange to sell or whatever it is you want to do with your “free money.”

The post A Beginner’s Guide to Claiming Your Bitcoin Gold (and Selling It) appeared first on Bitcoin Magazine.

Posted on 16 November 2017 | 1:15 pm

New “Semi-Decentralized” Cryptocurrency Exchange Navigates Murky Compliance Waters

New “Semi-Decentralized” Cryptocurrency Exchange Navigates Murky Compliance Waters

Tetra, a new entrant in the cryptocurrency exchange sector, describes itself as a semi-decentralized, peer-to-peer exchange with an emphasis on security and usability: “Tetra will help create the next wave of cryptocoin adoption which will benefit all cryptocurrency users from investors to traders to businesses.”

The term “peer-to-peer exchange” tends to suggest the idea of a strong emphasis on privacy and anonymity, as well as a certain level of disdain for Know-Your-Customer (KYC) rules, meddling regulators and authorities. According to Tetra’s blog post announcement, however, it appears that its approach is at odds with this philosophy:

Tetra understands the importance of practices like KYC and has devoted the resources necessary to implement these processes properly. Users will be able to trade safely with the comfort of knowing that due diligence has been enacted to protect them from potential repercussions.

“You may have heard the terrifying accounts of people receiving prison sentences for trading cryptocurrencies on peer-to-peer exchanges,” adds the main Tetra website. “With Tetra, that is a thing of the past. Route your payments through our fully compliant banking network for a legally sound trading process. We're relieving traders of the burden of obtaining expensive licenses and adhering to cumbersome regulations in order to allow people to focus on what matters: their trades.”

While this sounds appealing to compliance-conscious cryptocurrency users and traders, the self-description of Tetra as a “semi-decentralized P2P” raises questions. In a Reddit discussion, a Tetra representative admits that Tetra is a centralized service, but states that the exchange operates using a decentralized transaction model so that the operators never have control over users’ coins directly, and thus hackers do not have access to users’ coins.

In communication with Bitcoin Magazine, Patrick O'Brien and CTO of Tetra Exchange, confirmed this practice.

"Tetra is called a semi-decentralized exchange because Tetra customers maintain control over their own private keys. Customer funds are never stored on our centralized servers, users store their funds in their own client-side wallets which are built into the Tetra software, and transact through our system by utilizing the Bitcoin network's multi-signature transaction architecture.”

He explained that Tetra is described as a peer-to-peer exchange because users are trading with other individuals, and not with Tetra or against a Tetra orderbook as they would in a traditional exchange.

“To elaborate further, this means that when customers are interested in making escrow payments they will participate in a multi-signature transaction, with the third party and ourselves as signing authorities,” continued O'Brien.

“In the event of a dispute we can co-operate with either side to move the funds where they need to go, and in the event of a successful transaction both sides can agree to release the funds. All of this is accomplished without us ever having direct control over the flow of money as would be the case in a traditional exchange.”

International Compliance Issues

Based in British Columbia, Canada, Tetra plans to operate globally with no restrictions, unless forced to by law. When a Reddit user suggested that Tetra is advising traders to flaunt U.S. money transmission laws, the Tetra representative answered that the exchange is not “ignoring U.S. laws and pretending it's Canadian law while intending to operate in the U.S.”

He added that the exchange takes compliance very seriously and stated that Tetra is circling back to their lawyers for advice.

However, as the Reddit thread continues to point out, there still remains a number of compliance and personal privacy concerns related to the company’s KYC measures that U.S. users should be especially wary of, depending on the particular state requirements where they live.

Some states are stricter than others, too. Always [know] one's own jurisdictional rules/laws and not rely on what is "too good to be true." - coin_trader_LBC

User Experience and Security

Leaving aside the P2P interpretation and the potential compliance minefield, it’s worth noting that Tetra emphasizes easy usability and security as strong competitive advantages in the cryptocurrency exchange market.

“[The] Tetra app and web platform will create a simple experience for users,” reads the announcement, adding that users won’t need to know about public key cryptography and smart contracts. “This approach will enable a new generation of users to enter the cryptocurrency space and with that bring new investors, new clients for dapps and crypto-based businesses, and in general make a great stride towards mainstream adoption that will enable the positioning of cryptocurrencies as true world-currencies.”

The Tetra platform uses multisig escrow and intends to automate all aspects of the trading process to provide “incredibly secure and worry-free trading” with 2-of-2 and 2-of-3 P2SH multi-signature transactions, smart contracts and encryption of all communications.

Of course, Tetra is hardly the only exchange to focus on easy usability and security, and, in fact similar measures are adopted by many exchanges today. What really seems to differentiate Tetra from many other exchanges is the fact that Tetra is explicitly targeting professional traders and cryptocurrency trading businesses that need to streamline multiple trades, by offering an easy user experience to their customers and presenting themselves as fully compliant with regulations.

"The goal here is to facilitate the growth of fiat to crypto on-ramps and off-ramps, and we do this by encouraging people to operate trading businesses on our platform," O'Brien told Bitcoin Magazine.

“The features outlined so far culminate to satisfy business needs; by ensuring customers have a completely secure, legally safe, and easy to use platform Tetra will allow businesses to thrive in an otherwise hostile environment,” concludes the announcement.

The first public release of the Tetra platform and apps, currently available to alpha testers, will support Bitcoin, Ethereum, Litecoin and Dash. Other cryptocurrencies that support multisig transactions are planned for the future. The platform will begin its roll out in the U.S., Canada and Australia.

To professional traders and businesses, Tetra offers a paid service dubbed Tetra Prime, with support for online and “brick-and-mortar” business storefronts, as well as trade matching and analytics to optimize trading profiles.

The post New “Semi-Decentralized” Cryptocurrency Exchange Navigates Murky Compliance Waters appeared first on Bitcoin Magazine.

Posted on 15 November 2017 | 11:39 am

Zen Protocol Advances Smart Contracts for Financial Services

Zen Thumb

Shunryū Suzuki, the Sōtō Zen monk and teacher who helped popularize Zen Buddhism in the United States, once remarked that, "In the beginner's mind there are many possibilities, but in the expert's there are few."

In many ways, this aphorism captures the entrepreneurial tenor of today’s emerging world of blockchain technology, as startup companies seek to address critical issues facing the distributed ledger space.  

Many would agree that today’s financial systems are fraught with centralization, complexity and barriers to access. While established businesses and individuals in this market can manage the paperwork and bureaucracy, many still find these barriers to participation too challenging to overcome.  

As a result, potential trades and deals are lost, as these financial participants, trying to get limited access to the system, turn to intermediaries. These participants are, therefore, unable to issue assets or even to trade in some asset classes.  

Zen Protocol, a smart contract company headquartered in Tel Aviv, is on a quest to change this trajectory, by making secure, peer-to-peer finance possible on a customized, public blockchain, removing the need for intermediaries such as banks and brokers.  

Zen’s approach allows anyone, anytime, anywhere to create and trade financial products on a secure platform — a Proof-of-Work blockchain protocol. It’s here where an open marketplace for options, futures, digital currencies and a myriad of other financial instruments are offered to consumers who would otherwise be left without the ability to participate. 

Zen Protocol, in many respects, can be viewed as an alternative to Ethereum, Bitcoin’s main market competitor. Zen’s main value proposition is the creation of a blockchain that mitigates some of the pesky issues that have adversely impacted Ethereum, while simultaneously running parallel to the Bitcoin blockchain. 

By way of example, one problem users on the Ethereum blockchain face is running out of “gas.” This means that transactions on its network often fizzle out, requiring that whatever currency paid to a user be returned to them. In other words, because there wasn’t enough energy to complete their transaction, it was canceled. Unfortunately, the fee for running this transaction still has to be paid.

Zen addresses this issue through proven resource bounds: a protocol for attaching to each contract a proof of how long it takes to run. This completely removes the need to monitor gas.

Key here is that smart contracts won’t allow a transaction to be sent without knowing how much computation it uses. This one feature alone makes Zen a noteworthy alternative to Ethereum and other smart contract platforms.  

With Zen miners now able to check how much computation transactions take to verify, they no longer have to run them in a virtual machine. Unlike competing platforms, Zen simply compiles its smart contracts to machine code, enabling them to run at native speed and greatly increasing transaction throughput.

Zen has implemented a system called “Multi Hash Mining” which distributes mining rewards to several hashing algorithms while giving users — that is, holders of the Zen native token — the power to vote on which hashing algorithms will receive the rewards. The company believes that this approach will result in a fairer and more equal engagement between miners and token holders, with all participants incentivized to cooperate.  

It should also be noted that, rather than being limited to the native Zen token, any asset in Zen can be used to pay transaction fees, including those created by contracts. This reduces complexity for consumers seeking to move around and pay fees in fiat currency. With Zen, all new assets can be utilized by any existing or future contract. 

Zen Protocol’s Push Forward 

The core team at Zen protocol started working together in 2014 in the blockchain space and, after years of research, began development of the Zen Protocol in June 2016. 

“Our driving motivation in creating Zen is the belief that people have a right to own their financial assets, and we feel a responsibility to provide people with the necessary tools to empower themselves,” said CEO Adam Perlow. 

Perlow noted that rather than be exposed to counterparty risk, most individuals use financial institutions as trusted intermediaries. He says that these financial institutions facilitate the majority of economic transactions.  

The model employed by Zen Protocol overcomes the ability of financial institutions to limit people’s freedom to transact, providing an alternative way of accessing financial products and controlling risk.   

Perlow believes that Zen Protocol’s approach follows from some simple premises. 

“These premises are the need for increased security — provided by formal verification and a secure execution context, the need for real utility — provided, for example, by oracles, and the need for better governance [by multi hash mining],” he said. "In the long term, we think Zen provides people with a ‘Swiss bank’ in their pocket, allowing them to make use of cryptographic advancements to create, trade and store conventional financial assets such as stocks, bonds and derivatives over a decentralized network." 

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The post Zen Protocol Advances Smart Contracts for Financial Services appeared first on Bitcoin Magazine.

Posted on 15 November 2017 | 8:29 am

Kaspersky Lab and Parity Technologies Launch Blockchain-Based Voting System

Kaspersky Lab and Parity Technologies Launch Blockchain-Based Voting System

Cybersecurity company Kaspersky Lab unveiled Polys, a secure online voting system based on blockchain technology and backed with transparent crypto algorithms, at the company’s annual Cybersecurity Weekend event in Dublin.

“[Online] voting imposes extremely stringent requirements on the security of every aspect of voting,” notes the Polys website. “We believe that the blockchain technology is the missing link in the architecture of a viable online voting system.”

“In our Kaspersky Lab Business Incubator we’re supporting both internal and external teams in developing bright ideas and technologies, which can be implemented in various areas where safety and security are important,” said Vartan Minasyan, Head of Investment and Innovation at Kaspersky Lab.

“One such area is online voting and, when exploring the possible implementations of blockchain in particular, our team realized that this technology combined with the company’s cybersecurity expertise could solve key problems related to the privacy, transparency and security of online voting. We’re excited that we have been able to create a suitable environment for this internal innovation.”

Kaspersky Lab released a beta version of Polys, intended to get early feedback and iteratively develop an operational voting system that, according to the company, “will change the way people vote.”

At the moment, Polys offers a free web-based dashboard to create an online vote with two options: majority vote, in which the option that gets the majority of votes wins, and cumulative vote, in which the voter has multiple votes that can be given to a single option or divided among several options. Cumulative voting is often used, for example, for committee elections where voters can support more than one candidate.

Once a vote has been created on the Polys dashboard, the administrators can choose how to accept votes. Currently supported options are email, unique codes, and public voting. In email voting, Polys sends an email to each voter with a secure voting link. In public voting, the voting link is open to everyone who can view it. A combination of online and offline voting can be implemented with secure codes, generated by Polys and sent to users in electronic or printed format, which enable users to vote using either personal devices or public computers in voting kiosks.

Polys will support a desktop app to create a vote and a mobile app to actually vote. Besides the free dashboard, Polys offers a paid version that supports white-labeling, re-branding and integration options.

According to Kaspersky Lab, a robust voting system should ensure voter anonymity, provide protection against trash votes, vote trafficking and voter coercion, and enable voters to check that their votes have been recorded in the blockchain. It’s also important to encrypt the voting results recorded in the blockchain, otherwise intermediate results could become available before voting ends, which is often against the law.

For now, votes can’t be changed by Polys or by the voters, but a Polys white paper suggests countering the threats of vote trafficking and coerced voting by enabling voters to change their votes without limitation.

The source code of Polys, based on Ethereum smart contracts, will be made available on GitHub. Cybersecurity company Kaspersky Lab is leading Polys’s security development;  Parity Technologies, a company specialized in blockchain and peer-to-peer software for the decentralized web, will support the project’s blockchain development.

“Parity Technologies is excited to be involved with Polys as their platform of choice for such an innovative project,” said Jutta Steiner, co-founder of Parity Technologies. “Blockchain [technology] is increasingly being implemented by a vast number of industries, and we believe that decentralizing the voting procedure will ensure a fair process and create a high level of trust in the system.”

Kaspersky Lab proposes two typical use cases for Polys: early-adopting environments such as universities, where students and faculty will be able to informally vote for classes and student councils, and tech-oriented “future cities” that need new solutions for conducting formal elections with speed, reliability and trust.

It seems likely that blockchain-based online voting systems, including but not limited to Polys, will first find operational applications for informal, non-binding consultative voting in academia and similar environments. It’s worth noting that Decentralized Autonomous Organizations (DAOs), which can often be considered as demonstrators of future governance methods, have built-in voting systems based on blockchain technology, often implemented with Ethereum smart contracts.

Therefore, it seems plausible that blockchain-based voting could move to the “real” world of cities and governments. Once blockchain-based voting systems are able to demonstrate watertight security, they could address the challenge of counting errors and fraud in elections. It’s also worth noting that, while blockchain voting has its delays and costs, it could be much faster and cheaper than traditional voting systems. Blockchain voting could enable governments to implement direct democracy with frequent consultations on a wide range of political and social issues.

The post Kaspersky Lab and Parity Technologies Launch Blockchain-Based Voting System appeared first on Bitcoin Magazine.

Posted on 14 November 2017 | 12:57 pm

Bitcoin price climbs over $4,000

Posted on 14 August 2017 | 1:16 am

Bitcoin reaches new all-time high: $ 3,000

Posted on 12 June 2017 | 1:06 am

Consulting firm EY Switzerland accepts Bitcoin

Posted on 26 November 2016 | 12:47 am

Bitcoin Trading Bots

There have been a wide variety of situations in which algorithmic trading programs have proven to be beneficial for investors. However, investors who only trade a cryptocurrency can also take advantage of bitcoin trading bots. Through bitcoin bot trading, traders can become more flexible and prompt, minimize errors and process information more rapidly. At this… Read More »

Posted on 8 November 2016 | 6:20 pm

Steam accepts Bitcoin

Posted on 29 April 2016 | 1:09 am

Major Magazine Publisher to Accept Bitcoin Payments

Posted on 18 December 2014 | 12:43 pm

Microsoft accepts Bitcoin

Posted on 11 December 2014 | 5:06 am

Mozilla accepting Bitcoin

Posted on 20 November 2014 | 1:55 pm

PayPal and Virtual Currency

Posted on 23 September 2014 | 9:52 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

Expedia to accept Bitcoin payments for hotel bookings

Posted on 12 June 2014 | 12:41 pm

November 19, 2017 -
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