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Bitcoin News

Get the latest updates on Bitcoin news! One of our main goals is to inform and what better way to do so than through the news? We cover various topics such as keeping up with Bitcoin’s volatile market, innovations in the blockchain and so much more!


In Light Of Bitcoin Adoption: Different Places Got Tagged
The White House, among many others, just got tagged, specifically, with digital Bitcoin (BTC) graffiti, care of a newly discovered augmented reality (AR) platform inspired and fueled by cryptocurrency. In exchange of a small Bitcoin fee, anybody is permitted by Satoshi’s World to add images, text, and GIFs to actual places or sites anywhere. Despite being launched just over the course of the weekend, it only took a few hours for the word “bitcoin” to be scribbled all throughout the White House. A Twitter user that goes by the name of ‘Pseudozach’ posted a sample image of it in a tweet saying “I made another thing. Write anywhere on earth, pay with Lightning. 10 sats per character.”, to which another Twitter user, named ‘Matt Odell’, replied “I wrote bitcoin on the White House “, Neeraj K. Agrawal tried to find the word ‘bitcoin’ on the White House, and when he found it, he tweeted “Found it” together with a screenshot of the ‘vandalism’. According to online news site,, the gig is a cool twist on Satoshi’s Place, last year’s Bitcoin project, that enabled users to buy pixels on a blank canvas for a very small amount of cryptocurrency. It also used the Lightning Network. How does it work? It’s very easy, based on an article from The Next Web, people drop the little orange stick-figure-like avatar called ‘Pegman’ anywhere on the map, and its first-person view (FPV) will be seen on the right hand side of the screen. For each character, it would only cost 50 Satoshis ($0.0018). Users can type in any word or message they would like to “pop up” or “show” in that specific area. Not only that, it also supports emojis, images and GIFs by means of links. In light of bitcoin adoption Hard Fork, a subsidiary of The Next Web site that focuses on the cryptocurrency and the blockchain industry, made a decision to try it for the sake of the advancement of Bitcoin adoption. Located in the Netherlands, TNW couldn’t help but join the bandwagon and share their choice of cryptocurrency graffiti all over Amsterdam Centraal station which cost about $0.05 worth of Bitcoin each. As stated in TNW’s article, the group also had a chance to find out directly from Satoshi World’s creator what some of his favorite graffiti has been so far, but most importantly to talk and see how he has been utilizing the platform. Pseudozach, Satoshi World’s creator, told Hard Fork during the interview: “I wrote ‘hello gorgeous ;)’ on the Maiden Tower in Istanbul, … There are seriously profound ones, one says ‘welcome to the cliff dwellings, we are a lie.‘ I don’t even know what that means, but it sounds deep.” (Pseudozach) Transactions with small amounts of Bitcoin? No problem Based on TNW’s report on the matter, there’s a reason why Pseudozach prefered to use the Lightning Network rather than directly using the blockchain technology to accept Bitcoin payments, he explained that the service would not just be the same without Lightning. “I started out charging 10 Satoshis per character, and a few people wrote ‘bitcoin.’ That was 70 Satoshis, pretty much impossible on-chain,” (Pseudozach) This is because of Bitcoin‘s mining fees. Everytime people transmit a significantly small amount of Bitcoin — similar to the ones in Satoshi’s World — network fees can really be greater than the actual amount to be transmitted. \"One of bitcoin\'s biggest problems right now is that so many people want to use the currency that from time to time the network gets bogged down.\" (Ryan Radloff) As mentioned on an article on business news site CNBC last 2017, an issue for bitcoin is slow transaction times and large fees, but there might be an answer to this problem. A possible answer to the problem is called the \"Lightning Network.\" pointed out by Ryan Radloff, CoinShares’ co-founder. Accordingly, Lightning Network enables Bitcoin to be sent directly among nodes via special payment channels. “Another reason is Lightning is final, so I take the payment and user refreshes the page and sees the graffiti immediately, … On-chain, we would have to wait a few blocks (20-40 minutes).” (Pseudozach) Additionally, TNW also claims that Pseudozach is not actually worried about indecent messages and click-related doodles being flooded in Satoshi’s World. “I’m definitely not interested in censoring or monitoring what’s on there so I’ll let it run wild for a while, but if there’s any chance it would get me in trouble, I’ll think of something.” (Pseudozach) What do you think of this fun way to use your bitcoins and test out the Lightning Network? Would you also do the same and share your own crypto graffiti? Let us know in the comment section below!  ...
Feb 14, 2019
A Major Philippine Bank Launches Crypto ATMs in the Country
Malta, U.S., Singapore, South Korea, and Japan are among the few countries in the world who are innovative in the blockchain technology and have a remarkable Bitcoin ecosystem. Come to think of it, not many would anticipate that the Philippines would be stepping up their crypto-game — considering that it’s a country that apparently has a great deal of crypto users, according to a story on NewsBTC. One of the largest commercial banks based in the Philippines made a noteworthy move last week that would promote cryptocurrency in the nation. Local publications reported that the Union Bank of the Philippines has launched the country’s first-ever crypto ATM. The motive of the said automated teller machine (ATM), as mentioned in the official statement of the bank acquired by Philstar, is to give local users an easy-breezy way to have cryptocurrency converted to fiat and the other way around. In addition, the crypto ATM initiated and distributed by UnionBank is a two-way machine, enabling people to buy and sell cryptocurrencies. “In the bank’s continued quest to cater to the evolving needs and tastes of customers, including clients who use virtual currency, the ATM will provide these clients an alternative channel to convert their pesos to virtual currency and vice versa,” (Union Bank) According to an article from, the machine will be Philippines’ first-ever cryptocurrency ATM that acts in accordance with the rules and regulations established by the country’s central bank, Bangko Sentral ng Pilipinas (BSP). The Philippine government’s regulatory sandbox claims this project as a part of it. The bank claims it has been cooperating with the BSP to come up with innovative solutions that would benefit the people of the Philippines. Exploring Bitcoin and Distributed Ledger Technologies As stated in a story from online news site BitPinas last July 2018, BSP Governor Nestor A. Espenilla Jr. said that, at that moment in time, the Bangko Sentral ng Pilipinas was exploring bitcoin and distributed ledger technologies like blockchain and their potential with regards to how it can be utilized to improve or give solutions to standard banking transactions. Moreover, the governor also shared that the BSP is cooperating with universal banks and key players in the industry for a prospective linkup with DLT providers. “We believe that collaboration and strengthening partnerships with other fintech players is a way to boost distributed capabilities of correspondent banks, … To grow markets in the midst of competition, new customer solutions through efficient operations should be delivered.” (Nestor A. Espenilla Jr.) #CryptoATM Coming Soon A statement by Unionbank mentioned that “In the bank’s continued quest to cater to the evolving needs and tastes of customers, including clients who use virtual currency, the ATM will provide these clients an alternative channel to convert their Pesos to virtual currency and vice versa,”. No coins in particular were named in the announcement, according to an article from Philstar. Nevertheless, this initiative only brings out the emerging industry theme of ATMs that cast aside the shackles of the traditional bank system, such as fiat and payments processors like Mastercard and Visa. An article in relation to the matter from shared a screenshot of a picture of Unionbank’s crypto ATM from a tweet that was posted on social media on Jan. 17, from a user named Mike Abundo. The Country’s Crypto Regulation Observing the growth in the utilizations of cryptocurrencies for remittances and payments in the Philippines, the BSP initiated a formal regulatory framework for virtual currency Exchanges through Circular 944 dated Feb. 6 2017, according to Philstar Global. As stated in Bangko Sentral ng Pilipinas’ media release about the Advisory on the Use of Virtual Currencies, it was clarified that “Following the warning advisory issued by the BSP in March 2014, a formal regulatory approach was adopted through the issuance of Circular No. 944 dated 6 February 2017.” This newsletter indicates “guidelines for virtual currency (VC) exchanges” proposing “services or engaging in activities that provide facility for the conversion or exchange of fiat currency to VC or vice versa” in the Philippines. Considering that it “does not intend to endorse” any digital currencies such as bitcoin, the BSP made it clear that it intends to monitor them “when used for delivery of financial services, particularly, for payments and remittances.”, as mentioned on a story from Fiat To Crypto On-Ramps To Promote Bitcoin in 2019 This venture in the Philippines comes as Fundstrat’s research team, which includes Rob Sluymer and Tom Lee, claimed that the rise in the fiat-to-crypto on-ramp sector will be a positive catalyst for Bitcoin in the coming year. According to a sneak peek of a Fundstrat report, the New York investment advisory outfit noted that influx of consumer interest in Bitcoin may be catalyzed by Binance’s recent addition of credit card crypto buying feature, along with other fiat-supported infrastructure from other upstarts. Do you think the addition of Crypto ATMs in the Philippines would effectively boost Bitcoin and its utilization in the country? Share your thoughts with us in the comment section below! ...
Feb 12, 2019
Mass Bitcoin Adoption Boost Samsung & Opera’s Crypto Wallets
According to an article on news website ZDNet last December 2018, Opera is taking a leap of faith on blockchain technology to extend its market and get hold of new audiences interested in cryptocurrencies such as Bitcoin and Ethereum. Previously, one of the preeminent browser operators of today launched a private trial version of the Opera for the Android crypto-wallet last July 2018, as noted in the Opera Blogs website. The said crypto-wallet can be utilized to store Ethereum and have the opportunity to use ‘Dapps\' or Ethereum-based decentralized apps. Charles Hamel, Opera\'s crypto product lead, stated: \"Our hope is that this will accelerate the transition of cryptocurrencies from speculation and investment to being used for actual payments and transactions in our users\' daily lives.\" (Charles Hamel) In less than three months after announcing its intention to delve more into blockchain technology, Opera has finally incorporated an element to buy crypto into its Android app as mentioned on CCN’s story a few days ago. A partnership with Safello, a European crypto exchange, turned their plans into reality. Users are now able to purchase cryptocurrencies directly from the Opera browser. The CEO of Safello said: “With Safello brokerage on the Opera mobile browser for Android, both new and experienced users can now easily transact cryptocurrencies in the most secure and fastest way possible. The functionality to purchase crypto is right at their fingertips.” (Frank Schuil) Based on CCN’s report, Opera’s announcement comes in a particular time wherein other substantial technology corporations such as Samsung are reported to be in the action of incorporating native crypto support into their digital devices. Current Obstacles Based on CCN and Bitcoin Exchange Guide’s article, considering the bearish market for most of the premier cryptos over the past months, some hacking attacks, security breaches, and issues like the QuadrigaCX catastrophe where $150 million in digital assets was lost when the key person apparently died holding the private keys to it, it seems like the investors as a whole has lost some of its confidence in this still-emerging industry. Additionally, even some of the actions to strengthen the foundation of the industry made by top crypto companies like Coinbase, Gemini, Kraken, and Binance have not been able to completely shift the perception of crypto in the mainstream yet. Initiatives of Technology Conglomerates are Pivotal For Mainstream Bitcoin Adoption With announcements of big-name players such as Opera and Samsung entering the industry, Bitcoin Exchange Guide mentioned in its report that the crypto industry has taken another small but essential step towards increasing its overall visibility across the globe. Samsung and Opera currently shows off a user base together of around 200 million people, to boot. Consequently, their introduction into the market could possibly draw on a larger number of customers — specifically those who have been hesitant to utilize or be even interested in cryptocurrencies in the past. As stated in CCN’s article, for the long-term development of the crypto industry, it is critical to have giant and well-known institutions and companies to incorporate into the crypto ecosystem and escalate the awareness of the asset class. Moreover, the recent integration of Opera’s crypto buying feature introduces a small step in the direction of improving digital assets’ adoption in major markets. However, improbable in the short-term, some analysts feel it may also lead other prime browsers in the long-term to integrate crypto provided that, as Twitter CEO Jack Dorsey thinks it likely that, Bitcoin or any other digital currency turns into the native currency of the internet. SamMobile and other news outlets claim that South Korea’s largest company, Samsung, is reported to add a crypto wallet, possibly led by the Samsung Pay app. On top of that, if there is a continuation on Opera’s initiative to add features on its platform relevant to cryptocurrency and Samsung Pay organizes the application of a crypto wallet, the asset class would gain mainstream attention to two large markets in the browser operator and digital device markets. Charles Hamel, in an official statement, said: “We think that the next important phase for crypto will come from usage and that for it to reach wider adoption, it has to be easy to buy and easy to use. We believe that the browser will be the entry point for these use cases.” (Charles Hamel) Lastly, another crypto-centered browser called ‘Brave’, is expected to have active users in the millions and content creators who are given incentives for the use digital assets. Do you also believe in the power of these big names for the mainstream adoption of Bitcoin? Tell us what you think in the comment section below!...
Feb 11, 2019
Shoppers Are Buying Lingerie With Bitcoin!
Buying lingerie with Bitcoin is probably the cypherpunk-iest way to celebrate the upcoming Valentine’s Day. Lila Williams, founder and CEO of, shared with CoinDesk that her company goes through a few bitcoin payments monthly since she started endorsing bitcoin to her company in March 2017. Based on CryptoCurry’s article, for the very first time, people are able to utilize Bitcoins to buy sexy and comfortable lingerie directly from the major lingerie website. This particular progress opens more doors for users of Bitcoin, while at the same time Bitcoin attains more significance and utilization in the commerce world. Ergo, since the Valentine’s Day season is approaching, Lila’s website is organizing a campaign where all copped items paid in bitcoin receive a 15 percent off and a pair of lace panties for free. A few bitcoin devotees might be hesitant to shell out their crypto on garments. Yet intimate apparels, particularly, is usually seen by aficionados as a purchase equivalent to an investment in a piece of fine craftsmanship such as jewelry. Coindesk shared on its article that if bitcoin is an investment, then buying lingerie with the use of bitcoin from women-led businesses that accept cryptocurrency, such as Naja and Kala, is a way to invest in women. Also considering that both pay off apparel manufacturers salaries that are above usual and use materials that are fair-trade. Rebecca Migirov, ethereum venture studio Consensys’ alumna and lingerie brand Kala’s CEO, shared with CoinDesk that a “woman-led revolution in terms of product” is what the industry is longing for. She says that the best way to encourage the adoption of crypto is for customers to “show there’s demand in the market.” That is the reason why a member of the Digital Currency Association named Rick Shaddock, mentioned that he used bitcoin he got at the time of the peak of the market in December 2017 to get his wife panties for their anniversary because in lacy underthings there is no volatility. Shaddock said in an email: “It turned out to be a wise exchange, because BTC went down 80 percent … Panties were a much better investment than bitcoin in 2018.” Censorship Resistant Sites Might Be Beneficial to the Lingerie Industry Coindesk mentioned that the industry of American lingerie has largely been dominated by companies with questionable labor practices, since bras are mainly,  a struggle to mass produce and need to be put together by hand at some point. An example given by Coindesk would be Victoria’s Secret, majority is owned by billionaire Lex Wexner, which allegedly resorted to cheap prison labor and child labor. Lingerie companies with higher ethical standards but less corporate power deal with uncontrolled advertising censorship from subscription websites like Patreon to social media platforms such as Google and Instagram. “There are enormous problems with advertising even luxury lingerie,” (Lila Williams). Williams shared with CoinDesk that, besides having problems with Google Ads, Facebook regularly puts a stop to her ads and tags them as “sexual content,” even if the picture shows a woman in modest undergarments. Another company that has the same issue is Migirov’s Kala brand. They struggle with converting shoppers through social networking sites such as Instagram, which usually mislabel lingerie ads as pornography. Therefore, Migirov stated that the industry of lingerie could take advantage of censorship-resistant sites with smooth bitcoin payment options. The only issue that both Williams and Migirov agree with, is that the lingerie industry isn’t really tech-savvy, in particular. Up till OpenBazaar or AdLedger and other crypto-friendly retail platforms gained attraction from mainstream audiences, websites that are siloed might place a limit on store advertising and sales. With 33 years of experience in the industry of lingerie, first starting a website then accepting credit card payments before majority of her competitors, Williams added: “Yes, computers were the big disappointment of 1990, but they aren’t any more. And I believe that one day the same will be said of bitcoin.” Development is Slow Bitcoin Exchange Guide added that according to Williams, if the technology of bitcoin becomes more prevalent and user-friendly, she will be more interested in processing her own bitcoin payments. She also added that she holds some bitcoin savings from time to time instead of converting it to cash instantly. “One of the problems with bitcoin is when you push that button it is gone, gone, gone, there is no recourse,” (Lila Williams). In addition to the $75 monthly fee, traditional credit card transactions can amount up to 3 percent of her earnings every month. Which overlooks the average 1 percent transaction fee incurred by using Bitpay. In the case of Bitpay and Shopify, they offer a guarantee that is not only comforting but efficient in the event that something goes wrong. Furthermore, during the past six months, a number of plug-and-play bitcoin node devices have transpired which greatly influences the lightning network and therefore reduce network fees to surprising lows. Co-founder of the French startup Nodl, Michel Luczak, and Lightning in a Box co-founder, Norman Moore from New York, both of which are node retailers, have announced on Coindesk that we are expected to see a moderate adoption throughout the merchant sector since education is the biggest obstacle to tackle outside the technology industry. “We are trying to sell not one node per shop, but for a group of shops, to show them that this can bring them more freedom… It’s a problem of trying to educate people and show what [a node] can bring them.” Luczak said, speaking broadly about a wide range of vendors. Wide range adoption especially in the lingerie industry may be slow, but it continues on a steady incline. When considering the sector of fashion economy, the majority of entrepreneurs are females who are often censored or sidelined. However, with the mass adoption and growth of cryptocurrency payment, the power can be shifted towards the shoppers giving them an opportunity to empower these businesses directly and challenge the corporate norms. “More people ask to use bitcoin over the phone than ask to use Discover card,” (Lila Williams) Do you think the lingerie industry really needs cryptocurrency? Should other companies start adopting now as well or wait til the technology is at the point where people can easily use it to make payments? Let us know what you think on the comment section below! ...
Feb 08, 2019
Red Bull Reveals The World’s First Formula 1 Crypto Sponsor
A union between Red Bull Aston Martin, a Formula 1 racing team, and FuturoCoin, a crypto company, has been revealed. Furthermore, the sponsorship deal among the two is the first ever union of its kind for Formula 1. Business Wire added that the new cryptocurrency has signed a two-year deal to partner the Formula One team. FuturoCoin is the First Crypto Company to Sponsor F1 According to an article on Crash, an online motorsport news platform, out of all the other teams in Formula 1, Red Bull is actually the first ever team to secure a sponsorship from the crypto world, announcing a deal with FuturoCoin ahead of this year’s season. Christian Horner, Crimson Bull Racing’s Staff Major, said regards to the new partnership: “In recent years, the rise of blockchain technology and cryptocurrencies has been truly remarkable, and we’re delighted to be the first Formula One team to embrace this, through our partnership with FuturoCoin.” (Christian Horner) Based on a story by The Checkered Flag, a racing news publication, Red Bull Aston Martin has become the first Formula 1 team to partner with a cryptocurrency company. The company, well-known for its Red Bull energy drink and eventually became a sponsor to multiple sporting events and teams, will be working with the FuturoCoin moving on. Boom of Cryptocurrency The year 2018 is dubbed on an article by Wired, the American magazine that publishes in print and online, as “The Year of the Cryptocurrency Craze” and this recent cryptocurrency craze saw a number of teams and drivers from Formula E to link up with companies, but the announcement made by Red Bull tags the first foray of an F1 team to be a part of the industry. A report from NewsBTC mentioned that despite the fact that other teams in sports have also begun to welcome blockchain technology and digital assets at some point, crypto’s connection in professional sports continues to be a niche. Maybe with a known name such as Red Bull Aston Martin declaring their recent crypto sponsor, more teams from other sports will hopefully do the same and pursue opportunities, in the same way, to look into the nascent and innovative technology. FuturoCoin? Founded in 2017 by Roman Ziemian and Stephan Morgenstern. FuturoCoin (FTC)  is a new digital cryptocurrency that shares the same underpinnings with more well-known cryptocurrencies like DASH, but it claims to provide users with benefits that include industry-leading four second transaction times and low fixed fees. FuturoCoin’s website prominently claims that its developers have managed to improve on tried and tested methods with their proprietary DASH technology that guarantees instant payments to anyone and everywhere coupled with the lowest possible transaction fees. FuturoCoin utilizes a peer-to-peer technology operating with no central authority. Managing transactions and issuing money are carried out collectively by the network. The digital currency is constructed on an open source code which offers a supply of 100,000,000 FuturoCoin (FTO) at most, it is reckoned that to mine the whole currency in total it will take around 10 years to do so. According to an article on Bitcoin Exchange Team, one thing that FuturoCoin has over most of their peers is that it has already managed to establish a strong user base from its parent company, FutureNet, and that is backed up by a talented and innovative team that aims to revolutionize the cryptocurrency field. Digging Deeper The deal was induced by founder Roman Ziemian’s passion for motorsport and will cover the 2019 and 2020 F1 seasons. “Cryptocurrencies and Formula One are very similar and their values are much alike; speed, technology and being ahead of their time … I’m a huge fan of motorsport and F1 has always intrigued me. The sponsorship is an exciting new chapter for our company and will be a global platform for us to drive awareness of FuturoCoin.” (Roman Ziemian) The branding of FuturoCoin will be presented on drivers Max Verstappen and Pierre Gasly’s Aston Martin Red Bull Racing RB15 F1 cars. Also, the drivers’ overalls and the team transporters will show the logo of the company. According to Financial Post, the CEO of FuturoCoin’s management company said: “We are very proud that FuturoCoin will be the first cryptocurrency in the world to appear on an F1 car. In addition we are looking forward to working alongside Aston Martin Red Bull Racing, a prestigious brand that is recognised across the world.”  (Paulina Woźniak) Other Sports Hops on the Blockchain and Cryptocurrency Bandwagon A story from News BTC stated that the union between Red Bull Aston Martin and FuturoCoin may be a first for Formula 1. But, it is definitely not the only time a professional sports team has shown the same interest in crypto or blockchain technology. NewsBTC reported last year on a few stories of sporting clubs initiatives to look into the financial and technological innovation. Rimini FC, an Italian football club, became the first team to be bought using cryptocurrency last summer. Later in October, French football club Paris Saint-Germain elaborated plans to start its own digital asset. In other sport-related cryptocurrency news, in June 2018, NBA team the Sacramento Kings turned into the first professional sports club to mine digital assets from their own stadium. The club turned a section of their sporting site into a data center, with local charitable causes benefiting from generated profits. What do you think of sporting events and teams getting into the crypto-world? Share with us your thoughts on the comment section below!...
Feb 07, 2019
Bill Passed: Wyoming Acknowledges Cryptocurrencies as Money
Even though there is conflict about the classification and regulation of cryptos in different countries around the world, and even other states in the U.S., the state of Wyoming is doing its part in managing and taking advantage of the developing scene of tokenized and digital assets. Forbes reported on January 18 that in a noteworthy initiative of the United States for the legalization and promotion of blockchain companies and cryptocurrencies, a bill has finally been introduced that intends to clearly define the legal standing of digital assets, including offer digital asset custody over banks instead of financial institutions. According to the article, there are three classifications of digital assets presented in the bill which are digital securities, digital assets, and most important of all, virtual currencies which grant cryptocurrencies the same treatment as money within the state. Just recently, the state of Wyoming in USA has passed the bill which defines the acknowledgement of digital assets, such as cryptocurrencies, as money, based on the state legislature website. The bill passed its first reading on January 29, the second reading on January 30 and the third on January 31 of this year. Finally, it was introduced to the state’s House of Representatives on February 1. Digital Assets Classified as Property Wyoming Tribune Eagle described in its report that the bill categorizes “digital assets, including cryptocurrency, as legal property ... It would subject cryptocurrency to some of the same rules as money by expanding existing laws,” Furthermore, the publication specified that the “Senate File 125, sponsored by Sen. Tara Nethercott, R-Cheyenne, would establish property rights for owners of cryptocurrency and other ‘virtual assets’ under commercial law, clarifying the legal status of digital money. It also helps banks hold these assets in trusts.” “It adds value and legitimacy to the currency by giving financial institutions and businesses the ability to use it more flexibly in ways they are already familiar with,” (Sen. Tara Nethercott) Digital assets are classified under Wyoming’s existing laws as “property within the Uniform Commercial Code (UCC).” Moreover, the bill defines digital asset as “a representation of economic, proprietary or access rights that is stored in a computer readable format, and includes digital consumer assets, digital securities and virtual currency.” While virtual currency is classified as a digital asset that is “Used as a medium of exchange, unit of account or store of value; and … Not recognized as legal tender by the United States government.” The bill refers to Wyoming laws\' article 9 of the UCC (title 34.1) which lists rules on “secured transactions.”, the bill claims that for the purpose of this article 9, “Digital consumer assets are intangible personal property and shall be considered general intangibles,”. Likewise, for the purpose of article 8 and 9 of the same code, “Digital securities are intangible personal property and shall be considered securities.” Lastly, according to the bill: Custodial Services An article from the mentioned that the bill also permits “security interests in digital assets,” certifies “an opt-in framework for banks to provide custodial services for digital asset property as directed custodians,” and specifies “standards and procedures for custodial services under this act.” Also, the bill states that “The courts of Wyoming shall have jurisdiction to hear claims in both law and equity relating to digital assets.” The text of the bill states that “A bank may provide custodial services for digital assets consistent with this section upon providing sixty (60) days written a notice to the commissioner.” The Wyoming Tribune Eagle detailed that the bill would “allow banks to hold digital assets in trusts with ease … While customers could not deposit bitcoin in the bank itself, they could keep it in their personal trust as property.” For the Betterment of Wyoming The initiative of Wyoming to introduce this Bill, and as a result turn into an appealing choice for crypto users and businesses are not only development for the new fintech but also the state itself, as stated by an article on Forbes. Wyoming is taking advantage of the emerging industry of digital asset custody to establish in the state similar with industrial loan companies and credit cards companies when their laws were passed in the 1970s and 1980s in Utah and South Dakota. As the first US state to recognize crypto as money, the bill is marked as the start of forming a regulatory home the digital asset custody industry in Wyoming, and it is already beginning to notice a level of utilization. A report from said that Cardano, a blockchain platform, has already advanced to Wyoming after the incoming 33rd Governor of Wyoming, Mark Gordon, expressed approval of Blockchain’s capability. Wyoming Blockchain Coalition’s co-founder explains why Wyoming is a good place for blockchain and crypto to get a legislative advantage in the US: “Wyoming spotted an opportunity to lead in this field last year, and realized it had just as many advantages in competing for this nascent industry as any other place - and more so,” Long explained. “Blockchain is software, so it’s global. A line of code doesn’t care who wrote it or where it was written. As Joe Lubin said when he spoke at WyoHackathon last fall, there’s no reason why the next Google can’t be here in Wyoming.\" This will not only benefit the states, considering it would be put into practice successfully but also the legitimation and global state of blockchain and crypto....
Feb 05, 2019
4 Korean Crypto Exchanges Unite to Take On Money Laundering
According to a report on CNBC, in the first half of 2018, a big amount of cryptocurrency was stolen — around the worth of $1.1 billion to be specific — and according to a cyber security company called Carbon Black, it\'s an easy-peasy thing to do which is unfortunate for owners. \"It\'s surprising just how easy it is without any tech skill to commit cybercrimes like ransomware… It\'s not always these large nefarious groups, it\'s in anybody\'s hands.\" says Rick McElroy, Carbon Black Security strategist Additionally, AMBCrypto stated in its article that even with some built-in checks, cyber terrorists, and lawbreakers have been able to undermine the technology directing the crypto market and launder money for their criminal activities. Multiple crypto exchanges were affected by cryptocurrency thefts, companies including Geth, Coinrail, Bitcoin Gold, Zaif, Taylor, Bancor and South Korea-based Bithumb, each lost millions of dollars worth of crypto based on the report made by CipherTrace, one of the world\'s leading platforms for Bitcoin and crypto analysis. Presumably, unfortunate events like this in the crypto-world lead to the partnership between major cryptocurrency exchanges in South Korea to strive against plots that might harm users, especially money laundering. An article on CryptoNinjas stated that, these four large crypto exchanges — namely Bithumb, Coinone, Korbit, and Upbit — announced last Friday a shared initiative to increase AML of anti-money laundering efforts and promote a healthier trading environment. An article on South Korea’s Yonhap News Agency revealed that an official of an operator said: “They are now able to instantly check any wrongful transactions made at other exchanges and take necessary measures, such as blocking their own related accounts. The cooperative step against money laundering via cryptocurrencies is expected to boost the soundness of the industry and to better protect consumers.” Based on a report on Coindesk, the exchanges said they will make a direct line for real-time wallet info to be shared on sketchy crypto trades with an intent to distinguish trades with suspected links to predatory lending, phishing, Ponzi schemes and other illicit doings and share related information through the direct line. The partners will also set off a database of suspicious wallet addresses that is shared, and therefore would be capable of helping them to point out and stop scammers hoping to use different exchanges to transfer a big amount of crypto to the same wallet, as an example. They are aiming to motivate other crypto exchanges to be a part of the movement. A month after CoinDesk Korea organized a forum with the country’s lawmakers, the news came out. The conference was about the initiatives on know-your-customer (KYC) and anti-money laundering (AML). A report by Cointelegraph mentioned that seven out of 21 local crypto exchanges have received approval from the South Korean government after a security audit. Will this initiative taken by the four South Korea exchanges be a wake-up call to everyone and, hopefully, a first effective step in making sure of the protection and safety of crypto and trading? What should be added to make KYC and AML initiatives more successful? Share with us your thoughts on the comment section below!...
Feb 04, 2019
Latin America Starts to Adopt Bitcoin As A New Norm
All over the world, bitcoin continues to make headlines. Since its creation in 2009, bitcoin has always been in the spotlight. According to a report on Cointelegraph, the Great Lakes Science Center in Cleveland, Ohio has become the 3rd major museum to accept bitcoin as payment. Bitpoint Japan, one of the first crypto exchanges to be fully licensed by the Japanese Financial Services Agency, is now expanding to its 6th country worldwide, according to a report on Over the years, bitcoin has become a driving vehicle for people who don’t have access to traditional banking and financial systems. Take ZamZam Water’s and Paxful’s #BuiltWithBitcoin campaign. With that campaign, schools have already been built and scholarships have been given. This has lead to the “explosion of activity among users” in 2018 according to Leigh Cuen of Coindesk. According to the report, transaction volumes on platforms like Paxful have increased by 130% despite the volatility of bitcoin’s prices. With that being said, there may be another region of the world that might need bitcoin’s services - Latin America. Latin America’s struggling economies The two examples that can best represent Latin America’s struggling economies are Argentina and Venezuela. According to a report on Forbes, Venezuela’s annual inflation rate at the end of 2018 was 80,000%. Argentina is also not a stranger to inflation. Their economy suffered around a 30% inflation in 2018, according to a report on Bitcoinist. With these financial struggles loaming around the Latin America Region, it is easy to understand why people from these parts look at bitcoin as a reliable alternative to take control of their finances. Bitcoin as a way out for Latin America With Latin America’s struggling economies and hyperinflating currencies, how could it use bitcoin as a way out? There are two main ways: Wealth preservation According to an article on Forbes, government-issued controls on foreign exchange have made it much harder for citizens to access foreign currencies as a “stable source of value”. This, in turn, has resulted in an increased interest in the bitcoin/cryptocurrency market in Venezuela. The article goes on to say that this represents “a profound case study of bitcoin’s potential positive impact on the struggling Venezuelan people.” A release from the government With the political problems in Venezuela, it is understandable for the citizens to want to be separated from the government. Issues like the dispute for the presidency (added to the struggling economy and inflation) are dividing the citizens. According to an article from LiveBitcoinNews, the fluctuating rates of local currencies are making them very unstable. These are a result of the power struggle in the government and individuals can benefit greatly from separating themselves from the mess, and “flocking to government-free cryptocurrencies can be an important first step” to achieving true separation from the problematic government, Bitcoin and its current state in Latin America The usage of bitcoin is growing rapidly in Latin America. According to a report on Bitcoinist, Argentina has experienced its largest exchange for bitcoins in September 2018 (6.9 million Argentinian Pesos). While Venezuela has also produced its second-highest week in 2018 at almost 295 Bolivars. These statistics were derived from Coin Dance, a reliable source for bitcoin statistics. Got thoughts on what crypto and Bitcoin can do to help the people in Latin America? What do you think about this newfound love affair? Let us know in the comment section down below. For more crypto-related news every day, keep updated with We The Crypto News. ...
Jan 31, 2019
People Can Now Credit Bitcoin and Other Cryptos to Uber App
Vendit, a cryptocurrency firm, now supports Uber. The announcement specified that users will be able to add credits to their Uber App by buying with cryptocurrencies. According to AMBCrypto, this will allow cryptos to be credited to the user’s Uber wallet, which can be used to pay for cab rides. A public announcement, along with a video showing how the transactions works, on Vendit’s website said, “It is with great pleasure for Vendit to announce that Uber has been added to Vendit\'s payment system allowing people to be able to add credits to their Uber App by purchasing with cryptocurrencies. We believe this will set the benchmark in the use case scenario for cryptocurrencies and hope others believe it as well. We look forward to continuing the goal of mass adoption and adding more merchants in the near future. Stay tuned.” (Vendit Team) Last January 25, Vendit Exchange said in a tweet, “In case you were wondering... Uber has been added to the payment system of Vendit allowing people to add credits to their Uber App by purchasing with cryptocurrencies. We look forward to continuing the goal of mass adoption!” which garnered some positive reactions and even some questions from other Twitter users. BTC Wires added that multiple companies, such as Bitcoin and Ethereum, had been making attempts to do the same, but Vendit is the first and only crypto firm to successfully link Uber to a wallet credited by any digital currency. As shown on Vendit’s website, a special merchant processor software which can be adopted into a POS or Point of Sale merchant system is being used by the Vendit payment system, enabling itself to be smoothly and continuously integrated with applications such as Uber. As of the moment, Vendit also supports other well known apps and services such as IHOP, Panera and Domino’s Pizza, the popular American pizza chain. This is actually not new for the world’s largest ride-hailing service app as it had been affiliated already with the crypto-world before. As reported by Cointelegraph in 2016, Uber had declared its acceptance of Bitcoin as payment for its services in consideration of the Argentinian government blocking the use of credit cards, as reported CNN, especially in Buenos Aires. Still, even after many protests by Argentina’s local cab services, Uber was restricted in the country. Vendit’s founder and CEO, Mike Hu, said that they are not stopping at Uber. Based on Vendit’s white paper entitled Enabling Instant Merchant Transactions Using Any Cryptocurrency, Hu emphasised that the company has thought out milestones in the future that would aid in quickening the widespread adoption of digital currency while, eventually, more popular apps will join the bandwagon and be supported by the online crypto payments system. Will Vendit’s initiative encourage other popular apps and services to accept cryptocurrency as well? Will it eventually be accepted as a norm? Or will it just show the potential problems people might encounter with the online payment system and cryptocurrencies? Share with us your thoughts on the comment section below! Source:
Jan 30, 2019