Led 29

Big Changes in 2017 Will Shape the Future of Cryptocurrencies

· January 29, 2017 · 5:00 am

2017 will be the year where many more substantial changes happen. These changes will affect the future of cryptocurrencies.


Big Changes in 2017

We’ve seen some great developments across the cryptocurrency landscape these past few years. Recent changes have made the cryptocurrency scene even livelier than anticipated.

As reported before, more than 2.3 billion people can now shop on Amazon using Bitcoin. New regulations are being put in place by Europol, Interpol and the Basel Institute to protect Bitcoin exchanges and users.

2017 will be the year where many more substantial changes happen. These changes will affect the future of cryptocurrencies. To help you prepare for this exciting year, here are some of the biggest changes to anticipate.

More Emphasis on Privacy

Bitcoin was never the most private cryptocurrency on the market. The nature of Bitcoin means each Bitcoin address can still be tied to an individual if the address is linked to an account or other identifiable information. When this happens, it is easy to dig up a lot of information about the owner of the Bitcoin address.

Bitcoin Privacy

A recent discussion in Bitcointalk Forum revealed that a payment recipient can find out more about the sender’s spending habits and calculate the amount of Bitcoin the sender actually has just by retracing a single payment. All that is needed is a linked Bitcoin address. This is a problem that has been haunting Bitcoin for a while.

In the future, cryptocurrencies such as Monero will gain more traction due to the way they are set up for maximum privacy. Monero is already enjoying a boost in value due to its immensely private nature. More merchants in the Dark Web are now using Monero to handle their transactions.

Cryptocurrency in Education

It is also interesting to note that cryptocurrencies are beginning to be seen as investment opportunities and legitimate transaction methods beyond their digital boundaries. Universities such as Ohio University and the master of financial economics programs they provide are already hosting classes about Bitcoin and cryptocurrencies in general. Some colleges are also allowing students to pay for their online MFE degree using bitcoin.

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The move is a good sign that cryptocurrency is going mainstream. We already have thousands of offline merchants accepting Bitcoin payments today. It won’t be long before major corporations and brands begin to integrate cryptocurrencies into their transaction workflows.

The rapid growth of Bitcoin, Monero, Ethereum, and other popular currencies has also attracted investors who are buying into cryptocurrencies solely for investment purposes. These investments are yet to make a big impact on the value of cryptocurrencies, but this year’s addition may change that.

Bigger Capacity

One last potential issue that has been looming over the use of cryptocurrencies is capacity. The blockchain issues we had earlier last year already showed how capacity can still be an issue. Fortunately, newer algorithms and better programming loops are being implemented to expand the reach of cryptocurrencies outside its current limitations.

Bitcoinist_cargo_Shipping

All of these changes are very good for the future of cryptocurrency and they will be taking shape in 2017. There are still more steps to complete before cryptocurrencies can truly go mainstream, but we’ll be seeing a lot of progress happening this year.

Will these three areas be the main focus for cryptocurrencies in 2017? Share your thoughts below!


Images courtesy of Shutterstock, Ohio.edu

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Led 14

The Blockchain: Decentralized, Secure, and…Romantic?

· January 14, 2017 · 1:00 pm

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Block number 448064 on the Bitcoin blockchain contains a cryptic and romantic love letter written in the form of transactions.


You + Me = ฿

The Bitcoin blockchain is known for its immutable and transparent nature, which makes Bitcoin the perfect protocol for the decentralized transfer of value. Transactions are permanent and can not be changed or erased. They are also public for the whole world to see. These same characteristics also make it the perfect place to store records and apparently love letters!

chain-257490_640

Although the Bitcoin blockchain has been used to prove far more formal things like financial records or identities, this time it was used as a proof-of-love. Someone sent out a cryptic message to his better half on block number 448064 in the form of transactions, which can be seen in the image below:

bitcoinist_blockchain_letter2

These transactions spell out:

DayahDover, your personality is unmatched. Your intelligence just shines. You can do things few people can and you are always gorgeous. You are my entire world, giving my life meaning fun. Daya, I love you forever.

Bitcoinist recently covered Julian Assange and the cryptic messages he sent out in October in the form of outgoing transactions sent to vanity addresses. However, these are different, not only in sentiment but also in the sense that they were sent to addresses that are not “valid,” meaning that the sender does not control the other addresses and the bitcoins sent are lost forever. Not to worry, though, as the sum wasn’t too large, about $26.28 USD.

Not the First Time

Yes. This is not the first time the blockchain has been used as a permanent and immutable proof-of-love. ‎Thanks to Bitnation, David Mondrus and Joyce Bayo used the Bitcoin blockchain to register their marriage, which took place at the Disney World Coins in the Kingdom Bitcoin Conference.

CEO at SingularDTV, Zach LeBeau and his wife Kim Jackson have also decided to immortalize their union on the Ethereum blockchain. The couple got married on the 2nd of November at the ConsenSys headquarters in Williamsburg, New York and recorded their vows on the blockchain, while creating their marriage contract on Ethereum.

Kim Jackson said,

I always knew I wouldn’t get married in a traditional way … and this is as original and non-traditional as you can get!I love it and I love being a pioneer with my man.

While this may seem a bit out of reach for the non-tech-savvy, it’s not! Anyone can easily create their marriage contract thanks to Hudson James. He was inspired by a tweet sent out from Joseph Lubin in response to his one-year marriage anniversary.

The tweet read:

The LoveChain

The blockchain is, in fact, the perfect place to make anything permanent, immutable, and public, and thus the best place to leave a romantic mark for your significant other, which will last longer than the good ol’ fashion “heart in a tree” or a padlock on a bridge.

bitcoinist_heart_in_tree

As we’ve seen, it can also be a place to prove a formal union such as a marriage and even to arrange its details. The couple Gaurang Torvekar and Saylee Kaluskar immortalized, not only their union on the blockchain but also their prenuptial agreement, which was written and encoded into a smart contract on the Ethereum blockchain.

The conditions of the contract can be seen on the website created by the couple, which reads:

While talking about blockchains and its endless possibilities, we thought of using it to solve our day to day problems. As we are getting married this December, we immediately thought of a putting our pre-nup on the blockchain as a ‘smart’ solution! So the next time when we have to decide which show to watch on Netflix, this is where we can find the tamper proof, single source of truth- that no coder or a photoshop master can manipulate.

However, Bitcoin can not only be a place to show your love, but it can also be a place to hide it.

Would you consider showing your love on a public blockchain? Let us know in the comments below!


Images courtesy of Shutterstock

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Led 08

Banking on Bitcoin: A Movie About Bitcoin, Its Past & Future

· January 8, 2017 · 3:00 am

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The movie, titled “Banking on Bitcoin” has been released on January 6, 2017, in select theaters across the United States. It’s also available on VOD for those who can’t make it to the theaters.


Banking on Bitcoin, The Movie

Bitcoin is one of the most spoken about financial assets of this year. As the cryptocurrency’ price continues to soar, Gravitas Ventures takes moviegoers to a trip through the cryptocurrency’s timeline with its upcoming feature film.

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Banking on Bitcoin is filmed to offer a comprehensive view of Bitcoin’s past as well as the future. The most disruptive technology of this century has been embroiled in an ideological battle between fringe utopists and mainstream capitalism. While Bitcoin has the potential to offer financial liberation to its followers, the mainstream banking and financial institutions and governments are not too happy with it. Banking on Bitcoin offers in-depth coverage of some of the key players in the ecosystem.

Few cryptocurrency heavyweights featured in the film includes the likes of Charlie Shrem, Cameron and Tyler Winklevoss, Barry Silbert, Erik Voorhees, Nathanial Popper, and Alex Winter. It offers an insight into how these personalities think about the revolutionary technology and what they believe lies ahead for it in the future.

Helping Clear Up Misconceptions

Gravitas Venture is one of the leading all rights distributor of independent cinema in the region. The company has working relations with over 500 content partners and it has a long list of movie titles across genres under its belt.

Gravitas Venture and the team behind Banking on Bitcoin are very happy with the outcome of the movie. The movie is expected to offer a better understanding of the cryptocurrency, the principle and ideology behind it, its benefits and more to moviegoers.

Bitcoinist_F2Pool Confusing Statement

The cryptocurrency, since its launch, has been struggling with slow adoption rate due to various misconceptions among the population. The mainstream media hasn’t been helping much either as most of them carry mixed views about the future of money.

Banking on Bitcoin is expected to help clear these misconceptions to an extent and potentially increase the adoption as well.

The movie is available for pre-order on the iTunes store.

You can also check out the trailer below:

Will you be watching Banking on Bitcoin? Let us know in the comments below!


Images courtesy of Shutterstock

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Led 07

6 Reasons Your Business Should Be Accepting Bitcoin

· January 7, 2017 · 3:00 am

With over 80,000 companies already accepting Bitcoin payments as of 2014 and that number rapidly growing, business owners can no longer afford to ignore the world’s most popular decentralized currency. So let’s check out six reasons why accepting the virtual currency is a great idea.

[Note: This article was submitted by a guest author]


Multiple Reasons to Accept Bitcoin

Around the world, forward-thinking merchants from small shops to large corporations are joining the Bitcoin trend, with many of them doing so in order to improve cash flow by cutting costs and boosting their bottom line. But, is doing business in Bitcoin a worthwhile endeavor?

We’ve put together a list of some of the main benefits that you could experience from accepting Bitcoin payments.

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Lower Transaction Fees

If you’re hoping to reduce costs, accepting Bitcoin payments is definitely worth trying since per transaction fees for accepting this currency tend to be cheaper than those for conventional credit or debit cards. According to Adam White, Coinbase’s director of business development and strategy, this is the one main reason why many smaller businesses are joining the bitcoin payment trend. On average, small businesses tend to pay higher credit card fees than the bigger companies, since they lack the scale needed to negotiate the cheaper rates. Because of this, Bitcoin is often an easier and cheaper alternative.

Get Paid Quickly

Getting paid on time is important for businesses of all sizes, but no more so than for small businesses, which often rely on prompt invoice payments in order to maintain a positive cash flow and stay afloat. Along with using an invoice factoring company such as BlueVine to keep the payments coming in, accepting Bitcoin payments can actually make it easier for clients to make prompt payments.

Unlike credit card payments, which are often kept on hold for up to a week or more in case a chargeback is requested, Bitcoin payments tend to arrive in merchants’ bank accounts within just a couple of days, meaning that you could have access to your money a lot faster.

Avoid Chargebacks

One of the biggest advantages of Bitcoin for merchants is that payments made with this currency are final, meaning that there are no chargebacks or returns, unlike when dealing with regular credit and debit card payments. Credit card chargebacks occur when the cardholder disputes a purchase that they have made with the card, often due to reasons such as the item being defective, or perhaps they were a victim of credit card fraud. Either way, credit card chargebacks are both inconvenient and costly to merchants, with a fee set at around $5-15 each.

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Prevent Fraud

Bitcoin is gaining more and more popularity as an online currency as when a customer pays a company using Bitcoin, they are able to do so without divulging any personal details such as their name, address, date of birth, etc. Unlike when paying with a debit or credit card when this kind of personal data must be given in order for the transaction to be successfully processed, when paying with Bitcoin, customers can do so completely anonymously, giving them a practically fool-proof layer of identity protection that no other payment method can offer.

Accept International Payments

If your company has been putting off accepting international payments simply due to expensive cross-border transaction fees, accepting Bitcoin as a payment method could be the answer to your problem. Although going global is great for business, many small independent consultants and online retailers are unable to sell their services or products internationally due to a high cost that they are unable to afford. But, Bitcoin breaks down all these obstacles and borders with much lower transaction fees, allowing businesses to trade internationally and accept payments from anybody, in any part of the world, at just a click of a button. 

Customer Satisfaction

Last but not least, accepting Bitcoin as a payment method could lead to increased levels of client and customer satisfaction. With Bitcoin rapidly growing in popularity, it will be unsurprising if over the coming years, businesses will be expected to accept this currency as default. Offering your clients and customers the option to make payments with Bitcoin allows you to give them more choice, and therefore more control over the way they make payments and interact with your business. And, the added layer of protection from fraud and identity theft offered by Bitcoin can make this payment method a very attractive one to online customers who want to be as safe as possible.

If you’re not currently accepting Bitcoin as a payment method, there are many reasons to think about making and accepting transactions in this increasingly popular digital currency.

Will your business accept bitcoin? Why or why not? Let us know in the comments below!


Images courtesy of Shutterstock

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Srp 13

Blockstream Welcomes New Members to Their Team, Hires On Christian Decker

Source: bitcoin

Blockstream Welcomes New Members to Their Team, Hires On Christian Decker

Prominent Bitcoin enthusiast and proposer of ‘duplex micropayment channels,’ Christian Decker, announced on Twitter today that he will be joining the Blockstream team to work on L2 protocols.

Decker Joins Blockstream to Work on Lightning Network

According to Blockstream’s official blog, Decker was hired on to bring his expertise and talent to the company’s current research on lightning networks. While pursuing this line of work he will be joined by Blockstream developer, Rusty Russell, who has made theoretical contributions to the advancement of lightning networks in the past.

Decker is an early adopter of Bitcoin, as he began engaging in the cryptocurrency while it was still in its infancy in 2009. He has also created a number of protocols including PeerConsensus and Duplex Micropayment Channel. Furthermore, Decker brings with him the unique distinction of having authored the world’s first PhD dissertation about Bitcoin at ETH  Zurich while working with the Distributed Computing Group.

Along with Decker, Blockstream also took the chance to formally welcome other new employees that they have brought on since early this year. A noteworthy hiring has been that of Kat Walsh — joined in February as legal counsel — having served on the board of the Wikimedia Foundation for seven years, including a term as its chair. Additionally, Blockstream also hired on Eric Martindale as “Developer Evangelist.” Eric has a long history with Bitcoin, having worked a similar role for Bitpay.

Ever since the acquisition of the European-based Bitcoin wallet software provider, GreenAddress, it seems Blockstream has been trying to expand its operations. The new batch of hirings, especially that of Christian Decker, only works to further this belief as the company itself looks to continue its efforts in Bitcoin development with projects like the lightning network.

What do you think of Blockstream’s hiring on Christian Decker? Let us know in the comments below!


 

Images courtesy of Blockstream, Christian Decker

 

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Čvc 13

Record Sales for Xiaomi Smartphones Could Benefit Bitcoin Users

Source: bitcoin

Xiaomi

On July 10, 2016, Chinese smartphone manufacturer, Xiaomi, announced that their cheap line of phones, known as Redmi, had sold over 110 million units in just 3 years. This news could have implications for bitcoin, as cheaper smartphones could directly result in higher trading volume in the country.

Also read: Bullish Trading Ahead? Bitcoin Price Sees New Technical Patterns

The Redmi and Redmi Note, less than half the price of other Xiaomi phones like the $300 USD Mi5, have been central to Xiaomi’s success in China and its handful of new markets – such as India and Indonesia – over the past few years.

What Is the Significance of Cheaper Phones Like Xiaomi?

Cheaper smartphones mean easier access to bitcoin in an emerging market that has also become a rapidly growing market for the cryptocurrency. Also, cheaper smartphones alleviate a price burden that once restricted the ability of the Chinese to obtain bitcoin.

Although China is quickly becoming a developed economy, a large percentage of its population is still very poor, with more than 82 million people living under the poverty line. Therefore, cheaper phones could dramatically increase bitcoin’s trade volume within the country, further contributing to the currency’s network effect.

Increased accessibility to bitcoin could become desirable for a large swath of people in China, as the country’s government continues its campaign to devalue its currency.  

Thus, the monetary crisis that has materialized in the country has created a distinct potential for a mutually beneficial arrangement to arise between Bitcoin and the Chinese people. As more people flock to the cryptocurrency, it will afford them a service by protecting their savings, while the increased trade volume helps to proliferate the currency among more people.

The Benefits of Accepting Bitcoin

Although this relationship has an obvious beneficial effect for bitcoin and those involved in trading the currency, it could create an indirect benefit for another party — the manufacturers of the smartphone devices.

It will especially benefit those smartphone devices that attempt to take advantage of the situation by allowing the market to propagate unhampered. Unimpeded by any attempts by the manufacturer to regulate, remove, or otherwise tamper with any bitcoin related applications.

Despite this, the benefits that smartphone manufacturers could receive from embracing Bitcoin is ultimately dependent on the uncertain role that bitcoin will have as a preferred hedge against the Yuan, and how far the Chinese government goes with its currency manipulation.

However, while the long-term benefits that Bitcoin could provide are ultimately uncertain, it seems some benefits are already being felt by smartphone producers in China. As evidence of this, competing, cheaper smartphones have recently increased in popularity at the expense of the iPhone, whose sales in the country have recently declined.

What do you think of the popularity of the Redmi line of phones? How do you think cheaper phones like this could affect Bitcoin? Let us know in the comments below!


Source: Techinasia.com

Images courtesy of Xiaomi.

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Čvc 11

Industry Report: The Halving That Came and Went

Source: bitcoin

Bitcoin Industry Report

The halving comes and goes, Ethereum wants to hard-fork, and the blockchain does income grants. Want to catch up on the latest cryptocurrency news? Take a look at the stories below.

Also read: Industry Report: The Bitcoin Bill That Became Law

BITCOIN HALVING

The halving has officially come and gone, and the results haven’t been as big as we all hoped for.

At mid-day on Saturday, the bitcoin price fell to the $620 range but jumped back to about $645 within a few hours. Despite all the press and predictions that led up to the event, not much seems to have happened. Following the first halving in 2012, however, the price of a single bitcoin increased tenfold within the first few weeks, so further increases towards the end of the month are not entirely out of the question.

The biggest fight is occurring among bitcoin miners, who face a huge drop in business. Miners are doing everything they can to avoid potential downtime, as the block reward — and potentially their revenue — has been cut in half.

Genesis Mining CEO Marco Streng explains:

“The most important thing is to be the most efficient miner. . .When the others drop out, that means that they leave the market and give you a bigger share of the pie.”

ETHEREUM HARDFORK

In response to a recent DAO “hack” that saw millions in Ether funds stolen, Ethereum holders have voted unanimously for what’s known as a “hard-fork,” which will prevent the purported thief from ill-using any of the funds taken.

According to one source, a hard-fork is “a change to the bitcoin protocol that makes previously invalid blocks/transactions valid, and therefore requires all users to upgrade.” Software engineer Nick Johnson explains that the move is designed to garner greater user protection. He also says things may seem slow at first, but few of the changes incorporated should dramatically change user experiences:

“The actual change is fairly trivial – a balance transfer between blocks. All the code around that in order to prevent bad things happening adds a lot of complexity. Not to mention very thorough testing. For instance, making sure that any nodes that fast sync after the fork, sync to the correct chain.”

GRANTCOIN

Blockchain-based currency Grantcoin is now offering unconditional basic income grants to users.

Launched in 2015, Grantcoin was the first digital currency to be distributed and managed by non-profit executives with the intention of supplying funds to “socially responsible businesses.” The first grant distribution took place in early July, where approximately 255 individuals from 17 nations received funds in their personal Grantcoin wallets. A second “hand-out” will occur in late September.

Grantcoin has been labeled “currency with a conscience.” It’s mission statement says:

“We insist that a new currency be equitable: that it shall be issued to all people as a human right, as a universal basic income to be enjoyed by all — to compensate, at least partially, for the accidents of birth and circumstances of fortune that have blessed or condemned different people and regions of the world to wealth or poverty.”

Know of any stories that belong in our regular industry reports? Post your thoughts below!


Images courtesy of Ethereum Blog, Grantcoin.

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Čvn 18

Industry Report: Digital Currency Is Booming Across the Globe

Source: bitcoin

Bitcoin Industry Report

Japan won’t let Mt. Gox bring it down, MGT brings Bruce Fenton on board, and a digital bank says “yes” to Bitcoin. Want to catch up on the latest digital currency news? Take a gander at the stories below.

Also read: Industry Report: Bitcoin Continues Breaking Boundaries

TOKYO – MITSUBISHI GOES IN ON DIGITAL CURRENCY

Despite its gruesome history with Mt. Gox, Japan is refusing to give up on digital currency. In a statement on Tuesday, Bank of Tokyo-Mitsubishi UFJ confirmed that it is experimenting with a new digital currency that utilizes Bitcoin technology to process transactions.

A spokesman for the bank explained:

“The details have not been decided. . .We can only say that it’s true that MUFG is conducting demonstration experiments on the ‘Coin’ within the company utilizing a block chain technology.”

The system will work much like pre-paid electronic money, and will also include an app that will allow users to withdraw funds from their bank accounts via their smartphones.

BRUCE FENTON

Bruce Fenton

MGT Capital Investments, Inc. is bringing Bruce Fenton, the executive director of the Bitcoin Foundation, onto its cryptocurrency advisory board.

Fenton, who is an economic strategist and advisor, has also worked with leading private equity firms and global charities. He holds his roots in Morgan Dean Stanley, where he was a specialist in managed accounts and one of the “youngest stockbrokers ever to work for the company.”

In a statement, Fenton enthusiastically mentioned:

“As an active member of the cyber-currency industry through my Bitcoin business ventures and position as Executive Director of the Bitcoin Foundation, I am honored to support the efforts of John McAfee in providing advanced cyber security for this burgeoning industry… I have long been an enthusiast of cyber-currency technology and believe cyber security will play a role in advancing the broad trust and use of currencies such as Bitcoin.”

WB21

WB21 is now the first digital bank to accept bitcoin deposits.

As a result, customers can now use Bitcoin to transfer and deposit funds into their checking accounts, and with zero confirmations needed, a speedy transaction process is ensured for all. Thus far, the bank has accumulated about half a million customers from around the globe.

Founder and CEO Michael Gastauer explained:

“A bank accepting bitcoin is quite unusual. However, it makes total sense for us and provides huge benefits to our clients. . .By accepting bitcoin, our customers can instantly transfer funds to their WB21 account from any country in the world. . .As soon as they send bitcoin to our address, we credit the value in the currency the customer has selected to their checking account. . .The process to convert bitcoin into cash on a bank account is the fastest I am aware of. For us, the acceptance of Bitcoin is a great way to support our global roll-out and improve customers’ fund depositing experience.”

Know of any stories that deserve to be included in our regular industry reports? Post your thoughts and comments below!


Images courtesy of www.tu.bk.mufg.jpwww.keynote2016.comwww.wb21.com.

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Čvn 14

Industry Report: Bitcoin Continues Breaking Boundaries

Source: bitcoin

Bitcoin Industry Report

Coinbase and and Coinfabrik join forces, Jaxx integrates with ShapeShift, and more bank heists may be on the way. Want to see what you’ve been missing? Take a look at some of this week’s Bitcoin news below.

Also read: Industry Report: Bitcoin Trading Grows, But Security Gets Weaker

BANK SECURITY

Banks are once again being warned of potential cyber-attacks. This time, the warning comes in light of the hacks that occurred within banking institutions tied to the Swift network, whom US regulators claim cannot do enough to protect its partners.

The US Federal Financial Examination Council is warning all banks that the time has come to take matters into their own hands, as more cyber-attacks are imminent, and little can be done about them.

This is particularly rough news to smaller banks, who usually don’t bear the budgets or other necessary means to block their vulnerabilities from malicious parties. The Swift platform is doing all it can to stop these vulnerabilities from being exposed, but this is likely to take some time, and banks are being warned to keep their eyes and ears open for anything that may appear suspicious.

COINFABRIK AND COINBASE BREAK BITCOIN’S LANGUAGE  BARRIERS

What prevents business relations among men? Cultural differences, maybe? What about currency exchange rates? While these two items certainly have a hand in the arena, language barriers can also get in the way.

CoinFabrik and Coinbase are now joining to potentially solve this problem, and allow all users of cryptocurrency to partake in its pleasures.

Coinfabrik is a cryptocurrency design and consulting firm. Presently, they are bringing a new Coinbase API to light that can be translated into up to 26 different languages, including Android, Javascript, and others.

The new API is slated to bring further Coinbase support to users in both short-term and feature-length versions.

JAXX

The Jaxx wallet is integrating itself with ShapeShift, allowing users to convert between Bitcoin, Ethereum, and DAO without strain.

All three currencies are supported via Jaxx’s wallet, and now users can take advantage of all of them. Everyone owning the latest version of the wallet will have this trait available. The wallet is presently available for all primary computer operating systems, along with Android, Chrome, and Firefox. Apple is also slated to present its version in due time.

Know any stories that deserve to be included in our special Industry Report series? Post your thoughts and ideas below!


 

Images courtesy of Twitter, eagless.com, cointelegraph.com

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Čvn 03

Industry Report: PayPal Gets Into the Bitcoin Game

Source: bitcoin

Bitcoin Industry Report

Paypal says “yes” to digital currency; content creators may find themselves getting rich; and Russia is the world’s latest cyber-attack victim. Want to catch up on your digital currency news? Take a look below and see what you’ve been missing.

Also read: Industry Report: The USPS Does Digital Currency

PAYPAL

PayPal has filed a patent for a new device that will allow for the acceptance of digital currency.

The e-payment network has long hinted at a possible relationship with bitcoin, but several weren’t sure if purchasing bitcoins through PayPal’s platform was as far as the relationship would go. Happily, this doesn’t seem to be the case.

The patent describes the application states:

“The module includes a chassis which has a modular device connector. A payment database in the chassis stores funding source information and security information.”

The patent also describes a payment card possessing a digital currency wallet, virtual memory and instructions designed to aid users in configuring their wallets with respective machines and technology, and hardware processors linked to the card.

SATOSHIPAY

Micro-transactions conglomerate SatoshiPay is releasing a new API, which can be integrated into several different websites and online platforms.

Its purpose – to give content creators a new opportunity to receive funds through nanopayments from those who visit their pages.

It’s not always easy finding revenue in the field of content creation, and SatoshiPay is aiming to change that.

CEO Meinhard Benn explained:

“We have been delighted by the response we’ve received from the developer community, and we’re excited to announce the API. Our mission is to enable developers to use SatoshiPay for any kind of digital product or service they want to implement nanopayments into. We believe this will enable us to significantly scale our reach as developers can use our system in any way they can dream. We will continue to add features frequently to support our growing ecosystems of developers and partners.”

RUSSIAN BANKS

What would digital currency news be without a hacking story? Six Russian banks (including international mega-bank Metropol), are now short nearly $30 million USD due to the efforts of what some are labeling a large hacker collective, and thus far, about 14 separate arrests have been made.

The string of attacks allegedly took place between March and April 2016 and occurred through the distribution of malware known as Lurk, a banking Trojan that has proven to be quite dangerous when in criminal hands.

This last year hasn’t been particularly kind to Russian financiers. Since mid-2015, about 18 separate incidents have occurred, resulting in approximately 3 billion rubles stolen. Authorities have made several investigations and arrested 50 individuals since that time.

Know of any stories that should be included in our weekly industry reports? Let us know by posting your comments below!


Images courtesy of almudenamilianishop.com, satoshipay.io, rferl.org.

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