Bře 22

Roger Ver Confirms He’ll Sell His Bitcoin: 130K BTU Trade a ‘Great Deal’

· March 22, 2017 · 5:00 am

Roger Ver has received a pre-hard fork trade offer worth “up to” 130,000 bitcoins in a bargain receiving heavy publicity.


Ver: Up To 130k Trade ‘Sounds Like Great Deal’

According to a post of the Bitcointalk forum, a Bitcoin bagholder known as “Loaded” signed a message from a wallet containing 40,000 BTC.

In the message, Loaded challenges Ver to a one-to-one BTC/BTU trade in the event of a hard fork occurring.

“@RogerVer lets make a deal, 1 for 1 trade. At least 60k, possibly up to 130k, my BTU for your BTC,” the message reads.

“The offer is open to Jihan Wu as well,” Loaded continued in a further post.

Consider it primarily as a vote of no confidence in the Bitcoin Unlimited software and development team as it currently stands. I’ll add the contingency that the deal is null and void if there are major changes to either.

Responding to the offer, Ver seemed enthusiastic.

Roger Ver Bitcoin Uncensored block size

“This sounds like a great deal for both of us.  I look forward to ironing out the exact details and terms,” he said, adding he was too busy to confirm for the next two days.

Ver to Dump BTC Stash as Foreboding Grips Bitcoin

While the trade cannot go ahead unless or until Bitcoin Unlimited becomes a separate chain, Ver has already signaled his own vote of no confidence in Core, stating in an interview with MadBitcoins at the weekend that he would dump his BTC holdings.

Rumored to have a total of around 300,000 coins, the trade would produce significant downward pressure on the price of BTC, though it seems that some “whales” will be ready to scoop up Ver’s coins in no time.

Uncertainty over the future and its consequences is meanwhile filtering through the rest of Bitcoin’s best-known names.

Rhetoric first over the so-called UASF, then later changing Bitcoin’s proof-of-work algorithm, is now increasingly concerned with value protection.

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In his latest blog post titled “For the Love of Bitcoin,” entrepreneur and veteran commentator Vinny Lingham cited the “old adage” in investment that “markets will stay irrational longer than you can stay liquid.”

“Roger Ver confirmed exactly what I wrote in [a previous post] ‘A Fork in the Road’ — that he will be dumping his BTC. That will send the market spinning, for sure,” he added.

Bitcoin Unlimited meanwhile suffered another denial of service attack Tuesday, with its node count plummeting in minutes due to a bug occurring “just six lines above” the previous one, which halved node numbers last week.

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Also predicting the forked future is Bitfinex, which is currently offering BTU futures at a rate of $351 per coin at press time. BTC futures, with the ticker BCC, are trading at $720.

What do you think about Roger Ver’s trade? Let us know in the comments below!


Images courtesy of Twitter, Shutterstock, Coin.dance

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Bře 21

Reckless or Doable? Bitcoin Algorithm Change Sparks Backlash

· March 21, 2017 · 6:00 am

The latest turn for the Bitcoin scaling debate has seen rumors abound of potential support for changing the virtual currency’s proof-of-work (PoW) algorithm.


PoW Algorithm Change: ‘Doable’ or ‘Reckless’?

A flurry of social media activity Monday accompanied confusion as to which parties from Bitcoin Core supported the concept, which would place mining back in the hands of small-scale individuals.

“A soft fork change of Bitcoin’s proof of work algorithm is entirely doable,” Bittorrent creator Bram Cohen tweeted introducing a post he wrote on the topic.

Cohen added in the post itself:

It’s possible to switch PoW algorithms with a soft fork rather than a hard fork. You make it so that there are two different PoWs, the old one and the new one, and each old-style block has to reference a new-style block and contain the exact same transactions.

An admonishment came in the form of noting the use of “many PoWs” would be a “bad idea that generally gets the worst of everything rather than the best.”

Voorhees: ‘It’s Not Legit’

Cohen’s comments contrast strongly with those of ShapeShift CEO Erik Voorhees, who called the idea of altering PoW “the most absurd and reckless thing I’ve heard in the scaling debate.”

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“It is not a legit option,” he added. “It’s the height of foolishness and desperation, the last bastion of a tribe unwilling to put egos down.”

Core developer Peter Todd meanwhile initially contended a PoW change would be “a good backup plan” but later tempered the statement.

“Having said that, _actually_ [sic] changing the PoW is a high-risk move; IMO [sic] best to only do that if an attack actually happens,” he wrote.

Voorhees’ tweet attracted considerable debate, the difficulty of reaching consensus on the topic of scaling Bitcoin immediately becoming evident among supporters of different solutions.

Todd also hit out at BitFury CEO George Kikvadze, who appeared to threaten legal action against proponents of a PoW change.

“Discussions (or even speculation) of PoW change are super irresponsible! And even in the remote 0,01 prc chance it may happen […] those responsible, we will spare no resources, get best lawyers and prosecutors to go after you wherever you will be in the world!” he wrote in a series of tweets Sunday.

What’s your position on a proof-of-work change? Let us know in the comments below!


Images courtesy of Twitter, Shutterstock

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Bře 18

Could This Be The End For Bitcoin Unlimited?

· March 17, 2017 · 11:30 pm

1,550 views

20 Bitcoin Exchanges have agreed to list Bitcoin Unlimited (BTU/XBU) as an altcoin, if a hard fork should occur.


BTC & BTU

In the midst of a heated discussion on the scalability and future of Bitcoin, a group of 20 Bitcoin exchanges, including major eastern and western ones, have announced that should a hard fork occur, they will list BTC (Bitcoin Core) and BTU (Bitcoin Unlimited) as two separate currencies.

This decision, backed by BitFinex, BitStamp, Kraken, BTCC, BTCChina, ShapeShift, BitSquare, QuadrigaCX, and other exchanges, was announced in a joint statement.

This announcement reads:

Since it appears likely we may see a hardfork initiated by the Bitcoin Unlimited project, we have decided to designate the Bitcoin Unlimited fork as BTU (or XBU). The Bitcoin Core implementation will continue to trade as BTC (or XBT) and all exchanges will process deposits and withdrawals in BTC even if the BTU chain has more hashing power.

These exchanges have pledged to only add Bitcoin Unlimited (BTU) as an altcoin only if both chains can be run without any conflicts, something that currently is a concern due to the risk of transaction replays.

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A few hours after this announcement, Poloniex and BitMEX joined in as well, both supporting the plan released by the other exchanges. BitMEX in particular stated:

BU will not be listed or used as a deposit/withdrawal currency until replay protection is implemented and BU is not at risk of a blockchain reorganization if the Core chain becomes longer.

Transaction Replays & Hard Forks

This isn’t the first time a major cryptocurrency has come under danger of hard forking; in fact, Ethereum experienced a similar situation last year. However, this wasn’t without mishaps; Ethereum experienced a number of replay attacks after the fork.

A replay attack is where a transaction carried out on one chain is broadcasted on the other chain. For example, Bob may want to send BTU to Alice. However, this transaction could be rebroadcast on the BTC chain, meaning that Bob would lose both his BTU and BTC.

The announcement states that the exchanges will only list Bitcoin Unlimited if the replay attack vector is eliminated, such as by changing address formats or moving coins to new addresses.

“[N]one of the undersigned can list BTU unless we can run both [blockchains] independently without incident. Consequently, we insist that the Bitcoin Unlimited community (or any other consensus breaking implementation) build in strong two-way replay protection,” the group said. “Failure to do so will impede our ability to preserve BTU for customers and will either delay or outright preclude the listing of BTU.”

The End of the Road for Bitcoin Unlimited?

This new decision could be a devastating blow to Bitcoin Unlimited’s (BU) approach in what has been a tough week for BU. Earlier this week, a critical bug was discovered and later patched, but not before taking half the network’s nodes offline and leading many in the community, including Andreas Antonopoulos, to question BU’s code QA (quality assurance) process.

Additionally, according to coin.dance, a large majority of the companies and services in the Bitcoin Space prefer SegWit over Bitcoin Unlimited by a wide margin.

SegWit Bitcoin Unlimited Support

Furthermore, a majority of miners also support Bitcoin Core. However, if Bitcoin were to fork off into Bitcoin and Bitcoin Unlimited, the loss of a large amount of hashpower could still be detrimental to Bitcoin.

Bitcoin Core Bitcoin Unlimited Pie Chart

Many users and prominent community members have also voiced out against Bitcoin Unlimited, believing that it is a rash and unprofessional attempt to scale bitcoin or even an “attempted robbery.” Some have even gone as far as to suggest a User Activated Soft Fork (UASF), a type of fork where nodes actively reject blocks that don’t signal for SegWit activation.

However, this might not even be necessary, seeing that many exchanges will now only see Bitcoin Unlimited’s approach as an attempt to create an altcoin.

Do you think that Bitcoin Unlimited will try to hard fork the network? If so, do you think that their chain will survive? Let us know your thoughts in the comments below!


Images courtesy of Coin Dance, AdobeStock, Shutterstock

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Bře 07

Roger Ver Will Reward Miners 110% for Supporting Bitcoin Unlimited

· March 7, 2017 · 3:00 am

Roger Ver has launched a Bitcoin mining pool from his own Bitcoin.com brand which offers miners a 110% block reward.


10% Premium for Mining Bitcoin Unlimited

The entrepreneur and staunch Bitcoin Unlimited supporter unveiled the Bitcoin.com Mining Pool on Twitter Monday.

Described as “the world’s highest paying mining pool,” Bitcoin.com incentivizes miners to maintain Bitcoin Unlimited with a 10% premium – effectively turning Bitcoin into a proof-of-stake system. The pool currently comprises about 2.49% of the global hashrate. 

Replies to Ver’s Twitter announcement were predictably charged with the internal politics constantly following the Bitcoin scaling debate.

Disparaging reactions included accusations of Ver “centralizing” Bitcoin, as well as a vow to make miners stay away from pools championing Bitcoin Unlimited over Segregated Witness (SegWit).

More Harm Than Good?

Ver himself has created an increasingly controversial persona in recent months through his advocacy of Bitcoin Unlimited, which has been noted for its comparatively emotional style compared to other commentators.

His position has frequently been met with criticism and even ridicule, not only from lay consumers but well-known figures in the cryptocurrency industry.

Most recently, Tone Vays uploaded a list of altcoins Ver had “diversified into for better privacy & cheaper transaction costs.”

Spotlight USAF

The weekend meanwhile saw increasing debate over the idea of an alternative way of implemented SegWit. Despite the scaling solution receiving its equal rap of criticism, it is being suggested that a so-called user-activated soft fork (UASF) may be the safest and most popular way to provide an end to the deadlock.

“This is a true market solution where users (validating nodes and wallets) pick an activation date in the future and begin relaying segwit transactions,” an explainer from the Bitcoin & Markets podcast said last week.

“Since these are valid transaction to older clients (backwards compatible) there’s no issue with validating the transaction.”

Former BTCC COO Samson Mow even took to Twitter announcing a bounty of 1 BTC to the party able to generate code for a “safe UASF.”

The latest data from Coin Dance shows 25.9% of the Bitcoin mining network in support of SegWit, while Bitcoin Unlimited is slightly behind at 22.7%.

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Bitcoin’s mempool, the size of unprocessed transactions waiting in a queue, meanwhile continues to hover near all-time high levels.

What do you think about Roger Ver’s new mining pool? Let us know in the comments below!


Images courtesy of Twitter, Coin.dance, Shutterstock, alchetron.com

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Úno 23

Database? First Commercial IBM ‘Blockchain’ Touts 4 Nodes, Immutability

· February 23, 2017 · 9:30 am

Northern Trust and IBM have released what is being called the first commercially deployed blockchain-based solution for finance. But is blockchain the right word for this platform?


‘First Commercially Deployed Blockchain’

The trend towards “chainwashing” is growing with companies using the Blockchain buzzword as a means to get attention and funding.

Although companies are attempting to build functional applications using distributed ledger technology, they often come as solutions to nonexistent problems. Such might be the case with the open-source project by Northern Trust and IBM.

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Northern Trust, a Chicago-based funds administrator has partnered with IBM to devise what is being called the first commercially deployed blockchain-based solution for finance.

In a bid to cut costs and disintermediate in private equity administration, these two companies devised a ‘blockchain-based’ platform currently being administered by Geneva-based Unigestion, which manages $20 billion USD, spread across private equity and other asset classes.

According to Justin Chapman, Northern Trust’s head of innovation research, the process of private-equity fund administration is currently a manual one. But thanks to blockchain technology, administrators can “agree on the legal documentation for distribution as soon as the lawyer gets to the paperwork,” due to the immutability provided by the blockchain.

There’s just one problem, however. Immutability is not a property of blockchain technology but the Proof-of-Work (PoW) consensus algorithm used in Bitcoin, for example. The author of “Mastering Bitcoin,” Andreas Antonopoulos, explains:

The ‘Immutability’ Myth

Although there are currently many solutions for private-equity fund management, Chapman sees one clear advantage in using blockchain technology. He (incorrectly) states:

Blockchain makes this immutable.

Although public blockchains secured via computing power (PoW) can guarantee immutability, private blockchains cannot be considered tamper-proof since the participants are still required to trust the entities that maintain the network. Such entities are often referred to as “validators” in private blockchain systems.

Additionally, this IBM/Northern Trust blockchain will be tiny consisting of just four nodes wheareas Bitcoin has around 6,000. The regulator—in this case the Guernsey Financial Services Commission in the crown dependancy of Guernsey—will be one of the entities with access to oversee transactions and other data.

In this sense, the platform is essentially a distributed database with designated user privileges since the various parties involved “will have access to different layers of data,” according to Chapman.

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Meanwhile, actual immutability in the most secure blockchain today, i.e. Bitcoin, derives from a distributed ledger secured by thousands of computers (miners) with their hashing power.

Although it is unclear what consensus mechanism will be used in Unigestion’s platform, Bitcoin is by far the longest and most tamper-proof blockchain to date thanks to its PoW consensus algorithm. Given the number of miners that secure it,  the amount of computational power needed to tamper with the Bitcoin blockchain is “unfathomable” and currently doesn’t exist on this planet, according to Antonopoulos.

Meanwhile, others are beginning to concede this fact. Blockchain consortium R3 has scaled back its blockchain ambitions, acknowledging that no blockchain is actually needed in its Corda platform.

Vaultoro exchange co-founder Joshua Scigala reacted to the news, tweeting:

Will companies eventually find a useful way of implenting blockchain technology?  Share your thoughts below!


Images courtesy of Twitter, Shutterstock

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Úno 08

Litecoin: SegWit ‘Testbed’ at Risk as Bitcoin Politics Spread

· February 8, 2017 · 8:00 am

The Segregated Witness (SegWit) update has received lukewarm support thus far since it was announced on Litecoin on January 28th.


Beyond Bitcoin: ‘Testbed’ for SegWit

After Bitcoin, the SegWit scaling update has now been introduced to Litecoin along with some other cryptocurrencies including Vertcoin, Groestlcoin, and Viacoin.

Right now, Litecoin miners are in the process of voting on the update. Currently at 3%, support is lower than it is in Bitcoin, which rapidly climbed up to 22% in its first two weeks.

Bitcoinist_Litecoin Logo

The vote has attracted the attention of the Bitcoin community. Litecoin (and other coins) could become a testbed for the potential SegWit soft-fork on Bitcoin, and could offer a sneak peek as to how this update fares in the real world. Moreover, SegWit may have better chances on Litecoin since its activation threshold is just 75% compared to Bitcoin’s 95%. 

But this “testbed” mentality may be part of the reason why Litecoin users are not so eager to activate the update, which would make them, in a sense, Bitcoin’s ‘lab rat.’ Dubbed the “silver to Bitcoin gold,” it currently has a market cap of about $198 million USD, which could be negatively affected if the update goes sour.

Creator: ‘Litecoin Became Political Too’

Nevertheless, the SegWit update is supported by Litecoin creator Charlie Lee.

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In a recently held Reddit AMA (in Chinese), he stated:

Yes, it’s unfortunate that SegWit on Litecoin became political too. One of the reasons I’m doing this AMA is to try to pull the politics out of the Segwit on Litecoin. Let’s not let Bitcoin politics pollute Litecoin for no reason.

Meanwhile, LTC1BTC founder Jiang Zhuoer stated that his pool, which controls 10% of the network, will not support the SegWit update. His motives, however, seem to stem directly from the Bitcoin debate. 

“Why do the Bitcoin Core developers say that the Segwit soft fork basically fixes every line of Bitcoin’s code? Zhuoer said. “As the complexity of a system increases, it follows that the stability of that system must decrease.”

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Still, other pools have demonstrated their support for SegWit. F2Pool, the biggest Litecoin pool with 45.6% of the network’s hash rate, announced it will signal their support for SegWit in the coming weeks.

Litecoin Could Help Bitcoin Break Deadlock

Since Litecoin has a small number of users compared to Bitcoin, scaling is not exactly a pressing issue at the moment. Though SegWit was introduced to Bitcoin as a scaling solution, it also introduces additional features and paves the way for other upgrades such as the Lightning Network. 

Lee explained the motive for supporting SegWit saying,

The main fix is transaction malleability, which would allow Lightning Networks (LN) to be built on top of Litecoin. And there are a bunch more nice features of SegWit. With SegWit and Bitcoin’s current block scaling deadlock, I see a potential for Litecoin to help Bitcoin break through this deadlock[…]. We have been drafting behind the Bitcoin race car for many years. It’s about time to take a turn out front.

During the AMA, Lee also expressed his opinion regarding the alternatives that have been proposed, reassuring that Litecoin will stick to SegWit.

Litecoin roadmap

When asked what will Litecoin do if Bitcoin goes with Bitcoin Unlimited and FlexTrans, he said:

With such a controversial topic, I can’t see how Bitcoin can possibly go BU and FlexTrans. It will likely just not change, and that’s fine. It’s still the best store of value we have ever seen. Whatever happens, Litecoin is going the SegWit direction. And we welcome any Bitcoin Core devs to join us if Bitcoin, for some reason, goes in another direction.

Charlie Lee is currently holding another AMA thread on this topic (in english) here.

Will Litecoin pave the way for Bitcoin’s SegWit? Or will it fail to reach consensus?


Images courtesy of Shutterstock, Twitter, litecoinpool.org

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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.

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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

2,179 views

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!

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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:

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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.

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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

1,306 views

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!


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