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Litecoin and Lightning Network Coming Very Soon to Bitstamp?

· June 13, 2017 · 1:20 pm

Bitstamp tweeted a mysterious video featuring a lightning bolt seemingly making a thumbs up which follows speculation that Litecoin will be soon added to the site. The video also suggests that access to the lightning network is coming too.


Litecoin Rumors

The mysterious tweet coincides with Litecoin creator Charlie Lee’s departure from Coinbase where he worked as their Director of Engineering for the past two years. Coinbase recently added Litecoin to the site and their exchange GDAX where it has seen good trade volume with today’s LTC/USD market seeing a 468,665 LTC trade volume in the last 24 hours.

This flurry of activity for Litecoin follows its implementation of SegWit. Yet to be implemented for Bitcoin, SegWit (Segmented Witness) is seen by many as the solution to Bitcoin’s current scaling problems, allowing for larger block sizes and faster transaction times.

SegWit and Litecoin

With its lightning network capabilities, Lee sees Litecoin’s long-term goal as alleviating some of the smaller transactional volume, perhaps using it for micropayments such as buying coffee with zero confirmation times or transaction fees.

Many already see Litecoin as a testing ground for future Bitcoin features, however, Lee remains committed to Bitcoin too, as he also contributes to its development and has tweeted in the past about Bitcoin being regarded as a real store of value – gold to Litecoin’s silver. He argues that if you are wiring $50,000 to your bank, you could still use Bitcoin for the increased security that comes from its larger network of decentralized miners.

When Lightning Strikes

The implementation of the lightning network on Litecoin, which was initially developed for Bitcoin, is now a reality on Litecoin. It brings instant payments with no need for block confirmation times. Security is enforced by blockchain smart contracts and payment speeds are in the milliseconds to seconds range.

Its scalability means that it is capable of handling millions – even billions – of transactions per second across the network. It is low cost, as it settles off chain it allows for exceptionally low fees, which is why it is ideally suited to instant micropayments.

The most crucial benefit of the lightning network, however, is its ability to cross blockchains. This will allow for cross blockchain atomic swaps without trust in a 3rd party. This feature means that the lightning network would also need to be available on that coin too, something that could be a reality with Bitcoin should the coin pull off its UASF to enable Segwit. We live in exciting times.

Do you believe the rumors? Should UASF be activated on Bitcoin or should Litecoin take the lead? Let us know in the comments.


Images courtesy of Twitter, AdobeStock, Reddit

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Kvě 01

Bitcoin Price Blunders, Suffers $15 Decline

Source: bitcoin

bitcoin

The bitcoin price has fallen… Probably not in the same manner as Olympus or London, but it has seemingly taken a trip down south to the $453 range at press time, equaling a $15 drop since our previous price study.

Also read: Bitcoin Price Inches Towards $470, Will $500 be Next?

Bitcoin Price Takes A Dive, But Should We Be Worried?

Some may take this as a time to panic; that reaction may be premature. Things can appear scary at first, and we’re likely to be reminded of the troublesome year that was 2015 and bitcoin’s previous drop in 2014 from $1,000 to $600, but there’s not enough evidence to suggest such a drop is coming again. Bitcoin is still holding its ground, and as we’ve seen in the past, bitcoin’s price is only as good as its publicity.

Previously, discussions of bitcoin’s integration with Steam and the hype surrounding Segregated Witness meandered through Internet chat boxes, and they haven’t disappeared. People are still talking, and the news is still considered a high-mark in bitcoin’s controversial, but unique career.

One thing to consider, however, is the heavy drop experienced by ether last month. Thought to be one of the digital world’s more prominent altcoins, ether could likely have a larger hand in the cryptocurrency arena than we think. Cryptocurrencies are often interwoven; they utilize the same technology, and can bring each other directly to the top, or down to the lowest common denominator depending on the circumstances. It’s hard to say for sure if ether’s status is affecting that of bitcoin’s. Ether’s misfortune was first witnessed in March while bitcoin has endured an exciting few weeks, but it’s not something we can rule out entirely.

Others are being quite hard on Bitcoin, predicting a massive drop that will likely bring it down to the bottom rung (some say $300) before it begins any further escalation. As we’ve all seen in the past, this can happen at virtually any point in time. Cryptocurrencies, for the most part, are like stocks — they’re unpredictable and depend greatly on outside market influence to sustain flow, wealth and stamina.

But there is some good news to consider. Even if bitcoin were to experience a rapid decline shortly, we could expect things to return to their “bullish” ways by mid-summer. Through the aid of Bitstamp, interest in bitcoin is expected to rise heavily in Europe, and with an entire continent ogling digital currency and eager to get in on the action, we’re likely to witness bitcoin’s price spike again within just a few months.

So let’s not get scared right away. This is merely a minor stumble in a long trek up the financial Everest, and bitcoin hasn’t sprained any ankles as of yet.

Do you predict further falls in bitcoin’s future, or will it pick itself back up soon? Post your comments below!


 

Images courtesy of Dentons, bitcoindoc.com

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Bitcoin Price Blunders, Suffers Decline

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Dub 29

Industry Report: EU Gets Serious, Blockchain Does Healthcare

Source: bitcoin

ECB EU

Want to catch up on the latest digital currency news? Recently, the EU has been making waves in the blockchain space. Take a gander at the stories below to see what you’ve been missing.

Also read: Industry Report: Kraken, Others Receive Large Investments

THE EU

The European Union is getting serious about bitcoin. Digital currency exchange Bitstamp has received an official license from Luxembourg, a little country with some large aspirations, making it Europe’s first fully regulated institution for bitcoin. Several newcomers are now looking to get in on the trade, and crypto popularity in Europe is expected to increase tenfold.

The license is set go into effect on July 1st of this year. One of the highest priorities of all digital currency applications is customer safety, and Bitstamp isn’t willing to take any chances.

Co-founder and CEO Nejc Kodric explained in a press release:

“We have put a lot of time and resources into the regulatory process with the goal of ensuring customers feel more confident in using Bitstamp’s exchange and products across the European Union… We are proud to have taken this important step for our customers and the digital currency/blockchain industry globally.”

BLOCKCHAIN HEALTHCARE?

First came Obama’s Affordable Healthcare Act; Obamacare. Now, the blockchain is spreading its wings in the world’s health industry, and the ways we do medicine and emergency surgery are about to undergo some massive changes.

With the introduction of Gem Health, a blockchain based around healthcare data is emerging with the goals of keeping records and data safe and sound, and connecting people on a global scale to reasonable and accessible healthcare providers. It is also being implied that Ethereum will be integrated for the handling of private health infrastructure.

Micah Winkelspecht, founder and CEO of Gem, stated:

“Blockchain technology will create a new fabric that connects the entire healthcare industry, weaving together critical data from every stage of the continuum of care… Blockchains address the trade-off between data availability and data security. For healthcare, this enables hospitals, insurance companies and labs to connect in real-time and share information instantly and seamlessly – without exposing those channels to theft or forgery.”

Through Gem Health, those in need of appropriate medical attention can likely rest assured that their information will be kept private and invulnerable to dangers like hackings and related cyber-attacks.

What stories would you like to see mentioned in our weekly industry reports? Post your thoughts and comments below!


 

Images courtesy of Ugandaexports.go.ug & unomaha.edu.

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Industry Report: EU Gets Serious, Blockchain Does Healthcare

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Led 20

BitGo Instant: ‘Eliminates Bitcoin Transaction Delays’

Source: bitcoin

Transaction

PALO ALTO, CA — Today, BitGo announced the launch of its new service, BitGo Instant. BitGo claimed that this service is “the world’s first way to safely receive zero-confirm Bitcoin transactions with a full financial guarantee. Along with the announcement of its launch, BitGo reported that it has a “strong list of initial partners,” to recognize the zero-confirmation transactions. These partners include, Bitfinex, Bitstamp, CoinHako, FoldApp, Genesis Trading, Kraken, ShapeShift and Unocoin. 

Also read: Protect Yourself From these ShapeShift.io Based Scams

BitGo Instant: A Guaranteed Zero-Confirmation Transaction

BitGo Instant with a multi-signature wallet implementation. BitGo Instant wallets consist of 3 keys: one held by BitGo, one held by the user, and one held on behalf of the user by a third-party Key Recovery Service (KRS). Two signatures are required on every transaction on a BitGo wallet, and in the usual case this would be done by BitGo and by the user. BitGo claimed that it will never co-sign a transaction that is a duplicate spend, leaving only the possibility of the user and the KRS “conspiring” to double spend. BitGo will attempt to prevent this by having a contract with any KRS it uses that requires the KRS to give BitGo advance notice of any signatures it makes.

BitGo has guaranteed these zero-confirmation transactions. In the event of financial loss from a BitGo Instant transaction, the company said that customers will be able to file a claim and will “be compensated in full by BitGo.”

The company is marketing its new service as a good way to avoid losing value to bitcoin’s volatile exchange rate. According to BitGo, it was unsafe to accept zero-confirmation transactions before its BitGo Instant service, because it was “possible for the sender to spend the money elsewhere before the transaction is confirmed.” This risk led many Bitcoin businesses to require multiple confirmations before crediting a deposit. BitGo said that these wait times were inconvenient and risky in themselves, because “in the volatile Bitcoin market, a delay in moving funds to an exchange can mean the loss of thousands of dollars on a large transaction.”

Bitstamp CEO Nejc Kodrič — one of BitGo Instant’s initial partners — was excited about the announcement of this new service. Kodrič told press:

“BitGo Instant is an elegant solution that lets users send bitcoin quickly and easily. Many bitcoin businesses would love to be able to accept zero-confirm transactions, but it’s been too risky to consider until now. We’re excited to be supporting this much-needed innovation from day one.”

BitGo is a multi-signature technology companies, and offers a suite of services aimed at facilitating secure bitcoin transactions. The company offers BitGo Enterprise, an enterprise-grade, multi-sig, multi-user Bitcoin wallet, and BitGo Platform API, a robust set of tools and services to access the underlying platform. BitGo recently announced handling of $1 billion of bitcoin transactions per quarter. The company was founded by veterans in online security, digital currency, and financial technology, and has raised more than $14 million in financing to date.

What do you think about BitGo Instant? Let us know in the comments below!


 

Featured image courtesy of BitGo.

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Led 04

Bitstamp Enables Bitcoin Purchases Through Plastic Cards In UK And Slovenia

Source: bitcoin

Bitstamp Enables Bitcoin Purchases Through Plastic Cards In UK And Slovenia

Bitcoin exchanges around the world have been looking at various ways to make the purchase of digital currency much easier for novice users. Instant bank transfers are not available in every individual country, but credit and debit cards are widely accepted. Bitstamp has enabled support for residents in the UK and Slovenia to buy Bitcoin with these traditional payments.

Also read: Bitcoinist Weekly News Re-Hash: Samsung Pay Hits Online Shopping, Moe Levin Talks 2016

Bitstamp Embraces Card Support In Limited Fashion

It goes without saying that enabling payments through credit and debit cards could be a risky move on Bitstamp’s end. Both of these payment methods are often linked to fraud and chargebacks, which could be of particular worry for a service provider dealing with non-refundable digital currency in the form of Bitcoin.

However, Bitstamp has gone ahead with enabling plastic card support, although the feature will not be available worldwide just yet. For the time being, only users in the United Kingdom and Slovenia can experiment with these new payment options as both Visa and MasterCard are supported. Other European countries will be added over time, although no further details have been announced.

Based on the Bitstamp blog post, the process of buying Bitcoin with a credit or debit card will lead to instant purchases. It is important for users to keep in mind these transactions are limited regarding daily volume, similar to the service provided by companies like Bittylicious and Circle.

Verification and completion of this procedure will occur through Vogogo, a company that has made a name for itself in the Bitcoin industry throughout the years. By providing advanced risk management solutions to businesses all over the world, Vogogo aims to provide the perfect defense mechanism against fraud attempts through traditional payment methods.

To access this new deposit methods, Bitstamp users in the UK and Slovenia can go to the deposit page, and select “Credit Card’ as a payment option. Then they will have to enter the amount of funds they want to spend – limited to US$300 per day or US$1,500 per week – and once the card details are entered, hit the “Submit” button. Assuming all of the information checks out, the transaction should be completed automatically.

A New Trend For Bitcoin Exchanges Across The World?

Whether or not other Bitcoin exchanges around the world will follow the lead of Bitstamp, remains to be seen at this point. That being said, it is the first time a major European exchange enables plastic card payments, even if it is in a limited fashion for the time being. Considering how much trading volume Bitstamp has on a daily basis, these numbers could very well increase over time.

Outsourcing the processing and verification of plastic card payments to an external payment such as Vogogo is a smart decision on BitStamp’s behalf. Keeping up with regulatory requirements when dealing with [international] bank transfers is hard enough as it is. Plus, if the partner offers that type of functionality, it would be a shame not to use it.

What are your thoughts on the option of buying Bitcoin from an exchange with a credit or debit card? Let us know in the comments below!

Source; Bitstamp

Images courtesy of Bitstamp, Vogogo, Shutterstock

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Bitstamp Enables Bitcoin Purchases Through Plastic Cards In UK And Slovenia

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