Kvě 19

You Can Now Send and Receive Bitcoin on Whats App

Whats App users can now send and receive Bitcoin (BTC) and Litecoin (LTC) via the popular messaging platform thanks to the Lite.Im bot. The announcement is the latest attempt to simplify the cryptocurrency transaction process, bringing virtual currencies closer to the everyday person.


Sending Bitcoin on WhatsApp

In a tweet published by Zulu Republic on Sunday (May 19, 2019), the digital platform announced that its cryptocurrency messaging platform Lite.Im had introduced a simple way to send and receive bitcoin via WhatsApp.

All users have to do is add the Lite.Im WhatsApp bot and follow the on-screen prompts. There are numerous options for users apart from sending and receiving BTC and LTC.

The service also allows people to earn cryptocurrency via a referral program. There are also options that allow users to set their default coin, as well as select their preferred language and password.

Send and Receive Bitcoin via WhatsApp

Presently, the two default languages are English and Spanish. The service also supports sending and receiving Ether (ETH) and ZTX – the native token on the Zulu Republic platform.

Making BTC Transactions Easier

SMS-based cryptocurrency transactions introduce some simplicity into the cryptocurrency transaction paradigm, especially for less tech-savvy individuals. Lite.Im already has similar services for Facebook Messenger, Telegram, and SMS.

According to the company, “social messaging” is an important component of wider cryptocurrency adoption. WhatsApp alone has more than 1.5 billion users in virtually every corner of the globe.

With mobile money transactions becoming easier in places across Southeast Asia and Africa, there is the possibility of more unbanked and underbanked people getting greater access to payment channels.

In 2019 alone, there has been a slew of announcements from different establishments about plans to adopt Bitcoin. From trading desks to acceptance as a medium of exchange, the top-ranked cryptocurrency continues to dominate the news.

Many commentators in the industry say BTC is becoming a more mature asset class and looks well on its way to fulfilling the expectations of many early believers.

Competition for ‘Facebook Coin’

With Facebook having its own cryptocurrency plans, Lite.Im could potentially be seen as competition. There is no official word about the exact nature of the social messaging giant’s virtual currency ambition but rumors persist that it will be a “Bitcoin-like” cryptocurrency token.

Though it’s like FBCoin will be anything but. Luckily, you can already send bitcoin on Whats App.

What do you think about SMS and social media-based Bitcoin transactions? Let us know in the comments below.


Images via Twitter @ztxrepublic and Bitcoinist

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Bře 19

Dubai’s First Bitcoin ATM Let’s You Buy With Cash, No ID

If you’re in the UAE and want to buy some bitcoin, you can do so without KYC from the first Bitcoin ATM in Dubai. Don’t get too excited, though. You can’t make withdrawals yet–and you’ll need to show ID when you do.


The First Bitcoin ATM in Dubai

The good news is that Bitcoin ATMs are gaining traction around the world. Now there’s an operational machine in Dubai hotel and wellness center Rixos Premium Dubai JBR. However, the functionality of the machine is pretty limited for now.

For those looking to venture into the world of digital currency without having to undergo KYC or even show an ID Card, this is the path forward.

Users can simply purchase bitcoin with cash, no questions asked. They can’t sell them though, not through this machine anyhow. According to Anhad Dhingra CEO of Amhora, the company that owns the ATM, that option will be available in a couple of months.

Not All Good News for Anonymous Bitcoin Buyers

If you thought that using a fat wad of cash to purchase bitcoin was a great way to stay anonymous, think again. Remember, that you’ll need some sort of wallet to send your bitcoins to and an existing exchange to sell them afterwards. 

Moreover, when the Dubai Bitcoin ATM rolls out the sell option, users will have to swipe their Emirates ID card or passport.

Buy Bitcoin at Just Five Percent Commission

Amhora is fully licensed by the Department of Economic Development and will charge users a five percent commission on the total purchase. While this may sound steep to regular users who shrink from Coinbase and its high fees, the average Bitcoin ATM charges around 7.5 percent.

Dhingra enthused:

The commission is very attractive because you can buy bitcoins instantly. Otherwise people have to go through a number of procedures which take a lot of time. At this kiosk, you just insert cash and you get bitcoins instantly. It is possible to purchase bitcoins through banking platforms and debit cards already but since we accept cash, it is very different.

While there have been several prototype projects for Bitcoin ATMs, none of them is currently functioning. This makes Amhora’s ATM the first of its kind in the emirate.

Have you ever bought bitcoin from a BTM? Share your experiences below!


Images courtesy of Shutterstock

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Úno 06

Cryptocurrency Lenders Bite Back At Bitcoin Bear Market With Record Volume

Cryptocurrency loans continue to capitalize on the longest bear market in Bitcoin history, with one company generating $630 million in its first six months.


Records Not REKT

Launched as a mobile app in July 2018, the Celsius Network reported the statistics in an update February 4.

The app has seen 40,000 downloads, $50 million in coin deposits and paid out maximum interest of 7.1 percent, CEO Alex Mashinsky revealed.

“One of the most surprising trends we saw during 2018 was the resilience of our HODLer community; despite BTC and ETH losing half of their value during the second half of 2018 we saw 184 out of 191 days in which deposits outnumbered withdrawals,” he wrote.

P2P Loans

Celsius’ performance and client habits touch on a trend which has continued since last year – Bitcoin HODLers are accumulating, not trading.

While this habit has caused anxiety for some market participants such as miners, as Bitcoinist reported, the crypto consumer loans sector has seen a surprisingly strong boom.

“We did not liquidate a single loan and we did not have a single default from any of our borrowers. We did not lose a single crypto asset or dollar from all our lending activities in 2018,” Mashinsky added.

Loans Meets Options Trading

Instigating loans with cryptocurrency as collateral provides a potential bonus for investors whose crypto holdings would otherwise lie dormant or gradually lose value in a bear market.

Starting out with only a few well-known names such as Bitbond, the market has grown rapidly with the emergence of various projects catering to itchy HODLers.

InLock, another startup new to the space, this month launched an additional product opening up crypto loans to options trading.

Csaba Csabai, Inlock CEO

Dubbed ‘Superposition,’ executives plan for the feature to act as a value preservation tool. Its release coincided with that of the Inlock Base Index, a mechanism for “protecting” the exchange rate of the company’s native ILK token, CEO Csaba Csabai explained to Bitcoinist.

What do you think about the cryptocurrency loan sector’s growth? Let us know in the comments below!


Images courtesy of Shutterstock

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Srp 05

Square Cash Quietly Reveals It’s Avoiding Public Cryptocurrency Exchanges

In its recently published quarterly report, Square revealed it’s channeling Bitcoin trades from its Square Cash application to private brokers instead of public exchanges.


Jack Dorsey’s Square Cash application enabled Bitcoin purchases and sales for most users early in 2018, adding to its consumer payments suite. Though overall, Square’s profits are substantial, it’s not making a fortune on Bitcoin trades just yet. Square reported just $400,000 profit on $37 million worth of revenue from Bitcoin for quarter two, 2018.

Square hasn’t announced that it has moved to over-the-counter (OTC) trading services for its Bitcoin transactions. The published quarterly report instead quietly revealed that Square “purchases bitcoin from private broker-dealers,” to facilitate Bitcoin trades for users of the application.

Why Over-the-Counter?

There could be a number of reasons behind Square’s choice, firstly it could protect Square from some of the Bitcoin price volatility seen on public exchanges. Sudden large sellouts from weighty Bitcoin owners and market “whales,” move Bitcoin’s price far quicker than on OTC desks. Meltem Demirors, chief strategy officer at CoinShares told CNBC:

Working with a broker likely gets Square better pricing and better execution services than floating orders on the open market, as well as more confidentiality.

Secondly, the company could be looking to avoid some of the security issues and hacks associated with public cryptocurrency exchanges. Private brokers and OTC services may also be providing Square with faster Bitcoin transactions while at the same time hiding Square’s market activity from competitors.  

Square Cash App

Potentially, the move also gives Square more visible compliance from its use of institutional style trading facilities. Square has yet to comment on the matter.

OTC Bitcoin Trading Increasing

A recent study by TABB Group, if accurate, shows that OTC trading of Bitcoin may have overtaken daily Bitcoin trading volumes on public exchanges. Certainly larger trades of Bitcoin by millionaire investors and institutional investors moving over, along with Bitcoin associated enterprises, may be fuelling OTC service demand.

TABB Group puts OTC trading of Bitcoin at $12 billion dollars worth per day, but the study has been refuted by some. According to statistics from coinmarketcap.com daily trading of Bitcoin via public exchanges is around $4.3 billion.

What do you think an increase in OTC Bitcoin transactions means for cryptocurrency markets?


Images courtesy of Shutterstock, Bitcoinist archives

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Úno 17

Achievement Unlocked: Bitcoin Surpasses 1,000 ATMs Worldwide

· February 17, 2017 · 9:00 am

The number of Bitcoin ATM’s has surpassed 1,000th, a milestone in the history of Bitcoin that marks the continued growth of its infrastructure across the globe.


Bitcoin Hits 1,000 BTM’s

Today, CoinATMRadar celebrates the submission of the 1,000th Bitcoin ATM on their website. A significant moment for the website that tracks the presence of these machines worldwide, but even more so for the Bitcoin community in general.

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The current number of Bitcoin ATM’s currently stands at 1,002, according to CoinATMRadar.

Now, Bitcoin can be bough (and sold with two-way machines) at these physical locations without a bank account in 55 countries. CoinATMRadar provides users with information on where to find these ATMs, explains how they can be used for remittances, how to set up their own ATM business along with a profit potential calculator.

chart

Bitcoin ‘automated teller machines,’ sometimes called BTMs, play a vital role in Bitcoin’s global infrastructure. They provide a brick-and-mortar local to acquire Bitcoin extending the cryptocurrency’s reach.

They also provide convenience for users by saving time without the need to wait for bank transfers to clear. Also with the increasingly sophisticated methods being used in skimming operations, the Bitcoin counterparts provide a higher degree of security since no magnetic-strip cards are involved.

This milestone marks yet another success for the adoption of Bitcoin, which is beginning to gain traction in places where it previously had none. Demand for Bitcoin ATMs is growing in places like Texas, which has recently received eleven new BTMs.

4 Years of Continued Growth

The first BTM was placed in the Waves coffee shop in downtown Vancouver, Canada by Robocoin on October 29, 2013. Since then, Bitcoin ATMs have increased in popularity, demand and features.

Today, these provide the invaluable service of readily available currency conversion between fiat and crypto, including altcoins like Ether, Dash and others.

While all Bitcoin ATMs allow users to interact with cryptocurrencies without a bank account, the majority of these are still one-way. According to CoinATMRadar, only about 36% of all bitcoin machines are two-way.

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Additionally, the vast majority of Bitcoin ATM’s are located in either North America or Europe.

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Alternatives to BTMs

Although the service provided by Bitcoin ATM operators is highly valuable, certain apps are starting to provide highly functional and simple methods of exchanging fiat and cryptocurrencies without relying on banking institutions or BTMs.

Among these are Spare and Abra, which allow users to buy or sell Bitcoin through registered merchant locations. These merchants get to empty their bulky cash registers while also driving people to their store without the need to host or buy a physical machine. 

As the world moves into a cashless society through the introduction of demonetization policies, it is possible that both these apps and Bitcoin ATMs will become obsolete. However, BTM operators seem to understand this and welcome the change.

Michael Dupree EasyBit

In a previous interview with Bitcoinist, Michael Dupree, founder and CEO of EasyBit said:

Nothing last forever and we are well aware that the market is dynamic and continuously evolving, so if the society turns to a cashless structure we, as all ATM companies, will have to adapt to that change providing new types of services. What we are sure about is that it is a thrilling opportunity to live in this moment of big social, political and economic changes and we want to be here for the long term.

Will this growth in Bitcoin ATM’s continue far into the future? Share your thoughts below!


Images courtesy of Shutterstock, CoinATMRadar, EY.com

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Úno 12

Three Easy Ways to Improve Your Bitcoin Privacy & Security

· February 12, 2017 · 6:00 am

As the world of Bitcoin becomes bigger, more lucrative and more mainstream, there are going to be more eyes on the industry. Here are three easy ways to boost your privacy and security.


Spotlight On Your Security

Whether its surveillance from government agencies or hackers looking for bitcoins and information, here are three ways to improve your Bitcoin privacy that you may know, but aren’t exploiting.

Bitcoinist_Security Ransomware Cisco

Using Bitcoin is not anonymous, as most current users already know. The public Bitcoin blockchain will not reveal your identity directly, but your Bitcoin transfers can be tracked with block explorers. Some of the best ways to improve your privacy – at least until the protocol itself is upgraded with more privacy-enhancing applications – is by upgrading how you interact with the internet itself.

1) Tor Browser

Tor takes the proxy concept to your browser, directly. It’s a free option; you just have to download the browser. Tor is originally a government concept, so if you are trying to avoid government surveillance, it may not be right for you, but it is the first layer of protection and can give you peace of mind against the low-level online hacker.

Bitcoinist_Transparency Tor

This is a far better option than using the same IP every day, in your hometown, for your online banking and your Bitcoin usage. If you are just using your local network’s IP, you need to step up your game and step into the 21st century.

2) Using a VPN (Virtual Private Network)

This is something I have used for years that most people online, or who use Bitcoin, do not use. A VPN is a great way to use the internet more freely, and Bitcoin as well. The main benefit is these networks provide you with an encrypted service, just like Bitcoin does. Think of it as the most advanced proxy service you can buy.

circumventing the ban is easy with virtual private networks (VPNs) and proxies

A VPN gives you a choice of servers and IP addresses to choose from. The number of choices will depend upon your choice of VPN network, but the best provide hundreds of thousands of IPs that you can switch between on demand, or at any interval you choose. I set mine to switch every hour, automatically. Try to shop for a no-log VPN provider, so the VPNs themselves cannot track you. You may want to look into providers like Firetrust and Pritunl

And a VPN can give you better internet access. Maybe the servers in your area are not the fastest, or you live in an area where you have restricted access. With a VPN, you can test all the servers on their network, see which ones are the fastest, or in a less surveilled area, and you are getting more security and faster downloads. A win-win. It’s a great investment in your online peace of mind for $60 a year or so, and many of these services even accept Bitcoin for payment, too.

3) Take Your Bitcoins Offline

If you have all your Bitcoins in a common online wallet like Coinbase, it’s hard to say you are really taking Bitcoin privacy and security seriously. No offense to Coinbase or Blockchain, but no one should keep all their bitcoins in one basket.

It is hard to find an online wallet provider that hasn’t been hacked, or isn’t under attack every day for the next decade. Maybe they have outstanding security, but the criminals are coming up with new ways to steal every day, so why take the chance?

KeepKey

Only store Bitcoin in online wallets that you are comfortable losing to theft. A wise Bitcoin user with any real cache of bitcoins would keep 80-90% offline in a paper wallet or hardware wallet, such as Case wallet, Ledger, Trezor or KeepKey.

You only access these bitcoins when you choose to, and can take your wallet on the road with you, or keep it in a safe, offline. Take your Bitcoin wealth on the plane and not get harassed by customs. A $60-$99 investment that should give you peace of mind no matter where you roam.

What do you think is the best way to maintain your privacy and Bitcoin security? Let us know in the comments below!


Image provided by Abine, Shutterstock

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Led 12

Here Are Some More Creative Ways of Using Bitcoin in 2017

· January 12, 2017 · 5:00 am

We’re seeing a lot of new ways of using your Bitcoin, some more creative than others. In this article, we are going to take a closer look at how all of those Bitcoins you have accumulated can be used to get anything from the latest gadgets to more discounts and special offers.


Bitcoin recently reached a new all-time high by crossing over the $1,000 mark. Those who were skeptical about the future of Bitcoin and other cryptocurrencies are now far more confident about the future. But for many, Bitcoin is already the go-to currency used to make everyday purchases of all kinds.

Bitcoin for Businesses

One of the most interesting developments is how businesses started using Bitcoin as part of their operations. When sending micro-remittance to various recipients, Bitcoin works better than conventional remittance options from banks and financial institutions.

shutterstock_529057198

Bitcoin is far cheaper than existing alternatives. Businesses no longer have to worry about exchange rate differences and bank fees when sending money to vendors and contractors overseas. The fact that Bitcoin can be cashed in just as quickly in almost every country in the world means it is a viable payment solution many more businesses will use in 2017.

There are also Bitcoin apps and services that specialize in sending and receiving money. Luno, for example, is an app that allows individuals and businesses to manage their Bitcoin accounts, including making cash withdrawals to local bank accounts in most Asian and African countries. Other services are just as easily accessible.

Pay Your Bills

Another interesting way of using Bitcoin is for paying bills. Yes, your monthly bills can now be paid using Bitcoin, either through an intermediary service or directly to the recipient. You may find that some loans, including NJ home equity loans, can also be repaid using Bitcoin.

The use of Bitcoin to pay bills means you also don’t have to pay bank charges and other fees. There are services that will help manage and automate your bill payment using Bitcoin as a payment method. Once you have entered all of your regular bills and how much need to be paid, the service will deduct the right number of Bitcoins from your wallet automatically.

shutterstock_537448696

It will still be a few years before Bitcoin is more commonly used this way, but those who are making the switch this year are pioneers nonetheless. It will be interesting to see more of these expenses added to the list of things you can pay for using Bitcoin.

Hold On to It

The new administration was one of the reasons why Bitcoin reached its $1,000 milestone again after a couple of years. Many believe that holding on to some Bitcoins is actually a good investment to make, especially with a lot of economic uncertainty on the horizon.

BitGo

Keep in mind that Bitcoin is not yet considered to be a reliable investment instrument since its value can be quite volatile, which means you can’t really rely on the cryptocurrency as a way of maintaining your wealth.

Nevertheless, holding on to some Bitcoins and keeping a positive balance in your wallet is a great idea to try, especially this year. Many expect the value of Bitcoin to rise further over the coming months. Market changes have the potential to push the rise even further than many can anticipate, which means those with Bitcoins in their wallets will be the ones enjoying the biggest advantage.

Shop at Amazon for Less

There is one particular service that every Bitcoin user must definitely try, and that is Purse.io. The site is basically an exchange site that allows Amazon and Bitcoin users to meet. What the site does is let users sell their Amazon credits in exchange for Bitcoins.

purseio-bitcoinist

There is no definite exchange value that everyone uses. The exchange rate fluctuates based on market balance and other factors. You can save up to around 20% on your Amazon purchases when you use credits sold on this site.

Services such as Purse.io are also expanding their operations further. Soon, you won’t only be able to exchange Bitcoin with Amazon credits, but also with other credits for online shopping. There are even online stores and marketplaces that accept Bitcoin directly.

There is no doubt that 2017 will be an interesting year for Bitcoin. The market will continue to bloom and more ways to use the Bitcoins you have in your wallet means more ways to benefit from the cryptocurrency.

Do you have your own ways of using Bitcoin? Be sure to leave your stories in the comments section below.


Images courtesy of Shutterstock, Purse.io

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Říj 28

American Students More Burdened by Debt Than Ever Before

Source: bitcoin

American Students More Burdened by Debt Than Ever Before

College education is expensive, whether you’re going for your bachelor’s degree or your master’s degree. And these days, American students are more burdened by student loan debt than ever before. While there are more affordable options, such as online schools that offer a wide array of programs, from an online MBA to an online homeland security program, taking out loans to pay for higher education has put young adults in debt before they even have a chance to start working.  

A Look at Some Numbers

To really understand just how burdened American students are with debt, you need to look at some statistics. First off, as of 2016, the typical college graduate has an average of $37,172 in debt from student loans. This is an increase of 6% from 2015.

The total student loan debt in the country is roughly $1.26 trillion, with 43.3 million people dealing with student loan debt. On top of that, 11.6% of students are dealing with loan delinquency. And the median student loan payment each month for those who are between the ages of 20 and 30 is $203.

Debt associated with private student loans, in particular, is also increasing. While $5.5 billion was borrowed from 2011-2012, $6.2 billion was the amount borrowed in 2012-2013.

A Look at Loan Programs and Their Debt

There are different types of loan programs and different types of loans that American students can receive if they wish to attend college for a degree. And to get an idea of what the debt really is, you need to look at the breakdown of the number of borrowers and how much total debt there is.

For example, Perkins Loans have been taken out by 2.7 million borrowers, for a total of $8 billion, while FFEL Loans are used by 16.8 million borrowers, and it amounts to $342.6 billion. But 30.5 million borrowers have Direct Loans that amount to a total debt of $911.6 billion.

A Look at Graduate Student Loan Debt 

Undergraduate students aren’t the only ones who are burdened by student loan debt, as those seeking graduate degrees are also forced to take out student loans in order to afford the programs that will give them the skills that they need to advance their careers and ask for a higher salary.

In 2016, roughly 40% of the total $1 trillion in student loan debt was actually used to pay for professional degrees and graduate degrees. A law degree, for example, would create $140,616 in debt, while an MBA would result in $42,000 in debt. Medical and health sciences degrees result in a whopping $161,772 in debt, while a Master of Education degree results in $50,879 in debt.

While many Americans deal with debt, student loan debt, in particular, is a growing problem that’s causing a lot of concerns. As the cost of higher education continues to climb across the country, more students are seeking more affordable ways of getting the education they need, and they’re often turning to public universities and online degree programs as a result.

The post American Students More Burdened by Debt Than Ever Before appeared first on Bitcoinist.net.

American Students More Burdened by Debt Than Ever Before

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Srp 22

A ‘Brave’ New Benchmark: Putting the Browser’s Hype to the Test

Source: bitcoin

benchmark

We previously tested a very early build of Brave to see what kind of performance the new browser was packing. The thing is, that build wasn’t feature-complete or optimized for release. Now that it’s out in the wild (users are still waiting on the promised Bitcoin-centric features mind you) with all of its bells and whistles we thought we’d revisit our initial tests, and cast a wider net to give you a good metric for Brave’s real-world performance as it stands. 

Also read: Mycelum Gets P2P Tumbling

Is it as fast as it was before release? Is the responsiveness a nice bonus to their browsing experience, or is it just placebo compounded by novelty? We’ve rounded up six modern browsers, including a peek at the still-in-infancy Mozilla Servo, and tested them rigorously in an attempt to answer these questions.

Brave Benchmark Data

Each Browser is the latest version available, stock standard with no customization whatsoever, with the exception of Firefox, which is heavily extended and in use as my daily driver. I included it in testing to give a baseline for performance after long-term use and customization.

These are the normalized scores for each benchmark we ran. It’s hard to see a clear performance champ, but Brave initially looks healthy. Note that Vivaldi, Chromium and Brave are all based on Chrome, so we can reasonably expect them to perform similarly, though Brave is anecdotally supposed to be more performant. Speedometer seems heavily skewed towards Chrome optimization as well:

Here we see memory consumption with a large amount of tabs open. Brave consumes the second highest amount of memory out of all the browsers tested. Something to consider, as it may not run as well on systems with less than 8GB of RAM:

Interesting side note: I attempted to benchmark a release optimized build of Servo to see how far the project had progressed, and I very quickly got my answer — not very. The only thing I could get to run was Mozilla’s Dromaeo JS suite, which puts Servo’s performance at a little below a customized Firefox:

Here are the Peacekeeper Platform-Neutral Benchmark scores, relative to Brave’s performance. The picture starts to get a little clearer here:

And the aggregate normalized scores from every benchmark used in our tests:

Benchmark Conclusions and Recommendations

Brave is disappointingly slow, performing the worst out of the box, and only beating my extended and abused installation of Firefox. It even underperforms the aggregate average that includes Firefox as a negative outlier.

It also comes in second to last on system resources, and given the lack of promised bitcoin integration and the abysmal privacy situation hidden under a veneer of ad-blocking, I see little to no reason to use this new browser. It might be an upgrade if you’re moving from Internet Explorer or Safari, (or a really dirty install of Firefox) but the UX feels like a portal into the mid-2000’s, and any performance increase you’ll feel is an almost guaranteed placebo.

If you want a pretty, clean, user experience, try out Vivaldi. It performs similarly, and there’s a lot of thought put into the UX. Need privacy or just hate web advertising? Install a few add-ons in Chromium or Firefox.

Want to get paid BTC to view ads? Try getting in early on an MLM scheme, because there’s no word on when that’ll be coming to mainline Brave. Given time, and assuming the devs make good on all proposed features, this browser may become attractive, if not blazing fast. Until then, stick with what you’ve got, or try one of the other perfectly serviceable browsers represented in the benchmarks.

Questions about the browsers covered here? Leave them in the comments!


 

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Srp 20

Mycelium May Roll out P2P Tumbling Soon

Source: bitcoin

P2P Tumbling

There’s been no official statements as of yet – but it looks like the Mycelium Wallet will be getting built-in peer-to-peer bitcoin mixing/tumbling later this year.  The first testnet transaction from devs went out four days ago, and discussion on internal channels confirms that they’re working on integrating P2P tumbling into their popular Android wallet.

Read also: Comedy Tor Forks Emerge In Response to Appelbaum Scandal

P2P Tumbling In Mycelium Pipeline

As for details, so far we know they’re using the CoinShuffle protocol (whitepaper available here) and that it will be integrated into their growing number of peer-to-peer features, including local sales and messaging. It also shows a firm commitment to privacy and anonymity from a company previously criticised for their approach to open-source and free software.

Tumbling, for those new to Bitcoin, is a process used to obfuscate ownership of Bitcoin by pooling your coins with a group of other holders, and run them through a series of transactions designed to make determining their origin difficult. The biggest flaw with this system up to date was the reliance on a trusted third party to mix the coin, and return it to the participants in the proper amounts. By adding P2P tumbling to their already formidable decentralised network, Mycelium hopes to remove that flaw, and since they’re using a spec-faithful implementation of CoinShuffle, it means that the update with this change may prompt other mobile wallets to follow suit.

There’s been a lot of talk about the changes coming to Mycelium with the next major release – but this feature – one not advertised in their roadmap or goals, will likely have the biggest impact on mobile Bitcoin users – the ones that benefit most from this type of secure tumbling. More to come as we investigate the issue further.

Thoughts on P2P shuffling? Leave them in the comments!


 

The post Mycelium May Roll out P2P Tumbling Soon appeared first on Bitcoinist.net.

Mycelium May Roll out P2P Tumbling Soon

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