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Do Crypto Trading Bots Really Work?

April 23, 2018 |

Do Crypto Trading Bots Really Work?

Bots and talk of bots is endemic within the crypto space, with behavior, good and bad, often attributed to their actions. Mt Gox famously had the Willy Bot manipulating merrily, perennial bear Bitfinexed sees bots everywhere, and crypto traders are prone to boasting about the sick returns they’ve raked in from their proprietary arb bots. There’s no doubt that bot activity is very real. But is it profitable?

Also read: Five Reasons Why Bitcoin Cash is About to Win Big

Got Bots?

Do Crypto Trading Bots Really Work?In the 1950s, robots were promised that would soon eliminate the daily chores of housewives across the globe. 60 years later, and their cyber counterparts – bots – are promised that will do the same for crypto traders. If the hype is to be believed, these bundles of code can deliver a passive income for even the laziest or dumbest of traders. But as almost everyone knows, the hype is never to be believed. Profiting from bots isn’t that simple or easy.

There are several types of trading bots available including arbitrage (arb) bots that capitalize on the difference in prices across exchanges. The price of bitcoin usually differs from exchange to exchange; Bitstamp, for example, typically displays a slightly lower price than Bittrex. The movements of bitcoin and other cryptocurrencies is always mirrored across exchanges, however, so if BTC breaks out due to a massive buy order on Binance, you can bet that the other exchanges will follow suit. Bots work by profiting from the delay it takes for prices to update across all exchanges.

How Profitable Are Bots?

To make any sort of tangible profit from bot trading, you ideally need a stack of crypto to start with. If you’re running a bitcoin arb bot, for example, you’ll need BTC deposited on multiple exchanges that are connected to your bot via API. And even if you do have a healthy spread of coins, the returns can be slight. Romano – Viacoin developer and well-known crypto trader – claims the Hass bot he uses can make “0.26 BTC ($ 2K) a day by using 9 BTC for example just by using market inefficiencies” before adding that he doesn’t use the market maker bot that comes with Hass and cautioning that it’s “only for skilled traders”.

Do Crypto Trading Bots Really Work?
Haas

Arb trading can be likened to playing online poker. If you’re good at setting up your bots, you can make a living off it, but you’ve got to grind it out. Crypto trading bots are reminiscent of those money-making Forex programs that you find “veteran traders” trying to flog. If those Forex guys are as rich and successful as they profess to be, wouldn’t they be better served keeping that esoteric knowledge to themselves rather than offloading it to the masses for $ 100 a month? In other words, beware of geeks bearing bots.

Examples of Trading Bots

Do Crypto Trading Bots Really Work?A slew of tokenized projects has emerged that promise “algorithmically-based smarter trading delivered via AI and machine learning” or words to that effect. These systems also utilize bots, but their claims of profitability have yet to be proven. If one of these new platforms were to deliver the goods and provide consistently high returns, crypto traders would flock to it, which simply hasn’t happened.

There is no doubt that machine learning has the potential to yield more profitable trading, but there is also no doubt that a lot of the claims attributed to AI should be filed under As If.

These are the most popular crypto bots on the market (and should only be tried at your own risk):

  • Haasbot allows for automated trading across all major bitcoin exchanges, with monthly subscriptions starting from .073 BTC
  • Profit Trailer allows you to average down on coins you buy into using bots, although there’s no guarantee that doing so will lead to eventual profit. It starts at $ 35 p/m
  • Cryptohopper is a cloud-based trading bot that starts from $ 19 per month
  • Gekko is free and open source but you need to tell it what to do and thus it’s only as smart as you are
  • Cryptotrader also needs to be programmed and starts from .0048 BTC for a Pro account (Basic is cheaper but too basic)

Others, such as BTC Robot, are so spammy and scammy that we’re not even going to provide a link. For traders seeking a passive income or “easy money” there really is none to be had. The reality is that bots are trading tools rather than workhorses that will set up and execute winning trades on your behalf. In using bots, you also leave yourself open to the possibility of scammy developers or flash crashes, either of which can liquidate your crypto. As one redditor put it:

To see returns you have to be comfortably profitable already and be familiar with different strategies. The conditions for profitability are moving targets so bot trading isn’t really a ‘set it and forget it’ type of operation.

Bot or Not?

It is safe to say that the best bots are the ones you never hear about and will never be offered. Because if everyone was using these bots, the trading edge they bestow would be eliminated due to arbing and other opportunities being eliminated. If you’re interested in putting a trading bot to the test, by all means give it a try with some spare satoshis or shitcoins. Be sceptical though of anyone touting a bot delivering guaranteed returns, and be especially sceptical of the profits crypto traders claim to have made with their aid.

Do Crypto Trading Bots Really Work?

At least the creator of the open source Zenbot is honest enough to concede it “is having trouble reliably making profit. At this point, I would recommend against trading with large amounts until some of these issues can be worked out”.

Even if you can find a system that delivers modest returns, you may wish to ask yourself this: What would you rather have – a bot that can turn 5 BTC into 5.1 BTC every week or the freedom of having 5 BTC free to invest in a simple day trading strategy? Bots can do a lot, but as it stands, they can’t factor in fundamental analysis, breaking news, insider knowledge and the myriad other factors that make markets move.

1950s housewives (and house husbands) are still waiting on those domestic chore-performing robots to materialize. And similarly, we’ve still got some way to go before bots render human traders obsolete. If you want a job done profitably, do it yourself.

Have you had any success with crypto trading bots? Let us know in the comments section below.


Images courtesy of Shutterstock and Twitter.


Need to calculate your bitcoin holdings? Check our tools section.

The post Do Crypto Trading Bots Really Work? appeared first on Bitcoin News.

Bitcoin News

Bitcoin Payments Are on the Rise in the Baltics

April 22, 2018 |

Bitcoin Payments Are on the Rise in the Baltics

Cryptocurrencies are gaining popularity in the Baltic states where no comprehensive regulations have been introduced yet. Businesses from multiple sectors, including real estate, online trade, the hospitality industry, and even healthcare, are taking advantage of crypto payments. Some companies from the region are already offering their services globally.   

Also read: Blind Denial of Cryptocurrencies Leads Nowhere, Bank of Lithuania Says

Apartments Sold for Bitcoin

Cryptocurrencies are becoming more widely accepted in Lithuania, Latvia and Estonia, where buying a cup of coffee with bitcoin is nothing special these days. Cafes, bars, restaurants, hotels, souvenir shops, and even an orthopedic clinic, are now accepting cryptos, according to local media. It seems that the Baltic Tigers of the EU are becoming the “Bitcoin Tigers” of Europe.

Bitcoin Payments Are on the Rise in the Baltics

Crypto payments have been introduced in the real estate business by several companies selling land plots and housing units in the Baltics, Novaya Gazeta reports. Potential buyers will soon be able to purchase land and homes in the Auriai cottage settlement, which is currently under construction not far from Vilnius, the capital of Lithuania.

Crypto-priced real estate is also sold in neighboring Latvia and Estonia. The Latvian branch of Baltic Sotheby’s International Realty is offering penthouse apartments in Jūrmala for bitcoin. Recently, the Estonian realtor LAAM Kinnisvara announced it is accepting cryptocurrency for apartments in the town of Maardu, 15 minutes car drive from Tallinn. A third of the 44 units built by the company there have been sold already. The next bitcoin deal is scheduled to take place next week.

Cryptos Accepted For Clothes

Bitcoin Payments Are on the Rise in the BalticsMore than 30 locations in Vilnius accept crypto payments, in Tallinn they are 26, and in Riga – 21, according to Coinmap. Bitcoin ATMs can be found in the capitals of Estonia and Lithuania, according to Coinatmradar. Most of the businesses accepting cryptos are from the hospitality industry – cafes, bars, restaurants, souvenir shops, several hotels. Other sectors, however, are quickly catching up.

About a month ago, the United Colors of Benetton franchisee in Lithuania announced it would accept cryptocurrencies. The stores of the fashion brand in Vilnius now take bitcoin, etherium, dash, NEM, and steem through a partnership with Coppay. The Belarus-based payments provider offers instant conversion to fiat at an exchange rate based on data from multiple markets. “Our employees like it because it’s simple and easy. No additional training was needed”, said Arturas Zuokas, co-owner of the company and former mayor of Vilnius.

By the way, Lithuania already has a platform similar to the one maintained by Coppay. The local company Coingate recently signed an agreement with a French developer of online payment solutions. Through this partnership with Prestashop, the Lithuanians plan to provide services to 80,000 merchants around the world.

Bitcoin Still Unregulated

No comprehensive regulations have been adopted yet in neither of the Baltic states. Latvia has recently attempted to partially recognize cryptocurrencies for taxation purposes. Authorities in Riga said that bitcoin could “function as a means of exchange”. As a result, 20% tax will be imposed on capital gains from deals with cryptocurrency.

Bitcoin Payments Are on the Rise in the BalticsEstonia, arguably the most digitally developed Baltic country, has been mulling over issuing its own cryptocurrency. Tallinn is not giving up on the idea, despite the negative stance of the European Central Bank. Officials behind the project are still pushing for issuing “estcoin”, not as a crypto, but as a token. In any case, Estonia is resolved to proceed with its plans for a national coin.

The central bank of Lithuania, which was opposing cryptocurrencies for some time, has just started consultations with representatives of the crypto sector on a possible regulatory framework. “The blind denial, the reluctance to understand and work with the cryptocurrency world, leads us nowhere”, a high ranking official of Lietuvos Bankas said last week.

Do you think the Baltics can lead Europe in crypto adoption? Share your thoughts in the comments section below.  


Images courtesy of Shutterstock.


Do you agree with us that Bitcoin is the best invention since sliced bread? Thought so. That’s why we are building this online universe revolving around anything and everything Bitcoin. We have a store. And a forum. And a casino, a pool and real-time price statistics.

The post Bitcoin Payments Are on the Rise in the Baltics appeared first on Bitcoin News.

Bitcoin News

This Week in Bitcoin: Taxes, Forks, Pranks and Porn

April 22, 2018 |

This Week in Bitcoin: Taxes, Forks, Pranks and Porn

Bitcoin in Brief is your roundup of everything that matters from the all over the vast cryptosphere that you might have missed. This week’s daily editions included stories about taxes, forks, pranks, porn and so much more. This weekly edition will bring you up to speed with everything covered; just make sure you keep up.

Also Read: Robinhood App Expands Cryptocurrency Trading to Another US State

A Panther’s Moonshot Bet

On Monday we reported why Pantera Capital bets on a moonshot bitcoin price point, how the world’s most popular decentralized digital asset has been forked more than 70 times, and a growing list of countries likely to let you keep your crypto profits. Additionally covered were Yahoo! Japan which confirmed that it is entering the crypto space by acquiring a stake in an exchange, and a good-hearted wager between bitcoin core and bitcoin cash supporters that exemplifies how ecosystem actors should treat one another.

The Tax Man Effect

The world’s biggest economy faced the tax man on Tuesday, as the United States and its crypto traders had to pay for last year’s gains. Economists and market bulls were insisting that this fact caused dramatic sell offs, leading to haircuts across the board. We also covered I Pay You, the supposed hack of Ian Balina, and the release of a bitcoin themed clothing line for babies.

Pornhub? We’ve Never Heard of Pornhub

On Wednesday it was revealed that Pornhub, a website we’re sure you never heard of before because nobody watches porn on the internet, has joined the crypto revolution. We also reported about how South Korea’s loss of ICOs is Switzerland’s gain; how bitcoin is blamed for every crime under the sun; why Ethereum’s Vitalik Buterin is accused of favoritism; and why bitcoin cash (BCH) is getting a ton of love from CNBC’s Brian Kelly.

This Week in Bitcoin: Taxes, Forks, Pranks and Porn

ICO Scares Investors With Ghost Prank

On Thursday we indulged ourselves with a bunch of crypto crime news stories, including an international bitcoin heist escape, the fury of a scorned woman, a bear spray robbery, and some whole food violence.

The biggest issue of the day was a German online news source claiming that Savedroid has apparently taken the money and run. The company website was replaced with a meme picture, “Aannnd it’s gone.” Founder and CEO Yassin Hankir tweeted a picture of himself on a beach, long gone. All this after having raised $ 50 million in an ICO. Investors were not pleased.

Truths, T-Shirts, Things That Matter

The most talked about issue on Friday was the stance that Kraken’s chief executive took against the latest actions by authorities in New York. Jesse Powell has refused to complete a questionnaire, and instead respond with strong-worded language. “When I saw this 34-point demand, I immediately thought ‘The audacity of these guys – the entitlement, the disrespect for our business, our time!…I realized that we made the right decision to get the hell out of New York,’” he said.

We also reported about a deal between privacy web browser Brave Software and Dow Jones Media Group to test blockchain technology in digital publishing; and another crypto clothing line – this time for hip adults – by The Hundreds a streetwear brand from Los Angeles.

Coinsecure Working With Authorities

This Week in Bitcoin: Taxes, Forks, Pranks and PornCoinsecure, the hacked Indian bitcoin exchange, has updated clients on Saturday about its repayment plan. The team said they have been flooded with calls and emails over the last few days regarding the disbursement of funds. And they claim to have been working with the authorities tirelessly since the incident and that there have been a lot of back and forth with several data requests. They add that they have been working on providing the data requested and that has consumed the majority of their time.

They wrote that: “We’d like to inform you, that we have started work on the claims process. Our legal team is currently reviewing contracts and our teams are working on putting together the claims form for your perusal. We are hoping that by the following weekend, we should get started and you should be able to submit your claims withdrawal requests. Please understand, that with authorities being involved and investigations underway, things do slow down a bit and we have to follow processes outlined by the authorities.”

What other stories everyone in the bitcoin world must have read this week? Share your thoughts in the comments section below. 


Images courtesy of Shutterstock.


Do you agree with us that Bitcoin is the best invention since sliced bread? Thought so. That’s why we are building this online universe revolving around anything and everything Bitcoin. We have a store. And a forum. And a casino, a pool and real-time price statistics.

The post This Week in Bitcoin: Taxes, Forks, Pranks and Porn appeared first on Bitcoin News.

Bitcoin News

‘Coindaddy’ Another Crypto-Rapper Rhymes About Bitcoin Life

April 22, 2018 |

'Coindaddy' Another Crypto-Rapper Rhymes About Bitcoin Life

Just last month news.Bitcoin.com chatted with the hip-hop artist ‘Lil’ Windex’ the Canadian rapper who made headlines last month for his rhymes about bitcoin cash. Now there is another rapper, from San Francisco, called ‘Coindaddy,’ an artist who has been coined a “Weird Al Yankovic” of cryptocurrency rap.

Also read: An In-Depth Interview With Rob Hustle

The ‘Crypto Castle,’ Fur Coats, Lambos, and Bitcoin

Arya Bahmanyar is a 28-year-old former commercial real estate broker turned hip-hop artist after allegedly becoming a millionaire from his cryptocurrency investments. According to a recent interview with the columnist Melia Robinson, Bahmanyar decided to devote his time to becoming a new rapper called ‘Coindaddy,’ and he started his own Youtube channel to release his music.

“I’m going to make songs that aren’t that good,” Bahmanyar explains in his recent interview recalling how he got started toward creating his ‘Coindaddy’ persona.

In his songs “Holding the Bag,” Coindaddy raps about a variety of cryptocurrencies and uses slang like ‘hodl,’ ‘Buying the dips,’ and ‘moon.’ Alongside this, the rapper likes to sing about lavish lifestyles, ‘Lambos’ and checking the price of BTC while getting laid. Coindaddy also does a duet with the well-known cryptocurrency musician Tatiana Moroz as well. In “Holding the Bag,” Coindaddy’s lyrics state:

If you want the ride and you want the riches then just buy more coin and get the bitches — Cuz bitcoin about to go straight through the roof it’s got the PBOC shaking in their boots.    

'Coindaddy' Another Crypto-Rapper Rhymes About Bitcoin Life
Arya Bahmanyar AKA ‘Coindaddy’

Many Artists Try to Bring Swagger to the Crypto-Game

Coindaddy already made headlines earlier this year for his New York Times appearance in the story “Everyone Is Getting Hilariously Rich and You’re Not,” which features newly made cryptocurrency millionaires and the infamous hangouts the ‘Crypto Castle,’ and ‘Crypto Crackhouse.’ Coindaddy was featured during his performance at the at the San Francisco Bitcoin Meetup’s Holiday Party at the bay-area club ‘Runway Incubator.’ Coindaddy detailed at the time he plans on releasing other songs called ‘Lambo Party’ and ‘Crypto Mom.’

“Right now all our entertainers come from outside crypto culture — not inside crypto, and we’ve got to change that,” Coindaddy explains.

'Coindaddy' Another Crypto-Rapper Rhymes About Bitcoin Life
From left to right: Coindaddy, Lil’ Windex, YT Cracker, Gramatik, and Chris Record. All of these artists have incorporated cryptocurrencies into their music tracks. 

The crypto-millionaire turned rapper says he plans to continue his illustrious career by utilizing his music to educate newbs about cryptocurrency. Coindaddy is not the only individual trying to break through as a cryptocurrency rapper who spits rhymes about bitcoin and the digital currency lifestyle. Other crypto-rappers who have made ‘bitcoin-esque hip-hop’ videos include Chris Record’s ‘Hodl Gang,’ Keem Ibara ‘Digital Gold,’ Gramatik ‘Satoshi Nakamoto,’ Team Hodl ‘Lambo Land,’ YT Cracker ‘Bitcoin Baron,’ Lil Windex ‘Bitcoin Ca$ h,’ and many more artists.

What do you think about ‘Coindaddy’ or other rappers rhyming about crypto-life? Do you think more hip-hop artists will continue to rap about bitcoin? Let us know what you think about this subject in the comments below.


Images via Pixabay, Medium, and Youtube.


Do you agree with us that Bitcoin is the best invention since sliced bread? Thought so. That’s why we are building this online universe revolving around anything and everything Bitcoin. We have a store. And a forum. And a casino, a pool and real-time price statistics.

The post ‘Coindaddy’ Another Crypto-Rapper Rhymes About Bitcoin Life appeared first on Bitcoin News.

Bitcoin News

PR: Essentia to Become First Blockchain Based Solution from Finnish Government Through Collaboration with MTK

April 22, 2018 |

Essentia to Become First Blockchain Based Solution from Finnish Government Through Collaboration with MTK

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

It hasn’t been long since we offered the Dutch government a blockchain based solution for the border control issue, as we believe that introducing real world use cases is the way towards mainstream adoption of blockchain technology.

In March 2018, Essentia attended four meetings with representatives of the Finnish MTK organization, discussing possible ways of utilizing the Essentia framework.

As a result, after a month of brainstorming and discussions, it was agreed that Essentia would become the first blockchain startup to help the Finnish organization in its key objective of reducing the unemployment rate.

The Central Union of Agricultural Producers and Forest Owners (MTK) has announced its readiness to become Finland’s first organization to launch a blockchain based e-government solution.

“In blockchain, we see a number of features which could lend themselves well to the needs of entrepreneurs and citizens in the countryside as well as in the cities,” — MTK’s director of business development Marko Mäki-Hakola.

Combining with the ToitaSuomesta.fi employment service developed by CoReorient Oy, Essentia will be used by employment offices, employers and suchlike as a platform for managed employment in the local community.

There are many ways in which Essentia could be useful for MTK. Let us go through all of them.

First of all, any worker can save certificates of their performed jobs to the Essentia platform and allow their future employers and employment office to view these. This way we can ensure easier and safer cooperation. The employer can view and also add a job certificate(s) even if they are not a user of the ToitaSuomesta work mediation service. This option grants security and is actually a real time-saver both for employers and employees. Last but not least, employment offices can view the progress of the employee across all work mediation services and confirm that he/she fulfills benefits criteria.

From now on it won’t be necessary to share an individual’s entire job records between services and there will also be no need for a new database at the employment office.

MTK, whose members hail from various regional and local organizations, believe that this is only the start of real life testing for MTK’s main interest lies in other areas. One of them is managing and sharing machine-generated data from tractors, dairy, and other equipment. They are also tracking production chains, for example, forest side products from the owner to the refinery, or end-user land registries that will no longer need field sizes regularly updated; the future possibilities for blockchain technology are endless.

The Essentia framework provides the much-needed security in accessing sensitive data, as well as granting full control of the user’s private information and their digital identity in general.

We look forward to working together with the Finnish organization and moving a step closer to the idea we believe in. This is not the end, though, as we will continue searching for the best ways to utilize blockchain technology and Essentia in particular in various spheres of our day-to-day life.

Stay tuned for more information concerning the pilot implementation!

To be a part of their growing community join their Telegram channel https://t.me/essentia_one/.

Contact Email Address
matteo@essentia.one
Supporting Link
www.essentia.one

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Bitcoin News

Survey: 89% of Visa, Mastercard, Unionpay Users Know Crypto – 53% Have Purchased

April 22, 2018 |

Survey: 89% of Visa, Mastercard, Unionpay Users Know Crypto - 53% Have Purchased

A global study of cryptocurrency purchases made by users of Visa, Mastercard, and Unionpay cards shows that 89% of respondents are knowledgeable about crypto and 53% have purchased some in the past 12 months.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

A Global Study

Survey: 89% of Visa, Mastercard, Unionpay Users Know Crypto - 53% Have PurchasedGlobal payment service provider Worldcore reportedly conducted a study of its customers to find out cryptocurrency usage among Visa, Mastercard, and Unionpay users. The company has approximately 300,000 customers in total.

“The purpose of the study was to determine the willingness of people to deal with digital currencies with the help of bank cards,” Russian outlet Innov.ru described, adding that the study was conducted between March and April. “The study involved more than 10,000 people from 47 countries,” Finam reported. In addition, “data on the EU countries (28 countries) and CIS [Commonwealth of Independent States] countries (12 countries) were combined,” the news outlet noted, quoting the Worldcore study results:

About 89% of respondents know well what cryptocurrency is. 53% of respondents made purchases of cryptocurrency at least once within the last 12 months.

Survey: 89% of Visa, Mastercard, Unionpay Users Know Crypto - 53% Have PurchasedAccording to RBR’s Global Payment Cards Data and Forecasts to 2022 study published in July of last year, “Unionpay has been the largest scheme globally for card numbers since 2010 and, by the end of 2016, there were more than six billion Unionpay branded cards in circulation.” Furthermore, “RBR found that Unionpay, Visa and Mastercard collectively account for 80% of cards worldwide,” the firm wrote.

Worldcore is an EU-regulated payment institution headquartered in Prague, Czech Republic. It has partnered with Bitpay to offer cryptocurrency solutions to its customers globally. In August of last year, the company announced an initial coin offering (ICO) as part of its expansion plans.

Survey Results

Survey: 89% of Visa, Mastercard, Unionpay Users Know Crypto - 53% Have PurchasedAmong respondents, 36% were Japanese, 25% were from the US, 18% were Korean, 8% were from the EU, 6% were Chinese, 3% were Latin American, 2% were Canadian, and 1% were from Russia and the CIS.

Those who bought any cryptocurrencies in the past 12 months – 21% of them used credit cards, 36% used debit cards, and 43% used other forms of payment.

Among respondents who did not purchase any cryptocurrency in this time period, 60% cited risks as the main reason. 35% of them reported having “insufficient funds” while 5% found crypto transactions to be in violation of the law.

The CEO of Worldcore, Alexey Nasonov, was quoted by Finam explaining:

Among our clients are people of different specialties and ages, but the research was conducted among a very active audience in terms of transactions. As one of the most popular services we have is mass payments around the world, as well as using cryptocurrency wallets. So initially the research was conducted among the clients who were savvy in the sphere of financial services.

While the survey shows a high rate of credit card users knowledgeable about crypto and willing to purchase them, the world’s largest banks have mostly listened to regulators and prohibited the use of credit cards for crypto purchases.

Bank of America, Citigroup, Jpmorgan, Capital One, and Discover Card have all prohibited their clients from buying cryptocurrencies using their credit cards. In the UK, Lloyds Banking Group made a similar announcement, banning customers of MBNA, Halifax, and Bank of Scotland. Canadian bank Toronto-Dominion Bank (TD Bank) have also followed suit. Furthermore, Visa severed its relationship with a number of card providers of cryptocurrencies.

What do you think of this survey? Let us know in the comments section below.


Images courtesy of Shutterstock and RBR.


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Bitcoin News

Robinhood App Expands Cryptocurrency Trading to Another US State

April 22, 2018 |

Robinhood App Expands Cryptocurrency Trading to Another US State

Two months after starting to roll out crypto trading, Robinhood has finally expanded the service to another American state. For now, it’s still supporting just bitcoin and ethereum, however the app is expected to add at least another fourteen cryptocurrencies eventually.

Also Read: Crypto Funds Drop 29.2% in March Reveals Hedge Fund Data Specialist

Robinhood Crypto Reaches Colorado

Robinhood App Expands Cryptocurrency Trading to Another US StateRobinhood Financial LLC, the Palo Alto-headquartered US stocks brokerage app, has added another location where cryptocurrency trading is supported for its clients – Colorado. The company officially announced on Friday on its twitter page that: “Robinhood Crypto is coming to a Rocky Mountain near you! Commission-free Bitcoin (BTC) and Ethereum (ETH) trading is now rolled out and available to investors in Colorado.”

Home to over 5.5 million people, Colorado is perhaps most known around the world for being the first American state to legalize both the medicinal and recreational consumption of marijuana. It is only the sixth location in the country where Robinhood’s cryptocurrency trading service is made available after the company initially launched it in California, Massachusetts, Missouri, Montana, and New Hampshire back in February.

Reaping the Benefits of Crypto

Robinhood Starts Rolling Out Cryptocurrency Trading TodayAt launch, Robinhood promised to add in many more states for crypto trading later on if everything goes as planned. As it seems now, whatever is keeping the company from rolling out nationwide immediately, it is not a lack of success. Crypto helped Robinhood reach over 4 million users (up from just 3 million in November 2017), well over $ 100 billion in transaction volume, and to a valuation of $ 5.6 billion in a new funding round (up from just $ 1.3 billion in a round a year before).

Besides the few selected states that the cryptocurrency trading service is available in, Robinhood also already offers market data on a total of sixteen cryptocurrencies including bitcoin, ethereum, bitcoin cash, litecoin, ripple, ethereum classic, zcash, monero, dash, stellar, qtum, bitcoin gold, omisego, neo, lisk and dogecoin. The company is also working on Robinhood Feed, a way to discuss cryptocurrencies, news, and market swings in real-time with other investors on the platform.

What country or American state should Robinhood Crypto reach next? Share your thoughts in the comments section below. 


Images courtesy of Shutterstock.


Do you agree with us that Bitcoin is the best invention since sliced bread? Thought so. That’s why we are building this online universe revolving around anything and everything Bitcoin. We have a store. And a forum. And a casino, a pool and real-time price statistics.

The post Robinhood App Expands Cryptocurrency Trading to Another US State appeared first on Bitcoin News.

Bitcoin News

Five Reasons Why Bitcoin Cash is About to Win Big

April 22, 2018 |

Five Reasons Why Bitcoin Cash is About to Win Big

Cryptocurrency markets have started to rebound in value as the spring begins in 2018, but one particular cryptocurrency — bitcoin cash — has been on a relentless upswing as the network approaches another hard fork this May. This year traders and bitcoin cash (BCH) proponents believe the decentralized digital currency and the BCH network has a lot of innovation forthcoming which will propel its adoption to new heights.

Also read: Play Music on Jukebox.cash – a Bitcoin Cash Infused Global Playlist

Bitcoin Cash is Poised for a Massive Breakout

Five Reasons Why Bitcoin Cash is About to Win BigOver the past few weeks, bitcoin cash has become a highly sought-after digital currency within the cryptocurrency economy. There is a lot of demand for BCH during the past seven days as the currency’s markets have seen weekly gains of over 56 percent at the time of publication. Moreover, on the peer-to-peer trading platform Shapeshift, the most popular trade today by a landslide is bitcoin core (BTC) for BCH.

The Bitcoin Cash network has managed to accumulate a massive amount of infrastructure and support over the last nine months, and more so than any cryptocurrency launched to-date. Today we’re going to discuss the top five reasons why the decentralized cryptocurrency bitcoin cash is headed for a massive breakout in adoption and valuation this year. Lots of individuals and organizations believe BCH is a serious contender in the world of cryptocurrencies, and the past nine months is just the beginning. This week, the Bitmain Technologies operated mining organization, Antpool, had similar words to say about the bitcoin cash ecosystem.

“The Bitcoin Cash blockchain is at the tipping point of becoming a widely used public blockchain,” explains the mining operation Antpool this past Friday.  

Five Reasons Why Bitcoin Cash is About to Win Big
Over the past seven days, bitcoin cash is up over 56 percent.

Infrastructure and Support

It’s been close to nine months since the August 1 hard fork, and since then the digital currency bitcoin cash has received a ton of infrastructure support from wallet providers and exchanges. No other cryptocurrency has received the support that BCH garnered so quickly in such a little time frame. For instance, BCH is supported by the major exchanges Bitstamp, Coinbase, Kraken, Bithumb, GDAX, Binance, Poloniex, Bittrex, and more. Bitcoin cash also has a slew of well-known wallet providers supporting the chain such as Edge, Bread, Jaxx, Copay, Exodus, Ledger, Trezor, Stash, Mobi, and many more. Moreover, BCH has six full node implementations including Bitcoin ABC, Unlimited, XT, Parity, Flowee, and Bitprim. These teams alongside the blockchain firm Nchain are all contributing to the permissionless and open development environment tied to the BCH project.

Five Reasons Why Bitcoin Cash is About to Win Big

Alongside those specific infrastructure providers, BCH merchant acceptance is massive compared to any other cryptocurrency out there besides BTC. Due to integrations with Bitpay’s payment processor services, thousands of merchants now accept bitcoin cash including well-known companies like Microsoft, Newegg, and more. Additionally the “Accept Bitcoin Cash Initiative” has an online compendium of merchants who accept BCH as well. Soon with initiatives like Openbazaar now utilizing BCH and Purse.io support on the way, bitcoin cash will cover nearly everything BTC does as far as infrastructure.      

A Passionate Grassroots Community

Similarly to the bitcoin cash blockchain sharing the same history as the BTC chain, there are a large amount of BCH supporters that have been around since the early days when there was only one chain. Many BCH proponents supported BTC until the scaling debate showed Core developers would continue to be stubborn and unwilling to compromise. Lots of these former BTC supporters started forming an alternative community well before the August 1 hard fork. Many of them were banned from the Reddit forum /r/bitcoin for merely trying to discuss increasing the block size. Others realized earlier on that Bitcoin Core developers were stagnating the project and started working on separate software clients because the Core team created a development technocracy. The original Satoshi reference client was suddenly used in a genius ‘PR stunt’ and was gifted the name ‘Core’ when the client was never called that name in the early days. Suddenly there was a team of ‘Core’ developers advertised on a ‘Core’ website, even though ironically most of them dislike being referred to as ‘Core’ developers.    

Five Reasons Why Bitcoin Cash is About to Win Big

Because of the blatant reference client coup d’état after the August hard fork, a strong community had already formed with an uncensored forum and a community willing to discuss upgrades and protocol changes. Last November just a few months after the blockchain split, the BCH community performed a successful hard fork which fixed the network’s Difficulty Adjustment Algorithm (DAA). The fork led to a favorable outcome where the profitability between BCH and the BTC chain has remained perfectly consistent. Over the past nine months, the BCH community has rallied behind the project pushing adoption and resurrecting applications neutered by the Core development team’s high fees and unreliable transfer times. So far the BCH community has been relentlessly passionate, moving past the trolling and concentrating on making bitcoin cash a cryptocurrency that works. In addition to the strong adherence to principles, there are many other facets of the BCH community that show like-minded passion such as the Bitcoin Cash Fund a nonprofit initiative dedicated to spreading BCH adoption. Then there’s @eatBCH, the outpost that feeds low-income Venezuelan citizens with food paid for with donated bitcoin cash.   

Low-Cost Transaction Fees

Let’s face it bitcoin cash network fees are cheaper than most blockchain networks, and with improved scaling the fees should always remain relatively low. For instance on April 20, 2018, the Bitcoin Core (BTC) median network fee was $ 0.20 cents per transaction. Even though people think that the BTC network fee is low, compared to the Bitcoin Cash (BCH) median network fee it is huge, as BCH fees are $ 0.0028 — that’s less than a third of a U.S. penny. Further, BCH network fees have remained consistent and should stay low as the protocol upgrades to a 32 MB block size leaving plenty of room for massive amounts of cheap transactions.

Five Reasons Why Bitcoin Cash is About to Win Big
Memo is an on-chain social media platform that utilizes microtransactions.

Moreover, BCH network users don’t need to rely on privacy-invasive techniques like ‘transaction batching.’ Bitcoin Core network fees are lower than a few months ago, but are still unreliable as fees were upwards of $ 40 per BTC transaction just a short time ago. Last year’s rising BTC fees have led to many companies being forced to drop the cryptocurrency as a payment network. Applications like tumblers, tipping applications, and any platform attempting to utilize microtransactions found BTC network fees and confirmation times completely unsustainable. Bitcoin cash fees, on the other hand, have created a large resurrection of all kinds of cool apps that let people swap small fractions of cryptocurrency over the web. Privacy enhancing tumblers are returning to the bitcoin environment, Bittorrent applications, Tip Bots, and social media platforms that incentive users for sharing content.

More Features

Besides all the applications being built by reviving microtransaction features in bitcoin, there are other attributes connected to the BCH network which sets it apart from its BTC sibling. After the network upgrades on May 15, users will be able to fit a vast amount of transactions within a block allowing even more on-chain activity so there are no quarrels about what kind of transactions are considered “spam.” Secondly, the upcoming network upgrade will reinstate and add new operating codes (OP Codes) and scripting abilities to the BCH chain which will enable tokenizing methods and the ability to code smart contracts within the BCH network. Additionally, the bitcoin cash community has invoked the spirit of zero-confirmation transactions as many infrastructure providers have opted to make instant transactions a reality using BCH. Meanwhile, bitcoin cash developers are planning to make instant transactions even more secure for the community as well.

Five Reasons Why Bitcoin Cash is About to Win BigThe Closest Bitcoin to Satoshi’s Vision

Bitcoin cash developers and the community want the BCH network to adhere as closely as possible to Satoshi Nakamoto’s original whitepaper. This means everyone involved will continue to bolster bitcoin as a “peer-to-peer-electronic cash system” as it was intended. BCH proponents intend to scale the BCH chain for the entire world so anyone can use the cryptocurrency. Fees will remain low so not just early adopters and the affluent can afford to use the network, but those who live in third world countries and individuals who need it most — the people BTC supporters forgot, the unbanked. After years of teaching people how to use bitcoin, BCH proponents are not going to attempt to push users towards a proprietary toll road, but rather onramp them towards reliable and cheap on-chain transactions. True ‘censorship resistance’ means allowing the whole world to use the platform, and even today’s $ 0.20 cents per BTC transaction fee is too costly for residents living in developing nations. A network fee of less than a penny is more suitable for promoting the remittance applications cryptocurrency enthusiasts once dreamed of just a few short years ago.

The Technocrats Have Lost Their Shirts

Those are just five clear and concise reasons why bitcoin cash is set to continue its tear throughout 2018 and will be one currency to keep an eye on. Finally, this fork has given bitcoin investors a say in how they want to see the cryptocurrency progress in the future, instead of the decision making of 30 some-odd technocratic developers in control of one reference client. The founder of the Satoshi Nakamoto Institute Daniel Krawisz says, “forks are good because they put the investors in control.”

Investors are given a choice and they choose which one they like better. One thing that I don’t like in bitcoin is when developers have a higher social status than investors. It should be the other way around, developers should be below investors.

Five Reasons Why Bitcoin Cash is About to Win Big

Bitcoin cash is about to break out into a massively used cryptocurrency that is ready to be adopted by the masses. Further, the BCH chain is cemented in time as the longest running blockchain dating all the way back to the Genesis block in 2009, and it continues to maintain its strong SHA-256 proof-of-work algorithm. BCH proponents aim to make sure bitcoin cash is the most used network with no limit to its use cases and no censorship towards who can use it. As Satoshi Nakamoto once stated:   

I’m sure that in 20 years there will either be very large transaction volume or no volume.

What do you think about the five reasons why bitcoin cash will likely see a massive breakout this year? Let us know what you think about this subject in the comments below.


Images via Shutterstock, Pixabay, Crypto-graphics.com, Memo, Coinmarketcap, bitcoincash.org, and Twitter. 


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PR: Bitcoin of America Opening New BTMs in 5 Major U.S. Cities

April 22, 2018 |

Bitcoin of America Opening New BTMs in 5 Major U.S. Cities

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

Chicago, IL: Bitcoin of America is happy to announce that they will be expanding their services in five major U.S. cities during the next four months. The company, which is headquartered in Chicago, IL, will be opening new Bitcoin Teller Machines — also known as BTMs, Bitcoin Kiosks, and Bitcoin ATMs — in Cleveland, Los Angeles, New Orleans, Philadelphia, and Washington D.C. The new machines will be in addition to currently available BTMs in Cleveland and Los Angeles. BTMs are designed to allow regular people to buy and sell digital currencies like Bitcoin without the need for an intermediary. Bitcoin of America already operates 32 BTMs in St. Louis, Los Angeles, Indianapolis, Detroit, Columbus, Cleveland, Chicago, and Baltimore.

While BTMs resemble traditional ATMs (Automated Teller Machines), they serve a very different purpose. Instead of providing you with access to your bank accounts, they can be used to buy and sell Bitcoin and other virtual currencies. With these machines, buying and selling Bitcoin is easy and convenient for the end user. A potential buyer can use cash or the Bitcoin Wallet app on their phone to buy Bitcoin without a bank account or debit/credit card.

Bitcoin is widely considered to be the first cryptocurrency, or digital currency. While there were earlier concepts for virtual currency, but they were never fully developed. The core idea behind these virtual currencies is to create a freely exchangeable form of money that is entirely digital and secured by encryption.

Interestingly, when Bitcoins first became available to the public in 2009, they could not be bought or sold like it is today. Instead, the virtual coins had to be “mined” and collected. As they were virtually worthless at the time, they system was thought of as a simple novelty by many. Over a year after the introduction of Bitcoin, they were used for their first ever “real-world” purchase when a Florida programmer bought two Papa John’s pizzas with 10,000 Bitcoins. Today, those 10,000 Bitcoins would be worth in excess of $ 67 million.

Since their creation, Bitcoins have gained in both popularity and use, leading more and more physical and online companies to accept them in exchange for goods or services. However, there have been a range of difficulties associated with buying and selling the virtual coins, which is why companies like Bitcoin of America have come into existence. These companies strive to simplify the purchase and sale of digital currencies in order to make them more accessible to a wider range of people.

In fact, the very idea of virtual currency seemed laughable to some people at the time, but the idea has since gained wide adoption and acceptance. Over the last nine years, other companies have built on Bitcoin’s open source code and developed a vast array of virtual currencies over the last nine years.

About Bitcoin of America: Bitcoin of America is registered with the United States Department of the Treasury as a money services business and operates as a virtual currency exchange. In short, they help members of the public to purchase and sell digital currencies like Bitcoin without an intermediary. The company operates within both Federal and State laws that govern these types of transactions. In order to provide safe services for their clients, they have adopted Anti- Money Laundering policies and employ a Know Your Customer Policy to prevent and mitigate possible risk and violations. They currently operate in 39 states and are working toward expanding their services nationwide in the near future.

Contact Email Address
support@bitcoinofamerica.org
Supporting Link
https://www.bitcoinofamerica.org/bitcoin-atm-kiosk-locations.asp

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Trading Sanctions Imposed on Tezos Co-Founder Amid FINRA Settlement

April 22, 2018 |

Trading Sanctions Imposed on Tezos Co-Founder Amid FINRA Settlement

The Financial Industry Regulatory Authority (FINRA), has taken action against Tezos co-founder Arthur Breitman. The Wall Street regulator has fined Mr. Breitman $ 20,000 USD, banning Tezos from associating with broker-dealers for two years. It’s part of a settlement following FINRA’s accusations that the crypto company’s co-founder made false statements regarding the project whilst employed at Morgan Stanley.

Also Read: Bitcoin Cash Smashes Through $ 1,000 USD

Tezos Co-Founder Settles With FINRA

Trading Sanctions Imposed on Tezos Co-Founder Amid FINRA SettlementArthur Breitman and FINRA have agreed to a settlement pertaining to allegations that Mr. Breitman made false statements regarding the project whilst he was an employee of Morgan Stanley. The allegations appear to have spurred by an October 2017 article published by Reuters that purported to evidence Mr. Breitman’s deliberate attempts to conceal his involvement with Tezos while working at the firm.

The report stated that “In the summer of 2014, while working at Morgan Stanley in quantitative finance, Breitman released two papers online that presented his concept for a new type of blockchain,” which were authored under the pseudonym “L.M Goodman.” Reuters claims to have reviewed “emails and messages” sent by Mr. Breitman that confirmed he authored said 2014 documents, in addition to an email sent by Mr. Breitman in early 2015 outlining that “he was seeking to create a business based on Tezos but was trying not to be associated publicly with the project at the time” due to concerns “that his activities might conflict with his employment at Morgan Stanley.”

Mr. Breitman Conceals Involvement With Tezos

Trading Sanctions Imposed on Tezos Co-Founder Amid FINRA SettlementReuters also detailed an early 2015 “Tezos Business Plan” that listed Mr. Breitman as the company’s chief executive. In August of the same year, Mr. Breitman established the company Dynamic Ledger Solutions Inc with himself as the chief executive, through which Tezos would be developed.

FINRA mandates that registered securities professionals divulge information pertaining to external business activities to their employers in the event that there is a “reasonable expectation of compensation.” As the 2015 Tezos Business Plan had anticipated that Mr. Breitman should receive a $ 212,180 USD annual salary by the third year of the company’s existence, Mr. Breitman was determined to have failed to report his “other business activities,” prompting action from FINRA.

In the settlement agreement between Mr. Breitman and FINRA, the regulator concluded that “Breitman did not notify Morgan Stanley at any time that he was engaging in these outside business activities.” The agreement also noted that “Breitman’s use of the L.M. Goodman pseudonym to promote Tezos […] effectively concealed Breitman’s involvement with Tezos from” his former employer.

Sarah Lightdale, an attorney representing Mr. Breitman, has sought to move the attention away from the settlement. “The settlement with FINRA is unrelated to and has no impact on the launch of the Tezos network. Arthur cooperated fully with FINRA at all times and Arthur is pleased to put this personal matter behind him,” she said.

Crypto Industry Must Exercise Greater Regulatory Savvy

Trading Sanctions Imposed on Tezos Co-Founder Amid FINRA SettlementThe ever complicating Tezos story highlights the need for initial coin offering issuers to fully comprehend the regulatory requirements of their jurisdiction, and the potential legal ramifications of non-compliance.

Speaking to Reuters in June, Tezos co-founder and chief executive officer, Kathleen Breitman, sought to address concerns pertaining to the adequacy of the couple’s previous disclosures of pertinent information during the project’s infancy. “We made all the proper disclosures. It was a hobby, you know. And like there was never any intention to really commercialize any of the software. We had some meetings with like C-suite executives at banks … but honestly nothing serious.”

Do you think that the regulatory and legal issues that have beleaguered Tezos will negativity how the markets preform once the company’s network is launched? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Tezos


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