All about bitcoins
http://www.thehindu.com/opinion/op-ed/all-about-bitcoins/article17961273.eceHow to buy, send and invest in the digital currency
“Bitcoin is the beginning of something great: a currency without a government, something necessary and imperative.”
Nassim Taleb, author of The Black Swan
How do people use bitcoins?
It is an electronic or digital currency that works on a peer-to-peer basis. This means that it is decentralised and has no central authority controlling it. Like currency notes, it can be sent from one person to another, but without a central bank or the government attempting to track it. The system depends on cryptography to control the creation of the currency. While no one authority controls the generation of the coins or tracks them, the system itself is designed in such a way that the network maintains a foolproof system of the record of every transaction as well as tracking issuance of the currency.
The beauty of this cryptocurrency is that if you receive a bitcoin from another, you can be as sure of the payment as you would on receiving physical currency notes, with the same anonymity ascribed to it. No one need know if your neighbour spent 2 bitcoins this morning to buy gold, but the transaction is recorded for posterity.
This anonymity is lacking in other forms of digital payment such as online banking or e-wallets.
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Finance Ministry sets up panel to take stock of virtual currencieshttp://economictimes.indiatimes.com/news/economy/policy/finance-ministry-sets-up-panel-to-take-stock-of-virtual-currencies/articleshow/58147751.cmsFinance Ministry today constituted an inter-disciplinary committee to examine the existing framework for virtual currencies, including bitcoins, and suggest measures to deal with issues like money laundering.
The committee, to be chaired by special secretary (Economic Affairs), will submit its report within three months, a finance ministry statement said.
The inter-ministerial group will have representatives from revenue department, home ministry, RBI, ministry of electronics and information technology and State Bank of India.
The committee will take stock of the present status of virtual currencies, both in India as well as abroad.
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Bitcoin’s existential crisishttp://www.livemint.com/Industry/Ad3mtorzEzQYQ1Txcy6TRL/Bitcoins-existential-crisis.htmlIf you trade in bitcoins, or even are a bitcoin enthusiast, it’s unlikely that you would have missed the raging debate around the cryptocurrency. Known as the bitcoin “fork”, the controversy potentially threatens to split the bitcoin currency, whose price is currently around $1,200, into two.
For the uninitiated, there are two factions at the heart of the debate, which is primarily about how to scale up the bitcoin to handle more transactions. The two current camps are: Bitcoin Unlimited and Segregated Witness (SegWit). Bitcoin Unlimited aims to remove the block size limit altogether, thereby allowing the miners to reach a consensus on their own. SegWit offers a moderate increase of the block size to up to 4 megabytes (MB), moving some non-critical data out of the blocks.
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CME Group, UK’s Royal Mint test blockchain-based gold trading platformhttp://timesofindia.indiatimes.com/business/international-business/cme-group-uks-royal-mint-test-blockchain-based-gold-trading-platform/articleshow/58137496.cms
Chicago-based exchange CME Group Inc and Britain's Royal Mint have started testing a blockchain-based platform for trading gold, as more projects using the emerging technology come closer to deployment.
CME Group announced on Tuesday that the new platform, built with technology companies AlphaPoint and BitGo, was being tested by a select group of "major financial institutions," and is on schedule for launch this year.
The new platform will allow institutions to trade "Royal Mint Gold," or RMG, a new digital token issued by the Royal Mint, which makes Britain's coins.
Each RMG will represent the digitized version of 1 gram of gold stored in the Royal Mint's vault.
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Bitcoin culprit behind money laundering, unhappy with RBI for ignoring it: MP Kirit Somaiyahttp://www.moneycontrol.com/news/interview/bitcoin-culprit-behind-money-laundering-unhappy-with-rbi-for-ignoring-it-mp-kirit-somaiya-2256425.html
BJP MP Kirit Somaiya has raised concerns on how there is a lack of regulatory structure around bitcoin and wants it to be declared illegal in the country.
During demonetisation, bitcoin trading volume spiked a lot in India and many were worried that it was being used to launder black money.
Speaking to Moneycontrol, Somaiya said that he is expecting a meeting with a senior official from the National Intelligence Grid (NATGRID) to discuss the sudden jump in bitcoin trading in India during the period of the cash ban.
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Blockchain is second only to artificial intelligence: Brock Piercehttp://www.livemint.com/Industry/i4m3bOZwlKbOUmMEWmQywK/Blockchain-is-second-only-to-Artificial-Intelligence-Brock.htmlBrock Pierce, founder and managing partner of Blockchain Capital and chairman of the Bitcoin Foundation, is a venture capitalist and entrepreneur. Pierce pioneered the market for digital currency in games and has raised more than $200 million for companies he founded. A faculty at the Singularity University, Pierce is also the founder of IMI Exchange (the world’s leading digital currency marketplace for games), ZAM (one of the world’s largest media properties for gamers) and IGE (the pioneer of digital currency in online games). In an email interview, Pierce—who was a speaker at the two-day SingularityU India Summit ((held on 7-8 April in association with INK, which hosts events like INKtalks, a platform for the exchange of cutting-edge ideas and inspiring stories)—spoke, among other things, on why companies would want to invest in blockchains.
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Blockchain is going to permeate our lives: Matthieu Riouhttp://www.livemint.com/Industry/A5VeFyMXpp1TuKW9Npr6HJ/Blockchain-is-going-to-permeate-our-lives-Matthieu-Riou.html
Matthieu Riou is founder and chief technology officer of BlockCypher Inc., a company that enables blockchain applications to be built easily and reliably. Riou is also a member and former vice-president at Apache Software Foundation, and has founded and mentored several open source projects. In an email interview, Riou—who was a speaker at the two-day SingularityU India Summit (held on 7-8 April in association with INK, which hosts events like INKtalks, a platform for the exchange of cutting-edge ideas and inspiring stories)—shared his thoughts on cryptocurrencies and blockchains.
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That is pretty strange. Companies are reacting even before the government takes a decision on Bitcoin. Kind of jumping the gun. They shouldn't be in the bitcoin business if a statement by one MP bothers them so much. |
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Friends do not jump to false conclusions even before decision is made.There is a possibility that panel.
1.Leave it to RBI to decide.
2.Invite financial experts and IT experts advice before deciding on anything.
3.Ask general public for their views.
4.Set next date for further discussion.
And there is also a possibility that they recommend Government to make laws to regularise cryptocurruncy and bitcoin and if that happens. ..well bitcoin will touch the Moon
No possibility of the moon just because of Indian government's decision - either way. The most probable outcome is the appointment of a committee which will give its decision in the next decade.  |
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Use virtual currency at your own risk, RBI cautions citizenshttp://www.hindustantimes.com/mumbai-news/use-virtual-currency-at-your-own-risk-rbi-cautions-citizens/story-I6EdhQJ7sDTzaAlSwcj3vL.htmlThe Reserve Bank of India (RBI) told the Bombay high court that it had not licensed or authorised any company to operate virtual currency schemes or deal in bitcoin and other virtual currencies. “People are using virtual currency at their own risk,” states the RBI’s affidavit filed in the high court in response to a public interest litigation (PIL) by city resident Dr KS Pillai in December 2016.
The RBI said it had “cautioned the users, holders and traders of virtual currencies, including bitcoins, about potential risks that they are exposing themselves to”.
The court had earlier ordered the RBI to respond to the PIL, which raised concerns over the legality and security of virtual currencies — such as e-wallets — purportedly operated by non-banking entities.
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Taking Bitcoin to the stockmarket won't do much for its risky image
http://www.business-standard.com/article/international/taking-bitcoin-to-the-stockmarket-won-t-do-much-for-its-risky-image-117040700259_1.htmlSince its inception in 2008 digital currency Bitcoin has attracted critics who argue it’s inherently risky. The latest push to create an exchange traded fund (ETF) in order to make trading it easier, suggests attitudes to it haven’t changed. But some risks associated with a Bitcoin ETF is just like any other asset that becomes tied to investors and the stockmarket.
The US Securities and Exchange Commission (SEC) has already rejected an application to create an ETF for Bitcoin. But there are two other proposals - (SolidX & Grayscale) still before the commission.
Bitcoin is intended to act like currency in that, once you have a Bitcoin, you can use it to buy goods. It’s much the same as using electronic payments from a bank.
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Exchange operator TMX develops proxy voting prototype using blockchainhttp://timesofindia.indiatimes.com/business/international-business/exchange-operator-tmx-develops-proxy-voting-prototype-using-blockchain/articleshow/58053161.cms
The Toronto Stock Exchange operator, TMX Group Ltd, said on Thursday it has developed a blockchain-based prototype for electronic shareholder voting, the latest effort by an exchange operator to leverage the technology to try to solve an industry problem.
The secure electronic voting prototype, which was developed in consultation with Accenture Plc, would make voting during annual shareholder meetings significantly more efficient and accurate, and help boost shareholder involvement in corporate governance without the need to vote in person, said TMX.
Thousands of clients could potentially benefit from the technology, according to TMX, including more than 3,000 issuers listed on its exchanges, more than 200 sell-side broker/dealers and a handful of depositories.
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Only a month ago, while BTC touched 1200 USD, it was locally trading at 90k+ INR. This time it has not yet crossed 80k INR on any exchange or LBC. According to bitcoinrates.in, BTCxIndia rate is even below 70k INR. Is the market down because of Fear, Uncertainty, Doubt or it is being manipulated?
This is partially explained by the weakness in USD. The USD has lost ground against most currencies, including INR. It is now trading in the 64-65 range, where as it had threatened 70 at one point in time. |
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The best way to tackle this would be renaming bitcoin into... wait for it... COWCOIN - space reserved for future rants - Ha ha ha. You should name it 'gau' coin. Even if a BJP MP wants to ban it, the other Sangh organizations would come into support. Having said that, I hope there is a healthy debate on Bitcoin before a decision is taken. We have to thank the MP for at least bringing up the topic of Bitcoin in Parliament, albeit in an unfavourable way. |
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Check growing use of bitcoins in India, demands BJP MP
http://www.business-standard.com/article/pti-stories/check-growing-use-of-bitcoins-in-india-demands-bjp-mp-117040500750_1.htmlThe government must check the use of bitcoins, a virtual currency, as its transactions have soared to Rs 2,000 crore per day, said a BJP member said in Lok Sabha today.
Maintaining that bitcoins were illegal and a parallel and unregulated currency which was being increasing used in India, Kirit Somaiya said the illegal trading through bitcoins have reportedly gone up to Rs 2000 crore per day, which is being used for buying drugs and other contrabands, he said.
"I urge upon the government to take a look at bitcoins. It is an illegal currency," he said.
The RBI had earlier warned that it has not authorised dealings in or use of virtual currencies and had cautioned those investing in the instruments like Bitcoins.
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Kim Dotcom Unveils Bitcontent, a New Bitcoin Venture for Content Uploaders to Earn Moneyhttp://gadgets.ndtv.com/internet/news/kim-dotcom-unveils-bitcontent-a-new-bitcoin-venture-for-content-uploaders-to-earn-money-1677464Controversial New Zealand-based Internet mogul Kim Dotcom plans to launch a Bitcoin payments system for users to sell files and video streaming as he fights extradition to the United States for criminal copyright charges.
The German-born entrepreneur, who is wanted by US law enforcement on copyright and money laundering allegations related to his now-defunct streaming site Megaupload, announced his new venture called 'Bitcontent' in a video posted on YouTube this week.
"You can create a payment for any content that you put on the Internet...you can share that with your customers, with the interest community and, boom, you are basically in business and can sell your content," Dotcom said in the video.
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Bitcoin: A revolutionary idea, but is it bulletproof?http://www.moneycontrol.com/news/technology/bitcoin-a-revolutionary-idea-but-is-it-bulletproof-2248593.html
In the 1990s, entry of personal computing provided individuals and groups to communicate and interact anonymously, without the fear of state censorship.
The idea, now known as the Internet, created an opportunity for the free flow of information and virtually erased the concept restrictive sovereign borders. Numerous ventures sprung out and many decimated during the 'Dotcom crash', but Internet still stayed relevant and gained significance.
Such is the case now that a life without Internet is unimaginable — the idea of free exchange of information is bulletproof.
Over past decade, another idea with immense potential for disrupting the society germinated and is growing roots. That idea — free flow of money — is called Bitcoin.
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Blockchain startup Chain teams with Thales to bolster security
http://timesofindia.indiatimes.com/business/international-business/blockchain-startup-chain-teams-with-thales-to-bolster-security/articleshow/57918419.cms
U.S. blockchain startup Chain Inc has teamed with security firm Thales Group to make it easier for large companies that use blockchain technology to safely store their security credentials, the two companies said on Thursday.
Adoption of blockchain technology, which is still in its early days, has been in part slowed down on concerns over security.
A new service from Chain uses Thales's hardware security modules (HSM) - highly secure processors designed to safeguard passwords and "digital keys" - to make it more attractive for large companies to adopt blockchain, the companies said in a joint statement.
The move follows the launch of a similar service by Accenture Plc in February. Blockchain, which first emerged as the system underpinning crypto-currency bitcoin, is a shared record of transactions that is maintained by a network of computers on the internet, instead of a centralized authority.
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