Most types of ransomware software "lock" the files on a victim's computer by encrypting them with a key that the hackers withhold until a ransom payment is made. In the early days of these tools, payment was typically made with wire transfer, prepaid cards or by SMS and mobile payments. Now payment is almost always demanded in bitcoin. http://www.coindesk.com/bitcoin-root-cause-ransomware/ |
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Digital currencies like bitcoin but issued by central banks could make commercial banks safer but damage their ability to lend money, according to Bank of England Deputy Governor Ben Broadbent. Speaking at the London School of Economics, Broadbent said that if all a central bank digital currency did was offer a substitute for paper currency, it’s not clear the macroeconomic effects would be that substantial. Even then, however, you would expect to see some drain from commercial banks, said Broadbent, adding that this drain would be greater the more closely a central bank digital currency resembled a genuine bank account. Notably, flows into central bank digital currencies, and out of commercial banks, would pick up at times whenever people were concerned about the strength of the financial system. Any such shift towards a relatively widely accessible central bank digital currency would therefore have two important implications, he said. https://news.markets/banking/bitcoin-damage-bank-lending-boe-deputy-12019/ |
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PHILADELPHIA (CBS) — A brand new bitcoin ATM has been installed in Philadelphia. Inserting cash only to have it disappear into cyberspace would anger a typical ATM user, but for bitcoin holders, that’s the goal. “Some people travel like an hour distance to get here to use this ATM,” said the store owner. This bitcoin ATM went online just one week ago inside of the Philly Dream Shop on South Street. “It’s kind of a land grab in our industry just because there is so much opportunity out there and Philadelphia just got a lot of the elements we are looking for,” said Sheffield Clark, Coinsource Managing Partner. Bitcoins are a form of cyber currency. They have no physical shape and exist only in a user’s cyber account. Their values rise and fall similar to Wall Street commodities. http://philadelphia.cbslocal.com/2016/02/26/bitcoin-atm-philadelphia/ |
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Bitcoin has created waves in the world of finance. Look back to 2013 when Bitcoin first came onto the horizon. Its value rose by 6000% in a single year. This is an incredible rate and it brought up the idea that the virtual currency could really succeed. But Bitcoin is a currency that has gained a lot of enemies. Companies that want to operate using the virtual currency struggle to create bank accounts, as a result. I spoke to Michael Gastauer, Founder and CEO of WB21 to discuss this issue that companies have. http://www.huffingtonpost.com/aj-agrawal/why-the-banks-see-bitcoin_b_9322022.html |
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News: Push for unified approach across group of 53 nations. The Commonwealth is urging member nations to confirm the legal status of Bitcoin and other digital currencies. A report published by The Commonwealth Working Group on Virtual Currencies on February 3rd 2016 said: "Member countries should be encouraged to make a positive determination on the legality of virtual currencies in their respective jurisdictions." The report found that while "virtual currencies are prevalent in almost every member country and within every region of the Commonwealth" there was a wide range of legal frameworks across the group of 53 nations. http://www.cbronline.com/news/verticals/finance/commonwealth-nations-urged-to-look-into-legal-status-of-bitcoin-4801880 |
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Yesterday, NYC-based bitcoin exchange Gemini announced on their blog the launch of multi-user accounts. The feature, launched last weekend, allows multiple users (sub accounts) to access the same trading account (master account). The user who runs the master account, called the “administrator,” can then designate other role types to other users. These include: Manager – User has ability to manage users and transfer funds, but doesn’t have access to API keys or order placement. Trader – User access is limited to data viewing and placing/cancelling orders. Auditor – User access is limited to data viewing. https://coinreport.net/bitcoin-exchange-gemini-announces-multi-user-accounts/ |
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The latest individual, or in this case, pair of individuals suspected of being Bitcoin creator Satoshi Nakamoto, has denied accusations. Pawel Pszona, a Polish programmer was believed by username BountyHunter2012 to be Satoshi Nakamoto. Pszona published a Master’s thesis paper in 2007 as a student with the help of his professor Dr. Grzegorz Stachowiak titled “Unlinkable Divisible Digital Cash without Trusted Third Party.” Besides a vaguely similar ethos shared between Pszona’s publication and that behind Bitcoin, two Japanese cryptographers with the names of Toru Nakanishi and Tatsuaki Okamoto were found in the bibliography of the thesis. It was asserted that Nakanishi and Okamoto’s surnames were merged to form “Nakamoto” and “Satoshi” was likely just a random Japanese first name added to form the Bitcoin creator’s pseudonym. https://www.cryptocoinsnews.com/polish-programmer-claims-not-satoshi-nakamoto/ |
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Van Rooyen says markets on either end of the wealth spectrum are starting to grasp the potential of cryptocurrencies. “Since Bitcoin is currently seen as a bit of a luxury, we see the majority of trading and investment currently happening in richer countries, notably the US. Those markets already have excellent, established financial services – which Bitcoin certainly can complement – but we expect the biggest benefits will accrue to users in emerging markets, where Bitcoin can solve real pain points.” http://it-online.co.za/2016/02/03/sa-bitcoin-adoption-set-to-soar/ |
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In November last year Coinbase partnered up with Shift Payments and announced the launch of its US bitcoin debit card, allowing bitcoin to be accepted in America anywhere VISA is taken, and has recently released some information regarding its adoption and use. Overall, since its launch, over 10,000 people have signed up for the card and over $1,000,000 worth of bitcoin has been spent using it. Perhaps unsurprisingly, the amount being spent using the cards rose each week, up to the days around Christmas where around $160,000 worth of bitcoin was spent in one week. After the Christmas period this fell to around $70-80,000 per week but is slowly growing. http://allcoinsnews.com/2016/02/03/coinbase-provides-insight-into-shift-card-usage/ |
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Goldman Sachs Podcast Extols Blockchain Ability to Drive Change In a recent podcast, Goldman Sachs managing director Don Duet offered some insightful views on his company’s take on the blockchain. Duet noted the technology’s innovative potential, and praised its ability to drive change within his industry. While he acknowledged that the technology is still in its infancy, Duet outlined a number of areas of opportunity that have already been identified by the financial services giant - including greater security and improved efficiency. http://dcebrief.com/blockchain-weekly-recap-1-30-2016/ |
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The term was coined by Don Tapscott, author of the 1995 best-selling book "The Digital Economy: Promise and Peril in the Age of Networked Intelligence" and the anniversary edition released in 2014. Nicholas Negroponte, founder of the Massachusetts Institute of Technology's Media Lab, has described the digital economy as using "bits instead of atoms." http://searchcio.techtarget.com/definition/digital-economy |
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We frequently speculate about the “killer app” that will drive wider adoption of Bitcoin, but rarely do we look beyond Europe and North America. Meanwhile, in developing countries, digital money is already taking root. From Bitcoin on Latin American social media to mobile money wallets in South Africa, digital currency is spreading to communities all over the world. Let’s explore a few intriguing projects: http://www.newsbtc.com/2016/01/29/five-ways-the-developing-world-uses-bitcoin/ |
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Fee structure and spreads: both matter a lot for a trader as they tend to prefer the broker that brings them attractive fee structure and lucrative spreads. When it comes to the two features, reading the latest and updated XTrade reviews you come to know that this broker possesses a rare quality of ensuring no-hidden fee. A lot of traders get a pleasant surprise when they come to know that there are not many CFD brokers that offer such features. As XTrade does not charge traders on per-trade basis; rather, uses fix spreads for Forex orders, a huge chunk of traders prefer it over the rest others. Nonetheless, the spread between sale and purchase for EUR/USD is only 2 pips. http://www.newsbtc.com/2016/01/29/xtrade-offers-attractive-fee-structure-and-lucrative-spreads/ |
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With the current fiat based economy, no one can escape recession. The threat of recession has been constantly looming over the heads of major economic powers like the United States for over a decade now. Recession is caused by uncontrolled rise in deflation resulting from falling market demand. The fall in demand, if left unchecked can create a domino effect resulting in a massive decline in a nation’s GDP. The Great Recession of 2008-09 is one of the best examples of how a recession can affect not just the governments and big corporations, but individuals as well. Governments and Central banks frequently introduce measures to keep deflation in check by introducing various monetary policies, all part of the effort to prevent the economy from going to a recessionary spiral. The US Federal Reserve’s efforts to kick-start the country’s economy from the Great Recession and to prevent another recession continues even today. The US economy is under prolonged economic sickness for over a decade now. Even though it has been alleviated from most of the major symptoms, the signs of weakness are still visible. The latest report of US GDP clearly shows that the country’s economy is in a slowdown. http://www.newsbtc.com/2016/01/30/economic-recession-interest-rates-and-digital-currency/ |
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The demand of bitcoin has always risen in times of economic turmoil; as the national currency inflates and the government begins to collaborate with its central bank to implement strict capital controls to regain financial stability. American actor, producer, angel investor and bitcoin enthusiast Ashton Kutcher stated on social media that bitcoin may be the best hedge against a Sanders or a Trump nomination. http://www.newsbtc.com/2016/01/31/ashton-kutcher-bitcoin-is-best-hedge-against-a-trump-nomination/ |
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30Shift Card, the first U.S. bitcoin Visa debit card which allows Coinbase users to transact at over 38 million international merchants, has already processed more than US$1 million worth of bitcoin. Since its launch in November, over 10,000 people have signed up for Shift Card, making the product one of the most successful applications launched by Coinbase to date. http://www.newsbtc.com/2016/01/30/coinbase-shift-bitcoin-card-processes-over-us1-million/ |
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