Venezuelans Are Buying Bitcoin to Purchase Basic Goods, Treat Cancer

Venezuela’s national currency Bolivar Fuerte is rapidly losing value amidst hyperinflation. The official FX value of the Venezuelan bolivar is $1 to 9.95 VEF but in actuality, in the country’s black market, local residents are paying around 5,000 VEF for $1. To avoid the devaluation of bolivar and acquire necessary daily goods, Venezuelans have started to rely on Bitcoin to finance their expenditures.
By local exchange rates, 100 bolivar is equivalent to $0.02. The country’s highest denomination banknote was 100 bolivar, but the government demonetized it earlier this week. As a result, the Venezuelan economy and monetary system experienced turmoil as people struggled to obtain cash to finance daily living.
Currently, the largest denomination banknote is the 50 bolivar note, which is worth $0.01. So, for Venezuelans to purchase a slice of bread or lunch, they will need 200 of the 50 bolivar banknotes to purchase lunch at around $4.
Nathan Crooks, Bloomberg News chief in Venezuela, revealed that people carry stacks of cash in order to purchase basic goods like food, toiletries, etc.

https://cointelegraph.com/news/venezuelans-are-buying-bitcoin-to-purchase-basic-goods-treat-cancer

‘Mainstream Adoption Requires Financial Institutions to Adopt Bitcoin,’ Says GAP600 CEO

Financial institutions have a vested interest in adopting bitcoin, which has a number of attractive characteristics when compared with other currencies such a fixed money supply, being not government mandated, fast, digital, cheap and decentralized, according to Daniel Lipshitz, CEO and founder of GAP600.

“I do not subscribe that bitcoin will replace existing money systems, but it will become part of the financial landscape and add value,” Lipshitz told CoinJournal. “It will potentially change dramatically the financial and economic landscapes.”

“There is a massive opportunity for a financial institution to lead this process [of adopting bitcoin]. Currently, the players are trying to recreate bitcoin by controlling their own blockchain.  I think there is a massive gap for players to embrace bitcoin and have the advantage by being ahead of the pack.”

http://coinjournal.net/mainstream-adoption-requires-financial-institutions-adopt-bitcoin-says-gap600-ceo/

Unocoin Releases Mobile Bitcoin App For Android and iOS

Unocoin is one of India’s leading Bitcoin exchanges. The company has seen a lot of success in recent weeks, due to surging cryptocurrency demand in the country. To continually innovate the business, Unocoin has released their mobile app for both iOS and Android. This should help them increase their customer base even further in the coming months.
Exciting things are taking place in India right now. That is, as far as cryptocurrency is concerned, as the demand for Bitcoinn is exploding. Consumers, traders, and investors want to invest in assets outside of the grasp of banks and governments. Bitcoin is the perfect candidate, due to its global appeal and potential to increase in price.

http://www.newsbtc.com/2016/11/28/unocoin-releases-mobile-bitcoin-app-android-ios/

Bitcoin popularity rising in Russia

Despite adversity the popularity of Bitcoin appears to be on the rise in Russia. With inflation plaguing the notoriously strict country it seems that investors and traders are looking to diversify their assets. A record price for Bitcoin in Russia was set earlier this year and continues to hover at high rates.
The rise in popularity for Bitcoin may in be part down to how difficult it is to move currency out of Russia, as well as demand for alternative financing tools from the average citizen. Russia has had somewhat of a mixed relationship with the currency, however, as it battles to hold up the sovereignty of the rouble.
The country, which is concerned about the implications of allowing cryptocurrency into its monetary system, has been prevaricating over a decision on whether to impose a blanket ban on Bitcoin altogether.

https://ibsintelligence.com/ibs-journal/ibs-news/bitcoin-popularity-rising-in-russia/

Indian Bitcoin Buying Reaches $985 as Exchanges Push for Adoption During Demonetization

As demand for bitcoin increases in India, Unocoin, a prominent Indian bitcoin exchange has developed and launched its mobile application wherein users will be able to buy, sell, send or receive and store bitcoin, via their smartphones.
Available on both iOS and Android, the launch of the mobile applications comes during a time when India is still crippled by the ongoing demonetization drive enforced by the government, a move which rendered nearly 90% of the country’s cash in circulation useless, overnight.
Interest in bitcoin as a store of value, away from the influence of an authority, has never been higher in India. Demand for bitcoin is driving buyers to obtain the cryptocurrency at soaring premiums. The cost of buying a bitcoin through Unocoin, at the time of publishing, is ₹67,718 INR (approx. $985.27 USD).

https://www.cryptocoinsnews.com/indian-bitcoin-buying-reaches-985-exchanges-push-adoption-demonetization/

Will China’s Regulatory Decisions Affect the Bitcoin Price?

China’s state council is imposing stricter regulations for businesses that invest abroad. While this isn’t the full-on legislative map reported earlier, the move is likely to bear some consequences on the overall price and on the way digital currency companies do business. China’s influence on bitcoin has been staggering. This can be a good thing or a bad thing, depending on the events that occur. If the yuan drops and Chinese investors look to bitcoin to stabilize their assets, the price goes up and everybody’s happy. When something negative occurs, like the early month rumors or the Bitfinex hack, the price can fall within minutes.

http://www.newsbtc.com/2016/11/27/will-chinas-regulatory-decisions-affect-bitcoin-price/

High Transaction Fees Remain Despite Lack of Network Congestion

Transaction Fees Are Still Rather High

One could argue this has to do with users getting used to higher transaction fees. If that is the case, it is anything but positive for the future of Bitcoin. Cryptocurrency gains traction due to lower transaction fees. Paying more money to send a transfer would remove one of the currency’s most appealing features.
Another possible explanation is the general concern over transactions not confirming quickly enough. This could explain why some users default to a higher fee than suggested. It is difficult to determine if this is the case, though. Then again, multiple network congestion events can have such an effect on the overall community.

http://www.newsbtc.com/2016/11/26/high-transaction-fees-remain-despite-lack-network-congestion/

Bitcoin Shows Signs of Maturity But Still Has A Long Way To Go

Multiple Signs of Bitcoin Maturity

In the early days of Bitcoin development, there were concerns over how this cryptocurrency would mature over time. Since hardly anyone seemed interested in the concept at first, it took quite some time before Bitcoin was seen as a commercial tool. The 10,000 Bitcoin pizza was just the first of many millions of Bitcoin transactions to take place around the world.
Looking at the charts today, it has become apparent Bitcoin is maturing in every aspect. Not only are there more transactions and unique users, but the price continues to rise. That latter aspect was not a guarantee either, considering. Bitcoins are still being mined today and will continue to be mined until 2140.

http://www.livebitcoinnews.com/bitcoin-shows-signs-maturity-still-long-way-go/

Bitcoin and Blockchain Technology: Understanding the Ground Reality

The potential applications of cryptocurrencies and its underlying blockchain technology have been hailed by almost all the industries so far. Blockchain technology is probably the most versatile of all the technologies so far, right after the internet perhaps. Even though its potential applications in various industries has already been endorsed by experts in both cryptocurrency and other fields, there are still doubts among select few.
A leading online tech magazine, in one of its recent article, claims that the digital currency and its underlying technology are “solutions that are looking for problems”. The publication goes on to explain its headlines further by mentioning the slow progress in the development and implementation of blockchain technology by banking and financial institutions. It also points out the slowdown of venture capital investments into blockchain based companies across the world.

http://www.newsbtc.com/2016/11/27/blockchain-technology-understand-reality/

Whatever Happened to Bitcoin? Adam Draper Has the Answer

Bitcoin, the virtual currency used by savvy techies and online black market traders, has faded from the public eye in recent months. But investor and cryptocurrency expert Adam Draper says bitcoin still has the potential to play a major role in the financial market -- once society figures out exactly what to use it for.
Draper, son of high-profile venture capitalist Tim Draper, founded Boost VC in 2012 to fund startups working with bitcoin and the blockchain -- the data structure that generates the digital coins. While it's unlikely most people will be buying Starbucks with bitcoin in the near future, Draper said, the technology could revolutionize everything from banking to stock transactions to the art industry.

Where else will bitcoin take off? Mars. When humans colonize the Red Planet, they won't be using cash, he said.

http://www.toptechnews.com/article/index.php?story_id=123003UJATWF

EY Unveils Strategy to Create Mainstream Bitcoin Traction In Switzerland

EY is one of the most prominent service providers around the world. But even that company has to look into innovative concepts over time. As of January 2017, clients of their Swiss branch can settle invoices in Bitcoin. Moreover, the company commissioned a Bitcoin ATM in their public office building in Zurich. It is evident EY has a clear plan to push Bitcoin adoption, and Switzerland is the place where it all begins.

Switzerland is quickly turning into one of the most bitcoin-friendly nations around the world. Rather than opposing cryptocurrency, it is possible to spend Bitcoin for public services in the Zug canton. Now that EY goes big on Bitcoin as well, things are evolving at an accelerating pace. In fact, all of the company’s Swiss branch employees will start using a digital wallet app to receive and spend Bitcoin.

http://www.newsbtc.com/2016/11/25/ey-unveils-strategy-create-mainstream-bitcoin-traction-switzerland/

Bitcoin Price Surpasses US$1,000 On India’s Zebpay Exchange

What was first believed to be a temporary uptrend has turned into a phenomenon. Indian residents are flocking to Bitcoin as a way to hedge against future volatility. Moreover, with the recent cash debacle in the country, new assets have to be found sooner rather than later.  Bitcoin, with its global appeal, seems to be attracting a lot of attention.

Earlier this week, smaller Bitcoin exchanges had noted trades far exceeding the global price per BTC. Paying a premium to buy bitcoin is not unusual, although price differences were as high as US$500 per Bitcoin. Considering the current global market average is US$735 per BTC, its nearly double the price other traders would spend at the time of writing.

http://www.livebitcoinnews.com/bitcoin-price-surpasses-us1000-indias-zebpay-exchange/

Where Bitcoin Mining Pools Stand on Segregated Witness

For the first time, bitcoin miners have been able to signal support for Segregated Witness this past week. Developed as a soft fork, the proposed centerpiece of Bitcoin Core’s scalability roadmap requires 95 percent of all blocks within a single two week difficulty period to signal readiness for the change. If the threshold is reached, the solution is activated two weeks later, realizing an effective block size limit increase, a malleability fix and more.
Of all mining pools accounting for at least one percent of hash power on the network, four have been signaling support for Segregated Witness so far, together accounting for about 26 percent of all newly mined blocks.

https://bitcoinmagazine.com/articles/where-bitcoin-mining-pools-stand-on-segregated-witness-1480086424

Ridiculous OneCoin Threats to Overthrow Bitcoin

After publishing our series on Angelina Lazar’s war against OneCoin, one of our readers has accused Bitcoiners of bitter jealousy towards OneCoin. However, in a strong worded reply, Lazar has accused the leaders at Onecoin of sheer manipulation.

“Bitcoin is simply jealous”

In an email to Cointelegraph, a reader accused Lazar of being jealous of OneCoin, hence her “war against OneCoin.” The reader claims that the attack comes from Bitcoiners who are simply jealous of the increasing popularity of OneCoin. He further alleged a form of resistance by Bitcoiners out of fear that OneCoin will eventually replace Bitcoin as the number one cryptocurrency.

“Stop being jealous,” the reader writes in his email to Cointelegraph. “As a OneCoiner I know that Bitcoin is very jealous that OneCoin is doing much better than Bitcoin and will soon replace Bitcoin all the way because Bitcoin is too expensive and is losing ground. Stop bringing lies on the Internet that OneCoin is a scam or ponzi scheme, because it is not!”

https://cointelegraph.com/news/onecoin-threatens-to-overthrow-bitcoin-as-number-one-cryptocurrency

Bitcoin Black Friday Deals for the Digital Currency Enthusiast

On the day after American Thanksgiving, bitcoiners (along with everyone else) will begin their holiday shopping in earnest, with Bitcoin Black Friday sales competing for shopping dollars by offering big discounts. In conjunction with mainstream Black Friday, merchants in the space will offer exclusive discounts to digital currency users. Here are a few options for anyone looking to get a good deal on some crypto-friendly merchandise this weekend.

Hardware Wallets

Hardware wallet manufacturers including Trezor, Ledger and OpenDime have officially announced various exclusive deals they will offer on Bitcoin Black Friday.
Ledger, known for its popular hardware wallets, Ledger Nano and Nano S, are offering a 21 percent discount on all products. The Ledger Nano S, a bitcoin and ether hardware wallet, will be available for $48.43. The Nano S wallet is a secure and robust alternative to online web or mobile wallets for digital currency storage.

https://bitcoinmagazine.com/articles/bitcoin-black-friday-deals-for-the-digital-currency-enthusiasts-1480096076

Insurance policy now available for bitcoin exchanges

Mitsui Sumitomo Insurance is offering bitcoin exchanges around the world a new insurance policy. Insurance companies have historically insured bitcoin businesses with one-off policies made specifically for them, and many exchanges were unable to find any insurance.
The plan’s total theft cover ranges from ten million yen (US$88,500) up to one billion yen (US$8.85 million). It also covers loss from internal and external threats, including employee theft, mistakes, cyberattacks, and other unauthorized access.
Additional to the recovery amount, the policy comes with a range of damage control and prevention services. “In order to prevent damage caused by cyber attacks, targeted mail training and information leakage risk,” the plan’s announcement states, “we provide cyber risk countermeasure services such as security diagnosis and checklist for employees.”

http://bravenewcoin.com/news/insurance-polic-now-available-for-bitcoin-exchanges/

Uganda Could Become First African Nation To Adopt Bitcoin Regulations

Uganda could become the first African nation to adopt legal regulations in the use of bitcoin in monetary transactions after hosting an event focused on the policy guidelines, legal and social-cultural issues on the use of crypto-currencies on the continent.
The Ugandan government has left the digital currency, which is owned by BitPesa of Kenya, largely un-regulated since its entry into the region’s second biggest economy in November, last year.
“The legal and regulatory environment is moving towards embracing the technology so as to harness its benefits and to promote innovation. Another concern is how to mitigate any risks in order to protect the public interests, but without stifling innovation,” Maureen Mapp, a teaching fellow at the University of Birmingham Law School who spearheaded the event, told CoinDesk.

http://afkinsider.com/135498/uganda-become-first-african-nation-adopt-bitcoin-regulations/

An Entrée For Bitcoin? Online Gambling Payment Processors Block Prepaid MasterCards In Over 100 Countries

Several online gambling news websites have recently reported that two payment processors, Skrill and Neteller, will block prepaid MasterCards in more than 100 countries on November 25, a move that could drive gamblers in the affected countries to use bitcoin. Skrill and Neteller, owned by PaySafe Group, sent emails to customers saying they will only service prepaid MasterCards in SEPA countries.

Players Advised Via Email

Pokernews.com published a copy of the email sent to Skrill customers, which stated that it will no longer offer Skrill prepaid MasterCards in the recipient’s country. “You will not be able to use your card but your Skrill account remains fully functional and your balance is unaffected,” the email stated. “You can withdraw funds from your Skrill account to your bank account or send money to any other Skrill user or online business accepting Skrill.”

https://www.cryptocoinsnews.com/online-gambling-payment-processors-block-prepaid-mastercards-in-over-100-countries-an-entree-for-bitcoin/

Bitcoin Price Forecast: 10 Million Digital Wallets Opened By BlockChain

Crypto-currency Bitcoin has recently surged 3% to test best levels in multiple years against the US dollar but will this BTC rally be sustained?
The popularity of the Bitcoin is on the rise as demonstrated by the opening of the 10 millionth digital wallet, by the London-based bitcoin wallet provider Blockchain.
The company is the biggest digital wallet provider with more than 50% market share.
Blockchain’s cofounder and CEO Peter Smith believes that November is going to be a big month for the company on the back of a Donald Trump win.
"Hitting this milestone at this particular moment isn't a coincidence. In the wake of the Brexit vote, the US Presidential election and a weakening Yuan, we have seen unprecedented levels of activity and transaction on our platform, which further suggests that people are embracing the need for a more globally accessible currency system, and one that does not exclude over one-third of the world's population, Smith said in an emailed statement, as quoted by Business Insider.

http://www.exchangerates.org.uk/news/16872/bitcoin-price-forecast-10-million-digital-wallets-open-blockchain.html

Bitcoin Trumps Trump, Modi, Brexit and Bolivar, Offering Investors Refuge

Whether it is the election of Donald J Trump as the U.S. President or the Demonetization woes that are affecting India, the fastest growing economy in the world, no fiat currency is immune from geopolitical risk.
Uncertainty about the road ahead leads to fluctuations and volatility. When fiat currencies come under pressure, it is only natural for people to look for alternatives. Gold has been one traditional hedge, but with the emergence of cryptocurrencies, people have more than just one or two options.
Today they can look to a myriad of cryptocurrencies like Bitcoin and Ethereum and not only hold them as a bet against fiat currencies but also transact in them and be free from government run money.

https://cointelegraph.com/news/bitcoin-trumps-trump-modi-brexit-and-bolivar-offering-investors-refuge