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What is Bitcoin?

Bitcoin is a digital crypto-currency with no single point of failure due to its decentralized peer-to-peer architecture. The source code is publicly available and changes to the reference Bitcoin client are made via concensus within the community. Advantages of Bitcoin include irreversible transactions (i.e. no possibility of chargebacks as with credit cards), pseudo-anonymous, limited and fixed inflation, near instant transactions, multi-platform, no double-spend and little to no barriers to entry and more. It was created by an anonymous person known as Satoshi Nakamoto. Find out more at WeUseCoins.com.

Bitcoin Latest News

Social Messaging App Kik Will Bring Crypto Tokens to Teen Market

Social Messaging App Kik Will Bring Crypto Tokens to Teen Market

Chat platform Kik has revealed that it is launching its Kin token that will deliver the basis for a decentralized ecosystem of digital services.

Ontario-based chat platform Kik, which has over 300 million active users registered worldwide, including around 40 percent of American teens, has announced today that it is launching its Kin token, a digital currency that will provide a foundation for a decentralized ecosystem of digital services.

Today's technology has meant that it is impossible not to stay connected with friends and family worldwide with many using messaging apps to do so.

So much so, that by 2019 more than one-quarter of the world's 7.5 billion population will be using messaging apps, according to data from eMarketer.

Aside from being a cheaper alternative to SMS and MMS, messaging apps are big business that offer a slew of functions: group chats, gaming, GIFs, videos, stickers, emojis, photos and in-built web pages. Not only that, but a majority of messaging apps users are young, which is an extremely important demographic for messaging apps.

Kik believes that through its token it can bring together the areas of communications, information and commerce in a new way that will fuel how today's generation and future ones will connect. Founded in 2009, Kik was the first chat app that went viral in 2010 from zero to one million users in 15 days. Since then the company has continued to meet the innovation space by becoming the first chat app to become a platform in 2011 before establishing itself as the first app within the Western world to add bots in 2014. Now, Kik is the first chat app to add its own digital currency.

Speaking to Bitcoin Magazine, Ted Livingston, Kik's CEO said that the main motivation for launching their Kin token, which comes from the word “kinship,” came down to two main insights: digital services, which are becoming more important to our daily lives, and the fact that these services are being owned and controlled by fewer and fewer companies. This, in turn, is bringing about less innovation and choice. According to Livingston, this centralization is the result of both economics and competition.

"From an economic side, it's very hard for independent developers, including companies as big as Kik, to monetize," he said. "There are a few companies that have huge scale that use that scale to monetize their advertising."

Livingston adds that, when these bigger companies monetize their advertising, they then give everything else away for free. This means that for independent digital services who don't bring in enough money through advertising, they live in a world where these giants have set the expectations where everything should be free.

"As a result, it's very hard for all these digital services to monetize," Livingston adds. "Those that do, these giants then turn to a copy-and-crush strategy where they take all the ideas from the players, copy it and use their much larger resources to crush the other competitors who do make it."

As a result, Livingston states that now is the right time to put forward an alternative ecosystem of digital services that isn't just open, but through digital currencies and decentralization, better. By launching their Kin token, Kik is attempting to set up a new economic system that can monetize digital services and deliver a new way to compete together with the larger companies.

The Kin Token and the Kin Foundation

Through the advanced developments in digital currencies and the blockchain, Kik is planning on creating a decentralized ecosystem of digital services through four steps: creating the Kin token on Ethereum, integrating Kin into Kik, developing the Kin Rewards Engine and launching the Kin Foundation.

Implemented on the Ethereum blockchain as an ERC20 token, Kin will serve as the basis of interoperability for all transactions within the Kin ecosystem. By adopting the token within the Kik app, it's hoped that millions of users will facilitate widespread adoption of Kin, establishing demand and value for the cryptocurrency. In preparation for the eventual launch of Kin, Kik has been experimenting with the integration of a cryptocurrency on its platform since 2014.

"In 2014, we launched an experiment called Kik Coins and the question we were trying to answer was: Could we get millions of everyday consumers earning and spending natively in a digital currency?" Livingston said. "The result is that we created a transaction volume that was three times better than Bitcoin's global transaction volume at the time."

Kik also realized that the best way for consumers to understand cryptocurrency was for them to earn it through digital services like Kik.

"The biggest flaw with all the other cryptocurrencies is that nobody gets their paycheck in that cryptocurrency; the only way to get it is to buy it, for 99.99 percent of people," he added. "This is where teenagers are another big asset for Kik in that they don't have a ton of spending power and this is a way to earn that spending power by offering value inside the community itself."

Over time, Livingston explained, there will be various ways that users can earn Kin. One of the examples he gives is through exclusive group chats by charging an entrance fee with Kin to then spend within the Kik ecosystem.

Kin Distribution

Kik is planning on starting a crowdsale where the amount of Kin tokens available will be $1 trillion. However, the majority of the Kin will be set aside to form the Kin Rewards Engine. Modelled similarly to the Bitcoin mining system, the Kin Rewards Engine will release a certain amount of Kin every so often to all the developers that build digital services within the ecosystem.

"Every day there will be a daily reward, which we think will start roughly at $100,000 per day," he said. "As an owner of a service, if you integrate Kin and get people transacting Kin inside your digital service, which generates 10 percent of all transactions within the ecosystem, that would entitle you to 10 percent of this daily reward."

Ultimately, the more services that join the Kin ecosystem computes to more transactions that happen each day, which increases Kin's value on public exchanges and, in turn, boosts the daily reward.

"It creates this amazing network effect where all these digital services work together to grow the overall value of the ecosystem," Livingston adds. "They all get a fair and equitable piece of that economic value they create, and consumers get this ecosystem of services that continues to grow in both size and quality."

According to Livingston, one of the most underappreciated values of digital currencies is how much economic opportunity they can produce. For instance, he said even though they are giving away $100,000 per day, the amount of Kin available won't run out anytime soon.

"If Ethereum was giving out $100,000 of Ether a day at its current $10 billion market cap, it would take them 273 years to give away all the Ether," he said. "If Bitcoin was doing it at their $30 billion market cap, they could give away $300,000 a day for 273 years, and these are both cryptocurrencies not used by mainstream consumers."

As such Livingston believes that the Kin reward could easily go to $200,000, $500,000, even $1 million a day, incentivizing the creation of an open and compelling ecosystem of digital services for consumers.

Through the Kin Foundation, the team are ultimately trying to achieve a decentralized system where the developer doesn't need to trust the Kin Foundation. As a nonprofit, the foundation will oversee the open and fair growth of the system where it will provide three things: it will administer the rewards system, it will offer an identity service for users to move between the digital services and it will provide a transaction service for users to earn and spend Kin in a secure and frictionless way, Livingston states.  

Kik is due to release their whitepaper today, at which point they expect to start working with the crypto community, which will lead to their crowdsale in the next few months.

The post Social Messaging App Kik Will Bring Crypto Tokens to Teen Market appeared first on Bitcoin Magazine.

Posted on 25 May 2017 | 3:25 pm

Bitcoin plunges $315 after surging to an all-time high above $2700 - CNBC


CNBC

Bitcoin plunges $315 after surging to an all-time high above $2700
CNBC
Bitcoin jumped more than 12 percent Thursday to an all-time high of $2,791.70 before plunging and giving up the day's gains. The rise, based on strong demand out of Asia, had brought its gains for the month of May to more than 100 percent, according to ...
Pact to Speed Up Bitcoin Drives Digital Currency to Record HighBloomberg
Bitcoin Surges to Another Record, This Time Passing $2500Fortune
Bitcoin soars to a new all-time highNew York Post
Business Insider -CoinTelegraph -Engadget -Medium
all 123 news articles »

Posted on 25 May 2017 | 11:49 am

Bank of Canada: DLT Won't Replace Canada's Payment System

Canada's central bank likely won't launch a wholesale payment system based solely on distributed ledger tech.

Source

Posted on 25 May 2017 | 11:24 am

LocalBitcoins Trader Pleads Guilty to Money Transmitter Charge

A Michigan LocalBitcoins trader plead guilty last week to operating an unlicensed money services business.

Source

Posted on 25 May 2017 | 10:00 am

Southeast Asia's Prominent Bitcoin Remittance App Raises $5 Mln - CoinTelegraph


CoinTelegraph

Southeast Asia's Prominent Bitcoin Remittance App Raises $5 Mln
CoinTelegraph
Coins.ph, a Philippine Bitcoin remittance application and brokerage, has secured an additional $5 mln in its Series A funding round led by South African Internet conglomerate Naspers' venture capital firm Naspers Venture. In October, Coins.ph secured a ...

and more »

Posted on 25 May 2017 | 9:50 am

Consensus 2017: Even Academics Can't Keep Pace With Blockchain Change

Universities have a role to play in developing a workforce with blockchain skills, but the rapid pace of innovation brings challenges, academics say.

Source

Posted on 25 May 2017 | 7:00 am

Bitcoin is near a level that could start a 47% correction, but some see it headed to $6000 - CNBC


CNBC

Bitcoin is near a level that could start a 47% correction, but some see it headed to $6000
CNBC
Bitcoin is close to hitting a price that could see a 47 percent correction, according to one analyst, following a huge rally for the cryptocurrency that has led it to record highs. On Thursday, bitcoin hit an all-time high of $2791.70, according to ...
Here's how blindingly fast bitcoin has been surgingMarketWatch
Bitcoin: Another Record High?Barron's
Much WOW: Bitcoin Price At All-Time High Closing on $3000, Main ReasonsCoinTelegraph
RT -City A.M.
all 7 news articles »

Posted on 25 May 2017 | 6:32 am

As bitcoin prices soar, messaging app Kik launches cryptocurrency payment service - CNBC


CNBC

As bitcoin prices soar, messaging app Kik launches cryptocurrency payment service
CNBC
The announcement comes as bitcoin and other so-called decentralized currencies are riding a fresh wave of interest. Bitcoin prices hit a record level of $2,500 on Wednesday — a 150 percent surge this year. Using messaging apps for activities like ...
Canadian messenger app Kik to launch its own Bitcoin-like digital currencyThe Globe and Mail
Messenger App Kik Debuts Its Own Digital CurrencyBloomberg

all 16 news articles »

Posted on 25 May 2017 | 6:02 am

Bitcoin $3000? Ex-fugitive cybersecurity legend sees 'enormous momentum' - MarketWatch


MarketWatch

Bitcoin $3000? Ex-fugitive cybersecurity legend sees 'enormous momentum'
MarketWatch
Bitcoin is the “mother of all FOMO (Fear of Missing Out) trades,” Weston writes. “Perhaps the fact I am putting so much focus on bitcoin suggests a top has been seen and I am the taxi driver contrarian indicator. We shall see, but our flows in bitcoin ...
Rising Bitcoin Price to Benefit McAfee's MGT CapitalnewsBTC

all 4 news articles »

Posted on 25 May 2017 | 5:25 am

Bitcoin: Getting Dangerous Up Here - Seeking Alpha


Bitcoin: Getting Dangerous Up Here
Seeking Alpha
GBTC has now surged to an 80% premium to its NAV. Be very cautious if you own it here. Most folks think Bitcoin is a short; that sentiment could cause it to spike further. That said, often the best trade is no trade at all. This is a good time to be on ...

and more »

Posted on 25 May 2017 | 5:06 am

Blockchain Could Move Self-Driving Cars Into the Fast Lane

With autonomous cars on the horizon, blockchain startups are eagerly building IoT systems for the fledgling industry

Source

Posted on 25 May 2017 | 4:30 am

Consensus 2017: Advice From a Lawyer to ICOs: 'Don’t Be Stupid'

The legality of the ICO as a funding vehicle was discussed on day three of CoinDesk's annual Consensus event.

Source

Posted on 25 May 2017 | 3:00 am

Who's Behind The Spike In Bitcoin? - Forbes


Forbes

Who's Behind The Spike In Bitcoin?
Forbes
The Nasdaq continues to defy gravity, sniffing back toward new record highs today. It took two days to shed 3%. And four business days to get it all back. The VIX (the index that measures the demand big investors have for downside protection) has had ...

Posted on 24 May 2017 | 8:11 pm

Qtum’s Block Size Limit Will Be Governed by Smart Contracts: Here’s How

Qtum’s Block Size Limit Will Be Governed by Smart Contracts: Here’s How

Qtum is an up-and-coming smart contract platform set to launch in September of this year. Sometimes ambitiously referring to itself as “China’s Ethereum,” the project recently raised $15 million in three days through a successful crowdsale or “Initial Coin Offering” (ICO).

On a technical level, the Qtum blockchain will resemble Bitcoin, but will integrate an Ethereum-like Virtual Machine on top for smart contracting purposes. Additionally, Qtum is in the process of implementing a “Decentralized Governance Protocol” (DGP). This DGP will have smart contracts determine the blockchain’s parameter selection, like its block size limit.

Jordan Earls, also known as “earlz” online, is the co-founder and lead developer of Qtum.

“We believe this will allow for Qtum to be the first self-modifiable, self-regulating and ultimately self-aware blockchain,” he told Bitcoin Magazine.

 The Concept

Any blockchain has a number of parameters. In Bitcoin, this of course includes the 1 megabyte block size limit. But it also includes the block reward (currently 12.5), the block interval time (ten minutes) and more. These and three other parameters apply to Qtum as well.

But there are two basic problems with needing to have these parameters. First, they are very hard to get “right,” in so far as that’s even possible, since different parameters benefit different use cases. And second, in a decentralized system, these parameters can be very hard to change.

“The core rationale and problem we had when designing this is that we will release Qtum with some initial parameters that we try to make perfect,” Earls told Bitcoin Magazine. “But we don't know what the ecosystem will look like one month after release, much less one year. So, we designed DGP. That way, we can tune the blockchain to be as usable and secure as possible without needing to fork, just to change a simple number from 1 to 2.”

Qtum plans to realize this way of “tuning the blockchain” by doing what it does best: The DGP will consist of relatively straightforward smart contracts made up of blockchain-readable pieces of executable code.

“We have open-source smart contracts which implement the rules for changing the parameters, which will then be accepted by all nodes. It implements a fairly simple governance system of ‘user keys’ and ‘admin keys.’ There is a modifiable parameter in the contract which determines how many keys of each type must vote in order to approve a change to, say, the block size limit.”

Importantly, through the use of smart contracts, these keys can actually represent more than just a regular user per key: Each key can represent a defined group.

“Perhaps one key represents a majority of hash power; or a key represents coin votes by coin holders; or a key acts according to a dynamic limit based on how full blocks are. Or even oracles: a key can effectively be controlled by people or servers that act based on input not directly readable by the blockchain itself, like USD market price for transaction fees. It’s extremely flexible.”

Qtum will almost certainly include smart contracts for the block size limit, the gas schedule to determine the price of different smart contract operations (for which Ethereum hard forked several times) and the minimum gas price. Additionally, it might deploy smart contracts for block interval times, block rewards, maximum gas per block and maximum script size or signature operations per transaction or block.

Changing the Rules

Embedding the parameter selection in smart contracts is clever and having all node software adjust accordingly even more so. However, an arguably even harder problem is not so much what parameter is decided on, but who gets to decide in the first place and how.

In Qtum, the initial parameters will be set by the developers based on their testing and measurements.

“For instance, we've already determined that a block size of 2 megabytes should be reasonable,” Earls said.

After that, the initial set of rules to define the parameters can be changed themselves within the rules of the system, too.

A smart contract could, for example, start out relatively simple: It requires a majority of core developers to change the rules of the contract. Then, if a majority of core developers decides that instead of just developers, it should also include a majority of coin holders, the contract can be changed to a two-of-two multisig contract. From that moment on, one key would represent the developers, while the other key would represent the majority of coin holders. Next, if both developers and coin holders agree, hash power can have a seat at the table, too, and so forth.

As such, Qtum smart contracts can change not only the parameters of the system, but also how the parameters themselves can be changed.

That said, as Earls acknowledged, the Decentralized Governance Protocol can’t actually solve all governance problems. It’s specifically designed to make certain predefined parameters more easily adjustable, and it can indeed even change how these parameters can be adjusted to some extent.

But the Decentralized Governance Protocol does not and cannot apply to network rules that aren’t among these predefined parameters. Protocol changes outside of these specific parameters would still require a typical upgrade mechanism, like a hard fork or a soft fork.

“I believe if Bitcoin had DGP technology, then we would still see all this fighting about SegWit vs Bitcoin Unlimited, etcetera,” Earls acknowledged. “But, DGP would have been used in the meantime to increase the block size to something conservative but reasonable like 2 megabytes or 4 megabytes, to avoid all the transaction speed problems. Meanwhile, the developers and community could figure out a more permanent solution.”

The post Qtum’s Block Size Limit Will Be Governed by Smart Contracts: Here’s How appeared first on Bitcoin Magazine.

Posted on 24 May 2017 | 6:38 pm

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Using Blockchain Tech to Keep Concert Ticket Prices Honest

BitTicket, the First Digital Events Ticket Platform on the Blockchain

Major events, from sporting to musical, are a significant part of most people's lives, bringing individuals together to enjoy a shared interest. Unfortunately, ticket touts (scalpers) and secondary websites are taking advantage and extorting the event ticketing industry. With big names such as Mumford and Sons, Coldplay, Adele and Ed Sheeran speaking out about this problem, the issue remains. The U.K. government has introduced legislation that aims to prevent the use of bots from purchasing tickets to resell them at inflated prices. Still, more than 21,000 people in the U.K. have reported falling victim to ticket fraud in the last three years with the majority of these reports concerning secondary ticket markets, according to research.  

In order to solve the issues around fraudulent tickets and the high prices associated with them Edinburgh-based Citizen Ticket, the ethical 'David meets Goliath' event ticketing platform backed by blockchain technology, was created by CFO Harry Boisseau and COO Philip Shaw-Stewart. During their time working in the events industry for the past 10 years, the pair has worked on everything from large-scale music events and pop-up food events to underground concerts and charity fundraisers.  

The Problem

In partnership with Get Online Safe and the Society of Ticket Agents and Retailers (STAR), the City of London Police's National Fraud Intelligence Bureau (NFIB) found that over the last three years more than £17 million ($22 million) has been lost to ticket fraudsters.  

In April, the three organizations undertook a series of Facebook flash sales, which saw over 1,500 people attempting to buy music tickets from a fake ticket website called 'Surfed Arts.' Purporting to be a secondary ticket website, the adverts were aimed at certain locations where concerts were taking place over the summer but had sold out. The research found that women over the age of 65 and those who reside in London tried to purchase the most fake tickets; however, men and women aged 35-44 and those living in Birmingham were the least likely to click on the fake advert.

Those who did click on the Surfed Arts website were told they could not buy the sold out tickets before being informed on how they could better protect themselves from becoming a potential victim to ticket fraudsters. According to the NFIB, the idea was to get people to change their online behavior and to consider whether secondary ticket sales are legitimate.

Social media is also becoming another avenue for ticket fraudsters to advertise ticket sales. Data from Action Fraud found that in 2015 there was a 55 percent rise in ticket fraud with major sporting events such as the Rugby World Cup and the Premier League football accounting for a quarter of all incidents of ticket scams. Fraudulent tickets for gigs and festivals represented 15 percent, costing the U.K. public £5.2 million ($6.75 million).

Those who do purchase fake tickets can find that the nature of them can vary. They either don't materialize, never existed or charge hyper-inflated prices through secondary ticket websites than what's listed on a primary ticket website.

A Blockchain Solution

With the help from fellow team member Colin Palmer, CTO, Boisseau and Shaw-Stewart brought to fruition the recent launch of BitTicket, the first digital event tickets on the blockchain for public events, using the cryptocurrency Ethereum Classic. The idea was dreamt up while searching online for Ed Sheeran tickets on a secondary ticket website with high costs.

The team found that not only were there large quantities of tickets being hoarded by secondary ticket websites with increased prices attached to them, but that primary ticket websites were sending them, in bulk, to the secondary ticket websites before they went on sale. However, that wasn't the only problem the team found.

"The event ticketing monopolies own primary ticket websites and secondary ticket trading websites," said Shaw-Stewart, speaking to Bitcoin Magazine. "The secondary ticket website allows the monopolies to collect event tickets from their primary ticket website, then charge highly inflated prices for the tickets on their secondary website under the pretense of being a platform created to allow fans to resell tickets."

As an example, they cited a Robbie Williams concert that was held at the O2 Arena in London. On a primary website, the tickets were being sold for £40 ($52). However, according to Shaw-Stewart, the primary site proceeded to sell 80 percent of their tickets to the umbrella company's secondary sister site. There, the same tickets were being sold for £300 ($390) each.

"There is a problem in the industry we believe to be unethical, the resale of event tickets by secondary ticket websites, often at highly inflated prices."  

With the use of the blockchain, BitTicket is aiming to provide a secure and transparent system which is resistant to fraud and counterfeiting. With every ticket sale publicly verifiable on the blockchain, it locks and guarantees the value of the ticket in a way that is unmatched by private databases and paper systems, says Shaw-Stewart.

bitticket1

It also has inbuilt anti-fraud sales rules to ensure that no secondary ticket website can hoard tickets to control the supply that allows them to charge inflated prices. If the resale rules are broken by secondary ticket websites or ticket touts (scalpers), the fraudulent accounts are frozen and the tickets are made invalid.

Still in the early stages of launching Citizen Ticket, the team is planning on rolling out a large-scale marketing campaign in the coming months to target event organizers and event goers.

The first ever event to use this new blockchain application was the Scottish Street Food Awards in Edinburgh, which took place on May 12. Utilizing the BitTicket platform, the event proved to be a success for the Citizen Ticket team, who said that the platform had performed exactly as they had expected.

"From a customer's point of view very little changed; they purchased and presented their ticket like any other digital ticket," said Shaw-Stewart. "They were asked for ID at the door to confirm ownership of their ticket and that's it, they were in."  

In keeping with the company’s commitment to ethical practices, Citizen Ticket also works with two charitable partners: the Movember Foundation and SkatePal. Through ticket sales made on the platform, donations are made to these two charities.

With an array of events already listed on the platform, as well as its fundraising initiatives, the team is hoping to level the playing field for the industry with BitTickets.

"We hope that the launch of BitTicket will usher in a new era of ethical event tickets where both fan and artist are protected from the unethical practices of ticket touts and secondary ticket websites," concluded Shaw-Stewart.

The post Using Blockchain Tech to Keep Concert Ticket Prices Honest appeared first on Bitcoin Magazine.

Posted on 24 May 2017 | 3:45 pm

Bitcoin bonanza, Dollar Tree: Here's what could drive markets ... - CNBC


CNBC

Bitcoin bonanza, Dollar Tree: Here's what could drive markets ...
CNBC
Here are the three market themes that macro strategist Boris Schlossberg of BK Asset Management will be watching.
Bitcoin is Mandatory For Portfolio Protection: CNBC - CoinTelegraphCoinTelegraph

all 3 news articles »

Posted on 24 May 2017 | 3:39 pm

Consensus 2017: Blockchain Consortia in A Rapidly Changing Market

A sense of realism came through in a series of workshops sponsored by distributed ledger consortium R3 during CoinDesk's Consensus 2017 conference.

Source

Posted on 24 May 2017 | 12:00 pm

Coinbase Today: Armstrong Talks Token, ICOs and Blockchain's Netscape

CoinDesk's Pete Rizzo talks to Coinbase CEO and founder Brian Armstrong about the firm's plans and changes in the wider blockchain arena.

Source

Posted on 24 May 2017 | 8:00 am

Wyre’s WeChat and Facebook Bot Authenticates Invoices on Ethereum

Blockchain startup Wyre has revealed a new bot for Facebook Messenger and WeChat that authenticates invoices on a public blockchain.

Source

Posted on 24 May 2017 | 6:00 am

Consensus 2017 Day 2 Recap: Finding Blockchain's Common Ground

CoinDesk's Noelle Acheson recaps the second day of Consensus 2017, CoinDesk's New York blockchain conference.

Source

Posted on 24 May 2017 | 5:01 am

Consensus 2017: The Ups and Downs of Digital Currencies

Two panels at Consensus 2017 conference focused on both the promise and pitfalls of digital currencies and blockchain assets.

Source

Posted on 24 May 2017 | 4:00 am

Consensus 2017: Blockchain and Healthcare's People Problem

Blockchain is viewed as a way to give patients greater control over their data – but getting there might not be as easy as it sounds.

Source

Posted on 24 May 2017 | 3:00 am

Bitcoin's New Scaling 'Agreement': The Reaction

A meeting of bitcoin startup executives and miners held this weekend has resulted in a new proposal for how the project should be upgraded.

Source

Posted on 23 May 2017 | 6:00 pm

Consensus 2017: Decentralized Exchange 0x Wins Proof-of-Work Startup Competition

0x took the top prize today in the second annual Proof of Work pitch competition at CoinDesk’s Consensus 2017 conference in New York.

Source

Posted on 23 May 2017 | 4:08 pm

Bitcoin & Ether Price Analysis: Bitcoin Still Going Strong While Ether Wearies

BTC ETH Price Analysis

Bitcoin and Ethereum continue to push all-time highs (ATHs) by most available metrics: price, market capitalization, daily traded volume, hash rate, transactions per day, etc.

mrkt cap.png

There appears to be a multifactorial convergence of fundamentals and technicals allowing for this surge to happen:

1. On-ramps

Specifically Coinbase for U.S. citizens, which now allows new users to purchase bitcoin (BTC), ether (ETH) or litecoin. Leading up to and even during the 2013 bubble, purchasing cryptocurrency was difficult for the average user. Know-Your-Customer (KYC) and Anti-Money Laundering (AML) checks cause a slight lag in on-ramping by limiting the total coins a new user can purchase. I expect the fuel for this rally to continue for at least another week.

2. Visibility in mainstream and popular media

At this point, you cannot use any social media or news source without hearing about Bitcoin. Everyone I’ve spoken with outside of the Bitcoinosphere is aware of its existence. Although purely anecdotal, this trend suggests Bitcoin is gaining visibility.  

3. ICOmania

Initial coin offerings (ICOs), similar to IPOs, allow for a company or brand to tokenize its assets through crowdfunding, most of which are done on the Ethereum blockchain. The quantity and rate of new ICOs remind many traders of the dot-com bubble due to large influxes of cash for almost every project.   

4. An agreement on the block size debate

The ongoing block size and scalability debate was stifling innovation surrounding Bitcoin. On Monday, it was announced that Barry Silbert and Bitcoin Unlimited proponents reached an agreement to activate SegWit now and hard fork in four months. Members of the Bitcoin Core community were not involved in the discussion. Shaolinfry, the user-activated soft fork (UASF) dev, had this to say regarding the agreement. UASF nodes continue to increase, despite the agreement.

To be clear, the proposal, as far as I can see, does not activate BIP 141, but is a completely new deployment that would be incompatible with the BIP 141 deployment. I’m not sure how that can be considered “immediate” activation. - Shaolinfry

uasf_nodes_all.png

5. Prices were already pushing ATHs  

Trend since 2015 has been bullish with several periods of extended consolidation. Price continues to break ATHs in large part due to further bullish technicals and market structure with every pullback/correction. Whether or not current price represents a bubble or euphoria is a bit irrelevant. What is more important is to look for signs of exhaustion. One such sign of exhaustion would be a toppy chart pattern such as an M double top or growing bearish divergence on a weekly chart.

Bitcoin

weekly.png

A bear div would consist of a higher high in price and a lower high on RSI, a measure of momentum. This would suggest lack of strength holding up price. In the case of BTC, however, there has been a steady increase in volume since the beginning of the year.

vol.png

As price continues to break ATHs almost daily, we can expect a large increase in volatility and range expansion, especially because there is no previous market structure at these levels. However, there are indicators that help determine support and resistance levels above ATH levels, the most common being Fibonacci extensions. Drawn from previous ATH to low, this would yield a target of ~$2,400.

daily.png

On a low timeframe, you can see yesterday’s $200+ volatility, which quickly rallied 50 percent of the drop.

15min.png

The current immediate target is the local top of $2,248.

Ethereum

Ethereum, on the other hand, is beginning to show signs of exhaustion. The weekly chart is showing a decline in volume since March, with ETH/USD pushing the top limit of RSI, and the ETH/BTC pair showing bear div.

ethusd.png

ethbtc.png

Structure currently has all the makings of an M double top. I would expect another retest of the previous consolidation level before moving higher. if Bitcoin makes a push past $2,400, however, it may drag up Ethereum with it as well.

ethusd 1h.png

The upside target should be between $198 and $217 according to Fibonacci extensions.

upside eth.png

Summary

  1. Bitcoin and Ethereum continue to push the envelope for almost every available metric and show little signs of slowing.

  2. Reliable on-ramping coupled with awareness and popularity continue to fuel demand.

  3. Despite several weeks of large gains, the possibility of continuing to further ATHs for Bitcoin remains high.

  4. With declining volume and a growing bear div on high timeframes, Ethereum is beginning to show signs of slowing.

The post Bitcoin & Ether Price Analysis: Bitcoin Still Going Strong While Ether Wearies appeared first on Bitcoin Magazine.

Posted on 23 May 2017 | 1:43 pm

Consensus 2017: CME Group, UK Royal Mint Detail Plans for Blockchain Gold

Derivatives giant CME Group and the UK's Royal Mint have revealed details about their plans to bridge the worlds of gold and blockchain.

Source

Posted on 23 May 2017 | 11:30 am

Consensus 2017: Smith, Voorhees Talk Today's Bitcoin Market Craze

ShapeShift CEO Erik Voorhees and Blockchain CEO Peter Smith took on the topic of bitcoin's market moves today.

Source

Posted on 23 May 2017 | 9:52 am

Netki's Digital ID Service Tackles Global Compliance Challenges

Netki Digital ID Tackles Compliance

Netki, the New York–based software startup, wants to make blockchain technology more user friendly by launching its new universal Netki Digital ID service, so that anyone can access services on blockchains without re-validating their ID at every stop. The Netki Digital ID will be both KYC (Know Your Customer) and AML (Anti-Money Laundering) verified, allowing users to access a variety of blockchain businesses including financial institutions like banks, exchanges and healthcare services.

Netki wants their ID to work on any blockchain, public or private, around the world and to provide automated onboarding and validation of new customers, as well as easy sharing of digital identities.

The company’s goal is to create a digital identity certificate that uses a standard recognized by governments everywhere as legally validated, to process transactions anywhere in the world. Pricing will be based on the number of certificates and the complexity of validations.

The Digital ID uses a new peer-to-peer payment protocol (BIP 75) that allows senders, receivers and their financial partners to exchange all four identities via a private encrypted channel.

According to Netki’s announcement, the Netki Digital ID service will allow for the easy capture of an individual’s documents and biometrics via their smartphone, along with multiple levels of automated and manual verification, including database checks, machine learning and biometric analysis.

International Compliance: A “Herculean Task”

Netki IDs are already in use in the U.S. and Europe on the Bitcoin and Ethereum blockchains, and the company is hoping to expand its service both to new jurisdictions around the world and on new blockchain networks.

Netki’s CEO and Co-Founder Justin Newton talked to Bitcoin Magazine about the process of expanding its ID service, despite the challenge of many different legal requirements in an international regulatory environment.

The regulatory landscape is changing around the world at a rapid pace. With this in mind we designed our tools and protocols to be flexible in the case of differing, new or expanding regulatory requirements.

“As we work on each new use case, we work with the customer’s risk and compliance team to determine what requirements are appropriate for their needs.”

Newton told us their team spends time in each new jurisdiction consulting with local regulators before offering their service.

Amber D. Scott, whose company Outlier Solutions  works with blockchain startups on compliance and security issues, admires the spirit and sheer scope of Netki’s undertaking but recognizes that it is a herculean task to have any ID be compliant in every jurisdiction.

She recommends that companies planning to implement any new identification solutions should thoroughly research the requirements of the jurisdictions they are operating in, to ensure “that a solution meets those requirements in their entirety.”

Scott added, “We spend a lot of time with our clients conducting this type of testing, and very few solutions pass the tests.”

Michael Perklin, an internationally recognized security expert who oversees security for ShapeShift, acknowledges that verifying users can be time-consuming and expensive, and agrees that something like a universal ID would make this process easier.

“Many people complain that there are 20+ different identity standards and it seems that Netki is proposing a 21st. It seems like a great idea in theory but its success would depend on the community adopting the Netki ID as the industry standard as opposed to another service like uPort.”

UPort offers a mobile app that allows users to create self-sovereign credentials that would allow them to process transactions on blockchains.

Newton told us that while uPort is focusing on a business model, Netki has open-sourced their protocol. Another important difference between the two companies is that uPort stores private information on the blockchain while Netki stores information off-chain. That being said, Netki is currently partnering with uPort on several projects.

Caribbean Service Bitt Is the Test Case

Netki chose the Caribbean region to test its new service, partnering with fintech company Bitt, which provides a mobile wallet and payment services to anywhere in the world.

Newton told us:

“In terms of the project that we are working on with Bitt, we believe that one of the greatest promises of blockchain [technology] is around financial inclusion. The Caribbean region has far greater mobile phone penetration than banking penetration, and most banking is effectively controlled overseas,” he said.

By creating a locally run and focused alternative, they can lower the cost of remittance, spur inter-island trade and service many people currently excluded from banking and online finance.

Empowering Individuals Over Institutions

Netki’s founders believe that blockchain technology is the game-changer that will take society to the next level, allowing more democratization and levelling of existing silos.

Newton believes that blockchain technology is a means of empowering individuals and changing the way society interacts with each other; however, without easy access for the majority of people, universal adoption will remain a dream.

As part of simplifying and making blockchain technology more user friendly, Netki already offers a wallet-naming service for $9.99 per year, which allows users to register their unwieldy wallet address of letters and numbers to a simple name, making for easier transactions for both users and businesses.

Newton is excited about the future possibilities of blockchain technology for decentralization and democratization, saying:

“For the first time, using the standards we implemented at Bitt, and more broadly with BIP 75, regulated entities such as banks can operate on public networks like bitcoin and ethereum while still meeting their risk and compliance requirements.  With the recent institutional interest, and positive government movement around digital currency, these tools couldn’t come at a better time to enable the ecosystem to really step up to the next level in terms of both usage and opportunity.”

Netki is partnering with IBM in the Hyperledger Project and with PwC Australia in its Vulcan Project.

Investors in Netki incluse O'Reilly, AlphaTech Ventures, Colle Capital, Digital Currency Group, Plug and Play, the Husseine Group, Bitfinex and Base Ventures.


The post Netki's Digital ID Service Tackles Global Compliance Challenges appeared first on Bitcoin Magazine.

Posted on 22 May 2017 | 7:55 pm

EEA Adds New Members to Boost Future Ethereum Innovation

Enterprise Ethereum Alliance Expansion Announcement

The Enterprise Ethereum Alliance (EEA) has announced that 86 new members have joined the initiative that aims to bolster innovation around the Ethereum blockchain. The EEA, founded by corporate giants such as Microsoft, Intel and BP, views the Ethereum blockchain as a potential treasure trove of innovative opportunity.

Ethereum cryptocurrency founder Vitalik Buterin has praised the EEA, saying, “The Enterprise Ethereum Alliance project can play an important role in standardizing approaches for privacy, permissioning and providing alternative consensus algorithms to improve its usability in enterprise settings, and the resources the project and its members are contributing should accelerate the advancement of the Ethereum ecosystem generally.”

There are some more big names jumping into the alliance, joining Santander, ConsenSys and BlockApps. Some new members include Deloitte, Samsung SDS and the National Bank of Canada: all looking to build, promote and support Ethereum-based technology.

Deloitte is not new to Ethereum. Eric Piscini, Deloitte’s Global Blockchain Financial Services leader, said in a statement, “We have been investing on the Ethereum platform for a while. We are excited to actively contribute to the Enterprise Ethereum Alliance and drive blockchain adoption globally.”

Kwang Woo Song, vice president of Distributed Ledger Technology Business Group at Samsung SDS, stated, “As a company whose key focus and experience is in delivering solutions for enterprise business, joining the Enterprise Ethereum Alliance was a clear decision for us. Ethereum is one of the fastest growing blockchain technologies, with potential to provide exceptional benefit to enterprises.”

“The enthusiasm around EEA is remarkable,” said Julio Faura, the chairman of EEA. “Our new members come from varying industries such as pharma, mobile, banking, automotive, management consulting and hardware, as well as the startup community driving innovation. It’s great to see everyone come together and build the next generation of our economy on Ethereum blockchain solutions.”

Companies joining the EEA in this announcement include names like Elevondata Labs Inc., Depository Trust & Clearing Corporation (DTCC), Hashed Health, Gem and Ledger. The collaborative efforts that may arise among the membership could lead to giant leaps in the Ethereum blockchain technology and a groundswell of supportive infrastructure that should solidify Ethereum as a staple in the blockchain marketplace.

There is amazing potential for Ethereum and smart contracts in healthcare. Hashed Health is excited to work with the Enterprise Ethereum Alliance on defining and developing enterprise-grade solutions that can safely and securely handle the complexities of the evolving healthcare marketplace. - John Bass, Founder & CEO, Hashed Health

The post EEA Adds New Members to Boost Future Ethereum Innovation appeared first on Bitcoin Magazine.

Posted on 22 May 2017 | 7:29 pm

ShapeShift Introduces Prism's Trustless Crypto Asset Portfolios

A ShapeShift Into the World of Trustless Asset Portfolios

A ShapeShift Into the World of Trustless Asset Portfolios

“ShapeShift” is a concept describing the ability to change form or identity to adapt to changing conditions. It is also the name of a Swiss-based company that created the world’s first trustless asset portfolio for acquiring digital assets without counterparty risk.

Launched today at the blockchain summit Consensus 2017 held in New York, the cutting-edge platform known as Prism seeks to usher in a new age for investors with a thirst for cryptocurrencies.

The Prism announcement comes on the heels of record-setting growth within the cryptocurrency market, with bitcoin among others advancing to new all-time price highs. Momentum has been further buoyed by a blockchain industry that is already experiencing an incredible diversity of projects, from tokenized venture capital funds to blockchain-based casinos to global distributed computing systems. Prism is the first live platform that enables investors to create their own funds focused on investments in crypto-assets.

This new development is the brainchild of Erik Voorhees, long-time champion of and entrepreneur in the Bitcoin space. ShapeShift, the company he founded in 2013, raised $10.4m during its Series A from leading German VCs in March 2017 to jumpstart this new venture.

Built entirely on Ethereum-based smart contracts, Prism will enable investors to curate portfolios, known as “Prisms,” of digital assets known as “Prisms,” such as Bitcoin, Litecoin, Ethereum, Dash, Monero and Golem. Within minutes, an investor can set up a crypto portfolio — absent of third-party intermediaries — and gain exposure to a wide swath of blockchain tokens. Moreover, they can secure their investments without having to establish a unique wallet for each asset.

With Prism, users will create their portfolios by funding it with ether (the native token of the Ethereum blockchain network). The total amount of ether is divided among whichever assets they decide on, in percentages they elect to allocate to each asset. When the investor is ready to finalize their Prism portfolio, they will be prompted to send a zero-ETH transaction to a provided Ethereum address, signaling the smart contract to close the portfolio.

The beta period for Prism will likely extend for at least six months after the launch, with new features being added over time.

Prism’s approach and philosophy offers an ideal complement to ShapeShift and its established reputation for securing over a million secure transactions for customers since 2014. ShapeShift’s policy of not holding any customer assets or private personal information keeps users safe from identity or financial theft — a critical improvement in digital exchange technology.

ShapeShift is now leveraging their proven model of simplicity and security to cultivate Prism. With this latest development, the complex functionality of a diversified crypto portfolio is distilled down into a simple interface allowing users to buy, rebalance and settle their assets. All of this can be executed by a user with nothing more than their Ethereum wallet.

Prism enables investors to gain secure, transparent exposure to digital assets in a way that has never before been possible. The days of leaving funds at an exchange ‘because it’s easier’ are over. - Erik Voorhees, CEO and founder of ShapeShift and Prism

Voorhees goes on to assert that Prism’s digital asset portfolios, built entirely on non-custodial smart contracts, will demonstrate a new normal for financial security. “Prism takes us one step closer to a world of truly borderless finance. We suspect it will kickstart a vast horizon of financial experimentation upon smart contracts.”

Raine Revere, lead engineer for the Prism project, says that ShapeShift’s focus on simplicity and security was a perfect fit for the design of Prism. “Part of the joy of engineering is seeing how all the pieces will fit together and then systematically carrying out that vision in order to build a working product. That link between vision and functional product is what makes software engineering so special. The vision of Prism was clear from the beginning, allowing this creative process to proceed uninhibited.”

“Gone are the days of trusting a 3rd party with one’s wealth," said Voorhees in a statement. "Prism’s digital asset portfolios, built entirely on non-custodial smart contracts, demonstrates a new standard in financial security.”

The post ShapeShift Introduces Prism's Trustless Crypto Asset Portfolios appeared first on Bitcoin Magazine.

Posted on 22 May 2017 | 5:54 pm

CRYENGINE now accepts Bitcoin

Posted on 29 March 2017 | 1:24 am

Bitcoin Trading Bots

There have been a wide variety of situations in which algorithmic trading programs have proven to be beneficial for investors. However, investors who only trade a cryptocurrency can also take advantage of bitcoin trading bots. Through bitcoin bot trading, traders can become more flexible and prompt, minimize errors and process information more rapidly. At this… Read More »

Posted on 8 November 2016 | 6:20 pm

Steam accepts Bitcoin

Posted on 29 April 2016 | 1:09 am

Major Magazine Publisher to Accept Bitcoin Payments

Posted on 18 December 2014 | 12:43 pm

Microsoft accepts Bitcoin

Posted on 11 December 2014 | 5:06 am

Mozilla accepting Bitcoin

Posted on 20 November 2014 | 1:55 pm

PayPal and Virtual Currency

Posted on 23 September 2014 | 9:52 pm

Wikimedia Foundation Now Accepts Bitcoin

Posted on 30 July 2014 | 3:14 pm

German Newspaper "taz" accepts Bitcoin

Posted on 22 July 2014 | 1:32 pm

airBaltic - World’s First Airline To Accept Bitcoin

Posted on 22 July 2014 | 11:03 am

Expedia to accept Bitcoin payments for hotel bookings

Posted on 12 June 2014 | 12:41 pm

Bitcoin Core version 0.9.1 released

Posted on 8 April 2014 | 4:27 pm

Bitcoin taxfree in Denmark

Posted on 25 March 2014 | 5:46 pm

May 25, 2017 -
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