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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

Overstock’s tZERO Exchange to Launch Bitcoin Trading App This June - CoinDesk

Overstock’s tZERO Exchange to Launch Bitcoin Trading App This June  CoinDesk

Overstock's security token platform tZERO is going full crypto. Until now, security tokens had been the startup's priority, but this summer, tZERO plans to launch ...

Posted on 22 March 2019 | 9:00 am

Bitcoin Will Drop Near $3,500 Before a Major Rally: Trader hutto - CCN

Bitcoin Will Drop Near $3,500 Before a Major Rally: Trader hutto  CCN

After achieving $4097 in global average price, the bitcoin price has retraced to $4027 and below the $4000 mark in some major markets.

Posted on 22 March 2019 | 7:30 am

Bitcoin (BTC) Price Looks To Reclaim $4,000 After Sharp Sell-off - newsBTC

Bitcoin (BTC) Price Looks To Reclaim $4,000 After Sharp Sell-off  newsBTC

Bitcoin price rebounded sharply after a massive drop below $3900 against the US Dollar. BTC must climb above $4000 to move back in a positive zone and ...

Posted on 22 March 2019 | 6:30 am

Crypto Market Rebound Facing Hurdles: Bitcoin Cash, EOS, BNB, TRX Price Analysis - newsBTC

Crypto Market Rebound Facing Hurdles: Bitcoin Cash, EOS, BNB, TRX Price Analysis  newsBTC

The crypto market could turned red and facing a lot of hurdles, with bearish moves in bitcoin (BTC) and Ethereum (ETH). Binance coin (BNB), BCH, ripple, EOS, ...

Posted on 22 March 2019 | 6:00 am

Bitcoin price analysis: no escape from the range so far - FXStreet

Bitcoin price analysis: no escape from the range so far  FXStreet

Bitcoin (BTC) slipped below $4000 once again, enable to develop bullish momentum. The first digital coin is changing hands at $3980, down 1.2% since.

Posted on 22 March 2019 | 3:34 am

Why Africa Continues to Lag Behind in Cryptocurrency Adoption - Bitcoin News

Why Africa Continues to Lag Behind in Cryptocurrency Adoption  Bitcoin News

Africa continues to dominate the Google Trends search interest for the keyword “Bitcoin”, but that has not translated into widespread adoption of cryptocurrency ...

Posted on 22 March 2019 | 1:44 am

New Bitcoin Lightning App Scratches Online Content Monetization Itch - Bitcoinist

New Bitcoin Lightning App Scratches Online Content Monetization Itch  Bitcoinist

A new Bitcoin Lightning app presents an interesting take on the 'paywall for written *content*' concept where users crowdfund 'scratching off' one letter at A new ...

Posted on 22 March 2019 | 12:03 am

Alleged Bitcoin Fraudster Alexander Vinnik Appeals for Extradition to Russia - Cointelegraph

Alleged Bitcoin Fraudster Alexander Vinnik Appeals for Extradition to Russia  Cointelegraph

The former operator of now-shuttered crypto exchange BTC-e, Alexander Vinnik, has lodged an appeal with a Piraeus court for his release or extradition to ...

Posted on 21 March 2019 | 11:44 pm

8 Useful Browser Extensions for Cryptocurrency Users - Bitcoin News

8 Useful Browser Extensions for Cryptocurrency Users  Bitcoin News

Extensions, also known as plugins, provide a one-click way to customize your web browser. From filtering out offensive words to blocking unwanted ads, there's ...

Posted on 21 March 2019 | 11:09 pm

Bitcoin Futures Launch Hits Regulatory Snag - The Wall Street Journal

Bitcoin Futures Launch Hits Regulatory Snag  The Wall Street Journal

A plan by New York Stock Exchange-parent Intercontinental Exchange to launch the first physically-settled bitcoin futures contract has hit a regulatory snag.

Posted on 21 March 2019 | 10:33 pm

AriseBank CEO Pleads Guilty to $4.2 Million Securities Fraud Involving ICO

Jared Rice, former AriseBank CEO, pleaded guilty to securities fraud and could face as much as 20 years in prison.

Posted on 21 March 2019 | 10:15 pm

Report Claims Bitcoin and Altcoin Correlation Slowly Fading, Could This be a Sign of a Maturing Market? - newsBTC

Report Claims Bitcoin and Altcoin Correlation Slowly Fading, Could This be a Sign of a Maturing Market?  newsBTC

The volatile price action in the crypto markets over the past year and a half has proved to investors that despite each major altcoin having (mostly) unique ...

Posted on 21 March 2019 | 10:00 pm

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Bitcoin Savings Accounts: Crypto’s Next Big Thing? - CCN

Bitcoin Savings Accounts: Crypto’s Next Big Thing?  CCN

BlockFi's interest bearing accounts are doing well, even as concerns over their risks persist. The accounts hold Bitcoin and Ether.

Posted on 21 March 2019 | 9:45 pm

Crypto Street Artist Finds Generous Surprise in his Bitcoin Wallet - newsBTC

Crypto Street Artist Finds Generous Surprise in his Bitcoin Wallet  newsBTC

A French street artist, famous for his murals containing hidden crypto prizes, has received his largest donation to date. Pascal Boyart recently checked the Bitcoin ...

Posted on 21 March 2019 | 9:00 pm

Fake Wasabi Bitcoin Wallet Emerges - CCN

Fake Wasabi Bitcoin Wallet Emerges  CCN

A fake version of Wasabi wallet, probably designed to steal bitcoins, has emerged online at wasabibitcoinwallet.org. (Don't visit that site.) ...

Posted on 21 March 2019 | 8:41 pm

Bitcoin rejects off $4,000 zone of resistance - Crypto Insider

Bitcoin rejects off $4,000 zone of resistance  Crypto Insider

As bitcoin recently took a crack at the $4000 range, it saw rejection from a previous level of difficulty. Let's go to the charts for more information.

Posted on 21 March 2019 | 8:40 pm

Bitcoin’s 4th Largest Exchange to Support Tron Stablecoin - CCN

Bitcoin’s 4th Largest Exchange to Support Tron Stablecoin  CCN

The liquidity of the Tron network is about to go to the next level. As we previously reported, Tether is expanding its USDT product to the Tron blockchain. Now the ...

Posted on 21 March 2019 | 8:31 pm

Craig 'Satoshi' Wright Claims to Have Filed 666 Blockchain Patents - Bitcoin News

Craig 'Satoshi' Wright Claims to Have Filed 666 Blockchain Patents  Bitcoin News

The race to file blockchain patents has accelerated lately with one specific firm, Nchain Holdings, attempting to capture hundreds of distributed ledger-related ...

Posted on 21 March 2019 | 7:44 pm

Bitcoin Cash (BCH) Prices Cool Off, Correction to $140 in Progress - newsBTC

Bitcoin Cash (BCH) Prices Cool Off, Correction to $140 in Progress  newsBTC

Bitcoin Cash outperforms all assets in the top 10 The ABC team will implement Schnorr signatures in May 2019 Participation levels drop despite BCH.

Posted on 21 March 2019 | 7:00 pm

Bitcoin (BTC), LTC, XRP and the Crypto Market Reaches the Same Critical Point with Mixed Signals - Coingape

Bitcoin (BTC), LTC, XRP and the Crypto Market Reaches the Same Critical Point with Mixed Signals  Coingape

Bitcoin continues to struggle around $4000 as the altcoins have also taken a laid back approach after a reasonably good start to the year. The total market ...

Posted on 21 March 2019 | 6:48 pm

Bitcoin [BTC]: Dubai gets its first ATM; users can acquire BTC using any fiat currency - AMBCrypto News

Bitcoin [BTC]: Dubai gets its first ATM; users can acquire BTC using any fiat currency  AMBCrypto News

Bitcoin [BTC], the largest cryptocurrency in the world has been involved in the crypto sphere prominently since the start of 2019. The cryptocurrency is making ...

Posted on 21 March 2019 | 6:32 pm

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Dash CEO claims "Bitcoin (BTC) won't survive long-term" - Chepicap

Dash CEO claims "Bitcoin (BTC) won't survive long-term"  Chepicap

Dash CEO Ryan Taylor recently gave an interview to online crypto magazine Breaker. He discussed the increasing importance of DASH to the Venezuelan ...

Posted on 21 March 2019 | 6:19 pm

Bitcoin [BTC]: Mike Novogratz says people should bow down to Satoshi Nakamoto and thank him - AMBCrypto News

Bitcoin [BTC]: Mike Novogratz says people should bow down to Satoshi Nakamoto and thank him  AMBCrypto News

Bitcoin advocate and billionaire Mike Novogratz was in the news again after he said that people should bow down to Bitcoin's creator, Satoshi Nakamoto, and ...

Posted on 21 March 2019 | 6:15 pm

MakerDAO Votes to Increase Fees 4% on Ethereum Stablecoin DAI

Users of the dollar-backed stablecoin DAI have staked MakerDAO governance tokens in favor of supporting a 4 percent raise to stablecoin fees.

Posted on 21 March 2019 | 6:10 pm

Bitcoin scammer boasts $760,000 payday through dark web domain squatting - The Next Web

Bitcoin scammer boasts $760,000 payday through dark web domain squatting  The Next Web

A scammer is claiming to have made 200 BTC ($760000) through 'typosquatting' criminal dark web sites on the Tor network, over the past four years.

Posted on 21 March 2019 | 5:45 pm

Lightning Loop Lets Users Empty Lightning Channels Without Closing Them

Lightning Loop

Lightning Labs, the development team working to grow the Lightning Network, just released the alpha version of a new protocol called Lightning Loop.

Lightning Loop is designed to give users the ability to deposit and withdraw bitcoin from their payment channels (the two-way payment gateways that allow users to send and receive funds to and from each other) without closing these channels entirely.

“Lightning channels are like tubes of money: the more you send the more you can receive, and the other way around,” according to a blog post written by Lightning Lab developers Alex Bosworth and Bryan Vu. “Money moves around in the tube, but the total amount of funds remains constant. So, unlike other payment systems, Lightning requires ‘inbound capacity’ in order to receive funds.”

When setting up payment channels, users have to fund their accounts with bitcoin to begin sending and receiving. “Inbound capacity” refers to a receiver’s ability to claim a certain number of bitcoin from a sender. If, for example, Molly has a payment channel set up with Angela and Molly funded her side of the channel with 2 BTC while Angela funded her channel with 1 BTC, then Molly’s inbound capacity is 1 BTC and Angela’s is 2 BTC. If Molly wants to receive 2 BTC from Angela then they’d have to open up a new channel and fund it with the appropriate amount.

If a sender does not have enough bitcoin for a given transaction, the recipient won’t be able to receive an invoiced amount through the channel. But if a channel is at capacity, then the recipient won’t be able to receive funds, either.

This new protocol’s “Loop Out” feature mitigates the latter problem. With Loop Out, a Lightning Network user will be able to empty a channel once it has reached its full capacity. Instead of having to close this channel entirely and set up a new one, they can send a portion of these funds to an on-chain wallet instead.

The blog post also noted that this protocol will also make it easier for first-time users to fund their Lightning wallets to begin receiving payments.

“Further, when a [user] ... joins the Lightning Network, they can use Loop Out to get initial receiving capacity as well. As a result, new recipients on the network no longer need to rely on others to open channels with them before they’re able to start receiving payments,” Bosworth and Vu wrote.

Lightning Labs is also working on a feature to work in the inverse. Rightly dubbed “Loop In,” this would allow users to refund their payment channels when they become low on bitcoin capacity.

“The vision for Lightning Loop is to allow users to securely move funds in and out of the Lightning Network using non-custodial Bitcoin contracts,” per the blog post. “With Loop, users, businesses, and routing node operators are able to keep Lightning channels open indefinitely, making the network more efficient, more stable, and cheaper to use.”

To try Lightning Loop’s alpha release, check out Lightning Lab’s GitHub. While still in the testing phase, Lighting Labs’ blog post emphasized that “Loop Out transactions are limited to a maximum of 0.01 BTC” and will require no additional fees beyond on-chain transaction fees.

This article originally appeared on Bitcoin Magazine.

Posted on 21 March 2019 | 5:32 pm

Here’s how much ‘Bitcoin Twitter’ loves presidential candidate Andrew Yang - The Next Web

Here’s how much ‘Bitcoin Twitter’ loves presidential candidate Andrew Yang  The Next Web

The hype surrounding the US presidential election in 2020 is growing palpable, and one candidate, Andrew Yang, is getting significant attention from the ...

Posted on 21 March 2019 | 5:13 pm

Hold Bitcoin (BTC), Billionaire Recommends Even as Coin Demand Wane - newsBTC

Hold Bitcoin (BTC), Billionaire Recommends Even as Coin Demand Wane  newsBTC

Bitcoin prices likely to crumble Chinese billionaire recommends hodling Transaction volumes low averaging 6k. Although Bitcoin is on an uptrend, it may.

Posted on 21 March 2019 | 5:08 pm

Bitcoin Sees Sharp Selloff: Latest BTC Price Analysis - Blockonomi

Bitcoin Sees Sharp Selloff: Latest BTC Price Analysis  Blockonomi

As the price of Bitcoin again came to a significant resistance point at around $4129 a rejection has been made which causes a sharp selloff.

Posted on 21 March 2019 | 4:39 pm

New Document Details Ex-QuadrigaCX Law Firm’s Conflict of Interest

Law firm Stewart McKelvey had a conflict in representing both QuadrigaCX and its CEO's widow, a new document says.

Posted on 21 March 2019 | 4:30 pm

Bitmain Set to Deploy $80 Million Worth of Bitcoin Miners, Sources Say

Bitmain, the largest manufacturer of crypto mining equipment, is scaling up its capacity to mine bitcoin itself.

Posted on 21 March 2019 | 3:05 pm

Bitmain Set to Deploy $80 Million Worth of Bitcoin Miners, Sources Say - CoinDesk

Bitmain Set to Deploy $80 Million Worth of Bitcoin Miners, Sources Say  CoinDesk

Bitmain is planning to deploy 200,000 units of its own mining equipment in China to take advantage of cheap hydroelectric power this summer. The equipment is ...

Posted on 21 March 2019 | 3:05 pm

Bitcoin update: Falling fast towards $3,900 on broad crypto sell-off - FXStreet

Bitcoin update: Falling fast towards $3,900 on broad crypto sell-off  FXStreet

The price of Bitcoin is falling fast, hitting a daily low of $3915. The slide comes amid a broader sell-off of digital coins. Ethereum (ETH/USD) lead.

Posted on 21 March 2019 | 3:02 pm

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Dubai's First Bitcoin ATM Removed After Just 2 Days - Bitcoinist

Dubai's First Bitcoin ATM Removed After Just 2 Days  Bitcoinist

Earlier this week, we reported that the first Bitcoin ATM in Dubai had arrived. Like many Bitcoin ATMs, you couldn't make withdrawals–but you could buy bitcoin ...

Posted on 21 March 2019 | 2:48 pm

Bitcoin Breaks Above $4,000 Mark, Square Looks to Hire Crypto Engineers - Cheddar

Bitcoin Breaks Above $4,000 Mark, Square Looks to Hire Crypto Engineers  Cheddar

Bitcoin finally broke past the $4,000 mark this week. Plus, Jack Dorsey is hiring crypto engineers for his payments company Square. thumbnail · WATCH NEXT.

Posted on 21 March 2019 | 2:32 pm

Bitcoin Grinding Higher - where next? [Video] - FXStreet

Bitcoin Grinding Higher - where next? [Video]  FXStreet

Bitcoin continues to grind higher but where to next? Nictrades shows you how she uses technical analysis to read the markets and what to look for in t.

Posted on 21 March 2019 | 2:17 pm

Sirin Labs, MyEtherWallet Team Up for Finney Phone Integration

Sirin Labs, developer of the Finney blockchain phone, has teamed up with MyEtherWallet for an integration aimed to benefit both companies.

Posted on 21 March 2019 | 2:00 pm

Bitcoin, Gold Strongly Correlated in 3-Week High to Spell Stock Market Disaster - CCN

Bitcoin, Gold Strongly Correlated in 3-Week High to Spell Stock Market Disaster  CCN

Bitcoin and gold both hit three-week highs on Thursday after a period of highly correlated trading. It comes as the dollar crashes and warning signs flash on the ...

Posted on 21 March 2019 | 1:13 pm

Numerai Token Sale Raises $11 Million From VC Firms Paradigm, Placeholder

Hedge fund and predictions market startup Numerai just closed an $11 million round led by Paradigm and Placeholder.

Posted on 21 March 2019 | 1:00 pm

PSA: Don’t use this fake Wasabi wallet to ‘store’ your Bitcoin - The Next Web

PSA: Don’t use this fake Wasabi wallet to ‘store’ your Bitcoin  The Next Web

Watch out! Wasabi, the popular anonymizing cryptocurrency wallet, has been been duped by scammers in an apparent bid to steal your Bitcoin.

Posted on 21 March 2019 | 11:34 am

Bitcoin Price Charts Echo Pattern Seen Before 2015 Bull Market - CoinDesk

Bitcoin Price Charts Echo Pattern Seen Before 2015 Bull Market  CoinDesk

Bitcoin's drop from a record high of $20,000 clocked in December 2017 has ended up creating a falling channel similar to the one created in the 18 months ...

Posted on 21 March 2019 | 11:20 am

Bitcoin price prediction: BTC/USD reclaims $4,000 support; will it sustain this uptrend? Confluence Detector - FXStreet

Bitcoin price prediction: BTC/USD reclaims $4,000 support; will it sustain this uptrend? Confluence Detector  FXStreet

BTC/USD finally managed to resume the uptrend above the key level at $4000. Since the drop on Sunday last week, Bitcoin bulls have been struggling to.

Posted on 21 March 2019 | 11:19 am

Crypto Market Maker B2C2 Hires Wall Street FX Vet to Lead US Expansion

London-based crypto liquidity provider B2C2 has hired Wall Street veteran Rob Catalanello to lead its expansion in the U.S.

Posted on 21 March 2019 | 11:00 am

Mt. Gox Gets Closer to Returning Over 141,000 Bitcoin To Its Users - Bitcoinist

Mt. Gox Gets Closer to Returning Over 141,000 Bitcoin To Its Users  Bitcoinist

Mt. Gox is in possession of over 141,000 Bitcoin and more than 142,000 Bitcoin Cash. Does this mean that users will finally get their funds back five years later?

Posted on 21 March 2019 | 10:34 am

Mt Gox Trustee Approves Creditor Claims Worth Billions

The trustee of collapsed crypto exchange Mt. Gox has approved creditors' claims amounting to billions of dollars, but there's a catch.

Posted on 21 March 2019 | 10:05 am

Ex-NATO Chief, Danish PM Now Advises Blockchain Firm Concordium

A former prime minister of Denmark and secretary-general of NATO has joined blockchain identity startup Concordium as a strategic advisor.

Posted on 21 March 2019 | 9:01 am

Bitcoin (BTC) Price And Time: Trend Overwhelmingly Bullish - newsBTC

Bitcoin (BTC) Price And Time: Trend Overwhelmingly Bullish  newsBTC

Bitcoin price is trading with a positive bias above $4000 against the US Dollar. Dips in BTC remain supported and buyers seem to be sighting more upsides ...

Posted on 21 March 2019 | 6:30 am

Crypto Market Rally Inevitable: ONT Surges, Bitcoin Cash, XLM, EOS, TRX Analysis - newsBTC

Crypto Market Rally Inevitable: ONT Surges, Bitcoin Cash, XLM, EOS, TRX Analysis  newsBTC

The crypto market seems to be positioned for an upside break, with solid gains in ONT and XTZ. Bitcoin (BTC), Ethereum (ETH), stellar (XLM), BCH, EOS, ripple ...

Posted on 21 March 2019 | 6:00 am

Ripple (XRP) Price Facing Hurdles While Bitcoin, Ethereum Turn North - newsBTC

Ripple (XRP) Price Facing Hurdles While Bitcoin, Ethereum Turn North  newsBTC

Ripple price failed to hold gains against the US Dollar, but upsides were limited versus bitcoin. XRP/USD is currently consolidating above $0.3140 and it could ...

Posted on 21 March 2019 | 5:00 am

Lightning Labs Releases ‘Loop’ Feature for Bitcoin Payments Channels

California startup Lightning Labs released today a new feature to improve usability of the bitcoin payment channel network, lightning.

Posted on 21 March 2019 | 4:35 am

This Short Animation Might Make You Think Twice About Taxes - Bitcoin News

This Short Animation Might Make You Think Twice About Taxes  Bitcoin News

A Bitcoin Cash (BCH) supporter recently noted that the biggest hindrance to cryptocurrency adoption is tax laws and reporting taxes on digital currency usage.

Posted on 21 March 2019 | 1:59 am

Square Is Hiring New Crypto Engineers — And It Wants to Pay Them in Bitcoin

Payments startup Square wants to bring on crypto-focused engineers and designers, and may pay them in bitcoin.

Posted on 20 March 2019 | 10:30 pm

Bitcoin, Ethereum, Ripple, Litecoin, EOS, Bitcoin Cash, Stellar, Binance Coin, Tron, Cardano: Price Analysis, March 20 - Cointelegraph

Bitcoin, Ethereum, Ripple, Litecoin, EOS, Bitcoin Cash, Stellar, Binance Coin, Tron, Cardano: Price Analysis, March 20  Cointelegraph

Another multi-million dollar token sale that sold out in minutes on Binance Launchpad shows that appetite for new coins with strong use cases is returning.

Posted on 20 March 2019 | 10:14 pm

Creditors Committee Formed for Collapsed Crypto Exchange QuadrigaCX

A creditors' committee has been formed for users of the failed QuadrigaCX exchange, and it includes a former Mt Gox customer.

Posted on 20 March 2019 | 9:15 pm

Will Lightning Network’s Latest Feature Help Bitcoin Achieve Mass Adoption? - newsBTC

Will Lightning Network’s Latest Feature Help Bitcoin Achieve Mass Adoption?  newsBTC

Lightning Labs, one of the teams working on Lightning Network, has announced an update aimed at bringing greater utility to the network and Bitcoin.

Posted on 20 March 2019 | 9:00 pm

Bitcoin’s [BTC] valuation will reach $250,000 by 2023, claims Tim Draper - AMBCrypto News

Bitcoin’s [BTC] valuation will reach $250,000 by 2023, claims Tim Draper  AMBCrypto News

The speculation over Bitcoin's [BTC] future is a hotbed for debate among crypto-analysts and enthusiasts around the globe. At press time, Bitcoin was valued at ...

Posted on 20 March 2019 | 7:40 pm

Bitcoin Price Prediction: BTC/USD firm break above $4000 will open the door to great potential upside - FXStreet

Bitcoin Price Prediction: BTC/USD firm break above $4000 will open the door to great potential upside  FXStreet

Bitcoin price late in the session on Wednesday is trading down in negative territory by some 0.25%. BTC/USD appears to be very much within consolidati.

Posted on 20 March 2019 | 6:00 pm

Dow, Bitcoin Teeter as Markets Wait for FOMC Bounce - CCN

Dow, Bitcoin Teeter as Markets Wait for FOMC Bounce  CCN

Both Dow futures and the bitcoin price are on edge as the US stock market waits for today's FOMC decision on interest rates.

Posted on 20 March 2019 | 1:12 pm

Theranos Documentary Introduces World to Tim Draper's Bitcoin Tie - Bitcoinist

Theranos Documentary Introduces World to Tim Draper's Bitcoin Tie  Bitcoinist

The new Theranos documentary saw billionaire venture capitalist Tim Draper become the latest Bitcoin figure to take the cryptocurrency to mainstream The new ...

Posted on 20 March 2019 | 1:04 pm

Bitcoin Struggles to Pass Key Price Resistance Over $4K - CoinDesk

Bitcoin Struggles to Pass Key Price Resistance Over $4K  CoinDesk

Bitcoin could rise to recent highs near $4,200 in the short-term if prices validate the bullish outside reversal or “engulfing” candle created in the three days to ...

Posted on 20 March 2019 | 11:00 am

Most Respondents File Negative Comments for SEC's Review of VanEck/SolidX Bitcoin ETF - Cointelegraph

Most Respondents File Negative Comments for SEC's Review of VanEck/SolidX Bitcoin ETF  Cointelegraph

Multiple respondents have filed comments with the U.S. SEC on the latest proposed rule change for the VanEck/SolidX Bitcoin ETF.

Posted on 20 March 2019 | 10:19 am

Binance Now Lets Australians Buy Bitcoin With Cash at Over 1,300 Stores - CoinDesk

Binance Now Lets Australians Buy Bitcoin With Cash at Over 1,300 Stores  CoinDesk

Cryptocurrency exchange Binance has unveiled a new platform in Australia that allows users to buy bitcoin with cash from high-street stores. Announcing the ...

Posted on 20 March 2019 | 9:00 am

Bitcoin's Highest Hash Rate in 4 Months Supports Growing Optimism - Bitcoinist

Bitcoin's Highest Hash Rate in 4 Months Supports Growing Optimism  Bitcoinist

Bitcoin hash rate, the computing power securing the network, has reached levels not seen since early November 2018. Bitcoin Hash Rate May Have 'Bottomed' ...

Posted on 20 March 2019 | 9:00 am

Blow To Bitcoin As Researchers Warn Of 'Genuine' Exchange Problem - Forbes

Blow To Bitcoin As Researchers Warn Of 'Genuine' Exchange Problem  Forbes

Bitcoin and cryptocurrency exchanges, many of which have been the subject of scandals over recent years, have struggled to win user and regulatory trust, with ...

Posted on 20 March 2019 | 7:41 am

Bitcoin (BTC) Price Hesitates But Further Gains Seem Likely - newsBTC

Bitcoin (BTC) Price Hesitates But Further Gains Seem Likely  newsBTC

Bitcoin price started a slow and steady rise against the US Dollar. BTC is showing positive signs and it seems like there could be an upside extension above the ...

Posted on 20 March 2019 | 6:30 am

Bitcoin overview: $6,000 becomes a possibility once $4,000 is cleared - Tone Vays - FXStreet

Bitcoin overview: $6,000 becomes a possibility once $4,000 is cleared - Tone Vays  FXStreet

Bitcoin (BTC) is back at $3975 after another failed attempt to crack $4000 barrier. The first digital coin has been sitting in a tight range ever s.

Posted on 20 March 2019 | 6:09 am

$25 Million in 2 Weeks: BlockFi Booms as Bitcoin and Ether Investors Seek Interest - CoinDesk

$25 Million in 2 Weeks: BlockFi Booms as Bitcoin and Ether Investors Seek Interest  CoinDesk

BlockFi's interest-yielding deposit accounts, launched in beta in January and fully live this month, have attracted more than $35 million in crypto. Most of it is ...

Posted on 20 March 2019 | 3:55 am

Big Day for Bitcoin Acceptance: Crypto Welcomed at Multi-Billion-Dollar Pair of Retailers - newsBTC

Big Day for Bitcoin Acceptance: Crypto Welcomed at Multi-Billion-Dollar Pair of Retailers  newsBTC

Many critics of Bitcoin often argue that its four occasionally five-figure price point is entirely unjustified based on the lack of BTC use in retail. However, over the ...

Posted on 19 March 2019 | 11:00 pm

Crypto Analyst: Do Or Die For Bitcoin As Downtrend Resistance Nears Closer - newsBTC

Crypto Analyst: Do Or Die For Bitcoin As Downtrend Resistance Nears Closer  newsBTC

As Bitcoin continues the search to find the “bottom” of its current bear market correction, there's no denying just how important the coming days are for the first ...

Posted on 19 March 2019 | 8:00 pm

The $4,000 level is becoming ‘life or death’ for Bitcoin traders, says analyst - MarketWatch

The $4,000 level is becoming ‘life or death’ for Bitcoin traders, says analyst  MarketWatch

Bitcoin prices were relatively unchanged in early trade on Tuesday, hovering below $4000, a level that's growing more important by the day, according to...

Posted on 19 March 2019 | 5:09 pm

Fortune 500 Company Avnet Works With BitBay to Add Bitcoin, Bitcoin Cash Payment Option - Cointelegraph

Fortune 500 Company Avnet Works With BitBay to Add Bitcoin, Bitcoin Cash Payment Option  Cointelegraph

News. Avnet, Inc, one of the world's largest distributors of electronic components and technology solutions providers, has announced a collaboration with crypto ...

Posted on 19 March 2019 | 4:59 pm

Bitcoin Accepted as Payment Option by Major US Electronics Company

Avnet Bitpay.jpg

Avnet has become the latest major enterprise to begin accepting payment in bitcoin and other cryptocurrency. On March 19, 2019, the company announced that it will allow customers to pay for goods and services using bitcoin and bitcoin cash. Crypto payment processor BitPay will facilitate the transactions.

Founded in 1921, Avnet is one of the oldest major American electronics companies. With more than 15,000 employees and net income north of $250 million, it’s also one of the country’s larger technology firms. Today, its business centers around helping to design and manufacturer electronics for other companies.

On Tuesday, Avnet announced that the companies it works with can now pay for their goods and services using bitcoin and bitcoin cash.

The new payment options are available immediately, Sunny Trinh, the company’s vice president of demand creation, told Bitcoin Magazine in an email. He added that the company has already “closed several multi-million-dollar transactions” using cryptocurrency.

“Our customers have been asking to pay in cryptocurrency, and we listened,” Trinh said. “Bitcoin gives our customers added flexibility, and we are excited to offer our customers the option to pay with bitcoin or bitcoin cash.”

Avnet’s decision to begin accepting bitcoin and bitcoin cash reflects an effort to make it easier for businesses to purchase goods and services from the company by giving clients one less challenge to worry about during the difficult work of bringing new products to market.

“We recognized that cryptocurrency would help our customers overcome the competition and challenges they face every day in taking their ideas from design to production,” Trinh said. “And we listened to our customers who said they would like the option to pay for our products and services with cryptocurrency.”

“Cryptocurrency is one more way we help our customers bring their products to market faster,” he added.

Sonny Singh, chief commercial officer at BitPay, expressed a similar sentiment. He wrote in a statement, “I predict Avnet will attract many new blockchain-focused customers from around the world that want to take advantage of paying with bitcoin.”

The idea that accepting bitcoin is important for generating new business is notable, especially coming from a century-old, blue-chip enterprise. So far, most of the companies that have taken the step of accepting payment in bitcoin have been younger and smaller.

This trend has found its way to Switzerland, as well. Digitec and Galaxus, an online retailer akin to Amazon, has also started accepting cryptocurrency as payments. Coinify will act as a payment processor for the website, accepting bitcoin, bitcoin cash, ether, litecoin and other notable altcoins and immediately converting these funds into Swiss francs for the retailer.

This article originally appeared on Bitcoin Magazine.

Posted on 19 March 2019 | 4:08 pm

Israeli Court Rules Against One-Size-Fits-All Bitcoin Ban by Bank

israel bank regs.jpg

An Israeli court ruled on March 17, 2019, that banks can't enforce a blanket ban against all accounts linked to cryptocurrency. Instead, the court said, banks need to consider the specific type and scope of crypto-related activity before determining whether or not to open an account.

The case involved a lawsuit begun in May 2018 by Israminers, a bitcoin mining company based in Ukraine, against the Union Bank of Israel. The bank refused to accept deposits into the company's account, and ultimately shut the account down because much of the money in the account was related to bitcoin.

The bank's position was that allowing crypto-related activity within accounts that it managed put it at risk of facilitating money laundering. As a result, it decided as early as 2014 to refuse to provide services related to virtual currencies.

The bank argued in court that it had notified the Supervisor of Banks, the Israeli government agency that oversees the banking industry, of its policy and was not told that it would pose a problem.

However, in a March 17, 2019, ruling, judge Limor Bibi wrote that the bank's policy was too broad, according to the Israeli newspaper Calcalist. It is "unreasonable," he wrote, for banks to adopt a "sweeping policy" under which they ban all activity related to bitcoin or other cryptocurrency.

That said, Bibi also wrote that banks are within their rights to refuse to provide services for customers operating in the crypto economy if a bank has a legitimate reason to believe that the customers might be seeking to launder money.

In short, then, the court upheld the right of banks to refuse to provide services for crypto-related activities if they might violate the law. But banks can't ban deposits or accounts simply because they involve crypto.

Broadly speaking, the ruling aligns with the recommendations released earlier this month by Israel's financial regulator regarding the crypto economy. The report encourages the government to support crypto companies while emphasizing the importance of disclosures and oversight of crypto activity.

This article originally appeared on Bitcoin Magazine.

Posted on 19 March 2019 | 3:53 pm

After QuadrigaCX: New Regulations for Canadian Exchanges Are in the Works

PostQCX regs.jpg

As anxiety grows around every new twist and turn in the ongoing QuadrigaCX drama, along with extensive QuadrigaCX media coverage, Canada’s mainstream media has been calling on the government to bring in better oversight and regulation of cryptocurrency businesses, especially cryptocurrency exchanges.

In response to these calls for more regulation and calls from some crypto businesses for more regulatory clarity, the Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC) released a discussion paper on March 14, 2019, with a “New Proposed Platform Framework” that would aim to specifically tailor regulations to the special risks posed by cryptocurrency exchanges.

The CSA consultation paper, which can be viewed here, asks 22 questions and requests comments from crypto/fintech companies, market participants/investors and other crypto stakeholders about what regulations would best fit in the unique new cryptocurrency marketplace.

When Is a Crypto Exchange a Securities or Derivatives Dealer?

As a number of observers have commented, this round of consultations is mainly about how to define the new business of cryptocurrency exchanges and how far to go in imposing old regulatory models on a new economic system.

Calgary-based securities and cryptocurrency lawyer Matt Burgoyne commented on Twitter:

“There is a lot to unpack in the new CSA consultation paper on cryptocurrency exchanges. Exchanges must consider whether their interactions with users create a derivative contract or futures contract.”

He added, “Non-security tokens trading on Canadian exchanges may be derivatives and still subject to regulation … this is a really detailed set of consultation questions, comments from industry due May 15.”

Lawyer Evan Thomas, who headed up a legal team at Osler, Hoskin & Harcourt LLP to produce a summary of the CSA consultation paper, told Bitcoin Magazine:

“A big issue with this proposal is that it is not clear as a legal matter that Canadian securities regulators have jurisdiction to regulate platforms for trading bitcoin and other crypto-assets that are not securities.”

One of the goals stated in the Osler paper is:

“To ensure that the CSA does not exceed its jurisdiction over the cryptoasset industry, we are hopeful that Platform regulation will provide further clarity regarding types of cryptoassets and related services that are not subject to securities regulation, such as tokens that are not investment contracts or derivatives and non-custodial cryptocurrency wallets.”

Third Time Lucky?

The Canadian government has conducted two previous consultation rounds with the cryptocurrency industry (in 2014 and 2018) but Thomas, who is cautiously optimistic, notes that this new initiative is a more direct response to cases like that of QuadrigaCX.

“Earlier regulation was directed at combating money laundering and terrorist financing. This proposed framework is motivated by investor protection concerns; that is, trying to protect crypto users who use custodial exchanges from risks like hacking, embezzlement and market manipulation,” Thomas explained.

The ghost of QuadrigaCX can be seen in the current discussion paper which asks: What operational requirements should be put in place to prevent a collapse like that of QuadrigaCX? What measures can affect market integrity, fair pricing, disclosure of conflict of interest and business continuity planning?

Would the Proposed Regulations Have Prevented the QuadrigaCX Collapse?

It’s an interesting question whether the proposed regulations in the discussion paper would have prevented what happened at QuadrigaCX — and the answer is likely no.

Amber D. Scott, CEO of Outlier Canada, a cryptocurrency compliance consulting company, told Bitcoin Magazine that without adequate enforcement resources, it’s unlikely the new rules would have affected the outcome.

“Background checks for beneficial owners and executives are useful if they are sufficiently in-depth and acted upon. The QuadrigaCX story is interesting because they were registered with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) at one point (though it's not clear whether they were up front in their application about the beneficial owners).

“Similarly, proposed audits are useful tools, but I expect that fooling auditors would be possible, especially given that there will be very few experienced auditors that also understand crypto assets at this stage.”

She added that, in many cases, the impact is likely to be a greater cost of compliance burden for companies that choose to operate within these frameworks, and very little for those that do not. “In my estimation, some of the most important (and lacking) resources are those needed to investigate and prosecute bad actors. Fraud is already illegal.”

Clear Regulations Are Good for Crypto Business

Despite this, a number of Canadian crypto exchanges, including Coinsquare and Coinberry, have said they would welcome clear, fair regulations that make it easier to be compliant and will help bring them into the financial mainstream.

The Osler paper highlights the positive benefits of regulation including better relationships with the banking sector:

“By establishing a regulatory regime for Platforms, the Framework may make it easier for Platforms to obtain and maintain commercial relationships with banks and other financial institutions, which remains an ongoing challenge for certain Platforms.”

In addition, clear regulations that apply to crypto asset securities dealers would be an opening for businesses that are currently flying under the radar.

“The Framework potentially opens the door for Platforms that transact in cryptoassets that are securities or derivatives to operate within Canada in a compliant manner. Examples may include Platforms dealing in security tokens or tokenized assets, decentralized prediction markets or other so-called ‘decentralized finance’ (DeFi) activities.”

The proposed regulations will apply to crypto platforms located in Canada, as well as foreign platforms with Canadian participants, which might be eligible for exemptions if they are appropriately regulated in their home jurisdiction.

The CSA is a federal government agency coordinating financial regulations for Canadian capital markets and IIROC is the industry’s self-regulatory organization that oversees investment dealers in Canada’s debt and equity markets.

Comments are due by May 15, 2019.

This article originally appeared on Bitcoin Magazine.

Posted on 19 March 2019 | 3:42 pm

Bitcoin’s Share of Total Crypto Market Slips Back Toward 50% - CoinDesk

Bitcoin’s Share of Total Crypto Market Slips Back Toward 50%  CoinDesk

Bitcoin's dominance rate, or its share of the total cryptocurrency market, is on the verge of falling below 50 percent for the first time in over seven months. At press ...

Posted on 19 March 2019 | 3:35 pm

Venezuela: Maduro Administration Targets Bitcoin Remittance - Bitcoinist

Venezuela: Maduro Administration Targets Bitcoin Remittance  Bitcoinist

The Venezuela government is reportedly making a move towards collecting fees on Bitcoin remittance payments in the country. This step comes as the The ...

Posted on 19 March 2019 | 3:02 pm

Op Ed: Hanging Money Launderers Out to Dry: The Role of KYC/AML in Blockchain

GP blockchain AMLKYC.jpg

Crime isn’t supposed to pay, but sometimes the wages of sin are paid in bitcoin. Last week, Japanese police reported that 2018 saw a tenfold increase of cryptocurrency money laundering. In 2017, Japan’s National Police Agency discovered fewer than 700 instances of crypto money laundering. Last year, they found more than 7,000 cases. What is it about this new asset class, which is enabled by blockchain distributed ledger technology, that makes it so appealing to criminals? And what can be done to keep cryptocurrency clean?

Cryptocurrencies present the world with a radically new way of thinking about value. As a rule, there’s no central issuer like a mint, no printed bills or stamped coins, and no government affiliation. Given these radical differences from traditional money and cryptocurrency advocates’ concerns about institutions and centralization, some uncontroversial and long-established aspects of traditional finance have proven unpopular in the crypto world. One of the most important disputes, and the most central to stopping crime, is over anti-money laundering (AML) and know-your-customer (KYC) regulations.

In addition to stymying money laundering, KYC/AML rules help combat illegal drug trade, halt terrorist financing, and prevent trafficking. Outside observers are sometimes surprised that such measures inspire resistance from the cryptocurrency world, but many of the technology’s earliest adopters believed in full anonymity as a principle. Though absolute anonymity may have a theoretical appeal for some, it may cause more problems than it solves. When cryptocurrency exchanges are hacked, anonymity protects the perpetrators. When the Mt. Gox exchange was hacked in 2014, the hundreds of millions of dollars of “lost” money could be traced to accounts, but those accounts could not be linked to individuals. Similarly, while anonymity can permit bad actors to execute money laundering, it makes price manipulation via pump-and-dump schemes far simpler. By making these activities possible, anonymity contributes to cryptocurrency’s notorious volatility and makes it that much less likely that digital currencies will become stable stores of value.

Contrary to some arguments, KYC and AML are not “centralizing” forces that corrupt the blockchain. Rather, they will lead to greater decentralization by inspiring greater faith in the network and encouraging new participants in blockchain technology. The blockchain community can be fractious, but if there’s one thing almost universally agreed upon, it’s that major financial institutions will shortly enter the market. The largest banks and financial firms, many of them centuries old, might be persuaded to invest in volatile assets, but they’re far more reluctant to stake claims in sectors considered legally suspect. KYC and AML eliminate a substantial barrier to entry; their implementation could bring greater and safer investment to blockchain technology.

Roughly half the world’s population currently uses banking services; as developing economies emerge onto the world stage, the number of bank users will only grow. As globalization progresses, this newly banked population will cross oceans and borders, further increasing the already high demand for remittance payments and international money transfers. AML and KYC protocols enable banks to confidently invest in cryptocurrency and encourage their customers to do the same, thus opening cryptocurrency to half the world’s population. Even the unbanked may benefit: bank involvement in cryptocurrency will inspire more robust infrastructure and more accessible interfaces for cryptocurrency trades, which might allow the unbanked to make their first investments and establish their financial reputations, so long as they have a cell phone and access to the internet.

Much of the international monetary framework rests on 40-year-old protocols and standards like SWIFT; there are periodic updates, upgrades, and adjustments, yet the system remains far slower than might be expected for one of the economic engines of the contemporary world. Cryptocurrencies are less than a quarter of SWIFT’s age, but in the single decade they have existed, their speed, infrastructure, reliability and versatility have all experienced incredible growth and surpassed many of SWIFT’s capabilities. With proper KYC and AML, there’s every chance that cryptocurrencies could be used to transfer payments more quickly, securely and reliably than today; cryptocurrency could become an essential underpinning of the world financial system.

The rapid maturation of cryptocurrency — in 10 years, it has grown from a hypothetical on an obscure internet mailing list to a multi-billion dollar industry — has made legislators and regulators around the world take notice. All over the world, officials, many of whom lack tech experience, are beginning to craft and enforce cryptocurrency rules. In the United States, for example, the Securities and Exchange Commission has labeled blockchain and cryptocurrency a 2019 priority. Many other economic powerhouses have issued similar plans. With officialdom taking action, cryptocurrency should make the strategic decision to proactively implement the protections they expect to be codified. By working with legislators, rather than against them, they can ensure that eventual rulings are to the mutual benefit of industry and society.

Cryptocurrencies will not uniformly integrate KYC/AML by tomorrow or next week, but if there’s anything that blockchain technology’s first decade has taught, it’s that the technology moves faster than expected or predicted. We may not know what exactly the future holds, or when precisely it might arrive, but there can be no doubt that cryptocurrency’s future holds greater scrutiny, more reliability, far more adoption and far fewer crimes.

This is a guest post by Michael Ou, CEO of CoolBitX. Opinions expressed are entirely his own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

This article originally appeared on Bitcoin Magazine.

Posted on 19 March 2019 | 1:49 pm

Hacker Requests Bitcoin Payment to Reveal Personal Details of 26 Million Users - newsBTC

Hacker Requests Bitcoin Payment to Reveal Personal Details of 26 Million Users  newsBTC

A prolific hacker, known as “Gnosticplayers”, has put the details of 26 million users of six companies from across the globe up for sale. This is the fourth round of ...

Posted on 18 March 2019 | 11:00 pm

Sats Back: How the Ebates of Bitcoin Plans to Convert Holders to Spenders - Bitcoin Magazine

Sats Back: How the Ebates of Bitcoin Plans to Convert Holders to Spenders  Bitcoin Magazine

CEO Alex Adelman says that while working at Ebates, he learned "why people buy, how people use cashback programs," — the hows and whys that would ...

Posted on 18 March 2019 | 10:29 pm

Bitcoin Price Analysis: Slow Grind Could Lead to Short Squeeze - Bitcoin Magazine

Bitcoin Price Analysis: Slow Grind Could Lead to Short Squeeze  Bitcoin Magazine

Last Friday, we discussed a macro resistance level bitcoin would likely test. The level was tested three times prior and immediately rejected. Now, for the fourth ...

Posted on 18 March 2019 | 10:29 pm

Bitcoin Price Analysis: Slow Grind Could Lead to Short Squeeze

Bitcoin Price Analysis

Last Friday, we discussed a macro resistance level bitcoin would likely test. The level was tested three times prior and immediately rejected. Now, for the fourth time, we find ourselves situated above the level as we wait to see if our support holds:

Figure_1.png

Figure 1: BTC-USD, Daily Candles, Fourth Test of Macro Resistance

The first three attempts to hold support above the black, broken resistance have been stifled with relatively high amounts of volume. However, something to note is that the three rejections of the overhead resistance have become weaker and weaker. Now, on our fourth attempt, we are doing so in a very meandering/drifting manner. Typically, impulsive moves (like the last three attempts) react with impulsive moves in response to the strong move into the level. Grinding moves, however, (like the fourth attempt we are currently experiencing) are often tactics used to trap early shorters and not allow them an opportunity to exit. This sort of position stacking often leads to a “short squeeze.”

A short squeeze occurs when the market stacks a large amount of people trapped in a position without an opportunity to exit. As the market drifts upward, more and more people continue to short the market expecting a pullback. And, in some cases, the market continues to drift upward, causing these short positions to go deeper and deeper into a losing position.

Ultimately, these positions hit a breaking point where they will either be stopped out or force-liquidated, causing a large number of market buy orders to hit the market all at the same time. Right now, we have yet to experience the short squeeze, but we are laying the foundation to create a lot of trapped short positions in a relatively narrow price band:

Figure_2.png

Figure 2: BTC-USD, Daily Candles, Upward Drift on Fourth Attempt

This upward drift has been persistent as we just ground right through the black resistance shown above. An upward grind like this can often be indicative of bearish exhaustion — especially when we have been strongly rejected several times before. At this level, it seems supply has been exhausted, and we will likely see a retest of the red zone shown below:

Figure_3.png

Figure 3: BTC-USD, Daily Candles, Macro Resistance Zone

The red zone represents the maximum extent the market has been willing to extend itself prior to being rejected. When the market develops well-defined zones of resistance, it also develops, as a consequence, a tight band of logical stop losses that can be used to fuel either a bullish or bearish rally, depending on the context.

It seems logical that we will revisit this level whether the next major macro move is upward or downward. If we move upward, break new highs and fail to maintain new highs, that can be a bearish signal that large institutions are still unloading their supply and we are ready for a strong reversal.

However, if we visit this zone and continue to grind upward, that could lead to a very powerful breakout of the level. Almost everyone who shorted over the last three to four months would have a logical stop order placed just above the red zone, and it could potentially cascade a short squeeze that would yield a very violent move to the upside.

Summary:

  1. So far, we are content to stair-step our way through local resistance levels and, for the time being, are finding support on the macro black level shown above.
  2. If we continue to hold this support level, we can expect to visit the low $4,000 level as this seems like a logical source of liquidity.
  3. A break of the red zone outlined in this article will likely yield a violent move to the upside as a short squeeze would fuel a bullish rally.

Trading and investing in digital assets like bitcoin is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Inc related sites do not necessarily reflect the opinion of BTC Inc and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.

This article originally appeared on Bitcoin Magazine.

Posted on 18 March 2019 | 10:17 pm

Sats Back: How the Ebates of Bitcoin Plans to Convert Holders to Spenders

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“The biggest problem I could think of was distribution. How do you share and educate both consumers and merchants on the power of bitcoin? I learned how much consumers loved earning and why merchants make decisions to adopt new technology.”

Given his experience as an e-commerce professional, Alex Adelman, co-founder and CEO of Lolli, should know. After graduating from the University of North Carolina at Chapel Hill in 2011, the entrepreneur started Cosmic, an e-commerce gateway “with the idea to democratize commerce, allowing anyone to buy anything anywhere,” he told Bitcoin Magazine. The company, after an initial acquisition by PopSugar Inc., would end up in the hands of e-commerce cashback giant Ebates, and Adelman and his CTO, Matt Senter, would stay on staff after the buyout.

Now, the duo are taking their experience working at Ebates and their original dream to “democratize commerce” to a new network of technology and clientele: Bitcoin.

From Cash Back to Sats Back

While working at Ebates, Adelman told us that he learned "why people buy, how people use cashback programs" — the hows and whys that would eventually lay the foundation for building Lolli's bitcoin-back platform.

From craft beer memberships to VPNs to clothing, you can shop for just about anything on Lolli, though Adelman says travel is the most popular category (this is perhaps due to the fact that most airline booking sites, like CheapOAir, give a flat rate in bitcoin back rather than a percentage).

Like Ebates’ own model, Lolli’s is simple and enticing: Shop online with Lolli’s participating retailers and earn a variable amount of bitcoin back as a reward. Launched just six months ago, the platform already has 10,000 active users, Adelman told Bitcoin Magazine, and it’s struck up partnerships with retail and online service leaders like Walmart, Overstock and Bookings.com. These are just a few names out of the 500 partners Lolli has brought to the platform as it continues to sprout and grow.

The seeds for the company were sown over five years ago when Adelman was on a trip to New York while he was still building Cosmic. He was couch surfing at the time while navigating the choppy waters of New York’s sea of industry, attempting to form partnerships and secure capital for his first startup.

Adelman said he doesn't like the "Hollywood-ization" of those moments when the entrepreneurial light bulb clicks on and a business idea shines forth. But he also said that, if he could pick a moment when the initial spark for Lolli's conceptualization was kindled, it was one fateful night at a New York bar when he met the soon-to-be co-founder of Blockstack, Ryan Shea.

"A couple of years into [Cosmic], we learned about bitcoin. On a trip to New York, I bumped into Ryan Shea randomly through a friend of a friend at a bar, and he had just learned about bitcoin and he talked my ear off for like three hours. And everything he said resonated with me,” Adelman said.

"Everyone has that friend or that moment. I was obsessed. Everything we were building was on top of fiat rails and all breakages we were seeing were with payments. We were getting taxed by every single one of these layers that has no real purpose or reason."

Still, it would take years of careful deliberation and focus before Adelman and Senter would go full bitcoin with Lolli. Adelman's glad they waited, telling Bitcoin Magazine that he doesn't think they "would have had the same success if we tried to implement it five years ago."

Originally, though, the team wasn't going to build it for Bitcoin. After leaving Ebates, Adelman said that he and Matt toyed with Solidity to see if they could build a DApp for this use case. He was on a bit of an altcoin kick, he admits, and thought that Ethereum might be a good fit for the platform. That was until he took a walk in Washington Square Park with friend and fellow Bitcoiner Arjun Balaji.

"I was talking about some of the stuff we were building in Solidity and he asked pretty bluntly, 'When's the last time you read the Satoshi Whitepaper?' And truthfully, I hadn't read it in a couple years. It's so basic, so I felt like I knew it," he said.

"I read it again, and it hit me like this source of truth. And speaking candidly, I said, ‘What am I doing? Everything's in Bitcoin. That's where it starts.’"

"So I started the concept for this idea that was so simple: Ebates but for bitcoin. Giving people cash back in the form of bitcoin as a way to distribute bitcoin to more people."

Between Adelman's background of marketing Cosmic to retailers over the last seven years and Senter’s developing skills, "all these things beautifully came together, and Matt and I just started building."

Matt hammered out a prototype in "about two weeks," and Adelman began shopping around this beta to some retailers.

Turning Holders into Spenders

Today, Lolli continues to grow and, as it grows, Adelman believes that not only will it bring more people into the bitcoin ecosystem to passively earn the cryptocurrency, but it will eventually convert holders into users. Then, the companies that participate in the sats-back program will be incentivized to accept bitcoin as more users leverage the program and show interest in spending their bitcoin on actual services.

"The next stage — these earners are going to become spenders. Once they hold bitcoin, they're going to want to spend it."

For now, though, he says that the retailers are just happy to have the additional coverage. It wasn’t hard to convince them to play ball, he told us, because much like with Ebates, the cost is negligible and can be seen as a marketing expense. Lolli drives users to their sites because, as with its cash-back predecessor, “people are loyal to [the service], not the particular brands.”

After these users purchase goods on these sites, Lolli receives a commission from that purchase and they credit the user’s account with bitcoin that the company buys from “top OTCs,” Adelman said. He emphasized that all user information is anonymized (the retailers don’t see names, only user IDs when someone shops using the service) and that Lolli does not make money by selling data, a misconception that the company has been crusading against online.

When asked whether or not the platform would expand to other cryptos, Adelman said he’s a big believer in free markets, and that people can spend their bitcoin or trade it for other cryptos if they wish. So, for now, he’s loyal to bitcoin, and he would rather focus on enriching the platform’s functionality before adding support for other coins.

In the works, for instance, is a category search function that will allow users to type in the item or services they’re searching for on the site to streamline their search. Until that feature is ready, customers can reach out to Lolli customer support to request an item and they will search for participating retailers to find the best deal for you. Adelman believes that this human factor and customer service will ultimately allow his new company to outcompete the legacy cashback company he came from.

“It’s all about good branding. We want people to associate good customer service with bitcoin. And if we can do that, it’ll mean more people defaulting to Lolli for bitcoin over Ebates in the long run."

This article originally appeared on Bitcoin Magazine.

Posted on 18 March 2019 | 8:06 pm

Cboe to stop listing bitcoin futures as interest in crypto trading cools - CNBC

Cboe to stop listing bitcoin futures as interest in crypto trading cools  CNBC

Cboe Global Markets has decided to stop adding new bitcoin derivitives.

Posted on 18 March 2019 | 4:20 pm

A Lightning API for Bitcoin Futures Data Has Launched - CoinDesk

A Lightning API for Bitcoin Futures Data Has Launched  CoinDesk

An experimental *service* that allows users to pay for futures data from exchanges Kraken and BitMEX with bitcoin's in-development lightning network is now live.

Posted on 18 March 2019 | 3:00 pm

Israeli Bank Policy Should Not Have Shut Down Bitcoin Mining Firm’s Account, Court Rules - Cointelegraph

Israeli Bank Policy Should Not Have Shut Down Bitcoin Mining Firm’s Account, Court Rules  Cointelegraph

News. An Israeli court has ruled in favor of a Bitcoin (BTC) mining company after a local bank closed its account over money laundering concerns. Israeli daily ...

Posted on 18 March 2019 | 11:59 am

Bitcoin And Crypto Billionaires Defy Price Downturn With Bold Bets - Forbes

Bitcoin And Crypto Billionaires Defy Price Downturn With Bold Bets  Forbes

Bitcoin, the world's first and largest cryptocurrency which has been struggling to justify its price recently, has found many new supporters amid its long-running ...

Posted on 18 March 2019 | 10:12 am

Bitcoin’s Price and Network Activity: One is Outpacing the Other - CoinDesk

Bitcoin’s Price and Network Activity: One is Outpacing the Other  CoinDesk

Bitcoin's user growth, as represented by active addresses, has spiked in the last eight weeks leaving the price far behind, a move that contradicts the popular ...

Posted on 18 March 2019 | 6:11 am

When Bakkt? Bitcoin Futures Market’s Approval Appears Stuck in Limbo - CoinDesk

When Bakkt? Bitcoin Futures Market’s Approval Appears Stuck in Limbo  CoinDesk

Bakkt was first announced in early August as a bitcoin trading and custody platform, but its launch has been repeatedly delayed; It has submitted a proposal to ...

Posted on 18 March 2019 | 2:00 am

Bitcoin Educator Jimmy Song Isn’t A Big Fan Of Ethereum (Or JP Morgan Coin) - newsBTC

Bitcoin Educator Jimmy Song Isn’t A Big Fan Of Ethereum (Or JP Morgan Coin)  newsBTC

Over the past weeks, some of the world's largest institutions, namely Facebook and JP Morgan, have announced intentions to launch blockchain ventures.

Posted on 17 March 2019 | 6:00 pm

Bitcoin Average Daily Trading Volume Reaches New High Since 2018 - newsBTC

Bitcoin Average Daily Trading Volume Reaches New High Since 2018  newsBTC

Average daily trading volume of the world's largest cryptocurrency Bitcoin has reached its *fresh* highs since April, 2018.

Posted on 17 March 2019 | 1:47 pm

Real Estate Giant Holding Live Luxury Home Auction for Bitcoin - Bitcoin News

Real Estate Giant Holding Live Luxury Home Auction for Bitcoin  Bitcoin News

A major Australian real estate group is holding a luxury home auction that can be paid for with two cryptocurrencies. There will be a live auctioneer who will call ...

Posted on 17 March 2019 | 9:30 am

Bitcoin (BTC) Price Weekly Analysis: Can Buyers Keep The Rally Going? - newsBTC

Bitcoin (BTC) Price Weekly Analysis: Can Buyers Keep The Rally Going?  newsBTC

Bitcoin price climbed sharply into a bullish zone above $3900 against the US Dollar. BTC/USD is placed nicely in an uptrend and dips close to $3920 remain ...

Posted on 17 March 2019 | 6:00 am

When’s Spring? Bitcoin Ticks Past $4,000 As Crypto Volumes Surge - newsBTC

When’s Spring? Bitcoin Ticks Past $4,000 As Crypto Volumes Surge  newsBTC

The tides have seemingly begun to turn in the favor of Bitcoin (BTC). Volumes have surged across the board, all while the flagship cryptocurrency has slowly ...

Posted on 16 March 2019 | 9:00 pm

Bitcoin Suddenly Back Above $4,000--Here's Why - Forbes

Bitcoin Suddenly Back Above $4,000--Here's Why  Forbes

Bitcoin, which has struggled to hold on to previous attempts to gain a footing above $4000, has today rallied to a little over the psychological barrier, gaining ...

Posted on 16 March 2019 | 8:17 am

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Bitcoin Price Analysis: Could Three Times Be the Charm for This Resistance Level?

Bitcoin Price Analysis

Bitcoin remains in its tightly coiled range as the market continues its sideways trend for the third week in a row. While macro support has been tested three times recently, we have yet to test the overhanging macro resistance:

Figure_1 (8).png

Figure 1: BTC-USD, Daily Candles, Narrow Range

The blue zone outlined above shows a very strong zone of support that, over the last few weeks, has seen three strong tests and has led to a slowly upward-drifting market consolidation. Since re-establishing support, the market has yet to see a meaningful retest of the overhead resistance outlined above in the red dashed and solid lines. The immediate resistance sitting overhead has, historically, been a highly volatile period where supply has manifested and stifled any bullish pressure:

Figure_2 (2).png

Figure 2: BTC-USD, Daily Candles, Three Rejections

The black level outlined above represents the preliminary level that the market had tested prior to shoving to the red macro resistance levels. In Figure 2, we can see three clear tests followed immediately by three rejections. And now, after finding support on a major, macro level (the blue zone), we seem to be meandering upward into the immediate overhead black resistance.

This current move is considerably different from the prior moves. The three prior tests occurred very violently and were matched with overwhelmingly violent selling responses. Our fourth test, however, has been a slow, persistent grind. Upward drifts like this are often signs of weakening supply and, consequently, a weakening resistance level.

While it is still early to tell and we have yet to actually establish support on this level, the early signs of bearish exhaustion are starting to surface as we make our way upward. If we manage to test and find support on the black level, it seems logical that the next step would be to test the level in the low $4,000s that has been rejected so many times previously.

Because we are stuck in the middle of a range, the market is pseudo-agnostic in terms of its market bias. It’s a bit of a no-man’s-land, so to speak. If we do see a rejection of our overhead level, we can fully expect a retest of the macro, blue support zone shown above. A failure to hold the blue zone would undoubtedly yield a test of our macro lows in the low $3,000s.

We need to see a bullish close either above our current resistance or below our current macro support before any meaningful market movement is realized. Until then, it is just chop-city as we ping-pong back and forth between the upper and lower boundaries of our range.

Summary:

  1. Bitcoin has continued to consolidate within its narrow range.
  2. The consolidation has an upward tilt to it that is causing us to slowly grind through a macro resistance level that has seen three strong rejections over the last three months.
  3. If we fail to break the overhead resistance and find support, we can expect a macro retest of the support level in the mid $3,000s. However, if we break out and find support, we can expect to see, at minimum, a retest of the low $4,000 area.

Trading and investing in digital assets like bitcoin is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Inc related sites do not necessarily reflect the opinion of BTC Inc and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.

This article originally appeared on Bitcoin Magazine.

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March 22, 2019 -
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