Bitcoin split in two, here’s what that means | CNN Money

August 2, 2017August 2, 2017 ~ knjohn ~ Leave a comment

All eyes were on bitcoin on Tuesday as the digital currency split in two.

After ongoing debates over how to scale the digital currency called bitcoin, some people have decided to make an entirely new currency called Bitcoin Cash.

It’s a bit complicated for those who aren’t in the bitcoin weeds. Essentially, political, technological, and ideological debates about growing bitcoin have come to a head. And some say that an entirely new currency called Bitcoin Cash could help scale bitcoin and bring it to the masses.

It’s not just Bitcoin anymore… | BBC News

May 25, 2017May 25, 2017 ~ knjohn ~ Leave a comment

The price of Bitcoin, a digital currency once located at the fringe of finance, has been rising to new records in recent months as digital assets move into the mainstream.

On Tuesday, it shot past $2,200 (£1,700), more than doubling from just two months ago. And a newer currency, Ethereum, has climbed even faster.

Industry members say uncertainty surrounding the value of global currencies, including the pound, is driving demand for alternative currencies.

Four Fundamental Problems Bitcoin Startups are Attempting to Address | CoolBusinessIdeas.com

May 1, 2017April 30, 2017 ~ knjohn ~ Leave a comment

Cryptocurrency sounds suspicious just by moniker. Cryptography is like a more imposing form of the word “security”, and cryptocurrency can be difficult to wrap one’s mind around. It’s an exciting and volatile new form of currency that has millennials asking themselves whether it’s time to invest.

Banks and venture capitalists don’t like uncertainty, so why is Goldman Sachs rapidly investing in Bitcoin related startups and business ventures? The answer is to stay ahead of the emerging trend (even the IRS is saying Bitcoins are taxable). Cryptocurrency is a very real phenomenon that is starting to show itself in our everyday lives. There are strong odds that you’ve shopped somewhere this week that will accept Bitcoin as a source of payment. That snowball effect has given away to some interesting startups trying to solve fundamental problems related to currency.

High-Speed Traders Are Taking Over Bitcoin | Bloomberg

January 16, 2017 ~ knjohn ~ Leave a comment

Zhou Shuoji is not a bitcoin believer. He says the cryptocurrency will never replace its traditional forebears, and he calls most of its proponents fanatics.

But for Zhou, a 35-year-old high-speed trader in Beijing, bitcoin is also too good to resist. His computers trade it 24 hours a day, seven days a week. Using lightning quick orders, they profit from tiny price discrepancies on the myriad venues where it changes hands.

“It’s the golden age to be in the bitcoin market, because it’s imperfect,” said Zhou, a former IBM technology consultant whose firm, Fintech Blockchain Group, runs a bitcoin hedge fund and venture capital fund.

China is behind the latest bitcoin craze | Business Insider

December 30, 2016 ~ knjohn ~ Leave a comment

Bitcoin had a great 2016. The cryptocurrency rallied 120% to $952, threatening to break the $1,000 mark for the first time. While bitcoin has seen a consistent bid throughout the year, its 57% gain (in US dollar terms) over the past three months has been particularly impressive.

So what’s behind the move?

China.

In his latest edition of “Greed & Fear,” CLSA’s Christopher Wood notes, “Daily turnover in Shanghai-based BTC China, the world’s largest bitcoin exchange by volume, has risen from around Rmb1bn in late September to a peak of Rmb27.8bn on 22 December and Rmb16.4bn on Wednesday (see Figure 11) while the Bitcoin price has risen by 70% over the past three months to Rmb6,927.”

Building a Cool Business with Bitcoin: Three of the Best Bitcoin Business Ideas | CoolBusinessIdeas.com

November 16, 2016 ~ knjohn ~ Leave a comment

Take a monetary system that exists but doesn’t really exist, add in a few creative tech types and let their imaginations run wild and what do you get? Yes, you’ve guessed it: some cool business ideas. Bitcoin may have come into existence only in 2009, but as we head into 2017 it’s starting to become a mainstream hit to some interesting and innovative ideas.

For those who don’t know, Bitcoin is basically a virtual currency that’s created online, transferred and spent online and, importantly, has no physical form. Made by computers in a network using a process known as mining, Bitcoin isn’t controlled by any government and, in essence, is the perfect Internet currency.

With Bitcoin opening up new ways for people to pay online, it’s little wonder that you can now get slicker, cheaper and better services in the virtual arena. In fact, when you take a look at the following business ideas, you’ll see why Bitcoin is now fueling the next stage of the digital revolution.

The Bitcoin Revolution is Coming | Getentrepreneurial.com

September 28, 2016September 28, 2016 ~ knjohn ~ Leave a comment

How can unrelated parties negotiate securely and transparently without having to rely on expensive intermediaries? Some programmers believe that bitcoin is the answer to that question and that it will revolutionize the way we do business.

What started as a nine page proposal in the white paper “Bitcoin: A Peer-to-Peer Electronic Cash System” by Satoshi Nakamoto (whose true identity remains unknown), has now become the way that more than 200,000 transactions per day are done. The rising popularity of bitcoin has caused markets and financial institutions to invest in the development of products based on this revolutionizing technology.

To understand what the buzz over bitcoin is all about and how to make the most of it, we need to become familiar with the concepts of bitcoin and blockchain, the opportunities that they are creating, and the approach that regulators are taking.

Bitcoin drops more than 10% after security breach | BBC News

August 3, 2016 ~ knjohn ~ Leave a comment

The price of bitcoin has fallen more than 10% after the Hong Kong-based digital currency exchange Bitfinex said it had suffered a major hack.

The security breach led to the possible theft of bitcoin worth $65m (£49m).

Bitfinex told the Reuters news agency on Wednesday that nearly 120,000 bitcoin were stolen from its exchange platform.

All transactions on the virtual exchange have been suspended while the security breach is investigated.

In a statement on its website, Bitfinex said that it was “deeply concerned about the issue and we are committing every resource to try to resolve it”.

The hack is one of the biggest thefts in bitcoin’s history and is being treated as a “major deal” by many in the virtual currency community.

Bitcoin could split in debate over currency’s future | BBC News

August 19, 2015August 18, 2015 ~ knjohn ~ Leave a comment

A row over changing the software that produces bitcoins could split the virtual currency, core developers say.

Bitcoin XT, a new version, is currently being recommended by the currency’s chief scientist, Gavin Andresen.

And its developer, Mike Hearn, says its adoption essential to ensure the currency can cope with growing demand.

But some, including a large number of bitcoin miners in China, are resisting XT because of how it might affect control over the currency.

Bitcoin’s blockchain – a digital ledger of all transactions made with the currency – is currently made up of 1MB blocks.

Bitcoin XT would enable these blocks to grow to 8MB.

Will Bitcoin ever rebound? | Money Cnn

January 15, 2015 ~ knjohn ~ Leave a comment

If they handed out awards to financial assets like they did to movies, then Bitcoin would definitely be the winner of the Razzie for worst currency.

Bitcoin lost more than 60% of its value last year. The digital currency has already plunged another 30% in the first few days of 2015 — and that includes a 30% rebound on Thursday!

The price of Bitcoin (XBT) briefly fell below $200 on Wednesday, an important psychological barrier, before bouncing back.