Category Archives: Cryptocurrency

BitCoin, LiteCoin, etc.

Cryptocurrency Round-Up: Bitcoin’s China Resurgence and Independent Reserve Launches Exchange

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Bitcoin is experiencing a quiet comeback in China following months of unfavourable regulation(IBTimes UK)

The price of bitcoin has slid once again over the weekend, falling back down below $350 (217) for the first time since its crash earlier this month.

Other major cryptocurrencies, including dogecoin, peercoin, namecoin and darkcoin, also saw their prices fall by a similar 1% to 3% margin since Friday 24 October.

Cannabisdarkcoin was the biggest mover across all markets. The cryptocurrency, which launched earlier this month, saw its value surge by 180% in the last 24 hours.

Australia-based cryptocurrency company Independent Reserve has launched a bitcoin exchange in Sydney, claiming it is faster than other exchanges.

"As an Australian you'll be able to open an account and be verified in minutes," said Adrian Przelozny, chief technology officer of Independent Reserve.

Przelozny believes bitcoin is not far away from breaking fully into the mainstream, with around 76,000 merchants accepting the cryptocurrency around the world.

He said: "eBay is about to start accepting Bitcoin, you can buy a holiday on Expedia using Bitcoin, and you can buy a computer from Dell using Bitcoin."

Following months of unfavourable bitcoin regulation in China, the cryptocurrency is making a quiet comeback in the country, according to China's 21st Century Business Herald.

The ban on trading bitcoin introduced by China's central bank was seen as one of the main factors in bitcoin's price crashing earlier this year.

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Cryptocurrency Round-Up: Bitcoin's China Resurgence and Independent Reserve Launches Exchange

Michele Marchesi: Using an Artificial Financial Market for studying a Cryptocurrency Market 2/2 – Video

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Michele Marchesi: Using an Artificial Financial Market for studying a Cryptocurrency Market 2/2
http://bitcoinference.com/2014/Michele-Marchesi.html Bitcoin chat here: http://chat.bitcoinference.com/

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Michele Marchesi: Using an Artificial Financial Market for studying a Cryptocurrency Market 2/2 - Video

Gaming N ews

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GoCoin is the first e-commerce payment solution designed to process bitcoin and emerging altcoins for gaming and international operators considered "high risk" by traditional payment networks. With recent gambling tax reform changes like the UK's impending Point of Consumption (POC) Tax, operators are actively seeking lower cost payment alternatives to improve margins.

By most accounts, gambling represents approximately half of all Bitcoin transactions. Cryptocurrencies offer a truly global payment method without third party intermediaries. By partnering with GoCoin, Cozy Games will enjoy a dramatic reduction in costs associated with credit card transactions, chargebacks, and cross-border fees -- all without having to worry about the security, volatility or complexity of handling coins directly.

"GoCoin is the frontrunner bringing deep cryptocurrency expertise to the regulated iGaming sector, which was key in our decision to integrate their platform," said Sreeram Reddy, CEO of Cozy Games. "GoCoin's solution is adaptable and compliant with Internet gaming law, allowing us to safely adopt the latest payment innovations while focusing on our core strength of delivering an excellent online experience for our players."

"By accepting cryptocurrencies through the GoCoin payment platform, regulated online gambling operators can engage new markets like the underbanked that are historically difficult to reach," said Steve Beauregard, co-founder and CEO of GoCoin.

"Our engineers are actively working with regulators to develop clear guidelines that stay within the law while also respecting a player's right to privacy."

As a licensed operator, Cozy Games subscribes to responsible gaming policies and does not allow gambling by any person under the age of 18. GoCoin's KYC procedures work seamlessly with an operator's to ensure money coming into the gateway is under the custodianship of the identified player and that the player actually owns their bitcoin wallet.

About GoCoin GoCoin is the first international payment platform for bitcoin and emerging digital currencies, making it easier than ever for online and retail merchants to accept Bitcoin, Litecoin, and Dogecoin at checkout. GoCoin insulates merchant operators from the complexities and volatility of alt-currencies by settling transactions in the currency of their choice. Founded in July 2013, GoCoin is an international group of companies with offices in Singapore, London, Douglas, Boston and Santa Monica.

About Cozy Games Founded in 2005, by a team of gaming industry veterans, Cozy Games has emerged as one of the top innovators in the industry to date. The company brings decades of experience and a global workforce to ensure that products and services advance the business requirements of every customer and meet budget requirements. Cozy Games also has a product suite of over 90+ games which include bingo, classic and video slots, table games, scratch cards and network jackpots.

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Gaming N ews

Cryptocurrency Round-Up: Twitch Accepts Dogecoin and Saxo Bank Says Bitcoin is ‘Fad’

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Saxo Bank panel claims bitcoin is a "fad", while streaming service Twitch embraces dogecoin.(IBTimes UK)

The price of bitcoin has continued to slide, falling by a further 3% over the last 24 hours to take its market capitalisation below $5bn, (2.5bn).

Dogecoin and peercoin also saw their values fall by a similar margin, while litecoin, darkcoin and namecoin remained relatively stable.

The biggest mover across all markets was solarcoin, a digital currency distributed to incentivise the use of solar energy over the next four decades. Solarcoin rose in value by 65% since yesterday to take its market cap above $250,000, (156,000).

Senior vice president at Eurex Exchange Javier Tordable called bitcoin a "fad" at a panel discussion at Saxo Bank's Trading Debates this week.

Tordable did suggest that the block chain through which bitcoin transactions are processed holds potential for storing and sharing data in the future.

"We are very interested in the technology behind it, the block chain," Tordable said, according to CoinDesk, before stating that he would like to explore the idea of storing data in a "multi-channel" or distributed manner.

Online streamingservice Twitch has started accepting dogecoin as a payment option for its premium service.

Dogecoin is the second cryptocurrency to be accepted by the populargaming venue, after it began accepting bitcoin earlier this year.

Google-owned Twitch offers other unusual payment methods to its 55 millionmonthly viewers, including Burger King and Subway gift cards.

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Cryptocurrency Round-Up: Twitch Accepts Dogecoin and Saxo Bank Says Bitcoin is 'Fad'

Cryptocurrency Round-Up: PayPal Founder Sceptical of Bitcoin and Bitnet Receives $14.5m Funding

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Bitcoin and other major cryptocurrency markets remain stable, as Bitnet secures Series A funding.(IBTimes UK)

The price of bitcoin has remained relatively stable over the past 24 hours, shifting by less than 1% in value since yesterday.

Most other major cryptocurrencies have followed in bitcoin's lead, with litecoin, dogecoin and peercoin all moving by between 0% and 2%.

The biggest mover across all digital currency markets is uro, the "hybrid commodity token" that pegs its value to the fertilizer urea. Uro's price jumped by 45% to take its market capitalisation up above $1.5 million for the first time since July.

The co-founder of PayPal, Peter Thiel has said that despite bitcoin being founded on the same set of ideas as PayPal, the two have developed in very different directions.

"Bitcoin is the opposite of PayPal, in the sense that it actually succeeded in creating a currency," Thiel said in a talk at the Booth School of Business in Illinois.

"However, its payment system is lacking, and it is often used to make illegal transactions, such as to buy heroin. Until bitcoin is used to make more legal transactions, I am a bit sceptical."

Thiel has previously described bitcoin as "badly lacking", saying in a Reddit AMA (ask me anything) last month that he would become "more bullish" on bitcoin when the payment volume of bitcoin significantly increases.

Bitnet secures $14.5m Series A funding

Bitcoin payments processor Bitnet has raised $14.5m in a Series A funding round that it hopes will go some way to enticing major merchants into using its payments software.

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Cryptocurrency Round-Up: PayPal Founder Sceptical of Bitcoin and Bitnet Receives $14.5m Funding

Cryptocurrency meets cash at new bitcoin ATM in Fells Point

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Cryptocurrency may be the future, but it lives in what is, for many, still a cash world.

So while bitcoin advocates push for ways to encourage people to use the digital form of payment, they also must meet consumers and their wallets where they are.

A company that plans to install as many as 100 bitcoin ATMs by year's end installed the region's first of the machines Monday night at Fells Point bar Bad Decisions. More are planned for Baltimore-Washington International Thurgood Marshall Airport and Amtrak stations, Wal-Marts and 7-Eleven stores around the region.

While usage of bitcoin is still low even at establishments like Bad Decisions, a well-known early adopter of technology and social media advocates hope the ATMs will make it easier for technophiles to give bitcoin a try.

"It's going to be an easy entry point for consumers to actually get bitcoins," said Josh Riddle, CEO and co-founder of Bitsie, a Baltimore startup that works with brick-and-mortar stores to help them accept bitcoin payments.

Otherwise, the virtual currency exists solely online. A public ledger system tracks who owns which bitcoins, each of which was worth about $380 as of Monday. Most bitcoin users get them by buying them on one of a host of online exchanges, or by accepting them for goods or services being sold. Bitcoin "miners" generate new bitcoins by helping to process and verify bitcoin transactions.

The currency is not backed or controlled by any government, but its advocates say it is safer than traditional money. The transactions are secured by "military grade cryptography," according to the Bitcoin Foundation, and the codes that are assigned to bitcoins that verify a person's ownership can be stored on devices that don't remain connected to the Internet, protecting them from hackers.

But uncertainty over the safety and future of bitcoins has contributed to wild swings in their value. Bitcoins, which can be divided in pieces down to eight decimal places, have lost two-thirds of their value since hitting a peak of nearly $1,150 apiece in December 2013.

Bitcoin ATMs allow users to quickly use cash to buy bitcoins or to turn their bitcoins into bills. There are only about two dozen around the country; until Monday, the closest ones to Baltimore were in New York, Chapel Hill, N.C., and Columbus, Ohio.

The North Carolina-based company Coin Outlet installed the machine at Bad Decisions, a logical choice because it is the site of a regular meetup of bitcoin enthusiasts, Coin Outlet CEO Eric Grill said. But the plan is to go well beyond the bar Coin Outlet has a relationship with Locant Services, a company that operates kiosks for payphones, ATMs and other services at 100,000 locations across the country.

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Cryptocurrency meets cash at new bitcoin ATM in Fells Point