Category Archives: Bitcoin

Bitcoin wallet provider Coinbase will launch the first U.S. licensed exchange for the digital currency on Monday, according to a Wall Street Journal report.

While pointing to a Lunar teaser website with a clock counting down to 9 a.m. Eastern Time Monday, Coinbases Twitter account also posted a link to documentation for Coinbase Exchange, calling them API docs for our new project.

The move by Coinbase follows plans announced last week for Gemini, a regulated Bitcoin exchange in New York that is backed by Cameron and Tyler Winklevoss, and reflects a movement to get financial authorities behind Bitcoin amid continued price declines, hacking and criminal cases as well as the collapse of mammoth Japan-based exchange MtGox 11 months ago.

That would go against Bitcoins founding philosophy as an unregulated, anonymous currency, but if Bitcoins latest price movements are any indication, traders dont seem to mind. Bitcoin jumped over US$30 on Monday, touching a high of $290 on tracking site CoinDesk. It hit $177 earlier this month, its lowest in over a year.

The Coinbase founders have regulatory approval in half of U.S. states including jurisdictions with big cities in New York and California, according to the Journal. The API (application programmer interface) documents show that the exchange will have no trading fees during a promotional period, after which it will charge 0.25 percent.

Coinbase already claims 2.2 million consumer wallets, 38,000 merchants and 7,000 developer apps. Last week, it announced it had raised $75 million from investors including The New York Stock Exchange, calling it the first time financial institutions made a major investment in a Bitcoin firm.

2015 will be the year when institutional investors began moving into Bitcoin in large numbers, Jeff Garzik, a Bitcoin developer, said via email.

Buying and trading bitcoins in the United States has always been a hassle, with many using overseas exchanges.Buying local is always more efficient, involves fewer fees, and is more likely to be compliant with the laws of your jurisdiction.These two exchanges will make Bitcoin more accessible to a huge target market.

Coinbase did not immediately respond to a request for more information.

Tim Hornyak reports on IT, telecommunications, science, and technology in Japan for the IDG News Service. More by Tim Hornyak

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Coinbase to launch first licensed U.S. Bitcoin exchange

Bitcoin is a virtual currency that allows users to exchange online credits for goods and services. There is no central bank that issues them. Instead, bitcoins are created online using a computer to complete difficult tasks, in a process known as mining. The digital currency is renowned for its volatility and has been heavily criticized for facilitating illegal activity, given that it can be used anonymously.

Jeffrey Robinson, the author of "BitCon: The Naked Truth about Bitcoin" is one such notable critic. He told CNBC previously that he believed it was a "pretend currency masquerading as a pretend commodity."

The insolvency of Japanese exchange Mt. Gox and the recent trading suspension at Bitstamp, the second-largest dollar-bitcoin exchange, has hurt the reputation of the cryptocurrency and has dented the price, which tanked by around 65 percent in 2014.

Monday's news caused its value to spike, however, and is likely to inject some much-needed trust back into the digital currency. It saw a 16 percent jump on Monday morning and was trading close to $300 for one bitcoin, according to industry website CoinDesk.

"To be clear, it's insurance against bitcoin loss," said Ehrsam "On top of the fact that we've been operating successfully in the U.S. for about 2 1/2 years, the largest bitcoin company has insurance to back it all up."

This is important news for the U.S.-based exchange marketplace, according to Jon Matonis, the founding director of the Bitcoin Foundation, which is a not-for-profit organization which aims to promote and protect the cryptocurrency.

"It will be a true floating-rate exchange with various order types," he told CNBC via email. "U.S.-based floating-rate exchanges contribute less than one percent to overall global trading volume for bitcoin, so I would expect that percentage to increase significantly."

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Bitcoin gets first regulated US exchange

Bitcoin is a virtual currency that allows users to exchange online credits for goods and services. There is no central bank that issues them. Instead, bitcoins are created online using a computer to complete difficult tasks, in a process known as mining. The digital currency is renowned for its volatility and has been heavily criticized for facilitating illegal activity, given that it can be used anonymously.

Jeffrey Robinson, the author of "BitCon: The Naked Truth about Bitcoin" is one such notable critic. He told CNBC previously that he believed it was a "pretend currency masquerading as a pretend commodity."

The insolvency of Japanese exchange Mt. Gox and the recent trading suspension at Bitstamp, the second-largest dollar-bitcoin exchange, has hurt the reputation of the cryptocurrency and has dented the price, which tanked by around 65 percent in 2014.

Monday's news caused its value to spike, however, and is likely to inject some much-needed trust back into the digital currency. It saw a 16 percent jump on Monday morning and was trading close to $300 for one bitcoin, according to industry website CoinDesk.

"To be clear, it's insurance against bitcoin loss," said Ehrsam "On top of the fact that we've been operating successfully in the U.S. for about 2 1/2 years, the largest bitcoin company has insurance to back it all up."

This is important news for the U.S.-based exchange marketplace, according to Jon Matonis, the founding director of the Bitcoin Foundation, which is a not-for-profit organization which aims to promote and protect the cryptocurrency.

"It will be a true floating-rate exchange with various order types," he told CNBC via email. "U.S.-based floating-rate exchanges contribute less than one percent to overall global trading volume for bitcoin, so I would expect that percentage to increase significantly."

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Bitcoin gets regulated US exchange

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