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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

Pick n Pay Double Take? The Supermarket Chain Isn't Accepting Bitcoin, It Tested It

South Africa's second-largest supermarket chain tested bitcoin payments earlier this year, but is thus far declining to roll out a broader option.

Posted on 19 September 2017 | 4:00 pm

China's bitcoin clampdown is likely here to stay, analysts say - CNBC


CNBC

China's bitcoin clampdown is likely here to stay, analysts say
CNBC
Chinese authorities banned token sales this month and local exchanges, under regulatory pressure, plan to close by the end of September. Analysts told CNBC the crackdown is likely part of a longer-term effort by regulators to control bitcoin. However ...

Posted on 19 September 2017 | 3:36 pm

Bitcoin Price Analysis: Amid Continuing China Rumors, BTC Fails to Break Key Resistance

China BTC price.jpg

When it rains, it pours. Last week, news began to hit the crypto community that China was taking harsh measures to reign in their various cryptocurrency exchanges. Several exchanges closed down and others were given a deadline to properly cease trading operations. This news came hard on the heels of recent directives that banned ICOs in China, leading to dramatic drops in cryptocurreny prices across the board.

After this latest news settled, bitcoin managed to slightly rally before topping out around $4100. However, early this week, rumors began to circulate that executives associated with Chinese exchanges are being prohibited from leaving China. At the time of this article, BTC-USD is sitting just at $3900 and is showing signs of further pullback:

Figure_1 (8).JPGFigure 1: BTC-USD, 12-Hour Candles, GDAX, Macro Fibonacci Retracement Values

The figure above shows the whole, macro bull run from the $1700s. One important feature of the trend shown above is the 61% retracement down to the $2900s. The retracement down to such a low value shows that sell pressure is very strong in the current market and hints toward bullish exhaustion within the macro trend. Another key feature to note is the following:

Figure_2 (8).JPGFigure 2: BTC-USD, 2-Hour Candles, GDAX, Failed 100% Retracement

An important test of this rally was the 100% retracement of the bear run, post-China news. Sitting just below the 23% Fibonacci Retracement lies the bear run. The test of the 100% retracement is important because that resistance line marks a strong shift in market sentiment. A failure to break through those values shows that, even though there was a strong rally, the market is still bearish in nature and is likely to continue.

Figure 2 also shows several tests and rejections of the 2-Hour 200 EMA (Exponential Moving Average). The 200 EMA is a common tool used among traders to objectively view the state of the market compared to the prior trends. A trend existing below the 200 EMA is bearish in nature, and trends that show support on top of the 200 EMA are bullish in nature.

At the time of this article, the BTC-USD is displaying two failed tests of key resistance levels and its showing little sign of upward pressure. Currently, the trend is sandwiched between the 200 EMA and the 50 EMA. Both moving averages can used in conjunction to gauge just how strong the market is. Like the 200 EMA, the 50 EMA shows short-term bullish and bearish trends relative to the EMA line: Trends above are showing bullish traits, and trends below are showing bearish traits.

Right now, we are in the middle of a crucial test of both support and resistance lines as the market decides where it will go next. A break below the 50 EMA will ultimate show the long-term bearish intent of the market and will lead to tests of the low support values:

Figure_3 (9).JPGFigure 3: BTC-USD, 1-Hour Candles, GDAX, Support Levels for Current Rally

At the moment, BTC-USD is making its third test of the current rally’s 23% retracement values. A break below this line will have bitcoin testing the macro 38% retracement values in the $3700s. If bitcoin manages to break the 38% retracement values somehow, there will be strong support around the $3400s as the 50% macro Fibonacci Retracement values (shown in Figure 1) have historic significance and support.

If bitcoin is going to see any significant price growth within this rally, it will have to pick up some major buy volume and break through very strong, historic resistance values. It’s extremely unlikely that, given its repeated failures to break resistance and the inherent bearish news looming over the Bitcoin community, BTC-USD will shove to new highs without strongly testing lower macro support.

Summary:

  1. BTC-USD had a strong rally, but ultimately topped out around $4100.

  2. At the moment, BTC-USD is testing macro support levels and shows very little, significant upward strength.

  3. Should we break support in the $3900s, we can expect a test of the macro 38% Fibonacci Retracement values in the $3700s.


Trading and investing in digital assets like bitcoin, bitcoin cash and ether 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 Media related sites do not necessarily reflect the opinion of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.

The post Bitcoin Price Analysis: Amid Continuing China Rumors, BTC Fails to Break Key Resistance appeared first on Bitcoin Magazine.

Posted on 19 September 2017 | 3:31 pm

Bitcoin Under Fire - Profit for Gold? - CoinTelegraph


CoinTelegraph

Bitcoin Under Fire - Profit for Gold?
CoinTelegraph
Cryptocurrencies, especially Bitcoin, have flown a little too close to the sun recently, and it has seen them get burned by a few key monetary institutions, as well as governments. This attack on Bitcoin, as well as fear and speculation around other ...

and more »

Posted on 19 September 2017 | 3:00 pm

Uncertainty Dominates as China Continues to Clamp Down on Cryptocurrencies

Uncertainty Dominates as China Clamps Down on Cryptocurrency

China is clamping down on cryptocurrency, that much is clear. But while the developing story dominates headlines, a notable trend is the lack of official information. Chinese officials seem to systematically decline requests for comments, local sources are willing to provide information on condition of anonymity only, while leaked documents remain unverified.

Despite this lack of clarity, here’s what’s known so far.

Effects on Trading

The most important thing we know for sure is that Chinese bitcoin exchanges will be closing down, or at least exiting China.

BTCC — the oldest bitcoin exchange in the world — was the first exchange to announce they’d be closing shop within the Asian country, by the end of this month. The exchange cited guidelines published by the Chinese central bank (the People’s Bank of China; PBOC), which initially appeared to only affect ICOs, as its reason for closing down.

Other exchanges quickly followed BTCC's lead. ViaBTC and Yunbi both announced that they’d be ceasing operations by the end of this month. Huobi and OKCoin, the two other major Chinese exchanges, announced they would be shutting down too, though not until the end of October. And BitKan, a big over-the-counter (OTC) trading service rather than an order-book exchange, announced it would be shutting down as well.

While the cited guidelines initially did not seem to concern bitcoin, it is likely that Chinese officials have made it clear through separate channels that they do apply to the cryptocurrency. Bloomberg (among others) reports that exchange operators decided to close down after in-person meetings with PBOC officials, and the Wall Street Journal reports — based on anonymous sources — that the PBOC has prepared a set of “draft instructions” that would ban cryptocurrency trading altogether. These draft instructions have also been leaked (translation) but have so far not been verified for authenticity.

The content of the leaked documents is also consistent with warnings issued by a Chinese quasi-regulatory body — the National Internet Finance Association of China (NIFA) — regarding cryptocurrency trading, published shortly before exchanges announced that they would be shutting down.

According to the NIFA, Bitcoin exchanges lack “legal basis” to operate in the country. Additionally, NIFA official Li Lihui told a technology conference in Shanghai on Friday that a goal of China’s monetary regulation is to ensure that “the source and destination of every piece of money can be tracked.”

The Status of Bitcoin

As far as official statements go, Bitcoin itself is not banned in China. Owning, using, and — most importantly — mining bitcoin should technically not be affected by the published guidelines.

However, more unverified reports (translation) consistent with reporting from the Wall Street Journal, claim that Bitcoin itself will be blocked by the so-called “great firewall of China.” Specifically, seed addresses, which help to bootstrap any new Bitcoin node, and Bitcoin blocks, necessary to construct the blockchain, would be filtered from internet traffic into China, using deep packet inspection.

Additionally, major foreign Bitcoin exchanges like Coinbase, Bitfinex and LocalBitcoins would be added to the list of banned domains, which already includes sites like Google and Facebook. And even private trading of cryptocurrency arranged through chat-apps like Telegram and WeChat, for example, could fall under scrutiny, according to the Wall Street Journal.

This much stricter stance on Bitcoin, beyond just exchanges but also concerning Bitcoin itself, seem consistent with comments from PBOC Counselor Sheng Songcheng, as reported by local news sources like Shanghai Securities News. Songcheng was quoted to have said that Bitcoin poses a challenge to China, mentioning money laundering and its potential to curb the nation’s economic policy.

Furthermore, very recent reports indicate that cryptocurrency exchange operators are currently not allowed to leave Beijing. Local news outlet BJ News writes:

“[According to] a number of informed sources, the current special currency trading platform executives and so on are not allowed to leave Beijing, [in order] to cooperate with the investigation. In accordance with regulatory requirements, the trading platform shareholders, the actual controller, executives, financial executives [must] fully cooperate with the relevant work in the clean-up period in Beijing.” (Rough translation.)

What This Means…

Trading bitcoin via dedicated exchange platforms in China is off the table for now — that is clear.

But it’s not yet clear how successful a full Chinese Bitcoin blockade could be. It would technically only require a single Bitcoin block of a maximum of four megabytes to make it into China about once every 10 minutes, potentially even through satellite, for the entire country to be able to access the blockchain. As such, banning individual Chinese citizens from owning and using bitcoin might prove difficult, even if exchange platforms close down.

Perhaps an even more important question is what will happen to Bitcoin mining: It’s likely that most of Bitcoin’s hash power is currently situated in the Asian country. While miners should able to connect to the rest of the world, according to ViaBTC CEO Haipo Yang, it’s unclear if this connection will be allowed for much longer. If Chinese authorities indeed intend to ban Bitcoin from the country entirely, Bitcoin mining operations — both mining pools and hash power data centers — will be easy targets to shut down.

On the other hand, this is not the first time that fears of China “banning Bitcoin” have been raised. In the past, such concerns have simply been a prelude to stricter regulations by local authorities.

It has been suggested by Bitmain CEO Jihan Wu, perhaps a bit optimistically, that exchanges will simply require a new license to continue operation. Similarly, it’s been speculated that the PBOC may introduce a national digital currency as a sort of gateway to cryptocurrency: This would allow the central bank to better track the flow of funds in and out of bitcoin in order to counter money laundering and capital flight.

Then again, it could make more sense to introduce such a national digital currency as a substitute for Bitcoin, once Bitcoin is effectively banned, as suggested by ZeroHedge.

For now, uncertainty prevails.

The post Uncertainty Dominates as China Continues to Clamp Down on Cryptocurrencies appeared first on Bitcoin Magazine.

Posted on 19 September 2017 | 2:40 pm

Transforming the Social Sector: Bitcoin and Blockchain for Good - HuffPost


Transforming the Social Sector: Bitcoin and Blockchain for Good
HuffPost
Not only is the interest in and demand for Bitcoin growing, but also for the other more than 2,000 digital currencies now in existence. Bitcoin's currency cousins have allowed startups in the blockchain technology space to raise billions of dollars ...

and more »

Posted on 19 September 2017 | 2:32 pm

World's Largest Hedge Fund Founder: Bitcoin is a 'Bubble'

Ray Dalio, the founder of the world's biggest hedge fund, thinks bitcoin is in bubble territory, according to a new interview.

Posted on 19 September 2017 | 2:05 pm

Bitcoin bulls regroup after last week's selloff - MarketWatch


MarketWatch

Bitcoin bulls regroup after last week's selloff
MarketWatch
Dimon's comments, along with a number of negative statements from other Wall Street investors had put bitcoin on its heels, but it has reclaimed a portion of last week's ugly losses, which technically put it in bear-market territory, described as a ...

Posted on 19 September 2017 | 1:53 pm

$700 Billion Senate Defense Bill Calls for Blockchain Cybersecurity Study

A major defense spending bill passed by the US Senate yesterday calls for a blockchain study, public records show.

Posted on 19 September 2017 | 1:00 pm

Ethereum's Byzantium Testnet Just Verified A Private Transaction

Part of a zcash transaction was verified on an ethereum testnet amidst testing for the upcoming Byzantium upgrade.

Posted on 19 September 2017 | 12:01 pm

Luno raises $9M to bring its bitcoin wallet, exchange and services to Europe - TechCrunch


TechCrunch

Luno raises $9M to bring its bitcoin wallet, exchange and services to Europe
TechCrunch
Luno, a bitcoin wallet and exchange based out of Singapore, is riding the crypto wave into Europe after it closed a $9 million Series B round for market expansion. The funding was led by new investor Balderton Capital, with participation from existing ...
$9 Million: Bitcoin Startup Luno Completes Series B FundingCoinDesk
RMI's AlphaCode invests in bitcoinMoneyweb.co.za
Bitcoin start-up Luno raises R120mTechCentral

all 14 news articles »

Posted on 19 September 2017 | 11:54 am

Bitcoin Price Hits $4000 Even as Ray Dalio Calls it a 'Bubble' - Fortune


Fortune

Bitcoin Price Hits $4000 Even as Ray Dalio Calls it a 'Bubble'
Fortune
As Bitcoin recovers $1,000 in less than four days, another institutional giant is voicing his doubts about the volatile cryptocurrency. In a Tuesday interview with CNBC, the founder of the world's largest hedge fund, Ray Dalio, dubbed the ...
World's Largest Hedge Fund Founder: Bitcoin is a 'Bubble'CoinDesk
Ray Dalio, founder of the world's largest hedge fund, says 'bitcoin is a bubble'CNBC
'Bitcoin is a bubble,' says the head of the world's largest hedge fundMarketWatch
Bloomberg -Yahoo Finance -Benzinga
all 43 news articles »

Posted on 19 September 2017 | 11:15 am

Bull Signal? Bitcoin's Price Breaks Above 50-Day Moving Average - CoinDesk


CoinDesk

Bull Signal? Bitcoin's Price Breaks Above 50-Day Moving Average
CoinDesk
The bitcoin-US dollar (BTC/USD) exchange rate closed above the 50-day moving average yesterday – crossing a key milestone for the first time since September 13. However, while this might be read as a bullish signal, the follow-through has not been ...
Bitcoin Price Analysis: Amid Continuing China Rumors, BTC Fails to Break Key ResistanceBitcoin Magazine

all 2 news articles »

Posted on 19 September 2017 | 11:06 am

Bull Signal? Bitcoin's Price Breaks Above 50-Day Moving Average

The bitcoin price is showing new signs of life – even while it appears to have entered a period of sideways trading after last week's crash.

Posted on 19 September 2017 | 11:00 am

Advertise with Anonymous Ads

Mexican Law Would Give Central Bank Oversight of Cryptocurrency Startups

Mexico's government is close to introducing legislation that would regulate fintech firms, including those that work with cryptocurrencies.

Posted on 19 September 2017 | 10:00 am

China orders Bitcoin exchanges in capital city to close - BBC News


BBC News

China orders Bitcoin exchanges in capital city to close
BBC News
China is moving forward with plans to shut down Bitcoin exchanges in the country, starting with trading platforms in key cities. All Bitcoin exchanges in Beijing and Shanghai have been ordered to submit plans for winding down their operations by 20 ...
Jamie Dimon, Here's Why You're Wrong About BitcoinForbes
Bitcoin's fate untethers from ChinaBusiness Insider
China's bitcoin investors are flocking to one of the last available places to tradeQuartz
Investopedia -CNBC -Fortune -CNBC
all 244 news articles »

Posted on 19 September 2017 | 8:24 am

Blockchain Truce? Putin's Internet Adviser Calls for US-Russia Cooperation

Collaboration, not competition: that's the message an advisor to Russian President Vladimir Putin is putting forward in a new interview.

Posted on 19 September 2017 | 7:00 am

The price of bitcoin has a 91% correlation with Google searches for bitcoin - Business Insider


Business Insider

The price of bitcoin has a 91% correlation with Google searches for bitcoin
Business Insider
The current price of bitcoin has a 91% correlation with the volume of Google search requests for bitcoin-related terms, according to a study by SEMrush, a search engine marketing agency. The study drew from a database of 120 million US keyword searches ...

and more »

Posted on 19 September 2017 | 6:56 am

Only in Arizona: How Smart Contract Clarity Is Winning Over Startups

Arizona legislators are turning the state into a blockchain hub by making smart contracts legally binding, and startups are taking the bait.

Posted on 19 September 2017 | 5:40 am

Proof of Space: BitTorrent Creator Publishes Eco-Friendly Mining Paper

BitTorrent developer Bram Cohen has published a white paper setting out an eco-friendly alternative to bitcoin's proof-of-work process.

Posted on 19 September 2017 | 4:00 am

The Economic Case for Conservative Bitcoin Development

A look at bitcoin's scaling debate and what the history of money can teach us about the best path forward for protocol development.

Posted on 19 September 2017 | 3:00 am

$9 Million: Bitcoin Startup Luno Completes Series B Funding

Bitcoin wallet startup Luno has raised $9 million in new funding as part of a Series B round announced today.

Posted on 19 September 2017 | 2:00 am

Actor Jamie Foxx Promotes Crypto Exchange ICO

Academy Award winner Jamie Foxx has promoted an upcoming initial coin offering (ICO) on social media.

Posted on 18 September 2017 | 2:18 pm

Survey: Younger Americans More Likely to Invest in Bitcoin

New survey data from online student loan marketplace LendEDU suggests that younger consumers in the United States are more apt to invest in bitcoin.

Posted on 18 September 2017 | 1:01 pm

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Bitcoin Exchange bitFlyer Hopes to Win Big With the Japanese Bankers Association

bitFlyer.jpg

While China tightens its grip on its cryptocurrency community, Japan is openly embracing cryptocurrencies and blockchain technology, legalizing bitcoin, and encouraging and funding blockchain research.

Even Japan’s banks are onboard, working collaboratively to develop a blockchain platform specifically for the financial sector. With its 120 member banks, the Japanese Bankers Association (JBA) is creating a Collaborative Blockchain Platform and is actively looking for a company to supply its blockchain technology on an ongoing basis.

Experimenting with the Collaborative Blockchain Platform, the JBA will initially determine which financial services best lend themselves to the new platform, likely including settlement/transfer services, know-your-customer (KYC) systems and financial infrastructure such as their Zengin System and Densai Net System.

Japanese bitcoin exchange bitFlyer is stepping up to the plate to take on tech giants including Fujitsu, Hitachi and NTT Data to be the supplier of the blockchain platform that will be used by Japan’s banks.

Although it is one of the largest cryptocurrency and blockchain startups in Japan, the Tokyo-based bitFlyer has its work cut out for it if it wants to upset these three corporate heavyweights and win the right to supply the bankers with a blockchain platform using its miyabi technology.

The company’s COO Bartek Ringwelski told Bitcoin Magazine:

“bitFlyer is the only startup in the event, and we have only raised $36mm since 2014, but we have deep expertise in blockchain technology through our virtual currency exchange (the largest in the world by volume, including margin trading) and our ‘miyabi’ product.”

By way of comparison, Hitachi posted $83 billion in revenue in 2016, Fujitsu posted $47 billion on 2015 and NTT Data posted $15 billion in 2016.

Acknowledging a sea change in Japan’s attitude to cryptocurrency, Ringwelski noted that Japan is actively encouraging and supporting both cryptocurrencies and blockchain technology:

“Japan is emerging as a leader in blockchain adoption. Japanese consumers are embracing virtual currencies, regulators are proactive, and banks are recognizing the power that blockchain, and specifically miyabi, can bring to the financial infrastructure.”

Miyabi Blockchain Technology

The name “miyabi” was first coined between the 9th to 12th centuries by Japanese aristocrats to refer to the theme of elegance and refinement.

According to Ringwelski, bitFlyer’s miyabi blockchain platform is the fastest in the world:

“Based on our research, ‘miyabi’ is the fastest enterprise-grade blockchain technology, delivering 1,500 - 2,000 transactions per second on average, and in some cases, even faster,” Ringwelski said.

Their processing speed of 1,500 to 2,000 transactions per second compares with Bitcoin’s two transactions per second and Ethereum’s seven transactions per second. They also estimate that among the other three competing companies, the maximum speed to beat is 1,000 transactions per second.

When it launched the competition, the JBA made it clear that security and immutability were their first priority. In their view, only a private, permissioned blockchain could satisfy this requirement.

Going Global

BitFlyer’s CEO Yuzo Kano has said he wants the company to go global in the near future and will start by expanding to the U.S. market this fall, initially offering bitcoin trading but expanding to other cryptocurrencies within the next year. The company says it has received approval to start trading from 34 U.S. states.

In the meantime, Ringwelski says that they are eagerly awaiting the decision of the JBA:

"The partner ultimately chosen by the JBA will stand to become part of the core Japanese banking infrastructure — it would be a big deal. Beyond the value of gaining the JBA as a new customer, securing a JBA contract would help spread miyabi to new enterprise blockchain applications and customers worldwide."

Investors in bitFlyer include SMBC Venture Capital, Mizuho Capital, Dai-ichi Life Insurance, Mitsubishi UFJ Capital, Mitsui Sumitomo Insurance Venture Capital, Recruit Strategic Partners, Dentsu Digital Holdings, SBI Investment, GMO Venture Partners, QUICK and Venture Labo Investment.

The post Bitcoin Exchange bitFlyer Hopes to Win Big With the Japanese Bankers Association appeared first on Bitcoin Magazine.

Posted on 18 September 2017 | 12:45 pm

Blockchain Technology Plays a Critical Role in U.S. and International Open Government Initiatives

tech open door.jpg

On September 8, the U.S. government’s General Services Administration (GSA)’s program “Emerging Citizen Technology” hosted a workshop titled “Emerging Technology and Open Data for a More Open Government.” The participants in the workshop were directed to draft proposals that specifically use Artificial Intelligence (AI), blockchain technology and open data.

“Open data and emerging technologies — including artificial intelligence and distributed ledgers, such as blockchain — hold vast potential to transform public services held back by bureaucracy and outdated IT systems,” said Emerging Citizen Technology program manager Justin Herman. “We are opening the doors to bold, fresh ideas for government accountability, transparency and citizen participation by working with U.S. businesses, civil society groups and others to shape national goals for emerging technologies and open data in public services.”

At the workshop, several government agencies have indicated a strong government backing behind the development of blockchain technology. In particular, a representative of the White House Office of Management and Budget (OMB) stated that the Trump administration was serious about and committed to this technology, and would not be deterred.

The initiative is related to the fourth National Action Plan (NAP 4), which the U.S. government is releasing this year in the the framework of the multinational Open Government Partnership (OGP) and its Open Government Declaration. It is aimed at empowering citizens and advancing the ideals of an open and participatory government.

The September 8 workshop follows the first U.S. Federal Blockchain Forum, organized by the Emerging Citizen Technology program on July 18 to discuss blockchain use cases, limitations and solutions. Financial management, procurement, IT asset and supply chain management, smart contracts, patents, trademarks, copyrights, royalties, government-issued credentials, federal personnel workforce data, appropriated funds, federal assistance, and foreign aid delivery were among the government blockchain use cases discussed at the July 18 workshop. Participation was restricted to federal agencies’ managers.

The Government Blockchain Association participated in the September 8 workshop and shared details, reported by ETHNews, on the topics discussed. In particular, three priority areas were examined: a national identity system based on blockchain and biometric technologies and interoperable across different agencies; an open government innovation initiative aimed at improving the internal operations of government agencies through blockchain technology; and a blockchain open-interface framework to connect government blockchain pilots with external data systems.

The Government Blockchain Association, open to all interested individual, corporate and institutional members, was formed to explore blockchain-based solutions to problems typically faced by government entities.

"We are currently seeing deep and informed interest in blockchain [technology] across many levels of the public sector,” said Gerard Daché, Founder and President of the Government Blockchain Association. “This time next year, I would not be surprised to see dozens of pilots, legislative resolutions, and even funding spread across the various states and high up in the U.S. Federal Government specifically for piloting blockchain based innovation.”

The Association believes that blockchain technology, Bitcoin, distributed ledgers and cryptocurrencies will fundamentally transform how the government interacts with its constituents.

"We don’t believe blockchain adoption in the public sector needs to take over ten years as some suggest it might,” Daché added. "There is an excitement that is palpable so, our goal is to harness this enthusiasm and direct it into working groups that actually influence national, state and large city governmental policies."

The post Blockchain Technology Plays a Critical Role in U.S. and International Open Government Initiatives appeared first on Bitcoin Magazine.

Posted on 18 September 2017 | 12:34 pm

SEC Advisory Committee to Discuss Blockchain's Investor Impact

SEC officials will discuss blockchain at an event in mid-October, according to public records.

Posted on 18 September 2017 | 11:30 am

MUFG on Dimon Remarks: Bank Cryptocurrencies Have 'Nothing to Do With Bitcoin'

The CEO of Japanese finance group MUFG said today that big bank-issued digital currencies aren't quite the same as bitcoin.

Posted on 18 September 2017 | 9:30 am

'End of Life Cycle': BIS Report Positions DLT as Needed Banking Update

Distributed ledgers could help update aging central banking systems, says a new report, but issuing cryptocurrencies will be a more complex affair.

Posted on 18 September 2017 | 8:00 am

$4,000: Bitcoin's Price Shrugs Off China Exchange News

Bitcoin's price has bounced back above $4,000 following market losses linked to the recent regulatory crackdown in China.

Posted on 18 September 2017 | 7:30 am

Bitcoin Price Analysis: How Rumblings From China Play Into Wyckoff Distributions

China BTC price.jpg

Unless you’ve been in a crypto-free cave for the past week, you might have noticed the crypto-wide market drop.

Last week, rumors of China’s crackdown on BTC to fiat transactions began to spread across the crypto-world. On Monday, mainstream news sources such as The Guardian, Forbes, Wall Street Journal, and Bloomberg further supported or confirmed these rumors by releasing articles with the news of a Chinese crackdown on exchanges.

According to Chinese state newspaper Securities Times, “All trading exchanges must by midnight of 15 September publish a notice to make clear when they will stop all cryptocurrency trading and announce a stop to new user registrations." 

Within a day and a half, BTC-USD saw a 15% markdown as the price dropped from $4400 to $3750. After all was said and done, BTC-USD managed to squeeze out one last push before bottoming out around $3000. The bottom was immediately greeted by a strong rally that propelled the price upward by $900.

The price shot down, the price shot up — where does this leave us now?

Figure_1 (7).JPGFigure 1: BTC-USD, 6-Hour Candles, GDAX, Macro Bull Run

Since the beginning of this bull run from $1800, we have established very clear, very strong support and resistance levels along the Fibonacci Retracement set shown above. At the time of this article, BTC-USD is testing the macro 38% retracement line where strong, historic support will prove quite tough to penetrate. With such a large growth in such a short period of time, BTC-USD managed to climb about 150% in market value within the span of about a month.

One idea I’ve been considering during the climbs to toward the ATH is the the Wyckoff trading range schematic shown below:

Figure_2 (7).JPGFigure 2: Wyckoff Trading Range (A great breakdown of schematic details are found here)

Historically, as markets progress through time, they go through phases of accumulation (a phase where investors and traders begin to buy and accumulate assets) and distribution (a phase where traders and investors begin to sell off their accumulated assets). In order words, the market goes up and a bull rally begins, the market begins to top out, and then a bearish rally will bring the prices back down to a comfortable level. It’s a sort of give-and-take in the market as traders begin to place their bets on the future market direction.

In our current case, over the last couple months bitcoin has formed a very similar pattern to Distribution Schematic #1 shown above. The above schematic represents one of the possible ways a market can rise, find its top, and distribute assets to market.

Comparing the schematic above to the the current BTC-USD market pattern, we can see a lot of striking similarities:
Figure_3_again.JPGFigure 3: Wyckoff Schematic Within BTC-USD Trend

The nomenclature for this schematic is found here and is vital to understanding the upcoming discussion.

While a bearish continuation has yet to be confirmed, the most recent price hike this morning seems to fit the last test of the Wyckoff schematic LPSY (Last Point of Supply). The last point of supply is essentially a false rally where those who didn’t have an opportunity to sell on the previous LPSY now have an opportunity and will begin to sell into the more bullish traders who fall victim to a false breakout.

The SOW (sign of weakness) is marked by high sell volume that leads into an AR (automatic rally) where the sell pressure lets up and bullish traders assume a bottom has been hit. The automatic rally is marked by a bullish climb with great ease before finding its top near the previous lines of support shown above in green.

The LPSY is most notably described as a series of peaks and valleys on a fairly narrow spread as the bulls and bears exchange positions. During this LPSY, we will expect to see diminishing volume as the market pushes to new highs and becomes more and more difficult.

A closer view of the current trend reveals we have begun the process of weakening rallies with the LPSY:

Figure_4 (3).JPGFigure 4: BTC-USD, 5-Minute Candles, Bitfinex

Throughout the length of this small trend, we can see diminishing volume on each consecutive push toward new highs. If we manage to continue downward, expect turbulence at the $3000 levels and a possible secondary bounce as the $3000 level offers very strong, historic support.

It should be noted however, even though this current trend has a strong resemblance to the Wyckoff schematic, it is always important to confirm the trend before trading it. As with any market, it is entirely possible that this Wyckoff distribution pattern will fail and bitcoin will manage to continue onward and upward to new highs. A market reversal should definitely not be ruled out as the current market trend is showing a strong sign of uncertainty between the bulls and bears.

Whether the market breaks upward or downward, always confirm the move with strong volume to support a strong move in the direction the trend. Volatility is to be expected, but we approach the market with a level head and objectivity, seeing the proper positional entries and exits will much easier to spot.

Summary:

  1. Strong, bearish news hit the crypto community this week as China announced harsh regulations on the BTC to fiat transactions on exchanges.

  2. Currently BTC is seeing a strong rally off the $3000 levels but is showing signs of waning strength in the upward direction.

  3. A possible macro distribution pattern is unfolding and new lows could be in store for  bitcoin over the next few days and weeks.

Trading and investing in digital assets like bitcoin, bitcoin cash and ether 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 Media related sites do not necessarily reflect the opinion of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.

The post Bitcoin Price Analysis: How Rumblings From China Play Into Wyckoff Distributions appeared first on Bitcoin Magazine.

Posted on 15 September 2017 | 4:17 pm

Mexican Bitcoin Exchange Bitso Aids Red Cross Earthquake Relief Efforts

Bitcoin exchange Bitso helps mexican hurricane relief

Bitso, a cryptocurrency exchange in Mexico, has continues its campaign to aid the victims of the recent earthquake in Mexico.

A few days ago, Bitso announced their support for the Mexican people who were affected by the recent earthquake. The cryptocurrency exchange has enabled donation wallets that can be used by the company’s clients to send aid using different digital currencies, such as bitcoin, ether and ripple. According to Bitso, cryptocurrency donations are a quick and efficient way to help the victims since the assets are easy to transfer.

Unfortunately, some people have lost their homes, their belongings, and sadly even the lives of their loved ones. We are hoping this aid will help them return to their daily activities as soon as possible.

Thousands of homes were destroyed and nearly 100 people have died across the country as a result of an earthquake that struck just before midnight on September 7. It reached a magnitude of 8.2 on the Richter scale.

The donation details can be found on the cryptocurrency exchange’s blog:

“Join this campaign and help the efforts made by the RED CROSS in Mexico by using the hashtag #BitcoinAidMexico and make a donation to one of the following accounts:
Bitcoin (BTC) 1DaHfXsoPfZ2jznJhB62vR3QEVFhhZ2tMR
Ethereum (ETH) 0x88B6021aE4BB9830f2E9D5BB38B83427b9D7ffEc
Ripple (XRP) rEFMdiTbLmZq5ZiMGrWGoyP48DMFqXjNkM [No Destination Tag required]”

The Red Cross thus far has been able to set up collection and relief centers in several areas affected by the earthquake, especially in the southern states of Oaxaca and Chiapas, benefiting around 24,000 people.

Due to the transparency, traceability and real-time reporting of the technology, donations can be easily tracked by users at any time. The total amount Bitso has raised will be exchanged later for Mexican Pesos (MXN) at market rates. Bitso wrote:

“The equivalent amount in Mexican Pesos will be transferred using a local bank wire to Cruz Roja I.A.P. (RED CROSS Mexico) to the bank account CLABE 012180004040404062. This CLABE number can be validated on their website https://www.cruzrojamexicana.org.mx or on their twitter account: https://twitter.com/CruzRoja_MX/status/906600599864582144

The deadline for sending the funds is September 15; however, Bitso added that if they still receive funds later, the company will exchange those donations between September 15 and 22, and wire them to the Mexican Red Cross.

Bitso highlighted that there is no minimum amount for donations and that they will accept all transactions. The company wrote that the fundraising started with them donating MXN $50,000, which will be added to the total amount of donations.

The amount the company has raised and the transaction proof will be publicly displayed for total transparency.

Bitso emphasized that although the Mexican Red Cross will ultimately receive the funds, user contributions cannot be used as tax deductions.

“Important: BITSO will not make any user contributions tax deductible. Mexican Pesos will be transferred on behalf of third parties according to Mexican law LISR artículo 35, and the following TIN XAXX010101000 will be used in order to generate the corresponding payment as ‘General Public Invoice.’”

The post Mexican Bitcoin Exchange Bitso Aids Red Cross Earthquake Relief Efforts appeared first on Bitcoin Magazine.

Posted on 15 September 2017 | 12:07 pm

Bitcoin Core 0.15.0 Is Released: Here’s What’s New

Bitcoin Core 0.15.0 Released: Here’s What’s New

Today marks the official release of Bitcoin Core 0.15.0, the fifteenth generation of Bitcoin’s original software client launched by Satoshi Nakamoto almost nine years ago. Overseen by Bitcoin Core lead maintainer Wladimir van der Laan, this latest major release was developed by nearly 100 contributors over a six-month period, with major contributions through Chaincode Labs, Blockstream and MIT’s Digital Currency Initiative.

Bitcoin Core 0.15.0 offers significant performance and usability improvements over previous versions of the software implementation. It also introduces several new features to better deal with the current status of the network.

These are some of the more notable changes.

Chainstate Database Restructure

One of the biggest changes compared to previous versions of the software involves how the state of Bitcoin’s blockchain is stored. This “chainstate” or “UTXO-set” is saved in a dedicated database, whereas previously it had been categorized per transaction. If one transaction sent bitcoins to several outputs (“addresses”), these different outputs were stored as a single database entry, referring to that one transaction.

With Bitcoin Core 0.15.0, these outputs are instead stored in a single database entry each. If a single transaction sends bitcoins to different outputs, every output is stored separately. While this method does claim more disc space, it requires less computational resources if one of these outputs is spent later on.

The most concrete benefit of this new data structure is that initial sync-time for new nodes is decreased by about 40 percent. It also introduces simpler code, reduces memory usage  and more. Additionally, it fixes a bug that could theoretically crash Bitcoin Core nodes, controversially revealed at last weekend’s Breaking Bitcoin conference in Paris.

Improved Fee Estimation

As Bitcoin blocks have been filling up over the last year or two, not all transactions fit in the first block that is mined. Instead, miners typically prioritize the transactions that include the most fees. If a user wants to have his transaction confirmed quickly, he should include a high enough fee. If he’s not in a rush, a lower fee should suffice.

However, the Bitcoin network deals with inherent unpredictability in terms of the speed at which blocks are found or the number of transactions that is being transmitted at any time. This makes it hard to include the right transaction fee.

Bitcoin Core 0.15.0 lowers this fee uncertainty: The newest version of the software includes significantly better fee estimation algorithms. This is mostly because the software takes more data into account when making the estimations, such as the fees included in older confirmed transactions, as well as fees in unconfirmed transactions — the fees that proved insufficient.

Additionally, users can enjoy more flexibility. For one, Bitcoin Core 0.15.0 for the first time allows users to include fees that could take their transactions up to a week to confirm. And, also newly introduced, users can choose to accept more or less risk that their transaction could be delayed due to a sudden influx of transactions.

Replace-by-fee in User Interface

Even with improved fee estimation, it is possible that users will still need to wait longer than they want for their transactions to confirm, perhaps because there is a sudden rush of transactions on the network, or maybe because a user changed his mind and prefers to have a transaction confirm faster than originally paid for, or for other reasons.

For these cases, some wallets let users add a “replace-by-fee” tag to their transactions. With such a tag, nodes and miners on the network know that the sender may want to replace that transaction with a newer transaction that includes a higher fee. This effectively allows users to bump the transaction in line to have it confirmed faster.

Bitcoin Core nodes have supported replace-by-fee for well over a year now: They already replace “replace-by-fee” tagged transactions if the new transaction includes more fees. But it was never easy to utilize for Bitcoin Core wallet users themselves.

Until now.

The Bitcoin Core 0.15.0 wallet introduces a replace-by-fee toggle in its user interface. This lets users include the appropriate tag, allowing them to easily increase the fees on their transactions later on.

Multi-wallet Support (Client and RPC Only)

Bitcoin Core 0.15.0 lets users create several wallets for the first time. These wallets all have their own separate Bitcoin addresses, private keys and, therefore, funds. Users can utilize the different wallets for different purposes; for example, one wallet can be used for personal day-to-day purchases, another for business-related transactions, and a third just for trading.

Using several wallets can offer a number of benefits. For instance, it makes accounting easier and more convenient. Additionally, users can more easily benefit from increased privacy as the different wallets cannot be linked to each other by blockchain analysis. It’s also possible to use different wallets for specific applications and more.

For now, multi-wallet support is not yet available for regular wallet users; only advanced users who operate from the command line or through connected applications can utilize the feature.

Other Improvements

Apart from the above mentioned notable changes, Bitcoin Core 0.15.0 includes a number of additional performance improvements, as most new major Bitcoin Core releases do. Concretely, these changes speed up how quickly blocks are downloaded from the network, they let nodes start up faster, and up-to-date nodes will be able to validate new blocks more quickly, in turn benefiting network-propagation time.

Finally, it’s worth mentioning that Bitcoin Core 0.15.0 will disconnect from BTC1 peers on the network. This means that the Bitcoin network will experience less disruption if the SegWit2x hard fork splits the network, as both types of nodes will more easily find compatible peers. While this change has gotten some media attention, this change shouldn’t really be noticeable.

Thanks to Chaincode Labs developer John Newbery for feedback and suggestions. For more details on what’s new in Bitcoin Core 0.15.0, see the release notes, or watch Bitcoin Core contributor Gregory Maxwell’s “deep dive” presentation at the San Francisco Bitcoin developers meetup.

The post Bitcoin Core 0.15.0 Is Released: Here’s What’s New appeared first on Bitcoin Magazine.

Posted on 14 September 2017 | 8:41 am

Bitcoin price climbs over $4,000

Posted on 14 August 2017 | 1:16 am

Bitcoin reaches new all-time high: $ 3,000

Posted on 12 June 2017 | 1:06 am

CRYENGINE now accepts Bitcoin

Posted on 29 March 2017 | 1:24 am

Bitcoin Trading Bots

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

Posted on 8 November 2016 | 6:20 pm

Major Magazine Publisher to Accept Bitcoin Payments

Posted on 18 December 2014 | 12:43 pm

Microsoft accepts Bitcoin

Posted on 11 December 2014 | 5:06 am

Mozilla accepting Bitcoin

Posted on 20 November 2014 | 1:55 pm

PayPal and Virtual Currency

Posted on 23 September 2014 | 9:52 pm

Wikimedia Foundation Now Accepts Bitcoin

Posted on 30 July 2014 | 3:14 pm

German Newspaper "taz" accepts Bitcoin

Posted on 22 July 2014 | 1:32 pm

Expedia to accept Bitcoin payments for hotel bookings

Posted on 12 June 2014 | 12:41 pm

September 19, 2017 -
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