Top news and views about Bitcoin and Cryptocurrency for 7 Jun 2017

 

Welcome to the Crowdify digest of interesting and important news and views about Bitcoin and Cryptocurrency.

 

With bitcoin surge, cryptocurrencies top $100 billion in market capitalization

 

The investment category of cryptocurrencies hit a new milestone on Tuesday, one that would have been unfathomable just a couple of years ago: $100 billion in combined market capitalization.

The break above the 12-digit threshold is largely attributable to bitcoin, which is by far the largest digital currency in the still-nascent category, and which has been on a tear lately.

Bitcoin BTCUSD, -0.51%  has more than tripled in 2017, according to crypto pricing site CoinDesk, and on Tuesday it rose more than 7% to $2,879.80. Earlier, it hit a record above $2,900. Those gains have brought its market cap to $46.68 billion, accounting for nearly half of the entire category.

At its current size, bitcoin has surpassed the market capitalization of such major companies as Ford Motor Co. F, -1.16% Deere & Co. DE, -0.22% and Delta Air Lines Inc. DAL, -0.31% It is larger than more than two-thirds of the components of the S&P 500 SPX, -0.28%.

Full story at http://on.mktw.net/2seIfmL

 

Suddenly Vladimir Putin Meets Vitalik Buterin, Endorses Ethereum

 

The International Economic Forum, which just wrapped up in St. Petersburg, reportedly resulted in more than €30 bln of investments. The final and the most important result, however, is measured not in numbers, but in the mood and attitude of those who attended the Forum and who was keeping an eye on the events and meetings held in the North “capital” of Russia.

The cryptocurrency community is for sure left stunned by the recent meeting between Russian President Putin and the founder of Ethereum Vitalik Buterin.

As commented by Kremlin Press Secretary Dmitry Peskov, during the meeting, Putin and Buterin discussed the application of technologies in the country. Reportedly, the president supported the idea of establishing new business relationships following the road paved by Blockchain technology.

Earlier during the Forum, the first Deputy Prime Minister Igor Shuvalov said that Putin is really enthusiastic about the idea of building a new digital economy in the country and shared that at the moment at least three directions of Blockchain application are being explored and tested, which include the tracking of goods, building identity as well as ownership rights protection systems.

Full story at http://bit.ly/2seHsCg

 

Is It Too Late to Start Investing in Bitcoins?

 

Bitcoin’s value is soaring. Over recent months, the cryptocurrency has hit record highs. In early May of this year, the open-source digital currency ballooned to almost $3,000 a coin. Last May, one coin fetched only $450. By no means is this growth a sudden trend. Bitcoin’s value has been steadily increasing since its inception in 2008, nearly a decade ago. Still, many remain hesitant to invest.

The theft of hundreds of thousands of Bitcoins from the now-infamous Mt. Gox may still haunt investors. Or perhaps the volatility, as the Bitcoin market is 26 times more volatile than the S&P 500, and the lack of governmental oversight have speculators forecasting disaster. This is understandable as Bitcoin is not backed by a precious metal, a country or a bank. It’s regulated by sentiment alone. Although there are clear advantages to a market structured like this, there are serious obstacles and dangers that cannot be ignored. If you’re willing to stomach the risk, however, investing in Bitcoin may be a worthwhile endeavor.

Full story at http://bit.ly/2seHkCR

 

The Present Scenario of Bitcoin Market in India

 

The Indian Bitcoin community, which initially had only a handful of people saw a sudden influx of new members following the government’s overnight decision to demonetize certain high-value currency notes. With two of the largest denominations, INR 1000 and INR 500 losing their value, many people decided to minimize their dependency on the country’ legal tender which is subject to the whims and fancies of the government, making Bitcoin the obvious choice. Since then, the country’s Bitcoin community has continued to witness untethered growth.

In spite of the positive growth, not many people are still convinced about the validity and legality of Bitcoin. A recent article on one of the country’s news publication attempts to clarify the present legal status of the digital currency and the recent initiative by the government to introduce cryptocurrency regulations.

The country’s central bank, Reserve Bank of India has on multiple occasions warned people about the risks associated with Bitcoin and other digital currencies. These warnings had many believe that it is illegal to use or possess Bitcoin in the country. The article clarifies that Bitcoin as of now doesn’t have a legal status and it is definitely not illegal in the country. The situation may soon change as the Ministry of Finance could soon introduce Bitcoin regulations to govern the use of cryptocurrencies within India.

The implementation of Bitcoin regulations will automatically bring cryptocurrency related dealings under the purview of Income Tax Act. Currently, profits or gains from trading Bitcoin is considered as income and applicable taxes as well as exemptions will be relevant to such transactions. The article further clarifies that there are no taxes applicable on purchase of Bitcoin and the same holds good for holding them as well, at least until they are sold or exchanged to avail other benefits in cash or kind.

Full story at http://bit.ly/2seHryc

 

There's a new way for casual investors to get in on the cryptocurrency craze

 

The 150 percent increase in bitcoin this year and 26-fold surge in the price of ethereum has attracted a whole new swath of investors to the cryptocurrency market.

Big institutions like endowments and pension funds are still on the sidelines as they try to assess how to approach this emerging asset class and, more importantly, whom to trust with their money.

But for wealthy individuals and family offices, there are exchange-traded funds and other types of listed funds popping up to offer some level of exposure.

Another type of fund — the special purpose vehicle — hit our radar on Friday.

Full story at http://cnb.cx/2sez6dT

 

New Bitcoin-Inspired Project From Gavin Andresen, Former Bitcoin Lead Developer

 

Charles Dearing is a veteran tech journalist with over 15 years of experience using words to move people to act. He has written for various publications such as ProBlogger, Big Think, Apps World, to name a few. You may connect with him on Twitter.

Gavin Andresen, known as the former lead developer of Bitcoin, has recently broken his long silence on his Twitter account with the following tweet mentioning a recent project that is known as the Random Sanity Project.

While the Random Sanity Project’s (RSP) main vision is to secure the Internet by verifying sources of randomness that comes from different entities, Andresen also aims to solve the problems that monetary software systems like cryptocurrencies experience due to the lack of available data on the Internet.

Andresen also mentioned that he is well aware of the importance of the security of cryptocurrencies like Bitcoin. Once the security has been breached, people will lose money which will result in a lot of users reacting violently. Andresen makes this claim as he has been keeping tabs on Bitcoin and has observed a lot of system problems that have stemmed out, such as faulty data generation. Even the smallest mistake and small breaches like these have already negatively affected the whole Bitcoin community.

Full story at http://bit.ly/2seQNKj

 

Bitcoin Mining Craze Sees US Sell Out Of AMD Graphics Cards

 

A resurgence in cryptocurrency mining is causing a shortage of graphics cards, several US distributors report.

AMD, which manufactures cards traditionally used throughout consumer computing and beyond, is seeing what it calls “solid demand” for both its new and older products.

"The gaming market remains our priority. We are seeing solid demand for our Polaris-based offerings in the gaming and newly resurgent cryptocurrency mining markets based on the strong performance we are delivering," a spokesperson told CNBC Monday.

A renewed uptick in prices which has caused both Bitcoin and top altcoin Ethereum (ETH) to reach new all-time highs is no doubt fuelling appetite to get a piece of the action.

Full story at http://bit.ly/2seyhBQ

 

Bitcoin surges 8% to record near $3,000

 

Sean Walsh, a partner at Redwood City Ventures, which invests in bitcoin and blockchain companies, said in a note that bitcoin's price should continue rising.

"It may sound like hyperbole, but I simply cannot emphasize enough how mismatched the quantity of whole Bitcoins and the population of potential global buyers is. Bitcoin is available for purchase to 3 Billion Internet-connected adults across every country in the world," Walsh said. "We produce just 1 new Bitcoin each month for 55,000 of these people to fight over."

Brian Kelly, CEO and founder of BKCM and a CNBC contributor, echoed Walsh's comments in an email. "We are in the first years of what is likely to be a multi-year bull market. Of course there will be corrections and even crashes along the way, but bitcoin is here to stay."

In fact, the bitcoin performance has come with greater volatility. On May 25, it plunged more than $300 after skyrocketing more than 12 percent in that session.

Full story at http://cnb.cx/2seHsSM

 

Suddenly, Everybody Loves Bitcoin

 

Earlier this week, China’s largest mainstream media company People’s Daily defined Bitcoin as digital gold, further validating its legitimacy. Suddenly, investors and mainstream media outlets across the world have started to endorse and adopt Bitcoin.

In the past month, Bitcoin has received more extensive mainstream media coverage than it did in 2013 when interest in Bitcoin peaked.

Media companies and investment firms in South Korea, India, Australia and Japan have started to discuss the possibility of Bitcoin surpassing the value of certain reserve currencies in the far future as an alternative monetary and financial system.

Most recently, ABC News, a national news service in Australia produced by the Australian Broadcasting Corporation, reported that it is possible for Bitcoin to replace reserve currencies such as the US dollar in the next 10 years if it sustains its current exponential growth.

Full story at http://bit.ly/2seHkTn

 

Bitcoin Price Resilient to Economic Uncertainty, Hits $2,600 as Markets Plunge

 

Bitcoin price demonstrated resilience to economic uncertainty over the past week, while markets in the US plunged and struggled to recover.

In May, various sources revealed that the US only added 138,000 jobs, dipping significantly lower than the expected number. On average, the unemployment rate fell to 4.3 percent, declining to a 16-year low.

Diane Swonk, a Chicago-based economist, said in an interview:

“The overall report still leaves the Fed on target for June, but it underscores their trepidation about moving in December. They’ve got good reason to be cautious.”

Full story at http://bit.ly/2sf2X69

 

 

Bitcoin & Blockchain in Norway - Interview with Andreas M. Antonopoulos

 

This interview by Stephan Nilsson (founder of Norway Bitcoin and Blockchain Association) took place at the Kasbah Hub on April 27th 2017 in Oslo, Norway.

Top news and views about Bitcoin and Cryptocurrency for 5 Jun 2017

 

Welcome to the Crowdify digest of interesting and important news and views about Bitcoin and Cryptocurrency.

 

Remittance agents can advance with Blockchain technology

 

Traditional business models are being challenged by new disruptive technologies whose speed of development makes the "catch-up" act very difficult. However, if something can provide solutions to problems encountered by businesses and individuals, it is most certainly welcome. One of the biggest problems is faced by the large expat population in the region, which relies on remittances to transfer cash across borders. For an industry worth nearly US$100 billion in the GCC, and $19bn in the UAE alone, the process is quite time-consuming and expensive, with the banks, exchange companies and central banks functioning as intermediaries.

The remittance process is carried out through certain models – pre-fund models, post-fund models and subsidy models. The pre-fund model works on a corridor basis, for example, India-UAE, UAE-Pakistan, UAE-China etc, the pre-fund model allows the sending agent to quickly be able to settle the net amount with the beneficiary agent or bank, so that their customers can get the money quickly. In the post-fund model, the beneficiary bank advances the amount to the beneficiary and as a result they have to absorb the loss if the sending bank defaults.

All of these models add to the cost which is borne by either parties. For instance, in the pre-fund model, the transfer agent has to keep a certain sum of money as deposit with the receiving bank, in most cases, without interest to speedily complete the transaction. It also needs to have physical cash of the equivalent amount being sent to be present at their centres to settle the transaction, which again does not pay any interest.

Typically, the remittance process takes one to two days, involves a lengthy digital trail and has to go through the clearing process of central banks.

Full story at http://bit.ly/2qPceha

 

Bitcoin Demand Increase in Asia Driven by Remittances

 

On May 31, one the biggest Bitcoin exchanges in China by OKCoin is back on track helping to improve the Chinese exchange market after the suspension of withdrawal transactions.

As a result, more Bitcoin investors are resuming their interest and driving up the demand for Bitcoin. Thanks to the resumption of withdrawals, Bitcoin is now traded at a premium rate in China compared to last year. Also, mainstream Chinese media coverage that shows Bitcoin as digital gold in the country increases Bitcoin demand for local traders.

Full story at http://bit.ly/2qP4prD

 

Not a Bubble: Investors Start to Recognize Bitcoin’s Power

 

What could be more terrifying than making a lot of money and then losing it the next instant? Markets offer investors the opportunity to make money in both bull and bearish phases but to many, a market bubble is something appalling or frightening.

What would happen if all their ‘hard earned’ profits just vanish as the bubble goes bust? Yet, we see somewhat of a resilience when it comes to Bitcoin investors, who have chosen to repose their faith in the world’s first every cryptocurrency.

Recently, Bryan Rich a contributor at Forbes wrote an article titled, “Is Bitcoin a Bubble.” Rich writes, “If you're looking for a warning signal on why the Bitcoin move might not be sustainable, just look at the behavior across global markets. It's not exactly an environment that would inspire confidence.”

He goes on the propound the theory about Chinese stocks and how they took down the global markets. New York Post quoted Fidelity Investments Chief Executive Abigail Johnson as saying, “It’s no accident that I’m one of the few standing before you today from a large financial services company that hasn’t given up on digital currencies.” Just like Abigail, there are many who choose to see Bitcoin as a currency that has real world application and usefulness.

Full story at http://bit.ly/2qOIWPI

 

Bitcoin Price Recovers to $2,400 as Chinese Exchanges Resume Withdrawals

 

On May 31, OKCoin, the largest Bitcoin exchange on the Chinese exchange market with over 34 percent market share, officially resumed withdrawals for its traders. Huobi and BTCC, the second and third largest Bitcoin exchanges in China, followed, resuming withdrawals for all users.

Almost immediately after the resumption of withdrawals by the big three exchanges within the Chinese Bitcoin exchange market, Bitcoin price surged, recovering back into the $2,400 region. On a weekly basis, Bitcoin price has recorded a three percent gain, recovering from its previous market correction which led to a $600 decline from $2,500 to $1,900.

An interesting aspect of the recent resumption of withdrawals of the big three Chinese Bitcoin exchanges is that the withdrawal wasn’t ordered, requested or approved by the People’s Bank of China (PBoC), the central bank of the country.

According to local sources including cnLedger, Huobi, BTCC and OKCoin came to a consensus in regard to their anti-money laundering (AML) and know your customer (KYC) systems update and decided to open withdrawals for all of their users.

Full story at http://bit.ly/2qPbGYJ

 

Bitcoin start-up Coinbase is looking to raise money at a $1 billion valuation, says report

 

Coinbase, a website for buying, selling and storing bitcoin and other cryptocurrencies, is talking to investors about raising money at a $1 billion valuation, The Wall Street Journal reports, citing people familiar with the situation.

The funding round isn't set, but the company is looking to raise around $100 million, which would be the biggest ever for a bitcoin company, the Journal said.

To date, Coinbase has raised about $116.5 million from investors including Andreessen Horowitz, Union Square Venture and DFJ, as well as a number of banks and the NYSE, the paper reported.

Cryptocurrency is capturing the attention of a larger set of investors as prices skyrocket. Bitcoin has jumped about 150 percent this year to $2,445.20 on Friday. Ethereum, a newer digital currency, has surged 26-fold in 2017 to $218.

Full story at http://cnb.cx/2qP3g3m

 

Why Ethereum and Bitcoin Are So Popular Lately [VIDEO]

 

Adam White, Coinbase vice president and product manager, discusses the boom in digital currencies with Bloomberg's Emily Chang on "Bloomberg Technology." (Source: Bloomberg)

Full story at https://bloom.bg/2qP4EmL

 

Financial Times Praises ‘Innovator’ Greek Lawyer For Bitcoin Use

 

A Greek lawyer has made the Financial Times’ list of top legal innovators in Europe for his use of Bitcoin during the country’s financial crisis.

"Panos Giannissis came second on a list of eight finalists shortlisted by the publication, which praised his use of the virtual currency when capital controls appeared in Greece two years ago."

“When capital controls were imposed during the Greek financial crisis last year, Panos Giannissis helped clients to stay in business by converting some of their working capital to Bitcoin, the virtual currency,” it writes.

“He also led the development and implementation of the information systems at his firm.”

Full story at http://bit.ly/2qKtmEV

 

Following Recent Correction, Bitcoin Price Could Still Reach $4000

 

Bitcoin, the popular cryptocurrency recently underwent a price correction, losing as much as $400 overnight. The sudden drop, following a steady, rapid increase in its price to record levels was considered as the end of Bitcoin’s bull run for a while. However, analysts believe that the development is just a minor setback which will be overcome in no time.

Few investors believe that the cryptocurrency is just getting started and Bitcoin price is expected to rise again, hitting the $4000 mark by the end of this year. A leading financial news outlet has reported an analysis made by a seasoned investor, Daniel Masters — the Chairman of XBT Provider, a company that offers a “Bitcoin tracker” that can be exchanged and traded on Stockholm’s Nasdaq exchange.

Masters believes that the recent Bitcoin-related developments happening around the world are going to be the important driving factor in putting the digital currency’s price at $4000 by the end of 2017. At the same time, the rise in Bitcoin price will be accompanied by increased stability, thanks to the cryptocurrency’s growing proliferation and volumes.

Full story at http://bit.ly/2qKFENi

 

Russia is looking to regulate bitcoin but still doesn’t see it as a currency

 

Russia is exploring ways to regulate bitcoin, the country's central bank governor has told CNBC, but sees "doubts" over the benefits of the cryptocurrency and even questions whether it should be considered a virtual currency at all.

In an interview with CNBC, Elvira Nabiullina, governor of the Russian Central Bank, explained that she views bitcoin as a digital asset rather than a currency, and this is the way it should be thought about with regards to regulation.

When asked whether the Russian Central Bank is looking to regulate bitcoin, Nabiullina said that the authority is "analyzing" the possibility and needs to "understand more about this internalization of bitcoin and our regulatory systems." She added that there are "risks" with the cryptocurrency.

"We don't consider that bitcoin can be considered as a virtual currency. It's more digital assets with the regulation of assets," Nabiullina told CNBC in a TV interview.

Full story at http://cnb.cx/2rx8qEA

 

There's an easy way to bet on bitcoin - but it'll cost you

 

Want to invest in bitcoin but don't know where to start? There's an exchange-traded fund for you.

But wait, there's a catch: the ETF shares are double the price of the cryptocurrency itself.

In order to buy the Bitcoin Investment Trust (GBTC), provided by Grayscale Investments, investors have to pay a 106% premium to the actual bitcoin rate, according to data from financial analytics firm S3 Partners.

While that may seem like a steep price to pay, consider that the ETF surged 248% in May, more than three times the 72% increase for the bitcoin-US dollar currency cross. Still, that degree of outperformance is relatively anomalous, with actual bitcoin beating the fund in two of the prior three months.

Full story at http://read.bi/2rxoeHo

 

 

Bitcoin’s Future is Brighter than Any Other Asset

The Bitcoin has been making significant gains in value over the last couple of months. It can easily be said that the cryptocurrency has been bullish from before December. The trend began being noticeable when the currency was nearing an all-time high in January including in iGaming industry. You can visit kiwicasinos.nz for more information on iGaming currencies. Analysts had different views about what the trend would be like. Some predicted that the bullish trend would quickly turn bearish. However, this has not been the case. Quite the opposite has actual occurred. The currency continued to increase in value until it went above its all-time high. It went on to exceed gold in value.

Many analysts attribute the demand for bitcoins to the presidency of Trump. Soon after the USA presidential results were announced there was a lot of bitcoin buying. Investors were running away from traditionally secure investments like gold.  This was caused by the unpredictability of the then American President Elect.

However, it was only a matter of time before the leader of the world’s most powerful nation got the hang of the job. Without Trump’s careless remarks the Bitcoin seemed sturdy. It was Japan’s legalization of the currency as a payment method that has rallied the recent increase in value. Now the value of the bitcoin is above $1,700. A more than 40% increase in the last month alone. Most of this activity is people buying the cryptocurrency using Yens.

Full story at http://bit.ly/2qgnm7n

We Plan To Open 5,000 Bitcoin ATMs in Europe in 2017: Bitlish

Bitcoin ATM provider Bitlish was the first to open a bonafide BTM in Russia, but it is its expansion plans that are likely to get the market talking.

Despite the growing presence of BTMs in Europe, usage is still limited.

Not inconsiderable fees, as well as a lack of general consumer understanding, mean that online options remain the go-to source for both novice and experienced traders to exchange crypto for fiat and vice versa.

UK-based Bitlish thus surprised when one of its branded machines opened in Russia’s second city St. Petersburg, closely followed by another. Both were a result of a decision by the company’s local partner, who gained an opportunity to open there rather than the capital Moscow.

Full story at http://bit.ly/2rxXZkW

‘Russian Bitcoin’ Will Be Country’s ‘Only Freely Tradable’ Crypto: Sberbank CEO

Sberbank CEO Herman Gref has “agreed” on the development of a Russian national cryptocurrency with the country’s central bank.

Sberbank is Russia’s major state-controlled bank. In unofficial reports from local news aggregators, the so-called “Russian Bitcoin” will use Sberbank as its base and will be “the only cryptocurrency freely available for sale and purchase” in the country.

“All other [cryptocurrencies] will only be available via exchanges or trading platforms,” the Telegram news channel De?enter reports Friday.

Full story at http://bit.ly/2s3K0Dp

Top news and views about Bitcoin and Cryptocurrency for 2 Jun 2017

 

Welcome to the Crowdify digest of interesting and important news and views about Bitcoin and Cryptocurrency.

 

Top Altcoins Surge As Bitcoin Price Crosses $2400 in Sign of Recovery

 

At 11:00 GMT+2 on Thursday, the pioneer cryptocurrency Bitcoin crossed the $2,400 line by appreciating 10.22 percent and recording a market price of $2,419. The aftermath of last weekend's panic has seen the price going up and down like a pendulum.

But this morning robust growth has returned to the cryptocurrency ecosystem. There are talks of Chinese exchanges resuming withdrawals and if that is the case then it is a good omen for the industry.

For almost four months now, Chinese exchanges have suspended Bitcoin and Litecoin withdrawals.

This was supposed to last for just a month when the directive came from the People's Bank of China (PBoC) in February.

Full story at http://bit.ly/2rxnyBL

 

China Trade Resurgence Makes Everyone Rich - Except Ethereum Classic

 

Exploding Chinese trading volumes saw cryptocurrencies across the board gaining Thursday - with the notable exception of Ethereum Classic (ETC).

While the top eight cryptocurrencies posted increases from modest to giant in the case of Ripple (38 percent in 24 hours), ETC was left floundering.

This comes despite news last week from BTCC CEO Bobby Lee that his exchange, which is a major presence in China, would list ETC based purely on consumer demand.

Former Ethereum developer Charles Hoskinson even tweeted that he was “extremely excited” at the decision.

Full story at http://bit.ly/2rxr3Z8

 

CNBC Covfefe: Bitcoin Price Could Hit $100,000 in 10 Years

 

Kay Van-Petersen, an analyst at Saxo Bank, told CNBC that Bitcoin price could hit $100,000 in the next 10 years.

Cointelegraph previously reported that the daily trading volume of the cryptocurrency market was nearing that of major stock markets. However, the cryptocurrency market’s trading volume is still only a fraction of leading stock markets such as NASDAQ.

In order for the cryptocurrency market to surpass the trading volumes of major stock markets, it has to surpass a trillion dollar market cap. In an interview with CNBC, Van-Petersen stated that Bitcoin alone will most likely achieve a trillion dollar market cap in the next 10 years and a price of $100,000.

More to that, Van-Petersen predicted the daily trading volume of the cryptocurrency market to account for at least 10 percent of the average daily volumes of fiat currency trades which is a $500 bln trading volume.

Full story at http://bit.ly/2rxgXqP

 

Ethereum Has Higher Trade Volumes Than Bitcoin As Fortunes Reverse

 

24-hour Ethereum (ETH) trading volumes have passed Bitcoin’s according to data from CoinMarketCap on Tuesday.

The period to press time at 17:00 BST showed ETH had turned $1.293 bln in volume compared to Bitcoin’s $1.271 bln.

The move, which may well be unprecedented in the history of ETH, accompanied a livelier price uptick compared to BTC, which increased just 1.65 percent since Monday versus the top altcoin’s 11.3 percent rise.

ETH is now back above $200 per token since Thursday last week, when a slip became a plunge in line with Bitcoin to see it bottom out at just $120.

Full story at http://bit.ly/2rxdhFK

 

Altcoin Gulden Set To Implement PoW² In July: Leading Developer

 

Gulden is set to implement Proof of Work 2.0 also known as PoW² latest by July this year. The digital cryptocurrency that has tagged itself as user-driven insists this new technology will tremendously enhance its security and provide economic incentives for holders.

In a chat with Cointelegraph, Gulden Lead Dev, Malcolm Macleod who is the mastermind of PoW², says what the technology is going to do to advance it to the crypto space.

He intimated that his outfit has taken a long hard look at various usability issues that stand in the way of their current goals. He also identified several limitations of current Blockchain systems that repeatedly stick out as key usability issues that need to be solved.

According to Macleod, they include issues like erratic block times, slow transaction confirmations, and the risk of double spends among others.

Full story at http://bit.ly/2qMCvMo

 

Bitcoin may hit $4,000 by the end of the year: Analyst

 

The digital currency bitcoin is currently still near all-time highs, but bullish calls remain for the asset. One investor thinks it could almost double to $4,000 by the end of 2017.

Bitcoin hit an all-time high in late May, reaching to $2791.70 according to CoinDesk data, recording a 180 percent rally year-to-date. There was a subsequent price correction towards $2,100 but bitcoin currently stands around $2,468.56. The market cap for bitcoin has swelled to more than $40 billion.

The bitcoin rally has been fueled by several causes:

• Japan passed a law in April recognizing the digital currency as a legal method of payment, leading to a surge in demand from Asian countries.
  
• The U.S. Securities and Exchange Commission is reviewing a decision regarding approval for a bitcoin-based exchange traded fund proposed by Cameron and Tyler Winklevoss, known for their lawsuit against Facebook founder Mark Zuckerberg.
  
• Other countries, including Russia, are looking at how to regulate bitcoin in order to tax it, but this could further stimulate demand for the cryptocurrency as it becomes legitimized.
  

Full story at http://cnb.cx/2rx8UKM

 

Bitcoin is taking off after China's biggest exchanges allow withdrawals

 

Bitcoin is back to its old ways after a few quiet sessions.

The cryptocurrency trades up 4.1% at $2,407 a coin following news that China's three largest bitcoin exchanges are allowing customers to withdraw bitcoins from their accounts.

The news follows months of uncertainty for customers of the exchanges, who back in Febraury were told they would be unable to take bitcoin out of their accounts. At the time, bitcoin was threatening its record high of $1,161 a coin before plunging more than 10% on the news.

Since then, however, things have been going pretty well for the cryptocurrency. Aside from the US Securities and Exchange Commission rejecting two bitcoin ETFs, bitcoin has seen a steady stream of good news.

Full story at http://read.bi/2rwXqqD

 

Britain's largest broker offers bitcoin investment

 

Britain's largest online trading platform, Hargreaves Lansdown, is to allow its customers to invest in bitcoin, the alternative digital currency.

The broker, which administers £70bn of investors' money, will give its 876,000 customers access to a fund that tracks the price of bitcoin, the best-known of a new breed of alternative currencies.

The fund, offered by a Swedish company, XBT Provider, is structured as an "exchange-traded note" (ETN). This is a fund listed on the stock exchange, meaning it can be bought and sold like a share. 

XBT buys complicated "synthetic" certificates, listed in US dollars, that aim to track the price of bitcoin. The ETN itself is denominated in Swedish krona. British investors are therefore exposed to two levels of currency risk.

Full story at http://bit.ly/2rxws23

 

Here are 3 things you should do if you want to start buying bitcoin

 

We’ve received a lot of feedback from our last few write-ups on the bitcoin and cryptocurrency market.

And because a many readers have said they are going to roll up their sleeves and enter the market themselves, we thought we’d offer three simple pieces of advice to bitcoin beginners.

Speaking from personal experience, I highly recommend that folks looking to buy some bitcoin start with an extremely small amount… no more than a bitcoins worth, which today is the equivalent of a couple thousand U.S. dollars. (You can use less money and buy a fraction of a bitcoin also if you prefer).

The process of buying, moving and storing bitcoin is not like traditional online banking or investing. If you send bitcoin to the wrong location, for example, you can’t just call up your bank and cancel your transaction. So it’s critical to familiarise yourself with the mechanics of buying and moving bitcoin around first with a relatively small sum, before moving on to larger dollar amounts.

Full story at http://read.bi/2rxdo48

 

Who Needs an Exchange? Three Unconventional Ways to Acquire Bitcoin

 

Just recently we reported on four bitcoin exchanges that require very little identification. Alongside these peer-to-peer platforms, there are also other ways to purchase bitcoin without using a traditional exchange. There are other more unconventional methods, like purchasing bitcoin at a convenience shop or even with a store gift card.    

There are many trading platforms that people can use to purchase and sell bitcoin, but sometimes people don’t want to go through the hassle of registering with an exchange. On the other hand, some individuals also don’t want to use Localbitcoins as they may dislike the process of dealing with peer-to-peer traders. Many people don’t know that there are other types of methods individuals can use to purchase and sell bitcoin, and some of them may be at your local convenience store.

Full story at http://bit.ly/2rxofeq

 

---

Prepared by @SydesJokes