Where Do You Stand on the Yin & Yang of Different Bitcoin Ideologies?

Just recently the cryptocurrency community experienced a very hyped up psychological situation concerning the bitcoin exchange-traded fund (ETF). The bottom line was whether or not the status quo would accept the decentralized currency into their lair.

Also read: Deloitte Accepts Bitcoin at its Restaurant Due to ‘A Lot of Requests’

The ETF Hype Excited Many but Not Everyone   

Over the past few months, bitcoin’s price has been on a tear. During this time people have speculated part of the reason the price spiked was due to the March Securities and Exchange Commission (SEC) decision. The psychology of this matter ran deep as people wondered if bitcoin would be accepted by mainstream investors.

While people waited for the decision, many people got excited and hoped the SEC would approve the ETF. Throughout forums and social media one could see countless posts and articles covering the subject. Many hoped the chance of approval would send bitcoin to the moon. On March 10, the day of the ETF announcement, the subreddit r/bitcoin had over 2500 subscribed readers online simultaneously, who likely were waiting for the decision.

Before the SEC decision day, there were also a few bitcoiners who either didn’t think it was the right time for a bitcoin ETF or didn’t want it at all. Serial entrepreneur Vinny Lingham wrote an opinion piece on why he didn’t think 2017 was the year for a bitcoin ETF. Before the decision, there were many other talking points saying a Bitcoin ETF may be a bad idea. 

The Recent ETF Decision Highlighted the Yin & Yang of Different Bitcoin Ideologies
The different viewpoints concerning the recent ETF decision on March 10.

The Psychology of Joining or Circumventing the Status Quo

Following the SEC rejection, a post on Reddit had a vast majority of people saying “we don’t need SEC approval.” One interesting comment stated that the tone of comments probably would’ve been entirely different if the SEC had approved the fund. You have to wonder how many people were cheering for an ETF weeks prior and then said “screw SEC” immediately after.

It’s interesting to see this type of psychology concerning joining status quo or eradicating the system. A while back I uploaded a picture I created of 60 banks invested in blockchain technology to see if I could get a reaction. I did this as an experiment to see whether or not it would gain traction with the crowd. Immediately the picture went viral and received 50 thousand views in twenty-four hours.

The Recent ETF Decision Highlighted the Yin & Yang of Different Bitcoin Ideologies
A graphic I submitted to Reddit that went viral last year, shows 60 well-known banks invested in blockchain technology.

The graphic was interestingly popular even though it was posted to a bitcoin-focused forum that typically dismisses altcoins and blockchain projects. However, every single one of those banks pictured have absolutely nothing to do with bitcoin, but the image was still a crowd pleaser.

Currently, there is a yin and yang of differing ideological foundations when it comes to people’s views of what bitcoin is meant to do. You can see these differences across the web throughout many bitcoin forums and chat groups.

What Does Bitcoin Mean to You?

The Recent ETF Decision Highlighted the Yin & Yang of Different Bitcoin IdeologiesThe fact is there are many individuals who wish and pray bitcoin will be accepted by the status quo. They believe the banksters and bureaucracy will ‘legitimize’ bitcoin. Many of them really hoped the bitcoin ETF would have been approved on March 10 and accepted by the financial incumbents.

Then, on the other hand, there are those who vehemently oppose banks and governments coming near the decentralized currency. These types of people believe bitcoin was meant to replace the greedy middlemen and bring economic sovereignty back to the people.

This means that quite a few members of the `Bitcoin community´ (myself included at times) suffer from cognitive dissonance or the act of simultaneously holding two contradictory beliefs at the same time. It’s hard to toss the shackles of society’s traditional norms when the nation states and central banks bolster these beliefs with laws and indoctrination.

The status quo uses multiple types of propaganda, such as protectionism, to make people feel like they can’t do things on their own. In fact, their ridiculous assumptions explain that individuals who privately hold wealth are a dangerous threat to society and must be evading taxes. For instance, last year former U.S. President Barack Obama stated;  

“What mechanisms do we have available to do even simple things like tax enforcement?” asked Obama. “If in fact, you can’t crack that all, if the government can’t get in, then everybody is walking around with a Swiss Bank account in their pocket.”

With these two very distinct and contrasting ideologies within the bitcoin space The question is where do you stand?

What do you think about the psychological aspects of Bitcoin being accepted by the status quo? Do you feel Bitcoin doesn’t need this acceptance or permission? Let us know in the comments below.

Images courtesy of Shutterstock, Bitcoin.com, and Crypto-graphics.com. 

Bitcoinocracy is a free and decentralized way to measure the Bitcoin community’s stance on a given proposition. Check vote.Bitcoin.com.

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Bitfury Mines a Block Signaling UASF Mandatory Segwit Deployment

Recently Bitcoin proponents who support Segregated Witness (Segwit) have been fervently discussing BIP 148, a User-Activated Soft Fork (UASF). On March 24 the mining operation Bitfury mined a block with a BIP 148 (=UASF-Segwit) tag, signaling the organization’s support for the proposal.

Also Read: Five Geeked Out Fantasies You Can Fulfill Today With Bitcoin

User-Activated Soft Fork Discussed Amongst Segwit Supporters

Bitfury Mines a Block Signaling UASF Mandatory Segwit DeploymentAs the block size debate continues, many are moving in different directions to come up with a solution for Bitcoin’s future scaling. A few weeks ago a pseudonym named “Shaolin Fry” introduced the idea of a Segwit UASF, which would attempt to activate Segwit before reaching a 95 percent threshold of consensus between miners. In essence, the proposal is a mandatory activation of Segwit deployment, which would take place between October 1 and November 15, 2017.

The idea has gained some traction with those that would like to see it explored and reviewed by other developers. BIP 148, authored by Shaolin Fry, is currently on Github and is available for community and developer review. The anonymous creator of BIP 148 explains the rationale behind UASF, otherwise known as “Flag Day”, detailing that P2SH was introduced in a similar fashion.

“Historically, the P2SH soft fork (BIP16) was activated using a predetermined flag day where nodes began enforcing the new rules,” explains Fry’s UASF proposal. “P2SH was successfully activated with relatively few issues. By orphaning non-signalling blocks during the last month of the BIP9 bit 1 “Segwit” deployment, this BIP can cause the existing “Segwit” deployment to activate without needing to release a new deployment.”

Bitfury Mines a Block Signaling UASF Mandatory Segwit Deployment
BIP 148 authored by the pseudonym Shaolin Fry.

Bitfury Mines a Block With a UASF Segwit Tag

On March 24, Bitcoin and blockchain infrastructure provider Bitfury mined a block containing a UASF Segwit tag, showing support for the BIP 148 proposal. Block 458793 and a couple of other blocks recorded by the blockchain included the UASF mandatory deployment of the Segwit tag.

Bitcoin community members from both sides of the debate discussed the tagged UASF blocks mined by Bitfury across social media. Supporters of UASF asked for technical guidance from developers concerning the proposal as there haven’t been any signs of engineers reviewing the idea thus far. Furthermore, some thought the tag by Bitfury was merely a political statement as one Redditor states:

“Should we just ignore these flags for now?” asks Reddit user Jerguismi. “It doesn’t cost a miner a penny to put whatever flag there, so it can be used to troll, etc. There isn’t widely available UASF version of Bitcoin client available, so signaling that flag doesn’t make much sense — except as a political statement, which doesn’t mean a lot IMO. Bitfury wouldn’t actually do the UASF currently because there is no sign that services generally are running the UASF fork (because UASF client isn’t available AFAIK).”

Bitfury Mines a Block Signaling UASF Mandatory Segwit Deployment
Blocks mined by the organization Bitfury containing the BIP 148 tag.

One Contentious Fork for Another?

Those who oppose the concept and have been supporting ideas like Bitcoin Unlimited (BU) had thought the idea was hypocritical. A few BU supporters thought it was ironic that people declared a forced deployment of Segwit different than miners choosing to vote for an alternative client. One commenter who disagreed with the idea of a UASF deployed Segwit mocked the concept by stating:

We are strongly opposed to a contentious hard fork, so strongly that we are prepared to change the PoW, a user activated soft fork, and Segwit, all contentious forks, to prevent a hard fork.

October 1 is months away so it could be a while before this proposal gets any real backing from the industry and developer support. For now, to some people, the UASF discussion continues to be merely chatter on the Internet but, with Bitfury allegedly making a political statement, that could change in the near future.

What do you think about BIP 148 a User-Activated Soft Fork to get Segwit deployed? Let us know in the comments below.

Images via Reddit, Github, and Shutterstock.

Express yourself freely at Bitcoin.com’s user forums. We don’t censor on political grounds. Check forum.Bitcoin.com.

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Galaxy Mining Directs its Hashrate Towards Bitcoin.com’s Pool

The Washington State-based cryptocurrency mining operation of Galaxy Mining has announced the organization will be pointing their hashrate at Bitcoin.com’s mining pool.

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

Galaxy Mining Points its Hashrate at Bitcoin.com’s Mining Pool  

Galaxy Mining (http://Galaxymining.com) is a large mining business with two significantly sized physical mines located in the U.S. state of Washington. The firm is also one of the largest altcoin mining facilities located in America, according to the Galaxy team.

The company, led by its CEO Ken Brough and CFO Randy Prince, offers mining packages enabling customers the opportunity to mine bitcoins and other alternative currencies. Galaxy clients can mine altcoins such as Zcash, Expanse, and Ethereum with more coins to follow in the near future.

Galaxy Mining Directs its Hashrate Towards Bitcoin.com’s Pool

Galaxy Mining Supports Lower Fees and a Faster Bitcoin

Galaxy Mining decided to point their hashrate at pool.bitcoin.com because they believe bitcoin users deserve lower fees and faster transactions. Over the past year, the Bitcoin fee market has risen exponentially and transaction times are now taking hours, and sometimes days.  

“Galaxy Mining is excited to work with Bitcoin.com because we believe this relationship further supports our core value of trust, by providing the safest and most favorable cryptocurrency mining in the world,” explains Galaxy Mining CEO, Ken Brough.

‘The Best Value and Security in the Industry’

Galaxy Mining understands the need for swifter transactions and low fees as the firm has offices located in countries such as South Africa, Malaysia, and Europe. The company believes it offers some of the most affordable cloud mining contracts on the market which can be appealing to citizens all around the globe.    

“By using the least expensive power of any currently known mining operation in the world, in combination with superior construction, cooling, and operations technology we’re able to provide some of the best value and security in the industry,” Galaxy Mining details.

Galaxy Mining offers people the ability to take advantage of the bright future of cryptocurrency. Check out Galaxy Mining today for a mining package quote that fits your needs.

For further information or if you would like to set up an interview please contact:

Email: public.relations@galaxymining.com

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this press release.

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Five Geeked Out Fantasies You Can Fulfill Today With Bitcoin

Bitcoin has been often been referred to as “nerd money.” The cryptocurrency has become more popular these days with more users and merchants incorporating the decentralized currency into their lives and businesses every day. In fact, there are many exciting products for geeky hobbyists already available today that can be purchased with bitcoin.

Also Read: Zeronet Wants to Replace the Dark Web by Marrying Bitcoin to Bittorrent Over Tor

 Nerds Looking to Spend Their Bitcoin on Gear Look No Further


Five Geeked Out Fantasies You Can Fulfill Today With Bitcoin
The “Bitbrew” handheld laser.

It is now possible for bitcoiners to become their favorite Star Wars character by purchasing a laser with their digital currency stash. Bitlasers.com is a business that specializes in laser sales and accepts a variety of cryptocurrencies. For instance, for roughly 0.0986 BTC bitcoin enthusiasts can purchase a handheld laser with an optical power of around 1300 mW. The laser is dubbed “Bitbrew” after one of the company’s favorite coffee shops that accepts bitcoin. Bitbrew has a laser wavelength of 445 nm and comes in a bright fluorescent-like blue color.

Bitlasers also has more expensive and more powerful lasers available for bitcoin, but the company warns these products are not toys. If a user is not careful, these lasers are capable of causing permanent blindness, as well as skin damage, and can severely burn people and objects.

Diving Machines and Mini-Submarines

If someone is looking to go nautical with their bitcoins they may want to visit the website Bitpremier, which calls itself the “luxury marketplace for bitcoiners.” Of course, people can buy fancy automobiles and yachts on the website, but they can also purchase submarines to voyage into the deep depths of the ocean blue. For instance, one ad on Bitpremier is selling an “Ultimate Diving Machine” that resembles a submarine shaped like a shark. For 115 BTC a bitcoiner can purchase this two-seater craft with a bubble top canopy. It has an underwater camera system, many viewports, snorkel extensions, and also comes with a custom shark paint job and a trailer.

Five Geeked Out Fantasies You Can Fulfill Today With Bitcoin
The “Ultimate Diving Machine.”

If you have deeper pockets and want to purchase a professional grade mini-submarine for 2,271 bitcoins, Bitpremier can help you there as well. The mini-submarines are capable of diving down to a depth of “100 meters to 300 meters with three people.” The Bitpremier ad states these mini submersibles are fast, with six thrusters for strong currents and small enough to fit on an existing super-yacht. Anyone who is looking to fulfill their Twenty Thousand Leagues Under the Sea fantasies can do so now with bitcoin.

A Trip to Space

Are you looking to leave the earth’s atmosphere with your bitcoins? Look no further, as Virgin Galactic will take you there and is currently accepting bitcoin for space flight purchases. Virgin Galactic is owned by the well-known Bitcoin supporter Sir Richard Branson. The Virgin space team has been building a spacecraft that can handle human spaceflight operations and small satellite launches. As a forward thinking company, Virgin Galactic believes utilizing bitcoin as payment for spaceflight is only natural.    

“Bitcoin, the virtual currency, has really captured the imagination recently as one of the world’s most innovative businesses looking to the future,” explains Virgin Galactic. “So we think it is about time Virgin Galactic customers can choose to pay with bitcoins.”

Five Geeked Out Fantasies You Can Fulfill Today With Bitcoin
Virgin Galactic’s Spaceship 2.

Drones and Robotics

Five Geeked Out Fantasies You Can Fulfill Today With Bitcoin
The Phantom X Pincher robotic arm.

Now that you have a lightsaber, submarine, and a plane ticket to space you may need some friendly robot companions. Currently, Bitcoin enthusiasts can purchase flying drones with their digital currency and test their skills at aerial filming, and delivery services. The UK-based Daedalus Group has been selling drones for over two years and sells the flying robots for bitcoins. Furthermore, the company has stated in the past that both technologies will help each other grow. Additionally, the Virginia-based Expert Drones accepts the decentralized currency for drone purchases. The company specializes in drone kits, accessories, repairs, and training for both novices and veteran drone experts.

Or maybe you are in the market for a robotic arm after your father chopped yours off because you didn’t join him in ruling the empire? Well, in that case, you can purchase an arm that utilizes artificial intelligence, with bitcoin. While perusing on the bitcoin merchant website Spendabit there are quite a few robotic arms for sale, and accessories. Those shopping for a robotic arm could choose the Phantom X Pincher that operates with Turtlebot software and offers five degrees of movement freedom.

Medieval Weapons

Maybe space and underwater science fiction isn’t your thing, and you’re a geek who appreciates medieval weaponry and Lord of the Rings re-enactment gear. Well, you could possibly fill your Brave Heart desire by spending your bitcoins at the Celtic Webmerchant which carries early medieval swords, Viking weapons, and more. Furthermore, after branding a fine blade bitcoiners can also obtain medieval jewelry, drinking horns, and oil and stones to sharpen your battle-axe.

The Scottish Claymore Longsword.

    Bitcoins Can Purchase Many Items That Epitomize the Geek Lifestyle

There are loads of other nerdy gadgets that can be purchased with bitcoin and this is just the tip of the iceberg. Bitcoiners can also purchase comic books, Pokemon cards, weird tee-shirts, funky art pieces and many more geeky items with the decentralized currency. With Bitcoin being considered a currency for geeks, being able to purchase items that exemplify this nerdiness is a plus.

What do you think about the interesting and geeky items you can purchase with bitcoins? Let us know about some of the fascinating items you’ve purchased with bitcoin in the comments below.

Images via Pixabay, Bitlasers, Spendabit, Bitpremier, Virgin Galactic, and the Celtic Webmerchant. 

Bitcoin.com’s own store features a wide range of interesting Bitcoin-related products. Looking for a hardware wallet? We got ‘em. Want a good-looking t-shirt? It’s there. Want to gift a nice Bitcoin tea cup? Go shopping.

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Source: bitcoin.com

PBOC Proposes In Person Verification for Account Opening at Exchanges, Withdrawals Still On Hold

The People’s Bank of China (PBOC) has reportedly sent a draft proposal to Chinese bitcoin exchanges detailing anti-money laundering (AML) requirements. One proposal outlined in the draft is an on-site verification for opening an account at an exchange. Meanwhile, withdrawals at these exchanges are unlikely to resume until AML rules have been clarified.

Also read: Chinese Central Bank Requiring Extreme Customer Verifications at Exchanges 

On-site In Person Verification for Opening Accounts

An article in the China Business Journal reportedly claims that the PBOC has sent a 4-page draft proposal to Chinese bitcoin exchanges. The bank is asking them if the requirements outlined in its proposal, including one involving a mandatory in-person verification, are feasible.PBOC Proposes On-Site Verification for Account Opening at Bitcoin Exchanges; Withdrawals Still On Hold

An exchange insider, Lu, told the Chinese publication that one of the items listed is the requirement for all new users to go through on-site verification before they can open an account. Bitcoin.com previously reported on the PBOC potentially requiring on-site verification in order to deposit or withdraw 50,000 yuan when using a Chinese bitcoin trading platform, but doing so to open an account was not mentioned.

Lu commented that this requirement is not feasible and does not follow the trends of the internet, citing that even stock market trading accounts allow remote video verification.

Withdrawals Unlikely to Resume Until AML Rules Are Clear

Lu also said that the PBOC has a different concept of what AML means than bitcoin exchanges do. He added that the exchanges have been implementing AML measures all PBOC Proposes On-Site Verification for Account Opening at Bitcoin Exchanges; Withdrawals Still On Holdalong, but the PBOC thinks otherwise. With this new draft, both the PBOC and the exchanges should have the same set of standards in mind, Lu hopes. “In short, all they are doing is making sure there are no loopholes. Taking preventive measures, blocking potential possibilities and minimizing risks”, he noted.

In early February, three major Chinese exchanges suspended bitcoin withdrawals, supposedly for one month, following the PBOC’s inspections of nine smaller bitcoin exchanges earlier that week. The major exchanges announced at the time that they would be upgrading their AML systems in accordance with laws and regulations. Their estimated time to completion for the upgrades was one month.

However, on March 8, Bitcoin.com reported that all three major Chinese bitcoin exchanges have postponed the return of withdrawals. They announced at the time that “once approved by the regulating departments, we will resume bitcoin withdrawal services”.

Recently, BTCC has completed its know-your-customer (KYC) system upgrade PBOC Proposes On-Site Verification for Account Opening at Bitcoin Exchanges; Withdrawals Still On Holdto comply with AML policies. A notice posted on Btcchina.com states that four pieces of identity information are now required. They are; full name, national ID number, bank card number and mobile phone number. These requirements must be met for depositing and withdrawing funds. Furthermore, the notice states that:

BTC and LTC withdrawals are still on hold until further notice.

Lu expressed that the exchanges cannot resume withdrawals until the AML rules are clear, stating that “the standards are not yet fully implemented. So exchanges don’t dare to resume it”.

What do you think of the PBOC’s on-site verification proposal for opening an account? Let us know in the comments section below.

Images courtesy of Shutterstock, PBOC, and BTCC

Why not keep track of the price with one of Bitcoin.com’s widget services.

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Source: bitcoin.com

SEC Delays Decision on Barry Silbert’s BIT after Receiving Comments

March has been a busy month for the U.S. Securities and Exchange Commission (SEC). Following its March 10 decision on Coin ETF, the Commission will soon have to make a decision on Solidx Bitcoin Trust, which is due on March 30. In addition, there is another deadline this month that most people have overlooked. It is the first deadline for Barry Silbert’s Bitcoin Investment Trust (BIT), which is due on March 26. However, the Commission has announced this week that it is delaying the decision on the BIT for 45 days.

Also read: SEC Rejects Rule Change for Bitcoin ETF

Decision Postponed to May 10 – for Now

SEC Delays Decision on Bitcoin Investment Trust after Receiving 3 CommentsThe NYSE Arca exchange filed a proposed rule change to list and trade shares of the BIT on January 25, which would trade under the symbol GBTC. Without an extension, the Commission would have to make a decision on the BIT 45 days after the proposed rule change was published in the Federal Register, which was on February 9.

The Commission has now chosen to extend its decision period for 45 more days. In its notice on Wednesday, the SEC wrote:

The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,6 designates May 10, 2017, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change.

While May 10 has been chosen, it is not the very last day which the SEC has to make its decision. The Commission can still extend the deadline further, up to 240 days from the date of publication in the Federal Register, as it did so with the other two bitcoin trusts.

The SEC can also choose to deliver its decision any time before the deadline. In addition, NYSE Arca can choose to withdraw its proposed rule change filing. So far, there has been no indication of either.

3 Negative Comment Letters Received

The SEC also revealed that three comment letters were received on the BIT. Unlike for Coin and Solidx which received some encouraging comments, none of the three letters for SEC Delays Decision on Bitcoin Investment Trust after Receiving 3 Commentsthe BIT urge the SEC to consider approving the BIT’s proposed rule change.

The first comment letter, dated February 5, is from Joseph Stephen White who identified himself as “a former “bagholder” of bitcoin and other currencies such as freicoin and litecoin”. His letter outlines ponzi schemes, illegal drug markets, and scams such as Butterfly Labs. He also provided a link to Reddit community ‘Buttcoin’ before concluding that: “bitcoin is not ready yet for wide scale use as there are too many people who can be controlled by the network by a few people who the government does not have any say over”.

A few days later, the second comment letter was posted on the SEC website, from Ethereum co-founder SEC Delays Decision on Bitcoin Investment Trust after Receiving 3 CommentsJeffrey Wilcke. “There are major ethical concerns and conflicts of interest around Digital Currency Group (DCG), the parent company of the Bitcoin Investment Trust, and their media subsidiary Coindesk”, he began his letter. He also pointed out that DCG subsidiary Grayscale operates “Ethereum Classic Investment Trust“, a barely recognized alt-coin that’s illegally infringing on a trademark of the Ethereum Foundation”. Citing how Coindesk has written about this altcoin “more than 88 times”, he warned the SEC of DCG’s ability to “”pump-and-dump” worthless assets” to unsophisticated investors.

The third comment letter came last week, from Mark T. Williams, a.k.a Professor Bitcorn. Getting straight to the point, Williams wrote that the BIT should not receive SEC approval “as it is similar to” Coin that was denied on March 10. He also agreed with Wilcke, stating that DCG “is fraught with inherent conflicts of interest”.

While all comments have been negative so far, the SEC has already said that its decisions are not based on these comments. When rejecting the Coin ETF, the Commission wrote that:

Ultimately, however, comments on these topics do not bear on the basis for the Commission’s decision to disapprove the proposal.

The Bitcoin community does not think that the SEC will approve any Bitcoin ETFs anytime soon, given its reasons for rejecting Coin.

Do you think Barry Silbert’s Bitcoin Investment Trust has a chance of being approved by the SEC? Let us know in the comments section below.

Images courtesy of Shutterstock, NYSE, Etherum Foundation, and Grayscale

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Source: bitcoin.com

Markets Update: Bitcoin’s Price and Market Share Dominance Declines

A lot has changed in regards to the price of bitcoin over the course of the past week. Since our last markets report, bitcoin markets have seen quite a few price fluctuations as the cryptocurrency’s future value remains uncertain.

Also read: Trezor Redesigns Wallet Interface and Adds Advanced Recovery Feature

Bitcoin Price Weekly View

Markets Update: Bitcoin's Price and Market Share Dominance DeclinesIf one were to ignore the scaling debate this week and focus the attention entirely on cryptocurrency markets, one would notice last week’s bitcoin price movements were just as hectic. Currently, the price per bitcoin is US$990, after losing roughly $70 dollars in value over the past 24 hours. Just one week ago, on March 16, bitcoin’s price was coasting along at $1,215-1,235 per BTC – but it took a significant dive the following day. The bearish downturn continued until March 18, hitting a low of $950 per BTC, which turned out to be the week’s price floor so far.

After the dip, the price started to ascend upwards once again, climbing above the 4-digit range. On March 21 bitcoin’s rising price reached $1,115 but subsequently took another downturn over the course of the next few days. At present technical indicators are showing sellers are in control of the market. The price is moving down to support lines as the psychological 4-digit range seems to be broken leading to the current bear market. The support line is strong in the $870-890 range, and its likely buyers are waiting for this position. The 100 Simple Moving Average (SMA) is lower than the 200 SMA showing the seller’s market may continue until a new price floor is found.

Markets Update: Bitcoin's Price and Market Share Dominance Declines
March 24, 2017, Bitcoin price on a bearish decline. Chart via Trading View user Excavo.

This Week’s Headlines

During most of the week a vast majority of bitcoiners have been discussing the scaling debate and the possibility of a hard fork. Many conversations on both sides of the block size debate have seen increased tension and animosity. This week a good portion of well-known bitcoin exchanges have detailed their contingency plans concerning a possible hard fork in the near future. Lots of bitcoin proponents believe a fork could happen soon and have begun discussing all the possible variables of a blockchain split event.

In other news, the recent rejection of the bitcoin exchange-traded fund (ETF) is being disputed by the Bats BZX Exchange. The organization is petitioning the U.S. Securities and Exchange Commission (SEC) to review its disapproval decision. Bats is looking for specific findings and factual evidence concerning the reasoning behind the ETF rejection. SEC initially detailed they had denied the ETF because of regulatory concerns.

Altcoin Markets

Markets Update: Bitcoin's Price and Market Share Dominance DeclinesLast week Bitcoin.com reported on the rise of many alternative digital token capitalizations and the significant increase in cryptocurrency daily trading volumes. Overall cryptocurrency markets reached a high of $1 billion in trade volumes per day this week and currently rests at over $700 million, at the time of writing.

Quite a few individual cryptocurrency markets experienced exponential price rises this week with altcoins like Ethereum and Dash having field days. Ethereum is currently trading at $47 per ether and is capturing $200 million in daily trade volume. Some have speculated that Ethereum’s spike may be due to the darknet marketplace (DNM) Alphabay adding ether to the DNMs payment options.

While many commenters have been highlighting the rise of the number three cryptocurrency Dash, the altcoin Ripple has suddenly leaped forward. This, the fourth highest valued token, has seen a significant 25 percent price increase and may soon be valued at one cent per unit. Other altcoins on the top ten list such as Ethereum Classic, Monero, and Augur have seen a few price spikes this week as well. Some believe Augur’s price is being pushed by the sudden Ethereum market uptrend due to its collaborative relationship.

Markets Update: Bitcoin's Price and Market Share Dominance Declines

Overall the entire market capitalization of all the existing cryptocurrencies combined has increased to over $23 billion. However bitcoin’s market dominance, the total amount of market share BTC holds compared to all the other alternative digital assets, stands at its lowest point ever. In fact, altcoins now hold more than 30 percent of the total market share, with bitcoin only grasping 68 percent of the entire market capitalization value.

The Verdict

Traders playing scalps and breaks will do well with bitcoin’s price volatility as the market has plenty of room for intra-range strategies. Leading exchanges which offer futures options show quite a few more ‘short’ contracts than ‘long’ contracts as the bear market continues. At the moment bitcoin’s price is down 6 percent, but volume is holding strong with over $300 million in 24-hour trade volume. Currently, technical indicators show the market is uncertain and bitcoin traders should expect continued volatility.        

Bear scenario: The downtrend could lead bitcoin’s price to a low of $870-900 per BTC with a possible uptrend at that support line. At the time of writing it is a seller’s market and the currency’s fall below the psychological $1,000 range is not a good sign.    

Bull scenario: Bitcoin’s price could hold at the current $990 range and see a price upswing after some relatively stable sideways action. In the short term, if buyers regain some control, market prices could once again break the 4-digit range.      

Disclaimer: Bitcoin price articles are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”

What do you think about Bitcoin’s price trends at the moment? How do you envision future price movements? Let us know in the comments below.

Images courtesy of Shutterstock, Pixabay, and Trading View. 

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Source: bitcoin.com

Deloitte Accepts Bitcoin at its Restaurant Due to ‘A Lot of Requests’

Deloitte Canada announced this week that its Toronto office’s internal restaurant called Bistro 1858 now accepts bitcoin. Bitcoin.com talked to Iliana Oris Valiente, ‎Strategy and Execution Lead and co-founder at Rubix by Deloitte, to find out the reason behind this decision and how much interest in Bitcoin the firm is seeing.

Also read: How to Start Your Own Bitcoin ATM Business 

Most Visible Private Restaurant

Deloitte Accepts Bitcoin at its Prestigious Restaurant Due to 'A Lot of Requests from Within the Firm'Bistro 1858 is a private restaurant exclusively for Deloitte employees and their guests. There is a security guard at the entrance of the restaurant that will turn everyone else away, wrote the Toronto Star.

Unlike most private restaurants that are tucked away from public view, this restaurant is in, what the paper calls, “a most public place” in Toronto. It is located in the Bay Adelaide Center, in the city’s financial district. Its all-glass walls make the dining area visible to anyone passing by. The tower is located at the northwest corner of Yonge and Adelaide Street.

“Bistro 1858 has a seating capacity of 75 with take-out options”, Valiente described to Bitcoin.com. “Breakfast and lunch ranges from approximately $3 to $12 for snacks and meals”, she said, adding that:

Hundreds of Deloitte practitioners purchase their meals from Bistro 1858 every day.

Deloitte Professionals Excited to Use Bitcoin

The restaurant’s co-operators, Deloitte and Benchmark Hospitality, have selected Bitpay Deloitte Accepts Bitcoin at its Prestigious Restaurant Due to 'A Lot of Requests from Within the Firm'to accept and settle bitcoin payments. Deloitte does not offer its own wallet, the firm’s representative said. “There are many great Bitcoin wallets available out there so we didn’t find it necessary to recreate the wheel and build a new wallet”.

The restaurant does not offer any incentives such as discounts for customers paying with bitcoin. “Our practitioners are encouraged to share the news with their clients and host them at Bistro 1858”, Valiente explained, noting that:

Many Deloitte professionals have shown excitement for the opportunity to start using bitcoin to buy their lunch and breakfast from Bistro 1858. If the usage of the BTM [Bitcoin ATM] machine we installed in the fall is any indication of how many people will start paying with bitcoin, we expect the number of users to grow continuously over the next few months.

Interest in Bitcoin within Deloitte

Last September, Deloitte became the first of the Big 4 consultancy firms to install a Deloitte Accepts Bitcoin at its Prestigious Restaurant Due to 'A Lot of Requests from Within the Firm'Bitcoin ATM. Located in its Toronto office, Deloitte’s BTM is operated by the firm’s blockchain team at Rubix.

Its fees are 4 percent to buy bitcoin and no fee for selling bitcoin, according to data from Coinatmradar. A mobile phone number and an ID are required to use the BTM and there is a daily limit of $100 per person.

“As the most successful large implementation of blockchain technology, Bitcoin is consistently a topic of discussion at Deloitte and with our clients”, Valiente revealed, adding that:

When we installed our BTM in the fall we received a lot of requests from within the firm to bring bitcoin to our Bistro.[…] As the industry shifts and evolves we hope to continue to bring new and valuable initiatives to our firm and our clients.

What do you think of Deloitte’s Bistro accepting bitcoin? Let us know in the comments section below.

Images courtesy of Shutterstock, Deloitte, and the Toronto Star

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Source: bitcoin.com

Trezor Redesigns Wallet Interface and Adds Advanced Recovery Feature

On March 22 the Czech-based bitcoin hardware and software manufacturer Satoshi Labs has launched a redesigned Trezor wallet with a graphical data interface and newly added security features.

Also read: How to Restore a Hardware Wallet Using a Seed Phrase

Satoshi Labs Introduces the New Trezor Wallet With Added Services  

The bitcoin hardware company Satoshi Labs has been a popular choice for bitcoin enthusiasts cold storage options since 2013. Just recently the company has completely redesigned its wallet interface with a variety of new feature services added. For instance, the wallet’s transaction tab displays multiple sources of data for better auditing.

Trezor Redesigns Wallet Interface and Adds Advanced Recovery Feature
The new Trezor wallet has multiple display features for transaction auditing.

Accounts now show the full amount of funds received in the income section and the entire spent amount with the expense section. Furthermore, the display shows a graphical chart of how many bitcoins have been added to the account over time and with balances starting from the day the Trezor was activated to the present. The wallet also now displays the entire fee rate across all of the transactions sent from the Trezor account.   

“The new design of the Trezor Wallet focuses on usability and familiarity,” explains Satoshi Labs. “You will see that only a little has changed in the operation logic, in order not to confuse you.”

Advanced Recovery

Trezor Redesigns Wallet Interface and Adds Advanced Recovery Feature
Trezor’s “Advanced Recovery” mode.

The revamped Trezor wallet also has added a service that was previously only available using the command line interface. For instance, the new wallet now allows users to utilize the implementation of Jochen Hoenicke’s “Advanced Recovery” within Trezor’s beta channel. Satoshi Labs says this integration was a “highly requested feature” for Trezor customers that “assures no part of your seed will ever be revealed to your computer.”

Standard Recovery is still a pretty safe process says Satoshi Labs, but Advanced Recovery adds a whole new layer of protections. Using traditional Standard Recovery methods users have to enter the recovery seed in a shuffled order to make the correct combination confusing to an attacker.

Using brute computational force an attacker has to “check through all the combinations of a 24-word seed, and the attacker would have to run SHA-512 (24! ÷ 256 × 8096) 19 621 680 704 813 697 269 760 000 times,” explains Satoshi Labs. So the process is still a fairly secure technique for cryptocurrency holders.

Nonetheless, the newly added Advanced Recovery makes things even more difficult for onlooking attackers and compromised computers.

“In contrast with the Standard Recovery, the Advanced Recovery completely obfuscates the letters entered on the computer,” the hardware wallet company details. “Instead of writing whole words in a shuffled order, you will be inputting individual letters on the PIN-pad in a regular order. The computer will never know what letter is being entered, as the layout of the PIN-pad constantly changes.”

More Enhancements and Features Coming to Trezor

Satoshi Labs says they are quite pleased with the redesigned wallet system and newly added security feature. The startup also says there are more enhancements and features coming to the Trezor wallet soon. However, because the process is more technical, Advanced Recovery will not become a default option within the Trezor wallet and users will have to utilize the beta version with up-to-date firmware to try the new security option.

What do you think about the new Trezor interface and Advanced Recovery option? Let us know in the comments below.

Images via the Trezor blog, and Freedomnode.com.  

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Source: bitcoin.com

Seattle-Based Cannabis Merchants are Accepting Bitcoin for Pot Sales

Two months ago Bitcoin.com reported on the State of Washington giving marijuana dispensaries approval to accept bitcoin for cannabis sales. Now, thanks to a fintech startup called Posabit, a few cannabis merchants in Seattle are utilizing the decentralized currency in their business operations.

Also read: AML-Compliant Bitcoin Payments Coming to 56,000+ Merchants Globally

Seattle Cannabis Dispensaries are Accepting Bitcoin for Marijuana Sales

Seattle-Based Cannabis Merchants are Accepting Bitcoin for Pot SalesMany cryptocurrency enthusiasts would love to see the Bitcoin industry join together with the growing marijuana movement, which is happening in a few U.S. states. The State of Washington has allowed medical and recreational marijuana sales since 2014. Just recently, Washington lawmakers and the state’s Liquor and Cannabis Board gave marijuana merchants and payment processors the approval to utilize digital currencies for dispensary sales.

Since then the startup Posabit, a credit-card-to-bitcoin payment processor, has begun working with four Seattle dispensaries which sell marijuana. The pot shops working with the Posabit system include the Queen Anne Cannabis Company, Herb’s House, Greener Today, and three Uncle Ike’s locations. Posabit claims to give cannabis merchants and other brick and mortar stores an easier way to accept credit cards and bitcoin at any point of sale location. Furthermore, the company says using their digital processor reduces cash transactions, which can be a danger for cannabis dispensary employees.

Seattle-Based Cannabis Merchants are Accepting Bitcoin for Pot Sales

Bitcoin Taking the Friction out of Cannabis and Credit Card Laws

The Posabit experience allows users to purchase bitcoins with a credit card and use them to purchase goods from a cannabis location with a Posabit kiosk. In essence, the startup says that they remove the issues of using credit cards for pot sales by utilizing a legal cryptocurrency, because cannabis credit card sales are prohibited by law.

“We are selling bitcoin to [individual] customers, and allow our [pot store] customers to accept bitcoin as payment,” co-founder Ryan Hamlin tells Seattle Weekly. “Obviously federal laws prohibit using credit cards to purchase cannabis,” Hamlin adds. “That’s exactly what we’re not doing.”

Three Types of Posabit Merchants

Another benefit to the Posabit system is that the business is fully compliant with KYC, AML, and OFAC regulatory guidelines, explains the startup. Additionally, Posabit details its real-time transaction history provides a transparent reporting system for auditing. The startup believes that there are a few types of merchants that could use the Posabit infrastructure at point of sale locations. The three types of businesses that may benefit from Posabit’s bitcoin payment system include:

Cash only merchants who want to accept another form of payment. Tech-Savvy merchants who want to promote the use of bitcoin to differentiate themselves from the competition and micro-merchants who want to benefit from lower transaction costs by accepting bitcoin for small purchases.

Seattle-Based Cannabis Merchants are Accepting Bitcoin for Pot Sales
A customer purchases a gram of marijuana at Uncle Ike’s pot shop.

Removing the Dangers of Cash Transactions With Software

There have been many Bitcoin proponents trying to push for these two industries to join hands, and it seems like the idea may continue to prosper. One of the biggest concerns for merchants in states where marijuana is legal is the large amounts of cash being stored onsite and transported offsite to banks. This type of practice opens the dispensary to dangers such as being robbed and other forms of cash losses. Posabit’s co-founder says that he saw “an industry that was in dire need of a credit solution.”

Hamlin adds, “I said, ‘software has got to be able to solve this problem.’”

What do you think about Posabit and Seattle cannabis dispensaries accepting bitcoin for reefer sales? Let us know what you think in the comments below.

Images via the Posabit website, Queen Anne Cannabis Company, Herb’s House, Greener Today, Uncle Ike’s, and Pixabay.

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Source: bitcoin.com