BANKING BILLIONAIRE FEARS FUTURE OF BITCOIN VS. BANKS

admin Banking, Bitcoin, Bitcoin Lending / Loans, Bitcoin News, Bitcoin Politics, Featured, Opinion, P2P Lending, Technology, The History Of Money 0 Comments

Imagine life as a the patriarchal head of a fiat currency banking empire. Life is good, with the ability to create fiat currency out of thin air, thanks to fractional reserve banking practices which effectively legalizes counterfeiting money. You compare notes with other billionaires. Your donations and campaign influence have politicians wrapped around your finger when it is time regulate new competitors or new technologies. With effective control of politicians, regulators, and consumers sending you multiple streams of income, life couldn’t be better. With one exception. What if there was something, like Bitcoin, which the establishment’s bankers couldn’t wish into the corn fields? Controlling politicians, regulators, the general public, and national economies is pretty sweet, but can all that power protect you from new technologies? What if people had an option where they didn’t have to cut the banks in on every loan, transaction, or new economic measure passed through government? What if people start to figure out you don’t need a bank to live a prosperous life? What if a new technology removed the banks from the equation, leaving people to manage their own money, without a corporate middleman with their hand in your pocket? If you were a …

Two Bitcoin Companies Make the Fox Business List of 30 Hot Fintech Startups

admin Bitcoin, Bitcoin Crowdfunding, Bitcoin Entrepreneur, Bitcoin Lending / Loans, Bitcoin Politics, Bitcoin Services, Bitcoin Startups, Bitcoin Venture Capital, Buying Services For BItcoin, Featured, Investors, Micro Payments, P2P Lending, Payment Solutions Providers, Social Networks 0 Comments

Fox Business published a list of 30 top fintech startups to watch in the Bay Area. The list includes two Bitcoin companies that offer simple and effective solutions for important real-world problems. BTCjam allows users to invest their bitcoin and earn a high rate of return. This process is secure and allows investors to participate in peer-to-peer lending. BTCjam is also a great place for those seeking loans, and especially for the residents of developing countries without a national credit scoring system who are subject to aggressive predatory lending practices when they need to borrow money from traditional lenders. Using cryptocurrencies such as bitcoin, and tapping foreign lenders, helps BTCjam avoid regulatory issues, TechCrunch reported in 2014. “We are one of the first real use cases for bitcoin,” said founder Celso Cardoso Pitta Jr. “Today people circle around buying and selling of bitcoin, but I don’t think bitcoin increases in value because it’s a commodity or a currency. It needs to be useful.” BTCjam is a marketplace where people from around the world connect to borrow and lend using bitcoin. By the end of 2014, the company had facilitated bitcoin loans in excess of $10 million dollars in value with …

Think Tank Reignites Debate Over Bitcoin Mining’s Environmental Effects

admin Bitcoin, Bitcoin News, Mining, Opinion 0 Comments

Debate about the environmental effects of bitcoin mining has resurfaced following claims by an Australia-based sustainability think tank that bitcoin could eventually consume 60% of annual global electricity production. According to the Long Future Foundation’s website, its calculations are based on the assumption that 1 BTC is valued at £1m, the cost of mining this resource is $500,000 and 3,600 bitcoins are produced every day. “Bitcoin miners can get power cheaply for $0.05 per kilowatt hour (kWh) which means that they get 20 kWh per dollar spent,” notes the website. By multiplying these numbers (500,000 x 20 x 3,600 x 365) on its Bitcurrent calculator – an interactive spreadsheet – the foundation arrives at the conclusion that bitcoin mines would consume 13,140,000,000,000 kWh – or 13,140 terawatt hours (TWh) – per annum, or the amount of energy required to power 1.5bn homes. Guy Lane, an environmental scientist and spokesperson for the foundation, said: “While bitcoin is a virtual currency, it has very real economic, social and environmental effects […] Bitcoin has the potential to have an enormous impact on our global resources and energy use if not managed properly.” Lane explained that the foundation’s bitcoin energy model assumes that miners will spend half the value …

COIN.MX REVIEW – IS IT A TRUSTWORTHY BITCOIN EXCHANGE ?

admin Bitcoin, Bitcoin 2.0, Bitcoin Affiliate Programs, Buying & Selling, Exchanges 0 Comments

CoinMX is one of the leading Bitcoin exchanges allowing you to purchase Bitcoins with a credit card today. I’ve heard a lot about it and decided to finally try it for myself. This review will describe my personal experience with the exchange as well as different opinions of other CoinMX customers I’ve managed to gather from the web. CoinMX is an American based Bitcoin exchange based in Dallas Texas. It was established in early 2013 and has been accepting customers worldwide since. The first thing I’ve noticed is that other than a physical location there are no individuals shown on the website who actually run the site. This always sets off an alarm for me as many of the scams I’ve encountered have this characteristic. However, I’m not going to eliminate an exchange based on that alone.   Verification is a bitch, but things go smoothly after.. Once you create an account on CoinMX you’ll need to verify your identity. Unlike other exchanges CoinMX asks you to shoot a video of yourself holding a government issued ID (e.g. passport). This was a pretty awkward moment in my life as I’ve never been requested to shoot a video for verification but I complied. …

Roger Ver and OKCoin at War Over Bitcoin.com Domain Name

admin Bitcoin, Bitcoin 2.0, Bitcoin News, Bitcoin Politics, Opinion 0 Comments

One of the most recognizable bitcoin-related domain names is at the heart of a dispute between Chinese bitcoin exchange OKCoin and bitcoin entrepreneur Roger Ver. The issue stems from the management of theBitcoin.com domain, after the two sides struck a five-year deal last December to control the property. Under the agreement, OKCoin was set to redesign the site and pay Ver a percentage of the revenue generated each month, with a minimum of $10,000 per month. The latest developments, which have seen Ver accuse OKCoin of fabricating legal documents and the exchange in turn alleging that Ver is intentionally seeking to smear its name, come after months of increasingly antagonistic back-and-forth over the direction of the site and the advertising plans that were supposed to drive the effort. OKCoin has released an official statement on the dispute, stating it would no longer manage the domain name. The company cited a recent action taken by the US Financial Crimes Enforcement Network (FinCEN) against Ripple Labs, which referenced Ver in its agreement with Ripple earlier this month, as its chief justification for stopping payments related to Bitcoin.com. OKCoin also characterized the agreement regarding the domain as invalid because the entity named in the …

$80,000 in Bitcoin Seized in International Dark Web Crackdown

admin Bitcoin, Bitcoin 2.0, Bitcoin News, Silk Road, The Deep Web & Dark Net 0 Comments

Law enforcement agencies have seized $80,000 worth of bitcoin as part of an international undercover investigation that tracked the illegal selling of firearms on a dark website, according to a statement by the Australian Federal Police (AFP). Four people across Australia have been charged with attempting to buy illegal firearms, while a further 17 arrests have been made across Europe and North America, the statement reveals. The joint investigation between the United States Homeland Security Investigations (HSI), AFP and Australian Customs and Border Protection Service (ACBPS) focused on the international trade of illegal firearms by a US-based seller, who was later identified as a 33-year-old man living in Montana. The operation first started when ACBPS shared information with HSI, enabling agents to begin a covert operation using the seller’s account, which led to the identification of Australian-based customers attempting to buy illegal firearms. The controlled delivery of six parcels to addresses in Queensland, New South Wales, Victoria and the Australian Capital Territory also resulted in the seizure of a wide range of illegal goods, including firearms, ammunition, two clandestine laboratories, drugs, computer equipment and mobile phones. HSI acting special agent Kevin Kelly said the joint operation should serve as a warning to those using the dark web for …