Switzerland to Establish the First Bitcoin Bank

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If you are still skeptical about the way Bitcoin works, perhaps this would be the time to get to know everything that there is to know about Bitcoin. In recent news, a team of eight members is all set to open up a Bitcoin bank in Switzerland. A Bitcoin bank, where all the usual banking facilities would be available, just without the paper currency. The Bitcoin bank aims to impart various services such as loans, storage, transacting with the ‘international, digital, government-free currency’ that Bitcoin is. The team is currently looking for premises for the bank and is all set to apply for an official license in a few weeks. The team comprises of both IT experts and those who expertise in finance. The team already has investors set in place. A founder member and the IT specialist – Guido Rudolphi recently spoke on behalf of the bank, “Managers of the banks have knowledge both in IT and traditional finance. We hope to apply for Bank license in a few weeks. First people already got in business and now the bank is searching for the premises.” The key factor about this Bitcoin bank is that it isn’t related with Bitcoin …

How Bitcoin’s Technology Could Make Supply Chains More Transparent

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Reid Williams is a senior designer and engineer at IDEO Futures, where he works at the intersection of technology, design, and new venture creation. Alongside Joe Gerber, he is kicking off the Bits + Blocks Lab, a pop-up blockchain startup creation lab hosted at the Harvard Innovation Lab. This post, which examines how the technology behind bitcoin could make supply chains much more transparent, is part of the Humans + Bits + Blocks series. Where does stuff come from? Whether we buy a taco or an iPhone, we’re at the receiving end of a supply chain that often stretches around the globe. Usually we don’t think much about it, and this is a good thing. But sometimes it’s important to know more. Taking a bite out of a taco involves a certain amount of trust: trust that the kitchen that made the taco is sanitary, that the ingredients that went into it are fresh, and that the taco tastes good. This trust is critical, but there’s so much more we could know. We could create entirely new relationships with the stuff we buy, namely where it came from and how it arrived in our hands. Blockchains offer a way to introduce transparency …

BitFury to Release Light Bulbs that Mine Bitcoin in 2015

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Following the revelation last week that BitFury had developed a prototype light bulb capable of mining bitcoin, the company has announced it plans to take steps to bring the devices to market in 2015. Though much about the market strategy remains in early stages, the news follows increasing reports that industry companies are attempting to find use cases for bitcoin in line with the broader trend toward connecting everyday devices to the Internet. BitFury said it intends to invite the community to become a part of its rollout plans, and that it would solicit ideas on how the light bulbs should be marketed to a wider audience as part of a collaborative release. In statements, CEO Valery Vavilov suggested that the goal of the project would be to galvanize interest in bitcoin as a technology, and that making any money on the initiative would be secondary to promoting discovery. Vavilov said: “We believe that the project’s focus should not be on making money from bitcoin mining, but on creating innovative solutions with main purpose to use this product for educational purposes and fun.” The light bulb garnered significant attention on Reddit last week when pictures of the devices first began appearing from attendees at …

BANKING BILLIONAIRE FEARS FUTURE OF BITCOIN VS. BANKS

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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 …

How Bitcoin Empowers Global Peer-to-Peer Lender BTCJam

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San Francisco-based startup BTCJam is taking peer-to-peer lending to a global audience, and is using bitcoin to achieve its vision. Bypassing the restrictions of fiat currencies, the company says, allows any individual in the world to receive a loan via its platform. While traditional wire transfers are costly and not always easy to set up, bitcoin allows approved BTCJam borrowers to receive funds almost instantly, wherever they may live and whether or not they have a bank account. Celso Pitta, the company’s CEO, told CoinDesk: “We are a global lending platform. We use bitcoin as a payment method to enable international, cross-border lending.” BTCJam CEO Celso Pitta talking about his startup at CoinSummit. Source: CoinSummit From banker to bitcoin entrepreneur Pitta, who hails from Brazil, had prior experience in the finance industry before starting BTCJam: “I worked for Citibank. Knowing banking from the inside, I knew that I could do better: a peer-to-peer lending website.” However, Pitta reached his first stumbling block when he discovered the penalty for starting an unlicensed money-lending service in Brazil. “I noticed that if you do [lending] in Brazil, you will go to jail for 10 years,” he said. As absurd as that might sound to some, this potential roadblock is …

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

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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 …