Did Bitcoin Create more Jobs than the US Federal Government Did in 2014?

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Introduction: Ever since Bitcoin’s Genesis Block was mined back in 2009, Bitcoin has been growing exponentially to the extent that its value increased from less than one cent to $1124.76 in November, 2013. Claimed to be the best financial innovation throughout the last 500 years, bitcoin is continuously macadamizing the path for creation of unique business ideas, projects and startups that can conceive thousands of jobs and opportunities for bitcoin enthusiasts all over the world. Bitcoin – A Whole New World: Although Bitcoin had been around since 2009, it only gained considerable attention in late 2010 following the release of the WikiLeaks by Julian Assange who faced an organized financial blockade by the US Federal government as Paypal, Bank of America, Western Union, Mastercard and Visa refrained from transmitting donations to WikiLeaks. Accordingly, Assange started accepting donations via Bitcoin which boosted its price during the early months of 2011. Furthermore, the launch of Silk Road, an online market for illicit drugs that only accepted bitcoin for payments, early in 2011 was responsible for another bitcoin bullish rally during that period which pushed the price up to $31.91 as of the 8th of June, 2011. Not only computer geeks and hackers …

Bitcoin ATMs

QuadrigaCX to Install Bitcoin ATMs All Over Canada

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QuadrigaCX, the leading bitcoin exchange in Canada, is planning to install a large amount of SumoPro two-way bitcoin ATMs, manufactured byBitXatm in major cities across the country. In 2014, the largest Canadian bitcoin exchange back then (CAVIRTEX) attempted this feat by using ATMs manufactured by BitAccess, installing them in locations with a high amount of traffic by cooperating with Gateway Newstands, a franchise store. One notable location where one of these ATMs could be found is the famous tourist attraction, Niagara Falls. However, it was quickly removed in less than a month, and a similar fate faced the other ATMs installed in places like Toronto and Ottawa, which led to the company’s eventual bankruptcy. Even though the locations gave these ATMs a large visibility, their failure has been attributed to the fact that they were inadequately staffed and prone to malfunction, with little to no customer and technical support. A year later, QuadrigaCX, a company that has since taken over CAVIRTEX’s spot of largest Canadian bitcoin exchange, takes on this challenge and explains that their plan will be different, and that its fate will also be different. “We are excited to finally be bringing some functional and beautiful two-way bitcoin ATM machines to Canada,” …

Bitcoin API Startup Gem Raises Funding Total to $3.3 Million

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Californian bitcoin API developer Gem has announced an additional $1.3m in funding, raising its total to $3.3m. The round was led by KEC Ventures, with additional contributions from First Round Capital, RRE Ventures– also an investor in 21 Inc and Abra – and early Facebook investor Robert Wolfson, among others. Gem closed its previous round in September last year after receiving funds from Mesa Ventures, Idealab, James Joaquin and Brock Pierce’s investment firm, Crypto Currency Partners. A spokesperson for the platform said the newly acquired funds would be used to accelerate feature development and scale Gem’s services for developers worldwide. Multi-sig wallet  Gem’s funding coincides with the launch of its multi-signature wallet API, which is now publicly available following a series of improvements. Approximately 40% of people using Gem’s API are from outside the United States – dispersed throughout Europe, Asia and South America. The new API aims to ease integration for this worldwide user base, while providing added security measures to protect bitcoin wallets and keys. Ken Miller, COO at Gem, said the security improvements had taken “massive amounts of time and energy to bring to the market”. However, he added: “It just was not an area we were willing to compromise.” The system now uses Hardware Security …