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What is Bitcoin?

Bitcoin is a digital crypto-currency with no single point of failure due to its decentralized peer-to-peer architecture. The source code is publicly available and changes to the reference Bitcoin client are made via concensus within the community. Advantages of Bitcoin include irreversible transactions (i.e. no possibility of chargebacks as with credit cards), pseudo-anonymous, limited and fixed inflation, near instant transactions, multi-platform, no double-spend and little to no barriers to entry and more. It was created by an anonymous person known as Satoshi Nakamoto. Find out more at WeUseCoins.com.

Bitcoin Latest News

Between a Rock and a Hard Fork: Jeff Garzik's Plan to Avoid a Bitcoin Split

Perhaps no coder is more at the center of bitcoin's raging scaling debate more than Jeff Garzik – here he talks about the network's future.

Source

Posted on 22 July 2017 | 2:05 pm

Wanna Go to College with Bitcoin? - CoinTelegraph


CoinTelegraph

Wanna Go to College with Bitcoin?
CoinTelegraph
The burgeoning popularity of Bitcoin and other cryptocurrencies has lead to a widespread awareness of the power of the Blockchain for doing business, managing security and protecting assets. As the popularity of Blockchain has grown, the call for ...
Boulderites among early adopters of Bitcoin teller machines, or BTMsBoulder Daily Camera

all 7 news articles »

Posted on 22 July 2017 | 9:40 am

Thousands of Japanese Retailers, Restaurants May Halt Accepting Bitcoin - CoinTelegraph


CoinTelegraph

Thousands of Japanese Retailers, Restaurants May Halt Accepting Bitcoin
CoinTelegraph
More than 5,000 retail stores and restaurants in Japan may stop accepting Bitcoin as a form of payment starting Aug. 1, 2017. This possibility could push through if Bitcoin payment processors will halt their services.
Fork Watch: Japanese Exchanges to Suspend Services on SundayBitcoin News (press release)
Some Japanese Retailers Could Suspend Bitcoin UseDCEBrief (press release)

all 6 news articles »

Posted on 22 July 2017 | 9:29 am

Scammer Steals $1 Mln Worth of Bitcoin in 14 Months from Alphabay Users - CoinTelegraph


CoinTelegraph

Scammer Steals $1 Mln Worth of Bitcoin in 14 Months from Alphabay Users
CoinTelegraph
A darknet phisher hiding in the pseudonym 'Phishkingz' has boasted that he has stolen more than $1 mln worth of the digital currency Bitcoin from phishing accounts from the darknet marketplace AlphaBay in the past 14 months as of mid-2017. The deep web ...

Posted on 22 July 2017 | 8:47 am

How Bitcoin And Classic Cars Make Investors Multi-millionaires - Forbes


Forbes

How Bitcoin And Classic Cars Make Investors Multi-millionaires
Forbes
Classic cars and Bitcoins are hard to compare. But they have a couple of things in common: They are both scarce, and very much sought by a crowd of enthusiasts and adventurous investors. When taken together, scarcity and enthusiasm can deliver ...

Posted on 22 July 2017 | 7:15 am

Traders and Investors are Coming Back to Bitcoin: Reasons & Trends - CoinTelegraph


CoinTelegraph

Traders and Investors are Coming Back to Bitcoin: Reasons & Trends
CoinTelegraph
Traders and investors are coming back to Bitcoin due to the lock-in of BIP 91 and the high probability of Segregated WItness being activated in the near future. Bitcoin's dominance over the cryptocurrency market is closing on 50 percent, with the ...
Between a Rock and a Hard Fork: Jeff Garzik's Plan to Avoid a Bitcoin SplitCoinDesk
Bitcoin Hits 30-Day High, Chases All-Time High in $2900 TerritoryCryptoCoinsNews
BIP91 Lock-in Does Not Guarantee a Swift SegWit Activation on the Bitcoin NetworkThe Merkle

all 9 news articles »

Posted on 22 July 2017 | 4:42 am

How To Value Bitcoin - Seeking Alpha


How To Value Bitcoin
Seeking Alpha
So bitcoin has an advantage here over other cryptocurrencies since it seems the most well known and accepted by the most vendors. A chicken and egg problem for unknown cryptocurrencies. A currency needs to hold its value (no hyperinflation). Users need ...

Posted on 22 July 2017 | 2:04 am

Bitcoin Averts Split Into Two Currencies - Fortune


Fortune

Bitcoin Averts Split Into Two Currencies
Fortune
Bitcoin's miners have signaled their support for the so-called Bitcoin Improvement Proposal (BIP) 91, avoiding a split of bitcoin into two blockchains. The miners represent a network of computer operators who secure the blockchain or a public ledger of ...
Bitcoin is booming because a split in the cryptocurrency has been narrowly avertedQuartz
Bitcoin Soars as Upgrade Backers Hoist Beers to ArmisticeBloomberg
Bitcoin swings as civil war loomsBBC News
CoinTelegraph -Mashable -CoinDesk -Coin Dance
all 119 news articles »

Posted on 21 July 2017 | 4:52 pm

Understanding Bitcoin's Scaling Debate: Politics Comes First

Cato Institute's Jim Harper argues that, since the scaling debate is so political, the community has something to learn from Washington, D.C.

Source

Posted on 21 July 2017 | 3:20 pm

Faster Payments? Startup Pitches Federal Reserve Group on Cryptocurrency

A new Federal Reserve report highlights creative proposals for how the central bank might adapt to changes in technology.

Source

Posted on 21 July 2017 | 2:30 pm

What's Next for Bitcoin After Digital Currency Split Is Averted - Bloomberg


Bloomberg

What's Next for Bitcoin After Digital Currency Split Is Averted
Bloomberg
With the bitcoin development community embracing a software upgrade known as SegWit2x that aims to increase the network's transaction capacity, a split of the cryptocurrency appears to be avoided. As proponents of the change celebrate, here's what some ...
Bitfury Successfully Tests Lightning Network - Bitcoin NewsBitcoin News (press release)

all 4 news articles »

Posted on 21 July 2017 | 12:10 pm

NRI Subsidiary Launches Blockchain Technology Assessment Service

A subsidiary of global consulting firm NRI has announced the launch of a new blockchain system assessment service.

Source

Posted on 21 July 2017 | 10:45 am

Utility Settlement Coin Creator to Open-Source Modular Blockchain Software

The secretive firm behind the Utility Settlement Coin project has told CoinDesk of plans to roll-out new open-source offerings.

Source

Posted on 21 July 2017 | 7:00 am

ECB President: Cryptocurrency Price Boom Having Limited Effect on Economy

The president of the European Union's central bank has issued new remarks that touch on the rising price of cryptocurrencies.

Source

Posted on 21 July 2017 | 6:15 am

Arrested Hacker Claims $30 Million Bitcoin Theft – But Offers Little Proof

A Pennsylvania resident is claiming to have stolen millions in bitcoin, though he's offered police little in the way of evidence.

Source

Posted on 21 July 2017 | 4:00 am

Bitcoin price nears record high after scaling debate 'milestone' - CNBC


CNBC

Bitcoin price nears record high after scaling debate 'milestone'
CNBC
Some in the bitcoin space said there are more hurdles to jump over yet in the scaling debate.

and more »

Posted on 21 July 2017 | 1:28 am

BIP 91 Has Locked In. Here’s What That Means (and What It Does Not)

BIP91.jpg

It looks as if Bitcoin is getting Segregated Witness.

Bitcoin Improvement Proposal 91 (BIP 91) just locked in. Up to 90 percent of all hash power signaled support for this soft fork, which implies miners intend, in turn, to trigger Segregated Witness (SegWit) activation. By extension, this should make BIP 148 obsolete and August 1 a non-event.

But SegWit is not certain. In fact, on a technical level, SegWit is not any closer to activation at all.

BIP 91

Segregated Witness, defined by BIP 141, locks in if at least 95 percent of miners (by hash power) signal support for the upgrade within a two-week difficulty period. To do so, miners need to embed a piece of data called “bit 1” in the blocks they mine.

Importantly, this is technically the only way for SegWit to activate right now. And this threshold has not yet been met.

But there are alternative strategies to try and trigger this threshold “indirectly” — like BIP 91.

BIP 91 is a Bitcoin Improvement Proposal proposed by Bitmain Warranty engineer James Hilliard. It is compatible with the New York Agreement and backed by a number of Bitcoin companies and mining pools. It is also compatible with BIP 148, another strategy to trigger the BIP 141 threshold indirectly.

Miners have been signaling support for BIP 91 over the past couple of days through another piece of data, “bit 4.” Once 269 blocks within a 336-block window included bit 4, this BIP 91 soft fork locks in. This threshold was just met.

This means that after another 336 blocks, a little over two days from now, all BIP 91–compatible nodes will reject any block that doesn’t include bit 1.

As long as a majority of hash power enforces BIP 91, this majority should eventually control the longest valid chain according to all Bitcoin nodes. And as this chain consists of bit 1 SegWit-signaling blocks only, it would in turn lock in SegWit on all SegWit-ready nodes by mid-August. SegWit itself should then be live on the Bitcoin network after a two-week “grace period” by the end of that month.

If all goes well …

What Could Go Wrong?

Although well over 80 percent of hash power has signaled bit 4 for BIP 91 lock in, this doesn’t actually guarantee anything. Most importantly, it doesn’t in itself mean that these miners will signal bit 1 for SegWit.

Indeed, so far, most miners don’t. Currently, the proportion of miners signaling bit 1 is still far lower than BIP 91 activation would suggest. It is even lower than 50 percent.

Moreover, BIP 91 will probably be enforced by hardly any economically relevant nodes; that is, nodes operated by users that accept bitcoins as payment. Almost no Bitcoin users on the network recognize BIP 91 or its bit 4 signaling at all, and will therefore continue to accept blocks with or without bit 1.

BIP 91 will, instead, be enforced by hash power alone. This in turn means that a majority of miners (by hash power) could back out of BIP 91 with little more than reputational damage. They could continue to mine blocks that do not signal bit 1, even after BIP 91 activates in a few days. As long as these miners are in a majority, they will still control the longest valid chain: valid according to most miners, and valid to most users.

Furthermore, any minority of miners and the few nodes that do enforce the BIP 91 soft fork would then be forked off the Bitcoin network. In a few days from now, these miners would mine (on top of) blocks that almost only they themselves would care for, while most of the rest of the entire Bitcoin network would completely ignore them.

With this week’s bit 4 signaling, a majority of miners have effectively made a statement that they intend to start to activate the SegWit soft fork within a couple of days. But for now, that’s really all it is: a very public, blockchain-based statement of intent.

Actual SegWit activation should start next week, if miners stick to their stated intent.

The post BIP 91 Has Locked In. Here’s What That Means (and What It Does Not) appeared first on Bitcoin Magazine.

Posted on 20 July 2017 | 7:20 pm

Bitcoin Price Surges to One-Month High as Tech Outlook Improves

The price of bitcoin was up on Thursday, driven to a one-month high on optimism that the network's technology could soon upgrade.

Source

Posted on 20 July 2017 | 2:28 pm

White Hats Step In to Save Funds from Vulnerable Ether Wallets

White Hats Step In to Save Funds from Vulnerable Etherscan Wallets

At 11:30 a.m. (CDT) on July 19, 2017, a hacker managed to steal 153,000 ETH (approximately $32 million at the time) from three Ethereum wallets by exploiting a vulnerability within the wallets' multi-signature verification. The affected wallets include the ones using Parity client version 1.5 or later.

According to a tweet by Project Lead Manuel Aráoz, the three multisig wallets first targeted by the hack were using Parity client version 1.5 or later, and included Edgeless Casino, Swarm City and Æternity Blockchain. However, Project Blocktix also reported a loss totaling 3,916 ETH. According to ETHNews, Blocktix.io was hit by a second attacker who exploited the same vulnerability.

A Swarm City blog post revealed that a group of white hat hackers managed to secure the remaining funds from the affected ETH wallets using the same exploit. The swift response of the white hat hackers allowed them to secure the funds of other vulnerable projects. Unfortunately, funds in the wallets of Edgeless Casino, Swarm City and Æternity Blockchain are completely lost, though the “white hat response team” managed to secure 6,272 of 10,188 ETH at Blocktix.io.

The White Hat Group announced on Reddit that they will create “another multisig for you [the affected users] that has the same settings as your [the users’] old multisig but with the vulnerability removed and we will return your [the users’] funds to you [the users].” The response team warned the Reddit community to be careful with donation addresses below their post since there are “a lot of phishers in the community right now.”

On July 19, Parity Technologies published a critical security alert stating there was a vulnerability connected to Parity Wallets. The users affected by the vulnerability included “any user with assets in a multi-sig wallet created in Parity Wallet prior to 19/07/17 23:14:56 CEST.” The company urged users to move all assets from the multisig wallets to a secure address. Wallets seemingly unaffected by the breach include Geth, MyEtherWallet and single-user accounts created on Parity.

Parity updated its post as of today stating that future versions of their multisig wallets are secure:

“Future multi-sig wallets created by versions of Parity are secure (Fix in the code is https://github.com/paritytech/parity/pull/6103 and the newly registered code is https://etherscan.io/tx/0x5f0846ccef8946d47f85715b7eea8fb69d3a9b9ef2d2b8abcf83983fb8d94f5f).”

Swarm City also posted information for users affected by the hack:

“If you do have funds in the multisig contract: carefully move your funds to a new account ASAP. If your funds are no longer in your multisig, please check the Black hat and White hat addresses. They might have been saved by the White hat group.”

To check on funds held by either the black hat or the white hat hackers, see the ETH addresses below:

White Hat Group’s wallet: 0x1DBA1131000664b884A1Ba238464159892252D3a
First hacker’s wallet: 0xB3764761E297D6f121e79C32A65829Cd1dDb4D32
Second attacker’s wallet: 0x1Ff21eCa1c3ba96ed53783aB9C92FfbF77862584

The hacks have not only affected the wallets of the victims but also the overall price of ether. According to Coin Market Cap’s stats, the price experienced a 15 percent drop from $234.94 (at 0:04, July 19) to $199.70 at the end of the day. However, ETH has since recovered to around $227 today.

The post White Hats Step In to Save Funds from Vulnerable Ether Wallets appeared first on Bitcoin Magazine.

Posted on 20 July 2017 | 2:01 pm

Garza Pleads Guilty: GAW Miners CEO Cops to $9 Million Fraud

A notorious cryptocurrency executive plead guilty to a count of wire fraud on Thursday. He now faces up to 20 years in prison.

Source

Posted on 20 July 2017 | 1:20 pm

Hansa Market Taken Down in Global Law Enforcement Operation

Hansa Market Taken Down in Global Law Enforcement Operation

After darknet market AlphaBay went offline on July 4, many of its users migrated to Hansa Market — and played right into the hands of an “Operation Bayonet,” a coordinated international law enforcement action. Today, both the U.S. Department of Justice and the Europol published press releases stating that Hansa Market has also been shut down.

According to the U.S. Department of Justice, the action was led by the Federal Bureau of Investigation (FBI) and the Drug Enforcement Administration (DEA), with law enforcement authorities in Thailand, the Netherlands, Lithuania, Canada, the United Kingdom, France and the Europol participating in the operation. Bayonet’s focus was takedown of both Hansa Market and AlphaBay in the course of the same multi-agency investigation.

“This is an outstanding success by authorities in Europe and the U.S. The capability of drug traffickers and other serious criminals around the world has taken a serious hit today after a highly sophisticated joint action in multiple countries. By acting together on a global basis the law enforcement community has sent a clear message that we have the means to identify criminality and strike back, even in areas of the Dark Web. There are more of these operations to come,” Rob Wainwright, the executive director of Europol, said today at a joint press conference with the U.S. Attorney General, the acting FBI director and the deputy director of the DEA in Washington, D.C.

According to Europol’s press release, the European agency provided Dutch authorities with an investigation lead on the Hansa Market in 2016. Europol allegedly acquired the information with the help of Bitdefender, an internet security company advising Europol’s European Cybercrime Centre (EC3). Investigators managed to locate the infrastructure of the darknet marketplace in the Netherlands, which resulted in the arrest of two administrators of the site in Germany. Hansa’s servers were seized in the Netherlands, Germany and Lithuania.

Furthermore, Dutch law enforcement acquired information on “high value targets and delivery addresses for a large number of orders.” With the help of Europol, the Dutch National Police collected information on approximately 10,000 foreign addresses of Hansa Market customers. In a covert action, Dutch law enforcement took control of Hansa a month ago, allowing investigators to monitor and gain information on the users of the marketplace without their knowledge.

Casting a Wider Net

It seems authorities planned their actions carefully since Hansa was already under their control when AlphaBay went offline on July 4. Europol stated that the Dutch National Police “could identify and disrupt the regular criminal activity on Hansa but then also sweep up all those new users displaced from AlphaBay who were looking for a new trading platform.”

“The Dutch National Police have located Hansa Market and taken over control of this marketplace since June 20, 2017. We have modified the source code, which allowed us to capture passwords, PGP-encrypted order information, IP-Addresses, Bitcoins and other relevant information that may help law enforcement agencies worldwide to identify users of this marketplace. For more information about this operation, please consult our hidden service at http://politiepcvh42eav.onion,” Dutch authorities wrote on the seized Hansa website.

In total, 38,000 transactions were identified by Europol, who then alerted other agencies in 600 cases. Furthermore, Europol stated they have prepared “intelligence packages” to be sent out to “law enforcement partners across 37 countries, spawning many follow-up investigations across Europe and beyond.”

AlphaBay went offline on July 4. At the time, many users suspected it was an exit scam. Authorities announced the arrest of the Alexandre Cazes, 26, the alleged administrator of the website, who was later found dead in his cell in Thailand. On the day of Cazes’s arrest, law enforcement took down servers of the dark web marketplace in Canada, the Netherlands and Thailand.

Darknet marketplaces have generated massive police heat after dangerous synthetic drugs, such as fentanyl — the substance at the heart of drug epidemics in multiple countries, including Canada and the United States — were constantly offered for sale on the websites. The statements of U.S. Attorney General Jeff Sessions during the joint press release in Washington, D.C., confirm this assumption.

“Among other challenges, our great country is currently in the midst of the deadliest drug crisis in our history. One American now dies of a drug overdose every 11 minutes and more than 2 million Americans are addicted to prescription painkillers. Every day, as a result of drug abuse, American families are being bankrupted, friendships broken and promising lives cut short,” he said.

“As of earlier this year, 122 vendors advertised fentanyl and 238 advertised heroin, and we know of several Americans who were killed by drugs sold on AlphaBay.”

Sessions asserted that his department’s work is not yet finished and issued a warning to people still ready to engage in illegal activity on the dark web. “We will continue to find, arrest, prosecute, convict and incarcerate criminals, drug traffickers and their enablers, wherever they are. The dark net is not a place to hide. We will use every tool we have to stop criminals from exploiting vulnerable people and sending so many Americans to an early grave.”

The post Hansa Market Taken Down in Global Law Enforcement Operation appeared first on Bitcoin Magazine.

Posted on 20 July 2017 | 12:57 pm

Parity Wallet Hacker Cashes out $90,000 in Stolen Ether

Perpetrators who exploited a flaw in a popular ethereum wallet software yesterday have taken steps to sell their stolen funds.

Source

Posted on 20 July 2017 | 11:55 am

SegWit or Not, Bitfury is Getting Ready for Lightning With Successful Bitcoin Main Net Test

BitfuryLN.jpg

While Segregated Witness (SegWit) activation is looking more likely by the hour, Bitfury is getting ready to deploy a version of the Lightning network with or without the protocol upgrade.

The blockchain technology company, perhaps best known for its Bitcoin mining pool of the same name, successfully sent real bitcoins over a test version of the Lightning Network this week. Interestingly, Bitfury’s implementation of the technology is compatible with the current Bitcoin protocol and is therefore functional even without SegWit.

“This is a major accomplishment by our technical team and an important step forward for the Lightning Network and the growth of Bitcoin,” Valery Vavilov, CEO of The Bitfury Group, said in a statement.

Lightning Network

The Lightning Network is a highly anticipated second-layer scaling solution that allows for cheap and instant (micro)payments. Cleverly leveraging Bitcoin’s basic scripting capabilities, Lightning users should be able to make a virtually unlimited number of transactions, where only a minimal proportion of them are recorded on Bitcoin’s blockchain, thereby boosting Bitcoin’s scalability. Meanwhile, all users remain in control of their own bitcoins at all times, maintaining the trustless properties of Bitcoin itself.

“The Lightning Network has the potential to solve Bitcoin’s scalability issue and provide instant payment functionality. By demonstrating that the Lightning Network can function now, Bitfury has cleared the way to increased transaction processing and further adoption of Bitcoin,” Vavilov said.

Bitfury’s Lightning implementation is based on LND, which is being developed by Lightning Labs.

For its demo, the Bitfury software team created two Lightning transactions. One of these is a straight transaction from one Lightning node to the next, effectively simulating a payment channel between two users. Since it was only a test, Bitfury only made one transaction — but it could have made thousands back and forth at no extra cost.

The other test was a single-hop transaction, which better simulates the main purpose of the Lightning Network. Users pay each other through a mutual third party, without requiring any trust in this third party. While the Bitfury software team only made one transaction on this channel as well, it could, once again, have made thousands back and forth between all three parties, at no extra cost.

Since Bitfury’s test took place on the main net, the funding and settlement transactions are recorded on Bitcoin’s blockchain and can be seen by any typical block explorer.

Tests and SegWit

Bitfury’s is not the first successful test of the Lightning Network. Several companies, including Lightning Labs, Blockstream, ACINQ as well as Bitfury itself have experimented with their implementations of the technology. But since most of these companies are working on versions of Lightning that rely on Segregated Witness, these tests were limited to Bitcoin’s testnet and Litecoin. Likewise, major wallet service Blockchain has sent “Thunder” transactions over Bitcoin’s main net. But while Thunder resembles the Lightning protocol, it isn’t quite as trustless or decentralized.

As such, Bitfury is the first company to get a version of the Lightning Network up and running on the current Bitcoin protocol.

“We released this first experimental version of the Lightning Network for Bitcoin because we think the Lightning Network is an essential technology for Bitcoin and would love to see it made available as soon as possible,” Vavilov said. “We are proud that our developers found a way to adopt the Lightning Network for Bitcoin without SegWit. It’s a huge step forward for Bitcoin scalability.”

Regardless, the CEO noted that he is hopeful that SegWit will activate on the Bitcoin network. With BIP91 currently getting close to its activation threshold, it seems increasingly likely that SegWit could be live within a month. This would allow for a version of the Lightning Network that offers an improved user experience.

Vavilov:

“The Lightning Network will be the most effective when used with SegWit, which is why we are fully committed to SegWit’s implementation, and we will continue working on a version of the Lightning Network that is compatible with SegWit.”  

Bitfury, which started out as a Bitcoin miner, has grown to become one of the largest private infrastructure providers in the Blockchain ecosystem. Part of this effort, the company has been supporting the development and implementation of the Lightning Network for well over a year. Bitfury previously also co-designed and successfully tested Flare, a payment-routing solution for the Lightning Network.

Watch the video of Bitfury’s tests here:



The post SegWit or Not, Bitfury is Getting Ready for Lightning With Successful Bitcoin Main Net Test appeared first on Bitcoin Magazine.

Posted on 20 July 2017 | 10:55 am

Non-Profits See Blockchain Vision, But Face Harsh Realities

Non-profits are fast waking up to the possibilities offered by blockchain, but implementing real-world solutions will be anything but easy.

Source

Posted on 20 July 2017 | 6:00 am

Supercluster Funding Bid Could Supercharge Blockchain Development in Canada

Supercluster Funding Bid Could Supercharge Blockchain Technology in Canada

Four organizations in Canada’s blockchain tech sector are going all out this week to submit their application letter to the federal Ministry of Innovation, Science and Economic Development (ISED) before the July 21 deadline to be considered for funding under the government’s new Innovation Superclusters Initiative.

A representative for Innovation, Science and Economic Development Minister Navdeep Bains told Bitcoin Magazine that “the Innovation Superclusters Initiative will invest nearly $1 billion to strengthen up to five of Canada's most promising clusters,”  and confirmed that “federal contributions to selected superclusters will have to be matched with private sector investment for maximum impact.”

The Blockchain Research Institute (BRI), ColliderX, the Blockchain Association of Canada (BAC) and the Information and Communications Technology Council (ICTC) have teamed up to apply for some of the $950 million offered by the Canadian government for the best bids in future technologies that the government says will create “Silicon Valley-style hubs of industry key to future growth and jobs.”

ColliderX aims to accelerate core technical R&D at levels that will support innovation in Canada and position the sector as a tech leader overseas. BRI contributes the business-level use cases, setting the agenda for strategy leaders. BAC is a major advocacy organization, and ICTC is a long-time, established industry player, well known to high-tech businesses in Canada.

Blockchain Association of Canada: Call to Action

Kyle Kemper, Executive Director of the Blockchain Association of Canada, is working on the supercluster application letter of intent and told us the only thing they’re short of is time to get their application in to the ministry.

He pointed out that it is imperative that blockchain companies and organizations express their support for and commitment to the bid before the application deadline.

“This supercluster initiative is an opportunity to take blockchain technology mainstream and for Canada to take a lead role,” Kemper told Bitcoin Magazine. “In the bid process we are receiving unanimous support from public, private, academic, philanthropic and non-profit organizations.”

If the group manages to secure $50 million in funding commitments from these organizations as part of a successful bid, the federal government will match the next $50 million for each supercluster. The commitments and matched funds will be spread over 5 years, according to the proposal.

Blockchain Research Institute: No Room for Complacency

Don Tapscott, Executive Director of the BRI, notes that many of the other bids like AI, machine learning, the Internet of Things and Quantum are all dependent on blockchain technology as a foundation.

“The blockchain supercluster proposal is late to the table in part because this extraordinary technology is just becoming mainstream,” Tapscott told Bitcoin Magazine. “But it’s no less important than any of the others. In fact, it’s foundational to everything else.”

In a report called The Blockchain Corridor: Building an Innovation Economy in the 2nd Era of the Internet, Don and Alex Tapscott lay out a blueprint for a blockchain tech supercluster and Centre of Excellence in the already highly active “corridor” between Toronto and Waterloo, Ontario.

The report says:

“We cannot afford to be complacent, nor is time on our side. Canada’s leading position in the Blockchain Revolution could quickly evaporate as other hotbeds around the world, such as Berlin, Singapore, Shanghai, Tokyo, Sydney, London and New York (to say nothing of Silicon Valley) race ahead. The time to act is now.”

According to the report, the corridor could collectively generate around 170,000 new jobs and around $17 billion in GDP by the year 2025.

Tapscott added:

“Blockchain represents nothing less than the second era of the Internet. The first was based in Silicon Valley. As we show in the Blockchain Corridor Report, the second could be based in Canada.

“I’m convinced that we can find $50 million from the private sector for this initiative. So I sure hope that governments will ensure we have a seat at the table going forward to make our case.”

ColliderX: The Underdog Challenge

Bid partner ColliderX is a new non-profit social enterprise working to promote and develop R&D initiatives in the Canadian blockchain tech sector.

ColliderX founder and CEO Iliana Oris Valiente notes that the four bid partner organizations complement each other to create a dynamic supercluster.

“Being considered by ISED to move on to the next stage of the selection process will be a win for the blockchain industry as it will signal Canada's support of this ecosystem,” Valiente said to Bitcoin Magazine.

“We're certainly the underdog in this scenario but are promoting a truly new industry, rather than continued investments in areas that are already more established.”

Information and Communications Technology Council

ICTC is an established industry player that brings a wealth of experience in economic development activities and will be involved in bridging the gap between the blockchain industry and a wider segment of the business and political community.

Namir Anani, President & CEO of ICTC, believes that competition to win supercluster funding will be tough but notes that small- and medium-sized entreprises (like most blockchain startups) represent the large majority of Canada's competitive businesses.

Anani says they will make the point that blockchain technology is a cross-industry enabler and a key catalyst for heightening small business growth and competitiveness in Canada.

Anani told Bitcoin Magazine:

“The global blockchain market is growing at a staggering CAGR [Compound Annual Growth Rate] of 58.7 percent, according to Transparency Market Research. Capitalizing on this fast growth market is key for Canada's economy and employment potential going forward.

“As Canada continues to expand its trade agreements in an increasingly global market, such as with the newly ratified Canada-European Union Comprehensive Economic and Trade Agreements (CETA), blockchain is a pivotal trade enabler for fast-tracking Canada's place in the global economy.”

Making the Deadline

Valiente is confident that crowdfunding will bring in the needed amounts. To date, she has raised $2 million in pledges on behalf of ColliderX, which will be rolled into the supercluster. 

Anani is also confident the private sector will come forward and is passionate about selling the supercluster bid.

“Blockchain has the potential of reshaping all aspects of the global economy in the next number of years, building Canada’s comparative advantage in this space is paramount going forward. The Blockchain Supercluster is a powerful pan-Canadian collaboration that will unleash cross-industry innovations, new economic opportunities and employment prospects for Canadians.”

Kemper reiterated the need for industry support in order for the initiative to succeed. “I urge all organizations that support Blockchain technology and organizations looking to better understand the potential to go to blockchainsc.ca, fill out a letter of commitment and share this news to rally more people to the cause by 12:00 EST on Friday, July 21.”

Thus far, C4 and the Institute on Governance are among those supporting the bid as sponsors.

The group has until December 31, 2017, to raise the remaining supercluster-specific private-sector funding.

The post Supercluster Funding Bid Could Supercharge Blockchain Development in Canada appeared first on Bitcoin Magazine.

Posted on 19 July 2017 | 11:00 am

This New Tool Can Help Bitcoin Users Deal With Stuck Transactions

This New Tool Can Help Bitcoin Users Deal With Stuck Transactions

Samourai Wallet is becoming increasingly popular as a wallet that focuses on privacy and security for its users above all else, but a recent tool released by this wallet’s team of developers has a focus on user experience. The new app, called Bitcoin Afterburner, allows users of many different bitcoin wallets to boost transactions that have become stuck due to low fees.

The app works for transactions that have been sent or received, and it is compatible with all BIP 39 and BIP 44 wallets. Examples of compatible wallets include Mycelium, Blockchain.info, Airbitz and Electrum.

To get more details about Bitcoin Afterburner and the concept of fee bumping in general, Bitcoin Magazine reached out to the anonymous CEO of Samourai Wallet.

“Afterburner is one more example of how we are experimenting and developing ways of monetizing our business without resorting to accepting fiat or exposing our users to harmful KYC/AML collection,” said the CEO.

Samourai Wallet monetizes the Bitcoin Afterburner app by adding a $5.99 fee for helping users with their stuck transactions. This fee is added to the child-pays-for-parent (CPFP) transaction that is used to bump the user’s bitcoin transaction fee. CPFP is a process by which the recipient of a transaction can spend the inputs of an unconfirmed transaction by using them in a new transaction that has a higher fee (and incentivizes miners to mine both transactions at once).

The full question and answer session with the CEO of Samourai Wallet can be read below.


Bitcoin Magazine: Will fee bumping eventually become the norm on Bitcoin?

Samourai Wallet: We believe that over time as legitimate transactions start to fill block space, and a fee market begins to mature, wallets that have implemented sophisticated fee management mechanisms such as fee bumping will provide their users with the most competitive transaction fees and confirmation times. The tech is there today, the challenge — and it isn't a small challenge — is entirely UX. We're working on this today while others are playing catch-up.

BM: Could you compare and contrast this app with the transaction accelerators offered by ViaBTC and BTC.com?

SW: The difference between the miner operated TX Accelerators is that Afterburner is not an off-chain 1-to-1 with a specific miner. Instead, Afterburner broadcasts a bitcoin transaction to all miners using the standard bitcoin p2p network. All the miners on the network compete for the new transaction with the higher fee, meaning it often works much quicker than the miner operated TX Accelerators. Afterburner was very much a defensive response to the miners who have been blocking SegWit activation and broadcasting empty blocks, some of those same miners are the ones who run the TX Accelerators.

BM: Is Bitcoin Afterburner getting much use so far?

SW: Afterburner has a good number of installs, but not many paid 'Boosts.' A few days after we released Afterburner the transaction backlog that was driving up fees and confirmation times completely dried up. The fees required for next block confirmation dropped from 300 sat/b to 25 sat/b. Once the mempool gets saturated again, we will have a much better idea of the potential utility of the app.

BM: Why do you think more wallet providers don’t offer this sort of service?

SW: Many wallet providers — inexplicably the most well-funded ones are the most guilty — haven't invested any time into proper fee estimation and management until very recently. A misguided industry-driven quest to make the bitcoin wallet for “grandma” resulted in an unusable bitcoin wallet for actual users. Samourai has focused from inception on actual bitcoin users first.

BM: Do you think this sort of fee bumping will eventually be free? Does Samourai Wallet offer fee bumping like this natively or do they need to use this separate app?

SW: Samourai Wallet provides the exact same functionality as Afterburner natively. Afterburner was designed to allow users of any other BIP 44 HD wallet to boost their stuck transaction using CPFP (Child-Pays-for-Parent) under the hood. Hopefully they move over to Samourai Wallet if they are satisfied with the service. In addition to CPFP-based boosting more advanced users may opt-in to RBF-based boosting which is also available in the wallet. Both options are available to Samourai Wallet users free of charge.

The post This New Tool Can Help Bitcoin Users Deal With Stuck Transactions appeared first on Bitcoin Magazine.

Posted on 18 July 2017 | 9:48 am

Ether Price Analysis: Are We Heading to $100 Support Level?

Ether Price Analysis

As anticipated in the last ETH-USD price analysis, ETH-USD found a new low yesterday as the market continued its downward path within a cryptomarket-wide bear run. After making a Double Bottom a couple of weeks ago, ETH-USD has made a vicious run for lower prices. The figure below shows the Fibonacci Retracement values for our current, post-Double-Bottom-Reversal:

Post_DB_Reversal_Fib_jpeg.jpgFigure 1: ETH-USD, 2HR Candles, Gemini, Fibonacci Retracement Values

At the time of this article, ETH-USD is testing the first Fibonacci Retracement value at 23%. Before continuing to lower lows, it is very common to see retests of previous, significant support levels to establish the strength in the trend. The figure above shows the retracement path of the current bear run we are seeing. Before continuing to lower lows, the market likes to establish lines that were previously support values, and turn them into resistance lines:

Fib_Retest_jpeg.jpgFigure 2: ETH-USD, 2HR Candles, Gemini, Fibonacci Retracement Retests

Whether or not we make any significant upward progress with this bounce from the bottom remains to be seen. However, we have some indicators that will give us some insight into the health of this move:

1HR_Divergence_jpeg.jpgFigure 3: ETH-USD, 1HR Candles, Gemini, 1HR MACD Divergence

Looking at the 1HR MACD, one of the first things that pops out is the strong divergence the market is currently seeing. Divergence occurs when the price makes a new high, but the MACD fails to accompany the high with a new high on the MACD histogram. This is usually an indication of momentum loss and can often lead traders to begin the process of position exit and entry. In our case, we are currently testing two significant levels of support:

  1. The 23% retracement (mentioned above);

  2. The values that established the ETH-USD market’s previous low.

At the moment, the ETH-USD markets are at the mercy of whatever BTC-USD decides to do. Given that the entire cryptomarket is experiencing a very strong bear market, any noteworthy upward price movement must be well established with plenty of consistent volume. A failure to breach these values will almost certainly lead to a retest of our current low before any further upward progress can be seen. If our current low is broken, we can expect the next significant level of support to lie in the low $100 range:

Next_line_of_support_jpeg.jpgFigure 4: ETH-USD, 12HR Candles, Gemini, Next Line of Support

Summary:

  1. ETH-USD continues to make new lows as it begins to retest old support lines,

  2. Before any significant positive price movement is seen, more buy volume needs to flow into the market to establish firm support. Otherwise, we will continue to descend.

Trading and investing in digital assets like bitcoin and ether is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Media related sites do not necessarily reflect the opinion of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.

The post Ether Price Analysis: Are We Heading to $100 Support Level? appeared first on Bitcoin Magazine.

Posted on 17 July 2017 | 4:23 pm

CRYENGINE now accepts Bitcoin

Posted on 29 March 2017 | 1:24 am

Steam accepts Bitcoin

Posted on 29 April 2016 | 1:09 am

Major Magazine Publisher to Accept Bitcoin Payments

Posted on 18 December 2014 | 12:43 pm

Microsoft accepts Bitcoin

Posted on 11 December 2014 | 5:06 am

Mozilla accepting Bitcoin

Posted on 20 November 2014 | 1:55 pm

PayPal and Virtual Currency

Posted on 23 September 2014 | 9:52 pm

Wikimedia Foundation Now Accepts Bitcoin

Posted on 30 July 2014 | 3:14 pm

German Newspaper "taz" accepts Bitcoin

Posted on 22 July 2014 | 1:32 pm

airBaltic - World’s First Airline To Accept Bitcoin

Posted on 22 July 2014 | 11:03 am

Bitcoin Core version 0.9.1 released

Posted on 8 April 2014 | 4:27 pm

July 23, 2017 -
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