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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

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Posted on 17 January 2018 | 12:54 am

A Complete Beginner's Guide To Bitcoin In 2018 - Forbes


Forbes

A Complete Beginner's Guide To Bitcoin In 2018
Forbes
Bitcoin was the first established cryptocurrency—a digital asset that is secured with cryptography and can be exchanged like currency. Other versions of cryptocurrency had been launched but never fully developed when Bitcoin became available to the ...
The Bad News Bears Come for BitcoinBarron's
One person is probably responsible for almost 600 percent of Bitcoin's price riseMashable
Researchers find that one person likely drove Bitcoin from $150 to $1000TechCrunch
Cointelegraph (Bitcoin, Cryptocurrency and Blockchain News) -Investopedia (blog) -Digital Trends -Blockchain.info
all 69 news articles »

Posted on 16 January 2018 | 10:38 pm

China's about to deal a final blow to its bitcoin whales - Quartz


Quartz

China's about to deal a final blow to its bitcoin whales
Quartz
Chinese authorities plan to widen their crackdown on domestic crypto-trades, by targeting methods including over-the-counter trading, offshore sites used for centralized trading, and peer-to-peer trading of large transactions, according to a report ...

Posted on 16 January 2018 | 10:30 pm

The Sidechains Breakthrough Almost Everyone in Bitcoin Missed

You've heard of proof of work, but what about proofs of proofs of work? A complex notion, the research on "Non-Interactive Proofs of Proofs of Work," or NiPoPoW, released in October, has received very little attention so far but is heralded as breaking through one of the major roadblocks that has stalled the widely anticipated […]

Posted on 16 January 2018 | 10:00 pm

Bitcoin More Important Than iPhone to Growth at Some Asian Firms - Bloomberg


Bloomberg

Bitcoin More Important Than iPhone to Growth at Some Asian Firms
Bloomberg
“Although some investors are bullish that Bitcoin-related chipset demand could offset soft smartphone demand in 2018, we question whether Bitcoin demand will be sustainable” if prices slide, Benjamin Chiang, an analyst at KGI Securities, wrote last ...

and more »

Posted on 16 January 2018 | 6:52 pm

A Note to CoinDesk Readers

On Tuesday, we had technical difficulties that prevented us from posting for several hours. We apologize for any inconvenience this may have caused.

Posted on 16 January 2018 | 5:49 pm

BitConnect Shutters Crypto Exchange Site After Regulator Warnings

The company behind the controversial cryptocurrency BitConnect has announced that it will close down its lending and exchange platform.

Posted on 16 January 2018 | 5:22 pm

Putin: Crypto Oversight Legislation Will Be Needed

Russian president Vladimir Putin believes that legislation laying out rules for the country’s cryptocurrency sector will be needed in the future.

Posted on 16 January 2018 | 5:14 pm

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Stephen Bannon, California, Bitcoin: Your Tuesday Evening Briefing - New York Times


New York Times

Stephen Bannon, California, Bitcoin: Your Tuesday Evening Briefing
New York Times
(Want to get this briefing by email? Here's the sign-up.) Good evening. Here's the latest. Photo. Credit Mark Wilson/Getty Images. 1. Stephen Bannon, President Trump's former chief strategist, has been called to testify before a grand jury — the ...

and more »

Posted on 16 January 2018 | 4:11 pm

Bitcoin Price Analysis: Bitcoin Sees Lower Lows as It Drops Below Historic Support

Bitcoin Price Analysis

Over the last couple months, we’ve been tracking a potential Distribution Trading Range at the top of bitcoin’s market cycle. Today, we have received higher confidence that bitcoin may have topped out. At around 3:00 p.m. EST, bitcoin broke through the bottom of the trading range and is now seeing aggressive selling as long positions begin to close and short positions begin to open. Today marks the first day of lower lows since bitcoin topped out around $20,000:

Figure_1.JPGFigure 1: BTC-USD, 4-Hour Candles, Distribution Trading Range

Bitcoin managed to blow through several milestones including both the parabolic and the linear trends. The linear and parabolic trends have been guiding trends for the last three years, and today bitcoin has broken parabolic support. It could get ugly:

Figure_2.JPGFigure 2: BTC-USD, 1-Day Candles, Macro Trend

What was once strong support has now become resistance as bitcoin scrambles to find a bottom. We can see quite clearly there is a line of support around $10,000 where the macro Fibonacci retracement values for the 50% retracement line exist. Any downward continuation will likely be supported in the interim. However, it’s fair to say that bitcoin is beginning a new downward trend. As stated earlier, today marks the first day of lower highs and lower lows — i.e., a downtrend.

So where does the bottom lie? That remains to be seen. What is clear, however, is that there was a systematic distribution of bitcoin from large players to the masses; and now we are beginning the next phase of the market cycle — the markdown phase. Will it be a sustained markdown? It’s too early to tell at the moment, so we will have to play it by ear.

Bitcoin is a long-time fan of violent drops and violent bounces, so it’s unclear how this downtrend will terminate. For now, I highly recommend traders stay away from smaller time frames and focus more on the macro view of things.

As we come to test the macro 50% retracement values, it’s important to view how the market responds and see how the volume reacts. If we don’t see strong follow-through on a bounce from the 50%, there could be a strong bearish continuation in its future. Volume is your friend and confirms the trend. If you don’t see strong volume following an upward bounce, it’s entirely possible you could get stuck in a bull trap — and no one wants that.

Bull traps are designed to lure aggressive bulls into long positions prematurely to create liquidity for the bearish investors in the market. If you are unsure of what direction the market is moving, there is nothing wrong with sitting out.

Summary:

  1. A potential markdown phase is under way as bitcoin sees aggressive selling pressure.

  2. Today marks the first day of lower lows in weeks and marks a potential macro downtrend.

  3. Support will likely be found at the $10,000 values, which coincide with the 50% macro Fibonacci retracement values.


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.

This article originally appeared on Bitcoin Magazine.

Posted on 16 January 2018 | 3:18 pm

Bitcoin Mining Uses As Much Power As Ireland. Here's Why That's Not A Problem - Forbes


Forbes

Bitcoin Mining Uses As Much Power As Ireland. Here's Why That's Not A Problem
Forbes
Just a few years into the cryptocurrency revolution, bitcoin mining is already eating up an estimated 20,000 gigawatt hours of electricity per year. That's roughly .1% of global generation, on par with the power demand of Ireland. The primary culprits ...

Posted on 16 January 2018 | 2:12 pm

Is Global Front on Bitcoin Regulation Possible? | News | Cointelegraph - Cointelegraph (Bitcoin, Cryptocurrency and Blockchain News)


Cointelegraph (Bitcoin, Cryptocurrency and Blockchain News)

Is Global Front on Bitcoin Regulation Possible? | News | Cointelegraph
Cointelegraph (Bitcoin, Cryptocurrency and Blockchain News)
Countries taking on Bitcoin by themselves will never succeed in terms of regulating the digital currency. | News | Cointelegraph.
Any rule on Bitcoin must be global, Germany's central bank saysReuters

all 26 news articles »

Posted on 16 January 2018 | 12:42 pm

Most of the World's Biggest Cryptocurrencies Are Down Today

It's been a day of major losses so far across the cryptocurrency markets, with the top 20 all in the red and a big chunk knocked off the total value.

Posted on 16 January 2018 | 10:36 am

Metropolitan Bank Denies Policy Change on Crypto Wire Transfers

Metropolitan Bank released a statement stating that it had a "long-standing policy" barring crypto-related wire transfers outside the U.S.

Posted on 16 January 2018 | 9:20 am

Ripple Price Drops to 2.5-Week Low, Eyes Sideways Trading

Ripple's XRP token fell to a 2.5-week low today, and is looking at a more or less sideways movement in the short-term, chart analysis suggests.

Posted on 16 January 2018 | 8:00 am

Blockchain Startup Cypherium Partners with IC3 for Scaling Research

Cypherium, which provides a blockchain infrastructure, is partnering with research group IC3 to work on scaling solutions.

Posted on 16 January 2018 | 5:34 am

Shipping Blockchain: Maersk Spin-Off Aims to Commercialize Trade Platform

Global shipping giant Maersk is spinning off its blockchain work with IBM in an effort to foster collaboration between competitors.

Posted on 16 January 2018 | 5:00 am

Down 14 Percent: Bitcoin Charts Bearish Amid Asia Concerns

Amid negative news flow, Bitcoin is taking a hit today and touching 3.5 week lows at the time of writing.

Posted on 16 January 2018 | 4:30 am

UNICEF Wants to Fund Early Stage Blockchain Startups

The United Nations Children's Fund is seeking to invest in early stage blockchain startups with the potential to help people across the globe.

Posted on 16 January 2018 | 3:35 am

Beyond the Bitcoin Bubble - The New York Times - New York Times


New York Times

Beyond the Bitcoin Bubble - The New York Times
New York Times
Yes, it's driven by greed — but the mania for cryptocurrency could wind up building something much more important than wealth.
Ethereum takes over bitcoin with the amount of transactions it can ...Express.co.uk

all 5 news articles »

Posted on 16 January 2018 | 3:00 am

Big Money, Murky Governance: Kicking the Tires of Telegram's Token Sale

In a market that emphasizes trustless systems, the Durov brothers are asking token investors to place a lot of trust in them and the Telegram team.

Posted on 16 January 2018 | 2:15 am

Bitcoin's Price Just Dropped Over $1,300 in 1.5 Hours

The price of a bitcoin just plummeted by over $1,300, as losses are seen across the wider cryptocurrency market.

Posted on 16 January 2018 | 1:28 am

Swift Signs Agreement With 7 CSDs to Explore Blockchain for Post-Trade

Swift formalizes another major blockchain project by signing a memorandum of understanding with seven Central Securities Depositories.

Posted on 16 January 2018 | 1:03 am

ViaBTC Increases Cloud Mining Fee Citing China's Mining Resource Scarcity

China's crypto mining pool ViaBTC increases its maintenance fee ratio for AntMiner S9 cloud mining contract, citing mining resource scarcity in China.

Posted on 16 January 2018 | 12:03 am

BlackWallet Hacked: Warns Stellar Community Not to Log In to Site

Stellar Wallet “BlackWallet” Hacked

On January 13, an unknown hacker(s) hijacked the DNS server for BlackWallet.co, a web-based wallet for the Stellar Lumens cryptocurrency, and redirected it to their own server.

Security researcher Kevin Beaumont, who analyzed the code, said, “The DNS hijack of Blackwallet injected code, if you had over 20 Lumens it pushes them to a different wallet.” It is estimated that nearly 700,000 Lumens (XLM) were stolen, with a current value of over $400,000.

Warnings and alerts not to log into the BlackWallet site have been sent out by the BlackWallet team and other XLM users via Stellar Community, Galactic Talk, Reddit, Twitter and GitHub. Unfortunately, users continued to log in for some time, and thus, saw their funds vanish from their wallets.

Following the address of the attacker, it is possible to track the movement of funds from BlackWallet to the Bittrex exchange, where they are likely to convert the funds and cover their tracks. BlackWallet has since messaged Bittrex in an effort to coordinate with the exchange to block the hacker’s account.

In a statement on Reddit, the BlackWallet admin is suggesting that people move their funds to a new wallet using the Stellar account viewer. At the time of this writing, the BlackWallet website is returning a 404 error. Bitcoin Magazine will update this story as it evolves.

This article originally appeared on Bitcoin Magazine.

Posted on 15 January 2018 | 2:31 pm

St. Louis Fed: In Some Ways, Bitcoin Is More Robust Than Many Fiat Currencies

StLouisCrypto.jpg

In a recent article on the basics of bitcoin and other cryptocurrencies (PDF), Aleksander Berentsen and Fabian Schär of the Federal Reserve Bank of St. Louis cover the usefulness of bitcoin and other alternative cryptoassets.

Throughout the article, Berentsen and Schär make the case that cryptoassets are well suited to become a new, important asset class. The duo goes as far to say that bitcoin is, in some ways, more robust than many fiat currencies.

Cryptocurrencies Are a Welcome Addition to the Current Currency System

Surprisingly, Berentsen and Schär are of the belief that cryptocurrencies are a welcome addition to the current currency ecosystem. While some critics claim bitcoin’s price should drop to zero because there is no intrinsic value found in the cryptoasset, the co-authors of the article from the Federal Reserve Bank of St. Louis point out that this argument also applies to the various government-issued currencies around the world.

“Bitcoin is not the only currency that has no intrinsic value,” states the article. “State monopoly currencies, such as the U.S. dollar, the euro, and the Swiss franc, have no intrinsic value either. They are fiat currencies created by government decree. The history of state monopoly currencies is a history of wild price swings and failures. This is why decentralized cryptocurrencies are a welcome addition to the existing currency system.”

Berentsen and Schär also cover the possibility of Bitcoin’s consensus rules eventually being changed to allow for an increase in the supply of bitcoin tokens. They take the view that this scenario is very unlikely to unfold.

Even though in theory it is possible to increase the Bitcoin supply, in practice, such a change is very unlikely because a large part of the Bitcoin community would strongly oppose such an attempt.

The authors go on to point out that this sort of change in monetary policy may be more likely in a fiat currency protocol.

“Undesirable changes in fiat currency protocols are very common and many times have led to the complete destruction of the value of the fiat currency at hand,” says the article. “It could be argued that, in some ways, the Bitcoin protocol is more robust than many of the existing fiat currency protocols. Only time will tell.”

Bitcoin Is the Most Apparent Application of Blockchain Technology

In addition to offering some basic information on the topic of cryptoassets, the article from the Federal Reserve Bank of St. Louis also provides a general outlook on the future of blockchain technology.

According to Berentsen and Schär, the most apparent application of this technology right now is the use of bitcoin as a new type of asset. The duo see cryptoassets, such as bitcoin, emerging as their own asset class and having the potential to develop into an interesting instrument for investment and diversification.

“Bitcoin itself could over time assume a similar role as gold,” says the article.

The paper also covers applications of blockchain technology in the areas of colored coins, smart contracts and data integrity. The Ethereum network is specifically pointed out as a leader in the area of smart contracts.

Risks of Blockchain Technology

The article from Berentsen and Schär also covers some of the risks associated with cryptoassets.

Minority splits from major cryptoasset networks, such as Bitcoin Cash (Bcash) and Ethereum Classic, are the first risk pointed out in the article, but the downsides of these sorts of spin-off assets are not discussed.

One could argue that these sorts of minority forks create uncertainty around the value of a particular cryptoasset, although this is also the case with the creation of new altcoins more generally.

The paper mentions excessive power consumption as another potential risk of blockchain technology, but Berentsen and Schär do not necessarily agree that proof-of-work mining is wasteful.

“There are those that criticize Bitcoin and assert that a centralized accounting system is more efficient because consensus can be attained without the allocation of massive amounts of computational power,” says the article. “From our perspective, however, the situation is not so clear-cut. Centralized payment systems are also expensive. Besides infrastructure and operating costs, one would have to calculate the explicit and implicit costs of a central bank. Salary costs should be counted among the explicit costs and the possibility of fraud in the currency monopoly among the implicit costs.”

In the past, “Mastering Bitcoin” author Andreas Antonopoulos has argued that the power consumed by Bitcoin miners is “used” rather than “wasted.”

The last risk associated with blockchain technology found in the article is bitcoin’s price volatility. Berentsen and Schär claim that a rigid, predetermined supply of bitcoin is not a desirable monetary policy in the sense that it will not lead to a stable currency.

“If a constant supply of money meets a fluctuating aggregate demand, the result is fluctuating prices,” explains the article. “In government-run fiat currency systems, the central bank aims to adjust the money supply in response to changes in aggregate demand for money in order to stabilize the price level. In particular, the Federal Reserve System has been explicitly founded ‘to provide an elastic currency’ to mitigate the price fluctuations that arise from changes in the aggregate demand for the U.S. dollar. Since such a mechanism is absent in the current Bitcoin protocol, it is very likely that the Bitcoin unit will display much higher short-term price fluctuations than many government-run fiat currency units.”

This article originally appeared on Bitcoin Magazine.

Posted on 15 January 2018 | 11:04 am

Nationwide Insurance Rolls Out Proof of Insurance on the RiskBlock Blockchain

Insurance Block.jpg

The Institutes has announced a new blockchain framework called RiskBlock to provide more streamlined and secure proof of insurance. Nationwide Insurance is the first company to begin rolling out product on the platform.

RiskBlock is the first blockchain framework delivered from the newly formed RiskBlock Alliance and the first of its kind that is designed specifically for the risk management and insurance industry. The Institutes RiskBlock Alliance is an industry-led, insurance-focused consortium that developed the RiskBlock framework.

RiskBlock will provide insurers with real-time verification of insurance coverage; allow law enforcement to verify proof of insurance efficiently without relying on paper forms; provide insurers with a streamlined and cost-effective way to offer proof of insurance; and, in the near future, will allow insured clients to share trusted, third-party verified proof of insurance with a click on their mobile devices.

“The current way that drivers provide proof of insurance is cumbersome and uncertain,” said Christopher G. McDaniel, executive director of The Institutes RiskBlock Alliance in a statement. “Sharing proof of insurance through blockchain is key to streamlining the process of providing proof and marks the start of our efforts to revolutionize many other aspects of the insurance industry. Our collaboration with Nationwide is the first step toward a better overall system.”

The membership of the Alliance includes over 30 companies as members, ranging from the top 10 carriers to brokers and reinsurers. Nationwide Insurance is the first to use the platform in a pilot program to simplify real-time insurance coverage verification, eliminating paper insurance cards and providing a mobile app for real-time verification. ac

The coverage verification is an initial use case and the Alliance anticipates its members will be able to better serve policyholders and reduce costs by streamlining claim payments and premiums, reducing fraud through centralized recording of claims and improving acquisition of new policyholders by validating accuracy of customer data.

This article originally appeared on Bitcoin Magazine.

Posted on 15 January 2018 | 8:42 am

Making Voting, Elections Both Secure and Accessible with Blockchain Technology

voatz.jpg

Voatz, a startup based in Boston, MA, promises to dispel some of the biggest challenges associated with voting: access, security, transparency and efficiency. The company plans to achieve this goal by combining internet-based voting with blockchain technology.

What is Voatz?

Voatz enables voters to make their voices heard conveniently by allowing mobile voting via any smartphone or tablet connected to the internet. The platform integrates blockchain technology and cutting-edge security to maintain the integrity of the electoral process.

“Voatz tackles two of the core challenges in voting –– low participation in local elections and the need for better citizen engagement. Its mobile-first solution is poised to be a category leader, democratizing voting across government, corporate, academic, and union elections," explained Julie Lein, managing partner of the Urban Innovation Fund.

Accessibility and Security via Blockchain Technology

Unlike current voting systems, Voatz can ensure tamper-proof record keeping, identity verification and proper auditing by incorporating a secure, immutable blockchain. Therefore, citizens on the Voatz platform will have virtual certainty of the accuracy of their internet-based voting results.

Alongside concerns over voter fraud and security, conversations around voter accessibility are focusing attention on underrepresented citizens who often lack proper forms of voter ID, such as the poor or the elderly, and those who live in remote areas with limited access to proper infrastructure services.

Voatz co-founder and CEO Nimit Sawhney told Bitcoin Magazine that Voatz is working to connect disenfranchised citizens so that the platform plans to remain accessible to all, regardless of geography or socioeconomic status.

“Aside from major government-issued IDs such as driver’s licenses, state IDs or passports, Voatz has experience using the ten different kinds of official documents for the purposes of verifying a voter’s identity.”

Sawhney noted that Voatz has started testing its secured tablet ballot stations in hospitals and elder-care centers. He explained that the Voatz platform also removes friction in the registration process, especially in states where “motor voter” (the National Voter Registration Act) is available.

The Effect of Voting Technology on Disenfranchised Citizens

Sawhney explained that the Voatz platform is designed to make it easier for disenfranchised voters to participate. The platform is flexible and meant to simplify current barriers to voting.

“Voters who are willing to go through the initial security/vetting process can use their own devices. If a voter doesn’t have a compatible device, he or she can use certain shared devices such as the Voatz Tablet Ballot Station to vote in person after going through a security verification process.”

In the case of public elections, Sawhney notes that traditional voting methods will remain available as well, and that Voatz is just another, more convenient option.

The Future of Voatz and Democracy

Voatz technology has been incorporated in pilot programs by more than 70,000 voters in elections and voting-related events in multiple jurisdictions. State political parties, leading universities, labor unions and nonprofits have successfully used the Voatz platform. Voatz is also in the process of deploying its technology for town-meeting voting in Massachusetts.

The Voatz team recently completed the 2017 Techstars and MassChallenge startup accelerator programs in Boston. For their cutting-edge system, the team has been awarded the 2017 Harvard SECON Prize, the 2017 MassChallenge Gold Award and the 2016 MIT Startup Spotlight Favorite Prize.

On Monday, Voatz announced a $2.2 million seed funding round led by Overstock.com’s subsidiary, Medici Ventures. Jonathan Johnson, president of Medici Ventures, shared his enthusiasm for the project, and vision for the future of democracy:

“The Voatz team has developed a leading solution to usher in an era of greater efficiency and transparency in voting. Democracy will benefit greatly from critical improvements [that] blockchain technology can bring to voting systems.”

The Voatz platform is currently invite-only and will be accessible to a wider audience in the coming weeks.

This article originally appeared on Bitcoin Magazine.

Posted on 11 January 2018 | 10:02 am

Bitcoin Price Analysis: Choppy Market Conditions Lead to Tests of Parabolic Resistance

Bitcoin Price Analysis

The bitcoin market has been getting chopped to pieces for weeks as the market has faked up, faked down, consolidated and routinely stopped out traders. Last week, we discussed a potential large move due to a consolidated symmetrical triangle. However, the breakout failed to garner any momentum and ultimately flopped as the move upward quickly died down and ultimately reversed.

At the time of this article, however, the market is poised in a precarious situation as it tiptoes around historic support/resistance along the parabolic envelope:

Figure_1 (3).JPGFigure 1: BTC-USD, 2-Hour Candles, Parabolic Curve Test

As noted in previous bitcoin analyses, this parabolic envelope has been the dominating trend for the last three years:

Figure_2 (3).JPGFigure 2: BTC-USD, 1-Day Candles, Macro Trend

Over Thanksgiving, the parabolic trend that was previously governing much of the three-year bull market broke upward as the market’s parabolic movement accelerated aggressively upward. Since the break to the top of the parabolic envelope, the market has been on shaky ground where, at one point, it even did a massive 50% retracement. Since that aggressive retracement, the market has yet to fully recover and resume any semblance of a bullish continuation. Currently, the once-supportive parabolic curve is now proving to be a point of resistance as the market has made several tests of the upper resistance.  

To date, this marks the fifth test of the parabolic trend. This time, however, we are testing it from the bottom of the parabola. Previous tests from the top side of the parabola were swiftly rejected causing very little market activity to take place below the parabolic trend. It seems, yet again, bitcoin is at a crossroads as it decides if the upper parabolic resistance is too strong to resume an uptrend.

If the market continues downward, we can expect to find support along the low boundaries of the trading range (shown in blue), the linear trend (shown in pink) and the lower parabolic curve (shown in black):

Figure_3 (2).JPGFigure 3: BTC-USD, 2-Hour Candles, Next Lines of Support

Summary:

  1. Choppy market conditions have led bitcoin to test the parabolic support — a previous guiding trend for the last three years.

  2. A failure to break the upper parabolic resistance may cause a test of lower values.

  3. Support will be found at the lower ranges of the trading range and along the linear and parabolic trend lines.


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.


This article originally appeared on Bitcoin Magazine.

Posted on 10 January 2018 | 3:48 pm

Kodak Gets in on the Blockchain and ICO Picture

kodak.jpg

Kodak, the iconic photography company first established in in the 1880s, has joined the blockchain and ICO age. Today, January 9, 2018, it announced a new blockchain-based platform with WENN Digital to empower and protect image makers, photographers and artists.

The new platform, known as KodakOne, will enable users to register their work and license it with the platform. The image rights management platform will utilize the new KODAKCoin cryptocurrency to provide photographers with a new revenue stream and secure platform for protecting their work.

The smart contract associated with KODAKCoin will ensure that photographers receive payment immediately upon their work being licensed in addition to receiving a share of the overall platform revenue. The platform will also continually scan the web to monitor and protect the artist’s IP and assist them in dealing with illegal use of their work.

“For many in the tech industry, ‘blockchain’ and ‘cryptocurrency’ are hot buzzwords, but for photographers who’ve long struggled to assert control over their work and how it’s used, these buzzwords are the keys to solving what felt like an unsolvable problem,” said Kodak CEO Jeff Clarke in a statement. “Kodak has always sought to democratize photography and make licensing fair to artists. These technologies give the photography community an innovative and easy way to do just that.”

The KODAKOne platform and KODAKCoin cryptocurrency were developed for Kodak by WENN Digital. Their ICO will begin on January 31, 2018, and is open to accredited investors from the U.S., U.K., Canada and other select countries. This ICO is issued under SEC guidelines as a security token under Regulation 506 (c) as an exempt offering.

This article originally appeared on Bitcoin Magazine.

Posted on 9 January 2018 | 1:21 pm

How a Hackathon Birthed the CryptoKitties Origin Story

cryptokitty.jpg

CryptoKitties,” the most popular game ever released on the Ethereum blockchain to date, became an instant success in December of 2017. About 180,000 people have already signed up for CryptoKitties since the cute creatures were introduced to the world just a few months ago. Over $20 million in ether has already been spent, and at least 10 kitties have sold for more than $100,000.

Yet while the impressive numbers behind this crypto-phenomenon clearly demonstrate its success, most people remain unaware of how and why CryptoKitties came into being in the first place.

Hackathons Breeding Blockchain Innovations

The birth of CryptoKitties (Alpha) happened during the ETHWaterloo hackathon, the world’s largest Ethereum hackathon, which took place in Waterloo, Ontario, Canada, back in October 2017. The project to bring cats to the Ethereum blockchain had a surprise alpha launch during the 36-hour Ethereum-based hackathon, which attracted hundreds of developers, mentors and sponsors from across the globe.

The CryptoKitties team came to the ETHWaterloo hackathon prepared, wearing rainbow-colored cat T-shirts, along with cat-balloons marked as the “CryptoKitties Team.” The four-person team also handed out customized Pokemon business cards and stickers featuring a link to their website. The alpha launch during the hackathon featured different breeding challenges that demonstrated how CryptoKitties could produce offspring. Winners of these challenges were rewarded with ether.

According to ETHWaterloo’s organizer, Liam Horne, the CryptoKitties team joined the hackathon with a new and innovative idea for the Ethereum blockchain, along with a truly creative marketing strategy.

“The four-person CryptoKitties team was building an entirely new technology on the Ethereum blockchain, but also had the business skills to get the word out,” Horne told Bitcoin Magazine. “For instance, each ETHWaterloo participant was gifted two CryptoKitties. A total of 50 CryptoKitties were given away at the start of the event. From there, users were able to trade and breed hundreds of cute, collectible, digital cats. By the end of the hackathon, hackers, cryptocurrency enthusiasts and other curious users had bred over 1,500 CryptoKitties in just 36 hours.”

At the end of the event, the CryptoKitties team was chosen as one of the 8 winners, which opened up several new opportunities, including the chance to meet with some VC firms. Their win also marked the start of a surge of media exposure that expanded to several mainstream media outlets.

Hackathons Spark Creativity

The idea may have once sounded crazy, but it turns out that putting kitties on the blockchain has become all the rage. Yet none of this would have been possible without the support of the ETHWaterloo hackathon.

“People usually perceive hackathons as being competitions,” said Horne, who has been organizing hackathons since his university days. “The ETHWaterloo hackathon, however, was not about this. We framed this as an event where programmers fascinated by Ethereum could be in the same room for 36 hours. The purpose of this was to experiment and have fun with Ethereum-based blockchain technology.”

He said that the CryptoKitties team was given advice from mentors, feedback from sponsors and a chance to test out their ideas with other programmers who understood the value of having digital cats on the Ethereum platform.

This in mind, Horne believes that hackathons are crucial for sparking new innovations in blockchain technology. The next Ethereum hackathon is set to take place in Denver next month. This event will be supported by Horne’s new initiative called ETHGlobal, which will help hackathon organizers around the world launch their own ETHWaterloo-style hackathons.

“Hackathons are simply a place for great minds to come together for a short period of time with the explicit goal of producing something practical and tangible using some kind of technology. It is astonishing how much can be done when you get the right group of people together for a weekend to just have fun and build something they find interesting,” said Horne.

“I have seen prototypes be built that have later turned into profitable businesses; projects that were dreamed of, built, launched and used by hundreds of people in the span of 36 hours at hackathons like ETHWaterloo.

“The most valuable component, however, is what happens after the hackathon ends. Every now and then a team of hackers will keep working together on their hack and the event will act as a catalyst for a project that could become quite meaningful and interesting to the world, and to investors.”

Ultimately, hackathons allow hackers to work together with other people who are interested in the same technology, providing an additional set of ears, eyes and more ideas. In particular, hackathons in emerging tech fields — such as blockchain technology — allow hackers to come up with fresh projects that could eventually turn into something much larger down the road, like CryptoKitties. And with over 500,000 people listed as interested in attending Ethereum Meetups worldwide, blockchain-based hackathons are bound to breed many more unique and clever innovations in the future.

This article originally appeared on Bitcoin Magazine.

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