Big bitcoin-friendly companies like Microsoft and Expedia hedge their bet

  • Though a precious few may be transacting in bitcoin, many big companies like Overstock, Microsoft, Dish, and Expedia., still offer to accept it.
  • A spokesperson for Microsoft told Yahoo Finance that the company does not actually take possession of bitcoin directly but instead can use bitcoin via an exchange to add money (in U.S. dollars) to a customer’s Microsoft account.
  • The company uses Coinbase’s instant exchange feature to convert all bitcoin transactions into U.S. dollars.
  • Like Expedia, Dish (DISH) also uses Coinbase’s exchange feature to settle payments made in bitcoin into U.S. dollars for a “low, but steady” group of customers.
  • With the exception of Overstock, these companies take a conservative angle with the cryptocurrency, which is unlikely to change unless bitcoin stabilizes and turns into a more usable and predictable currency.

Here’s how the biggest companies deal with bitcoin risk — avoid it for now. Except for one, which has doubled down.
Continue reading “Big bitcoin-friendly companies like Microsoft and Expedia hedge their bet”

Bitcoin Splits, but Clone Off to Slow Start

  • NEW YORK — Bitcoin’s underlying software code was split on Tuesday, generating a new clone called “Bitcoin Cash,” but the new virtual currency got off to a slow start due to lackluster support for its network.
  • The initiative was headed by a small group of mostly China-based bitcoin miners – programmers who essentially operate the bitcoin network – who were not happy with scheduled improvements to the currency’s technology meant to increase its capacity to process transactions.
  • These miners, who get paid in the currency for contributing computing power to the bitcoin network, initiated what is known as a “fork” on Tuesday, where the underlying blockchain splits into two potential paths, creating a new digital currency.
  • The blockchain is a shared online ledger of all bitcoin transactions and has spawned a range of financial and business applications.
  • Bitcoin’s split has created a new competitor to the original digital currency, which remains the oldest and most valuable in circulation.

Bitcoin’s underlying software code was split on Tuesday, generating a new clone called
Continue reading “Bitcoin Splits, but Clone Off to Slow Start”

Bitcoin splits in technology dispute, with new clone getting slow start

Bitcoin splits in technology dispute, with new clone getting slow start

  • Bitcoin’s underlying software code was split on Tuesday, generating a new clone called “Bitcoin Cash,” but the new virtual currency got off to a slow start due to lacklustre support for its network.
  • These miners, who get paid in the currency for contributing computing power to the bitcoin network, initiated what is known as a “fork” on Tuesday, where the underlying blockchain splits into two potential paths, creating a new digital currency.
  • Yet only a small fraction of bitcoin miners have been contributing their computing power to the new blockchain, and it took nearly six hours for the first batch of Bitcoin Cash coins to be mined this afternoon, according to Blockdozer Explorer, a company providing data on digital currencies.
  • After the split, Bitcoin Cash has all the history from bitcoin’s blockchain, creating the same number of tokens, plus the new currency created.
  • People who held bitcoins before the split now have access to an equal amount of Bitcoin Cash for free, which they will then be able to trade for fiat currencies — legal tender such as euros and dollars — or other digital tokens.

Bitcoin’s underlying software code has been split, generating a new clone called “Bitcoin Cash,” but the new virtual currency got off to a slow start due to lacklustre support for its network.
Continue reading “Bitcoin splits in technology dispute, with new clone getting slow start”

Bitcoin is tanking after Chinese exchanges block withdrawals

  • China’s largest bitcoin exchanges recently announced they would charge a flat fee of 0.2% on all transactions.
  • Pogue’s Basics: How to end a call on your iPhone Sponsored Yahoo Finance
  • Bitcoin is tanking after Chinese exchanges block withdrawals
  • Reuters/Mark Blinch) Bitcoin was down by 9.6%, or $102, at $959 a coin as of 9:30 a.m. ET on Thursday after at least two of China’s biggest bitcoin exchanges announced they were blocking customers from withdrawing their bitcoins.
  • The announcements followed Wednesday’s meeting between the People’s Bank of China and the bitcoin exchanges.

Bitcoin was down by 9.6%, or $102, at $959 a coin as of 9:30 a.m. ET on Thursday after at least…
Continue reading “Bitcoin is tanking after Chinese exchanges block withdrawals”

Blockchain Is A Disruption and An Opportunity

  • The blockchain will ensure security across multiple channels.
  • A blockchain voting network has already been used–Denmark’s Liberal Alliance successfully employed a blockchain for internal voting in 2014.
  • The rapidly evolving technology of blockchains represents a Hard Trend that will continue to grow.
  • · Military Use -Military organizations such as the U.S. Department of Defense and NATO are actively investigating use of blockchains.
  • It’s obvious that blockchains offer enormous opportunity for use in financial transaction applications.

When Bitcoins were first introduced in 2009, they were the first cyber currency. I labeled them a Soft Trend—one whose future was looking good but not ce…
Continue reading “Blockchain Is A Disruption and An Opportunity”

Central Banks Consider Bitcoin’s Technology, if Not Bitcoin

  • The Bank of England has produced several research papers on the topic.
  • The Bank of Canada teamed up with the nation’s five largest banks – and the blockchain consulting firm R3 – for what was known as Project Jasper.
  • Critics of blockchain technology have noted the apparent contradiction in central banks’ looking to distributed ledgers.
  • If the central banks succeed, it would be one of the greatest unexpected twists in new technology: An invention aimed at dethroning central banks and making it harder for money to be tracked instead ends up empowering those central banks and making money more easily traceable.
  • Mark Carney, the head of the Bank of England, and perhaps the most prominent champion of distributed ledgers, has said that the technology could be worth using for central banks because it would make for a financial system that does not go down even if the central bank’s computer systems are temporarily taken offline.

Bitcoin was created by libertarian-minded programmers with a deep suspicion of central banks and the national currencies they issue.
Continue reading “Central Banks Consider Bitcoin’s Technology, if Not Bitcoin”

BBC

  • My guide is 30-year-old Chandler Guo, the co-founder of Bitbank, and a bitcoin entrepreneur.
  • Guo has built two fully functioning mines in China and is building what he claims will be the largest bitcoin mine in the world – capable, once complete, of producing more than 30% of all bitcoin globally.
  • His family ran a beef farm, became rich and he decided to invest in bitcoin.
  • We looked inside a secret Chinese bitcoin mine
  • In China, savvy entrepreneurs are making millions a year by mining bitcoin.

In China, savvy entrepreneurs are making millions a year by mining bitcoin. Danny Vincent visited one of the world’s biggest facilities of its kind.
Continue reading “BBC”