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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

Australian Senate Panel Throws Support Behind Crypto Exchange Bill

Australia is moving ahead with plans to pass new regulations for the country's cryptocurrency exchange space.

Posted on 18 October 2017 | 12:00 pm

In 'Search' of a Swell? XRP Prices Rise and Fall Amid Ripple Event

A conference held by distributed ledger startup Ripple appears to have had a positive impact on the price of its cryptocurrency.

Posted on 18 October 2017 | 10:55 am

The Bitcoin Conundrum: What the Heck Is it Anyway? - Barron's


Barron's

The Bitcoin Conundrum: What the Heck Is it Anyway?
Barron's
As governments, central banks, and CEOs continue to debate the viability of Bitcoin as an investment, the investment community is moving on. The future of the most well-known and largest cryptocurrency is more certain with a Bitcoin derivatives ...
Bitcoin Fork SegWit2x Makes Enemies In Brazil, Argentina As 50 Sign Opposition LetterCoinTelegraph
Updated Bitcoin Gold Site Still Lacks Key InformationThe Merkle

all 10 news articles »

Posted on 18 October 2017 | 10:20 am

Enterprise Ethereum Alliance Adds 48 New Members

The Enterprise Ethereum Alliance has added 48 new members, including Hewlett Packard Enterprise.

Posted on 18 October 2017 | 10:05 am

Bitcoin plunges nearly 9% on fears of greater oversight from US regulators - CNBC


CNBC

Bitcoin plunges nearly 9% on fears of greater oversight from US regulators
CNBC
Bitcoin tanked Wednesday after indications of greater scrutiny from U.S. regulators. The digital currency fell nearly $500 at one point, or about 8.7 percent to a low of $5,109.70, before regaining some of the lost ground, according to CoinDesk. The ...
Bitcoin Just Had Its Biggest Drop in a MonthBloomberg
Bitcoin suffers its biggest plunge in a month as traders fear tighter regulationsBusiness Insider
Bitcoin Prices Nosedive as Regulators Increase ScrutinyTheStreet.com
Interactive Investor
all 14 news articles »

Posted on 18 October 2017 | 9:24 am

Is Bitcoin Benefiting From The ICO Crackdown? - Forbes


Forbes

Is Bitcoin Benefiting From The ICO Crackdown?
Forbes
However, not everyone agrees, and for some, the situation is a bit more complicated than a simple "yes" or "no" reply. [Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it ...

and more »

Posted on 18 October 2017 | 9:11 am

Blockchain KYC Startup Raises $1.6 Million in Seed Funding

A blockchain startup headquartered in Sweden has raised $1.6 million in new funding.

Posted on 18 October 2017 | 9:00 am

Chaincode Labs to Host a Second Run of Its Month-Long Bitcoin Coding Class

Chaincode Labs to Host a Second Run of Its Month-Long Bitcoin Coding Class

Chaincode Labs, the New York–based development company and major contributor to Bitcoin Core, is organizing a second edition of its Bitcoin residency program in the first months of 2018. The program intends to help developers overcome the steep learning curve associated with becoming a protocol-level contributor to projects like Bitcoin Core. In doing so, Chaincode Labs hopes to help expand Bitcoin’s development community.

“Last year was the first run,” Chaincode Labs developer John Newbery told Bitcoin Magazine. “We’ve now taken the good stuff from that and tried to make it even more focused and useful for residents this year.”

The Residency Program

Chaincode Labs, in collaboration with Matt Corallo — who worked at Blockstream last year but joined Chaincode Labs since — organized the residency program for the first time in September and October of 2016. The next edition will start on January 29, 2018, and will last until February 23.

Newbery himself was one of the attendees of this first residency program. He was later hired by Chaincode Labs and has since been one of the most prolific contributors to the Bitcoin Core project.

Now, he is coordinating the second of two legs of the new program.

“Chaincode Labs exists to strengthen Bitcoin,” said Newbery. “We mostly do that by contributing to Bitcoin Core, but each of us has a lot of freedom to do what we think is important. And the main purpose of this residency program is to try to strengthen the developer community.”

Specifically, courses will cover protocol design, adversarial thinking, threat models and security considerations, as well as address some of Bitcoin’s biggest challenges, like scaling, fungibility and privacy. Attendees will mostly learn by doing and could even start contributing to the Bitcoin Core project during the residency. Throughout the program they will be assisted by the entire Chaincode Labs team — Alex Morcos, Suhas Daftuar, Matt Corallo, John Newbery and Russ Yanofsky. There may also be guest speakers.

Two Blocks

Whereas the first edition of the residency program lasted four straight weeks for all attendees, this time the coding classes will be cut into two two-week phases. Candidates can either pick one of two legs or join both, with room for five or six attendees per session.

The first leg is coordinated by Corallo, who has been contributing to Bitcoin development since 2011.

“Session A is all about getting people to think about the security trade-offs and implications of the technical decisions we make,” Newbery explained. “There’s a lot of thought that goes into all the decisions that are made in Bitcoin, but that nuance is often lost. If we can help people to understand those trade-offs better and be able to communicate them, then perhaps we can raise the level of the conversations we have about Bitcoin.”

The second session will be more focused on the Bitcoin Core project itself, Newbery said.

“Session B is all about getting smart, talented people to start making useful contributions to Bitcoin Core. There’s a steep learning curve to becoming a contributor and if I can help people who want to contribute but have felt daunted or don’t know where to start, then I’ll feel like I’ve succeeded.”

Additionally, Chaincode Labs will organize a series of Wednesday night meetups ahead of the residency program. Contents of these meetups will be similar to the residency program, but these meetups are for participants who live in (or near) New York who can’t dedicate two or four full weeks to attending the residency program itself.

For more information on Chaincode Labs’ 2018 Bitcoin residency program and to find out how to apply, see the company’s announcement and the program website.

The post Chaincode Labs to Host a Second Run of Its Month-Long Bitcoin Coding Class appeared first on Bitcoin Magazine.

Posted on 18 October 2017 | 8:05 am

Healthy Pullback? Bitcoin Price Dips Back Below $5300 - CoinDesk


CoinDesk

Healthy Pullback? Bitcoin Price Dips Back Below $5300
CoinDesk
After having rallied more than 90 percent from a September low of $2,980, the bitcoin-US dollar (BTC/USD) exchange rate is trading at $5,240 today, a figure that, at press time, marks a new daily low. As per CoinMarketCap, the cryptocurrency has shed 7 ...

and more »

Posted on 18 October 2017 | 7:45 am

Healthy Pullback? Bitcoin Price Dips Back Below $5,300

The price of bitcoin is down today, as overbought indicators seem to have yielded a notable correction away from recent highs.

Posted on 18 October 2017 | 7:30 am

Update Complete? No, Ethereum's New Software Isn't Stable Just Yet

Days after the ethereum blockchain underwent a system-wide upgrade, developers have still yet to confirm the software is fully stable.

Posted on 18 October 2017 | 6:59 am

7 Reasons Bitcoin Is Barreling Toward a $100 Billion Market Cap - Motley Fool


The Merkle

7 Reasons Bitcoin Is Barreling Toward a $100 Billion Market Cap
Motley Fool
Despite "underperforming" relative to the aggregate gain in cryptocurrencies in 2017, bitcoin is still leading the charge higher. The world's most popular digital currency is up by nearly 500% year to date, and its market cap recently touched $97 ...
Bitcoin Price Drops by over $400 Without any real ReasonThe Merkle
The Case For $8000 BitcoinSeeking Alpha
Ethereum, Bitcoin Prices Plunge in Apparent Market Sell-OffCryptoCoinsNews
RT
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Posted on 18 October 2017 | 6:39 am

Algorithmic Trading Platform Integrates GDAX Exchange API

Coinbase's GDAX exchange is integrating with algorithmic trading platform QuantConnect to add cryptocurrency options for users.

Posted on 18 October 2017 | 6:30 am

AlphaPoint to Secure Blockchain Assets with Intel's SGX Tech

Blockchain services provider AlphaPoint is partnering with computing giant Intel on a new security solution for digital assets.

Posted on 18 October 2017 | 6:00 am

Bitcoin rocket fuel: Supercharging JSE returns with a 5% crypto strategy - BizNews


BizNews

Bitcoin rocket fuel: Supercharging JSE returns with a 5% crypto strategy
BizNews
Anybody who had several Bitcoins and hung onto them during this period will have big grins on their faces. Of course, the Bitcoin market is incredibly volatile, with several booms and busts during this time. Also, Bitcoin, in particular, has come under ...
LIVE Bitcoin price tracking: How high can it go, how much is it worth?WDIV Detroit

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Posted on 18 October 2017 | 4:05 am

Bank Consortium to Launch Joint Venture for Blockchain Trade Platform

A group of banks, now including Santander, is planning to create a business venture in Ireland for its in-development blockchain commerce platform.

Posted on 18 October 2017 | 4:00 am

Global Blockchain Business Council Expands European Foothold

A blockchain advocacy group launched at last year's World Economic Forum is ramping up efforts to promote dialogue in Europe.

Posted on 18 October 2017 | 3:00 am

What Comes After the Crypto Bubble?

Blockchain’s future is bright, just maybe a little less glamorous without the get-rich-quick investment aspect, writes Joe Pindar of Gemalto.

Posted on 18 October 2017 | 2:00 am

Russia's Largest Bank Joins Enterprise Ethereum Alliance

The newest member of the Enterprise Ethereum Alliance is also Russia's largest bank.

Posted on 18 October 2017 | 1:10 am

'Red Lyra' No More: Bank Blockchain Group Rebrands

Alastria, formerly known as Red Lyra, is a Spanish blockchain consortium that has grown to more than 70 members since its launch in May.

Posted on 17 October 2017 | 4:05 pm

Ether Price Analysis: Eve and Adam Could Be Turning Back the Bulls

Ether Price Analysis

Since bottoming out around $200, ether has spent several weeks bouncing back and forth inside an ascending channel:

Figure_1 (15).JPGFigure 1: ETH-USD, 4-Hour Candles, Ascending Channel

For the last month and a half, ether’s trend has been contained within the bounds of this ascending channel, where it has continued its bullish rally. However, today (as of the time of this article) it is starting to make moves to aggressively test the lower boundary. Specifically, as ether tests this channel, it is forming a potential reversal pattern called an Eve-and-Adam Double Top.

Figure_2 (12).JPGFigure 2: ETH-USD, 1-Hour Candles, Eve-and-Adam Double Top

At the time of this article, ether is attempting to break the neckline (the pink dashed line) of the massive reversal pattern. Should ether break this neckline, the measured move from this pattern is a $30 move downward, which would ultimately shove ether outside the bullish ascending channel it has been trending within. The price target of the Double Top breakout would bring the ETH-USD price into the upper $200s.

On a macro scale, ether has support along the following Fibonacci levels:

Figure_3 (12).JPGFigure 3: ETH-USD, 4-Hour Candles, Fibonacci Levels

Should the ascending channel break, the above Fibonacci levels will provide support and will need to be tested in order to prove a bearish continuation. As of the time of this article, the Double Top mentioned in Figure 2 is sitting right on the 23 percent retracement values where it is making attempts at breaking it. There is strong support at these values, so if ether can break and hold below $315, it will send a strong bearish signal to the market.

Should the Double Top complete, we can expect a test of the 38 percent retracement values following the break of the ascending channel. At this time, the 4-hour MACD is showing strong bearish momentum on a macro scale, and the market is picking up sell volume.

Summary:

  1. For weeks, ether has been trending within an ascending channel.

  2. Ether is currently in the process of making a strong test of the ascending channel via an Eve-and-Adam Double Top reversal pattern.

  3. If the Double Top breaks downward, we can expect a break of the multi-week bullish channel and a test of the 38 percent Fibonacci Retracement values.

Trading and investing in digital assets like bitcoin, bitcoin cash 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: Eve and Adam Could Be Turning Back the Bulls appeared first on Bitcoin Magazine.

Posted on 17 October 2017 | 3:45 pm

Broadridge Pilots Blockchain for Repo Trades With French Banks

The investor services firm worked with Natixis and Societe Generale on the pilot, which was based on the Hyperledger Fabric codebase.

Posted on 17 October 2017 | 3:00 pm

This family bet it all on bitcoin - CNBC


CNBC

This family bet it all on bitcoin
CNBC
Didi Taihuttu, his wife, three kids and their cat bet all they have on bitcoin. The Dutch family of five is in the process of selling pretty much everything they own — from their 2,500-square-foot house, to their shoes – and trading it in for the ...

and more »

Posted on 17 October 2017 | 1:34 pm

Bitcoin and the Yuan - Council on Foreign Relations (blog)


Council on Foreign Relations (blog)

Bitcoin and the Yuan
Council on Foreign Relations (blog)
So, the suggestion late last year that the daily price gyrations of bitcoin might work as a high-frequency-hot-money proxy certainly raised eyebrows. The simultaneous weakening of the yuan and rapid rise of bitcoin (and cryptocurrencies more generally) ...

Posted on 17 October 2017 | 12:48 pm

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Web Creator Tim Berners-Lee: Blockchain Builders Should Beware Misuse

Sir Tim Berners-Lee encouraged the blockchain space to think about the unintended consequences of its actions in a talk at Ripple's Swell conference.

Posted on 17 October 2017 | 12:40 pm

Brazil Central Bank Chief Compares Bitcoin to Pyramid Scheme

The president of Brazil's central bank compared bitcoin to a financial scam, according to newly published statements.

Posted on 17 October 2017 | 11:45 am

Blockchain-Focused Presentations to Watch at Money 20/20 in Las Vegas

Blockchain-Focused Presentations to Watch at Money 20/20 in Las Vegas

Money 20/20 Las Vegas is only a few days away. The event, to be held on October 22–25, 2017, at the Venetian, will be packed with people from the top tiers of banking and finance looking to learn more about the future of money.

One thing is for sure, blockchain technology will play a key role in that future. Since 2014, the financial event, which will attract more than 11,000 visitors this year, has devoted an entire track to blockchain topics. Originally, the track was called “Bit(coin) World,” but that changed as conversations shifted to Bitcoin’s underlying ledger technology.  

For blockchain enthusiasts struggling to sort through the 450 presentations at Money 20/20, the following is a breakdown of the blockchain track and other blockchain-related talks at the event.

Blockchain Tuesday

Tuesday is the main day for blockchain programming at Money 20/20. Kicking off the blockchain track will be Adam Ludwin, CEO and co-founder of Chain, a company that provides blockchain solutions to banks. Ludwin’s talk will center on whether crypto-assets are in a sort of ‘90s bubble or if something real and substantial is happening beneath the hype.

To give a sense of how fast things are moving, bitcoin was around $650 at last year’s Money 20/20, when one panelist at the event, then Blockstream developer Eric Martindale, predicted bitcoin would increase 10x in value over the next 12 months. His prediction was nearly spot on. Bitcoin reached more than $5,800 just last week.

With crypto-assets hitting all time highs across the board, the new funding model known as initial coin offerings (ICOs) have raised $2.2 billion this year alone. Yet, amidst the enthusiasm, the threat of increased regulations hover like a dark cloud. Last month, the SEC brought the first charges against two so-called ICOs in what may be just the beginning of a long-anticipated crackdown.   

Four more panels on Tuesday will focus on issues like: What problems are private blockchains solving? Are ICOs here to stay or are they just a passing fad? What threats do regulatory agencies pose to ICOs? And, how will blockchain technology potentially transform stock exchanges? These panels will include experts from companies like Bloq, Kik, Fenbushi Capital, AngelList, Pantera, JP Morgan Chase, R3, Hyperledger, Nasdaq, and the London Stock Exchange Group. 

In between those, Arthur and Kathleen Breitman will talk about their new smart contract platform Tezos. The project raised $230 million in an ICO in July.

Tezos is a proof-of-stake cryptocurrency and smart contract platform built in the functional language OCaml. Eventually, Tezos’ goal is to compete with the likes of Ethereum and Cardano, another emerging platform. A primary feature of Tezos is its formal governance scheme, where coin holders get a say in how the protocol evolves.

It will be interesting to see how Tezos plans to differentiate itself in an increasingly competitive landscape.

Finally, Bobby Lee, CEO and co-founder of BTCC, China’s longest running bitcoin exchange, will share war stories on what it has been like operating an exchange in the biggest payments market in the world.

He should have a good story to tell, given that China’s central bank recently cracked down on digital currency exchanges, causing BTCC to halt all China-facing trading last month.  

Other Talks

Two other blockchain-related talks will take place at Money 20/20 on Monday. Bridget van Kralingen, who leads a group called “Industry Platforms” at IBM will talk about how AI, blockchain and cloud computing are converging to create better customer experiences.  

Bill Barhydt, co-founder and CEO of Abra, a cryptocurrency wallet, will give a keynote announcement on Abra’s “next chapter.” Barhydt attracted some attention recently when he chose actress Gwyneth Paltrow as an advisor for Abra in “Planet of the Apps,” a kind of “Shark Tank” for iOS apps.  

Also on Tuesday, BitGive Foundation, a nonprofit that receives bitcoin donations for charitable causes, will be giving a presentation on GiveTrack, its blockchain-based system for tracking donations in real time.

The topic of blockchain applications is sure to come up in plenty of other talks and discussions at Money 20/20, such as this one on financial inclusion on Sunday and those centered around pressing issues like security (the event comes on the heels of the Equifax breach), identity and more.  

The post Blockchain-Focused Presentations to Watch at Money 20/20 in Las Vegas appeared first on Bitcoin Magazine.

Posted on 17 October 2017 | 11:13 am

Advertise with Anonymous Ads

Swiss City of Zug Backs Blockchain Asset Trade Group

The government of the Canton of Zug is supporting a newly launched blockchain trade group

Posted on 17 October 2017 | 10:00 am

GoldMint and the Future of the Gold Trade

GoldMint Header

As a precious metal, gold is often associated with wealth, prestige and power. And as a commodity it has long been considered a prized asset for scores of investors throughout the world.

Beginning with bitcoin in 2009, cryptocurrencies have also seen their prominence rise due to some of the qualities that they share with gold, the most prominent of which is their scarcity.

One of the big issues that has continued to hamper gold as a physical asset is that it can often be difficult to transfer from one place to another. Moreover, the managing and handling of gold can be quite logistically challenging and laborious.

With the emergence of today’s digital age, a startup called GoldMint is seeking to alter this trend with a new means of exchange for physical gold, with transactions occurring over a blockchain-based platform.

This gold-based venture aims to assist investors and traders in managing volatility risks and gaining competitive commissions on commodities sold via GoldMint to financial institutions, pawn shops, and other business and individual stakeholders.

GoldMint’s platform will leverage the private and individual gold trading market, including potentially the management of larger physical stocks such as those in central banks. It will also deliver an electronic payment solution tethered to physical gold, as well as a gold-backed peer-to-peer lending system.

The GoldMint ecosystem is fueled by two types of tokens, GOLD and MNT.

The GOLD cryptoasset is an investment tool that is 100 percent backed by physical gold and/or an exchange-traded fund (ETF). One GOLD token represents one ounce of gold on the London Bullion Market Association (LBMA).

MNT  is GoldMint’s native cryptocurrency, which is used to confirm GOLD cryptoasset transactions. For GoldMint miners, the amount of MNTs reflects how many assignments, or transaction blocks, they can accept.

Fostering Digital Gold Trading

There are two options for trading GOLD for fiat or cryptocurrencies. First, there is a method for seeking a GoldMint-guaranteed buyback. And second, a loan can be requested. For either option, the process is as follows:

      Through the use of a special app which is not yet available, GOLD can be transferred as collateral to a designated GoldMint account.

      GoldMint utilizes the current price of gold, as set by the LBMA, to fix the rate of a loan.

      GoldMint requires the customer to undergo its know-your-customer (KYC) process as well as consent to GoldMint’s loan terms to receive the loan. Various repayment options for the loan amount and the means of repaying it are then offered.

      If a customer defaults on repayment, their GOLD cryptoassets are transferred to GoldMint.

GoldMint also has a process for converting gold into GOLD tokens and reconverting these tokens into gold for cross-border passages. This is designed to alleviate the hassles associated with carrying gold from one country to another, often resulting in untold expense and aggravation. By converting gold into GOLD, this hassle can not only be avoided, but a person can retrieve 100 percent of the value of their gold at the end of their travels.

“Custody Bot” is GoldMint’s decentralized storage unit, which computationally identifies and stores gold jewelry, small ingots (up to 100 grams) and coins. In this case, it functions as a DApp, a decentralized application that runs rapidly and efficiently without the need for a third-party intermediary to control it. Through the use of cutting-edge technology, Custody Bot inspects and assesses the value of incoming gold to ensure its purity and quality.

GoldMint ICO Accelerates Ahead

On September 20, GoldMint launched its initial coin offering (ICO), allowing users to send bitcoin or ether and receive MNTP (MNT pre-launch) tokens, issued on the Ethereum blockchain at a price of $7 per token.

The value of these tokens is expected to grow, because MNT is limited in its supply and is used in the Proof-of-Stake (PoS) consensus algorithm. Participation in the GoldMint crowdsale involves more than the purchase of cryptocurrencies. It involves a stake in the consensus algorithm that will be utilized by the GoldMint blockchain post-launch.

Owning MNT allows users to achieve 75 percent from commissions earned when transactions are validated through the GoldMint blockchain. The number of MNT tokens owned determines the number of transactions that can be validated.

 

The post GoldMint and the Future of the Gold Trade appeared first on Bitcoin Magazine.

Posted on 17 October 2017 | 9:06 am

Bitcoin is a 'speculative bubble' and unlikely to become a real currency, UBS says - CNBC


CNBC

Bitcoin is a 'speculative bubble' and unlikely to become a real currency, UBS says
CNBC
Cryptocurrencies like bitcoin are in a "speculative bubble" and are unlikely to become mainstream currencies, according to UBS. There are over 1,000 cryptocurrencies, bitcoin being the biggest by market capitalization, and many have seen huge rises in ...
Wall Street's dismissal of bitcoin becoming harderFinancial Times
Bitcoin is a 'speculative bubble' and unlikely to become a real currency, says UBSMoneycontrol.com

all 7 news articles »

Posted on 17 October 2017 | 5:08 am

Scaling Bitcoin Announces This Year’s Program and a New Developer Bootcamp

Scaling Bitcoin Just Released This Year’s Program and a New Developer Bootcamp

Today, Scaling Bitcoin, the international engineering conference focused on Bitcoin and blockchain research, released its program for the 2017 edition. The conference, to be held in Stanford, California, in the first weekend of November, will also introduce a new side event this year: Bitcoin Edge, a bootcamp for starting Bitcoin developers.

“The program is extremely interesting because it delivers cutting edge research on different blockchain scalability approaches, fungibility, consensus, data propagation, alternative techniques for handling blockchains and many other topics,” said Anton Yemelyanov, chair of the Scaling Bitcoin Planning Committee.

Scaling Bitcoin Stanford

After events in Montreal, Hong Kong and Milan, the fourth edition of the Scaling Bitcoin conference is taking place at Stanford University on November 4 and 5 of this year.

Where the first two editions of Scaling Bitcoin were mainly focused on scaling and scalability, the third edition broadened the scope of the conference to include a more diverse set of topics. This trend will continue in Stanford, where talks will range from highly technical topics concerning privacy and fungibility, to fee markets and fee estimation, censorship resistance and more.

“Bitcoin is the origin of all distributed ledger technology,” said Yemelyanov. “Scaling Bitcoin has been fortunate to act as a vehicle for bringing the audience technologies such as Segregated Witness and MimbleWimble, all of which have been adopted or incorporated into various blockchain projects. We hope that other material presented by our participants will be of similar value and help the industry advance the research and development of blockchains.”

Yemelyanov added that another key goal for Scaling Bitcoin conferences is to bring engineers and other technical minds together in a physical space where they can discuss their work in person.

“It is through collaboration where a lot of ideas are born and have potential of becoming reality,” he said.

Bitcoin Edge Dev++

In addition to the conference itself, Scaling Bitcoin is also introducing a two-day technical bootcamp for experienced developers getting into Bitcoin: Bitcoin Edge.

This nonprofit initiative is an effort to help scale the development capacity of the industry, Yemelyanov explained:

“One of the approaches of helping the industry scale is to scale the much needed development capacity of the industry. There is a clear talent deficit and we are trying to help all industry participants by running a nonprofit workshop that will allow developers to gain complete understanding of primitives that comprise Bitcoin and blockchains in general and be able to start working in this field.”

Bitcoin Edge will be led by well-known Bitcoin developers and academics Anditto Heristyo, Ethan Heilman, John Newbery, Karl-Johan Alm, Nicolas Dorier, Thaddeus Dryja and Jimmy Song. They’ll introduce participants to a range of technical Bitcoin-related topics, including Elliptic Curve cryptography, transaction structures, difficulty calculation and adjustments, and much more.

This workshop will take place on the November 2 and 3. For more information on the Bitcoin Edge initiative, visit bitcoinedge.org.

See here for the full Scaling Bitcoin Stanford program.

The post Scaling Bitcoin Announces This Year’s Program and a New Developer Bootcamp appeared first on Bitcoin Magazine.

Posted on 13 October 2017 | 2:46 pm

Yes, Bitcoin Can Do Smart Contracts and Particl Demonstrates How

Particl Thumb 3

The Bitcoin blockchain is not known for its ability to enable smart contracts. In fact, most developers creating smart contracts use a different blockchain, like Ethereum.

 

But the truth is that the Bitcoin protocol can be used to create smart contracts. Particl.io, the blockchain eCommerce platform, is doing just that by using Bitcoin-based smart contracts to manage funds in their trustless escrow: Mutually Assured Destruction (MAD) escrow.

 

For Particl, Bitcoin provides the ideal mix of smart contract functionality — enough to make smart contracts easy to implement but without the security and privacy risks of a more complicated platform like Ethereum.

Smart Contracts Overview

A smart contract is an agreement that can be enforced through a blockchain. Rather than relying on trust or a legal framework to ensure that each party that enters into a contract will adhere to its terms, you can use the blockchain to create a contract that is automatically enforced, between two people, in a decentralized fashion.

 

Ethereum has become the most popular blockchain for creating smart contracts. One of the major design goals of the Ethereum platform was to support smart contracts. From the start, this set Ethereum apart from Bitcoin, which was created first and foremost as a digital currency platform.

Smart Contracts on Bitcoin Codebase

As the Bitcoin protocol has evolved, it has gained support for smart contracts. Smart contract functionality is not as programmable and extensible on Bitcoin as it is on Ethereum. However, using features added to Bitcoin through improvement proposals, certain smart contract functionality can be achieved through Bitcoin scripting.

 

For Particl, the most important smart contract feature in Bitcoin is the OP_CHECKLOCKTIMEVERIFY opcode, which was introduced by Peter Todd as Bitcoin Improvement Proposal (BIP) 65. The opcode makes it possible to write scripts that prevent funds in a multi-signature wallet from being spent until a certain signature pattern is implemented or a certain amount of time passes.

Particl, Smart Contracts and MAD Escrow

MAD escrow is a technique that effectively prevents fraud in a transaction without requiring the oversight of a third party. In a MAD escrow contract, a buyer and seller both place funds into escrow. The seller starts by depositing an amount they want the buyer to match to symbolize a virtual handshake. This could be between 0 and 100 percent of the item’s purchase price. The buyer then deposits an amount equal to the handshake amount plus the price of the item they are buying. The escrowed funds are not released to anyone until both parties confirm that the transaction has been completed satisfactorily. The technique prevents either party from profiting through cheating in a transaction.

 

Particl uses the BIP 65 opcode to enable MAD escrow contracts by locking funds in a multi-signature wallet until all of the parties sign off on the transaction. With this approach, buyers and sellers on Particl’s ecommerce platform can operate without worrying about fraud or paying unnecessary fees.

 

They also don’t have to sacrifice privacy because no third party is involved in the transaction. Furthermore, and perhaps most significantly, because there is only basic scripting involved, security concerns are minimal.

 

Particl’s approach to MAD escrow smart contracts is arguably better than building smart contracts on a platform like Ethereum. While Ethereum provides more extensible support for smart contracts, that flexibility comes with a higher risk of security and privacy threats. The more code that goes into a smart contract, the greater the risk of introducing a vulnerability that could enable an intrusion.

 

Ethereum might be a strong foundation for writing very complex smart contracts, or ones in which security and privacy are not priorities, but Bitcoin provides a simpler and more reliable scripting framework for the private escrows that Particl requires.

Contributing to Bitcoin’s Future

 

Particl’s choice of Bitcoin as the backbone for its smart contracts is also a reflection of the team’s efforts to build a completely private platform on top of the Bitcoin codebase, arguably the most secure, battle tested and contributed to protocol on the market.

 

There are many dozens of Bitcoin-based blockchain projects out there, but most are simply building cryptocurrencies forked from Bitcoin. They’re not taking advantage of Bitcoin’s potential to create the foundation for a completely decentralized platform that supports a multitude of DApps and programmable functionality.

 

In this sense, Particl is helping to ensure that Bitcoin’s future will evolve more than just creating another cryptocurrency. Privacy enhancements Particl has already implemented onto the latest Bitcoin codebase such as Confidential Transactions and RingCT can just as easily be one day adopted upstream to further harden Bitcoin.

 

The post Yes, Bitcoin Can Do Smart Contracts and Particl Demonstrates How appeared first on Bitcoin Magazine.

Posted on 13 October 2017 | 9:18 am

Bitcoin Price Analysis: Bitcoin Rally Shows Strength for Continued Growth

Bitcoin Price Analysis

Today, bitcoin reached a new all time high as it rose by $500 in just a few short hours. At the time of this article, bitcoin is sitting in the $5300s as it looks ready, once again, to spring for a new all time high:

Figure_1 (14).JPGFigure 1: BTC-USD, 4-Hour Candles, GDAX, Macro Trend

On a macro level, BTC is showing signs of upward strength as the RSI and MACD are showing bullish strength. There are no clear signs of bearish divergence yet and the market is starting to pick up in volume as the price climbs, thus indicating that a healthy bullish continuation is likely. Looking at the 50 and 200 EMAs, we can see the slope is pointing upward and the market is trending well above both EMAs, showing us that the market is pushing upward in a sustainable manner.

On a micro level, there are slight signs of bullish exhaustion that may indicate the need to either consolidate sideways or pull back slightly before continuing upward:

Figure_2 (11).JPGFigure 2: BTC-USD, 30-Minute Candles, GDAX, Micro Trend

The MACD and RSI are showing clear signs of bearish divergence on the smaller timescales (shown via the red arrows on the indicators). Also, the current growth is decreasing in volume which usually indicates a lack of buyer interest at the current price levels as the trend continues upward. It’s important to note that the trend can remain healthy on a macro scale, while simultaneously remaining divergent on a smaller timescale. The divergence doesn’t imply a macro reversal — it simply means the current trend is lacking momentum to continue upward in the immediate future and likely needs to cool off before continuing any further.

On the higher timescales, bitcoin appears to be adhering to the ascending channel shown below:

Figure_3 (11).JPGFigure 3: BTC-USD, 1 Day Candles, GDAX, Ascending Channel

Since the beginning of the year, bitcoin has adhered to very nicely to this channel where it routinely tests the top, then tests the bottom, then tests the top, and so on and so forth. If we continue this pattern we can expect to see bitcoin test the $6000s before we see any major correction. However, it is important to note that, compared to Bitcoin’s last bull run to the $5000s, the volume is considerably lower. This may affect bitcoin’s ability to push toward the upper bounds of the channel. On the other hand, the indicators discussed in Figure 1 are showing healthy bullish signals, so we will have to see how the market responds to tests of new highs.

Summary:

  1. Bitcoin found new all time highs in the $5300s after having a sudden $500 rally.

  2. The macro momentum indicators are showing signs of bullish continuation which may push further new all time highs.

  3. The smaller time frames are showing signs of bullish exhaustion so we may see some consolidation before any bullish continuation is seen.

Trading and investing in digital assets like bitcoin, bitcoin cash 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 Bitcoin Price Analysis: Bitcoin Rally Shows Strength for Continued Growth appeared first on Bitcoin Magazine.

Posted on 12 October 2017 | 4:09 pm

Op Ed: European Blockchain Business is Booming, Even Among Regulatory Concerns

gpEuropeCrypto.jpg

As cryptocurrencies become increasingly mainstream, governments worldwide are exploring methods for regulating blockchain projects and their methods of funding. While China and South Korea have recently cracked down on ICOs and cryptocurrency exchanges, some nations in the European Economic Area (EEA) have become among the world’s most progressive in embracing this nascent technology. Still, the lack of standards in regulation will prove to be a challenge as blockchain startups seek to develop and mature.Since consensus is easier to realize with a smaller representative body, smaller autonomous territories are more fit to effect rapid change in promoting the establishment of crypto and blockchain companies in their legal jurisdictions. For example, the cantonal laws in Switzerland allow for increased agility when introducing amendments, disclosure and transparency.

Switzerland has emerged as a European hub for cryptocurrency and blockchain development. These efforts have been led by the Crypto Valley Association, a nonprofit dedicated to the research and development of blockchain technologies, has also started to develop an ICO Code of Conduct in light of China’s recent ban. This would establish a clear set of guidelines for companies planning token crowdsales and provide clear, yet versatile, rules surrounding their legality. Anchored by the city of Zug, which has been nicknamed “Crypto Valley” after the numerous blockchain startups based there, Switzerland has remained a friendly environment for burgeoning blockchain and digital currency companies.

Estonia has also proven to be open to blockchain development; it recently expressed interest in creating a national cryptocurrency to be used within its borders. If this materialized, it would rank among the most significant milestones for cryptocurrency to date. In addition, members of Finland’s central bank wrote a paper discussing the outstanding characteristics of Bitcoin.

While Bitcoin is the largest cryptocurrency by trading volume, its leading position among digital currencies does not behave like a traditional monopoly in economic terms. In fact, these economists argue that there’s no need for governments to regulate Bitcoin due to its decentralized infrastructure. This is an interesting stance in comparison to other European nations that have expressed their support for the development of government policies surrounding digital currencies.

In contrast, other countries may either feel that the blockchain space is still too underdeveloped to regulate in earnest or that an appropriate level of research has not been provided on the topic. Despite this, blockchain adoption will continue to become more mainstream than one might expect. Deloitte has reported more than 90 central banks are engaged in discussions about blockchain technology, and that 80 percent of those banks are expected to commence digital ledger projects by the end of the year. The International Monetary Fund has even expressed positive sentiment about the potential applications of blockchain and cryptocurrencies. Their willingness to explore this technology means that regulations in the jurisdictions they serve are likely in the near future.

The EEA’s interest in considering blockchain regulation promises that the future will be bright for startups hoping to do business in these countries. However, gathering consensus around a technology that’s still not widely used or applied will prove difficult. It will require these nations to adopt policies that feature the needed flexibility for the long term. Despite these challenges, the countries that are able to do so will reap significant economic rewards.

This is a guest post by David Henderson. The views expressed are his own and do not necessarily reflect those of BTC Media or Bitcoin Magazine.

The post Op Ed: European Blockchain Business is Booming, Even Among Regulatory Concerns appeared first on Bitcoin Magazine.

Posted on 12 October 2017 | 1:46 pm

Bitcoin price climbs over $4,000

Posted on 14 August 2017 | 1:16 am

CRYENGINE now accepts Bitcoin

Posted on 29 March 2017 | 1:24 am

Consulting firm EY Switzerland accepts Bitcoin

Posted on 26 November 2016 | 12:47 am

Bitcoin Trading Bots

There have been a wide variety of situations in which algorithmic trading programs have proven to be beneficial for investors. However, investors who only trade a cryptocurrency can also take advantage of bitcoin trading bots. Through bitcoin bot trading, traders can become more flexible and prompt, minimize errors and process information more rapidly. At this… Read More »

Posted on 8 November 2016 | 6:20 pm

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

Wikimedia Foundation Now Accepts Bitcoin

Posted on 30 July 2014 | 3:14 pm

Expedia to accept Bitcoin payments for hotel bookings

Posted on 12 June 2014 | 12:41 pm

October 18, 2017 -
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