First Bitcoin Exchange Launching in Egypt

with No Comments

First Bitcoin Exchange Launching in Egypt

A cryptocurrency startup called Bitcoin Egypt is launching the first bitcoin exchange in the country this month. News.Bitcoin.com talked to co-founder Rami Khalil to find out more about the exchange as well as the bitcoin scene in Egypt.

Also read: Hedge Funds Investing in Cryptocurrencies ‘Exploding’ – 62 in Pipeline

Bitcoin Exchange Launching in Egypt

Founded by Rami Khalil and Omar Abdelrasoul, Bitcoin Egypt plans to launch a bitcoin exchange this month. “The tentative launch date is the 31st of August. We will definitely at least go into alpha testing at that time if we are not fully operational,” Khalil told news.Bitcoin.com.

First Bitcoin Exchange Launching in EgyptHe claims that it will be the first in the country. “There were no prior (registered) exchanges before,” he detailed, citing “everything operates peer-to-peer and under the radar now. It’s currently a ‘black’ market in Egypt.”

At launch, the exchange will only support trading between the Egyptian pound and bitcoin. “The fees will be a fraction of the transaction size (<0.25%),” Khalil said. The company plans to add support for ether, other altcoins, as well as other fiat currencies in the near future, followed by a payment service next year.

Only “rudimentary contact information (full name, ID numbers, address, etc..)” will be collected by the exchange, he detailed, adding that “since bitcoin is technically a commodity in Egypt, we’re not bound to any formal KYC/AML regulations.”

The bitcoin ecosystem in Egypt is currently small with only a handful of traders listed on Localbitcoins. However, Khalil said “there are a few hundred people actively using and trading bitcoin on a daily basis in Egypt on online forums.” As for merchant adoption, he said it is “virtually non-existent,” noting that “people generally assume it’s taboo. We’re of course looking to change that outlook, and improve adoption.”

Authorities’ Warnings

Last week, Chairman of the Egyptian Financial Supervisory Authority (EFSA) Sherif Samy reiterated that digital currencies such as bitcoin and ether are not authorized or supervised by the authorities, according to local publications. With the absence of legal and loss protection, any dealings with them carry significant risks, the chairman noted.

First Bitcoin Exchange Launching in EgyptIn June, there were reports that suggested that the central bank was considering allowing the circulation and trading of digital currencies, which the bank’s deputy governor Lobna Helal promptly denied.

“The central bank rejected this currency because the state can control the local and foreign traditional currencies, and can impose certain fees on their movement and transfer to and from Egypt,” banker and economist at Zagazig University Ashraf Ibrahim told Al-Monitor. With state-controlled currencies, “the central bank can tax the investment and trade activities generated by those funds, but cannot do the same with bitcoin,” he asserted.

No Digital Currency Laws Currently

Khalil told news.Bitcoin.com that “from personal contacts, the Ministry of Finance fully understands what bitcoin is, and only has problems with its potential for money laundering,” adding that:

Formally, there are zero laws or regulations in place about digital assets/cryptocurrency. We’re hoping to help shape their views and provide any assistance where needed.

He then noted that “the local banks have been very firm in asserting that they have no plans to start providing bitcoin services themselves and that they will never consider it a currency, but so far no one has turned us away from opening a bank account in our company’s (very explicit) name.”

Do you think bitcoin can take off in Egypt? Let us know in the comments section below.


Images courtesy of Shutterstock and UASA


Need to calculate your bitcoin holdings? Check our tools section.

The post First Bitcoin Exchange Launching in Egypt appeared first on Bitcoin News.

from Bitcoin News http://ift.tt/2vVqNpz http://ift.tt/1L2dnrU

UK Police Drafts Detailed Bitcoin Seizure Guide

with No Comments

UK Police Drafts Detailed Bitcoin Seizure Guide

A think-tank backed by a group of UK-based law enforcement officials have published a newly drafted report called “Policing Bitcoin” which aims to standardize the practice of seizing bitcoin from criminals.

Also read: Coinbase Raises $100M to “Help Accelerate Digital Currency Adoption”

UK Police Aim to Understand Bitcoin

UK Police Drafts Detailed Bitcoin Seizure GuideLast week the ‘N8 Policing Research Partnership’ published a report that explains how they would like to see UK law enforcement handle bitcoin seizures. The report claims that criminals prefer to use cryptocurrencies in crimes like ransomware, dark web activities and more. The paper says bitcoin is the most favored cryptocurrency employed in illicit activities and N8 believes UK-based officers need to grasp this new technology.

“Cryptocurrencies have increasingly become a common method of value exchange in a number of types of criminal activity,” explains the four-page proposal. “This collaborative project has brought together a variety of experts from different disciplines and practices to explore the challenges posed by criminal use of cryptocurrency with regard to the investigation, production of conclusive evidence of wrongdoing, and prosecution of offenders.”

Frontline Officers Must Complete a ‘Mandatory Bitcoin e-Learning Package’

The N8 police report details that law enforcement needs education on things like bitcoin exchanges, bitcoin ATMs, forensic tracing tools, a literature guide, and a booklet designed to help officers identify bitcoin activity. Additionally, the reports suggests that police departments utilize “Tier 1-Bitcoin experts, Regional Cyber Crime Units, Digital Media Investigators, and Tier 4-Frontline officers and investigators.”

Tier 4 – Frontline officers — All UK police staff should be required to complete a mandatory Bitcoin e-learning package (NCLAT), on how to identify bitcoin activity and who to contact for further advice.

The Detailed Bitcoin Seizure Guide

UK Police Drafts Detailed Bitcoin Seizure GuideThe N8 Police Research Partnership is a network of policing practitioners and senior researchers located around Northern England. The group aims to formalize regional officer networking and improve “police innovation.” The team has been studying digital currencies and blockchains for over two years and hopes their recommendations will be favored by lawmakers.

“As part of the project, research was conducted and advice sought regarding the legislative framework available for officers to lawfully seize bitcoin,” details N8’s report. “A recommendation has also been made to the Home Office regarding a potential legislative amendment to categorise bitcoin as cash for the purpose of cash seizure legislation.”

The project has identified a number of practical and intellectual issues for further research, namely how bitcoin relates to the Proceeds of Crime Act.

Currently, the research group says they are drafting a “detailed bitcoin seizure guide” which provides a full walkthrough for officers on how to seize these types of funds. N8 explains the guide is based on research conducted with a group of international law enforcement partners.

What do you think about the N8 organization and how they are creating a bitcoin seizure booklet for officers? Let us know what you think about this story in the comments below.


Images via Bitcoin.com, the N8 website, Matt Groening, and Pixabay. 


At News.Bitcoin.com all comments containing links are automatically held up for moderation in the Disqus system. That means an editor has to take a look at the comment to approve it. This is due to the many, repetitive, spam and scam links people post under our articles. We do not censor any comment content based on politics or personal opinions. So, please be patient. Your comment will be published. 

The post UK Police Drafts Detailed Bitcoin Seizure Guide appeared first on Bitcoin News.

from Bitcoin News http://ift.tt/2vofUen http://ift.tt/1L2dnrU

Australian Primary School Students Explore Bitcoin and Cryptocurrency Technology

with No Comments

Australian Primary School Students Explore Bitcoin and Cryptocurrency Technology

Students at Wooranna Park Primary School in Victoria, Australia are experiencing bitcoin and cryptocurrency technology first hand. Wooranna Park Primary’s ‘School on the Blockchain’ program involves a number of initiatives designed to immerse students in blockchain technology, and has seen the school create a unique cryptocurrency called Wooranacoin.

Also Read Australian Senators Push to Make Bitcoin Official Currency

The ‘School on the Blockchain’ Program Provides Young Students With Many Opportunities to Explore Bitcoin and Cryptocurrency Technology

Students of Wooranna Park Primary School in Australia are exploring bitcoin and cryptocurrency hands on from a young age. The ‘School on the Blockchain’ program has taken over five years to develop and has received significant support from The Blockchain Centre Melbourne.

Keiran Nolan, a former network engineer turned educational technologist who runs the program, is very enthusiastic about the benefits of young students engaging with bitcoin and cryptocurrency technology. Nolan told news.Bitcoin.com that “Wooranna Park is in a low socioeconomic area, historically this would mean that majority of the students at a school like ours would live their lives in low socioeconomic circumstances. This technology is empowering them to be on an even playing field with everyone else in the world, which in turn will play a major role in their futures.”

Wooranna Park Primary’s ‘School on the Blockchain’ program provides students from years prep to grade 6 with a wide array of opportunities to explore bitcoin and cryptocurrency technology, with many students participating in blockchain-based activities on a daily basis. Nolan states that the program evolved from a 2012 initiative which hoped to create “Australia’s first paperless, platform agnostic, ‘School in the Cloud’… the next logical progression from this was to try and create a ‘School on the Blockchain’. The program is comprised of a number of initiatives, including

Minecraft on the Blockchain – Wooranna Park Primary’s Minecraft server is stored via FTP on the storj.io blockchain. It’s an international server with about 8 schools and learning spaces from all over the world collaborating. In-world, we are doing learning from numeracy and literacy to QR code building and java coding.”

Immutable Authenticated Reporting – “Each classroom or ‘learning environment’ is being setup with a steemit node for what we are calling ‘Immutable Authenticated Reporting’ – meaning that student work is safe and secure and unchangeable using the steemit blockchain.”

Proof-of-importance (Voting) – “We are in the middle of setting up a voting system that will allow students to vote on what computer hardware we purchase for the school.”

Building Full Nodes – “We are building full nodes for various blockchains for the various projects in each unit (classroom) of the school.”

Steam Blockchain Centre – “We are building a facility in the school out of shipping containers that physically represents how a blockchain ‘looks’ as well as functioning as a learning space for the above activities… each Block (shipping container) is going to be running a full node as well.”

Virtual Reality – “We have a couple of a HTC VIVES and a bank of Google Cardboards that have allowed the students to explore the blockchain in virtual reality using ‘bitcoinVR’.”

Proof-of-Existence – “Students are learning about Proof-Of-Existence for their work, being able to prove for example that a photo they have taken actually belongs to them.”

The School Has Created Its Own Cryptocurrency, Called Woorannacoin

Australian Primary School Students Explore Bitcoin and Cryptocurrency Technology

Nolan states that the students’ response has been “really positive overall… “There have been some really adult discussions about where money comes from and why it’s important, proof of work vs proof of stake and the environment. One student even asked ‘why we don’t have a universal basic income on the blockchain already?’”

In a world first, the primary school has created its own cryptocurrency, called Woorannacoin. Woorannacoin was originally designed to be “a voting system for students,” but has since developed into “a learning tool on how to create our own currency.” Nolan states that he “now [has] a group of year 4 students that want to do their own ICO.”

What do you think about programs designed to educate school students about bitcoin and cryptocurrency technology? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


Need to calculate your bitcoin holdings? Check our tools section.

The post Australian Primary School Students Explore Bitcoin and Cryptocurrency Technology appeared first on Bitcoin News.

from Bitcoin News http://ift.tt/2wMYhmn http://ift.tt/1L2dnrU

Bitcoin Cash Gains More Support

with No Comments

Bitcoin Cash Gains More Support

It’s been a crazy ten days for bitcoin enthusiasts as the network had its first high profile hard fork that split the network into two. During the first week, the Bitcoin Cash blockchain has pushed forward, and the currency’s market is thriving. Now two cryptocurrency payment processors, the Living Room of Satoshi, and Rocketr have announced supporting BCH on their platforms.

Also read: Gold Bug Peter Schiff Says ‘Cryptocurrency Market Signals Are Wrong’

Bitcoin Cash Network and Market Thrives

Bitcoin Cash Gains More Support
Bitcoin cash is ten days old.

The Bitcoin Cash (BCH) blockchain is moving along processing blocks and is currently thriving as a network. So far there’s been 408 blocks found on the BCH chain, and the currency has been trading heavily on exchanges. At the moment, bitcoin cash is trading at $300 per BCH and has the fourth largest cryptocurrency market cap. There are a lot of exchanges and cryptocurrency wallet providers that have decided to support the BCH network so far. Moreover, other types of operations like the marketplace Purse has also announced BCH distribution for customer funds held on the platform.

More Cryptocurrency Based Platforms Start Supporting Bitcoin Cash
Bitcoin marketplace Purse.io will distribute bitcoin cash to customers who held funds on the platform pre-fork.

Digital Product Marketplace Rocketr Customers Can Now Use Bitcoin Cash at the Webstore

Bitcoin Cash Gains More SupportThis week the digital products marketplace Rocketr has announced customers can utilize BCH on the webstore. Rocketr is a e-commerce platform for selling and delivering digital goods like files, programs, activation codes, software, and other services. The startup was founded in 2016 by Rob Danielson and accepts Paypal, bitcoin, ethereum, Stripe (credit cards), and now bitcoin cash. The company announced adding the currency on August 9 on Twitter stating;

We’ve just enabled bitcoin cash as a payment option. Accept it in your webstore today.

Bill Pay Platform Living Room of Satoshi Accepts Bitcoin Cash  

Another cryptocurrency startup called the Living Room of Satoshi has also revealed users can utilize BCH on the bill paying platform. The company founded in 2014 is a payment processor that allows Australian residents to pay electricity, rego, phone, and credit card bills. The Living Room of Satoshi announced supporting the currency on August 7. Since then people have slowly started using BCH to pay their bills with the Australian startup’s platform.

You can now use your bitcoin cash to pay your bills or cash out to a bank account at Living Room of Satoshi!  

More Cryptocurrency Based Platforms Start Supporting Bitcoin Cash

So far it’s been a pretty decent week for bitcoin cash considering all the obstacles and its slow start. Further, news.Bitcoin.com reported that Overstock.com customers can utilize BCH at that marketplace thanks to Shapeshift integration. The cryptocurrency still has a long way to go for a nascent network that’s only a week old but despite all the naysayers, its seems BCH is here to stay.

What do you think about the businesses that have announced bitcoin cash support? Let us know what you think in the comments below.


Images via Shutterstock, Rocketr, Living Room of Satoshi, and Bitcoin.com.


At News.Bitcoin.com all comments containing links are automatically held up for moderation in the Disqus system. That means an editor has to take a look at the comment to approve it. This is due to the many, repetitive, spam and scam links people post under our articles. We do not censor any comment content based on politics or personal opinions. So, please be patient. Your comment will be published.  

The post Bitcoin Cash Gains More Support appeared first on Bitcoin News.

from Bitcoin News http://ift.tt/2uuzeUs http://ift.tt/1L2dnrU

Coinbase Raises $100M to “Help Accelerate Digital Currency Adoption”

with No Comments

Coinbase Raises $100M to Help Accelerate Digital Currency Adoption

On August 10 the San Francisco-based company Coinbase announced it has raised US$100M in a Series D funding round. The company says the large capital injection will be used to help “create an open financial system for the world.”

Also read: Breadwallet’s Bitcoin Cash Tool Arrives Next Week — Full Client Coming Soon

This week the bitcoin exchange and brokerage service, Coinbase, announced a successful Series D funding round raising $100M. The firm says it has experienced “unprecedented growth” this year and has exchanged over “$25 billion USD worth of digital currency.” Coinbase explains that it will use the new capital to further scale the company’s resources and services. The company outlines its plans with the money stating;

We will Increase the size of our engineering and customer support teams to improve the customer experience. Open a GDAX office in New York City, further investing in our ability to serve institutions and professional traders. And invest in Toshi, to help accelerate digital currency’s shift from speculative investment to global payment network.

The Series D funding round was led by venture capital firms such as IVP, Spark Capital, Greylock Partners, Battery Ventures, Section 32 and Draper Associates. Coinbase says they are “fortunate” to be working with IVP who has invested in successful companies like Snap, Netflix, Twitter, Dropbox, and Slack. Toshi is a browser for the Ethereum network that aims to provide universal access to financial services. Coinbase says they are excited about the digital currency economy and the firm is entering into the next phase of their “secret master plan.”

Digital currencies are having their “Netscape” moment. The pace of innovation has been accelerating and we are now seeing exciting projects and companies being built on top of digital currencies.

Coinbase has done well since its inception in 2012 raising a total of $217M in funding rounds from over 29 investors. The company has also been very popular with over 30M wallets used by close to 10M customers in 2017.


Images via Shutterstock, and the Coinbase website. 


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more. 

The post Coinbase Raises $100M to “Help Accelerate Digital Currency Adoption” appeared first on Bitcoin News.

from Bitcoin News http://ift.tt/2uKLuPT http://ift.tt/1L2dnrU

PR: Revain’s Pre-Crowdfunding Saw Incredible Engagement

with No Comments

PR: Revain's Pre-Crowdfunding Saw Incredible Engagement

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

249 BTC in the equivalent of 854 070 USD was accumulated

REVAIN’S pre-crowdsale was launched on August 8 and within half an hour of going live reached its hard cap. We have accumulated 854 070 USD dollars and that was a big success.

The platform received the feedback way more exceeding the expectations of developers which caused temporary malfunction. We faced a DDOS attack on our server, and we were not ready for that. We anticipated several large investors to invest in Revain. However, we were not aware about the volume they were ready to invest and underestimated their investing potential.

With these impressive results REVAIN is expecting to reach the soft cap during the first hours of crowdfunding that is to be launched on August 21. Following cryptocurrencies will be accepted: Bitcoin, Bitcoin Cash, Etherium, Etherium classic, Litecoin, Dash, Monero, Zcash, NEM or other blockchain projects tokens. Crowdfunding will last for 2 weeks.

REVAIN is a breakthrough review platform implementing blockchain technology making sure that the feedback the users leave is authentic. The authenticity is achieved by KYC and the operation method where reviews fragments are processed both by machines and manually being saved into the blockchain. Therefore, there is a guarantee that those comments won’t be edited later. KYC-systems features are used to provide super organic reviews and minimize the risks of fake ones. The platform token called RVN is used to motivate users to leave only legitimate reviews.

More about REVAIN:
https://revain.org
http://ift.tt/2vKQqcG
http://ift.tt/2vMsg1m
Twitter: @revain_org

Press and Media Inquiries:
contact@revain.org


This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

The post PR: Revain’s Pre-Crowdfunding Saw Incredible Engagement appeared first on Bitcoin News.

from Bitcoin News http://ift.tt/2fuZWcQ http://ift.tt/1L2dnrU

MAPS to Accept Altcoins for Research on MDMA Psychedelic Medicine

with No Comments

MAPS

The Multidisciplinary Association for Psychedelic Studies (MAPS) recently expanded their ability to accept donations in cryptocurrency. In addition to bitcoin, the nonprofit will now accept Litecoin and Ethereum. To celebrate their partnership with the cryptocurrency community, DecentraNet and HSW are hosting a cocktail cruise and art auction on August 13 to raise funds for MAPS.

Also read: Breadwallet’s Bitcoin Cash Tool Arrives Next Week — Full Client Coming Soon

Cryptocurrency Funding for MDMA-Assisted Psychotherapy

MAPS to Accept Altcoins for Research on Psychedelic Medicine

The cryptocurrency funds will be used by MAPS to initiate phase 3 clinical trials for MDMA-assisted psychotherapy. The goal of this therapy is to help sufferers of PTSD (Post-Traumatic Stress Disorder) using the quasi-psychedelic substance MDMA. MAPS has been working closely with the FDA in order to complete the studies. If they raise $12.5 million they should be able to make MDMA a legal medicine by 2021.

Their press release elaborated, “This year, working closely with the U.S. Food and Drug Administration (FDA), MAPS is initiating Phase 3 clinical trials of MDMA-assisted psychotherapy for PTSD. These trials will build on the results of MAPS’ completed Phase 2 trials, in which two-thirds of participants with chronic, treatment-resistant PTSD no longer had PTSD after just two sessions of MDMA-assisted psychotherapy. MAPS anticipates FDA approval for the prescription use of MDMA-assisted psychotherapy for PTSD by 2021—provided the research receives the necessary funding.”

What is ecstasy?

For anyone unfamiliar, MDMA is a chemical compound that is usually referred to as “ecstasy” or “molly” on the streets. MDMA stands for methylenedioxymethamphetamine. It is a psychoactive drug that causes people enter into an altered state of consciousness. They become introspective, less defensive, courageous, and highly empathetic. The compound also heightens the sense of touch, causing the person to touch themselves and others often and with enthusiasm.

MDMA also helps dissolve barriers to personal exploration. It allows people to resolve latent trauma without as much fear and apprehension. This is what makes it an exemplary drug within the context of a therapeutic setting. In this environment, clients who take MDMA and work with a trained professional can tackle their latent traumas with courage and love.

Luckily, the rise of cryptocurrency has provided a new form of fundraising for MAPS, which may lead to the eventual legalization of this helpful drug.

MAPS to Accept Altcoins for Research on Psychedelic Medicine
MDMA molecule

Bitcoin and Altcoins are Promising Forms of Funding

The founder of MAPS, Rick Doblin, explained that cryptocurrency has brought much needed innovation to the financial market. It has thus allowed MAPS the opportunity to grow as a result. For example, MAPS first began accepting bitcoin donations in 2013. Since then, the crypto-ecosystem has donated about 115 bitcoins to the organization. The press release elaborated:

MAPS was an early supporter of cryptocurrency donations, first accepting Bitcoin donations in December 2013. The cryptocurrency community has been eager to contribute to MAPS’ work, donating more than 115 BTC to date, valued over $64,800. These gifts have helped fund MAPS’ international psychedelic research, public  education, psychedelic harm reduction, and advocacy projects.

MAPS is now continuing their tradition of partnering with the cryptocurrency community to further their agenda of helping to heal the world. They may even add more cryptocurrencies to their list of accepted donation funds in the near future.

MAPS was originally founded in 1986 and “is a 501(c)(3) non-profit research and educational organization that develops medical, legal, and cultural contexts for people to benefit from the careful uses of psychedelics and marijuana.”

MAPS to Accept Altcoins for Research on Psychedelic Medicine

What do you think about cryptocurrency communities being involved with psychedelic medicinal research? Let us know in the comments section below.


Images courtesy of Shutterstock, bluelight.org, and MAPS


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post MAPS to Accept Altcoins for Research on MDMA Psychedelic Medicine appeared first on Bitcoin News.

from Bitcoin News http://ift.tt/2ute0X9 http://ift.tt/1L2dnrU

Bitcoin Proponent Calvin Ayre Appointed Economic Envoy for Antigua and Barbuda

with No Comments

Bitcoin Proponent Calvin Ayre Appointed Economic Envoy for Antigua and Barbuda

The islands of Antigua and Barbuda might become far more friendly towards cryptocurrencies and blockchain technology in the near future. This week the government of the sovereign Caribbean island states has appointed the billionaire and bitcoin proponent, Calvin Ayre, as the region’s Economic Envoy for Technology Development.

Also read: Antigua and Barbuda Draft Laws to ‘Implement’ Bitcoin 

Internet Gaming Tycoon and Bitcoin Proponent Calvin Ayre Becomes an Economic Envoy for the Twin Islands of Antigua and Barbuda

Bitcoin Proponent Calvin Ayre Appointed Economic Envoy for Antigua and Barbuda
Calvin Ayre, founder of the Bodog Entertainment brand.

Antigua and Barbuda are regions located in the Americas and consist of two majorly inhabited islands. A vast majority of the population resides in the capital and the area’s largest port city St. Johns. On August 8, the government of Antigua and Barbuda has announced the billionaire Calvin Ayre will serve as the region’s Economic Envoy, and will advise the sovereign island states on “where blockchain technology is being utilised.”

Calvin Ayre is a well-known entrepreneur and investor who created the Bodog Entertainment brand. Ayre has been a long-time bitcoin and blockchain proponent and aims to build Bodog into a “mainstream 21st-century digital entertainment conglomerate.” Further, according to a report in June 2016, the journalist Andrew O’Hagan revealed that Ayre had been associated with Craig Wright.         

“Mr. Ayre will advise the Government on the effective implementation of new technological developments in cryptocurrency and Bitcoin which have been adopted by leading companies in the United States, Australia, Denmark, the Netherlands, Sweden, Canada, China, and the United Kingdom,” explains the government of Antigua and Barbuda’s Director-General of Communications.   

He has already invested heavily in bitcoin blockchain core technology and his e-Com technology processes more bitcoin transactions than any other platform in the world today.

Bitcoin Proponent Calvin Ayre Appointed Economic Envoy for Antigua and Barbuda
The twin-islands of Antigua and Barbuda.

Ayre Previously Helped Leaders Draft Laws to Implement Bitcoin Into the Sovereign Island’s Economy

The government also states that Antigua and Barbuda anticipate becoming an early leader in bitcoin and blockchain technology, much like it did with offshore banking and internet gaming back in the early nineties. In addition to Ayre’s bitcoin knowledge, the government says they will leverage Ayre’s understanding of internet gaming as well. The online gaming industry is worth over US$37.9 Billion annually, and they expect Ayre’s expertise to “re-invigorate” their gaming industry.

“As it continues to diversify the economy and create new and high paying jobs for its people, the Government of Antigua and Barbuda looks forward to the contribution of Mr. Ayre’s technological companies,” the Director-General of Communications adds.

As news.Bitcoin.com reported this past April, Ayre was instrumental in helping Antigua and Barbuda draft laws to implement bitcoin into the Commonwealth nations’ laws. The region has always been known as a tax-haven and the twin-island’s Minister of Trade and Consumer Affairs, EP Chet Greene, said bitcoin would allow for better “traceability.”

What do you think about Antigua and Barbuda looking into bitcoin and blockchain by utilizing Calvin Ayre as an Economic Envoy for Technology Development? Let us know what you think in the comments below.


Images via Shutterstock, Wiki Commons, and Antigua and Barbuda travel.


At News.Bitcoin.com all comments containing links are automatically held up for moderation in the Disqus system. That means an editor has to take a look at the comment to approve it. This is due to the many, repetitive, spam and scam links people post under our articles. We do not censor any comment content based on politics or personal opinions. So, please be patient. Your comment will be published. 

The post Bitcoin Proponent Calvin Ayre Appointed Economic Envoy for Antigua and Barbuda appeared first on Bitcoin News.

from Bitcoin News http://ift.tt/2fuNY2V http://ift.tt/1L2dnrU

Segwit2x Working Group Announces Hard Fork Roadmap

with No Comments

Segwit2x Working Group Announces the Hard Fork Roadmap

Segregated Witness has locked-in and the Segwit2x working group has announced its roadmap for the next three months. The team of developers have detailed they are going forward with the 2MB block size increase that miners and businesses agreed upon at the New York Agreement.

Also read: Gold Bug Peter Schiff Says ‘Cryptocurrency Market Signals Are Wrong’

The Segwit2x Roadmap

It’s been over 24-hours since Segregated Witness (Segwit) locked-in on the Bitcoin network after nearly 90 percent of miners pushed the protocol activation forward. Now the Segwit2x working group member Jean-Pierre Rupp revealed the team’s plans for the upcoming 2MB hard fork. The announcement called “Bitcoin Upgrade at Block 494,784,” states;

During the month of November 2017, approximately 90 days after the activation of Segregated Witnesses in the Bitcoin blockchain, a block between 1MB and 2MB in size will be generated by Bitcoin miners in a move to increase network capacity. At this point, it is expected that more than 90% of the computational capacity that secures the Bitcoin network will carry on mining on top of this large block.

‘Compatibility With the New Larger Blocks’

Segwit2x Working Group Announces the Hard Fork Roadmap
The New York Agreement has managed to get Segwit activated but can it pull off a hard fork to 2MB?

The announcement explains the upgrade to 2MB was first discussed at the ‘Hong Kong Roundtable Agreement’, and had further solidified at the ‘New York Agreement’ (NYA) this year at the Consensus conference. Both agreements involved implementing Segwit first and a block size increase from 1MB to 2MB later. The working group says, now that Segwit has locked-in, the ecosystem should update to Segwit-compatible software if they want to benefit from the protocol. Alongside this, the announcement explains “readiness” preparation for the fork including port changes, network changes, DNS seeds, and the Segwit2x “Testnet5.”  

“The November 2017 upgrade to 2MB blocks is a hard-fork, but necessary changes are trivial to perform,” explains the Segwit2x working group’s announcement. “Some SPV clients are expected to work without any change at all. Most clients will need to tweak only two constants to remain compatible with the new larger blocks.”

Segwit Is Here but the Bitcoin ‘Community’ Infighting Remains

As the plan moves forward many developers and bitcoin community figures have been quarreling over the proposed upgrade. Moreover, last week developer Matt Corallo introduced an idea that would further separate the Core reference client away from Segwit2x.

Segwit2x Working Group Announces the Hard Fork Roadmap

The infighting and attempt to disconnect Core software 0.15.0 further solidifies people’s theories that the cryptocurrency community could see a third bitcoin. A vast majority of bitcoiners are discussing this subject fervently and come November the Bitcoin network may see some fireworks again.

What do you think about Segwit2x going forward? Do you think we will see a 2MB block size increase on the Bitcoin network? Let us know your thoughts in the comments below.


Images via Shutterstock, and pixabay.  


At News.Bitcoin.com all comments containing links are automatically held up for moderation in the Disqus system. That means an editor has to take a look at the comment to approve it. This is due to the many, repetitive, spam and scam links people post under our articles. We do not censor any comment content based on politics or personal opinions. So, please be patient. Your comment will be published.

The post Segwit2x Working Group Announces Hard Fork Roadmap appeared first on Bitcoin News.

from Bitcoin News http://ift.tt/2uqQONr http://ift.tt/1L2dnrU

Gold Bug Peter Schiff Says ‘Cryptocurrency Market Signals Are Wrong’

with No Comments

Gold Bug Peter Schiff Says 'Cryptocurrency Market Signals Are Wrong'

This week the media outlet RT published a new Keiser Report from the Freedom Fest 2017 conference in Las Vegas with host Max Keiser. During the report, Keiser talks with the economist and long time ‘gold bug’ Peter Schiff about the decentralized currency bitcoin. Schiff says he understands that people want an alternative to the current monetary system but believes an alternative to fiat will not be cryptocurrency or what he calls “digital fiat.”

Also read: Breadwallet’s Bitcoin Cash Tool Arrives Next Week — Full Client Coming Soon

Bitcoin Is Just a Form of Digital Fiat Based on Faith

Gold Bug Peter Schiff Says 'Cryptocurrency Market Signals Are Wrong'
Peter Schiff.

Peter Schiff is a well-known economist, precious metals proponent, and a person who doesn’t like cryptocurrencies at all. Max Keiser discussed the global economy, Trump, and the Federal Reserve with Schiff at the Freedom Fest event held in Las Vegas last month. Then the two further delve into a conversation about the rise of bitcoin and Schiff gives great detail into why he doesn’t favor this technology. Schiff believes bitcoin and other cryptocurrencies are merely representations of digital fiat.

“Our monetary system is based on faith because there’s nothing real behind dollars or euros, and it’s just based on the fact that you believe people are going to want it,” explains Schiff. “Other than that, the other thing currencies have is that governments accept it or require it for payment of taxes. So if you live in America, the IRS wants your taxes, and you better send them dollars. That’s what they accept there, and there is a natural demand for dollars to stay out of jail.

[Bitcoin] is the same concept. It’s being created but there is no real value in bitcoin it’s all based on faith. If somebody doesn’t want your bitcoin there’s nothing you can do with it right?   

People Hold Bitcoin as a Speculative Asset

Gold Bug Peter Schiff Says 'Cryptocurrency Market Signals Are Wrong'
Max Keiser.

Of course Max Keiser a long time cryptocurrency advocate disagrees with Schiff and says that a lot of millennials believe bitcoin is a form of ‘digital gold.’ Keiser tells Schiff as a business person he should be on board with this trend or otherwise he’s ignoring an entire market.

“They are wrong,” Schiff tells Keiser. “The people that are using it [Bitcoin] are using it as a speculative asset. I talked to a guy today who showed me his cryptocurrency portfolio, and he had like $50,000 — I asked him have you ever spent any? He said “no,” and he’s never used it in commerce — He’s speculating on it, and he owns it as an ‘asset.’”

Keiser counters Schiff’s argument with the fact that gold bugs don’t spend their precious metals either, and they hold it as a speculative asset. Further, Keiser says a lot of these ‘gold bugs’ pay storage fees just to store gold in a secure location.

“Look [Bitcoin] is never going to be used as money,” Schiff tells Keiser. “People can buy it, and the price can go up until the price collapses, and people don’t want it anymore.”

People who are buying it think that one day bitcoin is going to be a currency that everyone uses — It’s going to be worth a million dollars a bitcoin. It’s impossible. First of all there’s already a thousand other cryptocurrencies and how many more can there be? Merchants don’t accept it, they get paid in dollars. No merchants are pricing products in bitcoin.

‘Market Signals Are Wrong’

Schiff doesn’t believe in the market signals Keiser describes. The economist explains that the market was giving signals during the dotcom bubble and other types of stocks. However, Keiser says that even though the dotcom bubble burst, Google and Amazon still rule the world.

“Amazon is one, there are hundreds that went to zero,” says Schiff. “So how do you know? What if somebody comes up with a digital currency a year or two from now that is so much better than bitcoin? It’s everything bitcoin does, better, faster, and cheaper. Everyone then wants that new one, and nobody wants bitcoin. It’s worthless.

Nobody wants it anymore because somebody came up with a better mouse trap. Of course I don’t think that’s going to happen, because I don’t think any of them will work. If we are ever going to have digital currency they will have to be backed by gold! They’re not going to be backed by nothing.

Keiser believes bitcoin has a lot of similarities with the very precious metals that Schiff advocates for on his show and at conferences. Still, Schiff to this day will not accept bitcoin as a form of ‘money’ and thinks it never will be widely adopted.

“Sure, there is digital scarcity — Thers 21 million bitcoins, but if nobody wants them they are worthless,” Schiff adds.

What do you think about Peter Schiff’s opinion regarding bitcoin and cryptocurrencies? Do you agree with Schiff or do you agree with Keiser? Let us know your thoughts in the comments below.


Images via Pixabay, RT, and Twitter.  


At News.Bitcoin.com all comments containing links are automatically held up for moderation in the Disqus system. That means an editor has to take a look at the comment to approve it. This is due to the many, repetitive, spam and scam links people post under our articles. We do not censor any comment content based on politics or personal opinions. So, please be patient. Your comment will be published.

The post Gold Bug Peter Schiff Says ‘Cryptocurrency Market Signals Are Wrong’ appeared first on Bitcoin News.

from Bitcoin News http://ift.tt/2uHFI1z http://ift.tt/1L2dnrU

1 339 340 341 342 343 344 345 354