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The 7nm Antminer S15 and T15 are now available for purchase

We’re pleased to announce that the newest Bitmain next-generation 7nm miners – Antminer S15 and Antminer T15, with two variations of each – are available for purchase today, November 8, 2018, at the following times:

  • Russia: 17:00
  • Germany: 15:00
  • USA: 9:00 (EST)

Our new miners utilize innovative technologies to improve the performance of the new miners’ power and power consumption, and computing performance.

The Antimer S15 provides long-term energy efficiency through its use of Bitmain’s 7nm chip that integrates over 1 billion transistors per unit. This feature significantly improves the computing performances of Antminer. The chip contains a unique circuit structure and low power technology.

Photo: Antminer S15

Additionally, the Antminer S15 chip uses an exposed die package solution moving beyond the traditional over-molding plastic package. The back side of the wafer is in direct contact with the heat dissipation interface and the heat sink, improving the heat transfer efficiency.

The Antminer S15 high-performance mode can achieve a hash rate of 28 TH/s with a power efficiency as low as 57 J/TH; its energy-saving mode can improve power efficiency to 50 J/TH while maintaining a hash rate of 17 TH/s.

Similarly, our Antminer T15 high-performance mode sees a hash rate of 23 TH/s and a power efficiency as low as 67 J/TH. Its energy-saving mode can improve power efficiency to 60 J/TH while maintaining a hash rate of 20 TH/s.

Photo: Antminer T15

On both modes, the heat dissipation efficiency is significantly improved from prior modes. Adopting the new heat dissipation structure, the parallel fan design is applied to both modes to shorten the wind speed and reduce wind resistance. As a result, the reliability for long-term operation of the miner has been upgraded while reducing maintenance cost.

For large mining farms, both modes are easy to implement as an all-in-one design of miner with PSU and can be set up vertically or horizontally, making it flexibly adapted to different mining farms and miner racks. With the new high conversion power supply APW8, 16-18V high-voltage output, new miners can effectively reduce the power loss during the power conversion process, helping mining farms save on electricity costs.

Antminer S15 and Antminer T15 are officially on sale on the Bitmain international website (https://shop.bitmain.com/).

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World Digital Mining Summit by Bitmain and BitKan held successfully last weekend in Tbilisi, Georgia (Sept. 21-23)

Bitmain co-founder, co-CEO, Jihan Wu, announces Bitmain’s new BM1391 7nm chip for SHA-256 mining 

World Digital Mining Summit by Bitmain and BitKan held successfully last weekend (Sept. 21-23) in Tbilisi, Georgia 

The World Digital Mining Summit, an event hosted by Bitmain together with BitKan, was successfully held last weekend, September 21-23, at the Hualing Tbilisi in Georgia, with cryptocurrency media and attendees heralding the summit as a great success.  The event drew over 1,000 attendees from all over the world, including: Georgia, Russia, Eastern and Central Europe, North, Central and South America, not to mention China, Japan, Korea and other countries in Asia Pacific and globally.  

Spectators enjoy the opening ceremony at the historic Tbilisi Opera

Opening at the Tbilisi Opera on Friday, Bitmain co-founder and co-CEO Jihan Wu announced the launch of Bitmain’s new 7 nanometer process ASIC chip.  Placing this 7nm technological innovation in the context of the development of blockchain technology to date, Wu also shared a detailed vision for the industry’s future, including the integration of AI and blockchain for decentralized artificial intelligence, and the emergence of cryptographic algorithms based on quantum computing.  Roger Ver, CEO of Bitcoin.com followed, discussing Bitcoin Cash (BCH), a vision for the coin’s future and the underpinning importance of economic freedom as a core value for Bitcoin Cash. 


Bitcoin.com CEO, Roger Ver presents on Bitcoin Cash (BCH) and its core value of economic freedom

Saturday saw Bitmain’s Head of Sales and Business Development, Sharif Allayarov kick off proceedings in the Grand Hall, presenting on challenges facing miners currently, notably hash rate growth and also providing details on Bitmain’s AntBox and Antminer series, and how Bitmain’s products provide market leading specifications and added value for miners.  Operations Director of BitKan, Cheng Yao, came next, presenting on BitKan’s offering and discussing how miners may find the correct benchmark in a volatile market.  This was followed by enlightening keynote speeches from Marco Streng, CEO of Genesis Group; Olsen Su, Bitmain’s Head of Global Mining Farms; Shaun Chong and Kevin Zhang of the Bitcoin.com Pool; Lingchao Xu, Project Director of Antpool; Dmitry Ozersky, Managing Partner of Electro.Farm; Jason Zhuang, Project Director of BTC.com; Batyr Hydyrov, CEO and Founder of Uminers; Martha Zhang, Co-founder of DEx.top; and, Shera Lei, COO of Rockminer.  The last speaker for the day was Amaury Séchet, Lead Developer of Bitcoin ABC, discussing plans and opportunities in scaling Bitcoin Cash (BCH) and the impact for mining economics.


Team members from Bitmain and BitKan cut cake for event attendees together with local host partner, Birtvi

Sunday saw a full schedule of keynote speeches in both the venue’s Grand and Sub Halls.  Sean Walsh, CEO of Hyperblock initiated proceedings in the Grand Hall, presenting Hyperblock’s vision for the exponential growth of money technology, detailed proposals for affiliate marketing as a means of bringing more users into the cryptocurrency eco-system and exploring some of the key supply and demand economics underlying Bitcoin’s volatility.  This was followed by Sue Wang, CEO and Founder of Mining presenting on mining opportunities in North America.  Other engaging keynote speeches followed by Kirill Orekhov, Business Development Director of En+ Group; Igor Runets, CEO of Bitriver Limited; Beqa Avaliani, CEO of BIRTVI and Inge Snip, Head of Communications at BIRTVI.  The afternoon was kicked off in an intriguing keynote speech by Beatrice O’Carroll, Head of Sales and Relationship Management (OTC Trading) of Circle, on de-mystifying OTC markets within the cryptocurrency space, explaining Circle’s OTC platform offering and how miners can get involved.  The afternoon in the Grand Hall proceeded with other interesting keynote speeches from Khikmatulloev Rustam, CEO of Sigma Pool; Micah Smith, COO of Blockchain Infrastructure Research; Ryan Xu, BD Director of ViaBTC; and Giorgi Berezovski of Fulcrum LLC.


Marco Streng, CEO of Genesis Mining is interviewed by media following his Grand Hall keynote speech

Sunday’s Sub Hall similarly ran a full schedule of keynote speakers, Denis Slabakov, CEO of New Mining presenting on Norway as the ideal global location for mining operations, explaining the firm’s Norway data center offering.  Kiril Nikolov, Sales Executive of Nexo AG spoke next, discussing the unlocking of mining operation growth via crypto-backed loans.  Other engaging keynote speakers followed, including Michael Whitehorn, Co-Founder and General Manager of D coin; Arutyun Nazaryan of Bistox Exchange AG; Ramak Jon of Plouton Group; Dmitry Nikiforov of Quppy; Evgeny Kaplin, CEO of ModulTrade; Wei Huang, CEO of Dake Data Limited; Ivan Liang, OTC Director of FBG One; and Tamar Menteshashvili of Expread and Shanghai Jiao Tong University.  The day’s keynote speeches were closed by Rodik Mik of Direct Blockchain (presenting Buddy) on giving miners a second source of income and Denis Maksimov LLC of WattsOn presenting “The Most Profitable Mining in Europe with the WattsOn Ecosystem.”


Attendees ask questions during Circle Internet Financial speaker Beatrice O’Carroll’s ‘Demystifying OTC Markets’ Keynote Speech Q&A

The event organizers, Bitmain and BitKan, would like to express our great thanks to all keynote speakers, attendees, sponsors and event partners for joining the World Digital Mining Summit.  The event was a wonderful success and we look forward to organizing a follow-up at the next available opportunity.  Thank you and we look forward to meeting again soon.


Attendees discuss together in the networking area outside the World Digital Mining Summit’s Grand Hall

 

WDMS local host partner, Birtvi was represented by the firm’s CEO, Beqa Avaliani and Head of Communications, Inge Snip, here presenting their keynote speech in the Summit’s Grand Hall

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Bitmain Announces Next-Generation 7 Nanometer ASIC Chip for SHA-256 Mining. New Mining Machine Will Be Available Soon

BM1391 Chip Uses the 7nm Semiconductor Manufacturing Process and Will Greatly Improve Power Efficiency, New Mining Machine Will Be Available Soon

BEIJING, P.R. China, September 21, 2018 – Jihan Wu, co-CEO and co-founder of Bitmain Technologies Ltd., announced Bitmain’s next-generation ASIC chip BM1391 for mining cryptocurrencies using the SHA256 algorithm at the World Digital Mining Summit in Georgia today. Mr. Wu also revealed that Bitmain will soon launch a new generation of mining machines equipped with the BM1391 chip.

Bitmain co-CEO and co-founder Jihan Wu at the World Digital Mining Summit in Georgia, September 21, 2018

The new ASIC SHA256 algorithm acceleration chip carefully built by Bitmain uses one of the world’s most advanced semiconductor manufacturing technologies, 7nm Finfet. The ASIC chip integrates more than a billion transistors and is optimized for maximum efficiency. Thanks to its unique circuit structure and low power technology, it is stable and more efficient. Mr. Wu said tests have shown that the chip can achieve a ratio of energy consumption to the mining capacity that is as low as 42J/T.

Bitmain next-generation ASIC chip with ratio of energy consumption to mining capacity as low as 42J/T 

At his keynote speech at the summit, Mr. Wu said mass production of the 7nm chip will begin and be applied to the next generation of Bitmain’s Antminer machines, improving the new miners in various performance indicators, in terms of power and power consumption, and enabling outstanding performance.

Mr. Wu also pointed out that blockchain technology has continued developing to the present day, noting that the technology’s first decade has seen many difficulties, and that the future direction of development will center around applications of the blockchain. He said that as applications continue to develop, the industry’s market capitalization as a whole will drive growth. Exponential growth in blockchain user traffic will at the same time require ever greater capacity in data processing, with hardware acceleration and parallel computing technologies being integrated with blockchain to help solve this problem.

Bitmain’s 7nm chip to be used in a new Antminer 

Bitmain has been committed to the development and launch of high-performance computing chips. Since its establishment, Bitmain has independently developed and mass produced a variety of chips. In 2016, Bitmain took the lead in releasing and mass-producing 16nm chips, applying them to its Antminer S9 miner and other models. The Antminer S9 quickly occupied international markets with its high-computing power, low power consumption and strong stability, and has become a leader in the global mining machine industry. In addition, Bitmain’s Antminer series of mining machines has introduced a variety of models that support different encryption algorithms to meet the global demand of different digital currencies.

As a world leading high-performance computing chip company, Bitmain has grown rapidly over the years. It now has multi-brand businesses including Antminer, Antpool, BTC.com and Sophon. Bitmain’s cryptocurrency mining machine has long been a world leader with a market share of more than 70%.

The 7nm chip reflects the R&D strength of Bitmain and further consolidates Bitmain’s industry position. For the entire industry, this not only accelerates the development of digital currency mining but also sets a new benchmark for quality, providing miners with a better mining experience.

About Bitmain

Bitmain – founded in 2013 and headquartered in Beijing – transforms computing by building industry-defining technology in cryptocurrency, blockchain, and artificial intelligence (AI). Bitmain leads the global blockchain industry in the production of integrated circuits for cryptocurrency mining, as well as mining hardware under the Antminer brand. The company also operates the largest cryptocurrency mining pools worldwide – Antpool and  BTC.com. A leader in the still-nascent, high-growth blockchain technology ecosystem, Bitmain supports a wide array of blockchain platforms and startups, and actively participates in industry and community development. Bitmain has offices throughout China, including Hong Kong, and offices worldwide. For further information on Bitmain, see www.bitmain.com.

Bitmain, together with BitKan, is currently hosting the World Digital Mining Summit September 21-23, 2018 in Tbilisi, Republic of Georgia, featuring 30+ speakers and up to 1,000 attendees: miners, mining machine manufacturers, investors, mining pools, technologists, researchers and more. For further information, see www.miningconf.org.

 


Contact: 

Bitmain International PR and Communications Dept.

internationalcomms@bitmain.com

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OK, What in the World is an ICO, Anyway?

2017 is shaping up to be the Year of the ICO. China recently banned initial coin offerings, and instructed companies who had conducted such fundraising efforts return the money they received. Although $2.32 billion has been raised through ICOs – $2.16 billion of that has been raised in 2017, according to Cryptocompare – many people are still wondering: what in the world is an ICO, anyway?

The ICO headlines have been impressive. EOS raises $185 million in five days. Golem raises $8.6 million in minutes. Qtum raises $15.6 million. Waves raises $2 million in 24 hours. The DAO, Ethereum’s planned decentralized investment fund, raises $120 million (the largest crowdfunding campaign in history at the time) before a $56 million hack crippled the project. 

Short for ‘initial coin offering’, an ICO is an unregulated means of raising funds and is commonly employed by blockchain-based ventures. Early backers receive tokens in exchange for crypto-currencies, such as Bitcoin, Ether and others. The sales are made possible by Ethereum and its ERC20 token standard, a protocol designed to make it easy for developers to create their own crypto-tokens. While the tokens sold can have diverse uses, many have none. Token sales allow developers to raise funds to finance the project and the applications they are building.

Bitcoin.com writer Jamie Redman penned an acerbic 2017 post introducing the fictitious “Do Nothing Technologies” (DNT) ICO. “[F]illled with blockchain word salad and loosely related math,” the satirical white paper makes clear that “The DNT sale is not an investment or a token that possesses any value.”

It adds: “The purpose of the ‘Do Nothing for You’ blockchain is simple to understand. You give us bitcoins and ether, and we promise we will fill our pockets with wealth and not help you in the least.”

MyEtherWallet, a wallet for ERC20 tokens oft-associated with ICOs, recently tweetstormed an indictment of ICOs: “You do not provide support for your investors. You do not protect your investors. You do not help educate your investors.” Not everyone is so generally critical of the craze.

“ICOs are a totally free market way of raising money for financial startups,” says Alexander Norta, a veteran smart contract expert. “It is actually an anarcho-capitalistic way of financing, and it will lead to many cool innovations that will significantly reduce the role of fraudulent banks and oversized governments. ICOs will revive free-market capitalism again and reduce this government run crony-capitalism we have now.”

According to Reuben Bramanathan, Product Counsel at Coinbase, individual tokens serve different functions and rights. Some tokens are essential in the functioning of a network. Other projects might be possible without a token. Another type of token serves no purpose, as is the case in Redman’s satirical post.

“A token can have any number of characteristics,” says the technology-focused lawyer, a native of Australia who now lives in the Bay Area. “You might have some tokens that promise rights that look like equities, dividends or interests in a company. Other tokens might present something quite new and different, such as distributed apps or new protocols for exchanging resources.”

Golem network tokens, for instance, enable participants to pay for computer processing power. “Such a token doesn’t look like a traditional security,” according to Mr. Bramanathan. “It looks like a new protocol or distributed app. These projects want to distribute tokens to users of the app and they want to seed the network that is going to be used in the applications. Golem wants both buyers and sellers of computer processing power to build the network.”

While ICO is the most common term in the space, Mr. Bramanathan believes it to be insufficient. “While the term emerged because there are some comparisons [between the two ways of] raising funds, it gives the wrong impression from what these sales really are,” he says. “While an IPO is a well-understood process of taking a company public, a token sale is the early stage sale of digital assets representative of potential value. It’s really very different in terms of investment thesis and value proposition than an IPO. The word token sale, pre-sale or crowdsale makes more sense.”

Indeed, companies have moved away from the term “ICO” as of late because the term could mislead buyers and attract unnecessary regulatory attention. Bancor held instead a “Token Allocation Event.” EOS called its sale a “Token Distribution Event.” Others have used the terms ‘token sale’, ‘fundraiser’, ‘contribution’ and so on.

Both the US and Singapore have signaled they would regulate the market, but no regulator has taken a formal position on ICOs or token sales.  China did put a stop to token sales, but experts on the ground their foresee a resumption. The U.S. Securities and Exchange Commission and Financial Conduct Authority in the UK have commented, but none have established a firm position about how the law applies to tokens.

“This is a space of continued uncertainty for developers and entrepreneurs,” says Mr. Bramanathan. “Securities law will have to adapt. In the meantime, if best practices emerge, we will see developers, exchanges and buyers learn lessons from past token sales. We also expect to see some token sales move to the KYC model or at least a model intended to limit the amount people can buy and increase distribution.”

Image Source: Shutterstock

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What Every Bitcoiner Should Know About ‘Bitcoin Cash’

In a few days the notorious August 1st is approaching, and it’s likely this day will be remembered for a long time. This week Bitcoin.com discussed the possible scenario of a user activated hard fork called “Bitcoin Cash” as much of the community doesn’t realize this fork will likely still happen despite Segwit2x’s current progress.

Also read: Bitmain’s 24 July Statement about Bitcoin Cash

What is Bitcoin Cash?

Bitcoin Cash is a token that may exist in the near future due to a user-activated hard fork (UAHF) that will bifurcate the Bitcoin blockchain into two branches. The UAHF was initially a contingency plan against the user-activated soft fork (UASF) announced by Bitmain. Since this announcement, at the “Future of Bitcoin” conference a developer named Amaury Séchet revealed the Bitcoin ABC” (Adjustable Blocksize Cap) project and told the audience about the upcoming UAHF.

Following Séchet’s announcement and after Bitcoin ABC’s first client release, the project “Bitcoin Cash” (BCC) was announced. Bitcoin Cash will be pretty much the same as BTC minus a few things, like the Segregated Witness (Segwit) implementation and the Replace-by-Fee (RBF) feature. According to BCC, a few of the biggest differences between BTC and BCC will be three new additions to the bitcoin codebase that include;

  • Block Size Limit Increase – Bitcoin Cash provides an immediate increase of the block size limit to 8MB.
  • Replay and Wipeout Protection – Should two chains persist, Bitcoin Cash minimizes user disruption, and permits safe and peaceful coexistence of the two chains, with replay and wipeout protection.
  • New Transaction Type (a new fix was added, note the “UPDATE” at the end of this post)– As part of the replay protection technology, Bitcoin Cash introduces a new transaction type with additional benefits such as input value signing for improved hardware wallet security, and elimination of the quadratic hashing problem.

Bitcoin Cash will have support from various members of the cryptocurrency industry including miners, exchanges, and clients like Bitcoin ABC, Unlimited, and Classic will also be assisting the project. In addition to this help, Bitcoin Cash developers have added a ‘slow’ mining difficulty reduction algorithm just in case there’s not enough hashrate to support the chain.

Mining and Exchange Support

“We continue to remain committed to supporting the Segwit2x proposal, which has received broad support from Bitcoin industry and community alike — However, due to significant demand from our users, the Bitcoin.com Pool will give mining customers the option of supporting the Bitcoin Cash chain (BCC) with their hashrate, but otherwise Bitcoin.com Pool will by default remain pointed at the chain supporting Segwit2x (BTC).”

Bitcoin.com previously reported on Viabtc adding a BCC futures market to their exchange’s listed coins. The token has been trading at roughly $450-550 over the past 24-hours and reached an all time high of $900 when first released. Two other exchanges, Okcoin via the ‘OKEX’ platform and Livecoin have also announced they will also be listing BCC on their trading platforms. Bitcoin Cash supporters expect more exchanges to follow shortly after the fork is complete.

What Can I do to Obtain Bitcoin Cash?

Again, regardless of Segwit2x’s progress this fork most likely will happen and bitcoiners should be prepared. There are a few days left until August 1 and those looking to acquire Bitcoin Cash should remove their coins from third parties into a wallet they control.

For more information on Bitcoin Cash check out the official announcement here, and the BCC website here.

 

UPDATE, 28 July 2017: According to bitcoincash.org, a change (fix) has been introduced to make “New Transaction Type” to “New Sighash Type”. Following is more info on this new feature:

New SigHash Type – As part of the replay protection technology, Bitcoin Cash introduces a new way of signing transactions. This also brings additional benefits such as input value signing for improved hardware wallet security, and elimination of the quadratic hashing problem.

 

 

Written by Jamie Redman for Bitcoin.com | Original article: https://news.bitcoin.com….

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BitPay Says Alternatives Not as Compelling as the Bitcoin Blockchain

BitPay co-founders Stephen Pair and Tony Gallippi have been around Bitcoin for about as long as anyone else in the industry. The company was founded in 2011, and their actions generally indicate the future direction of the industry.

“When we started in 2011, we would be excited to get five or six transactions through BitPay in a day.” said Pair in a fireside chat with Gallippi, held during the recent Distributed: Markets 2017 conference in Atlanta.

BitPay would go on to cut deals with the likes of Microsoft, Newegg, Expedia and other major corporate customers to provide payment processing services.

Challenges for Bitcoin’s Use in Consumer Payments

While many early Bitcoin adopters claimed the P2P digital cash system was going to replace the use of credit cards and completely overthrow the banking system in 2013, things haven’t exactly panned out that way — at least not yet.

Bitcoin is currently dealing with some issues as a consumer payments platform, mainly because the system is experiencing growth at a rate faster than it can safely scale.

“We have seen an increase in customer service inquiries because of transaction confirmation delays for bitcoin purchasers,” Pair told Bitcoin Magazine in an interview. “We’re also seeing substantially higher transaction fees on our own settlement transactions.”

Recently, BitPay decided to stop covering Bitcoin network fees on invoice payments.

“This friction is making us get more creative in how we do user experience design for delayed payment states on the BitPay platform,” said Pair. “Often delays are an educational opportunity to explain how the Bitcoin network works and point people to wallets that use dynamic transaction fees. Copay and BitPay wallet users have been largely immune from transaction delays because their wallets calculate transaction fees dynamically.

“Our designers and engineers are constantly attuned to how we can make using Bitcoin intuitive,” Pair added.

The lightning network is a proposed method of dealing with the issues related to transaction delays and higher transaction fees on the Bitcoin network. The transaction caching layer would effectively enable potentially improved versions of many of the features people have associated with Bitcoin in the past, such as instant transactions at nearly no cost.

“We’re exploring all possible solutions for scalability,” Pair said. “It’s not a surprise to us that Bitcoin needs to scale — scalability is something we’ve been thinking about for years. The only surprise is that while we anticipated short-term bumps in the throughput, we thought that changes for more on-chain throughput would have happened a couple of years ago. This slow movement to increase network throughput is something we did not foresee. At some point we’re going to reach an actual scalability limit that will only be overcome through solutions like these.”

Some have wondered whether companies like BitPay may turn away from Bitcoin and toward alternative options, such as altcoins or permissioned blockchains, due to the historically high U.S.-dollar-denominated fees and general congestion on the network.

“We have carefully studied the most significant alternatives to the Bitcoin blockchain and have concluded that none of them are compelling,” Pair responded.

Bitcoin’s Use in Consumer Payments Is Still Growing

Although Pair admitted Bitcoin has some issues with scaling right now, BitPay is still seeing growth in the use of the technology among consumers.

“Bitcoin is the fastest, most secure and most cost-effective means of doing value transfer on the internet,” said Pair. “We think of ourselves as a payment innovator, and from a functional perspective, consumer payments and B2B payments are no different on the Bitcoin network and on BitPay’s platform.”

At the Distributed: Markets fireside chat, Gallippi claimed that their transaction count has more than doubled over the past year. Much of that growth, he said, has been seen in the areas of digital goods and video games. Specifically, he pointed to digital distribution platform Steam’s acceptance of bitcoin through BitPay as a source of this growth, and pointed out that there is a lot of overlap between the Bitcoin and gamer communities;

Growth for Bitcoin Outside of Consumer Payments

In addition to continued growth in the area of consumer payments, Pair noted that BitPay is also seeing growth in the use of Bitcoin for B2B money transfers.

“We’re seeing significant interest and transaction volume growth from businesses that need to transfer value to other businesses,” said Pair. “Bitcoin is a fantastic solution for these business-to-business transfers, especially when it comes to international payments, where bank transfers are still slow and inefficient.

“They’re using our platform for billing and settling internationally with a lot of their suppliers,” Pair stated during the fireside chat.

Gallippi added that there has been an uptick in the use of Bitcoin for payment disbursements.

“It’s not that easy to pay people on a regular basis to the majority of the world. Eastern Europe, Israel, Africa, India [and] the Middle East — where a lot of these apps are being [developed] — it’s very difficult to pay them,” said Gallippi, as he explained how app stores pay developers who sell apps on their store.

Gallippi noted that for the app store example or digital marketing companies, BitPay can receive one payment from the business and then disburse payments in bitcoin at all of the endpoints.

“We built that product originally because we had our own needs to pay our own employees in bitcoin,” added Pair. “We’ve got a lot of Fortune 500 companies coming to us now every day asking us to solve these kinds of payments problems.”

 

Written by Kyle Torpey for Bitcoin Magazine | Original article: www.bitcoinmaga….

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Moscow Eyes Blockchain Tech for Infrastructure and Security

The Moscow City Government supports the optimization of the transport infrastructure with the use of blockchain technology through the “shared registry” system when it comes to controlling land-based transportation.

Blockchain technology will help create more transparent, just and reliable models for travel fare payment and system financing.

Sources in the room told Bitcoin Magazine that in a meeting with principal blockchain experts, Maksim Liksutov, deputy mayor of Moscow and head of the Moscow City Transport Agency, stated that the city’s primary task at the moment is to establish and support a safe and reliable data transmission system both within the department as well as with suppliers. He went on to suggest that a blockchain shared registry system would be an appropriate mechanism.

Liksutov was also enthusiastic about the potential for blockchain technology to facilitate the application of biometric information techniques, especially in terms of security solutions. He noted that with its data verification abilities, blockchain technology’s distributed nature could mean easier verification for travelers, while providing widespread confirmation of identities where necessary.

“Using blockchain technology in transactions between users and machines (which requires a high level of trust and permissions) is a question of time. This technology could be used also as an unprecedented anti-terror system,” the lead coordinator of Blockchain International, Alexander Mikheev, told Bitcoin Magazine.

According to the Mayor of Moscow, Sergey Sobyanin, these steps will become a part of a wider initiative the government will take to ensure advancement of new technologies. “Such projects are only begging to be realized in various areas, and we, without a doubt, owe it to ourselves to keep, in that respect, leading the array of cities across the globe,” Sobyanin said in a televised public address.

Among the other industries that will benefit from the integration of blockchain technology are the property sector, banks, health services, electrical power systems, digital commerce and tourism. “The users will just have to input their personal data once (or the company data), after which the information will be verified in the blockchain network in all the governmental and private structures, including banks and insurance companies,” Sobyanin said.

Written by Peter Chawaga for the Bitcoin Magazine | Original article: www.bitcoinmaga….

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One Bitcoin Just Became Worth More Than One Ounce of Gold

One bitcoin has now, at least briefly, been worth more than one ounce of gold, hitting $1239.9 at the bitcoin exchange Bitstamp, while an ounce of gold was priced at $1238.67.

The last time a single bitcoin might have been worth more than an ounce of gold happened in November 2013, more than three years ago. Having taken place based on Mt. Gox pricing models, possibly manipulated due to internal Mt. Gox trading bot(s), the legitimacy of bitcoin’s first dance with gold parity faces continued scrutiny. Regardless, the price of gold in bitcoin terms is now trading at an all-time low.

When, according to Mt. Gox, the bitcoin price exceeded that of an ounce of gold, it had just broken through the $1,000 threshold. Similarly, the bitcoin price crossed the $1,000 mark January 1 before gold-bitcoin parity in the first week of January 2017.

Everything You Need to Know Before SEC Bitcoin ETF DecisionIn April 2011, bitcoin realized parity with the US dollar. It later reached parity with silver (so nicknamed the “devil’s metal” for its ties to populism) at approximately $29.65 per bitcoin on February 19, 2013.

Bitcoin Outshines Troy Ounce of Gold in 2016

Bitcoin, long called ‘digital gold’ due to its strict coin creation protocol involving a computational process dubbed ‘mining,’ performed as a better safehaven, perhaps, than gold bullion.

Gold demand stoked by Negative Interest Rate Policies (NIRP) in Japan led to stalwart demand for the ‘yellow metal’ by July 2017. Gold fell nearly 20% for the remainder of the year.

Bitcoin increased more than 125% over the course of 2016. Fiat crises throughout 2016 in emerging or underdeveloped markets like India, China, Venezuela, and Greece is perceived to have benefited bitcoin more than gold.

Bitcoin: Gold’s “Digital Counterpart”

In “An Analysis of Bitcoin Exchange Rates,” economist Jacob Smith, who calls bitcoin a “digital counterpart” of gold,  “highlights the similarities between the traditional commodity and its new digital counterpart.” He writes:

…the most appropriate way to think about bitcoins is as digital gold. While nominal bitcoin prices are extremely volatile and seemingly uncorrelated with other nominal exchange rates, relative bitcoin prices or implied nominal exchange rates are indeed highly cointegrated with conventional market exchange rates. This mirrors the relationship between physical gold and conventional nominal exchange rates…

One Bitcoin is Now Worth More Than One Ounce of Gold for First Time
Casascius gold bitcoin.

The bitcoin and gold markets have long been intertwined. One of the most popular companies early in bitcoin’s existence, Casascius, produced the most expensive physical bitcoin ever produced, one of which sold for $1,000,000 in 2013.

Comprised of one ounce of fine gold (which was worth about one-third the value of 1,000 BTC when produced), Casascius offered the coins at $5,500. An owner of one such rare coin recently used bitcoin’s price rise as an opportunity to share the rarity on Reddit. The redditor explained how it worked:

“I have a confirmation code that proves that my passphrase unlocks an encrypted private key that maps to the bitcoin address on the coin,” the coin holder wrote. “If I ever sell these coins, I will give the passphrase and confirmation code to the buyer. So the only trust is that Mike Caldwell didn’t screw up and not put the correct encrypted private key under the hologram. So far, Mike’s work has been top notch. But of course, would you trust it with $1M if you have that kind of money? That is for you to decide. Do note that I have not funded these with any BTC.”

Everything You Need to Know Before SEC Bitcoin ETF Decision

At gold-bitcoin parity, the bitcoin market cap ($18 billion) expressed as a percent of gold in circulation ($7 trillion) is currently at about 0.388%. Bitcoiners see this as evidence of bitcoin’s room for growth.

The last time bitcoin approximated the gold price, however, it marked the top of the bull run in 2013 for the digital currency.

 

Written by Justin Connell for Bitcoin.com | Original article: news.bitcoin.co…

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Russian Bank’s VP Says Bitcoin is the Only Successful Blockchain

Over the past couple of months, Russian politicians and banks have been changing their tune when it comes to blockchain technology and cryptocurrency solutions. On February 21 Nikita Smirnov vice president of the state-owned bank Vnesheconombank had some positive things to say about the digital currency bitcoin. In fact, Smirnov believes the Bitcoin network is the only “successful” blockchain technology.

‘A New Philosophical Concept’

Russia’s relationship with digital currencies has been confusing, to say the least. Over the past few years, a few Russian bureaucrats have perceived bitcoin use as a criminal activity. Moreover, in the past, there have also been website blockades against bitcoin domains such as BTC-e and Localbitcoins. However, it seems politicians and banks are slowly changing their minds towards the country’s relationship with bitcoin. Just recently Russia’s Deputy Finance Minister, Alexey Moiseev told the public that bitcoin was “not a threat,” and Russia’s largest bank Sberbank has also been bolstering blockchain technology.

Now one of Russia’s well-known state banks Vnesheconombank (VEB) vice president has told the regional publication Kommersant that bitcoin has many benefits. Additionally, Nikita Smirnov says that bitcoin has an indisputable network effect.

“Bitcoin is the only blockchain technology in the world that has widespread adoption,” explains Smirnov. “It has existed for several years already, people tried to hack it, but no one has succeeded. So right now, if you ask whether there’s another algorithm, which established itself as a solution to distributed consensus problem, then the answer is probably NO.”

As of the present moment, the only successful solution to that problem is Bitcoin.

‘Bitcoin Forms a Symbiotic Relationship with Humans’

Meanwhile, the Russian bank Sberbank has been researching and developing its own enterprise-grade distributed ledger prototype for quite some time. Sberbank CEO Herman Gref believes commercial blockchains will be ready in two years and the company is working with the government on this project. However, according to the VEB vice president bitcoin is really the only successful blockchain today and can be considered a positive bacteria in his opinion.

Bitcoin is kind of a philosophical concept. Compare it to a bacteria, which exists separately from humans, but is in a symbiotic relationship with humans. But the word bacteria has a negative connotation, whereas Bitcoin in many ways is a positive thing, which satisfies many necessities, involves people in the process and allows itself to exists in this way.

Vnesheconombank also works with the Russian government managing state debts and pension funds. The bank, instituted in 1922, has grown significantly over the past few years acting as a progressive “Russian Development Bank.” Smirnov’s opinion may not reflect the bank’s official stance towards bitcoin but may push the bank to research the cryptocurrency further.

“[Bitcoin] truly is a new philosophical concept, which isn’t very well understood quite yet,” Smirnov concluded in his interview.


Written by Jamie Redman for Bitcoin.com | Original article: https://news.bitcoin.co….

What do you think about the vice president of Vnesheconombanks statements? Do you agree that Bitcoin is the only successful blockchain implementation? Let us know in the comments below.

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Bitcoin in Japan to be a Legal Payment Method Soon

Bitcoin will soon be legally recognized as a method of payment in Japan. The bill with provisions for cryptocurrencies has recently passed through the period of public consultation and will enter into force in April.

Bitcoin.com examines what the bill means and how it could affect Bitcoin with Special Counsel at Anderson Mori & Tomotsune, Ken Kawai, who has held numerous speaking engagements on the legal issues of virtual currency regulations in Japan.

Countdown: The Long Awaited Bill

Since Bitcoin’s inception, its legal position in Japan has not been clear. The first bill containing provisions for virtual currencies including Bitcoin was submitted to the Diet last
March. It amends the existing Payment Services Act and the Act on Preventing of Transfer of Criminal Proceeds.

“The revision of the Payment Services Act, which sets out the basic framework of virtual currency regulation, was promulgated last June”, Kawai told Bitcoin.com. The drafts of detailed regulations and guidelines were published in December and the period for public consultation on the bill ended on January 27, he continued, adding that:

The new regulations will enter into force in April 2017.

New Method of Payment but Not Currency

This bill defines virtual currencies including bitcoin and imposes
certain regulations on virtual currency exchange services with the aim to prevent money laundering and terrorist financing as well as to protect users.

While the bill recognizes them as a new method of payment in Japan, virtual currencies are not classified as “currencies” however. Kawai confirmed:

“Virtual currency” is distinguished clearly from “currency” in the regulations.

Even though Bitcoin is not considered a currency, being recognized by the government as a payment method will “likely
have a positive effect on people’s mind and facilitate usage of VC’s [virtual currencies]”, he believes.

Bitcoin usage has already been growing considerably in Japan. Japanese exchange Coincheck revealed significant growth in its user base, rising from 14,000 users last April to 76,400 in January. In addition, the exchange reported gigantic growth in the number of bitcoin-accepting merchants using its service. Also, Japanese giant GMO Internet group has recently announced that it would be developing a bitcoin exchange and wallet service.

Meanwhile, Japan now has the second-largest bitcoin trading volume globally, according to Coinhills.

Bitcoin’s Other Legal Considerations in Japan

While usage as a payment method should not be affected whether bitcoin is legally considered a ‘currency’ or not, Kawai explained that, from a legal standpoint, there are some considerable differences.

“For instance, if they are defined as “currencies”, lending of VCs must comply with Money Lending Control Act (which requires lenders to register as “Moneylenders”) and VCs’ derivatives must comply with the Financial Instrument Exchange Act”, he described.

Some other countries have classified virtual currency as an asset or property for tax purposes such as the U.S. Recently, Israel has issued a draft which considers Bitcoin an asset, therefore imposing Value Added Tax (VAT) as well as capital gains tax on bitcoin transactions.

However, for Japan, this bill does not define virtual currency as “property”. Instead, virtual currencies are defined as ‘proprietary value’, Kawai contrasted, adding that “a precedent of Tokyo District Court denies the concept of having ‘property rights’ of Bitcoin”. Furthermore, “it is not uncertain what is the legal nature of proprietary value in Japanese civil laws”, he clarified, adding that “I do not expect that the government is leaning towards proactively considering it as “property”.

 

Written by Kevin Helms for Bitcoin.com | Original article: https://news.bitcoin.co…

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