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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

Bitcoin Pioneer Says New Coin to Work on Multiple Blockchains - Bloomberg


Bitcoin Pioneer Says New Coin to Work on Multiple Blockchains
Bloomberg
That's a concern for many digital currencies. Infighting among developers and various supporters, and the slow pace of enhancements on the bitcoin blockchain have helped to limit use. Both bitcoin and its main rival, ethereum, have split into several ...

and more »

Posted on 23 October 2017 | 8:15 pm

Bitcoin Gold Initiates Hard Fork Split to Create New Cryptocurrency

A cryptocurrency project seeking to chart a new course for bitcoin has officially launched, though the project is not yet live.

Posted on 23 October 2017 | 7:42 pm

Abra Closes $16M in Funding and Looks to Venture Into Consumer Product Space

Abra Foxconn

Abra, a mobile payment and digital currency platform that relies on Bitcoin, closed $16 million in series B funding, led by Foxconn, the electronics supplier for Apple and other tech giants.  

Bill Barhydt, founder and CEO of Abra, made the announcement on October 23, 2017, at Money20/20 in Las Vegas, where he also outlined his vision for how consumer product companies will use Bitcoin in the future.

Other investors in the round include Silver Capital and IGNIA, as well as previous investors Arbor Ventures, American Express Ventures, Jungle Ventures, Lerer Hippeau and RRE Ventures. Total funding to date for the company now stands at nearly $35 million.

“We believe that Abra represents the future of digital payments and banking,” Jack Lee, founding managing partner at HCM, the investment arm of Foxconn, said in a statement, adding that Abra could potentially usher in a new era of financial inclusion to billions of people.

In speaking with Bitcoin Magazine, Barhydt explained that Abra plans to use the funds to expand globally and invest in future product development. “We have a lot of project announcements we will be making on a rolling basis,” he said.

Three-Part Vision

Though Barhydt did not offer exact details on what Abra’s new products will be, he did drop several hints in his three-part vision for how consumer products will implement Bitcoin in the future.

The first part, he explained, involves cross-border and consumer payments, which he said has been Abra’s focus for a couple of years now.

The second part involves using Bitcoin as an investment vehicle, in which smart contracts built on top of Bitcoin’s ledger would enable more complicated if-then types of financial transactions — payments that go through only if specific conditions are met.

Abra already relies on smart contracts to hold fiat currency and manage bitcoin price fluctuations, Barhydt explained.

He went on to describe the third part of his vision: “A new model of consumer asset finance,” which he said is where consumer product companies like Foxconn enter into the picture.

It was an idea that he conceived while recently traveling to Africa. There, he saw how a company was leasing solar panels to people who were making regular micro-payments via M-Pesa, a mobile money transfer service.

“They give solar kits to people who use them only if they make a weekly lease payment from M-Pesa wallet,” he explained. If a borrower does not make the payment, a SIM card in the phone communicates with the battery in the solar panel, shutting it off.

His idea was to extend the concept to other consumer appliances, like refrigerators, flat-panel TVs and washing machines, that people in developing countries struggle to afford.

“Using this model of embedding this cellular technology combined with a Bitcoin-based payment system like Abra, you now have a new model where people can do instant on-lease payments,” he said, calling it a “new trillion-dollar business” that can only be done on scale using something like Bitcoin.

Continuing to remain tight-lipped about future product launches, Barhydt said, “Our goal is to be the best digital currency wallet in the world for the average consumer, starting with real cash and bitcoin, and we’ll see how it evolves from there.”


The post Abra Closes $16M in Funding and Looks to Venture Into Consumer Product Space appeared first on Bitcoin Magazine.

Posted on 23 October 2017 | 4:25 pm

Bitcoin Gold: What to Know About the Blockchain's Next Split

What is bitcoin gold? A new cryptocurrency project expects to launch today. Here's what it is and why it matters.

Posted on 23 October 2017 | 4:20 pm

Saudi Prince Al-Waleed: Bitcoin Is 'Going to Implode'

A senior member of the Saudi royal family struck a critical tone about bitcoin during a media appearance today.

Posted on 23 October 2017 | 2:35 pm

Bitcoin Goes Under the Hammer in Italy: Auctions and Crypto - CoinTelegraph


CoinTelegraph

Bitcoin Goes Under the Hammer in Italy: Auctions and Crypto
CoinTelegraph
An Italian auction house based in Rome has opened up to the world of cryptocurrencies, blending the old with the new, as it will allow its patons to settle their payments in Bitcoin. While mass adoption has been slow for Bitcoin and other related ...
Sun Exchange allows long-term direct investment in Solar Energy using BitcoinBrave New Coin

all 6 news articles »

Posted on 23 October 2017 | 1:47 pm

What's With All the Bitcoin Hate? - NBCNews.com


NBCNews.com

What's With All the Bitcoin Hate?
NBCNews.com
It's a "fraud," "an index of money laundering," and "an Enron in the making." Are they talking about Bitcoin or the latest Mafia bust? The "digital gold" has seen its price shoot up this year alone by about 500 percent to $5,700. But in the past few ...
Bitcoin price may "implode," Saudi Prince Alaweed saysCBS News
Saudi Billionaire Prince Alwaleed Predicts Bitcoin Will 'Implode' Like EnronFortune
Saudi Prince Al-Waleed: Bitcoin Is 'Going to Implode'CoinDesk
MarketWatch -CNBC -Economic Times
all 52 news articles »

Posted on 23 October 2017 | 12:49 pm

Canada Court Holds ICO Organizer in Contempt

A Canadian court ruled against the organizer of an ICO after it was alleged that they repeatedly violated orders to cease soliciting investors.

Posted on 23 October 2017 | 12:47 pm

Ether Price Hits One-Month Low Below $280

The price of ether hit its lowest point in one month on Monday, falling to $275 despite strong gains observed elsewhere in the cryptocurrency market.

Posted on 23 October 2017 | 12:00 pm

Quantum Computing and Building Resistance into Proof of Stake

Particl Thumb 4

While both mining via Proof of Work (POW) and staking are two of the most popular ways to perform work to earn income, cryptocurrencies are also susceptible to advances in computing, which could undercut the value of the coins by making them much easier and less expensive to mine. The dawn of quantum computers is upon us. And while this causes many to fear the loss of income potential, the truth is that an increase in difficulty to mine or stake is factored into the underlying algorithms in blockchain systems which have adjusted accordingly from central processing units to graphics processing units. From field-programmable gate array to application-specific integrated circuits.

 

The real threat quantum computing has for cryptocurrency work systems is in attacking the public-key cryptography.

Quantum Computing and Bitcoin

Satoshi Nakamoto created Bitcoin on the unspent transaction output (UTXO) model. In basic terms, think of all bitcoins in your wallet as change. When making a payment, this change is combined and sent. Once bitcoin is spent, the public keys of that address are broadcast to the entire network so that they can verify that you signed the coins over to a new address. Quantum computers have the ability to reverse your private key from your public key, so address reuse becomes a problem.

 

With the UTXO model, any change you have from a transaction will go to a newly generated address. All addresses which have never been spent are safe from a public-key attack because the key has not been broadcast. This does not change the fact that many basic users reuse addresses for convenience and many work protocols like POS reuse addresses as well.

Vulnerabilities in POS

To generate passive income by POS, this process is called staking. During staking, some of your coins are locked and unavailable to spend. Similar to a savings account in a bank, these coins are reserved by the network for a short period of time. In return for borrowing these coins the owner receives interest (coins) just like banks pay customers interest. POS coin supplies are inflationary at a variety of yearly rates; providing stakers better interest than local banks or credit unions.

 

In most cases, your coins need to be available to the network (online) in order to be staked. However, if you lack guaranteed internet connectivity or just prefer not to keep your wallet online all the time in order to mitigate potential exposure to security risks, you are at a disadvantage because you can’t earn passive income on your coins while they are offline.

 

While staking is considerably less energy intensive, POW is still considered by many to be superior to POS. One of the chief arguments for that position is a security flaw in staking systems — POS gives away your public key when you stake.

This argument has merit because in most cases coins are stored in a small amount of addresses, mostly one, and that address is unlocked (unencrypted) for staking. The public key of these unlocked staking addresses is regularly being broadcast to the network.

One project building resistance to quantum computing is Particl, the open-source privacy framework built on blockchain technology. Here’s a look at how that project leverages innovations like cold staking, multi-signatures and HD wallets to improve POS security, maximize income-generation  and provide secure, private, flexible spending options for owners of its token, PART.

Cold Staking

In its most basic terms, cold staking keeps your spend public key and private key private.


While you still need to be online to generate stakes, cold staking leverages multi-signature addresses so you can stake from multiple computers. A person earning passive income on a network with cold staking, like Particl’s, can set up a dedicated stake-only machine while simultaneously spending those coins around the world on any mobile HD wallet like Ledger or Particl’s own Copay App.

 

In terms of quantum resistance, this makes reversing private keys to public keys nearly impossible. For beginners, the stake-only machine is broadcasting a public key that is different than the mobile wallet key. In order to steal coins, both private keys would need to be known when using multi-signature. The more computers broadcasting stakes and spending stakes the greater the resistance becomes.

 

On November 10, the Particl network will have a planned hard fork to activate cold staking on the main blockchain. The team has been community testing this new feature on its test network since the beginning of August.

Summary

Although most cryptocurrencies lack cold staking support, Particl is not the only platform to support it. A few others, such as BlueCoin and BlackHalo, also enable cold staking.


If you’re seeking to build a reliable passive income stream over the long-term using cryptocurrency, a feature like quantum resistance is important. If the past half-century is any indication, computers will always grow more and more powerful. A sudden advance in computing technology could practically wipe out the value of coins that lack quantum resistance.

 

As the cryptocurrency world evolves and grows more complex, generating income reliably using cryptocurrency is also becoming more challenging. Features like cold staking and quantum resistance provide income-generation benefits and guarantees that are now available from core cryptocurrency platforms like Particl.

The post Quantum Computing and Building Resistance into Proof of Stake appeared first on Bitcoin Magazine.

Posted on 23 October 2017 | 11:59 am

Bitcoin is breaking all kinds of price records in cash-strapped Zimbabwe - Quartz


Quartz

Bitcoin is breaking all kinds of price records in cash-strapped Zimbabwe
Quartz
Interest in bitcoin trade is soaring in Zimbabwe and so is the price of the crypto-currency, which hit new record highs of nearly $10 000 earlier this month in a worsening economy that the government is struggling to turn around. Late on Monday (Oct ...
Bitcoin Sells at $9.5k in Zimbabwe as Venezuela Gains '100k' New Bitcoin MinersCoinTelegraph

all 6 news articles »

Posted on 23 October 2017 | 11:46 am

Will This Battle For The Soul Of Bitcoin Destroy It? - Forbes


Forbes

Will This Battle For The Soul Of Bitcoin Destroy It?
Forbes
As Bitcoin hit a new record high less than two weeks ago, long-time “hodlers” (an inside joke in crypto based on a typo in a drunken Bitcoin Talk forum message in 2013) celebrated on Twitter and Reddit with jokes about buying Lambos, and a clip from ...
Sell 'ShitCoin2x' Immediately for Best Profit: Bitcoin Exchange BitMEX to TradersCoinTelegraph

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Posted on 23 October 2017 | 11:36 am

Money20/20: Wozniak Thinks Bitcoin Is Better Than Gold - Bitcoin Magazine


Bitcoin Magazine

Money20/20: Wozniak Thinks Bitcoin Is Better Than Gold
Bitcoin Magazine
Steve Wozniak (aka the 'Woz') thinks Bitcoin is better than gold and the U.S. dollar, which he called “phony,” because the government can always print more. On Sunday, October 22, 2017, the co-founder of Apple Computers shared his thoughts on ...

and more »

Posted on 23 October 2017 | 10:21 am

Upside Ahead? Stellar Rally Fizzles But Lumen Could Regain Luster

The price of Stellar's lumen cryptocurrency has seen ups and downs of late – but gains could be ahead if a key indicator holds.

Posted on 23 October 2017 | 9:45 am

Bitcoin Exchange Operator Given 16-Month Prison Sentence

Coin.mx operator Yuri Lebedev has been sentenced to 16 months in prison, according to a new report.

Posted on 23 October 2017 | 8:15 am

Bitcoin 'doesn't solve a main need in society right now,' says Royal Bank of Canada CEO - CNBC


CNBC

Bitcoin 'doesn't solve a main need in society right now,' says Royal Bank of Canada CEO
CNBC
From JPMorgan's Jamie Dimon, to the IMF's Christine Lagarde, bitcoin has become a major talking point for the finance world's established voices. Now Royal Bank of Canada CEO, David McKay, is joining in calls to question the utility and legitimacy of ...
Bitcoin is no Fraud but There are Real Concerns: Royal Bank of Canada CEOCryptoCoinsNews

all 29 news articles »

Posted on 23 October 2017 | 7:46 am

Foxconn Backs $16 Million Series B for Bitcoin Startup Abra

Abra founder Bill Barhydt now envisions that bitcoin micropayments and smart contracts, combined with IoT, can underpin a new type of consumer credit.

Posted on 23 October 2017 | 7:00 am

Blockchain for Inclusion? Gates Foundation Strikes Tepid Tone at Money2020

While it sees potential for distributed ledgers in supporting its mission, the Gates Foundation also notes limitations to the technology.

Posted on 23 October 2017 | 6:30 am

Prepping for a Pullback? Bitcoin Price Drops Below $6,000

Bitcoin prices are trending down, but is this the sign of a developing trend?

Posted on 23 October 2017 | 5:45 am

Abu Dhabi Admits 4 Blockchain Startups to Fintech Sandbox

The Abu Dhabi Global Market – the city's financial free zone – has admitted a second batch of fintech startups to its Regulatory Laboratory.

Posted on 23 October 2017 | 5:00 am

American Express Eyes Blockchain for Customer Rewards System

New patent filings from American Express suggest the credit card provider is looking at blockchain as part of a consumer rewards system.

Posted on 23 October 2017 | 4:00 am

R3 Files Patents for 'Dynamic' DLT Recordkeeping

Consortium startup R3 has filed two patent applications detailing ways to apply distributed ledger tech to agreements between financial institutions.

Posted on 23 October 2017 | 3:00 am

Thinking Big? Bank Blockchains Will Advance By Doing Anything But

Recently announced bank blockchain projects may be modest in scope, but they are beginning to paint a much larger picture.

Posted on 23 October 2017 | 2:00 am

UK Regulator: DLT Startups Are Being Denied Banking Services

The U.K.'s Financial Conduct Authority found that DLT businesses do not receive loans from banks as much as other companies.

Posted on 23 October 2017 | 1:00 am

Big money stays away from booming bitcoin - CNBC


CNBC

Big money stays away from booming bitcoin
CNBC
Bitcoin is booming, digital currency hedge funds are sprouting at the rate of two a week and the value of all cryptocurrencies has surged tenfold this year to more than $170 billion. Yet for all the hype, mainstream institutional investors are steering ...
A Second Bitcoin Fork Is Looming and Battle Lines Are Being DrawnMotherboard
Prepping for a Pullback? Bitcoin Price Drops Below $6000CoinDesk
DRW and Other Firms Embrace High-Frequency Bitcoin TradingBitcoin News (press release)
CoinTelegraph -Seeking Alpha -CryptoCoinsNews
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Posted on 23 October 2017 | 12:31 am

Bitcoin - Giffen Good Or Bubble? - Forbes - Forbes


Forbes

Bitcoin - Giffen Good Or Bubble? - Forbes
Forbes
As Bitcoin streaks toward $6,000, I continue to think about what will drive it higher. In the near term, it struck me that Bitcoin is behaving as a Giffen good.
Will Bitcoin sow tulips or a financial revolution for young Australians?The Sydney Morning Herald

all 2 news articles »

Posted on 22 October 2017 | 7:13 am

To the Moon – Or Bust? Questions to Ask When Evaluating ICOs

Bruce Fenton offers a much needed uniform set of criteria by which investors can analyze ICOs and cryptocurrencies.

Posted on 22 October 2017 | 5:30 am

Money at Risk? Mobile Wallets Become Battleground in Bitcoin Fork Debate

As bitcoin heads toward a controversial fork this November, debate is breaking out about how wallet users – and their money – might be impacted.

Posted on 21 October 2017 | 2:15 am

Bitcoin Price Analysis: Potential Wyckoff Distribution May Spring New All-Time Highs

Bitcoin Price Analysis

A potential Wyckoff Distribution phase is under way as bitcoin continues to climb on shaky ground. Days after having a strong $1,000 climb and nearly reaching $6,000 on most exchanges, we saw a strong rejection of the upper limits of the market as it plunged $600 over the course of a few short hours. Let’s take a look at the macro pattern and draw a few similarities to the Wyckoff Distribution schemes:

Figure_1.JPG

Figure 1: BTC-USD, 2-Hour Candles, Potential Wyckoff Distribution Phase

In order for the current distribution phase to be reliable, there are certain milestones the market must reach. As shown above, we previously established a point of Preliminary Supply, a strong Buying Climax, a knee-jerk reaction into an Automatic Reaction low, and a weak rally that ultimately led to a Sign of Weakness that pushed us down several hundred dollars. The rebound from this low was strong and occurred on very high volume. However, over the length of the rally post-sign-of-weakness, the volume has begun to taper as the momentum indicators are showing signs of bullish exhaustion as it finds its local high at around the $5,700 values.

One of the following milestones for the Wyckoff Distribution phase is one last dip as it tests the previous support around the Automatic Reaction low. As of the the time of this article, the current market trend is showing signs of bearish divergence on the 120-minute candles.  Zooming in closer, we can see clear signs of a potential small reversal:

Figure_2.JPG

Figure 2: BTC-USD, 30-Minute Candles, Waning Momentum

Both the RSI and MACD are showing signs of bullish exhaustion throughout the length of this rally. Any pullback will likely be supported by the Automatic Reaction support level. Historically, this has been a strong point of support and is made more evident on the 60-minute time frame:

Figure_3.JPG

Figure 3: BTC-USD, 60-Minute Candles, Strong Support Zone

The 200 EMA on the 1-hour candles is historically a great support level and provides traders a pulse on the market health. As of the time of this article, the 200 EMA is lining quite nicely with the support zone offered by the Automatic Reaction Zone. A test of these price levels would take a strong push to break and hold below. If the price continues through the Wyckoff Distribution, we can expect a test of the 200 EMA and a subsequent bounce triggering an Upthrust to new all-time highs. As mentioned in the last BTC-USD market analysis, we are trending along a macro channel:

Figure_4.JPG

Figure 4: BTC-USD, 1-Day Candles, Macro Ascending Channel

An Upthrust in this potential Distribution Phase would have a price target testing the upper channel in the $6,200–$6,300 price range.

Summary:

  1. A potential Wyckoff Distribution Phase is playing out.

  2. If the Distribution Phase plays as expected, we will see a test of the 200 EMA and a subsequent spring to new all-time highs.

  3. If an Upthrust to new all-time highs occurs, we can expect a price target in the $6,200s.

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: Potential Wyckoff Distribution May Spring New All-Time Highs appeared first on Bitcoin Magazine.

Posted on 19 October 2017 | 2:57 pm

Advertise with Anonymous Ads

This Blockchain-Powered Platform Aims to Disrupt the Esport Gambling Industry

This Blockchain-Powered Platform Aims to Disrupt the Esport Gambling Industry

Esports wagering is a large — and growing — global industry at the intersection between gambling, technology and entertainment. In their 2017 Global Esports Markets Report, Newzoo found that China and North America will generate $362 million during 2017, or 52 percent of global esports industry's revenue. If the esports industry continues on the same growth trajectory, the global industry is expected to generate $1.4 billion in 2020.

Unikrn’s blockchain-powered platform is tapping into this growth industry, offering services such as “skill and spectator betting applications, a tournament series, team ownership, a casino group and multimedia content for the esports fanbase.”

Along with launching an initial coin offering (ICO) in mid-September, the company has expanded its offerings to the European Union through a joint venture with RBP, a key player in the online horserace and sports betting market, and plans to launch a new skills-based product.

Expanding across the European Union comes after the platform was granted a much coveted gaming license from the Malta Gaming Authority (MGA). As one of the first European Territories to regulate online gambling, Malta has reportedly become a staunch regulatory supporter over the past several years. Today, over 100 companies currently hold a license issued by the MGA including software developers, online casinos and Remote iGaming operators.

Though obtaining a gaming license from the MGA took more than a year, for Unikrn, it has provided an opportunity to enhance their reputation as a legitimate esports wagering platform; something critical for their successful expansion and token sale. “They [MGA] are by every measure the gold standard and one of of the most respected authorities for responsible and ethical wagering,” said Unikrn founder and CEO Rahul Sood in a statement.

After creating the VoodooPC in 1991 then selling it to Hewlett-Packard, Sood spent 18 years as an entrepreneur. Next, he joined as general manager of Microsoft Ventures, Microsoft’s international startup accelerator and outreach program. Sood left Microsoft in 2014 to enter the world of live immersive esports betting by co-founding Unikrn.

Why Blockchain?

During its Series A round, Unikrn received funding from several notable investors including Mark Cuban, owner of the Dallas Mavericks, actor Ashton Kutcher’s venture firm, Sound Ventures, media executive Elisabeth Murdoch’s venture fund Freelands Ventures, media executive Shari Redstone’s Advancit Capital and the largest betting company in Australia, Tabcorp. The commonality between most of these venture funds is that they typically pick portfolio companies working in a mix of media, technology and entertainment.

Anthony Di Iorio, serial entrepreneur and CEO of Decentral, joined UnikoinGold as an advisory team member because he finds the project both intriguing and well-supported.

I'm a big believer in the power of decentralized technologies, like blockchains, to empower entrepreneurs and individuals,” he told Bitcoin Magazine. “I'm motivated to support the entrepreneurs, the projects, and the communities that are pushing that technology forward by applying it in interesting and exciting ways to existing markets. Unikrn is a bit special.”

Unikrn’s Editor-in-Chief of content, Ryan Jurado, describes the platform’s journey toward the blockchain as a tool for product and community growth. In 2015, Unikrn released Unikoin, a free, internal, non-cryptographic token issued in 2014 that gives users the ability to bet on esports and win prizes in regulated markets where Unikrn is unlicensed to operate. However, Unikoin had no secondary market and customers persistently asked for more value or uses for the token.

Jurado explained that idea for Unikrn to use blockchain technology first came from Mark Cuban in early 2016. After investigating the technology, the team found using a blockchain-based currency would improve compliance and accountability, two activities paramount in bookkeeping.

“The distributed ledger makes Know Your Customer (KYC) and risk management easier and less costly,” Jurado said to Bitcoin Magazine. “It saves time and money used for converting currencies, and helps minimize engagement with banks.”

Along with a distributed ledger model, Jurado also pointed out that the blockchain “expands real-time betting, live betting and skill-based products that would be difficult, or impossible, using fiat currency.”

The blockchain’s ability to increase transaction options while decreasing the need for transactional trust was another value Unikrn sought, Jurado explained, resulting in “an Ethereum-based token with an open ledger that can be used to better rate risk and flag potential abuse.”

A gaming platform such as Unikrn which runs vast numbers of transactions per day manages a lot of risk benefits from “an Ethereum-based token with an open ledger that can be used to better rate risk and flag potential abuse.” Furthermore, as Jurado pointed out, “For users, it’s a home-run: Using blockchain is less expensive than using fiat, and less overhead means less expensive products.”

Tale of Two Koins

To run the token sale and crypto platform, Unikrn opened a subsidiary, Unikrn Bermuda Ltd. The token that Jurado hopes will become “the decentralized token of esports and gaming” is called UnikoinGold (UKG) and was made available in September.

Di Iorio described UnikoinGold as “the (decentralized) beating heart of the secure and seamless wagering ecosystem Unikrn has pioneered.”

As for the original non-cryptographic token, Unikoin, Sood has stated that Unikrn is undergoing a “forking” of their token system in which there will be two currencies: UnikoinGold and UnikoinSilver.

Anybody in the world can buy and use the Ethereum-based UnikoinGold utility token in non-betting applications, including jackpots and experiences, software, hardware, esports, teams and tournaments; however, only users in Unikrn-licensed regions will be able to use it to bet.

Though UnikoinSilver can only be earned, it can be used in most unregulated markets around the world. “The token will allow every non-minor esports and gaming fan to engage in all Unikrn betting products, regardless of where they live. It is a free, non-blockchain token, but will allow fans to unlock real prizes and non-betting operations including editorial, production studios, tournament organization and live broadcasting.” UnikoinSilver also appears to be an alternative “to unregulated skin betting for regions where real-money betting can’t be offered.”

ESPN Meets Esports Meets Vegas

Having already raised $30 million in ether, the UnikoinGold token sale is capped at $100 million. One advantage it has as a token sale is the ease of onboarding users who are already familiar with token transactions. Unikrn’s other advantages come from the fact that they already have an existing platform that is profitable and an online community that is engaged. “This isn’t an investment,” said Sood in a Medium post, “It’s a purchase for a product that we developed that has utility on our platform and our users love and demand.”

A clear caveat to UnikoinGold’s success is that its gaming/ICO combination is sure to keep them visible on every regulator’s radar, which is why earning a Maltese gaming license was such a significant step.

Even at such a unique intersection between media, gambling and gaming, Unikrn is not the only player. Other esports betting platforms using blockchain technology include FirstBlood.io, Eloplay, Gimli.io and Skincoin. And it has yet to crack the lists of top esport betting platforms on sites like OpenOdds and EsportsOnly.

Sood does not seem surprised by his company’s success, thus far. “UnikoinGold was designed and intended for use by our own esports community. It’s like ESPN meets Esports meets Las Vegas.”

The post This Blockchain-Powered Platform Aims to Disrupt the Esport Gambling Industry appeared first on Bitcoin Magazine.

Posted on 19 October 2017 | 12:24 pm

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

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

Bitcoin price climbs over $4,000

Posted on 14 August 2017 | 1:16 am

Bitcoin reaches new all-time high: $ 3,000

Posted on 12 June 2017 | 1:06 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

Steam accepts Bitcoin

Posted on 29 April 2016 | 1:09 am

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

Mozilla accepting Bitcoin

Posted on 20 November 2014 | 1:55 pm

PayPal and Virtual Currency

Posted on 23 September 2014 | 9:52 pm

German Newspaper "taz" accepts Bitcoin

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airBaltic - World’s First Airline To Accept Bitcoin

Posted on 22 July 2014 | 11:03 am

Expedia to accept Bitcoin payments for hotel bookings

Posted on 12 June 2014 | 12:41 pm

October 23, 2017 -
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