Day: July 1, 2017

The mainstream banking and financial sector has always been hostile towards Bitcoin and other cryptocurrencies. While there haven’t been any significant changes in their stance, they have definitely warmed up to the use of blockchain technology. Goldman Sachs, one of the leading financial institutions in the world has come out of the closet to embrace … Continue reading Finally, Goldman Sachs Publicly Embraces Blockchain

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Over the past year, the use of cryptocurrencies in Thailand has been growing significantly as there have been many reports of citizens catching the “bitcoin bug.”

Also read: India’s Finance Minister Holds Private Meeting On Bitcoin Regulation

Thailand’s Queen Sirikit Convention Center Fills With Cryptocurrency Mining Enthusiasts

On June 22 a large group of people gathered at a computer expo in Thailand to purchase computer components to mine cryptocurrencies. According to reports, there is a nationwide shortage of graphics processing units (GPU:s) due to Thailand residents mining digital assets like Ethereum and Zcash to trade for BTC. Veerachai Morprapaipan, the store owner who helped organize the expo at the Queen Sirikit Convention Center said there were so many people he lost track of how many customers attended. 

One customer, Niratcha Sukyu states “I’m buying as many pieces as I can get my hands on.” The GPU vendor from Thailand details that many altcoins have increased in value and local miners are trading them for bitcoin. Veerachai’s booth ‘TH Miner’ got a lot of attention as the company sells complete GPU mining packages and other components. According to Veerachai one of his machines sold for 109,000 baht that day.

80-Year Old Bangkok Fishball Noodle Shop Starts Accepting Bitcoin

The GPU vendor Veerachai isn’t the only merchant in Thailand betting big on bitcoin. The owner of Lim Lao Ngow, a fishball noodle shop in Bangkok has decided to accept bitcoin for food and drink services at one of six of Tewit Boriboonchaisiri’s branches.

“To prevent our restaurant from becoming stale we need to rebrand it to become more modern,” Mr. Tewit tells the Bangkok Post. “This new branch, located in Siam Square One, has a more modern character, operating as a bistro with variations of the original menu and using the latest technology.”

Alongside accepting the decentralized currency, Lim Lao Ngow customers can view the menu and order their meals utilizing a tablet. Mr. Tewit tell the local publication that a lot of Thais mine bitcoins and trade the cryptocurrency in the region.

I think cryptocurrencies will become a very important technology in the future — These technologies will definitely change the way we make financial transactions.

Bitcoin Becoming Increasingly More Visible in Thailand

Bitcoin has been getting some traction in Thailand as many reports detail how cryptocurrencies are growing quite popular in the area. The Bangkok Post has also recently mentioned that Thai citizens are using digital assets regularly and have caught the “bitcoin bug.” According to the publication young entrepreneurs are investing heavily in bitcoin even though the government has yet to have an official stance towards the currency. Currently bitcoin regulation in Thailand is uncertain and not well established at the moment. The trader interviewed by the Thai news outlet said he was unfazed by his government’s lack of regulation and that bitcoin accounts for 70 percent of his portfolio.

Furthermore, Bitcoin.com recently spoke with the owner of a popular restaurant and bar located in Pattaya who told us bitcoin adoption in Thailand is thriving due to the tourism industry. Additionally, the country has a very active bitcoin meetup group called Bangkok Satoshi Square and a growing number of bitcoin automated teller machines (ATM) as well. Moreover, the past few months Localbitcoins trade volumes in Thailand have skyrocketed.

What do you think about bitcoin adoption in Thailand? Let us know what you think in the comments below.

Images via the Bangkok Post, Coin Dance, and Khaosdenglish.com

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Key Points Bitcoin price recoveries faced sellers towards $2550 against the US Dollar, and slowly declined lower. There is a major contracting triangle pattern with support at $2300 forming on the 4-hours chart of BTC/USD (data feed from SimpleFX). A break and close below $2300 could ignite further declines towards the $2120 level. Bitcoin price … Continue reading Bitcoin Price Weekly Analysis – BTC/USD Approaching Crucial Break

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Key Highlights ETH price continued to face sellers and failed to close above $300 against the US Dollar. There is a crucial bearish trend line forming with current resistance as $288 on the 4-hours chart of ETH/USD (data feed via SimpleFX). The pair is likely to continue moving lower and retest the last swing low … Continue reading Ethereum Price Weekly Analysis – ETH/USD Remains Pressured

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One of the three key changes coming to the Private Instant Verified Transaction – or PIVX – network is the implementation of the Zerocoin Protocol for more secure end-to-end transaction anonymity. PIVX will be the first Proof of Stake coin with the Zerocoin Protocol which aims to ensure that every end-to-end transaction becomes entirely untraceable.

The Zerocoin Protocol uses a cryptographic method known as the Zero-Knowledge proof to enable a party to prove that a given financial transaction – as in the case of PIVX – is true to another party without conveying any information to the public apart from the fact that the money was indeed sent or received.

#PIVX becomes the first Proof of stake #crypto to successfully mint and spend a zPIV (zerocoin transaction PIV). #anonymous #blockchain pic.twitter.com/EfXqD0pFnJ

— PIVX (@_pivx) June 30, 2017

PIVX is also introducing its mobile wallet which has been in development for quite some time. PIVX currently runs the desktop version of wallets for the Windows, Mac, Linux and Raspberry operating systems. The introduction of its mobile wallet will go a long way to ease the portability issue for the transfer and other use of the privacy-based cryptocurrency that offers total freedom.

With built-in instant transactions and deep privacy, a robust budget and governance structure, the mobile wallet will make PIVX more accessible on-the-go by its holders.

Lastly, PIVX is launching a Point of Sale application – PIVit – which is a free mobile app designed to run on mobile platforms (Android, iOS), desktop platforms (Linux, macOS, Windows) and standalone hardware terminals for merchants to be able to accept PIVX quickly, easily and securely.

#PIVX point of sale Terminals (PIVit) are coming! Get ready to use your PIVX at merchants! #cryptocurrency #blockchain #crypto #community pic.twitter.com/jnQ7iLHjYO

— PIVX (@_pivx) June 29, 2017

As with other changes, the app will aid in improving PIVX’s adoption as merchants that accept PIVX as a form of payment for its instantaneous transfer and untraceable transactions will speak volume to draw others who may have wanted to but think it is too difficult.

The app is designed closely related to credit card processing machines to reduce the complexity for merchants willing to accept PIV as a payment method and to offer a great experience to customers that want to purchase with it.

Some of the app’s other features planned for this release include its compatibility with some known hardware wallets such as Trezor, KeepKey and Ledger; its ability to generate a new account on first run, customize store name, create backups etc; and its ability to convert sales amount in a local currency to PIVX using http://coinmarketcap.com exchange rate.

The app can also generate a QR code payment request using a merchant’s receiving address, sale amount, store name and ‘use instant’ for their customers to scan; it can create a unique address for every sale; it displays on-screen notifications when a requested amount has been received by a given address; and detects partial payments to allow for multiple parties to pay the total amount owed.

Some of the features planned for a later release include a near field communication (NFC) touch-to-pay with mobile phones using PIVX mobile wallets, offline payments system using plastic EMV-type cards for customers and the app will be able to convert payments to fiat instantly.

In the world of Bitcoin and cryptocurrencies, secure wallets are always in high demand. Online wallets provide a lot of convenience, but they also ensure users are not in control of their private key, making them less appealing. We have collected 6 different Dash wallets anyone can use with relative ease. Jaxx could have been on this list as well, but due to their security issues they are not counted as a secure long-term wallet solution for any cryptocurrency right now.

6. Coinomi

Mobile users who want an easy wallet to use with medium anonymity should check out Coinomi. It is a very powerful Android wallet solution which supports multiple currencies, including Dash. The private keys are stored on your mobile device and are not broadcasted to the company’s servers. Moreover, Coinomi hides your IP address when broadcasting your transactions to the blockchain. It is a powerful solution, especially when considering it has a built-in exchange feature as well.

5. HolyTransaction

Even though this service has been around for quite some time, it is hardly mentioned among Dash enthusiasts. HolyTransaction is an online wallet service which supports a few different currencies. This also means the company has access to your private key, which can be a drawback for some people. From a convenience point of view, HolyTransaction checks all of the right boxes, as it works and is incredibly easy to use. Additionally, users can exchange all of the platform’s supported coins with relative ease as well.

4. UberPay

Another mobile wallet Dash users can enjoy goes by the name of UberPay Wallet. This is yet another multi-currency wallet solution, which keeps the private key stored on your device rather than on company servers. Moreover, the wallet doesn’t require any personal information from the user, and it masks your IP address when broadcasting transactions. It is also another wallet with built-in exchange features, which is slowly becoming somewhat of a trend in the cryptocurrency world.

3. Exodus

It doesn’t appear there are many third-party cross-platform wallets for Dash right now. Exodus fills this void, and it supports additional cryptocurrencies and tokens as well. The developers of this wallet are active and try to integrate support for additional coins and tokens whenever they can. There is also a built-in exchange feature which lets users exchange all supported currencies on the go. Exodus is a very convenient wallet to use, and it is an excellent solution for novice cryptocurrency users.

2. KeepKey

Hardware wallets have also started to support Dash. KeepKey was one of the first to do so. Their cryptocurrency hardware wallet has been well received by the overall community, even though its retail price is still somewhat steep. Users can interact with the wallet through a Google Chrome plugin. All transactions are signed locally to avoid anyone from spending your funds. The wallet puts a very strong focus on security and is well worth the money for people who are serious about cryptocurrency.

1. Trezor

A lot of people were surprised when SatoshiLabs announced Dash support for the Trezor wallet. Then again, the company wants to provide a secure ecosystem to its users. The Trezor wallet is an isolated environment to sign transactions locally. It is not the most convenient device to use if you aren’t used to hardware wallets though, but people get the hang of it fairly quickly. From a security point of view, Trezor is definitely the best solution to go for.  

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It is always quite interesting to keep an eye on Bitcoin promotional events. Getting cryptocurrency into the hands of as many people as possible is not easy by any means. BitAccess is taking a different approach with their latest “airdrop”. Canadian government employees can receive CA$5 worth of Bitcoin or Ether free of charge. All … Continue reading BitAccess Wants to get Canadian Government Officials Excited About Cryptocurrency

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A blockchain project aiming to push the perimeters of ownership and protection of genomics data has raised around $824,000 in an ongoing ICO round. Gene-Chain, as the project is titled, demonstrates a blockchain which a) secures personal genomic data from cloud breaches, and b) enables the sharing of genomic data among researchers and medical practitioners. … Continue reading Project Interlinking Blockchain and Genomics Raises $824k Ahead of ICO Closure

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Today is a big day for Bitcoin in Japan. From now onward, there is no longer a consumption tax of 8% on Bitcoin transactions. It will be interesting to see what effect this revised law will have on cryptocurrency adoption in the country. So far, Japan has been rather crazy about Bitcoin and other currencies. … Continue reading Japanese Government Officially Ends Bitcoin Consumption Tax

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Bitcoin’s value has been rising steadily throughout 2017 with more people using the decentralized currency than ever before. One of bitcoin’s great use cases, which is on the rise, is how easy it is to donate to charitable funds. According to a recent Fidelity Charitable 2017 Giving Report donations to Fidelity Charitable made in bitcoin is growing significantly.

Also read: Leading Japanese ATM Manufacturer Oki Gets into Bitcoin ATM Business

Fidelity Charitable Sees Significant Growth in 2017 Bitcoin Donations

Just recently Bitcoin.com reported on the CEO of Fidelity Investments, Ms. Abigail Johnson telling the public how much the company liked bitcoin. The company detailed plans to integrate with Coinbase, and Ms. Johnson also revealed Fidelity’s in-house cafeteria accepts the cryptocurrency for food and drinks. Now the company has published it’s annual Fidelity Charitable 2017 Giving Report which details how charitable donations made in bitcoin is on the rise.

Fidelity’s 26-page report details that a lot of people are donating with non-publicly traded assets and a very popular contribution method is bitcoin. In the first six months of 2017 Fidelity Charitable received $9 million in BTC so far and that number has already surpassed 2016’s bitcoin donations by $2 million. The organization has turned over $3.1 billion in non-publicly traded assets like real estate, life insurance policies and even grain. The digital asset bitcoin has been used for Fidelity’s philanthropic funds and grants since 2015.

Bitcoin Currently Being Used to Help Sichuan Landslide Victims in China

Another good example of bitcoin being used for charity is how Chinese investors are using the cryptocurrency to donate to victims of the recent Sichuan province landslide that devastated the local community. On June 24 a landslide in south-western China in the Mao County region destroyed over 40 homes alongside reports of numerous deaths and people missing. According to the regional publication 8BTC a variety of cryptocurrency community members are donating bitcoins to Sichuan landslide victims.

The report reveals that the bitcoin mining device manufacturer, Canaan gave 32 BTC ($81,000) to the to Chengdu Charity Federation for landslide victims. The following day the hosts of a Chinese bitcoin video show, Jin Yangyang and Guo Hongcai, created a cryptocurrency fund for victims as well. The Chinese news outlet details that the donation addresses have seen a significant amount of donations over the past few days. Furthermore, bitcoin has been used in China for disaster relief for quite some time. In 2013 the One Foundation led by the celebrity Jet Li got more than 230 BTC during the earthquake that hit Lushan, Sichuan, China.

What do you think about the rise of bitcoin being used for charitable donations? Let us know in the comments below.

Images via Shutterstock, the Star, and the Fidelity Charitable 2017 Giving Report. 

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Bitcoin has gained the status of a mainstream currency in Japan. The growth in adoption of a new mode of payment comes with its own set of challenges due to the decentralized nature of the cryptocurrency. Merchants including Bitcoin as a method of payment are a bit apprehensive about possible failed transactions which might force … Continue reading Japanese Merchants Might Soon Get Insurance Against Failed Bitcoin Transactions

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Ripple, the distributed financial ledger solution for the mainstream banking industry has witnessed an implementation of its technology for remittance between Thailand and Japan. The new payment channel was recently set up by two of its partners, SBI Remit and Siam Commercial Bank. Cryptocurrencies are known to offer cheaper remittance options, thanks to their universal … Continue reading SBI Remit and Siam Commercial Bank Promote Remittance over Ripple Protocol

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