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South Korea’s largest companies, as NHN, Kakao, Upbit, SK Telecom, Nexon, and Korbit are funding cryptocurrency exchanges, allowing the market to mature. #ANALYSIS
South Korea’s largest companies, as NHN, Kakao, Upbit, SK Telecom, Nexon, and Korbit are funding cryptocurrency exchanges, allowing the market to mature. #ANALYSIS
According to trading and technology firm Susquehanna Financial, Advanced Micro Devices (AMD) and competitor Nvidia will suffer this year as specialized cryptocurrency mining chips hit the market from Bitmain. Susquehanna’s Christopher Rolland, who recently returned from a tour of Asia talking with various individuals in the chip industry, is behind these predictions. Rolland explains that mining hardware manufacturer Bitmain has … Continue reading GPU Manufacturers AMD and Nvidia Face Increased Competition From Bitmain
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According to trading and technology firm Susquehanna Financial, Advanced Micro Devices (AMD) and competitor Nvidia will suffer this year as specialized cryptocurrency mining chips hit the market from Bitmain. Susquehanna’s Christopher Rolland, who recently returned from a tour of Asia talking with various individuals in the chip industry, is behind these predictions.
Rolland explains that mining hardware manufacturer Bitmain has developed an application-specific integrated circuit (ASIC) chip to mine the cryptocurrency Ether — and an ASIC from Bitmain could pose new competition for AMD’s and Nvidia’s graphics-processing units (GPUs).
Rolland estimates Ether mining-related sales accounted for about 20% of AMD’s sales and 10% of Nvidia’s revenue. In turn, he cut the rating on AMD from “neutral” to “negative,” writing that Bitmain’s moves could impact the 20% of AMD’s sales that come from mining.
“Additionally, we have learned of the development of another hyperscale AI (artificial intelligence) ASIC,” writes to Rolland, “similar to Google’s TPU2, that begins production in 2Q18 and may reduce AI GPU growth in the data center.” Based on this proliferation of AI chips, Rolland cut his price target on Nvidia to $200 from $215, while keeping a “neutral” rating on the shares.
“Nvidia has a stronger and more durable gaming franchise which would help it work through this potential Ethereum-related unwind,” Rolland adds.
In related news, Bitmain recently announced the upcoming release of a new model, the Antminer X3, that has been purpose-built for mining the privacy-oriented cryptocurrency Monero.
But the folks behind Monero are not supportive: an emergency software upgrade set for April is meant specifically to change the rules of the system so as to block the effort entirely, rendering the Antminer X3 ineffective. Not only that, but to keep hardware manufacturers from catching up, these algorithm edits are planned to continue with bi-annual networks upgrades.
The move is a defense of the mining made possible by Monero’s current algorithm, Cryptonight, which can successfully mine monero on consumer-grade laptops. Faced with competition by highly efficient ASICs, the fear is that laptop mining would be silenced.
“I will do everything in my power to help the community prevent the proliferation of centralization-inducing ASICs on the monero network,” core developer Riccardo “Fluffypony” Spagni declared on Github.
Issued by a solely by Bitmain, concerns exist that the Antminer X3 could lead to certain kinds of attacks, namely ones in which a mining pool takes over the majority of a cryptocurrency’s hashrate, creating false transaction histories, double spending coins, and censoring payments.
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CoinDeskCboe continues to push its case for a Bitcoin ETPMarketWatchThe maturation of the digital-currency market continues to face headwinds as the standoff between regulators and proponents rolls on. In an open letter to the Securities and Exchange C…
CoinDesk | Cboe continues to push its case for a Bitcoin ETP MarketWatch The maturation of the digital-currency market continues to face headwinds as the standoff between regulators and proponents rolls on. In an open letter to the Securities and Exchange Commission, Chris Concannon, president and COO of Cboe Global Markets ... Cboe Prods SEC on Bitcoin ETF Approval in New Letter An exchange giant lays out its defense of a bitcoin product that could transform the cryptocurrency Cboe Urges US Regulators to Move Forward With Bitcoin ETFs |
The popularity of Bitcoin in Africa continues to grow, enabled by the presence of cryptocurrency exchange platforms. There are benefits to cryptocurrency ownership unique to the continent of Africa, many devolving from the widespread unstable economic conditions. Owning and trading in cryptocurrencies is a trend on the rise in countries across the globe. The markets in …
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The popularity of Bitcoin in Africa continues to grow, enabled by the presence of cryptocurrency exchange platforms. There are benefits to cryptocurrency ownership unique to the continent of Africa, many devolving from the widespread unstable economic conditions.
Owning and trading in cryptocurrencies is a trend on the rise in countries across the globe. The markets in the USA and Asia typically gain media traction, while the phenomena in Africa is left largely uncovered. While a large number of recognized exchanges don’t offer services in Africa, some recognize the significant marketplace that includes many Africans who do not have access to formal bank accounts.
One such platform is Paxful, which finds itself so popular in the region because of the multitude of ways cryptocurrencies can be purchased. The most popular way to buy currencies on the platform is in fact through iTunes gift cards. Africa holds two of the top three spots for countries using the Paxful platform, with the USA in the top spot followed by Nigeria, then Ghana. Paxful sees USD 40 million a month in buying and selling volume of Bitcoin in Africa.
In a continent racked by a history of economic insecurity, cryptocurrencies offer a way to hold assets safe from potential hyperinflation, with the possibility of substantial financial gains. The past two years have seen the Nigerian Naira (NGN) lose 90% of its value when compared to the USD and EUR, contrasting with the value of Bitcoin that increased 1,000% in 2017.
Nigeria applies limits of USD 100 per day on online purchases, so cryptocurrencies have become a popular way to circumvent these policies. However, the government of Nigeria is determinedly refuting the credibility of cryptocurrency usage, recently informing citizens to only patronize banking institutions that display the official governmental inscription in banking entrances and halls.
As well as the ability to avoid burdensome regulation, Bitcoin offers the chance for the African population to invest in ventures on an international scale. Through public token generation events or initial coin offerings, those living in Africa can invest in fintech start-ups using Bitcoin, for potentially huge gains. Rather than cutting off the region from cryptocurrency use such as the government of Nigeria is attempting, promotion of the industry could potentially benefit the local economy through profits reaped by local traders.
Globalization has arguably transpired at the cost of the African nation, which primarily exports raw materials rather than manufactured goods that hold the larger profit margin. Cryptocurrency is an opportunity for the citizens of Africa to enter the global marketplace, investing in entrepreneurial ventures on a scale previously inaccessible.
Although cryptocurrency isn’t a solution to all of Africa’s economic instabilities, it is a marketplace full of innovations that have the potential to diversify and better the economy of the continent.
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Cryptocurrency markets are in the red, Ethereum has dropped below the $500 mark for the second time in the last month, Bitcoin is below $8,000. #NEWS
Cryptocurrency markets are in the red, Ethereum has dropped below the $500 mark for the second time in the last month, Bitcoin is below $8,000. #NEWS
The year 2018 has not been all that positive for Bitcoin just yet. With the Bitcoin price in a slow and steady decline, it is evident something will need to change. Moreover, early adopters of Bitcoin as a payment option are rethinking their decision. Reddit is the latest company to remove BTC as a payment method altogether. No More Bitcoin Support for Reddit Gold A lot of people were surprised when Reddit made it possible to purchase its “Gold” membership program with Bitcoin. At the same time, that decision made a lot of sense. With Bitcoin becoming more popular and transaction fees not
The year 2018 has not been all that positive for Bitcoin just yet. With the Bitcoin price in a slow and steady decline, it is evident something will need to change. Moreover, early adopters of Bitcoin as a payment option are rethinking their decision. Reddit is the latest company to remove BTC as a payment method altogether.
A lot of people were surprised when Reddit made it possible to purchase its “Gold” membership program with Bitcoin. At the same time, that decision made a lot of sense. With Bitcoin becoming more popular and transaction fees not being an issue, it showed Reddit was willing to take a gamble and see how things went. Over the years, many people used Bitcoin to purchase Reddit Gold, and there was never any indication that the “partnership” would come to an end eventually.
As of this week, it seems Bitcoin can no longer be used to obtain Reddit Gold. It is unclear why the company made this decision or when the Bitcoin option was removed. To some people, this is a worrisome situation, as the number of merchants accepting Bitcoin appears to be shrinking rather than growing. Using Bitcoin as a currency has always been difficult, and things haven’t been improving as of late.
Unfortunately, this decision appears to be final, and Reddit has no plans of reinstating Bitcoin as a payment option in the future. An official communication on this front would have been ideal, but the site’s stance against cryptocurrency is rather clear. Losing one of the early adopters of Bitcoin is painful, yet it seems likely other platforms will take its place eventually.
The big question is whether or not Reddit will enable other cryptocurrency payment options in the future. With so many companies taking a strong liking to Bitcoin Cash as of late, it would not be all that surprising to see this alternative currency being implemented. For now, Reddit has not made its future plans clear by any means, as the company may be done with cryptocurrency altogether, for all we know.
According to sources, Reddit allegedly removed Bitcoin due to upcoming changes affecting the Coinbase platform. As Reddit has Bitcoin payments directly tied to Coinbase as a payment processor, it suddenly seems there may be a lot more to this story than meets the eye. Specifically, the shift to Coinbase Commerce may prove to be an area of concern. Additionally, it seems some users have experienced troublesome bugs when buying Reddit Gold with Bitcoin.
For now, we will have to wait and see how things unfold. Depending on how Coinbase Commerce performs, the Bitcoin option may be reinstated. Assuming that happens, support for Bitcoin Cash will not be too far away either. Both of those options would certainly bring positive attention to Reddit Gold.
After maintaining a relatively healthy position for most of last week, bitcoin has fallen to a low mark of $7,900. This is a near $1,000 drop (seven percent) from where it stood just 48 hours ago. The primary sentiment is that Twitter is responsible. The social media giant recently shocked the world by announcing that it would ultimately start banning cryptocurrency and ICO-related advertisements as early as tomorrow, March 27. The company had originally informed audiences of its goals about a week ago, but said that it would take time to decide on the best route. While the ban seemed
After maintaining a relatively healthy position for most of last week, bitcoin has fallen to a low mark of $7,900. This is a near $1,000 drop (seven percent) from where it stood just 48 hours ago.
The primary sentiment is that Twitter is responsible. The social media giant recently shocked the world by announcing that it would ultimately start banning cryptocurrency and ICO-related advertisements as early as tomorrow, March 27. The company had originally informed audiences of its goals about a week ago, but said that it would take time to decide on the best route. While the ban seemed inevitable, bitcoin enthusiasts figured they had a little time to kill before things took full effect.
But now, the reality has struck home. Twitter is officially following in the footsteps of Google and Facebook. Aside from cryptocurrencies and ICOs, executives claim they will also ban ads relating to digital wallet services and cryptocurrency exchanges. In other words, Twitter may become free of digital asset marketing permanently.
The company has had a relatively mixed reaction to cryptocurrency. On one hand, it has eliminated several profiles it claimed were impersonating public figures in the digital asset arena, the most notable being Vitalik Buterin – the brains behind Ethereum.
On the other hand, CEO Jack Dorsey has been very complimentary of bitcoin, saying it will govern the financial world within the next ten years and serve as the globe’s “single” currency.
It is certainly a fast maneuver, though it may not be the only reason behind bitcoin’s fall. Recently, President Donald Trump signed the controversial Cloud Act into law, which gives outside governments access to U.S.-based programs that could grant them further information on their citizens. The Act also allows U.S. regulators access to more data on citizens – allegedly for security reasons – and one source claims the drop is in reaction to traders’ views on the new bill.
The same source predicts that bitcoin could likely hit a new low of $7,300 this week. Should the currency rise, it may experience resistance levels at $8,200 – about $700 less than where it stood last week.
Despite the news, some remain bullish. Our previous article mentioned that chairman and founder of LDJ Capital David Drake felt bitcoin was going to strike it big and hit the $30,000 mark by the end of the year. Following the price drop and Twitter’s announcement, he is sticking to his original words, but he does not appear alone in his sentiment.
CEO of crypto investment service CoinIRA Trevor Gerszt explains that larger cryptocurrency communities and businesses are likely to be immune to Twitter’s influences, and shouldn’t experience drops in business or future expansion.
In addition, Kyle Forkey – founder of blockchain consulting group Ethmint – states the Twitter ban is a good thing for the crypto world, as it relieves legitimate users and enterprises of “scammer” activity and those that would use digital assets to commit fraud. He predicts the move could bring further strength to bitcoin’s price, and assist it in what feels like its eternal rise to greatness.
Compliance with Anti-Money Laundering (AML) rules and with the economic sanctions administered by the Treasury Department’s Office of Foreign Assets Control (OFAC) can be a daunting task for any business. When it…
Compliance with Anti-Money Laundering (AML) rules and with the economic sanctions administered by the Treasury Department’s Office of Foreign Assets Control (OFAC) can be a daunting task for any business. When it comes to the fast-moving world of token sales and cryptocurrencies in general, much of the legal and regulatory landscape is yet to be settled, but the obligation to comply with AML and OFAC laws is clear. This quick start guide to AML and OFAC compliance aims to provide entrepreneurs and in-house counsel an early roadmap for planning and reaching their compliance goals as they think about kicking off a token sale.
This guide focuses on U.S. laws, but be aware that other countries also have laws in these two areas.
It states the obvious, of course, to say steer clear of tainted funds. But whether you are starting a new cryptocurrency exchange business or selling tokens to raise money for your new project, it takes intentional focus and care to ensure that the funds moving into and through your business are not the product of illegal activity. With several recent notorious examples of theft, fraud and money laundering fresh in the minds of government regulators and investigators, it is even more imperative that entrepreneurs establish and use the right anti-money laundering procedures up front.
Whether your business model or planned token sale requires that you have a formal anti-money laundering program in place or not, you are always required to avoid conducting transactions involving criminal proceeds. Among others things, federal anti-money laundering laws prohibit the following types of financial transactions:
Not only are the above offenses subject to criminal or civil prosecution, but the proceeds of criminal activity, as well as any property “involved” in a money-laundering offense — which may include such things as non-tainted funds in the same account, commissions or fees, websites or even an entire business — are subject to criminal or civil forfeiture.
In this environment, then, is it enough, for example, to require a buyer of your tokens to represent to you in writing that the funds they are paying you with are “clean”? Maybe, but maybe not. If your buyer makes that representation but there are red flags around the transaction suggesting otherwise, those representations by themselves will not insulate you from liability.
As we discuss below, if your business model puts you in the category of being a money services business, you will need to take additional steps. If not, you will still want to make sure you know and understand your customer and their transaction; be on the lookout for transaction details that are not customary; and keep records of your due diligence.
Probably the most significant question you will need to answer in relation to your anti-money laundering obligations as you prepare to undertake a token sale is whether your sale amounts to “money transmitting” under federal law. Be aware that “money transmitters” are also highly regulated under each state’s laws, many of which require advance licensure; however, because state money transmitting laws are typically aimed at consumer protection rather than anti-money laundering, we do not address the issue of state regulation here other than to note that there is no uniform licensing scheme across the 50 states.
Under federal law, “financial institutions,” which include “money transmittersx” (a category of “money services businesses”), are regulated under the Bank Secrecy Act, 31 U.S.C. 5311, et seq., and are subject to a number of specific requirements that are defined and overseen by the Treasury Department’s Financial Crimes Enforcement Network (FinCEN). According to FinCEN, “money transmitting services” means:
the acceptance of currency, funds, or other value that substitutes for currency from one person and the transmission of currency, funds, or other value that substitutes for currency to another location or person by any means.
FinCEN issued guidance in 2013 making clear that it views its money-transmitting regulations as applying to “persons creating, obtaining, distributing, exchanging, accepting or transmitting virtual currencies.” With regard to token issuers using a decentralized network, FinCEN has concluded that anyone who qualifies as a virtual currency “exchanger” is a money transmitter.
Even more specifically, while not formal industry guidance, in a letter responding to a Member of Congress (that became public in early March but was issued on February 13, 2018), FinCEN expressed its view that initial coin offerings (“ICOs”) qualify as money transmitting, stating:
A developer that sells convertible virtual currency, including in the form of ICO coins or tokens, in exchange for another type of value that substitutes for currency is a money transmitter and must comply with AML/[Combating the Financing of Terrorism] requirements that apply to [MSBs].
Importantly, entities or individuals who do not follow these rules and that operate an unlicensed money transmitting business are subject to criminal prosecution under 18 U.S.C. § 1960. Yet, to further complicate matters, FinCEN’s letter also noted that an ICO involving securities or derivatives might instead be subject to the authority of the Securities and Exchange Commission or Commodity Futures Trading Commission, each of which have separate — although similar — AML/CFT requirements.
Ultimately, whether you will need to register with FinCEN as a money transmitter is going to depend on the specific facts and circumstances of your token sale and business model, but you will want to consider this question carefully.
If you are a money transmitter and subject to FinCEN’s regulations, you are subject to a number of specific requirements. First, you must register as a money-transmitting business within 180 days from the date the business was established and maintain a list of any agents working with you. Most broadly, money transmitters are required to:
develop, implement and maintain an effective anti-money laundering program, reasonably designed to prevent the money services business from being used to facilitate money laundering and the financing of terrorist activities.
Additionally, you will be subject to a number of reporting and record-keeping requirements, particularly the requirement to file Suspicious Activity Reports, or SARs, for transactions over $2,000 that appear to involve funds from illicit activity; be designed to evade reporting requirements under the Bank Secrecy Act; or serve no apparent lawful or business purpose.
To meet AML requirements, money transmitters must have a formal AML compliance program that includes the following four elements: 1) written policies and procedures; 2) a designated AML compliance officer; 3) independent review and monitoring of the AML program; and 4) a training program for relevant personnel regarding their AML responsibilities.
Finally, while it may be possible to assign the responsibilities for your AML program to a founder, manager or employee with other duties if your business does not currently support a stand-alone function, keep in mind that it is critical that this function be resourced and, most importantly, free from the influence of the business or sales side of the organization.
Operating a money transmitting business without meeting these requirements established by the Bank Secrecy Act could subject both your business and the individuals involved in it to civil and criminal penalties.
Many participants in the cryptocurrency and token sale marketplace are based outside of the United States. If you have what FinCEN refers to as foreign “agents” — a term it uses to include “authorized delegates, foreign agents or counterparties, agents and sub-agents” — your AML program must meet additional requirements.
For example, if you have a contractual arrangement to make your tokens available to a foreign company or its customers through the foreign company’s software platform, you must:
While you may be able to contractually allocate the responsibility for developing these policies, procedures and internal controls to your agent or counterparty, you will remain liable to ensure that they are fully operational.
Every U.S. person and business is required to avoid engaging in financial transactions with certain individuals, entities and countries that are subject to U.S. economic sanctions. Accordingly, when you offer your tokens for sale in a public or private offering, it is your obligation to ensure that none of your purchasers are on the list of prohibited individuals or entities maintained by the Treasury Department’s Office of Foreign Assets Control (OFAC). You also need to be sure that your customers and other business partners are not based in countries subject to broader economic sanctions, the list of which currently includes Cuba, Iran, North Korea, Syria and the Crimean region of Ukraine.
Compliance with the economic sanctions programs administered by OFAC and compliance with the AML laws established under the Bank Secrecy Act are often considered in the same breath. And, while effective OFAC screening and AML programs will certainly have areas of overlap, namely a robust customer identification procedure, they are two separate and distinct programs and responsibilities and you should have separate procedures for each.
OFAC compliance involves screening the names of individuals or entities against a highly complex and often-changing list of sanctioned parties, countries and regions. Most companies make use of third-party servicers to conduct this screening on their behalf, but it is prudent to do some due diligence to ensure those service providers themselves have the sophistication required to capture any potential prohibited transactions.
Can you shortcut this process by simply having your token buyer represent they are not on the OFAC sanctions list? While such representations are helpful, they are not sufficient. Unlike the risk-based compliance expectations, with AML requirements, you are strictly liable for OFAC screening failures and OFAC can pursue even minor violations.
Nonetheless, should you be found to have violated economic sanctions laws, the strength of your OFAC compliance program, along with your state of mind and other factors, will be considered in the determination of any penalty.
As with any business, when operating in the cryptocurrency space, you should be prepared for questions from a regulator or investigator with jurisdiction over the activity. Whether you are a money transmitter with a formal written AML program or not, one of the first demands you are likely to receive in any federal or state inquiry is to produce a copy of your AML program and policies as well as your customer identification procedures and screening protocols.
Examiners or investigators will be looking at whether you have taken the time to recognize and identify risk factors and risk categories for the counterparties with whom you are doing business. And they will look to see whether you have developed procedures intended to mitigate those risks and avoid conducting transactions with or for blocked parties or illicit funds. If you are equipped with written AML guidance and OFAC screening processes, including a clear allocation of responsibility within your company for ensuring compliance, you will be off to a good start.
Federal agencies involved in regulating and overseeing the marketplace for token sales recognize the value to our society of the emerging technologies behind this activity, even if they are scrambling to catch up with the technology on an institutional level. While the burden to a new company of meeting the legal and regulatory requirements for AML and OFAC compliance is not insignificant, prior planning in these areas will protect your investment of time and resources and create room for greater innovation.
This is an guest post by Laurel Loomis Rimon, Senior Counsel at O’Melveny & Myers LLP . View expressed are hers alone and do not necessarily reflect those of BTC Media or Bitcoin Magazine. This article is intended for information purposes only and does not constitute legal advice. Please do your own due diligence.
This article originally appeared on Bitcoin Magazine.
Twitter has revealed that it will ban ads for token sales and some cryptocurrency services starting Tuesday.
Twitter has revealed that it will ban ads for token sales and some cryptocurrency services starting Tuesday.
The downward trend in Bitcoin prices seems something Bitcoin markets are currently having a hard time getting out of. Traders on BTC/USD markets succumbed to a breach pushing prices below the price point of USD 8,000 that would have been considered a new support prior to the past weekend. The Day’s Signals As trading volumes remain …
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The downward trend in Bitcoin prices seems something Bitcoin markets are currently having a hard time getting out of. Traders on BTC/USD markets succumbed to a breach pushing prices below the price point of USD 8,000 that would have been considered a new support prior to the past weekend.
GDAX BTC/USD charts showcase that USD 8,000 was breached in the very recent hours of this trading session. The market’s sentiment does not appear to be in support of another price rise as the price levels that had been reached are failing to gather enough support. Now, with a falling price, BTC markets could be falling into a downward spiral with the declining market sentiment pushing prices to a vicious circle of declining support.
OKCoin BTC/USD futures charts show that futures traders are once again getting on the bearish side. Futures traders are most definitely affected by the pressure from live markets. The fact that no sign of return or even resistance became apparent throughout today’s trading sessions might have also affected futures markets. Futures have throughout the day been trading below live market prices, as the now bearish mood of traders is reflected and even exaggerated in price movements throughout markets.
Today’s trading session consisted mostly of large selloffs that were for the most part not followed up with positive responses or recoveries. So far, it appears that traders have been perceiving the lack of support as a telling sign for upcoming price movements. A recovery to break away from the pressure would now take more resources, following today’s correction.
What’s for sure is that markets experienced a worsening market sentiment throughout the day. With prices touching USD 7,900 after the most recent breach, there’s currently no indication as to where the current downfall could end and that’s certainly something that looks to be worrying traders at the moment. At best, the selling pressure could at least be levelled out with support that might come on but the current outlook doesn’t appear very bright.
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Steven Seagal will no longer serve as brand ambassador for the “Bitcoiin” cryptocurrency.
Steven Seagal will no longer serve as brand ambassador for the “Bitcoiin” cryptocurrency.
Seeking Alpha |
Why Buy Bitcoin At $8169.80?
Seeking Alpha Bitcoin is a scarce asset. You’ve probably heard this so many times it doesn’t really register any more. But it’s a fundamental reason why it is so interesting. Satoshi Nakamoto solved the problem of digital currency by creating one that’s extremely … |
Seeking Alpha | Why Buy Bitcoin At $8169.80? Seeking Alpha Bitcoin is a scarce asset. You've probably heard this so many times it doesn't really register any more. But it's a fundamental reason why it is so interesting. Satoshi Nakamoto solved the problem of digital currency by creating one that's extremely ... |
Evan Mathis, a former Linesman who played in the US National Football League has placed a football card with the world’s largest collectables auctioneer for sale hoping it will sell for over USD 3.5 million. The auctioneers, Heritage Auctions in Dallas, Texas say that the item a 1952 Topps Mickey Mantle should eclipse the current …
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Evan Mathis, a former Linesman who played in the US National Football League has placed a football card with the world’s largest collectables auctioneer for sale hoping it will sell for over USD 3.5 million. The auctioneers, Heritage Auctions in Dallas, Texas say that the item a 1952 Topps Mickey Mantle should eclipse the current record for a baseball card of USD 3.12 million.
Mathis told Associated Press that he had no concerns about accepting a Bitcoin payment or any other cryptocurrency payment for the card. He said he was happy to let Bitcoin millionaires “jump in” in an effort to make the bids available to all comers, including those with alternative methods of payment.
Mathis suggests that the proceeds of the sale will go towards the purchase of a dream home, perhaps one of those that has been exclusively listed for a Bitcoin purchase.
Buying property with Bitcoin is on the rise as is selling. Many investors use Bitcoin as their currency of choice and expect this trend to be extended to the purchase of vehicles and property. There are now more cryptocurrency real estate purchases than ever before. As agents rush to offer their clients the best service they are far more open to new and innovative purchasing methods in order to make a sale.
AHJ Auction House in Japan, who’ve partnered with Coinify, is one of the latest auctioneers to promote the use of Bitcoin as payment, selling used Japanese cars for use in Japan or export to Africa, Asia, Europe, the Caribbean and Oceania.
The first auction house to promote and allow the use of Bitcoin payments was Saint Agostino Auctions in Turin where furniture, paintings, jewellery and watches were sold last year accepting the digital currency.
To date, online Australian Company Bitify has processed USD 6 billion from online auctioning using Bitcoin or Litecoin as payment for 75,000 items auctioned through their service. Credit cards and bank transfers are not permitted.
The growth of cryptocurrency as an alternative payment is no more evident than on the high street with more companies embracing the technology daily along with household names such as; Overstock, Expedia, Paypal, Shopify, DISH, Microsoft Corporation and Amazon.
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CNBC |
Bitcoin falls 7 percent to below $8000 after Twitter announces ban on cryptocurrency ads
CNBC Bitcoin fell roughly 7 percent Monday to below $8,000 following weeks of regulatory uncertainty and advertising crackdowns by tech companies. The cryptocurrency was trading near $7,895 as of 1:48 p.m. ET Monday, more than $600 lower than a day earlier … Bitcoin is Gaining Legitimacy in Europe as Dutch Court Deems it Transferable ValueCCN Bitcoin price LIVE: Research points to Bitcoin Cash rise while Ethereum could ‘plummet’Express.co.uk New Zealand’s Bitcoin and Cryptocurrency Sector is Booming With DevelopmentsnewsBTC |
CNBC | Bitcoin falls 7 percent to below $8000 after Twitter announces ban on cryptocurrency ads CNBC Bitcoin fell roughly 7 percent Monday to below $8,000 following weeks of regulatory uncertainty and advertising crackdowns by tech companies. The cryptocurrency was trading near $7,895 as of 1:48 p.m. ET Monday, more than $600 lower than a day earlier ... Bitcoin is Gaining Legitimacy in Europe as Dutch Court Deems it Transferable Value Bitcoin price LIVE: Research points to Bitcoin Cash rise while Ethereum could 'plummet' New Zealand's Bitcoin and Cryptocurrency Sector is Booming With Developments |
Residents in Nigeria have been told to stop meddling with cryptocurrencies, as the Central Bank of Nigeria (CBN) has not approved the digital currency use. This might come as a surprise to Nigerians as little more over than 12 months ago, the Nigerian government offered to support blockchain development. The Cryptography Development Initiative of Nigeria …
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Residents in Nigeria have been told to stop meddling with cryptocurrencies, as the Central Bank of Nigeria (CBN) has not approved the digital currency use.
This might come as a surprise to Nigerians as little more over than 12 months ago, the Nigerian government offered to support blockchain development. The Cryptography Development Initiative of Nigeria (CDIN) had invited the Nigerian government for a close and unique partnership, and this was set to be the most significant blockchain event in West Africa, with the national electronic Fraud Forum (NeFF) offering its support to CDIN. This is contained in a letter signed by the Chairman of NeFF, Dipo Fatokun.
“Please be informed that NeFF is willing to collaborate with CDIN and will assist with technical advice and/or speakers at the proposed 2017 conference on Blockchain. Also note that as the collaboration progresses, NeFF will also count on your support,” said Fatokun.
Recent events have seen several government agencies in Nigeria cautioning citizens on digital currency. At the Enugu International Trade Fair, the manager in charge of the Nigeria Deposit Insurance Corporation (NDIC), Adikwu Igoche, stated that cryptocurrencies where not legal tender and not deposits or financial instrument authorized by the CBN.
Igoche went on to warn citizens that the government did not insure them and if anyone were to lose money trading, the person would do so at their own risk: “These forms of currencies are not backed by any physical commodity, such as gold or other precious stones. They do not belong to the category of currencies or coins issued by the CBN or the central bank of any other country.”.
Additionally, Igoche insisted that the NDIC would hold its stance and would not condone the security risks faced by the patrons of ponzi schemes and digital currencies.
The NDIC even went as far to open a 24-hour national help desk with a toll-free telephone number, insisting that residents of Nigeria must only bank at places displaying the NDIC sticker bearing the inscription ‘Insured by NDIC’, which can currently be found on banking hall entrances.
In other parts of Africa, Sierra Leone’s 27 March election – which had been postponed from 7 March – marks a monumental occasion as this will be the world’s first ever blockchain-powered presidential elections.
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