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Cryptocurrency, ICO and Blockchain Officially Added to the Dictionary

Posted on March 8, 2018 Leave a Comment

Cryptocurrency, ICO and Blockchain Officially Added to the Dictionary

Besides helping language learners, students and everyone else find the exact definitions of words, dictionaries also sometimes serve as time capsules that reveal what new ideas become important part of human society at what times. With roots in the anarchist and cyberpunk sub-cultures, many bitcoin advocates may feel the scene doesn’t need anyone’s seal of approval but it’s still nice to get such recognition and validation.

Also Read: How the Marshall Islands Sovereign Cryptocurrency Came About

Look It Up

Cryptocurrency, ICO and Blockchain Officially Added to the DictionaryMerriam-Webster, the prestigious American dictionary founded in 1831 and today owned by the even more prestigious Encyclopædia Britannica, now officially contains the words “Cryptocurrency”, “ICO”, and “Blockchain”. The publication has announced it expanded its coverage of the emerging crypto ecosystem when it  added a total of 850 terms from different fields that have recently become staples of modern English such as “mansplain”, “life hack” and “kombucha”.

The Merriam-Webster announcement explained that: “The sometimes perplexing domain of digital financial exchanges opens a window into a subject that requires explanation for many of us, hence the detailed definition of cryptocurrency as well as an entry for initial coin offering, which refers to the first sale of Bitcoin-like digital currency. Keeping records of financial transactions in a digital database as part of a publicly accessible network uses blockchain technology.”

Cryptocurrency Predates Bitcoin by 18 Years?

Cryptocurrency, ICO and Blockchain Officially Added to the DictionaryThe dictionary now defines cryptocurrency as “any form of currency that only exists digitally, that usually has no central issuing or regulating authority but instead uses a decentralized system to record transactions and manage the issuance of new units, and that relies on cryptography to prevent counterfeiting and fraudulent transactions.” The word’s first known use is dated to the year 1990, which is eighteen years before Merriam-Webster dates “Bitcoin”.

Blockchain is defined as a “digital database containing information (such as records of financial transactions) that can be simultaneously used and shared within a large decentralized, publicly accessible network; also : the technology used to create such a database.” The word’s first known use is dated to the year 2011.

ICO is simply “an initial offering of a cryptocurrency to the public.” The word’s first known use is dated to the year 2014.

What other words from the crypto ecosystem should be added to the dictionary? Share your thoughts in the comments section below!


Images courtesy of Shutterstock.


Do you like to research and read about Bitcoin technology? Check out Bitcoin.com’s Wiki page for an in-depth look at Bitcoin’s innovative technology and interesting history.

The post Cryptocurrency, ICO and Blockchain Officially Added to the Dictionary appeared first on Bitcoin News.

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The Wealthy Want Crypto but Don’t Understand It, Survey Shows

Posted on March 8, 2018 Leave a Comment

The Wealthy Want Crypto but Don’t Understand It, Survey Shows

The world’s richest people are putting more and more money into cryptocurrency, despite the fact they don’t understand it very well, a new report reveals. Terms like “distributed ledger” and “blockchain” are not especially familiar to the wealthy, according to their advisers. The widespread misunderstanding about the technology behind bitcoin seems to have little or no effect on the attractiveness of crypto investments however.   

Also read: More Belarusians Search “Crypto”, Question “Legalization”

Advisers Confirm Interest in Cryptocurrencies

Cryptocurrencies have caught the attention of rich people around the world, but that does not necessarily mean they understand very well what cryptos really are. About 21% of the respondents in an annual survey of wealth advisors and private bankers confirmed their clients increased investments in cryptocurrencies last year. The lack of understanding of the technology behind bitcoin – distributed ledger – is one of the findings of the latest Wealth Report by Knight Frank.

“We asked about their understanding of blockchain and there is still a huge amount of misunderstanding about it,” Knight Frank’s Head of Research for Asia-Pacific, Nicholas Holt, told CNBC this week. “Although people are getting on the train about investing in cryptocurrencies, perhaps there is not a full understanding of what this could mean to their wealth portfolio,” he noted.

The Wealthy Want Crypto but Don’t Understand It, Survey Shows

Despite the crypto craze, interest towards traditional investments, like stocks and properties, remains high and they are still preferred by the wealthy, according to the report. Experts are not surprised by that finding, as 2017 has been a good year for equities.

At the same time, property remains the cornerstone of most portfolios, accounting for up to 50% of investments in the Asia-Pacific region. 34% of the respondents globally have confirmed intentions to invest in property overseas in 2018. The US and UK are the top markets, Nicholas Holt said. American commercial and residential markets are expected to grow following tax reforms there.

Increased Exposure to Crypto Assets

The annual Wealth Report includes performance data for 100 key luxury property markets. It provides a global perspective on prime property and wealth, its authors from the property consultancy firm claim. The document also includes the results of the Attitudes Survey and Knight Frank’s Global Cities Index.

The Wealthy Want Crypto but Don’t Understand It, Survey ShowsThe survey was conducted at the end of last year, when rising prices on cryptocurrency markets catalyzed interest in exposure to crypto assets. The price of bitcoin reached all-time highs in 2017, approaching the $20,000 USD mark in December.

Interest in cryptocurrency investments vary according to different markets and periods. Generally, it seems much more dependent on positive and negative perceptions about future market developments and regulatory risks than on other factors such as the level of knowledge and understanding.

Recent surveys, including in countries like the US and Russia, have indicated increasing awareness of bitcoin and other cryptocurrencies. The comprehension of the underlying technology and the understanding of related terms, however, remains superficial.

Do you expect the wealthy’s share of cryptocurrencies in investment portfolios to increase in the near future? Share your thoughts in the comments section below.


Images courtesy of Shutterstock. 


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The post The Wealthy Want Crypto but Don’t Understand It, Survey Shows appeared first on Bitcoin News.

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Retirement Account Solution Bitira Offers Insured Multi-Cryptocurrency IRAs

Posted on March 8, 2018 Leave a Comment

Retirement Account Solution Bitira Offers Insured Multi-Cryptocurrency IRAs

The cryptocurrency retirement account firm Bitira has announced the launch of two new features added to its business model, which includes fully-insured cold storage accounts and a variety of new cryptocurrencies such as bitcoin cash, ethereum, and more.

Also Read: Japan’s SBI Holdings Claims 40% Stake in Hardware Wallet Company

Digital Asset Retirement Funds

Retirement Account Solution Bitira Offers Insured Multi-Cryptocurrency IRAsBitira is a company that specializes in digital currency individual retirement accounts (IRAs) that provide investors control over their digital currency investments, but a custodian handles some of the account administration. Self-directed IRAs require a certified custodian that carries out the investor’s orders. This week Bitira has added insurance to their accounts with a consumer protection policy managed by Lloyd’s of London. Alongside that, digital IRA customers will receive data breach insurance with a Cybersecurity Policy from Hiscox. The company states that cryptocurrency investment funds at Bitira are also kept in cold storage and protected with multi-signature technology.

“All assets held in storage are fully insured through an all-risk policy from Lloyd’s of London, the world’s leading provider of specialized asset insurance,” explains Bitira’s website. “Additionally, assets are protected during the transaction, against any internal cases of fraud or theft, by a second policy from Lloyd’s of London.”

Proprietary Security Precautions and Compliance

Bitira’s digital currency specialist Jay Blaskey says, “Simply put, Bitira is the best and only solution for current and future digital currency IRA investors that want it all – options, low cost, flexibility and the highest level of security,”

Our new set of proprietary security precautions were necessary to facilitate the addition of the most in-demand altcoins within our service. Not only are we able to offer customers the largest variety of cryptocurrencies for placement in an IRA, but we’re also able to provide them with peace of mind that their investments are protected by the market’s most stringent security controls.

In addition to the insurance and the cold storage and multi-signature security solutions, Bitira has added a slew of cryptocurrencies for investors to choose. Bitira accounts now provide bitcoin cash (BCH), ethereum (ETH), ethereum classic (ETC), litecoin (LTC), and ripple (XRP) investments. The retirement company explains the entire custodial process is compliant with the Cryptocurrency Security Standards (CCSS). The standards include globally accepted security practices and methodologies aimed at keeping digital asset investments safe. Bitira is not the only digital currency retirement fund management service in the industry. Bitcoin IRA also offers self-directed BTC, BCH, LTC, XRP, and ETH retirement accounts.   

Retirement Account Solution Bitira Offers Insured Multi-Cryptocurrency IRAs
Bitira’s cryptocurrency choices.

Although the process is not mandatory, Bitira says the company is registered as a Money Services Business with the Financial Crimes Enforcement Network (Fincen) as well. Bitira says that cryptocurrency interest has been trending and individual retirement accounts offer other benefits like tax incentives and educated custodians that help manage your assets.

“Interest in the cryptocurrency market has hit a fever pitch in recent months. There are many factors potential investors must weigh alongside the immense benefits offered by digital currency IRAs, not the least of which are considerations around security,” Andy Klein, Bitira’s director of strategic planning added.  

What do you think about Bitira offering insurance and multiple cryptocurrency retirement investment vehicles? Let us know your thoughts about crypto IRAs in the comments below.


Images via Shutterstock, and Bitira’s website. 


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The post Retirement Account Solution Bitira Offers Insured Multi-Cryptocurrency IRAs appeared first on Bitcoin News.

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Bitcoin and Cryptocurrencies Are Commodities, Federal Court Rules

Posted on March 7, 2018 Leave a Comment

Bitcoin and Cryptocurrencies Are Commodities federal Court Rules

Courts, financial regulators, legislators and governments around the world are struggling to fit bitcoin into their existing frameworks. Different legal definitions for the disruptive innovation that is cryptocurrencies can have profound ramifications for the instruments in each jurisdiction such as what agencies will regulate them, under what laws, and how users will be taxed, if at all. A new ruling by a US federal court now tilts the scales towards viewing them as commodities, but that is not likely to be the final word as American lawmakers have yet to have their say.

Also Read: Taiwanese Airline to Accept Cryptocurrency Payments for Flight Tickets

Cryptocurrencies Are Commodities

Bitcoin and Cryptocurrencies Are Commodities federal Court RulesBitcoin-like cryptocurrencies can be regulated by the U.S. Commodity Futures Trading Commission (CFTC), U.S. District Judge Jack Weinstein ruled on Tuesday. The federal judge thus upheld the CFTC’s position from 2015 that cryptocurrencies are commodities, saying it was supported by the plain meaning of the word “commodity” and that the agency had “broad leeway to interpret the law” regulating commodities (The Commodity Exchange Act of 1936).

This ruling came about because the court had to decide whether the CFTC was able to prosecute an alleged fraudster who promised clients cryptocurrency trading advice but never delivered (Patrick McDonnell and his company Coin Drop Markets). By allowing the agency to continue with the case, the judge set a precedent for all other legal cases where defense lawyers might have argued that the CFTC has no standing because bitcoin is not a commodity.

Many ICO Tokens Are Still Securities?

Bitcoin and Cryptocurrencies Are Commodities federal Court RulesThis development is unlikely to deter other American regulatory agencies from also asserting their jurisdiction over the ecosystem. Ropes & Gray investment management counsel Ed Baer explained: “While District Judge Weinstein’s ruling confirms the U.S. Commodity Futures Trading Commission’s prior determination that virtual currencies like bitcoin are “commodities” subject to regulation by the CFTC, recent statements by U.S. Securities and Exchange Commission (SEC) Chairman Jay Clayton suggest that various types of these cryptocurrencies – especially coins issued in initial coin offerings (ICOs) – may be securities subject to regulation by the SEC.”

He added: “The challenge for cryptocurrency exchanges and investors, as well as for regulators such as the SEC and CFTC, will be to determine which of the over 1,000 types of these cryptocurrencies are securities and which ones are not. Given that the test used to determine whether an instrument is a security was developed more than 60 years before Satoshi Nakamoto published the paper describing bitcoin, the uncertainty around the regulatory treatment of most cryptocurrencies will remain despite Judge Weinstein’s ruling.”

What ramifications if any do you expect this ruling to have on cryptocurrencies? Share your thoughts in the comments section below!


Images courtesy of Shutterstock.


Do you like to research and read about Bitcoin technology? Check out Bitcoin.com’s Wiki page for an in-depth look at Bitcoin’s innovative technology and interesting history.

The post Bitcoin and Cryptocurrencies Are Commodities, Federal Court Rules appeared first on Bitcoin News.

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PR: Betex Blockchain P2P Binary Options Platform Launches the Main Token Sale

Posted on March 7, 2018 Leave a Comment

Betex Blockchain P2P Binary Options Platform

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

Betex, the blockchain peer-to-peer binary options platform has launched its main ICO campaign on March, 1st, after successful completion of the two preliminary rounds. Betex is bringing transparency and fairness to the financial derivatives trading through the use of Ethereum smart contracts and letting the users bet against each other in a peer-to-peer way. The platform’s official launch is planned for the end of March, as of which the investors’ profits will already start accumulating.

The model of Betex is claiming to return credibility to the binary options market and has many key advantages compared to the traditional models. As a platform provider, Betex cannot engage in betting, which makes the process unbiased and immutable. Betex users get instant access to all of its functions and features without having to make any kind of deposits first. Moreover, the payments are automatically released by smart contracts straight to the users’ ETH wallets, ensuring immediate withdrawals without delays or cancellations. Users are forming one large common pool of liquidity for each underlying asset in order to maximize the overall gain. In order to clearly demonstrate the concept, Betex has already developed 2 MVPs. There are 3 trading pairs and 6 trading intervals available within the MVP framework.

Betex is the only platform where as much as 95% of funds are distributed among traders who succeed. Betex only profits from collecting service commission of 5% (thereby, 2.5% are transferred to the holders of BETEX tokens). Contrary to many other ICOs that are raising funds backed by an idea only, the official launch of the Betex platform is planned already for March 2018, which means that the profits of investors will start accumulating since then.

Within the main token sale, the price of BETEX tokens is fixed and equals $3. The token sale will last from March 1st to March 31st, 2018. 30% of tokens total (3,000,000 BETEX) will be available during the main token sale. The minimum purchase amount is 0.5 ETH or 0.05 BTC.

Finally, Betex has also introduced a special affiliate program, within which you can get 10% of the investment amount of the referred users. According to the program, the payouts will be executed in ETH and BTC within 7-10 days. Apart from that, Betex offers a bounty campaign for promoting its token sale.

To participate in the Betex token sale and the affiliate program, users should simply register on the official website and follow the instructions in an intuitive dashboard.

Contacts:

https://betexlab.com/

Alex Kerya

[email protected]

Contact Email Address
[email protected]
Supporting Link
https://betexlab.com/

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

The post PR: Betex Blockchain P2P Binary Options Platform Launches the Main Token Sale appeared first on Bitcoin News.

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Venezuela Picks FX Platform to Auction Petro ‘Oil-Backed Cryptocurrency’

Posted on March 7, 2018 Leave a Comment

Venezuela Picks FX Platform to Auction Petro 'Oil-Backed Cryptocurrency'

Venezuela has chosen a platform on which to auction its “oil-backed cryptocurrency”, the petro. While the country’s National Assembly has repeatedly declared this new currency illegal, the Venezuelan government will proceed with the auction of the petro on the country’s official foreign exchange platform.

Also read: Japan’s DMM Bitcoin Exchange Opens for Business With 7 Cryptocurrencies

Auction Platform Selected

The vice president of Venezuela, Tareck El Aissami, announced on Tuesday during the National Council for Productive Economy’s meeting held at the White Palace in Caracas that:

Venezuelan cryptocurrency ‘el petro’ will be auctioned through the Complementary Floating Market Exchange Rate System (Dicom) for the development of the Bolivarian Economic Agenda (AEB).

Venezuela Picks FX Platform to Auction Petro 'Oil-Backed Cryptocurrency'Global law firm Norton Rose Fulbright explained that Venezuela’s Dicom system “allows the sale and purchase of foreign currency (typically, United States dollars) in exchange for local currency.” This process is done through foreign currency auctions “administered, regulated, and directed” by the Committee of Foreign Currency Auctions, which the firm described as an “internal instrumentality of the Central Bank of Venezuela (BCV).”

Venezuela Picks FX Platform to Auction Petro 'Oil-Backed Cryptocurrency'
Venezuela’s vice president, Tareck El Aissami, speaking on Tuesday.

Aissami also reaffirmed that the sale phase of the new currency will conclude on March 20 when buyers will receive “a special discount”.

Petro Auction and Legality

Venezuela Picks FX Platform to Auction Petro 'Oil-Backed Cryptocurrency'In his speech on Tuesday, Aissami explained that the auction of the petro “will facilitate the national productive sector” so they “can buy and sell raw materials, capital goods, pay for services,” as well as participate in technological development through the cryptocurrency.

The vice president added that the petro is going to be Venezuela’s “international powerful currency above the dollar”. He detailed:

You can buy petro with a discount and that discount can be registered as part of your assets…if you have dollars, euros or any exchangeable currency, we exchange it for petro and that petro is recognized as part of your assets and so you can raise your capital.

Meanwhile, the National Assembly has reiterated that the petro is still illegal. Deputy Francisco Sucre pointed out that “Oil fields are national goods and cannot be given as collateral.” He insists on declaring the public offer of the petro null and fraudulent.

Meanwhile, deputy Alexis Paparoni stated that the petro is not a cryptocurrency, asserting that “It is a strategy to generate treasury resources to keep stealing money from Venezuelans.” The opposition-led parliament already declared the issuance of the new currency null and void earlier this year, as news.Bitcoin.com previously reported.

What do you think of the petro being auctioned using the Dicom system? Let us know in the comments section below.


Images courtesy of Shutterstock and the Venezuelan government.


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

The post Venezuela Picks FX Platform to Auction Petro ‘Oil-Backed Cryptocurrency’ appeared first on Bitcoin News.

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Domains Running Cryptocurrency Mining Scripts Surge 725 Percent

Posted on March 7, 2018 Leave a Comment

Domains Running Cryptourrency Mining Scripts Surge 725%

The number of domains with cryptocurrency mining scripts installed has skyrocketed 725 percent in four months, according to a security firm’s research. Approximately 2.7 million users were attacked by malicious crypto miners last year, with the most successful cybercriminals earning millions of dollars.

Also read: Japan’s DMM Bitcoin Exchange Opens for Business With 7 Cryptocurrencies

Domains with Mining Scripts Up 725%

Cyren Security Lab has been tracking websites running cryptocurrency mining scripts globally. The company revealed last week:

Based on the monitoring of a sample of 500,000 sites, we’ve found a 725% increase in the number of domains running [crypto mining] scripts on one or more pages – knowingly or not – in the four-month period from last September to January 2018.

Domains Running Cryptocurrency Mining Scripts Surge 725 PercentAccording to Cyren, the number of new sites running crypto mining scripts jumped 3x in October, flattened in November, and skyrocketed in December and January.

“So half the total run-up since September was concentrated in the last two months, suggesting the rate of spread of cryptomining is accelerating,” the firm detailed. Over 7,000 out of the sample sites were found running mining scripts during the first month of the year with monero the main crypto being mined.

2.7 Million Users Attacked

Kaspersky Lab researchers shared some data on Monday on crypto mining malware. They discovered that “cybercriminals have started using sophisticated infection methods and techniques” to install mining software, with the most widely used web miner being Coinhive. According to the security firm, 2.7 million users were attacked by malicious miners last year, representing an increase of approximately 50 percent from the previous year, adding:

The most successful groups observed by Kaspersky Lab earned millions of dollars by exploiting their victims in just six months during 2017.

Domains Running Cryptocurrency Mining Scripts Surge 725 PercentIn a recent demonstration at Mobile World Congress in Barcelona, Spain, Avast claimed that “15,000 internet-connected devices could be hacked to mine $1,000 cryptocurrency in 4 days,” CNBC reported. The cybersecurity firm demonstrated that “vulnerable internet-connected devices from security cameras to smartphones can be hijacked by hackers and turned into tools to mine cryptocurrencies.”

While Coinhive is most commonly used by malware creators on unsuspecting victims, an opt-in version exists too. However, Malwarebytes published an analysis of cryptomining malware last week, stating that “the opt-in version of their [Coinhive’s] API was barely used (40K/day) in comparison to the silent one (3M/day)…during the period of January 10 to February 6.”

What do you think of all these websites running crypto mining scripts? Let us know in the comments section below.


Images courtesy of Shutterstock and Cyren.


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

The post Domains Running Cryptocurrency Mining Scripts Surge 725 Percent appeared first on Bitcoin News.

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Brazilian Securities and Exchange Commission Suspends Mining Scheme

Posted on March 7, 2018 Leave a Comment

Brazilian Securities and Exchange Commission Suspends Mining Scheme

Brazil’s Securities and Exchange Commission (CVM) recently suspended the operations of mining investment scheme, Hashbrasil. The CVM has accused the company of violating securities laws by conducting an unregistered public offering.

Also Read: Chinese Altcoins Can’t Stop Failing

Hashbrasil Suspends Operations After Warning From Brazilian Securities and Exchange Commission

Brazilian Securities and Exchange Commission Suspends Mining SchemeThe Brazilian Securities and Exchange Commission has suspended solicitations from mining investment scheme, Hashbrasil – accusing the company of violating securities regulations.

Last week, the CVM released a statement asserting that Hashbrasil and the company’s operator, Mr. Leonardo Janiszevski, were “publicly offering […] an investment opportunity related to quotas in [a] Bitcoin mining investment group, using [an] appeal to the public for the conclusion of contracts that may be included in the legal concept of [a] security.”

As such, the Brazilian Securities and Exchange Commission has mandated the “immediate suspension of any offer of securities or collective investment contracts related to” Hashbrasil, stating that the company conducted “a public offering without registration,” and that Mr. Janiszevski is “not authorized to engage in any activities on the securities market.”

Brazilian Securities Watchdog Targeting Cryptocurrency Sector

Brazilian Securities and Exchange Commission Suspends Mining SchemeOn March 1st, the day after the publication of the CVM’s determinations, Hashbrasil posted on Facebook stating that the company had temporarily suspended operations in response to the regulator’s comments. According to a rough translation, the company’s website currently states “Due to CVM Resolution 790 […] Hashbrasil suspends the offer of new VPS hirings for data processing temporarily,” however it adds that “The VPSs of our current customers are in full operation, and our support as well.”

The Brazilian Securities and Exchange Commission has recently demonstrated an increasing willingness take regulatory action targeting the cryptocurrency industry. In January, the securities regulator announced that local investment funds are prohibited from purchasing cryptocurrencies – owing to a CVM determination that cryptocurrencies are not legally considered to comprise financial assets.

The CVM threatened that should Hashbrasil continue to operate in defiance of the regulator’s determinations, Mr. Janiszevski will incur a daily fine of $5,000 BRL (approximately $1550 USD).

What do you think of the Brazilian Securities and Exchange Commission’s recent determinations with regards to the cryptocurrency sector? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, cvm.gov.br


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

The post Brazilian Securities and Exchange Commission Suspends Mining Scheme appeared first on Bitcoin News.

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Retirement Custodian Bitira Offers Insured Multi-Cryptocurrency IRAs

Posted on March 7, 2018 Leave a Comment

Retirement Custodian Bitira Offers Insured Multi-Cryptocurrency IRAs

The cryptocurrency retirement account firm Bitira has announced the launch of two new features added to its business model, which includes fully-insured cold storage accounts and a variety of new cryptocurrencies such as bitcoin cash, ethereum, and more.

Also Read: Japan’s SBI Holdings Claims 40% Stake in Hardware Wallet Company

Digital Asset Retirement Funds

Retirement Custodian Bitira Offers Insured Multi-Cryptocurrency IRAsBitira is a “self-directed” individual retirement account (IRA) that provides investors control over their digital currency investments, but a custodian handles some of the account administration. Self-directed IRAs require a certified custodian that carries out the investor’s orders. This week Bitira has added insurance to their accounts with a consumer protection policy managed by Lloyd’s of London. Alongside that, digital IRA customers will receive data breach insurance with a Cybersecurity Policy from Hiscox. The company states that cryptocurrency investment funds at Bitira are also kept in cold storage and protected with multi-signature technology.

“All assets held in storage are fully insured through an all-risk policy from Lloyd’s of London, the world’s leading provider of specialized asset insurance,” explains Bitira’s website. “Additionally, assets are protected during the transaction, against any internal cases of fraud or theft, by a second policy from Lloyd’s of London.”

Proprietary Security Precautions and Compliance

Bitira’s digital currency specialist Jay Blaskey says, “Simply put, Bitira is the best and only solution for current and future digital currency IRA investors that want it all – options, low cost, flexibility and the highest level of security,”

Our new set of proprietary security precautions were necessary to facilitate the addition of the most in-demand altcoins within our service. Not only are we able to offer customers the largest variety of cryptocurrencies for placement in an IRA, but we’re also able to provide them with peace of mind that their investments are protected by the market’s most stringent security controls.

In addition to the insurance and the cold storage and multi-signature security solutions, Bitira has added a slew of cryptocurrencies for investors to choose. Bitira accounts now provide bitcoin cash (BCH), ethereum (ETH), ethereum classic (ETC), litecoin (LTC), and ripple (XRP) investments. The retirement company explains the entire custodial process is compliant with the Cryptocurrency Security Standards (CCSS). The standards include globally accepted security practices and methodologies aimed at keeping digital asset investments safe. Bitira is not the only digital currency retirement fund management service in the industry. Bitcoin IRA also offers self-directed BTC, BCH, LTC, XRP, and ETH retirement accounts.   

Retirement Custodian Bitira Offers Insured Multi-Currency IRAs
Bitira’s cryptocurrency choices.

Although the process is not mandatory, Bitira says the company is registered as a Money Services Business with the Financial Crimes Enforcement Network (Fincen) as well. Bitira says that cryptocurrency interest has been trending and individual retirement accounts offer other benefits like tax incentives and educated custodians that help manage your assets.

“Interest in the cryptocurrency market has hit a fever pitch in recent months. There are many factors potential investors must weigh alongside the immense benefits offered by digital currency IRAs, not the least of which are considerations around security,” Andy Klein, Bitira’s director of strategic planning added.  

What do you think about Bitira offering insurance and multiple cryptocurrency retirement investment vehicles? Let us know your thoughts about crypto IRAs in the comments below.


Images via Shutterstock, and Bitira’s website. 


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The post Retirement Custodian Bitira Offers Insured Multi-Cryptocurrency IRAs appeared first on Bitcoin News.

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Bittrex Adds Tether Competitor TrueUSD as Regulation Rumors Persist

Posted on March 7, 2018 Leave a Comment

Bittrex Adds Tether Competitor TrueUSD as Regulation Rumors Persist

As the saying goes, don’t keep all your stablecoins in one basket. Over-reliance on tethers could prove costly to an exchange such as Bittrex if U.S. regulators were to crack down on the controversial stablecoin. This week, Bittrex added a second stablecoin in the form Trueusd, in a move seen as a hedge against future Tether regulation.

Also read: New Study Looks at the Cost to Mine BTC Across the Globe

Bittrex Expands its Stable of Dollar Coins

Following months of inactivity, Bittrex has resumed listing new coins and tokens at the rate of about one a week. This week’s addition was an unusual one however. Unlike other coins, Trueusd (TUSD) wasn’t already widely available elsewhere. In fact, Bittrex is only the second exchange to list the stablecoin after Upbit. In the last 24 hours, $2.3 million of TUSD has been traded on the Bittrex, accounting for 56% of the dollar-pegged coin’s overall volume.

Bittrex Adds Tether Competitor TrueUSD as Regulation Rumors Persist

With $29 million of USDT traded on Bittrex in the same period, tether is still way ahead in the stablecoin stakes, but all that could quickly change, especially if regulators were to weigh in. The legal status of Tether has been debated to death, with critics asserting that it could be liable to a U.S.-led shutdown, likely for falling foul of AML regulations. That may or may not come to pass, but in the meantime, Bittrex’ decision to add Trueusd could be interpreted as a safeguard against that possibility. The U.S. exchange does not allow fiat currency deposits, although its CEO stated in an interview last month that it will be adding this provision.

Bittrex Adds Tether Competitor TrueUSD as Regulation Rumors Persist

Trueusd or False Stablecoin?

When it launched in late January, Trueusd was billed as “A USD-backed stablecoin you can trust”. Trust Token, which conceived TUSD, have evidently learned from Tether’s mistakes and are anxious not to be tarred with the same brush. Hence the emphasis on “full collateral, regular auditing, and legal protections”. To purchase TUSD direct from Trueusd, full KYC is required. Like tethers, TUSD may waver slightly in price, but is unlikely to deviate far from its $1 peg. As Trust Token explains:

Since traders can always trade Trueusd for the equivalent USD on TrueUSD.com, there will be an incentive to buy or sell mispriced Trueusd on exchanges and convert on Trueusd.com.

For all the measures it is taking to ensure full compliance, it is possible that TUSD could still run into hot water for issuing a “copycat” version of the U.S. dollar. This seems unlikely as it stands, not least because regulators have much bigger fish to fry, even if a case could be made against Trust Token and Tether on those grounds. Besides, Trust Token has said it may introduce a Euro-based version in future, which would be safe from such measures. The other major U.S. exchange that is currently reliant on tethers is Kraken. If it were to introduce Trueusd, it could signal the beginning of the end for Tether on U.S. soil.

Do you think TrueUSD is less susceptible to U.S. regulation than Tether? Let us know in the comments section below.


Images courtesy of Shutterstock, and Trust Token.


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The post Bittrex Adds Tether Competitor TrueUSD as Regulation Rumors Persist appeared first on Bitcoin News.

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