Bitcoin News

Petro gaining value as bolivar weakens

Venezuela’s Petro Is Getting More Valuable… Or Is It?

Barely a month after its first sale, Venezuela’s oil-backed cryptocurrency the petro has more than doubled in value. That’s a great sign, right? Well, not really. The petro’s value is pegged to the Venezuelan bolivar, and the bolivar continues to weaken as a result of the Venezuelan regime’s hyperinflationary monetary policy. So the revaluation of the petro from 3,600 bolivars to 9,000 bolivars isn’t really a sign of the petro’s strength but rather of the bolivar’s weakness. The petro continues [...]

G20 leaders don't get cryptocurrency

World Leaders Still Don’t Get Cryptocurrency

In the wake of the G20 meeting in Argentina last week, the G20 leaders issued a joint statement that they would “regulate crypto-assets for anti-money laundering and countering the financing of terrorism in line with FATF standards.” That sounds like a throwback to the days when Bitcoin was new and edgy, and telling people you were involved in Bitcoin got you plenty of jokes about the online criminal underworld. But as cryptocurrencies have gone mainstream and received much more [...]

Floyd Mayweather and DJ Khaled settle with SEC

Crackdown on Mayweather, DJ Khaled Shows Authorities Getting Serious About Crypto Fraud

In a sign that federal authorities are getting serious about cracking down on fraud in the cryptocurrency world, the Securities and Exchange Commission (SEC) recently announced its first case settled over alleged fraud in touting initial coin offerings (ICOs). The case is significant in that it targeted some of the biggest names in sports and entertainment, boxer Floyd Mayweather and rapper DJ Khaled. Both Mayweather and Khaled agreed to settle the charges without admitting wrongdoing. This particular case related to [...]

Investing in Bitcoin requires a long-term focus

Bitcoin Investment Is All About the Long Game

Many pundits have pounced on the fact that Bitcoin recently dropped to $4,000 as a sign that the cryptocurrency revolution has run out of steam. But that ignores the clear fact that Bitcoin investing, just like any sort of investing, is all about the long game. Sure, if you focus on short-term price moves you can get discouraged about any sort of investment. But ten years ago Bitcoin wasn’t even worth a penny, and now it is worth thousands [...]

Ohio to accept Bitcoin for tax payments

Will Ohio Become the First State to Accept Bitcoin Tax Payments?

The one major step that would both herald the arrival of cryptocurrency as a viable currency and hasten its adoption by the mainstream is its acceptance for tax payments. Just as the paper dollar was only finally accepted by merchants and individuals once it became a means of payment for taxes and duties, so too will cryptocurrencies only hit the mainstream once they are accepted as payment for taxation. And that’s why recent news out of Ohio has many [...]

Do regulators care about cryptocurrency fraud?

Is Cryptocurrency Regulation Still in the Era of the Wild West?

One of the concerns that many investors have when it comes to cryptocurrencies, as with any investment, is the fear of losing money. But cryptocurrency investors aren’t just afraid of their assets losing value, they’re also afraid of losing their money to frauds, schemes, and hacking. With many cryptocurrency exchanges having been subject to hacks, and reports nearly every day about some sort of new scheme to separate cryptocurrency investors from their money and cryptocurrencies, many people continue to [...]

Ron Paul followers choose Bitcoin

Half of People Voting in Ron Paul Twitter Poll Choose Bitcoin

CoinIRA Ambassador and former Congressman Ron Paul recently posted a Twitter poll asking his followers the following question: A wealthy person gifts you $10,000. You get to choose in which form you’ll accept the gift. But there’s a catch: You must keep the gift in the form that you choose for 10 years without touching it. In which form would you accept the gift? The four choices were Federal Reserve Notes, gold, Bitcoin, or 10-year US Treasury bonds. Out of nearly [...]

Venezuela wants the petro to be used in international oil sales

Venezuela Hopes to Make the Petro the Digital Currency for Oil Markets

With Venezuela’s oil-backed cryptocurrency the petro being lambasted by cryptocurrency enthusiasts and governments alike, its future isn’t looking all that great. But that hasn’t deterred Venezuelan officials from continuing to push the new currency. In fact, Venezuela’s oil minister recently announced that he intends to pitch the petro to OPEC as a digital currency to be used worldwide in oil transactions. In that sense Venezuela has the put the dollar firmly in its sights. For decades the dollar has been [...]

SEC to issue ICO guidance soon

“Plain English” ICO Guidance Forthcoming From SEC

The disruptive nature of cryptocurrencies caught governments and regulatory agencies largely flatfooted. They didn’t know how to respond to Bitcoin, Litecoin, Ethereum, and other cryptocurrencies. Nor did they know how to react to the development of initial coin offerings (ICOs). In fact, just about the only thing that they have acted upon for certain is approving the trading of Bitcoin futures and declaring that gains made on cryptocurrency sales and cryptocurrency trading are subject to taxation. Aside from that [...]

BTM operator finally gets BitLicense

New York Approves First Bitcoin ATM Operator… Three Years Later

Bitcoin ATM machine operator Coinsource has finally had its BitLicense application approved by the New York State Department of Financial Services. The application, which had first been made in 2015, makes Coinsource just the 12th company to receive approval from the New York government to operate in the state. The company already has 40 Bitcoin ATMs operating in the state, having been allowed to operate under a temporary license while the BitLicense application was pending approval. Coinsource’s Bitcoin ATMs in [...]