Bitcoin News

Wednesday Bitcoin News Roundup

The past 24 hours have seen a flurry of pretty important pieces of news in the Bitcoin and cryptocurrency world, so it’s hard to focus just on one. Here are some of the top stories to think about today. Facebook Bans Ads for Bitcoin and ICOs Facebook has decided to ban ads that feature cryptocurrencies or initial coin offerings (ICOs). The company claims that ads touting those products often engage in false or misleading claims, and thus they seek to protect [...]

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Bitcoin Losing Favor Among Criminals

Recent reports indicate that Bitcoin is losing favor among criminals. When Bitcoin was first created, it quickly became the currency of choice for transactions on Silk Road, a Dark Web marketplace where users could buy and sell drugs, guns, or other illegal goods. Bitcoin also became a favorite of ransomware hackers, hackers who infiltrated computers and encrypted the data on it, requiring the computer owner to send the hackers a ransom in the form of Bitcoin in order to [...]

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Japanese Cryptocurrency Hacking Highlights Risks of Hot Storage

Japanese cryptocurrency exchange Coincheck announced over the weekend that over $500 million worth of cryptocurrency had been stolen from its accounts. The stolen cryptocurrency consisted of NEM coins, the exchange’s own cryptocurrency, and they apparently were stolen by hackers. Coincheck also offers Bitcoin trading, providing about 6 percent of the market for yen-Bitcoin trading. Coincheck management stated that the stolen NEM coins had been stored in a hot wallet, a method of cryptocurrency storage that is connected to the internet. [...]

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The Real Reason for China’s Crypto Crackdown?

Recently reported news coming from the People’s Bank of China (PBOC), the Chinese central bank, may indicate why the Chinese government has cracked down so harshly on cryptocurrency activity in recent months. It appears that the Chinese government may have plans to issue its own digital currency and is trying to make sure that it doesn’t have any competition. The problem with central bank-created digital currencies, however, is that they intend to undo all the advantages of cryptocurrencies. Cryptocurrencies were [...]

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Bitcoin and the world

Bitcoin Use Continues to Cross New Frontiers

While much of the recent focus on Bitcoin has been on its tremendous gain in value, less has been discussed recently about its use as a currency. That is, after all, why Bitcoin was created in the first place, to act as a currency that could be used easily by people around the world without any of the disadvantages of nationally-issued fiat currencies. Bitcoin continues to break new ground in that respect. Bitcoin was just used to settle a commercial [...]

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Physical version of Bitcoin, golden padlock and South Korea Flag. Prohibition of cryptocurrencies, regulations, restrictions or security, protection, privacy.

South Korea Government Sets New Cryptocurrency Trading Rules

It appears that fears of a South Korean ban on cryptocurrency trading are no longer warranted. The South Korean government recently announced new rules to allow cryptocurrency trading within the country. Under the new system, cryptocurrency trading will continue to be allowed, and money can be deposited, withdrawn, or transferred between bank accounts and cryptocurrency exchange accounts. The catch is that the cryptocurrency exchange accounts must be linked to a registered bank account at one of the six banks participating [...]

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Recent Bitcoin Scams Remind Investors to Remain Wary

Some recent fraud cases should serve as a warning to investors that they need to be careful when investing in cryptocurrencies. More than ever, investors need to remember the principle of caveat emptor. Being complacent in doing due diligence about investment opportunities in Bitcoin and cryptocurrencies could cost them dearly. The Commodity Futures Trading Commission (CFTC) brought two new cases to court last week dealing with fraudsters who tried to mislead Bitcoin investors. One of the cases dealt with a [...]

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Locked down cryptocurrency with Chinese flag in background

Chinese Government Intensifies Crackdown on Cryptocurrencies

Reports over the weekend indicated that the Chinese government is continuing its hard line against cryptocurrency trading. The People’s Bank of China (PBOC), the Chinese central bank, apparently ordered payment processors to audit their internal operations to determine whether their systems were being used to facilitate cryptocurrency trading. If so, those payment processors would be required to stop servicing those transactions. While earlier speculation about China’s cryptocurrency crackdown had indicated that China’s crackdown would likely only be temporary, until a [...]

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cryptocurrency coins

US Legislators, Regulators to Discuss Future of Bitcoin and Cryptocurrency

US regulators from the Financial Stability Oversight Council (FSOC) have formed a working group to focus on cryptocurrencies. FSOC is comprised of some of the country’s major federal financial regulators, including the Chairman of the Federal Reserve System, the Comptroller of the Currency, the Chairman of the Securities and Exchange Commission (SEC), and the Chairman of the Commodity Futures Trading Commission (CFTC). The Council is chaired by Treasury Secretary Steven Mnuchin. Mnuchin stated that US regulators intend to work with [...]

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ethereum

Five Quick Facts About Ethereum

The age of cryptocurrency has begun a new chapter in 2018, and as more and more investors, hobby traders, and crypto-nerds max out their credit cards to get into the next Bitcoin of sorts, more individuals are starting to really evaluate the longer-term viability of the technology incorporated into specific blockchain systems. Ethereum, a fork from the Bitcoin model, has capabilities that transcend simply digital currency. 1. Unlike Bitcoin and other altcoins, Ethereum has a capability known as “smart contracts” [...]

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