Bitcoin News

Royal Mint Launches Gold-Backed Cryptocurrency

After over a year of development, the UK’s Royal Mint has finally launched its gold-backed cryptocurrency, known as Royal Mint Gold (RMG). RMG offers investors a new way to invest in gold by offering the ability to own units of a cryptocurrency that is backed by gold. Each unit of RMG represents one gram of gold, held in the form of Good Delivery bars (~400 ozt) or smaller gold bars kept in segregated storage. The Royal Mint claims that only [...]

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India to Ban Cryptocurrencies?

Following in the footsteps of neighboring China, the Indian government has recently made statements indicating that it, too, may ban the use of Bitcoin and other cryptocurrencies. Indian Finance Minister Arun Jaitley commented that the government will “take all measures to eliminate the use of these crypto-assets in financing illegitimate activities or as part of the payment system.” While India’s use of Bitcoin was miniscule as part of the overall world market, its growth was nonetheless on the rise. [...]

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Coinbase Warns of Purchasing Problems With Credit Cards

In a sign that mainstream financial institutions are attempting to push back against acceptance of cryptocurrencies, Coinbase has publicized changes that have been made by credit card companies to purchases of cryptocurrencies with credit cards. Rather than being able to process those transactions as credit card purchases, Coinbase and other exchanges are being required by credit card companies to process those purchases as cash advances. That makes them subject to additional fees and interest charged by credit card companies. Other [...]

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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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Businessman in bitcoin price increase concept

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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