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A New Bitcoin Improvement Proposal Aims to Compromise

As the price of bitcoin settles down many bitcoiners are now concentrating on the scaling compromise proposed at the Consensus event held last week. Now a few bitcoin developers have decided to work on Segwit-2MB proposals that try to adhere to each side of the debate.

Also read: Japan’s Bitpoint to Add Bitcoin Payments to 100,000+ Stores

The Compatibility-Oriented Omnibus Proposal

A New Bitcoin Improvement Proposal Aims to Compromise It is still hard to envision that everyone in the bitcoin community will be pleased with a compromise. There are still some bitcoin proponents who vehemently oppose Segwit, and then there are those who fully disagree with a 2MB hardfork. On May 29 a developer named Calvin Rechner submitted a new bitcoin improvement proposal (BIP) that aims to cohere to the recent Barry Silbert scaling concept.

“This proposal is written under the assumption that the signatories to the Consensus 2017 Scaling Agreement are genuinely committed to the terms of the agreement, and intend to enact the updates described therein,” Rechner’s BIP details.

This document describes a virtuous combination of James Hilliard’s ‘Reduced signalling threshold activation of existing segwit deployment’, Shaolin Fry’s ‘Mandatory activation of segwit deployment’, Sergio Demian Lerner’s ‘Segwit2Mb’ proposal, Luke Jr’s ‘Post-segwit 2 MB block size hardfork’, and hard fork safety mechanisms from Johnson Lau’s ‘Spoonnet’ into a single omnibus proposal and patchset.

UASF and a 2MB Hard Fork Deployment in Six Months

Rechner explains that Shaolin Fry’s UASF is included so the existing Segwit deployment can be activated without creating a new release. Following the UASF implementation, the BIP explains that a 2MB hard fork deployment will occur six months after Segwit activation.

“The intent of this proposal is to maintain full legacy consensus compatibility for users up until the hard fork block height, after which backwards compatibility is waived as enforcement of the hard fork consensus ruleset begins,” details Rechner.

‘A Possible Win if the Community Will Accept It’

Following Rechner’s BIP submission, bitcoiners on social media and forums discussed the recent proposal. Throughout the conversations concerning the new BIP, a good portion of people seemed to like the idea. Some explained the reason they supported this proposal is because it includes UASF and the block size increase has safety nets in place to avoid divergent consensus.

“The Spoonnet-based improvements need clarification IMO, but otherwise it looks like a possible win if the community will accept it,” explains bitcoin developer Luke Jr. “Provided there is reasonable consensus from the community, a soft-hardfork (aka MMHF aka Spoonnet) can be theoretically made pretty safe. But I’m not sure it can really be ready within six months.”

Even though there still seems to be a lot of people hell bent towards not compromising at all, there are definitely signs of people looking to find the right compromise. It’s not certain this new BIP will be taken further, but it shows the growing trend to find consensus is important to most people from both sides of the debate.

What do you think about Calvin Rechner’s new proposal? Do you think the bitcoin community can find a compromise? Let us know what you think in the comments below.


Images via Shutterstock, and Pixabay.  


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 A New Bitcoin Improvement Proposal Aims to Compromise appeared first on Bitcoin News.

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Japan’s Bitpoint to Add Bitcoin Payments to 100,000+ Stores

Japan's Bitpoint to Add Bitcoin Payments to 100,000+ Stores

Bitpoint has recently partnered with Peach Aviation to provide bitcoin payment tech to the company, and now plans to do the same at “hundreds of thousands of Japanese retail outlets.”

Also read: Bitcoin to Be Accepted at 260,000 Stores in Japan by This Summer

From Peach Aviation to 100,000+ Stores

Japan's Bitpoint to Add Bitcoin Payments to 100,000+ StoresPeach Aviation Ltd announced last week that it will be the first Japanese airline to accept bitcoin for tickets. Peach is Japan’s first Low-Cost Carrier (LCC) and is majority owned by the country’s largest airline, All Nippon Airways Co. Ltd (ANA).

To accept bitcoin, the low-cost airline has partnered with Bitpoint Japan Co, a bitcoin exchange and payments startup founded on March 3, 2016. In addition to allowing Peach to accept bitcoin for flight tickets, the companies are working together to add bitcoin Japan's Bitpoint to Add Bitcoin Payments to 100,000+ Storespayment options to souvenir shops, restaurants, and hotels at travel destinations. Furthermore, “we will jointly install bitcoin ATMs where customers can withdraw cash from bitcoin,” their partnership agreement reveals.

On Monday, Bloomberg reported that Bitpoint is “planning to give hundreds of thousands of Japanese retail outlets the ability to accept the digital currency.” The company’s president, Genki Oda, said, “We’re holding discussions with a retail-related company,” adding that:

We’re also talking to a big convenience store operator about using it [bitcoin] … By going through a company providing payment terminal services to shops, we have the possibility of increasing its use at one stroke. It’s easier than talking to lots of individual retailers.

Japan's Bitpoint to Add Bitcoin Payments to 100,000+ StoresBitpoint currently has ties with several retailers and plans to expand that number, Oda told the publication. The aim is to promote the use of bitcoin in retail stores instead of as a speculative investment, he detailed.

Oda also runs Bitpoint’s parent company, Remixpoint Inc., a publicly-traded conglomerate with a market value of about 21 billion yen ($189 million).

400,000+ Stores Could Accept Bitcoin

Japan's Bitpoint to Add Bitcoin Payments to 100,000+ StoresSince April 1, when the Japanese government started recognizing bitcoin as a legal method of payment, a slew of Japanese companies have started considering accepting bitcoin. The first major retailer to do so following the government’s move was Bic Camera, one of the country’s biggest electronics retailers. The company partnered with Japan’s largest bitcoin exchange by volume, Bitflyer, to accept bitcoin.

Also in April, another bitcoin exchange, Coincheck, announced that it had been working with Recruit Lifestyle to bring bitcoin payments to over 260,000 stores by this summer. Claiming to hold 99% of the bitcoin payment market share, Coincheck said that about 5,000 stores already accept the digital currency using its payments system.

Japan's Bitpoint to Add Bitcoin Payments to 100,000+ StoresThen last week, Bitflyer CFO, Midori Kanemitsu, independently told Nikkei that the number of stores accepting bitcoin “is expected to rise to 300,000 or so in 2017.”

If Kanemitsu’s estimation is added to Monday’s announcement by Bitpoint, then the total number of stores that could start accepting bitcoin soon could rise to 400,000+.

Do you think Bitpoint will successfully add bitcoin payments to 100,000+ stores? Also, how many stores do you think will accept bitcoin in Japan this year? Let us know in the comments section below.


Images courtesy of Shutterstock, Bic Camera, Peach Aviation, Bitflyer, Bitpoint, and Remixpoint


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

The post Japan’s Bitpoint to Add Bitcoin Payments to 100,000+ Stores appeared first on Bitcoin News.

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Chinas Biggest Exchanges to Add Ethereum, Other Altcoins as Demand Surges

As altcoins continue to gain popularity throughout the world, Bitcoin exchanges in China are also…nThe post China&8217s Biggest Exchanges to Add Ethereum, Other Altcoins as Demand Surges appeared first on Bitcoinist.com.n

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Use of Bitcoin in Ecuador Continues to Grow Despite Government Ban

Use of Bitcoin in Ecuador Continues to Grow Despite Government Ban

Before issuing their own digital currency, Ecuador banned all others including bitcoin back in July 2014. However, today bitcoin’s use continues to grow in the country.

Also read: Bitcoin’s Price Correction Called in Advance by Analyst

Bitcoin Banned in 2014

Use of Bitcoin in Ecuador Continues to Grow Despite Government BanAs part of a reform to the country’s monetary and financial laws, Ecuador banned bitcoin and other digital currencies in July 2014. The then-President Rafael Correa, who served from 2007 to 2017, introduced the bill that made bitcoin illegal and signed it into law.

This law demands Bitcoin businesses “shut down their operations immediately.[…] Those who defy the ban will face prosecution, and all bitcoins circulated and assets in bitcoin trades face confiscation,” Panam Post reported at the time.

State-Run Digital Currency

Use of Bitcoin in Ecuador Continues to Grow Despite Government BanPart of the aforementioned law calls for the creation of an Ecuadorian state-issued digital currency backed by the assets of the Ecuador’s Central Bank (BCE).

Soon after banning bitcoin, the government rolled out its own digital currency, called Dinero Electrónico. It is pegged one-to-one to the US dollar, which is the country’s official currency.

However, Ecuador’s private banks did not have confidence in the central bank’s electronic money system. Julio José Prado, President of the Association of Private Banks (ABPE) said at the time:

We cannot at this point support any financial program that is administered by the BCE since we have no confidence that it is secure.

Alexandra Veloz is an attorney based in Quito, the capital of Ecuador, and a member of the Ecuadorian Bar Association. She is currently the legal counsel for the Antigua Report. Referring to the state-run digital currency program, she said last week that “the new system has garnered plenty of criticism, and adoption from banks and customers has been limited at best.”

Use of Bitcoin Continues in Ecuador

Regarding the prohibition of bitcoin and other cryptocurrencies, Veloz explained that:

The prohibition, however, does not ban digital currency outright.[…] Ecuadorian officials have neglected to punish defiant bitcoin use.

Use of Bitcoin in Ecuador Continues to Grow Despite Government BanShe noted that the government’s move was “more precisely, a monopoly privilege: the Ecuadorian state has the exclusive power to put its own digital money into circulation via the central bank.”

Despite the government making bitcoin illegal, its use has not halted in Ecuador, Veloz shared. There are buyers and sellers in the country who list themselves on Localbitcoins.com and bitcoin can also be purchased via Paypal like other online purchases, the attorney detailed. At press time, the cost of a bitcoin in Quito on the Localbitcoins market carries at least a $200 premium. Veloz added:

A small number of businesses have also taken the risk of establishing bitcoin as an alternative for payment. The national taxation and invoicing system do not integrate these transactions, but they remain an available option.

The Ecuadorian Bitcoin community even gathered to celebrate Bitcoin Pizza Day on May 22.

Use of Bitcoin in Ecuador Continues to Grow Despite Government Ban
Ecuadorian Bitcoin community (Photobitcoinecuador.org)

Do you think the Ecuadorian government will allow Bitcoin to thrive? Let us know in the comments section below.


Images courtesy of Shutterstock, Payments Views, Ecuador’s Central Bank, Localbitcoins, and Bitcoinecuador.org


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

The post Use of Bitcoin in Ecuador Continues to Grow Despite Government Ban appeared first on Bitcoin News.

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Russian Bankers Push to Legalize Cryptocurrency

Russian Bankers

Russian bankers released a statement May 26, saying that cryptocurrency should be legalized for circulation. This message comes from German Gref, who is head of the Russian Sberbank. Gref said there needs to be an honest and intelligible conversation about cryptocurrencies, because attempts to ban it have only caused problems in the past. 

Also read: Japanese Internet Giant GMO Postpones Launching Bitcoin Trading Platform

A Russian news article Russian Bankers Push to Legalize Cryptocurrencymentioned Greff’s commentary: “Gref stressed that they now engage in a constructive dialogue about cryptocurrency, the Central Bank are trying to understand – what is it and what to do next. ‘Attempts to introduce bans will only lead to the loss of existing competitors,’ said the head of the financial institution.”

Cryptocurrency May Become “Digital Product” in Russia

In another article by the same Russian news outlet, the Russian government’s Deputy Chairman Regulator of the Central Bank, Olga Skorobogatova, said government is preparing amendments regarding cryptocurrencies and the tax code. Skorobogatova went on to admit that government cannot control how many cryptocurrencies can be created. The Russian news page said,

Skorobogatov noted that virtual assets continue to be emitted, no gold reserves, they are not provided, there is no control over their number.

The Russian news outlet went on to say that government or the “financial market” does not necessarily see cryptocurrency as a threat, because government considers it a “digital product.” This is likely why government is seeking to create amendments for it in their tax code.

The article said, “Therefore, financial market electronic money does not consider it a threat. But, if you do not begin to deal with this issue, you can skip a significant risk increase.”

Russian Officials Want to Understand and Accept Cryptocurrency

Between bankers and government Russian Bankers Push to Legalize Cryptocurrencyofficials changing their perspective, it appears there could be a movement toward more political acceptance of cryptocurrency in Russia. This information comes as bitcoin’s popularity has surged over recent weeks and Japan has classified bitcoin as a payment method along others.

It looks like some governments and bankers are trying to understand cryptocurrency rather than react against it.

Do you think that Russia will accept and legalize cryptocurrencies? Let us know in the comments section below.


Images courtesy of Shutterstock and sberbank.ru


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

The post Russian Bankers Push to Legalize Cryptocurrency appeared first on Bitcoin News.

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Let's Talk Bitcoin! #332 – Shut Up And Take My Money!

On Today’s Episode

Stephanie, Andreas and Adam are joined by Jonathan Mohan for a discussion of central bank reactions, plus the past and future of the emerging ICO ecosystem.

This episode was edited by Matthew Zipkin and featured content from Andreas Antonopoulos, Jonathan Mohan, Stephanie Murphy and Adam B. Levine

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Who Needs an Exchange? Three Unconventional Ways to Acquire Bitcoin

unconventional

Just recently we reported on four bitcoin exchanges that require very little identification. Alongside these peer-to-peer platforms, there are also other ways to purchase bitcoin without using a traditional exchange. There are other more unconventional methods, like purchasing bitcoin at a convenience shop or even with a store gift card.    

Also Read: Homeland Security’s U.S. Citizenship and Immigration Considers Bitcoin  

There are many trading platforms that people can use to purchase and sell bitcoin, but sometimes people don’t want to go through the hassle of registering with an exchange. On the other hand, some individuals also don’t want to use Localbitcoins as they may dislike the process of dealing with peer-to-peer traders. Many people don’t know that there are other types of methods individuals can use to purchase and sell bitcoin, and some of them may be at your local convenience store.

Three Unconventional Ways to Purchase and Sell Bitcoin

Liberty X

Who Needs an Exchange? Three Unconventional Ways to Acquire BitcoinThe company Liberty X (formally Liberty Teller) was founded in 2014 by launching the first bitcoin ATMs in the U.S. Since then the startup has grown into a different kind of business by operating as a “virtual” bitcoin ATM provider. In order to purchase bitcoin with Liberty X you have to download the app for either Android or iOS and register with your phone number.

Then you go onto the application’s map to find one of Liberty X’s local stores by typing in your zip code. Following this, a bunch of stores will pop up with red pendants, and you can choose the closest merchant near you. The highlighted store within the app will tell you the specific details on how much bitcoin you can buy and the fees associated with the purchase.

After you choose a store, you simply travel to the location to purchase a bitcoin voucher. On arrival, you buy a voucher from the cashier that enables you to redeem bitcoin to any address. Using Liberty X to purchase bitcoin is a different kind of buying experience, and people may appreciate purchasing from a convenience store.

Spare

Who Needs an Exchange? Three Unconventional Ways to Acquire BitcoinNow if you want to sell bitcoin there’s another way to obtain cash for your BTC that’s similar to the Liberty X transaction above. Using an iOS-only app called Spare users can sell bitcoins at local convenience stores located in Washington DC, Colorado, New York, Philadelphia, and New Jersey with more locations to follow. Users sell bitcoins to the service and receive a one-time generated PIN to give to the nearest shop on their GPS map. The clerk at the local convenience store will then verify the Spare application’s PIN and pay cash in exchange. Spare began offering bitcoin for cash services this year, and the company believes it takes the hassle out of searching for a two-way bitcoin ATM.

“With Spare’s Bitcoin support, there will be no more wasting time searching for Bitcoin ATMs, as everything can be done directly from your iOS device. Alongside, inspired by a huge response in the domestic scene, we are now looking forward to pushing our game-changing service to international regions as well”, stated D’ontra Hughes, the founder of Spare.

Paxful

Who Needs an Exchange? Three Unconventional Ways to Acquire BitcoinAnother unconventional method to purchase and sell bitcoins is by using retail store gift cards. The peer-to-peer bitcoin exchange Paxful offers users the ability to trade gift cards for bitcoins from a wide variety of stores. Gift cards Paxful traders accept include cards for Amazon, Walmart, Vanilla Visa, Nintendo e-shop, Forever 21, Itunes, Footlocker, Fandango, and many more. To use Paxful’s gift card service just enter the type of card you have and the platform’s search engine will find traders that are willing to sell bitcoin for those cards.

The founders of Paxful, Ray Youssef, and Artur Schaback say the platform services a lot of customers as the two told Bitcoin.com the company processes 8,000 bitcoin transactions per day. Paxful operates in a similar fashion to Localbitcoins, but the trading platform does not facilitate in-person local trades. Youssef says bitcoin has allowed the marketplace to provide different feature sets like gift card sales and other ways to trade.    

The advent of an instantly transferable digital currency like bitcoin has opened the door to an era of escrow services each catering to different niches and with different feature sets,” Youssef explained to Bitcoin.com.

The Many Niche Bitcoin Markets

All of the services mentioned above have different benefits for those who would rather not trade on an online bitcoin exchange. But they also add other aspects to the equation like having to drive to physical locations to exchange. However, people may find themselves more comfortable purchasing and selling bitcoins with a store clerk in a public setting. Or maybe a person was given a few store gift cards for their birthday and would rather sell them for bitcoins.

The fact is, as the ecosystem has shown immense growth over the years there are now many niche markets in 2017 that allow different ways to obtain bitcoin.

Have you tried any of these unconventional services? Let us know about your experiences in the comments below.


Images via Shutterstock, Liberty X, Paxful, and Spare websites.


At News.Bitcoin.com all comments containing links are automatically held up for moderation in the Disqus system. That means an editor has to take a look at the comment to approve it. This is due to the many, repetitive, spam and scam links people post under our articles. We do not censor any comment content based on politics or personal opinions. So, please be patient. Your comment will be published.

The post Who Needs an Exchange? Three Unconventional Ways to Acquire Bitcoin appeared first on Bitcoin News.

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Consensus 2017 Recap Panels Cast Wide Net for Blockchain Discussions

A look back at some of the fascinating and diverse panels that took place at Consensus 2017 this week.nSource

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What to Know Before Trading Monero

Monero, a privacy oriented currency that has generated widespread adoption, provides opportunities for traders. Here’s what you should know.nSource

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The Ether Review #66 – Gnosis, Martin K?ppelmann

After a stunning token launch Gnosis has become a classic example of the hope for greater and more powerful decentralized applications. Founder Martin K?ƒppelmann walks us through the project’s genesis, growth, and road to success

https://twitter.com/koeppelmannitunes.apple.com/podcast/the-ethe?’id899090462?mt=2

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