Coinbase To Verify Your ID With Live Webcam – Bail Now From Centralized Exchanges

Coinbase To Verify Your ID With Live Webcam – Bail Now From Centralized Exchanges

The freshly-licensed Coinbase is a bellwether of what to expect from centralized bitcoin exchanges. This is true not only in the U.S. but wherever regulation forces exchanges to serve the state and crony-banking system from which bitcoin offers escape.

No wonder decentralized exchanges, like Localbitcoins, are breaking their own volume records on a weekly basis. The peer to peer exchanges are imperfect. But for the cautious and the informed, they are a return to the privacy and financial freedom that made bitcoin a beacon.

Also read: Norwegian Prosecutors Seek 120 Bitcoins in Court Restitutions

The Threat Of Coinbase

Late in February, a Reddit thread on Coinbase erupted. The exchange had implemented a new method to verify identities. The first post in the thread captured the change and the dominant reaction to it.

Just tried to help a friend register an account and they’re demanding access to her webcam?!?! “we will require you to take a photo of yourself with your webcam”….but no law or regulation requires this. I have accounts with 3 brokerage firms, 2 banks, and Gemini, and none have ever demanded access to my computer’s hardware. Coinbase, what are you trying to pull here? Accessing our computer’s hardware is not required by… laws/regulations. What’s your true endgame?

Coinbase’s accelerated ID verification is part of its commitment to comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) laws – two incredibly invasive measures that destroy financial privacy. Coinbase’s new layer of verification uses facial recognition technology to correlate a live real-time face shot from a webcam or smartphone with the image of ID being submitted at the same time by an account applicant or with the data already on file for an account holder. (The process is described with images here.)

Not everyone seems to be subjected to the increased scrutiny. Perhaps those who appear suspicious. Perhaps they belong to a ‘wrong’ category such as ‘non-American.’ Or Coinbase may be gradually implementing the technology in order to iron out the myriad problems being experienced by users. A Reddit poster with an existing Coinbase account wrote;

I’ve had an account for three months and all of a sudden when I went to but [sic] more Bitcoin I was taken to a page to verify my identity again. I had already done that by uploading my license. This time they made me use my webcam and it took me eight tries because they kept saying it was too blurry.

Whatever the reason and unless there is a considerable downside, Coinbase is unlikely to forgo a process that protects it from government and provides commercially valuable data. The process is more likely to become the norm for centralized exchanges.

The Long Path To Your Identity Strip Search

Coinbase Triple Verifies ID Through Live Webcom, Bail Now From Centralized ExchangesThe change has been coming for some while. Jumio, an online mobile payments and ID verification company, unveiled its new Face Match feature in September 2013. In March 2014, a Coindesk article announced Jumio’s Bitcoin Identity Security Open Network (BISON) which targeted a client base “of bitcoin exchanges, wallets, and ATM providers worldwide.” The article indicated future data-sharing plans, which may or may not be optional; the description is confusing and gathered data is often shared despite guarantees to the contrary. The article continued, “BISON client businesses will also have access to regularly updated data regarding success rates, failure rates, account openings, transaction failures and fraud attempts within the network…”

In November 2016, Biometric Update heralded Jumio’s innovative melding of Face Match with a bitcoin focus; Coinbase was specifically mentioned.

Jumio’s Netverify now includes Face Match and ID verification, a three-pronged approach to the…[KYC] process on mobile devices by confirming an identity and the validity of the person presenting the ID….[Coinbase can] ensure the person with the ID matches the identity on the card before approving increased buy/sell limits within the marketplace.

This February, Netverify Document Verification was publicly unrolled and declared to be the “first web and mobile document verification solution to meet KYC and AML requirements for pertinent account information.” Coinbase implemented the system in that same month, but the exchange does not seem to restrict its application to “increased buy/sell limit” requests.

Centralized exchanges are becoming unapologetic arms of the state. They are rushing to over-comply with laws that gut the privacy and protection of their customers.

The Unbearable Lightness of Peer to Peer

Coinbase Triple Verifies ID Through Live Webcom, Bail Now From Centralized ExchangesMy experience in opening a Localbitcoins account stands in sharp contrast. It took me less than two minutes yesterday morning to register. A follow-up email contained a link upon which to click and constituted the only ID verification. Presumably, an anonymous but valid email address would have sufficed. In a February 12, 2017, article, Jamie Redman added, “There is an option to upload a state-issued identification card, license, and a phone number. Verifying these IDs does add more trust to the buying and selling process as far as reputation is concerned. However, users can opt out of these verification processes and still conduct trades on the platform.”

How does Localbitcoins function? Established in 2012, it is a type of Craigslist that connects individuals within certain regions who wish to sell or to buy bitcoins. Sellers advertise on the website where they state details such as the selling price and the payment methods accepted. Buyers reply and either meet the seller in person with cash or arrange for alternative payment — for example, through Paypal, gift cards, or Western Union. Localbitcoins offers escrow and conflict resolution as well as a feedback mechanism by which traders can be rated.

As of August 2016, about 1.35 million members were reportedly registered from 249 countries, and the value of weekly transactions exceeded $14 million.

Localbitcoins is not the only peer to peer exchange. Three others often mentioned favorably are Bitquick, Bitsquare, and Wall of Coins.


Every way of transferring wealth has risks. Forums on peer to peer trading are rife with tales of scams but, then, so are forums on mainstream exchanges. Coinbase has been accused of arbitrarily closing accounts and of canceling transfers when a change in bitcoin’s price acts to its disadvantage.

But the greatest risk is the regulation of bitcoin which peaks when governments, like Venezuela, crackdown with brute force. The greatest threat to financial freedom is the coalition of governments and central banks, both of which need your cooperation and data to function effectively. Centralized bitcoin exchanges are fast becoming a means to gather both. They are fast blurring into banks.

What do you think about centralized exchanges and increased verification practices? Let us know in the comments below.

Images courtesy of Shutterstock, and Pixabay. 

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Markets Update: Daily Cryptocurrency Volumes Surpass $1 Billion

Over the past week, the exchange rate of one bitcoin has continued to hold above the US$1,200 range, maintaining an average of $1,215-1,235 per BTC. As bitcoin’s price has consolidated, cryptocurrency markets in general have increased in volume significantly. Currently, 24-hour cryptocurrency trading volume now exceeds $1 billion in trades per day reaching a new milestone.

Also Read: Dissecting Swisscoin – Another Rising ‘Cryptocurrency’ Blockchain Ponzi

Bitcoin’s Price Stability and Overall Cryptocurrency Trade Volume Increases

The price of a bitcoin has been quite stable over the seven-day period since the rejected ETF decision last Friday. Initially, bitcoin markets reacted with a price rise while waiting for the decision on March 10 and after the SEC’s announcement market prices declined. Since then bitcoin’s value has recovered from the downturn and increased in value to a high of $1,260 on March 15. Bitcoin volume has been incredibly high, reaching an average of over $500 million USD worth of volume daily.

Markets Update: Cryptocurrency Daily Volumes Surpass $1 Billion

On the peer-to-peer level, bitcoin exchange volumes like Localbitcoins have also reached all-time highs this week. Global Localbitcoins volumes are currently $32 million with countries like China, the U.S., and Canada leading the race. Other peer-to-peer exchange platforms like Paxful and Bitsquare are seeing record volumes as well.

When looking at overall cryptocurrency markets globally, there has been a massive influx of volume when adding altcoin volumes into the equation. Daily cryptocurrency volume has surpassed $1 billion USD in trades due to significant price increases from other altcoins. Adding to bitcoin’s massive daily trade volume, altcoins like Ethereum, Dash, Tether and Monero have bolstered the overall market volumes.

Markets Update: Cryptocurrency Daily Volumes Surpass $1 Billion
Global Localbitcoins volumes at an all-time high. 3/11/17

Altcoin Markets Are Pumping

The four altcoins mentioned above have increased their market capitalization values exponentially over the last month. Ethereum is currently trading at over $39 per ether with a record market cap exceeding $3.5 billion USD. Another altcoin that has been rising in value fast has been Dash which is trading at $85 at the time of writing. Meanwhile, Monero has also seen a significant price increase reaching an all-time high of $21. These particularly fast market increases have led to a decrease in bitcoin’s overall market capitalization dominance, which has hit a low of 76 percent.

Markets Update: Cryptocurrency Daily Volumes Surpass $1 Billion
Overall cryptocurrency market capitalization, daily volume, and bitcoin dominance according to, 3/16/17.

Bitcoin Price Moving Slow and Steady

Technical indicators show that Bitcoin’s bull market has tapered for the moment as the market moves slow and steady sideways. There’s been massive resistance moving forward above the $1,260 mark, and the 100-200 Simple Moving Average (SMA) suggest a slower uptrend. At the time of writing the Relative Strength Index (RSI) indicator show sellers seem to be in control for the moment, but order books and depth show a strong floor at $1,190-1,200. Roughly two days after the SEC announcement volatility has diminished quite a bit, leaving smaller gaps for day trading strategies.

Traders may have taken a break from bitcoin markets to try and reap the benefits of the past month’s altcoin pumps. The price of bitcoin has done well for itself even though gains have been slower than other markets. Stability has been astounding as the price of bitcoin has remained above the 4-digit range for over a month thus far. Over the past week, the community seemed to have forgotten about the ETF decision and have focused most of their attention on topics like scaling.

What do you think about this week’s cryptocurrency markets? Let us know in the comments below.

Disclaimer: Bitcoin price articles are intended for informational purposes only and should not to be considered as trading advice. Neither nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money”.

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BitConnect Coin Breaks All-Time Records in Value and Market Cap

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

BitConnect Coin (BCC) has only been in the global markets for a few months, but it has made quite an impression, around the globe. Going from just an altcoin concept in Q4 of 2016, BCC has set new benchmarks in market price and market cap after an incredible week of trading.

According to digital currency industry rating authority CoinMarketCap, BitConnect Coin reached the Top 20 in market capitalization value for the first time on Saturday, passing $10 million USD in overall value. Each BCC also reached $2.00 USD in value. To put this in perspective, it took BCC less than four months to reach $2 in value, per coin. It took Bitcoin more than two years to do the same. These milestones are just the beginning, BCC execs are eager to say.´

“BitConnect’s mission is to provide crypto -education and multiple investment opportunities to empower people financially,” says BitConnect Head of Development, Satao Nakamoto. “There are many features and functions to come in 2017. BitConnect’s mission is to become the leading crypto-community in the world when it comes to functionality and user base by the year 2020.”

The official BitConnect mobile Android and IOS app are launching in Beta, which should also increase demand and price. Later in 2017, the BitConnect Coin will see more innovations and convenience features added. This includes the BCC Mining and Staking Pool Launch, providing a way for the community to earn, a BitConnect Coin reward with mining & minting, plus a new mobile wallet app & paper wallet. The BitConnect coin will also gain its own “Smart Card” in 2017, bringing all of the everyday usability you demand in a digital currency.

In less than one year, BitConnect’s online community has gained over 50,000 members around the world, added a news department, engaged with online leaders like Kim Dotcom, successfully launched its own digital currency, added a proprietary Bitcoin wallet, launched an innovative global Bitcoin lending program, and surged from zero traffic to a top 100k Alexa ranking.

BitConnect has become simply the world’s fastest growing online Bitcoin community. For more information on BitConnect, visit https:/

BitConnect Ltd

Representative Name: Vindee
Representative Position: Marketing Manager
Email / +16415696739

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. 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.

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Dissecting Swisscoin – Another Rising ‘Cryptocurrency’ Blockchain Ponzi

Just recently reported on the Nigerian SEC Association’s warning about Multi-Level-Marketing (MLM) ‘cryptocurrencies’ such as Onecoin and Swisscoin. Our news team has uncovered quite a bit of shady activity while investigating Onecoin. This week we’ve decided to step into the realm of the so-called Swisscoin economy.

Related: The Far-Out Claims Behind Onecoin: The Self-Described ‘Bitcoin Killer’

Exploring the MLM Pyramid and So-Called ‘Cryptocurrency’ Swisscoin

Swisscoin claims to be a cryptocurrency based on a decentralized blockchain, but in reality it operates more like a token MLM affiliate program with an upline and downline structure. Users are instructed to buy token packs paid for with euros or bitcoin as well as recruit members to join the Swisscoin organization. The project officially launched on June 4, 2016, and is reportedly run by the company director Manfred Mayer, a man with an extensive background within network marketing and MLM.

The company claims to be headquartered in the Canton of Zug, Switzerland where various cryptocurrency and blockchain startups reside. However much of the operations stem from Frankfurt and Leipzig, Germany, such as the company’s bank and registered domains. Furthermore, when visiting the Swisscoin member website, a vast majority of the text and news updates is written in German.

Registering as a Swisscoin Affiliate

Dissecting Swisscoin Another Cryptocurrency Ponzi On the Horizon login page.

Initially signing up for a Swisscoin account is fairly straightforward and only requires a name and email. When I first signed up, I had to confirm the registration using a throwaway email, and I was then allowed into the Swisscoin website. Before I could do anything, I was greeted by a letter from the Swisscoin founder Manfred Mayer that read like a damages waiver. Following the weird letter, which also claims Swisscoin will one day be worth millions, I finally made it to the dashboard.

The panel takes a minute to get used to as there are multiple sections within the Swisscoin user interface. If people think bitcoin is hard to understand, this type of interface is a hundred times worse. Within the user dashboard, it shows me the free 100 coins I’ve received for signing up, and I’m given a sponsor named Reda [last name witheld] from Morocco. Reda is my upline connection which means all of my work and earnings give Reda a percentage of my funds.

The user-interface also gives me tutorials on how to buy packages of Swisscoin tokens and create revenue from my downline, which entails recruiting members to sign up for Swisscoin. Also, there is what’s called a barometer split that measures like a temperature gauge which claims it will reward my “E-wallet” with more tokens. At the time of writing the split is about 93 percent, so users have to wait just a little bit longer to reap their reward.

Dissecting Swisscoin Another Cryptocurrency Ponzi On the Horizon
The assortment of token packages to choose from.

The biggest thing mentioned all across the entire platform is how they want you to buy packages. Each package contains a specific amount of tokens for a price denominated in euros. Packages of tokens are named by class and price such as Trainee, Trader-1000, Crypto-Director, and the coveted Ultimate. The cheapest package one can buy is €25 and the Ultimate costs €50,000. In order to purchase a Swisscoin package, I can use bitcoin, Payza, Swift, and Sepa transfer. The Swisscoin public bitcoin address has grossed over 2.5 million dollars in bitcoins according to blockchain explorers.

Absolutely No Signs of a Cryptocurrency Infrastructure

Swisscoin shows no signs of being an actual cryptocurrency. The operating system looks like a clone of the NXT dashboard offering a holding tank for token packages. There is no blockchain explorer, and Swisscoin is not listed on market capitalization sites such as The Swisscoin ‘whitepaper’ says a source code repository, and a blockchain explorer is “coming soon.” The organization offers a screenshot of a blockchain explorer instead.

Dissecting Swisscoin Another Cryptocurrency Ponzi On the Horizon
A ‘Blockchain Screenshot’ provided by the Swisscoin whitepaper.

The so-called digital currency has a lot of similarities to Onecoin with its packages, barometer splits, and promises to make you filthy rich. Swisscoin affiliates believe these tokens “have the potential to compete with leading global payment systems,” while always mentioning ‘blockchain technology’ throughout every aspect of the business.

Dissecting Swisscoin Another Cryptocurrency Ponzi On the Horizon
Swisscoin user dashboard.

Speaking to a Swisscoin Affiliate

A few days ago I decided to reach out to my upline contact Reda from Morocco to get some more details about investing. I was provided with Reda’s email contact, and I sent this message:

“Dear Reda, A good friend of mine told me about Swisscoin, and it looks like a lucrative investment. However, I have a family to take care of, and I can’t afford much. What’s the best return of investment package for someone with little to spend? What else do I have to do to earn? Sincerely, Posternut.”

Fourteen hours had passed, and I received this reply:

“Hi Posternut, Your friend is a very smart person. You’ve come to the right place because we all will be very wealthy soon. Your best bet is the Crypto-Trader package which will give you 25 thousand tokens and immediate returns. If you want to make more money invite all of your friends and family members using your referral link. I do well asking my friends using Facebook, and sending links to all of my contacts. The more people who join Swisscoin the better it is for all of us. Feel free to contact me anytime for more information. Best, Reda.”

Swisscoin is Not a Cryptocurrency

Dissecting Swisscoin Another Cryptocurrency Ponzi On the HorizonOverall my entire experience investigating Swisscoin has shown the entire operation is a get-rich-pyramid scheme with no real value. In order to participate, you have to spend money on packages, and spend a lot of time convincing others to sign up below you. Everything about Swisscoin had red flags, and it is difficult to understand why people fall for these types of Ponzis. The Swisscoin operation runs in nearly every country in the world minus a few stricter regions like the U.S. Furthermore the leaders of Swisscoin are throwing an event this April in Dubai to entice followers to spend more money on this worthless token investment.

There are also multiple reviews of Swisscoin detailing that is a Ponzi investment from publications such as the Affiliate & Marketing Scams network and

The bottom line — Swisscoin is not a cryptocurrency, there is no blockchain to be found, and there is absolutely no innovation involved with the company’s business practice. Swisscoin is a smaller version of Onecoin and uses the language of cryptocurrencies and “blockchain” as a veil to hide its sketchy business practices. As you can see from the video below leaders of Swisscoin just want people to purchase packages so they can make millions.

What do you think about Swisscoin? Do you think it’s just as sketchy as Onecoin? Let us know in the comments below.

Images via Shutterstock, the website, and Pixabay. 

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Humaniq Launches Blockchain Banking App

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

Luxembourg City, Luxembourg – March 15 – Blockchain-based banking project Humaniq is releasing the first version of their mobile app that aims to tackle the global problem of financial exclusion for some two billion people around the world who don’t have bank accounts. The app will be released on March 15th on the iOS and Android platforms.

Initially the alpha version of the application will be available by invitation only to 1000 people, with restrictions gradually being eased as Humaniq finalizes testing and scales up their network. The Humaniq concept-to-minimum-viable-product (MVP) journey has been rapid – going from a pre-ICO idea in December to a working app, ready to trial, in just a few months.

“It’s a big day for our company, the first milestone of having something tangible to refine,” stated Humaniq CEO Alex Fork. “Launching the app serves two big functions – it lets investors see the service in action and it gives us the data we need to start fine-tuningand adding key features for customers.”

The iOS and Android based apps have several unique features that have not been seen before with banking apps. The software features biometric ID not just for unlocking the app or verifying transactions, but to replace the entire sign up process. Rather than using the long-held standard of requiring an email and password to register a new account, Humaniq’s app creates user profiles based on facial and voice recognition algorithms. A video highlighting the app’s features can be found on Humaniq’s YouTube channel here.

“Our initial target audience is people in emerging economies, and many of them don’t have email” explained Fork. “By using biometric ID we make the signup process more inclusive for people with low literacy while also lowering opportunities for fraud. Each real person will only ever be able to create one account, and no one will ever be able to steal their account. For businesses, a network full of real people is a dream come true, for reasons that are self-evident.”

Initially, Humaniq will be focused on developing the core banking services of the app, such as remittance payments and P2P lending. Humaniq is issuing their own tokens, known as HMQ, but the app will support a variety of cryptocurrencies, including bitcoin and ether. When Humaniq makes their global roll-out later this Fall, they plan to have a network of local cashiers in place who can exchange HMQ and other cryptocurrencies for local currency. The long-term plans of Humaniq are to have third party companies to plug into the network to provide additional services such as insurance, data security, small business loans, and pensions.

At a date and time in the future to be determined, Humaniq will release their app code on Github so that 3rd party developers can begin adapting their services to plug into it.

Humaniq has already gotten off to a good start as a new company. During a short-notice December campaign, they managed to raise over $110,000 in Bitcoin and Ether during their pre-ICO initial crowd-funding, beating their target of $68,000 by a hefty margin.

Simultaneously while kicking off their ICO on April 6th, Humaniq will sponsor a start-up competition at BlockShow Europe 2017 in Munich on April 6th, where six finalists will be competing for a €10,000 prize and the opportunity to be advised by industry experts who can assist them in setting up a solid business roadmap.

About Humaniq
Humaniq is creating an Ethereum Blockchain based banking app that will bring mobile finance to an audience of two billion people who currently don’t have access to formal banking services. The app will also act as the infrastructure backbone for 3rd party services to plug into, such as insurance providers, p2p lenders, and data security. See more at
For more information contact

Dwight Sproull

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. 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.

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Bitcoin ETFs Unlikely For The Foreseeable Future

Following its decision to disapprove Bats BZX Exchange’s proposed rule change for Coin ETF, the U.S Securities and Exchange Commission (SEC) now has two more Bitcoin ETFs to consider; Solidx Bitcoin Trust and Barry Silbert’s Bitcoin Investment Trust. The Commission has until March 30 to make a decision on the former while the latter is many months away.

Also read: Examining SEC’s Decision to Reject Bitcoin ETF

Rejections Likely for Upcoming Bitcoin ETFs

The SEC’s decision to disapprove the proposed rule change for Coin ETF last Friday was primarily based on the nature of the bitcoin markets. The Commission claimed that Bats Bitcoin ETFs Unlikely For The Foreseeable FutureBZX Exchange must “have surveillance-sharing agreements with significant markets for trading” bitcoin or its derivatives and that those markets must be regulated for the rule change to be consistent with the Exchange Act. However, since “the Commission believes that the significant markets for bitcoin are unregulated”, the two criteria are not met.

The chance that significant markets for bitcoin will be regulated in the near future, if at all, is slim. The wider Bitcoin community has already come to understand this, and expects the Commission to reject the proposed rule change for Solidx Bitcoin Trust, as evident in chat rooms and forums online.

Confirming the community’s expectation is former Needham analyst, who is now Head of Research at Blockchain Capital LLC, Spencer Bogart. Citing how the grounds for disapproval of Coin ETF “were related to the dynamics of the underlying bitcoin markets” as opposed to something specific in the ETF filing, he told that:

The odds of approval are very low for both of the other two Bitcoin ETFs.

Bogart, who is famous for estimating a sub-25 percent chance of Coin ETF being approved by the SEC, now says that the chance for Solidx Bitcoin Trust is “extremely low”, noting that it is “likely to be rejected on the same grounds”.

Very Little Anyone Can Do

Furthermore, Bogart believes that both NYSE Arca and Solidx Management LLC, which is the sponsor of Solidx Bitcoin Trust, can do “very little” to better the chance of Solidx Bitcoin Trust being approved. Bogart said that he did not think NYSE Arca has a better chance of getting its rule change approved than Bats BZX Exchange, adding that:

NYSE would need to enter into “surveillance-sharing” agreements with all the major bitcoin exchanges around the world and they would need to have a reasonable chance of regulatory action against any manipulative trading activity that is detected. Both are unlikely.

Future Prospect of SEC’s Approval

The SEC noted on Friday that, in the future, “regulated bitcoin-related markets of significant size may develop” enough for a Bitcoin ETF to be approved. However, Bogart believes differently, stating that:

I don’t see the SEC approving a Bitcoin ETF for the foreseeable future. I think any major bitcoin investment products will need to be launched in other jurisdictions.

On February 24, NYSE Arca filed the first amendment to its proposed rule change relating to the listing and trading of shares of Solidx Bitcoin Trust under NYSE Arca Equities Rules 8.201. The comments are due on March 16. When the chance of approval is very low, exchanges sometimes withdraw their proposed rule changes. At press time, NYSE Arca has not done so and the Solidx team did not immediately respond to’s request for comment.

Do you want the SEC to approve Bitcoin ETFs? Let us know in the comments section below.

Images courtesy of Shutterstock and the SEC

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The Crypto Show with Vinny Lingham

Tonight we Talk with Vinny Lingham. Vinny is a South African Internet entrepreneur who is the co-founder & CEO of Civic – an identity protection and management startup. He was also previously the founder and CEO of Gyft & Yola, IncVinnny also dives into the ETF and bitcoin price predictions.

Sponsored by: Dash, CryptoCompare Bitmain and Defense Distributed




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Online Wallet Coinbase Will Not Pay For On-Chain Fees, Forwards Cost to Customers

Over the course of the past six months, bitcoin miner fees have spiked significantly causing on-chain transactions over the network to be more expensive. Last week reported on Bitpay raising the cost of the company’s invoice rates to cover miner fees. Now Coinbase has announced their service will discontinue paying network fees and the cost will be passed on to customers.

Also Read: Tension Rises Around Bitcoin’s Fees, Unspendable Addresses and Spam

Companies Are Pivoting Their Business Models Due to Transaction Fees

Coinbase Will Not Pay For On-Chain Fees Forwards Cost to CustomersOn-chain transactions are costing more these days, as the normal miner’s fee is roughly 69 cents per transaction at the time of writing. Many bitcoin proponents have shrugged off the issue as they believe it’s the price one must pay for a decentralized payment system. However, bitcoin-based businesses seem to be having a hard time paying on-chain transaction fees and have begun to switch their business models.

This past January the freelancing website Fiverr detailed it would stop accepting bitcoin for its services. Bitcoin proponents speculated the company may have ceased operations due to slow transaction times and higher fees. In February some bitcoiners received an email from the company Egifter stating they would only accept bitcoin transactions from Coinbase. Again community members speculated the reason was due to transaction costs and speculated that Coinbase would help the business settle off-chain.

Following these announcements the bitcoin payment processing company Bitpay revealed it was raising the price of the company’s invoices. Bitpay explained:

[Effective tomorrow] we’re raising the Bitpay minimum invoice amount from $0.04 to $1.

Coinbase Begins ‘Spring Cleaning’

Coinbase Will Not Pay For On-Chain Fees Forwards Cost to CustomersOn March 14 the San Francisco-based bitcoin exchange and brokerage company Coinbase announced the company would stop paying on-chain transaction fees. These fees will be forwarded to the customer and assigned dynamically for customer withdrawals, the business detailed; 

“Network transaction fees: We will discontinue paying network transaction fees for on-chain transactions starting March 21st, 2017,” explains Coinbase. “We now have over 6 million users worldwide, and this has become a significant cost. Fees will be assigned dynamically based on the current network conditions and will be paid by customers when they send an on-chain transaction. Transactions between Coinbase accounts will continue to be off-chain and free.”

Bitcoin companies have begun to protect themselves from the rising fee market. At the rate the fee market is growing, many more bitcoin-based businesses may realign their business models in the future to offset costs.

What do you think about bitcoin companies forwarding fee costs to their customers? Do you think the fee market is hurting cryptocurrency businesses? Let us know in the comments below.

Images via Shutterstock, Pixabay, and the Coinbase website. 

The Bitcoin universe is vast. So is Check our Wiki, where you can learn everything you were afraid to ask. Or read our news coverage to stay up to date on the latest. Or delve into statistics on our helpful tools page.

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The Tatiana Show – Thomas Hunt

Tatiana and Josh interview Thomas Hunt, Mad Bitcoins himself, of the World Crypto Network!

Topics Include:

–“What is the World Crypto Network?”

–“The Bitcoin ETF”

–“The Coinbase/IRS Battle”

–“The Malebility Attack on Bitcoin”

More Info:

Friends and Sponsors of the Show:


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Can We Trust the Blockchain Headlines from PR Firms, VCs, Corporatists and Banksters?

Since the beginning of 2015, the word blockchain has become associated with a lot of hype, as many believe the technology will transform the world of finance and everything in between. Bitcoin is typically dismissed, even though it has proven to be a real world solution providing utility to many people. Private blockchains, however, have yet to show any real uses cases outside of a press statement.

Also read: Norwegian Prosecutors Seek 120 Bitcoins in Court Restitutions

Private Blockchain Projects Have Successfully Proved They Are Good at Making Headlines and Nothing Else

Can We Trust the `Blockchain´ Headlines of PR Firms, VCs, Corporatists and Banksters?You’ve seen the headlines time and time again saying how a big bank or corporation has applied blockchain technology to a traditional settlement or some kind of business service. According to hundreds of press releases and articles, many companies like IBM, Microsoft, Visa, and many others have completed trials using privatized versions of distributed ledger technology. Unfortunately, that’s all you get to see as these blockchain projects never supply charts, statistics, video or any real proof of these so-called “real world” applications. What you do get is a bucket of word salad from these project creators and executives explaining that blockchain will revolutionize the world.

For instance, last summer seven big European banks revealed a blockchain-based trade finance platform with a fancy name called Digital Trade Chain. The platform “could launch” at some point during 2017, and so far the trial pilot had been “successful” the banks explained. “This successful DTC trial shows that blockchain technology offers a number of opportunities that we want to continue testing and developing,” explained Luc Gijsens, of KBC Group International Markets at the time. According to the press release importers and exporters were super thrilled with how easy the technology was to use and the “clear transaction process.” The creators explained the DTC could also be used on a desktop, mobile phone or tablet.

There have been so many of these ‘blockchain trials’ published by the media they could fill a large library. Besides the headlines and the 500-800 word articles of fluff, there is basically no evidence these blockchain pilots have done anything  Unless we want to take their word for it.

The Bitcoin Protocol Comes With Real World Applications and Actual Proof

Now the Bitcoin protocol, on the other hand, has a significant amount of real world proven use cases and actual statistics every single day. There are a ton of charts, websites, blockchain explorers, and more covering everything bitcoin does, at all times. There are clear examples of actual use cases, of people utilizing bitcoin’s benefits in nearly every country in the world. The Bitcoin blockchain is light years ahead of word salad press releases and bank executives worshipping blockchain technology in their highlighted quotes.

For instance, recently reported on how Bitcoin the number of projects on Github have now crossed over 10,000 and continue to grow. Bitcoin’s hashrate is a phenomenal 3,451,438,901 GH/s and is measured by many statistical data websites. Statistics can be applied to the decentralized currency’s volatility, transaction count, mining difficulty, node proliferation, and so on. The list of real world documentation of the Bitcoin blockchain is recorded daily and is completely open to the public at all times.

“Major banks complete first international transaction using a blockchain”

You mean, the same thing bitcoin has done several million times?

— Andreas (@aantonop) October 24, 2016

Can We Trust the Headlines of PR Firms, VCs, Corporatists and Banksters?

Can We Trust the `Blockchain´ Headlines of PR Firms, VCs, Corporatists and Banksters?How can we trust these blockchains, being built and tested behind closed doors, have actually accomplished anything? Especially when many of them are operated by the very banks that have manipulated and tarnished the existing financial system we know of today. Nearly every one of these new blockchain project creators say their ‘inventions’ will make traditional trade finance obsolete, but yet these incumbents also wish to remain watchdogs of our economy. Their plans are just as centralized as they are today, with an added buzz word bonus called blockchain.

The fact is not one of these private distributed ledger projects created by VCs, banks and corporations have proven anything. Minus the fact that they wish to continue ruling the world economy and they think if they use the word blockchain enough times, maybe people will take them more seriously.

What do you think about the hundreds of headlines that claim real world use cases by utilizing blockchain technology? Let us know in the comments below.

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The post Can We Trust the Blockchain Headlines from PR Firms, VCs, Corporatists and Banksters? appeared first on Bitcoin News.

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