8 Nov
2
Federal Reserve economist says bitcoin is a remarkable technical achievement
(CoinDesk) A member of the United States Federal Reserve banking system has written an analysis of bitcoin, stating that there are many positive aspects to it.
François R. Velde, senior economist of the Federal Reserve in Chicago, writes in his paper “Bitcoin: A primer” that bitcoin is a “remarkable conceptual and technical achievement, which may well be used by existing financial institutions.”
“The bitcoin protocol provides an elegant solution to the problem of creating a digital currency—i.e., how to regulate its issue, defeat counterfeiting and double-spending, and ensure that it can be conveyed safely—without relying on a single authority,” Velde writes.
The news of these remarks coming from the US central banking authority come on the heels of bitcoin’s price hitting a record high since it was first created back in 2009.
Andrew Beal, corporate attorney at Los Angeles-based firm Crowley Strategy, works primarily with startup technology companies. He thinks that this is a sign that the banking industry is taking bitcoin seriously, which is good for businesses that want to accept of otherwise build a company around BTC.
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6 Nov
0
BTC China to become the world’s No. 1 Bitcoin exchange!
(CoinDesk) BTC China has become the world’s biggest digital currency exchange having handled a greater volume of bitcoins in the past week than Mt. Gox and Bitstamp.
More than 109,841 bitcoins have been exchanged on the site in the past seven days, compared with 93,372 on Bitstamp and 76,673 on Mt. Gox, according to data from Bitcoinity.org. In the past 24 hours alone, BTC China has processed 36,104 bitcoins, compared with Mt. Gox’s 24,913 and Bitstamp’s 23,214.
Bobby Lee, CEO of BTC China, said: “It’s an honor to see that BTC China has been propelled ahead to number one in the worldwide rankings. The real credit goes to the people in China, for having recognized the importance and value of Bitcoin.”
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