Tag Archives: adoption

The 7 Best Bitcoin Youtube Video

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Satoshi

Infographic: Who Uses Bitcoin?

Who uses Bitcoin infographic HolyTransaction

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jorge

New North Carolina Money Transmitter Bill Could Push Out Bitcoin Companies

How many Bitcoin companies operate in North Carolina? How many will there be? A new piece of legislation making its way through the North Carolina State Senate is attempting to enact further regulations on companies that handle digital currencies such as bitcoin. Originally sponsored by a state representative that also happens to be a vice president at Wells Fargo, the North Carolina legislature has moved forward with H289. H289 has made it through the North Carolina House of Representatives, and has started making its way through their state Senate. Luckily for us, the new senate bill S680 will not be voted on until Spring 2016. S680 is officially drafted by the North Carolina Banking Commission, which specifically mentioned that the proposed legislation is coming about as a result of requests by certain companies seeking clarity about digital currency regulation. It’s pretty easy to figure out which company that is.

The Politician Forgot to Take Off his Banker Hat

Before delving into the implication of this new update to the North Carolina Money Transmitters Act, we should consider the ridiculousness of how it came to be in the first place. The Representative that forgot to take off his hat was none other than Republican Representative Stephen Ross. Officially, his title is Executive Vice President, and he often votes on and sponsors financial industry related bills. Ross has also voted to protect officials that refuse to perform same-sex ceremonies. Such a bill has thus far only seen success in Utah.
A much better example of how to wear two hats can be found in a Virginia Representative. Mark Keam, a vice president for Verizon Communications has vowed to abstain from voting on issues that might present a conflict of interest with his Verizon job. Why this isn’t a basic requirement is still baffling to me. More importantly, Keam committed to not submitting any telecommunications bills during his time on the job. Representative Stephen Ross, from just a state south of Virginia, is truly only representative of the perceived political corruption and rot that fuels the anarchist movement. In a world where people are wearing more hats, both literally and figuratively, better rules to weed out moral hazard and stymie conflicts of interest are needed. More importantly, people who will follow these rules, and not bend them until they break, are also needed.

Coinbase Supports This Bill

As Bitcoin company BitGo’s engineer Jameson Lopp notes in a Medium article, Coinbase is the only Bitcoin company with lobbyists in North Carolina and it is believed that these lobbyists are actively pushing for more regulation of Bitcoin companies. These regulations would benefit companies such as Coinbase but would damage the efficacy of other smaller companies in North Carolina. In fact, Coinbase published a blog post where they praised the proposed legislation out of North Carolina. Coinbase wrote:
We want to thank the NC Bank Commissioner’s office for engaging with industry while modernizing its MTA and working to make NC a welcoming place for tech innovation. Please join us in thanking both Representative Ross and Senator Gunn, who sponsored the legislation in the NC House and Senate, respectively, and in urging the NC Legislature to move quickly in passing the legislation.

Proposed Changes May Harm Some Bitcoin Companies

Previously, the net worth requirement for receiving a license and being a fully legal Bitcoin company in the state was 100K, now it could be 250K. Depending on the volume your company handles, the surety bond that you need to provide could cost as much as 100K more than the previous $150K amount. The application fee itself has increased from $500 to $1,500 and the annual assessment fee has been raised to $5,000 and also heightens depending on transmission volume.
As Coinbase has settled itself into North Carolina. Other Bitcoin companies, such as Xapo and CoinOutlet, have announced their departure from the state. Jameson Lopp hopes that S680 can suffer a fate similar to AB1326 in the California legislature. He is working with the Chamber of Digital Commerce to create amendments to the bill that would exempt certain types of entities or activities from this legislation, and potentially give some Bitcoin companies some breathing room. However, he notes that the complete defeat of the bill is a preferred outcome.

About the author: Caleb Chen is a cryptocurrency advocate and is a research assistant at the Chamber of Digital Commerce.

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Satoshi

Bitcoin’s Monthly Recap of September 2015

Welcome to HolyTransaction’s ninth monthly recap for the year 2015. This past month of September has been marked by some pretty developments in old cases and the long awaited release of new products; during that time, the bitcoin price rose from a low of $229.86 on September 1st to a high of $236.12 on September 30th, according to Bitcoin exchange Bitstamp.
 
Mike Tyson Proud to Be In Bitcoin, Opens Bitcoin ATM in Las Vegas
Weeks ago, Mike Tyson announced that he would be releasing a Tyson branded Bitcoin ATM in Las Vegas. The Lamassu Bitcoin ATM currently sits at the Linq in Vegas, is the 7th in Sin City, and has gathered a lot of attention. Tyson believes that Bitcoin will grow as education on it grows. He commented: “People don’t really understand a currency based on numerical equations. I personally still don’t … but I’m grateful to be a part of the revolution and hoping that my participation in this space will lead to more conversations and help increase knowledge and awareness.”
 
More Corruption in FBI Silk Road Case As Variety Johns Comes Forward
Variety Johns, the man long associated with working with Ross Ulbricht and Silk Road, has turned himself in and revealed a very convoluted tale. He claims that a corrupt federal agent is threatening the Ulbricht family and is in control of an encrypted Bitcoin wallet with Ross Ulbricht’s bitcoins. Posting to the internet, Variety Johns revealed his real name and the alias of the supposed agent hunting him: Diamond. The years old investigation into Silk Road is still ongoing.
 
21 Inc. Releases 21 Bitcoin Computer
21 Inc., one of the most well-funded Bitcoin companies in the world, has released its first product: the 21 Bitcoin Computer. At its core, the Bitcoin computer is just a Raspberry Pi 2 with an attached 21 Inc. Bitcoin mining chip that is rather efficient. The Bitcoin computer enables a developer to have full access to the Bitcoin network as a full node. Already, the computer has become the #1 best selling server on Amazon.
 
R3 Blockchain Initiative Brings 22 International Banks Together
In a sure sign of the times, many big name banks from around the world have committed to working with new Bitcoin company R3. R3 is planning a blockchain development initiative that will update the financial infrastructure that banks use to include blockchain technology, whether or not Bitcoin will be involved remains to be seen. The CEO of R3 stated: “The addition of this new group of banks demonstrates widespread support for innovative distributed ledger solutions across the global financial services community, and we’re delighted to have them on board.”

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Satoshi

Deutsche Bank Is Bringing Bitcoin-Inspired Blockchain Technology to Germany

In a recently translated piece by the Deutsche bank, originally written by Thomas F. Dapp and Alexander Karollus, the German bank discussed how banks in general might be able to benefit from p2p networks like Bitcoin. The authors specifically mention a hypothetical future scenario where banks might assume new tasks that still play on banks’ perceived trustworthiness – “e.g. as custodians of cryptographic keys.” Other existing centralized services might have to adapt to serve other roles in the coming decentralized world. Don’t be surprised if someday soon Bloomberg to self-proclaim themselves as an oracle? They went on to note that the politics of Bitcoin would eventually lead to a head with regulators, law enforcement, etc. However, in the face of this new technology and potential regulatory backlash, Deutsche bank still wants to push forward… Because the concept of a blockchain really is that compelling, and the banks are finally starting to get it. Dapp and Karollus wrote:“Traditional banks should not rely on the regulator now, though, but instead actively experiment with the new technologies in their labs and collaborate without prejudice in order to create their own digital ecosystem in the medium run.”

This piece was originally published by Deutsche bank in late July. Since then, the German bank has delved head first into the investigation of blockchain use. Deutsche Bank is joining Morgan Stanley, Bank of America, HSBC, and Citi among other banks in a distributed ledger initiative lead by R3. Other banks include BNY Mellon, Commerzbank, Mitsubishi UFJ Financial Group, Royal Bank of Canada, SEB, National Australian Bank, and the Societe Generale and Toronto-Dominion Bank. The international representation in the project’s participants is not to be ignored. Many of these banks have also hosted big name Bitcoin companies, at least for a few weeks. For some banks, this move is clearly away from Bitcoin and to the blockchain – whatever that means. R3 CEO David Rutter commented:
 
“The addition of this new group of banks demonstrates widespread support for innovative distributed ledger solutions across the global financial services community, and we’re delighted to have them on board.”
Why are the banks rushing toward Bitcoin now? Why are they pushing the use of the words “distributed ledger” and “permissioned database” over “blockchain?” Why didn’t that sentence contain the word “Bitcoin?” All the banks delving into this new distributed technology know that they believe in blockchains more than bitcoins. After all, bitcoins have already suffered the taint of money laundering in the pen of the mainstream media and the eyes of the undiscerning reader, of which there are way too many. HolyTransaction believes in many blockchains, as evidenced by our support of other altcoins including our most recent addition – Gridcoin.
The community still isn’t quite sure what R3 is going to be doing with all of these banks and how involved Bitcoin will be. The emphasis that released products would be open source but might move away from proof of work, which some consider environmentally unviable. R3 is leading the world’s banks to the blockchain light. Better late than never!

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Satoshi

Infographic: What is the Block Size debate, and will it lead to a hard fork?

Block Size debate infographic HolyTransaction

 

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jorge

Infographic: 5 reasons you should be bullish on Bitcoin!

5 to be bullish on Bitcoin infographic HolyTransaction

 

Open your free digital wallet here to store your cryptocurrencies in a safe place.

jorge

HolyTransaction Telegram Bot for Crypto Conversion

We are excited to announce several new developments that have recently launched at HolyTransaction, in our continued effort to make digital currency easy and accessible for all.
Firstly, full conversion between Tether and our other supported cryptocurrencies is now available.
Tether is blockchain-based smart property built on top of Omni Layer that is backed backed 1-to-1, by traditional currency held in Tether reserves. One TetherUST, for instance, equals one dollar. The value of each Tether never changes, meaning that there is no fear of volatility. Tethers can also be withdrawn and held in any Bitcoin wallet where you control the private key.
Secondly, we are pleased to introduce our new HolyTransaction Telegram Bot, available to users on both the Telegram and GetGems messaging platforms. The HolyTransaction Bot allows users to view up-to-date exchange rates, and get the most recent cryptocurrency news, without ever leaving their chat client. In many countries, a strong and reliable internet connection is not always available.
Our bot will allow users to conduct transactions and inquire about their favorite currencies quickly and without difficulty, all from a single chat. The HolyTransaction bot is available to users on both desktop and mobile platforms. Simply send a message to @HolyTransactionBot via either Telegram or GetGems to begin.
Bot Commands:
/exchange

  • ●  Conduct a trade between any of our supported currencies on the HolyTransaction
    platform.
    /getnews
  • ●  View the most recent cryptocurrency news.
    /rate
  • ●  Receive details on the current price of any of our supported currencies.
    /currencies
  • ●  List currencies available on the platform.
    /help

            ●  List of BOT commands
Lastly, as part of the technology behind the HolyTransaction Telegram Bot, we have released a custom HolyTransaction API. Developers around the world are invited to use this new API to integrate the functionality of the HolyTransaction platform into their own projects. You will find more info to start developing.
HolyTransaction is a multi cryptocurrency wallet that allows you to use Bitcoin, Litecoin, Dogecoin, Dash, Blackcoin, Tether, Omni Layer and RibbitRewards. We are committed to our users both near and far. Cryptocurrency is international, and so are we. Stay tuned for more news from HolyTransaction!

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Amelia Tomasicchio

Infographic: Do the capabilities of the Blockchain end with Bitcoin?

Capabilities of Blockchain Bitcoin Infographic HolyTransaction

Do the capabilities of the Blockchain end with Bitcoin?

Open your free digital wallet here to store your cryptocurrencies in a safe place.

jorge

Goodbye For Now, NYC

goodbye nyc

 

After carefully considering the recent introduction of the BitLicense, HolyTransaction has decided to suspend its business within the state of New York, until such time that more reasonable regulations are put into law. It is unfortunate that the politics in New York have led to this stifling of innovation. Our community is still new, still growing. To limit the possibilities of this technology now would be akin to cutting a flower before it has bloomed.
For those who do not know, BitLicense is over regulating in a number of unfortunate ways. First, and most often cited, is the cost for a business to obtain the license itself. BitStamp has estimated that they have paid nearly $100,000 to apply, between legal fee’s, time allocation, and maintaining compliance.
What happens when every state in the U.S., or every country in the world, crafts their own BitLicense? Businesses will be expected to pay for separate licenses in every area in which they operate; potentially a multi-million dollar requirement that could shut the lights off at many of crypto companies, leaving standing only those who have chosen to comply with rules set out by the very institutions that Bitcoin has rallied against. Abandoning business in states who insist upon excessive profiteering from unnecessary regulation is our best option for the moment.
Our most significant qualms with the BitLicense are directly related to the implications for our customers and their privacy. Some countries have taken a divisive stance on compliance that has led to outrage and feelings of betrayal amongst many of Bitcoins core users. KYC and AML laws have been forced upon every company in the U.S., for instance, that directly hold or handle their customers money. You may have noticed that wallets, or those who once allowed you to trade cash for coins, have suddenly become very interested in your private information. While it has led many to revile these companies to whom they were once loyal, the truth is that these businesses have no choice.
BitLicense makes its greatest error though in its premature attempt to define what Bitcoin is. The blockchain is such a new frontier for technology that confining the tools built on top of its framework to the parameters of “money” or “property” would be limiting. The only technology with which Bitcoin compares is the Internet, which was once considered to serve the near-exclusive function of sending super fast, super cheap messages in the form of e-mail. Consider what the Internet would be today if it had not been allowed to grow in its earliest years; if it had instead been listed as a postal technology, and had then been regulated as such. This would have limited its development and, ultimately, it would have never become the open forum of information and discourse that our modern world is reliant upon. You cannot know what a technology will become tomorrow if you insist on defining it today.
The circumstances surrounding our and many other company’s exit from New York are unfortunate, but we are holding out hope that future rulings from other jurisdictions will be more reasonable. To our customers, our friends, and our supporters who are affected by this change, we sincerely hope that you will continue to work alongside us to keep the Blockchain open and free, and that we at HolyTransaction will be able to be of service to you again very soon.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Satoshi