FastCoin Crypto News
Bitcoin price surges to post-crash high Price hits $197, following a jump of $30 in a day, calming fears that the closure of Silk Road would harm the currency
A physical mock-up of a bitcoin. Photograph: Alamy Bitcoin, the cryptographic peer-to-peer digital currency, has reached a new price high since the market crash in April this year.
Over the two weeks to 21 October, the value of one bitcoin rose by almost $60, and on Tuesday hit a high of $197.40 at the largest exchange, Mt Gox. An estimate of the current price taking a broader spectrum of exchanges into account shows it at $182.74.
The price of one bitcoin peaked at $266 on 10 April, before tumbling rapidly to a low of $50 shortly after. Since then, the price has not risen above $170 until this week.
Whatever your opinion of Bitcoin, it does stand as a high-quality intellectual achievement. Now, a group of researchers from Johns Hopkins are suggesting its cryptographic implementation could help solve the “certificate problem” for ordinary users.
Apart from whether or not they might be universally compromised by the spooks, a problem with Public Key Infrastructure – PKI – certificates is that they depend on users' trust of the certification authority (CA) that sits at the top of the trust hierarchy.
Jeremy Allaire is already pretty well known in the tech world, having played an integral part in the creation of ColdFusion, the Macromedia MX (Flash) platform, and online video platform Brightcove. However, he just stepped even further into the limelight.
Allaire is now heading up a new company called Circle, which aims to take the bitcoin market by storm. It’s made a mighty good start, too, having secured $9m in Series A funding – the largest amount ever raised by a bitcoin company.
In a bid to prove that bitcoin funds cannot be frozen, Frenchman Faysal Hanneche may soon be the first person to make a digital currency purchase from the South Pole.Danish bitcoin broker Sirius Money is leading the bid to sponsor Hanneche €2,000 to carry a bitcoin sticker on his sledge all the way to the Amundsen-Scott base station in Antarctica, and make the first ever bitcoin purchase from the south pole, purchasing a pizza online via satellite connection just prior to his arrival back in Chile.
Ebay is preparing to expand the range of digital currencies it accepts and said that its payments unit PayPal may one day incorporate Bitcoin....
With the first Bitcoin ATM launching in Vancouver on Tuesday, some may question the validity of the digital currency and its efficacy in the modern world. Is this a trend doomed to fail, losing investors thousands if not millions of dollars in the process? Or is the Bitcoin an emerging currency free from centralized oversight, high fees and the woes of the current economy?
Launched in 2009, Bitcoin is the world’s “first decentralized digital currency,” according its website, bitcoin.org. The Bitcoin system relies on an algorithm to maintain a steady influx of BTCs created through a process called "mining," hearkening back to the age of the ‘49ers in California, where hard workers struck it rich. But unlike the miner/49er and his daughter Clementine, people mine digitally through specialized hardware and software, working alone or in pools of people decrypting blocks of data for payoffs of 25 BTCs every 10 minutes. And with current prices of around $210 per BTC, that’s a potential of $5,000 (more or less) from each block.
Bitcoin & Fastcoin the Dynamic Duo of Crypto!
Here's the good news: Bitcoin is money, as far as the US government is concerned.
But the bad news is, being deemed real money involves a level of regulation that Bitcoin utopians, who describe the digital currency as a way to escape the strictures of governmental oversight, may not have been counting on.
In the current world of Bitcoin, potential buyers currently have two choices. They can buy Bitcoins through an exchange, a lengthy process that involves disclosing a bank account, government ID, and sometimes a past utility bill, to a site they don’t quite trust. Or, they can, as this reporter tried, exchanging cash for Bitcoin with a stranger whom they might trust even less.
As Bitcoin's hash rate continues to grow, it will create a solid networking foundation for the currency from an infrastructure perspective. This open's the door for alternative Crypto Coin's such as Fastcoin to flourish while the saturation rate of Bitcoin miners floods the marketplace. Bitcoin may currently be the established leader in the Crypto currency space, but this certainly opens the door for other Alternative Crypto coin's such as Fastcoin to be recognized as a viable cost alternative with some added functional enhancements in the months ahead.
RT: Bitcoin, a Money Machine featuring Jeffrey Tucker
What's believed to be the first Bitcoin ATM in the world is expected to go live Tuesday in Vancouver, operated by Nevada-based Robocoin and Vancouver's Bitcoiniacs. Mitchell Demeter, co-founder of Vancouver bitcoin trading company Bitcoiniacs and part-owner of Robocoin, has invested in five such machines to be placed across Canada. Bitcoins are an emerging digital currency that isn't controlled by any authority such as a central bank. It’s an idea that is moving into the mainstream, despite the scandal surrounding Silk Road, an anonymous online marketplace for illegal drugs and other illicit goods that used Bitcoins.
Congratulations to fellow forum member "Ohiwastedmylif"
For submitting the winning FastCoin Logo!
A very special thanks to everyone else that has participated in this contest it was a great way to galvanize the community beyond geek speak. We hope to have announcements out shortly about other exciting upcoming contests and events that we have schedule in the months and weeks ahead. Thank you all again for your support as we continue to grow the global Fastcoin community!
History was made in Bitcoin world on Tuesday when the world’s first Bitcoin ATM opened in Vancouver, B.C. At the Waves Coffee House in downtown Vancouver, 81 people made Bitcoin transactions that totaled $10,000. About one-third of those 81 were first-time Bitcoin users.
Operated by Las Vegas-based Robocoin and Vancouver-based Bitcoiniacs, the ATM scans your palm and allows you to exchange cash for Bitcoin, or do the reverse. Customers can make up to $3,000 worth of Bitcoin exchanges per day.
Interview with Austin and Beccy of 'Life on Bitcoin' in Singapore
Silver update, debt, BTC, and talking to your kids about reality
Virtual currency takes another step towards the mainstream as easy-to-use machine opens in Canadian coffee shop. A silver and blue ATM, perched up next to the espresso bar in a trendy Vancouver coffee shop, could launch a new era for the virtual currency bitcoin, offering an almost instant way to exchange the world's leading virtual money for cash.
The value of a bitcoin soared from $13 in January to a high of $266 in April as more businesses and consumers used them to buy and sell online. Some investors are also treating bitcoins like gold, using them to hedge against currency fluctuations and speculating on their rise.
The Chinese Are In Love With Bitcoin And It's Driving The Digital Currency's Prices Into The Stratosphere
Remember when Bitcoin prices crashed after the government shut down illicit online emporium Silk Road? That now seems like a distant memory. Since reaching a low of $109 on the Mt. Gox exchange the day of Silk Road incident Oct. 2, prices have climbed nearly $100, reaching as much as $233. Prices haven't fallen below $200 since Sunday.
Bitcoin - Resistance Starts Here!
FOUR years ago Norwegian student Kristoffer Koch spent 150 kroner ($26.60) on a little-known internet currency called bitcoin. It was 2009 and he was working on his thesis about encryption when he came across the mysterious currency. He bought some for fun, then forgot about it.
Fast-forward to April 2013, when the value of bitcoins started to soar. The internet currency received widespread media coverage, and Mr Koch remembered he had bought a few bitcoins years ago, NRK reports.
"I thought to myself, didn't I have something like that?" Mr Koch said.
He started searching frantically for his password, which he had encrypted. When he finally worked out the correct combination to unlock it, he found a very pleasant surprise.
"It said 5000 bitcoins there. Measuring that in today's rates it's about 5 million kroner ($885,520)," he said.
Bitcoin ATMs Launching in Canada
John Stossel Talks The Fed, Bitcoin, Competitive Banking
Bankers' Worst Fear
It appears that any small American business not already shut down by Obamacare regulations will be helped along by the banksters.
In an apparent effort to front-run official government capital controls, JP Morgan Chase has issued letters to ALL Business account holders notifying them that as of Nov 17th, the bank will limit all cash transactions (including deposits, withdrawals, and ATM usage) to $50,000/month, and will ban all outgoing international bank wires!
In less than a decade businesses will need to accept some form of digital currency as Big Data promotes a shift from cash to code. Just how businesses prepare for that shift will determine who hits the jackpot and who gets left behind.
That’s the message from the former innovation advisor to Hilary Clinton, Alec Ross, who contends that the current exuberance around Bitcoin is akin to the excitement generated by the early search engines.
Ross, a key player behind the campaign that helped carry Barack Obama to the White House in 2009, says that Bitcoin is just the beginning of the digital currency wave, and it probably won’t live to see the day when its kind becomes the norm rather than the exception.
After the feds seized and shuttered Silk Road, an online marketplace for illegal drugs, earlier this month, some technology experts started sounding the death knell for Bitcoin, Silk Road's international currency of choice. Instead, we may soon see Bitcoin's real value.
Invented in 2008, Bitcoin is not the first attempt at an all-digital, cryptographically based currency. Others have existed in one form or another for nearly fifty years, but have either failed to take off or dramatically crashed and burned. Bitcoin is the first cryptocurrency with the deep structure, wide adoption, and trading momentum to achieve escape velocity.
The Biggest Scam In The History Of Mankind
After thousands of years of government monopoly over issuing money, the digital age is bringing new competition to how we save, spend and make payments. Due to concerns about inflation and money printing, the last 20 years has seen an incredible number of new developments in the world of money. Read our infographic to learn how gold got digital, how digital currencies exploded into life and who the key players are in this global story.
In the age of cryptocurrency, the leading player is Bitcoin, a financial transactional tool that’s just beginning to move from the fringe to early adaptors. Think of Bitcoin as an open-source digital currency that’s not backed by any particular entity. Bitcoin may be relatively new but it’s already a $1-billion industry and could soon be another fundraising avenue for campaigns.
Users of Bitcoin benefit from its high level of privacy as transactions aren’t monitored by any government or financial institution and no personal information is exchanged. Also, Bitcoin transactional rates are much lower than major credit cards and making payments can be as easy as sending an email. Because Bitcoin is not based on or in any particular country, international transactions are quick and don’t incur any additional costs.