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Will the Chinese Banhammer Hit Bitcoin Miners Next?

Will the Chinese Banhammer Hit Bitcoin Miners Next?

China’s 2017 moves against Bitcoin use may go further than some in the community anticipated. A leaked document describes plans to block access to blockchain syncing for exchanges and even miners and mining pools. Some rumors also claim exchange executives are being told to remain in the country.

Also read: Indian Government Considers Creating ‘Lakshmi’ Blockchain Currency

Amid the almost-daily shocks it’s notable that bitcoin has mostly risen in value this week. It could be that after nearly four years of vague rules and unpredictable outcomes, Bitcoin has “priced in” Chinese regulatory uncertainty.

Past experience should see Bitcoin crashing on every new rumored action, with each more restrictive than the last. But the international Bitcoin community has now grown so used to China’s capricious attitude towards cryptocurrency, that recent crashes have been minor compared to 2013-14.

China May Block Blockchain Access and Overseas Exchanges

Chinese site 8BTC News showed pictures of a Chinese-language document that supposedly indicated the government’s upcoming plans for Bitcoin.

Bitcoin ban keep out signIt listed several popular exchanges in the U.S., Japan, South Korea, Hong Kong and Europe to which it would block access starting 30th September 2017.

It also added Bitcoin seeding nodes to its block list, including two belonging to Bitcoin Core developers Matt Corallo and Luke Dashjr. VPN access to these sites would also be blocked to China-based users — and most significantly, mining pools.

China’s infamous “Great Firewall” would perform deep packet inspection (DPI) to “discard Bitcoin blockchain synching data”. Additionally, local miners and mining pools could be denied internet access altogether.

OTC/P2P Trading, Miners Now Targeted Too

Notably, the list also included LocalBitcoins — a P2P matching service. This contradicted the initial report on financial news service Caixin that stated over-the-counter (OTC) trading would remain untouched. Locally-developed OTC app BitKan had already decided to suspend its platform.

That same Caixin report had said there would be no action against cryptocurrencies themselves. That’s now also uncertain.

OTC trading in China — via apps, LocalBitcoins or other channels — had boomed in China in 2017 as exchanges faced restrictions on fiat movements.

Needless to say, these latest developments are making large-scale Chinese mining operations nervous. There are no confirmed reports of the authorities moving to shut down physical mining centers themselves yet. But the industry remains on tenterhooks wondering who might be next.

Bitcoiners Should Expect More Regulation, Not Only in China

The Wall Street Journal described China’s latest moves as “the most draconian measures any government has taken to control Bitcoin”.

bitcoin minersHowever they’re also neither unexpected nor unprecedented. The Bitcoin world has long anticipated further crackdowns, should the currency become “too popular” and become a serious rival to government-approved currencies and investments.

Smart watchers should remain vigilant against anti-Bitcoin action from “friendly” governments outside China, as well.

The U.S. government in July moved swiftly to shut down exchange BTC-e after watching it grow for years. Regulators like the SEC have also done their best to keep institutional investors away from cryptocurrencies, like when it denied a rule change to allow the Bitcoin ETF a public listing.

Can Bitcoin still survive if major governments are hostile? Let’s hear your thoughts.


Images via Pixabay

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Centra Tech Continues Rapid Expansion With ICO Launch

Centra Tech Continues Rapid Expansion With ICO Launch

September 18, 2017: Miami, Florida — Centra Tech, the company behind the first multi-cryptocurrency debit card, will launch the Initial Coin Offering (ICO) of the CTR token on September 19th, 2017 at 12:00am EST (Eastern Standard Time – New York Time 00:00am). The token sale will have a hard cap of 170,000 ETH, and the company has already raised more than $7 million in seed investment.

This is a press release provided by Centra Tech.

Initial Coin Offerings are an innovative way for startups to raise funding, and deliver a token to its users, who will be able to interact with the platform, in this case, Centra Tech is preparing the launch of three innovative products that will give value to the whole Centra network, all featuring the CTR token. ICOs have been featured in mainstream media, and each day thousands of new users take part in this revolutionary funding mechanism. Acknowledging this fact, the Centra team continues to secure key alliances and partnerships, like the one recently announced on September 14, the World Champion Boxer, Floyd ‘Money’ Mayweather JR joined Centra Tech as an official Brand Ambassador further expanding the Centra brand.

Users who contribute 5 or more ETHs to the token sale will be eligible to receive a Centra Blue debit card, the entry level version of the first Centra Tech product which is available worldwide.

Centra Tech

The Centra platform runs the Currency Conversion Engine Module (CCE Module) which allows real-time conversion of all supported cryptocurrencies to give the user the ability to spend their assets in real time anywhere in the world that accepts Visa or Mastercard. The CCE module works transparently, and users won’t have to manually exchange their crypto holdings, receiving the best available rate, without any intervention needed.

As of July 2017, the Centra team has managed to achieve several milestones:
● Operating with engineers, architects, lawyers, advertisers, and bankers to set the establishment of the Centra Team.
● Developed Centra Wallet Beta App for iOS and Android.
● Worldwide Debit Card Partnership for both United States and International.
● Secured $7 million USD in operational finances.
● Developed and tested the Currency Conversion Engine to work progressively with quick exchanges.

The conversion rate set on the ICO will be 200 CTR tokens per 1 ETH. As part of the other product offerings that will give value to the CTR tokens, Centra Tech will launch Cbay.io, a innovative virtual marketplace that will allow users to spend their cryptocurrencies, debit card funds, or CTR tokens on thousands of products such as electronics, clothing items, household goods and more with worldwide shipping. The platform will eventually support third party sellers and merchants. Cbay.io will be launched on November, 2017 following the completion of the token sale.

About Centra Tech

Centra Tech, an innovative blockchain company, is developing a blockchain platform that will deliver the world’s first convenient and cost-effective avenue where customers can effectively buy and sell products with cryptocurrency in an online marketplace. The team at Centra has also developed applications that enable users to exchange cryptocurrencies and fiat in real time with up-to-the-second accurate market rates.

Website: https://www.centra.tech/
Participate in ICO: https://www.centra.tech/token-sale/
Twitter: https://twitter.com/centra_card


This is a paid press release provided by Centra Tech. Bitsonline is not responsible for this company’s products and/or services. This press release contains links that lead to third-party websites. Bitsonline is not responsible for the contents of those websites. 

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Bitcoin Price Recovers From Chinese Attacks in a Big Way

Bitcoin Price Recovers From Chinese Attacks in a Big Way

It seems like the markets have finally moved passed China’s threatening announcements towards cryptocurrency. The bitcoin price has just broke the $4,000 mark, a big recovery from recent lows in the $3000s.

Also read: Bitcoin $25K in Five Years ‘Makes Perfect Sense’ to Under 30s, Says Wall St Journalist

$5500 Ahead: Bitcoin Price Recovery Marks Turning Point in Technical Indicators

The bitcoin price recovered this morning after a brief decline, brought about by negative announcements from China regarding the future of ICOs and cryptocurrency in the country. At the onset of this dip, the bitcoin community worried it was a precursor to a much larger crash, speculating that further announcements from China would create even more panic in the markets.

But that doesn’t seem to be the case. At press time, the bitcoin price hovers at and above $4,000, going as high as $4,100 at 10 AM EST this morning.

Now beyond the $4,000 psychological barrier, analyst are looking at the future prospects of a bull rally.

Our own technical analyst here at Bitsonline said a break in the $4,000 barrier could trigger a technical movement that can send the bitcoin price as high as $5,500. From there, the stage will be set for a massive surge to $9,000 by the end of the year.

Chinese Turmoil Finally Over?

With Bitcoin recovering in a big way, does this mean the regulatory fears over China have faded? Maybe in the short-term, but there’s no way to know for sure how the Chinese government’s announcements will affect markets in the long-term.

Great Hall of The People, Beijing ChinaWith exchanges in the country suspending all activity, and rumors of more to follow, and could be possible that the biggest Bitcoin market in the world loses essentially all access to the digital currency. With that much of the asset’s demand gone, the price would crash severely. A worst-case scenario for sure, but certainly something to consider.

Additionally, with ICOs seemingly on the ropes in China, a large portion of interest in the general cryptocurrency ecosystem could fade away. That too could have harmful effects on the bitcoin price.

For now, though, we can all enjoy the recovery, and hope the ride upwards continues.

What do you think will happen to the bitcoin price? Share your thoughts in the comments below. 


Images via Pixabay, 

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Indian Government Considers Creating ‘Lakshmi’ Blockchain Currency

Indian Government Considers Creating ‘Lakshmi’ Blockchain Currency

India’s government it the latest to consider issuing its own cryptocurrency, according to local reports. This one even has a name — “Lakshmi”, after the Hindu goddess of wealth.

Also read: Bitcoin $25K in Five Years, ‘Makes Perfect Sense’ to Under 30s, Says Wall St Strategist

A Blockchain Currency Like ‘Lakshmi’ Would Be Useful: Officials

Indian media reported a panel of government officials “found the idea of setting up and running blockchain for financial services useful”. However it’s not known when the technology may appear, or even if the government is serious about pursuing it.

The hypothetical “Lakshmi” would be controlled by the Reserve Bank of India, which has studied cryptocurrency in the past. However, executive director Sudarshan Sen last week said the central bank is “not comfortable” with Bitcoin.

Other governments have floated the idea of a state-sponsored cryptocurrency in the past, either to complement or replace the national fiat currency. China, Russia and more recently Estonia have all supposedly been interested — but so far, none have developed it past the hypothetical stage.

India’s Radical Currency Experiments

India has made some pretty radical currency moves in the past year though, first banning all high-denomination banknotes on short notice.

Indian rupees cashThe move, designed to attack the “black economy”, caused widespread disruption in the still highly cash-reliant society.

Large denomination banknotes (500 and 1,000 rupee bills) made up 87 percent of the physical currency in circulation. Recently, India issued bills with brand new 2,000 and then 200 rupee denominations and redesigned other bills, as a system reset.

These moves showed the government is prepared to experiment with the national currency, even if it means social upheaval.

Do We Really Want or Need a Government Cryptocurrency?

The Bitcoin and cryptocurrency community remains divided on whether a government-sponsored digital asset would be beneficial. On the one hand, it appears to legitimize the technology. On the other, it could lead to bans on non-government alternatives, as Ecuador (unsuccessfully) attempted.

Reserve Bank of India logoHowever it looks on the surface, governments don’t like alternate currencies in general. Regulating the money supply as an economic lever and requiring it for taxation has become a central pillar of government power. Some countries who gave up this power (e.g.: Greece) are now wondering if it was a good idea.

Therefore, any move to establish Lakshmi, or any government-controlled blockchain currency, is inherently anti-Bitcoin. Sen’s comments are further proof. More libertarian-inclined bitcoiners are open about their desire for non-central bank money.

There’s also the question of why a government would need trustless blockchain technology, when a centralized digital currency could be more efficient.

What do you think of national cryptocurrencies? Please share your thoughts in the comments.


Images via ProHinduism, Reserve Bank of India, Pixabay

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Bitcoin $25K in Five Years, ‘Makes Perfect Sense’ to Under 30s, Says Wall St Strategist

Bitcoin $25K in Five Years, ‘Makes Perfect Sense’ to Under 30s, Says Wall St Strategist

Bitcoin could be worth $25,000 USD in five years despite recent setbacks, according to major Wall Street strategist Tom Lee. Advising people not to listen to naysayers, Lee said bitcoin’s value lies in its trustless distributed network — a notion that “makes perfect sense” to people under 30.

Also read: China Who? Nothing Can Stop the Bitcoin Price from Hitting $9000 Soon

Lee is a financial strategist and co-founder of Fundstrat Global Advisors. His online bio reads: “Analysis not opinions. Data science speaks louder than gurus.”

Strategist Tom Lee: Don’t Listen to Claims of Bubbles, Fraud

Speaking on CNBC’s “Fast Money”, Lee was asked if he remained bullish on bitcoin despite the recent regulatory tightenings in China. The People’s Bank initially banned ICO fundraising, then announced an intention to shut down cryptocurrency exchanges.

No doubt the Chinese actions will have a liquidity effect, he said — exchanges there make up 30 percent of global bitcoin trading volumes. Taking a dig at naysayers like JPMorgan CEO Jamie Dimon, Lee said:

“A lot of folks talk about bitcoin being a bubble, or a fraudulent currency. I think you need to be on the other side of that, very strongly.”

There really aren’t that many actual bitcoin holders today, he added. At least not as many as you’d think — his data showed probably about 300,000 holders of $5,000 in BTC or more, total.

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Trusting Bitcoin ‘Makes Perfect Sense’ to Those Under 30

Lee described trust in Bitcoin “from a generational perspective”, comparing it to attitudes to gold versus the dollar in the 1980s. People under 30 find it rational to trust in Bitcoin’s “fat protocol“, or its underlying distributed network technology.

Tom Lee Fundstrat
Tom Lee

We should look at Bitcoin as a store of value, rather than what it’ll be worth in two weeks, he said. “And if it’s 5 percent of gold in five years, it’s $25,000 per unit.” (That calculation is based on the individual market cap of each asset, and bitcoin’s more hard-limited supply.)

As bullish as Lee’s latest prediction sounds, might still be conservative according to his analysis. In July, he made headlines as the “first widely followed analyst” (according to CNBC) to make such a claim about Bitcoin.

Fundstrat had issued a report titled “A framework for valuing bitcoin as a substitute for gold” which followed a similar thesis. At that time, Lee claimed his model showed bitcoin could be worth between $20,000 and $55,000 by 2022 — depending on a few variables.

Do you agree with Tom Lee? Let’s hear your thoughts.


Images via CNBC, Twitter

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China Who? Nothing Can Stop the Bitcoin Price from Hitting $9000 Soon

China Who? Nothing Can Stop the Bitcoin Price from Hitting $9000 Soon

It looks like the bitcoin price is back on track. After undergoing a correction, technical indicators show the digital currency pushing through the negative news and embarking on a rally to $5,500.

Also read: The Pirate Bay Is Secretly Mining Monero With Users’ Computing Power

Bitcoin Price Technical Analysis

Long-Term Analysis

bitcoin price

With plenty of volatility the markets ended the 4th wave of Elliott´s Theory, taking the bitcoin price below the $3,800 support. Now, that price point serves as resistance and, if broken, a signal that the 5th Elliot Wave has started.

If that resistance is broken, the next technical objective appears to be $5,500, where another zig-zag, “ABC” phase is expected. During this period, the markets will bring in new investors, which will ultimately trigger a long-term rally to $9,000 by the end of 2017.

Mid-Term Analysis

bitcoin price

Elliot Wave Theory reflects a completed, second successive mini-movement. This action involves the end of the construction of a major 3rd and 4th waves that drove prices from $650 in April 2017 to the present level.

This allowed the start a new, third mini-complete movement to build the 5th wave over $5,500, where a lateral market would take place and send the trading action far higher — near $9,000 according to developing theories.

Short-Term Analysis

bitcoin price

Continuing the same rise initiated in July, the current accumulation area could break to the up side towards the $3,800 resistance in a fast zig-zag rally, which could drive the bitcoin price to a higher level.

According to indicators, volatility is rising quickly, and $4,300 can be evaluated as the first technical goal in the short-term. Even with negative news and bullish fundamentals, technical data shows the price rising anyway, stabilizing near $5,500.

What do you think will happen to the bitcoin price? Share your predictions in the comments below.


Image via Wikimedia Commons

This technical analysis is meant for informational purposes only. Bitsonline is not responsible for any gains or losses incurred while trading bitcoin.

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The Pirate Bay Is Secretly Mining Monero With Users’ Computing Power

The Pirate Bay Is Secretly Mining Monero With Users’ Computing Power

The Pirate Bay is allegedly using people’s computing power to stealthily mine Monero as users visit the site. The news caused an influx of user complaints on its official forums.

Also read: Bitcoin Core 0.15.0 Released With ‘Fee Bumping’, Multiple Wallets

The Pirate Bay Adds Monero Miner to Some Pages

According to Torrentfreak, the content sharing site apparently decided to add a JavaScript-powered cryptocurrency miner to its site at some point.

Coinhive
Coinhive

Specifically, the software used was a Monero CryptoNote miner known as Coinhive — which the site admins embedded to some of The Pirate Bay’s pages.

They did this under the radar, without letting users know what they were doing — or giving them a way to block the feature.

In fact, the only reason this revelation came to light is because users began noticing that their CPU usage was significantly increasing when visiting the site.

Mining Monero as an Alternative Revenue Stream?

Many began complaining on reddit about the sudden increase in CPU usage, with some users stating “100% CPU on all 8 threads while visiting TPB.”

Monero and Pirate Bay

One admin over at the The Pirate Bay Forums is helping people block the feature, seemingly just as frustrated as everyone else.

“Until it is fixed (and I would expect it to be fixed sooner rather than later) noscript will block it from running, as will disabling javascript,” explained ‘Sid’ — a supermod and admin for the site’s official forums.

Torrentfreak said they were told The Pirate Bay was testing the miner for 24 hours as a possible replacement for traditional banner ads.

It is common for pro-cryptocurrency organizations to take donations in bitcoin, but using people’s resources without their permission to mine crypto as a means of profit is a totally unprecedented move on the part of The Pirate Bay.

What do you think of The Pirate Bay using people’s computing power to mine cryptocurrency without their permission? Let us know in the comments below.


Images Via The Pirate Bay, Monero, Coinhive

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Bitcoin Core 0.15.0 Released With ‘Fee Bumping’, Multiple Wallets

Bitcoin Core 0.15.0 Released With ‘Fee Bumping’, Multiple Wallets

Bitcoin Core, the original and still most popular Bitcoin client software, released version 0.15.0 this week. Designed with newcomer users in mind as well as veterans, it features easier SegWit address creation and “fee bumping options, and significantly faster block validation. It also introduces multiple wallets within a single installation.

Also read: Case Wallet Bitcoin Hardware Devices to Shut Down From November

Bitcoin Core’s New Fee Algorithm Saves Money

It’s clear Bitcoin Core developers have listened to community grumblings over high fees and delayed transactions. The 0.15.0 release has an improved fee calculation algorithm to save users money while ensuring miners still get their share.

Its fee estimator can now estimate up to 1,008 blocks into the future, instead of previous versions’ 25. Users can calculate the fee they pay by how urgent the transaction is, with a drop-down displaying a range of confirmation times. Have a non-urgent transaction? You can pay up to 80 percent less in fees.

“Fee bumping” is a way advanced users could replace the fee on an already-sent transaction, if it got stuck in unconfirmed limbo. With 0.15.0, there’s now a “Request Replace-By-Fee” graphical interface that’s accessible to novices as well. Senders can now set a deliberately-low fee, wait to see if it confirms, and simply “bump” to a higher fee if it doesn’t.

Bitcoin Core fee selector
Bitcoin Core fee selector

Multiple Wallets and Performance Boosts

Bitcoin Core can now handle multiple wallets in one installation, though this remains a new and expert feature for the moment. Users with command line knowledge can create several distinct wallet identities, such as one for business and one personal, with completely different private keys.

The new version also promises substantial performance improvements. It changes the format of the database that tracks spendable bitcoins, which will spend about 5-30 minutes updating the first time 0.15.0 launches.

The release notes promise 30-40 percent faster block validation and 10-20 percent less memory used on initial block download (IBD). Blocks of previously-seen transactions should validate 40-50 faster.

Do you run Bitcoin Core? What do you think of the latest update? Let’s hear your thoughts. 


Images via Bitcoin Core, Pixabay

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Case Wallet Bitcoin Hardware Devices to Shut Down From November

Case Wallet Bitcoin Hardware Devices to Shut Down From November

Bitcoin hardware wallet Case Wallet will halt service starting 1st November 2017. Manufacturer Cryptolabs said it’s due to mobile internet providers phasing out 2G networks faster than they anticipated.

Also read: North Korea Starts Accepting Bitcoin – Maybe

Devices Sold for $199

It’s a blow to customers who bought Case Wallet devices, which sold for about $199 USD. Users need to contact Case support for instructions on how to retrieve their private keys and move their BTC balances to a new address.

The company‘s email statement read:

2G is being sunset globally at a faster pace than we originally anticipated and Case becomes unusable in an area where 2G gets retired since it can’t access the Internet to perform transactions.

The “Buy and Sell” functionality within Case has been suspended because Celery has discontinued their service.

Additionally, Cryptolabs is “parting ways with our third key recovery partner. We were unable to find an adequate substitute who met our strict guidelines for transparently managing customer recovery keys.”

Cryptolabs will now shift its attention to a new two-factor hardware signing device called Token.

Case Wallet an Ambitious Product

Case Wallet devices were pretty revolutionary when they first appeared in 2015, with an ambitious feature list.

Case Wallet BitcoinThey included multisig functionality with one embedded private key and another stored remotely on a server. The devices communicated with the network via a 2G GSM connection.

The credit card-sized hardware included a keypad, camera, screen, and fingerprint scanner to send, receive and authenticate transactions. It also connected to an exchange service to buy and sell BTC.

Anecdotally, we didn’t see many Case Wallet devices in the wild and some users reported multiple issues. Its official Twitter account has posted only once in the past year.

Cryptolabs also appears to be pivoting away from the digital currency space, and has no immediate plans for a new version of the Case Wallet hardware.

2G GSM Networks Disappearing Faster Than Expected

Speaking to Bitsonline, Cryptolabs’ community manager Steve Dunkel said they chose 2G because the goal was a device that could work in both developed and developing countries. However they didn’t anticipate the rate at which developing nations would abandon the frequency band altogether for 4G/LTE.

“Cellular infrastructure does update at a relatively high frequency but we believed that to be in our advantage initially … We predicted that the rate of adoption for remote regions would increase due to lowered infrastructure costs as more developing nations would move to 3G and 4G/LTE. This improve the rate of financial inclusion in these regions which was a great pull for us to stick with a 2G modem at launch.”

Dunkel added the company has always been open about how its ecosystem worked from the beginning, and the team hopes no-one thinks they had any intention of obscuring that information. Cryptolabs’ site features a white paper and detailed FAQs.

The upcoming Token device isn’t a Bitcoin wallet though. It’s similar in that it will store credentials locally and employ a biometric security key to unlock them. However Token will have uses beyond the blockchain, and will use Bluetooth and NFC instead of cellular technology.

Dunkel said Cryptolabs may revisit the Bitcoin space in the future if customers demand it.

Complex Systems a Challenge to Build and Maintain

Get some bitcoinThe Case Wallet shutdown and Cryptolabs’ broadening focus highlights the difficulties hardware makers face in this fast-changing industry. This is especially true when designing complex security ecosystems that rely on external technology and relationships with third-party providers.

Back in 2015, TechCrunch called Case “an insanely secure hardware bitcoin wallet”, but questioned its $199 price tag given Cryptolabs’ goal to reach developing markets. The company said its price was aimed more at developed-world consumers at the time, and hinted it would come down in future.

However it appears that future may be further off than many expected, even in 2015. The Case Wallet was a great proof of concept, but probably needed a larger user base and further refinement to fulfill its expectations.

Have you owned or used a Case Wallet? What was it like? Let us know in the comments.


Images via Cryptolabs

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Separating Truth From Lies When it Comes to Bitcoin Gambling Profits

Separating Truth From Lies When it Comes to Bitcoin Gambling Profits

Many Bitcoin and blockchain-based betting platforms “guarantee” higher-than-average profits or win-rates. These platforms often boast of extreme jackpots, using individual cases of big winners as part of their marketing strategies. But how realistic are these bitcoin gambling promises?

This article is sponsored by the Vanbex Group.

Is Bitcoin Gambling All It’s Cracked Up to Be?

Theo Goodman, owner of Degenbet, a blog dedicated to cryptocurrency-based sports betting, told Bitsonline that these claims generally carry no weight in regards to actual profitability for players.

When considering these claims, Goodman said, potential customers should understand that “there is nothing that makes bitcoin or blockchain based gambling platforms more profitable than traditional platforms” in terms of guaranteed profits or higher-than-average winnings.

Instead, Goodman advised gamblers to look at the track records of cryptocurrency-based casinos and betting services. A history of paying out winnings and the employment of best-practice security measures are important things to look for in a casino, Goodman said.

A new sports betting platform, however, says it guarantees higher profitability over traditional services in a much more reliable way than other companies in the blockchain space.

Their method: simple mathematics.

FansUnite: Ethereum-Based Betting

FansUnite, a virtual sportsbook operated by a team with more than 50 years of industry experience, says it is developing a blockchain-based betting platform that will drastically improve returns for bettors. Their secret? Creating their own digital currency that will utilize smart contracts built on the Ethereum network to automatically resolve bets, lowering their cost of handling bets significantly. They feel that this, in combination with their ability to reduce the spending bloat that accompanies the operation of larger sportsbooks, will allow them to pass large savings on to consumers.

FansUnite is confident that their blockchain product will allow them to charge an industry-leading fee of 1 percent per bet upon launch, which they claim is up to 80 percent lower than traditional fiat sportsbooks.

Mathematically, these lower fees will increase the chances of users making money by lowering the winning threshold for profitability. At a traditional sportsbook with 10 percent fees, FansUnite said, bettors need to win 52.5 percent of their wagers to break even. On the FansUnite platform, that threshold drops to 50.5 percent due to lower fees.

Adding to that profitability is the opportunity to get monetary rewards for interacting with other users. The platform allows users share their betting picks and strategies with each other, and is incentivizing this positive behaviour on the platform by rewarding users with tokens based on their Community Incentive Plan:

The Future of Sports Betting

If blockchain-based betting platforms become mainstream, will “traditional” services that use fiat payments even stand a chance?

In FansUnite’s opinion, not without significant changes to their existing model. Not only does the use of a digital currency allow for unprecedented cost savings, but immutably storing bet information on the blockchain provides additional security and transparency over a centralized solution.

FansUnite CEO Darius Eghdami told Bitsonline that while they will be focusing on their new blockchain betting platform, they will still maintain their free-to-play virtual sportsbook. According to Eghdami, this service will still provide value to customers by allowing them to practice in a risk-free environment.

FansUnite Bitcoin gambling

But what about the people who rely on traditional platforms, and don’t necessarily have a problem with them? Will they really be willing to switch to a new service based on an entirely new technology they will have to familiarize themselves with?

Eghdami doesn’t think it will be much of a problem, at least not for his customers.

“I believe that bettors are ready for some alternatives to the established betting options currently available,” Eghdami said.

“Any serious bettor has at least a couple of instances where bets have been reneged or voided post-event, or worse yet, been locked out or limited due to high winning volumes.”

The efficiency of smart contracts, he continued, should make that process much less painful for customers through their automated resolutions and trustless nature.

Eghdami said the new platform’s efficiency, combined with significantly lower fees, “should prove highly compelling for bettors to give us a try.”

The FansUnite development team has completed their official white paper, which is currently available at www.fansunite.io.

What do you think about the prospects of FansUnite? Share your thoughts in the comments below. 


Images via Pixabay, Fansunite

This is a paid article, sponsored by the Vanbex Group. Bitsonline is not responsible for the products and or services of this company and its clients. This article contains links to third-party websites. Bitsonline is not responsible for the content on those websites.

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