Category Archives: News

Japan’s ‘Virtual Currency Girls’ debut to fan frenzy

Japan’s latest “idol” band, the Virtual Currency Girls, took to the stage for their debut concert Friday to educate the public about cryptocurrencies — playing to frenzied fans waving their arms and chanting together. “Our brains are fried as we are studying every day” about virtual currencies, said the group’s leader Rara Naruse, 18, as […]

10 reasons to buy crypto-currencies other than Bitcoin

WASHINGTON, January 11, 2018.: The sudden, perhaps unexpected spurt in the price of Bitcoin is leading investors to show interest in other crypto-currencies. While demand for about a dozen other crypto-currencies of the world remains slightly muted, indications are, their prices would also soar in coming months. Several reasons have led to the exponential increase […]

As Crypto Market Sees Hard Correction Overnight, Community Points to CoinMarketCap

The post As Crypto Market Sees Hard Correction Overnight, Community Points to CoinMarketCap appeared first on CCN

The cryptocurrency market took a sharp downward turn last night, as prices across the board plunged and sellers looked to liquidation to recoup their losses. Between approximately 11:00pm CST on January 7th and 10:00am CST on January 8th, cryptocurrency’s total market cap fell 14%, dropping from $814bln to $700bln throughout Monday morning. While all assets

The post As Crypto Market Sees Hard Correction Overnight, Community Points to CoinMarketCap appeared first on CCN

As Crypto Market Sees Hard Correction Overnight, Community Points to CoinMarketCap

The post As Crypto Market Sees Hard Correction Overnight, Community Points to CoinMarketCap appeared first on CCN

The cryptocurrency market took a sharp downward turn last night, as prices across the board plunged and sellers looked to liquidation to recoup their losses. Between approximately 11:00pm CST on January 7th and 10:00am CST on January 8th, cryptocurrency’s total market cap fell 14%, dropping from $814bln to $700bln throughout Monday morning. While all assets

The post As Crypto Market Sees Hard Correction Overnight, Community Points to CoinMarketCap appeared first on CCN

Commentary: Congress Needs to Put a Stop to Asset Forfeiture

Members of Congress brought renewed attention to a legislative effort to halt efforts by the Department of Justice to restart one of the most controversial civil forfeiture practices, so-called “adoptive” forfeitures. The practice, part of the equitable sharing program, allows state and local law enforcement to seize property in their jurisdictions and then hand it […]

China Introduces New Rules for Bitcoin Mining Operations

TheMerkle China Bitcoin Mining

Most people are well aware of how the majority of Bitcoin mining takes place in China. Not only is this a centralization problem, it also means China is still dictating the Bitcoin landscape to a certain extent. Last week, news broke that the Chinese government was cracking down on Bitcoin mining. It seems a portion of that information was vastly overstated, even though mining business operators were asked to exit the industry in an orderly fashion.

The Future of Bitcoin Mining in China

It was only a matter of time before the Chinese government turned its attention to other parts of the cryptocurrency industry which could prove problematic in the long run. After the PBoC shut down CNY-based trading a while ago, it was time for it to look at the Bitcoin mining industry. Given the vast electricity use associated with this type of operation and the speculative side of cryptocurrency, a new decree has been issued. It is not something most Chinese Bitcoin miners will like, though.

It seems the Chinese government is greatly concerned over the consumption of electricity associated with the mining of cryptocurrencies. Since the government wants to focus primarily on curbing deviations from the real economy, Bitcoin and consorts have proven to be rather problematic. Moreover, these issues have been discussed among the country’s municipalities and provincial governments. As a result, a new “arrangement” has been put in place to make cryptocurrency mining far less attractive.

The goal is to guide firms in exiting the cryptocurrency mining business as soon as possible. The decree will affect the amount of electricity businesses can use moving forward, which will effectively put an end to cryptocurrency mining over time. It is expected this “exodus” will commence on January 10, although it remains unclear how long companies will have to exit the industry.

It is evident this sector is a problem for the Chinese government, although most cryptocurrency enthusiasts were well aware that such measures would be introduced sooner or later. Companies which continue to mine – but in a scaled-down manner – will have to adhere to some new conditions. Details will need to be provided to the government including the business name, registered capital, the number of mining machines, operating income, and so forth. None of these guidelines are overly invasive, although a reduction in the amount of electricity to be consumed will force companies to either scale down or look for new places to set up shop.

Speaking of which, it seems a few companies are already planning to leave China altogether. It seems Canada is an attractive destination right now, although locations with access to renewable energy sources will become even more attractive over time. It is a good thing to see mining firms leaving China – either partially or fully – as it has become evident this Asian country wants nothing to do with cryptocurrencies whatsoever.

US Government to Sell 513 Bitcoin and 512 Bitcoin Cash Seized From Dark Web Dealer

The post US Government to Sell 513 Bitcoin and 512 Bitcoin Cash Seized From Dark Web Dealer appeared first on CCN

The US government has been approved by a federal judge in Utah to auction off 513 bitcoin and 512 Bitcoin Cash seized from an investigation into Aaron Michael Shamo, a dark web dealer. 8.5 Million Sale In the upcoming weeks, the government is expected to sell all of the assets seized after the arrest of

The post US Government to Sell 513 Bitcoin and 512 Bitcoin Cash Seized From Dark Web Dealer appeared first on CCN

US Government to Sell 513 Bitcoin and 512 Bitcoin Cash Seized From Dark Web Dealer

The post US Government to Sell 513 Bitcoin and 512 Bitcoin Cash Seized From Dark Web Dealer appeared first on CCN

The US government has been approved by a federal judge in Utah to auction off 513 bitcoin and 512 Bitcoin Cash seized from an investigation into Aaron Michael Shamo, a dark web dealer. 8.5 Million Sale In the upcoming weeks, the government is expected to sell all of the assets seized after the arrest of

The post US Government to Sell 513 Bitcoin and 512 Bitcoin Cash Seized From Dark Web Dealer appeared first on CCN

Bitcoin Is Pervasive In Medical Tourism

Bitcoin is increasingly being used for payments in various sectors of the tourism industry. Now, as medical tourism is booming, the cryptocurrency is also becoming popular in this multi-billion dollar sector.


Bitcoin and the Medical Tourism Boom

For some time, travelers and tourists have been using Bitcoin to pay for flights, accommodations, and car rentals.

Now, medical tourism is growing exponentially. According to economics professor Marc Pilkington, medical tourism is a $100 billion global market industry comprising 11 million medical tourists annually. The yearly growth is around 25% worldwide.

And, many medical tourists are paying with Bitcoin when traveling abroad to receive medical treatments, such as health check-ups, organ transplants, cancer treatments, and orthopedic, dental, and cosmetic procedures.

According to the MedicalTourism Magazine, the medical tourism’s growth drivers include:

  • Aging population
  • Increase in degenerative diseases
  • Lack of access to quality healthcare services
  • Rising healthcare costs
  • Long wait times
  • Ease of travel

Now, a rising number of the institutions that provide treatment and services to medical tourists are using blockchain technology and accepting payments in Bitcoin.

A Fortune article entitled “The Rise of Medical Tourism Accepting Crypto Currencies” estimates that medical tourists will increasingly use cryptocurrencies. According to the article:

All in all, medical tourists are likely to increasingly use cryptocurrencies and blockchain technology. For a growing percentage of the rich and super-rich and many less wealthy individuals and families, there are distinct advantages of using cryptocurrencies.

Medical Providers are Accepting Bitcoin

Presently, thousands upon thousands of merchants are already accepting Bitcoin. Now, medical and health service providers are also accepting the digital currency.

For example, Dr. Edward Domanskis, who is certified by the American Board of Plastic Surgery, specializes in face and body rejuvenation. Dr. Domanskis accepts Bitcoin as payment for cosmetic plastic surgeries. His central office is in Newport Beach, California, and he also manages satellite offices in San Francisco, Miami, Anguilla, and EU. In a press release, Dr. Domankis said,

Bitcoin should work for my plastic surgery practice for it will allow my far-flung patient population to pay for my services easier. I like to be in the forefront of new technology and developments.

The Columbus Medical Center (CPMC), based in Columbus, Georgia, started to accept Bitcoin in September 2017. When making the announcement, Dr. Eric Codner, the lead doctor at CPMC, stated:

Using Bitcoin for your purchases returns power to the consumer by allowing payment through a decentralized currency that cannot be manipulated by any bank or government.

Likewise, hair care clinics in several European capitals accept Bitcoin payments. For example, the London based Vinci Hair Clinic started accepting Bitcoin in December 2016.

Healthcare services based in Canada also accept payments in Bitcoin. For example, Ask the Doctor offers online healthcare services to patients worldwide. This service provider began receiving Bitcoin payments in October 2016.

The use of Bitcoin will most likely continue to expand within the tourism industry. Due to Bitcoin’s borderless nature, it greatly facilitates payments for tourism, medical tourism, and healthcare services throughout the world.

What are your thoughts about Bitcoin becoming the primary currency of the medical tourism industry? Let us know in the comments below!


Images courtesy of Pixabay, AdobeStock

The post Bitcoin Is Pervasive In Medical Tourism appeared first on Bitcoinist.com.

Over 860,000 Have Signed Up to Mine the Venezuelan Petro

President Nicolas Maduro announces that 860,811 young people have registered to mine the Petro, the new national cryptocurrency of Venezuela.


Paper Virtually Worthless

Economically, Venezuela has been in terrible shape for a number of years. The failed socialist policies of Hugo Chavez and Nicolas Maduro have destroyed the national economy, caused massive hyperinflation, and led to a humanitarian crisis where food and medicine are in short supply.

In such times, many have turned to mining Bitcoin in order to survive, but such individualistic practices are not supported by the national government. Maduro declared last December the creation of a national cryptocurrency called the Petro, and he recently announced that 860,811 young people have registered to mine the new virtual currency.

Mandatory Registry and the Creation of the Petro

It was just last month that Bitcoin miners had to join an online registry in order to legally keep mining. Some argued that the registry offered legal protection to miners. However, some cynical folks thought that such a registry would just serve to give the state a list of names and places to keep tabs on and, possibly, eventually confiscate mining tech. There have been quite a few reports of police and government authorities seizing mining computers and using them for their own gain.

Into the economic maelstrom of woe came a new hope. President Maduro announced in December 2017 the creation of the Petro cryptocurrency. This new virtual currency would allow the country to help negate the effects of US-led sanctions and would be based on the country’s stock of gold and diamond holdings, as well as over 5 billion barrels of oil. In his announcement of the Petro, Maduro said:

Venezuela will create a cryptocurrency … the ‘petro’, to advance issues of monetary sovereignty, make financial transactions and overcome the financial blockade … This is going to allow us to move toward new forms of international financing for the country’s economic and social development.

Crude Oil to Support Venezuela’s Petro Cryptocurrency

Tapping the Youth

It appears that Venezuela is going full-bore on mining Petro. Supposedly 860,811 young people have signed up to begin mining the cryptocurrency. The government seems focused on incorporating young people into the project, probably due to their increased familiarity with the crypto world. These young people are going to be tasked with setting up mining farms.

Of this project, President Maduro notes:

We are going to call them, a special cryptocurrency team, to set up mining criptomenoda farms in all the states and municipalities of the country.

So it appears that the government will be setting up their own mining farms. One wonders how many confiscated computers are being used for such an endeavor. Of the over 860K signups, it’s reported that 300,000 are already in “productive tasks,” whatever that means. It would be interesting to see how many of the over 860K signups also appeared on the mandatory registry list.

What do you think about the Petro mining project? Will the coin achieve any level of value? Let us know your thoughts in the comments below.


Images courtesy of Pixabay, Shutterstock

The post Over 860,000 Have Signed Up to Mine the Venezuelan Petro appeared first on Bitcoinist.com.

Criminals Have Found an Alternative to Bitcoin

Many people believe that Bitcoin is the preferred currency of criminals, but experts think that criminals are dropping Bitcoin for other digital currencies.


The Rise of Privacy Coins

In the last couple of years, deep web markets have risen in popularity. The major appeal of such darknet markets is the ability to obtain illegal goods like drugs and weapons in an anonymous way. But the recent technological advancements of law enforcement agencies has made purchasing goods on the darknet riskier.

Silk Road was once the most popular and widely used darknet market. The FBI was able to shut down Silk Road in 2013 after extensively analyzing Bitcoin transactions. Some experts believe that law enforcement agencies are able to track Bitcoin transactions that are involved in criminal activities. Many cryptocurrencies have now been developed that exclusively focus on the privacy aspect. Currently, the most popular privacy coins are Dash, Monero, and Zcash. A recent article by The Age mentioned that Europol has released a report regarding the rise of privacy coins in the criminal world.

Ditching Bitcoin for Privacy Coins

Many darknet markets have decided to no longer accept Bitcoin as a payment method after concerns of tracking possibilities from law enforcement agencies. Blockchain analysis companies like Chainalysis are now able to track illegal activities like money laundering or drug trading. The article by The Age also reports that darknet markets are not the only ones that use privacy coins for illegal activities. Many ransomware attacks have stopped accepting Bitcoin and only request anonymous coins like Monero.

Many analysts are concerned that companies and law enforcement agencies may target privacy coin users even though they are not involved in any illegal activities. A core developer at Monero, Riccardo Spagni, stated the following regarding these concerns:

As a community, we certainly don’t advocate for Monero’s use by criminals. At the same time if you have a decentralised currency, it’s not like you can prevent someone from using it. I imagine that Monero provides massive advantages for criminals over bitcoin, so they would use Monero.

Many institutions, companies, and law enforcement agencies have tried to track privacy coins without much success. Still, it’s not the fault of these privacy coins if criminals decide to use them. It’s like blaming the dollar bill when someone buys some illegal drugs from a pusher on a street corner.

What are your thoughts on the rise of privacy coins? Do you think that more people will start using them instead of Bitcoin? Let us know in the comments below!


Images courtesy of Pixabay and Pexels.

The post Criminals Have Found an Alternative to Bitcoin appeared first on Bitcoinist.com.

Flashmoni at the world Stage

Now that 2018 finally arrives, Flashmoni worked tirelessly to flash and let others flash. The year starts with a team workshop scheduled to take place from 4–8 January 2018 in Portugal, its future Headquarters. The workshop provides an opportunity for the team to gather around and interact with one another for the first time. In addition, it provides a chance to strategize Flashmoni’s milestone.

January 2018 is a full schedule for Flashmoni’s CEO, Serge; who plans to participate and speak on behalf of the company on different Blockchain summits on two continents: The Dubai International Blockchain Summit is the very first event of the year Flashmoni sponsors as well as participates. The event is one of the largest Blockchain summits in the Middle East. It provides a platform to showcase and discuss various Fintech 2.0 solutions, and challenges.

The Dubai summit expects to accommodate 1000 attendees from 12 countries. 35 speakers headlight different Blockchain related topics. In addition, the summit is live-streamed on various social media and mainstream media outlets. Such summit provides a chance for Flashmoni to showcase its products, goodies and expand its network. In addition, in light of Flashmoni’s ICO sales (20 January), the Dubai summit is the perfect opportunity for the company to introduce its Gold backed tokens to potential investors, business owners, government delegates, entrepreneurs and Blockchain developers & enthusiasts.

The San Fransisco Summit is another event Flashmoni is keen on participating. The summit is scheduled to take place from 15–16 January 2018 in the heart of technology and innovation hub. The summit introduces and identifies the most innovative blockchain technologies, ideas, and solutions from various innovators, entrepreneurs, manufacturers, fintech start-ups and companies. Flashmoni is also sponsoring the Crypto Funding Summit. An event scheduled to take place from 24–25 January 2018 in Los Angeles, USA.

Serge is the speaker at the event where he introduces Flashmoni and provides insights on company’s products and services. The summit will revolve around the cryptocurrencies topics by opening up a dialogue on how far it came and where it heads. In its vision to empower others, Flashmoni is on the road reaching to everyone. The company not only plans to stretch its presence with its products and services but also with a personal visit anywhere needed. If you are one who shares the company’s vision, then look Flashmoni up on the next trip to your country.

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Venezuela opens new probe into former oil company chief

Venezuelan authorities said Friday they were opening a new investigation into Rafael Ramirez, the former head of state oil company PDVSA, who is already accused of graft. The matter, announced by chief prosecutor Tarek William Saab in a statement, relates to a PDVSA subsidiary created in Austria in 2006 to bill for oil sales. The […]

Goldman Sachs Trying To Kill Lobbying Disclosure Initiative

Amid intensifying shareholder pressure on companies to be more transparent about their political spending, Goldman Sachs has moved to prevent its shareholders from voting to force executives to disclose their efforts to influence politicians, according to corporate documents reviewed by International Business Times. The banking behemoth, which has been boosted by taxpayer-financed bailouts and has […]

Global Crypto Bank to help over 5 billion unbanked persons

During the last couple of years, banks and other financial institutions throughout the world have begun investing in blockchain technology, granted that it provides numerous advantages over traditional payment solutions. Regardless, there is no bank fully based on the technology so far, and Global Crypto Bank hopes to change this.

Disclosure: This is a Sponsored Article

To put things better into perspective, Global Crypto Bank was recently founded under the jurisdiction of Switzerland, and is based on numerous innovative technologies, including blockchain, in order to help solve problems that people involved in the crypto-financial world are dealing with.

Problems Global Crypto Bank wishes to solve:

1. Helping over 5 billion unbanked people

At this moment in time, studies showcase that approximately 5 billion people are currently cut off from the world’s global financial system, due to a lack of banks in their jurisdiction, abusive clauses and/or general lack of interest. As the Internet is a tool that over 3.5 billion people have access to, Global Bank hopes to provide the unbanked with an innovative solution that will give them access to remote payments, currency exchange, money transfers and the ability to better handle their digital currencies.

2. Banking services are often expensive

While the digital currency market has rapidly evolved, crypto-investors still have trouble when it comes down to exchanging cryptocurrencies into traditional currencies (fiat), because of the high exchange fees currently charged. Global Bank has created their very own payment system, based on a bank card that will be accepted at all ATMs and POS terminals that work with either VISA or MasterCard. Therefore, apart from getting access to much lower commissions, users will also be able to enjoy increased liquidity of their crypto assets.

Currently, the services that the platform wishes to provide include safekeeping digital currencies and fiat on decentralized accounts, transfers and payments via fiat and crypto, integration of services provided by third-parties, the issuing of plastic debit cards, acquiring for commercial firms, cash withdrawal at ATMs, fiat-crypto and vice-versa monetary exchange, free payments between users, accrual of bonuses directly on account balance, mobile-based settlements, and last but not least, P2P loans.

Additionally, as part of an effort needed to be closer to its users, the bank will also open offices in a few economic areas, including the United States, China, South Africa, South Korea and Japan.

Those who are interested in learning more about the Global Crypto Bank can go ahead and check out their website, and whitepaper. Their Initial Coin Offering is also currently underway.