coinbase

Coinbase Now Valued at $8 Billion Despite BTC Price Plunge

Bitcoin just turned ten but this year has been quite shaky for the digital currency. Still, while there have certainly been significant lows with regards to its price, there have also been a number of great things it has brought forth for the thriving and equally resilient crypto community. One of the biggest beneficiaries of this has been Coinbase, a cryptocurrency exchange whose value has been skyrocketing despite the bitcoin slump the industry has experienced in the past few weeks.

On Tuesday, October 30, the San Francisco-based company officially announced a $300 million fundraising round, which, as it turns out, brings the company’s new valuation at $8 billion. This makes it one of the most highly valued exchanges in the United States and among the top ones in the world. The $300 million deal is a massive increase from Coinbase’s previous valuation, which was $1.6 billion in August 2017.

Led by Tiger Global Management, the Series E round included participants such as Wellington Management, Andreessen Horowitz, Polychain and Y Combinator. Coinbase plans to use the funds from these series to “accelerate the adoption of cryptocurrencies and digital assets.” Already, these plans seem to be already paying off since the company has already landed the No. 10 spot on the 2018 CNBC Disruptor 50 list, something that has been partly attributed to perfect timing – Coinbase took advantage of the huge opportunity that was created when bitcoin skyrocketed to nearly $20,000 towards the end of 2017.

Catering to Institutional Investors

Cryptocurrencies, in general, have had one of hell of a year losing over 65 percent of their value due to less retail interests. Coinbase, on the other hand, managed to invest immensely in its master plan to cater to institutional investors which has been a defining factor of the company’s success in the world of crypto. In 2018, the company has launched a suite of offerings for tailored specifically for professional investors. Coinbase Custody, one of these offerings, has just recently received regulatory approval from the New York Department of Financial Services.

In addition to that, the company also recently partnered with Circle, another crypto-based company for a project aimed at supporting a digital currency known as “stable coin” which is being marketed as a U.S. dollar-backed cryptocurrency. This particular plan plays into Coinbase’s grand plan to bridge the gap between cryptocurrencies and fiat currency in all regulated markets as well as building out its custody offering “to bring more institutional funds into the space.”

“We see hundreds of cryptocurrencies that could be added to our platform today and we will lay the groundwork to support thousands in the future,” Coinbase President and Chief Operating Office Asiff Hirji added.

Coinbase’s equity and valuation should help the company achieve all this and more by allowing it to add new assets to its very popular trading platform.

liquid-network

Blockstream’s Liquid Network Project Finally Goes Live

Blockstream, a blockchain technology company has recently announced the launch of the Liquid Network, the company’s revolutionary take on the concept of bitcoin sidechains. This project is expected to supersede the limitations of the regular bitcoin blockchain by being able to withstand heavy transaction volumes that are often experienced by brokers, exchanges and other cryptocurrency services experience. At launch, the Liquid Network already had over 20 exchanges including Xapo, BitMEX, and Bitfinex on boards which indicates how eager industry stakeholders are about solutions to the problems associated with volume transfers on the bitcoin blockchain.

What It Does

The primary purpose of the Liquid Network will be improving transaction speeds as well as efficiency on the bitcoin blockchain while at the same time facilitating a more ‘liquid’ movement of bitcoin between exchanges. In addition to the primary objectives, the Liquid Network will also introduce such features and functions as confidential transactions, issued assets, and a new token.

Liquid Network’s new token, L-BTC, is pegged to the price of bitcoin and its holders can readily trade it for BTC. Issued assets, on the other hand, will be Liquid Networks way of tokenizing fiat currencies, securities, and even gold and treating them as Bitcoin equivalents.

According to a blog post written by Blockstream, the Liquid Network went live om September, a few days prior to the announcement. The post further outlines the company’s plans to add more features in the future – these will include integration of the GreenAddress Wallet as well as third-party hardware wallet support from Trezor and Ledger.

How Does It Compare to The Lightning Network?

Both the Lightning Network and the Liquid Network are sidechains of the bitcoin blockchain, i.e., they allow for transactions to be performed off of bitcoin’s main blockchain thus allowing service providers to avoid the inconveniences of the bitcoin network. However, unlike the Liquid Network, the Lightning Network is primarily intended to cater for smaller transactions since it relies on the power of nodes with relatively limited capacities, perhaps one of the reasons why its adoption has been hampered.

“Liquid allows parties to send funds to any destination, without the need to establish channels ahead of time. Funds in Lightning are ‘hot’ (private keys are online), whereas you can store Liquid Bitcoin in both hot or cold wallets. Liquid also has the ability to have Lightning added as a second layer as well, so we view these two technologies as complementary and both important for the ecosystem,” Blockstream’s CSO, Samson Mow explained.

Blockstream’s short-term goal is to build out the features of the Liquid Network so as to ease its introduction, and subsequently, wider adoption in the wider crypto community. In the long term, the company is aiming to have bitcoin as the epicenter of more sidechains that will facilitate the seamless and interconnected exchange of the crypto industry’s many assets.

etoro-epl-bitcoin

eToro Brings Bitcoin to Premier League Football Clubs

Global online investment, FOREX and crypto trading platform, eToro yesterday (August 21, 2018) announced that it has entered into marketing partnerships with seven different Premier League football clubs. The partnership venture which is funded by bitcoin is the very first of its kind and will involve the following football clubs: Brighton & Hove Albion F.C., Cardiff City F.C., Crystal Palace F.C., Leicester City F.C., Newcastle United F.C., Southampton F.C., and Tottenham Hotspur.

“As a global multi-asset platform where you can purchase the world’s biggest crypto assets alongside more traditional investments, we are excited to be partnering with so many Premier League clubs and make history by being the first company ever to pay for a Premier League partnership in bitcoin,” Iqbal V. Gandham, UK Managing Director at eToro said in a statement that accompanied the announcement.

This move is considered to be another great leap forward for bitcoin and the crypto industry as a whole since it is anticipated that it will expose many more people to the idea of digital currencies. Hopefully, this will, in turn, result in new investments, most ideally through the eToro platform.

“The blockchain technology that underpins cryptocurrencies like bitcoin brings transparency, which we believe can improve the experience for everyone who loves the ‘beautiful game’, from fans being targeted by ticket touts, or a club negotiating a transfer, we believe that blockchain will revolutionize the world of football,” the managing director added.

Unfortunately, there is a bit of speculation regarding how the move by eToro to partner with soccer clubs will benefit the cryptocurrency industry – the trading platform is now among a growing number of blockchain-based companies that have either inked sponsorship deals with sports clubs or are hoping to do so in the near future. However, it is quite obvious that the money involved in this case is pretty huge and it would be a mistake not to take. Furthermore, it opens up doors for greater opportunities in the world of sports. As for how this will impact the crypto industry, we will just have to wait and see.

What It Entails

The partnerships will involve in-game advertising on digital perimeter boards as well as exposure on each of the seven cub’s social media channels through the creation of what they have termed as “unique content”. The clubs will also be working closely with eToro in a bid to find ways of harnessing cryptocurrencies and blockchain technology at each of the stadiums.

“We are pleased to welcome eToro to the club as an Official Partner, it is exciting to be working with such an innovative industry leader. Much like Leicester City, eToro is an ambitious brand with a significant global reach and we look forward to working together throughout the season,” Jonathan Gregory, Leicester City’s commercial director commented.

goldman-sachs-bitcoin

Goldman Sachs to Reportedly Manage Bitcoin for Its Clients

Goldman Sachs, one of the world’s leading investment banks is reportedly considering a custodial service to store bitcoin for investment funds that intend to hold cryptocurrencies, more so, bitcoin. According to a Bloomberg report that cites more than one anonymous sources familiar with the matter, the investment bank has been holding discussions about becoming one of the first mainstream financial institutions to custody crypto assets.

The custody service, if implemented, is going to be a huge gain for crypto funds and simultaneously have greater implications since it would effectively get rid of a major obstacle that has been preventing institutional investors such as endowments and pensions from comfortably adding crypto assets to their portfolios. Well, such custody services already exist, but until now, they have largely been limited to cryptocurrency startups like Coinbase – instead of Wall Street giants like Goldman Sachs, with whom many mainstream institutions prefer to work.

Response to Client Interest

According to the anonymous sources, deliberations on the issue are ongoing but a timeline for when the investment bank will roll out the services is yet to be set. They further confirmed that this is good news since the custody operation in place could also lead to other lucrative ventures including prime brokerage services.

“That means the bank would hold the newfangled securities on behalf of the funds, reducing risk for clients seeking to guard against the threat of losing their investments to rogue attacks,” the anonymous sources clarified.

As it stands, Goldman Sachs is yet to publicly confirm the claims that it is exploring the aforementioned crypto custody service. Instead, the Wall Street giant has opted to reiterate its previous plans from May this year to offer Bitcoin futures.

“In response to client interest in various digital products we are exploring how best to serve them in this space,” the investment bank’s spokesman said in an August 6 publication. “At this point, we have not reached a conclusion on the scope of our digital asset offering.”

If Goldman Sachs does indeed veer ahead with a crypto assets custody service, it will be joining JPMorgan Chase, Bank of New York Mellon, Northern Trust and Japan’s Nomura. The institution has been taking baby steps with their crypto-related offerings – it has not yet set up the full-fledged cryptocurrency trading desk it announced earlier this year – but all the same, these minor developments are huge milestones for the cryptocurrency industry.

Still, it is worth noting that Goldman Sachs remains very cautious about crypto assets despite their confirmed and rumored efforts to venture into the crypto space. In fact, the institution recently published a statement that expresses its belief that there will be further price drops across the crypto market in the short term.

Bitcoin_value_rise

Bitcoin Increases 5 Percent to $7,700. Is This It?

Bitcoin, the world’s largest and most popular digital currency continued its rally yesterday, shrugging off the hoard of regulatory and security worries that have significantly dragged down its price this year. According to data from CoinDesk, the cryptocurrency’s value increased by 5 percent on Monday, July 23, to a high of $7,770.58. This further represents a 20 percent increase in value from what was recorded a week ago.

Bitcoin broke above the $7,000 mark last Tuesday for this time in over a month after news surfaced that BlackRock, an asset-management company, was planning to set up a working group for the purpose of exploring digital currencies and the underlying blockchain technology. Similarly, in a report that was written last week, Grayscale, which manages $2 billion in assets said that more institutions are beginning to take interest in crypto. This, as affirmed by Matthew Newton, an eToro analyst, adds to the long-term upside for both bitcoin and the entire crypto industry.

“In the long-run, all of these points are very bullish,” said Newton, an analyst at eToro. “Technically, on the charts, what happened last week was very positive, but getting through these levels will be critical in the short term action.”

Matthew has also expressed the immense excitement and anticipation surrounding the approval or a bitcoin ETF, which is due to be decided in August by the Securities and Exchange Commission.

The Largest Bull Run in History?

Bitcoin has been inspiring bullishness as it breaks resistance levels and steadily moves towards the $8,000 mark – there is already a lot of anticipation that this might turn out to be the largest bitcoin bull run ever. Spurred by news of interest from major institutions, the bullishness that has been hitting the crypto market lately is not without merit and a number of experts are beginning to weigh in on all the possibilities.

According to Romal Almazo, the cryptocurrency lead at Capco, tier 1 banks are beginning to weigh their options in regards to crypto.

“Any signs of the big players entering the market will cause huge waves. Though my personal belief is that we are still a few years away from reaching this tipping point, we are in what I would refer to as an exploratory phase when it comes to institutions and crypto,” Almazo said in an interview with Express.co.uk. “Right now, as Tier 1 banks and financial institutions explore their options, the two main things that are holding them back are the lack of regulatory oversight and the numerous risks associated with digital custody and storage. This will also mean a huge opportunity for insurers to get into the market and partner with digital custodians and digital storage providers.”

Bitcoin-price-chart

Bitcoin Price Spikes As Crypto Market Finds Momentum

The past few days have been great for bitcoin as big-money investors have started looking into getting involved in crypto. Bitcoin, which is considered to be the mother of all digital currencies has gained close to four percent in the past day. This follows a week of stability in the $250 billion region which has contributed to a solid momentum that the crypto market has begun to demonstrate – in fact, it is possible the bitcoin and Bitcoin Cash have already initiated the rally that is required to propel the market towards and beyond the $300 billion mark.

Bitcoin’s Steady Rise

Starting from earlier yesterday, bitcoin’s rose by over $200 from an initial $6,300 and clocking in at just over $6,600. Considering its current price level, bitcoin is expected to see one of its most significant price upswings in two weeks, gaining close to 4 percent in value.

June was not a particularly great month for bitcoin, with the digital currency dipping below the $6,000 mark not once but twice thus setting a new all-time low record for 2018. However, things seemed to take a turn for the better at the start of July with bitcoin being on a bit of a resurgence that saw it peak at $6,800 on July 8. This upward trend was unfortunately interrupted by a single but significant pullback that saw it lose nearly all of the price gains it had attained during the first few days of July.

After that, bitcoin came dangerously close to falling below the $6,000 mark but this has since been evaded in the past few weeks. Therefore, amidst the steady growth we have seen since July 13, yesterday’s surge may be just what is needed to push its price higher towards the $6,900 resistance level.

Institutional Investors Trouping In

Bitcoin’s price upsurge has partly been attributed to the fact that the crypto space and bitcoin are beginning to become more and more appealing to investors especially due to the emergence of trading futures. Trading futures contracts is considered to be the safer and more advantageous options by traders since it is an efficient asset to hedge the price of bitcoin as it rises and falls.

“We see continued growth both in terms of the average daily volume and open interest,” said Tim McCourt, group global head of equity products and alternative investments at the Chicago-based CME Group. “The volume has steadily increased compared to when it was first launched in December. This is not a one-sided product because we have both supply and demand. Customer demand is strong because the relationship between the futures and cash market have a tight basis spread.”

Bitcoin Gambling: Why Online Gamblers are Moving to Bitcoin

If you’re an active member of the online gambling community, you may have noticed an increase in the number of bitcoin gamblers and casinos offering bitcoin of late. Why is bitcoin gambling suddenly all the rage, and will it continue to grow? Should you be involved in bitcoin gaming? You may have asked yourself those very questions. Fortunately, we have answers to those questions and the future of bitcoin gambling as a whole.

While trying to answer why online gamblers are suddenly moving to bitcoin technology, we’re going to have to look at several different aspects of bitcoin gambling. We need to see how it has improved since it debuted, what makes it appealing, and where it is going. To begin with, let’s start by looking at bitcoin accessibility.

Bitcoin Accessibility

Bitcoin gambling was initially a niche field. Why? Well, bitcoins were niche themselves. Initially, people heard the words “blockchain” and “mining” and realised that they were way out of their depth. Few of us had any idea how to obtain bitcoins, and nobody we knew had access to them. That has all changed now, though.

Bitcoin exchanges are currently all the rage and present players with a simple and easy way to get hold of bitcoins. Since you no longer need to mine bitcoins to possess them, more and more of us are starting to get involved in the bitcoin craze. Buying cryptocurrencies from marketplaces has triggered a frenzy with many players now snapping up bitcoins left, right and centre. The more accessible bitcoins become via markets, the more people are going to acquire them. With more people purchasing bitcoins, they are going to need something to invest them on, and many online casinos have locked on to that idea and are now starting to offer bitcoin gaming, with some even developing in-site exchanges.

Geographical Restrictions Become Null and Void

 The gambling world is not as free and liberal as you might like to think. In fact, people in many countries are still not entitled to gamble online. Because of harsh gambling laws, many gamblers must play at dodgy, often blacklisted casino sites which are not adequately regulated (if at all), as they are the only online casinos which accept them.

Bitcoin casinos provide a certain degree of anonymity, and this itself allows players to find ways around geographical restrictions and national gambling laws. Since there is that degree of anonymity, most major bitcoin casinos and betting sites will accept players irrespective of where they reside. As you can imagine, this has turned many players in countries where geographical gambling restrictions are in place to lean towards bitcoin sites.

What happens if the authorities start blacklisting bitcoin sites, so you can’t access them? A handy VPN (virtual private network) should bypass those blacklists, ensuring that you will continue to be able to play at any bitcoin site and that there is precious little any authority can do to stop you.

Changing the Way Deposits and Withdrawals Work

Online casinos offering instant deposit times is not a new concept. In fact, most deposit options at an online casino provide instantaneous deposit times. It is the withdrawal times that tend to be a pain for many players. Fortunately, bitcoin transactions have found a way around that, and that makes bitcoin betting very agreeable to players.

You can often skip verification processes (bitcoin casino gaming can be anonymous, remember) and since that pending period is not required, and KYC (know your customer) protocols are practically non-existent, your withdrawals will be instant. Allowing for a time margin of a few hours to land in your bitcoin wallet, these represent the quickest ways to get hold of your winnings, further boosting the appeal of bitcoin gambling.

Improved Security and Fair Play

When they first started, bitcoin betting sites were unlicensed and not entirely secure. The list of complaints about rigged games was seemingly endless. In a little over two years, we’ve seen a radical turnaround. Surprisingly, many bitcoin sites are not only regulated, but some carry a seal of approval. This seal of approval is known as “Provably Fair”.

This Provably Fair “organisation” for lack of a better word, keeps track on bitcoin casinos and ensures that they are adhering to a predefined set of rules and regulations. In short, they essentially promise that any bitcoin betting site bearing this seal of approval offers transparent and fair gaming. They achieve this by examining the games, and how they work in a process known as cryptography. Analysing the blockchain for transaction histories also allows experts to gauge whether anybody wins and whether betting sites process many withdrawal transactions.

It may not be the same as a bona fide license, but the Provably Fair mark reassures players that the bitcoin betting site they are choosing is safe, secure and adheres to fair play.

Licensed Bitcoin Casinos May Become a Reality

The holy grail for bitcoin betting is to find a bitcoin casino which carries a proper gambling license from a world-renowned and internationally recognised licensing jurisdiction. That is becoming closer to reality. Over the last year, the Maltese Government has been considering making digital currencies legal. As you can imagine, this potentially opens a realm of possibilities for casinos licensed by the MGA (Maltese Gaming Authority).

If this does indeed happen, it will create a whole new angle for bitcoin casino gaming from a legal perspective. We would likely see many more established online casinos with Maltese gambling licenses start to offer bitcoin currency options, provided there were no national restrictions in their operational countries to prohibit this. More importantly, we would see legitimate and well-supported bitcoin betting sites obtain one of the internet world’s most respected licenses to add to their Provably Fair mark. Such a move would undoubtedly convince many gamblers who were sitting on the fence that bitcoin betting is the real deal.

Bitcoin Gambling is More Accessible for Start-Ups

 Bitcoin gambling is certainly not limited to the big boys. In the online casino world, most of the more popular betting sites are those casinos and sportsbooks which have high-street outlets, television advertisement campaigns, billboards or a long history. They are the sites which carry the best games from the most prominent names.

The bitcoin betting world doesn’t have to be that way, though. In fact, many bitcoin casino sites are small-scale operations, started by private individuals. Yes, you always run the risk that these are going to turn out to be “shifty”, but many authentic start-up casinos can appear, especially since, at present, they do not need to pay vast sums of money to obtain gambling licenses. This flurry of small-scale bitcoin betting sites has tweaked the interest of many casino enthusiasts and represents something new for the industry. Many players are growing tired of the same old games at the same sites, and the originality that small start-up bitcoin casinos (and their homebrew games) offer has proven very appealing.

If You Can’t Beat Them, Join Them

 When threatened by an emerging market such as the bitcoin gambling world, many of the internet’s top software providers and casinos have panicked. We’ve already seen several online casinos ditch their conventional currency options and setup, opting to thoroughly and radically transform into bitcoin casinos instead. By becoming a bitcoin site, doing away with licenses drops their expenses, and with companies such as BetSoft offering quality bitcoin-friendly games to those sites, some of the most prominent casinos have jumped ship and made the transition rather quickly.

By doing this, these casinos have enhanced the competition, giving potential bitcoin gamblers more choice. What began as a niche concept has now spread, and the more casinos with big reputations which make the change, the quicker online casino players will follow. Don’t be surprised if this trend continues, as we see more and more casinos swayed into offering bitcoin gambling to stave off the threat of this emerging market. As the old saying goes, “if you can’t beat them, join them”.

Bitcoin Promotions are on the Rise

 The very first bitcoin casinos couldn’t offer players promotions and bonuses like non-cryptocurrency casinos could. Gradually, those that did couldn’t offer players much mileage with their promos, either. That, too, has started to change.

The introduction of “faucet systems” has undoubtedly helped. These promos provide a minimal sum of cryptocurrency cash for players at bitcoin betting sites on a daily basis. More importantly, they often come free of any entanglements, such as wagering requirements and playthrough rates. That has been a significant selling point to anybody thinking of joining bitcoin sites.

If that wasn’t enough, the advent of proper welcome bonuses has pushed the bitcoin casino agenda further. Considering that sizeable new player deals are often one of the main reasons why people choose one casino over another, being able to bag a welcome bonus encourages players to join bitcoin gambling sites.

Other Cryptocurrencies Create Competition

 Bitcoin is just one cryptocurrency. If you were a user of another form of cryptocurrency (and there are many), it is unlikely that you’re going to be considering shifting over to bitcoin just to bet at a particular site. Most likely, players would continue to use USD, EUR, GBP or other currencies at standard online casinos. Bitcoin gambling sites have got around this issue by starting to add other cryptocurrencies to their list of accepted payment methods. It is not uncommon to find newer bitcoin casinos and betting sites which also accept:

– Ethereum

– Bitcoin Cash

– Litecoin

– Dogecoin

– and others

There aren’t too many casinos dedicated explicitly to those other less popular cryptocurrencies. However, by not forcing players to choose one cryptocurrency method over another, it is entirely possible that bitcoin gambling sites have encouraged more players to play with them instead of regular online casino sites.

Kinks That Require Ironing Out

Bitcoin betting sites still aren’t perfect, and they don’t have everything their way right now. There are a few kinks which need ironing out if bitcoin gambling sites are to blossom.

Firstly, there is the possibility of delays with withdrawal transactions. If you want your withdrawal processed rapidly, you’ll often need to pay a fee to a miner (his cut, if you will) to get the transaction going. Cashouts which offer little or nothing for a miner will often just end up pending, possibly indefinitely. Most bitcoin casinos get around this by taking a cut of your withdrawal (a withdrawal fee) and having their team process the transaction. If they don’t, you may end up losing a sizeable chunk of your winnings to pay miners to handle your cashout.

Bitcoin is also a volatile currency. The market fluctuated substantially in the latter part of 2017. We saw bitcoin’s value soar before it dropped rapidly around Christmas. When this happens, the bitcoin betting industry suffers just like any other industry. However, with so many countries fiercely opposed to bitcoin, if the market crashes, the entire industry goes down with it. When it soars, more and more players are tempted to get involved in bitcoin betting.

Lastly, there are no player protection policies at casinos or with bitcoin in general. If your wallet becomes hijacked or you “misplace” your bitcoins, then you’ve lost the lot. No bitcoin casinos guarantee players their purse, so, errors can prove costly. At least with online casinos, the sites can safeguard your wallet.

Bitcoin Gambling Will Continue to Grow

 Will the bottom fall out of the bitcoin gambling industry? That seems most unlikely. Bitcoin gambling is rapidly on the rise, as you can see from all the points mentioned above. Many are likening bitcoin gambling to the growth of the mobile gaming industry. Sure, it took ten years for mobile gaming to cement its spot, but it is now on-par with online gaming. Some even believe it has already surpassed it. Do not be surprised if bitcoin gambling continues to grow and outpace them both. Better yet, based on the growth of both bitcoin and mobile gaming, we could be faced with the prospect of mobile bitcoin gambling reigning supreme in the future. Now, wouldn’t that be something?

As you can see, cryptocurrency gambling is at an all-time high. Long gone are the days of minuscule, untrustworthy, private websites offering you nothing but a few lacklustre dice games. Major software developers, licensing jurisdictions and casinos are now looking at bitcoin gambling as their future. For all the reasons we’ve mentioned above, you might very well decide to get involved, too.

bitcoin_lawsuit

Over 600 Bitcoin Users File Lawsuit Against Bitcoin.com

Bitcoin.com is without a doubt one of the most prized domains in the cryptocurrency space especially because it is the go-to website for anyone who is interested in learning about bitcoin. The first result that people get when they google “buy bitcoin” is buy.bitcoin.com. On clicking the link, the users are then navigated to a page with two logos which at first glance are quite similar – one logo shows the user the option to buy Bitcoin Cash while the other is for Bitcoin Core. Bicoin.com is the only site that uses the Bitcoin Core moniker for bitcoin (BTC) and this is where the problem is.

In just two days, a “community movement” has amassed over 600 members in an effort to pursue legal action against Bitcoin.com and Roger Ver, its owner and CEO. The movement is accusing the website and its owner for deliberately misleading new cryptocurrency users into buying Bitcoin Cash (BCH) instead of regular bitcoin (BTC).

So far, the group has not disclosed the law firm they have contacted to help with the lawsuit but they did reveal that it is based in St. Kitts, a Caribbean island where, apparently, the Bitcoin.com is also registered. Already the movement has seen to the creation of an official website called bitcoincomlawsuit.info which launched on Friday. People who have complaints or have lost money from Bitcoin.com can submit their evidence and be part of the lawsuit in the newly launched website.

“A group of 600+ participants from influential industry leaders to community volunteers & contributors who devote to protect users from fraudulent businesses and help victims recover lost funds,” reads the website’s description.

The Takeaway

One thing that is clear as far as this lawsuit and other associated issues go is the fact that determining the digital currency that can hold the title of ‘Bitcoin’ is more challenging than expected. Experts will, of course, see it as an obvious thing but it will certainly be harder for newcomers to separate what is real and what is not.

Bitcoin Cash’s has been quite successful, to say the least – despite not being the behemoth that bitcoin is, the digital currency that was forked from bitcoin itself has had a huge impact on the cryptocurrency community as a whole. Nonetheless, there is only one bitcoin and that is the currency with the highest market cap as well as the most overall community and mainstream support. So, while it is possible, the idea that an altcoin like Bitcoin Cash will dethrone bitcoin is an over-ambitious one.

Mark_karpeles

Mt. Gox Ex-CEO Mark Karpeles Lands New CTO Job

The crypto world has had its fair share of drama in the past couple of years but one of the most significant events is the theft of 850,000 bitcoins from Mt. Gox which was once the world’s largest cryptocurrency exchange. As the Chief Executive of the exchange at the time, Mark Karpeles was held responsible for the loss of the bitcoins as well as the exchange’s bankruptcy. While the now-defunct cryptocurrency exchange recovered 200,000 bitcoins, it did not help the situation with Karpeles facing criminal charges and being jailed for nearly a year. An ongoing investigation linked a United Kingdom-based company to the theft of the remaining 650,000 bitcoins.

Karpeles is still facing criminal charges in Japan and thus he is not allowed to leave the country. Regardless, the infamous ex-CEO has been trying to start over with a clean slate.

“I have no way to be sure that I’ll still be able to work in one year, two years. So I cannot really get a normal full-time job”, he said in March in an interview with Fortune.

He has previously confirmed that he has been juggling a number of IT-related jobs that revolve mostly around cryptocurrency and networking. However, his most recent revelation is by far the most interesting. Karpeles has been appointed to a C-level position as the Chief Technology Officer (CTO) for London Trust Media, the world’s leading virtual private network (VPN) service provider.

London Trust Media doubles up as an investment company, particularly in cryptocurrency – it was an early investor in Zcash, a privacy-focused digital coin, and also backs Purse, a startup that allows its users to purchase items on Amazon using bitcoin.

“Mark fought and fell. And although he fell, his skills, experience, and know-how unarguably continue to exist. And so, bringing in a seasoned warrior makes perfect sense to me. I am more than willing to give a second chance to Mark in this fight’s critical hour. I wouldn’t dare say that the person who architected the Titanic should never again architect another ship,” said London Trust Media co-founder and former head of Mt. Gox’s North American operations, Andrew Lee.

Karpeles will be working remotely from Japan since, as mentioned earlier, he is still facing criminal charges and thus he cannot legally leave the country. Also, even though his role as London Trust Media CTO will involve oversight over the companies cryptocurrency-related interests, Karpeles has made it clear that he has lost faith in bitcoin and wants very little to do with the cryptocurrency industry.

“The only thing I’m touching related to cryptocurrency is how to solve this bankruptcy – Nothing more,” Karpeles stated.

“Bitcoin right now is, I believe, doomed. Its original promise of being the future of currency is clearly out of reach.”

coinsource-atm-feature

Coinsource to Deploy 20 Bitcoin ATMs in the US Capital

Bitcoin ATMs have grown in popularity over recent years with a number of these digital currency outlets being deployed in various locations all around the world. This has spawned a bit of competition among cryptocurrency operators, especially in the United States. However, Coinsource, which happens to be the largest bitcoin ATM network in the world still remains a dominant player in the US. Things are about to get even better for the company with its planned expansion to US capital which will involve the deployment of 20 ATM machines across the District of Columbia and Maryland.

“We are meeting Washington D.C. at an inflection point, where regulators are looking at the value and potential of decentralized currencies and blockchain technology,” said Coinsource CEO Sheffield Clark. “All innovation over time has passed through our Nation’s Capital in one way or another, and we are happy to be now servicing Washington D.C. and the surrounding communities so that they can have easy access to buying and selling Bitcoin.”

The expansion is also a response to the huge demand by users and merchants in the Washington DC metropolitan area. Before Coinsource decided to Venture into Washington, the city already had five bitcoin ATM machines with each being serviced by a different operator. Furthermore, a number of the state’s restaurants, record shops and bookshops among many other businesses have been allowing the use of bitcoin as a mode of payment since last year.

Coin ATM Radar reports that there are currently about 2,753 bitcoin ATMs in the United States – this accounts for 75.75 percent of the global total. With the new development, Coinsource’s bitcoin ATMs will now be servicing 164 million residents in 19 states. The residents in these 19 states will also have the benefits of the lowest rates, account registration from the comfort of their homes as well as exclusive remote enrollment. This is one of the company’s ways of providing financial freedom to the unbanked and the underbanked.

“Our goal is to give everyone the equal ability to access bitcoin, particularly in times of record demand, and participate in this soaring new economy. Part of making this marketplace accessible is making sure our fees are less than half that of any other operator, and customers will be given fee-free transactions for first-time use of any new machine,” the CEO added.