Bitcoins in Bali http://bitcoinsinbali.org Creating a Bitcoin Community in Bali Thu, 18 Jan 2018 07:42:18 +0000 en-US hourly 1 https://i2.wp.com/bitcoinsinbali.org/wp-content/uploads/2014/09/cropped-BC_Logo_.png?fit=32%2C32 Bitcoins in Bali http://bitcoinsinbali.org 32 32 103934354 Six Legal Issues Bitcoin Faces in South Korea http://bitcoinsinbali.org/six-legal-issues-bitcoin-faces-south-korea/ http://bitcoinsinbali.org/six-legal-issues-bitcoin-faces-south-korea/#respond Sun, 25 Jun 2017 16:00:55 +0000 https://news.bitcoin.com/?p=49565 Six Legal Issues Bitcoin Faces in South KoreaSouth Korea currently has no regulations regarding bitcoin, even as the digital currency has gained immense popularity following its recent price spikes. Lawyer Kim Kyung Hwan outlines the six most important legal issues surrounding bitcoin in the country. Also read: Why South Korean Bitcoin Adoption Could Outpace Most Other Countries This Year Regulations Expected in the

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South Korea currently has no regulations regarding bitcoin, even as the digital currency has gained immense popularity following its recent price spikes. Lawyer Kim Kyung Hwan outlines the six most important legal issues surrounding bitcoin in the country.

Also read: Why South Korean Bitcoin Adoption Could Outpace Most Other Countries This Year

Regulations Expected in the Near Future

Six Legal Issues Bitcoin Faces in South KoreaKim is a lawyer, patent attorney, and tax accountant in South Korea. He is also a member of the National Assembly Secretariat which provides support services to lawmakers such as legislative research and administrative supports. In 2015, he was selected by the Ministry of Commerce, Industry and Energy to receive the Industrial Technology Protection award by Korea Internet & Security Agency (KISA).

In an article published in Chosun on Friday, Kim noted how the rise in bitcoin’s price prompted more people in South Korea to get involved. However, the country does not have regulations for the cryptocurrency. This causes uncertainty and “a lot of trouble” for anyone making bitcoin transactions, he said, adding that:

It is expected that the regulations will be introduced [in South Korea] like Japan in the near future.

He then outlined six legal issues of digital currencies pertinent to South Korea.

Classification of Bitcoin, VAT, and Money-Laundering

Six Legal Issues Bitcoin Faces in South KoreaThe first and most fundamental legal issue is whether bitcoin is money, a security or an asset, Kim began. The South Korean Financial Services Commission has said they will propose a regulatory framework for Bitcoin-based businesses this year.

The Commission, the Ministry of Strategy and Finance, the Bank of Korea, the Financial Supervisory Service, academics and legal experts met in November last year. They started a debate about the legal definition of bitcoin, the exchange registration system, and anti-money laundering. However, no guidelines have been announced yet. Kim noted (loosely translated):

The National Tax Service in Korea interprets bitcoin as money and an asset but the FTC [Fair Trade Commission] interprets it as a good. This needs to be resolved through legislation.

The second issue is whether to impose VAT or consumption tax on bitcoin purchases. Kim cited countries where bitcoin is considered an asset impose VAT and “Korea belongs here as well,” he conveyed. “However, the international trend towards VAT is on the way to exemption,” he detailed, giving the example of Japan having revised its law to exempt bitcoin purchases from consumption tax.

Another issue he brought up is the need to overcome problems such as money laundering. “Korea considers digital currency as a commodity, and since telecom dealers are not obligated to prevent money laundering, there is no regulation yet,” he explained.

Business Registration

The fourth issue is whether digital currency businesses including exchanges need to register or notify any authorities. “A person who wants to conduct an exchange business now reports it as a telecommunications dealer under the Electronic Commerce Act. However, it can not be regarded as a regulation specific to virtual money,” he detailed. He then cited Japan’s new amended law to require bitcoin exchange businesses to register with the Prime Minister, be regularly audited and also be supervised by the Prime Minister.

Remittances using Bitcoin

Six Legal Issues Bitcoin Faces in South KoreaThe fifth issue concerns bitcoin remittances, when bitcoin is transferred and converted into won or other foreign currency. The current Foreign Exchange Transaction Act states that foreign exchange transfers including remittances can only be done through a financial company. “According to the interpretation of the Ministry of Strategy and Finance, it is important to note that many bitcoin providers may be in violation of the Foreign Exchange Transactions Act,” Kim explained.

However, starting on July 18, the law allows small-scale foreign exchange transactions for non-financial companies. This will significantly improve remittances in the country as the traditional banking practice is expensive and cumbersome, he indicated. Bitcoin.com recently reported on a leading mobile commerce company, Omnitel, which started a bitcoin remittance business in order to lower the cost of remittances as well as the time taken.

ICO

The last issue Kim mentioned concerns Initial Coin Offerings (ICOs) which have gained popularity lately. “There are similar schemes such as IPOs (initial public offerings) or crowdfunding in the capital market in Korea, but they are clearly different,” he explained. The issue also needs to be addressed as well.

When do you think South Korea will catch up to Japan’s regulations on bitcoin? Let us know in the comments section below.


Images courtesy of Shutterstock and Korean Financial Services Commission


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Scheduled Scaling Updates for the Bitcoin Network Are Getting Closer http://bitcoinsinbali.org/scheduled-scaling-updates-bitcoin-network-getting-closer/ http://bitcoinsinbali.org/scheduled-scaling-updates-bitcoin-network-getting-closer/#respond Sat, 24 Jun 2017 23:00:32 +0000 https://news.bitcoin.com/?p=49498 scalingOver the past six months, the bitcoin scaling debate has been going on relentlessly as many cryptocurrency proponents are trying to figure the best solution to improve the network’s fees and transaction throughput. There have been many ideas brought to the table, but this summer there are some specific plans that all bitcoin holders should

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Over the past six months, the bitcoin scaling debate has been going on relentlessly as many cryptocurrency proponents are trying to figure the best solution to improve the network’s fees and transaction throughput. There have been many ideas brought to the table, but this summer there are some specific plans that all bitcoin holders should keep on their radar.

Also Read: 70 Percent of the Bitcoin Hashrate Begins Signaling Segwit2x

 Bitcoin Scaling Changes and Three Possibilities

The block size debate has been going on since Satoshi Nakamoto put a 1MB limit on blocks in 2010, which only allows for a certain amount of transactions per block. More recently the ‘community’ has been divided talking about a variety of ideas that could help blocks hold more transactions as bitcoin becomes increasingly more popular.

One of the ideas right now is Segregated Witness (Segwit), a soft fork protocol designed to remove witness data from transactions which theoretically will add more space for additional transactions. Then the other side of the community wants to implement a hard fork that would change the 1MB block size limit to either 2MB, 4MB, 8MB, or even unlimited block space.

For a long time now Bitcoin proponents have yet to implement any of these plans. There has been a stalemate for quite some time between businesses, users, miners, and many individuals involved in the bitcoin economy. Now certain members of the bitcoin community seem to be moving a lot closer to attempts towards activating their plans on the bitcoin network.

UASF (user activated soft fork)

Scheduled Scaling Updates for the Bitcoin Network Are Getting CloserUSAF or BIP 148 stands for a “user activated soft fork,” which is an idea that proposes full nodes can activate Segwit on the bitcoin network. The concept was first introduced in February by an anonymous pseudonym named Shaolinfry. The creator of UASF believes Segwit can be implemented on the network by utilizing the vote of full nodes similar to the P2SH soft fork (BIP16) that took place in the past. However, BIP 148 is a fork that will also require miners to deploy the existing Segwit protocol.

“‘Flag Day’ — Prior to August 1st, 2017, miners should either; update their node software to a BIP148-enforcing version; or run a BIP148 border node to filter out invalid blocks, and update their existing mining software to produce blocks with version 1 bit enabled, to vote for Segwit activation,” explains the UASF Working Group website.

On forums and social media, there seems to be a good following of people who support the UASF movement, while others would disagree and say there isn’t much BIP 148 support at all. As far as node count is concerned, there are 918 nodes signaling BIP 148 out of 7441 total full bitcoin nodes at the time of writing. The UASF Working Group website and many others within the community have also admitted to the fact that UASF can split the bitcoin blockchain.

Scheduled Scaling Updates for the Bitcoin Network Are Getting Closer
UASF node count as of June 24, 2017.

UAHF (user activated hard fork)

Due to this concern on June 15 the ASIC manufacturer and mining pool operator, Bitmain announced a protection plan for this event. The Beijing-based company revealed its UAHF contingency plan (user activated hard fork) because the company believes “the UASF chain presents a risk of the original chain being wiped out.” Bitmain believes a UASF poses a threat to the network and will support a defensive hard fork and are also producing replay protection software. The company states it will have software built for this contingency plan by the end of this month.

“Currently, there are at least three client development teams working on the code of the spec,” explains Bitmain. “All of them want to stay quiet and away from the propaganda and troll army of certain companies. They will announce themselves when they feel ready for it. Users will be able to install the software and decide whether to join the UAHF. The software is expected to be ready before July 1st, and it will be live on testnet by then.”

We wish that New York agreement will be developed and carried out well. It is the last hope for Bitcoin to scale unitedly in the face of the BIP 148 threat. We will try our best to deploy and activate it as soon as possible.

Segwit2x

The next plan on the horizon is called Segwit2x, an idea that mixes Segwit with a 2MB hard fork. Segwit2x was originally designed by Sergio Demian Lerner of Rootstock and has evolved into a pact made at the Consensus Conference — Otherwise known as the “New York Agreement.” The covenant was announced by Barry Silbert’s Digital Currency Group which said 58 bitcoin-based companies backed the plan alongside 83 percent of the network hashrate as well.

Scheduled Summer Scaling Plans for the Bitcoin Network Are Getting Close

Since then a working group has been building on the project led by bitcoin developer and Bloq CEO, Jeff Garzik. The group released the alpha code for Segwit2x on June 16, and since then a vast majority of pool operators have started signaling support for the protocol upgrade. Segwit2x scaling is currently being signaled by mining pools such as Bixin, BTC.top, F2pool, 1hash, Viabtc, BW.com, Bitclub, Antpool, BTCC, and others. Furthermore, the Segwit2x working group has also been working to make certain parts of the UASF compatible with its plan.

Scheduled Summer Scaling Plans for the Bitcoin Network Are Getting Close
Segwit2x Intention Signaling is 64% on June 24, 2017.

As of right now the signals mostly show ‘intent to support’ the protocol, in the end, eighty percent of the hashrate must signal bit 4 which essentially will lock in BIP 91. If this happens, they must continue the support through 336 blocks in order to activate Segwit. Then a 2MB hard fork following a similar process 12,960 blocks later (3 months) is planned to follow.

“The prediction is that miners activate rapidly. Therefore, block 485218 becomes the hard fork point. “+3 months” is the fallback safety measure, in case activation is slower than predicted,” explains Jeff Garzik.

No One Can Predict The Outcome of These Events

People right now including the developers of these plans cannot predict the exact results of these planned events. UASF supporters hope the majority hashrate will follow their lead creating a snowball effect towards what they believe will be the prominent chain. Others are skeptical of Segwit2x and think that if Segwit is activated the other half of the bargain will not be fulfilled. There are also those who vehemently oppose both of these ideas for one reason or another.

Both of these plans may or may not happen but are planned by supporters to take place over the course of the next three months. If they do happen, ordinary users should know that if they hold their own private keys in a non-custodial wallet, they don’t need to do anything. Those holding money on trading platforms will have to deal with the exchange’s decisions.

What do you think about the scaling plans slated to happen over the next few months? Let us know in the comments below.


Images via Shutterstock, Pixabay, Coin Dance, and Salty Lemon.org. 


Do you want to vote on important Bitcoin issues? Bitcoin.com has acquired Bitcoinocracy, and rebranded the project to Vote.bitcoin.com. Users simply sign a statement with a non-empty Bitcoin address and express their opinions. The project focuses on determining truth backed by monetary value and transparency.

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Chinese Central Bank Director: ‘Bitcoin Trading Platforms Cannot Call Themselves Exchanges’ http://bitcoinsinbali.org/chinese-central-bank-director-bitcoin-trading-platforms-cannot-call-exchanges/ http://bitcoinsinbali.org/chinese-central-bank-director-bitcoin-trading-platforms-cannot-call-exchanges/#respond Mon, 13 Mar 2017 18:36:52 +0000 https://news.bitcoin.com/?p=39004 On March 13 the PBOC director of business management, Zhou Xuedong explained some of the reasons behind the recent regulatory inspections of bitcoin exchanges and emphasized how trading platforms are to proceed with their activities in the future.    Also read: Norwegian Prosecutors Seek 120 Bitcoins in Court Restitutions ‘The Bubble of Bitcoin Speculation Was Too

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On March 13 the PBOC director of business management, Zhou Xuedong explained some of the reasons behind the recent regulatory inspections of bitcoin exchanges and emphasized how trading platforms are to proceed with their activities in the future.   

Also read: Norwegian Prosecutors Seek 120 Bitcoins in Court Restitutions

‘The Bubble of Bitcoin Speculation Was Too Much’

PBOC Director: 'Bitcoin Trading Platforms Are Not to Be Called Exchanges'The People’s Bank of China (PBOC) has increased its involvement with Chinese bitcoin exchanges significantly over the past few months. The topic of regulating these types of trading platforms has become a regular discussion between politicians and PBOC executives. PBOC director Zhou has told the press, even more details concerning the recent crackdown on bitcoin exchange regulation.

Zhou explained there are more regulatory guidelines coming soon, focused on anti-money laundering standards. Currently, the guidelines have been sent to bitcoin exchanges for review and advice towards the new measures. The government continues to encourage blockchain innovation, but using blockchain to produce a “bubble” is something the bank will not support, the PBOC director told a local reporter in a recent interview.

“There was a time that the bubble of bitcoin speculation was indeed too much.” said Zhou.

No More Fake Volumes

PBOC Director: 'Bitcoin Trading Platforms Are Not to Be Called Exchanges'
March 13, PBOC director of business management, Zhou Xuedong. (right)

During the recent inspections, Zhou stated some platforms had altered bitcoin trading volumes in order to attract more customers. Zhou detailed to the reporter that China is different than other countries when it comes to investing. A large number of Chinese investors are young and are more inclined to take risks trading. Zhou says the risks associated with bitcoin trading are significant and trading platforms must be examined and regulated.

“Some economists believe that bitcoin is in a bubble, one that will burst sooner or later,” said Zhou Xuedong’s translated statement. “But technically, bitcoin uses blockchain as its underlying technology. That is a relatively successful application. Some countries have already recognized its legal status and can adopt it as payment tool for purchasing goods, that is to say, they recognize bitcoin’s value. Thus bitcoin may continue to exist. ”

Zhou goes into further detail that regulating bitcoin exchanges will consist of many government agencies working together. “Regulation should be implemented in a comprehensive way — Many departments will play their roles and join the regulation,” explains the PBOC director. For instance, Zhou says bitcoin taxation should be regulated by the tax department.

Bitcoin Trading Platforms Are Just ‘Websites’ and Not to Be Called ‘Exchanges’

One interesting point Zhou emphasized was that bitcoin trading platforms should not be called “bitcoin exchanges.” These types of businesses are just “websites or trading platforms,” the PBOC executive explains stating:

If it (trading platform/website) is called an exchange, it is not allowed unless a relevant department of our country permits it. Many people regard bitcoin online trading platforms as exchanges. These are actually two different concepts.    

In order to become an exchange, businesses must get permission from the securities department or get the state consular to approve that type of request. As far as current bitcoin exchanges are concerned, they can only get this permission “in the future if we qualify them as trading platforms for commodities,” says Zhou. However, the central bank director said there is a possibility of a bitcoin trading platform opting to become an exchange.

Zhou adds, “In the long run, they must be included in the local management of commodity trading platforms, under the supervision by the local financial bureau, and implement the main regulatory guidelines and supervision. The PBoC branches, the Securities Regulatory Bureau, Insurance Regulatory Bureau, Revenue Department, the Taxing Department, and others will implement functional supervision.”

What do you think about the regulatory crackdown on bitcoin exchanges in China? Does it matter they cannot be called exchanges? Let us know in the comments below. 


Images via Shutterstock, Pixabay, and the publication Yicai. 


Do you like to research and read about bitcoin technology? Are you writing a bitcoin report for school? Check out Bitcoin.com’s Wiki page for an in-depth look at Bitcoin’s innovative technology and history.

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Venezuelan Bitcoin Miners Bribed and Thrown in Jail by Secret Police http://bitcoinsinbali.org/venezuelan-bitcoin-miners-bribed-thrown-jail-secret-police/ http://bitcoinsinbali.org/venezuelan-bitcoin-miners-bribed-thrown-jail-secret-police/#respond Mon, 13 Mar 2017 10:00:55 +0000 https://news.bitcoin.com/?p=38968 Over the past few months, officials in Venezuela have been cracking down on underground Bitcoin mining operations within the country. According to various reports, Venezuela’s secret police has been coercing Bitcoin miners for bribes or they would otherwise be thrown into jail if they don’t pay the extortion. Also read: Norwegian Prosecutors Seek 120 Bitcoins in

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Over the past few months, officials in Venezuela have been cracking down on underground Bitcoin mining operations within the country. According to various reports, Venezuela’s secret police has been coercing Bitcoin miners for bribes or they would otherwise be thrown into jail if they don’t pay the extortion.

Also read: Norwegian Prosecutors Seek 120 Bitcoins in Court Restitutions

Bitcoin Mining and Extortion

Venezuelan Bitcoin Miners Bribed and Thrown in Jail by Secret PoliceThe Venezuelan economy has been suffering from significant hyperinflation and hardship for quite some time. Over the course of the past year, Bitcoin adoption has grown rapidly in Venezuela as some citizens are turning to the decentralized currency and underground mining operations. Electricity is cheap in Venezuela and subsidized by the state, making mining operations more lucrative than working for bolivars.

This past November, two brothers from Caracas operating a Bitcoin mining operation were raided by the country’s secret police (Sebin). According to the brothers’ reportsofficers ordered them to pay $1,000 for every mining machine they owned. The brothers, who wished to remain anonymous, stated that they had paid the police to keep mining. Nevertheless, miners in Venezuela are being caught more often because the state’s power corporation is finding mining operations consuming 20 times the electricity used in a traditional home.

Venezuelan Bitcoin Miners Bribed and Thrown in Jail by Secret Police
Raids by the Venezuelan secret police (Sebin) are becoming increasingly common in the area since the economic turmoil started.

Surbitcoin Employee Thrown in Jail for Eight Months

Bitcoin.com has reported on multiple incidents of mining operations being seized by Venezuelan authorities. However, these types of arrests started in March of 2016 as Joel Padrón and José Perales from Valencia were arrested for possession of illegal mining rigs and electricity theft. The miners ran their business stealing electricity within the industrial zone of Valencia, officials from Sebin explained. Sebin also stated that they had seized multiple mining rigs and four laptops from the establishment where Padrón and Perales were arrested.

At the time, Daniel Arraez, a consultant for the Venezuelan Bitcoin exchange Surbitcoin, was asked to give a testimony. The accused miners had stated that they had used Surbitcoin’s services to conduct trades.

When Arraez went to the police station, he was suddenly detained and thrown in a cell with Padrón and Perales. Arraez details how he was charged with associating with a criminal operation and illegal money transmission. The Surbitcoin consultant said that he spent eight months in prison and is currently preparing for a trial.

“We were only the scapegoats of the disastrous situation in the country’s electricity sector”, Arraez explains.

Surbitcoin has also had some issues with regional banks this year but is operating once again after a temporary hiatus. However, the company says that its user base has grown from 450 registrants to 85,000 to date.

What do you think about the Venezuelan secret police cracking down on miners and exchange employees? Let us know in the comments below.


Images via Shutterstock and Pixabay. 


Now you’ve got your first bitcoin, where can you spend it? Well, the easiest place to try it out is our very own bitcoin.com Store. You’ll find everything bitcoin-related, from clothing to all kinds of accessories and much more. You’ll experience that “wow” moment all bitcoiners have felt after paying with bitcoin for the first time.

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Bitcoin Price Consolidates on ETF News http://bitcoinsinbali.org/bitcoin-price-consolidates-etf-news/ http://bitcoinsinbali.org/bitcoin-price-consolidates-etf-news/#respond Thu, 09 Mar 2017 06:00:13 +0000 https://news.bitcoin.com/?p=38457 After falling $100 on Tuesday morning, bitcoin’s price continued its decline on Wednesday. The price, which peaked at $1,285 on Monday according to the exchange Bitstamp, dropped 1.5 percent the next morning. Within thirty minutes of this decrease, the digital currency had fallen to $1,160. The price then climbed to $1,229 before taking another downturn.

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After falling $100 on Tuesday morning, bitcoin’s price continued its decline on Wednesday. The price, which peaked at $1,285 on Monday according to the exchange Bitstamp, dropped 1.5 percent the next morning. Within thirty minutes of this decrease, the digital currency had fallen to $1,160. The price then climbed to $1,229 before taking another downturn.

Related: Don’t Miss the Fine Print on that Bitcoin ETF

There are numerous dynamics at play in the bitcoin market. The People’s Bank of China (PBOC) recently stated that the digital currency needs to be strictly regulated. Exchanges there announced last month that they would cease withdrawals until March, only to extend the wait further.

In the past year, according to Google Trends data, search interest for the term ‘buy bitcoin’ has steadily increased. In early February, it began a steep climb indicative of a future increase in buying interest.

Bitcoin Price Consolidates on ETF News

The forthcoming SEC announcement about whether or not a Bitcoin ETF would be allowed could have also played a role in recent price movements. Some have suggested that the declines resulted from insider trading and speculators betting that the Bitcoin ETF would not be approved.

According to people “familiar with the matter”, and anonymous source Bitcoin.com has been in contact with, the ETF decision could come as early as Friday, and perhaps even earlier. Others say the decision might arrive on Monday.

The hedge fund Global Advisors Bitcoin Investment Fund (GABI), in a letter to subscribers, noted this week that it believes there is only a 25% chance the ETF will be approved.

Despite the recent lull in price and uncertainty over the Bitcoin ETF, many analysts remain optimistic about the future of the price of bitcoin.

Increased regulation from Chinese authorities, demonetization in India, recently passed legislation in Japan, as well as the general decline of the value of fiat currency, are all seen as impetuses to bitcoin’s price rise. Analysts share a wide range of future price predictions.

“I think you’ll see rapid growth in adoption”

“In terms of price this year, I think [bitcoin] will go up to $3,000. As it becomes more pervasive and more generally accepted, I think you’ll see rapid growth in adoption”, Adam Davies, a consultant at Altus Consulting, told CNBC in an interview on Tuesday. “People are unsure about what is going on in the world, and digital currencies unlike the U.K. pound sterling have been hit badly because of Brexit, so people are looking to divest into bitcoin. There is a definitely upward trend. So the drivers will be hedging against currency fluctuations and insecurity in the markets”.

Clif High, an analyst who some have called a modern-day Nostradamus, predicted that the recent price decrease is no more than a minute lull. “Bitcoin is gonna be $13,008 by February of next year”, predicts Mr. High. “Bitcoin is simply escalating. And bitcoin doesn’t explode [in price] until 2019”.

In a study of the effects of Bitcoin halvings on the bitcoin price, Bitcoin.com found that it would not be unreasonable to anticipate a more-than-$10,000 price per bitcoin in the period of time following the 2016 ‘Bitcoin halving’, in which Bitcoin miner rewards were reduced by one-half.

Bitcoin’s price increased 120 percent in 2016, making it the best performing currency the second year in a row. If last year is any indication, bitcoin’s price could reach $2,200 by the end of 2017.

What do you attribute the recent bitcoin’s price action to? Let us know in the comments below.


Images courtesy of Shutterstock and Google Trends


Do you want to vote on important Bitcoin issues? Bitcoin.com has acquired Bitcoinocracy, and rebranded the project to Vote.bitcoin.com. Users simply sign a statement with a non-empty Bitcoin address and express their opinions. The project focuses on determining truth backed by monetary value and transparency.

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How Bitcoin Traders Are Preparing for the SEC’s ETF Decision http://bitcoinsinbali.org/bitcoin-traders-preparing-secs-etf-decision/ http://bitcoinsinbali.org/bitcoin-traders-preparing-secs-etf-decision/#comments Wed, 08 Mar 2017 22:35:38 +0000 http://www.coindesk.com/?p=260491 The world's bitcoin traders are getting ready for this week's ETF decision.
Source

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Source. Read More.

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Could Smart Contract-Based Bribes Threaten Bitcoin Mining Pools? http://bitcoinsinbali.org/smart-contract-based-bribes-threaten-bitcoin-mining-pools/ http://bitcoinsinbali.org/smart-contract-based-bribes-threaten-bitcoin-mining-pools/#respond Wed, 08 Mar 2017 21:26:18 +0000 http://www.coindesk.com/?p=260490 Could bribery payments issued via smart contract undo the bitcoin mining pool model?
Source

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Source

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Major Chinese Exchanges to Postpone the Return of Withdrawals http://bitcoinsinbali.org/major-chinese-exchanges-postpone-return-withdrawals/ http://bitcoinsinbali.org/major-chinese-exchanges-postpone-return-withdrawals/#respond Wed, 08 Mar 2017 09:30:24 +0000 https://news.bitcoin.com/?p=38388 Today, all of the three major Chinese exchanges – OKCoin, Huobi and BTCC – announced that they will postpone the resuming of bitcoin withdrawals. All three of them have recently been inspected by the Central bank of China (PBoC). In almost identical announcements the exchanges stated they’ve actively been developing and upgrading their systems over the

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Today, all of the three major Chinese exchanges – OKCoin, Huobi and BTCC – announced that they will postpone the resuming of bitcoin withdrawals. All three of them have recently been inspected by the Central bank of China (PBoC).

In almost identical announcements the exchanges stated they’ve actively been developing and upgrading their systems over the past month, including statements that they’re trying to “research the relevant details of the policy, and learn from regulatory experience from other countries, and discuss with industry counterparts to explore the development of these new industry standards.”

In all three announcements the exchanges said that “once approved by the regulating departments, we will resume bitcoin withdrawal services.” Huobi also stressed that “they have been making efforts to ensure the healthy development of cryptocurrencies, under the premise of compliance.”

“Bitcoin exchange platforms shall not violate the national AML”

The exchange CHBTC also announced the same content as OKCoin, Huobi and BTCChina towards its customers. Here’s how Huobi’s announcement was worded;

“Dear Users:
According to the regulation departments’ (request) “Bitcoin exchange platforms shall not violate the national AML, foreign currency management and payment settlement laws and regulations”, Huobi has been actively developing and upgrading our system in this month, according to the relevant details of the policy, and learn from regulatory experience from other countries, and discuss with industry counterparts to explore the development of the industry standards. Once approved by the regulate departments, we will resume bitcoin withdraw service. Please pay attention to the official announcement of our website.”

ExchangesThis piece of news follows earlier announcements from exchanges in China regarding new ways of verification and new rules around futures and margin trading.

Meanwhile, a smaller Chinese exchange called Coinnice announced it will resume withdrawals shortly, apparently trying to gain more business while the “big three” bleed.

The “Lianghui” takes place in China March 9-16 and is one of the most important political events in China. It is well known that the Chinese government prefer to ensure utmost “social stability” during this event. Therefore, it is unlikely bitcoin withdrawals will return anytime before the end of those meetings.

What do you think about the recent developments taking place in China? Let us know in the comments below.


Bitcoin.com is ramping up our tools section with a variety of useful Bitcoin-related applications. There’s a price converter, paper wallet generator, a faucet, and a verifier to validate messages using the Bitcoin blockchain. We’re pretty excited to introduce these new widgets and tools so our visitors have the best resources to navigate the Bitcoin landscape.

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Chinese Exchanges to Resume Bitcoin Withdrawals Pending Regulator Approval http://bitcoinsinbali.org/chinese-exchanges-resume-bitcoin-withdrawals-pending-regulator-approval/ http://bitcoinsinbali.org/chinese-exchanges-resume-bitcoin-withdrawals-pending-regulator-approval/#respond Wed, 08 Mar 2017 09:15:34 +0000 http://www.coindesk.com/?p=260413 China's 'Big Three' bitcoin exchanges have announced their intent to resume withdrawals in new statements issued today.
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SEC Expected to Decide Bitcoin ETF’s Fate By Friday http://bitcoinsinbali.org/sec-expected-decide-bitcoin-etfs-fate-friday/ http://bitcoinsinbali.org/sec-expected-decide-bitcoin-etfs-fate-friday/#respond Tue, 07 Mar 2017 23:09:23 +0000 http://www.coindesk.com/?p=260345 The SEC decision on the bitcoin ETF is expected by Friday, according to a source with knowledge of the agency’s deliberations.

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