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Wednesday, October 11, 2017

Cryptocurrency News for 11 Oct 2017

 

100 and Counting: Ripple Adds New Members to Distributed Ledger Network

100 and Counting: Ripple Adds New Members to Distributed Ledger Network

 

Distributed ledger startup Ripple has signed up nine additional users for its global payments network product, RippleNet.

Announced today, new members include Bexs Banco de Cambio, a processing service for international payments, and dLocal, the payment service behind Uber and GoDaddy. The other firms joining the network's now 100-plus members include Credit Agricole, Currencies Direct, IFX, TransferGo, Cuallix, Krungsri and Rakbank.

In statements, Ripple was keen to position the group as not simply another blockchain consortium, saying its clients are successfully moving toward live implementations of products that can have a real business impact.

For example, Ripple also revealed that financial services firm Cuallix will be the first partner to convert cross-border fund transfers into Ripple's native currency XRP. Specifically, the company plans use the token for fund transfers between the U.S. and Mexico in order to reduce processing costs, the release states.


Full story at http://bit.ly/2i3Ag8N


Source: CoinDesk


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Japanese Renewable Energy Provider Offers Low Flat-Rate Electricity for Crypto Miners

Japanese Renewable Energy Provider Offers Low Flat-Rate Electricity for Crypto Miners

 

Looop Co. Ltd is a Tokyo-based renewable energy provider that offers natural energy products and services as well as retail electricity services. The company “was born from the volunteer activity to set up photovoltaic power in the affected area of the Great East Japan Earthquake,” its website describes. The company began operations in March 2011 with the development of “a photovoltaic power plant that can be installed by ourselves.” Other products offered include solar, wind, biomass, hydroelectric, and geothermal power systems.

Following the liberalization of Japan’s retail power market in April 2016, Looop entered the retail electricity market. Over 55,000 Japanese households now use Looop’s electricity services, according to IT Media.

The company recently announced a new electricity plan which is tailored to cryptocurrency miners in the Tokyo Electric Power Company (TEPCO) service area. Looop calls it the “Mining Flat” rate plan. Customers can start applying for this new service this month.

Japanese Renewable Energy Provider Offers Low Flat-Rate Electricity for Crypto MinersLooop explained that customers can sign up for a “1kW equivalent contract (10A or 1kVA)” which allows usage of up to 250kWh for a fixed monthly price of 6,170 yen. They can also sign up for multiple contracts. For example, a 3kW contract will allow them to use up to 750kWh. Overages are charged at the rate of 22 yen per 1kWh.


Full story at http://bit.ly/2i5a3GZ


Source: Bitcoin News


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Russia turns cold on crypto-currencies

Russia turns cold on crypto-currencies

 

SOCHI, Russia (Reuters) - President Vladimir Putin said on Tuesday crypto-currencies were risky and used for crime, as Russia’s central bank said it would block websites selling bitcoin and its rivals - a change of tone from a month-old promise to legalize the market.

Central Bank First Deputy Governor Sergei Shvetsov told a conference in Moscow that the currencies were “dubious” and investors needed to be protected.

“We cannot stand apart. We cannot give direct and easy access to such dubious instruments for retail (investors),” Shvetsov said.

Around 1,000 miles (1,600 km) further south in the resort of Sochi, Putin told reporters that crypto-currencies could be used to launder money, evade taxes and finance terrorism.


Full story at http://reut.rs/2i2P87p


Source: Reuters


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$5,000 in Reach? Bitcoin Falls Back After Hitting 5-Week High

$5,000 in Reach? Bitcoin Falls Back After Hitting 5-Week High

 

Supported by strong volumes, bitcoin prices sprinted to a five-week high of $4,875 last night before the move ran out of steam.

The bitcoin-U.S. dollar (BTC/USD) exchange rate spent 12 hours working hard to retake $4,800. However, at press time, bitcoin's price had dropped to $4,770 – still up 12 percent in the last 24 hours. Week-on-week, the price is up 10 percent, while on a monthly basis, the cryptocurrency has seen 12 percent gains.

Indeed, despite the Chinese ban on ICOs as well as hints Russia may take new restrictive actions, bitcoin has been able to regain poise in a relatively short period of time. Less than a month ago, BTC had dropped to $2,980. As of now, bitcoin is only 4.8 percent short of its all-time high of $5,000 set in early September.

The stellar recovery could be attributed to an increased trading activity in Japan, South Korea and Hong Kong in the aftermath of Chinese crackdown. Speculation is also doing the rounds that fears of increasing ICO restrictions across the globe may have triggered a rotation of money out of ether and ethereum-based tokens and into bitcoin.


Full story at http://bit.ly/2i2sprM


Source: CoinDesk


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Don’t Fear Forks, There’s Only One Bitcoin

Don’t Fear Forks, There’s Only One Bitcoin

 

There’s been some panic lately over the various “forks” of the Bitcoin network, particularly among the less tech-savvy who hear inaccurate or incomplete news on the mainstream media. It’s important to clear up some confusion, because there are more so-called “forks” coming.

First, the most important thing to know is this: there will only ever be 21 mln Bitcoin in existence. Period. End of story.

There have been and will continue to be currencies that fork from the Bitcoin network, taking with them a full snapshot of the network up until that point. Yet there’s still only one Bitcoin. Bitcoin Cash, Bitcoin Gold, Bitcoin-anything-else, none of them have interoperability with the real Bitcoin network.

Bitcoin skeptics have been telling people that with the Bitcoin Cash fork, there will now be 42 mln Bitcoin in existence. It won’t be long before they start claiming that with the upcoming Bitcoin Gold fork, there will ultimately be 63 mln coins in existence. This is complete falsehood.

Bitcoin Cash and Bitcoin Gold cannot be spent on the Bitcoin network. As far as Bitcoin’s network is concerned, they are merely altcoins like Litecoin, Dash, and so on. They are not Bitcoin and cannot make the argument that they are. There is only one Bitcoin, and there will only ever be 21 mln coins on that network.


Full story at http://bit.ly/2i1X08W


Source: CoinTelegraph


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Mastercard CEO Attacks Bitcoin, Finds Solace in Government-Backed Cryptos

Mastercard CEO Attacks Bitcoin, Finds Solace in Government-Backed Cryptos

 

Ajay Banga, CEO of Mastercard, has leveled a scathing attack on any and all cryptocurrencies that are not government mandated, calling them “junk”.

Digital currencies are almost direct competition for a company like Mastercard, and when asked his opinion on the futuristic technology, Banga was not complimentary of how things stand at the moment.

Knowing that digital currencies are big disrupters in the traditional money market, traditional investors, and now even established money movers, have been scathing.

Banga was not totally against the idea of Blockchain-based money and tokenization, however, his big caveat was that it needs to be government backed.

“If the government creates digital currency, we will find a way to be in the game. We will provide rails for moving currency from customer to merchant. The government mandated digital currencies are interesting. Non-government mandated currency is junk,” he said.


Full story at http://bit.ly/2i2PcnF


Source: CoinTelegraph


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