Revolution Banking 2016 Talks About the Blockchain Revolution

Where is the blockchain heading? Whether the distributed ledger technology really has the potential to solve the issues currently faced by the banking and financial sector? These were some of the topics discussed in the last month’s Revolution Banking 2016 summit, which happened in Madrid, Spain on the 10th of May 2016.

Revolution Banking 2016 was an event focused on new technologies, innovations, and collaborations in the banking industry. Digital currency and blockchain technology are two things that can’t be ignored when it comes to banking and fintech. The discussions, during the event touched upon the subject as well.

Revolution Banking 2016 Welcomes Blockchain Technology

According to reports, the experts attending the summit seemed to agree upon the potential use cases of blockchain technology, which goes beyond banking and fintech sectors. The technology is expected to make some huge changes to many sectors across various industries like – energy, media, telecommunications, public administration, logistics, transportation and more.

The inclusion of blockchain technology into mainstream operations will allow companies to store and verify their employee records, maintain and track expenses and more, all in-house. Even if the company wants to share some records/ details with external agencies, the company can always decide what it wants to share, ensuring complete privacy of their employees’ and corporate information.

In addition to its use as a validator of various proofs, use of blockchain technology will also enable banks and financial institutions to create secure protocols for transferring data and funds. The discussions at the event also covered latest developments in the banking sector. The use of Ripple and Ethereum based protocols on developing blockchain based transaction networks and smart contracts based applications to automate various operations were discussed with great interest by some attendees.

As the conventional banking solutions prove to be unreliable, especially after the recent reports on the unclear cyber security status of the United States Federal Bank, which happened to lose a huge sum of money belonging to the Central Bank of Bangladesh. Also, the global banking network, SWIFT has also reported that the international network is due to be upgraded after few banks raised issues about the security features in place. These old systems are gradually becoming unreliable each passing day, and blockchain technology can offer them with the perfect replacements.

Participants at the Revolution Banking 2016 have shown enough interest for us to speculate about the future of blockchain technology in the banking sector. And going by those who were present at the event and discussions that happened during Revolution Banking 2016, we can expect more banks to embrace the technology soon.

Ref: BBVA | Image: Revolution Banking 2016

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Bitcoin Core has published an FAQ section regarding the most recent Bitcoin Improvement Proposal (BIP), we are talking about the BIP 152 named Compact Block Relay, the upgrade is poised to reduce the bandwidth and the time it takes for a block to propagate through the nodes across Bitcoin’s network.

The upgrade contains several techniques to decrease a block’s propagation time across the network. The general idea is to take advantage of the fact that full nodes have similar data in their memory pools, thus, a node can only send a sketch of the block to their peers, which will then recreate it, this will save bandwidth as the full block doesn’t have to be transferred.

The block sketch will contain an 80-byte header of the new block, shortened transaction identifiers, and it may also send some other transactions ID which the sending peer predicts the receiving peer doesn’t have yet.

Bitcoin’s core team said in the BIP152’s FAQ:

The advantage of this approach is that transactions only need to be sent once in the best case —when they are originally broadcast—providing a large reduction in overall bandwidth.

Benchmarks of the Upgrade

The upgrade also has a new feature called high bandwidth mode, in which nodes can request the same block to multiple peers in the network to decrease latency, at the expense of a slightly higher bandwidth usage.

Benchmarks of this new method exhibited that a typical 1MB full block containing 2,500 transactions can be relayed with only 15KB of data, and 86% of those blocks will propagate immediately without needing a second request for any other missing transactions.

Bitcoin Core team said that this new Bitcoin Improvement Proposal will benefit the network as a whole:

Decreasing block propagation times on the p2p network creates a healthier network with a better baseline relay security margin.

BIP152 has already a working implementation, and its currently being tested by the developer community. Future plans to improve BIP152 may include the replacement of TCP protocol with UDP transmission, and using an error correction mechanism to handle dropped packets. All in all, these improvements are always welcomed, as they will help Bitcoin to be more robust.

Source: Bitcoin Core

Image courtesy of Unsplash

 

Since Bitcoin first appearance, the gambling Industry saw its great potential and immediately accepted it. Today, you can find all sort of digital currency gambling sites being launched while a lot of steam is going on in the Gambling Industry. There are several benefits that Bitcoin-accepting casinos can offer. One of the most wanted of these benefits is privacy that only digital currency can offer.

Another main attraction for gamblers who play with digital currency is that they can deposit and withdraw their funds pretty fast.  Lastly, one of the most attractive benefits you can get from Bitcoin casinos is it’s the super short waiting time for account deposits and withdrawals. This allows players to spend more time playing their favorite games than attending to account transactions and concerns. Moreover, this allows any player to instantly cash out his earnings. There are an increasing number of online casinos starting to accept Bitcoin, but not all kinds of casinos share the same features, so it will be crucial to find a Casino that can be trusted.

Just by looking through the internet you will be able to find several of them but you will need to do your own math in order to choose the one who best suits your needs and preferences.

Many casino players often prefer the kind of casino who can offer them a real live gambling experience. Bitcoin Video Casino is one Bitcoin-based Casino that offers exactly that. At Bitcoin Video Casino you will find a lot of traditional Las Vegas Casino Games: Video Poker, Blackjack, Slot Games, Keno, Baccarat, and Roulette.

One interesting aspect of playing at the Bitcoin Video Casino site is that it has a real-time chat room feature available. Players can use the chat feature to have a talk with other, while having access to all sort of important information such as a list of recent winners and Jackpots.

Bitcoin Video Casino offers a 100% fair and random casino gambling experience. The games listed at Bitcoin Video Casino can also be played for free. This is especially great for new players that need to learn some techniques before starting to gamble for real.

If you enjoy playing the Roulette, Blackjack or any other traditional Casino game you will be impressed by the crystal clear graphics, and user-friendly interface that Bitcoin Video Casino offers. If you haven’t tried this Casino before, it is probably time for you to give it a try!

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The opinions expressed in this article do not represent the views of the author, NewsBTC or any of its team members.  NewsBTC is not responsible for the accuracy of any of the information supplied in Sponsored Stories such as this one.

 

Hardly anyone ever expected to use the terms Federal Reserve and Bitcoin in the same sentence in a positive manner. As it turns out, the Fed has been quite open to Bitcoin and blockchain as of late, but there is still a lot of work to be done.

On the first of June 2016, there was a fintech conference for central bankers at the Federal Reserve premises. With roughly 100 attendees from the central banking world, the topic eventually turned to Bitcoin and blockchain. While the crowd seemed very open to the idea, there is still a lack of understanding regarding the technology of blockchain.

Federal Reserve Awed by Bitcoin and Blockchain

Moreover, a Bitcoin transaction took place at the Federal Reserve premises during this conference. Chain CEO Adam Ludwin demonstrated the protocol by making an on-stage donation to Wikipedia. As is the case with novelty concepts, seeing is believing, and what better stage to do so that at this event?

This occurrence was the very first time a Bitcoin transaction was initiated from the Fed’s boardroom. This may not seem like a significant event to some people, but it just goes to show Bitcoin is on everybody’s radar in the financial sector. All in all, reports indicate the audience was quite engaged during the Bitcoin and blockchain topic, which is a positive sign.

Hardly anyone will be surprised the regulatory engagement in the blockchain world is reaching new highs. An open blockchain can be a critical tool to fix the broken financial ecosystem we use today. Keeping track of all assets and potential risks in real-time is an opportunity well worth exploring.

Proof-of-concepts are an excellent way to pitch a blockchain or Bitcoin idea to the masses, but the time has come to move well beyond this stage. Caitlin Long, who attended the Federal Reserve conference, mentioned how it appears more startups are working on production level projects. This indicates a growing interest and maturity of this technology, although she did not specify what these companies are working on exactly.

In the end, raising awareness about Bitcoin and blockchain continues to hinge on educational efforts. Enthusiasts are encouraged to apply for speaker slots at upcoming conferences around the world, even if they are not Bitcoin-oriented. Long also mentioned more significant announcements regarding the blockchain will be coming in the financial sector.

Source: Caitlin Long

Header image courtesy of Shutterstock

The Online Gambling Industry has always been in constant development. But now with the advent of digital currency, a new revolution is bound to shake the boundaries of every online business. The Bitcoin gambling Industry is growing faster than ever before. From what before was considered to be a tool for illegal activities, Bitcoin is today on the verge of completely disrupting the online space, and the online gambling industry seems to be the first industry where this is already happening.

The online gambling world has been preparing to accept Bitcoin and take the industry to a next level. The online gambling industry has been the subject of relentless persecution by regulators all around the world, so online gambling is still illegal in many parts of the world. Bitcoin means gambling sites can circumvent certain restrictions and regulations and still be able to offer gamblers the chance of freely enjoying online casino gambling.

From the simple Bitcoin gambling site to the magnificent and complex world of Dragon’s Tale, the online gambling industry is re-inventing itself with the help of the digital currency technology. And it’s not only financial businesses that have recognized the popularity and huge utility of Bitcoin, the online gambling industry is also one of the most influential industries when it comes to put digital currency to good use. Every day we have been watching new gambling sites popping up and offering digital currency users all over the world the chance of freely enjoying online casinos once again.

With Bitcoin gambling, casinos pay-out instantly so players don’t have to wait to enjoy their earnings. Aside from streamlining all the funding process, for the first time players are able to determine whether or not a casino offers fair odds and verify its behavior through the blockchain.

Whether it is poker, sports or other casino gambling styles, digital currency has been a vehicle for change in the industry. Of course, that much of this change came from new outside enterprises, however, now the traditional online gambling industry is slowly starting to recognize the true value and utility of bitcoin.

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Markets are about to draw to a close in Europe for this Tuesday session, and it is time to conduct the second of our twice daily bitcoin price market analyses. Action today has been pretty much in line with what we expected, and hasn’t really offered up too much insight into how things might play out this evening, as the US afternoon draws to a close and the Asian session kicks off.

So, with this said, and as we head into a fresh night’s trading in the bitcoin price, where are we looking to get in and out of the markets according to our intraday strategy, and where will we place our risk management parameters and targets to ensure that we stay on the right side of the risk reward profile on any entries? As ever, take a quick look at the chart below to get an idea of the levels in focus.

Screen Shot 2016-06-07 at 16.52.16

As the chart shows, the levels we are looking for in this evening’s trading are defined by in term support at 579 and resistance at 588 to the upside. It’s a little tighter than this morning, but an intrarange strategy is still valid for the more aggressive trader. Long at support and short at resistance, you know the rest.

From a breakout perspective, a close above resistance will signal a long entry towards an upside target of 595, and a stop loss on this one somewhere in the region of 586 defines risk.

On the short side of things, if price breaks below in term support, we will enter to the downside with an initial downside target of 574 and a stop loss just the other side of our entry (somewhere around 581) to ensure that we are taken out of the trade in the event that price reverses and trades back within our predefined range, post-entry.

Charts courtesy of SimpleFX

There is no end to the woes of Mt Gox victims. At the time when things are looking a bit promising to a handful of those who lost their bitcoins with the collapse of Mt Gox, there is a new problem facing them. These former investors in Mt Gox seem to be particularly targeted by criminals after most of them have reported receiving emails about the launch of a new exchange to help recover their lost digital currency.

These emailers are suspected to be part of an elaborate phishing scheme by a security solutions provider called Cyren. These emails are designed to look like an update for the Mt Gox investors about their claims. Once the user opens the email and clicks on the link, he/she will be redirected to a page similar to a cloud-hosted Google document. However, the document plays host to a malware, a W32/Trojan5 NRB executable file that makes a copy of itself on the computer and executes. Once the program is executed, the malware will start scanning the whole computer for any Bitcoin wallets. If the malware detects any local bitcoin wallets, then it will attempt to send digital currency from the local wallet to an address belonging to a perpetrator.

Mt Gox users have started to receive fake updates after Kraken announced that it will be responsible for distributing about $91 million worth off bitcoins to the claimant whose claims are verified by the investigation agency. The Mt Gox investigation was being carried out by the Japanese law enforcement agencies and Payward group, the parent company of Kraken.

Out of all the claims received by the company, only a small percentage of it has been verified. The total losses claimed by over 24, 750 users currently stand at over 2.4 billion USD. Out of which, less than one billion worth of claims has been confirmed so far. Even after the investigation, it is still unclear about what really happened with Mt Gox as the company claimed hacking and theft of being the reason for filing bankruptcy.

The final report of the investigation is yet to be released by the court-appointed trustee Nobuaki Kobayashi. Once the report is released, we can expect to know more about the investigation ad what was responsible for the collapse of Mt Gox. Until then, it is essential for the victims of Mt Gox incident to take extra care while checking their emails.

Ref: ZDNet | Image : NewsBTC

Bitcoin (BTC) is a virtual currency, using encryption algorithms and priding itself with anonymity of transactions and low fees. Since its development, back in 2009, it managed to rise from 20-30 USD, to over 580 USD for one BTC, nowadays. This huge increase also attracted traders interested to gain from the fluctuations. But how profitable really is the BTC trading?

Let’s start with one characteristic that impacts significantly the trading process: liquidity. Or the lack thereof. While not being controlled by any central bank or authority, the bitcoin is not that liquid, and the actual amount of BTC is limited. It reached, now, some 15 millions, with an expectancy to get to 21 million in several decades. This low liquidity is the root of all evils, but most of all, it brings high volatility. A small amount of BTC sold over less significant business news can move the value downwards, or in return, a buying spree can up the value without a concrete reason. In an attempt to go around the lack of liquidity, and maybe limit volatility, exchanges came up with a palliative solution: BTC holders can, let’s say “borrow” them to those in the market who want to trade BTC, but do not have enough. The borrower pays back the borrowed amount at a fix date and with a specific interest.

Not many leveraging solution

Moreover, if other markets allow you to leverage your positions, the BTC trading is rather poor in such solutions. The system is quite limited. For instance, hedging is somewhat restricted to miners – those who keep track of BTC and add them to the block chain. Thus, the main characteristic of a futures contract, for example, is blocked: in order to hedge against potential losses, you need for others to continue trading. But if no one else does, then your contract is useless, and you need to keep it until trading picks up. Not a good opportunity in a low liquidity market.

More profitable investment options in stock exchange

Under these circumstances, you may need to look elsewhere on the market for your trading needs. For instance, a better solution than trading BTC would be contract for difference (CFD). Let’s take CFD on shares. CFD is an instrument that follows a certain asset, in this case, a share. The CFD holder does not have to buy the actual shares, but the contract that allows him to cash in if the respective shares go up. This instrument offers high leverage. Depending on the broker, you CFD may come with stops or limits. And maybe some very important features: no trading fee with the brokers and no expiring date. For instance, a 5% margin to start a trade, let’s you cash in 100% ROI provided the respective share increases by 5%. And with a huge market such as the stock exchange, the opportunities are considerably higher compared to BTC trading. And with lower capital.

All in all, the bitcoin trading can offer some investment opportunities, but it also limits the options. The lack of liquidity is a major setback in the evolution of this digital currency.

It is up to the Front National party in France; Bitcoin should be banned immediately. The political party sees any form of virtual money as a serious threat, and they want to protect the “real economy” in the country first and foremost.

Bitcoin has been attracting a lot of attention from governments and politicians around the world. However, except Russia, hardly any country wants to ban Bitcoin altogether. Most central banks have issued a warning about getting involved in assets that are not backed by banks or governments, though.

Attempt To Ban Bitcoin By Front National

Front National, a political party in France, is taking a rather aggressive stance towards virtual currency. The members of this party feel the “real economy’ should be protected above anything else. Moreover, they feel the Euro needs the support of the entire Eurozone in these dire times of a looming Brexit.

Front National Member of Parliament Bernard Monot told the media:

“Virtual and cryptocurrencies are a result of capitalism running on its last legs. Negative interest rates are becoming more common throughout the entire Eurozone. Overthrowing the financial ecosystem is not the right way forward. Cryptocurrencies are an incentive for consumers to empty their bank accounts out of fear for negative interest rates.”

Other people may see the democratic value of Bitcoin and consorts as they prevent citizens from being held hostage by banks. That being said, Monot strongly feels Bitcoin and other cryptocurrencies are a scam, and how consumers need to distinguish between electronic money and virtual currencies.

These conflicting thoughts have spurred debate among Front National members, as they propose a law to ban virtual and cryptocurrencies in France. Moreover, they want to create a new governmental body within the European Union to oversee no one is using Bitcoin or other virtual currencies.

“The Euro needs to be the only legal form of money in France and other European countries. Prohibiting consumers from buying and selling Bitcoin is possible, but they can buy it internationally if they want to. We would rather see the French Franc reinstated, at a parity level with the Euro.”

Despite what the Front National members may think, banning Bitcoin is impossible and a futile effort. The popular cryptocurrency is not limited by rules and being “allowed” to be used. That being said, the political party will unveil a detailed economic programme on July 29, most which will talk about Bitcoin and cryptocurrency.

Source: Le Figaro

Header image courtesy of Front National

In yesterday’s evening bitcoin price analysis, we noted that if price managed to pull off a sustained run to the upside, that we might see a reaching (or even a breaking) of 600. We concurrently noted that this was a key psychological resistance level, and that – as a result – even if we did break it, the likelihood of price maintaining a floor above the 600 level was slim. Action has now matured overnight, so let’s take a look at how our forecast played out against real time movement. The chart below is a 15-minute time frame candlestick chart showing the last 24 hours’ worth of action. It details overnight movement, as well as showing the key levels (by way of highlight) that we will be focusing on for today’s session. As ever, get a quick look at this chart before we continue.

Screen Shot 2016-06-07 at 08.59.50

So, as the chart shows, action overnight rose to just shy of 600, topping out at around 597 and then correcting back down to circa 590 flat. Since this correction, price has traded pretty much sideways, and we currently trade around 589 – midrange (weighted towards the lower end) of today’s range in focus. This range for today is defined by support to the downside at 586 and resistance to the upside at 597.

 

We are going to go in with our breakout strategy primarily today. With this said, an intrarange approach is also valid. From a breakout perspective, if price breaks above resistance we will enter long towards an initial upside target of 605. A stop loss on this one somewhere in the region of 595 defines risk. Looking the other way, if price breaks below support, we will look to enter a short position towards a downside target of 580. We’ll place a stop loss at 588 to keep things tight and ensure we are taken out of the trade in the event of a bias reversal.

Charts courtesy of SimpleFX