Creditbit Tokens Now Backed by the TREZOR seed

Creditbit is a digital Ethereum Token which is hosted on Ethereum Blockchain, a public distributed digital ledger. Creditbit, which has been raking in good news with unprecedented price highs and consistent development, has yet another good news coming its way.

A community member posted on Bitcoin Talk about Creditbit now being basically one the first tokens which can leverage security offered by hardware wallets. They further explained to the other community members on the platform should not to worry about storing their CRBITs in online wallets, as they are backed by the TREZOR seed.

The community member talked about setting up myEtherWallet to be able to manage their CRBIT tokens. Since, myEtherWallet has support for hardware tokens like TREZOR and Ledger wallet, community members no longer have to worry about security issues.

Following are the steps required to be followed:

  1. Go to https://www.myetherwallet.com
  2. Generate new wallet choosing TREZOR or Ledger
  3. myEther wallet will connect via API with TREZOR and will generate new Ethereum address
  4. Now you can insert the CreditBIT Token address and save
  5. CRDB tokens can be resent from your previous address to your new myEther wallet address which is backed by the Trezor seed.
  6. It is important to securely backup your private keys – If you already own Trezor, using their password manager to store your keys in the encrypted pass is recommended. manager https://trezor.io/passwords/.
  7. Testing if everything works correctly, for example with just 1 CRDB is recommended, in order to be sure everything works fine.

The community member behind the post even recommended the use of Cryptosteel backup tool for private, completely offline storage.

The community member also touched up on adding Creditbit to their instant exchange, about which details will follow later. Bitcoin Talk has been abuzz with various online exchanges offering to add creditbit for the past few days, while other community members have been actively in talks with other exchanges.


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Another day, another bitcoin price action derived dollar. As we said this morning, action in the bitcoin price has been pretty good to us over the last few days, and we’ve been fortunate enough to get a little bit more of the same today. Well, not exactly, but close enough for rock and roll. We didn’t get the sustained momentum run we were hoping for, and we haven’t yet seen price break the 1300 level. That said, we managed to get in on a pretty clean breakout entry that ran through to a take profit, and now sit pretty much where we started the day (courtesy of a subsequent-to-trade correction), meaning that with any luck we’ll be able to recycle our levels as price mimics its intraday action.

So, with this in mind, and as we head into the US afternoon and beyond, here’s a look at what we’re going for now, and where we are looking to get in and out of the markets according to the rules of our intraday bitcoin price strategy.

As ever, take a quick look at the chart below before we get started to get an idea of the levels in focus. It’s a thirty-minute chart (we’ve moved to a higher timeframe, from the fifteen-minute chart we’ve been using as late) and it’s got our key range overlaid in green.

As the chart shows, then, the range we’re looking at tonight is defined by support to the downside at 1254 and resistance to the upside at 1269.

We’re going to keep an eye out for a close below support to validate a downside entry towards an immediate bearish target of 1240. Conversely, if we see price break above resistance, we’ll be on the look out for a close above that level to get us in a long entry towards 1280.

Charts courtesy of SimpleFX

It is evident a lot of bitcoin companies suffer from banking issues as of right now. Bitfinex, BTC-E, and Xapo are all experiencing USD transfer problems as we speak. It appears the issue has now spread to OKCoin as well, as the exchange is temporarily suspending USD deposits. According to a company official, this is due to an issue with intermediary banks. This once again highlights the importance of peer-to-peer trading without intermediaries.

No one will be surprised to learn bitcoin companies have issues with USD transfers these days. The only exchange to bypass these problems is Kraken. In fact, the exchange only just added USD wire transfer support for deposits and withdrawals. OKCoin, on the other hand, is not faring all that well by any means. In fact, the company is suspending USD deposits effectively immediately.

No More USD Deposits For OKCoin As of Today

According to the company, this is due to ongoing issues with intermediary banks. It is likely OKCoin uses Taiwanese banks for their fiat currency services. Unfortunately, Taiwan is home to banks who are less focused on KYC and AML. Considering how the US recently upgraded its requirements for KYC and AML, they are no longer doing business with institutions not adhering to these rules. Until that situation changes, bitcoin service providers will experience a lot of issues.

OKCoin advises users not to send any future USD wires, as they will be rejected. The company is looking for alternative banking solutions tor resume the service as soon as possible. Unfortunately, they are not able to provide an ETA as to when this may happen.  Switching to a different bank can take weeks, if not months, to complete. As a side effect, this leaves USD traders with very few options to buy and sell bitcoin right now.

All of this goes to show it is due time to stop relying on centralized exchanges. Bitcoin is designed to be traded in a peer-to-peer fashion. Centralized exchanges have no real place in the ecosystem, albeit they make for convenient access to bitcoin. However, when issues like these arise, there is usually a lot of panic inn the market. So far, that does not appear to be the case just yet, though. It is evident peer-to-peer marketplaces will continue to see higher trading volumes if this situation persists.

Header image courtesy of Shutterstock

It is impossible to overlook bitcoin’s current bullish momentum. Demand for bitcoin is increasing all over the world. Even the recent USD issues affecting some exchanges are not driving prices down. The Gemini exchange set a new daily bitcoin auction record, totaling  US$2.8m as of yesterday. All signs are pointing toward a favorable future for bitcoin.

Another Daily Bitcoin Auction Record For Gemini

It is quite interesting to see how successful Gemini is with their daily bitcoin auctions. Until a few months ago, there appeared to be very little interest in this offering. The exchange stuck with it, however, and their approach is starting to pay dividends. In fact, ever since the platform added a second daily action, things have been heading in the right direction.

To be more specific, the exchange set an auction record last Friday. At that time, the record was US$2.51m. Quite a significant amount for just two daily bitcoin auctions, to say the least. It is apparent demand for bitcoin continues to grow. Even the bitcoin ETF rejection is not stopping bitcoin’s momentum right now. It is good to see this growing interest in cryptocurrency from institutionalized investors, though.

Fast forward to yesterday and the exchange set a new daily bitcoin auction record. The two separate Gemini auctions brought in US$2.79m. One lot sold 1,000 BTC at the price of US$1,195 each. The second lost sold 1,325 BTC at the price of US$1,201 each. It is evident there is a big demand for bitcoin regardless of the price. The bigger question is who is buying bitcoin in such large quantities at these high prices. For now, that question remains unanswered.

While Gemini is firing on all cylinders with daily auctions, consumers are still struggling to get accounts verified. Various Reddit users claim the verification process takes way too long. Signing up for Gemini and having to wait three weeks or more before documents are checked is not a fun experience. Then again, it is one of the struggles to deal with when relying on centralized exchanges. We can only hope Gemini finds a way to speed up this process in due time.

Header image courtesy of Shutterstock

The Indian cryptocurrency ecosystem is currently being evaluated by the country’s government. The Indian government recently announced the formation of a committee to study the use of cryptocurrencies in relation to existing legal and regulatory frameworks.

The inter-ministerial committee responsible for studying and reporting about country’s cryptocurrency ecosystem was created almost a week ago, and they were earlier expected to submit their report on April 20, 2017. However, given the learning curve and complexities involved in understanding cryptocurrencies, the report is expected to get delayed by at least three months.

Indian cryptocurrency businesses, which understand the importance of such a study, believe that a regulatory regime will impart cryptocurrencies with the much-needed legal status. At the same time, they want to ensure that the inter-ministerial committee makes an informed decision, for which they have requested for a consultation with its members in the coming days.

The request for a meeting was put forward by the recently formed Digital Asset and Blockchain Foundation of India — a cryptocurrency industry association. The Digital Asset and Blockchain Foundation of India (DABFI) has all the leading players in Indian cryptocurrency market including Coinsecure, SearchTrade, Unocoin and ZebPay. The DABFI’s recent statement reads,

“We have seen that in countries where governments have come out with a self-regulation policy, created an environment for the bitcoin/ blockchain technology to grow, those countries have become the epicenter for innovation. Investments have started pouring in and next generation, new edge technology developments, user-friendly products and a new breed of entrepreneurs have developed.

We request the committee to give us an opportunity to meet them and showcase the benefits of this technology for our country. Financial inclusion, cheaper cross-border remittance, full trace and track on the movement of value on the blockchain network, and the potential for India to become a financial hub are key benefits that can be derived using virtual currencies.”

In multiple instances, members of parliament have expressed their concerns about the rising use of Bitcoin and its implications on money laundering and tax evasion. One of them even went far enough to call Bitcoin a giant “Ponzi Scheme”.

The consultation of Bitcoin businesses with the committee will ensure that the decision makers weigh both sides of the argument and make a well-informed decision after considering both advantages and disadvantages of cryptocurrencies and their underlying technology.

Ref: Econotimes | Image: NewsBTC

Unocoin is one of the top Bitcoin exchanges in India. The company, which started operations in December 2013, lets its users buy, sell, hold or send bitcoins from its bitcoin wallet service. The company also offers the service of merchant payments to the users.

With a mission “to bring Bitcoin to billions”, Unocoin was founded in July of 2013 and established its headquarters in Karnataka, India. Later the company shifted its major operation to Bengaluru.

Unocoin, since its inception, has managed to forge some strategic international partnerships which have helped the company’s operations immensely. BTCJam, Purse.io and Netki wallet are some of the prominent partners of Unocoin.

Unocoin has been a pioneer in the Indian Bitcoin space. The company raised $1.5 million in a Pre Series-A round in September 2016. It is the highest total raised for a digital currency venture in Indian history. With over 150,000+ satisfied customers and 350+ million in total revenue, Unocoin has been on the forefront of bitcoin revolution in India.

Unocoin exchange enables the users to trade bitcoin, and their wallet service in conjunction with the exchange, allows users to buy, sell, store and transfer bitcoin. The platform is all the existing AML and KYC policies compliant.

There are also other additional features offered by the platform including the Systematic Investment Plan, Netki Wallet Address, BTCJam peer-to-peer lending and borrowing service and Purse.io integration.

There are two types of accounts offered by Unocoin – Individual account and Merchant account. Individuals can trade bitcoin via the individual account and can also avail the option of the Systematic Investment Plan to buy small chunks of bitcoin in regular intervals to increase bitcoin holdings.

On the other hand, merchant accounts let merchants accept bitcoin payments from their customers. Unocoin boasts of some leading merchant accounts already signed up. The merchant account offers both online and PoS payment options.

Finally, Unocoin’s customer support is quick and easily accessible. The platform strives to provide the best user experience to its huge customer base.

And we’re off on another day’s worth of trading in the bitcoin space. Things have been pretty good to us this week so far. There have been plenty of opportunities to get in and out of the markets according to the rules of our intraday strategy, and with these opportunities have come a few decent trades. Those who follow our analysis regularly will know that our strategy is set up to be adaptable to whatever kind of action comes our way. If we get short, sharp, choppy action, we can get in and out of the markets quickly using tight targets and stops.

If, on the other hand, as we’ve seen over the last few days, we get breakouts coupled with sustained momentum runs, then we can get in on the breakout and stay in for some slightly longer targets.

The second of these two scenarios is our preferred, of course, as it’s a simpler approach. That said, a profit is a profit, so as long as we’re net black, we’re not complaining.

So, let’s get to today’s action. As ever, before we get to the detail, take a quick look at the chart below to get an idea of what’s on and where we’re looking to get in and out of the markets as the bitcoin price moves during today’s European session.

As the chart shows, the range we’re looking at for the session today is defined by support to the downside at 1256, and resistance to the upside at 1264. We’re sticking with breakout for the session today.

If we see price break above support, we’ll be looking at getting in long towards a target of 1275. Conversely, a close below our predefined resistance level will get us in short towards 1245.

Stops on both positions just the other side of the entry will ensure we’re taken out in the event of a price reversal.

Charts courtesy of SimpleFX

Cryptocurrency exchanges always try to cater to consumers all over the world. Buying bitcoin and other cryptocurrencies remains a major challenge for most people these days. The process can be facilitated by enabling support for additional local fiat currencies. Kraken, one of the world’s largest exchanges, enabled a few new fiat currency funding options for wire transfers. This may help elevate the company to new heights over the coming months.

It is good to see Kraken expand their service quite a bit. Enabling additional support for different national currencies when it comes to wire transfers is a smart move. Up until this point, the list of support wire transfer currencies was relatively small. In a new email sent out to all customers, that list suddenly got expanded by quite a margin. One of the major additions is USD support, which is not chosen randomly by any means.

Given the current USD issues affecting the Bitfinex exchange, Kraken is looking to take its place. Taiwanese banking reforms cause some issues for companies dealing with USD deposits. BTC-E is another exchange affected by these reforms as well. Kraken, on the other hand, is only now enabling USD support after working on all regulatory compliance requirements. Exchange users can now denominate wire transfer in USD without any issues, which is a nice addition.

Kraken Looks To Improve its Market Position

Other currencies now supported by the exchange include EUR and GBP. Both of these currencies are enabled as payment options for both wire deposits and withdrawals. Deposit features have been updated for all users already, which is a nice touch. The additional withdrawal options will go into effect as of April 24h. It is always good to have more funding and withdrawal options at one’s disposal. Moreover, it reduces the need for fiat currency conversions when dealing with incoming wire transfers in a different currency as well.

Kraken is well underway to further solidify its position as one of the world’s leading exchanges. Bitfinex and BTC-E are suffering from USD transfer issues. Chinese exchanges have halted bitcoin and litecoin withdrawals for an undisclosed period of time. Any exchange not bogged down by issues needs to make a play if they want to improve their standing. Kraken is doing exactly that, although it is likely other exchanges will try to follow their example.

Moreover, given bitcoin’s upward momentum right now, these changes cannot come at a more opportune time. Kraken acknowledges now is the time to strike and make improvements. The company also recently added the Dash cryptocurrency trading pair to its platform. With these new deposit methods, all supported currencies on the platform will see some more exposure. It will be interesting to see how things unfold over the coming months.

Header image courtesy of Shutterstock

Over these past few weeks the press has paid homage to Bitcoin, Ethereum and everyone in cryptocurrencies for the 2/3 figure percentage increases achieved – the sector has drawn attention which would have been unheralded a mere year ago.

You have, therefore, probably heard Bitcoin compared to new digital gold, Ethereum to digital oil and heard much mention of the truly amazing potential of this new world and of how it might change everyone’s life in the near future.

The way of paying, betting, using social media and understanding the very concept of money is destined in all probability to change for ever – and quite rapidly.

One of the sectors which will be greatly revolutionized – for ever – by the new evolving trust economy is clearly gaming, and in particular trading card games.

Who has not heard of Magic, The Gathering!, Yu Ghi Oh, Pokemon and so forth? A relatively young sector, not even thirty years of age, destined to face its first Copernican revolution.

A sector which to date is estimated to be worth 1.3 billion US dollars worldwide, comprising about 551 million dollars in the south-east Asian market, this latter among the richest in the world and in constant growth particularly on the electronics platform (source: https://playfab.com/the-numbers-behind-the-rise-of-collectible-card-games/)

So, this sector will be literally revolutionized by blockchain technology, which will enable players to to show – instantaneously and globally – possession entitlement to their playing cards with definitive elimination of the risk of counterfeiting the same and of fraud but placing at player disposal a world besides local market (ownership assets of every game may be sold to anyone in the world, in real time).

This new world has already got a currency, a project which has been farsightedly put into operation by a Company from Geneva, EverdreamSoft – the truly genial idea’s hailing from its founder Shaban Shaame: BitCrystals (BCY).

EverdreamSoft’s idea has been to finalize a game based on bitcoin blockchain, via Counterparty protocol, a trading card game called Spells Of Genesis. The project began in August 2015 and – after almost two years – it is ready for worldwide launching, an operation set for 20th April 2017 and fully entrusted to Channel4 – which in itself speaks volumes on the potential envisaged by corporates.

Beyond the genius of being the first to take trading card games onto blockchain, Mr Shaban Shaame has also set gaming as a whole into the story of cryptocurrencies, guiding the player for a walk into an imaginary world which retraces the history of cryptocurrencies through the main pages already written and the main actors who have made themselves protagonists. Some cards – such as the once mythical Satoshi Card – depict a perfect synthesis of this new sector and could presently become proper icons of a new world being created.

In order to currency purchase game cards and assets Spells Of Genesis adopts its own currency, namely BitCrystals. Originally created for this particular purpose, BitCrystals came to create an ecosystem which has increasingly endowed this currency with a wider meaning – gradually enabled to go on and purchase cards of other games. Consider the famous Force Of Will, integrated into the ecosystem created by Spells Of Genesis, or other assets associated with gaming or collecting, such as DieCast model cars.

Nor does it end there. In order to use the game EverdreamSoft has created from scratch an application designed to manage all the assets; its name is Book Of Orbs, in collaboration with the creators of Indiesquare (a Counterparty wallet). Needless to say this platform immediately attracted big players such as Force Of Will and new projects, ready to use a hub enabling their own assets to be made operative in blockchain. All this, evidently, in a world managed through bitcrystals.

So the next time cryptocurrencies are mentioned, you will realize they are talking about a project-linked cryptocurrency, until today working hard in the shadows … but now ready to conquer world markets: BitCrystals.

Given that every month EverdreamSoft burns, i. e. destroys (something feasible in blockchains with no chance of cheating), half of the income from card and asset sales in BitCrystals, the very nature of the currency is deflationary – the result being fewer and fewer BitCrystals remaining in circulation. Just consider that in these past two years of pre-production about three million BitCrystals (out of originally available around 44 million) have been destroyed. In fact, the game boasts a moderate client base, even if in decline, and has generated remarkable takings totalling around 220,000 American dollars.

So there exists a currency for a sector which will soon attract considerable financial and industrial attention, the availability of which is destined to decrease in time … an explosive mixture which is about to take BitCrystals into the story of cryptocurrencies.

BitCrystals is girding itself to become the new currency for blockchain games, starting its ascent from a market value of about 11 million American dollars to potentially manage a market worth billions, with the value growth in this cryptocurrrency bound to be explosive over the coming months.

Hello and welcome to News BTC’s Market Outlook April 19.

BTC/USD

Bitcoin has been relatively choppy over the last 24 hours, but certainly has a bit of an upward bias. When you look at the 4-hour chart, you can see a couple of hammers, which of course suggests that buyers are coming in every time the market dips. It now looks as if a breakout is imminent. Buying on dips and of course a move higher E is the best play.

ETH/USD

By contrast, Ethereum continues to struggle near the $52 level. However, a pullback of this point is more than likely going to be a bit of a momentum building exercise. Given enough time, I still anticipate that this market breaks out but clearly at the moment, Bitcoin is the better market to be trading. Expect to see significant support at the $49 level.

Thanks for watching and see you again tomorrow.