Bitcoin IRA Processes $400M in Transactions Since Launch

Bitcoin IRA, a US-based company that offers individual retirement accounts compatible with cryptocurrencies, announced on Tuesday that it had exceeded the $400 million mark in crypto transactions since its launch in 2016. Bitcoin IRA Launched Self-Trading Crypto IRA Platform in Late 2018 About one year ago, the company announced its 24/7 self-trading crypto IRA service. Clients can use the platform to open a new IRA account or convert an existing retirement account. The product has been quite popular in the US. Users have moved hundreds of millions in crypto transactions…

Does Bitcoin Realize Henry Ford’s Dream Of Energy Currency?

Almost 100 years ago, industrialist and automobile magnate, Henry Ford, proposed an ‘energy currency’ to replace gold. Does Bitcoin finally fulfil some of the promise of this ‘energy currency’? Yes, according to a recent Medium post by Capriole Investments. Currency Backed By Energy Ford’s argument for energy currency was that, unlike gold, it could not be controlled. Instead, every country could issue currency based on the natural wealth of its energy resources. The standard of value for this system was to be a certain amount of energy exerted for one…

3 Reasons Why Bitcoin Price Broke Above $9K Today

Bitcoin price broke back above $9,000 this morning, making this the second time this month that has happened. Following last week’s slide down from that level, all losses have been reversed since the weekend. So what could be responsible for bitcoin’s change in fortunes? End Of Chinese New Year The Lunar New Year always has an effect on bitcoin trading volumes, as Chinese traders take a few days off to celebrate. Despite cryptocurrency trading being technically banned in China, workarounds whereby traders use other Asian markets mean that it is…

SEC Brings Hammer Down on Infamous Bitcoin Scammer

After filing a motion for sanctions against Blockvest and its founder Reginald Buddy Ringgold III, the U.S SEC is now hoping to close the case for good.  US securities regulator builds up a case against Blockvest The US SEC continues its efforts to crack down on numerous crypto scams that took place in the last few years. One of the most recent examples is a case against Blockvest and its founder, Reginald Buddy Ringgold III. Earlier in January 2020, the regulator filed a motion for sanctions against the project and…

Bitcoin Moves on Path to Money But Unit of Account a Long Way Off

Bitcoin is only a decade old but it has come a long way on the path to becoming money. A couple of metrics to consider are precision of spending and unit of account status. Bitcoin Satoshi Precision Increasing When bitcoin was first envisioned back in 2009 it was largely experimental. For its first year, tens of thousands of them were fired across networks just to see what happened. The first real world transaction occurred in 2010 when Laszlo Hanyecz famously asked for pizza on the bitcointalk forum in exchange for…

Bitcoin vs Coronavirus: Is BTC Trading like Stocks or Gold?

Bitcoin markets have reacted with increased volatility to the news of the spreading coronavirus in China. The last few days may reveal patterns about BTC trading in relation to risk. Bitcoin Shows New Trading Patterns on Risk Events Bitcoin (BTC) showed behavior that may reveal new patterns of trading in relation to stocks. The coronavirus epidemic and subsequent lockdowns in China, coinciding with the Chinese New Year celebrations, caused a slump in Chinese and international stocks. But Bitcoin prices showed a different pattern in relation to the movements of stocks,…

Financial Advisors Should Allocate Client Funds to Bitcoin, Executive Says

The majority of financial advisors are “hesitant to invest client money in Bitcoin,” but they shouldn’t be, according to Ric Edelman, founder of Edelman Financial Engines. Advisors Should Invest Up to 2% of Client Funds in Bitcoin Financial advisors are especially popular in the West, where many novice and professional investors are looking for help to develop the best possible plans to generate returns or preserve value in the long-term. Bitcoin has been regarded as the best performing asset in terms of potential returns in the last few years. However,…

New York Tries to Ban Paying Bitcoin Ransomware Attackers

New York state senators have drafted two bills this month that propose a ban on paying ransomware attackers with tax-payers money.  New York Refuses to Negotiate with Criminals In April of 2017, the National Security Agency (NSA) was hacked by an unidentified team of hackers who called themselves the Shadow Brokers. The Shadow Brokers were able to steal all the NSA’s top secret hacking tools, including zero-day exploits, and other tricks of the trade that the agency used to target terrorists for espionage. These stolen tools were sold on the…

Bitcoin Lightning Torch #2 Has Been Stolen 4 Times Already

The second iteration of the famous Bitcoin Lightning Torch has not been as successful as its first go-around last year. In just 8 days, the torch has already been stolen 4 times by dishonest participants. Your Bitcoin can easily be taken if you send it to a thief Bitcoin’s second Lightning Torch has been stolen 4 times by various pseudonymous Twitter members with an interest in Bitcoin. The Lightning Torch is a game where a participant sends a Lightning Network transaction to other participants around the globe. The participant then…

Why is Bitcoin Usability Still So Bad a Decade Later?

New technology takes time to filter down to the masses but even after ten years, bitcoin still remains largely user-unfriendly for most. There could be a number of reasons why. Over ten years after it was conceived, bitcoin is still primarily used as a vehicle for speculation rather than a decentralized peer-to-peer currency as was originally envisioned. There could be a number of reasons for this slow adoption curve and Longhash has been looking into some of them. Bitcoin Addressing System The bitcoin network still uses long and complex addresses…