Craig Wright, publicly identifies himself as Bitcoin creator, Satoshi Nakamoto

Satoshi Nakamoto, Australian entrepreneur Craig Wright has publicly identified himself as Bitcoin creator Satoshi Nakamoto. His admission follows years of speculation about who came up with the original ideas underlying the digital cash system. Wright has provided technical proof to back up his claim using coins known to be owned by Bitcoin’s creator. Prominent members of the Bitcoin community and its core development team say they have confirmed his claims. But many others in the Bitcoin world are asking for more proof. Signed blocks Wright has revealed his identity to three media organisations – the BBC, the Economist and GQ. At the meeting with the BBC, Wright digitally signed messages using cryptographic keys created during the early days of...

Rootstock, Smarter platform

Rootstock, Smarter platform

Rootstock, What is it?  RootStock, A horizontal, usually underground stem that often sends out roots and shoots from its nodes.  Rootstock is an open-source peer-to-peer smart-contract platform and payment network with a 2way peg to Bitcoin. Rootstock goal is to add value and functionality to the Bitcoin ecosystem by enabling smart-contracts, near instant payments and higher-scalability. The project has been conceived with the following principles in mind: RootStock, Bitcoin Friendly  We believe in Bitcoin. We support the Bitcoin community and we want to continue the legacy of Bitcoin´s pioneers. The lack of turing-complete smart-contracts capabilities may become an obstacle to Bitcoin´s growth to it´s full potential. Rootstockprovides the missing technical...

US Regulator CFTC Tells Bitcoin Options Platform to Halt Operations

The Commodity Futures Trading Commission (CFTC), which is the main financial regulator in the United States, recently ordered a company offering bitcoin options to halt operations. The regulatory agency also ruled that bitcoin and other cryptocurrencies are classified as commodities and are covered by the Commodity Exchange Act. The regulator issued an order filing and simultaneously settling charges against Coinflip, Inc. Derivabit and is chief executive officer Francisco Riordan for activity relating to commodity transactions without the proper licenses. CFTC Ruling on Bitcoin Options According to the CFTC press release, the bitcoin options platform does not comply with the Commodity Exchange Act and CFTC regulations by trading or processing swaps....

BAFT Launches FinTech Scheme to Promote Bitcoin Technology

Global financial services association BAFT has launched a new scheme to promote Bitcoin and blockchain technology. The association, which deals in creation and implementation of global finance policies, launched the initiative to drive “awareness of innovations in financial technology”. In its official statement, the international body emphasized how the pace of innovation has redefined the methods of cross-border payments and trade finance; and how it believes to address the regulatory issues for both banks and similar financial institutions through a thorough input. Tod Burwell, the president and CEO of BAFT, particularly highlighted how the emergence of Bitcoin and its associated technologies have improved the methods of supply chain and payments. He stated:...

US Government Trading Commission Recognizes Bitcoin as a Commodity

Much like gold, oil, or soybeans, Bitcoin is now officially considered a commodity. The agency that regulates the US commodity trading market, the Commodity Futures Trading Commission (CFTC) has finally recognized the digital currency as a commodity. The debate on bitcoin can be defined as a commodity or not as been here for quite some time and the FCTC.  By officially recognizing the digital currency as a commodity the CFTC assures its authority to supervise the trading of digital currency futures and options, which will now be subject to the agency’s regulations. If there is any irregularity, such as manipulation, the CFTC may file charges against the officials of that market. Furthermore, if a company wants to operate a trading platform for Bitcoin...

Australian Organic Farm Has Its Own Bitcoin Economy

An Australian organic farm called Budafoods has created its own local bitcoin economy among farmers, using the cryptocurrency to facilitate faster and cheaper payments between merchants and small businesses. The community is also working on encouraging its partners to accept bitcoin as well. The farm, which is located in Sunshine Coast Hinterland, Queensland, has dealt with the negative impact of online payment systems on their sales and profits. These, along with traditional banking systems, have eaten into their margins by charging high fees per transaction and have taken long periods to process payments. Bitcoin and Farming The idea of using bitcoin appealed to Budafoods founder Mark Burgunder who thought that the decentralized currency could enable...