Bitcoin News Roundup – 11Jan. 2015

Posted by: DeepDotWeb

January 11, 2015

Recapping the week’s biggest Bitcoins stories from around the web.

Bitstamp has lost “less than 19,000 BTC”according to a statement released by the Slovenian bitcoin exchange. As Stan Higgins of Coin Desk reports, Bitstamp’s wallet system was compromised, leading to suspension of operations and shutdown of the platform. Bitstamp CEO NejcKodrič stated that although the platform’s security has been breached and the exact numbers of compromised wallets remain undisclosed, the “overwhelming majority of bitcoins” remains secure in cold storage.

The Nigerian payment processor VoguePay and the South African bitcoin exchange ICE3X have joined forces to facilitate bitcoin trading in Nigeria. According to Nick Marinoff of NewsBtc, ICE2X’s founder, Gareth Grobler believes that the bitcoin will open the Nigerian market by offering access to the Nigerian consumers, who are skeptical to make online purchases of international goods in the fear of credit card fraud.

Climate change and decentralized currencies are two important issues addressed by the THNK program in Vancouver. According to Business Wire, Christine Duhaime, the Executive Director of the Institute, believes that capitalizing on the bitcoin technology can bring significant results on climate change initiatives. The forthcoming opportunities will generate effective solutions to social and economic problems.

Z/Yen Group research on the effect of Blockchain technology on personal insurance concludes that integrating the cryptocurrency technology could revolutionize the $1.1 trillion insurance industry in several ways. As Clay Michael Gillespie of Inside Bitcoins writes, the integration of the blockchain technology on personal insurance could allow better management of insurance products, favor alternative risk management models and improve security through block chain-based identity ledgers. In spite of certain concerns regarding government regulation and decentralization, Z/Yen Group concludes that the proliferation of blockchain applications in insurance could improve the relationship between insurance companies and their customers.

Regulation

The US Treasury Department and the Chamber of Digital Commerce (CDC) are reconsidering regulations on financial and banking access for Money Services Businesses (MSB). Calvin Tran of CryptoCoins News reports that CDC has set up a Financial Access Task Force to gather data on bitcoin’s access to banking and prepare a presentation on the state of the cryptocurrency industry for the members of the MSB. A roundtable discussion is scheduled for next week.

Payments

BitPay announced an open-source, multi-signature bitcoin wallet platform for Windows. Katherine Fletcher of Coin Report writes that the new application was presented atConsumer Electronics Show in Las Vegas and it is designed to process Microsoft’s bitcoin payments. After one year of own corporate use, BitPay releases the application with the aim of offering an open-source platform on which ultra-secure bitcoin wallet services can be developed. The app is available for free at the Windows Phone app store.

Coinbase has updated its security protocols and re-launches iOS and Android apps. According to Bitcoin Examiner, the new app allows users to make bitcoin transactions in 19 countries. Additionally, the extra security settings, including support for TouchID on iOS, support for 1Password, revoked application access in case the device is stolen and enhanced PIN lock functionality, allow users to have better control on their mobile wallet. Coinbase aims to capitalize on iOS and Android latest versions and provide bitcoins users the ultimate mobile wallet experience.

BitHalo, the leading smart-contract software, announced the release of version 2.1 to directly compete with PayPal and Western Union. As Valerie Love of CryptoCoins News writes, BitHalo 2.1 uses the blockchain technology to safely allow bitcoin peer to peer payments, via email. David Zimbeck, BitHalo’sfounder, believes that the absence of a 3rd party lowers the risk of transactions and enables the creation of actual peer to peer agreements while protecting users from identity theft and fraud.

SaruTobi, Apple’s iOS game, is officially using bitcoin to reward players. As Milena Ciric of Coin Desk writes, players are tipped for collecting coins while swinging and they can use them for spending points on power-ups or for buying extra points with cash. All revenues end up in a “pot”, a communal bitcoin wallet from which the players are rewarded.

Amagi Metals, precious metals dealer, have adapted a bitcoin payroll. According to Bitcoin News Brief, Amagi’s CEO Stephen Macaski stated that the bitcoin volatility was a concern a year ago, but now there many different ways to hedge risk against volatility.

Overstock.com Inc. plans to offer its staff the option to be paid in bitcoins.According to Ciara Linnane of Market Watch, in the context of encouraging the broader use of the cryptocurrency, the online retailer has established a bitcoin ATM at its corporate headquarters. Overstock’s Chief ExecutivePatrick Byrne believes that the digital currency should be integrated at all levels of the financial system.

Updated: 2015-01-11