Category Archives: ico crypto price

Analyzing Ethereum, Bitcoin, and one thousand two hundred other Cryptocurrencies using PostgreSQL

Analyzing Ethereum, Bitcoin, and 1200+ other Cryptocurrencies using PostgreSQL

Cryptocurrencies are fueling a modern day gold rush. Can data help us better understand this evolving market?

Update: Thank you everyone for making this #1 on Hacker News!

Lately it seems like money has been growing on trees.

We live in the age of digital currencies, with cryptocurrencies birthed within the decade. Yet already, there are more than a thousand cryptocurrencies in the market and an initial coin suggesting (ICO) almost daily.

As we embrace this fresh, proliferous market, it’s significant that we attempt to understand what’s going on. There are many risks to observe at both the micro-level (e.g., private investments) and macro-level (e.g., prevention of market crashes and major loss of capital). That’s where we come in.

We’re data people. Specifically, we’re the developers of TimescaleDB, a fresh open source time-series database built up from PostgreSQL. And we thought it would be insightful (and joy) to analyze the cryptocurrency market using PostgreSQL and TimescaleDB (plus R for data visualization).

For this analysis*, we looked at historical OHLCV price data on over one thousand two hundred cryptocurrencies (as of 6/26/2017; courtesy of CryptoCompare). While our current dataset represents only a daily record of rates, TimescaleDB scales lightly to much finer-grained historical data. With the constant influx of fresh coins and exchanges, TimescaleDB can provide a reliable foundation for time-series data in the cryptocurrency market.

Here’s what you should take away from this post:

  • Several high-level insights into the cryptocurrency market
  • A better understanding of how TimescaleDB + PostgreSQL make time-series data analysis lighter
  • Instructions on how to explosion this dataset yourself and draw your own insights (and perhaps find your own arbitrage opportunities!)

So if you had invested $100 in Bitcoin seven years ago, it would be worth…

Let’s commence with some good old-fashioned FOMO. If you know anything about cryptocurrencies, you’ve most likely heard of Bitcoin, the “granddaddy” of all cryptocurrencies. Turns out that if you had invested $100 in Bitcoin in July 2010, it would be worth over $Five,000,000 today.

Bitcoin has had a pretty nice run since then (albeit taking a puny dip recently):

Using PostgreSQL, we’ve queried BTC’s prices at 2-week intervals, analyzing the rates for USD exchanges. (Note that “time_bucket” and “last” in this query are special TimescaleDB time-series data analysis functions not in PostgreSQL.)

But hopefully you didn’t buy in February 2014…

It hasn’t exactly been a slick rail for BTC. Let’s hone in on the day-by-day volatility of BTC. Here we calculate daily comes back using the power of PostgreSQL window functions:

As a relatively fresh market, bitcoin prices are notably subject to volatile fluctuations. While a constant increase in price marks the success of BTC, the highest spike occurred in early 2014. If we zoom in on 2014, we notice that the hop occurred specifically inbetween February and March of 2014. For those who invested at the peak of this market, the price soon stabilized, forcing investors who bought then to hold for a long time to see comebacks.

Goodbye China, hello Japan

The cryptocurrency market is global. When looking at trade volumes by currency, we noticed something interesting:

The year two thousand fourteen eyed a minor hop for Bitcoin rates in China, presumably caused by the devaluation of the yuan and weakening domestic stock market. This was followed by a subsequent boom in two thousand sixteen and early 2017, as Chinese volume predominated Bitcoin trades.

Within a few months, the volumes dropped dramatically.

Why? This is where we had to step out of the numbers and do some old-fashioned research. (And what we found shows how you can’t just rely on quantitative data when attempting to understand this market.)

In early two thousand seventeen the People’s Bank of China began reinforcing regulations and legal liabilities for risky cryptocurrency exchanges. By February, two of the largest Chinese exchanges (OKCoin and Huobi.com) had suspended withdrawals and by mid-2017, Chinese transactions had dried up. From there, Japan became the leader in bitcoin transactions by volume, even going so far as to recognizing bitcoin as legal currency in April 2017.

Now, if you had invested $100 in ETH in January 2017….

Don’t worry if you didn’t hop onto the Bitcoin train in 2010. As volatile as Bitcoin has been, some would argue that Ethereum has been a crazier rail (and the latest “correction” shows it). Let’s look at the Ethereum price over time in Bitcoin (as it’s normally quoted):

But as we know, Bitcoin itself has been fairly volatile, which renders the above chart less useful. So let’s look at ETH prices in fiat currencies, using each day’s BTC to fiat exchange rates. (Taking advantage of Postgres JOINs and some fancy filters):

In its very first year, ETH surpassed any yearly BTC growth rate in all of BTC history — a hefty 530% surge in average closing price from the previous year marked a good embark. Cumulatively, the growth has since fallen to 200% going from two thousand sixteen to 2017, tho’ still an impressively high rate for any other asset. And within the last half year, ETH prices have enlargened by 3000%. So, if you had invested $100 in ETH in January two thousand seventeen (less than seven months ago), it would be worth over $Trio,000 today.

Projecting the price of ETH in these stable currencies (USD, EUR, CNY), it shows up that the trend lines remain consistent inbetween the three fiat monies. A clear progression is apparent in the steep uprise within the last six months and trends reflect a massive growth for the coin when quoted in all currencies, except BTC. Relative to the fiat charts, the ETH/BTC chart is fairly unstable due to the fluctuating price of BTC over the years. As a result, the representation of ETH by BTC price inflates the variability of ETH. Clearly BTC is still too immature to be considered a base currency.

What about the one thousand two hundred other cryptocurrencies??

With that brief examination of BTC and ETH trends, hopefully you have more context into the hectic world of cryptocurrencies. So what do we do with the other one thousand two hundred cryptocurrencies?

Well very first, let’s use our dataset to trace the lineage of these cryptocurrencies:

(Disclaimer: our dataset represents when we very first have recorded data, which may not necessarily correspond to the ICO.)

It’s an evolving market. And one with no clear ceiling, as we can see when we query the number of fresh cryptocurrencies by day. Above are just the most latest twenty records, demonstrating how many fresh currencies amass each week.

Here’s a look at that same day, but counting the number of fresh currencies with data each day:

When we query each of the currencies by their very first set of data (to track its “age”), it’s clear that the market is not simply for investors, but also for creators of these digital assets. Most recently, a flood of fresh coins entered our dataset during May 25–28, amounting to over three hundred fresh cryptocurrency records in less than a week. (Of course, these dates reflect when our data source very first had price data for the currencies, which may not correspond to the ICO.)

Who’s at the head of the cryptocurrency long tail?

There are so many cryptocurrencies that it becomes hard to separate the good ones from the noise. How do we identify which ones worth focusing on? Here’s one metric: total trade volume over the past week.

Quick note on what this query is doing: The BTC and crypto-currency data lives in separate tables. So we have to UNION the two queries. Also, as we established earlier, we want to quote volumes in a fiat currency (e.g., USD) and not BTC. So the 2nd half of the query joins with the BTC table to convert BTC to USD.

Top cryptocurrencies (measuring by transaction volume) are (not remarkably) Bitcoin and Ethereum. But after that, seems like Litecoin (LTC), Ripple (XRP), and Ethereum Classic (ETC) are not far off. As a five-year old coin, Litecoin is almost identical to Bitcoin and is often considered a key player in the market. Meantime, Ripple targets a more specific audience as a banking coin in the global commerce arena, also displaying promise as a progressively superior coin. Interestingly in the top five for our query, both ETH and ETC make appearances, suggesting a major shift towards Ethereum in the market.

What are the most profitable cryptocurrencies?

Another way to sift through the long tail of cryptocurrencies is by profitability (e.g., as measured by total daily come back). Our data contains a set of prices for over one thousand two hundred cryptocurrencies. If we hone in on the highest increase in rate by day, we can see which cryptocurrencies lead the daily market.

Here we identify the cryptocurrency with the highest total daily come back, by day, going rearwards in time. (To do that, we again use a window function to calculate daily comebacks, and then use the TimescaleDB last function to find the cryptocurrency with the highest come back for that day.)

Our output for the last three months shows a numeric lead by AMIS (168x on 6/15), which emerges as the cryptocurrency with the top increase for fifteen distinct days. However, if we look more closely at AMIS’ rates, we realize that this high increase is also due to high fluctuation rates: AMIS tends to drop back to a closing price of zero after each increase.

Likewise, the cryptocurrency YOVI shows up three times in our list of daily leads but has a similarly unreliable trend like AMIS:

While both trends are rather unstable, they display more promise than ETH’s down-sloping very first year (2015):

(Repeat Disclaimer: TimescaleDB does not endorse any of these cryptocurrencies and is not liable for investments that you make / losses you may incur.)

So money grows on… Merkle Trees?

Here we drew some conclusions from public cryptocurrency datasets, highlighting the power of both PostgreSQL and TimescaleDB. Yet we should recall that the cryptocurrency market will inevitably be different next month, week, even day.

If you’d like to learn more about TimescaleDB, and how it makes PostgreSQL scalable for time-series data, we’d recommend this technical post.

Thanks for reading our post! If you found it helpful, be sure to recommend or share.

If you have any go after up questions or comments, we welcome them via email or Twitter.

And if you’d like to learn more about TimescaleDB, please check out our GitHub (starlets appreciated), and let us know how we can help.

Analyzing Ethereum, Bitcoin, and one thousand two hundred other Cryptocurrencies using PostgreSQL

Analyzing Ethereum, Bitcoin, and 1200+ other Cryptocurrencies using PostgreSQL

Cryptocurrencies are fueling a modern day gold rush. Can data help us better understand this evolving market?

Update: Thank you everyone for making this #1 on Hacker News!

Lately it seems like money has been growing on trees.

We live in the age of digital currencies, with cryptocurrencies birthed within the decade. Yet already, there are more than a thousand cryptocurrencies in the market and an initial coin suggesting (ICO) almost daily.

As we embrace this fresh, proliferous market, it’s significant that we attempt to understand what’s going on. There are many risks to observe at both the micro-level (e.g., private investments) and macro-level (e.g., prevention of market crashes and major loss of capital). That’s where we come in.

We’re data people. Specifically, we’re the developers of TimescaleDB, a fresh open source time-series database built up from PostgreSQL. And we thought it would be insightful (and joy) to analyze the cryptocurrency market using PostgreSQL and TimescaleDB (plus R for data visualization).

For this analysis*, we looked at historical OHLCV price data on over one thousand two hundred cryptocurrencies (as of 6/26/2017; courtesy of CryptoCompare). While our current dataset represents only a daily record of rates, TimescaleDB scales lightly to much finer-grained historical data. With the constant influx of fresh coins and exchanges, TimescaleDB can provide a reliable foundation for time-series data in the cryptocurrency market.

Here’s what you should take away from this post:

  • Several high-level insights into the cryptocurrency market
  • A better understanding of how TimescaleDB + PostgreSQL make time-series data analysis lighter
  • Instructions on how to explosion this dataset yourself and draw your own insights (and perhaps find your own arbitrage opportunities!)

So if you had invested $100 in Bitcoin seven years ago, it would be worth…

Let’s embark with some good old-fashioned FOMO. If you know anything about cryptocurrencies, you’ve most likely heard of Bitcoin, the “granddaddy” of all cryptocurrencies. Turns out that if you had invested $100 in Bitcoin in July 2010, it would be worth over $Five,000,000 today.

Bitcoin has had a pretty nice run since then (albeit taking a puny dip recently):

Using PostgreSQL, we’ve queried BTC’s prices at 2-week intervals, analyzing the rates for USD exchanges. (Note that “time_bucket” and “last” in this query are special TimescaleDB time-series data analysis functions not in PostgreSQL.)

But hopefully you didn’t buy in February 2014…

It hasn’t exactly been a sleek rail for BTC. Let’s hone in on the day-by-day volatility of BTC. Here we calculate daily comebacks using the power of PostgreSQL window functions:

As a relatively fresh market, bitcoin prices are notably subject to volatile fluctuations. While a constant increase in price marks the success of BTC, the highest spike occurred in early 2014. If we zoom in on 2014, we notice that the hop occurred specifically inbetween February and March of 2014. For those who invested at the peak of this market, the price soon stabilized, forcing investors who bought then to hold for a long time to see comes back.

Goodbye China, hello Japan

The cryptocurrency market is global. When looking at trade volumes by currency, we noticed something interesting:

The year two thousand fourteen eyed a minor hop for Bitcoin rates in China, presumably caused by the devaluation of the yuan and weakening domestic stock market. This was followed by a subsequent boom in two thousand sixteen and early 2017, as Chinese volume predominated Bitcoin trades.

Within a few months, the volumes dropped dramatically.

Why? This is where we had to step out of the numbers and do some old-fashioned research. (And what we found shows how you can’t just rely on quantitative data when attempting to understand this market.)

In early two thousand seventeen the People’s Bank of China began reinforcing regulations and legal liabilities for risky cryptocurrency exchanges. By February, two of the largest Chinese exchanges (OKCoin and Huobi.com) had suspended withdrawals and by mid-2017, Chinese transactions had dried up. From there, Japan became the leader in bitcoin transactions by volume, even going so far as to recognizing bitcoin as legal currency in April 2017.

Now, if you had invested $100 in ETH in January 2017….

Don’t worry if you didn’t hop onto the Bitcoin train in 2010. As volatile as Bitcoin has been, some would argue that Ethereum has been a crazier rail (and the latest “correction” shows it). Let’s look at the Ethereum price over time in Bitcoin (as it’s normally quoted):

But as we know, Bitcoin itself has been fairly volatile, which renders the above chart less useful. So let’s look at ETH prices in fiat currencies, using each day’s BTC to fiat exchange rates. (Taking advantage of Postgres JOINs and some fancy filters):

In its very first year, ETH surpassed any yearly BTC growth rate in all of BTC history — a hefty 530% surge in average closing price from the previous year marked a good begin. Cumulatively, the growth has since fallen to 200% going from two thousand sixteen to 2017, however still an impressively high rate for any other asset. And within the last half year, ETH prices have enlargened by 3000%. So, if you had invested $100 in ETH in January two thousand seventeen (less than seven months ago), it would be worth over $Three,000 today.

Projecting the price of ETH in these stable currencies (USD, EUR, CNY), it shows up that the trend lines remain consistent inbetween the three fiat monies. A clear progression is apparent in the steep uprise within the last six months and trends reflect a massive growth for the coin when quoted in all currencies, except BTC. Relative to the fiat charts, the ETH/BTC chart is fairly unstable due to the fluctuating price of BTC over the years. As a result, the representation of ETH by BTC price inflates the variability of ETH. Clearly BTC is still too immature to be considered a base currency.

What about the one thousand two hundred other cryptocurrencies??

With that brief examination of BTC and ETH trends, hopefully you have more context into the hectic world of cryptocurrencies. So what do we do with the other one thousand two hundred cryptocurrencies?

Well very first, let’s use our dataset to trace the lineage of these cryptocurrencies:

(Disclaimer: our dataset represents when we very first have recorded data, which may not necessarily correspond to the ICO.)

It’s an evolving market. And one with no clear ceiling, as we can see when we query the number of fresh cryptocurrencies by day. Above are just the most latest twenty records, showcasing how many fresh currencies amass each week.

Here’s a look at that same day, but counting the number of fresh currencies with data each day:

When we query each of the currencies by their very first set of data (to track its “age”), it’s clear that the market is not simply for investors, but also for creators of these digital assets. Most recently, a flood of fresh coins entered our dataset during May 25–28, amounting to over three hundred fresh cryptocurrency records in less than a week. (Of course, these dates reflect when our data source very first had price data for the currencies, which may not correspond to the ICO.)

Who’s at the head of the cryptocurrency long tail?

There are so many cryptocurrencies that it becomes hard to separate the good ones from the noise. How do we identify which ones worth focusing on? Here’s one metric: total trade volume over the past week.

Quick note on what this query is doing: The BTC and crypto-currency data lives in separate tables. So we have to UNION the two queries. Also, as we established earlier, we want to quote volumes in a fiat currency (e.g., USD) and not BTC. So the 2nd half of the query joins with the BTC table to convert BTC to USD.

Top cryptocurrencies (measuring by transaction volume) are (not remarkably) Bitcoin and Ethereum. But after that, seems like Litecoin (LTC), Ripple (XRP), and Ethereum Classic (ETC) are not far off. As a five-year old coin, Litecoin is almost identical to Bitcoin and is often considered a key player in the market. Meantime, Ripple targets a more specific audience as a banking coin in the global commerce arena, also demonstrating promise as a progressively superior coin. Interestingly in the top five for our query, both ETH and ETC make appearances, suggesting a major shift towards Ethereum in the market.

What are the most profitable cryptocurrencies?

Another way to sift through the long tail of cryptocurrencies is by profitability (e.g., as measured by total daily come back). Our data contains a set of prices for over one thousand two hundred cryptocurrencies. If we hone in on the highest increase in rate by day, we can see which cryptocurrencies lead the daily market.

Here we identify the cryptocurrency with the highest total daily come back, by day, going rearwards in time. (To do that, we again use a window function to calculate daily comebacks, and then use the TimescaleDB last function to find the cryptocurrency with the highest come back for that day.)

Our output for the last three months shows a numeric lead by AMIS (168x on 6/15), which shows up as the cryptocurrency with the top increase for fifteen distinct days. However, if we look more closely at AMIS’ rates, we realize that this high increase is also due to high fluctuation rates: AMIS tends to drop back to a closing price of zero after each increase.

Likewise, the cryptocurrency YOVI shows up three times in our list of daily leads but has a similarly unreliable trend like AMIS:

While both trends are rather unstable, they showcase more promise than ETH’s down-sloping very first year (2015):

(Repeat Disclaimer: TimescaleDB does not endorse any of these cryptocurrencies and is not liable for investments that you make / losses you may incur.)

So money grows on… Merkle Trees?

Here we drew some conclusions from public cryptocurrency datasets, highlighting the power of both PostgreSQL and TimescaleDB. Yet we should reminisce that the cryptocurrency market will inevitably be different next month, week, even day.

If you’d like to learn more about TimescaleDB, and how it makes PostgreSQL scalable for time-series data, we’d recommend this technical post.

Thanks for reading our post! If you found it helpful, be sure to recommend or share.

If you have any go after up questions or comments, we welcome them via email or Twitter.

And if you’d like to learn more about TimescaleDB, please check out our GitHub (starlets appreciated), and let us know how we can help.

Analyzing Ethereum, Bitcoin, and one thousand two hundred other Cryptocurrencies using PostgreSQL

Analyzing Ethereum, Bitcoin, and 1200+ other Cryptocurrencies using PostgreSQL

Cryptocurrencies are fueling a modern day gold rush. Can data help us better understand this evolving market?

Update: Thank you everyone for making this #1 on Hacker News!

Lately it seems like money has been growing on trees.

We live in the age of digital currencies, with cryptocurrencies birthed within the decade. Yet already, there are more than a thousand cryptocurrencies in the market and an initial coin suggesting (ICO) almost daily.

As we embrace this fresh, proliferous market, it’s significant that we attempt to understand what’s going on. There are many risks to observe at both the micro-level (e.g., individual investments) and macro-level (e.g., prevention of market crashes and major loss of capital). That’s where we come in.

We’re data people. Specifically, we’re the developers of TimescaleDB, a fresh open source time-series database built up from PostgreSQL. And we thought it would be insightful (and joy) to analyze the cryptocurrency market using PostgreSQL and TimescaleDB (plus R for data visualization).

For this analysis*, we looked at historical OHLCV price data on over one thousand two hundred cryptocurrencies (as of 6/26/2017; courtesy of CryptoCompare). While our current dataset represents only a daily record of rates, TimescaleDB scales lightly to much finer-grained historical data. With the constant influx of fresh coins and exchanges, TimescaleDB can provide a reliable foundation for time-series data in the cryptocurrency market.

Here’s what you should take away from this post:

  • Several high-level insights into the cryptocurrency market
  • A better understanding of how TimescaleDB + PostgreSQL make time-series data analysis lighter
  • Instructions on how to geyser this dataset yourself and draw your own insights (and perhaps find your own arbitrage opportunities!)

So if you had invested $100 in Bitcoin seven years ago, it would be worth…

Let’s commence with some good old-fashioned FOMO. If you know anything about cryptocurrencies, you’ve most likely heard of Bitcoin, the “granddaddy” of all cryptocurrencies. Turns out that if you had invested $100 in Bitcoin in July 2010, it would be worth over $Five,000,000 today.

Bitcoin has had a pretty nice run since then (albeit taking a petite dip recently):

Using PostgreSQL, we’ve queried BTC’s prices at 2-week intervals, analyzing the rates for USD exchanges. (Note that “time_bucket” and “last” in this query are special TimescaleDB time-series data analysis functions not in PostgreSQL.)

But hopefully you didn’t buy in February 2014…

It hasn’t exactly been a slick rail for BTC. Let’s hone in on the day-by-day volatility of BTC. Here we calculate daily comebacks using the power of PostgreSQL window functions:

As a relatively fresh market, bitcoin prices are notably subject to volatile fluctuations. While a sustained increase in price marks the success of BTC, the highest spike occurred in early 2014. If we zoom in on 2014, we notice that the leap occurred specifically inbetween February and March of 2014. For those who invested at the peak of this market, the price soon stabilized, forcing investors who bought then to hold for a long time to see comebacks.

Goodbye China, hello Japan

The cryptocurrency market is global. When looking at trade volumes by currency, we noticed something interesting:

The year two thousand fourteen eyed a minor leap for Bitcoin rates in China, presumably caused by the devaluation of the yuan and weakening domestic stock market. This was followed by a subsequent boom in two thousand sixteen and early 2017, as Chinese volume predominated Bitcoin trades.

Within a few months, the volumes dropped dramatically.

Why? This is where we had to step out of the numbers and do some old-fashioned research. (And what we found shows how you can’t just rely on quantitative data when attempting to understand this market.)

In early two thousand seventeen the People’s Bank of China began reinforcing regulations and legal liabilities for risky cryptocurrency exchanges. By February, two of the largest Chinese exchanges (OKCoin and Huobi.com) had suspended withdrawals and by mid-2017, Chinese transactions had dried up. From there, Japan became the leader in bitcoin transactions by volume, even going so far as to recognizing bitcoin as legal currency in April 2017.

Now, if you had invested $100 in ETH in January 2017….

Don’t worry if you didn’t hop onto the Bitcoin train in 2010. As volatile as Bitcoin has been, some would argue that Ethereum has been a crazier rail (and the latest “correction” shows it). Let’s look at the Ethereum price over time in Bitcoin (as it’s normally quoted):

But as we know, Bitcoin itself has been fairly volatile, which renders the above chart less useful. So let’s look at ETH prices in fiat currencies, using each day’s BTC to fiat exchange rates. (Taking advantage of Postgres JOINs and some fancy filters):

In its very first year, ETH surpassed any yearly BTC growth rate in all of BTC history — a hefty 530% surge in average closing price from the previous year marked a good begin. Cumulatively, the growth has since fallen to 200% going from two thousand sixteen to 2017, tho’ still an impressively high rate for any other asset. And within the last half year, ETH prices have enhanced by 3000%. So, if you had invested $100 in ETH in January two thousand seventeen (less than seven months ago), it would be worth over $Trio,000 today.

Projecting the price of ETH in these stable currencies (USD, EUR, CNY), it emerges that the trend lines remain consistent inbetween the three fiat monies. A clear progression is apparent in the steep uprise within the last six months and trends reflect a massive growth for the coin when quoted in all currencies, except BTC. Relative to the fiat charts, the ETH/BTC chart is fairly unstable due to the fluctuating price of BTC over the years. As a result, the representation of ETH by BTC price inflates the variability of ETH. Clearly BTC is still too immature to be considered a base currency.

What about the one thousand two hundred other cryptocurrencies??

With that brief examination of BTC and ETH trends, hopefully you have more context into the hectic world of cryptocurrencies. So what do we do with the other one thousand two hundred cryptocurrencies?

Well very first, let’s use our dataset to trace the lineage of these cryptocurrencies:

(Disclaimer: our dataset represents when we very first have recorded data, which may not necessarily correspond to the ICO.)

It’s an evolving market. And one with no clear ceiling, as we can see when we query the number of fresh cryptocurrencies by day. Above are just the most latest twenty records, displaying how many fresh currencies amass each week.

Here’s a look at that same day, but counting the number of fresh currencies with data each day:

When we query each of the currencies by their very first set of data (to track its “age”), it’s clear that the market is not simply for investors, but also for creators of these digital assets. Most recently, a flood of fresh coins entered our dataset during May 25–28, amounting to over three hundred fresh cryptocurrency records in less than a week. (Of course, these dates reflect when our data source very first had price data for the currencies, which may not correspond to the ICO.)

Who’s at the head of the cryptocurrency long tail?

There are so many cryptocurrencies that it becomes hard to separate the good ones from the noise. How do we identify which ones worth focusing on? Here’s one metric: total trade volume over the past week.

Quick note on what this query is doing: The BTC and crypto-currency data lives in separate tables. So we have to UNION the two queries. Also, as we established earlier, we want to quote volumes in a fiat currency (e.g., USD) and not BTC. So the 2nd half of the query joins with the BTC table to convert BTC to USD.

Top cryptocurrencies (measuring by transaction volume) are (not remarkably) Bitcoin and Ethereum. But after that, seems like Litecoin (LTC), Ripple (XRP), and Ethereum Classic (ETC) are not far off. As a five-year old coin, Litecoin is almost identical to Bitcoin and is often considered a key player in the market. Meantime, Ripple targets a more specific audience as a banking coin in the global commerce arena, also demonstrating promise as a progressively superior coin. Interestingly in the top five for our query, both ETH and ETC make appearances, suggesting a major shift towards Ethereum in the market.

What are the most profitable cryptocurrencies?

Another way to sift through the long tail of cryptocurrencies is by profitability (e.g., as measured by total daily comeback). Our data contains a set of prices for over one thousand two hundred cryptocurrencies. If we hone in on the highest increase in rate by day, we can see which cryptocurrencies lead the daily market.

Here we identify the cryptocurrency with the highest total daily comeback, by day, going rearwards in time. (To do that, we again use a window function to calculate daily comes back, and then use the TimescaleDB last function to find the cryptocurrency with the highest come back for that day.)

Our output for the last three months shows a numeric lead by AMIS (168x on 6/15), which shows up as the cryptocurrency with the top increase for fifteen distinct days. However, if we look more closely at AMIS’ rates, we realize that this high increase is also due to high fluctuation rates: AMIS tends to drop back to a closing price of zero after each increase.

Likewise, the cryptocurrency YOVI shows up three times in our list of daily leads but has a similarly unreliable trend like AMIS:

While both trends are rather unstable, they display more promise than ETH’s down-sloping very first year (2015):

(Repeat Disclaimer: TimescaleDB does not endorse any of these cryptocurrencies and is not liable for investments that you make / losses you may incur.)

So money grows on… Merkle Trees?

Here we drew some conclusions from public cryptocurrency datasets, highlighting the power of both PostgreSQL and TimescaleDB. Yet we should recall that the cryptocurrency market will inevitably be different next month, week, even day.

If you’d like to learn more about TimescaleDB, and how it makes PostgreSQL scalable for time-series data, we’d recommend this technical post.

Thanks for reading our post! If you found it helpful, be sure to recommend or share.

If you have any go after up questions or comments, we welcome them via email or Twitter.

And if you’d like to learn more about TimescaleDB, please check out our GitHub (starlets appreciated), and let us know how we can help.

Analyzing Ethereum, Bitcoin, and one thousand two hundred other Cryptocurrencies using PostgreSQL

Analyzing Ethereum, Bitcoin, and 1200+ other Cryptocurrencies using PostgreSQL

Cryptocurrencies are fueling a modern day gold rush. Can data help us better understand this evolving market?

Update: Thank you everyone for making this #1 on Hacker News!

Lately it seems like money has been growing on trees.

We live in the age of digital currencies, with cryptocurrencies birthed within the decade. Yet already, there are more than a thousand cryptocurrencies in the market and an initial coin suggesting (ICO) almost daily.

As we embrace this fresh, proliferous market, it’s significant that we attempt to understand what’s going on. There are many risks to observe at both the micro-level (e.g., individual investments) and macro-level (e.g., prevention of market crashes and major loss of capital). That’s where we come in.

We’re data people. Specifically, we’re the developers of TimescaleDB, a fresh open source time-series database built up from PostgreSQL. And we thought it would be insightful (and joy) to analyze the cryptocurrency market using PostgreSQL and TimescaleDB (plus R for data visualization).

For this analysis*, we looked at historical OHLCV price data on over one thousand two hundred cryptocurrencies (as of 6/26/2017; courtesy of CryptoCompare). While our current dataset represents only a daily record of rates, TimescaleDB scales lightly to much finer-grained historical data. With the constant influx of fresh coins and exchanges, TimescaleDB can provide a reliable foundation for time-series data in the cryptocurrency market.

Here’s what you should take away from this post:

  • Several high-level insights into the cryptocurrency market
  • A better understanding of how TimescaleDB + PostgreSQL make time-series data analysis lighter
  • Instructions on how to flow this dataset yourself and draw your own insights (and perhaps find your own arbitrage opportunities!)

So if you had invested $100 in Bitcoin seven years ago, it would be worth…

Let’s embark with some good old-fashioned FOMO. If you know anything about cryptocurrencies, you’ve very likely heard of Bitcoin, the “granddaddy” of all cryptocurrencies. Turns out that if you had invested $100 in Bitcoin in July 2010, it would be worth over $Five,000,000 today.

Bitcoin has had a pretty nice run since then (albeit taking a petite dip recently):

Using PostgreSQL, we’ve queried BTC’s prices at 2-week intervals, analyzing the rates for USD exchanges. (Note that “time_bucket” and “last” in this query are special TimescaleDB time-series data analysis functions not in PostgreSQL.)

But hopefully you didn’t buy in February 2014…

It hasn’t exactly been a sleek rail for BTC. Let’s hone in on the day-by-day volatility of BTC. Here we calculate daily comebacks using the power of PostgreSQL window functions:

As a relatively fresh market, bitcoin prices are notably subject to volatile fluctuations. While a sustained increase in price marks the success of BTC, the highest spike occurred in early 2014. If we zoom in on 2014, we notice that the hop occurred specifically inbetween February and March of 2014. For those who invested at the peak of this market, the price soon stabilized, forcing investors who bought then to hold for a long time to see comes back.

Goodbye China, hello Japan

The cryptocurrency market is global. When looking at trade volumes by currency, we noticed something interesting:

The year two thousand fourteen witnessed a minor leap for Bitcoin rates in China, presumably caused by the devaluation of the yuan and weakening domestic stock market. This was followed by a subsequent boom in two thousand sixteen and early 2017, as Chinese volume predominated Bitcoin trades.

Within a few months, the volumes dropped dramatically.

Why? This is where we had to step out of the numbers and do some old-fashioned research. (And what we found shows how you can’t just rely on quantitative data when attempting to understand this market.)

In early two thousand seventeen the People’s Bank of China began reinforcing regulations and legal liabilities for risky cryptocurrency exchanges. By February, two of the largest Chinese exchanges (OKCoin and Huobi.com) had suspended withdrawals and by mid-2017, Chinese transactions had dried up. From there, Japan became the leader in bitcoin transactions by volume, even going so far as to recognizing bitcoin as legal currency in April 2017.

Now, if you had invested $100 in ETH in January 2017….

Don’t worry if you didn’t hop onto the Bitcoin train in 2010. As volatile as Bitcoin has been, some would argue that Ethereum has been a crazier rail (and the latest “correction” shows it). Let’s look at the Ethereum price over time in Bitcoin (as it’s normally quoted):

But as we know, Bitcoin itself has been fairly volatile, which renders the above chart less useful. So let’s look at ETH prices in fiat currencies, using each day’s BTC to fiat exchange rates. (Taking advantage of Postgres JOINs and some fancy filters):

In its very first year, ETH surpassed any yearly BTC growth rate in all of BTC history — a hefty 530% surge in average closing price from the previous year marked a good embark. Cumulatively, the growth has since fallen to 200% going from two thousand sixteen to 2017, tho’ still an impressively high rate for any other asset. And within the last half year, ETH prices have enlargened by 3000%. So, if you had invested $100 in ETH in January two thousand seventeen (less than seven months ago), it would be worth over $Trio,000 today.

Projecting the price of ETH in these stable currencies (USD, EUR, CNY), it shows up that the trend lines remain consistent inbetween the three fiat monies. A clear progression is apparent in the steep uprise within the last six months and trends reflect a massive growth for the coin when quoted in all currencies, except BTC. Relative to the fiat charts, the ETH/BTC chart is fairly unstable due to the fluctuating price of BTC over the years. As a result, the representation of ETH by BTC price inflates the variability of ETH. Clearly BTC is still too immature to be considered a base currency.

What about the one thousand two hundred other cryptocurrencies??

With that brief examination of BTC and ETH trends, hopefully you have more context into the hectic world of cryptocurrencies. So what do we do with the other one thousand two hundred cryptocurrencies?

Well very first, let’s use our dataset to trace the lineage of these cryptocurrencies:

(Disclaimer: our dataset represents when we very first have recorded data, which may not necessarily correspond to the ICO.)

It’s an evolving market. And one with no clear ceiling, as we can see when we query the number of fresh cryptocurrencies by day. Above are just the most latest twenty records, demonstrating how many fresh currencies amass each week.

Here’s a look at that same day, but counting the number of fresh currencies with data each day:

When we query each of the currencies by their very first set of data (to track its “age”), it’s clear that the market is not simply for investors, but also for creators of these digital assets. Most recently, a flood of fresh coins entered our dataset during May 25–28, amounting to over three hundred fresh cryptocurrency records in less than a week. (Of course, these dates reflect when our data source very first had price data for the currencies, which may not correspond to the ICO.)

Who’s at the head of the cryptocurrency long tail?

There are so many cryptocurrencies that it becomes hard to separate the good ones from the noise. How do we identify which ones worth focusing on? Here’s one metric: total trade volume over the past week.

Quick note on what this query is doing: The BTC and crypto-currency data lives in separate tables. So we have to UNION the two queries. Also, as we established earlier, we want to quote volumes in a fiat currency (e.g., USD) and not BTC. So the 2nd half of the query joins with the BTC table to convert BTC to USD.

Top cryptocurrencies (measuring by transaction volume) are (not remarkably) Bitcoin and Ethereum. But after that, seems like Litecoin (LTC), Ripple (XRP), and Ethereum Classic (ETC) are not far off. As a five-year old coin, Litecoin is almost identical to Bitcoin and is often considered a key player in the market. Meantime, Ripple targets a more specific audience as a banking coin in the global commerce arena, also displaying promise as a progressively superior coin. Interestingly in the top five for our query, both ETH and ETC make appearances, suggesting a major shift towards Ethereum in the market.

What are the most profitable cryptocurrencies?

Another way to sift through the long tail of cryptocurrencies is by profitability (e.g., as measured by total daily come back). Our data contains a set of prices for over one thousand two hundred cryptocurrencies. If we hone in on the highest increase in rate by day, we can see which cryptocurrencies lead the daily market.

Here we identify the cryptocurrency with the highest total daily come back, by day, going rearwards in time. (To do that, we again use a window function to calculate daily comebacks, and then use the TimescaleDB last function to find the cryptocurrency with the highest come back for that day.)

Our output for the last three months shows a numeric lead by AMIS (168x on 6/15), which emerges as the cryptocurrency with the top increase for fifteen distinct days. However, if we look more closely at AMIS’ rates, we realize that this high increase is also due to high fluctuation rates: AMIS tends to drop back to a closing price of zero after each increase.

Likewise, the cryptocurrency YOVI shows up three times in our list of daily leads but has a similarly unreliable trend like AMIS:

While both trends are rather unstable, they demonstrate more promise than ETH’s down-sloping very first year (2015):

(Repeat Disclaimer: TimescaleDB does not endorse any of these cryptocurrencies and is not liable for investments that you make / losses you may incur.)

So money grows on… Merkle Trees?

Here we drew some conclusions from public cryptocurrency datasets, highlighting the power of both PostgreSQL and TimescaleDB. Yet we should recall that the cryptocurrency market will inevitably be different next month, week, even day.

If you’d like to learn more about TimescaleDB, and how it makes PostgreSQL scalable for time-series data, we’d recommend this technical post.

Thanks for reading our post! If you found it helpful, be sure to recommend or share.

If you have any go after up questions or comments, we welcome them via email or Twitter.

And if you’d like to learn more about TimescaleDB, please check out our GitHub (starlets appreciated), and let us know how we can help.

Related video:

AgriDigital pioneers blockchain use with very first farmer-buyer agriculture settlement – The Barrel Blog

AgriDigital pioneers blockchain use with very first farmer-buyer agriculture settlement

History was made on December 8, 2016, when Australian wheat grower David Whillock delivered 23.46 mt to Fletcher International Exports in Dubbo, Fresh South Wales. The transaction was lodged through blockchain, the technology underpinning emerging cryptocurrencies such as bitcoin. And Whillock got his payment instantaneously: a global very first inbetween a grower and a buyer for the agriculture industry.

Blockchain technology is a secured database permitting numerous independent parties to share information and trade using the synchronized and collective ledger.

The deal was “auto-executed” by a brainy contract run by commodity management platform AgriDigital. This brainy contract performed a series of tasks, including valuing the delivery, verifying that the buyer had sufficient funds, and securing the funds in the grower’s name pending delivery.

— Emma Weston, Total Profile CEO

Once the grower made the physical delivery, the title for the grain was transferred to the buyer as the grower’s payment was at the same time created from the reserved funds.

The transaction was done as part of a live pilot, during which AgriDigital was connected to a multi-node private Ethereum blockchain network.

Across the process AgriDigital managed the knots, acting as operator, buyer, and regulator, to create an example of ecosystems that may occur a lot more frequently across commodity markets in the future.

In an interview with S&P Global Platts, Emma Weston, co-founder and CEO of Total Profile, which possesses and operates AgriDigital, talked about this groundbreaking deal and its implications for commodity trading.

Q: What are the main benefits of using blockchain technology for Agri-markets as a entire?

A: Blockchain has the potential to convert the entire agriculture industry.

For a sector that employs 40% of the global workforce, the benefits to be gained from applying distributed ledger technologies are enormous. In particular, blockchain has fat potential in three key areas of the agriculture industry:

1. Provenance and radical transparency

Two. Mobile payments, credits, and decreased transaction fees

Three. Real-time management of supply chain transactions and financing

De-risking the agri-supply chain through real-time settlement of physical commodity transactions has broad benefits for all participants by enlargening efficiency, trust and security.

For growers, blockchain technology provides enormous benefits by providing swift and secure payment.

Typically, payment terms in the Australian grains industry range from two to five weeks, and it is these terms that pose counterparty or credit risk to growers. The elimination of this risk means growers can be secure in their cash flow and better manage their businesses. For buyers, blockchain offers both back office and liquidity benefits.

AgriDigital offers workflow automation (via brainy contracts and integration with key machinery and data collection points such as weighbridges and quality testing instrumentation) as well as auto-reconciliation for inventory, which poses high cost and risk to buyers. Buyers are also reliant on various supply chain finance forms to ease their working capital needs, particularly in high transactions periods like harvest. Blockchain enables more limber supply chain finance options that operate in real-time.

Automation of accessing finance and instant payments are vast improvement on current manual processes and slow turnaround times. An extra benefit of the distributed ledger model is improved access for regulators, quasi-regulators and authorities. Levy and royalty collection and remittance with transparency to the relevant data in respect of those payments is a significant problem that we are now able to solve.

Ultimately, the entire agri-supply chain will have access to verified data on each commodity, meaning consumers can trust where their food comes from.

Q: Can these benefits be repeated in other global commodity markets?

A: While we are presently focused on the grains industry, we have designed our solution to be both cross-commodity and cross-geography. We have instantaneous request from the grain and livestock industries and we are also observing request from aquaculture, horticulture, cotton and wool sectors — the request is global.

We are going to see more and more novel applications of blockchain and blockchain-inspired technologies in the agricultural sector from both incumbents and startups. In 2017, it is likely we will practice the rise of the supply chain use case more generally with enlargened experimentation in this area. We have already seen a lot of concentrate from banks and technology providers in this space and we believe this will increase.

Q: Can you see any obstacles to its deployment across commodity markets?

A: The practical application of blockchain technologies presently relies on integration with existing commodity management software to facilitate the transactions and provide user interface.

Presently, many participants rely on older, legacy software with limited functionality and inter-operability.

Innovative commodity management software solutions are critical to deploying blockchain technologies. We are focused on developing user-friendly interface for ease of adoption, minimizing any need for switch in behavior and mapping our technology solutions to the physical environment — for example with existing infrastructure and commodity life cycles.

More generally, but of critical importance is the influence of regulatory and other market uncertainty. We are committed to continuing our stakeholder engagement in an effort to address these uncertainties and to build pathways for mutual understanding and cooperation around technology standards, governance models and cross-border compliance.

Q: How does your business interact with physical supply chain operators?

A: AgriDigital is designed as a platform for all supply chain participants, and site operators such as bulk treating companies are already able to act on the platform. Freight and inspection services will be incorporated in the future.

Q: Are transactions lodged via blockchain confidential?

A: While the transactions happen in plain glance, each counterparty’s data is encrypted so the content and meaning of it can be downright obfuscated.

Confidentiality of certain transactional data is significant to many of our users and so this is an area we proceed to investigate. There are also blockchain technologies that permit only counterparties to view the information.

Q: Are counterparties required to use bitcoin to trade?

A: For the AgriDigital pilot, however transaction settlement occurred via a distributed ledger, ultimately the grower received payment in local currency (in this case Australian dollar) to its nominated bank account. The settlement on the distributed ledger created a message file to the bank to make the payment using traditional methods on a same-day basis. The initial treatment we have taken, permits for ease of adoption and there is no need for users to hold a cryptocurrency. With the advent of digital currencies that are fiat backed or issued by central banks, we anticipate that smoother settlement and payment methods will be built out in AgriDigital.

Q: What are your plans for expansion?

A: We plan to execute a similar pilot in the Canadian grains industry in two thousand seventeen and expand into other commodities. We have deliberately commenced at the beginning of the supply chain with our farmers. It is crucial that the primary transaction in the supply chain be accurate and validated to ensure informational integrity as the commodity passes through the chain.

Our concentrate in two thousand seventeen is on expanding AgriDigital in the Australian and Canadian grain markets, building our financing platform, and, commercializing the blockchain component of our solution. Beyond this, we will be investing our efforts in provenance, coming in the global markets and other commodities.

Applications for blockchain are becoming clearer as use cases and tailored solutions begin to emerge around the world, with the aim of helping trade become quicker, cheaper and more efficient.

The highest profile case is Swiss trader Mercuria, which is working on the settlement of a large oil transaction with ING and Societe Generale, Reuters quoted Mercuria CEO Marco Dunand in Davos last month.

Cotton trading platform The Seam announced in January that it was working with IBM to “lead an industry-wide collaboration initiative” to create a supply chain and trading ecosystem based on blockchain. This budge comes hot on the high-heeled shoes of a blockchain-settled trade inbetween Wells Fargo and Commonwealth Bank of Australia for a shipment of cotton from the US to China in the final quarter of 2016.

Another Australian startup, Blockfreight, is aiming to bring similar efficiencies to global container freight markets.

Improved cargo traceability through blockchain could help avert fraud such as the Qingdao port scandal, where in two thousand fourteen real or imagined physical volumes of copper, alumina, steel and other metals where used as collateral for numerous loans.

Trading practices can be slow to switch in some of the more conservative commodity markets, but given the range of applications that blockchain offers, it is hard to believe that it won’t play a role of some sort in the near future.

Related video:

6 Reasons Why Blockchain is Worth Getting Excited

six Reasons Why Blockchain is Worth Getting Excited

If you keep tabs on the fintech, then you’re already well familiar with the hype machine known as blockchain. But, there are still slew of folks who have either never heard of the blockchain or misunderstand the technology and it’s potential.

What’s the big deal, then?

Even if you’re not interested or involved with fintech, the blockchain has the potential to influence your life both personally and professionally. This isn’t just hyperbole. The blockchain is going to be the next thing.

And, that’s why it’s vital that you get caught up to speed on its past, present and future.

What is blockchain and where did it come from?

One of the simplest explanations of the a blockchain is from Gizmodo: “The blockchain is a ordinary digital platform for recording and verifying transactions so that other people can’t erase them later — and anyone can see them.”

For the techies out there, the blockchain is an anonymous peer-to-peer payment system that relies on secure cryptographic protocols. It uses a public ledger and database to record all record transactions. However, it’s decentralized. This means that there is no governing figure controlling the blockchain.

If that sounds like bitcoin to you, then you’d be correct. The blockchain was built using the bitcoin system that was released by Satoshi Nakamoto" in 2009. Albeit, the idea of cryptocurrency can be traced back to the work of David Chaum and his invention known as DigiCash back in the 1980s.

“The blockchain ledger helps to provide transparency for transactions. Albeit many bitcoin transactions are in some ways anonymous, the blockchain ledger can link individuals and companies to bitcoin purchases and ownership by permitting individual parties, called miners, to process payments and verify transactions. Rather than a central company presiding over the use of bitcoin, these blockchain originators serve central roles in the management and administration of this alternative currency system," Techopedia further explains.

In other words, the blockchain is actually composed of single transactions known as “blocks.” Each block links together and forms a accomplish bank history of transactions. Once a block is linked, it cannot be edited.

Unlike bitcoin, the blockchain is permanently evolving and can extend beyond cryptocurrency. Before we get much further, here are a duo key pointers to reminisce from BitcoinHub:

  • It can transfer value or information in a secure manner.
  • It can facilitate, as well as track, “Brainy Contracts.”
  • Eliminates intermediaries and permits the end user to interact directly with the ledger.
  • Reduces the cost of transferring value and money anywhere in the world for next to nothing.
  • Provides almost instant, secure, and borderless transactions.
  • Can automate payment protocols that are permanent, irreversible and tamper-proof.

Why are people excited about blockchain?

This is a indeed good question. And, there isn’t just one response. Almost everyone can agree that the blockchain is one of the most interesting and disruptive compels to come along in fairly some time. And, that’s because the blockchain is able to:

1. Prevents payment scams.

One of the most talked about advantages involving blockchain technology is how it can prevent future payment scams. For starters, it would protect both buyers and sellers by using “clever contracts.” This procedure would avoid those instances where you purchase an item and the seller doesn’t go after through.

Another way that scams are thwarted is that since all transactions are recorded, a coin can’t be used for double-spending or counterfeited. Once a coin, token or electronic currency is spent, it can’t be used again.

There’s also the possibility that companies and individuals can no longer “cook the books” or price gouge customers. Again, since every transaction is recorded, every cent is accounted for and would prevent an Enron type situation. Price gouging could be a thing of the past since it would protect intellectual property by being collective publicly on the blockchain.

The most discussed perk is how secure the blockchain is. Besides transactions being placed in the ledger, it is secure because transactions are directly inbetween two parties that require a unique signature to authorize the transaction. Without third parties and the signature, coins and token can’t be altered.

Two. Cuts out the middleman.

The blockchain is a peer-to-peer system, meaning that transactions are inbetween you and another party. This plain two party only, could be a real game changer. We use this to be able to facilitate cheap ecash transactions across the world. For example, you could send friends or family money anywhere in the world without having to pay for the transaction or currency fees that traditional banking or financial institutions have used.

Chris Dunn from Skill Incubator is excited about the emergence of decentralized marketplaces. This fresh type of online market can cut out middlemen like Amazon and Ebay. For example, in April of two thousand sixteen OpenBazaar launched their zero percent fee marketplace that offers the use of Bitcoin to buy and sell products. And with trading volume in Japan on the rise, decentralized marketplaces in Asia are primed to reduce friction with international e-commerce.

The technology could also liquidate all of the lawyers, realtors, and banks when transferring a property title or house deed. This would not only save you a bundle in fees, it would also speed the process up from a day to hours.

Three. Lodges transactions in minutes.

Imagine being able to send and receive money from across the globe in just a matter of minutes. How about receiving a signed contract or vehicle title in just a day? No matter the screenplay, blockchain decentralized and the P2P system permits you to lodge any digital wallet transaction quickly, as opposed to waiting days or weeks.

Four. Increases storage.

Cloud storage is an incredible development. But, you don’t have any control of the storage infrastructure. It’s in the forearms of Google, Dropbox, Facebook or Apple. And, that could become a concern if you value your privacy. Since you’ll need an encryption key to access your data, you can rest assure that no one else can access it except you.

Also, companies like Storj offers more cloud storage at a cheaper rate than Dropbox.

6. Prizes users.

Who doesn’t love prize programs? The blockchain can improve loyalty programs by providing customers the capability to trade points among each other since the transactions would be placed in the public ledger. It would also open up the possibility of using points at different vendors. For example, you could use some of your airline points at your dearest coffee shop or eCommerce site.

Because of those capabilities, the blockchain will be able to disrupt the following;

  • Finance — Blockchain will liquidate the need for traditional banking and financial institutions by substituting back-office systems with a P2P system.
  • Contracts — Chris DeRose states that ‘clever contracts’ will be used, which is “a financial security held in escrow by a network that is routed to recipients based on future events, and a computer code.” Besides, contracts, deeds, titles, and other significant documentation will be collective on the public ledger.
  • Patents and Copyright — Whether it’s a fresh innovation, gaming app or chunk of music, the blockchain can prove that you had ownership of the intellectual property very first.
  • Voting — When people cast their ballots, it will be recorded during elections.
  • Collectibles — The blockchain could be used to track and validate scarce or limited items like coupons or a chunk of artwork.
  • Bills of Lading — Cryptographic signatures can be used to eliminate distrust on everything from shipped products to switching shifts at work.

As Dominic Frisby ideally states on Cherry.com, “the ownership of just about anything can be recorded and traded using the blockchain.” We’re even eyeing the tech being used for everything from live-streaming to mining light bulbs to creating one digital identity that would substitute all of those usernames and passwords you have.

Because of this, blockchain technology actually has the potential to switch the world. And, that’s why there’s so much whirr surrounding it.

Where is the blockchain headed?

Blockchain is just the beginning. In fact, expect the technology to proceed to improve and evolve in the instant future.

According to Andrew Keys on CoinDesk, keep a particularly close eye on:

  • Ethereum, a public cryptocurrency and a blockchain platform with clever contract functionality, will predominate the industry.
  • Get familiar with "brainy contracts." They’re going to be the future of blockchain.
  • "Merkle tree" and "proof-of-stake" will become buzzwords.
  • Cloud services, such as Microsoft's Azure platform, “will provide a safe place for fresh developers to wrap their goes around concepts such as clever contracts while applying them to their corporation’s ache points.”
  • Regulators and governments will ultimately embark to understand blockchain and embrace it.
  • Don’t expect bitcoin or or any other digital currencies to get much fatter.
  • The hype surrounding blockchain won’t die down. It’s only going to get fatter as more startups and fintech businesses proceed to expand on blockchain tech.

Related video:

6 Effortless Ways To Get Free Bitcoins Online

6 Effortless Ways To Get Free Bitcoins Online

If you are fresh to Bitcoin and want to become part of the Bitcoin community, one of the easiest ways to do so is by getting your very first bitcoins for free online. In this post, you will be introduced to six effortless ways to get free bitcoins online.

Before you get began, you need to set up a bitcoin wallet. Very likely the most popular mobile bitcoin wallet in Africa is Luno. Alternatively, you could also set up a wallet online at Blockchain.info or use the popular multi-cryptocurrency mobile wallet Jaxx.

Bitcoin faucets

Bitcoin faucets is a system of rewarding users and this is done in the form of a website or application, which distributes the prizes in satoshis in comeback for exposing you to adverts. Visitors claim the satoshis (one satoshi is 0.00000001 bitcoin) by ensuring that they finish tasks the website describes. One of the best bitcoin faucets in the market is MoonBitcoin, which lets you determine how often you want to claim. The faucet step by step fills up but then slows down over time until you make a claim. Once you have reached Ten,000 satoshis they will automatically be transferred into your bitcoin wallet. You can find a list of the top five bitcoin faucets here. You can open them and leave them running in the background while working on your computer.

Get free bitcoins online for clicking ads

You can also earn free bitcoins by clicking ads at BTCClicks.com. The idea behind this is effectively the same as bitcoin faucets, except it tends to go a bit quicker and you don’t need to wait so long for the payouts. You can only click on around 10-12 ads per day. But it takes you only a few minutes to do so and you receive enough satoshis to make it worthwhile.

Receive bitcoins for completing micro tasks

BitcoinGet is a website that has made it lighter to earn bitcoins by doing ordinary tasks, surveys and accepting offers such as installing software on your PC. Once you go to the site, it will ask you to submit your bitcoin address in order to create an account and then you will be able to access various tasks and surveys in suggest and job forms. Your bits are credited upon completion of the task. You can view your balance anytime.

Get bitcoins for retweeting

Another way to receive free bitcoins is by retweeting tweets on the platform Birds.Bitcoin.com. To receive free bitcoin by retweeting you need to have at least several hundred twitter followers. The amount you will receive for each retweet is a function of a number of followers your twitter account has.

Get paid in bitcoin to read books

You can also earn some bitcoins on the Paidbooks.com website by reading the classic books available on their site. Every ten minutes, you get some bitcoins paid into your balance and by end of week, you get the balance on your bitcoin wallet. You might not get rich instantly, but it’s a fine way to get free bitcoins online, especially if you like reading.

Faucet Game

Faucet Game is a platform dedicated to permitting its users to get free bitcoins online while playing Vegas-style faucet games. You can only use the free bitcoins you earn from the faucets game as deposits and not for any other purpose. This is a way of encouraging users to come back more often to claim their prizes. However, that is not the only way of attracting more users, the platform also has a talk room where users that actively communicate also earn some free bitcoins.

Once you have accumulated enough satoshis in your bitcoin wallet to make it worthwhile converting it into local currency, use LocalBitcoins.com to turn it into mobile money or cash.

None of the above-mentioned ways to get free bitcoins online will make you rich nor are they a sustainable way to generate extra income. They are simply ways to get ahold of your very first bitcoin holdings and to make a little extra money for tea and mandazi.

Related video:

Three Major Bitcoin Platforms in Philippines, Efficiency Comparison Test

Three Major Bitcoin Platforms in Philippines, Efficiency Comparison Test

CoinTelegraph has used, tested, and evaluated the top three Bitcoin platforms in the Philippines – Coins.ph, BuyBitcoin.ph and Rebit.ph. Here is a detailed review of each of them.

The Philippines has one of Asia’s most sophisticated and finish Bitcoin platforms which enables users to lodge any money-related bills, payments, and transfers with Bitcoin.

Bitcoin platforms, including Coins.ph, BuyBitcoin.ph and Rebit.ph, are utterly popular in the Philippines because of their ordinary user interfaces and cost-effective services. CoinTelegraph has used, tested, and evaluated each platform and here is a detailed review of the top three Bitcoin platforms in the country.

Users rank Coins.ph as one of the best and well-rounded Bitcoin applications globally, due to its connections with local banks, remittance networks, corporations, and merchants which enable users to do pretty much anything with Bitcoin. Coins.ph permits users to lodge utility bills, pay tuition fees, credit card payments, purchase mobile credits, and purchase and sell Bitcoin through remittance branches, ATMs and banks.

One of its most intriguing services is the 24/7 cardless ATM Instant Payout, which permits users to cash out Bitcoin at the nearest bank ATM at any time of the day without transaction fees. Users can literally visit any bank ATM located in the Philippines and cash out their Bitcoin without any extra processes. A mobile pin number and authentication code sent to your email is all that is needed.

Originally, Coins.ph debuted as a Bitcoin-based remittance network. To this day, Coins.ph continuously improves its remittance services to make it lighter for families and friends to receive payments. The majority of employees in major cities like Manila or Cebu support their families in the provinces with the salaries they receive. The most common method of sending payments around the country is the Lhuiller remittance network, but it charges substantially higher transaction fees and it is difficult to access for those families living in the countryside.

Coins.ph created a service called Door-to-Door Delivery, specifically for families who live in the province so that their familiy member who works in the city can send them payments to their home by delivery networks such as LBC.

Overall, Coins.ph offers ten Bitcoin purchase and selling methods. The list can be seen below.

The bank method permits users to select from all of the region’s banks, which total up to twenty eight banks and ems of thousands of branches.

One disadvantage of using Coins.ph is its compliance with KYC (Know Your Customer) regulations which force users to verify their addresses and government issued IDs. To maximize the daily spending limit, users are required to take a selfie holding the government issued card. Albeit the customer service is top-notch, it can be difficult for users who are permanently based in the Philippines to go through all the verification stages.

In general, Coins.ph is undoubtedly the best Bitcoin platform and application I’ve ever used in Hong Kong, South Korea, Japan, and the U.S.

Buybitcoin.ph

The oldest Bitcoin platform and exchange in the Philippines, Buybitcoin.ph remains one of the most reputable Bitcoin exchanges in the country. Its simpleness and minimalistic user interface has enabled the company to keep a loyal userbase for over three years. Unlike many Bitcoin exchanges, BuyBitcoin.ph operates without KYC regulations. That means users don’t have to give up their credentials or sensitive information to buy or sell Bitcoin. This feature of the exchange makes Buybitcoin.ph the most safe and reliable Bitcoin exchange to use in the region.

The steps in purchasing or selling Bitcoin on this platform is fairly plain. For buyers, Buybitcoin.ph requires an over-the-counter deposit to be submitted on the day of the order. Once the payment is made, Buybitcoin.ph sends the payment in a few hours. Again, the beauty of this platform is that all that it required from buyers is an email address and, of course, the Bitcoin address for the payment. For sellers, Buybitcoin.ph requires a bank account number and the holder’s name for the payment. Once the Bitcoin payment is received by Buybitcoin.ph the payment is instantly sent to the bank account.

The disadvantage of Buybitcon.ph against platforms like Coins.ph are its limited methods of purchasing and selling Bitcoin.

Rebit.ph

Rebit.ph is one of the most popular Bitcoin platforms in the Philippines and which has received massive exposure through mainstream media outlets over the past few years. Now under the investment company Satoshi Citadel Industries, Rebit.ph is a remittance and billing platform which consumers in the Philippines use to send both local and intenrational payments, and to also lodge utility bills.

Rebit.ph began out as a remittance platform. Over time, it acquired Bill Ninja, a Philippine Bitcoin startup which permits users to lodge any kind of bill in the Philippines using Bitcoin. The utility bill settlement service became as popular as its remittance platform, which permitted the company to sell itself to Satoshi Citadel Industries.

The platform is very ordinary in theory. Users send Bitcoin payments to Rebit.ph and the platform sends cash to remittance outlets or banks in its supported countries list. Presently, it supports Australia, Canada, China, Germany, Hong Kong, India, Indonesia, Japan, Kuwait, Malaysia, the Philippines, Qatar, Saudi Arabia, Taiwan, the Emirates, the UK, the US, and Vietnam. It takes around two to four days to send a cash payment to these countries using Bitcoin, with very low costs. I have personally sent cash payment using Bitcoin to my family in Korea.

There is presently no service or platform which replicates Rebit.ph. It is very inefficient and difficult to send global cash payments using Bitcoin due to the requirements of exchanges to send various licenses and documents for authentication.

In general, the Philippines has a very well established Bitcoin infrastructure and users can do pretty much anything with the digital currency. It requires minimal user information and is very cost-effective.

Trio Major Bitcoin Platforms in Philippines, Efficiency Comparison Test

Trio Major Bitcoin Platforms in Philippines, Efficiency Comparison Test

CoinTelegraph has used, tested, and evaluated the top three Bitcoin platforms in the Philippines – Coins.ph, BuyBitcoin.ph and Rebit.ph. Here is a detailed review of each of them.

The Philippines has one of Asia’s most sophisticated and accomplish Bitcoin platforms which enables users to lodge any money-related bills, payments, and transfers with Bitcoin.

Bitcoin platforms, including Coins.ph, BuyBitcoin.ph and Rebit.ph, are utterly popular in the Philippines because of their plain user interfaces and cost-effective services. CoinTelegraph has used, tested, and evaluated each platform and here is a detailed review of the top three Bitcoin platforms in the country.

Users rank Coins.ph as one of the best and well-rounded Bitcoin applications globally, due to its connections with local banks, remittance networks, corporations, and merchants which enable users to do pretty much anything with Bitcoin. Coins.ph permits users to lodge utility bills, pay tuition fees, credit card payments, purchase mobile credits, and purchase and sell Bitcoin through remittance branches, ATMs and banks.

One of its most intriguing services is the 24/7 cardless ATM Instant Payout, which permits users to cash out Bitcoin at the nearest bank ATM at any time of the day without transaction fees. Users can literally visit any bank ATM located in the Philippines and cash out their Bitcoin without any extra processes. A mobile pin number and authentication code sent to your email is all that is needed.

Originally, Coins.ph debuted as a Bitcoin-based remittance network. To this day, Coins.ph continuously improves its remittance services to make it lighter for families and friends to receive payments. The majority of employees in major cities like Manila or Cebu support their families in the provinces with the salaries they receive. The most common method of sending payments around the country is the Lhuiller remittance network, but it charges substantially higher transaction fees and it is difficult to access for those families living in the countryside.

Coins.ph created a service called Door-to-Door Delivery, specifically for families who live in the province so that their familiy member who works in the city can send them payments to their home by delivery networks such as LBC.

Overall, Coins.ph offers ten Bitcoin purchase and selling methods. The list can be seen below.

The bank method permits users to select from all of the region’s banks, which total up to twenty eight banks and ems of thousands of branches.

One disadvantage of using Coins.ph is its compliance with KYC (Know Your Customer) regulations which force users to verify their addresses and government issued IDs. To maximize the daily spending limit, users are required to take a selfie holding the government issued card. Albeit the customer service is top-notch, it can be difficult for users who are permanently based in the Philippines to go through all the verification stages.

In general, Coins.ph is undoubtedly the best Bitcoin platform and application I’ve ever used in Hong Kong, South Korea, Japan, and the U.S.

Buybitcoin.ph

The oldest Bitcoin platform and exchange in the Philippines, Buybitcoin.ph remains one of the most reputable Bitcoin exchanges in the country. Its simpleness and minimalistic user interface has enabled the company to keep a loyal userbase for over three years. Unlike many Bitcoin exchanges, BuyBitcoin.ph operates without KYC regulations. That means users don’t have to give up their credentials or sensitive information to buy or sell Bitcoin. This feature of the exchange makes Buybitcoin.ph the most safe and reliable Bitcoin exchange to use in the region.

The steps in purchasing or selling Bitcoin on this platform is fairly elementary. For buyers, Buybitcoin.ph requires an over-the-counter deposit to be submitted on the day of the order. Once the payment is made, Buybitcoin.ph sends the payment in a few hours. Again, the beauty of this platform is that all that it required from buyers is an email address and, of course, the Bitcoin address for the payment. For sellers, Buybitcoin.ph requires a bank account number and the holder’s name for the payment. Once the Bitcoin payment is received by Buybitcoin.ph the payment is instantly sent to the bank account.

The disadvantage of Buybitcon.ph against platforms like Coins.ph are its limited methods of purchasing and selling Bitcoin.

Rebit.ph

Rebit.ph is one of the most popular Bitcoin platforms in the Philippines and which has received massive exposure through mainstream media outlets over the past few years. Now under the investment company Satoshi Citadel Industries, Rebit.ph is a remittance and billing platform which consumers in the Philippines use to send both local and intenrational payments, and to also lodge utility bills.

Rebit.ph commenced out as a remittance platform. Over time, it acquired Bill Ninja, a Philippine Bitcoin startup which permits users to lodge any kind of bill in the Philippines using Bitcoin. The utility bill settlement service became as popular as its remittance platform, which permitted the company to sell itself to Satoshi Citadel Industries.

The platform is very elementary in theory. Users send Bitcoin payments to Rebit.ph and the platform sends cash to remittance outlets or banks in its supported countries list. Presently, it supports Australia, Canada, China, Germany, Hong Kong, India, Indonesia, Japan, Kuwait, Malaysia, the Philippines, Qatar, Saudi Arabia, Taiwan, the Emirates, the UK, the US, and Vietnam. It takes around two to four days to send a cash payment to these countries using Bitcoin, with very low costs. I have personally sent cash payment using Bitcoin to my family in Korea.

There is presently no service or platform which replicates Rebit.ph. It is very inefficient and difficult to send global cash payments using Bitcoin due to the requirements of exchanges to send various licenses and documents for authentication.

In general, the Philippines has a very well established Bitcoin infrastructure and users can do pretty much anything with the digital currency. It requires minimal user information and is very cost-effective.

Trio Major Bitcoin Platforms in Philippines, Efficiency Comparison Test

Trio Major Bitcoin Platforms in Philippines, Efficiency Comparison Test

CoinTelegraph has used, tested, and evaluated the top three Bitcoin platforms in the Philippines – Coins.ph, BuyBitcoin.ph and Rebit.ph. Here is a detailed review of each of them.

The Philippines has one of Asia’s most sophisticated and accomplish Bitcoin platforms which enables users to lodge any money-related bills, payments, and transfers with Bitcoin.

Bitcoin platforms, including Coins.ph, BuyBitcoin.ph and Rebit.ph, are enormously popular in the Philippines because of their elementary user interfaces and cost-effective services. CoinTelegraph has used, tested, and evaluated each platform and here is a detailed review of the top three Bitcoin platforms in the country.

Users rank Coins.ph as one of the best and well-rounded Bitcoin applications globally, due to its connections with local banks, remittance networks, corporations, and merchants which enable users to do pretty much anything with Bitcoin. Coins.ph permits users to lodge utility bills, pay tuition fees, credit card payments, purchase mobile credits, and purchase and sell Bitcoin through remittance branches, ATMs and banks.

One of its most intriguing services is the 24/7 cardless ATM Instant Payout, which permits users to cash out Bitcoin at the nearest bank ATM at any time of the day without transaction fees. Users can literally visit any bank ATM located in the Philippines and cash out their Bitcoin without any extra processes. A mobile pin number and authentication code sent to your email is all that is needed.

Originally, Coins.ph debuted as a Bitcoin-based remittance network. To this day, Coins.ph continuously improves its remittance services to make it lighter for families and friends to receive payments. The majority of employees in major cities like Manila or Cebu support their families in the provinces with the salaries they receive. The most common method of sending payments around the country is the Lhuiller remittance network, but it charges substantially higher transaction fees and it is difficult to access for those families living in the countryside.

Coins.ph created a service called Door-to-Door Delivery, specifically for families who live in the province so that their familiy member who works in the city can send them payments to their home by delivery networks such as LBC.

Overall, Coins.ph offers ten Bitcoin purchase and selling methods. The list can be seen below.

The bank method permits users to select from all of the region’s banks, which total up to twenty eight banks and ems of thousands of branches.

One disadvantage of using Coins.ph is its compliance with KYC (Know Your Customer) regulations which force users to verify their addresses and government issued IDs. To maximize the daily spending limit, users are required to take a selfie holding the government issued card. Albeit the customer service is top-notch, it can be difficult for users who are permanently based in the Philippines to go through all the verification stages.

In general, Coins.ph is certainly the best Bitcoin platform and application I’ve ever used in Hong Kong, South Korea, Japan, and the U.S.

Buybitcoin.ph

The oldest Bitcoin platform and exchange in the Philippines, Buybitcoin.ph remains one of the most reputable Bitcoin exchanges in the country. Its plainness and minimalistic user interface has enabled the company to keep a loyal userbase for over three years. Unlike many Bitcoin exchanges, BuyBitcoin.ph operates without KYC regulations. That means users don’t have to give up their credentials or sensitive information to buy or sell Bitcoin. This feature of the exchange makes Buybitcoin.ph the most safe and reliable Bitcoin exchange to use in the region.

The steps in purchasing or selling Bitcoin on this platform is fairly elementary. For buyers, Buybitcoin.ph requires an over-the-counter deposit to be submitted on the day of the order. Once the payment is made, Buybitcoin.ph sends the payment in a few hours. Again, the beauty of this platform is that all that it required from buyers is an email address and, of course, the Bitcoin address for the payment. For sellers, Buybitcoin.ph requires a bank account number and the holder’s name for the payment. Once the Bitcoin payment is received by Buybitcoin.ph the payment is instantly sent to the bank account.

The disadvantage of Buybitcon.ph against platforms like Coins.ph are its limited methods of purchasing and selling Bitcoin.

Rebit.ph

Rebit.ph is one of the most popular Bitcoin platforms in the Philippines and which has received massive exposure through mainstream media outlets over the past few years. Now under the investment company Satoshi Citadel Industries, Rebit.ph is a remittance and billing platform which consumers in the Philippines use to send both local and intenrational payments, and to also lodge utility bills.

Rebit.ph commenced out as a remittance platform. Over time, it acquired Bill Ninja, a Philippine Bitcoin startup which permits users to lodge any kind of bill in the Philippines using Bitcoin. The utility bill settlement service became as popular as its remittance platform, which permitted the company to sell itself to Satoshi Citadel Industries.

The platform is very plain in theory. Users send Bitcoin payments to Rebit.ph and the platform sends cash to remittance outlets or banks in its supported countries list. Presently, it supports Australia, Canada, China, Germany, Hong Kong, India, Indonesia, Japan, Kuwait, Malaysia, the Philippines, Qatar, Saudi Arabia, Taiwan, the Emirates, the UK, the US, and Vietnam. It takes around two to four days to send a cash payment to these countries using Bitcoin, with very low costs. I have personally sent cash payment using Bitcoin to my family in Korea.

There is presently no service or platform which replicates Rebit.ph. It is very inefficient and difficult to send global cash payments using Bitcoin due to the requirements of exchanges to send various licenses and documents for authentication.

In general, the Philippines has a very well established Bitcoin infrastructure and users can do pretty much anything with the digital currency. It requires minimal user information and is very cost-effective.

Three Major Bitcoin Platforms in Philippines, Efficiency Comparison Test

Three Major Bitcoin Platforms in Philippines, Efficiency Comparison Test

CoinTelegraph has used, tested, and evaluated the top three Bitcoin platforms in the Philippines – Coins.ph, BuyBitcoin.ph and Rebit.ph. Here is a detailed review of each of them.

The Philippines has one of Asia’s most sophisticated and finish Bitcoin platforms which enables users to lodge any money-related bills, payments, and transfers with Bitcoin.

Bitcoin platforms, including Coins.ph, BuyBitcoin.ph and Rebit.ph, are enormously popular in the Philippines because of their plain user interfaces and cost-effective services. CoinTelegraph has used, tested, and evaluated each platform and here is a detailed review of the top three Bitcoin platforms in the country.

Users rank Coins.ph as one of the best and well-rounded Bitcoin applications globally, due to its connections with local banks, remittance networks, corporations, and merchants which enable users to do pretty much anything with Bitcoin. Coins.ph permits users to lodge utility bills, pay tuition fees, credit card payments, purchase mobile credits, and purchase and sell Bitcoin through remittance branches, ATMs and banks.

One of its most intriguing services is the 24/7 cardless ATM Instant Payout, which permits users to cash out Bitcoin at the nearest bank ATM at any time of the day without transaction fees. Users can literally visit any bank ATM located in the Philippines and cash out their Bitcoin without any extra processes. A mobile pin number and authentication code sent to your email is all that is needed.

Originally, Coins.ph debuted as a Bitcoin-based remittance network. To this day, Coins.ph continuously improves its remittance services to make it lighter for families and friends to receive payments. The majority of employees in major cities like Manila or Cebu support their families in the provinces with the salaries they receive. The most common method of sending payments around the country is the Lhuiller remittance network, but it charges substantially higher transaction fees and it is difficult to access for those families living in the countryside.

Coins.ph created a service called Door-to-Door Delivery, specifically for families who live in the province so that their familiy member who works in the city can send them payments to their home by delivery networks such as LBC.

Overall, Coins.ph offers ten Bitcoin purchase and selling methods. The list can be seen below.

The bank method permits users to select from all of the region’s banks, which total up to twenty eight banks and ems of thousands of branches.

One disadvantage of using Coins.ph is its compliance with KYC (Know Your Customer) regulations which force users to verify their addresses and government issued IDs. To maximize the daily spending limit, users are required to take a selfie holding the government issued card. Albeit the customer service is top-notch, it can be difficult for users who are permanently based in the Philippines to go through all the verification stages.

In general, Coins.ph is undoubtedly the best Bitcoin platform and application I’ve ever used in Hong Kong, South Korea, Japan, and the U.S.

Buybitcoin.ph

The oldest Bitcoin platform and exchange in the Philippines, Buybitcoin.ph remains one of the most reputable Bitcoin exchanges in the country. Its simpleness and minimalistic user interface has enabled the company to keep a loyal userbase for over three years. Unlike many Bitcoin exchanges, BuyBitcoin.ph operates without KYC regulations. That means users don’t have to give up their credentials or sensitive information to buy or sell Bitcoin. This feature of the exchange makes Buybitcoin.ph the most safe and reliable Bitcoin exchange to use in the region.

The steps in purchasing or selling Bitcoin on this platform is fairly ordinary. For buyers, Buybitcoin.ph requires an over-the-counter deposit to be submitted on the day of the order. Once the payment is made, Buybitcoin.ph sends the payment in a few hours. Again, the beauty of this platform is that all that it required from buyers is an email address and, of course, the Bitcoin address for the payment. For sellers, Buybitcoin.ph requires a bank account number and the holder’s name for the payment. Once the Bitcoin payment is received by Buybitcoin.ph the payment is instantly sent to the bank account.

The disadvantage of Buybitcon.ph against platforms like Coins.ph are its limited methods of purchasing and selling Bitcoin.

Rebit.ph

Rebit.ph is one of the most popular Bitcoin platforms in the Philippines and which has received massive exposure through mainstream media outlets over the past few years. Now under the investment company Satoshi Citadel Industries, Rebit.ph is a remittance and billing platform which consumers in the Philippines use to send both local and intenrational payments, and to also lodge utility bills.

Rebit.ph commenced out as a remittance platform. Over time, it acquired Bill Ninja, a Philippine Bitcoin startup which permits users to lodge any kind of bill in the Philippines using Bitcoin. The utility bill settlement service became as popular as its remittance platform, which permitted the company to sell itself to Satoshi Citadel Industries.

The platform is very ordinary in theory. Users send Bitcoin payments to Rebit.ph and the platform sends cash to remittance outlets or banks in its supported countries list. Presently, it supports Australia, Canada, China, Germany, Hong Kong, India, Indonesia, Japan, Kuwait, Malaysia, the Philippines, Qatar, Saudi Arabia, Taiwan, the Emirates, the UK, the US, and Vietnam. It takes around two to four days to send a cash payment to these countries using Bitcoin, with very low costs. I have personally sent cash payment using Bitcoin to my family in Korea.

There is presently no service or platform which replicates Rebit.ph. It is very inefficient and difficult to send global cash payments using Bitcoin due to the requirements of exchanges to send various licenses and documents for authentication.

In general, the Philippines has a very well established Bitcoin infrastructure and users can do pretty much anything with the digital currency. It requires minimal user information and is very cost-effective.

Trio Major Bitcoin Platforms in Philippines, Efficiency Comparison Test

Three Major Bitcoin Platforms in Philippines, Efficiency Comparison Test

CoinTelegraph has used, tested, and evaluated the top three Bitcoin platforms in the Philippines – Coins.ph, BuyBitcoin.ph and Rebit.ph. Here is a detailed review of each of them.

The Philippines has one of Asia’s most sophisticated and finish Bitcoin platforms which enables users to lodge any money-related bills, payments, and transfers with Bitcoin.

Bitcoin platforms, including Coins.ph, BuyBitcoin.ph and Rebit.ph, are enormously popular in the Philippines because of their elementary user interfaces and cost-effective services. CoinTelegraph has used, tested, and evaluated each platform and here is a detailed review of the top three Bitcoin platforms in the country.

Users rank Coins.ph as one of the best and well-rounded Bitcoin applications globally, due to its connections with local banks, remittance networks, corporations, and merchants which enable users to do pretty much anything with Bitcoin. Coins.ph permits users to lodge utility bills, pay tuition fees, credit card payments, purchase mobile credits, and purchase and sell Bitcoin through remittance branches, ATMs and banks.

One of its most intriguing services is the 24/7 cardless ATM Instant Payout, which permits users to cash out Bitcoin at the nearest bank ATM at any time of the day without transaction fees. Users can literally visit any bank ATM located in the Philippines and cash out their Bitcoin without any extra processes. A mobile pin number and authentication code sent to your email is all that is needed.

Originally, Coins.ph debuted as a Bitcoin-based remittance network. To this day, Coins.ph continuously improves its remittance services to make it lighter for families and friends to receive payments. The majority of employees in major cities like Manila or Cebu support their families in the provinces with the salaries they receive. The most common method of sending payments around the country is the Lhuiller remittance network, but it charges substantially higher transaction fees and it is difficult to access for those families living in the countryside.

Coins.ph created a service called Door-to-Door Delivery, specifically for families who live in the province so that their familiy member who works in the city can send them payments to their home by delivery networks such as LBC.

Overall, Coins.ph offers ten Bitcoin purchase and selling methods. The list can be seen below.

The bank method permits users to select from all of the region’s banks, which total up to twenty eight banks and ems of thousands of branches.

One disadvantage of using Coins.ph is its compliance with KYC (Know Your Customer) regulations which force users to verify their addresses and government issued IDs. To maximize the daily spending limit, users are required to take a selfie holding the government issued card. Albeit the customer service is top-notch, it can be difficult for users who are permanently based in the Philippines to go through all the verification stages.

In general, Coins.ph is undoubtedly the best Bitcoin platform and application I’ve ever used in Hong Kong, South Korea, Japan, and the U.S.

Buybitcoin.ph

The oldest Bitcoin platform and exchange in the Philippines, Buybitcoin.ph remains one of the most reputable Bitcoin exchanges in the country. Its plainness and minimalistic user interface has enabled the company to keep a loyal userbase for over three years. Unlike many Bitcoin exchanges, BuyBitcoin.ph operates without KYC regulations. That means users don’t have to give up their credentials or sensitive information to buy or sell Bitcoin. This feature of the exchange makes Buybitcoin.ph the most safe and reliable Bitcoin exchange to use in the region.

The steps in purchasing or selling Bitcoin on this platform is fairly ordinary. For buyers, Buybitcoin.ph requires an over-the-counter deposit to be submitted on the day of the order. Once the payment is made, Buybitcoin.ph sends the payment in a few hours. Again, the beauty of this platform is that all that it required from buyers is an email address and, of course, the Bitcoin address for the payment. For sellers, Buybitcoin.ph requires a bank account number and the holder’s name for the payment. Once the Bitcoin payment is received by Buybitcoin.ph the payment is instantly sent to the bank account.

The disadvantage of Buybitcon.ph against platforms like Coins.ph are its limited methods of purchasing and selling Bitcoin.

Rebit.ph

Rebit.ph is one of the most popular Bitcoin platforms in the Philippines and which has received massive exposure through mainstream media outlets over the past few years. Now under the investment company Satoshi Citadel Industries, Rebit.ph is a remittance and billing platform which consumers in the Philippines use to send both local and intenrational payments, and to also lodge utility bills.

Rebit.ph commenced out as a remittance platform. Over time, it acquired Bill Ninja, a Philippine Bitcoin startup which permits users to lodge any kind of bill in the Philippines using Bitcoin. The utility bill settlement service became as popular as its remittance platform, which permitted the company to sell itself to Satoshi Citadel Industries.

The platform is very ordinary in theory. Users send Bitcoin payments to Rebit.ph and the platform sends cash to remittance outlets or banks in its supported countries list. Presently, it supports Australia, Canada, China, Germany, Hong Kong, India, Indonesia, Japan, Kuwait, Malaysia, the Philippines, Qatar, Saudi Arabia, Taiwan, the Emirates, the UK, the US, and Vietnam. It takes around two to four days to send a cash payment to these countries using Bitcoin, with very low costs. I have personally sent cash payment using Bitcoin to my family in Korea.

There is presently no service or platform which replicates Rebit.ph. It is very inefficient and difficult to send global cash payments using Bitcoin due to the requirements of exchanges to send various licenses and documents for authentication.

In general, the Philippines has a very well established Bitcoin infrastructure and users can do pretty much anything with the digital currency. It requires minimal user information and is very cost-effective.

Trio Major Bitcoin Platforms in Philippines, Efficiency Comparison Test

Three Major Bitcoin Platforms in Philippines, Efficiency Comparison Test

CoinTelegraph has used, tested, and evaluated the top three Bitcoin platforms in the Philippines – Coins.ph, BuyBitcoin.ph and Rebit.ph. Here is a detailed review of each of them.

The Philippines has one of Asia’s most sophisticated and finish Bitcoin platforms which enables users to lodge any money-related bills, payments, and transfers with Bitcoin.

Bitcoin platforms, including Coins.ph, BuyBitcoin.ph and Rebit.ph, are enormously popular in the Philippines because of their ordinary user interfaces and cost-effective services. CoinTelegraph has used, tested, and evaluated each platform and here is a detailed review of the top three Bitcoin platforms in the country.

Users rank Coins.ph as one of the best and well-rounded Bitcoin applications globally, due to its connections with local banks, remittance networks, corporations, and merchants which enable users to do pretty much anything with Bitcoin. Coins.ph permits users to lodge utility bills, pay tuition fees, credit card payments, purchase mobile credits, and purchase and sell Bitcoin through remittance branches, ATMs and banks.

One of its most intriguing services is the 24/7 cardless ATM Instant Payout, which permits users to cash out Bitcoin at the nearest bank ATM at any time of the day without transaction fees. Users can literally visit any bank ATM located in the Philippines and cash out their Bitcoin without any extra processes. A mobile pin number and authentication code sent to your email is all that is needed.

Originally, Coins.ph debuted as a Bitcoin-based remittance network. To this day, Coins.ph continuously improves its remittance services to make it lighter for families and friends to receive payments. The majority of employees in major cities like Manila or Cebu support their families in the provinces with the salaries they receive. The most common method of sending payments around the country is the Lhuiller remittance network, but it charges substantially higher transaction fees and it is difficult to access for those families living in the countryside.

Coins.ph created a service called Door-to-Door Delivery, specifically for families who live in the province so that their familiy member who works in the city can send them payments to their home by delivery networks such as LBC.

Overall, Coins.ph offers ten Bitcoin purchase and selling methods. The list can be seen below.

The bank method permits users to select from all of the region’s banks, which total up to twenty eight banks and ems of thousands of branches.

One disadvantage of using Coins.ph is its compliance with KYC (Know Your Customer) regulations which force users to verify their addresses and government issued IDs. To maximize the daily spending limit, users are required to take a selfie holding the government issued card. Albeit the customer service is top-notch, it can be difficult for users who are permanently based in the Philippines to go through all the verification stages.

In general, Coins.ph is undoubtedly the best Bitcoin platform and application I’ve ever used in Hong Kong, South Korea, Japan, and the U.S.

Buybitcoin.ph

The oldest Bitcoin platform and exchange in the Philippines, Buybitcoin.ph remains one of the most reputable Bitcoin exchanges in the country. Its simpleness and minimalistic user interface has enabled the company to keep a loyal userbase for over three years. Unlike many Bitcoin exchanges, BuyBitcoin.ph operates without KYC regulations. That means users don’t have to give up their credentials or sensitive information to buy or sell Bitcoin. This feature of the exchange makes Buybitcoin.ph the most safe and reliable Bitcoin exchange to use in the region.

The steps in purchasing or selling Bitcoin on this platform is fairly elementary. For buyers, Buybitcoin.ph requires an over-the-counter deposit to be submitted on the day of the order. Once the payment is made, Buybitcoin.ph sends the payment in a few hours. Again, the beauty of this platform is that all that it required from buyers is an email address and, of course, the Bitcoin address for the payment. For sellers, Buybitcoin.ph requires a bank account number and the holder’s name for the payment. Once the Bitcoin payment is received by Buybitcoin.ph the payment is instantly sent to the bank account.

The disadvantage of Buybitcon.ph against platforms like Coins.ph are its limited methods of purchasing and selling Bitcoin.

Rebit.ph

Rebit.ph is one of the most popular Bitcoin platforms in the Philippines and which has received massive exposure through mainstream media outlets over the past few years. Now under the investment company Satoshi Citadel Industries, Rebit.ph is a remittance and billing platform which consumers in the Philippines use to send both local and intenrational payments, and to also lodge utility bills.

Rebit.ph commenced out as a remittance platform. Over time, it acquired Bill Ninja, a Philippine Bitcoin startup which permits users to lodge any kind of bill in the Philippines using Bitcoin. The utility bill settlement service became as popular as its remittance platform, which permitted the company to sell itself to Satoshi Citadel Industries.

The platform is very plain in theory. Users send Bitcoin payments to Rebit.ph and the platform sends cash to remittance outlets or banks in its supported countries list. Presently, it supports Australia, Canada, China, Germany, Hong Kong, India, Indonesia, Japan, Kuwait, Malaysia, the Philippines, Qatar, Saudi Arabia, Taiwan, the Emirates, the UK, the US, and Vietnam. It takes around two to four days to send a cash payment to these countries using Bitcoin, with very low costs. I have personally sent cash payment using Bitcoin to my family in Korea.

There is presently no service or platform which replicates Rebit.ph. It is very inefficient and difficult to send global cash payments using Bitcoin due to the requirements of exchanges to send various licenses and documents for authentication.

In general, the Philippines has a very well established Bitcoin infrastructure and users can do pretty much anything with the digital currency. It requires minimal user information and is very cost-effective.

Related video:

Ten Exchanges To Buy And Sell Bitcoins

Ten Exchanges To Buy And Sell Bitcoins

The maturing Bitcoin ecosystem has brought us a broader selection of bitcoin service providers. There are now many bitcoin exchanges you can choose from, and more plasticity in terms of payment options. Here are ten exchanges you can use to buy and sell bitcoins.

14 Best Bitcoin Wallets For Secure Bitcoin Storage

Here’s something every bitcoin possessor should know: the safety and security of your bitcoins is ultimately your responsibility.… Read more

All of these options accept US Dollars, and may accept other currencies and/or cryptocurrencies. Most of these options require user verification before bitcoin purchase, in line with KYC/AML regulations (Know Your Customer/Anti Money Laundering).

Coinbase

One of the most reputable bitcoin exchanges available, Coinbase is popular among fans of the ‘dollar cost averaging’ method, where users can automate bitcoin purchase every week or month. It is a no-fuss platform for just bitcoin buying and selling.

Best for: Reputation as a dependable bitcoin exchange

Choose another exchange if: You perform dubious activities. This company monitors transactions for suspicious activities and may close accounts anytime.

LocalBitcoins

LocalBitcoins can be described as less of an exchange and more as a platform where individual bitcoin buyers and sellers from all over the world can find each other. You will be directed to a country-specific page and will be able to pick who you want to buy/sell bitcoins from. The in-built escrow system will protect both parties until the seller releases it after confirmation of payment.

Best for: Trading directly from individuals

Choose another exchange if: You don’t want to be exposed to scammers. There are some in this platform who may provide fake bank transactions. In-person buying/selling can be dangerous as well.

Kraken

A trading-focused bitcoin service provider, Kraken appeals to bitcoin traders as you can leverage and even brief on the platform. They are very reputable and was one of the very first bitcoin exchanges to pass an independent audit.

Choose another exchange if: You don’t know how to setup 2-factor authentication (2FA). Entire accounts have been drained when customers fail to set this up.

BitStamp

This bitcoin exchange recently celebrated five years of operations and is the very first licensed operator. BitStamp is a dearest due to its capability to accept bitcoin purchase with credit or debit cards. Users can also withdraw bitcoins as physical gold – a novelty not suggested by any other bitcoin exchanges in this list.

Best for: Reputation as a dependable bitcoin exchange

Choose another exchange if: You perform dubious activities. This company monitors transactions for suspicious activities and may close accounts anytime.

OKCoin

This Hong Kong-headquartered bitcoin exchange is appealing for both traders and investors. The website is less flashy than the rest but practical. OKCoin is best for experienced traders with high familiarity with trading contraptions and platforms.

Choose another exchange if: You are not a trader.

This is another platform that recently celebrated its 5th anniversary. BTC-e platform is very semi-transparent – you can see a live tracker with the current bitcoin price and the most latest transactions in the platform from the trade history. The chatbox sometimes has interesting discussions, suggesting insight of buyer/seller sentiment.

Choose another exchange if: You choose a nicer-looking platform.

ItBit

Another trading-oriented bitcoin exchange in this list, ItBit offers reasonable rates for bitcoins but bear in mind there is a puny fee on top of it. They suggest ‘boutique service’ for large bitcoin trades over 100BTC.

Best for: Full-service, premium bitcoin trading services.

Choose another exchange if: You want puny amounts of bitcoins.

BitQuick

As the name suggests, BitQuick is all about speed. How it operates is similar to LocalBitcoins where you buy and sell from other individuals. Buying bitcoins will incur 2% fee. However selling bitcoins are free.

Best for: Quick transactions

Choose another exchange if: Speed isn’t a factor.

Circle

Circle is a pretty-looking platform and suitable for light to casual bitcoin users. Marketed very first as a user-friendly payment platform with talk integration, you can link debit card, credit card or bank account to send money via Bitcoin’s blockchain to friends and family.

Best for: Fresh bitcoin users who need funds transfer solution rather than holding bitcoin

Choose another exchange if: You truly want to keep the bitcoin or blockchain part invisible.

E-Coin

This bitcoin service provider is known better as one of the top bitcoin debit card providers. E-Coin is included in this list as they permit indirect bitcoin purchase with PayPal, which is uncommon. You can also buy bitcoins with PayPal with other services such as Paxful or VirWox – both options incur higher fees.

Best for: Buying bitcoins with Paypal (by topping up the virtual debit card with funds from PayPal)

Choose another exchange if: You don’t want or like the idea of bitcoin debit cards.

Ten Exchanges To Buy And Sell Bitcoins

Ten Exchanges To Buy And Sell Bitcoins

The maturing Bitcoin ecosystem has brought us a broader selection of bitcoin service providers. There are now many bitcoin exchanges you can choose from, and more plasticity in terms of payment options. Here are ten exchanges you can use to buy and sell bitcoins.

14 Best Bitcoin Wallets For Secure Bitcoin Storage

Here’s something every bitcoin proprietor should know: the safety and security of your bitcoins is ultimately your responsibility.… Read more

All of these options accept US Dollars, and may accept other currencies and/or cryptocurrencies. Most of these options require user verification before bitcoin purchase, in line with KYC/AML regulations (Know Your Customer/Anti Money Laundering).

Coinbase

One of the most reputable bitcoin exchanges available, Coinbase is popular among fans of the ‘dollar cost averaging’ method, where users can automate bitcoin purchase every week or month. It is a no-fuss platform for just bitcoin buying and selling.

Best for: Reputation as a dependable bitcoin exchange

Choose another exchange if: You perform dubious activities. This company monitors transactions for suspicious activities and may close accounts anytime.

LocalBitcoins

LocalBitcoins can be described as less of an exchange and more as a platform where individual bitcoin buyers and sellers from all over the world can find each other. You will be directed to a country-specific page and will be able to pick who you want to buy/sell bitcoins from. The in-built escrow system will protect both parties until the seller releases it after confirmation of payment.

Best for: Trading directly from individuals

Choose another exchange if: You don’t want to be exposed to scammers. There are some in this platform who may provide fake bank transactions. In-person buying/selling can be dangerous as well.

Kraken

A trading-focused bitcoin service provider, Kraken appeals to bitcoin traders as you can leverage and even brief on the platform. They are very reputable and was one of the very first bitcoin exchanges to pass an independent audit.

Choose another exchange if: You don’t know how to setup 2-factor authentication (2FA). Entire accounts have been drained when customers fail to set this up.

BitStamp

This bitcoin exchange recently celebrated five years of operations and is the very first licensed operator. BitStamp is a beloved due to its capability to accept bitcoin purchase with credit or debit cards. Users can also withdraw bitcoins as physical gold – a novelty not suggested by any other bitcoin exchanges in this list.

Best for: Reputation as a dependable bitcoin exchange

Choose another exchange if: You perform dubious activities. This company monitors transactions for suspicious activities and may close accounts anytime.

OKCoin

This Hong Kong-headquartered bitcoin exchange is appealing for both traders and investors. The website is less flashy than the rest but practical. OKCoin is best for experienced traders with high familiarity with trading contraptions and platforms.

Choose another exchange if: You are not a trader.

This is another platform that recently celebrated its 5th anniversary. BTC-e platform is very see-through – you can see a live tracker with the current bitcoin price and the most latest transactions in the platform from the trade history. The chatbox sometimes has interesting discussions, suggesting insight of buyer/seller sentiment.

Choose another exchange if: You choose a nicer-looking platform.

ItBit

Another trading-oriented bitcoin exchange in this list, ItBit offers reasonable rates for bitcoins but bear in mind there is a petite fee on top of it. They suggest ‘boutique service’ for large bitcoin trades over 100BTC.

Best for: Full-service, premium bitcoin trading services.

Choose another exchange if: You want puny amounts of bitcoins.

BitQuick

As the name suggests, BitQuick is all about speed. How it operates is similar to LocalBitcoins where you buy and sell from other individuals. Buying bitcoins will incur 2% fee. However selling bitcoins are free.

Best for: Prompt transactions

Choose another exchange if: Speed isn’t a factor.

Circle

Circle is a pretty-looking platform and suitable for light to casual bitcoin users. Marketed very first as a user-friendly payment platform with talk integration, you can link debit card, credit card or bank account to send money via Bitcoin’s blockchain to friends and family.

Best for: Fresh bitcoin users who need funds transfer solution rather than holding bitcoin

Choose another exchange if: You truly want to keep the bitcoin or blockchain part invisible.

E-Coin

This bitcoin service provider is known better as one of the top bitcoin debit card providers. E-Coin is included in this list as they permit indirect bitcoin purchase with PayPal, which is infrequent. You can also buy bitcoins with PayPal with other services such as Paxful or VirWox – both options incur higher fees.

Best for: Buying bitcoins with Paypal (by topping up the virtual debit card with funds from PayPal)

Choose another exchange if: You don’t want or like the idea of bitcoin debit cards.

Ten Exchanges To Buy And Sell Bitcoins

Ten Exchanges To Buy And Sell Bitcoins

The maturing Bitcoin ecosystem has brought us a broader selection of bitcoin service providers. There are now many bitcoin exchanges you can choose from, and more plasticity in terms of payment options. Here are ten exchanges you can use to buy and sell bitcoins.

14 Best Bitcoin Wallets For Secure Bitcoin Storage

Here’s something every bitcoin proprietor should know: the safety and security of your bitcoins is ultimately your responsibility.… Read more

All of these options accept US Dollars, and may accept other currencies and/or cryptocurrencies. Most of these options require user verification before bitcoin purchase, in line with KYC/AML regulations (Know Your Customer/Anti Money Laundering).

Coinbase

One of the most reputable bitcoin exchanges available, Coinbase is popular among fans of the ‘dollar cost averaging’ method, where users can automate bitcoin purchase every week or month. It is a no-fuss platform for just bitcoin buying and selling.

Best for: Reputation as a dependable bitcoin exchange

Choose another exchange if: You perform dubious activities. This company monitors transactions for suspicious activities and may close accounts anytime.

LocalBitcoins

LocalBitcoins can be described as less of an exchange and more as a platform where individual bitcoin buyers and sellers from all over the world can find each other. You will be directed to a country-specific page and will be able to pick who you want to buy/sell bitcoins from. The in-built escrow system will protect both parties until the seller releases it after confirmation of payment.

Best for: Trading directly from individuals

Choose another exchange if: You don’t want to be exposed to scammers. There are some in this platform who may provide fake bank transactions. In-person buying/selling can be dangerous as well.

Kraken

A trading-focused bitcoin service provider, Kraken appeals to bitcoin traders as you can leverage and even brief on the platform. They are very reputable and was one of the very first bitcoin exchanges to pass an independent audit.

Choose another exchange if: You don’t know how to setup 2-factor authentication (2FA). Entire accounts have been drained when customers fail to set this up.

BitStamp

This bitcoin exchange recently celebrated five years of operations and is the very first licensed operator. BitStamp is a beloved due to its capability to accept bitcoin purchase with credit or debit cards. Users can also withdraw bitcoins as physical gold – a novelty not suggested by any other bitcoin exchanges in this list.

Best for: Reputation as a dependable bitcoin exchange

Choose another exchange if: You perform dubious activities. This company monitors transactions for suspicious activities and may close accounts anytime.

OKCoin

This Hong Kong-headquartered bitcoin exchange is appealing for both traders and investors. The website is less flashy than the rest but practical. OKCoin is best for experienced traders with high familiarity with trading contraptions and platforms.

Choose another exchange if: You are not a trader.

This is another platform that recently celebrated its 5th anniversary. BTC-e platform is very semi-transparent – you can see a live tracker with the current bitcoin price and the most latest transactions in the platform from the trade history. The chatbox sometimes has interesting discussions, suggesting insight of buyer/seller sentiment.

Choose another exchange if: You choose a nicer-looking platform.

ItBit

Another trading-oriented bitcoin exchange in this list, ItBit offers reasonable rates for bitcoins but bear in mind there is a petite fee on top of it. They suggest ‘boutique service’ for large bitcoin trades over 100BTC.

Best for: Full-service, premium bitcoin trading services.

Choose another exchange if: You want petite amounts of bitcoins.

BitQuick

As the name suggests, BitQuick is all about speed. How it operates is similar to LocalBitcoins where you buy and sell from other individuals. Buying bitcoins will incur 2% fee. However selling bitcoins are free.

Best for: Prompt transactions

Choose another exchange if: Speed isn’t a factor.

Circle

Circle is a pretty-looking platform and suitable for light to casual bitcoin users. Marketed very first as a user-friendly payment platform with talk integration, you can link debit card, credit card or bank account to send money via Bitcoin’s blockchain to friends and family.

Best for: Fresh bitcoin users who need funds transfer solution rather than holding bitcoin

Choose another exchange if: You truly want to keep the bitcoin or blockchain part invisible.

E-Coin

This bitcoin service provider is known better as one of the top bitcoin debit card providers. E-Coin is included in this list as they permit indirect bitcoin purchase with PayPal, which is uncommon. You can also buy bitcoins with PayPal with other services such as Paxful or VirWox – both options incur higher fees.

Best for: Buying bitcoins with Paypal (by topping up the virtual debit card with funds from PayPal)

Choose another exchange if: You don’t want or like the idea of bitcoin debit cards.

Ten Exchanges To Buy And Sell Bitcoins

Ten Exchanges To Buy And Sell Bitcoins

The maturing Bitcoin ecosystem has brought us a broader selection of bitcoin service providers. There are now many bitcoin exchanges you can choose from, and more plasticity in terms of payment options. Here are ten exchanges you can use to buy and sell bitcoins.

14 Best Bitcoin Wallets For Secure Bitcoin Storage

Here’s something every bitcoin proprietor should know: the safety and security of your bitcoins is ultimately your responsibility.… Read more

All of these options accept US Dollars, and may accept other currencies and/or cryptocurrencies. Most of these options require user verification before bitcoin purchase, in line with KYC/AML regulations (Know Your Customer/Anti Money Laundering).

Coinbase

One of the most reputable bitcoin exchanges available, Coinbase is popular among fans of the ‘dollar cost averaging’ method, where users can automate bitcoin purchase every week or month. It is a no-fuss platform for just bitcoin buying and selling.

Best for: Reputation as a dependable bitcoin exchange

Choose another exchange if: You perform dubious activities. This company monitors transactions for suspicious activities and may close accounts anytime.

LocalBitcoins

LocalBitcoins can be described as less of an exchange and more as a platform where individual bitcoin buyers and sellers from all over the world can find each other. You will be directed to a country-specific page and will be able to pick who you want to buy/sell bitcoins from. The in-built escrow system will protect both parties until the seller releases it after confirmation of payment.

Best for: Trading directly from individuals

Choose another exchange if: You don’t want to be exposed to scammers. There are some in this platform who may provide fake bank transactions. In-person buying/selling can be dangerous as well.

Kraken

A trading-focused bitcoin service provider, Kraken appeals to bitcoin traders as you can leverage and even brief on the platform. They are very reputable and was one of the very first bitcoin exchanges to pass an independent audit.

Choose another exchange if: You don’t know how to setup 2-factor authentication (2FA). Entire accounts have been drained when customers fail to set this up.

BitStamp

This bitcoin exchange recently celebrated five years of operations and is the very first licensed operator. BitStamp is a dearest due to its capability to accept bitcoin purchase with credit or debit cards. Users can also withdraw bitcoins as physical gold – a novelty not suggested by any other bitcoin exchanges in this list.

Best for: Reputation as a dependable bitcoin exchange

Choose another exchange if: You perform dubious activities. This company monitors transactions for suspicious activities and may close accounts anytime.

OKCoin

This Hong Kong-headquartered bitcoin exchange is appealing for both traders and investors. The website is less flashy than the rest but practical. OKCoin is best for experienced traders with high familiarity with trading implements and platforms.

Choose another exchange if: You are not a trader.

This is another platform that recently celebrated its 5th anniversary. BTC-e platform is very semi-transparent – you can see a live tracker with the current bitcoin price and the most latest transactions in the platform from the trade history. The chatbox sometimes has interesting discussions, suggesting insight of buyer/seller sentiment.

Choose another exchange if: You choose a nicer-looking platform.

ItBit

Another trading-oriented bitcoin exchange in this list, ItBit offers reasonable rates for bitcoins but bear in mind there is a puny fee on top of it. They suggest ‘boutique service’ for large bitcoin trades over 100BTC.

Best for: Full-service, premium bitcoin trading services.

Choose another exchange if: You want petite amounts of bitcoins.

BitQuick

As the name suggests, BitQuick is all about speed. How it operates is similar to LocalBitcoins where you buy and sell from other individuals. Buying bitcoins will incur 2% fee. However selling bitcoins are free.

Best for: Prompt transactions

Choose another exchange if: Speed isn’t a factor.

Circle

Circle is a pretty-looking platform and suitable for light to casual bitcoin users. Marketed very first as a user-friendly payment platform with talk integration, you can link debit card, credit card or bank account to send money via Bitcoin’s blockchain to friends and family.

Best for: Fresh bitcoin users who need funds transfer solution rather than holding bitcoin

Choose another exchange if: You truly want to keep the bitcoin or blockchain part invisible.

E-Coin

This bitcoin service provider is known better as one of the top bitcoin debit card providers. E-Coin is included in this list as they permit indirect bitcoin purchase with PayPal, which is uncommon. You can also buy bitcoins with PayPal with other services such as Paxful or VirWox – both options incur higher fees.

Best for: Buying bitcoins with Paypal (by topping up the virtual debit card with funds from PayPal)

Choose another exchange if: You don’t want or like the idea of bitcoin debit cards.

Ten Exchanges To Buy And Sell Bitcoins

Ten Exchanges To Buy And Sell Bitcoins

The maturing Bitcoin ecosystem has brought us a broader selection of bitcoin service providers. There are now many bitcoin exchanges you can choose from, and more plasticity in terms of payment options. Here are ten exchanges you can use to buy and sell bitcoins.

14 Best Bitcoin Wallets For Secure Bitcoin Storage

Here’s something every bitcoin possessor should know: the safety and security of your bitcoins is ultimately your responsibility.… Read more

All of these options accept US Dollars, and may accept other currencies and/or cryptocurrencies. Most of these options require user verification before bitcoin purchase, in line with KYC/AML regulations (Know Your Customer/Anti Money Laundering).

Coinbase

One of the most reputable bitcoin exchanges available, Coinbase is popular among fans of the ‘dollar cost averaging’ method, where users can automate bitcoin purchase every week or month. It is a no-fuss platform for just bitcoin buying and selling.

Best for: Reputation as a dependable bitcoin exchange

Choose another exchange if: You perform dubious activities. This company monitors transactions for suspicious activities and may close accounts anytime.

LocalBitcoins

LocalBitcoins can be described as less of an exchange and more as a platform where individual bitcoin buyers and sellers from all over the world can find each other. You will be directed to a country-specific page and will be able to pick who you want to buy/sell bitcoins from. The in-built escrow system will protect both parties until the seller releases it after confirmation of payment.

Best for: Trading directly from individuals

Choose another exchange if: You don’t want to be exposed to scammers. There are some in this platform who may provide fake bank transactions. In-person buying/selling can be dangerous as well.

Kraken

A trading-focused bitcoin service provider, Kraken appeals to bitcoin traders as you can leverage and even brief on the platform. They are very reputable and was one of the very first bitcoin exchanges to pass an independent audit.

Choose another exchange if: You don’t know how to setup 2-factor authentication (2FA). Entire accounts have been drained when customers fail to set this up.

BitStamp

This bitcoin exchange recently celebrated five years of operations and is the very first licensed operator. BitStamp is a beloved due to its capability to accept bitcoin purchase with credit or debit cards. Users can also withdraw bitcoins as physical gold – a novelty not suggested by any other bitcoin exchanges in this list.

Best for: Reputation as a dependable bitcoin exchange

Choose another exchange if: You perform dubious activities. This company monitors transactions for suspicious activities and may close accounts anytime.

OKCoin

This Hong Kong-headquartered bitcoin exchange is appealing for both traders and investors. The website is less flashy than the rest but practical. OKCoin is best for experienced traders with high familiarity with trading instruments and platforms.

Choose another exchange if: You are not a trader.

This is another platform that recently celebrated its 5th anniversary. BTC-e platform is very semi-transparent – you can see a live tracker with the current bitcoin price and the most latest transactions in the platform from the trade history. The chatbox sometimes has interesting discussions, suggesting insight of buyer/seller sentiment.

Choose another exchange if: You choose a nicer-looking platform.

ItBit

Another trading-oriented bitcoin exchange in this list, ItBit offers reasonable rates for bitcoins but bear in mind there is a puny fee on top of it. They suggest ‘boutique service’ for large bitcoin trades over 100BTC.

Best for: Full-service, premium bitcoin trading services.

Choose another exchange if: You want puny amounts of bitcoins.

BitQuick

As the name suggests, BitQuick is all about speed. How it operates is similar to LocalBitcoins where you buy and sell from other individuals. Buying bitcoins will incur 2% fee. However selling bitcoins are free.

Best for: Rapid transactions

Choose another exchange if: Speed isn’t a factor.

Circle

Circle is a pretty-looking platform and suitable for light to casual bitcoin users. Marketed very first as a user-friendly payment platform with talk integration, you can link debit card, credit card or bank account to send money via Bitcoin’s blockchain to friends and family.

Best for: Fresh bitcoin users who need funds transfer solution rather than holding bitcoin

Choose another exchange if: You truly want to keep the bitcoin or blockchain part invisible.

E-Coin

This bitcoin service provider is known better as one of the top bitcoin debit card providers. E-Coin is included in this list as they permit indirect bitcoin purchase with PayPal, which is infrequent. You can also buy bitcoins with PayPal with other services such as Paxful or VirWox – both options incur higher fees.

Best for: Buying bitcoins with Paypal (by topping up the virtual debit card with funds from PayPal)

Choose another exchange if: You don’t want or like the idea of bitcoin debit cards.

Ten Exchanges To Buy And Sell Bitcoins

Ten Exchanges To Buy And Sell Bitcoins

The maturing Bitcoin ecosystem has brought us a broader selection of bitcoin service providers. There are now many bitcoin exchanges you can choose from, and more plasticity in terms of payment options. Here are ten exchanges you can use to buy and sell bitcoins.

14 Best Bitcoin Wallets For Secure Bitcoin Storage

Here’s something every bitcoin holder should know: the safety and security of your bitcoins is ultimately your responsibility.… Read more

All of these options accept US Dollars, and may accept other currencies and/or cryptocurrencies. Most of these options require user verification before bitcoin purchase, in line with KYC/AML regulations (Know Your Customer/Anti Money Laundering).

Coinbase

One of the most reputable bitcoin exchanges available, Coinbase is popular among fans of the ‘dollar cost averaging’ method, where users can automate bitcoin purchase every week or month. It is a no-fuss platform for just bitcoin buying and selling.

Best for: Reputation as a dependable bitcoin exchange

Choose another exchange if: You perform dubious activities. This company monitors transactions for suspicious activities and may close accounts anytime.

LocalBitcoins

LocalBitcoins can be described as less of an exchange and more as a platform where individual bitcoin buyers and sellers from all over the world can find each other. You will be directed to a country-specific page and will be able to pick who you want to buy/sell bitcoins from. The in-built escrow system will protect both parties until the seller releases it after confirmation of payment.

Best for: Trading directly from individuals

Choose another exchange if: You don’t want to be exposed to scammers. There are some in this platform who may provide fake bank transactions. In-person buying/selling can be dangerous as well.

Kraken

A trading-focused bitcoin service provider, Kraken appeals to bitcoin traders as you can leverage and even brief on the platform. They are very reputable and was one of the very first bitcoin exchanges to pass an independent audit.

Choose another exchange if: You don’t know how to setup 2-factor authentication (2FA). Entire accounts have been drained when customers fail to set this up.

BitStamp

This bitcoin exchange recently celebrated five years of operations and is the very first licensed operator. BitStamp is a dearest due to its capability to accept bitcoin purchase with credit or debit cards. Users can also withdraw bitcoins as physical gold – a novelty not suggested by any other bitcoin exchanges in this list.

Best for: Reputation as a dependable bitcoin exchange

Choose another exchange if: You perform dubious activities. This company monitors transactions for suspicious activities and may close accounts anytime.

OKCoin

This Hong Kong-headquartered bitcoin exchange is appealing for both traders and investors. The website is less flashy than the rest but practical. OKCoin is best for experienced traders with high familiarity with trading devices and platforms.

Choose another exchange if: You are not a trader.

This is another platform that recently celebrated its 5th anniversary. BTC-e platform is very see-through – you can see a live tracker with the current bitcoin price and the most latest transactions in the platform from the trade history. The chatbox sometimes has interesting discussions, suggesting insight of buyer/seller sentiment.

Choose another exchange if: You choose a nicer-looking platform.

ItBit

Another trading-oriented bitcoin exchange in this list, ItBit offers reasonable rates for bitcoins but bear in mind there is a puny fee on top of it. They suggest ‘boutique service’ for large bitcoin trades over 100BTC.

Best for: Full-service, premium bitcoin trading services.

Choose another exchange if: You want puny amounts of bitcoins.

BitQuick

As the name suggests, BitQuick is all about speed. How it operates is similar to LocalBitcoins where you buy and sell from other individuals. Buying bitcoins will incur 2% fee. However selling bitcoins are free.

Best for: Quick transactions

Choose another exchange if: Speed isn’t a factor.

Circle

Circle is a pretty-looking platform and suitable for light to casual bitcoin users. Marketed very first as a user-friendly payment platform with talk integration, you can link debit card, credit card or bank account to send money via Bitcoin’s blockchain to friends and family.

Best for: Fresh bitcoin users who need funds transfer solution rather than holding bitcoin

Choose another exchange if: You truly want to keep the bitcoin or blockchain part invisible.

E-Coin

This bitcoin service provider is known better as one of the top bitcoin debit card providers. E-Coin is included in this list as they permit indirect bitcoin purchase with PayPal, which is infrequent. You can also buy bitcoins with PayPal with other services such as Paxful or VirWox – both options incur higher fees.

Best for: Buying bitcoins with Paypal (by topping up the virtual debit card with funds from PayPal)

Choose another exchange if: You don’t want or like the idea of bitcoin debit cards.

Ten Exchanges To Buy And Sell Bitcoins

Ten Exchanges To Buy And Sell Bitcoins

The maturing Bitcoin ecosystem has brought us a broader selection of bitcoin service providers. There are now many bitcoin exchanges you can choose from, and more plasticity in terms of payment options. Here are ten exchanges you can use to buy and sell bitcoins.

14 Best Bitcoin Wallets For Secure Bitcoin Storage

Here’s something every bitcoin holder should know: the safety and security of your bitcoins is ultimately your responsibility.… Read more

All of these options accept US Dollars, and may accept other currencies and/or cryptocurrencies. Most of these options require user verification before bitcoin purchase, in line with KYC/AML regulations (Know Your Customer/Anti Money Laundering).

Coinbase

One of the most reputable bitcoin exchanges available, Coinbase is popular among fans of the ‘dollar cost averaging’ method, where users can automate bitcoin purchase every week or month. It is a no-fuss platform for just bitcoin buying and selling.

Best for: Reputation as a dependable bitcoin exchange

Choose another exchange if: You perform dubious activities. This company monitors transactions for suspicious activities and may close accounts anytime.

LocalBitcoins

LocalBitcoins can be described as less of an exchange and more as a platform where individual bitcoin buyers and sellers from all over the world can find each other. You will be directed to a country-specific page and will be able to pick who you want to buy/sell bitcoins from. The in-built escrow system will protect both parties until the seller releases it after confirmation of payment.

Best for: Trading directly from individuals

Choose another exchange if: You don’t want to be exposed to scammers. There are some in this platform who may provide fake bank transactions. In-person buying/selling can be dangerous as well.

Kraken

A trading-focused bitcoin service provider, Kraken appeals to bitcoin traders as you can leverage and even brief on the platform. They are very reputable and was one of the very first bitcoin exchanges to pass an independent audit.

Choose another exchange if: You don’t know how to setup 2-factor authentication (2FA). Entire accounts have been drained when customers fail to set this up.

BitStamp

This bitcoin exchange recently celebrated five years of operations and is the very first licensed operator. BitStamp is a beloved due to its capability to accept bitcoin purchase with credit or debit cards. Users can also withdraw bitcoins as physical gold – a novelty not suggested by any other bitcoin exchanges in this list.

Best for: Reputation as a dependable bitcoin exchange

Choose another exchange if: You perform dubious activities. This company monitors transactions for suspicious activities and may close accounts anytime.

OKCoin

This Hong Kong-headquartered bitcoin exchange is appealing for both traders and investors. The website is less flashy than the rest but practical. OKCoin is best for experienced traders with high familiarity with trading instruments and platforms.

Choose another exchange if: You are not a trader.

This is another platform that recently celebrated its 5th anniversary. BTC-e platform is very semitransparent – you can see a live tracker with the current bitcoin price and the most latest transactions in the platform from the trade history. The chatbox sometimes has interesting discussions, suggesting insight of buyer/seller sentiment.

Choose another exchange if: You choose a nicer-looking platform.

ItBit

Another trading-oriented bitcoin exchange in this list, ItBit offers reasonable rates for bitcoins but bear in mind there is a petite fee on top of it. They suggest ‘boutique service’ for large bitcoin trades over 100BTC.

Best for: Full-service, premium bitcoin trading services.

Choose another exchange if: You want puny amounts of bitcoins.

BitQuick

As the name suggests, BitQuick is all about speed. How it operates is similar to LocalBitcoins where you buy and sell from other individuals. Buying bitcoins will incur 2% fee. However selling bitcoins are free.

Best for: Quick transactions

Choose another exchange if: Speed isn’t a factor.

Circle

Circle is a pretty-looking platform and suitable for light to casual bitcoin users. Marketed very first as a user-friendly payment platform with talk integration, you can link debit card, credit card or bank account to send money via Bitcoin’s blockchain to friends and family.

Best for: Fresh bitcoin users who need funds transfer solution rather than holding bitcoin

Choose another exchange if: You truly want to keep the bitcoin or blockchain part invisible.

E-Coin

This bitcoin service provider is known better as one of the top bitcoin debit card providers. E-Coin is included in this list as they permit indirect bitcoin purchase with PayPal, which is uncommon. You can also buy bitcoins with PayPal with other services such as Paxful or VirWox – both options incur higher fees.

Best for: Buying bitcoins with Paypal (by topping up the virtual debit card with funds from PayPal)

Choose another exchange if: You don’t want or like the idea of bitcoin debit cards.

Ten Exchanges To Buy And Sell Bitcoins

Ten Exchanges To Buy And Sell Bitcoins

The maturing Bitcoin ecosystem has brought us a broader selection of bitcoin service providers. There are now many bitcoin exchanges you can choose from, and more plasticity in terms of payment options. Here are ten exchanges you can use to buy and sell bitcoins.

14 Best Bitcoin Wallets For Secure Bitcoin Storage

Here’s something every bitcoin possessor should know: the safety and security of your bitcoins is ultimately your responsibility.… Read more

All of these options accept US Dollars, and may accept other currencies and/or cryptocurrencies. Most of these options require user verification before bitcoin purchase, in line with KYC/AML regulations (Know Your Customer/Anti Money Laundering).

Coinbase

One of the most reputable bitcoin exchanges available, Coinbase is popular among fans of the ‘dollar cost averaging’ method, where users can automate bitcoin purchase every week or month. It is a no-fuss platform for just bitcoin buying and selling.

Best for: Reputation as a dependable bitcoin exchange

Choose another exchange if: You perform dubious activities. This company monitors transactions for suspicious activities and may close accounts anytime.

LocalBitcoins

LocalBitcoins can be described as less of an exchange and more as a platform where individual bitcoin buyers and sellers from all over the world can find each other. You will be directed to a country-specific page and will be able to pick who you want to buy/sell bitcoins from. The in-built escrow system will protect both parties until the seller releases it after confirmation of payment.

Best for: Trading directly from individuals

Choose another exchange if: You don’t want to be exposed to scammers. There are some in this platform who may provide fake bank transactions. In-person buying/selling can be dangerous as well.

Kraken

A trading-focused bitcoin service provider, Kraken appeals to bitcoin traders as you can leverage and even brief on the platform. They are very reputable and was one of the very first bitcoin exchanges to pass an independent audit.

Choose another exchange if: You don’t know how to setup 2-factor authentication (2FA). Entire accounts have been drained when customers fail to set this up.

BitStamp

This bitcoin exchange recently celebrated five years of operations and is the very first licensed operator. BitStamp is a beloved due to its capability to accept bitcoin purchase with credit or debit cards. Users can also withdraw bitcoins as physical gold – a novelty not suggested by any other bitcoin exchanges in this list.

Best for: Reputation as a dependable bitcoin exchange

Choose another exchange if: You perform dubious activities. This company monitors transactions for suspicious activities and may close accounts anytime.

OKCoin

This Hong Kong-headquartered bitcoin exchange is appealing for both traders and investors. The website is less flashy than the rest but practical. OKCoin is best for experienced traders with high familiarity with trading instruments and platforms.

Choose another exchange if: You are not a trader.

This is another platform that recently celebrated its 5th anniversary. BTC-e platform is very semi-transparent – you can see a live tracker with the current bitcoin price and the most latest transactions in the platform from the trade history. The chatbox sometimes has interesting discussions, suggesting insight of buyer/seller sentiment.

Choose another exchange if: You choose a nicer-looking platform.

ItBit

Another trading-oriented bitcoin exchange in this list, ItBit offers reasonable rates for bitcoins but bear in mind there is a petite fee on top of it. They suggest ‘boutique service’ for large bitcoin trades over 100BTC.

Best for: Full-service, premium bitcoin trading services.

Choose another exchange if: You want petite amounts of bitcoins.

BitQuick

As the name suggests, BitQuick is all about speed. How it operates is similar to LocalBitcoins where you buy and sell from other individuals. Buying bitcoins will incur 2% fee. However selling bitcoins are free.

Best for: Rapid transactions

Choose another exchange if: Speed isn’t a factor.

Circle

Circle is a pretty-looking platform and suitable for light to casual bitcoin users. Marketed very first as a user-friendly payment platform with talk integration, you can link debit card, credit card or bank account to send money via Bitcoin’s blockchain to friends and family.

Best for: Fresh bitcoin users who need funds transfer solution rather than holding bitcoin

Choose another exchange if: You truly want to keep the bitcoin or blockchain part invisible.

E-Coin

This bitcoin service provider is known better as one of the top bitcoin debit card providers. E-Coin is included in this list as they permit indirect bitcoin purchase with PayPal, which is uncommon. You can also buy bitcoins with PayPal with other services such as Paxful or VirWox – both options incur higher fees.

Best for: Buying bitcoins with Paypal (by topping up the virtual debit card with funds from PayPal)

Choose another exchange if: You don’t want or like the idea of bitcoin debit cards.

Ten Exchanges To Buy And Sell Bitcoins

Ten Exchanges To Buy And Sell Bitcoins

The maturing Bitcoin ecosystem has brought us a broader selection of bitcoin service providers. There are now many bitcoin exchanges you can choose from, and more plasticity in terms of payment options. Here are ten exchanges you can use to buy and sell bitcoins.

14 Best Bitcoin Wallets For Secure Bitcoin Storage

Here’s something every bitcoin proprietor should know: the safety and security of your bitcoins is ultimately your responsibility.… Read more

All of these options accept US Dollars, and may accept other currencies and/or cryptocurrencies. Most of these options require user verification before bitcoin purchase, in line with KYC/AML regulations (Know Your Customer/Anti Money Laundering).

Coinbase

One of the most reputable bitcoin exchanges available, Coinbase is popular among fans of the ‘dollar cost averaging’ method, where users can automate bitcoin purchase every week or month. It is a no-fuss platform for just bitcoin buying and selling.

Best for: Reputation as a dependable bitcoin exchange

Choose another exchange if: You perform dubious activities. This company monitors transactions for suspicious activities and may close accounts anytime.

LocalBitcoins

LocalBitcoins can be described as less of an exchange and more as a platform where individual bitcoin buyers and sellers from all over the world can find each other. You will be directed to a country-specific page and will be able to pick who you want to buy/sell bitcoins from. The in-built escrow system will protect both parties until the seller releases it after confirmation of payment.

Best for: Trading directly from individuals

Choose another exchange if: You don’t want to be exposed to scammers. There are some in this platform who may provide fake bank transactions. In-person buying/selling can be dangerous as well.

Kraken

A trading-focused bitcoin service provider, Kraken appeals to bitcoin traders as you can leverage and even brief on the platform. They are very reputable and was one of the very first bitcoin exchanges to pass an independent audit.

Choose another exchange if: You don’t know how to setup 2-factor authentication (2FA). Entire accounts have been drained when customers fail to set this up.

BitStamp

This bitcoin exchange recently celebrated five years of operations and is the very first licensed operator. BitStamp is a beloved due to its capability to accept bitcoin purchase with credit or debit cards. Users can also withdraw bitcoins as physical gold – a novelty not suggested by any other bitcoin exchanges in this list.

Best for: Reputation as a dependable bitcoin exchange

Choose another exchange if: You perform dubious activities. This company monitors transactions for suspicious activities and may close accounts anytime.

OKCoin

This Hong Kong-headquartered bitcoin exchange is appealing for both traders and investors. The website is less flashy than the rest but practical. OKCoin is best for experienced traders with high familiarity with trading contraptions and platforms.

Choose another exchange if: You are not a trader.

This is another platform that recently celebrated its 5th anniversary. BTC-e platform is very translucent – you can see a live tracker with the current bitcoin price and the most latest transactions in the platform from the trade history. The chatbox sometimes has interesting discussions, suggesting insight of buyer/seller sentiment.

Choose another exchange if: You choose a nicer-looking platform.

ItBit

Another trading-oriented bitcoin exchange in this list, ItBit offers reasonable rates for bitcoins but bear in mind there is a petite fee on top of it. They suggest ‘boutique service’ for large bitcoin trades over 100BTC.

Best for: Full-service, premium bitcoin trading services.

Choose another exchange if: You want petite amounts of bitcoins.

BitQuick

As the name suggests, BitQuick is all about speed. How it operates is similar to LocalBitcoins where you buy and sell from other individuals. Buying bitcoins will incur 2% fee. However selling bitcoins are free.

Best for: Prompt transactions

Choose another exchange if: Speed isn’t a factor.

Circle

Circle is a pretty-looking platform and suitable for light to casual bitcoin users. Marketed very first as a user-friendly payment platform with talk integration, you can link debit card, credit card or bank account to send money via Bitcoin’s blockchain to friends and family.

Best for: Fresh bitcoin users who need funds transfer solution rather than holding bitcoin

Choose another exchange if: You truly want to keep the bitcoin or blockchain part invisible.

E-Coin

This bitcoin service provider is known better as one of the top bitcoin debit card providers. E-Coin is included in this list as they permit indirect bitcoin purchase with PayPal, which is uncommon. You can also buy bitcoins with PayPal with other services such as Paxful or VirWox – both options incur higher fees.

Best for: Buying bitcoins with Paypal (by topping up the virtual debit card with funds from PayPal)

Choose another exchange if: You don’t want or like the idea of bitcoin debit cards.

Ten Exchanges To Buy And Sell Bitcoins

Ten Exchanges To Buy And Sell Bitcoins

The maturing Bitcoin ecosystem has brought us a broader selection of bitcoin service providers. There are now many bitcoin exchanges you can choose from, and more plasticity in terms of payment options. Here are ten exchanges you can use to buy and sell bitcoins.

14 Best Bitcoin Wallets For Secure Bitcoin Storage

Here’s something every bitcoin holder should know: the safety and security of your bitcoins is ultimately your responsibility.… Read more

All of these options accept US Dollars, and may accept other currencies and/or cryptocurrencies. Most of these options require user verification before bitcoin purchase, in line with KYC/AML regulations (Know Your Customer/Anti Money Laundering).

Coinbase

One of the most reputable bitcoin exchanges available, Coinbase is popular among fans of the ‘dollar cost averaging’ method, where users can automate bitcoin purchase every week or month. It is a no-fuss platform for just bitcoin buying and selling.

Best for: Reputation as a dependable bitcoin exchange

Choose another exchange if: You perform dubious activities. This company monitors transactions for suspicious activities and may close accounts anytime.

LocalBitcoins

LocalBitcoins can be described as less of an exchange and more as a platform where individual bitcoin buyers and sellers from all over the world can find each other. You will be directed to a country-specific page and will be able to pick who you want to buy/sell bitcoins from. The in-built escrow system will protect both parties until the seller releases it after confirmation of payment.

Best for: Trading directly from individuals

Choose another exchange if: You don’t want to be exposed to scammers. There are some in this platform who may provide fake bank transactions. In-person buying/selling can be dangerous as well.

Kraken

A trading-focused bitcoin service provider, Kraken appeals to bitcoin traders as you can leverage and even brief on the platform. They are very reputable and was one of the very first bitcoin exchanges to pass an independent audit.

Choose another exchange if: You don’t know how to setup 2-factor authentication (2FA). Entire accounts have been drained when customers fail to set this up.

BitStamp

This bitcoin exchange recently celebrated five years of operations and is the very first licensed operator. BitStamp is a beloved due to its capability to accept bitcoin purchase with credit or debit cards. Users can also withdraw bitcoins as physical gold – a novelty not suggested by any other bitcoin exchanges in this list.

Best for: Reputation as a dependable bitcoin exchange

Choose another exchange if: You perform dubious activities. This company monitors transactions for suspicious activities and may close accounts anytime.

OKCoin

This Hong Kong-headquartered bitcoin exchange is appealing for both traders and investors. The website is less flashy than the rest but practical. OKCoin is best for experienced traders with high familiarity with trading instruments and platforms.

Choose another exchange if: You are not a trader.

This is another platform that recently celebrated its 5th anniversary. BTC-e platform is very see-through – you can see a live tracker with the current bitcoin price and the most latest transactions in the platform from the trade history. The chatbox sometimes has interesting discussions, suggesting insight of buyer/seller sentiment.

Choose another exchange if: You choose a nicer-looking platform.

ItBit

Another trading-oriented bitcoin exchange in this list, ItBit offers reasonable rates for bitcoins but bear in mind there is a petite fee on top of it. They suggest ‘boutique service’ for large bitcoin trades over 100BTC.

Best for: Full-service, premium bitcoin trading services.

Choose another exchange if: You want petite amounts of bitcoins.

BitQuick

As the name suggests, BitQuick is all about speed. How it operates is similar to LocalBitcoins where you buy and sell from other individuals. Buying bitcoins will incur 2% fee. However selling bitcoins are free.

Best for: Rapid transactions

Choose another exchange if: Speed isn’t a factor.

Circle

Circle is a pretty-looking platform and suitable for light to casual bitcoin users. Marketed very first as a user-friendly payment platform with talk integration, you can link debit card, credit card or bank account to send money via Bitcoin’s blockchain to friends and family.

Best for: Fresh bitcoin users who need funds transfer solution rather than holding bitcoin

Choose another exchange if: You truly want to keep the bitcoin or blockchain part invisible.

E-Coin

This bitcoin service provider is known better as one of the top bitcoin debit card providers. E-Coin is included in this list as they permit indirect bitcoin purchase with PayPal, which is uncommon. You can also buy bitcoins with PayPal with other services such as Paxful or VirWox – both options incur higher fees.

Best for: Buying bitcoins with Paypal (by topping up the virtual debit card with funds from PayPal)

Choose another exchange if: You don’t want or like the idea of bitcoin debit cards.

Ten Exchanges To Buy And Sell Bitcoins

Ten Exchanges To Buy And Sell Bitcoins

The maturing Bitcoin ecosystem has brought us a broader selection of bitcoin service providers. There are now many bitcoin exchanges you can choose from, and more plasticity in terms of payment options. Here are ten exchanges you can use to buy and sell bitcoins.

14 Best Bitcoin Wallets For Secure Bitcoin Storage

Here’s something every bitcoin possessor should know: the safety and security of your bitcoins is ultimately your responsibility.… Read more

All of these options accept US Dollars, and may accept other currencies and/or cryptocurrencies. Most of these options require user verification before bitcoin purchase, in line with KYC/AML regulations (Know Your Customer/Anti Money Laundering).

Coinbase

One of the most reputable bitcoin exchanges available, Coinbase is popular among fans of the ‘dollar cost averaging’ method, where users can automate bitcoin purchase every week or month. It is a no-fuss platform for just bitcoin buying and selling.

Best for: Reputation as a dependable bitcoin exchange

Choose another exchange if: You perform dubious activities. This company monitors transactions for suspicious activities and may close accounts anytime.

LocalBitcoins

LocalBitcoins can be described as less of an exchange and more as a platform where individual bitcoin buyers and sellers from all over the world can find each other. You will be directed to a country-specific page and will be able to pick who you want to buy/sell bitcoins from. The in-built escrow system will protect both parties until the seller releases it after confirmation of payment.

Best for: Trading directly from individuals

Choose another exchange if: You don’t want to be exposed to scammers. There are some in this platform who may provide fake bank transactions. In-person buying/selling can be dangerous as well.

Kraken

A trading-focused bitcoin service provider, Kraken appeals to bitcoin traders as you can leverage and even brief on the platform. They are very reputable and was one of the very first bitcoin exchanges to pass an independent audit.

Choose another exchange if: You don’t know how to setup 2-factor authentication (2FA). Entire accounts have been drained when customers fail to set this up.

BitStamp

This bitcoin exchange recently celebrated five years of operations and is the very first licensed operator. BitStamp is a beloved due to its capability to accept bitcoin purchase with credit or debit cards. Users can also withdraw bitcoins as physical gold – a novelty not suggested by any other bitcoin exchanges in this list.

Best for: Reputation as a dependable bitcoin exchange

Choose another exchange if: You perform dubious activities. This company monitors transactions for suspicious activities and may close accounts anytime.

OKCoin

This Hong Kong-headquartered bitcoin exchange is appealing for both traders and investors. The website is less flashy than the rest but practical. OKCoin is best for experienced traders with high familiarity with trading devices and platforms.

Choose another exchange if: You are not a trader.

This is another platform that recently celebrated its 5th anniversary. BTC-e platform is very semitransparent – you can see a live tracker with the current bitcoin price and the most latest transactions in the platform from the trade history. The chatbox sometimes has interesting discussions, suggesting insight of buyer/seller sentiment.

Choose another exchange if: You choose a nicer-looking platform.

ItBit

Another trading-oriented bitcoin exchange in this list, ItBit offers reasonable rates for bitcoins but bear in mind there is a puny fee on top of it. They suggest ‘boutique service’ for large bitcoin trades over 100BTC.

Best for: Full-service, premium bitcoin trading services.

Choose another exchange if: You want petite amounts of bitcoins.

BitQuick

As the name suggests, BitQuick is all about speed. How it operates is similar to LocalBitcoins where you buy and sell from other individuals. Buying bitcoins will incur 2% fee. However selling bitcoins are free.

Best for: Quick transactions

Choose another exchange if: Speed isn’t a factor.

Circle

Circle is a pretty-looking platform and suitable for light to casual bitcoin users. Marketed very first as a user-friendly payment platform with talk integration, you can link debit card, credit card or bank account to send money via Bitcoin’s blockchain to friends and family.

Best for: Fresh bitcoin users who need funds transfer solution rather than holding bitcoin

Choose another exchange if: You truly want to keep the bitcoin or blockchain part invisible.

E-Coin

This bitcoin service provider is known better as one of the top bitcoin debit card providers. E-Coin is included in this list as they permit indirect bitcoin purchase with PayPal, which is infrequent. You can also buy bitcoins with PayPal with other services such as Paxful or VirWox – both options incur higher fees.

Best for: Buying bitcoins with Paypal (by topping up the virtual debit card with funds from PayPal)

Choose another exchange if: You don’t want or like the idea of bitcoin debit cards.

Ten Exchanges To Buy And Sell Bitcoins

Ten Exchanges To Buy And Sell Bitcoins

The maturing Bitcoin ecosystem has brought us a broader selection of bitcoin service providers. There are now many bitcoin exchanges you can choose from, and more plasticity in terms of payment options. Here are ten exchanges you can use to buy and sell bitcoins.

14 Best Bitcoin Wallets For Secure Bitcoin Storage

Here’s something every bitcoin proprietor should know: the safety and security of your bitcoins is ultimately your responsibility.… Read more

All of these options accept US Dollars, and may accept other currencies and/or cryptocurrencies. Most of these options require user verification before bitcoin purchase, in line with KYC/AML regulations (Know Your Customer/Anti Money Laundering).

Coinbase

One of the most reputable bitcoin exchanges available, Coinbase is popular among fans of the ‘dollar cost averaging’ method, where users can automate bitcoin purchase every week or month. It is a no-fuss platform for just bitcoin buying and selling.

Best for: Reputation as a dependable bitcoin exchange

Choose another exchange if: You perform dubious activities. This company monitors transactions for suspicious activities and may close accounts anytime.

LocalBitcoins

LocalBitcoins can be described as less of an exchange and more as a platform where individual bitcoin buyers and sellers from all over the world can find each other. You will be directed to a country-specific page and will be able to pick who you want to buy/sell bitcoins from. The in-built escrow system will protect both parties until the seller releases it after confirmation of payment.

Best for: Trading directly from individuals

Choose another exchange if: You don’t want to be exposed to scammers. There are some in this platform who may provide fake bank transactions. In-person buying/selling can be dangerous as well.

Kraken

A trading-focused bitcoin service provider, Kraken appeals to bitcoin traders as you can leverage and even brief on the platform. They are very reputable and was one of the very first bitcoin exchanges to pass an independent audit.

Choose another exchange if: You don’t know how to setup 2-factor authentication (2FA). Entire accounts have been drained when customers fail to set this up.

BitStamp

This bitcoin exchange recently celebrated five years of operations and is the very first licensed operator. BitStamp is a dearest due to its capability to accept bitcoin purchase with credit or debit cards. Users can also withdraw bitcoins as physical gold – a novelty not suggested by any other bitcoin exchanges in this list.

Best for: Reputation as a dependable bitcoin exchange

Choose another exchange if: You perform dubious activities. This company monitors transactions for suspicious activities and may close accounts anytime.

OKCoin

This Hong Kong-headquartered bitcoin exchange is appealing for both traders and investors. The website is less flashy than the rest but practical. OKCoin is best for experienced traders with high familiarity with trading instruments and platforms.

Choose another exchange if: You are not a trader.

This is another platform that recently celebrated its 5th anniversary. BTC-e platform is very semitransparent – you can see a live tracker with the current bitcoin price and the most latest transactions in the platform from the trade history. The chatbox sometimes has interesting discussions, suggesting insight of buyer/seller sentiment.

Choose another exchange if: You choose a nicer-looking platform.

ItBit

Another trading-oriented bitcoin exchange in this list, ItBit offers reasonable rates for bitcoins but bear in mind there is a puny fee on top of it. They suggest ‘boutique service’ for large bitcoin trades over 100BTC.

Best for: Full-service, premium bitcoin trading services.

Choose another exchange if: You want petite amounts of bitcoins.

BitQuick

As the name suggests, BitQuick is all about speed. How it operates is similar to LocalBitcoins where you buy and sell from other individuals. Buying bitcoins will incur 2% fee. However selling bitcoins are free.

Best for: Prompt transactions

Choose another exchange if: Speed isn’t a factor.

Circle

Circle is a pretty-looking platform and suitable for light to casual bitcoin users. Marketed very first as a user-friendly payment platform with talk integration, you can link debit card, credit card or bank account to send money via Bitcoin’s blockchain to friends and family.

Best for: Fresh bitcoin users who need funds transfer solution rather than holding bitcoin

Choose another exchange if: You truly want to keep the bitcoin or blockchain part invisible.

E-Coin

This bitcoin service provider is known better as one of the top bitcoin debit card providers. E-Coin is included in this list as they permit indirect bitcoin purchase with PayPal, which is uncommon. You can also buy bitcoins with PayPal with other services such as Paxful or VirWox – both options incur higher fees.

Best for: Buying bitcoins with Paypal (by topping up the virtual debit card with funds from PayPal)

Choose another exchange if: You don’t want or like the idea of bitcoin debit cards.

Related video:

Xerox patent applications for blockchain technology record system

Xerox submits patent applications for blockchain records system

American giant Xerox filed a pair of patent applications in February two thousand sixteen to securely revise electronic documents by way of blockchain technology, according to fresh records released by the US Patent and Trademark Office.

The concept, which is detailed in the documentation, outlines plans for a network of knots which can share data via a blockchain. Originally devised for the digital currency, Bitcoin, the tech community is now finding other potential uses for the technology.

And, according to the application, Xerox believes “regional hospital systems and multi-national corporations” could benefit from it.

“In one embodiment,” one of the applications reads, “the auditing system uses an encryption process, such as public key cryptography, to sign all record switches in an electronic document (with the private half of a key pair) and to verify that records have not been altered (with the public half of the key pair).

“This is significant in ensuring the security of record switches before they are stationary in the blockchain. The security of the disclosed system and method may improve as the system becomes larger.”

Xerox on blockchain technology

The blockchain technology debate was featured strongly in a blog published by Xerox in July of this year. Ritesh Gandotra, Director, Global Document Outsourcing, Xerox India, elaborated on how adopting blockchain structure to EHRs will help manage authentication, confidentiality, accountability and data sharing while permitting medical researchers to access insights into medical treatment.

Ms Gandotra wrote how for the “longest time the healthcare sector has witnessed constrained development of fundamental design switches for Electronic Health Records (EHRs).”

Stepping into 2017, the sector is faced with the “critical need” for innovation that “not only personalises but also prompts patients to engage in the process of managing their medical data”.

She continued: “The current need of the industry is a solution that is not only innovative but also decentralised — a record management system that treats EHRs using blockchain technology.

“Historically, EHRs were never indeed designed to manage multi-institutional and lifetime medical records; in fact, patients tend to leave media data scattered across various medical institutes – as he/she moves from specialist to another or when visiting beyond your boundaries of your city.”

This transition, explained Ms Gandotra, often led to the loss of past data.

“The problem is further aggravated as record maintenance can prove fairly challenging to initiate as patients are uncommonly encouraged and infrequently enabled to review their total records.This leads to patients interacting with records that are fractured manner, reflecting how the records were managed.

“If health records of patients are managed by a service provider, the interoperability challenges inbetween different providers and hospital systems pose extra barriers to effective data sharing. This lack of a well-coordinated data management system results in the fragmentation of health records.”

More about Xerox

Xerox Corporation is an American global corporation that sells document solutions and services, and document technology products in more than one hundred sixty countries.

Related video:

What’s Next in Bank-to-Bank Real Time Payments

Inwards WEX

Mobile phones, instantaneous payments, and bank-level security. Will the US banking industry’s full-throttle launch into the digital payments market in two thousand seventeen switch the way consumers pay bills, buy groceries, and cover their share of the dinner check? Whether or not the Zelle Network—more on this later—becomes more popular than its current alternatives, banks are making a significant leap forward that will surely influence the way individuals and even businesses make payments in the future. Let’s take a look at the influence they’re making today.

We looked at the various ways real-time payments have been pursued in the US in Interest in Swifter Payments Drives Electronic Payment Adoption. Traditional banks have been zealously innovating to update their capabilities and services to reflect how their customers (individuals very first, then businesses) want to manage their finances today—and it’s increasingly through digital channels. The challenge has been finding solutions that are at once secure, interoperable, and market-ready…and there has been nothing “easy” about it.

As explained by Paul Schaus in the AmericanBanker.com article Very first Step Toward Real-Time Payments: Clear Up the Confusion, banks’ payments operations and technology infrastructures are rooted in slow-moving batch transaction processing. Most institutions are not set up to instantly clear transactions through a centralized real-time payments system, which requires a series of rapid sender/receiver authentications and account validations, funds availability checks, and money transfers.

Achieving these real-time capabilities has become a group effort, and has accelerated progress. The bank consortium, Early Warning Services, has been operating clearXchange, a digital payments service that permits individuals to send money instantaneously by email and text message to anyone with a US bank account–and it’s about to be taken to the next level.

The Banking Industry’s Response to Venmo

In 2017, Zelle will substitute clearXchange. Through the Zelle network of leading financial institutions, people will be able to budge money quicker and more securely than the alternatives, like the widely popular Venmo. While it has no social component like Venmo, Zelle will make it effortless for users to pay bills or make person-to-person payments through their phones—even to friends who use a different banking system, as the technology is compatible among numerous banking systems.

The initial set of nineteen participating financial institutions include Ally Bank, Bank of America Corp, Bank of the West, BB&T, BECU, Capital One Financial Corp, FirstBank, Very first Tech Federal Credit Union, JPMorgan Pursue & Co, U.S. Bancorp, and Wells Fargo & Co. As explained in Fortune.com, banks and credit unions have a large base of customers, and “this is their way to bring more than one hundred million (of them) into Zelle without disrupting people who already use other ways to send money with phones and computers.” Zelle will be available as a standalone app as well as a contraption that’s embedded in a bank’s website or app.

The big selling point is that because this is a bank service, it’s perceived to be safer and more secure than other digital payment solutions. According to PYMNTS.com, Zelle leverages Early Warning’s authentication technology, meaning payments are monitored across fourteen risk moments and about 1,000 authentication points that include “what device the consumer is using, how often the consumer sends money, who the consumer normally sends to, how much they normally send—and whether or not these patterns are not only consistent with each other, but also consistent with how most consumers use the product.”

More Switches Ahead

For all the promises of Zelle, Banks could—and may, ultimately—take a different digital payments treatment using the blockchain. This distributed (and decentralized) ledger technology can process and validate transactions more cost-effectively and in real-time. But as discussed by Paul Schaus in the AmericanBanker.com article, implementing “a nationwide real-time payments system based on a distributed ledger, banks and regulators would need to agree on how transactions would be validated and who would validate them…and determine what information about individual transactions they want to share in the transaction message that gets sent for validation and how that data will be stored securely.”

So, “getting there” through blockchain technology will take some more development time. And, perhaps, it needs to earn more trust among decision-makers and consumers. PYMNTS.com’s For Banks, Tech As Threat And Savior quotes Entryless CEO, Mike Galarza, on the topic of trust in the blockchain: “Even with bitcoin…and the transactions that are not dependent on currencies or backing of a central government (that ensures money is legal tender)—‘there’s not enough trust’ to embrace those payments alternatives wholeheartedly.”

For now, Zelle is the chosen standard among the participating banks for digital payments. We will report on developments and trends related to this banking industry innovation once the technology is deployed into the marketplace—and as challenging solutions (and technologies) react.

Related video:

What the Internet was for your parents, the blockchain will be for you, TheHill

TheHill

What the Internet was for your parents, the blockchain will be for you

When the Internet became mainstream in the mid-1990s, it was difficult to fully grab the influence the transformative technology would have on society. Policymakers didn’t know how to regulate it, partly because they didn’t understand what it was capable of. At its onset, if a flurry of conflicting regulations from different government agencies had been imposed on this burgeoning technology, the Internet as we know it today might not exist. Instead, we have this extreme source of information and a vessel of global commerce that is an essential aspect of everyday life for so many of us.

Now, a fresh disruptive innovation is emerging. Blockchain technology is re-imagining the way we transfer, store, and secure assets, including currencies, commodities, property, and identity.

In only a few brief years, a technology that began as an alternative digital currency (bitcoin) that is sometimes associated with nefarious activity and fraud has managed to capture the imaginations of thousands of innovators and investors around the globe. If permitted to flourish, this technology has the potential to benefit consumers and enterprise on the scale other transformative inventions like railroads, automobiles, telephones, computers, and the Internet itself.

Some of the most influential names in tech and finance are getting behind blockchain technology, and in turn has drawn the attention of government regulators. We have reached the tipping point – it is only a matter of time before blockchain technology makes it way into our daily lives.

According to a report from Santander InnoVentures, by the year 2022, banks can save an estimated $20 billion a year on infrastructure cost by implementing blockchain technologies. The leading banks around the world have reached a consensus – blockchain technology is matter of when, not if – and are investing significant resources exploring this technology.

The brightest minds of Wall Street and Silicon Valley understand these technological shifts and inherent opportunities. Some of the world’s thickest banks and tech companies are leaping in, including: American Express, BNY Mellon, Citi, Goldman Sachs, UBS, IBM, Microsoft, NASDAQ, Fresh York Stock Exchange, Qualcomm, Samsung, USAA, Visa, and many more. They have dedicated significant resources to examine, experiment, and innovate with blockchain technology. There are over 1,000 blockchain focused startups around the world, and respected consultancies including Accenture, Deloitte, and PwC, are releasing studies touting its potential.

This technology also has many potential applications in the public sector. The UK Government Chief Scientist, Tormentor Mark Walport, recently published a report outlining how blockchain-based technologies could convert, add radical transparency, and boost productivity to a number of public services:

“Distributed ledger technologies have the potential to help governments to collect taxes, supply benefits, issue passports, record land registries, assure the supply chain of goods and generally ensure the integrity of government records and services.”

The promise behind the blockchain is clear, and its future relies on the collaboration inbetween government agencies, lawmakers and industry leaders.

When a fresh technology comes in the mainstream, policymakers are often antsy to regulate it in an effort to ensure fair use, consumer protection and accountability. The problem arises when numerous agencies, each with their own definitions of the technology and its uses, create broad based regulations that overlap or conflict with one another.

The U.S. Commodity Futures Trading Commission (CFTC) has classified bitcoin as a commodity, while the Security Exchange Commission (SEC) is looking at it through the lens of a security. The Internal Revenue Service treats virtual currency as property, and the Financial Crimes Enforcement Network regulates it as currency. This patchwork of incompatible rules can cause gridlock in the industry and stifle innovation, potentially forcing companies to domicile and innovate elsewhere.

In addition, there are lawmakers and regulators on Capitol Hill who have little working skill of digital currencies or blockchain technology, making it even more difficult to successfully regulate. Regulation is a process that requires a dialogue inbetween government agencies, lawmakers and industry leaders who have a deep understanding of how the technology works.

Fortunately, next month these parties are coming together at the DC Blockchain Summit, an event that brings a cross section of government agencies and lawmakers together with industry leaders to have a holistic discussion about the future of blockchain technology. Look out for Wall Street powerhouses and industry experts like former JP Morgan executive and CEO of Digital Asset Holdings Blythe Masters – who will share their skill and engage in an open conversation with policymakers, paving the way for consistent, effective regulation. The DC Blockchain Summit is the very first chance for regulators and innovators to engage in this dialogue – a dialogue that is absolutely vital to the success and advancement of the industry.

The DC Blockchain Summit will be held on March Trio, 2016, at Georgetown University’s McDonough School of Business. For more information, please visit: digitalchamber.org/dcsummit.

Boring is founder and president of the Chamber of Digital Commerce.

What the Internet was for your parents, the blockchain will be for you, TheHill

TheHill

What the Internet was for your parents, the blockchain will be for you

When the Internet became mainstream in the mid-1990s, it was difficult to fully grab the influence the transformative technology would have on society. Policymakers didn’t know how to regulate it, partly because they didn’t understand what it was capable of. At its onset, if a flurry of conflicting regulations from different government agencies had been imposed on this burgeoning technology, the Internet as we know it today might not exist. Instead, we have this extreme source of information and a vessel of global commerce that is an essential aspect of everyday life for so many of us.

Now, a fresh disruptive innovation is emerging. Blockchain technology is re-imagining the way we transfer, store, and secure assets, including currencies, commodities, property, and identity.

In only a few brief years, a technology that began as an alternative digital currency (bitcoin) that is sometimes associated with nefarious activity and fraud has managed to capture the imaginations of thousands of innovators and investors around the globe. If permitted to flourish, this technology has the potential to benefit consumers and enterprise on the scale other transformative inventions like railroads, automobiles, telephones, computers, and the Internet itself.

Some of the most influential names in tech and finance are getting behind blockchain technology, and in turn has drawn the attention of government regulators. We have reached the tipping point – it is only a matter of time before blockchain technology makes it way into our daily lives.

According to a report from Santander InnoVentures, by the year 2022, banks can save an estimated $20 billion a year on infrastructure cost by implementing blockchain technologies. The leading banks around the world have reached a consensus – blockchain technology is matter of when, not if – and are investing significant resources exploring this technology.

The brightest minds of Wall Street and Silicon Valley understand these technological shifts and inherent opportunities. Some of the world’s thickest banks and tech companies are leaping in, including: American Express, BNY Mellon, Citi, Goldman Sachs, UBS, IBM, Microsoft, NASDAQ, Fresh York Stock Exchange, Qualcomm, Samsung, USAA, Visa, and many more. They have dedicated significant resources to explore, experiment, and innovate with blockchain technology. There are over 1,000 blockchain focused startups around the world, and respected consultancies including Accenture, Deloitte, and PwC, are releasing studies touting its potential.

This technology also has many potential applications in the public sector. The UK Government Chief Scientist, Master Mark Walport, recently published a report outlining how blockchain-based technologies could convert, add radical transparency, and boost productivity to a number of public services:

“Distributed ledger technologies have the potential to help governments to collect taxes, produce benefits, issue passports, record land registries, assure the supply chain of goods and generally ensure the integrity of government records and services.”

The promise behind the blockchain is clear, and its future relies on the collaboration inbetween government agencies, lawmakers and industry leaders.

When a fresh technology comes in the mainstream, policymakers are often impatient to regulate it in an effort to ensure fair use, consumer protection and accountability. The problem arises when numerous agencies, each with their own definitions of the technology and its uses, create broad based regulations that overlap or conflict with one another.

The U.S. Commodity Futures Trading Commission (CFTC) has classified bitcoin as a commodity, while the Security Exchange Commission (SEC) is looking at it through the lens of a security. The Internal Revenue Service treats virtual currency as property, and the Financial Crimes Enforcement Network regulates it as currency. This patchwork of incompatible rules can cause gridlock in the industry and stifle innovation, potentially forcing companies to domicile and innovate elsewhere.

In addition, there are lawmakers and regulators on Capitol Hill who have little working skill of digital currencies or blockchain technology, making it even more difficult to successfully regulate. Regulation is a process that requires a dialogue inbetween government agencies, lawmakers and industry leaders who have a deep understanding of how the technology works.

Fortunately, next month these parties are coming together at the DC Blockchain Summit, an event that brings a cross section of government agencies and lawmakers together with industry leaders to have a holistic discussion about the future of blockchain technology. Look out for Wall Street powerhouses and industry experts like former JP Morgan executive and CEO of Digital Asset Holdings Blythe Masters – who will share their skill and engage in an open conversation with policymakers, paving the way for consistent, effective regulation. The DC Blockchain Summit is the very first chance for regulators and innovators to engage in this dialogue – a dialogue that is absolutely vital to the success and advancement of the industry.

The DC Blockchain Summit will be held on March Trio, 2016, at Georgetown University’s McDonough School of Business. For more information, please visit: digitalchamber.org/dcsummit.

Boring is founder and president of the Chamber of Digital Commerce.

What the Internet was for your parents, the blockchain will be for you, TheHill

TheHill

What the Internet was for your parents, the blockchain will be for you

When the Internet became mainstream in the mid-1990s, it was difficult to fully capture the influence the transformative technology would have on society. Policymakers didn’t know how to regulate it, partly because they didn’t understand what it was capable of. At its onset, if a flurry of conflicting regulations from different government agencies had been imposed on this burgeoning technology, the Internet as we know it today might not exist. Instead, we have this extreme source of information and a vessel of global commerce that is an essential aspect of everyday life for so many of us.

Now, a fresh disruptive innovation is emerging. Blockchain technology is re-imagining the way we transfer, store, and secure assets, including currencies, commodities, property, and identity.

In only a few brief years, a technology that began as an alternative digital currency (bitcoin) that is sometimes associated with nefarious activity and fraud has managed to capture the imaginations of thousands of innovators and investors around the globe. If permitted to flourish, this technology has the potential to benefit consumers and enterprise on the scale other transformative inventions like railroads, automobiles, telephones, computers, and the Internet itself.

Some of the most influential names in tech and finance are getting behind blockchain technology, and in turn has drawn the attention of government regulators. We have reached the tipping point – it is only a matter of time before blockchain technology makes it way into our daily lives.

According to a report from Santander InnoVentures, by the year 2022, banks can save an estimated $20 billion a year on infrastructure cost by implementing blockchain technologies. The leading banks around the world have reached a consensus – blockchain technology is matter of when, not if – and are investing significant resources exploring this technology.

The brightest minds of Wall Street and Silicon Valley understand these technological shifts and inherent opportunities. Some of the world’s thickest banks and tech companies are leaping in, including: American Express, BNY Mellon, Citi, Goldman Sachs, UBS, IBM, Microsoft, NASDAQ, Fresh York Stock Exchange, Qualcomm, Samsung, USAA, Visa, and many more. They have dedicated significant resources to explore, experiment, and innovate with blockchain technology. There are over 1,000 blockchain focused startups around the world, and respected consultancies including Accenture, Deloitte, and PwC, are releasing studies touting its potential.

This technology also has many potential applications in the public sector. The UK Government Chief Scientist, Master Mark Walport, recently published a report outlining how blockchain-based technologies could convert, add radical transparency, and boost productivity to a number of public services:

“Distributed ledger technologies have the potential to help governments to collect taxes, supply benefits, issue passports, record land registries, assure the supply chain of goods and generally ensure the integrity of government records and services.”

The promise behind the blockchain is clear, and its future relies on the collaboration inbetween government agencies, lawmakers and industry leaders.

When a fresh technology comes in the mainstream, policymakers are often antsy to regulate it in an effort to ensure fair use, consumer protection and accountability. The problem arises when numerous agencies, each with their own definitions of the technology and its uses, create broad based regulations that overlap or conflict with one another.

The U.S. Commodity Futures Trading Commission (CFTC) has classified bitcoin as a commodity, while the Security Exchange Commission (SEC) is looking at it through the lens of a security. The Internal Revenue Service treats virtual currency as property, and the Financial Crimes Enforcement Network regulates it as currency. This patchwork of incompatible rules can cause gridlock in the industry and stifle innovation, potentially forcing companies to domicile and innovate elsewhere.

In addition, there are lawmakers and regulators on Capitol Hill who have little working skill of digital currencies or blockchain technology, making it even more difficult to successfully regulate. Regulation is a process that requires a dialogue inbetween government agencies, lawmakers and industry leaders who have a deep understanding of how the technology works.

Fortunately, next month these parties are coming together at the DC Blockchain Summit, an event that brings a cross section of government agencies and lawmakers together with industry leaders to have a holistic discussion about the future of blockchain technology. Look out for Wall Street powerhouses and industry experts like former JP Morgan executive and CEO of Digital Asset Holdings Blythe Masters – who will share their skill and engage in an open conversation with policymakers, paving the way for consistent, effective regulation. The DC Blockchain Summit is the very first chance for regulators and innovators to engage in this dialogue – a dialogue that is absolutely vital to the success and advancement of the industry.

The DC Blockchain Summit will be held on March Trio, 2016, at Georgetown University’s McDonough School of Business. For more information, please visit: digitalchamber.org/dcsummit.

Boring is founder and president of the Chamber of Digital Commerce.

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UAE Exchange in talks with blockchain brand Ripple – Banking – Finance

UAE Exchange in talks with blockchain brand Ripple

One of the UAE’s oldest money exchange houses says it is in talks with US blockchain start-up Ripple, over a tie-up to streamline payments.

UAE Exchange is eyeing a deal with Ripple to help it introduce real time, cross-border payments using blockchain technology.

Blockchain is an electronic transaction-processing and archive system that permits parties to track information in a secure network with no need for third-party verification.

It is the underlying technology that facilitates the use of virtual currencies or ‘crypto-currencies’, such as Bitcoin and Bitcoin Cash, which are becoming increasingly popular around the world.

UAE Exchange claims incorporating blockchain into its processes would help it cut the speed and cost of money transfers for its customers. The remittance house has already invested in two other blockchain-related companies within the past six months.

Promoth Manghat, CEO of UAE Exchange Group, told Arabian Business: “UAE Exchange has been significantly investing in blockchain technology. In June this year, the brand invested in Loyyal, a blockchain innovator building a global loyalty network.

“The brand also joined Bankchain, a community of banks for exploring, building and implementing blockchain solutions, early this year and are in the process of tying up [a deal] with distributed ledger start-up, Ripple, for real-time cross border payments.”

UAE Exchange is not the only regional financial services rock hard to regard blockchain as an significant business strategy in an increasingly digitalised world.

In February, National Bank of Abu Dhabi (NBAD) formed a partnership with Ripple to speed up intra-bank and cross-border payments.

And, last October, the UAE’s largest lender Emirates NBD announced it was working with Indian bank ICICI on a pilot project to use blockchain for global remittances and trade finance.

Jameel Ahmad, Dubai-based vice-president of corporate development and market research at FXTM, explained to Arabian Business: “Adopting bitcoin for remittance and forex business is where the industry is heading.

“It is a massive market: worldwide, around two hundred thirty million people send $500 billion in remittances every year, using traditional firms like Western Union, MoneyGram and other smaller players.

“Collectively, these remittance facilitators control over one million retail locations and treat more than twenty five percent of the world’s annual remittance transactions.

“Despite their popularity, the typical international money transfer requires a lot of steps for facilitation, and bitcoin streamlines that process.”

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