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FundedByMe, Swedish crowdfunding platform, launching Bitcoin pilot program


According to an announcement by FundedByMe, a Swedish crowdfunding platform, the company is going to launch a Bitcoin pilot program soon wherein it will allow investors to use the digital currency to purchase stakes in a Bitcoin trading company. The news regarding the development came through a press release from the company.

The press release informs that the company aims to check the interest of paying in the Internet currency. The test will take 45 days and according to Daniel Daboczy, CEO and cofounder of FundedByMe the company sees that among the investors, a great many of them are early-adopters wherein it also knows Bitcoin users are familiar with new inventions at an early stage.

He further adds that this is why the company thought that it may offer both groups something interesting. Nonetheless, the press release also clears that the project would be the first of its kind to be hosted by a major crowdfunding platform and under the pilot project, Safello, a trading company, will accept Bitcoin from investors during its 45-day campaign.

Daniel Daboczy is of the view that FundedByMe is probably the most flexible crowdfunding platform at least in Europe which according to him means it supports investors whoever they are, wherever they are and whatever form they want to transfer their money. Thus, he seems to have sound understanding about the entire venture.

Nonetheless, the Stockholm-based crowdfunding platform, claims that in the last four years it has collected more than 100 000 000 SEK for entrepreneurs based in almost all European countries and some Asian nations. Also, as Daboczy says that the company knows that Bitcoin users are familiar with new inventions at any early stage.

The Decision will further Help Bitcoin Reach to New People

He further makes clear that as the digital currency is still at nascent stage it may offer both groups something interesting. The press release says that the Bitcoin pilot project with the launch of an equity-crowdfunding campaign for Safello, the Bitcoin trading platform, brings greater compliance and security to the Bitcoin industry.

Additionally, as this company also transfers the Bitcoin payments during the pilot project, the press release claims that the pilot project also accommodates the Bitcoin community. Frank Schuil, co-founder and CEO of Safello, in the release says that his organization has already done it in previous rounds of raisin funds.

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Bitcoin holding steadily near the new consolidation area between 266 and 269 with minimal fluctuations. The steady normality eventually influence other cryptocurrency as well, with Litecoin, Darkcoin and Dogecoin each attain stability in their respective USD markets.

From the look of it, it seems the negativity surrounding the Evolution marketplace has washed out and traders are looking at the market from a fresher perspective.

BTC/USD 4H BitFinex Chart



As you can see the chart above, the Bitcoin price currently sighting to cross above the Bollinger Band limit, while testing its 50H MA in the process. The temporary support has definitely shifted near 261, the point which marked the previous short upside correction. The RSI meanwhile has managed to float above 50 whole day, giving market a neutral position. And the MACD has almost aligned with the signal line, indicating yet another countdown towards moving into a positive territory. These indicators together indicate a neutral scenario in the Bitcoin market.

Things are looking smoother than the last few days. But it doesn’t mean it will remain to be. An overlong consolidation will ensure an equally vibrant breakout so traders should be ready to set their risk management plans. Let’s discuss the scenarios then.

The 269-seems to an ultimate resistance point as per the current price movements. Therefore, setting your exit points near 263 will ensure a timely exit in case the retest succeeds. However, in case the price extends above the resistance line, the pressure would likely fall on the 50H MA curve (at present it is around 271). Setting your long positions near this point would ensure a decent profit takeout. Make sure to set you long positions only when price breaks above 269. Do not go long towards until the 271 upside risk is breached.



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Alex Waters, CEO of Coin.co, Compares Bitcoin with Internet, Sees Huge Potential




Though it is not for the first time that Bitcoin is being compared with Internet, in terms of innovation, Alex Waters, the CEO of Coin.Co, is perhaps first time comparing the effect of Bitcoin and Internet. The digital currency has its own supporters and skeptics; whereas supporters claim it will last, the skeptics doubt that Bitcoin is not going anywhere.

The CEO of the Bitcoin payments company says that he thinks the virtual currency will rival the Internet as far as how widely it could affect the world in a positive way. He says that he could say that the Internet has brought tremendous changes; for instance, it enabled things like email and social networks and personal websites, blogs.

Comparing Bitcoin with Internet he says that in similar manner the virtual currency enables decentralized organization and tokenization of securities and commodities and a whole bunch of really compelling things that are built on top of a platform. Defending his argument Waters compared the Internet to electricity.

Elaborating his point further he says the he thinks to look at it as electricity has given the world the Internet, maybe the Internet has given the world Bitcoin. Therefore, according to him Bitcoin rivals the Internet as far as its impact on humanity and the benefits to humanity are concerned.

He admits that as much as electricity has benefited humanity, perhaps the Internet rivals that and that is where the comparison comes in. According to Waters it was really hard to say what Bitcoin will look like in the distant future, but he is confident that it will survive and remain the leader in its field.

Bitcoin is Flexible and Adaptive Says Waters

Explaining further his point Waters says that as far as the question will Bitcoin be the thing that exists in 10 or 20 years and be the dominant digital currency is concerned, he thinks that it is going to be yes. He believes that very much like Linux, Bitcoin is an open-sourced platform and able adapt and grow.

He adds that if a competitor were to come up with something innovative that’s better, Bitcoin could just incorporate those changes. According to him Bitcoin has already achieved critical mass, has momentum and a large number of really intelligent people working on it. He says that tons of people have invested money into it and more is on the way.


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No Need for Bitcoin Regulation in Hong Kong Says the Senior Official




There were some reports that the authorities in Hong Kong were mulling for a legislation that was going to regulate or ban Bitcoin activities; however, a senior Hong Kong official has indicated that the government does not see a need for legislation. The statement by Secretary for Financial Services and the Treasury Professor KC Chan is encouraging the stakeholders.

The statement came in response to a question submitted during a meeting of the Legislative Council of Hong Kong by council member Leung Yiu-chung wherein he requested an update on the investigation into the MyCoin Bitcoin investment scam as well as clarity on whether officials intend to regulate Bitcoin activities more actively.

In the press release from the Hong Kong government it has come to the public that Professor Chan describes Bitcoin as limited in scope. The professor is of the view that Bitcoin does not pose a substantial threat to Hong Kong’s financial system given its current lack of widespread adoption in the region.

Government Does Not Feel the Necessity for Bitcoin Regulation

In the statement issued by Professor Chan it has become clear that the Government does not consider it necessary to introduce at the moment new legislation to regulate trading in such virtual commodities or prohibit people from participating in such activities. Also, should the need arise, Hong Kong regulators can draw from existing legal statutes.

There are existing legal provisions both domestic and international that deal with instances of fraud or criminal activities that involve digital currencies and can pretty well be used for handling Bitcoin activities. He says that the police will take enforcement action if they find information which involves criminal conduct.

The Government is though having Close Watch on Bitcoin

Professor Chan also suggested that his office and others will continue to watch developments in the Bitcoin space. He informed the media that he has outlined how financial institutions in Hong Kong are subject to strict reporting requirements when establishing or maintaining business relationships with customers or clients who are operators of any schemes or businesses relating to virtual commodities.

He concluded that the Government and financial regulators will keep a close watch on the development of Bitcoin and other virtual commodities, and maintain contacts with their counterparts in other places through active participation in meetings of the relevant international organizations such as the Financial Action Task Force.

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US oil prices pared gains after data from US Energy Information Administration showed that domestic crude inventories jumped to a new record to overshadow a slump in the dollar.

Light, sweet crude oil for May delivery was most recently up 43 cents or 0.9% at $47.93 a barrel after having hit highs of $48.37 a barrel on the New York Mercantile Exchange.

Brent, the global benchmark was up 50 cents or 0.9% to $55.61a barrel on the London-based ICE futures exchange. It had earlier traded at $56.25 a barrel.

The EIA announced that the country’s stockpiles had grown by 8.2 million barrels in the week ending Friday.
This is the highest in monthly data in 80 years and is higher than the market expectation of growth by about 5.1 million barrels during the same week made by 8 analysts polled by Reuters.

In weekly data, which is not always aligned with monthly data, the glut is the highest since 1982.

Oil prices have suffered in the recent past on concerns that the continued oversupply and weak demand will cause some areas to run out of storage space.

Cushing, Oklahoma; a key storage and delivery hub for the benchmark Nymex contract, added 1.9 million barrels during the week to 56.3 million barrels.

This is the highest the stockpiles have been since 2004 according to data from the EIA. Its official storage capacity is documented at 70.8 million barrels.

“Bottom line, we’re filling up those stockpiles and as long as refinery operations are subdued, we’re going to see these” additions, Mark Waggoner, president of brokerage Excel Futures, told the Wall Street Journal.
“This is about the time we ought to sell.”

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Texas Bitcoin Conference: Ciphrex’s Eric Lombrozo to Talk about Bitcoin Security



As Texas Bitcoin Conference is going on, Ciphrex’s Eric Lombrozo is going to address five critical areas of storage system for cryptocurrency security. The organizers are holding the conference at Moody Theater, home of ACL Live. Austin, Texas: the Live Music Capital of the World is the most happening place for Bitcoin now.

Divulging the facts about the event the organizers claim that Ciphrex’s Eric Lombrozo will speak at the Texas Bitcoin Conference Sunday, March 29, at the Moody Theater in downtown Austin, TX. According to them his talk will be on the five areas of a Bitcoin storage system that need to be secured as security is becoming a major concern in the Bitcoin ecosystem.

Nonetheless, his presentation that will be on “Securing Bitcoin and Reaching CCSS Level 3,” will provide real-world examples of how to secure each one at a level that meets or exceeds the new CryptoCurrency Security Standard. The cryptocurrencies at large are facing huge challenge from the hackers as several Bitcoin exchanges have been hacked recently.

However, the Texas Bitcoin Conference is going to see a lot of experts talking about Bitcoin theft. Joining Lombrozo as a presenter will be Michael Perklin, president of CryptoCurrency Certification Consortium. He is not just a well-respected Bitcoin expert, certified information security professional and accomplished cyber-crime investigator and public speaker.

Talking to the media Eric Lombrozo, co-CEO and Chief Technology Officer of Ciphrex said that cryptocurrencies provide users with the ability to always have full control over their own money, but with great power comes great responsibility. He says that the company looking forward to collaborating with other industry leaders to develop an open security standard.

Blockchain Technology is Transforming the Way

Additionally, as Lombrozo’s talk in Austin comes directly on the heels of his presentation at the Inside Bitcoin Berlin conference in Germany, it is going to explore the solutions that are the most desirable. He says that it is one of the foremost experts in Blockchain technology which is transforming the way Bitcoin is being perceived.

Creation of mSigna, a product of Ciphrex and the most advanced, secure, user-friendly Bitcoin wallet on the market is a remarkable feat. He further clears that the first to support advanced features such as full control, scalable multi-signature account management, mSigna is the safest option to store, receive and send Bitcoin.


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Bitcoin is Potential Threat for Tax Collection Says the Australia Department of the Treasury




The Australian Department of the Treasury sees Bitcoin as one of the ways to evade taxes in the country. The organization is claiming that Bitcoin and digital currencies are a potential threat to its tax collection efforts. The views came to fore when a report was released by the department that outlines areas in which it hopes to change the structure of its tax revenue system.

The new report is an analysis of taxation system after the emergence of new financial technologies, including Bitcoin and other digital currencies. According to the released report new ways of transacting, including cryptocurrencies such as Bitcoin, were not contemplated when the current tax system was designed; however, it must prepare to cope with them.

It is not for the first time that Bitcoin is being blamed for tax evasion by the taxation authority in Australia, there are several instances that tell the overall environment is hostile for the virtual currency. Nonetheless, Bitcoin business in Australia has faced an increasingly hostile environment in terms of the authorities throwing their weight against it.

One major instance came in when Australian Tax Office forced Bitcoin operators such as CoinJar to move offshore to avoid double taxation. The new report looks like an attempt by the ATO to clamp down on Bitcoin for which it is trying to fetch support from the government. Now it has to be seen how the ATO brings the Bitcoin companies under its jurisdiction.

Clamping on Corporate Tax Evasion

Though the users are going to face trouble as they would still be held liable for the Bitcoin they earn even if these are with offshore Bitcoin companies. However, it does not seem to be limited to citizens as according to the new report every non-resident company that derives taxable income from Australian sources is also required to pay tax in Australia.

The new report is contrary to the earlier stand taken by the Senate choosing to make current policy more of a permanent fixture. Nonetheless, the new policy may have come after the initiative by the G-20 meeting held in Australia wherein the issue of black money came in. Clamping on the corporate tax evasion is a major step towards curbing black money.

Interestingly, the report does not elaborate on how the utilization of Bitcoin to avoid tax liabilities might be prevented.


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Newnote Financial Acquires BitVisits.com enables web surfers to obtain Bitcoin

In a press release Newnote Financial says that it has acquired BitVisits.com, a Paid-to-Surf Advertising Platform Vancouver. In the announcement, it says, “Newnote Financial Corp. is pleased to announce the Company has acquired BitVisits.com, a Paid-To-Surf (PTS) advertising platform enabling web surfers to obtain Bitcoin by visiting advertisers web sites.”

The ambitious acquisition is according to the company will be used to market existing as well as new products and services. Nonetheless, as BitVisits.com differs from other PTS services in that it pays web surfers in Bitcoin plus provides high payouts, a referral program, daily cash-outs and detailed reporting, the company will try to explore it further.

Nonetheless, the press release from Newnote Financial says that advertisers can create multiple campaigns targeting various demographics and track real-time results as well. At the same time BitVisits.com which has over 12,000 users; up 140% in the past two weeks delivered over 500,000 ad impressions in the past two months.

As BitVisits.com has an effective advertising platform with real-time reporting it has a lot of revenue potential, Newnote Financial will put efforts to further exploit it. Talking to media professionals CEO & President of Newnote, Paul Dickson, says that BitsVisits.com is a startup, however, its currently experiencing phenomenal growth with hundreds of new signups daily.

Nonetheless, the sources from BitVisits claim that aside from its revenue potential, it provides Newnote with an ideal platform to target both businesses and individuals interested in Bitcoin. Additionally, although Bitcoin has been around for six years now, it’s still difficult to obtain without having to setup accounts and go through a vetting process.

Huge Prospects for Bitcoin Payment Solutions

Notwithstanding what the press release also informs that BitVisits makes it easy for anyone to receive Bitcoin relatively effortlessly while spreading the wider adoption of the crypto-currency. Looks like Newnote Financial Corp. is pioneering innovative crypto-currency and Bitcoin related software products and services, is all geared up for further expansion.

Newnote Financial Corp is in expansion mode; earlier, it bought Cointrader.net, a Bitcoin Exchange and offers Point-of-Sale services to merchants accepting Bitcoin for merchandise. In very short span of time the company has positioned itself to be a leading contender in delivering opportunities to startup businesses world-wide and continues to create new.

Nonetheless, as Newnote has a clear vision on the direction in which this new and unique business is headed and is continually adjusting and adopting new business practices, the latest acquisition was just on the way.


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BTC Exchange Safello Brings Bitcoin Wallet Services, Promises for Complete Security




The Stockholm based Bitcoin exchange, Safello, has launched its safe and secure Bitcoin wallet for customers. It says that so far Bitcoin software isn’t known for being easy to use; however, it wants to change that. According to the organization people who have Safello wallets don’t need to keep track of one another’s addresses; they just need to search for their friend’s name, enter a Bitcoin amount and hit send.

Nonetheless, Safello claims that it’s so easy that even ordinary moms could use it and aimed at those novice users who struggle with grasping the concept of signing up for an exchange yet needing a separate piece of software to store their Bitcoin. The BTC wallet is also a part of Safello’s strategy to reach to wide users across the European Union.

Regarding verification and security, Safello promises that verified accounts make sure customers’ money gets into the right hands. According to the firm scams and impersonations are common in the Bitcoin world; therefore, when sending money through Safello to an organization or a public figure, make sure the customers look for the verified-symbol.

This according to the Bitcoin exchange guarantees the right ownership of the account. Nonetheless, the Safello Bitcoin wallet will let the users send Bitcoin to a specific alias instead of having to copy their entire Bitcoin wallet address. Similarly, if some user wants to check Bitcoin transaction history, it has been made possible.

Bitcoin Wallet with Comprehensive Security Features

Announcing the Bitcoin wallet the organization says that it presents users with an informative infographic, detailing the entire transaction history from the date a specific address was generated up until right now. Also, as all of this information is available on Blockchain.info, the users will be able to access with ease.

Informing the users, Safello says that once they have completed all of the steps to set up their Safello Wallet, they will notice every wallet is able to generate a public wallet and a private wallet. Nonetheless, this system according to the market observers can be compared to having a Bitcoin wallet for hot storage and one for cold storage.
Whereas the private Safello Wallet address is not visible to other users of this service, and can be used to store your Bitcoin safely, the public wallet is public and visible to all other users when they send you money.


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Bitcoin News Mash-Up: Coinbase Trespassing; Gem API Launched; and More




Coinbase Nosing Into Bitcoin Miners’ Private Files

Coinbase recently sent letters to a multitude of US Bitcoin mining companies, in which it requested them to submit details related to their operational information. According to the available reports, the US regulators had asked Coinbase for a certain private information of its customers that led them to seek competitively private information from the Bitcoin mining companies it serves. It however assured to maintain confidentiality of the provided data. You can read the full report here.

Gem API Launched

Californian Bitcoin startup Gem recently exited its beta stage and announced a full-fledged launch of its API. The company also declared to make its new platform free for small developers, therefore enabling them to make Bitcoin apps without worrying too much about security. You can read the full report here.
Integrates Bitcoin to Online Billing and Payment Platform

Online billing and payment platform Invoiced recently added Bitcoin option for its users, therefore allowing them to generate invoices and receive payments in digital currency. The platform already offers a multitude of payment options in VISA, MasterCard, PayPal, etc. But the addition of Bitcoin ensured merchants to pay relatively lesser than other payment options, therefore saving them enough money at the end of each quarter. You can read the full report here.



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