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Bitcoin ATM

Over the last few years, Bitcoin has seen an incredible growth in popularity. Numerous stores, corporations, and businesses have started accepting Bitcoin as a form of payment. But this is not the only interesting part. What’s more intriguing is the fact that Bitcoin is no longer confined to only  business community. The currency is starting to take on the entertainment industry just as well.

According to the latest news from LV, a Las Vegas-based club has installed a Bitcoin ATM and is planning to register members through Blockchain.

Peter Klamka – the owner of Legends Club stated: “It was an easy choice to make. The club is recently opened and judging by the traffic, it only seemed a natural location. It was something that I had always planned and there wouldn’t be a better time to pull this move off.”

Looking at Klamka’s history, it’s pretty obvious that the guy is filled with passion for Bitcoin. He operates a company named Bitcoin Direct, LLC, and had also installed a Bitcoin ATM in Mixed Martial Arts Studio in Las Vegas.

Interesting fact: The ATM is branded with one of the club’s strippers – adding some extra flavor to it. The members are also calling it the “Porn Star ATM”. The Porn Star ATM is the second that Klamka has branded. First one was Mike Tyson’s ATM.

While talking about his plans, Klamka proposed that he is also considering to brand sports and celebrity ATMs.

“I also think branded ATMs of any kind will bring new audiences and new users to digital currency,” he said. “Nick Blomgren (who runs the Legends Club as well as the mixed martial arts studio) and some of these performers are more willing to experiment and test ideas.”

“It is similar to branded slot machines that are everywhere in Vegas and in casinos in general,” Klamka said. “In a longer term, it will encourage business to embrace digital currency there are no chargebacks frauds and transaction fees are extremely low.”

“The goal is to make an item for organizations to help drive the business forward,” Klamka told CCN. “We’ve seen individuals wanting to take pictures beside these ATMs.”

“I also think that branded ATMs of any sort will pull new users towards cryptocurrency,” he said. ”

Why It Seemed Such a Perfect Fit?

The MMA community is closely allied with the club, and given the popularity of Bitcoin amongst the MMA community, it only seems natural to have a Bitcoin ATM at the club.

Famer Stephen Bonnar – club executive and UFC hall of Famer – has close ties with MMA fighters and is always working to assemble the MMA fighters as hosts, friends, and members of the club.

Bitcoin and Strip Clubs:

The Legends Room is possibly the first strip club in the world to accept Bitcoin payments in addition to accepting traditional payments for services that the club provides.

Moreover, the club is also working on the idea of registering membership through blockchain. The approach will allow the owners of Las Vegas nightclubs to rent memberships just like real estate.

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Longfin Stock Value Drops Below 30% After SEC Announces Investigation

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After the US SEC (Securities and Exchanges Commission) announced that it’s starting an investigation, the stock value of Longfin (fintech firm) has dropped below 30%.

According to a report, on 2nd April, Longfin divulged the investigation in a public 10-K filing to the Securities and Exchanges Commission. Longfin is among the NASDAQ-listed fintech companies and its market cap shot-up above 1,000 percent in last December, within only 2-days.

finetech companies

Investigation By SEC

On 5th March, Longfin was informed by the Division of Enforcement of SEC that they will be investigating transactions in the company’s shares and also demanded the documents related to its IPO and acquisition of Ziddu.com. Ziddu.com is a firm that focuses on smart contracts and micro-lending via blockchain technology.

In the 10-K filing, Longfin showed that its aim is to cooperate with the SEC investigations. The document says:

“We are in the process of responding to this document request and will cooperate with the SEC in connection with its investigation. While the SEC is trying to determine whether there have been any violations of the federal securities laws, the investigation does not mean that the SEC has concluded that anyone has violated the law.”

What does Venkat Meenavalli have to say about it?

CEO of Longfin, Venkat Meenavalli also acknowledged this gigantic spike in stock value last December, as he stated:

“This market cap is not justified. I valued my IPO pricing at $5.” He also added:

“We are a profitable company… We have nothing to do with this euphoric mania.”

The stock value plunged really quick after an adverse tweet was posted by a well-known short-seller, Andrew Left’s Citron Research and news that the FTSE Russell was considering to eradicate Longfin from its benchmark Russell indexes due to inadequate free-floating shares.

As for the negative view of Citron, Meenavalli said:

“We are going to take legal action after we file the 10-K” and added, “The company is a profitable company, making revenue.”

Also, at the beginning of this year, the SEC reported that it’s going to start an investigation on companies that are using public enthusiasm and blockchain technology to deploy their stock prices.

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A beginner’s guide to surviving a coin-split

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guide to surviving a coin-split

 

We have all been hearing about the coin-split for a while now, so there are possible chances that it could happen any moment. While most miners are choosing to side with Bitcoin Unlimited and mine blocks larger than 1MB, some are sticking with the current Bitcoin asset aka, Bitcoin Tokens. This could lead to the network being split into two, aka “hard fork”.

Before the Split

First of all, be aware that this is a high-risk zone. Do not be holding onto more value in bitcoins than you are willing to lose. If you are planning on holding onto your bitcoins, then keep your private keys secure and under your control. Try investing in a hardware wallet, like TREZOR, Ledger Nano S etc. These will keep your private keys secure and provide you a backup PIN in case you ever tend to lose them.

Bitcoin guide

BE SURE TO MAKE A BACKUP OF YOUR PIN. 

You must not skip this step while installing any wallet.

We are not sure of when the fork would take place, but indications are that it could take place at any time and things could get messy from a scale of a few hours to maybe even days.

As such, our advice is that you don’t make any bitcoin transactions during that time period, at least not until we’re sure of what the post-fork situation looks like.

During the Split

There is no set date given as to when the “split” could take place, which means that a fork could happen at any time. However, if BU does fork, things would get complicated for a while. For eg, post-fork, transactions will look the same on either side. If a transaction is picked up by one end, there are chances that it’d be picked up on the opposite as well and may be valid for both chains. This is called a “replay attack” and unfortunately, BU does not include “replay protection.” Ultimately, spending coins on one end could lead to the same amount being spent on the other.

What you should do is, avoid sending any transactions until the post-fork situation is clear to everyone and you are sure that Bitcoin Unlimited is a winner.

After the Split

In the future, if both coins survive and you still have control of your private keys, you will have coins on both sides of the fork. But, it will be tricky to spend coins on one chain without unintentionally spending the same amount on the other end.

A solution for this would be to mine new bitcoin value after the split. If the coins are not present on either end, then no one can spend them.

Some exchanges might even set up coin-splitting services that will credit your account with BTC and BTU. Perhaps you might have to upgrade your wallet.

Also, if neither of these survives, your private keys will probably become worthless.

 

No one clearly knows what the post-fork scenario would appear to be, so as of now, we simply wait and see.

Hope for the best!

Tags: Bitcoin generator

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Bitcoin Advantages – How Bitcoin Can Benefit New Users?

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Bitcoin Advantages

The majority of people is not familiar with the concept of Bitcoin. They think of it as an online scam tool that criminals use to steal money; which is not true. It is a peer to peer, a digital currency which is independent of any sort of third-party influence.

There are several advantages of using Bitcoin and those with the experience of Bitcoin transactions are fully aware of how to capitalize on this cryptocurrency. However, if you are new to the concept, you will need to go in depth and know how it can benefit you.

Benefits of Bitcoin:

Bitcoin Advantages for New Users – Easy to Open a Bitcoin Wallet Address:

Opening a Bitcoin Wallet Address, also known as “wallet”, is pretty straight forward. No credit check ID, citizenship papers, age requirements or passport are needed to open the account. Since there are no age restrictions, anyone can open a Bitcoin account, even if it means a 10-year old kid.

Want to learn more about Bitcoin wallet? Read our post on how to make a Bitcoin wallet.

No Need for Bank Approval to Launch Your Business Idea:

Starting new business is a difficult financial task as you will be required to have a bank loan or credit check. But with Bitcoin, launching a new business is not a problem anymore.

All you need is a QR code. Once you have it, post it on a social media platform and get support for your next business idea.

The idea may include offering services, a product or something valuable in exchange for Bitcoin.

Quick Access to The Rest of Digital Currencies/Altcoins:

Digital currency is a vast world and Bitcoin is just a small part of it. The other part is altcoins in which hundreds of millions are invested each year. To access the Altcoin market, you will need to have Bitcoin as it is to digital currency what US dollar is to traditional currency worldwide.

Before you move ahead, don’t forget to read what are some alternative currencies to Bitcoin.

Bitcoin IPOs:

Bitcoin IPOs are becoming a new financing option in the world of Bitcoin. The users can offer bonds, stock, and IPOs and buy/sell shares of their companies without the need of any established stock exchange.

The Cryptocurrency Has Numerous Advantages as Compared to Traditional Currency:

Bitcoin can do many things that dollar can’t. For example, it offers family wallets with pre-set spending limit which allows your kids to shop only at certain stores and at certain times. Moreover, it gives the owners the option to program digital currency for different parameters which are not possible in fiat currency.

Bitcoins Are Independent:

If you don’t like being watched or controlled by your government or third party, then trading in Bitcoin is the best option for you.

Bitcoin is more like a technology.  A technology with code and encryption keys. The technology is not controlled by any government or central bank. The only person who controls Bitcoin is the one who owns it.

Conclusion:

These are some advantages of Bitcoin for new users. The currency is relatively new and still, needs plenty of improvement. However, with the kind of structure it has and the rapidly growing usage, the currency is going to make a great impact on future markets.

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Bitcoin Price Predictions — Who Should You Believe?

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Many believe that the leading cryptocurrency, Bitcoin, is the future of money while others think it’s just a scam. Supporters of Bitcoin claim that the price of the digital currency will touch the sky while sceptics believe that all cryptocurrencies including Bitcoin will end up “worthless.”
bitcoin price predictions
But what should you consider when it comes to Bitcoin price predictions?

Tim Draper’s Views

Tim Draper is one of the most notable investors in Bitcoin and Bitcoin startups. According to the recent statement of Draper, he believes that the price of Bitcoin will hit $250,000 in 2022. Draper’s Bitcoin price prediction in 2014 was correct, as he believed that it would hit the $10,000 mark by 2017.

You can find a list of financial professionals who called Bitcoin a scam and claimed that it doesn’t have any worth. In simple words, a massive percentage of Bitcoin sceptics are those individuals who have a financial incentive to see the leading cryptocurrency [Bitcoin] fail.

Stefan Hofrichter — Bitcoin Prediction

Stefan Hofrichter, head of global economics and strategy at Allianz Global Advisor has recently said:

“[Bitcoin’s] intrinsic value must be zero.”

It must be noted that Allianz Global Advisers is one of the biggest investment houses in the world and doesn’t offer any crypto investments to its customers. The demand for cryptocurrency investments is growing day by day, though Allianz Global Advisers still needs to validate why it doesn’t offer any products in this area. There’s a clear encouragement for Hofrichter as well as his research team to settle that ‘bitcoin is an asset bubble’ – not a smart investment. Therefore, just like the price prediction of Draper, Hofrichter’s view on the Bitcoin’s future value has to be taken as with scepticism.

Impact of Politics on Bitcoin Price

The recent comments of Donald Trump on Twitter are monitored by traders, globally – and they can affect the stock and currency market. Last month, Amazon’s stock declined over 8% in three sessions – after the president of America, Donald Trump tweeted about Kim Jong-un.

bitcoin predictions

What does Tom Lee have to Say about Bitcoin’s Future?

When we talk about Bitcoin future prediction, in actual fact, no one has any idea about the future price of Bitcoin. Nothing can answer what will be the price of Bitcoin in future. It’s only time that will tell us at what level the price Bitcoin will trade in 3-10 years. The Managing Partner and Head of Research at Fundstrat Global Advisors, Tom Lee, has been predicting the Bitcoin price for quite a few years. According to his prediction, the price of Bitcoin will hit $91,000 by March 2020.

Back in October, Tom Lee told Business Insider in an interview:

“I think this next generation of young people views bitcoin as their store of value. And if it captures 5 percent of the gold market, it’s worth at least $25,000 per unit.”

The founder of Standpoint Research, Ronnie Moas, has predicted that Bitcoin price will hit $28,000 in 2018. He believes that the price of Bitcoin will ultimately upsurge to $300,000 – $400,000. Moas price prediction for Bitcoin is based on the limited supply of Bitcoin — facing unlimited demand.

Moas said:

“I don’t know how much gold there is in the ground, but I know how much bitcoin there is, and in two years there will be 300 million people in the world trying to get their hands on a few million Bitcoin. This mind-boggling supply and demand imbalance is what is going to drive the price higher.”

There’s no doubt, anyone can contend that Fundstrat Global Partners benefits from the outspoken views of Lee on cryptocurrency estimations. Though the failure and the success of his company don’t depend on the ‘future performance’ of cryptos including Bitcoin — same goes for Ronnie Moas and his company.

When it comes to price prediction of Bitcoin, the best people that you should listen to are independent analysts. Their price targets are not only based on the exhaustive analysis but their main incentive is to be right with their predictions because that is exactly what they are getting paid for.

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Bitfinex: Hong-Kong Based Crypto Exchange Will Not Support Petro

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On 27th March, a public statement was issued by Bitfinex, in which it stated that the platform won’t be supporting the “oil-backed” Petro token, which was launched in February by the Venezuela government.

Bitfinex

Bitfinex is a Hong-Kong based crypto exchange trading as well as currency-storage platform, which was established in 2014 and since then, it’s been the largest platform for Bitcoin.

crypto exchange

Bitfinex Blog Post

On Bitfinex, the statement was posted:

“The government of Venezuela (“GOV”) has recently introduced the Petro token (“PTR”), which purports to be a cryptocurrency backed by oil.”

In this blog post, which was posted on 27th March, the world’s number four crypto-exchange by trade volume (24-hour), clearly explained their decision, stating the fact that recently, the US had banned all of its citizens from buying Petro cryptocurrency, as well as other Venezuelan digital currencies similar to Petro that could be introduced anytime in future. It was written by the exchange that it perceives the coin as it has limited utility.

“We have never had plans to include the PTR or similar tokens in the Bitfinex trading platform. In light of the U.S. sanctions and the other clear sanctions risks of dealing in these products, Bitfinex will not list or transact the PTR or other similar digital tokens.”

According to the Bitfinex team, the limitations are not only applicable to the US clients, but also to the consumers of the platform. They are also linked to all of the activities on the platform, like;

  • Deposits
  • Financing
  • Trading
  • Withdrawals

The platform also further added that regardless of location, all of its employees and contractors are also banned from transacting in the Petro. This news from the crypto-exchange Bitfinex follows the latest exploratory work by “Time magazine” that connects the Petro cryptocurrency to the Russian government.

There is a huge bank of indications to advocate that this digital currency issued by Venezuelan is a Russian experiment in sanction dodging. According to Time Magazine, Russia have been considering to use cryptocurrency to dodge the sanctions globally, however, they decided to assess the idea in a state, when there’s very little to lose.

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