Encryption Is More Important, and Easier, Than Ever

Twenty years after Netscape introduced encryption to web browsers to safeguard the private data of Internet users, roughly two-thirds of web traffic still moves on unprotected channels, according to research by Sandvine, a network equipment provider. Whether you visit Amazon’s product pages, stream a movie from Netflix or read the tax rules on the Internal Revenue Service’s website, marketers and hackers can snoop on everything you do. But now, the computer industry and the United States government have embarked on a major, multifront campaign to have basic web encryption — known as HTTPS…Read more …

13 of Worlds largest bank partner to develop Blockchain Tech

Citi, HSBC Partner With R3CEV As Blockchain Project Adds 13 Banks Distributed ledger startup R3CEV has added 13 new banking partners, bringing the total number of banks involved in its activities to 22. In a release, R3 revealed Bank of America, BNY Mellon, Citi, Commerzbank, Deutsche Bank, HSBC, Mitsubishi UFJ Financial Group, Morgan Stanley, National Australia Bank, Royal Bank of Canada, SEB, Societe Generale and Toronto-Dominion Bank had signed on to the project. R3 CEO David Rutter suggested in statements that the startups approach to collaborating with the market to lower the cost…Read more …

5 Reasons why the “internet of money” will crush centralized finance

The idea of a fully decentralized financial system still sounds like a utopia. Or maybe not anymore, according to Spain’s second largest bank, BBVA. The institution seems to be ready to embrace financial disruption and believes that “the current system where financial institutions record individuals’ accounts in a centralized fashion and the banks’ reserves are stored by the central bank” could be replaced by “a fully decentralized financial system.” The Spanish bank, result of a merge between Banco Bilbao Vizcaya and Argentaria in 1999, released a report titled Blockchain Technology: The Ultimate Disruption in the Financial System, analyzing the creation…Read more …

Microsoft, MIT, and the Bitcoin Block Chain For Social Good

Brian Forde from the MIT Media Lab believes that the block chain and related technologies may serve to remind the government that they need to become more transparent and open. Forde's Digital Currency Initiative is specifically looking into ways that the block chain can be a force for social good. According to him, the block chain can be used to distribute social welfare. Forde thinks that some of the best innovations will come from the developing world, as their banking infrastructure is not as strong, and they can come up with stronger, more…Read more …

Why Bitcoin Purchases Have Been Soaring Lately

FRANKFURT (The Street) -- At least one "currency" is benefiting from the recent turmoil in Greece and China. Bitcoin is experiencing a bit of a bull run. The digital currency/technology surged 20% in value from June 8 through the July Fourth weekend. NYSE-backed bitcoin broker Coinbase reported a 300% increase in European activity outside of Greece in less than 48 hours during the last days of June, and recorded almost 120,000 transactions in a single day in the last 30. In fact, the hybrid status of bitcoins - the IRS defines them as…Read more …

Nasdaq Selects Bitcoin Startup Chain To Run Pilot In Private Market Arm

Nasdaq OMX Group Inc. has named San Francisco-based startup Chain as its partner for a pilot, announced in May, to test Bitcoin technology for the trading of shares in private companies. Founded in 2014, Chain provides infrastructure to financial institutions wanting to use the blockchain, which is the technology underlying the digital currency Bitcoin, in their products and services. The blockchain enables entities to digitally transfer money and other assets directly, securely and near instantaneously. Nasdaq will be testing the blockchain in Nasdaq Private Market, which is a marketplace for pre-IPO trading of…Read more …

Wall Street watchdog sets rules for bitcoin

original article . A top Wall Street watchdog on Wednesday issued new rules that place stricter cybersecurity requirements on financial firms wishing to use virtual currencies. “We think regulation is important to the long-term health of the virtual currency industry,” said Benjamin Lawsky, head of the New York Department of Financial Services (NYDFS), during remarks at a Financial Services Roundtable event. “Building trust and confidence among consumers is crucial for wider adoption. It also helps attract additional investment.” Under the guidelines, financial firms handling bitcoins and other digital currencies will need to obtain…Read more …

Shares Of Bitcoin Investment Trust Surge After Much Anticipated Debut

orignal article Bitcoins can now be traded on the public markets. After a long wait, Grayscale Investment’s Bitcoin Investment Trust (BIT) received formal approval on March 26 and began trading in May with the ticker GBTC. Over the last few days the price of BIT surged, and at one point traded at US$133.70 per share. A share of GBTC is equivalent to approximately one tenth of a bitcoin. As of today, GBTC on major exchanges is traded at US$49 per share, which means that bitcoins in the Bitcoin Investment Trust are being sold…Read more …

BitPay Reveals the (Good) Reason Why Bitcoin Price Is Down

orignal article Let's cut right to the chase: the 17-month-long Bitcoin price drop has not spelled the slow death of the currency. Quite the contrary. The price fall has coincided with a literal doubling of the network's transaction volume. This means that Bitcoin is no longer a speculative investment, but is becoming an everyday payment method. Or so says the BitPay team, who recently spoke with IBTimes UK on why the currency's price drop is a natural and even predictable result of Bitcoin's serious growth. Early on in Bitcoin's timeline, there was hardly…Read more …

Why Virtual Currency Is Here to Stay – Bitcoin or No Bitcoin

Original Article You'd better start getting used to the idea of virtual currency. While the much talked about Bitcoin is the most prominent and widely used virtual currency, it is not the only one. Bitcoin is not even the first, as the earliest digital currencies emerged as far back as the early 1990s (most of them are long gone). Today there are more than 80 kinds of virtual currency, with an array of odd names like feathercoin, bbqcoin, fireflycoin, and zeuscoin. They're called virtual currency because they don't exist in the physical world…Read more …