The Bitcoin Blog

F or the first time in the history of humankind, a currency has reached and surpassed the value of the oldest money on earth, gold. At around 5 PM London time on the fourth of January 2017 one bitcoin stood at $1,197 (8,320 CNY) at Huobi and 8,320 CNY at OKCoin, two of the main and most liquid bitcoin exchanges, while gold stood at $1,166 Two of the Most Liquid Bitcoin Exchanges Surpassed Gold Parity and ATH at 5 PM GM T  on the 4th of January 2017. Reaching gold parity is an historical milestone for the eight-year-old digital currency which has grabbed the world’s imagination since its invention, spurring thousands of likewise blockchains, with the most prominent, Ethereum, which extends the capabilities of this new invention to that of fully programmable money. If it maintains it, the event will probably be seen as the tipping point as the permissionless, decentralized, cost efficient, limited, programmable money, which even the United States government accepts...

TOP 7 Reasons why Onecoin is a Scam. 1. Onecoin, like other fake digital currencies before it does not have a whitepaper to show people what the currency is about. There are no peer reviews etc.  What is Onecoin hiding? It is just feeding on the gullibility of people. 2. Onecoin cannot be exchanged in ALL the major cryptocurrency exchanges eg kraken, bitstamp,  cex.io , poloniex, bitfinex, quoine, etc meaning you cannot get your cash out except you sell to another onecoin, you are at the mercies of only people doing Onecoin to get your money out. 3. Onecoin is over two years old and no merchants currently accept it. However within 6 months of Bitcoins availability in the ecosystem people were able to exchange goods and services with it as a currency of payment. Today over 100,000 offline and online merchants accept bitcoin. Prominent among them is  overstock.com . All these point to the acceptance of a currency that is true and open. 4. Onecoin use...

Happy New Year Bitcoiners and Bitcoin doubters. Indeed 2016 can be said to be the year Bitcoin took its biggest step into becoming a main stream currency. Driven by economic, geopolitical and other factors, 2016 saw Bitcoin gradually retracing its steps back to its highest level of 2013.  2016 also saw Bitcoin thumping major currencies and precious metals like the USD and Gold to emerge as the fastest growing asset class in 2016 (a feat it also achieved in 2015). The year in review also witnessed (as expected) a lot of scam cryptocurrency schemes which rode on the crest of the Bitcoin phenomenon, edinar, elcoin, onecoin, tbc elcoin etc. all without whitepapers, positive peer reviews and lack of availability on any exchange.  Many got sucked into the mentioned coin scams and still have their funds stuck there. To this group I say a big sorry and pray you get the chance to rectify the errors. I recall sometime towards the end of the year 2016 I ma...

Good day my Nigerian Bitcoin enthusiasts and pessimist. Talking or writing about Bitcoin has become a dangerous passion that I can't let go. Consequently the launch of my free ebook on Bitcoin (which I made available to Bitcoiners this week. download here if you have not read it)  has brought with it many questions and requests for meet ups as more and more seek for more information about this technology that is already disrupting the global financial eco-system. I was shocked with the over 1,000 downloads the book received in 48 hours.  As usual, asides wanting to know what Bitcoin is, how it works, what its origins are, the most recurring questions are; Is Bitcoin safe, How do I make money from Bitcoin and the most important (which truly no man can answer with 100% assurance) which is will the price still go up from the current price? Is it not too late to invest in Bitcoin now that the price is at $950. Basically what most respondents wanted to do was to put me in...

Ignorance and greed have been described as the fuel that has powered the engine of most scams and financial malpractices. There is a growing trend within the cryptocurrency industry that portrays the characteristics of a time-bomb waiting to explode. Almost everywhere you turn, there is a certain coin to mine, a product to invest in, or a cryptocurrency based MLM that promises extraordinary payouts. The number of individuals who subscribe to these programs, on a daily basis, rises exponentially. Before this current wave of events, there have been similar cases where money making programs, that looked too good to be true, appeared and sucked people in, only to suddenly collapsed. Victims of such scams have always been left in pains and regrets, for those who lived through the disappointments. Why do scams persist? One question that remains to be answered is the reason why the public keeps falling for this age long trick, despite their own previous pai...

Bitcoin users in Japan can now pay their electric bills with their favourite cryptocurrency and save money as well. The mainstream acceptance of Bitcoin is growing with time and in Japan, where Bitcoin has official currency status, Bitcoin has just taken another great leap. ResuPress Inc. the company which operates Coincheck, a Bitcoin payment service, has partnered with Mitsuwa Industry Co. Ltd to allow Japanese users to pay utility bills with Bitcoin. Coincheck Denki (electricity) will be launching in November 2016 and will enable users to pay electric bills with Bitcoin. Heavy Bitcoin users to save 4-6% on electric bill Coincheck Denki has two plans on offer for customers. One plan is for light users and the other for heavy users. We talked to   Kagayaki Kawabata , the Business Development Lead at   Coincheck   about how they plan to classify users. He says to CoinTelegraph: “Light users are people who are not still familiar with Bitcoin. With the ...

The US economy could be headed for another recession soon. Barely seven years after the last great recession, several economic indicators point to a renewed downturn possible in the near future. According to a report by CNBC, investment is down across the board, including specifically in farm machinery, while transportation sales have stalled. These indicators are usually a good predictor of a recession, and investors look to them when gauging future financial decisions. To make matters worse, Citigroup now predicts that, in the event that Donald Trump wins the presidential election in November, that could trigger a worldwide recession as global uncertainty rises. According to a recent poll by Marketplace and Edison Research, 71% of Americans view the economy as rigged in favor of certain parties. This view will almost certainly be amplified in the event of a further economic downturn. The economy elsewhere may not fare better than the US While t...