FinCEN Files Remind Us That Bitcoin Is Still Not For Money Laundering

This article originally appeared in our Down The Rabbit Hole newsletter. If you want our news and analysis straight to your inbox, make sure you subscribe now! This week, a released cache of thousands of reports from major banks showed that these institutions ignored their own concerns and willingly moved trillions of dollars around the world on behalf of suspected terrorists, criminals and corrupt governments. Known as the “FinCEN Files” because the banks’ reports were filed with the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN), this cache was brought to…

Read More

The Sun Never Sets On Bitcoin Mining: Decentralization Continues As China Flounders

Bitcoin miners have successfully survived the 2020 Halving and COVID-19, and the network is now seeing some of its highest hash rates ever as these operations power up new equipment and reach new levels of decentralization going into the second decade of bitcoin mining. Bitcoin Mining Is Decentralizing China still dominates the bitcoin mining space, although the percentage of the hash rate coming from the country has dropped recently, from around 65 percent in early 2020 to about 50 percent more recently as Chinese mining farms are weathering a particularly…

Read More

Unchained Capital Unveils New Ways For Businesses To Custody BTC

Unchained Capital, an Austin-based financial services firm, has announced its new enterprise-grade self-custody offering, aptly named “Business Accounts for Bitcoin.” The underlying principle of this new offering is “collaborative custody,” for which Unchained’s goal is to focus on simple workflows for funds, businesses and B2B2C providers to manage private keys. Common alternative solutions for managing multiple private keys might be splitting up the keys into multiple pieces and using Shamir’s Secret Sharing or relying only on multisig key security.  Neither of those alternatives take into consideration any actual business logic…

Read More

DLCs Are On Bitcoin, Bringing New Functionality And Major Potential

Bitcoin has been critiqued by those in the altcoin community for the past few years over its inability to host smart contracts. But recent work from developers at Suredbits, Crypto Garage and Atomic Loans — along with efforts from some independent contributors — on Discreet Log Contracts (DLCs) is bringing smart contracting to Bitcoin and will quell some of these critics. DLCs are uniquely positioned to bring smart contracting to Bitcoin using oracle contracts that are much more private and scalable than previously thought possible. What Are DLCs? DLCs are…

Read More

Community-Funded Bitcoin Awareness Campaign Unveiled in Hong Kong

Since 2012, the Bitcoin Association of Hong Kong has been one of the strongest local communities focused on Bitcoin, boasting a current membership of over 5,000 people. During the month of September, the organization will be using donations to buy advertising space that feature informative statements highlighting “the risks and merits of Bitcoin”.  “The goal is mainly to kickstart a conversation around the merits of Bitcoin, especially in the context of the ongoing economic challenges,” explained Leo Weese, co-founder of the Bitcoin Association of Hong Kong. “I think the beauty…

Read More

Square Launches Cryptocurrency Open Patent Alliance To Protect Innovation

Today, mobile payments company Square launched the Cryptocurrency Open Patent Alliance (COPA), a non-profit focused on keeping patents from becoming barriers to innovation in the space. “Crypto organizations (or even governments) have filed for hundreds of patents on cryptocurrency technology and continue to do so in large numbers,” a Square representative explained in a statement shared with Bitcoin Magazine. “Locking up foundational cryptocurrency technologies in patents stifles innovation and adoption; and offensive use of patents by bad actors threatens the growth of cryptocurrency technologies.” For instance, notorious Bitcoin fraudster Craig…

Read More

Bitcoin Reddit Roundup – August 2020

Welcome to the 3rd edition of Reddit Roundup by Nik and Flip of Bitcoin Magazine! This contains 40 links to most of the best quality content that was uploaded to Reddit for this month. Most links come from the popular r/bitcoin, but we also retrieved posts from other ones as well such as r/BitcoinMining. In this roundup, there are 10 different categories each link falls under, and the categories are: Privacy, Adoption, Development, Security, Mining, Business, Education, Regulation & Politics, Archaeology (Financial Incumbents), and last but not least Memes, Fun,…

Read More

The Top 5 Products That Every Bitcoiner Needs

In 2012, Bitcoin Black Friday was launched as a way for Bitcoiners to hack the mainstream consumerism holiday and promote their favorite technology as a killer tool for payments and encourage merchant adoption. Thousands of merchants have participated by offering discounts for customers who pay in BTC, but the celebration fizzled in 2017 as the Bitcoin community became embroiled in debates over block size and Bitcoin for payments became conflated with arguments over scaling. But this year, Bitcoin Black Friday is back with brand new deals that help Bitcoiners make…

Read More

With TVL At New Record, The Lightning Network’s Time Has Come

This article originally appeared in our Weekly Bits newsletter. If you want our news and analysis before anyone else, make sure you subscribe now! This week, the Lightning Network set a new record for the dollar value held in its payment channels at $12.6 million, according to data shared by Bitcoin Visuals. This metric is also known as the total value locked (TVL) in Bitcoin’s second layer payments solution and demonstrates the amount of money that users have moved into the channels, which let them quickly and efficiently transmit value to…

Read More

Invictus Capital Introduces Bitcoin Alpha Fund With Downside Protection For Investors

This is a promoted article provided by Invictus Capital. Invictus Capital, a leading blockchain asset management platform, has announced the latest upcoming fund in its offerings set which gives investors exposure to BTC while offering additional yield as well as downside risk protection. The Invictus Bitcoin Alpha Fund (IBA) is designed to outperform BTC by leveraging options and lending strategies that seek to give long-term BTC investors enhanced returns. The fund will maintain full BTC exposure at all times, while utilizing proprietary lending software to generate additional returns. Global investors…

Read More