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Blockstream  Blockstream is  introducing Simplicity , a new programming language for blockchain-based smart contracts, intended for inclusion in Blockstream’s sidechains and eventually in Bitcoin. The new language was presented by its creator, Russell O'Connor, Infrastructure Tech Developer at Blockstream, at the ACM SIGSAC Workshop on Programming Languages and Analysis for Security ( PLAS 2017 ). "Simplicity is a blockchain programming language that is so simple, it fits on a t-shirt,” O'Connor told  Bitcoin Magazine . “It is critical that smart contracts behave in ways that all participants expect, and applying formal verification to Simplicity allows us to achieve that.” Simplicity is still a Blockstream Research & Development project, but there’s potential for its use in Blockstream products in the future, according to the company’s announcement. “Simplicity is flexible enough that I anticipate many new, domain-specific, languages will generate Simplicity, and

Only Expedia's US site will accept bitcoin during the trial Travel website Expedia has become the latest company to accept bitcoin transactions as a form of payment for hotel bookings. When Expedia's US customers come to pay to reserve their hotel, bitcoins will be offered as a payment method alongside Visa, MasterCard, American Express, JCB, Diners Club and Paypal. To begin with, the company will only accept the virtual currency for hotel bookings, and will restrict the trial to its US site. Expedia boss Michael Gulmann said: "We're continually looking at ways consumers want to pay for their travel; bitcoin is a great example of how Expedia is investing early in an array of payment options to give our customers and partners more choice in the ways they interact with us." Other big businesses such as Virgin Galactic now accept bitcoin, as do a range of  UK companies from Theatre Tickets Direct to the law firm Sheridans.  Video:Shop Holds Bitcoin-Only Trial

If you aren’t sure which coins to mine then it can be a difficult process carrying out the required research to find the largest profit margins. Thankfully there are already websites available that simplify the selection process. First you need to establish whether you are mining with a GPU or ASIC’s device. Then head over to  whattomine.com  and then select GPU or ASICS link from the top of the page. You will instantly be presented with the crypto coins with the highest profitability in realtime. Now once you have mined your coins you may want to convert your cash back into a safer currency such as BTC or LTC. Well there are tools for this as well. Check out  Shapeshift  a website that allows you to instantly convert your coins from one coin to another. I for example would generally move some of my profits back into LTC or BTC as I feel more comfortable with the stability of these currencies. As of today the most profitable coins to mine by GPU are as follows The most profitabl

Ethereum fans got a bit of a boost today from two different companies in the crypto space. UK-based cryptocurrency firm  Blockchain  and Luxembourg-based cryptocurrency exchange  Bitstamp  have each added ether to their platforms for the first time. Blockchain  says its customers can simply toggle between bitcoin (BTC) and ether (ETH) to manage and transact funds quickly and easily. Additionally, Blockchain has also integrated ShapeShift’s API so trading bitcoin to ether and vice versa can happen all from one place. In an earlier, separate announcement to its customers, Bitstamp said it will allow full trading functionalities of ether today. Ether deposits and withdrawals opened at 9 am (UTC) and began to allow full trading functionalities at 1 pm (UTC). Nejc Kodrič, CEO of Bitstamp, said: "We've been encouraged by ether's potential and the demand shown for its inclusion among our trading pairs.” Ether now joins USD, EUR, bitcoin, litecoin and Ripple among the coins

Questions about how identity is tied to Bitcoin and its use are understandable. It can be more than a little confusing to parse what aspects of your name and personal information will be tied to the platform. While it carries a reputation for allowing users to operate in the shadows, you may also know that Bitcoin is tied to distributed ledger technology, which records every transaction and traces them back to their origin. So, is Bitcoin anonymous? The short answer is no, not entirely. While anonymity indicates that the identity of an actor is unknown, Bitcoin transactions are linked to a specific address and, thus, an “identity.” However, that address does not necessarily have to be tied to a real-life identity. That is why Bitcoin is often described as “pseudonymous.” If a user’s Bitcoin address is tied to their real identity, then it is possible to trace activity back to them. If not, it is possible only to trace activity back to their Bitcoin pseudonym. Bi

An Initial Coin Offering, also commonly referred to as an ICO, is a fundraising mechanism in which new projects sell their underlying crypto tokens in exchange for bitcoin and ether. It’s somewhat similar to an Initial Public Offering (IPO) in which investors purchase shares of a company. ICOs are a relatively new phenomenon but have quickly become a dominant topic of discussion within the blockchain community. Many view ICO projects as unregulated securities that allow founders to raise an unjustified amount of capital, while others argue it is an innovation in the traditional venture-funding model. The U.S. Securities and Exchange Commission (SEC) has recently  reached a decision regarding the status of tokens issued in the infamous DAO ICO which has forced many projects and investors to re-examine the funding models of many restrictionsICOs. The most important criteria to consider is whether or not the token passes the  Howey test . If it does, it must be treated

Using our handy guide, you may have already familiarized yourself with the ins and outs of Bitcoin. But aside from bitcoin, there are hundreds of other digital currencies out there. These are known as “altcoins,” or alternatives to bitcoin; for example, ether, ripple, zcash, monero and dash, to name just a few. Altcoins can differ from Bitcoin in a range of ways. Some have a different economic model or a different coin-distribution method, like altcoins that were given away to all citizens of a country. Others employ different proof-of-work mining algorithms, perhaps to resist specialized mining hardware — or maybe they don’t even rely on proof of work at all. Several altcoins offer a more versatile programming language to build applications on top of, while yet others offer more privacy compared to Bitcoin. And there are also altcoins that serve very specific, non-monetary use cases, like domain name registry or data storage pointers. However, there are also

One of the fundamental questions many people have about Bitcoin revolves around the tokens themselves. Questions about its value, security and history, all eventually lead to one place: Where do bitcoins come from? While traditional money is created through (central) banks, bitcoins are “mined” by Bitcoin miners: network participants that perform extra tasks. Specifically, they chronologically order transactions by including them in the Bitcoin blocks they find. This prevents a user from spending the same bitcoin twice; it solves the “double spend” problem. Skipping over the technical details, finding a block most closely resembles a type of network lottery. For each attempt to try and find a new block, which is basically a random guess for a lucky number, a miner has to spend a tiny amount of energy. Most of the attempts fail and a miner will have wasted that energy. Only once about every ten minutes will a miner somewhere succeed and thus add a new block to the bl

Questions about the value of bitcoins as an investment will likely differ depending on who you ask. Those with a vision of a fully-distributed future in which the lack of a centralized overseer becomes key to an asset’s value will tell you that, yes, bitcoins are poised to become only more valuable in the future. Others who put more value in the traditional trust afforded by banks and government institutions would likely steer you away from bitcoins as an investment. While determining how “good” any investment will be is ultimately a guessing game, there are some tried and true ways to determine an asset’s worth. One of the simplest ways to think about bitcoin as an investment is to consider its rise against the U.S. dollar. Recently, bitcoin prices eclipsed $1,000 and have reached beyond $1,500. If you had invested in the digital currency when its worth was still hovering around $150 just a few years ago, or when it was first introduced in 2009 and worth nothin

The digital currency Bitcoin has a dedicated following, regularly makes headlines and inspires countless investors to consider making digital currency part of their portfolios. Yet it enjoys the backing of no government or third-party entity like a bank, and it can be hard to understand where its perceived value comes from. So, you may be asking, what makes bitcoin valuable? Fundamentally, bitcoins derive their value just as anything else does: because people want them. Like any other currency, bitcoin follows the basic rules of supply and demand. Currencies have always been useful tools to make trade easier, enabling holders to convert goods into a widely tradable commodity through sale, then use the proceeds of that sale to purchase nearly anything they wish. While fiat currencies derive value from the governments that back them, currencies like gold are valuable in and of themselves. Currently, bitcoin isn’t like other currencies in that it is not universally

If you’ve made the decision to buy some bitcoins, you may now be asking yourself how to store the digital currency. In name, the answer is what you might expect from experiences with fiat currency. But the details require a little explanation. The private keys that are necessary for accessing a Bitcoin address are stored on a “bitcoin wallet.” In general, wallets grant you access to your public Bitcoin address and allow you to sign off on transactions, but they differ based on how you choose to access them. Factors to consider when choosing  the best bitcoin wallet  for you  include security, anonymity and control. Desktop wallets  allow users to create an address for sending and receiving bitcoins and provide a place to store the private key for doing so. This can be done by downloading software to an individual computer. Mobile wallets , accessed through apps, allow users to transact on the go. While “full Bitcoin” clients download the entire Bitcoin blockch

It’s understandable to have questions about the legality of using Bitcoin. The platform introduced a brand new paradigm away from the traditional regulators and regulations that govern fiat currency. Unlike illegal, counterfeit money, which is a blatant example of a “currency” that misrepresents itself as legal tender, Bitcoin is entirely different. Nevertheless, it operates in a seemingly gray area when it comes to regulation. However, many of these concerns boil down to misunderstandings or a lack of concrete rules that govern Bitcoin, rather than overt violations of the law. The question surrounding the relationship between Bitcoin and the law really depends on how the digital currency is being used. Ever since the now-defunct Silk Road gained notoriety, regulators have been concerned about Bitcoin’s semi-anonymity and decentralized nature. In the U.S., as well as in other countries, authorities fear that the platform could be used for money laundering and the

Bitcoin depends on a distributed ledger system known as the blockchain. The blockchain is possibly the most powerful innovation associated with Bitcoin, as countless industries from financial services to healthcare have begun contemplating how to leverage the technology for their own uses. So it’s worth asking: What is a blockchain? The essential power of blockchain technology is its ability to distribute information. Because it is distributed across all of the nodes, or individual computers, that make up the system, the term “blockchain technology” is often swapped with “distributed ledger technology.” A blockchain’s database isn’t held in a single location, which could be infiltrated or controlled by a single party, but rather it is hosted by numerous (in the case of Bitcoin, tens of thousands of) computers all at once.   The blockchain network automatically verifies itself at certain intervals, creating a self-auditing system that guarantees the accuracy of

Bitcoin means different things to different people. For some, it is a future of freely moving currency untied to any central bank. To others, it is a purely digital entity of questionable value and dubious origin. But what is Bitcoin, in the most basic sense? In most casual conversations, you can get away with knowing that bitcoin is, basically, a digital currency. But of course, it’s much more complicated than that. In fact, it is two much more complicated things. Bitcoin has been with us since 2009, when a person (or group) under the pseudonym Satoshi Nakamoto introduced a platform (Bitcoin, uppercase) that hosts a digital currency (bitcoin, lowercase). Bitcoin the platform is built on the concept of “ proof of work ” data that is expensive and time-intensive to produce but can be easily verified. In Bitcoin’s case, proof of work is created through the process of “mining.” To mine a bitcoin, a computer must complete a complicated algorithm, essentially going through the work of a

Tax season can be confusing enough with complicated rules about what types of income are taxable and which are not; what can be written off and what can’t; and which assets need to be listed and which do not. Add to that the confusion around digital currency and its status in the eyes of governments, and there are bound to be questions about how Bitcoin relates to taxes. In the United States, for example, “taxable income” encompasses anything received as payment for goods and services. There is no reason that this would exclude payment in bitcoin. Bitcoin received from another person in the exchange counts as gross income, which is subject to income tax. Bitcoin earned through trade or by running a bitcoin exchange could fall under the “capital gains” category, like gold, and will be taxed. Bitcoins that are mined are counted as income received from the act of mining and are taxable with the expenses accrued (such as computing power) being deductible. When miners s

When you are trading the cryptocurrency it is necessary to have accessibility to a relied on brokerage company. Though there are lots of brokerage companies available that can be counted upon, figuring out the one that can additionally ensure you attractive returns are essential. Undeniably with Bitcoin brokers’ testimonials you could do it fairly precisely. Bitcoinbrokers are services provider that allow you to buy Bitcoin anonymously for buyers, and also market Bitcoin at a premium. For customers of Bitcoin you will be provided a financial institution account with name, account number and directing information. You transfer loan right into the account to obtain Bitcoin in return. This is lot even more easier now than a pair of years ago. It goes without saying delving into Bitcoin profession is not as very easy as it seems. You require to do research, have an enough understanding of how the profession goes. Additionally, you should understand the sort of people that you are going

The wild world of Bitcoin is about to get a whole lot wilder.  On August 1, 2017, the preeminent cryptocurrency is set to break in two. Two warring factions, fundamentally divided on Bitcoin's future, are coming to a head — and the impending split could either save Bitcoin or doom it. The split, called a hard fork, will result in two separate and distinct cryptocurrencies:  Bitcoin Cash  and  Bitcoin Core . Oh, and it also has the potential to create billions of dollars worth of new cryptocurrency out of thin air.   But that's not what this is really about. Bitcoin as it currently stands is in trouble, and with so much money on the line opposing parties have naturally come forward with plans to save it. And, surprise, they all don't agree on the solution.  That resulting disagreement is set to play out in full force at  5:20 a.m. PT  on August 1 with the launch of the Bitcoin Cash protocol, and many in the Bitcoin community have no choice but to hold their breath and w

Victims lost $1.33 billion to cyber criminals in 298,728 cases, with hackers stealing and extorting $28.3 million in cryptocurrencies in 2016. On June 22, the Federal Bureau of Investigation presented its annual  Internet Crime Report  for the year of 2016. The FBI analyzed the victim reports at the  Internet Crime Complaint Center  (IC3) and used the information from their database to publish the annual study. It is important to mention that, according to the Department of Justice’s research, only an  estimated 15 percent  of the U.S. fraud victims reported their crimes to law enforcement. The FBI highlighted multiple “hot topics” regarding internet crimes for the year of 2016. This included Business Email Compromise (BEC), which resulted in the loss of $360 million from victims, currently standing in first place in the category of most damage caused. BEC is a sophisticated scam targeting companies working with international or foreign businesses or suppliers who conduct wire

Digital currency practices have exploded in recent months, bringing to the forefront new regulations. This means VC investors looking to get a piece of the action need to do further due-diligence and remain informed on the legal side. According to  Inside Bitcoins , last year two Bitcoin and blockchain-related startups raised over $1 billion in total investment. This is a massive increase from the $347 million invested in the space in 2014. So what are the latest issues around cryptocurrencies? How will the recent  SEC announcement  impact investors? Bob Graham, partner and head of the digital currency services practice at  Friedman LLP , has been receiving inquiries from both Bitcoin and blockchain-related firms and investor funds asking for audits and advice. Graham tells  Bitcoin Magazine  in an exclusive interview what VC investors should be aware of and how Bitfinex recently engaged Friedman to assist with an audit. What issues are VCs facing related to digital currency? The

August going to be a huge month in bitcoin history. Bitcoin, the largest cryptocurrency on the internet, is currently at a crossroads. Before August 1, the powerful users who “mine” the currency with souped-up PCs will have to choose whether or not to apply BIP 91, a set of software code to the bitcoin’s bedrock, known as the blockchain — a chronological public ledger that documents every transaction of the digital currency. While the miners currently seem to be in favor of the update, the controversial decision on how to update the cryptocurrency’s technology has driven a rift between several groups of users, leading many to speculate that at some point, the technology will “fork.” But  the concept of a fork  is complicated, and involves everything from the specific technology applied to bitcoin to the foundational philosophy behind the cryptocurrency. Here are five things you need to know about a possible bitcoin fork. 1. What is a bitcoin fork? In financial terms, a fork means r