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Uber just got cheaper in eighty cities in the US and Canada, and Uber drivers are pissed. “We’re reducing prices to heat up demand,” the company wrote in an e-mail to drivers for its Uber X and Uber XL services. Demand, many drivers point out, does not necessarily mean higher earnings for them, and they […]

The post Uber Just Got Cheaper In The US And Canada And Its Drivers Are Pissed appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

Russia’s Investigative Committee Chairman Alexander Bastrykin spoke about the country’s economy and the usage of cryptocurrencies like Bitcoin in Russia, in an interview today. Brings up previous proposals for criminalizing the production and usage of Bitcoin and other cryptocurrencies. Claims Bitcoin’s rapid spread “will represent a real threat to the financial stability of the state.” […]

The post ‘It Would Be Better to Prevent Spread’ of Bitcoin, Says Russian Official appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

Bitcoin price is consolidating above $425 and 2800 CNY. This analysis is provided by xbt.social with a 3-hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29. Bitcoin Price Analysis Time of analysis: 16h00 UTC BTCC 1-Hour Chart From the analysis pages of xbt.social, […]

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Fintech startup Freemit is about to launch the next generation of money transfer.

“Money when you need it, anywhere, in any currency, from anyone, in seconds, NO fees,” states the Freemit website in simple and very disruptive terms. “Send, spend and get money anywhere in seconds. Skip the bank with our Bitcoin-powered exchange and pay no fees, ever.”

The Freemit service, which includes a phone app and a (presumably virtual) credit card, is scheduled to start rolling out in 2016 and incentivize users with $10 in their accounts. In the meantime, interested readers can sign up for a waiting list.

“Freemit is a financial travel companion that empowers 3.6 billion travelers, students and others with a digital wallet, giving them financial independence to instantly access their financial resources using bitcoin,” reads Freemit’s Crunchbase profile . “They are creating a streamlined, inexpensive alternative to the current remittance and currency exchange systems. Using the blockchain and a local currency in/local currency out vision, they will make moving money cheaper, better, and friction-free.” The company received $120,000 seed funding in January 2015.

“Our banks are robbing us,” stated Freemit founder and CEO John Biggs as first reported by Crowdfund Insider . “And this doesn’t make sense anymore. Because the world has changed. There is this thing called the Internet, which changed everything … Except banking. And except money transfer. But that is going to change. It has to change. Why has it taken so long?”

That John Biggs is behind Freemit is news in itself, because he is a well-known author and editor. He is the East Coast Editor at TechCrunch – see his Crunchbase profile – and former editor-in-chief of Gawker Media’s technology magazine Gizmodo . Biggs has written for many high-profile general interest and technology outlets, and authored several books .

“What I am interested in are applications which seek to use Bitcoin to supplant our sclerotic, duct-taped global financial plumbing,” says TechCrunch columnist Jon Evans, and mentions as first example “Freemit, headed by TechCrunch ’s own John Biggs.”

How does Freemit get away with providing customers instant cash in any currency with no fees? Of course, an important factor is that Freemit channels transfers through the Bitcoin blockchain, which significantly reduces the service’s costs, but doesn’t explain how the company plans to make money. Bitcoin Magazine contacted Biggs, who said he isn’t ready to talk about Freemit’s business model at the moment, but will be able to say more in a few weeks.

Crowdfund Insider speculates that the company might monetize the service via credit card service fees.

“Bitcoin’s blockchain technology, and the open ledger that all can see, effectively cuts out the need for central banking oversight of transfers,” notes a Freemit blog post . “This makes instant money transfer something that can and should happen in the near future. Instead of complicated transfers between banks, central banks, and receiving banks, Bitcoin creates an easy, entirely digital, transparent and trustworthy system for money transfer.”

“When it comes to foreign exchange transactions Bitcoin is set to shatter the paradigm,” continues Freemit. “Banks charge 3-5% on foreign exchange transfers because they have a monopoly on this system. But the advent of Bitcoin essentially cuts out the middleman on any foreign exchange. Instead of going through banks, Bitcoin exchanges can now function as an instant, automated, and transparent exchange system. With Bitcoin the possibility now exists for the creation of a universal, instant, and cost-free system of international money exchange. Like the introduction of email, the possibility of instant, no cost money exchange is going to revolutionize the future of money.”

It seems likely that Freemit, if actually able to operate instantly with no fees, could seriously disrupt the money transfer sector, including the $583 billion remittance industry. As with all essential technologies, Bitcoin will become part of the backstage.

“As a bitcoin booster I will like nothing better than to watch bitcoin get boring, says Biggs in his 2016 tech predictions . “Bitcoin, like the Internet, is part of our worldwide infrastructure.”

The post Freemit Wants to Make Global Money Transfer Free Using Bitcoin Infrastructure appeared first on Bitcoin Magazine.

Adding to publicity issues experienced by the digital currency exchange Crypsy, Silver Law Group along with Wites & Kapetan, P.A. have filed a nationwide class action lawsuit in federal court against and it’s principal, Paul “Big Vern” Vernon. Over the past several months Cryptsy account holders have claimed that they’ve been denied access to their […]

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One of the longest-standing questions in the Bitcoin community has been where the technology will take off first. Some have said that Bitcoin makes much more sense in the developing world, while others claim developed nations like the United States have the sort of tech savvy and wealthy population necessary to give this new technology a boost.

While it’s unclear where Bitcoin will find its place in the daily lives of an entire nation first, Snapcard Co-Founder and CEO Michael Dunworth seems convinced that there is plenty of potential for the peer-to-peer digital cash system in Brazil. In the past, other South American countries have been touted as locations where Bitcoin is booming without much evidence , but Dunworth has been working on the ground to help power a revolution in money and payments in Brazil.

The Snapcard CEO recently visited the Central Bank of Brazil and gave a presentation on Bitcoin and blockchain technology to officials from various government departments.

Bitcoin Magazine spoke with the Dunworth at last month’s Blockchain Agenda Conference in San Diego , and he shared some of the key reasons why, in his mind, Bitcoin simply makes sense for Brazil.

Brazil’s Versions of Square and PayPal Will Integrate Bitcoin

Although there are a number of bitcoin payment processors that operate within the United States, the total number of merchants currently accepting bitcoin is still nothing more than a drop in the bucket.

There have been partial integrations of Bitcoin at PayPal and Square , but the majority of brick-and-mortar payments still take place through devices where Bitcoin is not an option for the merchant.

According to Dunworth, this is also the case in Brazil right now, but that dynamic could change in the near future.

“There’s a lot of companies in Brazil – like the equivalent of PayPal, Square, and all that – that are all very close to moving on Bitcoin,” he said. “I think 2016 will be a humongous year for Brazil. These companies aren’t international brands, but for them, they have something like 35 million users.”

It’s unclear if bitcoin payments would be enabled by default on these payment systems, but it’s clear that accepting the digital currency becomes much easier for merchants when it’s at least included as a possible option. Once it becomes widely available to merchants, it then becomes easier for businesses to reap the benefits of the low-cost, irreversible payment system.

Credit Cards Come with High Fees and Delays for Merchants in Brazil

Dunworth also was able to explain the specific benefits of accepting bitcoin for merchants in Brazil. He started by comparing the costs of accepting card payments in the United States to how things work in the South American country:

“In the USA, you come along, you swipe your card, you buy a coffee at my Square terminal , and I get paid the next day or the day plus one. Within two days, the money is in my bank account. In Brazil, not only am I paying way higher fees – like between 4 to 7 percent for every swipe – but that money that you swipe is not in my account for 30 days.”

While there are still some theoretical benefits to accepting bitcoin as a merchant in the United States, it’s clear there is much more time and money to be saved by businesses operating in Brazil.

Dunworth went on to explain the clear contrast between card-based payments and bitcoin payments for merchants in Brazil:

“You can pay like a 10 percent fee to get [the money from a card payment] within 3 days or whatever, or you can do bitcoin, which we settle next day. And that’s where you start to see real incentives because the merchant realizes he can get the money tomorrow and he doesn’t have to give up 10 percent of it to get it sooner.”

Dunworth also noted that it would make sense for these businesses to offer incentives to customers who choose to pay with bitcoin. He noted a discount of 7 percent to 10 percent for customers paying with bitcoin could make sense in these situations.

Payment Delays Increase Operating Capital Requirements

When talking about the benefits of accepting bitcoin, most people mainly talk about the direct cost savings of cutting out the fees associated with card payments; however, Dunworth pointed out that there is much more to the story. Due to the long delay from the time a customer makes a card-based payment until the money is in the merchant’s bank account, a much larger amount of upfront capital is required for the business to operate.

“In Brazil, they’re sort of like, ‘Bitcoin is more friendly for me and my operation,’ Dunworth explained. “You know, if you have an operation selling T-shirts, and you sell $1,000 worth of T-shirts as a small business – if you sell that much per day, you now need a $30,000 to $40,000 operating capital because you have to get paid every month. That makes your business a damn expensive business to run, so that’s why you can see they are incentivizing people to give them something that works faster than a credit card, basically.”

Bitcoin has long been touted as a savior for lower-cost payments in the developing world, but the peer-to-peer payment system has yet to catch fire in any of these regions. Dunworth seems convinced that 2016 is the year it will happen in Brazil, and his case for bitcoin in the South American nation is quite clear.

The only question left is whether merchants will make the transition to this new digital payment technology and provide the sorts of incentives consumers will likely need to start using bitcoin in the new year.

The post Snapcard CEO: 2016 Will Be a Humongous Year for Bitcoin in Brazil appeared first on Bitcoin Magazine.

Blockchain startups investor Coinsilium is adding to its portfolio of investments by bringing in a total investment of $100,000 in smart-contracts-innovator Rootstock during the latter’s initial seed round. Coinsilium, a London-based blockchain technology investor known for supporting blockchain-based startups during their early stages has announced its latest investment in a regulatory announcement today for investors. […]

The post Coinsilium Invests in Smart-Contract Sidechain Platform Rootstock appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

Lottery ticket app Jackpocket has announced a new payment method for users to purchase Powerball tickets with their smartphones, with bitcoin. Jackpocket made the announcement yesterday in the lead-up to its record-setting $1.5 billion Powerball jackpot. The jackpot is a full $600 million more than the previous record holder from March 2012 when ‘Mega Millions’ […]

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Compiling work from CoinDesk's 2015 review, we outline seven key trends that could come to define the bitcoin and blockchain space in 2016.

Canadians will soon be able to make digital transactions in their country’s fiat currency. If the owners of the digital currency platform, MintChip, have their way, other fiat currencies will soon follow. Toronto-based Loyalty Pays Holdings corp., a subsidiary nanoPay, a loyalty and payments platform provider, has acquired the assets of MintChip, a digital currency […]

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 PayPal has made a notable move to position itself for the future of money and currency after it added seasoned fintech figure and bitcoin entrepreneur Wences Casares to its board. Read More

A new bill up for consideration in the New York state assembly would mandate smartphone manufacturers to decrypt their phones for law enforcement to install backdoors and gain access to smartphones on demand.

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The Australian securities exchange (ASX) is preparing to publicly trade shares of the Bitcoin Group on February 9th, under the BCG handle. Bitcoin Group currently operates 6,000 "mining" rigs spread across seven international locations (though mostly...