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A system for powering South African schools using bitcoin was demonstrated at a recent event at the Massachusetts Institute of Technology.

The financial crisis temporarily crippled millennials' futures, just as many were graduating with lots of student loan debt into a job market that wasn't creating jobs. 

The dire situation coincided with a meltdown of the auto industry in 2009, when annual sales in the US fell from a pre-recession peak of about 17 million to a harrowing 10 million.

Just when carmakers needed young people to buy cars, young people were in no position to take the plunge — understandably, as no jobs meant no credit, and without credit it's nearly impossible for first-timers to obtain a set of wheels.

This set off a frenzy of speculation that a permanent behavioral shift was underway, and that millennials we form the vanguard of a "de-ownership" trend. A certain amount of fear gripped the industry, which was anything but confident that sales would rebound to a record 17.5 million in 2015.

But along with the prediction that Americans would never buy SUVs again, the theory that millennials would stick to skateboards, bikes, mass transit, and feet has turned out to be unsupportable.

The Associate Press delivered the good news:

Millennials — especially the oldest ones — are these days buying cars in big numbers. They just had a late start.

Now the largest generation in the U.S., millennials bought 4 million cars and trucks in the U.S. last year, second only to the baby boomers, according to J.D. Power's Power Information Network, which defines millennials as those between 21 and 38 in 2015. Millennials' share of the new car market jumped to 28 percent. In the country's biggest car market, California, millennials outpaced boomers for the first time.

Too much grim prognosticating about millennial car-buying habits was driven by impressions draw from studying members of the generation who live in big cities, such as New York and the San Francisco Bay area, where owning a car is an expensive hassle.

Elsewhere, getting a job means buying car — otherwise, you have no way to get to work.

Millennials are also getting older, and as they mature and acquire the necessary resources, they're starting to get married and start families. This often means moving to the suburbs, buying a house, and taking out a car loan. In the past few years, those cars have often been trucks and SUVs, which now look appealing as gas prices have dropped.

In a happy convergence of factors for car companies, these SUVs are more profitable than the small cars that might have the first ride of a Boomer or Generation Xer.

The auto industry is very pleased the millennials are coming around on carbuying, but of course there's a twist: millennials are more digitally demanding than previous generations. Baby Boomers were fine with a radio. Millennials want full smartphone functionality. 

And now that they're finally good customers for the car business, expect to see the industry go out of its way to meet their needs.

SEE ALSO: Tesla most successful car could be on the verge of change that would make it even better

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NOW WATCH: The best car of the year — the Volvo XC90

Bitcoin Press Releases: New eCommerce Store, All Things Bitcoin, Offers Crypto Memorabilia That Can Be Purchased in Cryptocurrencies Denver, CO, March 7, 2016 – Bitcoin is a decentralized digital currency that is revolutionizing technology in the financial and middle-men markets. It is used to as a currency purchase a variety of goods and services around the […]

The post Launch of All Things Bitcoin appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

The BI Intelligence Content Marketing Team covers news and research we think you would find valuable. This topic was originally sent to subscribers of the Payments Insider newsletter.

U.K.-based property crowdfunding platform Property Partner has secured £15.9 million, or $22.59 million, in Series B funding.

The platform debuted a little more than one year ago, and now boasts 6,200 customers who have invested more than £24 million in 166 properties. Those are impressive statistics, so it's understandable why this company's name continually appears in discussions about the robust fintech environment in the U.K.

Property Partner plans to use this funding to scale up by increasing its market spending, buying new products, and expanding its team, according to TechCrunch.

The startup allows investments of as little as £50 in residential property and combines real estate crowdfunding with a secondary exchange upon which investors can trade. Investors receive rental income and have access to capital growth through the share they own when they make the investment.

Property Partner charges a one-time transaction fee of 2% on the purchase of an investment, as well as the standard industry rate of 12.5% of rental income for advertising, renting, and managing the property.

The increasing interest in companies such as Property Partner shows that we’ve entered the most profound era of change for financial services companies since the 1970s brought us index mutual funds, discount brokers and ATMs.

No firm is immune from the coming disruption and every company must have a strategy to harness the powerful advantages of the new fintech revolution.

The battle already underway will create surprising winners and stunned losers among some of the most powerful names in the financial world:  The most contentious conflicts (and partnerships) will be between startups that are completely reengineering decades-old practices, traditional power players who are furiously trying to adapt with their own innovations, and total disruption of established technology & processes:

• Traditional Retail Banks vs. Online-Only Banks: Traditional retail banks provide a valuable service, but online-only banks can offer many of the same services with higher rates and lower fees

• Traditional Lenders vs. Peer-to-Peer Marketplaces: P2P lending marketplaces are growing much faster than traditional lenders—only time will tell if the banks strategy of creating their own small loan networks will be successful

• Traditional Asset Managers vs. Robo-Advisors: Robo-advisors like Betterment offer lower fees, lower minimums and solid returns to investors, but the much larger traditional asset managers are creating their own robo-products while providing the kind of handholding that high net worth clients are willing to pay handsomely for.

As you can see, this very fluid environment is creating winners and losers before your eyes…and it’s also creating the potential for new cost savings or growth opportunities for both you and your company.

After months of researching and reporting this important trend, Business Insider Intelligence has put together an essential briefing that explains the new landscape, identifies the ripest areas for disruption, and highlights the some of the most exciting new companies. These new players have the potential to become the next Visa, Paypal or Charles Schwab because they have the potential to transform important areas of the financial services industry like:

• Retail banking

• Lending and Financing

• Payments and Transfers
• 
Wealth and Asset Management

• Markets and Exchanges

• Insurance

• Blockchain Transactions


If you work in any of these sectors, it’s important for you to understand how the fintech revolution will change your business and possibly even your career. And if you’re employed in any part of the digital economy, you’ll want to know how you can exploit these new technologies to make your employer more efficient, flexible and profitable.       

Among the big picture insights you’ll get from this new report, titled The Fintech Ecosystem Report: Measuring the effects of technology on the entire financial services industry:

• Why financial technology is so disruptive to financial services—it will soon change the nature of almost every financial activity, from banking to payments to wealth management.
• The basic conflict will be between old firms and new—startups are re-imagining financial services processes from top to bottom, while incumbent financial services firms are trying to keep up with new products of their own.
• Both sides face serious obstacles—traditional banks and financial services firms are investing heavily in innovation, but leveraging their investments is difficult with so much invested in legacy systems and profit centers.
• Meanwhile, startups are struggling to navigate a rapidly-changing regulatory landscape and must scale up quickly with limited resources.
• The blockchain is a wild card that could completely overhaul financial services. Both major banks and startups around the world are exploring the technology behind the blockchain, which stores and records Bitcoin transactions. This technology could lower the cost of many financial activities to near-zero and could wipe away many traditional banking activities completely.

This exclusive report also:

• Explains the main growth drivers of the exploding fintech ecosystem.
• Frames the challenges and opportunities faced by incumbents and startups.
• Breaks down global and regional fintech investments, including which regions are the most significant and which are poised for the highest growth.
• Reveals which two financial services are garnering the most investment, and are therefore likely to be transformed first and fastest by fintech
• Explains why blockchain technology is critically important to banks and startups, and assesses which players stand to gain the most from it.
• Explores the financial sectors facing disruption and breaks them down in terms of investments, vulnerabilities and growth opportunities.
• And much more.

The Fintech Ecosystem Report: Measuring the effects of technology on the entire financial services industry is how you get the full story on the fintech revolution.

To get your copy of this invaluable guide to the fintech revolution, choose one of these options:

1. Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >> START A MEMBERSHIP
2. Purchase the report and download it immediately from our research store. >> BUY THE REPORT

The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the fast-moving world of financial technology.

Join the conversation about this story »

Why did one of TechCrunch’s longest-serving editors leave a media giant for a bitcoin startup?

An event called the London Bitcoin Forum scheduled for later this month has raised concerns in the bitcoin community of being a scam, as revealed by comments posted on Reddit and elsewhere. The website for the event says it is scheduled for March 23 and 24 at QEII Centre, London, U.K. and will have 900 attendees […]

The post Scam Alert: London Bitcoin Forum Draws Complaints appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

Last week Bitcoin Magazine reported that 11 member banks of the R3 consortium, a collaborative group of the world's largest and most...

The post ING Bank Participates in R3's Comparative Test of Distributed Ledgers and Cloud Platforms appeared first on Bitcoin Magazine.

A fabric that bends and ripples under the weight of the stars. A clock that runs slower perched high in the mountains. Objects that only exist when they’re being watched. Endless tiny particles, swarming restlessly in the void.

Read more...

The chairman of the Australian Securities & Investments Commission (ASIC) has encouraged regulators around the world to embrace blockchain innovation, the technology that underpins bitcoin. ASIC chairman Greg Medcraft has spoken about the potential and promise that blockchain technology holds, urging regulators around the world to “start thinking about” blockchain innovation, during a recent industry […]

The post ASIC Chairman to Regulators Worldwide: Don’t Be Afraid of Blockchain Innovation appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

Bitcoin Group is returning $5.9m, it raised from investors after the Australian Securities Exchange (ASX) said the firm needed to raise more capital.

Bitcoin trading has been holding price between technical constraints just above $400. The option of moving out of this range has been tried to the upside and down, recently, without igniting a meaningful trend. Classic(TM) dithering and consensus breach may be unnecessary, after all. This analysis is provided by xbt.social with a 3-hour delay. Read […]

The post Is Bitcoin Trading Anticipating ClassicCoin? appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

It's a good time to be involved in digital assets in Hong Kong. In the territory's 2016-17 budget, Financial Secretary John Tsang laid out a...

The post ANX CEO Ken Lo: Hong Kong's New Budget Initiatives a "Step in the Right Direction" appeared first on Bitcoin Magazine.

The BI Intelligence Content Marketing Team covers news and research we think you would find valuable. This topic was originally sent to subscribers of the Payments Insider newsletter.

The early numbers are out on Samsung Pay and, on the surface, they're not so hot.

Samsung's 2015 audit shows that the company's mobile wallet division posted a net loss of $16.8 million for the year, according to ETNews. Samsung acquired LoopPay, which eventually became Samsung Pay, for $229 million in February 2015.

But Samsung is not concerned about the loss because it acquired the platform as an intangible asset. This is because LoopPay's technology allows the use of Samsung Pay at any point-of-sale terminal that accepts cards with magnetic stripes, which gives Samsung Pay an advantage over its competitors because it can be used at the widest variety of merchants. This wide acceptance makes it easier for consumers to develop a habit of using Samsung Pay regularly.

Samsung also envisions its mobile wallet as a way to understand consumers, build relationships with merchants, and expand its commerce ecosystem.

The company does not take a piece of the interchange revenue, unlike peer services such as Apple Pay that take a small percentage of each transaction.

But Samsung Pay could help the company gather data on consumer spending habits, which would help Samsung create specific marketing and advertising campaigns in the future. Samsung eventually wants to create loyalty with merchants and offer discount partnerships, an idea that has monetization potential.

And while the mobile wallet posted a net loss in its first year, it did show growth that indicates significant value. After six months in South Korea and five months in the U.S., it brought in five million customers and processed $500 million in mobile payments, and those numbers could grow if Samsung expands its market share in those nations.

Samsung Pay's development bears watching in the next several months, particularly as the world of payments continues to change. As mobile wallets become more common, the way in which we buy products will continue to transform.

The payments landscape is always changing, but that doesn't mean it's unpredictable. In fact, there's plenty to learn about this particular market.

Evan Bakker and John Heggestuen, analysts at BI Intelligence, Business Insider's premium research service, have compiled a detailed report on the payments ecosystem that drills into the industry to explain how a broad range of transactions are processed, including prepaid and store cards, as well as revealing which types of companies are in the best and worst position to capitalize on the latest industry trends.

Here are some key takeaways from the report:

• 2016 will be a watershed year for the payments industry. Payments companies are improving security, expanding their mobile offerings, and building commerce capabilities that will give consumers a more compelling reason to make purchases using digital devices.
• Payments is an extremely complex industry. To understand the next big digital opportunity lies, it's critical to understand how the traditional credit- and debit-processing chain works and what roles acquirers, processors, issuing banks, card networks, independent sales organizations, gateways, and software and hardware providers play.
• Alternative technologies could disrupt the processing ecosystem. Devices ranging from refrigerators to smartwatches now feature payment capabilities, which will spur changes in consumer payment behaviors. Likewise, blockchain technology, the protocol that underlies Bitcoin, could one day change how consumer card payments are verified.

In full, the report:

• Uncovers the key themes and trends affecting the payments industry in 2016 and beyond.
• Gives a detailed description of the stakeholders involved in a payment transaction, along with hardware and software providers.
• Offers diagrams and infographics explaining how card transactions are processed and which players are involved in each step.
• Provides charts on our latest forecasts, key company growth, survey results, and more.
• Analyzes the alternative technologies, including blockchain, which could further disrupt the ecosystem.

To get your copy of this invaluable guide, choose one of these options:

1. Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >> START A MEMBERSHIP
2. Purchase the report and download it immediately from our research store. >> BUY THE REPORT

The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the payments ecosystem.

Join the conversation about this story »

In cyberspace, every interaction can be broadcast to a person’s friends and contacts, which influences their views. In fact, losing a loyal customer who “unfollows” a brand on social media can have a ripple effect since about 10% of those who unfollow will tell their friends to do the same, and approximately 10% post a status update reflecting the change, according to Adweek SocialTimes.

Wirex Limited, the company behind E-Coin, announced on Feb. 25 that it is set to debut a new hybrid banking solution this month. A waiting...

The post Bank Securely in 130 Countries With Wirex Banking App appeared first on Bitcoin Magazine.

Bitcoin payroll startup Bitwage has added support for credit and debit card payments.

Since attending the invite-only Satoshi Roundtable last week, Gavin Andresen, the Chief Scientist of the Bitcoin Foundation has offered some reflection on the happenings on his blog. As is to be expected, Andresen mainly focused on the main subject of the weekend, which was the very hot topic of increasing the Bitcoin block size to […]

The post Gavin Andersen: Bitcoin Network Increasingly Unreliable appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

Sometimes it is hard to understand just how little finance institutions actually understand blockchain technology. While blockchain is certainly not a panacea for financial institutions, it’s pretty close. And SWIFT is certainly no match. In a recent article featured on the website American Banker, the ability for blockchain tech to render an antiquated settlement and messaging […]

The post Blockchain Will Absolutely Displace SWIFT appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

Bitcoin users want more exchange opportunities. JM Bullion announced that it’s now possible to buy gold and silver with bitcoin on the BitPay platform. The firm now offers its customers the option to pay with the cryptocurrency. According to the firm, accepting bitcoin provides flexibility to online customers. It’s now possible for cryptocurrency users to […]

The post JM Bullion Enables Bitcoin Purchase of Precious Metals via BitPay appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

After its year(s)-long endeavor to be the world’s first publicly listed bitcoin miner, Australian bitcoin mining firm Bitcoin Group Ltd., has been forced to withdraw its IPO. The move comes after the Australian Securities Exchange (ASX) sought the miner to make a fresh offer. The exchange wasn’t convinced the company had enough liquidity to make […]

The post Bitcoin Group Cancels IPO after ASX Raises Liquidity Concerns, Refunds Investors appeared first on CCN: Financial Bitcoin & Cryptocurrency News.