BitcoinInsider

If Bitcoin succeeds in the way its developers and entrepreneurs hope, it will be the biggest change in technology infrastructure since the mass adoption of the Internet more than 20 years ago. But will ordinary users be open or resistant to that kind of change? Lee Rainie of the Pew Research Centre studies public attitudes to technology and has been responsible for more than 650 reports based on Pew surveys of people's online and Internet usage. So how does he see the prospects for Bitcoin and blockchain entering the mainstream? "We live in an environment where people's trust in each other and in institutions is declining, particularly in the developed world," Rainie says, "and so blockchain has been held out as a really interesting alternative way to rebuild trust, using technology as the centrepiece of mediating interactions between people …Some of the most interesting applications of blockchain are not about cryptocurrency, they're about trusted systems of...

The FBI is leading an investigation into the July 15 Twitter hack, in which 31 high-profile Twitter accounts were compromised by a hacker and used to promote a digital currency investment scam. According to Reuters, U.S. lawmakers that are concerned about future attacks on Twitter prompted the FBI's investigation. "While this scheme appears financially motivated…imagine if these bad actors had a different intent to use powerful voices to spread disinformation to potentially interfere with our elections, disrupt the stock market, or upset our international relations," said U.S. Senator Ed Markey. The hacker had the ability to take over any Twitter account, yet, used their power to promote a digital currency scam. The scam consisted of the hacker telling the millions of followers of the compromised accounts to send them digital currency, promising to send them double the amount that they were being sent. However, it was a scam—the attacker did not send double the amount of ...

Japan's blockchain industry has been growing rapidly in 2020 despite the economic struggles and the global pandemic. A new report by one of the country's largest digital currency companies revealed that the sector has grown by over 30% since 2019. Japan has been a trailblazer in the blockchain industry for years, being one of the first countries to formulate and implement a regulatory framework for the industry. Its blockchain-friendly approach has led to a rapid growth of the industry, a new report now shows. In the past year, the industry has grown by 30%, the report by the Monex Crypto Bank showed. The bank is a subsidiary of the Monex Group, the operator of Coincheck exchange which it acquired in 2018. The report revealed that as of May this year, there were 430 blockchain companies in Japan. This is a 30.7% rise from the 329 companies reported in July last year. 64% of these companies focus primarily on blockchain technology, the report showed, with the rest being involved...

China's fight against digital currency trading has now turned to the over-the-counter trading sector. Police in the country have been detaining OTC traders and platform operators to assist them with investigations. The most renowned is Zhao Dong, one of China's most prolific traders and a prominent investor in Bitfinex. Dong was detained this week, with reports about his detention first emerging on local social media channels on Thursday. Local blockchain news outlets picked up on the reports, with some claiming that he was detained in Hangzhou while others claimed he was in Yancheng. Following the widespread rumors, Dong's OTC digital currency OTC lending company RenrenBit took to social media to shed more light. In a statement on Weibo, RenrenBit revealed that the police had detained Dong upon arrival in China from Japan in late June. He was actively assisting the police in digital currency anti-money laundering investigations, the company claimed. RenrenBit also revealed...

Miner outflows of bitcoin have dropped to decade lows, with analysts suggesting a hoarding mentality is partly responsible. The seven-day average of the total amount of bitcoin transferred out of miners' addresses declined to 987 on Thursday, hitting the lowest level since Feb. 3, 2010, according to data source Glassnode. The previous decade low of 988 was registered on May 23. glassnode-studio_bitcoin-miners-outflow-volume-7-d-moving-average Source: Glassnode The number of coins being sent by miners to exchanges is also at its lowest point in over a year, as noted by Glassnode in its weekly report. "It is a sign of efficient miners continuing to hoard (only selling a proportion of BTC)," said Asim Ahmad, co-chief investment officer at London-based Eterna Capital. The increase in miner holding does not necessarily have long-term bullish implications for the cryptocurrency's price. Miners tend to operate mainly on cash and liquidate their holdings almost on a daily bas...

Challenger bank startup Revolut has amended its terms and conditions, giving users 'beneficial rights' to digital currency bought through their platform. The change in terms follows the U.K. bank allowing all customers access to digital currency trading for the first time, having previously been reserved to its Metal and Premium users. While users will not be able to carry out the transactions themselves or send funds to an address other than one held by another Revolut customer, the change in terms means they will have rights to the financial value of the digital currency bought through the platform. The distinction gives users legal title to their digital currency on the platform for the first time, giving them the freedom to direct what happens to their money. "You will own the rights to the financial value of any cryptocurrency we buy for you. We will hold it on your behalf and you will have a right (called a 'beneficial right') to it. This means you can tell u...

A South Korean university has announced that it's building a blockchain and artificial intelligence (AI) campus in the city of Daegu. The campus will take a year to construct, with admission set to begin in 2021. Suseong University partnered on the initiative with the Korea Artificial Intelligence Association (KORAIA). In an announcement on local outlet Money Today, the university revealed that the campus will also focus on other emerging technologies such as big data and cloud computing. A number of technology companies based in Daegu have already signed up to be part of the project. They will provide training to the students, as well as practical experience. They include Wooshin Co. Ltd, an AI company based in Daegu. The COVID-19 crisis has created a need for more robust systems, and combining blockchain with AI is the best way to respond to this need, according to Kim Kun-woo, the university's Planning and Coordination Division director. Kun-woo further revealed that the uni...