Bitreserve and the bitcoin volatility problem

Bitreserve offers bitcoin wallets pegged to particular fiat currency values.

Bitreserve offers bitcoin wallets pegged to particular fiat currency values. submitted by puck2 to BitShares [link] [comments]

These guys deserve more attention: Bitreserve.org - USD Pegged Bitcoin wallet. Great if you want to be able keep/send small amounts on the network without volatility.

These guys deserve more attention: Bitreserve.org - USD Pegged Bitcoin wallet. Great if you want to be able keep/send small amounts on the network without volatility. submitted by moon_drone to BetterBitcoin [link] [comments]

CNET founder eyes Bitcoin wallet service, Bitreserve in India. Newspaper Reaching out to millions!! THE BITCOIN BUZZ

CNET founder eyes Bitcoin wallet service, Bitreserve in India. Newspaper Reaching out to millions!! THE BITCOIN BUZZ submitted by bit_moon to india [link] [comments]

CNET Founder in Talks to Launch Bitcoin Wallet Bitreserve in India

CNET Founder in Talks to Launch Bitcoin Wallet Bitreserve in India submitted by BTCNews to BTCNews [link] [comments]

Bitcoin/USD payments accounts are the future of Bitcoin

Companies like Circle and Coinbase has the right approach to solve Bitcoin's #1 problem - Volatility. Sure, in the long run Bitcoin will likely prove to be a longterm store of value but in the meantime the average Joe will not touch it b/c they don't want the risk of it going down. Circle's USD/Bitcoin wallet makes it very compelling use case for the average person.
submitted by TruValueCapital to Bitcoin [link] [comments]

eating bitcoin volatility for users

there are a lot of companies focused on eating the volatility of bitcoin value for companies, but what about users? are there any companies publicly working on this? my mom won't use a bitcoin wallet if it means the next day she might have some euros less.
i have been thinking about this, and the only solution i can think of requires colored coins in some capacity, but maybe something could be done with multi-sig like hedgy is doing?
this seems to me a very crucial problem to solve for customer adoption... what are your thoughts?
submitted by riclas to Bitcoin [link] [comments]

With Circle News, is BitReserve obsolete?

well guys? so much for bitUSD
submitted by cqm to Bitcoin [link] [comments]

BitReserve Bank has launched out of beta!

anyone else got their betas released? awesome! I love Bitreserve Bank already!! Spread the word! Its the bank I have been waiting for!
https://www.cryptocoinsnews.com/bitcoin-reserve-bank-open-vault/
submitted by roflwinter to Bitcoin [link] [comments]

Buying bitcoins

Does anyone know where I could buy bitcoins with a debit card that only works in the u.s(United states of America)
submitted by Savilo29 to Bitcoin [link] [comments]

Bitmerchant - a self-hostable bitcoin merchant services platform to rival coinbase. Goodbye KYC.

I'm developing a bitcoinj-based, self-hostable merchant services platform, and everyone mentioned that I should create a lighthouse funding round to continue development on it.
The project site is here,
and the Lighthouse project is downloadable here
Features include :
Let me know what you guys think, any features you'd like to see, and any feedback at all!
submitted by thouliha to LighthouseProjects [link] [comments]

Payments Startup Uphold to Use Ledger Vault

Payments Startup Uphold to Use Ledger Vault
https://preview.redd.it/31n208r4i4y21.jpg?width=1024&format=pjpg&auto=webp&s=ddedc6a6f95c5699a5de15c28d7f46dada6968a0
French crypto hardware firm Ledger will provide its technology to American payments startup Uphold to improve security, according to a press release shared with Cointelegraph on May 13.
Formerly known) as Bitreserve, Uphold will reportedly incorporate Ledger’s institutional custody platform Ledger Vault to boost its anti-hack protection by adding an additional layer of security.
J. P. Thieriot, co-founder and CEO of Uphold, said that Ledger Vault integration was mainly driven by customer demand for thorough security measures.
According to the press release, the integration of Ledger’s tech will enable a number of key benefits for Uphold, including a multi-authorization governance model, support of new ERC-20stablecoins and other proxy assets such as the Universal Protocol-based tokens, among the others.
Ledger Vault first rolled out in May 2018 as a digital asset security tool targeting institutional investors. The firm subsequently announced that it was expanding its business to New York in November 2018, also appointing a former Intercontinental Exchange (ICE) executive as head of global operations.
Recently, Ledger announced that Canadian crypto exchange National Digital Asset Exchange (NDAX) would use Ledger Vault to secure its assets.
Yesterday, major crypto exchange Binance announced that the platform was planning to fully resume deposits and withdrawals, following a major hack that resulted in the loss of $40 million worth of bitcoin (BTC).
submitted by Rajladumor1 to omgfin [link] [comments]

Bitcoin is the future of money. Is it?

Before I go into my story let me introduce myself.
I work in the financial services sector, live in New York and am new to Bitcoin. Recently, I’ve decided to give a try and buy some bitcoins. Everyone talks bitcoin so I wanted to evaluate the future of the currency for myself.
First, I googled the most popular ways to buy bitcoins. Decided to start with the exchange.
After reading numerous stories about Mt. Gox, bitstamp and other exchanges decided to register with Coinbase for the reasons you all probably know. The basic registration process was straightforward and simple. However, in order to buy bitcoins you have to go through verification procedure. You need to link your bank account to Coinbase, provide your billing address and in case if you want to make buying bitcoins instant you also need to link your credit card. So you provide the same information you need to provide to any US bank to be able to buy bitcoins. There is no anonymity or privacy. It’s a myth. Then you buy bitcoins. You would expect instant transaction but instead you have to wait 4-5 days for the transaction to complete. So if I need to buy something with bitcoins the same day – I can’t. Moreover, the worst part is that while you are waiting for the transaction to complete the price of bitcoin fluctuates. In my case, it fell 15 USD which was more or less equal to 10% of the price of btc on the day of purchase. So btc lost 10% value against USD while I was waiting for the transaction to complete. In addition, you also have limits. You cannot buy more than 1000 USD worth of btc in one week. I thought this was totally ridiculous. What was the reason for going through all these verification steps if you are still facing limits? However, as I am new to btc decided to give another try.
This time I registered with Coinbase Exchange. Again, you have to provide your SSN and link with coinbase account. When you register with the exchange Coinbase opens so-called “USD Wallet”. You can now transfer USD to this wallet and then instantly transfer them to btc or trade in the Exchange. However, the transfer again takes 4/5 days.
I was totally disappointed by how the whole system works. I thought bitcoin users were treated like some kind of criminals. I wasn’t simply asked to verify my identity by providing all the usual KYC information, but I also faced buy/sell limits (1000 USD a week), 4/5 delays in transaction completion. Moreover, I had to provide all my bank details to Coinbase. I felt like I had no other choice as to trust Coinbase despite the fact that they disclose very little information about security measures they implement to store my personal information. Moreover, Coinbase was not different from any bank around the corner with its KYC procedures.
Anyway, I thought it was too early to give up. Decided to try localbitcoins. Unfortunately, I experienced another disappointment. Bitcoins are sold in average with 6-7% premium. And you have to pay this premium every single time you buy btc. You also have limited options for buying btc: Moneygram/WU transfers, national bank transfers, paypal transfers and gift codes. From all these options the only instant and acceptable option was paypal. However, the seller of btc requested my photo holding some ID for verification process. Here you are not dealing with Coinbase, which is supported by NYSE, but with some ordinary guy who God knows how treats and secures the information you provide to him. I understand the reasons why he/she asks for the verification but still find it irresponsible to trust this person. I have no idea who he/she is and how he/she handles the information I provide (in case of buying using paypal).
Of course you can also buy with cash. I tried that option as well. Buying with cash involves arranging a meeting with some stranger somewhere in your town. So you have to arrange the time and place to meet and both of you should agree on this. Then you have to carry cash with you, which is another risk. And of course you wont carry over 1000 USD especially if this is your first transaction with some stranger. Finally, again you have to pay around 10% premium.
Then I found out about guys from LibertyX. I read some of their interviews and thought they were trustworthy. They claimed that one could buy their so-called Qpins in big stores nationwide and redeem them for btc. However, when I visited their website it turned out that I had some outdated information. In reality it’s possible to buy Qpins only from small stores in Manhattan and Brooklyn. They recommend calling the stores before visiting them. I followed their advice, but not a single store in Manhattan answered my call. So I decided to try my luck and go there without speaking to them on the phone. One store was out of business. Another one claimed that it didn’t sell bitcoins. In such case LibertyX recommends calling them, as they know how to handle such situations. So right from the store I called LibertyX. Guess what? All their operators (probably 1 or 2 people) were busy to answer my call. So decided to go to Brooklyn. And again one store was closed and the other store manager didn’t know what I was talking about. However, after 30 minutes of explanation the store manager finally figured out how to find in their system Qpins and sell them to me. Overall, the whole process took 1.5 hours. I came home, logged in to LibertyX website to redeem the pins and receive btc. They also collect personal information. I entered my real name and address. Their system gave an error message saying that it couldn’t verify the information I provided and asked me to send verification information (scan of ID). In order not to lose my money, I had to provide them the scan of my ID. Then I had to wait a day for my account to get verified. Please, note that they also have 1500 USD weekly limit.
I am a stubborn guy and I hate banks enough to give another chance for bitcoin to prove itself as future currency and therefore I decided to try bitcoin ATMs instead of all methods described above. I visited coinatmradar.com to locate the nearest ATM. I found three ATMs in Manhattan and two in Brooklyn. Visited all of them and didn’t find any ATM in any of these locations.
Finally, decided to try to register with the European exchange to compare with the US one. I couldn’t even register with them because Europeans avoid providing financial services to the US citizens. My attempt failed. The same happened when I tried to buy bitcoins through VirWox.com.
So here are my conclusions.
  1. Buying bitcoins is not anonymous.
  2. Unless you use cold storage/offline solution you do not hold bitcoins but some institution like Coinbase does.
  3. Buying bitcoins is not a straightforward process, is time consuming and requires risk acceptance.
  4. Buying bitcoins is expensive. You will normally pay 10% premium when buying for cash or paypal. This premium equals to a dream annual return of most hedge funds (and their investors accordingly).
  5. You have to verify your identity when buying btc through exchanges or companies like LibertyX. You go through the same procedure as when opening a bank account.
  6. There isn’t any operating ATM in New York. This is due to “bitlicense” uncertainty. However, even if bitlicense is implemented not a single ATM would operate profitably under money transmitter licensing.
  7. You face limits when buying bitcoins. Coinbase and Circle have 1000 USD weekly limits. LibertyX has 1500 USD limit. Localbitcoins doesn’t have limits but you cannot buy btc using debit/credit card. Moreover, when buying through localbitcoins you have to be aware of scammers.
  8. The high cost of buying btc can potentially offset the benefits of low transaction costs. It might be cheaper to use your debit card.
Therefore I don’t see a single benefit of dealing with bitcoin instead of fiat (i.e. banks) in current environment. There is no “killer app” requiring you to go through all the above procedures to buy bitcoin. I think the only people who are willing to go through all this hell in order to buy btc are the ones who use them illegally in the dark market, some enthusiasts/revolutionists/anarchists who believe in the long run success of btc, hate banks and current financial system; and people who either trade btc or use it occasionally for some purchases online. I don’t see how mass adoption can happen if you cannot buy bitcoins with two-three clicks online. I don’t understand who would wait 4/5 days to get btc when the price fluctuates every 10 minutes.
What I do now is I buy btc using Coinbase. Then I send them to bitreserve.org and hold them in different currencies. However, even if I want and need to buy btc instantly I simply cannot do this. If instant buying is possible then I have to pay high premium. I find it much cheaper to use my debit card and pay bank fees, which are nothing in comparison with the premium to buy btc.
Please, prove me wrong or enlighten me. Maybe I am missing something.
submitted by AdamSmith21c to Bitcoin [link] [comments]

Founder of Uphold (former Bitreserve) is a trademark troll. In 2014 he secured bit-related trademarks and uses his patents to seize domains and destroy or hinder other bitcoin related businesses.

Due to the recent post regarding uphold threatening to sue Andreas Antonopoulos! I think it's time for me to reveal what happened to me in 2015.
I am the owner of the domain bitreserve.com, registered in February 2011. I was an early adopter of bitcoin and bought the domain with the intention of setting up a wallet service for transferring BTC similarly to what e-gold did back in its days. Due to illness, I did not release the wallet as of now.
A couple of years after I bought the domain, the now bankrupt ex-billionaire Halsey Minor discovered bitcoin, and unfortunately for me, decided that he liked the name “BITRESERVE”. He bought .org, .net. At first, this was not an issue. In 2013 we had an e-mail correspondence talking about our businesses, and Halsey asked if I was willing to sell the domain to him. I had at the time began the work on bitreserve and did not want to select another domain, so I refused repeatedly. Eventually I gave in and told him a big sum of money to make him stop bothering me for the domain. After a short reply indicating that he was offended, there was silence.
Skip ahead until May 2015 when out of the blue I received this threatening letter from his lawyer, demanding that I give him the domain free of charge, because according to him, I was, in “bad faith”, profiting off his trademark (since I wasn't using the domain at the time I had it redirect to a non-profit open source project (getmonero.org)).
Furthermore, he let me know in very clear terms that he would use the law against me if I ever tried to launch my bitreserve service on bitreserve.com.
After some research I discovered that Halsey had grabbed a bunch of trademarks in 2014 and was now using them in an attempt to steal from others.
Notice how they have secured a trademark on “bitgold” ? That term goes way back into the 90s cryptographer Nick Szabo. In an e-mail from January 2015, Bitreserve said that it will sue bitgold.com (another Canadian based bitcoin exchange) into oblivion once they launch their service. The fact that they have even trademarked bitelectrum tells a lot about their ill intentions. Bitshares has since long established with bitusd etc, a topic discussing the possibility of Uphold to steal it can be found here.
It turns out the founder Halsey Minor has a history of being extremely litigious, in addition he bailed on his debt and declared bankruptcy in 2013, after apparently losing his fortune on bad investments, art, hotels/real-estate and unfinished projects (and losing lawsuits?).
The new CEO of Uphold (Anthony Watson) is no better when it comes to legal threats and threaten to sue me if I use the domain for anything. Halsey Minor does not believe in bitcoin at all, to quote him "Bitcoin will not exists in 5 years". And the fact that the current CEO calls Andreas a "random he has never heard of" speaks volumes.
I urge you all to not support a company run by these individuals. In fact I wouldn't trust them to keep your money safe *.
submitted by warz to Bitcoin [link] [comments]

[META] /r/bitcoin should sticky the /r/millionairemakers donation thread every month - it is the single most effective way to promote the use of digital currency

There have now been 9 donation threads, and each subsequent one makes it clearer that Bitcoin is superior to legacy payment systems like Google Wallet and PayPal for making small anonymous payments.
This is mainstream use of peer-to-peer electronic cash, and it's happening right here on Reddit. Stickying each monthly donation drive would encourage the participation of the subreddit's members in this fantastic application of Bitcoin technology.
EDIT: For those sceptical about my claim that /millionairemakers is "the single most effective way to promote the use of digital currency", here's a sample of threads from the subreddit:
Regardless of the outcome of the contests, I want to thank this sub for getting me into bitcoin! Just set up my first coinbase & changetip account! Just a few questions...
How to create a Bitcoin account
Free $1 from bitreserve, learn a little about bitcoin and have a free buck to donate to the chosen one!
For anyone wanting to buy Bitcoin, please read this!
How to buy Bitcoin in Canada?
My PayPal donation was returned to me. I have a changetip account setup, but now the confusing part.. is there a verified safe and easy way to buy bitcoin in Canada?
Paying via changetip (bitcoin)
Anybody wishing to tip via bitcoin.
Best place to ask about UK Bitcoins..
Best place to buy bitcoin?
submitted by aminok to Bitcoin [link] [comments]

Open standard for pegging bitcoin tokens to national currencies, is it possible?

I love bitcoins as much as the next geek, but after having been asking and observing what people around me really think about the whole thing, it seems that most of them simply don't want the extra burden that the volatility of bitcoin adds to the mix (in before "In time it will become stable"). They just want a simple to use payment solution that is secure and cheap to use, and if it isn't centrally controlled by some mega bank that is just an extra bonus.
So my question is: Is it possible to use something like colored coins to create representations of national currencies, that one can then send and receive and convert to whatever you want instantly in your own wallet? And how would one go about doing something like that?
Companies like bitreserve seems to be headed in that direction, but their "solution" is centralized and require you to place all your trust with them, so in my book that is not a viable solution.
submitted by bitRescue to Bitcoin [link] [comments]

[ACTUAL SHILLING] Let's see who's defending Uphold over in /r/bitcoin.

So there's this company, Uphold, which basically made up most of their balance sheet by introducing a 100% premined cryptocurrency, Voxel.
They claim to operate as a full reserve, but the nature of their assets doesn't match the nature of their liabilities. If you remove all Voxel assets and obligations, there's a negative balance. Note that this is according to the balance sheet they publish themselves which is not audited in any way (they don't even publish their BTC addresses and provide signed messages).
Just three days after it was on /buttcoin, /bitcoin noticed it too. In that thread, several people defended Uphold. Let's have a look at them.
There's bittyboyboo with this comment:
OP is a Redditor for 12 hours, but sounds like a long-time and serious Uphold hater. Wonder why?
Uphold is an awesome service and I use it to move money from my UK bank account to my UH wallet to buy BTC. They are the cheapest and easiest way to buy and sell BTC that I've found. What's cheaper than free? What's faster than instant?
There's enough legit Garza/Gox action in cryptoland without bad-mouthing the only company that publishes what they are doing in real-time. OP--you sound like the insolvent (and butthurt) scammer.
The user history shows just three other comments, one hating on Cryptsy, one recommending another service, airtm.io, and, one month ago, a recommendation of Uphold.
Now you might say, okay, so this guy is just a satisfied customer who doesn't like to post a lot.
So let's go over to bitgoldtruth with this comment:
OP is way off and sounds like he's a competitor spreading FUD.
Uphold is centralized, so I don't use them, but they are legit and have become a very important part of the BTC ecosystem.
I've looked a the Voxel (VOX) as a potential scam (because that's what I like to do)-- see my previous posting history about Paycoin, Bitgold, etc.
Voxel is a pre-mine, but it does have a very specific real-world use-case-- the purchase of content on Voxelus.com.
UH puts it all out there on their transparency page, which is the only reason OP could do this analysis. I applaud that transparency.
TL;DR: Voxel not a scamcoin, Uphold is solvent and the only financial service in the world that I know of that is 100% transparent in real-time. Instead of bashing UH, why not demand that Circle and Coinbase and Bitstamp also implement real-time transparency.
You might not like their management, but there is no denying that they benefit BTC by offering an excellent and innovative service.
Again-- I don't like them and don't use them, but let's save cries of insolvency and scamcoin for the company's that deserve it. I've been guilty of this myself and now am much more careful. There's plenty of bad guys in this space, but UH is not one of them.
Looking at their posting history, you see them defending Uphold with an almost identical post three days ago, defending Uphold two months ago, calling Bitreserve (the old name of Uphold) legit eleven months ago and hating on Cryptsy. Also, they seem really sold on the idea that Bitgold, a competitor to and one-time opponent in court of Uphold, is a scam. (1, 2, 3, 4, 5, 6, 7, 8, 9, 10)
Well, you say, that's just a guy with a strong opinion, isn't it?
Let's go over to CaptainCloudMoney, who brought us this comment:
OP is full of BS.
Uphold is demonstrably solvent if you know how to do math.
The only reason OP can pretend to do the math is Uphold publishes a real-time accounting of their assets and liabilities.
I'm a long-time UH supporter and investor and they just keep getting better and better. The market values innovation and UH is by far the most innovative company in the fintech/crypto space.
And for the record-- I'm long voxels because it's a bet on the future of virtual reality, which I have little doubt will do to video what video did to radio.
Uphold FTW!
Now if you go through their comment history, it's basically one big Uphold advertisement, and before that, one big Bitreserve advertisement (as you remember, the old name of Uphold). I won't go into detail here because it's really that obvious, but note that they're also plugging airtm.io (and again), just like our four-comment friend bittyboyboo did.
Well then. I think we can close the case now, Uphold is just a great company with a lot of satisfied users who all love Uphold and will defend it by attacking anybody who posts something against them. There is absolutely no foul play going on here.
submitted by Mark_Karpeles_ to Buttcoin [link] [comments]

Hi r/bitcoin, I'm working on a point of sale terminal combining NFC and (optional) offline payments based on a Raspberry Pi and am thinking of doing crowdfunding to finish the project and release the 'Bitcoin Box' as open source and open hardware. What are your thoughts - would you pledge?

Video of the protoype: https://www.youtube.com/watch?v=P7vKHMoapr8
More background info in this Coindesk article: http://www.coindesk.com/bitcoin-box-can-process-payments-web-connection/ .
My background: I have been tinkering with Bitcoin POS solutions since 2011, when I released one of the first prototypes in that area as open source ( https://github.com/javgh/greenaddress-pos-tools ), I was the founder of Instawallet and Bridgewalker (precursor to Bitreserve/Coinlock), coined the term 'green address' and do Android development for Hive.
I would ask for 9000 USD which would get you:
What are your thoughts? Would you fund a project like this? I appreciate your input!
To address one question right away: "Why is this even needed? Just use a cheap Android phone and slap an app on it, done!". Cheap Android phones often do not have NFC or have the antenna in some inconvenient place for a checkout situation. The more important advantage of the Pi is though, that it has an Ethernet port, which will make it possible to connect it to cash registers. This kind of integration would not be part of this crowdfunding round, but it would be the next logical step.
submitted by jav_rddt to Bitcoin [link] [comments]

Founder of Uphold (former Bitreserve) is a trademark troll. In 2014 he secured bit-related trademarks and uses his patents to seize domains and destroy or hinder other bitcoin related businesses. /r/Bitcoin

Founder of Uphold (former Bitreserve) is a trademark troll. In 2014 he secured bit-related trademarks and uses his patents to seize domains and destroy or hinder other bitcoin related businesses. /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Bit Money

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Author by: Apri222 Bitcointalk profile https://bitcointalk.org/index.php?action=profile;u=2011722
submitted by apritiara to ICOCryptoInfo [link] [comments]

What can I do with Bitreserve?

In the process of responding to another reddit thread, I realized that my answer was addressing not just the poster's questions, but a number of questions I have seen redditors ask in one form or another about the company I work for: Bitreserve. So I thought I would create a new post to share my thoughts with a larger audience.
Thanks to @_Sheaf for the inspiration to write this us.
What can I do with Bitreserve once my bitcoin is in pounds/euros/etc.?
Good question. I hear this question a lot, and I think the answer becomes much more apparent when one simplifies the question to, "what can I do with my bitcoin?" or "what can I do with my dollars?" But I don't want to put words in anyone's mouth, so let me answer the question directly.
Bitreserve allows you to store digital money in the cloud. We are a wallet that gives users the choice of storing their value in dollars, euros, yuan, yen, pounds, gold, and/or bitcoin. Then, when you want to use your money for anything, you can use bitcoin rails to do so. Want to send someone money? Want to buy something at a store that accepts bitcoin? Want to speculate on the price of bitcoin or the value of gold? Want to store your money safely outside of a traditional bank, in an institution setting new standards for transparency? Yep, Bitreserve does all of those things.
Which brings me full circle -- I want to reframe this question as, "what can I do with the money I have at Bitreserve?" And the answer is: anything you can do with bitcoin, you can do with the money you have at Bitreserve.
Another question worth answering is the inverse: what can't you do with Bitreserve?
For starters, we do not yet touch the legacy money system. That means you cannot yet transfer bitdollars directly to your bank account, or conversely, you cannot yet transfer dollars to your Bitreserve account to get started, nor can you yet use a credit card to buy bitcoin from within Bitreserve.
Rest assured, we want what everyone else in the industry wants: we want to create a future in which digital money is the dominant form of value transfer in the world. Why? Because we believe that digital forms of value divorced from the traditional and opaque banking system are inherently more democratic, and will lead to a more egalitarian world. This is why it is a priority for us to build the necessary bridges, such as ACH, SWIFT, PayPal, Credit Cards, to help people emigrate their money to this new vision for the future.
Can I transfer it to a traditional bank account?
Not directly. At least not yet. Bitreserve is currently bitcoin in/bitcoin out only. And while I don't see this being the case forever, I also think one challenge we face in the industry is to eventually help people dispense with this feeling that they need to constantly be moving money between legacy and digital money systems. That is important right now, because we are in a period of transition, but eventually the need to store so much of our wealth in these older systems will diminish as services like Bitreserve, Coinbase, and Circle bring more and more utility to the world of money.
We like to compare the advent of bitcoin to that of email, when some would print their email prior to reading them. This is an anachronism now, but once upon time, it was neither crazy or that uncommon.
When my value is in dollars/pounds/euros, is it still just bitcoin?
This is a common misperception because this is how companies traditionally solve this problem. Our competitors, for example, "peg" bitcoin to the value of the dollar. In this model, value is not stored in physical dollars. Value instead is hedged through the use of futures and options.
At Bitreserve, when your value is stored in dollars, you are not holding bitcoin. You are holding value backed by physical dollars in our reserve.
Upon hearing this, some people ask, "but doesn't this defeat the purpose of bitcoin?" An understandable question - and I suppose if you are someone who believes strongly that the only way to bring legitimacy to bitcoin is to hold bitcoin, and to hold anything else would betray your ideals, those of the community, or of Bitcoin itself, then yes, I suppose for you it would defeat the purpose.
However, we want to create digital forms of value that people feel safe in using. Because long term stability will only come from people using digital money in their everyday lives, and if we want that to happen, then something has to be done about bitcoin's volatility. Period. Holding bitcoin because you think it's value will go up can only hurt the aforementioned goal, because it leads to hoarding, or to the destructive feedback loop of speculation.
What are the pros/cons of transferring between currencies on Bitreserve?
On the "pro" side of this equation, transferring value between currencies can service multiple goals:
  1. When you transact in a currency often, it is helpful to denominate some of your money in that currency. Most of us use only one currency in our lives. But those of us who travel a lot, or who routinely send money home/overseas often use multiple currencies on a regular basis.
  2. If you are a speculator, then using Bitreserve to instantly move between one currency and another at a very low cost is hugely valuable.
  3. And if you are moving money from bitcoin to any other store of value, you are able to escape the volatility of bitcoin that can make it scary to hold.
The only con that I can think of is cost. And while Bitreserve is committed to driving down the costs of money, every exchange on our network has a small exchange fee.
How does this work with gold?
Gold works like any other asset on the platform. When someone converts dollars to gold, we use the corresponding dollars in our reserve to buy and secure gold in a vault. We do not use an ETF. We possess real physical gold bullion.
Of course holding gold personally, e.g. in a vault in our office, in the quantities that we do and plan for is not wholly practical for Bitreserve at this time, not to mention practical for anyone really, therefore we have partnered with GBI as our Gold exchange and storage partner. We even had the pleasure of visiting one of their vaults to inspect the reserves ourselves. I will never forget the look on our founder's face when he got to see and touch a giant pile of gold bricks, and then got to hold one of those bricks in his hand. Awesome.
What advantages does Bitreserve have over an exchange?
First and foremost, our members get to take advantage of instant settlement. When you move dollars to bitcoin, the bitcoin is available instantly to be spent or sent elsewhere, or to be exchanged again for another store of value. No waiting. No settlement period.
Second, we have very competitive rates that are clear and simple. We have no spread either, which means we are not able to hide costs behind a relatively opaque notion most consumers aren't well versed in. And if you are a gold trader, we have no holding fees, which can dramatically change the cost overhead for holding and transacting in gold.
To wrap up - the value of Bitreserve is in the eye of the beholder. Those who are fanatical about bitcoin, and who feel that anything other than bitcoin is not to be used or trusted - well, Bitreserve may not feel like the best service for you. Those who are interested in participating in the world of digital money, but whose month-to-month budget cannot accommodate the price volatility of bitcoin -- well, Bitreserve might be perfect for you because it leverages the best of what different forms of money have to offer to create a service that removes much of the fear associated with switching to a new money system.
(update: minor grammar edits, and a few word choice changes)
submitted by byrnereese to Bitcoin [link] [comments]

Okcoin.com vs Bitstamp

Here’s the next step in my journey to finding the best way to trade BTC/USD: analysis of Okcoin.com (one of the exchanges with the most action) vs. Bitstamp (a recently-hacked but widely used exchange).
Once more I’m scoring based on three factors: Cost, Speed, and Safety. After analyzing BTS and OKC, I think I’ll add a fourth: Functionality.
Cost:
(I conducted a similar round trip to the one on my last comparison Bitreserve vs. Coinapult. Bitreserve won that round by a mile.)
I set a 0.1BTC market sell order on both exchanges. Then I sold the resulting dollars with another market order. You can check out the screenshots here
OKcoin BTC=>USD=>BTC Roundtrip: I had some crazy remaining balance issues with OKC because they don’t make it easy to trade exact amounts, and I still have some $0.1041 in USD in my OKC wallet, I’ll have to manually account for this (more on this on this later).
BTC=>USD: 0.1 BTC transferred at a rate of 291.09 USD / BTC = USD 29.109 credited (USD 0.0584 commission). USD=> BTC: USD 29.109 transferred to BTC at a rate of 291.14 USD/BTC = 0.0997BTC (BTC 0.0002 commission). Total Cost OKC: BTC: 0.0003 (0.3%)
Bitstamp BTC=>USD=>BTC Roundtrip: BTC=>USD: 0.1 BTC transferred at a rate of 289.70 USD / BTC = USD 28.97 credited (USD 0.08 commission). USD=> BTC: USD 28.97 transferred to BTC at a rate of 291.97 USD/BTC = 0.099355 BTC (USD 0.08 commission). Total Cost BTS: BTC: 0.00075 (0.75%)
OKC is half the cost of BTS and by far the cheapest exchange I’ve used. But I’ve got some real questions about how they operate within China’s legal system (more on that later too, under “Security,” because the cost savings don’t add up to much if the PRC government shuts down OKC and confiscates all their client funds).
Speed:
Because I only used market orders my BTC and USD sales were executed very fast on both exchanges. But if it were any other type of order or aven a larger order, the size of the market in the exchange would impact the speed and cost of the trade. One way to calculate the market size of an exchange is by its volume or the amount of BTC traded daily. According to exchange war OKC has a volume of about 28,000 + BTC daily while BTS has a mere 7,000 so Okcoin.com is probably a bit faster. But are those numbers accurate?
Functionality:
OKC has some cool features like, trail orders,trigger orders, TWAPs, and iceberg orders, and futures. BTS sticks to the more basic exchange functions like market order, stop order, and limit order, which is not bad if you’re a novice trader and want to keep it simple.
A thing I dislike about OKC is that whenever you place an order to buy or sell BTC you sort of have to take out a calculator to subtract the exchanges fee from your order. Because of this I have a remaining balance on my OKC account. It’s pretty annoying and feels like i'm being cheated out of my money. An exchange that deals with this pretty well is again Bitreserve, whenever you don’t have sufficient balance on a card to place an order the service will automatically help you re-adjust the amount.
Security:
So there’s still the last SAFETY factor, because price and speed don’t matter if the exchange gets hacked and all your BTC and Fiat gets stolen. Another aspect we have to talk about is how exchanges keep your fiat whenever you sell your bitcoin.
In case you don’t know, the way Bitcoins get stolen is pretty basic, hackers either hack your account or they hack into the exchanges hot wallet and just empty it (this happened at BTS recently).
OKC has a huge share of the bitcoin exchange market and I assume top players have gone through a thorough inspection of their security protocol.
What they basically do is: Cold store the bitcoin in addresses that have never touched the internet. Take strict measures about how the people in charge of cold storing the bitcoin and safe keeping those cold wallets on banks do their job.
Since their reportedly $5mm attack on their hot wallet BTS has implemented new security measures. They now use multi-sig (multi signature) technology provided by Bitgo. Bitgo’s 2-of-3 signature address provides BTS users a pretty safe wallet to keep their bitcoin. Although the exact details of Bitgo's and Bitstamp's integration are undisclosed (for obvious reasons) all you need to know is that withdrawing funds from the 2-of-3 address requires at least 2 of the 3 keys to sign. Find out more here.
Another risk is what the exchange does with the fiat in your account when you sell bitcoin. This part is pretty straight forward, the exchange has to have a bank where they keep the fiat people buy and from which they receive credit card payments from clients and reflect the balance on their accounts. BTS keeps their dollars at these two Slovenian banks: Raiffeisen Banka d.d. and Gorenjska Banka d.d. The bank (or banks) OKC uses to receive deposits is Barclays Bank Mozambique SA. FYI the reason their bank is off shore is because Chinese banks are not allowed to deal with any currencies except Yuan and they can’t have direct contact with bitcoin exchanges.
This talk by Zhang Weiwu, a top Chinese bitcoin columnist (whose predictions for the future of bitcoin have been spot on) helped me understand China's bitcoin panorama. The big take-away of Zhang’s talk for me is that the Chinese bitcoin industry is UNCERTAIN: either the government shuts it down because its growing uncontrollably fast or they adapt to it because they want to catch up on the rest of the world. Either way, OKC is playing a dangerous game of navigating around PRC bank regulations.
Wrapping up, OKC came on top of BTS on the price and speed comparison. As for functionality, it really depends on what you’re looking for. If you’re a serious trader I would recommend you take your biz over to OKC. If you just want to dabble or get started you should start on BTS. As far as the safety factor goes, BTS wins that one until there’s more clarity from the PRC bigshots.
So...
Cost--Ok Coin wins. Functionality-- Ok Coin wins. Speed-- a tie. Security-- Bitstamp wins since their ecosystem is a lot more friendly towards bitcoin, even with the recent hack and have no proof of solvency.
Following a Uefaesque point awarding system: − 2 points awarded for a win − 1 point awarded for a draw − 0 points awarded for a defeat
OKcoin wins 5 points to 3!
At the end I’d like to leave it to your better judgment to decide, you have all the facts to make an objective decision on which of these exchanges to use. As far as I’m concerned there is still room for exchanges to innovate and make strides to making the virtual currency world safer. An example of this would be Bitreserve’s real-time transparency. I’d like to see Bitstamp and OkCoin provide real-time proof of solvency and liquidity like Bitreserve does.
Till the next time,
mr.bitsy
submitted by mrbitsy to BitcoinMarkets [link] [comments]

Blockchain.info I have lost my first btc

UPDATEI was scammed for this app http://www.amazon.co.uk/Blockchain-LTD-Bitcoin-Wallet/dp/B010UTSK34/ref=sr_1_2?s=mobile-apps&ie=UTF8&qid=1438875641&sr=1-2&keywords=blockchain and i thought was official!!!
I have bitcoins for over 3 years in several wallets like ledger, bitcoin core and in cloud wallets like circle, coinbase, kraken, bitgo, bitreserve and i have never lost a single bitcoin all that years. I take all the security measures like 2 step auth, strong passwords. My desktop is linux and my mobile blackberry and i never download third party apps or i never click to links that i dont trust. Before some day i decide to create a wallet to blockchain.info to test it and because i see there was and a mobile app for blackberry phones through amazon. I transfer there a small amount of bitcoin 0.001 and i test how it works especially with the mobile. I like to add that i dont active 2 step auth but i make a very strong password. I didnt open it again for 5-6 days and suddenly yesterday 5 August i see an email and a sms from blockchain that i have transfer the 0.001 btc to unknown address!! I am sure i never touch this and i never give an order to transfer bitcoin to that adress and this is my first time i ever lost bitcoin in all of this years. The transaction is here
https://blockchain.info/el/address/143oBJ7eFkpNoVLgfUijjK3BRBZKSJrByw
the bitcoins goes to this adress
1LXGc8vLy8LZjtb3DNw2LNuD1da6sSwE6A
the strange think in this adress is that it has 10 more transfer at the same time with my bitcoin transfer
2015-08-05 19:56:15
the more strange think is that on of the tha adress has a public notice to that transfer
1GxuUfmmgmvNwx6EVNDCsG7aAHUSk3TXy3
ePay Weekly Mass Payout
https://blockchain.info/el/address/1GxuUfmmgmvNwx6EVNDCsG7aAHUSk3TXy3
i really dont know how this happen and i think i have take all the security measures that i can do. I am sure that i dont have a virus even in my wallet especially there because i already have a wallet with serious amount of bitcoin and is very safe
submitted by chek2fire to Bitcoin [link] [comments]

Deutsch: Electrum Litecoin Wallet erstellen  BTC Direct Bitcoin Google Wallet POC Transfer Bitcoin from one wallet to another - Beginners ... Bitreserve proof of withdraw! Is bitreserve better than bitconnect for bitcoin lending

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Deutsch: Electrum Litecoin Wallet erstellen BTC Direct

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