Are we witnessing the evolution of money?

If you've looked closely at a £20 banknote lately, you may have noticed something strange. In small letters, just below the words “Bank of England” it will say: “ I promise to pay the bearer on demand the sum of twenty pounds .” What does that really mean? If you think about it, that doesn't make much sense. When you pay someone £20 in cash, the note itself is the payment - it's not an IOU note. If you go to a bank and ask them to fulfill that promise, they'll simply give you...

Bitcoin value recovers 3% following delay in pivotal SEC ruling

The price of bitcoin and other cryptocurrencies fell 10% yesterday (August 8), following a decision by the US Securities and Exchange Commission (SEC) to delay a major ruling that, if successful, could see token prices rocket. It related to an application for a bitcoin exchange-traded fund (ETF) - a financial product that tracks the price of an asset - backed by blockchain startup SolidX and investment firm VanEck, in what would be the first exchange-traded product of its kind in the...

Cryptocurrency exchange Bithumb is hacked in $36m heist

Bithumb has suspended trading after the latest cyber-heist saw the crypto exchange robbed of $36.6m (£24m) worth in currency last night. The values of coins including Bitcoin, Ethereum and Ripple have fallen in reaction to the news. It is the second time in less than a year that the exchange has been breached. In June 2017, a computer of a Bithumb employee was hacked leading to access information of 30,000 users being leaked. It is also the second time a leading South Korean...

‘Netflix of crypto’ gears up for UK stock listing on mission to democratise mining

The UK stock market could be about to see its first blockchain-based listing, as a new company aimed at bringing cryptocurrency mining to the 99% sets its sights on the London Stock Exchange. Argo Blockchain, launched last year as a “mining-as-a-service” subscription platform, is aiming to raise £20m in the listing with expectations at being valued at around £40m once public, as it realises its vision of handing cryptocurrency mining power to a majority. The process of creating...

Coinrail hack sees cryptocurrencies plummet 10%

The price of bitcoin and other cryptocurrencies plunged to a two-month low over the weekend with news that the South Korean cyber currency exchange Coinrail had been hacked. Coinrail confirmed the breach on Twitter, calling it a “cyber intrusion on our system” and stating that “some coins” - which constitute lesser-known currencies - had been compromised as a result, while it didn’t disclose the exact amount stolen.  

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Nasdaq finally shuts door on Long Blockchain Corp for ‘misleading’ crypto investors

The Nasdaq stock market has announced today (June 6) that it will delist the common stock of Long Blockchain Corp, having suspended its stock on April 12 of this year. The Long Blockchain Corp, formerly The Long Island Iced Tea Corp, could be considered the poster boy of cashing in on the crypto-craze beginning late last year, which saw a spree of companies hoping to capitalise on the frenzy by changing their business names and missions. The company’s name change at the start of 2018...

Bitcoin network could use 0.5% of the world’s energy by the end of the year

Recent research has suggested that the Bitcoin network's global activity could account for approximately 2.55 gigawatts - almost as much power as the entire nation of Ireland. The study, authored by PwC blockchain specialist Alex de Vries, assumes that the entire network is using the most efficient mining hardware available - so the actual number could be much higher. de Vries suggests that the Bitcoin networks's total energy usage may reach 7.7 gigawatts by the end of the year, nearly as...

HTC announces Exodus, a blockchain-powered smartphone

HTC has announced a smartphone this week powered by blockchain technology, called Exodus. The phone will include a secure hardware enclave designed for cryptocurrencies and decentralised applications. The Exodus phone also has a universal wallet, which will support Bitcoin, Ethereum, Lightning Networks, Dfinity and other major cryptocurrencies. Users will be able to send and receive crypto payments, with each device acting as a node for crytocurrency trading. Security and privacy seem like...

Bitcoin at the checkout? Bringing ‘spendability’ to crypto

Since the birth of cryptocurrency, many have questioned whether tokens can count as ‘real money’. Cryptocurrencies – Bitcoin, Ethereum, Litecoin – have caused a buzz in the financial world, with leading financial figures often disagreeing publicly as to what they are and as to their future. All cryptocurrencies have the same foundation of using blockchain for value exchange. Some cryptocurrencies are focussed on creating a new digital money, others take the same principle but apply it...

Vitalik Buterin: ‘bitcoin creator’ Craig Wright is a fraud

Vitalik Buterin calls Craig Wright a fraud

Ethereum founder Vitalik Buterin did not feel the need to speak diplomatically about Craig Wright at the Deconomy conference in South Korea. Buterin labelled Wright, who claimed to be mythical Bitcoin creator Nakamoto in 2016, a fraud and questioned his validity to speak at the conference. The confirmed founder of Ethereum made a complaint to the organisers of the event asking why Wright was invited, when he makes “so many non sequiturs and mistakes”. He received applause from the...