Original author: Nermin Hajdarbegovic
Coin News
Circle Internet Financial lifted the veil on its introductory product last week, providing CoinDesk with an extensive preview of what Circle.com will offer to the general market when it moves out of invite-only testing and past version one of its core offering.
The company revealed the first hints about what was to become Circle.com in March and, since then, it has been gradually ramping up development of its product while slowly expanding its pool of invited users.
First previewed at the Bitcoin2014 conference in Amsterdam this May, Circle largely delivers on its promise of providing a user-friendly digital money platform that delivers the kind of streamlined functionality many associate with traditional online payment tools like PayPal or Google Wallet.
Though questions about how Circle will expand and monetize this offering still remain, the company’s first product demonstrates that the bitcoin industry as a whole has only begun to tap the potential of the technology, and that such applications could indeed have a broad appeal in the US market.
Launched in 2013, Circle has raised $26m to date, with its most recent round of funding netting the company $17m from Oak Investment Partners, Pantera Capital and SecondMarket CEO Barry Silbert’s Bitcoin Opportunity Corp.
Logging in
After entering their username and password, Circle automatically sends a verification code to the user’s smartphone. This two-factor authentication process can be bypassed by frequent users, as they have the option for the company to remember their computer for 30 days.
Alternatively, Circle customers can choose to use Google Authenticator, which generates the code via a smartpone app.
Once inside, users are greeted with a home screen that shows recent account activity and a message from Circle indicating that they now have $10 worth of BTC to spend. This balance is displayed at the top of the screen in both USD and BTC values.
Transferring existing bitcoin
Below the activity section, users will see the option to “Transfer bitcoin to your circle account” or “Connect your bank account and credit cards to Circle”.
Those who want to transfer existing bitcoin to Circle will be greeted with a QR code and a bitcoin address that will allow them to transfer funds to the account. Circle uses dynamic QR codes that change with every transfer.
“This prevents someone from spoofing your Circle account and intercepting payments,” the company’s website reads.
Circle also sends an email to the user, confirming the funds have been sent. CoinDesk tested a transfer from BTC-e to Circle and received the funds in under five minutes.
Linking your accounts
Conversely, users can take advantage of the ‘Connect your bank account and credit cards to Circle’ option.
To begin, users click ‘Connect Account’. Circle then takes users to a landing page before sending them through a three-step process that confirms the account.
To add a bank account, users need to first enter their legal first and last names and their address, including the zip code, city and state. Users next verify their identity by providing their date of birth and social security number.
Credit card users must provide their card number, expiration date, billing address and security code, while bank account users need to provide their account name, routing number and account number.
In turn, bank account deposit limits are capped at $2,500, with withdrawals limited to $10,000 per week. Credit card deposits are likewise capped at $500 and withdrawals have a $1,000 per week ceiling.
“Across all of your Circle accounts there is a maximum amount that may be deposited and withdrawn in a given week. As you develop a transactional history with Circle, this limit may increase,” the website states.
Users can also withdraw bitcoin funds to their credit card in order to make payments.
Verifying linked bank accounts takes two to three business days, as users need to confirm that they first received two small deposits from Circle.
Accounts can also be quickly removed with the simple click of a button.
Advanced features
Circle users with linked accounts can also take advantage of advanced features such as its Link Handler, which can be used to make Circle the default payment method for any bitcoin payment link on the Internet.
The service’s ‘Multiple Accounts’ feature also lets users subdivide their bitcoin funds into different accounts that can be labeled for better money management.
Users can also change their two-factor authentication settings so that verification is required for the transaction of any amount or amounts over a certain value.
Disclaimer: Circle.com is still undergoing stress tests and changes could be made to the final product before launch. This article should not be viewed as an endorsement of the service mentioned. Please do your own extensive research before considering investing any funds in this, or any other, service.
Images via Circle
Circle Internet Financial
Original author: Pete Rizzo
Original author: Nermin Hajdarbegovic
Day two of The North American Bitcoin Conference (TNABC) was at times unpredictable – featuring a notable cancelled appearance and a few schedule changes. However, it ultimately succeeded at showcasing the wide range of individuals who are now engaged, enthusiastically, in various parts of the ecosystem.
This diversity of both demographics and ideas was perhaps best illustrated in the day’s panel sessions, which included talks dedicated to women and students working in the space as well as an ad-hoc discussion on bitcoin 2.0 by legal thought leaders like Marco Santori and Jacob Farber.
The full scope of the community could also be seen in the major business leaders who spoke at the event, representing a range of verticals from bitcoin mining to e-commerce and merchant processing.
Through this, the conference was also able to highlight just how interconnected the industry remains despite the increased VC interest and mainstream media attention, a point alluded to by event organiser Moe Levin in his closing remarks.
Levin said:
“Bitcoin began as a community initiative and prospers today for the same reason, coming together, talking face to face is essential to us remaining a community.”
Elsewhere, the day featured sessions led by Bitcoin Shop CEO Charles Allen; CloudHashing’s Lukas Gilkey; and a surprise session led by Charlie Shrem, who appeared via a telepresence robot.
Regulation debate continues
Though not as apparent in today’s discussions, New York’s proposed regulations for bitcoin businesses proved to be a continued topic of interest – one that was addressed most forcefully by Bitcoin Association board member and an outspoken critic of bitcoin regulation, Bruce Fenton.
Fenton delivered an impassioned speech to the morning audience that encouraged attendees to question the information they have been receiving from New York state officials.
Further, he suggested that NYDFS Superintendent Benjamin Lawsky may be motivated by higher political office in his decision-making, or that the regulations may have been the product of his involvement with the banking industry.
“Not one CEO has come to me and said ‘It’s good that we can’t own bitcoin’” – @brucefenton on bitlicenses
— CoinDesk (@coindesk) July 20, 2014
The regulation was also dissected during a panel on bitcoin 2.0 innovations, though there the proposal was viewed more as a disappointment to a community that had expected to be given the same room for experimentation that the Internet enjoyed during its formation.
The panel addressed how the laws would impart a number of restrictions on the broad application of bitcoin’s underlying technology in its attempt to ensure consumers are protected from financial harm, and touched on the negative impact this could have on the ecosystem as a whole.
Innovation ahead
The afternoon’s schedule was interrupted by the absence of BlockStream’s Austin Hill, whose session never materialized. Levin was not able to comment on the reason for the rescheduling, however, Hill did address the subject with a presumably tongue-in-cheek tweet.
Hate to undermine the organizers of the Chicago Bitcoin conf,but it turns out they suspect im Satosh i& I got picked up and am in chains — Austin Hill (@austinhill) July 20, 2014
Ultimately, the session was replaced, however, by a diverse panel discussing bitcoin 2.0 innovation, or the development of alternative ways to apply bitcoin’s decentralized technology. The talk featured Bitcoin Foundation general counsel Patrick Murck; Marco Santori; Ripple Labs CTO Stefan Thomas; Ethereum co-founder Vitalik Buterin; and Perkins Coie senior counsel Jacob Farber, among others.
The gathered speakers discussed broadly how bitcoin 2.0 projects are innovating and adding to the bitcoin space, while touching on problem areas such as how consumers could differentiate between the complex offerings and when and if their related products could impact that average bitcoin user.
Speaking to the consensus of the group, Farber said:
“There’s the notion that the [bitcoin] 2.0 ventures being a set of tools that aren’t mutually exclusive. I think there’s going to be more interlinking over time.”
In the talk, Thomas also built on points mentioned in his earlier speaking slot, which addressed how Ripple is seeking to use smart contracts with its latest launch Codius.
Similarly, Buterin echoed comments from his earlier speech, in which he gave an overview of cryptographic systems, how centralized payment methods like PayPal can be improved, and Ethereum and its ongoing development.
BitPay moves mainstream
The extended breakdown of bitcoin 2.0 was contrasted by an earlier talk given by BitPay executive chairman Tony Gallippi, who aimed to broadly connect the company’s recent moves to illustrate how they form a cohesive vision for taking the initial application of bitcoin technology mainstream.
Gallippi discussed BitAuth, the company’s decentralized digital authentication platform, its new, open-source multisig wallet Copay and its new payroll API.
Notably, Gallippi suggested it may be this last offering that may be the most impactful of all, stating:
“It’s a benefit that employers can offer [bitcoin] to their employees. It’s something that people are asking for, more than half of IT professionals are interested in this.”
He added that payroll should perhaps be a larger focus for the community, as most people throughout the world receive their local fiat currency through this method.
Gallippi ended the talk by welcoming ESPN’s Brett Dulaney to speak about the Bitcoin St. Petersburg Bowl, which he said BitPay is seeking to leverage so that it provides maximum exposure for the entire bitcoin community.
ESPN’s Brett Dulaney joins @BitPay CEO Tony Gallippi onstage for update on Bitcoin Bowl at #bitcoinchicago
— CoinDesk (@coindesk) July 20, 2014
For more on the conference and its announcements, read CoinDesk’s full analysis of day one of the event.
Images via CoinDesk
EthereumeventsNew York State Department of Financial ServicesNorth American Bitcoin Conference
Original author: Pete Rizzo
Original author: Tanaya Macheel
Original author: Stan Higgins
Germany-based digital currency bitcoin ATM and point-of-sale (POS) solution provider BitXatm has announced a new partnership that will find the company shipping 1,000 units to the US in a bid to build the country’s largest bitcoin ATM network.
For the initiative, BitXatm will partner with Los Angeles-based CryptVision, a startup that itself is seeking to build the largest network of bitcoin ATMs around the globe. As part of the deal, CryptVision will become the exclusive provider of BitXatms in the US and Canada.
Sergey Yesayan, president of CryptVision, framed the move as one that will find the new company moving quickly to gain a foothold in the bitcoin market, saying:
“In terms of positioning our products all over the country, we’re planning to have most of them in place by the end of the year, and are looking for location partners in shopping malls, restaurants and night clubs.”
Yesayan said that the bitcoin ATM units will be available for free to qualified operators, with the qualification process for operators beginning 25th July. CryptVision plans to treat the units as vending machines and manage the associated financial responsibilities and licensing.
The announcement follows BitXatm’s May upgrade to its Sumo Pro ATM product, and was issued at The North American Bitcoin Conference (TNABC), a two-day community event being held in downtown Chicago.
BitXatm courts US market
Launched in April of this year, BitXatm’s signature unit – the Sumo Pro – now provides one-way or two-way transaction capabilities in addition to its POS features. The units were on full display at the TNABC, in the country where the company aims to better cater to its biggest market.
Marcel Bruck, sales director at BitXatm, told CoinDesk:
“US is the number one market. Bitcoin is erupting and you see that most of our customers are also from America. In Europe, you still have a lot of regulations.”
BitXatms can accept and dispense any digital currency and offers a web-based back end that allows operators to manage profits, cash flow and to change settings on the ATM remotely.
The company said it will continue to provide support for its ATMs to CryptVision once the units are deployed.
TNABC announcements continue
The BitXatm announcement is the latest in a string of major news stemming from the NABC event this weekend.
Spurred by the launch of new bitcoin lobbying group, the Digital Chamber of Commerce, day one of the conference included major announcements from bitcoin wallet and block explorer provider Blockchain and China-based digital currency exchange OKCoin.
To catch up on day one of the NABC, read our full recap here. For breaking news from the event as it happens, follow CoinDesk on Twitter.
Image via CoinDesk
ATMsBitXatmgermany
Original author: Pete Rizzo
Trends play an important role in trading, giving traders a chance to use patterns in the price data to make decisions based on more than simple rises and falls, or worse, gut instinct. But how does one identify and draw a trend on a chart?
When looking at bitcoin price charts like the one below, you can’t help notice how prices at times seem to move along invisible lines:
This can be seen whichever chart timeframe you look at, be it weekly, daily or on a 30-minute chart:
Trend lines and trend channels
The lines you see in the charts above are called ‘trend lines’. However, it is apparent that prices not only follow trend lines, they often move back and forth between two trend lines, an upper and a lower trend line:
This is then called a ‘trend channel’ and it’s probably one of the most widely used concepts in technical price analysis. One important aspect of trends is that they can be divided into shorter trend segments, which again are made of even shorter segments:
Price trends are highly fractal in nature. This mean that they appear very similar, no matter on what time frame (ie: zoom factor) you look at them.
How to draw trend lines and channels
It is fairly easy to draw trends, all you need is an interactive charting platform that allows you to draw on the charts, such as Coinstackr’s Bitcoin Charts or ZeroBlock for example. Using the ‘line’ or ‘channel’ tools, do the following:
Drawing uptrends
Uptrends generally respect the lower supporting trend line more accurately, so start the trend line at one of the trend’s lows (see [1]). Then draw the line to one of the next higher lows (see [2]). Depending on the tool used the line will automatically extend to the right and/or left:
Note how the blue moving average indicator on the chart can help you draw the line at a good angle. After drawing the line you will almost always need to move it around a bit and adjust its angle so it touches the trend’s price lows as accurately as possible. Trend lines never perfectly fit prices, however, there will always be some price candles piercing through.
Drawing downtrends
Downtrends are drawn exactly like uptrends, only that you start with the upper resisting trend line:
Advanced tip: Logarithmic charts
Exponential growth can often be seen in price charts, as shown by Bitcoin’s rally back in October and November 2013:
Exponential curves display as straight lines when plotted on a logarithmic scale. The same price series then looks like this:
Now, trend channels can be used to easily spot exponential growth. However, not all charting platforms offer logarithmic charts.
Using trends in trading
While trends can be useful, it is not advised to use them as the only factor in any entry decision. Even if prices touch the lower trend line of an uptrend and buying into bitcoin seems to make perfect sense, always look for more confirmation from other indicators (eg: other support and resistance key levels, volume analysis, price action patterns) that this trend is not going to break and losing you money.
Ideally, you want to have confluence of more than one indicator to increase the odds in favour of a profitable trade.
Furthermore, don’t forget to always look for higher and lower time frame trends. While it may seem like prices are in an uptrend on one time frame, higher time frames may reveal prices are actually in a downtrend, for instance. Many traders are not comfortable trading against the trend, which is why they rather trade true to the motto ‘the trend is your friend’.
pricestrading
This can be seen whichever chart timeframe you look at, be it weekly, daily or on a 30-minute chart:
Trend lines and trend channels
The lines you see in the charts above are called ‘trend lines’. However, it is apparent that prices not only follow trend lines, they often move back and forth between two trend lines, an upper and a lower trend line:
This is then called a ‘trend channel’ and it’s probably one of the most widely used concepts in technical price analysis. One important aspect of trends is that they can be divided into shorter trend segments, which again are made of even shorter segments:
Price trends are highly fractal in nature. This mean that they appear very similar, no matter on what time frame (ie: zoom factor) you look at them.
How to draw trend lines and channels
It is fairly easy to draw trends, all you need is an interactive charting platform that allows you to draw on the charts, such as Coinstackr’s Bitcoin Charts or ZeroBlock for example. Using the ‘line’ or ‘channel’ tools, do the following:
Drawing uptrends
Uptrends generally respect the lower supporting trend line more accurately, so start the trend line at one of the trend’s lows (see [1]). Then draw the line to one of the next higher lows (see [2]). Depending on the tool used the line will automatically extend to the right and/or left:
Note how the blue moving average indicator on the chart can help you draw the line at a good angle. After drawing the line you will almost always need to move it around a bit and adjust its angle so it touches the trend’s price lows as accurately as possible. Trend lines never perfectly fit prices, however, there will always be some price candles piercing through.
Drawing downtrends
Downtrends are drawn exactly like uptrends, only that you start with the upper resisting trend line:
Advanced tip: Logarithmic charts
Exponential growth can often be seen in price charts, as shown by Bitcoin’s rally back in October and November 2013:
Exponential curves display as straight lines when plotted on a logarithmic scale. The same price series then looks like this:
Now, trend channels can be used to easily spot exponential growth. However, not all charting platforms offer logarithmic charts.
Using trends in trading
While trends can be useful, it is not advised to use them as the only factor in any entry decision. Even if prices touch the lower trend line of an uptrend and buying into bitcoin seems to make perfect sense, always look for more confirmation from other indicators (eg: other support and resistance key levels, volume analysis, price action patterns) that this trend is not going to break and losing you money.
Ideally, you want to have confluence of more than one indicator to increase the odds in favour of a profitable trade.
Furthermore, don’t forget to always look for higher and lower time frame trends. While it may seem like prices are in an uptrend on one time frame, higher time frames may reveal prices are actually in a downtrend, for instance. Many traders are not comfortable trading against the trend, which is why they rather trade true to the motto ‘the trend is your friend’.
pricestrading
Original author: Christoph Cronimund