Bitcoin Picks: Ponzi Scheme Gets Punished & Developers Get New Treat

The world of Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term continues to face hurdles in its journey of acceptance as a viable instrument. South Asian nation, Bangladesh, has issued a harsh warning against users of Bitcoins with the possibility of prison. On the other hand, currency dealers offering the popular MT4 trading platform are to benefit from a new pricing source as Bitcoin exchange, Ibinex, readies itself to provide liquidity. The weekly wrap is courtesy of specialist industry news source for virtual currencies, DC Magnates.

The Good: App developers Get New Open-Source API

Technologists looking to savour their coding skills to create applications for the Bitcoin market will benefit from a new open-source framework. Coinbase reported that it has launched a new benchmark development, API, the iteration is developer-friendly, allowing them to build in functionality to query up-to-date Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term data.

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The Bad: Bitcoin Ponzi Scheme Pays $40 Million

A Texas federal court charged a local resident who was previously found guilty by the US financial watchdog for running a Bitcoin-related Ponzi scheme. The court enforced the guilty party, Bitcoin Savings & Trust’s founder, to pay disgorgement and penalties totaling more than $40 million. Details of the case showed that the scheme had promised significant returns of up to 7% weekly.

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The Ugly: Bangladesh Bans Bitcoins

The South Asian nation, Bangladesh, has enforced an outright ban on the use of Bitcoins, becoming the fourth country to prohibit residents from using the digital currency. In a statement issued by the central bank its states that the use of the instrument is a punishable offence, with a prison sentence of up to 12 years.

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Bitcoins Love of MT4 Continues with New Liquidity Stream

Ibinex, a dedicated Bitcoin exchange, readies the launch of round-the-clock Bitcoin liquidity on the popular MetaTrader 4 platform. The trading terminal, which holds the largest market share of users in the margin FX world, is expected to be rolled-out in Q1 of 2015. Bitcoins are a viable add-on for currency brokers as they gain traction globally among users.

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Educating the Educated - Digital Currency Council Extends Reach

A new body supporting the development and sophistication of digital currencies established an office in New York’s lower Manhattan. The Digital Currency Council aims to bridge the gap between end-users and intermediaries, such as financial advisors. The body will educate and inform financial advisors on the dynamic nature of digital currencies as it attempts to create awareness among end-users. It will offer courses and seminars for advisors to ensure they fully understand the financial instrument.

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