Cryptocurrency Market Posts Minor Recovery But Bitcoin Downward Trend is Still Strong

As CCN reported yesterday, on May 24, the bitcoin price dipped below $7,250 as a massive sell-off from the $7,700 mark intensified. After three consecutive sell-offs within a 24-hour period, the price of bitcoin dropped from $7,900 to $7,250, eventually stabilizing at $7,400. Bear Market The cryptocurrency sector is in a short-term bear cycle. In … Continued

The post Cryptocurrency Market Posts Minor Recovery But Bitcoin Downward Trend is Still Strong appeared first on CCN

Cryptocurrency is a ‘Token’, We Won’t Call it a Currency: South Africa’s Central Bank

South Africa’s central bank is choosing to call cryptocurrencies like bitcoin as ‘cyber-tokens’ rather than currencies, arguing they do not ‘meet the requirements of money’. The South African Reserve Bank (SARB), the country’s central bank, prefers to see cryptocurrencies as ‘tokens’ rather than currencies according to deputy governor Francois Groepe. As things stand, the authority

The post Cryptocurrency is a ‘Token’, We Won’t Call it a Currency: South Africa’s Central Bank appeared first on CCN

Ethereum Startup Omise Gains Megabank Sponsor for Blockchain Coworking Space in Japan

Mizuho, one of Japan’s three so-called ‘megabanks’, will sponsor Neutrino, the country’s first blockchain coworking space established by Ethereum-based startup Omise Japan. Named ‘Neutrino’, the country’s first specialized blockchain co-working space was established by Omise in Tokyo in March this year. Omise, a Thai-based startup, sees Ethereum co-founder Vitalik Buterin among its advisors and closed

The post Ethereum Startup Omise Gains Megabank Sponsor for Blockchain Coworking Space in Japan appeared first on CCN

Czech Utility Company Introduces Crypto Payments

Czech Utility Company Introduces Crypto Payments

One of the largest energy suppliers in the Czech Republic has recently announced plans to start accepting cryptocurrency from its customers. The bitcoin payment option should be available as early as next month, its management said. The company is about to join a growing number of Czech businesses processing crypto payments by introducing them to the energy sector.  

Also read: Poll: Bitcoin More Popular With Czechs than the Euro

Reaching Out to the Young People

The firm in question, Pražská Plynárenská, is not new to the concept of diversification. It is one of the major suppliers of natural gas in the Czech Republic, serving 420,000 homes and businesses. The company is also an electric and heating utility which installs photovoltaics and gas-operated boilers, its website shows. According to its Bloomberg overview, Pražská Plynárenská is engaged in assembling and maintaining telecommunications equipment, servicing motor vehicles, and many more business endeavors, including IT services. The latest project – bitcoin payments.

Czech Utility Company Introduces Crypto Payments

“In June, we are opening a payment gateway, which will automatically transfer our bitcoin payments into regular currency, so that we don’t have to speculate with cryptocurrency. But if anyone wants to pay in an alternative way, we want to allow them to do that,” said Pavel Janeček, chief executive officer of the Prague-based company. According to Hospodářské Noviny, Pražská Plynárenská will pioneer cryptocurrency payments in the country’s energy sector.

Janeček also said that the introduction of bitcoin (BTC) as a payment option will make his company more attractive for the younger generation. This is obviously a priority as the management has also organized rentals of cars running on eco-friendly CNG especially for Youtube vloggers. “We are trying to reach out to the young customers,” he reiterated, those who buy everything with their mobile phones.

Crypto Payments on the Rise in the Czech Republic

A growing number of Czech businesses are turning to cryptocurrencies as an alternative and modern payment option. Although for some companies this might be merely a marketing move, with few of their customers paying in crypto and the merchants immediately converting the coins to fiat, others are more serious about cryptocurrency.

Last year, the largest online retailer in the country, Alza.cz, started accepting bitcoin (BTC) on its platform, as news.Bitcoin.com reported. According to Jan Sadílek, head of internet marketing at Alza.cz, the number of orders and the crypto turnover have increased significantly over the past months. Customers are paying with cryptocurrency for a variety of products, including the popular hard wallet Trezor offered by the Czech-based Satoshilabs. Since February this year, Alza also accepts litecoin, praised for faster transactions and lower fees.

Other examples include several Subway stores and the Paralelní Polis café in Prague, which is popular among members of the Czech crypto community. According to the local press, it is actually accepting only cryptocurrency for your coffee.

Czech Utility Company Introduces Crypto Payments

On the other hand, several banks have been trying to block crypto-related transactions of Czech businesses. One of them, Mbank, has explained its restrictive policies with an argument often used by traditional financial institutions around the world – money laundering concerns. Others, like Komerční bank, have imposed strict controls on operations associated with cryptocurrency. Raiffeisenbank has alerted its clients that transactions with cryptocurrencies like bitcoin are unsafe.

However, a survey conducted earlier this year indicated that the popularity of digital coins is growing in the Czech Republic now, when the fiat koruna is free-floating again. Czechs are more inclined to store value in cryptocurrency than in euros, according to the February Ipsos poll among 525 people. When asked about their intentions to acquire foreign cash, twice as many respondents said they were interested in buying bitcoin rather than acquiring US dollars.

Do you expect more utility companies to introduce crypto payments in the near future? Share your thoughts on the subject in the comments section below.


Images courtesy of Shutterstock.


Make sure you do not miss any important Bitcoin-related news! Follow our news feed any which way you prefer; via Twitter, Facebook, Telegram, RSS or email (scroll down to the bottom of this page to subscribe). We’ve got daily, weekly and quarterly summaries in newsletter form. Bitcoin never sleeps. Neither do we.

The post Czech Utility Company Introduces Crypto Payments appeared first on Bitcoin News.

There’s 1 Bitcoin Hidden in This Puzzle, and Whoever Solves it Wins

Another treasure hunt is underway n the Bitcoin community as members seek to crack a puzzle hidden in an image that resembles a “word cloud”. The image was posted earlier this week on the Bitcoin subreddit by new user cryptogreetings, who informed excited readers that one whole Bitcoin (currently worth $8300) was up for grabs for whoever … Continued

The post There’s 1 Bitcoin Hidden in This Puzzle, and Whoever Solves it Wins appeared first on CCN

Date Set: Japan’s Internet Giant GMO Will Launch 7nm Bitcoin Miner on June 6

Date Set: Japan's Internet Giant GMO Will Launch 7nm Bitcoin Miner on June 6

Japan’s GMO Internet announced that it will unveil its flagship bitcoin mining machine, called GMO miner B2, equipped with the 7nm chips on June 6. Interested customers can register now for the upcoming information session.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Launching on June 6

The wait for 7nm bitcoin mining products from Japanese internet giant GMO may be nearing to a close, as the company announced Thursday:

GMO Internet Group will launch GMO miner B2, which is our own high-performance computer for mining (mining machine), on Wednesday, June 6, 2018. We will mass-produce the world’s first mining machine equipped with a cutting-edge 7 nm process based semiconductor chip (7nm mining chip; ‘GMO 72b’), which will be shipped at the end of October 2018.

Date Set: Japan's Internet Giant GMO Will Launch 7nm Bitcoin Miner on June 6
Illustration of GMO miner B2 provided by GMO.

The company has been working on research and development of the 7nm mining chip since September last year.

GMO has been using “store-bought mining computers” for its mining operation launched in December, as news.Bitcoin.com previously reported. Now it is ready to start producing its own mining equipment made with this 7nm chip, which GMO will use for its in-house mining operation as well as offer “the others to potential customers who are planning to mine,” the company confirmed.

While GMO has not released images of the real mining hardware, the company has provided some illustrative images of the GMO miner B2 currently in development.

Date Set: Japan's Internet Giant GMO Will Launch 7nm Bitcoin Miner on June 6
Illustration provided by GMO.

Interested Customers Can Register Now

“An information session for potential customers considering the purchase of GMO miner B2 will be held on Wednesday, June 6 in Shibuya, Tokyo, and we will explain the details of GMO miner B2, such as price and performance,” GMO’s announcement reads.

Date Set: Japan's Internet Giant GMO Will Launch 7nm Bitcoin Miner on June 6

There will also be an information session for the company’s cloud mining service on the same day. The sessions will be in Japanese. Registration is open to both interested customers and institutional investors. “Customers who have not registered in advance will be refused admission,” GMO emphasized.

Furthermore, GMO Internet no longer plans to use an initial coin offering (ICO) for the sale of its 7nm mining boards as announced in October last year. A representative of the company told news.Bitcoin.com, “for this mining machine sales and cloud mining, we don’t plan to utilize ICO.”

How powerful do you think GMO’s 7nm miners will be? Do you want to buy one?Let us know in the comments section below.


Images courtesy of Shutterstock and GMO Internet.


Need to calculate your bitcoin holdings? Check our tools section.

The post Date Set: Japan’s Internet Giant GMO Will Launch 7nm Bitcoin Miner on June 6 appeared first on Bitcoin News.