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Tangem Debuts Bitcoin Bank notes in Singapore

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Tangem has announced that they are launching Bitcoin bank notes. The digital asset smart banknote manufacturer recently launched bitcoin banknotes at a Megafash Suntec City store in Singapore. The aim is to make owning and circulating cryptocurrencies as easy as using paper money. The company which will make the currency  available in denominations of 0.01 and 0.05 BTC says it “is delivering the first shipment of 10,000 production notes to prospective partners and distributors around the world for commercial pilots.”

Tagem explains that the Tangem Smart Banknotes are “Comparable to a well-protected paper banknote” and “Cheap enough to hand over.” The banknotes are also easy to use as the company says there is “No special infrastructure, no complicated applications – just touch the banknote with an NFC-capable smartphone to be 100% sure it has valid assets.”

Transaction with the notes is anonymous and instant.  According to the company, you can “Physically hand over the whole wallet together with the blockchain private key. No transaction fees, no need to await confirmation blockchain.”  The banknotes are also well protected as they are equipped with “high-grade EAL6+ protection for all cryptocurrencies. Irretrievable private keys prohibit replication of wallet and its assets.”
They are however not really made of paper; they are hardware storage units with a S3D350A chip manufactured by Samsung. But they are similar to with banknotes because they represent one set value and can be physically given as payment at an outlet. In essence, these notes are self-contained wallets with their own private key. Tangem refers to them as “uncopiable cold wallet[s].”Tangem also revealed that the chip technology used for the notes is tamper-proof, addressing “all known attack vectors on hardware and software levels.” They also revealed that the  “cost of hacking a single banknote [is] uneconomical”.

The notes have an advantage over online transactions because payment is instant and does not incur a fee. They will, of course, share the disadvantages of all physical transactions as compared to online transactions, that is, security, distance, and convenience.

 

 

What do you think about the Tangem paper money? Share your opinion with us in the comments section below.
Image Credit: PRNews

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Chinese Principal Fired for Mining Crypto on School’s Electricity

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Free electricity is usually seen as an opportunity to mine cryptos. However, luck ran out on the Principal of a school in China who was discovered to be using the school’s electricity for mining. The principal, Lei Hua has been fired for using the electricity of the school to mine Ethereum. Lei Hua who was the principal of Puman Middle School, Chenzhou had set up an Ethereum mining operation with 8 mining rigs, which had been running for an undisclosed period of time.

South China Morning reports that the principal started the mining operations from home last year in June. However, his mining machine which is worth 10,000 yuan, consumed more than 21 kilowatt-hours power per day. The principal had to switch to another source of power in order not to pay the rising bill. His solution was to relocate the machine to the school.
For 12 months, the principal managed to deceive everyone and even when the electricity bill became high, he blamed the power consumption on the school’s air conditioners (ACs) and heaters. The principal was not the only one involved as the deputy headmaster of the school was also mining Ethereum using the same power supply of the school. However, the mining activity kept interfering with the school’s computer network making it difficult to teach normally.

Things came to a halt when the operation was eventually uncovered by staff members who were curious about the whirring noise that was heard continuously all day and night in the school. In October, principal Lei was fired from his post, while the deputy headmaster was given a warning. The money realized from the illicit mining has been seized by the local authority. Although Officials did not specify how much money was recovered.

China has placed strict restrictions on over the counter (OTC) and pair to pair (P2P) trading. However, despite the government’s strictness on bitcoin mining,  the mining of cryptocurrencies is still ongoing in China.

 

What do you think about stealing power to mine cryptocurrencies? Share your opinion with us in the comment section below.

Image credit: Pixabay

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The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

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Property Agents begin accepting cryptocurrency to Distinguish its Service

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Real estate brokers are seeking ways to stay ahead and tech-savvy real estate agents and brokers are now experimenting with cryptocurrency by accepting it as a means of payment. Recently, Ronnie Rickner, director of Rickner Charles in Dartford, Kent revealed that one vendor has already paid their fees in bitcoin. Ronnie revealed that the seller paid their fees in bitcoin for the sale of a £600,000 property in Rochester.

Ronnie is not the only agent thinking forward. Property Industry Eye reported that other agents are already utilising digital currencies for their transactions. Go Homes reported last year that it sold a property worth £350,000 in bitcoin. On the other hand, some property agents have started taking rent and deposits in the form of cryptocurrency.

Ronnie believes that agents need to stand out in the highly competitive market. With the rise of online agents, any agent not willing to embrace change might “risk becoming extinct”. Agents need to go beyond the box of corporate structure and give clients multiple choices of how they can purchase a property. He also added: “I hope that we can lead and innovate in ways we can help our customers and move with the times by not sitting in the same box.”
Ronnie revealed that he offers his clients the unique option of paying in other digital currencies such as ethereum and ripple. He also claims that the benefits are enormous as clients find the payment system more flexible and faster and overseas buyers equally benefit from lower transfer rates. However, the agent is still faced with meeting anti-money laundering obligations. Ronnie there was no law surrounding the money launching and cryptocurrency sector at the moment. He added, “We are closely monitoring any change in this legislation or our duties but we make sure that we do all the required checks on clients before we provide any services.”

 

Would you like to purchase or sell a property in cryptocurrency? Share your opinion with us in the comment section below.
Image credit: Pixabay

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The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

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Bitcoin Theft: Winklevoss Brothers Sue Charlie Shrem for 5,000 Bitcoins

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The Winklevoss brothers Cameron and Tyler has sued Charlie Shrem for allegedly stealing 5,000 Bitcoin from them. Charlie Shrem who is also referred to as bitcoin’s ‘first fellon’ had been arrested in 2015 for using his investment knowledge to make it possible for consumers to buy drugs online. Charlie who was the former chief executive for BitInstant at that time claimed that he had little funds at his disposal when he went to prison.

However, Charlie now has a house worth $2 million in value, two Maserati’s, two powerboats, and multiple real estate properties. The
Winklevoss twins however feel Charlie has been holding out on them considering his sudden fortune. The brothers claim that Charlie had been a part of the Winklevoss twins’ investments in Bitcoin in 2012 and owes them $32 million according to the current price of Bitcoin. The lawsuit against Charlie Shrem states, “Either Shrem has been incredibly lucky and successful since leaving prison, or — more likely — he ‘acquired’ his six properties, two Maserati’s, two powerboats and other holdings with the appreciated value of the 5,000 Bitcoin he stole”.

The Winklevoss twins claimed Charlie’s newly acquired wealth lead to the investigation. Cameron Winklevoss revealed, “When he purchased $4 million in real estate, two Maserati’s, and two power boats, we decided it was time to get to the bottom of it.” The twins had supplied $750,000 to Charlie Shrem to help them in their Bitcoin investment. Few months later, they discovered they were missing funds. In September 2012, they contributed $250,000 and  only received back $189,000 worth of Bitcoin at the price of that time. The missing bitcoins caused a lot of problems between both parties and the twins had to document the bitcoin purchase by hiring an accountant to document the missing funds. During the course of investigation, the Winklevoss’ learned that the Bitcoins had been transferred to Xapo and Coinbase using digital wallet address.

Some of Charlie Shrem’s assets were frozen by Judge Jed S. Rakoff of the Southern District of New York during the earliest stages of the trial. Charlie also has some other big issues to face as the affidavit also claims that he has not fulfilled the $950,000 restitution that he was assigned to pay in the case that ultimately sent him to prison. Charlie on the other has not found things easy in the crypto space. He had launched an ICO and a crypto card product that failed. He however claims, “My personal life goes through bull and bear markets, too. So, the key is how to deal with it when you’re in the bear markets.”

 

What do you think about the Winklevoss twins allegation? Share your opinion with us in the comment section below.
Image credit: Pixabay

 

Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

 

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24-year-Old Norwegian Man Ruthlessly Murdered Following Bitcoin Transaction

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A 24-year-old Norwegian man was ruthlessly murdered immediately after completing a cash-for-bitcoin transaction. The victim was found dead with several stabs wounds by his roommate. Investigators are considering whether he was murder over the transaction or not.

According to sources, the stabbing took place on Monday morning at the victim’s home between 7:50 am and 12:10 pm. The victim lived in Majorstuen, a wealthy neighbourhood in Oslo. The body was discovered by one of his roommates who alerted health services at around 12:05. The health services confirmed the young man dead.

Reports from the Oslo police department disclosed that the murder victim had just rounded up a bitcoin transaction shortly before the unfortunate occurrence. Those within his social circle were aware of his cryptocurrency business deals.

Sources revealed that investigators were aware of any information which involves the victim’s bitcoin dealings.
“We are well aware of an information about Bitcoin, but we won’t divulge more information about the investigation at this time”, said Metlid. Metlid is the head of the Oslo police department’s intelligence and investigations unit. The police are trying to find out what occurred in the four hours between 07:50 and 12:15.

He also added that the department will pay attention to all areas during the investigation and not just at “economic motives”.  This is because “economic motives” are most times a major area of interest for investigators.

No arrest had been made and the police do not have any suspect as of the time of writing. Also, the murder still remains unsolved despite the various tips the police received, the time of the murder and how the perpetrator gained access to the apartment is still yet to be ascertained.

However, the police received a preliminary report of the autopsy carried out an investigation still continues.

 

What do you think about this murder? Share your opinion with us in the comment section below.
Image credit: Pixabay

Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

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