Gamerholic, the First ‘Billion Dollar Gaming Company’? A Q&A With Anari Sengbe

gamerholic

Gamerholic is an online, competitive gaming platform that uses cryptocurrency as the fuel behind its services. Members of Gamerholic can enter tournaments and competition or make wagers on games using “Gamerholic coin,” the platform’s own cryptocurrency.

Also read: LimoPlay to Announce Cutting Edge Game at LAC 2016

Gamerholic: A Platform for Crypto Gaming

Users can purchase Gamerholic coin on the Bittrex exchange, which has an exchange rate of  0.00000473 BTC ($0.0018 USD) as of press time. With this cryptocurrency, will get 20% off on purchases made on Gamerholic.com, they will be able to participate in all of the website’s games and tournaments, and they can exchange their coins back to bitcoin on the Bittrex exchange.

For all you altcoin nerds, here are the specs for Gamerholic coin as listed on the Gamerholic website:

  • Algo: SHA-256D
  • POW/POS Hybrid
  • Avg 60 second block time
  • 4% annual interest
  • 8 hour stake age
  • Emission Schedule
  • Block 0 – 10,000: 100GHC
  • Block 10,001 – Infinity: 2.5GHC
  • 250 blocks to maturity

Although the website is fairly bare at the moment, with the service in its early stages of life, it is clear that Gamerholic has an interesting idea going on. There are several games that are played natively on the website. The most visible one is “Grabbit” and its several variables, where players can compete with one another to “grab” the prize. Grabbit prizes span across a wide range of gaming and tech merchandise, with things like PlayStation Store and Blizzard gift cards, console games, and even an iPhone 6S Plus up for “grabs.”

For more competitive gamers, Gamerholic offers a console and PC tournament section on their website, where it picks a game and sets up a tournament for its customers. At press time, the current tournament is for Madden ’16 on PlayStation 4. This tournament has 3 prizes, similar to the prizes for other tournaments hosted on Gamerholic. First place gets 1 bitcoin and 1,000 Gamerholic coins (GHC); second place gets 0.50 btc and 1,000 GHC; and third place will receive 0.25 btc and 1,000 GHC.

Unfortunately, the website doesn’t seem to be fully functional just yet, as the link buttons to the rules and registration for the console and PC tournaments do not seem to work, as nothing happens when they are clicked. With such a new and seemingly complex service though, minor bugs like this are to be expected, so we’ll give Gamerholic the benefit of the doubt and assume that the website will become more functional as the project progresses.

I got to ask Gamerholic Founder Anari Sengbe a few questions about Gamerholic, as well as other projects his team has worked on in the past.


We don’t claim it to be better than bitcoin, we don’t claim it can do what bitcoin can’t. It’s a coin for gaming, with it’s [sic] own unique api sets.

Tell us a little bit about Gamerholic.

Gamerholic is a competition as a service gaming platform.

Natural competition is part of gaming, you want to beat the computer, your friend or a stranger gamer hundreds of miles away.

Gamerholic enhances natural competition with real world prizes, not points and badges.

Digital currencies like bitcoin and Gamerholic coin are perfect for gaming. Buy in-game items at a fraction of the cost, or participate in robust gaming economies.

What is the inspiration behind this project?

Gamerholic Founder Anari Senge in Gamerholic’s pitch for Shark Tank

Years ago when PS2 1st allowed play over the internet, it made sense that friendly wagers over the internet would be next. The problem with that is chargebacks, when I learned about bitcoin, instinctively I believed micro payments and gaming go hand in hand, bitcoin and the immense brainpower behind it is great, but a crypto currency you can dedicate to gaming would be pretty cool as well.

How competitive is Gamerholic, is it a place for professional gamers, or is it meant for casual competition?

It’s a bit of both, the important thing about the Gamerholic platform, we don’t make games, We simply provide an API for game developers to accept Gamerholic coin within their games. So in theory there should be more than enough games to choose from and with expanded creativity, you should see more competitive games.

The one game we did make is called Grabbit, a fun shopping game with real prizes. You win bitcoin for FREE or xbox live point cards, video games and more. There’s always something awesome up for grabs in the grabbit game. That game can get REALLY competitive.

 Tell us about Gamerholic coin.

I love Gamerholic coin, I can’t wait to see game developers rush to it. It’s really just a fun crypto currency for gaming. We don’t claim it to be better than bitcoin, we don’t claim it can do what bitcoin can’t. It’s a coin for gaming, with it’s own unique api sets.

The biggest value of Gamerholic coin will be noticed by game developers who can create more dynamic situations within their games. The coin is going up on the exchange, what should happen in your game? the coin is going down on the exchange and so on.

This includes education games, Gamerholic coin is a real world incentive for young people to do well in math, or history games, or biology games.

What makes Gamerholic unique from other gaming projects that integrate cryptocurrency?

I think the strength for us is the brand, Gamerholic is a persona, everyone loves the brand. From t-shirts, to hats, to gaming accessories… we have more avenues to get Gamerholic coin in the hands of gamers. Competitively, that’s our advantage and that will keep us going long enough to best the technology advantages other gaming projects offer.

If you don’t mind me asking, has Gamerholic gotten much traffic since you guys started it?

There is an education hurdle for sure, I knew that during the transition to crypto currency. I think we’ll continue to play the role of introducing a demographic to crypto currency for a couple of years.

What is your ultimate goal for this project?

My fulfillment will come when I see Gamerholic coin applied to education games and young people in sierra leone where I’m from can make money from learning. That for me will be the ultimate disruption.

I noticed that your firm has been involved in several hackathons, can you tell us a little bit about your other projects?

Hackathons kept me alive in San Francisco. Hackathons are great idea battles. Often we apply fun gamification or different use cases for crypto currency in our hacks.

For the Emirates Airlines hackathon, we built PlayFlight, a way to use your airline miles as virtual currency in video games.

For the HP hackathon we used Gamification to identify Alpha’s in an Organization

And for the Mercedes benz [sic] hackathon, we built BenzPay a way to pay for parking, gas and more using bitcoin.

Lastly at during the TechCrunch hackathon, a we built foodhigh club, a way to pair your favorite strain of marijuana with delicious meals from local restaurants.

Any big plans in store that you want to tell us about?

LOL, this is stealth city, Game developers conference is around the corner, game developers will be the biggest buyers and sellers of Gamerholic coin so, we’ll be at GDC and give away a pile of Gamerholic coin to game developers. I’m very excited about that push, I’m confident we’ll have over 500 games using gamerholic coin by years end with a $250,000 market cap.


What do you think about Gamerholic? Is it a gaming platform you could see yourself using? Let us know in the comments below!


Images courtesy of Gamerholic

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Bitcoin Price Finding Support?

Bitcoin price is meandering in a narrow trading range near its January lows. There are few helpful technical signals in the current chart, but a support level may be forming around $380 and 2500 CNY. This analysis is provided by xbt.social with a 3-hour delay. Read the full analysis here. Not a member? Join now […]

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Virtual Reality and Cryptocurrency: Volexus and Uphold Join Forces

Virtual Reality and Cryptocurrency: Volexus and Uphold Join Forces

Virtual reality is an artificial environment that is created with software and presented to the user in such a way that makes it look as a real environment. The virtual reality industry is expanding faster than ever as new investments are being made to support future VR-based applications. The industry is now making big efforts to develop new approaches and new tools to improve the usability and allow anyone to explore the full potential of this new technology.

Also read: Bitcoin 2015: A Year in Review

Virtual Reality also seems to be the perfect place to use virtual currencies and now two companies are trying to bring digital currencies and virtual currency together to start a whole new niche of development.

Uphold, a Cloud-based financial service and Voxelus, a virtual reality-based platform, have announced a partnership to enable Voxel users to purchase Voxels (VOX), which is the official currency of the virtual reality content creation platform. By using an Uphold account, Voxelus members will now be able to purchase Voxels directly from their Uphold wallet with no fee costs associated. Uphold also allows VOX to be moved, converted, held and traded as any form of digital currency. Voxels are designed to be used for the purchase, sale, payment and settlement of all content, products, services and awards within the Voxelus platform.

Halsey Minor, Voxelus Founder and CEO told Bitcoinist:

“Since I am the founder and majority shareholder of Uphold and co-founder and majority shareholder of Voxelus, this allows me to combine the best innovations from both companies.”  

Bringing Digital Currency and Virtual Reality Closer

Voxelus is a virtual reality-based platform that allows for its users to play virtual reality games, easily create content and share it without having to know how to code.

Halsey Minor, Voxelus Founder and CEO says:

“Virtual currencies arose from in-game currencies. That’s where the ideas came from. Our goal was to create an in game currency that could create a real ecosystem where people creating cool content for the game can get paid in money that can actually buy things in the real world.”

The platform is trying to strengthen the ties between the two technologies and understands that both industries can benefit from each other. Besides the Internet of Things, these two industries are expected to go on full growth for the next years.

Minor stresses:

“The next 10 years is all about FinTech and VR. Two of the largest industries in the world: TV and banking & finance are going to get disrupted. Honestly, what could possibly be more exciting to watch than that, happen!”

Digital currency and Virtual reality – the perfect synergy

Halsey Minor also considers that VR and digital currencies are two new industries that are still giving its first steps and can learn from each other:

“There is no reason that virtual worlds cannot have their own currency, tuned to their own needs. Soon, virtual worlds and real ones will start to converge and one can expect things like money in the real world to have their virtual counterparts in VR. If there was ever a great place for a virtual currency, it’s clearly a virtual world.”

Founded in 2015, Voxelus is a revolutionary platform that allows anyone to create Virtual Reality games, experiences and virtual spaces without having coding skills. The platform consists in three basic fundamentals: Content creation, Game Play, and a Voxelus Marketplace, where creators and users can negotiate virtual reality content and games inside the Voxelus ecosystem, with Voxels. Voxelus also supports real-time multiplayer and is compatible with both Oculus Rift and the Samsung Gear. The system resembles Second Life, as content designers are also rewarded for their content with an in-game currency – the Linden dollar.

Voxelus members can buy VOX directly on Uphold using bitcoin, bank transfer, credit or debit card, and hold VOX safely and securely in their Uphold Wallet for free. Voxelus is scheduled to fully launch before April 2016, and currently, Voxels are only accessible via beta pre­sale only.

With this partnership, the two companies become pioneers in a cooperation that will certainly bring a lot of innovation for both industries.

What do you think virtual reality can do for digital currency? Let us know in the comments below!


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LimoPlay to Announce Cutting Edge Game at LAC 2016

LimoPlay

LimoPlay stands out from its online gambling competitors by bringing a feeling of luxury to every one of its customers. Created by a team of “iGaming professionals, with more than 15 years of experience,” LimoPlay believes that its services trump all others, giving its players “the best games and offering you the biggest rewards.” The company expects to improve their player experience even further after the London Affiliates Conference 2016 (LAC) on February 4 through 7, where it will reveal exciting new games and Services.

Disclaimer: This is a sponsored story, Bitcoinist.net is not responsible for this company’s products and/or services

LimoPlay at LAC 2016: Introducing Johnny the Octopus

This conference will be a big opportunity for LimoPlay to increase the number of affiliates working with bitcoin casinos. Since the company also has a large fiat userbase, LimoPlay representative Jay Simons believes that they will be able to draw in affiliates they wouldn’t be able to get otherwise.

In addition to presenting special offers to potential affiliates, LimoPlay will use LAC 2016 as an opportunity to announce its new game, “Johnny the Octopus.” Simons claims that this new game is “the world’s very first online slot game based on WebGL, a technology that delivers real 3D graphics across multiple devices.” By using the webGL technology, “Johnny the Octopus” will feature 3D graphics, making it extremely “lively.” “You will notice the ocean bed is ‘alive’,” says Simons, describing the visual features present in the 3D slot game, including “tiny bubbles of air, plankton, [and] sun beaming through the ocean waters. This new game is a revolutionary concept both among bitcoin casinos and fiat online casinos

“Jonny the Octopus” has an interesting story to go along with its cutting-edge technology. The game’s main character, Johnny, is a retired octopus pirate. Johnny “once spread horror all over the Atlantic Ocean. His brutal power and bravery knew no limits.” After retiring around 200 years ago, though, he has mellowed out a lot, and wants to share his treasure. LimoPlay customers will get a chance to claim their share of the treasure by playing this slot game, which will be added to the company’s long list of games very soon. Together with more than 500 other games, LimoPlay offers large variety of entertainment to its customers.

LimoPlay hopes that this game will help them grow their user base of Bitcoiners and fiat currency users. LimoPlay expects “Johnny the Octopus” to uphold the company’s “luxury” gaming reputation, which it has built by offering “more than 500 games from the best providers.” The online casino’s work has earned it a spot among “the top of the list” of bitcoin casinos, as well as recognition among fiat-based services. Simons says:

Placing our care on the player’s needs is one of our core values and we believe that this is the way to provide different and unique gaming experience

LAC 2016 will be held from February 4 to the 7th, 2016, at the Olympia Conference Centre in London. If you are interested in attending, you can register as an individual or as part of a group on the LAC section of the IGB Affiliate website. Tickets for non-affiliates start at 559 GBP.

Will you be attending LAC 2016? Let us know in the comments below!


Images courtesy of LimoPlay

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Bitcoin Price And The Bear(TM)

Bitcoin price is caught in a negative social mood. Trading below the critical $400 level, and descending, what can we say? This analysis is provided by xbt.social with a 3-hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29. Bitcoin Price Analysis Time of […]

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Bitcoin 2015: A Year in Review

Bitcoin 2015: A Year in Review

The goal of this article is to review the growth of Bitcoin as a whole over 2015 compared with 2014. This article will be broken down into months, covering January-December. Bitcoin’s price over the months will be explained simply rather than in-depth for the sake of brevity. I hope you enjoy a review of 2015!

Also read: SF Block Chain Conference by Lighthouse Partners to Feature More than Just Bitcoin 

Disclaimer: The author is invested in Bitcoin

Before jumping into 2015, we will establish some key facts that will be revisited at the conclusion of the article. These statistics will be very important for calculating Bitcoin’s growth over 2015 and will allow us to make predictions about how Bitcoin might progress over 2016.

2014 Bitcoin statistics (December 2014)

  • Estimated wallets: ~ 15.8 Million wallets (hosted + desktop + mobile)
  • note: calculating the total amount of Bitcoin wallets is very difficult, this count includes dormant wallets that have not been touched over long periods of time. This also includes wallets that have never held funds.
  • Estimated daily transactions: 97,296
  • Estimated daily volume: 1,282,270
  • Bitcoin difficulty: 40,007,470,271
  • Bitcoin hash rate: 286,384,627 Gh/S

Source: Blockchain.info

My Bitcoin Predictions for 2015 Made at the end of 2014

  • Predicted wallets: ~ 20.38 Million wallets (hosted + desktop + mobile)
  • Predicted daily transactions: 125,584
  • Predicted daily volume: 1,282,270
  • Bitcoin difficulty: Unknown
  • Predicted Bitcoin hash rate: 11,053,500,000 Gh/S

Actual 2015 statistics (December 2015)

Estimated wallets: 17.4 Million wallets (hosted + desktop + mobile)

  • note: calculating the total amount of Bitcoin wallets is very difficult, this count includes dormant wallets that have not been touched over long periods of time. This also includes wallets that have never held funds.

Estimated daily transactions: 124,601

Estimated daily volume: $72,475,849

Bitcoin difficulty: 93,448,670,796

Bitcoin Hash rate: 789,710,965.71 Gh/S

Source: Quandl, Bitcoin Wisdom, Blockchain.info

Brief Summary of Shifts

Bitcoin as a whole has become more global with shifts that signal growth internationally rather than just in a few large countries. Bitcoin is becoming more accessible to common people who do not consider themselves to be highly tech savvy. As a whole, Bitcoin has grown significantly this year. While the number of wallets didn’t grow as much as I had predicted in my 2014 year in review article, I was almost spot on with the number of daily transactions. Transaction volume has increased drastically this year over last and Bitcoin is flowing more than ever before as more and more people get involved. Hashrate didn’t increase as much as I had expected, but predicting shifts in mining technology and miner trends is very difficult. When Bitcoin block rewards halve again in July 2016, things will get even more unpredictable.

Without further ado, I will go through the months of 2015 and discuss major news and show price changes without speculating on what caused the changes in Bitcoin’s price.

January

Market:

Peaking at $318, Bitcoin’s price settled at $217 by the end of the month

Major events:

Storj, a decentralized cloud storage was proposed by Shawn Wilkinson, Tome Boshevski and Josh Brandof. Since the announcement, the Storj project has advanced significantly and is currently working on testing the platform through different test groups. Storj, based on blockchain technology, allows for the distribution of data storage across a network and allows users to rent their excess hard drive space. Farmers will be able to control what type of content they store on their drives with the project.

Partnering with Coinbase, Braintree, a subsidiary of Paypal, launched beta testing for Bitcoin integration on their platform. This development marks the advancement of mainstream Bitcoin adoption and was one of the major pieces of news in January. Since their testing, Braintree has integrated Bitcoin for merchants.

February

Market:

Bitcoin’s price peaked and settled at $262 in February.

Major events:

Ross Ulbricht was found guilty of all 7 of his charges, including computer hacking, drug trafficking, and running a criminal enterprise. Following the trial, other black market marketplace in the deep web soon replaced the original Silk Road. Since the original Silk Road, online black markets have taken precautions to increase security and anonymity, continuing the on-going war on drugs and online crime.   

 Chinese Bitcoin exchange BTER had a cold wallet hacked and lost 7,170 bitcoins, worth almost $2 million at the time of the theft. After the theft, BTER froze the entire site to figure out the issue. BTER has since recovered from the theft and continues to remain in business.

March

Market:

Peaking at $296, Bitcoin’s price settled at $246 by the end of the month.

Major events:

Bitlicense received many revisions, showing that the NYDFS was willing to listen to people in the digital currency community. The revisions made to the proposal increased the requirements to run an exchange and provide personal information of any employees with access to customer funds. Just as the previous version, the proposal included exemptions for companies developing Bitcoin protocol for non-financial means and software developers working on projects.

A report by Goldman Sachs revealed how important China is in Bitcoin’s development. The study found that 8 out of every 10 trades involved the Chinese yuan in both selling and buying. According to the company, the surge was believed to be caused by waning confidence in the Chinese economy and weakening Yuan value. Goldman Sachs also believed that young investors were looking to invest in something other than the stock market. Transaction volume increased significantly during march, hinting at a larger growth for Bitcoin outside of the United States

 April

Market:

Peaking at $260, Bitcoin’s price settled at $232 by the end of the month.

Major events:

 Following a criminal complaint in federal court, two former US federal agents that investigated Silk Road were charged with stealing Bitcoin and extorting money from Ross Ulbricht along with other criminal charges. Former agents Shaun Bridges and Carl Force were charged with wire fraud and money laundering, theft of government property and conflict of interest. The information that Agent Force was secretly investigated during the trial but the defense was barred from using the information during the trial.  

May

Market:

peaking at $246, Bitcoin’s price settled at $226 by the end of the month.

Major events:

U.S District Judge Katherine Forrest declared Ross Ulbricht’s actions to be a carefully planned life’s work rather than a mistake of youth. Consequently, Ulbricht was labeled as a “drug kingpin” and person “who attempted to arrange no less than five murders.” In addition to the life sentence Ulbricht received, he had to pay a sum of $184 million, the amount of the alleged gains of sales on the Silk Road. Judge Forrest used Ulbricht to set an example on the war on drugs and online crime.

June

Market:

Bitcoin’s price peaked and settled at at $258 by the end of the month.

Major events:  

Bitcoin was banned in Ecuador following a government e-money initiative to establish a new currency. Resolution 064-2015-M decreed Bitcoin illegal in the country and paved the way for banks to integrate the new e-money established. Citing lack of supervision and volatility, the resolution passed and is currently in progress for full integration within the country.

The final draft of Bitlicense was released to the public receiving very mixed reactions from experts in the digital currency sector. Some embrace the regulation and see at as helpful to the growth of Bitcoin as a whole where others see it as very restrictive for companies seeking to operate or provide services to citizens of New York.

July

Market:

Peaking at $311, Bitcoin’s price settled at $280 by the end of the month.

Major events:

Ben Lawsky, one of the leading contributors towards Bitlicense received criticism from the Bitcoin community for resigning from the NYDFS and forming his own cryptocurrency consulting firm in the private sector. Accused of conflict of interest and having direct political connections, Lawsky’s firm coming to light shortly after Bitlicense upset many in the Bitcoin community. Lawsky openly acknowledged the accusations but dismissed them, stating that he no longer has power in the NYDFS.

August

Market:

Peaking at $283, Bitcoin’s price settled at $229 by the end of the month.

Major events:

After being arrested in Japan for allegations of system manipulation on Mt.GOX, Mark Karpeles admitted to tampering with user balances for personal gain. Having unmatched power within the company, Karpeles gave into temptation and tampered with user balances for personal gains in the millions of dollars. This was another piece of drama in the ongoing Mt.GOX catastrophe which resulted in a major hit for Bitcoin’s health on a whole.

September

Market:

Peaking at $245, Bitcoin’s price settled at $237 by the end of the month.

Major events:

Following his arrest in August, Mark Karpeles was charged with Embezzlement in Japan. Depending on the results of his trial, Karpeles could face up to ten years in prison for stealing over $2 million USD worth of customer money to fund his own personal projects. Creditors of Mt.GOX are still waiting to recover their funds.

October

Market:

Peaking at $331, Bitcoin’s price settled to $325 by the end of the month.

Major events:

Advancements were made in quantum computing as a team from the University of New South Wales developed a device that allows two Qubits to communicate with one another. Many are concerned about the impact quantum computing will have on Bitcoin, but research shows that the impact of quantum computing could be addressed and that quantum computing would not be available in bulk at first, giving Bitcoin to adapt to the new age of computing and implement measures to increase the security of the network.

November

Market:

Peaking at $484, Bitcoin’s price settled at $362 by the end of the month.

Major events:

took place with around 44,000 bitcoins being sold to various buyers of separate blocks. This was the third and final SIlk Road auction to take place in which seized bitcoins were sold to the highest bidders.

 November was by far the most exciting month in terms of Bitcoin’s price. Market shifts caused huge growth for Bitcoin’s value over this month. Many people believed the Chinese Bitcoin market to be responsible for the shifts and upward pressure.

Bitcoin Black Friday was once again a major success as Bitcoin users scrambled to find great deals with their BTC. Transactions and transaction volume spiked on Black friday and remained very high through the end of the year, signaling global growth. 

Finally, the first Blockchain backed index came online, signalling a major innovation and an important development in bringing blockchain technology to the financial market.

December

Market:

Peaking at $466, Bitcoin’s price settled at $430 by the end of the month.

Major events:

The blocksize debates continued to heat up in December as proponents from both sides attempted to advance their cases for blocksize. The majority of miners do want to increase blocksize in order to generate higher transaction fees which will eventually be required to sustain the network. Others argue that the fees associated with transactions with an increased block size will stifle global adoption and make Bitcoin less attractive to new users. Decisions on the block size debate will need to be made in 2016 which will either result in the continuation of the protocol or a hard fork to implement larger block size.

Conclusion

2015 is deemed by many to be the year of the blockchain. With so many new startups using blockchain technology and the global growth of Bitcoin as a whole last year, 2016 is likely to continue the growth and allow for further Bitcoin adoption and the integration of the blockchain into financial institutions around the globe. As a whole, Bitcoin’s market seemed very unimpressive up until November, where massive gains and recoveries were made. While the market is still very young, 2015 was very important in advancing the currency and the underlying technology behind it.

Bitcoin data strongly suggests that Bitcoin is growing on a global scale now rather than just in a few main countries. As people continue to build on the blockchain and develop new products and services, Bitcoin adoption should continue to increase as consumers are given more buying power and discounts for using Bitcoin. As utility increases for both merchants and consumers, payment processing companies will expand to offer Bitcoin-based services globally.

Many Bitcoin 2.0 projects were realized in 2015 and as a result, the utility of Bitcoin was greatly increased for the average Bitcoin user. Bitcoin is becoming more than just a digital currency, it’s becoming a globally recognized technology with the capability of empowering people to take control of their finances and gain the benefits of savings and other technology-based improvements which are improving their quality of life.

Unlike last year, I will not predict the statistics for 2016 as there are too many factors at play. With the block size debates, predicting statistics for the end of 2016 would be very hard if not impossible without knowing whether or not block size will be increased in a hard fork. With the block reward halving in July, things are even more unpredictable. So instead of quantitative predictions for 2016 I’ll close with my prediction for 2016.

I believe 2016 will be very important for Bitcoin both in maturing its market and in expanding blockchain technology throughout global business. The blockchain is being explored by more and more financial institutes and has the power to revolutionize money in general. I believe we will see big changes for Bitcoin in 2016 and huge advances in the blockchain. Should the block size be increased, sidechains could become more viable and lead to the development of even more applications of Bitcoin. 

What do you think will happen with Bitcoin in 2016? Let us know in the comments below!  


Images via Pixabay, Storj, and Shutterstock

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Digital Currency Group Hints At Going Public In The Future

Bitcoinist_Digital Currency Group

Barry Silbert and Digital Currency Group are two names many Bitcoin enthusiasts will be more than familiar with. It should come as no surprise to find out that DCG is keeping a close eye on the progress of Bitcoin and blockchain technology in India, which is one of the world’s leading emerging markets. Unocoin is one of the leading Bitcoin in India, and DCG has invested in this company, among others.

Also read: First Global Credit: Encouraging Bitcoiners to Become Traders

Digital Currency Group Makes Strategic Investments

The country of India provides an interesting playing ground for Bitcoin, blockchain technology, and digital currency in general. With a large part of the population cut off from traditional finance, and a growing interest in mobile commerce solutions, a disruption of the financial sector seems to be long overdue.

But it is not just India that is of interest to Barry Silbert and Digital Currency Group, as the company has made multiple strategic investments. In doing so, DCG wants to make Bitcoin more accessible to everyday consumers, both for buying and selling. By investing in various local leading Bitcoin exchanges in developing markets, the popular digital currency can thrive in the years to come.

In total, Digital Currency Group has their fingers in no less than 15 exchanges all over the world. These strategic investments cover a total of 40 currency trading pairs, which give DCG a global appeal in return. Providing liquidity to the Bitcoin industry is key, especially for smaller exchanges operating in countries where Bitcoin adoption has not gained any noteworthy levels just yet.

Many people see Digital Currency Group as a collective focusing mostly on the blockchain and how this technology can affect the everyday lives of consumers all over the world.  While Silbert told IBTimes how the company is still keen on blockchain technology in general, but people should be equally excited about Bitcoin itself.

One of the main reasons why Digital Currency Group has so much money to go around is because they are not a fund. Instead, the business plan is to allow for redeployment of capital, rather than returning capital to partners. By holding permanent capital and having the option to invest in and buy up interesting companies, Digital Currency Group has made quite the name for itself over the years.

Taking The Company Public In The Future

One of the more interesting remarks made by Barry Silbert is how there are plans to take Digital Currency Group public in the near future. No official details have been announced just yet, other than saying how going public is a path the company will likely go down. This would bring even more legitimacy to both Bitcoin and the blockchain.

If Digital Currency Group is serious about going public, they will be following in the footsteps of Bitcoin Shop, Inc. and Bitcoin Group. Both of these companies have made their way to mainstream exchange platforms in 2015, and Digital Currency Group would be a welcome addition to that brief list.

What are your thoughts on Digital Currency Group in general? Let us know in the comments below!

Source; IB Times

Images courtesy of Barry Silbert, DCG, Shutterstock

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First Global Credit: Encouraging Bitcoiners to Become Traders

First Global Credit: Encouraging Bitcoiners to Become Traders

While Bitcoin represents a great currency for trading, there aren’t too many platforms that accept the digital currency as market trading collateral. A newly-formed company known by the name of First Global Credit Private Trading Group is aiming to change this.

Also read: China’s Growing Number of Internet-Connected Users is Positive for Bitcoin

First Global Credit Private Trading Group Is Looking for Talented Traders

According to recent reports, the company has begun a search for capable traders. Those who wish to get access to a professional grade currency and stock trading account, which will be part-subsidized by the company, will have to submit an application. Traders do not require any particular training or studies, but to join the platform, potential traders will have to come up with a strategy statement of roughly 750 words, outlining how they wish to use their bitcoin collateral to make profit while trading currency, stocks and ETFs on the platform.

Once a trader is awarded the account, they’ll have to deposit one bitcoin into it, which will be doubled up by the firm. The two bitcoin collateral will allow traders to work with up to 20 bitcoins worth of capital, which is based on the 10-times leverage principle. Traders are also free to convert their collateral into fiat and vice versa, to avoid issues caused by volatility. Once successful trades are made, the profit will be split between the trader (75%), and the firm (25%).

To help put things better into perspective, The Bitcoinist held an exclusive interview with the CEO of First Global Credit Private Trading Group.


What was the intention when creating a private trading group using bitcoin as market collateral?

We’ve created the private trading group for two reasons. First, we are looking to find profitable traders so we can make money for First Global Credit. But it is also my hope that this will attract talent that would never get the chance to develop a career in trading. People with innate talent who would never get the opportunity to become market traders because they lack the contacts, formal education or they just live in an out of the way place.

Considering bitcoin’s volatility and lack of centralization, wouldn’t it be a bad collateral option?

This is absolutely the case for most companies. But First Global benefits from my background and that of my development team. We have developed hedging systems for complex, volatile commodity trading and have adapted those skills to another market type, bitcoin.

What types of investments will be made by traders? Solely bitcoin?

We accept the bitcoin as collateral and loan the trader fiat currency to put the trade into the market. They have a choice of 200 NYCE or NASDAQ stocks to trade, about 10 LSE stocks and about two dozen ETFs. They can go long or short the stocks as they wish. When the trader makes a profit on the stock and it is sold, the profits are swept into their account in bitcoins.


It’s also worth adding that due to the Switch Service outlined above, traders can use trade via both fiat and bitcoin, thus allowing them to profit with both currencies.

What do you think about the First Global Credit Private Trading Group initiative? Will it encourage more people to look forward towards a career in trading? Let us know your thoughts in the comment section below!


 

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