Tag: bitcoin

Nairobi Bitcoin firm partners with Airtel after cutting Safaricom links

Business, Internet
Nairobi-based bitcoin trading platform BitPesa has partnered with Airtel to offer bitcoin payments and trading services in the country, barely three months after Safaricom terminated M-Pesa links to the firm. BitPesa indicates on its website that it is offering bitcoin payment and trading services in four African countries including Kenya (through Airtel), in Uganda (Airtel and MTN), Tanzania (Airtel and M-Pesa) and Nigeria through Quickteller and Paga. It is not clear whether the deal with Airtel was signed with its Indian parent group or with the Kenya office. The Business Daily could not establish the nature of the partnership between BitPesa and Airtel, with Elizabeth Rossiello, chief executive of the bitcoin trading platform, saying she could not comment on the matter at thi...

Central Bank of Kenya gives warning on virtual currencies like Bitcoin

Business, Mobile
The Central Bank of Kenya (CBK) has taken a stand on the use of the virtual currencies such as Bitcoin in Kenya warning on its use. In a press release, the body says: The attention of the Central Bank of Kenya (CBK) has been drawn to media reports  on the use, holding and trading of virtual currencies such as Bitcoin in Kenya. Bitcoin is a form of un-regulated digital currency that is not issued or guaranteed by any government or central bank. Domestic and international money transfer services in Kenya are regulated by the Central Bank of Kenya Act and other legislation. In this regard, no entity is currently licensed to offer money remittance services and products in Kenya using virtual currency such as Bitcoin. This is to inform the public that virtual currencies such as Bitcoin are

Bitcoin Challenge: Companies Tackling The African Market

Business, Mobile
Bitcoin adoption in Africa faces a unique struggle not found in any other market. Rare factors that both help and hurt the digital currencies adoption come into play in just about every country on the dark continent. There are a range of factors that may help drive Bitcoin adoption in Africa; Local banking appears to be of little use in some areas of the continent, with only 2% of firms in Nigeria using banks to finance investment; Government fiat currencies are often unstable, Zimbabwe abandoned their national currency all together in 2009; And legacy remittance services charge fees that are among the highest in the world, with sub-saharan Africa rates costing 10% on average. Not only does this sound like an ideal breeding ground for bitcoin disruption, 85% of Africans already have cellph

Cyber Criminals Target Bank of China for Bitcoin Ransom

Business, Cyber Security
Cyber criminals attacking businesses for bitcoin has spread from the West to the Far East, as new attacks are being reported by some of the world’s top Asian banks. The Bank of China and the Bank of East Asia have been attacked in recent days by hackers looking for Bitcoin ransom, according to Hong Kong’s The Standard news feed. These hackers have damaged the bank’s websites, and they are believed to not be domestic but foreign criminals, reports cryptocoinsnews.com. Cyber Criminals Say Attacks Will Continue The attackers claim to want bitcoin as ransom, and will resume the digital damage unless they get what they want. Authorities are confirming that the two financial institutions have claimed to be targeted in this manner, with their business websites suffering attacks about ten days a

Cryptocurrency: New York Could Become First City To Accept Bitcoin

Business, Internet, Mobile
New York City Councilman Mark Levine is expected to unveil a proposal on Thursday that will allow the city to accept bitcoin as payment for fines.The bill would allow the municipality to accept the cryptocurrency for things like parking tickets and court fees, but could also include an added charge for bitcoin payments. The bill is still in its infancy and will need to be reviewed by the city’s officials before becoming a law; if passed, it would be hailed as a huge step toward mainstream adoption for bitcoin. App To Pay Parking Tickets Late last year, New York began working to find ways to make parking tickets easier to pay, which is where the concept of bitcoin payments was born. City finance officials were considering the use of a smartphone app that would allow ticket holders to pay u

Crypto Currency innovation: Kenya’s BitPesa Raises $1.1 Million, Expands Operations

Cyber Security, Domains, Governance, Internet, Mobile
- BitPesa, the Nairobi-based startup that’s taken aim at the global remittance business, announced that it’s raised $1.1 million in a second round of funding led by San Francisco-based Pantera Capital. Dan Morehead, Pantera’s CEO and founder, joined the startup’s board of directors. WSJ Reports Other investors included Crypto Currency Partners, Stephens Investment Management, Bitcoin Opportunity Corp., and Future/Perfect Ventures. The company, which recently celebrated its one-year anniversary, has raised a total of $1.7 million. “We’ve learned a lot, and we’re growing,” Elizabeth Rossiello, BitPesa’s CEO and co-founder, told MoneyBeat. The company now has a staff of nine full-time employees, and has expanded its services beyond the remittance business. “We’re surprised ourselves about ho

Digital Currency Regulation in East Africa

Business, Mobile
What is Bitcoin? – A puzzling question posed by everyone coming across Bitcoin for the first time. The Bitcoin Kenya Meet up group regularly convenes at the iHub for monthly open discussions on this subject. The discussion on November 5 was ‘BitLegal Status Around the World’ – a cursory look at what regulators and government authorities all over have to say about new forms of digital currency. It is important as it defines a domain for regulators in East Africa. Interestingly, regulators just like regular folks, have trouble wrapping their head around ‘What is Bitcoin?’ Writes a Guest Blogger Michael Kimani on iHub IMO, Bitcoin is what Nassim Taleb - a scholar, refers to as a black swan– “An event that comes as a surprise, has a major effect, and is often inappropriately rationalized afte

BitCoin: Dutch man Martijn Wismeijer embeds chips in hands to store cryptocurrency

Business, Internet, Mobile
The founder the bitcoin ATM firm, Mr Bitcoin, has embedded a tiny chip in his hands to keep his digital currency safe, which also gives him an in-body set of keys and an alarm clock. Reports RT Dutch entrepreneur Martijn Wismeijer has had an NFC (near-field communication) chip injected into each hand between the muscle and skin tissue. The ultra-cautious Mr Wismeijer says it’s crucial to get the chips encrypted to prevent theft, although actually stealing the chips would be tricky, bloody and painful for their owner. Each chip, manufactured from glass, is 2mm x 12mm, and can hold up to 888 bites of programmable memory, the equivalent of about 26 condensed bitcoin private keys. @ralphtheninja Correct. They are two NTAG216 NFC tags and experimented with Bitcoin and other crypto. pic.twi

Passwords of about 5 Million Email Accounts Published Online by Russian Hackers

Cyber Security
A user of a Russian cryptocurrency forum has published a list of nearly 5 million email accounts and their passwords, reports BusinessInsider The Daily Dot reports that a forum poster known as "tvskit" posted a list of 4,930,000 email addresses and passwords on Russian Bitcoin forum BTCsec. It was claimed that around 60% of the passwords were valid, although forum administrators quickly removed the file and redacted the passwords. BTCsec A screenshot of the email horde. Some forum users who viewed the unredacted list claimed that the passwords shown were around 10 years out of date. Other accounts shown have been suspended or deactivated for years. Along with Gmail accounts, the list also included email addresses for Yandex, the Russian search engine. The affected Gmail account

Flexcoin The Bitcoin Bank Shuts Down After a 896 Bitcoins bust

Business, Cyber Security, Internet
Another Bitcoin site has gone bust, Flexcoin which called itself the Bitcoin bank is out of business. They posted this on their website: Flexcoin is shutting down. On March 2nd 2014 Flexcoin was attacked and robbed of all coins in the hot wallet. The attacker made off with 896 BTC, dividing them into these two addresses: 1NDkevapt4SWYFEmquCDBSf7DLMTNVggdu 1QFcC5JitGwpFKqRDd9QNH3eGN56dCNgy6 As Flexcoin does not have the resources, assets, or otherwise to come back from this loss, we are closing our doors immediately. Users who put their coins into cold storage will be contacted by Flexcoin and asked to verify their identity. Once identified, cold storage coins will be transferred out free of charge. Cold storage coins were held offline and not within reach of the attacker. All other us...