ProTip Ventures into Bitcoin Micropayments for Online Tipping

A number of companies have been looking into bitcoin micropayments as a means for funneling donations or tips online. After all, the cryptocurrency promises lower transactions costs compared to traditional payment methods such as credit cards or PayPal.

Online tipping can be made to express appreciation for an artist’s work on the internet, such as a good music album or digital art piece. The problem, however, is that users encounter friction when it comes to managing several individual bitcoin tipping methods.

ProTip Bitcoin Micropayments

For ProTip developers Leo Campbell and Chris Ellis, this problem can be addressed through the use of an open source Chrome browser plugin that can allow users to send out online tips in a batch run. In doing so, they are also able to bypass the common issue of merchant adoption, which is considered one of the biggest roadblocks to bitcoin payments acceptance.

With that, ProTip users can be able to send tips through any platform, such asYouTube, Soundcloud, WordPress, Tumblr, Twitter, Deviant Art, and Flickr. ProTip comes with a built-in bitcoin wallet that allows the user to set a schedule for paying out his or her favorite websites in bulk at a particular time.

The plugin automatically adds the bitcoin addresses from pages to a list. Users then have control over how much they want to send to each site and can also make use of the ignore filter that stops the app from collecting certain bitcoin addresses or any address from specific websites.

In addition, users can be able to view how long they’ve spent on each site, possibly gauging how much they can tip based on this time. The app can also be used to set reminders, plan tipping budgets, switch from automatic to manual mode, and allow for small tipping amounts to be made.

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Bitcoin Price Range Widens; Intra range in play

In our intraday bitcoin trading over the last few weeks, we have outlined our ranges as being pretty tight. However, over the last few days, despite a few swift moves during the Asian sessios, the bitcoin price has remained pretty restricted within a five or six dollars range. As a result, we are going to tighten things up a little bit during this evening session, and try and bring an intra-range strategy into play. With this said, take a look at the chart below, and get an idea of the key levels we are watching as we head into tonight’s Asian session.

bitcoin price

As you see, in term support sits at 227.984 tight session, while in term resistance sits at 232.97 will stop with about five dollars range between the two parameters, we got enough to bring our intra-range strategy into the picture if action in the bitcoin price allows it. We’re currently trading just shy of resistance, so we will look for a correction from resistance to put us into a short trade towards in term support at 227.98. On this trade, a stop loss somewhere around 233.5 will keep things attractive from a risk management perspective.

Looking the other way, if we run down towards in term support, we will look for a bounce from this level to put us long towards in term resistance. Once again, a stop loss is necessary, so somewhere around 226 should do the trick.

If we manage to break out of the range, a close above 232.97 would put us long towards 235 flat, while a breakdown and a close below 227.98 would put us short towards a longer-term target of 223.08. Both these trade, a stop loss one or two dollars just the other side of our entry will ensure we are going into the trade with a positive risk reward profile.

Charts courtesy of Trading View

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Bitcoin Price Range Widens; Intra range in play

In our intraday bitcoin trading over the last few weeks, we have outlined our ranges as being pretty tight. However, over the last few days, despite a few swift moves during the Asian sessios, the bitcoin price has remained pretty restricted within a five or six dollars range. As a result, we are going to tighten things up a little bit during this evening session, and try and bring an intra-range strategy into play. With this said, take a look at the chart below, and get an idea of the key levels we are watching as we head into tonight’s Asian session.

bitcoin price

As you see, in term support sits at 227.984 tight session, while in term resistance sits at 232.97 will stop with about five dollars range between the two parameters, we got enough to bring our intra-range strategy into the picture if action in the bitcoin price allows it. We’re currently trading just shy of resistance, so we will look for a correction from resistance to put us into a short trade towards in term support at 227.98. On this trade, a stop loss somewhere around 233.5 will keep things attractive from a risk management perspective.

Looking the other way, if we run down towards in term support, we will look for a bounce from this level to put us long towards in term resistance. Once again, a stop loss is necessary, so somewhere around 226 should do the trick.

If we manage to break out of the range, a close above 232.97 would put us long towards 235 flat, while a breakdown and a close below 227.98 would put us short towards a longer-term target of 223.08. Both these trade, a stop loss one or two dollars just the other side of our entry will ensure we are going into the trade with a positive risk reward profile.

Charts courtesy of Trading View

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Austrailian Regulators Investigating Banks for Closing Accounts of Bitcoin Companies

rba-australia

The Australian Competition and Consumer Commission has confirmed the launch of a formal investigation about the abrupt termination of banking support for many bitcoin companies in the country.

“It appears to me to be an amazing coincidence that a number of large banks have all of a sudden decided to deny services to fledgling Bitcoin and digital currency operators. They are clearly competitors to their business model, albeit small ones at this stage, and there are clear laws that we’ve got against businesses refusing to supply other businesses if they do so for an anti-competitive purpose.” said Senator Matthew Canavan, who encouraged the ACCC chairman Rodd Sims to lead an investigation on the incident.

Canavan requested an investigation to question the banks’ motive and reasoning behind the blacklisting of bitcoin companies.

“I think the ACCC should be asking the banks some serious questions about why they’ve done this and on what legal grounds they believe that they should not be providing services to Bitcoin operators,” said Canavan.

It has been reported that 17 bitcoin companies in Australia have had their bank accounts closed down, and have been cut off completely from all banking support.

“I’ve been blacklisted from Commonwealth Bank, National Australia Bank, Westpac, St George, Bank of Melbourne, Bank SA, Bank of Queensland, Rams and BT Superfund,” said Bitcoin trader Michaela Juric.

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Austrailian Regulators Investigating Banks for Closing Accounts of Bitcoin Companies

rba-australia

The Australian Competition and Consumer Commission has confirmed the launch of a formal investigation about the abrupt termination of banking support for many bitcoin companies in the country.

“It appears to me to be an amazing coincidence that a number of large banks have all of a sudden decided to deny services to fledgling Bitcoin and digital currency operators. They are clearly competitors to their business model, albeit small ones at this stage, and there are clear laws that we’ve got against businesses refusing to supply other businesses if they do so for an anti-competitive purpose.” said Senator Matthew Canavan, who encouraged the ACCC chairman Rodd Sims to lead an investigation on the incident.

Canavan requested an investigation to question the banks’ motive and reasoning behind the blacklisting of bitcoin companies.

“I think the ACCC should be asking the banks some serious questions about why they’ve done this and on what legal grounds they believe that they should not be providing services to Bitcoin operators,” said Canavan.

It has been reported that 17 bitcoin companies in Australia have had their bank accounts closed down, and have been cut off completely from all banking support.

“I’ve been blacklisted from Commonwealth Bank, National Australia Bank, Westpac, St George, Bank of Melbourne, Bank SA, Bank of Queensland, Rams and BT Superfund,” said Bitcoin trader Michaela Juric.

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Nigerian Central Bank Plans to Regulate Bitcoin

The use of bitcoin has been on the rise in Africa, prompting some governments and monetary authorities to consider cryptocurrency regulation. In particular, the Central Bank of Nigeria (CBN) is looking to propose a set of rules to protect consumers and investors of digital currencies.

Just as in some parts of Asia and South America, a large part of the population in Nigeria is unbanked, leading to the popularity of alternative ways of moving funds around. Earlier this year, South African bitcoin exchange ICE3X has made cryptocurrency trading possible in Nigeria while Singapore-based BitX also tapped into the growing market.

Bitcoin Regulation in Africa

Since the industry is still fairly new in the region, a framework for bitcoin regulation like that of New York’s BitLicense hasn’t been explored yet. Nonetheless, deputy governor of CBN’s Financial System Stability unit Joseph Nnanna shared in a conference that bitcoin regulation could help maintain the stability of the financial industry and prevent cryptocurrency usage for illegal purposes.

Bitcoin transactions are generally anonymous, as identities don’t need to be confirmed or associated with buying or selling the cryptocurrency. The verification is done by a network of computers solving complex algorithms in a process known as bitcoin mining, creating new entries on the blockchain or the distributed public ledger of transactions.

This type of anonymity has made bitcoin use prevalent on underground marketplaces such as the now-defunct Silk Road, which was popular for trade of drugs and criminal dealings in the Dark Web. For bitcoin enthusiasts, setting up a regulatory framework for bitcoin transactions can help get rid of this negative reputation and give legitimacy to bitcoin operators in the country.

In addition, other parts of Africa can follow in Nigeria’s lead and develop their own regulatory framework as well. A number of multinational organizations and charities are able to receive funds and donations through bitcoin transactions in the region.

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Nigerian Central Bank Plans to Regulate Bitcoin

The use of bitcoin has been on the rise in Africa, prompting some governments and monetary authorities to consider cryptocurrency regulation. In particular, the Central Bank of Nigeria (CBN) is looking to propose a set of rules to protect consumers and investors of digital currencies.

Just as in some parts of Asia and South America, a large part of the population in Nigeria is unbanked, leading to the popularity of alternative ways of moving funds around. Earlier this year, South African bitcoin exchange ICE3X has made cryptocurrency trading possible in Nigeria while Singapore-based BitX also tapped into the growing market.

Bitcoin Regulation in Africa

Since the industry is still fairly new in the region, a framework for bitcoin regulation like that of New York’s BitLicense hasn’t been explored yet. Nonetheless, deputy governor of CBN’s Financial System Stability unit Joseph Nnanna shared in a conference that bitcoin regulation could help maintain the stability of the financial industry and prevent cryptocurrency usage for illegal purposes.

Bitcoin transactions are generally anonymous, as identities don’t need to be confirmed or associated with buying or selling the cryptocurrency. The verification is done by a network of computers solving complex algorithms in a process known as bitcoin mining, creating new entries on the blockchain or the distributed public ledger of transactions.

This type of anonymity has made bitcoin use prevalent on underground marketplaces such as the now-defunct Silk Road, which was popular for trade of drugs and criminal dealings in the Dark Web. For bitcoin enthusiasts, setting up a regulatory framework for bitcoin transactions can help get rid of this negative reputation and give legitimacy to bitcoin operators in the country.

In addition, other parts of Africa can follow in Nigeria’s lead and develop their own regulatory framework as well. A number of multinational organizations and charities are able to receive funds and donations through bitcoin transactions in the region.

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