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May 29, 2015- In This Issue:

  
Bitvest Digital Mining Signs Long-Term Hosting Agreement at Verne Global Data Center

Large scale Bitcoin transaction processor to utilize Icelandic carbon neutral power grid for mining operations

 

PR Newswire

KEFLAVIK, Iceland, May. 28, 2015

 

KEFLAVIK, Iceland, May. 28, 2015 /PRNewswire-iReach/ --  BitVest Digital Mining Corp, a Bitcoin transaction processing (mining) business, today announced they have entered into a long-term hosting and power supply agreement with the Verne Global data center, located in Keflavik, Iceland.

 

Verne Global's 100 percent renewable powered data center, located on a former NATO airbase, harnesses power from Iceland's dual-sourced power grid, comprised of hydroelectric and geothermal energy. The power needed to mine big data can oftentimes mean big costs for companies. For BitVest, the move to Iceland allows for significant savings and increased ROI.

 

Verne Global will supply BitVest with an affordable 100% carbon-neutral power solution that offers unparalleled pricing and efficiency. Low-cost, reliable and sustainable power is crucial for Bitcoin mining computers that generate huge amounts of heat. In warmer climates, the majority of the costs for Bitcoin mining comes from expensive air conditioners and paying for the power to run them. By using Iceland's temperate climate to cool the equipment, BitVest can save as much as 30% in cooling costs. Moreover, Iceland's low-cost electrical power comes from one of the world's most reliable power grids. Verne Global's campus is also connected to the world via redundant, high-capacity, multi-terabit-per-second connections. This long-term hosting agreement will help BitVest to meet corporate objectives by providing a scalable solution that addresses both immediate and future power requirements.


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Barry Silbert: Western Union Will Be Crushed by Bitcoin (Video)

The near-demise of Kodak is a famous parable in business circles, illustrating the need for deeply-entrenched organizations to adapt in the face of evolving technology.

 

Financial service firms like Western Union and MoneyGram aren't far behind, according to noted Bitcoin advocate and investor Barry Silbert. "You should be able to move money and value instantaneously and it should basically be free," Silbert told Entrepreneur at this year's Inside Bitcoins conference in New York City.

 

Though leading players in the space currently have the opportunity to incorporate Bitcoin into their businesses, they likely won't, Silbert believes, which will eventually precipitate "a slow death."


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Bitcoin Might Be The Next Big Thing In The Remittance Market

Bitcoin's most disrupting feature is its decentralized architecture. Indeed, bitcoin relies on a P2P network of computers to proceed money transfers. Each part of the network works to create new bitcoins ('mining'), keep the network alive and validate transactions.

 

All the transactions are registered in the blockchain that is used to validate a transaction using cryptography technology: it ensures that you can't use a bitcoin you don't own or you don't use the same bitcoin more than once. This last action previously required a third party, but with bitcoin this is not the case anymore: the network replaces financial institutions and banks.

 

Then, money transfers are almost in real time as the network is responsible for validating transactions. Currently you need only 10 minutes to get your money transfer approved.

 

As there is no third party the transfer is almost free. Miners are the only ones to be rewarded to issue new bitcoins. They also collect fees to integrate a new transaction into the blockchain, then validate a transfer. Currently a typical fee costs 0.0001 bitcoin (BTC) per transaction.

 

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Bitcoin Is Killer App For $1 Trillion Remittance Market

Bitcoin's open-source digital currency was designed to disrupt and cut out the manipulative architecture of central banks, such as the U.S. Federal Reserve. Originally, Bitcoin transactions went through a third party. But the virtual currency has evolved to eliminate all of the fees charged by third party financial institutions and banks. That explains why Bitcoin, with virtually free foreign transactions, is about to become a killer app in the $1 trillion remittance market.

 

Through a peer-to-peer (P2P) network of computers, Bitcoin currency is created as rewards to "miners" for providing the computing power to solve difficult math problems to maintain the "blockchain" of Internet transactions that validate the currency. To prevent fraud and theft, Bitcoin uses cryptographic technology. But unlike online credit cards and "PayPal" type systems that allow buyers to claim their money back, Bitcoin permanently transfers value.

 

Since there are only 21 million Bitcoins that may ever be "mined," Bitcoins have become rare units of exchange and have appreciated by 2,000%. The over 39,000 retailers that accept Bitcoin payments include majors such as Amazon, Overstock.com, Target, CVS, Subway and Victoria's Secret. With about 115,000 transactions a day, Bitcoin is creating a powerful competitor to the U.S. Congress and the Fed's ability to employ inflation as a "stealth tax" to extrapolate wealth.


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United States: Bitcoin Basics For Corporate Counsel

Bitcoin, the online "cryptocurrency," is not just for anti-government doomsday fanatics and drug dealers. Seen everywhere from SEC filings, to state legislature hearings, to an episode of The Good Wife, it is both an influential new Internet technology and a new financial medium that will have a growing impact on corporate enterprises across the economy.

 

Corporate counsel who support technology transactions are likely to face a variety of legal issues of first impression as corporate planners, strategists, investors and consumers find new applications and run into old problems with this technology. This article will catalog eight of the most salient aspects of Bitcoin that corporate counsel should understand.

 

What is Bitcoin?

 

Touted as a new currency and as a disruptive technology, Bitcoin is both. At its most basic Bitcoin is little more than a shared online ledger, called the "blockchain," that lists every bitcoin transaction that has ever occurred. Users interact with the blockchain through software referred to as a bitcoin "wallet." It is the complex cryptography that secures the blockchain and the clever incentive structure for volunteers to maintain the blockchain and earn new bitcoins that makes Bitcoin sophisticated, practical and disruptive.


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