What is Bitcoin?

What is Bitcoin?What is Bitcoin?  – A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending. We propose a solution to the double-spending problem using a peer-to-peer network. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work. The longest chain not only serves as proof of the sequence of events witnessed, but proof that it came from the largest pool of CPU power. As long as a majority of CPU power is controlled by nodes that are not cooperating to
attack the network, they’ll generate the longest chain and outpace attackers. The network itself requires minimal structure. Messages are broadcast on a best effort basis, and nodes can leave and rejoin the network at will, accepting the longest proof-of-work chain as proof of what happened while they were gone.

Read the entire bitcoin whitepaper here: https://bitcoin.org/bitcoin.pdf

CaVirtex ATM Locations

CaVirtex ATM LocationsCaVirtex is excited to announce that their Bitcoin ATMs (BTM’s) are up and running.  It was with great pride that CaVirtex placed the ATMs in prime locations throughout the Greater Toronto Area, Ottawa, and Niagara Falls. You can buy Bitcoin instantly in person with Canadian cash. All you need is a cell phone that can accept text messages. All CaVirtex Bitcoin ATM’s are connected to their exchange so you can be sure you are getting the best execution from Canada’s largest and most liquid Bitcoin exchange. CaVirtex Bitcoin ATM’s are located in prime locations for your convenience. Below are the locations of their Bitcoin ATM’s, including the Ottawa location:

•       Bayshore Shopping Centre (100 Bayshore Dr., Nepean)
•       Scarborough Town Centre (300 Borough Drive, Scarborough)
•       Yonge and St. Clair (2 St Clair Ave. W., Toronto)
•       Greyhound Bus Terminal (610 Bay St., Toronto)
•       Brookfield Place (181 Bay St., Toronto)
•       Square One (100 City Centre Drive, Mississauga)
•       Yorkdale Shopping Centre (3401 Dufferin Street, Toronto)
•       Casino Niagara (5705 Falls Avenue, Niagara Falls)

Start now by creating your FREE CaVirtex account and online wallet to deposit your bitcoins.  Sign up here: CaVirtex Account & Bitcoin Wallet

CaVirtex Accepts INTERAC Online

Cavirtex Interac OnlineCaVirtex, Canadian Bitcoin Exchange just recently added INTERAC Online as a deposit method. Therefore if you have a TD, Scotia, BMO or RBC bank card that is non-VISA Debit you are able to use INTERAC Online as a payment option to fund your account.  How it works is that you be will sent to a payment gateway and simply select  the amount and the bank in which you would like to withdraw your funds from.  You will then be sent to your bank’s site where you will login and see the transaction processed along with the funds debited from your account.  It’s that easy.  Props to CaVirtex for adding INTERAC Online to their wheelhouse of payment options.  To create your FREE account with CaVirtex sign up here: CaVirtex Account

RushWallet by Kryptokit

RushWallet by Kryptokit The team behind the popular Kryptokit wallet and encrypted messaging extension for Chrome browsers now has a new offering called RushWallet, allowing near-instant bitcoin wallet creation from any device or platform.

The philosophy behind RushWallet is “ease of use and removing friction”; effectively, bitcoin should be as quick and accessible as reaching into your pocket for some cash. There shouldn’t be any need to remember login and password credentials every time you need to spend some money, and you should keep full control over your private keys.

Read more here:  http://www.coindesk.com/rushwallet-delivers-fast-frictionless-login-free-bitcoin-wallets/

Bitcoin Meet-Ups in Canada

Bitcoin MeetupsToronto : http://www.meetup.com/Bitcoin-Toronto/ 

Niagara Falls: http://www.meetup.com/Niagara-Bitcoin-Meetup/ 

Ottawa : http://www.meetup.com/Ottawa-Bitcoin-Meetup/ 

Vancouver: http://www.meetup.com/bitcoinvan/ 

Montreal: http://www.meetup.com/Bitcoin-Embassy/ 

Saskatoon: http://www.meetup.com/Saskatoon-Bitcoin-Meetup/

Winnipeg: http://www.meetup.com/Bitcoin-Winnipeg/ 

Calgary : http://www.meetup.com/Bitcoin-Calgary/

Halifax: http://www.meetup.com/Halifax-Bitcoin-Community/

Edmonton: http://www.meetup.com/BEMU-Bitcoin-Edmonton-Meet-Up/ member: 

Fancy.com Accepts Bitcoin

Fancy Accepts BitcoinFancy.com accepts Bitcoin as payment. It’s a social photo sharing webstore and mobile app with cool modern and hipsterish gadgets, clothing, accessories and many other categories of products . The New York-based e-commerce site allows users to engage in socially oriented shopping through picture feeds and sharing. Users can purchase products that they see directly from the Fancy.com website, which acts as an intermediary between the consumer and the retailer. Paying with Bitcoin is simple. Visit the site here: www.Fancy.com

FINTRAC Confirms BTC Rules not in Force

fintrac-logoAs expected, FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) has confirmed that changes to the Proceeds of Crime and Terrorism Financing Act included in Bill C-31 will not cover individuals or businesses that use virtual currencies for buying and selling goods and services.

The statement also specifies that “the changes will come into force once regulations are published in the Canada Gazette, meaning that they are not yet in force.

Through informal discussions with various regulators, the Bitcoin Foundation Canada has received information that the regulations which still need to be drafted would most likely not be published before 2015. These clarifications come two weeks after the Bitcoin Foundation Canada’s Bitcoin Legal and Regulatory Update and a few days after the BFC published a report entitled “Bitcoin and the law”.

Once published, the regulations should clarify exactly which types of business models would be covered by the changes. The recent FINTRAC comments confirm that virtual currency exchanges will be covered by the existing rules of Canada’s anti-money laundering and anti-terrorist financing regime.

The statement doesn’t mention any other Bitcoin-specific business models being affected by the changes of Bill C-31. However, according to Jillian Friedman, “depending on the business model and the scope of pending regulatory amendments, a Bitcoin ATM operation may be considered a money service business.”

Moreover, discussions with various government representatives have led us to conclude that no sweeping new laws or regulatory regimes such as Ben Lawsky’s “BitLicenses” are being considered in Canada at this time. This reinforces our belief that Canada could assert itself a major international Bitcoin hub.

These clarifications stand in contrast to a 2013 Ministry of Finance memo highlighting Bitcoin’s risks recently released to the media and should be interpreted by the Bitcoin community as a reasonable attempt by the government to mitigate risks of money laundering.

Clearly, the opinions and attitudes of Canadian authorities are evolving as their knowledge of Bitcoin increases, thanks to the efforts of Bitcoin advocates all across Canada.

Link to article on BitcoinFoundation.ca: http://btcfoundation.ca/canadas-financial-regulator-fintrac-confirms-new-bitcoin-rules-not-yet-in-force-and-wont-cover-individuals-and-businesses-that-use-bitcoin-for-sales-and-purchases/

LocalBitcoins New Features

Buy Bitcoins with CashBelow are some highlights from LocalBitcoins and the bitcoin world.

  • Secure your account with login guard
  • Quick sell: Cash out bitcoins faster and safer
  • Floating prices in cash trade: friendlier in bitcoin market fluctuation situations
  • HMAC authentication option recommended for API users

Secure your account with login guard

Login guard is a new feature for your LocalBitcoins user account. If you choose to turn on the login guard option you will receive an extra email confirmation for all login attempts from web browsers the site has not seen before. LocalBitcoins recommends turning on both two-factor authentication and login guard for protecting bitcoins in your wallet.

You can find login guard under your Account security settings.

Quick sell: Cash out bitcoins faster and safer

LocalBitcoins has released a faster and safer way to sell your bitcoins: Quick sell. The new feature is especially helpful when paying bills with bitcoin.

Quick sell goes through all matching buy advertisements from reputable traders on LocalBitcoins. It chooses the advertisement with the best exchange rate and then makes a trade request.

Floating prices in cash trade: friendlier in bitcoin market fluctuation situations

Usually the price for bitcoin is determined at the moment of opening a trade request. However this might not be very fair for local cash trade where negotiation and agreement for the meeting may take days during which bitcoin exchange rate may change radically. Now floating priceoption is the default for local cash sells on LocalBitcoins. When you have a sell advertisement for cash, the price is determined on the moment of trade finished (escrow release).

See floating price option on your local sell advertisement edit screen.

HMAC authentication option recommended for API users

For developers, it is now possible to access the LocalBitcoins API using HMAC authentication instead of OAuth 2. This new authentication method is more suitable and secure for your own scripts and non-distributed applications. We suggest to use it whenever possible.

Happy bitcoining!

LocalBitcoins staff

CaVirtex Bitcoin ATMs

CaVirtex ATMsCanadian bitcoin exchange CaVirtex took to social media on Tuesday to tease a little something our Canadian bitcoin friends might find exciting.

The company is apparently planning to deploy a small network of bitcoin ATMs in Canada. With little other information, the company posted two images on their official Twitter account.

The first image depicted a lone unit branded with the famous Canadian flag. The second, a series of units. Eight of them to be exact. Not a terrible lot more is known about the deployment of the network, thought he company did indicate that one of the units would be destined for Ottawa.

That’s no surprise, either. The machines appear to be manufactured by Ottawa-based BitAccess. The devices feature AML/KYC security measures, and also allow for two-way transactions. That means customers can either buy bitcoin with fiat, or sell their bitcoin in exchange for fiat.

To trade with CaVirtex sign up here: Register

Read more here: http://newsbtc.com/2014/07/29/canadian-bitcoin-exchange-cavirtex-teases-bitcoin-atms/

Bitcoin ATM in Regina Canada

Bitcoin ATM ReginaWhen it comes to Canada and ATMs, Vancouver is certainly king. But now, Regina is the latest city to receive its first-ever Bitcoin ATM, which was unveiled on Thursday at Triffon’s Pizza on Kramer Boulevard in Regina as well. Saskatchewan’s first Bitcoin ATM was launched earlier this year in Saskatoon, and there are plans for three more machines in Regina over the next few months.

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