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Facebook's Secretive Cryptocurrency Payment System Is Apparently Code-Named 'Project Libra'

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By Catie Keck Facebookcoin, or whatever we’re calling it, is reportedly getting even closer to becoming a reality. Following previous reports that such an project was underway, the Wall Street Journal , citing sources familiar with the matter, reported Thursday that Facebook has been in talks with “dozens” of financial groups about its super-secret cryptocurrency initiative, which is apparently code-named “Project Libra.” Take from that information whatever you wish. According to the Journal, Facebook sees the project as a way to further integrate itself into the lives of its users—no surprise there—by developing a coin that can be used on Facebook and across the internet as easily as users use their Facebook credentials as login information for other websites and services. Unsurprisingly, because this is Facebook, the company is also reportedly looking at ways to link the project to ads: One idea being considered is that users could click ads to buy a pr...

Vending machines, the new target for cryptocurrencies

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By  Moris Beracha .- There are food and sweet vending machines all over the world. Therefore, this market has become the target of some developers, who are working to enable people to pay for products into vending machines with cryptocurrencies. It can be highlighted that the energy drinking company “Red Bull” installed the first energy drink machine that only accepts bitcoins (BTC) in 2016, amid the Paralelni Polis congress of hackers in Prague, the Check Republic. Then, the price of tokens dropped and many companies that planned to develop this type of technology decided to turn a blind eye, until in 2019 they decided to take up said systems. In this sense, it is important to mention that a Brazilian programmer and hardware hacker created a Coca-Cola vending machine accepting payments in BTC. The machine also accepts Lightning Network (LN) transactions. According to the  TheNextWeb  site,  “this machine has been assembled by using a water pump, a to...

UK Parliament Member Suggests Making Bitcoin a Payment Option for Local Taxation System

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By  Adrian Zmudzinski A conservative member (MP) of the United Kingdom’s ( U.K. ) Parliament has said that making payments to local authorities and utility providers with Bitcoin ( BTC ) should be possible. The MP’s statements were reported by local news outlet Express.co.uk on Dec. 10. The article notes that Eddie Hughes, a member of the U.K. Parliament for the Walsall North constituency, described himself as a “crypto enthusiast with amateur knowledge.” He notes that blockchain gets a lot of attention and members of the parliament “have a duty to understand it.” Hughes further explained that he recently met with the Royal National Lifeboat Institution, which accepts cryptocurrency donations, and that the encounter made him think: “What’s to stop us [from] being able to pay council tax and other bills with Bitcoin?” Those declarations come shortly after, as Cointelegraph reported at the end of November, the United States state of Ohio announc...

Is Bitcoin A Credible Payment System For Terrorists?

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By Nikita Malik | Forbes  Bitcoin photo credit: Getty Getty According to a 2015 Europol report , bitcoin was used in over 40% of high profile investigations involving payments between criminals in the European Union. To understand why this is, we must examine the anonymity that such a service offers. Bitcoins are created through a process of ‘mining’ to verify each transaction on the blockchain. While information regarding each transaction is recorded on the blockchain, it is not directly linked to names, physical addresses, or other identifying information. This makes it anonymous to a certain degree, and complicates efforts by law enforcement agencies to identify individual transactions and link them to users. Terrorists and criminals use bitcoin for illicit transitions, as it provides financial security. The blockchain acts as an impartial intermediary, ensuring that coins are irrevocable once spent. The network hampers any attempt made to...