Buy Bitcoin with Mobile Credit is back!

buy bitcoin with mobile credit

In June 2017, CoinGate has introduced the first of its kind option to buy . Now, we are pleased to say that CoinGate is relaunching the feature once again! Moreover, we are planning to extend this feature to buying Ethereum, Ripple, Litecoin and other cryptocurrencies.

Our team was happy to receive many positive reviews on our  feature. Therefore, we took some time to ensure higher security and a smoother payment flow for our customers. Now it is even more user-friendly and convenient. So starting from this week you are able to purchase Bitcoin by sending SMS or calling to premium number again!

This feature is perfect for those who are aiming to buy a small amount of Bitcoin; equal to more or less $50. At first, we are going to introduce buying Bitcoin with Mobile Credit in 19 countries: Austria, Australia, Belgium, Canada, Cyprus, Czech Republic, Finland, France, Greece, Hungary, Ireland, Israel, Luxembourg, Norway, Poland, Slovakia, Sweden, Switzerland, and United Kingdom. You will be able to buy cryptocurrency either by calling a premium number or sending a text message.

We have worked to make it much simpler and more intuitive for our users, and therefore have integrated the purchase process to our dashboard. Due to security reasons and some fraud attempts, however, using this feature requires our users to verify their accounts before purchasing Bitcoin. We hope this shall eliminate inconvenient situations both for us and for our customers. Also, we have set a monthly purchase limit of 250 euros (subject to change in the future). For larger purchases, we welcome customers to buy bitcoins with bank transfer or credit/debit card.

Another exciting upgrade to this service is coming quite soon. Bitcoin has gone up in price significantly, as you may all know. Yet, there is a number of other  cryptocurrencies that are also increasing in their prominence. As such, buying Ether, Ripple, Litecoin with phone credit – and perhaps also other cryptocurrencies – will be possible in the coming months!

If this is what you were looking for, just follow our guide and get started with Bitcoin with Mobile Credit: .

Best regards,

Your CoinGate team

The post Buy Bitcoin with Mobile Credit is back! appeared first on CoinGate Blog.


Bitcoin Price Dives After Regulators Raise Red Flags

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Bitcoin Price Dives After Regulators Raise Red Flags

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#OffScriptOn9: Why Bitcoin is so hot and whether it’s a good investment

#OffScriptOn9: Why Bitcoin is so hot and whether it’s a good investment

The ‘Off Script’ team wanted to know why Bitcoin is so hot and if it’s a good investment. Bruce Johnson talked to Washington Post Economic Correspondent Heather Long to find out.



Cryptocurrency: Just what the heck is bitcoin and why should I care?

After years of skulking on the sidelines of the mainstream, cryptocurrency became a hot topic in 2017 after bitcoin’s exponentially expanding valuation raised eyebrows across the world.

With the perceived value of an individual bitcoin pushing $20,000, even novice investors are wondering whether it’s a bandwagon worth jumping on.

What are the risks of pouring money into a commodity that is only tangible in a hypothetical sense? Is this the next step in the evolution of interpersonal barter systems? Or is it a bubble on the verge of a cataclysmic collapse?

With experts debating the pros and cons of a deregulated online currency, it’s too soon to answer these questions. However, if you’re considering investing, there are some things to consider.


Cryptocurrency is a decentralized, barely regulated online resource that can be exchanged for goods and services, much like a U.S. dollar.

However, unlike the dollar, which is backed by banks and the U.S. government, cryptocurrencies such as bitcoin are managed through blockchains. Blockchains are comprised of “blocks” made up of cryptographically secured records, usually managed by a peer-to-peer network.

Oliver Kane, of Dubuque, has been trading bitcoin for years. He said it’s helpful to think of cryptocurrency exchange as the opposite of traditional monetary transactions.

Transactions made with your checking account are private, but your name is attached to that account. With bitcoin, the transactions are publicly recorded, but ownership is private.

“The bitcoin solution is keep a global ledger, that is a list of everyone who has payed everyone, in the system,” Kane said. “And rather than do it privately, you do it publicly.”

The value of a bitcoin is determined by the market. At the start of 2017, each bitcoin was worth about $1,000. By the end of the year, that price had surged to more than $18,000, though the value fluctuates wildly, even day to day.


Bitcoin is being introduced to the market incrementally through a process called “mining.” Basically, early adopters could use computer programs to solve complex mathematical equations to gradually introduce units to the market.

By design, only 21 million units of bitcoin will be introduced. As more bitcoin is mined, the process becomes more cumbersome and challenging for the average consumer, Kane said.

“Mining today will cost you somewhere in the amount of $10,000 in electricity to produce a single bitcoin,” he said. “That’s the start of it. That’s what it costs to bring one into existence.”

If you don’t have the time, resources or expertise to acquire cryptocurrency via mining, you can obtain an online “wallet” and use traditional currency to purchase the virtual coins. Kane recommended .

According to the Coinbase website, more than $50 billion in cryptocurrency has been exchanged via the service in more than 30 countries.


Like any standard currency, bitcoin and other digital coins can be exchanged between willing participants. But vendors who will accept cryptocurrency payments are sparse.

Most brick-and-mortar vendors prefer cash or plastic, though a few have installed kiosks or programs that allow them to use bitcoin. But generally, if you want to spend your bitcoin, you probably should look online.

According to , websites like Reddit and Expedia accept bitcoin for certain services, as do companies like Microsoft, Whole Foods, Dish Network and .

In the infancy of cryptocurrency, the relative privacy and minimal paper trail of bitcoin made it popular for more nefarious, under-the-radar purchases, according to Eric Munshower, a professor of economics at University of Dubuque.

While use of cryptocurrency has become more widespread, it’s thought to be a popular resource for cybercriminals.

“(The anonymity is) a huge share of the attraction,” Munshower said.


Bitcoin is the pacesetter, and with a current value at more than $14,000, the most expensive. But other cryptocurrencies are gaining traction.

As of Jan. 9, Ethereum, another digital currency that can be traded on , was valued at about $1,200 per unit, according to . Litecoin, another popular cryptocurrency, was valued at about $250.

Dozens of other coins exist. Some of them — such as Dogecoin, an homage to a silly meme involving Shiba Inu dogs adorned with grammatically appalling yet ostensibly adorable gibberish — started as jokes, but have endured for years.

Of course, with a value of about 15 cents each, Dogecoins lack the buying power of their more popular cousins.


Warren Buffett Finally Weighs in on Bitcoin Craze

Unless you’ve been living under a rock, you’ve probably heard of “Bitcoin” by now.

The digital currency that was once dismissed as a fad for the fringes of the internet has gone mainstream, and made headlines over the past year as its value rocketed from around $1,000 at the beginning of 2017 to a peak of nearly $20,000 per coin.

Bitcoin and other “cryptocurrencies” like it have made some people very wealthy… but now one of the richest men in the world is warning others about the investment.

Warren Buffett is in many ways the opposite of Bitcoin: He’s old fashioned, not flashy, and looks like a grandpa — probably because he is one.

He’s also worth an estimated $75 Billion, thanks to shrewd investments through his holding company, Berkshire Hathaway. It figures that everyone is clamoring for the “Oracle of Omaha’s” opinion on Bitcoin, one of the hottest investments available right now… but early adopters won’t like his answer.

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“In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending,” the world’s most famous investor told CNBC.

However, Buffett also explained that his generalized prediction didn’t come with a due date.

“When it happens or how or anything else, I don’t know,” he admitted. “We don’t own any, we’re not short any, we’ll never have a position in them.”

Enthusiasts of cryptocurrency were quick to point out that although he obviously knows his way around investing, the aging billionaire is famously cautious about technology — including tech that ends up changing the world.

Have you ever bought Bitcoin?

The 87-year-old Warren Buffett reportedly didn’t carry a cell phone for many years even into the late 2000’s, and now only owns an outdated Nokia flip-phone. He doesn’t use email or the internet.

“Buffett didn’t initially believe in tech giants like Google and Amazon,” reported a separate report from CNBC. “In 2017, the billionaire investor admitted that passing up on Google years before. Buffett also expressed regret over not investing in Amazon when he had the opportunity.”

The iconic investor has himself explained that he doesn’t understand modern technology, including Bitcoin. “I get into enough trouble with things I think I know something about,” Buffett admitted to CNBC. “Why in the world should I take a long or short position in something I don’t know anything about.”

Hindsight, as they say, is 20-20. It’s always easy to look back at something like the dot-com crash or the housing crisis and say, “of course we should have seen that.”

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It’s much more difficult to predict the future, and even harder to make specific calls about how high something will go or when it will end.

Even Buffett’s prediction about cryptocurrency coming to “a bad ending” is suspiciously vague. If it happens in a year, many people should be concerned… but if that “ending” is a decade in the future, there could be plenty of room for investors to get on board.

While many poorly-run websites from the late 1990s didn’t make it, companies like Amazon survived the dot com crash and became even more profitable over time.

Bitcoin and other digital currency could go the same way. Some may crash, but others might survive and grow… and predictions like Buffett’s could be both right and wrong, depending on the viewpoint.

H/T Zero Hedge

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Chinese bitcoin miners eye sites in energy-rich Canada

MONTREAL/SHANGHAI (Reuters) – China’s Bitmain Technologies is eyeing bitcoin mining sites in Quebec, a company spokesman told Reuters, as expectations of a potential Chinese crackdown on cryptocurrency mining make the energy-rich Canadian province an attractive alternative.

China has grown into one of the world’s biggest sources of cryptocurrency mining but there are signs Beijing is increasing scrutiny of the sector’s players and may ask local authorities to regulate their power use. Bitmain Technologies, operator of some of the largest mining farms in the country, is among several companies looking to expand overseas.

Bitmain spokesman Nishant Sharma said in an e-mail on Friday that the company was looking at sites in Quebec and is in talks with regional power authorities in the province. It is also planning to expand in Switzerland.

Bitcoin mining consumes large quantities of energy because it uses computers to solve complex math puzzles to validate transactions in the cryptocurrency, which are written to the blockchain, or digital ledger. The first miner to solve the problem is rewarded in bitcoin and the transaction is added to the blockchain.

While Beijing has not issued any official edict on the bitcoin mines, two Chinese miners told Reuters that local authorities had grown more unwilling to allow expansion and had started to shut down some mines in late 2017, as China clamped down on cryptocurrencies.

Last September, Chinese authorities banned so-called initial coin offerings and ordered Beijing-based cryptocurrency exchanges to halt trading.

“We, and from what I understand many of our peers, are already making plans to go overseas,” said Li Wei, chief executive of ZQMiner, a Wuhan-based company that sells bitcoin mining equipment and has mines in three Chinese provinces.

Globally, regulators are increasingly voicing concerns about cryptocurrencies, which are not backed by any central bank, because of their volatility and worries about risks to investors. China, which has strict capital controls, is also worried that cryptocurrencies could facilitate illegal fund flows and breed financial risks.

In Canada, Hydro Quebec described a potential sales pipeline of around 30 large cryptocurrency miners after a campaign by the public utility to attract data centres to the province triggered a flurry of interest from bitcoin miners in 2017.

“Of the world’s top five largest blockchain players, we have at least three or four,” David Vincent, director of business development at Hydro Quebec distribution, said in an interview on Wednesday.


Stephane Paquet, a vice president of Montreal International, which promotes foreign investment in the province’s largest city, has called Quebec a place for “green bitcoin.”

According to Hydro Quebec, the province has an energy surplus equivalent to 100 Terawatt hours over 10 years. One terawatt hour powers 60,000 homes in Quebec during a year.

Neither Hydro Quebec nor Montreal International would divulge names of interested miners. Vincent said companies are eyeing operations from about 20 megawatts, the size of a data centre, to sites as large as 300 megawatts, about the size of a small aluminum smelter.

He expects some of the large companies to begin operations in Quebec this year and in early 2019. Bitmain’s spokesman said that Bitmain has been mining in Canada since 2016, but did not say where.

The challenge for miners is finding existing facilities in Quebec that already have buildings and other infrastructure in place to use the large energy supply required for cryptocurrency mining. A new facility would take about a year to be operational.

“We have the energy available,” said Eric Filion, customer vice-president for Hydro Quebec’s distribution division. “It’s a question of finding land and buildings quickly.”

Hydro Quebec, which offers some of the lowest electricity rates in North America, charges an industrial rate of $0.0248 per kilowatt hour (Kwh) (2.48 U.S. cents) for data centres and $0.0394/kwh (3.94 U.S. cents) for cryptocurrency customers. Customers would have to assume other start-up costs, Filion said.

Textiles and pulp and paper factories are particularly attractive to cryptocurrency mining companies.

Alain Bourdages, a company vice president at Montreal-based Resolute Forest Products Inc (RFP.N), said by phone that the company has been contacted by cryptocurrency companies about possibly sharing their existing production sites, or ones that are no longer in use.

“We are looking at this prudently,” he said. “It’s an interesting opportunity that could generate value.”

In central Canada’s Manitoba province, provincial government-owned utility Manitoba Hydro has fielded more than 100 inquiries from cryptocurrency miners in the past three months about specific sites, a company spokesman said.

The interest includes North American brokers who represent Chinese investors, attracted by Manitoba’s cheap power and potential reduced cooling requirements, spokesman Bruce Owen said. It is working with two large-scale cryptocurrency operations that want to set up in Manitoba, he said.

    Manitoba’s power rates may soon rise, however. Manitoba Hydro is asking the province’s utilities board to approve a rate increase of 7.9 percent across the board, effective April 1, 2018. That is far larger than utility rate changes proposed last year in other provinces, including 0.7 percent in Quebec, according to Manitoba Hydro data.

Reporting by Allison Lampert in Montreal, Alexandra Harney and Brenda Goh in Shanghai; Additional reporting by Rod Nickel in Calgary; Editing by Grant McCool and Raju Gopalakrishnan


Road to bitcoin ETF paved with red tape

NEW YORK: The going is getting tough for U.S. companies hoping to win the race to bring a bitcoin exchange-traded fund to market.

Bitcoin’s 1,500 percent surge last year has stoked investor demand for any product with exposure to the red-hot asset. A host of companies are jostling to launch exchange-traded funds which would open up the cryptocurrency to a broad retail market.

But regulators are asking tough questions, and five fund managers this week shelved plans to launch ETFs based on bitcoin futures, citing concerns from the U.S. Securities and Exchanges Commission.

“We can expect the SEC to be increasingly watchful over any companies involved in bitcoin activity,” said Marc Butler, a director at compliance management firm Intelligize. “Investors should be warned. If it’s too good to be true, then it probably is.”

The SEC has pending applications for at least 14 different bitcoin ETFs or related products, regulatory filings show.

A handful of funds have been knocked back. The SEC in March denied a request to list an ETF from investors Cameron and Tyler Winklevoss, owners of the Gemini bitcoin exchange.

The Winklevoss fund is seeking to invest in bitcoin directly. Other fund firms staked their hopes on recently launched U.S.-listed bitcoin futures contracts, which promised a more stable base for ETFs than the largely unregulated virtual currency spot market.

But on Monday, Rafferty Asset Management LLC, which manages the Direxion brand and hopes to list leveraged funds that would double bitcoin’s daily price moves, disclosed that the SEC was concerned about the “liquidity and valuation” of bitcoin futures contracts. It said the regulator told it to withdraw its application until it could address those issues.

On Tuesday, ProShare Capital Management LLC, Van Eck Associates Corp and First Trust Advisors LP said in filings that SEC staff asked them to shelve plans for bitcoin ETFs.

Direxion, ProShares, VanEck and the SEC declined to comment. First Trust did not immediately respond to an email.

Bitcoin was last down 1.5 percent at US$14,779 on the Luxembourg-based Bitstamp exchange.

The race to launch bitcoin funds is still likely to charge forward, analysts said, as fund managers rush to address the SEC’s concerns and redesign their funds to placate the regulator.

“This is being driven by retail demand,” said Axel Merk, founder and chief investment officer of Merk Investments, which launched a physically backed gold ETF in 2014. “If people are enthusiastic about bitcoin, then people are going to try to market a bitcoin ETF.”

Merk said he knows of several funds that have examined the criticisms of the past filings and are determined to push through with their bitcoin ETF launches.

Some are also attempting indirect approaches that could provide bitcoin exposure via more traditional assets.

Five fund managers, for instance, have filed proposals for funds that would invest primarily in stocks with exposure to bitcoin or blockchain, the technology used to record bitcoin transactions.

Thorny questions remain for funds that seek to trade in bitcoin futures, including the level of margin required to trade futures and the potential for bitcoin futures to trade at dramatically different prices than the cryptocurrency itself, according to two people who did not want to be identified revealing discussions they had with the SEC.

Regulatory concerns did not stop the market from opening up by way of futures, though scrutiny of digital currency contracts now appears to be ramping up.

The U.S. Commodity Futures Trading Commission last month allowed CME Group Inc and CBOE Global Markets Inc to list bitcoin futures contracts, but recently sought to review its process for listing digital currency futures.

Still, some think that, head-spinning volatility of bitcoin aside, U.S. capital markets risk missing out on a burgeoning technology if they are too cautious.

“If the SEC doesn’t start allowing products, the capital markets here in the United States will get left behind by those in Europe and Asia. That’s always a concern,” said Trace Schmeltz, a partner at Barnes & Thornburg in Chicago.

(Reporting by Gertrude Chavez-Dreyfuss and Trevor Hunnicutt; Additional reporting by Jemima Kelly in London; Editing by Megan Davies and Meredith Mazzilli)


Bitcoin isn’t the only game in town. Here are five other cryptocurrencies to watch in 2018

Some mainstream investors spent part of 2017 trying to figure out how to jump in on bitcoin, the digital currency that has seen its price balloon to as high as $19,000 in recent months. But even as many hope to make a quick buck by trading on the cryptocurrency’s shifting value, many experts in the field have long been exploring other alternatives that could hold just as much promise.

Here are a few crypto-assets that analysts said are worth watching. But remember, the risks here are equally as great as any reward. As with other highly volatile assets, you might want to think twice about getting involved — unless you’re willing to accept losing it all.

You can think of bitcoin cash as bitcoin’s faster and younger sibling. Functionally speaking, it works in much the same way: It’s simply a form of digital cash you can use to buy real-world goods. But it was invented only last year after a number of developers working on regular bitcoin, or “bitcoin core” as some call it, decided they were unhappy with the direction of the main project.

At issue was how quickly and cheaply bitcoin could process transactions. Bitcoin’s rising popularity had strained the platform’s capacity — which meant that over time, if you wanted to buy or sell something on the network, you had to pay ever higher fees. Bitcoin made changes in its code to bring down those fees and speed things up, but the people who wound up creating bitcoin cash wanted to go further.

If bitcoin cash ultimately becomes the stronger, more capable digital currency, it could spell trouble for bitcoin core (and its sky-high price), said Ryan Selkis, a bitcoin investor and founder of the publication CoinDesk. “You have to be long on bitcoin cash as a hedge,” he wrote in a blog post.

One of bitcoin’s original benefits was the promise of anonymity. After all, every wallet or account associated with bitcoin is identified simply by letters and numbers, not a person’s real name. But soon, law enforcement and academics began demonstrating that, simply by analyzing a particular bitcoin wallet’s public transaction history, you could deduce with relative accuracy who the owner could be.

“The anonymity it offers is kind of brittle, is the way I’ve described it,” said Jim Harper, the executive vice president of the Competitive Enterprise Institute, a Washington think tank.

Zcash has tried to solve that problem by encrypting not only the wallet information, as bitcoin does, but also by encrypting information about individual transactions as well.

Monero is a bit like Zcash, but takes the additional step of mixing together the online addresses of senders and recipients with other possible senders and recipients. In theory, this makes it harder for the true sender or recipient to be identified; from the outside, you would know that one of a number of people listed in the transaction were involved, but you wouldn’t necessarily be able to tell which one.

Monero has made headlines recently as a haven for criminal transactions. But it could also gain traction among those who are simply conscious of their privacy, or distrust mainstream institutions.

Created in 2012, Ripple is unlike some other crypto-assets. Instead of being controlled by a network of computers that otherwise have nothing to do with each other, as in the case of bitcoin, Ripple is managed by a single company based in California that wants to transform how international payments work.

Today, if you wanted to send money to another country, it could take days for the transaction to clear. But Ripple promises settlement in 4 seconds, and according to its website, Thai workers living in Japan are already using the platform to send money home.

“I told people about Ripple when it was under $1 billion dollars that it was a small company solving a big problem,” said Lou Kerner, a venture capitalist at the investment firm Crypto Oracle. “I started getting an avalanche of calls at $40 billion.” Ripple hit a market cap of $40 billion in August 2013.

Ethereum is probably the most well-known crypto-asset after bitcoin. It’s hard to predict how ethereum will be used, but industry analysts said it could theoretically be beneficial for an even wider range of applications than bitcoin. Where bitcoin could disrupt traditional financial institutions by wresting the power to clear transactions away from big banks and governments, some say ethereum could do the same for apps and online services.

A common example used by ethereum supporters is that of a Web app that, in today’s world, would be controlled by a single company, such as Google or Facebook. These companies devote their existence to developing and maintaining their proprietary search engines or social networks. But with ethereum, there wouldn’t be one company managing those apps — it would be all the computers that are connected to the network, working together as a whole to ensure the entire enterprise stays up and running, and operating correctly. Experts call this idea a “distributed app.”

The ongoing frenzy surrounding the price of crypto-assets has some investors raising their eyebrows. “I just don’t know when buying crypto will stop being a good idea. It was a great idea in 2017,” wrote Fred Wilson, a co-founder of the venture capital firm Union Square Ventures, in a blog post.

Investing in crypto-assets may prove disastrous for many investors who leap before they look, Kerner said. But, he added, it’s the technology behind the price swings that really matter. “Ninety percent of people have no idea what these companies do — and that’s fine,” he said. “In the long run, that won’t have any impact on how massively disruptive and wealth-generating it is.”

Kin Cheung • Associated Press
You can think of bitcoin cash as bitcoin’s faster and younger sibling.