Indonesia Central Bank: Cryptocurrency Payments 'not Legitimate'
Indonesia Central Bank: Cryptocurrency Payments 'Not Legitimate' Bank Indonesia has warned that cryptocurrencies may not be used for payments in the country. The central bank published a press release on Saturday, stating that cryptocurrencies are not a "legitimate instrument of payment" in the country, as they do not comply with the 2011 currency act and are not issued bythe Republic of Indonesia. "Financial transactions conducted within the territory of the Republic of Indonesia, has to be fulfilled with Rupiah," the currency act states. As a result, the central bank said that payment firms are not allowed to make virtual currency transactions. "Bank Indonesia affirms that it forbids all payment system operator (principal, switching operator, clearing operator, final settlement operator, issuer, acquirer, payment gateway operator, electronic wallet operator, money transfer operator) and financial technology operators in Indonesia, both bank and non-bank institution, to process transactions using virtual currency, as stated in Bank Indonesia Regulation No. 18/40/PBI/2016 on Implementation of Payment Transaction Processing and Bank Indonesia Regulation No. 19/12/PBI/2017 on Implementation of Financial Technology." The warning makes no mention of cryptocurrency exchanges. The news comes after the central bank revealed in early December 2017 that it was considering new regulations that would outlaw bitcoin transactions from 2018. On the 20th of the same month, the bank issued a new regulation - No. 19/12/PBI/2017 on Implementation of Financial Technology - due to concerns over bitcoin's potential use in terrorism financing, money laundering and drug trafficking. In its latest warning, Bank Indonesia also warned "all parties" that buying, selling or trading cryptocurrenci Continue reading >>
Cryptocurrency - Wikipedia
HitBTC cryptocurrency exchange terminal window A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions, to control the creation of additional units, and to verify the transfer of assets.    Cryptocurrencies are classified as a subset of digital currencies and are also classified as a subset of alternative currencies and virtual currencies . Bitcoin , created in 2009, was the first decentralized cryptocurrency.  Since then, numerous cryptocurrencies have been created.  These are frequently called altcoins, as a blend of bitcoin alternative.    Bitcoin and its derivatives use decentralized control  as opposed to centralized electronic money / central banking systems.  The decentralized control is related to the use of bitcoin's blockchain transaction database in the role of a distributed ledger .  Decentralized cryptocurrency is produced by the entire cryptocurrency system collectively, at a rate which is defined when the system is created and which is publicly known. In centralized banking and economic systems such as the Federal Reserve System , corporate boards or governments control the supply of currency by printing units of fiat money or demanding additions to digital banking ledgers. In case of decentralized cryptocurrency, companies or governments cannot produce new units, and have not so far provided backing for other firms, banks or corporate entities which hold asset value measured in it. The underlying technical system upon which decentralized cryptocurrencies are based was created by the group or individual known as Satoshi Nakamoto .  As of September 2017 [update] , over a thousand cryptocurrency specifications exist; most are simil Continue reading >>
Indonesia Bitcoin Exchanges Tokobitcoin & Bitbayar To Stop All Trading
TokoBitcoin and BitBayar, two of the most popular and largest cryptocurrency trading platforms in Indonesia, have recently shut down due to recent announcements made by the Indonesian central bank that it will not accept Bitcoin as a method of payment . While this doesnt mean that Bitcoin trade is banned in Indonesia, it does mean that some of the larger players are now exiting the game. Bitcoin and cryptocurrency exchanges are still allowed to trade in Indonesia, but the move has caused the two largest exchanges to shut down. BitBayar, which is the Indonesian equivalent of Bitpay, has announced a complete halt of their services effective as of the 1st of November 2017. TokoBitcoin has also announced their refusal of acceptance of Bitcoin as a payment method . According to Oscar Darmawan, the CEO of PT Bitcoin Indonesia, the shutdown of these platforms is not a result of intervention by the Bank of Indonesia, but is instead a voluntary decision made by individual Bitcoin trading platforms . There have not been any direct requests from the Bank of Indonesia to Bitcoin Indonesia to close down these two websites. Eny V. Panggabean, the Director of Payment System Policy Department at the Bank of Indonesia, announced in September that the bank will not accept Bitcoin as legal currency in the country. Panggabean also added that using Bitcoin as currency is currently illegal under Indonesian Service Provider of Payment law. In February 2014, the Indonesian central bank issued a statement that clearly outlined the illegal nature of Bitcoin and other cryptocurrencies in the country, stating that they are not legal as either payment instruments or currency. Despite the regulatory position of cryptocurrency in Indonesia, the trading of BTC and Indonesian Rupiah is the 10th bigges Continue reading >>
Trezor Bitcoin Wallet | The Original And Most Secure Hardware Wallet.
Advanced cryptography, reliable hardware, simple interface. All in perfect cooperation. Tamper-proof, water-resistant and extremely durable. We removed everything that could be easily hacked. Check important transaction details before you confirm. This display will always tell you the truth. Everything important needs your direct physical approval. TREZOR uses and creates the most advanced standards in cryptography and Bitcoin. TREZOR is a pioneering hardware wallet, and a great way to store your digital currency locally. With TREZOR you don't need to be a security expert to have expert level security. Hardware wallets have become the standard for secure, long-term bitcoin storage. Trezor is the gold standard for hardware wallets. Become one of the many satisfied users around the world. Thanks for everything, I researched a lot and I saw that you are a 100% reliable company, I am happy to have a product like that. Trezor is a well designed, easy to use product with great support. I'd heartily recommend it to anyone who wishes to protect their digital investments. The willingness of the developers to accommodate digital currencies besides Bitcoin makes it even more valuable. I look forward to the expanding capabilities of this valuable tool. Trezor team didn't let me down you guys explained all the steps for me to downgrade my Trezor firmware and then when things didn't worked kept asking me questions and trying to understand what could be done and this helped me don't thrown the towel and find the way to retrieve the coins... Continue reading >>
6 Wallet Bitcoin Terbaik Dan Terpercaya
Siapa sih yang tidak kenal dengan wallet Bitcoin satu ini? Hampir kebanyakan pemain trading tahu. VIP Bitcoin ini adalah wallet yang sangat populer di indonesia. Ada banyak fitur keamanan salah satunya adalah Google Autenticator dan fitur keamanan lainnya. Namun di VIP Bitcoin ini tidak hanya menyediakan sebagai wallet untuk menyimpan, menerima, mengirim, dan menarik Bitcoin dalam jumlah rupiah (harus jual Bitcoin ke rupiah dulu, baru bisa di tarik ke bank lokal), tapi juga menyediakan fitur exchanger yang bisa dimanfaatkan untuk trading. VIP Bitcoin bisa menampung mata uang Cryptocurrency seperti BTC, BTS, DASH, DOGE, ETH, LTC, NXT, XLM, XEM dan XRP. Bisa juga dimanfaatkan untuk kegiatan trading karena nilai harga Bitcoin ini sangat sensitif dan relatif terhadap harga pasar. Untuk memantau kegiatan jual/beli di situs ini, VIP Bitcoin menyediakan fitur market jual dan beli yang ditujukan pada aktivitas member lainnya. Dengan fitur ini, pengguna bisa memprediksi harga. Fitur lain adalah Spot Market, karena di dalamnya ada Market Maker, yaitu fitur memasang harga sesuai dengan kemauan kita sendiri yang sudah dirancang. Ada juga Marker Taker untuk membeli dan menjual mata uang Cryptocurrency secara instan tapi dikenakan biaya sebesar 0.3% setiap transaksi yang dilakukakan pengguna. Nah, untuk memprediksi perkembangan harga selanjutnya, di VIP Bitcoin menyediakan fitur ChatRoom, sebuah ruang percakapan sesama member lain, dengan tujuan membahas mata uang ini, dan biasanya mereka memprediksi perkembangan Cryptocurrency. Maka dari itu, banyak pemburu Bitcoin/Cryptocurrency dan investor yang menggunakan situs ini sebagai trading atau sekedar sebagai wallet mata uang Cryptocurrency. Disarankan untuk membuat akun di situs ini dengan nama asli, karena di VIP Bitcoin harus memver Continue reading >>
Ledger / TREZOR / Digital Bitbox : Use your hardware wallet . Your device * is * your wallet. MetaMask Connect via your MetaMask Extension . So easy! Keys stay in MetaMask, not on a phishing site! Try it today. Jaxx / imToken Use your Mnemonic Phrase to access your account. Mist / Geth / Parity: Use your Keystore File (UTC / JSON) to access your account. **Do not lose it!** It cannot be recovered if you lose it. **Do not share it!** Your funds will be stolen if you use this file on a malicious/phishing site. **Make a backup!** Secure it like the millions of dollars it may one day be worth. **If you do not reveal your bid, you will not be refunded.** You will unlock your account, enter the Bid Amount, and the Secret Phrase. In the event that two parties bid exactly the same amount, the first bid revealed will win. Once the auction has ended (after 5 days / 120 hours), the winner needs to finalize the auction in order to claim their new name. The winner will be refunded the difference between their bid and the next-highest bid. If you are the only bidder, you will refunded all but 0.01 ETH. The auction for this registrar is a blind auction, and is described in EIP162 . Basically, no one can see *anything* during the auction. Be safe & secure: We highly recommend that you read our guide on How to Prevent Loss & Theft for some recommendations on how to be proactive about your security. Always backup your keys: MyEtherWallet.com & MyEtherWallet CX are not "web wallets". You do not create an account or give us your funds to hold onto. No data leaves your computer / your browser. We make it easy for you to create, save, and access your information and interact with the blockchain. We are not responsible for any loss: Ethereum, MyEtherWallet.com & MyEtherWallet CX, and some of Continue reading >>
Indonesia Is Ripe For Cryptocurrency Disruption -- Could It Be Asia's Next Bitcoin Hub?
Indonesia Is Ripe For Cryptocurrency Disruption -- Could It Be Asia's Next Bitcoin Hub? Two passengers in Jakarta, Indonesia, on Sunday, Aug. 13, 2017. Photographer: Dimas Ardian/Bloomberg At first glance, Indonesia possesses the unique conditions that make it well-poised for bitcoin adoption. As the worlds fourth most populous country, its home to a largely cash-based and offline community, and huge swaths of the populationup to 80% remain unbanked . Because one of the inherent advantages of digital currency is that it doesnt necessitate having a bank account, cryptocurrency enthusiasts have long championed bitcoin's immense potential to bring those without access to traditional banking services into the fold by offering an alternative form of money remittance and transfer. Other factorsthe absence of a national credit lending system, coupled with increasing smartphone penetration , also make Indonesia ripe for cryptocurrency disruption, according to Zac Cheah, CEO of blockchain startup Pundi X. Given these fertile conditions, one would expect bitcoin to have taken off in Indonesia. And for the most part, this is true. Oscar Darmawan, CEO of Bitcoin Indonesia , the countrys major exchange which controls more than 70% of bitcoin transactions in Indonesia , has observed what he calls exponential growth in users of Bitcoin Indonesias marketplace platform. He has seen his users grow 50,000 members in 2015 to 500,000 members this year. Still, despite reaching a daily transaction value of more than $10 million a day, he believes it has barely moved the needle in terms of capturing the wider consumer market.To be honest, we have not even penetrated the 1% of the total population in Indonesia. The opportunity to grab an even bigger market is huge, Darmawan says. This year'sBl Continue reading >>
Bank Indonesia: Do Not Sell, Buy, Trade Cryptocurrency
Bank Indonesia: Do Not Sell, Buy, Trade Cryptocurrency Bank Indonesia, Unitary State of the Republic of Indonesias central bank, has issued perhaps its bluntest statement yet on curbing the use of cryptocurrency, affirming a hardening stance on the popularity of what it refers to as virtual currency such as bitcoin. Also read: Ditch University and High Transaction Fees! Bank Indonesia Warns To All Parties To Not Sell, Buy or Trade Virtual Currency is the title of todays missive from Bank Indonesia by way of its Department of Communications. It affirms that virtual currency including bitcoin is not recognized as a valid payment instrument, so it is prohibited to be used as a means of payment in Indonesia. Bank Indonesia (BI) is the Republics central bank, and as such it has been unusually active and belligerent with regard to cryptocurrency. Its governor issued statements late last year causing regional media to urge retail holders to sell back into fiat ahead of a ban. That followed Falls shutdown of bitcoin payment providers and businesses restructuring in an effort to get ahead of coming regulation. And just prior, BI had yet again reaffirmed its distaste for crypto, pushing advocates to insist the bank was denying a marvel of technological innovation. BIs pronouncements have routinely contrasted with impressions on the street, as Indonesians do seem to have an appetite for the decentralized currency. BI wants it crystal clear all obligations paid in money or other financial transactions conducted in the Territory of the Unitary State of the Republic of Indonesia shall be obliged using Rupiah. Decrees of this sort appear to be driving Indonesians away from above-ground exchanges, for obvious reasons, and into more peer-to-peer arrangements such as Localbitcoins . Own Continue reading >>
What Does Indonesia's Bitcoin Ban Mean For The Future Of The Cryptocurrency?
What Does Indonesia's Bitcoin Ban Mean For the Future of the Cryptocurrency? Photo credits: JasonParis and Zach Copley /Flickr CC License Bitcoin, the popular cryptocurrency, is the latest technology to face a ban in Indonesia after central bankers warned that it posed a threat to the stability of the national currency. The move, if enacted, would make Indonesia the second country in the region to ban Bitcoin after China announced plans to ban the currency in September. But how, exactly, do you ban an anonymous currency that lives as ones and zeros online? Bank Indonesia is starting with the transaction services. The central bank wants to ban any tech company, e-commerce site, or payment system that accepts Bitcoin as a valid payment in Indonesia. That means you can't use your Bitcoin wallet to buy a pizza or purchase airline tickets in Indonesia. The concern here is that Bitcoin could be used for money laundering or terrorism, according to central bank officials. They were also concerned that Bitcoin could destabilize the Rupiahone of the most-volatile currencies in Southeast Asia. We will ban financial technology, e-commerce, and payment system services company that use and process virtual currency," Agus Martowardojo, the director of Bank Indonesia, told the industry news site Tech in Asia . "We will also encourage companies not to work with any parties facilitating virtual currency transactions." But Bitcoin is more than a way to buy things in the real world. It's also an investment for traders and miners who don't mind the risk. The price of a single Bitcoin hit $11,000 USD last week , an insane level of growth considering that the cryptocurrency was worth a single US dollar when it was launched in 2010. So will Indonesia's nascent Bitcoin scene continue mining an Continue reading >>
Exodus : Manage Blockchain Assets
Track the value of your blockchain asset portfolio, in real time, as market conditions change. Like darker themes? How about a subtle space background? Exodus gives you a personal look with everything from traditional gray to patterns or customized themes. Exodus began development in 2015 from two guys with a passion for blockchain assets. Coding the technical magic behind the scenes, JP has published 196 open source libraries and has written code in use by most Bitcoin and cryptocurrency software on the web. From subtle sounds to smooth animations Daniel creates a trusted, warm feeling when using Exodus. He is a master of emotional design and has designed experiences for Apple, BMW, Disney, Louis Vuitton and Nike. Exodus wraps solid engineering inside beautiful design. We poured our hearts into every detail, from pixel-perfect icons to subtle sounds, making a blockchain asset experience that "just works for normal people". Our goal: Remove the geek requirement to use cryptocurrency and make design a priority - we think it shows. Exodus is designed for people who have never used an exchange. Ready to exchange Bitcoin for Ethereum? Exodus hides the complex details; in seconds, assets are exchanged behind the scenes. Exodus makes it fun and easy to learn and use blockchain assets. No technical talk. No messy wallets. No confusing steps. We know problems are frustrating. Exodus provides an online help desk and 24/7 support resources to get problems resolved quickly. Blockchain assets (also called digital currency or cryptocurrency) are a young, fragmented new frontier. New people buy bitcoin and miss out on exciting, new opportunities. Diversifying means learning about keys, seeds, wallets, blockchains, mining fees, cold storage, and more. Not only do you give up control Continue reading >>
5 Popular Bitcoin Startups In Indonesia
Yesterday, Tech in Asia ran a story about how to purchase and use Bitcoin in Asia. At the beginning of last year, the Bank of Indonesia publicly stated that bitcoin is not a legal form of payment within the archipelago. However, as its extremely difficult to regulate the sale and use of digital currencies like bitcoin, transactions using the currency in Indonesia remain high. Oscar Darmawan, CEO of Bitcoin Indonesia ,claims that each day there are between US$30,000 to US$50,000 worth of bitcoin transactions in the country. While there are many ways to have a conversation about Bitcoins benefits and drawbacks in Indonesia, in terms of tech startup participation, Bitcoin seems to be heating up. It has also proven to be a convenient way to pay and get paid for digital services. As a result, some companies are focusing explicitly on the cryptocurrency market in the archipelago. Tech in Asia has decided its time to round up these guys, so, in no particular order, here are five of the most well-known Bitcoin startups in Indonesia. This site can be regarded as one of the pioneers for Bitcoin in Indonesia, as the company has been around for more than two years already. Essentially, ArtaBit is a digital payment system that uses Bitcoin. So if your startup is an ecommerce website, you can integrate ArtaBit services to support bitcoin payments. In addition, the site also lets you purchase bitcoins with Indonesian rupiah. ArtaBit founder Ayoub Naciri expects Bitcoin will take off in emerging markets like Indonesia as more than 80 percent of the population still lacks a bank account. Bitcoin.co.id (aka Bitcoin Indonesia) launched around the same time as ArtaBit. However, unlike its competitor which acts as a payment system, Bitcoin.co.id is a trading center only. On the sites homep Continue reading >>
The main technological feature is the use of the scrypt function as a hashing algorithm and a POS generation system. Proof-of-stake (PoS) - a method of protection in crypto currencies, based on the need to prove the storage of a certain amount of funds on the account. When using this method, the algorithm of crypto currency is more likely to choose an account with a large amount of funds in the account to confirm the next block in the chain. In other words, the blocks are signed by the nodes of the stakes (the owners of the shares). The probability of signing the block increases depending on the size of the stake. Therefore, the crypto currency is resistant to most attacks to which POW systems are vulnerable. In addition, coin self-organization will be carried out through mining, where a direct stimulus to the support of the network will be the issue of new coins. Another not unimportant advantage is that the OCC mining technology does not require the cost of power supply for storage and processing of colossal databases serviced by huge mining farms. OCC uses several cryptographic algorithms to ensure the security of its users: The first of these is ECDSA, a public key encryption algorithm that is associated with every coin in a system using a public key, private key and signature, so that each node of the network host can verify the coin's identity. The second is the already known encryption algorithm SHA-256 and is considered the gold standard in most crypto currency in the world. Thanks to the use of SegWit, which implements approximately fourfold increase in the block size. Each block in the OCC will be generated in 2.5 minutes versus 10 minutes in cryptothermics based on POW. Capacity without the use of Lightning Network 7 - 10 transactions per second. Capacity wi Continue reading >>
Bitcoin And Ethereum Made Easy | Buy, Store And Learn About Bitcoin And Ethereum In Indonesia | Luno
New to Bitcoin or Ethereum? Learn more on our Learning Portal Why are so many people investing in digital currencies like Bitcoin? People all over the world use Bitcoin to send money to friends and family or buy things online. It can be cheaper, faster and easier to use than ordinary money. Like the internet, no single entity controls Bitcoin. It provides users with both transparency and privacy. It puts you back in control of your money. People are buying Bitcoin because its like digital gold. It is used as an alternative store of wealth, for portfolio diversification, and long term investment. Learn more about Bitcoin and Ethereum on our Learning Portal Why are people from all over the world choosing Luno? Were early industry pioneers and have been around since 2013, successfully processed more than a billion dollars in transactions and have happy customers in over 40 countries. People love our easy-to-use products. From local payment methods to customer support in many different languages, we make your Bitcoin experience the best one. Our expert team has worked all over the world for top tech and finance companies such as Google, Amazon, Morgan Stanley and Barclays. Plus were backed by some of the world's top investors. When we say your money is safe, we really mean it. Weve built some of the worlds most sophisticated Bitcoin security systems and have never been compromised. Continue reading >>
Trusted Cryptocurrency Exchange To Buy & Sell Bitcoins In Indonesia
1.Register and Create a free Bitcoin Wallet To create a free account with us, follow the simple instructions. Create a username and password and your account is live within seconds. Once your account is created, you can put the funds into the account via bank transfer, cash deposits and other payment modes. You can add your preferred bank account to receive payments and before sending in any payments, we will verify your account. Once your preferred bank account has been added and you have the funds in your Bitcoin wallet, you can start trading with Bitcoins.We help keep you updated about the price fluctuations in the market and intimate you on the current rates at times of trading. You can receive direct payments to your verified bank account. We provide a platform for individuals to trade in bitcoins and an opportunity for those interested in trading in bitcoins. We offer a bullet proof crypto-currency wallet with an automatic deep freeze storage that is rare and extremely safe, leaving the individual well equipped to trade with bitcoins. With Belfrics secure payment gateway, you will be ready to sell your product to any bitcoin user, irrespective of where he is located.Our platform provides a market place for individuals looking to buy and sell bitcoins. Our powerful API interface enables you to execute automated trading with great efficiency and permits you to have a smooth trading experience. Continue reading >>
Bitcoin Wallet - Xapo
The Xapo Wallet provides a way to manage your funds when you want and where you want. All it takes is the click of a button, the sending of an email or the swipe of your Xapo Debit Card. The Xapo Android app simplifies and enhances your bitcoin experience so you can send and receive money for your life on-the-go. Say hello to real-time purchases and transactions with merchants. You now have security and convenience in the palm of your hand. Think of the Xapo Wallet like a checking account. Your Xapo Wallet allows you to easily access your money and use your bitcoins to pay for everyday expenses. When you want to buy something or transfer bitcoins to someone, simply click the Send button, enter the amount you want to send and add the email or bitcoin address of the person or merchant who is receiving the funds. It's never been easier to receive money from friends or family - especially when you won't be charged any fees! Just have them send funds directly to your Xapo Wallet address to instantly access your money on the go. If you're using the Xapo Debit Card, simply treat the card the same way as you would treat any other debit card swipe it at your favorite brick and mortar merchants or enter the card information at any online destination. Continue reading >>