Another fascinating infographic: the explosion of Bitcoin and the altcoins

If you’ve read my blog, you know I’ve been involved with Bitcoin and its progeny since 2013. This month, the cryptocurrency markets have exploded, though there was a market correction a few days ago. To get a handle on what all this means, check this inforgraphic from the Visual Capitalist. Courtesy of: Visual Capitalist If you’re interested in getting started with Bitcoin, Litecoin or Ethereum, you can open an account at Coinbase using my referral link here. We each get $10 in Bitcoin free if you spend more than $100. With Coinbase, you link your bank account, so you can buy and sell those three cryptocurrencies with US dollars. There is also the option to link a credit card, so you can receive the coins instantly, rather than waiting a few days for the ACH withdrawal to clear. I’ve been debating whether to post a tutorial on how to mine, buy, sell and trade Bitcoin and the altcoins, but have hesitated because so many other bloggers have already done the same. Let me know if you want the Wheat-dogg version.

Loose change found in a sticky note on a wall

Loose change found in a sticky note on a wall
JISHOU, HUNAN — Last month I reported I had found “loose change” in a hard drive backup, but regretted losing the password to free some of it from captivity. I found the password today, and in the nick of time, too. What I had found in a backup were the wallet files for two cryptocurrencies I had bought in 2014, then eventually forgot about. One of the files held about $2.50 of Namecoin, while the other (at the time) held about $8 of PeerCoin. Trouble was, the PeerCoin wallet was encrypted with a passphrase I had long since forgotten. After wracking my brain for a few days and trying different possible passphrases, I gave up on the project, assuming those $8 would be forever out of my reach. Then today I learned PeerCoin’s value had shot up from 80 cents to $2, making my tiny holding worth $20. Once again, I attempted to guess the long lost passphrase, to no avail. Just before I had classes this afternoon, I went over to my desk to fetch something and noticed one of the sticky notes on the wall behind my computer screen had curled up enough to hide the note written ...

Bitcoin, Litecoin and Ethereum — oh my!

Bitcoin, Litecoin and Ethereum -- oh my!
JISHOU, HUNAN — It may seem like this blog is swinging toward the intensely techie, but bear with me. I’m your surrogate in the ever-changing financial technology (fintech) landscape. Government regulators required China’s Bitcoin exchanges to halt Bitcoin and Litecoin withdrawals back in January, and that situation still remains. But, when one door closes, another opens, as the saying goes. It turns out Bitcoin and Litecoin are not the only cryptocurrencies being traded in China. Yunbi.com is a Hangzhou-based exchange specializing in Ethereum, Zcash, Bitshares, and several other cryptocoins, as well as Bitcoin. I only learned about it a week ago, as it is relatively new. Curiously, government regulators have basically ignored Ethereum, which at this writing has the second-largest trading volume worldwide after Bitcoin, and just about every other token besides Bitcoin and Litecoin. Not that I’m complaining. Once I realized Yunbi would allow withdrawals of not-Bitcoins to recipients outside the exchange, I applied for an account. Yunbi required me to submit photos of my passport, bank card, and a selfie of me holding them, and within two days, I had opened an account there. While I may not be able to send funds outside China with Bitcoin or ...

Trying out Abra, a new mobile payment app

Trying out Abra, a new mobile payment app
JISHOU, HUNAN — While exploring ways to move my money more easily around, I stumbled across Abra, a mobile phone app that transfers funds using the Bitcoin network. I gave it a try, and I like it. For one thing, it simplifies my transfers from China to the USA. Before Abra, there were several steps to transfer money from my bank in China to my bank in the USA, whether I used PayPal or Bitcoin. Abra reduces that number, and removes some fees in the process. There still remains one major drawback: Abra has no working relationships with banks in China. So, I still need to jump through a few hoops to buy Bitcoin to drop into my Abra wallet, but once it is there, it’s a breeze to send it to my bank account in the States. I’ve done all sorts of stories about moving money across borders, but to review, here are the main steps. For PayPal: Log into my China PayPal account. Send funds from my Chinese bank to my American PayPal account. PayPal charges a 4% foreign exchange fee. Log into my American PayPal account. Transfer funds to my bank account. Not bad, right? Unless you ...

Good news from Huobi.com about my Bitcoin account

Good news from Huobi.com about my Bitcoin account
JISHOU, HUNAN — The Bitcoin winter in China may be thawing finally. I can use my bank card at the Huobi.com Bitcoin exchange once again. As I related earlier, the new national regulations concerning Bitcoin exchanges seemed to have shut me, and other foreigners, out of the exchanges indefinitely. BTCChina told me flat out that foreigners would not be allowed to trade with them anymore. Huobi did allow me to re-register with my name exactly as it is listed on my passport, but I could not bind my Chinese debit card to the account because I had no Chinese ID number. That ended Monday, when I got a call from Huobi saying I could again use my Chinese Unionpay card. Huobi’s system now accepts my US passport number as a proper form of ID to be linked with the card. I also had to do a “video verification” by participating in a video call on the QQ messaging client with a Huobi agent. She asked me a few questions, like my name, the source of the funds I would be using, and my reasons for trading in Bitcoin. I also had to show her my passport and my debit card. ...

Cherry blossom time

Cherry blossom time
JISHOU, HUNAN — These are from two weeks ago, when the blossoms were just coming out. Sorry for the delay. (Taken with with my cellphone.) ——— Tipjars:

Loose change found in a backup

Loose change found in a backup
JISHOU, HUNAN — You know that nice feeling you get when you reach into a pocket and find a $20 bill you’d forgotten all about? Imagine it happening while you’re rooting around a computer backup file. I’ve been dabbling in cryptocurrencies, like Bitcoin, since 2013. At the beginning, I was pretty much at sea, and in any event it was hard to see which of the several cryptocoins back then would really catch on. Then, as now, I had small caches of Bitcoin and Litecoin on my computer. But I also had even smaller amounts of two other lesser known tokens, Namecoin and Peercoin. Neither of these seemed to be catching on, so over time I just forgot about them. Day before yesterday, a friend asked me if I could send her some photos I took in 2015. This required me to hunt through my backup drive for the pics. After I found the photos and emailed them, I decided to poke around my backups a little more. Scrolling through the list of program files, I came across Namecoin and Peercoin wallets. Hey, I asked myself, I wonder if there’s any money still in those wallets? Really, I had no ...

Revisiting Ripple (not the wine) amid China’s Bitcoin clamp-down

Revisiting Ripple (not the wine) amid China's Bitcoin clamp-down
JISHOU, HUNAN — Out of curiosity yesterday, I checked up on Ripple, a cryptocurrency I honestly had not used or paid much attention lately, just to see what all the buzz about it was. I was pleasantly surprised for two reasons. One, the value of Ripple against the dollar (well, cents, really) has more than doubled since last year. It seems Bitcoin’s inherent limitations have encouraged investors to look at altcoins — the bazillions of alternative electronic currencies to Bitcoin — resulting in sharp price spikes for several since January. Second, it’s once again possible to buy Ripple tokens (XRP) using the Chinese shopping website, Taobao, or payment processors like Alipay. So, I gave it a try and it worked! I’ll explain why this is noteworthy later on. Since I’ve been focusing on Bitcoin in China lately, I’ve been spending more time reading up on Bitcoin and the other cryptocurrencies, including Ripple. A lot has been happening there, and not just because of China’s regulation of Bitcoin. Bitcoin and similar electronic currency tokens verify transactions using a public electronic ledger, called the blockchain. In other words, if I send you some Bitcoin, it is entered on the blockchain, as is ...

Update to the China Bitcoin saga

Update to the China Bitcoin saga
JISHOU, HUNAN — I talked to customer service at Huobi today, and it seems enabling deposits with my Chinese bank card is not easy as one would think — all because of the lack of a Chinese national ID number. So, they will refund my 500 RMB ($73) deposit in two to three days. If Huobi’s coders don’t edit the backend to allow linking passport numbers to Chinese bank cards, I may be shut out of Huobi indefinitely. There’s really no point in using an exchange if you can’t, you know, exchange stuff. Meanwhile, I sent an email to BTCChina’s support staff to inquire if I would have similar difficulties trading on their exchange. I’m waiting for their reply. BTCChina has this message on their website now. As with Huobi, I had already provided BTCChina with all that when I first opened the account a couple of years ago. Huobi required me to do it all over again, because the name issue I explained yesterday. I’m hoping I don’t have the same hassles with BTC China. In the meantime, if I want to buy Bitcoin in China, I can still use LocalBitCoins.com or BitKan (a China-based P2P service). While these ...

I’m back, and now dealing with China’s new Bitcoin restrictions

I'm back, and now dealing with China's new Bitcoin restrictions
JISHOU, HUNAN — While I was away, China’s central banking authorities decided to investigate (as they put it), China’s Bitcoin exchanges, resulting in all the exchanges sharply curtailing withdrawals of Bitcoin until further notice. As I have used Bitcoin as a way to move part of my salary (paid in Chinese yuan) to my bank in America, this new situation directly affects me. All is not lost, however, as I will detail below. One dilemma many expats face is moving money from one country to another. I am paid in Chinese yuan, and am permitted to transfer 70% of my very modest pay — by US standards — each month to the USA. At first, I used bank wire transfers, which required substantial paperwork, the assistance of a Chinese national’s bank account and relatively high fees. Then I learned I could create a Chinese PayPal account and send funds to my American PayPal account, paying about 4% in exchange fees. Not bad, but my experience with PayPal is, shall we say, less than positive. Beginning in 2013 I started using Bitcoin to move my money cross-border. I’d buy bitcoins with Chinese yuan, send the bitcoins to my Coinbase account, and ...

Three Chinese cities in top 10 most costly places for expats

Three Chinese cities in top 10 most costly places for expats
JISHOU, HUNAN — Hong Kong, Shanghai and Beijing are among the ten most expensive places to live for expats, according to Mercer, a global business consulting firm. Hong Kong is #1, with Shanghai in seventh place and Beijing in tenth. Other Asian cities in the top ten are Singapore and Tokyo, in fourth and fifth places respectively. Jishou is not included on the list, but it would be near the bottom, as rents are quite cheap here compared to the larger cities in China. Citing the Mercer study, the BBC reports that a two-bedroom unfurnished apartment in Hong Kong rents for US$6,800, compared with $5,100 for a comparable apartment in New York. A cup of coffee in HK will set you back about US$8, but a hamburger meal is about $5. Some of the cities are expensive, because of their fearsome cost of living generally. Many Chinese, for example, have trouble affording housing in the nation’s largest cities. Other cities, such Luanda, Angola (#2) are in countries with weak currencies, which hurts expat pocketbooks. Mercer says it evaluates expats’ cost of living in some 200-odd cities by taking into account housing, education for children, transport and everything needed to live ...

Animation shows #Bitcoin transactions happening in real time

Animation shows #Bitcoin transactions happening in real time
If you don’t pay attention to the Bitcoin world, you probably aren’t aware how active the Bitcoin system (other known as the blockchain) is. Now there’s an app for that. It won’t fit on your phone, but a web visualization at bitbonkers.com (screencap above) will show you in real time what the Bitcoin world is doing After a rough-and-tumble beginning that saw Bitcoin prices soar to more than $1,000 from a measly $1, the computer-based currency has settled into a more settled dollar-exchange zone between $300 and $500 as it has become more widely used. Each cube represents a block of transactions within the Bitcoin shared ledger, the blockchain. The balls represent individual Bitcoin transactions, with different colors representing the size of the exchanges. Reds — representing transactions up to 1 BTC ($420 at this moment) — are the most common, but blues (100 – 1000 BTC) are pretty frequent, too, suggesting some users with deep pockets are using Bitcoin. Click on a ball to see the exact amount displayed on the right. If the sound effects get on your nerves, click the mute button at upper right to quiet things down. The project is part of the WebGL project, ...
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