Bitcoin News in Review: BitID, FEC Donations, Transaction Volume Decline, and More

Journalist:
May 11, 2014

Happy Mother’s Day, and welcome to another Bitcoin News in Review (formerly known as CCN Week in Review)! This week on CCN, we learned about BitID’s secure Bitcoin authentication protocol, that the FEC unanimously voted to allow bitcoin donations to PACs, that the bitcoin transaction volume has dropped, and more. Check out this week’s top stories on this Bitcoin News in Review.

BitID’s Secure Bitcoin Authentication Protocol

Tired of seeing these buttons everywhere?

You’ve probably seen those “Sign In with Facebook” buttons everywhere, right? While they’re convenient, many users don’t like associating their social media accounts with other websites. Fortunately, BitID has a new authentication system that would allow anyone to log in to websites while maintaining their privacy. Bitcoin isn’t just a currency, but rather an entire protocol that uses secure cryptography to make it mathematically impossible (or at least, extremely difficult) to fake someone’s identity. BitID uses the Bitcoin protocol to authenticate users with a simple signed message from their bitcoin address. Just take a look at how easy it is to use:

FEC Unanimously Votes to Allow Bitcoin Donations to PACs

The FEC is allowing PACs to receive donations in BTC.

The United States Federal Election Commission recently voted to allow political action committees to receive bitcoin donations (up to $100 per bitcoin address). However, any and all bitcoins must be sold and converted to fiat before they can be spent. The Make Your Laws super PAC has a list of political organisations accepting bitcoin donations. Interestingly, USA Today, the second largest newspaper in the United States, changed its logo to celebrate the FEC’s decision. There should be no doubt that bitcoin’s legitimacy is growing.

Bitcoin Transaction Volume has Dropped

Graph of the Bitcoin Transaction Volume for the last two years from blockchain.info

The overall bitcoin transaction volume seems to be dropping to lows that were seen back in 2011. There could be several reasons for this trend. One idea is that people are holding on to their bitcoins, expecting them to increase in value. However, for bitcoin to really be used as a currency, it must be used in transactions. Another idea is that online bitcoin gambling has dropped in popularity, causing a drop in the overall transaction volume. However, the transaction volume excluding popular addresses has continuously increased, and may be more representative of the transaction trend.

Dogecoin is Literally Going to the Moon

The RevUp Render Lunar Iditarod will be a race of three DogeSleds on the surface of the moon.

The Lunar Iditarod will be a robotics challenge where three DogeSleds race on the surface of the moon. This event is being sponsored by VeryCharity Inc., the first fully incorporated entity created for promoting Dogecoin. In related Dogecoin news, Jonathan Saewitz from CryptoCoins News recently interviewed Dogecoin-backed NASCAR driver Josh Wise.

That wraps up this Bitcoin News in Review, where we feature the biggest stories of the week here on CryptoCoins News.

Neil Sardesai @@neilsardesai

I enjoy keeping up with the latest stuff in science and technology and have been following Bitcoin for a few years now. I also occasionally post cool stuff on twitter.