Blockchain Blog

Bitcoin News for the week of 2/8/16

Welcome to our weekly bitcoin news recap, where we cover top headlines and stories in the world of bitcoin each week. This week we had the chance to see first hand what the White House thinks about bitcoin, and Blockchain Co-Founder Nic Cary was a guest speaker at the World Government Summit in Dubai. There are new developments and updates in bitcoin, plus we have some bitcoin protips to share, all in this week’s Blockchain recap.

Financial regulators and the promise of blockchain technology

![Photo: Microsiervos/Flickr](https://blog.blockchain.com/content/images/2015/09/blockchain-zeroblock-coins-1024x768.jpg)
Photo: Microsiervos/Flickr
[Ed Felten: What does the White House think of cryptocurrencies such as bitcoin?](https://www.quora.com/What-does-the-White-House-think-of-cryptocurrencies-such-as-bitcoin/answer/Ed-Felten-2)

In a Quora post this week, Ed Felten, Deputy U.S. Chief Technology Officer, commented on what the White House thinks of bitcoin, including the recent bitcoin block size debate saying:

“I am also watching with interest the debate within the Bitcoin community about the block size limit. (To be clear, the government is paying attention to that debate but are not participating in it.) This is a challenge to Bitcoin’s governance model, because it requires the community to come to a consensus on an issue where there seem to be high stakes and plausible arguments on each side.”

Interestingly enough, former Clinton adviser, Alec Ross recently offered some predictions about a few things including bitcoin. Ross is predicting that bitcoin will eventually become mainstream. And according Reuters, financial regulators are warming up to new uses for “blockchain” technology, which promises tamper-proof communication and makes many types of transactions far more secure, Blythe Masters, the head of one firm in the market said.

The Internet of Things and transforming the financial system

![Blockchain co-founder Nicolas Cary at the World Government Summit in Dubai](https://blog.blockchain.com/content/images/2016/02/Nic-at-WGS.jpg)
Blockchain Co-Founder Nicolas Cary at the World Government Summit in Dubai
[Blockchain is about to transform everything we know about banking and doing business](http://business.financialpost.com/entrepreneur/fp-startups/are-we-ready-to-place-our-trust-in-blockchain-when-it-comes-to-our-money-and-security?__lsa=9d9d-f2fa)

At the World Government Summit in Dubai being held Feb. 8 to 10, world leaders and grey-haired bureaucrats from the United Nations, World Bank, and other agencies discussed how governments can help their countries’ people adapt to relentless social and technological change. Nic Cary, Co-Founder of London-based Blockchain sees the future more clearly than most — and he believes the Internet and Bitcoin will together create a global network of trust that will transform not just the way we bank, but how we do business and how citizens interact with governments.

Can fintech restore our trust in the financial system? For the Internet of Things (IoT) to have a transformational effect on society, it needs to be backed up by a similarly cutting edge financial system. Thanks to the development of block chain (the technology behind the crypto currency bitcoin), we now have the opportunity to democratise the financial system and let people who do not know or trust each other complete an economic transaction without relying on an intermediary.

Development and updates

![Steam bitcoin image via IBTimes](https://blog.blockchain.com/content/images/2016/02/steam-bitcoin.png)
Steam bitcoin image via IBTimes
[Valve introducing Bitcoin transactions to Steam](http://www.ibtimes.co.uk/valve-introducing-bitcoin-transactions-steam-1542738)

Valve looks set to introduce bitcoin payments to its digital distribution platform Steam, according to references found on Steam’s translation servers. The move will make the enormously popular platform the first major gaming service to support bitcoin.

South Korea’s KB Kookmin Bank is developing a blockchain solution for international remittances with the aim of ushering in “safer and faster” foreign exchange services. Chinese bitcoin exchange Bitfinex has announced that it plans to release new mobile apps for Android and iOS. Bitcoin Classic has published their new source code for users who are looking for a modest jump to 2mb, which indicates what could perhaps be a new phase in the ongoing debate whether or how to scale the Bitcoin network’s transaction capacity. The Bitcoin Classic team includes developers Gavin Andresen, Jeff Garzik, Blockchain team member, Pedro Pinheiro, Tom Zander, and Jon Rumion.

Bitcoin Protips

![Image via businessinsider.com](https://blog.blockchain.com/content/images/2015/11/bitcoin-banks-1024x768.png)
Image via businessinsider.com
[8 Bitcoin life hacks](https://medium.com/@Magnr/8-bitcoin-life-hacks-7ace5b093f55#.apdnyb948)

Are you new to Bitcoin? Following the fast-paced bitcoin and blockchain industry can be tough. Here are some tips and tricks to navigate the space quickly and stay well informed.

If you’re looking for the right fee amount for your bitcoin transaction, 21 Inc the maker of the Bitcoin Computer, has launched a free web app that can help bitcoin users determine what level of fee will ensure a transaction is confirmed in a given amount of time. If you’re a user of discount drink app Hotspot, you can begin to use bitcoin as an accepted form of payment to pay for your drinks.

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