Blockchain Blog

Bitcoin News for the week of 3/7/16

Welcome to our weekly bitcoin news recap, where we cover top headlines and stories in the world of bitcoin each week. International Women’s Day was this past week and we had a chance to have a glimpse into the dedicated women helping to power bitcoin. Blockchain CEO Peter Smith published an article commenting on bitcoin development and scaling. In global news, Japan recognized bitcoin as a legal form of payment. Read all this news and more in our weekly Blockchain recap.

International Women’s Day

#Bitcoin empowers and provides an alternative for women who have been excluded from traditional finance pic.twitter.com/4N5tbAV59V

— Abi Aryan (@GoAbiAryan) March 8, 2016

This past Tuesday was International Women’s Day, which celebrates the social, economic, cultural and political achievement of women. In an inspiring quote from Abi Aryan, she wrote so eloquently that “Bitcoin empowers and provides an alternative for women who have been excluded from traditional finance.”

Bitcoin Development

![Image via Coindesk.com](https://blog.blockchain.com/content/images/2016/03/bitcoin-fees-2016-3-7.png)
Chart via Coindesk.com
[Bitcoin, Scaling and Choices](https://medium.com/@OneMorePeter/bitcoin-scaling-and-choices-bed96a76e637)

In a Medium post this week, Blockchain CEO and co-founder Peter Smith wrote about his experience at the recent Satoshi Roundtable event with key bitcoin community members, developers, investors, and entrepreneurs. Peter wrote about the incredible experience he had which includes insight into bitcoin and block size scaling.

With bitcoin scaling becoming a hot topic, new competing bitcoin implementation software packages have come into light; development on both two competing versions of the bitcoin software – Bitcoin Classic and Bitcoin Core – is continuing as the groups lobby for support from the network’s wider user base. Nicolas Cary, co-founder of Blockchain, is quoted as saying “most of these users are not worried about the politics behind technical [block size] changes, they depend on bitcoin to be functional and reliable.”

Blockchain to the rescue

![Illustration by TheFintechTimes.com](https://blog.blockchain.com/content/images/2016/03/blockchain-save-us-cover-2016.png)
Illustration by TheFintechTimes.com
[We Need To Talk About Bitcoin](http://thefintechtimes.com/need-talk-bitcoin/)

Simplified, bitcoin is three things. A currency. A code. A network. It’s also a conceptual experiment, a digitised idea, relating to decentralisation, and what happens when you try to create and structure in a decentralised way. It’s fascinating, almost infinitely complex, and evolving, giving rise to a whole generation of new information structures, the blockchains.

In Davos, Mastercard Chief Innovation Officer Garry Lyons declared in an interview that the company is “interested in seeing where blockchain technology goes.” On the other hand, Christine Lagarde, Managing Director of the International Monetary Fund (IMF) said “virtual currencies are a potentially important advance for the financial sector that could increase efficiency and financial inclusion.”

Adam Draper of Boost VC talked about the world of blockchain business. In a podcast, Draper says that he believes that 2016 will be a big year for bitcoin. Major banks and financial institutions have finally realized the opportunities presented by the blockchain, and that many of them will be running experiments with the technology throughout 2016.

Global View

![A bustling city street in Japan, via Econotimes.com](https://blog.blockchain.com/content/images/2016/03/japan.jpg)
A bustling city street in Japan, via Econotimes.com
[Japan’s Cabinet Approves New Bitcoin Regulations](http://www.econotimes.com/Japans-Cabinet-Approves-New-Bitcoin-Regulations-173554)

In a move to improve transparency and ensure consumer safety, Japan’s cabinet has approved new regulations relating to cryptocurrencies such as bitcoin. The new regulations recognize bitcoin as a legal form of payment fulfilling the functions of currency.

In Africa, Ghana-based IT solutions firm Ghana Dot Com (GDC) has launched a bitcoin mining facility it claims is the first in Africa. As we discovered in past news coverage, Africa is quickly becoming involved in bitcoin becoming a hub of activity with an ever growing network. If the GDC mining firm is successful, this could bring even more opportunities to the world’s second-largest and second-most-populous continent.

In South America, bitcoin is making a name for itself in Venezuela. Many Venezuelans are turning to Bitcoin as an alternative to the troubled fiat currency. There have already been several bitcoin conferences in Venezuela and many in the country have started using the currency as a store of value in order to protect their savings from the rapidly decreasing value of the Bolívar. In Ukraine, meet Oles Slobodenuk of Eco-dostavka. At Eco-dostavka, he focuses on providing his customers with healthy, diverse, sustainable, and high quality products, and the opportunity to receive a 10-15% discount when paying with bitcoin.

Enjoyed this article? Leave a comment below and let us know. For more news like this, be sure to check out our archives!