Blockchain Blog

Bitcoin News for the week of 5/9/16

Welcome to our weekly bitcoin news recap, where we cover top headlines and stories in the world of bitcoin each week. This week, at TechCrunch Disrupt, BitPagos generated lots of excitement alongside other startups in a contest called Startup Battlefield. In the political sector, we read some interesting commentary from a former CFTC Official stating that President Barack Obama should heed the call on bitcoin. And in London, there is a special exhibit to show people how bitcoin works under the hood.

Get all this news and more, in our weekly rundown of bitcoin news around the world.

Innovation at TechCrunch Disrupt 2016

[![BitPagos logo via Bitcoin.com](https://blog.blockchain.com/content/images/2016/05/BitPagos.jpg)](https://blog.blockchain.com/content/images/2016/05/BitPagos.jpg)
BitPagos logo via Bitcoin.com
> From underwater drones to smart water filters — the best of [@TechCrunch](https://twitter.com/TechCrunch) Disrupt: [https://t.co/OiwJJklvsE](https://t.co/OiwJJklvsE) [pic.twitter.com/1xyQKggEsI](https://t.co/1xyQKggEsI) > > — CNNMoney (@CNNMoney) [May 13, 2016](https://twitter.com/CNNMoney/status/731130128600866817)

B itPagos Is Making Waves at Disrupt 2016

The startup BitPagos made some waves at TechCrunch Disrupt 2016 in New York, when it unveiled a blockchain-based credit solution called Ripio. BitPagos focuses on empowering individuals in emerging markets, particularly in Latin America. The startup generated lots of positive press as it became one of the 6 finalists in Startup Battlefield

Bitcoin companies continue to advocate and pave the way forward for the blockchain, and a growing number of startups and research professionals are also showing interest.

Dr. Greg Irving, a Clinical Lecturer from the University of Cambridge, recentlyauthored a research project on the potential impact of blockchain technology on scientific research. While the use is not novel in principle, it underscores the very reason the technology was created. And in bitcoin exchange news, Japanese bitcoin company TechBureau raised$6.2m in a Series-A round to expand the bitcoin exchange Zaif.

**US at risk of missing out? ** 

[![obama](https://blog.blockchain.com/content/images/2016/05/obama.jpg)](https://blog.blockchain.com/content/images/2016/05/obama.jpg)
President Barack Obama on a phone call in the Oval Office. Photo by Pete Souza, via Wikimedia.
[Former CFTC Official: Barack Obama ‘Should Heed the Call’ on Bitcoin](http://www.coindesk.com/cftc-barack-obama-bitcoin/)

The Obama administration should move quickly to embrace bitcoin and blockchain technology, a former government regulator has argued in a new op-ed. Writing for CNBC, former Commodity Futures Trading Commission (CFTC) commissioner Bart Chilton said that the US is at risk of missing out on potential economic value by not more openly supporting the technology in its nascent days.

In Australia, the government issued a statement saying that they willstop double-taxation of digital currencies and begin to apply AML regulations. “The Australian Government is committed to fostering innovation in Australian businesses – and the FinTech industry is integral to this goal,” said the Australian Treasury. In the U.S. during an appearance on Capitol Hill earlier this week, a representative for a prominent US think tank suggested thatblockchain applications could fuel next-generation health and insurance data systems.

How bitcoin works

[![London](https://blog.blockchain.com/content/images/2016/05/London.jpg)](https://blog.blockchain.com/content/images/2016/05/London.jpg)
Photograph provided by CryptoCoinsNews.com
[London Institute Uses 64 Monitors to Demonstrate How Bitcoin Works](https://www.cryptocoinsnews.com/london-institute-64-monitors-bitcoin/)

The Imperial Data Science Institute in London has an exhibit of 64 monitors with lines moving in geometric shapes representing real-time bitcoin transactions, according to The Imperial College of London website.

Schools are using bitcoin technology to track students. Recording and verifying candidates’ credentials can be costly and time-consuming for academia and businesses alike. Now, some education facilities are turning to bitcoin technology for help.They are using the blockchain, which was developed alongside the digital cryptocurrency bitcoin, to record their students’ achievements in a cheap, secure and public way. The blockchain works like a decentralized ledger, storing information on a global network that is publicly available and should be safe from tampering.

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