Bitcoin News Mash-Up: Clients Lose Funds; New App Launched; and More

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Bitcoin News Mash-Up: Clients Lose Funds; New App Launched; and More

Following are the major Bitcoin News of the day

Bitcoin Trader’s Clients Lose Funds
Popular arbitration service providing company Bitcoin Trader recently collapsed, which resulted in the loss of the entire customers’ funds and derailment of the company itself. Bitcoin Trader was known to have had a greater reputation in the cryptocurrency sector, but now is likely to be remembered as a fraudulent organization. The company was already facing insolvency issues on its platform. Users also doubted the Bitcoin Trader’s intentions as the company repeatedly turned down their requests to publish audit reports. On October 6th last year, customers also complained about their inability to withdraw funds. Since then, the company stopped providing information on customers’ earnings by businesses and mining operations.

Cryptocurrency App Likely to Revolutionize Social Networks
A new application called Gems holds the talent to revolutionize the cryptocurrency 2.0 based business models. It is planning to bring services that will allow social network users to earn cryptocurrency by monetizing data. The service, which was launched recently at a Bitcoin conference in Israel, tries to find out if consumers are willing to take cryptocurrency. Speaking to CoinDesk.COM, the Gems leading developer Daniel Peled said:

“Everything we do on Facebook or WhatsApp, [the companies are] making money out of it. They’re using our information, they’re selling it to advertisers and we don’t see anything out of it. We think that the users should be rewarded much more for using the application. So anything that we can do to incentive people, we do it with Gems.”

Coinbase Adds Six More Languages
The process of expanding Coinbase operations throughout the globe is taking shape. Last Friday, the Bitcoin company announced on its blog that it services are now available in six languages: Spanish, Portuguese, French, Italian, Dutch and German. Coinbase also invited users to collaborate with the translation process.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com