Showing posts with label Bitcoin. Show all posts
Showing posts with label Bitcoin. Show all posts

Thursday, August 30, 2018

Do you want to transact using Bitcoins?

Before you can sell/buy Bitcoins, you have to first of all know what you are dealing with. $s and Cents are easy to know, but Bitcoin?

The smallest denomination of Bitcoin is called a 'SATOSHI'.

Value of a Satoshi  depends on the day and time you want to know the conversion rate. Satoshi is the unit of Bitcoin.


Satoshi_1 from site below

You can get the conversion rate here:

I just tried to find today (8/29/2018 around 5.00 PM Hawaiian time).


Satoshi


Sunday, September 10, 2017

I could not sign up for Coinbase in Hawaii!

CoinBase is a San Francisco based company that does digital currency business. I just wanted to set up an account (free) but since I live in Hawaii, I was rejected right away. I could not buy Bitcoin again (the last time it was lower than $350)

Hawaii is one of the states that the Hawaii's Division of Financial Institutions, "determined that licensees who hold virtual currency on behalf of customers must maintain redundant fiat currency reserves in an amount equal to the aggregate face value of all digital currency funds held on behalf of customers".

This translates to CoinBase to hold cash reserves (or equivalent assets) in order to do digital current business in Hawaii. The fiat money is same as the redundant collateral.

Coinbase of course does not want to commit to this and therefore they cannot do business with a Hawaii resident. They are therefore OUT.