CoinBits Allows Users to Earn Passively By Converting, Saving Change in Bitcoin

Erik Finman, an early Bitcoin (BTC) adopter, has launched a crypto platform called CoinBits, which allows investors to passively invest in the flaghship cryptocurrency.

According to TechCrunch, Finman’s new app, CoinBits, intends to democratize access to cryptocurrency by allowing people from all walks of life to make small investments through commonly-used investment and savings strategies. These reportedly include roundups on transactions made via credit or debit card purchases.

The CoinBits app will also support conversion of fiat currency to bitcoin via regular transactions from users’ checking or savings accounts. While CoinBits has been designed to mainly benefit its users, Finman revealed that his own BTC holdings will also grow as more people use the small savings app.

No Commissions on Transactions, 98% of Bitcoins Stored Offline

As explained on CoinBits’ official website, users can invest small amounts such as $10, $25, $50, or $100 through the app’s web-based interface. The savings app also lets users adjust the risk level for their investments.

Notably, the CoinBits app does not charge transaction fees and 98% of users’ bitcoins are kept securely in cold storage (offline).

Explaining how investing in cryptocurrencies can be challenging for some people, due to their highly technical nature, Finman said:

Overall, investing in bitcoin is complicated and can feel almost impossible. CoinBits allows you to put that spare change in bitcoin. For example, if you spend $1.75 on French fries, that remaining 25 cents is invested automatically.

As noted on CoinBits’ website, the company handles withdrawals and users are charged a $0.50 fee for same-day processing. There’s also an option to download the transaction history associated with users’ accounts. This makes it easier for users to manage their finances and track how much they may have gained or lost on their bitcoin investments.

Crypto-Backed Lender Receives $25 Million in Deposits Two Weeks After Launch

As the crypto and blockchain ecosystem continues to evolve, many new startups have been offering different products and services which allow users to earn passively on their digital asset holdings. In March 2019, BlockFi Lending LLC, a New York-based “secure non-bank lender” announced it had received $25 million in cryptocurrency deposits just two weeks after launching its crypto-backed loans packages.

BlockFi’s investment packages allow users to earn interest on their Bitcoin (BTC) and Ether (ETH) investments.

Source:http://tiny.cc/ps596y

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Australian Civil Servant Faces 10 years for Mining Cryptocurrency on Government Computers

An Australian government employee is appearing in court today after using work equipment to mine cryptocurrency for his own gain.

The Australian Federal Police (AFP) allege that the 33 year-old from Killara in New South Wales took advantage of his position as an IT contractor to modify government computer systems to mine cryptocurrency.

The man’s illicit mining operation is said to have earned him more than AU$9,000 ($6,000), according to an AFP announcement.

The unnamed man is facing two charges: unauthorized modification of data to cause impairment, and unauthorized modification of restricted data. These charges carry maximum penalties of 10 and two years imprisonment, respectively.

“Australian taxpayers put their trust in public officials to perform vital roles for our community with the utmost integrity,” Acting Commander Chris Goldsmid. “Any alleged criminal conduct which betrays this trust for personal gain will be investigated and prosecute.”

Indeed, cryptocurrency mining profitability is largely impacted by the cost of electricity used to run mining equipment. With that in mind, the temptation to mine cryptocurrency at someone else’s expense is too enticing for some.

A man in China fell foul to the temptation and used electricity from a local railway network operator to power his Bitcoin mining rigs. He managed to steal around $15,000 worth of electricity.

There was also the case of two Chinese school teachers that were caught mining Ethereum at their place of work. Suspicions were raised when the school’s network became laboriously slow.

Hacks like these are unlikely to go unnoticed forever. All it takes is for someone else to notice an increased electricity bill and begin investigating.

Source: http://bit.ly/2Htvxax

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NRG Buying Electricity and Natural Gas Retailer for $300M

Mauricio Gutierrez is president and CEO of NRG Energy Inc.

Princeton-based NRG Energy has agreed to acquire Stream Energy's retail electricity and natural gas businesses for $300 million, it announced Monday.

The all-cash transaction is designed to "strengthen NRG’s position as a growing, customer-driven energy company. It represents another step in perfecting our integrated business model,” NRG CEO Mauricio Gutierrez said in a statement. “Stream Energy’s retail energy business provides NRG an attractive opportunity to increase our national retail leadership position and potential for growth.”

NRG (NYSE: NRG) said the deal, expected to close in the third quarter pending regulatory approvals, will add $65 million in annual EBITDA to NRG's books. NRG reported full-year adjusted EBITDA in 2018 of $1.8 billion.

It will also add about 600,000 retail customers of Stream, a Dallas-based company that operates in Texas, Georgia, Washington D.C., Pennsylvania, Maryland, New Jersey and New York's deregulated energy markets.

Stream has come under fire in recent years for employing a multi-level marketing (MLM) sales strategy, which spurred a class-action lawsuit accusing the company of being a pyramid scheme. The case was settled last fall after seven years of court battles.

Stream's MLM operation is not part of the NRG purchase, a spokesperson said. Stream will retain that part of the business, which the company describes as "network marketing," to create "a new brand to market energy and wireless services through its independent sales organization."

While NRG won't own that brand, it "will be the exclusive network marketing partner to the retail energy business NRG is acquiring."

MLM companies generate the bulk of their sales by charging current customers to become independent resellers, often promising they'll be able to generate significant income by recruiting other customers and independent resellers. While some MLMs are well-regarded businesses, investigations by both regulators and journalists into some well-known MLMs have found the vast majority of independent resellers at those companies wind up losing money.

In September 2018, advertising watchdog nonprofit Truth In Advertising (TINA.org), which fights MLM companies, filed an FTC complaint against Stream alleging "deceptive atypical and unsubstantiated income claims to market the Stream business opportunity."

Separate from MLM-focused accusations, Stream's Pennsylvania subsidiary settled a class action lawsuit last year that accused the company of misleading customers about its variable rate plans.

In addition to retail gas and electric services, Stream also sells subscriptions to wireless services, virtual doctors' appointment services, roadside assistance, identity theft insurance and technical support services.

Source: http://bit.ly/2waeGmR

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