London Taxi Driver Sells Bitcoin (BTC) to Passengers From Back of His Cab

Siamak Masnavi

One London taxi driver loves Bitcoin (BTC) so much that not only has he been accepting bitcoin for his taxi services since 2017 but he also sells bitcoin from the back of his cab to his passengers.

According to an article in DecryptMedia, black taxi driver "Dave Jenkins" (his pseudonym, not his real name), who has been given the nickname "crypto cabbie", carries in the back of his cab a small point-of-sale (PoS) terminal that is distributed and sold by UK company AAO Technologies Ltd (with "FastBitcoins.com" as one of its trading names). 

This touchscreen device reportedly "can process cash-based transactions in exchange for bitcoins in real time, then print a paper receipt, much like a credit card reader at your local coffee shop." Jenkins, who calls himself "a one man band", may in fact be the only cab driver in a major world capital to offer this kind of service.

Ben Munster, a reporter for DecryptMEdia, tried this service by buying 10 British Pounds' (around $13) worth of bitcoin. Jenkins told him that this might be one of the easiest ways of buying Bitcoin:

“You can’t get a lot easier than that, can you? If you try and mess about registering with Coinbase or Bitstamp or whatever, you know all these different things, it’s a lot of aggravation to send off your passport blah blah blah. Even a lot of bitcoin ATMs—they want your phone number and all that.”

Jenkins charges a 6% commission for selling you bitcoin, which he says is less than what a Bitcoin ATM would charge you. You can pay for your bitcoin using cash (pounds or euros).

Once you have bought some bitcoin, you need to visit the website FastBitcoins.com to redeem your voucher. Here, after you have entered your voucher code, the fiat value of your voucher, your email address, and your Bitcoin wallet address, the bitcoin you purchased earlier will get delivered (either the regular way or via the Lightning Network, depending on your choice):

FastBitcoins 1.png

You can also use the same website to sell bitcoin (with a 3% commission). 

The company, which apparently has PoS terminals in around 20,000 retail locations around the world, says that if you register and verify an account with them, you will pay lower fees.

 To get a ride from the crypto cabbie, you need to "hail" him by sending him a message (specifying your location) via Twitter (@fastbitcoinscab), but remember that he only works 9-5. 

Cab Photo via Pexels.com; Other Image Courtesy of FastBitcoins.com

Error in Time-Locked Bitcoin Contracts Allows for Miner 'Fee-Sniping'

Michael LaVere
  • Crypto researcher 0xb10c discovered an error in bitcoin "time-locked" transactions that could be used as an attack vector.
  • Miners can take advantage of the program to carry out "fee-sniping" and steal funds from one another. 

Users have discovered an error in bitcoin “timelocked” contracts that could potentially allow miners to steal BTC from one another. 

Anonymous crypto engineer 0xb10c reported discovering more than one million “time-locked” transactions made between September 2019 and March 2020. In a post, 0xb10c detailed how these special bitcoin transactions were not being accurately enforced by the network. 

As opposed to normal transactions, time-locked transactions prevent recipient bitcoin from being accessed after sending. Users must wait for a specific number of blocks to be added to the network in ten-minute intervals before gaining control of their bitcoin. 

0xb10c claimed the errant time-locked transactions provided an attack vector for miners to steal transaction fees  from one another via “fee-sniping.” According to the engineer, the backlog of time-locked transactions were being purposefully designed for a “potentially disruptive mining strategy” involving the theft of miner fees. 

In an interview with CoinDesk, 0xb10c said time-locked transactions represented a “low-priority” problem at present that could eventually balloon to involve the wider network. He explained that fee-sniping would become more lucrative in a few years as the majority of miner income shifts towards transaction fees. 

He continued, 

A fix for this has been released in early 2020. However, it will take a while before all instances of the currently deployed software are upgraded.

Featured Image Credit: Photo via Pixabay.com