Category Archives: Cryptocurrency
What to Know About Billions’ Cryptocurrency Drama If You Know Nothing About Cryptocurrency – Vulture
Photo: Jeff Neumann/SHOWTIME
If youre a fan of the Showtime drama Billions but having a tough time following the current seasons cryptocurrency story lines, youre not alone. Not only do the actors have trouble keeping up with the series twists and turns, even those who work in the financial sector dont necessarily understand crypto mining, a subject that pops up several times in season five. Half the people in finance couldnt explain what mining is to you, says New York Times best-selling author Ben Mezrich, who joined the Billions writers room this season as a consulting producer. A large percentage of them have no idea, because its complex.
As the writer of Bitcoin Billionaires and The Accidental Billionaires: The Founding of Facebook: A Tale of Sex, Money, Genius and Betrayal the latter of which was adapted into the movie The Social Network Mezrich is a natural fit for the Billions team. His expert knowledge of cryptocurrency has provided the series with an opportunity to further explore this once-dark, underground area of finance. He also wrote this seasons third episode, which has Gordie Axelrod (Jack Gore), son of billionaire Bobby Axe Axelrod (Damian Lewis), running his own crypto-mining operation.
From the safety of his home in Quechee, Vermont, where hes riding out the COVID-19 pandemic, Mezrich was kind enough to guide Vulture through the intricacies of these esoteric plotlines. The result is this useful explainer for those of us who love Billions, but are still lost when characters like Axe and Chuck Rhoades (Paul Giamatti) start talking Bitcoin and blockchain.
Its a form of electronic money that sparked interest in recent years due to its skyrocketing prices. Its money that goes instantly from one person to the other, and theres no middleman, says Mezrich. A can be sent from person-to-person via their phone, just like a text.
The most well-known example of cryptocurrency is Bitcoin, which was created in 2009. But theres almost an infinite amount of cryptos at this point, says Mezrich.
This is the process of how the money is transferred from person-to-person. Because cryptocurrency doesnt use banks, miners are the ones who verify each transaction. Say I send you a Bitcoin, says Mezrich. The way that transaction is verified is, miners are working on computers attached to the network, which are doing these mathematical equations. And these equations, when theyre solved, they verify our transaction, and as a reward, the miner gets a certain amount of Bitcoin.
The process is very much like a contest, because all these different miners are competing to solve the equation, with the winner getting the Bitcoin. Mezrich likens mining to the race for the golden ticket in Charlie and the Chocolate Factory: You open all these wrappers and one of them is gonna have a piece of gold in it. But you dont know which one, and so youre incentivized to get all the [chocolate bars] you can. This is what these miners are doing: Theyre just continually trying to solve these equations. Because whoever solves it first, gets the golden ticket the Bitcoin.
You probably remember this term being bandied about by Chuck last season regarding mobile voting. A blockchain is a digital database containing information that can be simultaneously used and shared within a large, decentralized, publicly accessible network, according to Merriam-Webster.
Because its where all crypto transactions are logged. If I send you one Bitcoin, says Mezrich, that transaction is logged onto the blockchain. And the way it becomes verified is by these miners. Theyre the ones who essentially put these equations onto the blockchain.
Those guys are miners, and they were dealing with the aforementioned mathematical equations, which are not only very complicated, but require enormous amounts of computing power, says Mezrich. If you walk into a crypto mine, its computer after computer after computernot unlike what was inside the sketchy warehouse that served as the miners base in the episode.
The miners were drawing power from a town in upstate New York, which is where the legal issue comes into play. The problem is, if youre mining Bitcoin and you need to draw tons and tons of power, eventually, that cost can be more than what youre earning, explains Mezrich. So miners are always trying to find cheaper electricity. Enter the small town in question: The town gave the miners priority over their electrical power. By doing that, the miners are saving a lot of money, and they make a kickback deal with the town to get cheap electricity, but the way they get the cheap electricity is its being routed to them rather than the rest of the town, causing brownouts.
Axe is involved because hes the leader of a consortium that combined its resources to fund this operation. In the general scheme of things, its not a bring-down-Axe crime, but its certainly a way in [for Chuck], says Mezrich. So for now, there isnt enough evidence connecting him to this venture for Chuck to take legal action yet.
Instead of just mining Bitcoin, Gordie was mining a lot of different cryptos at once out of his prep-school basement. The way Axe describes his sons scheme to Wags (David Costabile) Its the smart way to do the stupid thing he was doing isnt much different from how Mezrich explains it. With multi-mining, you have a better chance of making money and you have less of a chance of getting caught, because youre hacking electricity on a smaller scale.
He was trying to pull down enough electricity to power a whole bank of crypto mines a bunch of computers to run all these calculations, says Mezrich. In so doing, he ended up short-circuiting and causing a massive power-grid failure.
Mezrich admits that Billions took a bit of dramatic license here.
He absolutely committed a crime by tapping into his schools (and the towns) power grid. If he had had his own power source, if he was just working at home with that, it wouldnt be illegal, says Mezrich. As for the actual crypto mining, Mezrich used Gordies tradition-bound prep-school headmaster as a stand-in for those who still see Bitcoin and other cryptocurrencies as the dirty part of the finance world. The mainstream has still not accepted it, he says. The headmaster would be one of the types who sees [Gordies behavior] as an affront to the men of honor that these kids are supposed to become.
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What to Know About Billions' Cryptocurrency Drama If You Know Nothing About Cryptocurrency - Vulture
Bitcoin and cryptocurrency watchers are nervously waiting for bitcoin to make another move after a sudden sell-off this week.
The bitcoin price, the main driver of the cryptocurrency market, had been more-or-less trading sideways after rallying hard through April.
Now, one small cryptocurrency that isn't even in the top 30 most valuable tokens has suddenly soaredclimbing a staggering 230% over the last month.
Many bitcoin and crypto analysts are worried the bitcoin price could be heading lower before it ... [+] rallies again--but some small cryptocurrencies, such as omiseGO, have outperformed the wider market.
OmiseGO, an ethereum token that powers a smart contract platform and trades as OMG, was sent sharply higher after San Francisco-based bitcoin and cryptocurrency exchange Coinbase revealed it would list the token.
"The good ol' Coinbase listing pump is back," Larry Cermak, director of research at bitcoin and crypto news and analysis outlet The Block, said via Twitter, pointing to OmiseGO's sharp rally since "it was announced that it's listing on Coinbase."
OmiseGO's smart contract platform, based in Bangkok, is designed facilitate the movement of funds between traditional payment systems and decentralized blockchains like ethereum.
The omiseGO price began climbing earlier this month after Coinbase, the largest U.S. bitcoin and crypto exchange, said it would allow Coinbase Pro users to make inbound OmiseGo transfers.
OmiseGO, which has a market value of just $257 million compared to bitcoin's $170 billion, jumped again this week after Coinbase said it would fully list the minor cryptocurrency everywhere but in New York State.
"Coinbase customers can now buy, sell, convert, send, receive, or store OMG," Coinbase said in a blog post on Thursday announcing the listing.
The OMG price is still heavily down on its all-time high of almost $30 per token set in late 2017 as bitcoin and cryptocurrency mania was sweeping the globe.
The omiseGo price has soared by 234% in just a month as investors cheer its new Coinbase listing.
The likes of bitcoin and other major cryptocurrencies have also failed to return to their all-time highs, with the bitcoin price now trading around half its December 2017 high.
Some smaller cryptocurrencies, such as chainlink and tezos, have rallied hard in recent months, however, pushed higher by demand for decentralized finance platforms.
Meanwhile, the broader bitcoin and cryptocurrency market is closely-watching for price swings after bitcoin went through a supply squeeze earlier this month.
The number of bitcoin rewarded to those that maintain the bitcoin network, called miners, was cut by half, dropping from 12.5 bitcoin to 6.25 on May 11.
Some had warned the bitcoin price could crash in the aftermath of the third halving but most analysts seem confident the bitcoin price will climb eventually.
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As Bitcoin Flounders, This Tiny Cryptocurrency Has Soared Over 200%Heres Why - Forbes
Ripple (XRP),the third most widely used crypto-asset behind bitcoin and Ethereum,has gotten the attention of theworldsbiggest economyfor moneyremittance.
Ripple(XRP)iscurrently tradingat $0.2025 with a market capitalization of about$8.9 billionand a daily trading volume of $1.96 billion,according to data obtained fromCoinmarketcap.
Americas Consumer FinancialProtection Bureau has given Ripple approval for its use in cross-border money transfers.
According to a report recently published by Americas Consumer Financial, Protection Bureau has been researching new developments in the remittance market, including trends related to digital currencies.
U.S Consumer Financial Protection Bureau, which plays a major role in protecting Americas consumers in the financial sector, wrote on the continued growth and expanding partnerships of companies such as Ripple.
The report also noted the use of Ripple for settlement ofcross-border money transfers:
The Bureau has continued to monitorthe continued growth and expanding partnerships of virtual currency companies, such as Ripple, which offer both a payment messaging platform to support cross-border money transfers as well as a virtual currency, XRP, which can be used to effect a settlement of those transfers.
[Read Also: Ethereum, second most valuable cryptocurrency, surges over 88% since March]
Ripple (XRP)plays both roles as a payment platform and a currency.
The Ripple platform is an open-source platform that is created to allow quick and cheap transactions.
Unlike its crypto rival, Bitcoin, which was never intended to be a simple payment system, Ripple has gained the attention of major global banks, like Standard Chartered, and Barclays for international transactions worldwide.
Interestingly, the U.S Consumer Financial Protection Bureauseemsto love Ripple for bringing simplicity and opennesstothe financial industry:
To the degree banks and credit unions increase their reliance on closed network payment systems for sending remittance transfers and other cross-border money transfers, the Bureau notes that this could result in greater standardization and ease by which sending institutions can know exact covered third-party fees and exchange rates.
The Bureau also believes that expanded adoption of SWIFTs GPI product or Ripples suite of products could similarly allow banks and credit unions to know the exact final amount that recipients of remittance transfers will receive before they are sent.
Cryptocurrencies are gaining popularity with time. And why shouldnt they? After all, cryptocurrencies have given more millionaires than other fields. With so many people coming out of the cryptocurrencies trade with successful trades and profit, it has attracted the Governments attention.
The U.S Government has issued a bill that states that all the people who are making a profit with the cryptocurrency trades, the taxation may be made depending on what you earn on an individual basis and a business level basis.
Here are the conditions that will lead to individual taxation.
It is very important to have a secure location for your crypto assets because the location of the assets also plays an important role in reducing the amount of taxes that will be paid. The exchange rate of the crypto assets depends on the location. If the crypto asset are being used for something that the government holds authority over it. Then it might happen that your tax payable may be reduced.
2. Income Tax
When you are trading with crypto assets, whatever profit you make with these crypto assets are taxable. However, if you are not doing anything with your crypto assets, then you are not liable to pay any income tax. But the moment you decide to use those assets to earn profits, you become liable to pay income taxes.
3. Capital Gain Tax
If you are using a capital income for buying and selling crypto assets, then the government will feel that you are investing in the crypto assets and will be liable to pay income taxes on the total profit made on the capital income.
And if the cryptocurrency trade is being done by a group of people then it falls under Business taxation. Here are the scenarios in which cryptocurrency trade falls under Business taxation.
1.Trading in Exchange Token
When there is a group of people who are investing in buying and selling Exchange tokens, then this will be considered a business. Hence, this will be liable to pay income tax as per the business taxation policy. When there is a company that deals with crypto exchanges for goods and services, then it comes under Business taxation.
2. Corporation tax
While calculating all the profit and losses made by the crypto exchanges, you must track down every crypto exchange made over the last year. And whatever the profit you have made, you will be taxed accordingly.
3. VAT (Value Added Services)
There are some cases where you might have to pay a VAT on the cryptocurrency exchanges. These extra products and goods taxes are also considered on the income tax sheet.
If you are among the business owner that are making deals in cryptocurrency trade, then you are liable to pay income tax on the capital profit.
The tax will be accrued on the value of the cryptocurrencies in pounds, as it is the preferred currency in which the value of crypto coins is calculated. Even if you are converting then into other forms of cryptocurrencies, then also the value of the cryptocurrency will remain the same.
Now that you know what are the taxation processes on cryptocurrency trade. You can also start with crypto trade with Bitcoin Lifestyle.
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Taxation on the Cryptocurrency - Live Bitcoin News
The cryptocurrency community has noticed a number of bitcoins from the August 2, 2016, Bitfinex breach has been moved. A small 30 BTC transaction ($282,000) from the stash has moved from the hackers address to an unknown bitcoin address. The last time coins from the Bitfinex incident moved was June and August 2019, as the bitcoins hadnt transferred for three years since then.
On August 2, 2016 the popular cryptocurrency exchange Bitfinex was hacked for approximately 119,756 BTC, which is worth a touch over $1 billion using todays exchange rates. The breach crippled trader confidence that day, and the price per BTC slid 22% immediately after the event.
After the incident, the value of bitcoin staged a modest comeback a week later and Bitfinex promised customers they would be paid back. Those stolen coins were moved to an address that anyone can follow using a standard blockchain explorer. The bitcoins sat for three years and didnt move until June and August 2019. When a BTC transaction in August took place, the transaction monitoring account Whale Alert notified the public on Twitter that roughly 300 BTC ($2.7M) was moved in ten transactions.
During the first week of June 2019, the hackers also moved around 170 bitcoins worth more than $1.5 million using todays exchange rates. At the time, BTC prices were much higher and came awfully close to touching $14,000 per coin. It is common for hackers to move digital assets when prices are higher than usual.
Armchair sleuths and observers have noticed this type of trend taking place with the Plustoken scammers as well. When the prices of bitcoin and ethereum are higher, the Plustoken bandits start moving coins to different wallets. No one knows if these stolen coins are being exchanged on a well known trading platform, but it is suspected that its more likely coins like these are sold using an over-the-counter (OTC) desk after being mixed.
On May 21, 2020, 30 coins from the August 12, 2019 move, had been transferred once again to another unknown address. Back when Bitfinex was breached in 2016, the going exchange rate for BTC was around $600 per unit. The moved coins on Thursday saw approximately 30.66754180 BTC or $282,000 moved and back then they would only be worth $18,000.
It is also common for hackers to move coins into smaller increments and they may not have been sold on the market. This type of method is noticed because the 30 coins moved on Thursday, stemmed from the 300 BTC ($2.7M) transfer that was done in 10 separate transactions.
Blockchain surveillance firms and law enforcement officials have these addresses flagged and it becomes difficult to move a stash of 119,756 BTC without being seen. Unless of course you split up the stolen bitcoins and possibly mix the UTXOs using the Coinjoin process.
What do you think about the recent 30 bitcoin ($282,000) move from the 2016 Bitfinex hack? Let us know what you think in the comments below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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Paying with crypto has long been at the center of the discussions of why cryptocurrencies exist and why they are useful.
But despite promising growth and excitement during cryptos bullish phases, payments with crypto still remain a fringe niche at best. Cointelegraph interviewed both merchants and industry leaders to find out why.
As a general rule, crypto payments are used where they make sense. This remains the case for darknet markets, which according to a January 2020 Chainalysis report continue posting new volume highs.
Despite their tiny share of the overall crypto activity, marketplaces selling primarily illegal goods simply cannot use traditional payment mechanisms. Nevertheless, these markets pale in comparison to the traditional cash-based drug trade, whose volume is estimated at approximately $400 billion yearly.
In legal settings, Crypto.coms CEO Kris Marszalek told Cointelegraph what kinds of products see meaningful usage of crypto:
Its still mostly crypto stuff. So we've got Travala, which is the travel merchant that accepts crypto. Ledger.com [...] when we launched on day one we were doing similar volume to Mastercard.
Marszalek cited figures from leading crypto payment providers BitPay and Coinbase Commerce, which report yearly volumes of $1 billion and $200 million, respectively.
The numbers are very small, Marszalek said bluntly.
Indeed, compared to Visas figure of $2 trillion for a single quarter in 2018, crypto payments have a long way to go.
Marszalek identified a series of issues that are preventing crypto payments adoption, with lack of trust one of them:
For the vast majority of the merchants out there, just like for the vast majority of retail banking users out there, crypto is still something unknown, something they still didnt learn to trust.
Peko Wan, the chief ecosystem officer of crypto point of sale provider Pundi X, told Cointelegraph a similar story:
For the mainstream, the general perception toward crypto are complicated to use or risky to own cryptos.
This attitude is reflected by a U.K.-based business owner operating a recreational plane simulator, whom Cointelegraph interviewed. Despite adding the crypto payment option, they said that no one has ever paid using crypto. They further said to be wary of all cryptos as there are so many scams out there.
Even among crypto enthusiasts, payments are a low priority use case. This is best exemplified by the issuance of WBTC for Ethereum decentralized finance, which is now more than double the size of the entire Lightning Network.
Marszalek believes that part of it is the chicken and egg problem, which limits the amount of merchants accepting crypto:
Because if you only have 50 million people in crypto globally, merchants have very little incentive to deploy this, unless they are in a business that is covering a similar demographic as crypto.
One of the biggest problems of crypto payments is the volatility of even the most established assets. Marszalek believes that most people only know about cryptos price swings, which is not really conducive to merchant adoption, he added.
Furthermore, the premise of many crypto payment providers is that merchants can completely avoid exposure to cryptos volatility.
Marszalek believes that stablecoins are super powerful for e-commerce transactions, citing their speed and cost, and sees Crypto.com eventually creating its own stablecoin as part of its vision of a complete ecosystem.
Claudio Barros, the Portugal-based owner of DBR Electronica and one of merchants using Pundi Xs solutions, believes that stablecoins would be a great addition to the ecosystem:
Any improvement in stability of coins will be a benefit, we need a range from pegged coins to super volatile coins to cater for different needs.
Crypto is competing both with established e-money systems like WeChat in China, and novel technologies like Calibra. Marszalek believes that it is better than either of those, both due to better performance and better privacy.
Marszalek, who is based in Hong Kong, personally witnessed how the cashless transition in China left him unable to pay in a Beijing restaurant, as Hong Kong WeChat does not work in mainland China. Either way, WeChats extreme level of surveillance makes him feel uncomfortable.
Wan also pointed to developing countries, noting:
For the past two years, we also observed that in the countries where the local currency has decreased over time [people] are more aware of crypto or interested in having cryptos.
For Crypto.com, payments are just at the beginning of the beginning, Marszalek said. But he strongly believes that it is the companys most important product, which will take our overall platform to a hundred million users in five years.
For crypto in general, the same statements could likely be made as well.
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Why Have Cryptocurrency Payments Failed to Take Off So Far? - Cointelegraph
Aren't we all searching for a safe haven? Whether we mean literal shelter four walls and a roof over our heads or something more sophisticated, the craving for a dependable defense against random chaos has always been our instinct.
With the COVID-19 pandemic rearranging society at every level, the allure of a safe haven reigns supreme for our battered psyches. In the realm of financial instruments, the search for the safest of safe havens, also known as a store of value, has taken on a new urgency. Is Bitcoin (BTC) a safe haven? Will cryptocurrency prove to be a store of value above all?
Many Bitcoin believers have been confident in crypto's ability to securely serve as a safe haven. But even the most devout blockchain boosters would admit that the coronavirus is betraying their store of value expectations, at least in the short term, as Bitcoins price has not remained resolute since COVID-19 became a global concern. It has exhibited big swings from around $10,000 to a low of near $4,100 in the first quarter of 2020 and now sits at approximately $9,500 at the time of this writing.
While Bitcoin has the potential to shelter value for many more of us than other safe-haven options, we will need a well-coordinated effort among the crypto community and regulators to get us there.
Safe havens have long played a key role in economics and investing. Traditionally, a safe haven has been an investment in an instrument expected to increase its value during market uncertainty. Safe havens add diversification to portfolios and are crucial investment strategy components for retail players and institutional investors alike.
With their deep history in serving humanitys sense of well-being, there is not surprisingly a long list of safe havens that predate Bitcoin. These include commodities, United States Treasurys and select fiat currencies, equity strategies and hedge funds, as well as more tangible assets such as precious metals (gold and silver), real estate and even art.
Now, cryptocurrencies have been added to that list. Although Bitcoins origins are firmly rooted in a peer-to-peer electronic cash system, a funny thing happened on the way to fulfilling those utilitarian aims. Satoshi Nakamotos blockchain-based creation morphed into something much more akin to a security, as long settlement and transaction times make it a less attractive method of payment. Meanwhile, its rise in value over the last decade has far exceeded anyone's expectations: Bitcoin has outperformed every other asset class including real estate, gold and the S&P 500.
Bitcoins financial status has evolved yet another step and is seen in many circles as a safe-haven instrument. Complete decentralization is at its core, keeping Bitcoin away from the whims of central banking and governments appetites for quantitative easing. In a brilliant stroke, digital scarcity is hardwired into its DNA: The supply of tokens is firmly capped at 21 million, a key characteristic that should continue to drive its price higher over time and has led to the widespread perception that Bitcoin equals digital gold.
And as a bonus, Bitcoin trumps all other safe havens as a tool for global trade. While that aforementioned transaction time currently standing at a tick over nine minutes is unacceptable for buying your proverbial cup of coffee, it sure beats trying to transact with gold bullion over the internet.
To be sure, Bitcoin has flaws preventing it from becoming a rock-solid store of value. Global regulation of cryptocurrency is still maturing. With few universal rules on how trades can be executed, there is room for market manipulation, which can lead to questions regarding how authentic some crypto price movements are. And while Bitcoin currently trades at gains that are positively astronomical compared with when it first came online, cryptocurrency remains a very volatile asset class.
That shouldnt stop Bitcoin from succeeding in a big part of its core promise: helping the worlds population to be better prepared for unforeseen global economic crises such as the current market crash that was brought about by the coronavirus pandemic.
In perhaps an ironic twist to Bitcoins borderless ethos, this progress starts at the government level. With solid regulation of blockchain technology and cryptocurrencies, everyday people can be more in control of their wealth. Peer-to-peer lending, instead of loans and mortgage rates from banks, would make loans easier to access for everyone globally, leading to more accessible and affordable credit.
While increased oversight introduces more processes, more regulation also enables the market to progress. A lack of regulation means a lack of trust, which means a lack of adoption and when theres a lack of adoption, theres a lack of markets. Institutional investors stand to see great gains with solid regulation, which will open doors to the mass adoption of products. Investor confidence and trust will naturally follow, as will fresh innovation opportunities, with the overall market capitalization increasing commensurately.
And for a planet under quarantine, crypto only becomes more important. For the 1.7 billion people who are currently unbanked, living under physical mobility restrictions makes sending or receiving money that much harder. Whether they need to transact internationally or with a neighbor, people who are sheltering in place can use layer-two protocols to send crypto payments anywhere and settle within seconds, 24/7. The cost of doing business can also be drastically reduced with crypto, thanks to relatively low fees. In 2019, for example, a $1 billion BTC transaction cost a frugal whale a mere $690 in transaction fees such a low fee would be impossible to achieve in the foreign exchange markets with interbanking rates applied.
Better regulation is just half the battle. As has often been the case with all things blockchain, the bottleneck to wider cryptocurrency adoption therefore making it a safe haven for billions more people is a lack of reliable information.
Were more than 10 years into the blockchain revolution, yet only a very small percentage of the global population understands what it is and even fewer understand its connection to cryptocurrency. When the average person has a firm grasp of the blockchain/crypto ecosystem, adoption will face less friction.
As popular as crypto seems to those of us in the industry, we must exit the echo chamber and accept that it is not in the mainstream. The general public mostly hears about Bitcoins large price fluctuations or negative stories about how it could be used in a money-laundering operation. Very few journalists outside of our vertical know what to make of it.
A lot of people use fiat currency without understanding central banks and monetary policy, but they do know how to spend it and access it. Cryptocurrency faces an extra hurdle in that regard: Not only do people not understand it, they also dont know how to spend or gain access to it.
No wonder, then, that theres insufficient engagement in cryptocurrencies. We suddenly have thousands of currencies on blockchains, but most people cant comprehend how a currency can work, or be worth something, without a bank or a government backing it.
Engagement will require more people to grasp what a blockchain does and what the various cryptocurrencies can accomplish in their jurisdictions. Every person in the industry is responsible as a pioneer to educate as many people as possible on the benefits of crypto and how it can become one of our everyday means of payment and value storage. We also need to take some time out of our busy schedules to pass the message on to regulators as to how they can best manage the role of cryptocurrency in the global economy.
When Bitcoin and cryptocurrency make sense to everyone, well truly see it as a digital safe haven one that diminishes our fear of the economic impact of pandemics and other disasters. The more we can put our time into education and disseminating clear information, not just perfecting our investing, the sooner we can build a bigger boat with blockchain.
The views, thoughts and opinions expressed here are the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Arthur Wiseberg is the head of institutional sales in Europe at Apifiny, a digital asset marketplace that facilitates institutional access to regulated, global financial markets. He began his career in investment banking, focusing on regulation, portfolio structuring and sales across various traditional asset classes for firms such as BlackRock, Barclays Capital and Societe Generale. Prior to Apifiny, Arthur worked with various digital assets as the head of CIS institutional business for Huobi Global.
Analysis on Impact of COVID-19- Cryptocurrency Mining Hardware Market 2020-2024 | Rising Popularity Of Mining Pools to Boost Growth | Technavio -…
LONDON--(BUSINESS WIRE)--Technavio has been monitoring the cryptocurrency mining hardware market and it is poised to grow by USD 2.80 bn during 2020-2024, progressing at a CAGR of over 7% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Please Request Latest Free Sample Report on COVID-19 Impact
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Advanced Micro Devices Inc., ASICminer Co., Baikal Miner, Bitfury Group Ltd., BitMain Technologies Holding Co., Canaan Inc., Cynosure Technologies Co. Ltd., Halong Mining, INNOSILICON Technology Ltd., and Shenzhen MicroBT Electronics Technology Co. Ltd. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
Rising popularity of mining pools has been instrumental in driving the growth of the market. However, declining cost of mining hardware might hamper market growth.
Cryptocurrency Mining Hardware Market 2020-2024 : Segmentation
Cryptocurrency Mining Hardware Market is segmented as below:
To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR43766
Cryptocurrency Mining Hardware Market 2020-2024 : Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. Our cryptocurrency mining hardware market report covers the following areas:
This study identifies increasing popularity of ICOs as one of the prime reasons driving the cryptocurrency mining hardware market growth during the next few years.
Cryptocurrency Mining Hardware Market 2020-2024 : Vendor Analysis
We provide a detailed analysis of around 25 vendors operating in the cryptocurrency mining hardware market, including some of the vendors such as Advanced Micro Devices Inc., ASICminer Co., Baikal Miner, Bitfury Group Ltd., BitMain Technologies Holding Co., Canaan Inc., Cynosure Technologies Co. Ltd., Halong Mining, INNOSILICON Technology Ltd., and Shenzhen MicroBT Electronics Technology Co. Ltd. Backed with competitive intelligence and benchmarking, our research reports on the cryptocurrency mining hardware market are designed to provide entry support, customer profile and M&As as well as go-to-market strategy support.
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Cryptocurrency Mining Hardware Market 2020-2024 : Key Highlights
Table Of Contents :
Five Forces Analysis
Market Segmentation by Product
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Cryptocurrency Trading Bots have begun to conquer the world of Cryptocurrency trading for quite some time now. A lot of new entrants have entered the arena.
Hence, we try to pick out some of the best that we do have in the industry right now.
Cryptocurrency trading is computer generated software programs that conduct transactions automatically based on interpretation of the market data. These applications can help you to buy or sell on your behalf. This is done with the use of predefined programs or conditions. It can even act per your preference and tastes by adjusting the settings. There are a number of cryptocurrency exchange software development services out there helping you to build one.
There are certain features that your Cryptocurrency Trading Bot should offer you. Some of them are discussed below:
Reliability is a significant factor that your Cryptocurrency trading bot should possess. The Cryptocurrency Bot should be dependable at any interval of time. It should not go offline or not be affected by any technical glitches during the peak period.
Cryptocurrencies are highly valuable, and the transactions we conduct should be safe from any external threats like cyber attacks, hacking, etc. Your Cryptocurrency Trading Bot should be following the latest security standards.
The Cryptocurrency Trading Bot you are selecting should provide profit or revenue to its users.
Transparency factor is what makes a Cryptocurrency Trading Bot trustworthy among the users. Transparency was the same reason why the Cryptocurrencies was accepted across the world.
The concept of Cryptocurrency trading bots was introduced with the idea to make the entire process of Crypto trading more easy and efficient.
Cryptocurrency trading has become more popular in recent years and hence there is a considerable increase in the list of top cryptocurrency trading websites and cryptocurrency trading bots as well. In the next section, let us get into the list of top Cryptocurrency Trading Bots in the year 2020.
Two brothers started the Cryptohopper platform. They can be undoubtedly placed on this list due to multiple reasons. Cryptohopper is run on cloud servers and not in the traditional ones. The main advantage of using cloud servers is that it supports round the clock trading. The interface they own is a completely user-friendly one. Moreover, the process of trading can be set up within a matter of just five minutes.
Some of the features they do provide top-loss, full technical analysis from various providers like MACD, Stoch, etc. The first month of its usage is completely free, but afterward, they may upgrade to packages like Bunny($19 p/m), Hare ($49 p/m), and Kangaroo ($99 p/m).
3Commas supports many popular exchanges like Bittrex, Biniance, Bitstamp, KuCoin, Poloniex, GDAX, Cryptopia, Huobi, and YOBIT.
This Cryptocurrency bot works 24*7 and can be operated through both webs as well as the mobile platform. Some of the main attractions of this trading bot are that you can set stop loss and take profit targets. Moreover, it also allows following the same strategies, followed by the most successful Crypto traders!
Haasbot was started in the year 2014 by the Haasonline. It allows trading Bitcoin and other major Cryptocurrencies. It is one of the most comprehensive Cryptocurrency trading bots available in the market right now.
Haasbot requires only a minimum number of inputs by the user. But a slight disadvantage of this Cryptocurrency trading bot is that its slightly costly compared to its peers. The costs range between 0.04 BTC and 0.07 BTC for three months.
Kryll.io is a perfect Cryptocurrency Trading Bot that allows you to trade the Cryptocurrencies at the right time. It was founded by a team of programmers, namely, Luca Benevelo, Philippe Longere, and Paul Collorafi. They do have some extremely unique features that no other Cryptocurrency trading bots can even claim of. Since it was launched in the year 2018, they introduced the concept after a long period of research and study about the environment.
They do have even tools based on Artificial Intelligence like Sentiment Analysis and trend prediction by Deep Learning.
Gekko Cryptocurrency trading bot is an open-source platform that anyone can use completely free. This is one of the major reasons for its wide popularity. Gekko provides a very flexible editor and thus infinite possibilities for the users. This is more a kind of user-friendly interface, so even the people who dont know how to code can deal with it much more efficiently.
Gunbot provides a lot of exclusive features like Bollinger Band, Ping pong, and Step Gain. They come with mainly three package plans, namely, Gunbot Standard (priced at 0,050 ?), Gunbot Pro(priced at 0,075 ?), Gunbot Ultimate (priced at 0,125 ?). Gunbot is available on various Cryptocurrency exchanges like Poloniex, Kraken, Bittrex, and Cryptopia.
Zenbot is another open-source Cryptocurrency trading bot like Gekko. It is available on all major operating systems and can be customized according to the users preferences. Zenbot is based on the latest technologies like Artificial Intelligence and Deep Learning.
Some of the major exchanges they support include Kraken, Gemini, GDAX, Bittrex, Quadriga, and Poloniex.
Cryptocurrency is expected to be the future money, where no third parties are involved. Also, one of the best options available to invest. One of the major disadvantages of them is its volatile nature. But those things are too now taken care of! Cryptocurrency Trading Bots are one of the right movements in the same direction. They allow us to trade the Cryptocurrencies at the right time, automatically.
Well, this blog has tried to bring out some of the Top Cryptocurrency Trading Bots of 2020. Do proper research and choose one from the list that suits your policies the best.
Jeseena. K is a senior content writer at CryptoSoftwares, a leading Blockchain, and Cryptocurrency Development Service, Provider. She is a voracious reader and she spends her free time reading a broad spectrum of subjects ranging from fiction to the latest software technology.
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Top Cryptocurrency Trading Bots 2020 - Conquer The World - KryptoMoney