Category Archives: Cryptocurrency

Extrapolating The Future of Cryptocurrency – hackernoon.com

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Over the past decade, cryptocurrency has become a breaker of old approaches in monetary policy, finance, economics, and e-commerce. The speed at which the crypto industry is growing today is very impressive. The global cryptocurrency market volume is predicted to reach $1,758 million by 2027 with a compound annual growth rate of 11.2%.

More and more people are getting faced with the digital currency so the questions on the future of cryptocurrencies are becoming especially relevant today.So what is the future of cryptocurrency? In this article, well try to figure this out.

Predicting the crypto worlds future is impossible without knowing the current situation on the cryptocurrencies market.

What trends can we observe today?

The growth of digital currencies around the world allows making some predictions about the future of crypto market. Lets look ahead to the future and try to forecast the prospective trends in the crypto world development.

Bitcoins reign will not end

The first thing that worries many crypto holders is What will happen to Bitcoin?

The ups and downs of Bitcoins rate, rumors about the next hard fork, legalization in some countries, and prohibition in others all these kinds of news makes people guess what will come up with the most popular coin. Experts have different opinions from a complete drop in price to the status of the only currency in the world.

Most experts are leaning towards that Bitcoin will maintain its current positions and even strengthen them. For example, John McAfee, businessman and computer programmer, says:

You cant stop things like Bitcoin. Its like trying to stop gunpowder.

He also made a bet that if Bitcoin will not cost $500,000 by the end of December 2020 he will eat his ownwell, you know.

James Altucher, Americanhedge-fund manager,author,podcasterand entrepreneur, is not sure that BTC price will reach 1000000 USD:

Will it be a million dollars in 2020? Maybe. Will it be 2021? 2022? Who knows.

He also predicted that:

At least one countrys currency is likely to fail soon likely Argentina or Venezuela. This will lead to mass adoption of Bitcoin among that populace. That will in turn lead to Bitcoin rising by more than $50,000 when it happens.

And just a few days after this forecast, the Venezuelan President announced that they are planning to release national crypto called El Petro. Right now a lot of countries like China, Tunisia, Senegal, Sweden, Singapore, Uruguay, Thailand, Turkey, and Iran are also working on the creation of national cryptocurrency.

So what will happen to Bitcoin? No one knows. The only thing in which many experts agree is that Bitcoin will stay as a gold standard in the crypto world for a long time.

Cryptocurrencies will be mainstream

Cryptocurrencies is a fashionable investment and a sign of belonging to the special community this idea is actively promoted by various sports organizations, popular performers, public figures that release their own altcoins.

According to CoinMarketCap, there are already more than six thousand cryptocurrencies, and their total capitalization is $353 billion. A couple of years ago, the digital currency was almost unknown to anyone except geek developers and crypto enthusiasts. However, things are changing:prospects for businesses, rising prices, and strong community support will step by step make cryptocurrencies mainstream around the world.

Market volatility will not disappear

Cryptocurrencies are unstable by their nature, and their volatility is one of the reasons why someone becomes a millionaire and the others lose fortunes.

The strong volatility of crypto is caused by the fact that they are still at an early stage of development. Cryptocurrencies have huge growth potential if they can enter the mass market.

But every news about cryptocurrencies either hints at the possibility of markets going down or rising up. The volatility in the cryptocurrency markets will continue to be felt as the news affects the market, and it is only at the stage of rapid development.

The future of tradingdecentralized exchanges

In the near future, we will see a prime of decentralized exchanges. Many believe that DEXes is not yet ready for mass adoption. But there are factors for a favorable development of events.

First of all, centralized exchanges dont fit the purpose of cryptocurrencies cause the key advantage of digital coins is decentralization. In decentralized exchanges, transactions can be made directly between users (peer-to-peer) without the need for a trusted intermediary, which means there are no transaction fees for users.

On top of this, decentralized exchanges are much more secure against hackers as there no single point of failure like in centralized exchanges. Everyone knows the cases with Mt.Gox, Bitfinex, Coincheck when people lost millions and millions. The need for more security will lead users to decentralized exchanges.

The rise of crypto loans

Cryptocurrency is convenient to take on credit not long ago this idea seemed like a wild ride since the digital currency has high volatility. But today the popularity of lending in digital currencies is increasing and here are the main reasons:

Nowadays, the entire crypto loaning industry is estimated at $4.7 billion and the number of crypto loan platforms will continue growing.

Regulators gonna regulate

In the early days of cryptocurrencies history, traditional financial institutions sharply criticized crypto enthusiasts. The crypto market, however, has proven that it is sturdy against these kinds of attacks. Nowadays traditional institutions opinion regarding cryptocurrency is changing. In the future, stakeholders can have an increase in the flow of funds from Wall Street to cryptocurrencies.

There is no doubt that this will require more transparency and regulation in the crypto market. Today government and regulatory agencies around the world, including the U.S. Securities and Exchange Commission, Federal Bureau of Investigation, United States Department of Homeland Security, and the Financial Crimes Enforcement Network (and this is only within the US borders) are giving more and more attention to cryptocurrencies. The regulation of the crypto in different states is realizing in diverse ways: in some countries, it is legally recognized as a means of payment, in others its use is prohibited.

The G20 summit participants, following the discussions on cryptocurrencies, came to the conclusion that a complete prohibition of crypto will not solve anything as nowadays the digital currency plays a significant role in the economy. And if the digital currency cannot be prohibited, it must be regulated:

Technological innovations can deliver significant benefits to the financial system and the broader economy. While crypto-assets do not pose a threat to global financial stability at this point, we are closely monitoring developments and remain vigilant to existing and emerging risks.

As we can see the world is changing very quickly. The speed with which cryptocurrencies are integrating into the global financial system is a clear indicator that traditional financial institutions can no longer have a monopoly on the management of financial flows.

The year 2020 is the start of a new decade for the cryptocurrency industry. The next ten years will bring us key changes in traditional finance when blockchain and cryptocurrencies will become a daily thing in most countries of the world.

What are your thoughts on the future of cryptocurrencies? Tell us your ideas in the comments below.

The views and opinions expressed here are solely those of the author. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Previously published at https://stealthex.io/blog/2020/09/15/is-cryptocurrency-really-the-future/

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Extrapolating The Future of Cryptocurrency - hackernoon.com

Ditching Dinars: Will the Balkans Take to Cryptocurrency? – Balkan Insight

Knowledge and experience are not enough, however. Regulations are required to ease the burden on companies working in the field, experts say.

Several companies from this area are working on top notch cryptocurrency projects: like in DeFi, second layer protocol solutions for scaling of payment networks, blockchain based protocol for tokenisation of assets, but again it is hard to keep them here, said Kamberi.

We would need proactive, positive regulation in order to ease the burden of such start-ups and IT companies.

One success story that others might try to emulate is Slovenia.

Slovenia implemented crypto friendly regulations and this boosted the industry and the use of cryptocurrencies, said Kamberi. The country now has more than a thousand places in which you can spend cryptocurrencies including major retailers like Tu or Burger King Slovenia.

Serbia also seems ready and willing to adopt a set of crypto-regulations which would address cryptocurrency trading.

Belgrade-based Electronic Currency District, ECD, is a Bitcoin exchange that launched in 2012. Since then, their service has evolved and also opened branches across the region, the company told BIRN.

We have added five new cryptocurrencies, we set up a network of Crypto ATMs in Serbia, developed application for bitcoin payments and opened branches in [North] Macedonia and Montenegro, said co-founder and CEO Aleksandar Matanovic.

Currently the greatest potential in is remittances, Matanovic told BIRN.

Remittances are probably the biggest chance for crypto to be used as money. The Balkans is a huge remittance market and sending money internationally is both faster and cheaper if you use crypto.

With a supportive regulatory framework, I really believe this industry could flourish, beneffiting not only those directly involved but also society as a whole.

Unlike Slovenia, Croatia, or Bulgaria, countries like North Macedonia are lagging behind, mostly due to the lack of any regulations whatsoever. And for those in the country looking to do business in cryptocurrency, its not straightforward.

Trading mainly works through several crypto exchanges, most often Binance, and there are no obstacles here. Profit and exchange in denars usually goes through intermediaries, EU or Bulgarian residents, said Petar Grujoski, a Skopje-based cryptocurrency enthusiast.

Until recently, Macedonian citizens were not allowed to have accounts abroad, and we still do not have PayPal and Amazon for the same reason, Grujoski told BIRN.

Cryptocurrency mining, on the other hand, can prove highly profitable in North Macedonia, not least because of cheap electricity supplies. The same applies to the rest of the region. But sometimes, when it comes to cryptocurrency mining and the rest of the infrastructure that can support the use of this technology, there are still some doubts.

Regarding the infrastructure, if we look at the mining industry, electricity is in abundance and still quite cheap in some areas, Kamberi said. But mining can be a real environmental threat and the focus should be moved away from incentivising such an industry.

Regarding the use and payments infrastructure, the Internet coverage is still an issue in some areas. Anyhow, the ability to access the cryptocurrency payment networks using mobile devices and 3G connection makes it easier for users even in the most remote parts of the region.

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Ditching Dinars: Will the Balkans Take to Cryptocurrency? - Balkan Insight

The risks of investing in cryptocurrency and how to overcome them – Telemedia Online

The cryptocurrency industry has grown significantly since the inception of Bitcoin in 2009. Advances in blockchain technology have increased the privacy and anonymity afforded to users, the decentralized finance (DeFi) movement has grown tremendously, and central bank digital currencies (CBDCs) offer unlimited possibilities for banks and businesses.

The reason for this growth is clear. Blockchain technology allows for more secure transactions for businesses, a reduction in costs, and streamlined supply chain communication.

But despite all of this advancement, the cryptocurrency industry is still tackling one major issue: security. There are tons of security risks involved with trading and investing in cryptocurrency, a few that are listed below.

Crypto and blockchain technology benefit B2B in many ways, including the ones mentioned just above: payments, communication, and many more. However, the technology is not perfect and lacks certain features orin this caseproper security.

Scammers litter the Internet, tricking after user after user with contrived schemes and simple scams. Phishing scams trick even the most intelligent people, and websites manipulate users into believing they won gifts and rewards.

The crypto industry isnt any different. The FBI has even gone as far as to warn that crypto-fraud is on the rise due to the ongoing COVID pandemic!

Tracing back a hack to a specific personthe hackeris difficult, which is why hacking is a tempting career choice for people with the required skill set(s). Unfortunately, the cryptocurrency industry isnt safe from these hackers.

Cryptocurrency trading platforms are anything but invulnerable, with many trading platforms being hit the past few years. In fact, Spanish trading platform 2gether was hacked earlier this August for $1.4m! The damage hackers wreak on crypto-users is significanttoo significant to ignore.

2gether is far from the only trading platform affected by hackers and cybercriminals, and it wont be the last. This is due to the absence of security standards in the cryptocurrency industry, with many trading platforms containing some sort of fault(s).

When a trading platform is hacked, users are affectedpotentially millions. This is why unsecure trading platforms are a big threat to users everywhere.

eCommerce is a fragile industry. One hackone backdoor or non-fortified piece of techcould severely harm or even destroy an eCommerce business. And crypto? Its not invulnerable to these issues.

However, there are ways to ensure safety and security for eCommerce sectors when using blockchain and crypto technology. These 4 tips will protect even the biggest eCommerce business. And it is essential you put these tips into practice, for they are what stands between your business and a cybercriminal.

A perk of using cryptocurrencies is that they dont leave a digital footprinttheyre anonymous. No one can trace them. But they dont make your activity anonymous, an equally important factor of crypto-trading.

To fix this, I recommend using a VPN. The way VPNs work is they route your data through a VPNs server instead of the ISPs, encrypting the data and hiding the IP address. This grants you, the user, complete anonymity.

Crypto-wallets offer a place for investors and traders to securely store their cryptocurrencies. However, not all of them are equally secure, and there are some you should choose over others.

When looking for a secure crypto-wallet, be sure to choose one that supports multi-signature addresses. Multi-signature addresses require multiple signatures before moving forward with a transaction, working similarly to two-factor authentication. This ensures no one can hack your wallet and make a transaction without your permission.

If you are at all serious about investing and trading cryptocurrency, youll want to create a brand-new email address just for cryptocurrency. But before you rush out and create a new Gmail account, you should look into more secure options.

Certain email services focus on security over everything else. These services are for business-focused individuals or people who deal with finances often. These services make sure your emails are secure, encrypted, and dont fall into anyones hands.

Not all trading platforms are secure, that much is true. However, that doesnt mean there are zero secure trading platformsjust that you need to spend more time finding the perfect trading platform.

Be sure that, whatever you do, you stick with a reputable trading platform. The last thing you want is your trading platform to have a massive data breach or use your information for profit.

Image: Pixabay

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The risks of investing in cryptocurrency and how to overcome them - Telemedia Online

How is cryptocurrency going to be regulated in the EU? – Kalkine Media

Not so long ago, most nations did not completely regulate cryptocurrencies. However, a recently leaked European Commission draft suggests that the EU will soon have laws and regulations that will monitor the capital gained from these digital assets.

Do read: What is a cryptocurrency and how to use it?

According to the leaked draft, the new set of rules would be issued by the end of this month. Markets in Crypto Assets (MiCA) in Europe proposed that every cryptocurrency should be treated as per any other regulated monetary instrument.

The newly proposed regulation will have a straight-to-the-point set of rules, with cryptocurrency to be considered as every other investment or capital.

Also read: Types of Cryptocurrency- Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin And Ripple

While cryptocurrency regulation might seem to make investors more confident about crypto investments, some experts argue that it might do the complete opposite obstruct its growth and value.

Unlike Markets in Financial Instruments Directive (MiFD, the European institution that is making sure European financial markets are transparent), MiCA recommends that a definition should be made about what crypto assets really are, followed by how they should be regulated for those showing interest in crypto investments.

The legislation will apply to all cryptocurrencies, people who in some way deal with them, as well as to exchange markets, cryptocurrency platforms and service providers. The principles for service providers may appear similar to the cryptocurrency definition of the Financial Action Task Force (FATF).

The new legislation is designed to maintain the cryptocurrency technology growth, while regulating it at the same time.

European Central Banks President Christine Lagarde in an online conference with the Deutsche Bundesbank stated that people have changed their opinions during the pandemic, regarding new ways of payments due to hygienic reason. People have shown more interest in contactless payments, which are likely to get even more popular.

Interesting read: Bitcoin The Direction It Will Take In 2020 And Beyond

She added that Europe is still not as advanced when it comes to using more digital currencies.

Chinas Central Bank has already started trials on implementing the digital currency as a way of regular payments and is currently testing the approach in richer cities in the country.

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How is cryptocurrency going to be regulated in the EU? - Kalkine Media

Russia and Ukraine have Disproportionately High Cryptocurrency Usage with Many Locals Shifting Financial Activity to Digital Assets: Report -…

Eastern Europe has the fourth-largest cryptocurrency market in terms of total transaction volume, according to Chainalysis research.

Ukraine and Russia, which are also part of the Eastern European region, have been ranked quite high on Chainalysis Global Crypto Adoption Index. It takes into consideration a nations population and wealth, along with its pure market size. The index aims to identify and highlight the countries with the highest grassroots adoption by everyday or typical crypto users.

As explained by Chainalysis:

Russia and Ukraine top the list because they have disproportionately high cryptocurrency usage across all components of the index, indicating that a larger share of residents have shifted more of their financial activity to cryptocurrency than residents of other countries.

The report from Chainalysis further notes that Eastern Europe shows strong grassroots-level adoption of crypto-assets, with Ukraine and Russia ranking first and second respectively in the companys Global Crypto Adoption Index. Belarus, which is also part of Eastern Europe, was ranked 19th.

During the past year, the blockchain security firm estimates that Russia has transferred more than $16.8 billion in cryptocurrency and has received around $16.6 billion, meanwhile, Ukraine sent $8.2 billion and received about $8.0 billion. These numbers are a lot lower than the US and China, but they indicate a much higher level of adoption when we consider the size of both countries populations and economies, Chainalysis claims.

They also mentioned that their index takes into consideration the trading volume on peer to peer exchanges like Paxful and several on-chain metrics. Belarus, for instance, was ranked third in Eastern Europe and 19th overall mainly due to its high level of P2P crypto trading activity. Ukraine and Russia were not ranked at the top for this type of activity, however, they managed to perform better than other countries, overall, in terms of crypto-related activities.

Russia may be using decentralized and permissionless cryptocurrencies because the countrys residents dont really trust the government, local businesses, or the media, according to a survey performed by public relations firm Edelman.

Chainalysis notes:

Bribery, cronyism, and other forms of corruption are common in [Russia and Ukraine,] and its common knowledge that funds can be seized from businesses and private citizens who find themselves out of favor with government officials. Banks in particular face a lack of trust, with much of the negative sentiment stemming from the nations economic crises in the 1990s.

As noted by the blockchain security firm, the distrust of banks and government-led financial policies led to the rise of Bitcoin (BTC). The company now thinks it may also be fueling outsized adoption of cryptocurrencies in Russia, Ukraine, and in other Eastern European nations.

Roman Sannikov, Director of Cybercrime and Underground Intelligence at cybersecurity provider Recorded Future, stated:

The banking industry in the Eastern Block did not develop the same way it did in the West. Particularly, the process of transferring funds between accounts and overseas was problematic because much of the infrastructure was simply not there.

Sannikov added:

As a result, a lot of homegrown and unofficial methods were created to move funds. Even before the use of cryptocurrencies, there were other financial instruments such as vouchers and hawala type exchanges. Many of these had very limited know your customer standards, if any, and allowed for rampant money laundering, and capital flight.

As reported in August 2020, Russias largest bank, Sberbank, is considering issuing its own stablecoin after the country introduced a new cryptocurrency law.

As covered, Russias federal laws aim to address digital assets and differentiates between digital securities and digital currencies.

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Russia and Ukraine have Disproportionately High Cryptocurrency Usage with Many Locals Shifting Financial Activity to Digital Assets: Report -...

Will crypto trading get as regulated as the stocks or FX trading? – Crypto News Flash

Today, well be talking about something that might interest numerous of you future investors and traders. In spite of the fact that a few might argue that comparing cryptocurrency trading with forex trading might be like comparing oranges and tomatoes, but youll see for yourself thats entirely the case.

Forex is a worldwide financial market for currency trade. The number of dealers around the world nowadays is colossal, and the forex turnover is more than 6.6 trillion dollars a day. The market comprises financial institutions, banks, businesses and retail investors, all of which trade national currencies either as a matter of doing business or as a means to create a benefit. This market developed from the gold standard in the 19th century and the subsequent establishment of the United States dollar as the world reserve currency within the 20th century.

Finally, internet trading within the 90s has made Forex more accessible and more mechanized than ever, which is what has helped to grow to its current size.

Not a long time ago, cryptocurrency was included in the list of trading instruments on the trade. High cost and incredible volatility have turned it into a modern trend. Nowadays, numerous forex brokers offer cryptocurrency trading intermediary services. Lets attempt to discover if cryptocurrency exchanging is truly as profitable as it is said.

Unlike the forex market, the crypto market is still young 11 years old. Cryptocurrencies, by definition, are digital assets, so the market deals solely with digital assets. The crypto showcase rapidly blossomed within the later decade due to the rise of different altcoins and the foundation of numerous unmistakable trades and marketplaces.

Compared to forex, the crypto market contains a daily volume of around $100 billionits not much compared to forex, but $100 billion is still a lot of money. Most of this cash is traded through exchanges.Cryptocurrencies are notorious for being unstable, which can make them appealing as investment opportunities. In terms of what affects a cryptocurrencys cost, there are numerous variables such as supply and request, control, and media discernment, and some more.

Cryptocurrencies can be dangerous sometimes. In spite of that, very few crypto exchanges will put warnings into their traders. On the other side, there are more sophisticated markets like Forex for example. Based on research done on this topic, especially this particular Axiory broker review, some forex brokers are obligated by law to make sure that everyone is aware of risk intervention and warnings. Forex brokers tend to have government licences, which is something that many crypto exchanges lack.

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Will crypto trading get as regulated as the stocks or FX trading? - Crypto News Flash

Opinion: Can Uniswaps UNI Break Into the Top 10 Cryptocurrency Token Rankings? – CryptoPotato

The launch of Uniswaps governance token UNI caught the cryptocurrency market left, right, and center. Some folks who received the airdrop for being a loyal Uniswap user before September 1, dumped it on the market to avail their free helicopter money. Some held on.

Nonetheless, UNI got listed on Coinbase Pro, Binance and its price shot through the roof. Its now on number 32 as per CoinGecko. But can it break into the top 10?

As reported by CryptoPotato, the listing of UNI on Coinbase and Binance led to a massive pump in the tokens price. UNI surged 300 percent from $1 to $4 before dropping to the lower $2 levels later in the day.

Then, the token went on a rampage and reached a high of just shy of $9 before retracing to where its currently trading at around $6.7.But the explosive price action has generated tremendous enthusiasm amongst traders and DeFi fans who are calling for UNIs break into the top 10.

So much is the frenzy that users were found to buy ETH to collect their UNI helicopter money despite surging gas prices on the Ethereum network.

Since the launch and a super volatile bout of trading activity, Uniswaps governance token is already a number 32 cryptocurrency according to data from CoinGecko.

Uniswap is currently the top DeFi project according to DeFi Pulse. And has assets with a total USD value worth $1.8 billion docked up in the DEX. An increment of 90 percent in the last 24 hours.

UNI has a $720 million market cap and is handling a $4.5 billion daily trading volume. Something which is unusual for a digital asset at such lower rankings. But according to hopium laced optimistic predictions on Twitter, the token will actually be a unicorn cryptocurrency with its entry in the top 10.

And actually there may be some substance in such a claim as out of a maximum supply of 1 billion, only around 106 million UNI tokens are in circulation. The coin is trading currently for a price of $6.7.

It must be taken into consideration that Coinbase has an equity stake in Uniswaps parent company Universal Navigation Inc and also holds a sufficient number of UNI tokens, as mentioned in their UNI token listing blog post.

This imparts a certain dose of legitimacy to the decentralized token swapping protocol. As per CoinGecko with current prices, UNI would have a fully diluted valuation of more than $6.5 billion. That would be enough to push it comfortably amongst the top 10 cryptocurrencies.

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Opinion: Can Uniswaps UNI Break Into the Top 10 Cryptocurrency Token Rankings? - CryptoPotato

Ditching Dinars: Will The Balkans Take To Cryptocurrency? – Analysis – Eurasia Review

The daring few involved in cryptocurrency and blockchain in the Balkans say the benefits could be big, if the regulatory framework is put in place.

By Bojan Stojkovski

ash may still be king in the Balkans, but growth in online payments particularly in the era of COVID-19 is fuelling optimism among those in the region pressing the case for cryptocurrency.

In the countries of the former Yugoslavia, many remember the hyperinflation of the 1990s and trust in traditional financial institutions is still in short supply, giving cryptocurrency a potential edge.

The ability of cryptocurrencies like bitcoin to be censorship resistant is seen as a great advantage, said Arvin Kamberi, vice president of the Bitcoin Association of Serbia.

While cash is still king in this area, we are also witnessing that the number of online payments is growing especially pushed by the current COVID-19 developments.

According to Kamberi, while cryptocurrency mining remains one of the main activities for users in the region, thanks mostly to the low cost electricity, growth of a cryptoasset industry and IT companies working in this field could provide a welcome fillip to economies across the region.

Apart from cryptocurrency, the new cryptoasset industry will offer a variety of financial, legal or other services based on decentralised solutions, Kamberi told BIRN.

Serbia is preparing the set of regulations in order to address this issue, and this can be a big push forward to a financial industry 2.0, and can give the Balkans a chance to play a much bigger role in this development.

Colibra, a Bulgarian startup, recentlylaunchedan option for travellers by which they can receive compensation for flight delays in Bitcoin.

In the Croatian town of Sveta Nedelja just west of the capital Zagreb, local authorities haveintroduceda service which enables shops and local institutions to accept payment in cryptocurrencies, while on the coast, Telos, one of the worlds most active blockchain platforms, together with the Croatia-based no-code DApp development platformKatalyo, willtokenisereal estate assets worth approximately 30 million euros.

The tokenisation process, which basically turns real estate assets into digital assets, means that token holders will receive dividends in the form of fiat-based stable coins, generated from rental revenue.

We are at the dawn of tokenisation revolutionising the real estate industry, said Douglas Horn, Chief Architect of the Telos Blockchain.

Telos has been building toolsets to make it easier for developers to create instantaneous, fee-less, transparent and governed tokenised economies as well as the adjacent tools like DeFi (Decentralised Finance), cross-chain transactions, decentralised data storage and oracles that increase their value even further, he told BIRN.

Ivica Ljubicic, co-founder of Katalyo, said: With Telos, we have the tools we need to support a sophisticated platform, which helps us welcome investors to the Croatian real estate market.

Industry insiders say these and similar examples across the region mean that the potential for the development and implementation of cryptocurrencies and blockchain technology is here to stay. But they can face hurdles.

A lot of projects aimed to tokenise real estate for years and have failed because of the same reason they were unable to gather enough properties, Vlaho Hrdalo, chair of the Croatian Blockchain and Cryptocurrency Association, told BIRN.

If I were to bet on any one project succeeding, I would go for CrowdEstate by experienced startuper Srdjan Kupresanin, who just rolled-out a similar thing with cars in Austria to success.

Knowledge and experience are not enough, however. Regulations are required to ease the burden on companies working in the field, experts say.

Several companies from this area are working on top notch cryptocurrency projects: like in DeFi, second layer protocol solutions for scaling of payment networks, blockchain based protocol for tokenisation of assets, but again it is hard to keep them here, said Kamberi.

We would need proactive, positive regulation in order to ease the burden of such start-ups and IT companies.

One success story that others might try to emulate is Slovenia.

Slovenia implemented crypto friendly regulations and this boosted the industry and the use of cryptocurrencies, said Kamberi. The country now has more than a thousand places in which you can spend cryptocurrencies includingmajor retailers like Tu or Burger King Slovenia.

Serbia also seems ready and willing toadopta set of crypto-regulations which would address cryptocurrency trading.

Belgrade-based Electronic Currency District, ECD, is a Bitcoin exchange that launched in 2012. Since then, their service has evolved and also opened branches across the region, the company told BIRN.

We have added five new cryptocurrencies, we set up a network of Crypto ATMs in Serbia, developed application for bitcoin payments and opened branches in [North] Macedonia and Montenegro, said co-founder and CEO Aleksandar Matanovic.

Currently the greatest potential in is remittances, Matanovic told BIRN.

Remittances are probably the biggest chance for crypto to be used as money. The Balkans is a huge remittance market and sending money internationally is both faster and cheaper if you use crypto.

With a supportive regulatory framework, I really believe this industry could flourish, beneffiting not only those directly involved but also society as a whole.

Unlike Slovenia, Croatia, or Bulgaria, countries like North Macedonia are lagging behind, mostly due to the lack of anyregulationswhatsoever. And for those in the country looking to do business in cryptocurrency, its not straightforward.

Trading mainly works through several crypto exchanges, most often Binance, and there are no obstacles here. Profit and exchange in denars usually goes through intermediaries, EU or Bulgarian residents, said Petar Grujoski, a Skopje-based cryptocurrency enthusiast.

Until recently, Macedonian citizens were not allowed to have accounts abroad, and we still do not have PayPal and Amazon for the same reason, Grujoski told BIRN.

Cryptocurrency mining, on the other hand, can prove highly profitable in North Macedonia, not least because of cheap electricity supplies. The same applies to the rest of the region. But sometimes, when it comes to cryptocurrency mining and the rest of the infrastructure that can support the use of this technology, there are still some doubts.

Regarding the infrastructure, if we look at the mining industry, electricity is in abundance and still quite cheap in some areas, Kamberi said. But mining can be a realenvironmentalthreat and the focus should be moved away from incentivising such an industry.

Regarding the use and payments infrastructure, the Internet coverage is still an issue in some areas. Anyhow, the ability to access the cryptocurrency payment networks using mobile devices and 3G connection makes it easier for users even in the most remote parts of the region.

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Ditching Dinars: Will The Balkans Take To Cryptocurrency? - Analysis - Eurasia Review

How Will Greece Be Impacted By Cryptocurrency? – GreekCityTimes.com

Over the last decade, Greece has taken centre stage in the news when it comes to bailouts from the EU, increasingly gaining a reputation worldwide as having a weakened economy, rising debts, lower pensions, continued high unemployment among young people and the rife polarisation in politics and leadership, leaving many Greeks frustrated with the current systems in place.

Greece is now also under attack from Turkey, with constant threats from its neighbor over the continued altercations within the areas of gas-rich waters in the Eastern Mediterranean. To top it all off, now theres COVID-19 to deal with. This has hit Greece where it hurts most, its tourism industry.

Greece had over360,000 tourists enter the country last year alone, with numbers drastically down this year due to COVID-19. For a country which is heavily reliant on its glistening tourism industry, future Greece cannot just rely on tourism to financially sustain itself moving forward. It needs another mean of currency, especially with the euro continually falling to new lows.

In late 2019, the Greek government irrevocably announced that it would require digital tax receipts from all of its citizens, in an effort to combat otherwise untraceable cash transactions. Its not a secret that Greeks love to use cash for everything.

CoinDeskreported that These extra banking measures will largely affect the lower and middle classes who rely on Greek banks for their everyday business, not the wealthy, who store the majority of their collective wealth in foreign banks.

Many economists and analysts have condemned Greeces increasing reliance on higher tax rates. Inadvertently, many financial experts believe this will result in catastrophic cash flow issues for Greeces shrinking middle class, who as mentioned above, rely on cash; driving a larger wedge between the ultra-rich and the underprivileged. In a nutshell, the new banking rules which aim to carve out cash use, only end up hurting the poverty-stricken population of Greece.

So, with the new rules came problems. And problems need a solution. With a frappe in one hand and a smartphone in the other, the prudent Greek had to find a way around these new rules. And so, began the interest in cryptocurrency. But in an increasingly volatile economy, can cryptocurrency really help Greece?

Ask the average Greek citizen what Bitcoin is, and chances are theyll look a little confused. The average Greek citizen wont even know what cryptocurrency is. Greece is lagging in technological enhancement, ranking 3rd from the bottom of the list,according to the European Commission.Many Greeks dont know how to invest their money, let alone save their money. The ongoing financial crisis has brought this issue to a new light. So, what drove the Greek people to begin incorporating cryptocurrency into their lives? Youve already read the main clue why, but lets delve deeper.

Greek tech entrepreneur Andreas M. Antonopoulos explains it like this. In a highly publicised interview withGarden of Crypto, he stated that when the Greek banks shut down in the middle of the financial crisis in 2015, the public sought a safe alternative on the internet, starting Greeces cryptocurrency frenzy. Crypto thus became a haven for assets as the banks became more volatile and less safe to store assets.

Similar to many other struggling economies in the modern-day arena of finance, countries such as Venezuela andZimbabwehave begun utilising cryptocurrency as a form of resistance to an economy mired in controversy, corruption, and debt, Mr Antonopoulos stated.

In May this year,Bitcoin.comreported that the interest in cryptocurrency from Greek women had grown 163.67 per cent.!

This was the highest percentage in all of Europe in this particular study. The number of Bitcoin ATMs in Greece also increased to at least five around the country.

With Greeces unemployment rate sittingat 17 per centand the current pandemic not looking like itll magically disappear anytime soon, many Greeks are beginning to look for alternatives to the current financial system. They are continuing to seek solace in digital currencies. There are Facebook groups, such as theBitcoin Community Greeceand Cryptocurrency Greece, whos aim is to educate the Greek population on the investment opportunities within cryptocurrency. These groups have gained much popularity, with Bitcoin Community Greece attaining nearly 5000 members to date.

In conclusion, this displays that Greeks are taking cryptocurrency much more seriously since it first started gaining popularity in the height of the financial crisis in 2014. Could this lead to a potential cure from Greeces ailment with debt? The ongoing the bailouts from the EU, incorporated with cryptocurrency, could potentially see Greece improving financially and economically over time.

The views expressed by the author does not necessarily reflect those of Greek City Times.

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How Will Greece Be Impacted By Cryptocurrency? - GreekCityTimes.com

The Rise and Fall of a Tribal Cryptocurrency – hackernoon.com

@mina.downMina Down

I am a researcher and writer interested in new technologies that contribute to the social good.

MazaCoin is a cryptocurrency that tried to bring together two very different communities: cryptocurrency maximalists and a North American indigenous tribe looking to assert its sovereignty.

Over the past several decades, financial and information technologies have evolved from corporate-dominated finance and international trade to include microlending and person-to-person digital financial transfers. Since the development of Bitcoin, cryptocurrencies have come to play an increasingly important role in this evolution.

Opinions on the development of cryptocurrency run the gamut fromhypercriticalhand-wringing about the traditional value of trust, to the techno-libertarianism associated with Silicon Valley.

Given the wide variety of views, it is interesting to discover a project that tried to bridge two seemingly unrelated ideologies: the libertarian and individualistic ethos of cryptocurrency, and an indigenous tribal communitys desire to assert their independence from the U.S. government.

MazaCoin launched officially on February 20th, 2014 andproclaimeditself to be a sovereign altcoin for native Americans.Media reportscalled MazaCoin as a Bitcoin spinoff that had been adopted by tribes in the U.S. as a national currency. On February 27th, 2014, the entrepreneur behind MazaCoin, Payu Harriscalledit the national currency of theLakota Nationof the Pine Ridge Indian Reservation.

Harris himself claimed to be a member of the Lakota Nation. An article inForbesevendescribedhim as a Lakota chief. In PR for the MazaCoin project, Harris talked about the crushing poverty of the Lakota, whose reservation is located in the second poorest county in the United States. HeclaimedMazaCoin would be a way for the Lakota to achieve economic independence:

Harrisinsistedas many as 50% of reservation merchants would buy into the system within the first 12 months and that Mazacoin would be standard for all indigenous communities in the world within 10 years.

Between February and March 2014, Harris did many interviews. During that time MazaCoin was also trading well on exchanges, branded using the image of a Native American tribes resistance against the federal government. The story was a good fit with progressive eager to support an oppressed groups claim for sovereignty. It equally fit capitalist narratives of self-reliance, libertarianism, and anti-government feeling.

However, a different picture of Mazacoin quickly emerged. On March 7th, 2014,Native Sun Newsran anarticlestating:

The article reported that whileForbesidentified Payu Harris as a chief of the Lakota at Pine Ridge, his name did not appear anywhere on the tribes membership rolls. Word spread through online forums and in the Pine Ridge community that Harris had overstepped. Speculation started that he might be a con artist.

Less than two weeks after theNative Sun Newsarticle, MazaCoins value collapsed. A few weeks later, the project was declaredall but dead. Shortly after, MazaCoins website and social media accounts were deleted.

In 2015, the project returned, rebranded as simply Maza. Harrisclaimedthe coin was making a comeback and the open source code was moved to GitHub. New PR material was released that described it as a tribal cryptocurrency more broadly, not specifically for the Lakota. Unlike the original Website, there are no declarations of sovereignty. Instead, Maza is described as a ticketing solution for Native and non-Native events, Concerts, shows, Powwows, and even Hotel/Resort Booking. Talk is limited to economics with no explicit political dimension.

It appears the audience for Maza was no longer intended to be the Pine Ridge Oglala Lakota but an alt-currency audience looking for investment opportunities. However, there was still little public information available about the development team or sponsors. The coin failed to take off. Currently, Maza is not listed on any exchanges.

Since Karl Marx first described how capitalism creates different social classes, scholars have understood that financial technologies embody social relations. The design of these technologies, from cash to publicly-traded corporate securities to newer cryptocurrency innovations, all reflect social values. For example, the Bitcoin narrative is highly individualistic, rooted in libertarian notions of individual freedom in opposition to corrupt and outdated governmental institutions.

At the same time, however, cryptocurrencies require high-level computer skills and a lot of computational and electrical power to maintain. Despite the claims of decentralization and democratic control, therefore, there is something highly elitist about cryptocurrency in that it requires a highly specialized technocratic class (ie. developers) beyond the reach of political institutions.

What is interesting about MazaCoin is the early discussion of it combined these two visions in various ways: first, in ground-up calls for sovereignty by non-elites and a high-profile individual leader; second, in anti-government rhetoric and an apparent (tribal)governmental endorsement; third, in the promise of sophisticated technology in a community noted for its poverty.

This ideological collision is evident on Mazas web site:

While the underlying technology and ideology of trustless peer-to-peer economics can appeal to financial elites and amateur investors alike, it would seem cryptocurrency and the economic needs of the Lakota were incompatible. While MazaCoin was able to attract initial investor interest, its failure was in not connecting with the needs of its intended beneficiaries.

Background research for this article can be foundhere.

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The Rise and Fall of a Tribal Cryptocurrency - hackernoon.com