Category Archives: Cryptocurrency
Cryptocurrency Chief Predicts Next Amazon Or Apple To Be A Blockchain Company And Based In Asia And Not The US – Digital Market News
Ben Weiss, the chief of Operations at CoinFlip that is the worlds largest Bitcoin ATM operator makes a massive prediction that tech giants like Amazon or Apple will be followed by blockchain-built companies. The prediction further mentioned that these blockchain companies will be setting up base in Asia and the United States.
Weisss prediction is based on a careful analysis regarding the US. He stated in an interview this Tuesday that the United States doesnt have the essential regulatory clarity surrounding the cryptocurrency industry to innovate and grow yet. Without such an environment, information and support, the blockchain industry cannot hope to boom in the US in the future. The nation is not yet ready to welcome a major cryptocurrency boom if that happens in the near future.
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In his statement he further compared the state of the US regarding the cryptocurrency market to that in Asia. According to Ben Weiss, there is a lot more clarity in Asia. US lacks a proper system regarding cryptocurrency. They dont have well-defined regulations and rules that has the potential to increase confidence in digital cash users and the cryptocurrency market in general. Weiss particularly suggested that Singapore could be the next biggest blockchain hub of the world housing blockchain giants equivalent to Amazon and Apple.
In 2020, the Bitcoin market has seen a boom. Bitcoin has been rallying towards $13,000- easily crossing $12,000 and pushing further up. Weiss expects that Bitcoin prices will hit $13,500 by the end of the term. His statement further clarifies that the US government has ignored the 46% growth of Bitcoin this year. He mentions that if the cryptocurrency market continues to grow at this scale then the US government will be forced to address it later.
Regulations regarding blockchain companies and the entire cryptocurrency scene is necessary to safeguard consumers, inspire innovation. More and more institutional investors are realizing the importance of having bitcoin back-up but there is no support for innovation by retail and institutional investors.
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Despite the massive growth in digital cash, a huge amount of uncertainty still looms over this industry. There is a lack of US guidelines or policies regarding crypto-cash even before the presidential elections in November.
Weiss also believes the necessity of presidential candidates to take up a stance on the blockchain industry front. A pro-cryptocurrency candidate has huge chances of winning youth votes for the upcoming 15 to 16 years, states Weiss. However, none of the presidential candidates has given the required support to bitcoins.
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Cryptocurrency Chief Predicts Next Amazon Or Apple To Be A Blockchain Company And Based In Asia And Not The US - Digital Market News
FCA crypto ban is a setback for the UK in race to lead growing digital assets marketplace, says GDF – Wealth Adviser
The Financial Conduct Authoritys (FCA) recent decision to ban the sale of derivatives and exchange traded notes (ETNs) linked to cryptoassets to retail customers is a huge setback for the UK in maintaining its dominant position as a global fintech hub. The FCAs decision has left many in the cryptoasset sector questioning the regulators willingness to collaborate with them and listen to the views of key market participants.
These are the views of Global Digital Finance (GDF), an industry membership body that promotes the adoption of best practices for cryptoassets and digital finance technologies through the development of conduct standards in a shared engagement forum with market participants, policymakers and regulators. Over 100 global organisations are members of GDF and over 350 industry professionals from around the world have worked on developing the GDF codes of conduct, the only global standard in this emerging sector.
The trade body also questions the FCAs decision to ban these products when no similar steps have been taken in Europe, the US or Asia.
It is also critical of the regulator for ignoring its own research findings and the overwhelming majority of responses to its consultation on the cryptoasset investment sector. A survey conducted by the FCA, published this year noted that the majority of cryptoasset owners are generally knowledgeable about the product, are aware of the lack of regulatory protection afforded and understand the risk of price volatility.
Lavan Thasarathakumar, head of regulatory affairs at Global Digital Finance, says: The 2,681 participants in the FCAs own survey offer firm evidence that its policy statement to ban the sale of certain cryptocurrency related products is perhaps misguided and leaves one wondering why the FCA disregarded its own evidence-based foundation.
In addition to this, a 2019 FCA Consultation seeking industry input on the suitability of offering crypto derivatives to retail clients revealed that an overwhelming 97 per cent of the consultation respondents disagreed with the FCAs proposal to ban these products.
Jeffrey Bandman, board member at Global Digital Finance and former director at the US CFTC, says: Other regulators, notably the US CFTC, have been safely overseeing regulated crypto derivatives markets for nearly three years with products that offer a reliable basis for valuation. These markets are accessible to retail as well as professional investors. Given the strong ties and coordination among global agencies, it is surprising a forward-looking regulator such as the FCA did not find itself able to adapt these safeguards to the UK market.
GDF also points out that recently Germanys regulator BaFin approved a bitcoin exchange traded fund (ETF). BTCetc Bitcoin ETP (BTCE) is an exchange traded cryptocurrency (ETC) that tracks the price of bitcoin. It is 100 per cent physically backed by bitcoin, and for every unit of BTCE, there is bitcoin stored in regulated, institutional-grade custody. BTCE was the first cryptocurrency ETP admitted to Xetra to be cleared centrally.
Lawrence Wintermeyer, executive co-chair of Global Digital Finance, says: In stark contrast to other global regulatory trends with cryptoassets, the FCAs ban puts the UK out on its own in terms of taking a prohibitive stance. This is an unfortunate move following the UK Governments snub to fintech companies by initially excluding them from its Coronavirus Business Interruption Loans Scheme (CBILS administration scheme). This surprising exclusion damaged the Governments credibility as a champion of fintech following more than a decade of promoting fintech competition as an antidote to the concentration risk of incumbent UK banks following the Financial Crisis. The FCAs decision to ban the sale of certain investment products linked to cryptocurrencies is yet another setback for the UK in trying to strengthen its position as a leading market for fintech and the digital asset markets.
Some may wish to argue the moot point that the FCAs ban is good for retail customers, good for the financial services market, and good for the UK. We would most certainly disagree with this. What is unarguable is that digital is global, and that digital finance is global. The effectiveness of jurisdictional bans of this nature is questionable in a world where customers can find the products and services they choose on the internet, wherever these products and services come from, and this choice often drives customers offshore.
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FCA crypto ban is a setback for the UK in race to lead growing digital assets marketplace, says GDF - Wealth Adviser
Cryptocurrency Is Just a Minor Threat to the State- CoinDesk – CoinDesk
Are cryptocurrencies a new form of money and, if so, do they threaten state power?
Our friend Nic Carter has recentlycommentedon these questions indialoguewith the Federal Reserve Bank of New York. We would like to add our perspective and thoughts on this, as we believe there is value to be derived from discussing these matters in depth. For better and worse, we believe that blockchains such as Bitcoin, Ethereum and Handshake (in which I am involved) have features that make them a novel threat to the powers that states derive from currency issuance but only a very marginal threat. This fairly mild conclusion flows from more controversial premises.
Steven McKie is a founding partner and managing director at Amentum Capital, developer on HandyMiner and HandyBrowser for Handshake and host of the BlockChannel podcast. A version of this article first appeared on Amentum's blog.
The New York Fed writers name three kinds of money: fiat money, money with intrinsic or commodity value and claim-backed money. Without getting lost in the weeds, we think this overcomplicates things. All money that we can think of falls into two categories: either it has intrinsic value (like edible grains) or it doesnt. If it doesnt, then its value comes from the supposition that someone else values it.
This mysterious someone else might be totally unspecified, as when we suppose someone will pay us for gold; or it might include a specific party, such as a state, that promises to take the money in exchange for, e.g., discharging tax obligations. Bitcoin, like gold in the post-gold-standard era, falls into the former category. It has no intrinsic value and nobody in particular has promised to exchange anything for it. We just guess that someone will.
But we should not be surprised that the worlds most popular kinds of money are the ones that states explicitly promise to honor. For states, such promises are an extremely important instrument of their power. For example, by only accepting dollars as tax payment, the United States obliges its hundreds of millions of people to make sure they have dollars handy. Because of this, everyone in the world knows they can sell their dollars to someone (i.e., to U.S. residents). Moreover, everyone knows that by accumulating dollars they gain certain leverage over the United States. This situation enables the United States to print its own money and in so doing, project its power around the world.
The power to print money also gives states another kind of power: It enables them to maximize their productivity. By increasing the money supply, they can pull more people on the margins of the economy into the productive process. But this comes at the cost of the scarcity of money and, because it puts the newly minted money directly into the pockets of the less-powerful, tends to decrease the power of those who have already accumulated a lot of money. Hence, artificial constraints of the money supply, like the gold standard, are often associated with extremely conservative politics. Constraining the money supply hurts productivity, but it preserves social hierarchies.
This is where the more benign hopes of transcending nation-states mix with the darker fantasies of so-called bitcoin maximalists. On the one hand, a meaningful alternative to national currencies could allow people in abusive regimes not to rely on their governments worthless promises. On the other hand, a mechanistically fixed supply of money could put an unequal social hierarchy beyond the reach of democratic power, as the gold standard once did.
Bitcoin, in this respect, is very much like gold. And like gold, it poses no active threat to state currencies or state power. For the value of state currencies as described above is predicated upon the actual, practical power of states. Throughout modern history, the preeminent reserve currency has been the coin of the worlds preeminent military power. Only if states lose their status as the main global powers are their currencies likely to follow suit.
Cryptocurrencies are only playing around the margins of this reality. Still, they can play an interesting role because they have features that prior non-state currencies did not. For example, they can facilitate coordination and communication between their holders. Imagine if all the holders of gold could, for example, vote on whether to mine more. Moreover, some cryptocurrencies have intrinsic value, such as ether (paying for the use of a distributed network), or HNS (paying for domain names on a decentralized registry).
The ongoing improvements in global cooperation that happen in the bitcoin/crypto private sector derive from the many players that ensure a proof-of-work (PoW) system remains secure.
The intricacies that go into the production of hashrate, such as power and chipmaker pricing negotiation, manufacturing, international sales and marketing, mining pools and hashpower secondary markets. All are playing a piece in hardening relationships locally and internationally.
Therefore, a properly secured chain has then worked its way into regional regulations and labor, becoming a localized economic staple over time as it approaches scale. And, the second-order effects that come from that embedded chain of incentives include a public blockchain that is secure, not just technically but socially and politically. The most secure chains possessing such widespread economies of scale become powerful economic instruments of finance and political social progress (albeit slowly, but each new major public chain hastens this emergent process, thankfully).
In essence, though these systems may at first seem adversarial to state power by their very design, if you look more closely youll see they inherently (slowly) improve diplomacy via scalable trustless cooperation and international business over time.
To understand more on the alchemy of PoW hashpower and how it naturally derives incentives for international business cooperation, see thisongoing series from Anicca Research. The trustless systems we deploy globally have powerful consequences, and its important that we as an industry understand how to continually scale the positive aspects of decentralized monetary systems, without amplifying the negative effects such as centralized financial influence.
States are not wrong to be somewhat threatened by these hard-to-assess possibilities. If many people decide they would rather hold cryptocurrencies than state-backed currencies, it will diminish states abilities to project power through their coins.
But states still have the armies, the police and on a good day anyway democratic legitimacy. All of that still matters, and will for a long time.
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Cryptocurrency Is Just a Minor Threat to the State- CoinDesk - CoinDesk
Dissidents Are Turning To Cryptocurrency As Protests Mount Around The World – Forbes
A pro-democracy protester gives the three-finger salute while holding up a sign on an electronic ... [+] tablet during an anti-government rally on the outskirts of Bangkok on October 19, 2020. (Photo by Jack TAYLOR / AFP) (Photo by JACK TAYLOR/AFP via Getty Images)
In a COVID-19 era marked by aggressive political consolidation and economic troubles, there have been sparks of protests around the world. From Hong Kong, to the United States to Nigeria, to Thailand, to Belarus and beyond no corner of the world has been untouched by a wave of fresh political protests.
Their causes are diverse: fighting against established political classes, opposing police brutality or calling for reexaminations of elections with possibly fraudulent vote counts.
Yet their concerns are common: they are aligned against powerful and entrenched politicians who largely control trust within their borders. From use of force against dissidents to regulations that control domestic banking systems to the control of state-affiliated media, political incumbents have a lot of power to wield to advance their interests. In order to create meaningful dissent, you have to work around that power.
Cryptocurrency offers one way to doing so. From the payment processor side, you can set up your own payment service using open-source software such as BTCPay. With decentralization, you dont rely on any third-party organization to vet or potentially censor your payments, and there are no processing fees: a stark contrast from the conventional banking system in nation-states that are largely dependent on the corpus between political and legal power to maintain their good financial standing.
An example of this is the Feminist Coalition, an organization of Nigerian activists, moving to accept donations in bitcoin as part of the #EndSARS movement dedicated to fighting police brutality in Nigeria. The Feminist Coalition has reported that its bank account has been shut down, along with a donation link provided by centralized payment processor Flutterwave. Flutterwaves chairman is Tunde Lemo, a former deputy governor of the Central Bank of Nigeria.
The move to bitcoin not only helps the Feminist Coalition to be resilient to censorship for payment processors who are entrenched in traditional power structures, it also helps donors decide the level of privacy they need to make donations to a cause that might be frowned upon in official circles.
People can choose to use Wasabi wallet and the combination of tools they bring to the fore (broadcasting via the Tor network, using CoinJoin to more deeply anonymize transactions) to express a strong desire for privacy. They can use a bitcoin address they dont use very often and which cant be strongly tied to their identity to send cryptocurrency donations. Or they can choose to express a very loose expression of privacy by sending from a more centralized exchange with stricter identity rules such as Coinbase.
The essential point is that people can send cryptocurrency when centralized exchanges censor payment processing and theres no other ways to transact, and they can choose how strongly they want to link their personal identity to financial transactions in the face of political repression and political power.
This same dynamic is what happened with Hong Kong Free Press, an English-level media organization that has pro-democracy support and perspectives within Hong Kong which is also using BTCpay to accept bitcoin and donations.
Given the new national security law, its possible that payment processors might shut off Hong Kong Free Press and their access to the financial resources required to operate and its possible that they might go after with their donors, especially ones with weaker privacy protections.
In Thailand, where pro-democracy protestors have emerged, protestors have put up signs asking for others to buy bitcoin. In Belarus, government employees fired for supporting the political opposition have been supported with grants partially financed through cryptocurrencies by the BYSOL organization, an organization founded by civic society and technologists that support[s] anyone who was repressed, prosecuted, or lost their jobs because of participating in strikes or peaceful protests in Belarus.
Those facing political prosecution fill out a form that took one just ten minutes to figure out, and then theyre set up on a mobile cryptocurrency wallet, then sent grants and support. BYSOL is fundraising with bitcoin and ethereum as funding options. The organization has raised slightly over $2 million USD to send out to support protesters for their bravery if they are economically tied to the state and are punished for it.
Around the world, as protests mount, cryptocurrencies are starting to be used in various ways to go around established political power and to support protestors and dissidents. Each use further bolsters the case that cryptocurrencies can help support meaningful dissent and political diversity even in the face of extreme repression.
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Dissidents Are Turning To Cryptocurrency As Protests Mount Around The World - Forbes
SQ: 4 Stocks That Could Skyrocket During the Next Crypto Boom – StockNews.com
Over the last few years, cryptocurrencies have been one of the best-performing asset classes. The most well-known are bitcoin and ethereum. Another innovation is the blockchain. Some believe that crypto will have the same impact on money that the Internet has had on information.
Even though the cryptocurrency is relatively immature, this market is all set to witness continued appreciation. According to Markets and Markets, the cryptocurrency market is projected to grow at a CAGR of 6.18% to $1.40 billion by 2024. Rising demand for decentralized finance and cashless payments will be the major growth drivers.
2017 saw a cryptocurrency boom as the Bitcoin prices soared about 2000% in a year. According to market experts, the burgeoning demand for Bitcoin might lead to history repeating itself. Therefore, investing in this growing industry by betting on the right stocks can be highly rewarding.
Four stocks that could be on fire during the next Crypto boom are Square, Inc. (SQ), PayPal Holdings (PYPL), Nvidia Corp (NVDA), and CME Group (CME). Lets take a look at how these stocks are placed.
Square, Inc. (SQ)
SQ is predominantly known as a digital payment app. However, it is now well-known for its innovations in crypto and blockchain technology. SQ has forayed into the peer-to-peer investment market in the past three years. The company has also formed a dedicated team called Square Crypto which is focused on enhancing the BTC network for hassle-free cryptocurrency transactions. SQ has also launched a non-profit organization Cryptocurrency Open Patent Alliance or COPA to encourage crypto innovation and open access to patented crypto inventions.
Squares Cash App includes a feature that allows customers to buy and sell bitcoin. In the second quarter, SQs net revenue climbed 64% year-over-year to $1.92 billion on the back of its Cash App ecosystem. The companys Cash App delivered a robust 167% increase in gross profit compared to the year-ago quarter. And Bitcoin investing is a part of SQs Cash App product. SQ also boosted its network to over 30 million monthly active customers in June. Cash App posted $875 million of bitcoin revenue during the second quarter, up 600% from the prior-year period. The bitcoin gross profit during the second quarter of 2020 surged 711% year over year.
The company strongly believes in cryptocurrency as an instrument of economic empowerment and has put 1% of its total assets, worth nearly $50 million, in bitcoin. Experts believe that as the next crypto boom arrives, the company would witness a massive rally.
PayPal Holdings, Inc. (PYPL)
The most widely used payments processor, PYPL has been on a rally amid the pandemic. Contactless payments have gained pace and PYPL has been the most preferred route. However, the company is showing a keen interest in cryptocurrency and blockchain development off late.
In 2019, the company declared that it was funding Cambridge Blockchain, a start-up that works toward streamlining payments using blockchain. Earlier this year, the company also revealed that it is adopting blockchain protocols as part of its internal framework to inhibit financial crimes and fraud.
On September 21, bitFlyer Europe, the subsidiary of one of the biggest Japanese cryptocurrency exchanges, announced that it has integrated PayPal deposits to its platforms. PYPLs massive user base across the globe and Europe specifically would expose more users to bitFlyer exchange and cryptocurrencies. This collaboration makes it evident that PYPL is all set to deal with blockchain and cryptocurrencies. Experts believe that the company could enter into the Bitcoin space by the end of this year. Earlier in July, PYPL confirmed that it has sent a letter to the European Commission about its plans to develop crypto and blockchain capabilities. The company is actively hiring engineers for the same.
Currently, many users use PYPL for bitcoin transactions indirectly, however, relatively fewer merchants accept bitcoin payments through PYPL. Due to its high-risk exposure, PYPL is yet to have the right checks for full-fledged bitcoin trading.
NVIDIA Corporation (NVDA)
NVDA is one of the biggest manufacturers of graphics processing units (or GPUs) which are one of the most critical Components of gaming, AI, and autonomous vehicles. Besides, GPUs are also widely used in the hardware for crypto mining. Processing the transactions on the blockchain is known as mining. During this activity, the miner gets a freshly-minted bitcoin. Since early 2017, the cryptocurrency space has been a winning field for NVDA as there was a huge demand for GPUs for mining of bitcoin, Ethereum as well as other cryptocurrencies. NVDA surged nearly 150% during the bitcoin boom in 2017.
As the adoption of bitcoin increases, so will its prices. This will translate into a huge demand for GPUs which is expected to be a growth catalyst for NVDA. According to Toms Hardware, NVDAs GeForce RTX 30-series, one of the best graphics cards for gaming, has become a hit with certain crypto miners for China. Experts suggest that this card could even overtake the currently popular Radeon graphics cards from AMD. The RTX30 cards have a higher hash rate than the RTX 2080. This allows the miners to mine three to four times faster and earn more profits.
According to RBC Capital Markets analyst, Mitch Steves, the net daily profitability for NVDAs new GTX 3080 product has risen to $3. This is in sharp contrast to AMDs GPU which enables miners to earn $1.75 per day.
Mining for cryptocurrencies is becoming more complex day by day and hence the need of the hour is to use more than one graphics card that would complement each other. Before buying the graphic cards, miners must consider the performance, architecture, and price thoroughly. Currently, mining hardware isnt one of the major revenue centers for NVDA. However, if the cryptocurrency prices rise and there is renewed interest in this market, the company could be in an advantageous position.
CME Group Inc. (CME)
CME is the largest regulated market for futures, options, and derivatives. This global market company also trades in bitcoin futures. It gained prominence when it launched bitcoin futures back in December 2017. In August 2020, CME became the third-largest bitcoin futures exchange based on several open contracts, after OKEx and BitMEX. On 14 August, open positions on the CME stood at $800 million, surging close to 120% from $365 million in July.
Industry experts believe that rising bitcoin activity on the CME illustrates an increasing institutional interest in cryptocurrency. CME is a fully regulated platform that enables investors to speculate on the future price of BTC in the most authentic way.
A decentralized finance analyst at Quantum, Shawn Dexter said, The Bitcoin derivative products offered by CME are simply a vehicle for accredited investors to place sophisticated and risk-offsetting trades that would otherwise be inaccessible to them.
If the interest in bitcoin surges, CME could see a decent revenue increase. This is because the company would obtain a fee for every crypto transaction done on its exchanges. With the rise in price and volatility for cryptocurrency, more buyers would turn to regulated exchanges like the CME. The company could therefore enjoy a steady stream of revenue in the next few years.
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SQ shares rose $0.10 (+0.05%) in after-hours trading Tuesday. Year-to-date, SQ has gained 196.90%, versus a 8.22% rise in the benchmark S&P 500 index during the same period.
Namrata is an accomplished financial journalist, with nearly a decade of experience. She specializes in interpreting news releases and framing investment strategies, and has worked with some of the leading companies in real estate, banking, insurance, mutual funds, financial research, fintech, and investment education. More...
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SQ: 4 Stocks That Could Skyrocket During the Next Crypto Boom - StockNews.com
Cryptocurrency This Week: Crypto Ban In The Air, Crypto Scams Everywhere – Inc42 Media
Since September, several reports in Indian media outlets have highlighted incidents of unsuspecting customers being allegedly duped of their money through crypto ponzi schemes
In the past too, incidents of wealthy businessmen losing their money through fake crypto wallets have come to light
Between 2017 and 2019, Indian investors have reportedly lost more than $500 Mn to cryptocurrency scams operated within the country and abroad.
Even as crypto stakeholders in India argue against the perceived need for an outright ban on cryptocurrencies in India, reports of crypto ponzi schemes in different parts of the country continue to puncture their cause.
Since September, several reports in Indian media outlets have highlighted incidents of unsuspecting customers being allegedly duped of their money by scamsters believed to be operating crypto ponzi schemes.
In Bengaluru, the police are investigating three companies Long Reach Global, Long Reach Technologies and Morris Trading Solutions. According to the police, these companies collected at least INR 15K each from over 11 lakh people from across the country to invest in a new cryptocurrency called Morris coin. The police have also arrested a 36-year-old man from the Malappuram district of Kerala who is the CEO of all the three entities.
Last month, Delhi Police was investigating an alleged cryptocurrency exchange scam, believed to have been operated by one Pluto Exchange, which marketed itself as a cryptocurrency investment firm and had its offices in Connaught Place. One of the complainants was asked by one of Pluto Exchanges founders to invest in a new cryptocurrency that the firm had launched. The complainant was assured that he would receive 20-30% returns on his investment.
After investing about INR 5 lakhs in the scheme but not receiving any payout, the complainant tried to approach the companys officials, only to find that the exchanges office had shifted from India to Dubai. In the preliminary investigation, it was found that the 43 complainants had invested close to INR 2 Cr in the scheme.
In the past too, incidents of wealthy businessmen losing their money through fake crypto wallets have come to light. Such platforms target users through emails and SMSes, asking them to deposit their bitcoins or other cryptocurrencies in a new crypto exchange to get the opportunity to trade with other users globally. Once users have deposited their crypto assets in the exchange wallet, the operator shuts down the portal, with the users losing access to their crypto earnings.
According to data quoted by cryptocurrency news platform Cointelegraph, between 2017 and 2019, Indian investors have lost more than $500 Mn in cryptocurrency scams operated within the country and abroad.
Amid continued speculation about a ban on cryptocurrencies in India, scant government regulation and no clear law for cryptocurrencies in India contributes a great deal to motivating scamsters in the space. Further, a lack of awareness about digital currencies amongst the public is also a factor. While there is a case to be made about scamsters in the space soiling the name of several genuine and well-meaning crypto exchanges trying to pioneer a crypto revolution in the country, scamsters potential for stitching elaborate frauds under the guise of running a crypto exchange cant be ignored either.
Besides ponzi schemes, other notable modes of crypto scams include fake altcoins (cryptocurrencies other than bitcoin) being made available at attractive prices on certain crypto exchanges. Those who find bitcoin and the popular cryptocurrencies expensive are drawn to these altcoins, only to find that the new coin isnt a genuine cryptocurrency, something thats sooner than later discovered by the relevant authorities. Such fake coins are routinely removed from circulation. However, by the time that happens, millions of dollars worth such fake coins have already been sold to users.
The easiest way to identify a crypto scam is to realise when offers and assured interest returns on an unheard-of cryptocurrency sound too good to be true.
Sumit Gupta, the founder and CEO of Indian crypto exchange CoinDCX, has said in the past that the surging popularity of cryptocurrencies in India would only give rise to more such fraudulent schemes.
To guard against such frauds, Gupta suggested that users should conduct their due diligence before working with cryptocurrencies. This can be done by finding out whether the mobile app for the crypto wallet is linked to an official website for the platform. Further, users should peruse other users comments, reviews and feedback for the app on the internet and the Google Play Store. The number of users and downloads are other important metrics to go by before trusting a platform.
The most important factor in judging a crypto schemes authenticity still rests in judging whether schemes promising implausible returns can ever come through. While crypto enthusiasts and seasoned traders will always stay clear of fraudulent schemes, those new to the ecosystem can do well with internet-based research before depositing their money in new platforms or buying new cryptocurrencies.
By the time of publication, Bitcoin was trading at $11,833, a 2.76% hike from last week. Bitcoins market cap was around $219 Bn.
Ethereum was trading at $370, a 3.85% decline from last weeks trading price. Its market cap was around $41.8 Bn.
A recent report by the World Gold Council, a major market development organization for the gold industry, highlighted that crypto was the fifth-most popular investment tool in Russia, behind savings accounts, foreign currencies, real estate and life insurance. Ranked next to crypto is gold, both accounting for 17% and 16% respectively of active investments made by those surveyed by the World Gold Council. The report is based on a survey of 2,023 online interviews with investors from cities across Russia. The respondents are active investors those who made at least one investment in the 12 months preceding the survey. You can read the full report here.
A report notes that Bitcoins dominance among cryptocurrencies in terms of trading volume is hitting away at the prolonged craze for Decentralised Finance or (DeFi) in the market. While market cap dominance remains below 60%, earlier this month, the trading dominance of BTC has spiked to levels not seen since 2017 when the price hit an all-time high at $20,000. With Bitcoins trading volume increasing, the global trend suggests that the market for DeFi tokens or altcoins to slump. It remains to be seen whether this trend will affect the Indian crypto market, where crypto exchange platforms have just started developing decentralized exchange platforms. You can read the full report here.
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Cryptocurrency This Week: Crypto Ban In The Air, Crypto Scams Everywhere - Inc42 Media
Cryptocurrency provider tightens compliance in face of widespread fraud – JD Supra
CEP Magazine (October 2020)
LocalBitcoins, a Finnish peer-to-peer bitcoin marketplace plagued by criminal transactions, has spent the past year bolstering its compliance functions[1] after a study found that the marketplace processed the most criminal transactions of any cryptocurrency platform in the world.
CipherTrace, a blockchain forensics firm, released its spring 2020 report on criminal transactions across global cryptocurrency platforms,[2] which found that Finnish exchanges led the world for the third straight year, with just over 12% of all dark web cryptocurrency transactions flowing through its platform. The next highest percentage was found to be through Russian exchanges, which processed more than 5% of all criminal transactions.
The results led LocalBitcoins to invest in automatic screening and vetting software, as well as to implement protocols to align itself with Europes anti-money laundering directive[3] (AMLD5), which was published in May 2018. AMLD5 requires financial firms to implement strict know-your-customer protocols and extends to cryptocurrency platforms.
The CipherTrace study found that overall criminal transactions across all cryptocurrency platforms have decreased as more platforms implement stricter controls and compliance programs.
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Cryptocurrency provider tightens compliance in face of widespread fraud - JD Supra
Everything you need to know about Crypto Trading – Nairametrics
Trading cryptocurrency simply involves changing one cryptocurrency to another cryptocurrency or changing crypto to local money or Fiat. On the other hand, cryptocurrency trading also covers the buying and selling of any crypto or coins and exchanging to the fiat of ones choice.
To trade crypto assets, the first thing you need to do is to ensure you have a wallet where you can keep any cryptocurrency youll be purchasing from any crypto exchange platform like Remitano, Coinbase, Binance, etc. The first stage of trading cryptocurrency is creating an account. The essence of creating an account is to show interest and also give you the platform to get your cryptocurrency wallet.
READ: Cryptoexchanges withmost valuable crypto-assets in the world
These are platforms that allow the buying and selling of cryptocurrencies. There are centralized and decentralized platforms, but the bests are always decentralized. The decentralized platforms are controlled by multiple systems (meaning there is no single computer controlling it). These platforms allow you to buy and sell cryptocurrency and as well as store them in your wallet.
Read this article about decentralized cryptocurrency exchanges (DEX) to gain more insight into decentralized exchanges.
Exchanges charge traders a fee for allowing you to trade cryptocurrencies. The average fee per trade is 0.1% of each trade executed on the platform. Billions of dollars worth of crypto assets are traded every day. Lucky traders and early adopters have made it big from trading cryptocurrencies, and it is now their full-time job.
From my experience, there are basically two types of cryptocurrency trading; short term trading and long term trading. Now lets look at these types of trading.
This refers to buying cryptocurrency at a low price only to hold for a short time before selling at a marginal profit. Trading time can be between minutes to months.
The idea is simple; you buy a coin because you think the price will increase in a short time and then sell it for a quick profit.
This guide on day trading will help you become an expert at short term trading.
Long term holding refers to the act of holding a particular crypto asset for a very long time, years to be precise. The word HODL which means Hold on For Dear Life originates from long term trading. The idea of long term trading is to hold crypto assets for a very long term regardless of the volatility with the hope that it will increase by a significant factor after years of holding.
Fluctuations are the most significant problem that cryptocurrency traders face. Trading cryptocurrencies have many benefits, but before you trade, you must be aware of the risks involved in trading. Below are some of the cryptocurrency-related risks.
Cryptocurrency fluctuates: There is no fixed price over a fixed period for cryptocurrency. This means the worth of a cryptocurrency today can change tomorrow. The change can be slow or rapid, but it is quite unusual for cryptocurrency value to drop heavily. Most times, whenever it drops, it is always little, and theres still a time when it will pump (cryptocurrency increases).
READ: Fate of $2.3 billion worth of Bitcoins in Limbo
Cryptocurrency is not regulated: The bank and government are not in control of these digital assets. However, people are paying more attention to it because of its usefulness and how it is becoming generally accepted across the globe.
Security risks: There can be cryptocurrency mistakes, and cryptocurrency can be hacked: Sometimes, avoiding obstacles as a result of technical failures might be difficult. Hackers can also hack into cryptocurrencies and toy with it.
The best way to avoid issues with cryptocurrency is to get as much information as possible before starting.
READ: How to buy and sell Bitcoins in Nigeria
There are quite a number of people that are concerned about the best trading platforms to use for their transactions. There is no need to worry about that.
This article will highlight some of the top and best cryptocurrency exchange platforms you can use for trading. There are a lot of other platforms out there, and finding the best should be the aim. Below is a streamlined list of five cryptocurrency trading platforms that are safe and trusted.
READ: Bitcoin could reach $225,000 by 2021
This is the most recommended trading platform for both beginners and experts. The platform is a P2P escrowed marketplace that makes buying and selling of cryptocurrency and trading to local currency easier and faster. You are connected with buyers or sellers (depending on what you want to do), and the transaction goes on safely.
Coinbase is one of the best platforms for trading. It is highly secured and easy to use for trading leading cryptocurrencies like Bitcoin, Ethereum, and others. Coinbase has APIs that allow developers to link with third-party apps and trading platforms. Coinbase is on this list because it is easy to use, highly secure, and fees are low.
Kraken is on the list because it is an old and consistent cryptocurrency platform that allows funding from diverse options. This platform is super cool for beginners because it makes the onboarding process easier.
BItfinex is a good platform for all trading necessities. If you are already learned and good with trading, you will find this cryptocurrency exchange valuable. Beginners might find the interface complicated, but it supports different cryptocurrencies.
CEX.IO
This is a reliable platform for multiple cryptocurrencies. You can also make deposits from your local bank (credit card or any other option that suits you). The multiple payment option and high security, state compliance with regulatory organizations are top reasons why you should consider the platform. You can also track your investments with their developed reports.
The primary reason why cryptocurrencies are ideal for trading is because of the fluctuations. There are cases where youll have more profits due to the price when you bought the cryptocurrency, and you experienced an increase in the long run (that means youre making a profit). Also, the opportunity to buy cryptocurrencies when theyre cheaper or at the prices that are convenient for you and sell off when you realized theyve increased in value makes cryptocurrency ideal for trading.
It is an undisputed fact that the income coming from crypto trading might not be as huge as you might have envisaged, however, the more the value of the cryptocurrency youre holding or trading, and the longer you hold your cryptocurrency, the more your chances of cashing out big.
The price is influenced by the economic factor of demand and supply. This is what the cryptocurrency traders use in balancing their portfolio. Cryptocurrency is just a different and unique investment form or opportunity.
Now that you understand everything about crypto trading, you can learn how to begin cryptocurrency trading in 2020.
Visit link:
Everything you need to know about Crypto Trading - Nairametrics
Covid-19 Lockdown Impact On Cryptocurrency Mining Hardware Market 2020 | Growth and Demand | Projected By Market Data Analytics – The Think Curiouser
Global Cryptocurrency Mining Hardware Market Report Details Out Market Overview, Market Valuation, And Future Market Prospective
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Global Cryptocurrency Mining Hardware Market Overview Target Audience for the Cryptocurrency Mining Hardware Market Economic Impact on the Cryptocurrency Mining Hardware Market Global Cryptocurrency Mining Hardware Market Forecast Business Competition by Manufacturers Production, Revenue (Value) by Region Production, Revenue (Value), Price Trend by Type Market Analysis by Application Cost Analysis Industrial Chain, Sourcing Strategy, and Downstream Buyers Marketing Strategy Analysis, Distributors/Traders Market Effect Factors Analysis
The Cryptocurrency Mining Hardware market report has a paragraph dedicated to the market segmentation {ASIC Miner, GPU Mining Rig}; {Enterprise, Personal} mentioned in a bifurcated form for an easy grip on the global market. From the current contextual report, the clients get knowledge about the trade and industry, stringent industrial practices, profit and loss statistics, growth benefits, product demand and supply, economic fluctuations, and future market scope. The current research report basically aims towards only providing the customers with the entire market study and ongoing trends with just a single click in a simple and brief format.
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Cryptocurrency Market 2020 Product Type, Applications, Market Share and Forecast by 2026 | BitFury Group Limited, Microsoft Corporation, Ripple Labs…
A well researched business report presentation has been recently collated in the growing online data archive to understand diverse market developments shaping growth trajectory in global Cryptocurrency market.
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Regional Overview:
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To induce a more concrete, real-time synopsis of the current dynamics dominating the global Cryptocurrency market attempts to offer a decisive rundown of the major segments comprising of type, application as well as end-user profile, and regional expanse that collectively dominate future growth outlook in global Cryptocurrency market.
Essential Key Players involved in Global Cryptocurrency Market are:
BitFury Group Limited, Microsoft Corporation, Ripple Labs Inc., Intel Corporation, Advanced Micro Devices Inc., Coinbase Ltd., NVIDIA Corporation, AlphaPoint Corporation, BitGo, Xilinx Inc. and BTL Group Ltd. among others.
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Cryptocurrency Market Segmentation
Type Analysis of Cryptocurrency Market:
Component Segment
HardwareFPGAGPUASICWalletOthersSoftwareMining PlatformBlockchainCoin WalletExchangeType SegmentEthereumBitcoinLitecoinDashcoinRipple (XRP)OthersEnd-User Industry SegmentMedia & entertainmentRemittanceE-commerce & retailPeer-to-peer paymentOthers.
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