Category Archives: Cryptocurrency
Cryptocurrency Can Become a Medicine to Treat the Challenges Caused by Covid-19 – Coin Idol
Jun 13, 2020 at 12:52 // News
Who would ever think that coins can be used to halt the spread of diseases? Most of the people used to think that cryptocurrencies are only used for payments and investments purposes.
However, the global financial crisis as well as the outbreak of Covid-19 did much to change the financial space and fundamentally peoples trust in the banking structure. The invention of Bitcoin (BTC), the original cryptocurrency, by Satoshi Nakamoto back in 2009, has now caused more of a positive effect that it might have been expected.
Cryptocurrency provides another effective option of storing money and conducting payments minus depending on the traditional banking system and other central bodies. Most people have hidden their wealth in cryptocurrency in fear of inflation and the economic recession that has happened during and after the Coronavirus pandemic.
People no longer walk long distances to line up in banks to deposit or withdraw their funds, hence saving time and money. This has also helped to observe the social distance by avoiding the long lines on the money ATMs and inside banks, since financial transactions can now be conducted from home using cryptocurrency and other digital payment methods.
Many financial regulators, governments and central banks (CBs) have realised the benefits of digital currencies as they are exploring the potential of designing their own stablecoins and central bank digital currencies (CBDC) to replace traditional cash. For instance the US is developing the digital dollar and China is soon launching the digital yuan.
However, as per the report by the European Central Bank Eurosystem, if cryptocurrencies are used to totally substitute traditional money, it could lead interest rates to go under the zero-lower bound. By helping it to dodge the zero-lower bound (ZLB) and thus freeing negative interest rate policies (NIRP) of its prevailing limitations, a globe with only CBDC would allow for strong financial stimulus in a severe recession and/or economic crisis.
CB digital money brings a couple of alternatives for monetary policy, basically since variable interest rates on CBDC would offer for a new, non-redundant financial policy instrument that would enable the improvement of the entire efficiency of monetary policy.
Some cryptocurrencies such as Bitcoin and Ethereum are possible alternatives to fiat money. Nevertheless, public blockchains dont have enough processing power. In order to use it in the public sector, the control of regulators must also be strengthened.
The real alternative is the CBDC issued by the CB. The CB can distribute money through commercial banks or issue it directly to individuals. Experts including Tommaso Mancini-Griffoli, Deputy Chief in the MCMD at IMF, want the CBs to jointly issue and circulate the CBDC with private companies and commercial banks. The direct connection between the CB and the general public is a feasible model and the ripple effect will be significant.
But, if the central banks and other financial regulators dont amend their monetary policies to include digital currencies, most people especially those who have tested the sweetness, convenience and benefits of cryptocurrencies, are more likely to ignore using traditional banks, hence cryptocurrency digital wallets and CBDC-accounts replacing the need for bank accounts in the near future.
Most governments and the World Health Organisation (WHO), have been advising people to reduce the use of cash in order to stop further spread of Coronavirus. Infected money notes can easily spread the virus from person to person. That means that people will have no other option but to use available, secure, transparent, effective and fast digital payment methods, of which cryptocurrency has all those qualities that the public want.
People have also been advised to stay and work from home. The cryptocurrency has helped people and the quarantined population to order goods and services online, and then pay using BTC and other accepted digital currencies. Some of the top countries/places that have seen an increase in the use of coins during this global crisis include Singapore, Australia (Brisbane), United States (California), Sweden, New Zealand and Liechtenstein. Generally, cryptocurrency has been a free vaccine that helps to maintain social distancing and thus shields people from acquiring this deadly disease.
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Cryptocurrency Can Become a Medicine to Treat the Challenges Caused by Covid-19 - Coin Idol
The emerging world of cryptocurrency – Global Banking And Finance Review
By James Turner,Director, Turner Little
As the name suggests, cryptocurrencies are an emerging currency based on cryptography. Bitcoin is the most famous example, but new ones are being launched all the time. But with so much information out there about cryptocurrencies, it can all get a bit bemusing.
As it happens, cryptocurrencies have been in existence for quite some time, and many believe they are the future of currency, so its important to invest in your understanding, shares James Turner, Director at company formation specialists, Turner Little.
So, heres our simple cryptocurrency explainer how they work, why they matter, and where to start if youre considering investing in them.
How do they work?
There are a limited number of digital coins available, and powerful computers mine these coins by solving highly complex equations. People are then able to buy and sell these coins via cryptocurrency exchanges. Cryptocurrencies are stored in digital wallets and can be exchanged for certain goods and services, although its important to note that not everyone accepts them. To reduce the risk of fraud, every transaction is recorded in a blockchain.
What is a blockchain?
A blockchain is a distributed ledger. In other words, every transaction is recorded as a new block of information in an encrypted chain of data. With traditional currencies, banks oversee the ledger, whereas with blockchain, it is shared and synced across multiple places. This means if anyone attempts to alter the blockchain, it will no longer match the other copies that exist.
Why do cryptocurrencies matter?
Cryptocurrency is transforming the financial landscape because it de-centralises financial transactions. Essentially, people no longer need to use banks to transfer money. Its fans say that this democratises money and respects peoples privacy. Its detractors day that this relative lack of oversight and regulation can make it unreliable.
Cryptocurrency also has periods where it has risen sharply in value in a short period of time, which has attracted investors. That said, its price has generally been quite volatile compared to traditional currencies.
Should I invest in cryptocurrency?
There is no simple answer to this question, nor can we give direct financial advice. As with any potential investment, its worth considering the risks and rewards and consulting a financial advisor, adds James.
To discuss your personal situation and find out more about the options available with cryptocurrency, get in touch with us today.
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The emerging world of cryptocurrency - Global Banking And Finance Review
Global Cryptocurrency Mining Market Expected to Reach Highest CAGR by 2025 Top Players: Advanced Micro Devices, Inc, Russian Miner Coin, Halong…
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Someone paid $2.6 million in fees to move $134 worth of crypto and oops – Mashable
There are typos, and then there are typos.
Someone appears to have made a mistake this morning when transferring the cryptocurrency ether (ETH), the younger sibling to bitcoin, from one digital wallet to another. After all, when moving around $134 dollars worth of digital currency, it hardly seems like anyone would intentionally pay a $2.6 million fee and yet that's exactly what happened.
That's right. Someone paid 10,668.73185 ETH, worth approximately $2.6 million at the time, to move 0.55 ETH from one wallet to another. The transaction, in all its painful glory, is visible on Etherscan a tool for viewing and searching ETH transactions.
While the internet loves a good conspiracy, and many on Twitter are speculating that this is evidence of some elaborate form of money laundering, a much simpler explanation is likely: a mistake.
Ethereum users can dictate the terms of their transactions, setting both the amount of ETH they want to send and the amount of fees they are willing to pay. The higher the fee, the thinking goes, the more likely their transaction will be included on the next block i.e. it will go through more quickly. It's possible, therefore, that someone attempted to send $2.6 million worth of ETH with $134 in fees and simply reversed the two fields.
Which, yeah. Oops.
Of course, we are talking about cryptocurrency, so some kind of convoluted scam is always a possibility. However, this wouldn't be the first time that an unusually large fee has been paid on an otherwise small transaction. In February of 2019, someone accidentally paid 2,100 ETH in fees to move .1 ETH.
Coindesk reported at the time that the South Korean blockchain firm behind the error admitted to the mistake, contacted the mining pool that had benefitted, and worked out a deal where the firm got half of the accidentally sent ETH returned. Notably, that partial happy ending 100 percent relied on the goodwill of the mining pool, as ETH transactions are non-reversible by design.
SEE ALSO: Not above the law: Steven Seagal's shady crypto past under siege by SEC
Is that what happened this time around? It's impossible to know for sure with the information that's publicly available at the moment, but either way, the next time you fat-finger a text message or make an embarrassing typo just keep in mind that it could be worse. Like, $2.6 million worse.
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Someone paid $2.6 million in fees to move $134 worth of crypto and oops - Mashable
80% of US and European Institutional Investors Find Cryptocurrency Appealing: Survey – Bitcoin News
A new survey of about 800 institutional investors in the U.S. and Europe shows strong cryptocurrency adoption, particularly bitcoin. About 80% of institutions said they find cryptocurrency appealing, and 60% believe cryptocurrencies have a place in their portfolios.
Fidelity Digital Assets, the cryptocurrency arm of Fidelity Investments, announced Tuesday the results of a survey to better understand institutional interest and adoption of cryptocurrencies as well as key barriers to investing in them. It was conducted from November 2019 to March 2020. Fidelity Digital Assets offers a full-service, enterprise-grade platform for securing, trading and supporting cryptocurrencies.
A total of 774 institutional investors participated in the survey, 393 of which were in the U.S. while 381 were in Europe. Respondents include financial advisors, family offices, pensions, crypto and traditional hedge funds, high net worth investors, endowments, and foundations. This is the second consecutive year Fidelity has surveyed U.S. institutions but it is the first time it surveyed European investors. According to the results:
Almost 80% of institutional investors find something appealing about digital assets.
Breaking down the number, 74% of U.S. institutional investors find cryptocurrency appealing, while 82% of European investors do. A notable contrast is that 25% of European investors find the fact that certain digital assets are free from government intervention to be appealing, whereas only 10% of investors in the U.S. feel this way, the report further reads.
Moreover, 36% of respondents 27% in the U.S. and 45% in Europe revealed that they are currently invested in digital assets. Bitcoin continues to be the cryptocurrency of choice with over a quarter of respondents holding BTC while 11% have exposure to ETH. Looking out five years, 91% of respondents who are open to exposure to digital assets in a portfolio expect to have at least 0.5% of their portfolio allocated to digital assets, the report adds.
Three characteristics of cryptocurrencies are most compelling to both U.S. and European institutional investors. 36% of respondents said uncorrelated to other asset classes, 34% are compelled by innovative technology, and 33% by the high upside potential. The report notes:
The majority of institutional investors (6 in 10) feel digital assets have a place in their portfolio, though opinions vary on precisely where.
Despite growing interest among institutions, obstacles remain to cryptocurrency adoption. 53% of respondents cited price volatility as the main reason, 47% said market manipulation, and 45% said lack of fundamentals to gauge appropriate value.
Fidelity Digital Assets president Tom Jessop commented on the survey findings: These results confirm a trend we are seeing in the market towards greater interest in and acceptance of digital assets as a new investable asset class. This is evident in the evolving composition of our client pipeline, which spans from crypto native funds to pensions.
What do you think about institutional interest in cryptocurrency? Let us know in the comments section below.
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80% of US and European Institutional Investors Find Cryptocurrency Appealing: Survey - Bitcoin News
Zilliqa, the fast-rising cryptocurrency that has gained more than 845% since March – Nairametrics
MoneyGram recently reported a growth rate of over 100% of the year to year digital transactionson its platforms in Q1 2020, thanks to its recent partnership with Ripple (a leading cryptocurrency platform).
MoneyGram is afast-growingplatform for cross-border P2P payments and money transfers around many countries.
Last year, MoneyGram received $20 million in funding from Ripple to enhance its payment solutions through a partnership system with many leading financial institutions.
The funding by Ripple completes its $50 million offerings for about 15% stake in MoneyGram to run its experimental program for testing the effectiveness of the digital token XRP.
This deal would definitely give MoneyGrams arch-rival,Western Union,a run for its money.Reports from different private sources, seen by Nairametrics showthatWestern Union is now bent on buyingMoneyGramto scaleonitsrobustgrowth experienced lately.
READ MORE: Bitcoin: Nigerias new goldmine
Recall that XRP(Ripple),the fourth most widely used crypto-asset behind Bitcoin, Ethereum, andTether, had recently gotten the attention of the worlds biggest economy for money remittance.
U.S Consumer Financial Protection Bureau, which plays a major role in protecting Americas consumers in the financial sector,recently acknowledged Ripple by sayingthatitwouldseekcontinued growth and expanding partnershipsof companies such as Ripple.
READ ALSO: Bitcoin loses $1500 in 3 mins, pigs get slaughtered in BTC market
Im excited to report that our strong digital growth continued to accelerate in May, highlighting yet again the incredible progress weve made as an organization to focus on our strategy to lead the industry in digitizing the movement of money, AlexHolmes MoneyGram Chairman and CEO said.
Our digital business growth in May is particularly notable as we not only increased our active digital customer base but also continued to see these new digital customers return and transact more frequently due to our seamless customer experience and global platform, Holmes added.
The organic growth of MoneyGrams transactionsalsodeepensits hold on money transfersin 200 countries (70 countries enjoying the digital services).
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Zilliqa, the fast-rising cryptocurrency that has gained more than 845% since March - Nairametrics
Cryptocurrency misappropriation, hacking, theft and fraud on target for banner year – JD Supra
According to one blockchain and cryptocurrency security firm, this year is on pace to be the second highest in cryptocurrency theft, hacking and fraud, with January through May 2020 already seeing $1.36 billion stolen in crypto crimes.
CipherTraces Spring Cryptocurrency Crime and Anti-Money Laundering Report (Report) released on June 2, 2020, revealed that 74% of bitcoin that moved in exchange-to-exchange transactions was cross borderhighlighting the need for compliance and regulation. In particular, the Report noted the need for global implementation of the Travel Rule, which applies to all US banks and Money Services Businesses (MSB), including crypto exchange and custodial wallet providers, for transactions of $3,000 and more. The Travel Rule requires banks and MSBs to share the names, geographical addresses and account numbers of both the originators and beneficiaries tied to payments of $3,000 or more with the next financial institution in line to handle the funds. The rule is a blow to the pseudo anonymity associated with cryptocurrencies.
The Report also noted an expected greater scrutiny of US Bitcoin ATMs (BATMs), as users sent more funds to high-risk exchanges than low-risk exchanges in 2019 through BATMs. High-risk exchanges are more likely to be used for money laundering schemes, such as the one run by Kunal Kalra, who pleaded guilty last year for operating a virtual currency exchange business where he exchanged US dollars for bitcoin, including proceeds of criminal activity, such as the sale of narcotics on the Darknet. At the time, the case was believed to be the first of its kind charging an unlicensed money remitting business that used a bitcoin kiosk. But with the percentage of funds being sent to high-risk exchanges doubling each yearso far this year, up to eight percent of all BATM payments are sent directly to high-risk exchangesregulation of, and enforcement actions involving, these exchanges are likely to increase.
Enforcement actions are already starting to materialize. Earlier this year, the Office of the Comptroller of the Currency (OCC) issued a cease and desist order to a US-based bank in New York for failing to fully vet its cryptocurrency customers and transactions in high-risk jurisdictions.
The cease and desist order noted insufficient Anti-Money Laundering (AML) controls, including opening accounts for Digital Asset Customers without sufficient customer due diligence and a lack of adequate monitoring and investigating of suspicious transactions linked to these customers. These deficiencies, in turn, prevented the bank from effectively identifying and investigating suspicious activity linked to crypto-related accounts, which prevented the bank from submitting Suspicious Activity Reports (SARs) to the US Department of Treasurys Financial Crimes Enforcement Network (FinCEN). Importantly, the bank in question was required to implement measures to update its AML and Bank Secrecy Act (BSA) compliance programs involving digital assets.
The Report also found that the global average of criminal funds sent directly to exchanges overall dropped 47% in 2019, suggesting that criminals are finding it harder to offload illicit proceeds directly into cryptocurrency exchanges. While this suggests more effective implementation of AML measures, the downside may be that criminals are getting smarter about concealing the origins of their stolen funds prior to cashing out on exchanges.
In 2019, blockchain hacks, frauds and thefts totaled $4.5 billion, with the vast majority of that amount attributed to fraud and misappropriation versus hacks and thefts.
This year, the trend remains the same, with scams related to COVID-19 contributing to the losses. These scams take the form of impersonation of legitimate organizations and entities (i.e., the Red Cross) in order to obtain personal information and payment in cryptocurrency, applications claiming to support victims but, which are actually spying on users and the sale of PPE supposed treatments, testing kits, and phishing kits that never materialize.
The Report identified Finnish, Russian and UK exchanges as the top three global destinations for criminal funds last year. The Report reiterated that earlier this year, the Financial Action Task Force (FATF), often referred to as a global AML and counter-terrorism financing watchdog, found that the United States is largely compliant when it comes to regulations relating to cryptocurrencies and virtual assets.
Given the pace at which bitcoin fraud, misappropriation, theft and hacking appears to be occurring this year, as well as the latest criminal cases and enforcement actions, banks and MSBs are best advised to examine the robustness of their AML and BSA compliance programs, particularly in light of the Travel Rule, in order to avoid an enforcement action, losses associated with cryptocurrency fraud or, worse yet, a criminal case.
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Cryptocurrency misappropriation, hacking, theft and fraud on target for banner year - JD Supra
Cryptocurrency Quotes and Forecasts: Last Updates on Cryptocurrencies – FinSMEs
In order to profitably trade in a highly volatile market like cryptocurrency trading, the trades have to be on top of all the expert quotes and forecasts they can find on a daily basis.
Cryptocurrencies are the revolutionary digital alternatives to the physical currencies regulated by the central banks around the world. Unlike traditional currencies like dollars, pounds, or euros, cryptocurrencies cant be converted to cash. However, they can be bought, exchanged, and traded on specialist platforms available online. The currencies themselves only exist digitally, with all the ownership information stored in encrypted ledgers.
The first successful cryptocurrency is Bitcoin and it was launched back in 2009. Within a couple of years, a few other cryptocurrencies were introduced, making the possibility of exchanging the digital currencies with one another. It works similarly to the traditional stock and forex markets and requires the use of a cryptocurrency exchange. On some platforms, you can also exchange or trade cryptocurrencies against dollars.
Trading and Exchanging Cryptocurrencies
Between 2017 to 2018, major cryptocurrencies such asBitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash, etc. saw a massive surge ininterests from investors, which eventually pushed the Bitcoin value to as highas $20,000 each. It came down to $3,000 level in the following year, and now,experiencing a slow but steady upturn.
As you can see, cryptocurrencies are highly volatile assets. Their value goes up and down on a massive scale and is prone to speculative news and information. Therefore, traders in the cryptocurrency market need to be very careful. There are a number of technical analysis tools available, with many daily resources to learn about the latest quotes and forecasts.
Latest Forecasts on Major Cryptocurrencies
At the time of writing, Bitcoin (BTC) the most important cryptocurrency in terms of value is moving in the $9,000 marks, while Ethereum (ETH) is moving in and around $200. So, borsainside.com, tells us what lies ahead for the top three digital currencies in terms of value.
Bitcoin (BTC/USD)
After the halving in the second week of May this year, Bitcoin prices are experiencing some optimism from the investors. The price is moving just above $9,000 levels. With some analysts predicting a nine percent chance for the price to reach an all-time high, investors should be looking at the $10,050 level, breaking through which may lead to a consistent upward movement for a few days.
Ethereum (ETH/USD)
In light of Bitcoin halving and the launching possibility of Ethereum 2.0; analysts are mainly bullish about this coins value. If it holds the $190 level, and push upwards, all the technical signs suggest for the value to reach between $330 to $360, the level previously seen in 2019.
Ripple (XRP/USD)
December last year saw the value of XRP drop by amammoth 13%. While it somewhat recovered at the beginning of this year, thevalue continues to move around $0.15 $0.20. Analysts see some more downwardmovements, which may turn bullish only if it reaches $0.28 mark.
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Cryptocurrency Quotes and Forecasts: Last Updates on Cryptocurrencies - FinSMEs
Europol busts $17 million illegal Netflix site that used cryptocurrency – Decrypt
European authorities have seized a bootleg streaming service frequented by over 2 million users. The platform, which came decked out with its very own customer service team, ran a tight shipearning over 15 million ($17 million) via bank transfers and cryptocurrency.
Accused of pirating over 40,000 movies, documentaries, and TV programs from Netflix, Amazon, and the likes, the criminal operation ran for over five years before being captured by Europol, Bloomberg reports.
Discovered among the ill-gotten plunder were exotic cars, property, and approximately 4.8 million ($5.4 million) in cryptocurrencies. Additionally, officials froze a further 1.1 million ($1.2 million) in various bank accounts.
The bust comes as millions seek refuge online amid coronavirus lockdownsbolstering the bottom lines of entertainment services. Legitimate streaming service Netflix added 15 million subscribers in Q1 2020 alone as a result.
The coronavirus also prompted a rampant rise in piracy. According to anti-piracy firm, Muso, come March, visits to illegal piracy sites had spiked by more than 40% in the US.
In response to unabated content swiping, streaming services may choose to up their costs, say experts.
The background threat of piracy means that the subscription video-on-demand services will have the ongoing threat of piracy as a pricing factor, Midia Research analyst Tim Mulligan told Bloomberg.
Ironically, price hikes may initiate a vicious cycle, leading more people to seek cheaperand in some casesillegal alternatives.
Nevertheless, blockchain may hold the answer. As reported by Decrypt, several ventures are applying blockchain's immutable faculties to anti-piracy systems. This includes the Content Blockchain Project, which harnesses an open standard via a decentralized blockchain ecosystem to crackdown on pirated content. But in the meantime, this raid will be quite the setback.
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Europol busts $17 million illegal Netflix site that used cryptocurrency - Decrypt
Watch | What is crypto-jacking? – The Hindu
A cryptocurrency is a digital asset stored on computerised databases. These digital coins are recorded in digital ledgers using strong cryptography to keep them secure.
The ledgers are distributed globally, and each transaction made using cryptocurrencies are codified as blocks. And multiple blocks linking each other forms a blockchain on the distributed ledger.
There are estimated to be more than 47 million cryptocurrency users around the world.
These cryptocurrencies are created through a process called mining. To mine digital coins, miners need to use high-end processors that will consume a lot of electricity.
These minted digital assets are decentralised, unlike physical cash that is regulated by each countrys central bank. The ownership of these digital assets is cryptographically coded, and the blockchain system enables transfer of ownership.
Also read: Notes on a digital currency plan, made in China
But, to ensure it is used only by one entity, the distributed ledger accepts transaction performed by the first user, rejecting all other blocks. This way, the same cryptocurrency cant be used by two different entities, making a fool-proof financial system.
However, there are other ways in which a security breach can happen in this world of cryptocurrency. Crypto-jacking is what some digital coin miners do to illegally gain access to many computers. The miners stealthily drop malware in an unsuspecting users pc.
Once installed, the crypto mining code runs surreptitiously and turns devices into cryptocurrency-mining botnets. The mined digital assets are then stored in digital ledgers with unique codes.
Unlike most other types of malware, crypto-jacking scripts do not use the victims data. But they drain the CPUs resources, which slows down the system, increases electricity usage, and causes irreparable damage to the hardware.
Hackers tend to prefer anonymous cryptocurrencies like Monero and Zcash, over the more popular Bitcoin as it is harder to track illegal activity back to them on these platforms.
The practice of crypto-jacking is currently on the rise as the price of the asset is falling, according to Palo Alto Networks. So, to reduce costs associated with mining, hackers resort to crypto-jacking.
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Watch | What is crypto-jacking? - The Hindu