Venezuelan Central Bank Considers Adding Bitcoin to Balance Sheets

Venezuelan Central Bank Considers Adding Bitcoin to Balance Sheets

                           

Despite operating its own largely unsuccessful, state-backed cryptocurrency,

the petro, the central bank of the Bolivarian Republic of Venezuela is also considering adding bitcoin to its balance sheets, giving state institutions the ability to settle payments in cryptocurrencies. Cryptocurrency mining has been especially popular in Venezuela for several years, due to factors such as the low cost of electricity and lack of access to financial institutions caused by international U.S. sanctions. Although the Venezuelan government launched the first state-backed cryptocurrency in 2018, the usage of world-renowned crypto assets like bitcoin has been steadily rising. 

On September 26, 2019, Bloomberg reported a new development in the Venezuelan crypto scene: the largest, state-backed oil company Petroleos de Venezuela SA (PDVSA) has made a formal request that the Venezuelan central bank deal in bitcoin and ethereum. According to Bloomberg, PDVSA is having trouble making and receiving payments through conventional channels, due to banks’ refusal to deal with Venezuelan businesses. However, PDVSA has in its possession a large, unspecified reserve of these two popular crypto assets. It believes that the Central Bank of Venezuela can use these reserves to pay off the company’s debts and receive payments without needing to go through traditional exchanges.

Circumventing Sanctions

The report claims that the Central Bank of Venezuela is seriously looking at its ability to make deals with this sort of asset. The Venezuelan government began officially experimenting with using BTC to circumvent various international sanctions in July 2019, so this development seems in line with previous behavior. Of particular interest, however, is the added note that the Venezuelan government is considering the feasibility of counting crypto assets toward the nation’s international reserves.

The Venezuelan government’s international reserves currently sit at the lowest point in three decades: $7.3 billion. Venezuela had previously entrusted a further $1.2 billion worth of gold to the Bank of England, which the bank has unilaterally refused to give back to them. Citing diplomatic ties to the United States and a disposition from both the U.S. and the U.K. to support Juan Guaido’s complete nonstarter of a self-proclaimed “interim presidency,” it does not seem clear if the bank will ever return such a substantial portion of the entire treasury back to Venezuela. Depending on how successful the central bank’s attempts to deal in bitcoin are, plans like this could help the hemorrhaging national economy regain some stability.

Article Produced By
Landon Manning

Landon Manning is a writer for Bitcoin Magazine.

https://bitcoinmagazine.com/articles/venezuelan-central-bank-considers-adding-bitcoin-to-balance-sheets

Bitcoin Magazine Week in Review

Bitcoin Magazine Week in Review

                                

Bitcoin Magazine’s Week in Review brings you the most critical, interesting and popular news stories affecting Bitcoin this week.

With New Exchange Features, Wallets Aren’t Just for Storing Bitcoin Anymore 

The functionality of cryptocurrency wallets has been rather limited to straightforward asset storage, with a few branching out to asset transfers as well. However, a revolution is coming and it could transform how they operate completely. Developers are beginning to integrate exchange functionalities into hardware cryptocurrency wallets, essentially making it possible for inter-currency trading to be done.

Bakkt Opens Bitcoin Futures Trading, Clocks 29 Contracts in First 12 Hours

After months of speculation, cryptocurrency trading platform Bakkt launched its bitcoin futures contract offering this week. The contracts essentially enable investors to place speculative bets on the price of bitcoin in the future, and while these aren’t the first such products to be launched, the distinction here is that the contracts offered by Bakkt will be physically delivered — allowing traders be paid in bitcoin upon the maturity of the contracts, as opposed to in cash equivalents.

With 4.3 Million Bitcoin Mining Machines, Hash Rate to Hit 120 E by 2020

The bitcoin mining industry has continued to log new milestones, with miners riding this year’s cryptocurrency price rally, growing mining difficulty and the imminent reward halving in 2020. An industry report from China-based ASIC miner manufacturer Innosilicon has revealed that there are currently 4.3 million bitcoin mining machines on the network, with a demand for another 1.5 million yet to be filled. Once this market gap is filled, the report estimates that the total Bitcoin hash rate could increase by 75 exahashes by the end of the year. 

Sure, the Bitcoin Price Flash Crashed, but Hash Rate Is Fine

On Wednesday, reports surfaced that the Bitcoin hash rate dropped about 30 to 40 percent, following a price flash crash in bitcoin’s price from $10,000 to $8,300. Given the gravity of the fall in both metrics, speculations arose that the fall in price could be directly tied to the drop in the hash rate. Well, as it turned out, the hash rate is fine. The issue was a deviance in the block times that was being mined, nothing else. “It was just regular random fluctuations in block times. The longer time period over which you estimate hash rate, the more accurate your estimate is likely to be … and vice versa,” Jameson Lopp, the cypherpunk CTO of Casa, explained on Twitter.

Bitmain to Play Matchmaker Between Mining Farms, Miners With New Service

Bitmain, the largest manufacturer of bitcoin mining equipment in the world, is continuing to take advantage of the surge in the mining space. This week, the company launched the World Digital Mining Map (WDMM), a service which will essentially connect miners and mining farms together. With the WDMM, individual miners who need a cost-effective way to host their hardware can access a directory of mining farms close to them, complete with details of their efficiencies, their mining capacities and a host of other relevant specs. 

Bitcoin in Africa: Offering ‘New and Better Ways of Exchanging Value’

Appreciation for cryptocurrencies in Europe and the Americas is relatively high compared to attitudes in Africa. On that continent, knowledge about cryptocurrencies is sparse at best, but this can’t stop those Africans who are interested in cryptocurrencies from embracing them. In an interview with Owenize Odia, the country manager for Luno Nigeria, Bitcoin Magazine unearthed details about the current push for cryptocurrency adoption in Africa and how effective it has been so far.

25,000 Points of Sale in France to Accept Bitcoin Payments

News broke this week that France could see up to 25,000 points of sale within the country accept bitcoin as a means of payment next year. The initiative will see retail software provider Global P.O.S. leverage its wallet application EasyWallet and payment processor Easy2Pay to enable the payment option. Cosmetics giant Sephora, sports gear company Decathlon and others are expected to be part of the program, which will be launching in 2020.

Article Produced By
Jimmy Aki

Jimmy has been following the development of blockchain for several years, and he is optimistic about its potential to democratize the financial system.

https://bitcoinmagazine.com/articles/bitcoin-magazine-week-in-review-2

Bitcoin Price Sideways Market Stretches on What Will Change It?

Bitcoin Price Sideways Market Stretches on… What Will Change It?

                               

Despite a bump over the weekend, the bitcoin price continues to sustain its $10,000 level,

trying to balance a sideways movement and walk away from any bearish channel influence. Let’s look at the charts to see where that could take us, in our weekly technical analysis report.

Bitcoin Price Technical Analysis

Long-Term Analysis

After a developing rise from the $4,000 USD level (started in April 2019) reached $14,000 in June 2019, the bitcoin price stayed in a sideways lateral market around $10,000, which would last for another month. From there a bullish consensus gained strength, and even current sideways movements are trying to walk away from the bearish channel influence. High exposure to external factors spreads the general will around, and offer and demand seem to be fragilely balanced. A high volatility scenario configured a 4,000 basis point range, recognizing $9,000 as a support and a target near $15,000. That’s if and when values overcome $12,000, moving institutional investors to re-enter the game. On the other hand, current distribution patterns are still active, and if the $9,000 support level is broken, our next scenario would include a deep fall to $6,000.

Mid-Term Analysis

Mathematical Indicators arrived at the bottom without knocking down the quotes, and started to turnover bringing positive signals. However they also failed to stimulate a trend to go up steadily, and quotes keep reinforcing the lateral development structure around $10,000. Even high volatility action could be considered a reason to allow a bullish chance, now backed by technical tools, if the current dispersed and erratic general will receives some news or external factor stimuli that unifies majority criteria. Should that happen, the target to the up side should coincide with a big triangle pattern near $15,000… or near $6,000 if it breaks to the down side instead.

Short-Term Analysis

Elliott Wave Theory’s counting seems to be starting a third upward movement, heading the trend to the $12,000 level. If this theoretical development confirms, the fourth wave could correct from there to $10,500 in October and a fifth upward one to higher levels would start on November to overcome $15,000. On the other hand, Japanese Candlestick Fairy Soldiers’ strength could decay if they’re still defending their current level from offer´s Crow distribution action, without moving up to transfer the action over $12,000. Bollinger Analysis is still neutral, reflecting prices over the centerline but without the stamina to go higher, breaking the channel’s upper bound. If offering action gets overflowed by some external factor, all the activity could shift down to get locked for another two months at a lower point, cancelling the bullish chance.

Article Produced By
Ramiro Burgos

Ramiro is a technical analyst specializing in stocks, futures, options and Bitcoin. He provides weekly analysis on the bitcoin price for Bitsonline. Based in Buenos Aires, Argentina, Ramiro has worked in the financial industry since 1987, with his technical analyses appearing in local and global news publications.

https://bitsonline.com/bitcoin-price-sideways-stretch/

Is the Bitcoin Price Leaving the Bears Behind?

Is the Bitcoin Price Leaving the Bears Behind?

                                

At last, the bitcoin price has started to leave its bearish channel influence behind.

Recently it has consolidated above the $10,000 USD level as a new market reference, while a long term formation takes place. That’s the latest view in our weekly technical analysis — read on to find out more.

Bitcoin Price Technical Analysis

Long-Term Analysis

The bitcoin price is still keeping to a sideways lateral market around $10,000, walking away from bearish channel influence. Meanwhile, a bullish consensus gains strength. The high exposure to external factors spreads the general will, and offer and demand seem to be balanced around this new reference. This creates a 3,000 basis point scenario, which recognizes $9,000 as a support and a target near $12,000. Mass Psychology Analysis reflects that a Hope phase is active, prompting the general public to request information and opinions about cryptocurrencies from institutional investors, who then raise the topic for consideration via mass media.

Mid-Term Analysis

Mathematical Indicators have started to bring positive signals, but they’re also still failing to stimulate the trend enough to go up steadily. However the lateral development structure around $10,000 seems to be strong, and the current erratic general will stays balanced among contradictory News and external factors. The target to the up side should coincide with a big triangle pattern near $15,000, or near $6,000 if it breaks to the down side. But if the lateral market keeps developing, a long-term Rounded Bottom formation could take place favoring the upward chance.

Short-Term Analysis

Bollinger Bands Analysis still looks neutral, reflecting prices over the center line, but without stamina to go higher. After breaking the channel’s upper bound by sustaining that $10,000 lateral development, Japanese Fairy examples reflect that the current battlefield among demand’s Soldiers and offer’s Crows is confirmed between $9,000 and $12,000. This could stay active for another month, while external factors clarify the frame background of institutional investors’ role… or some News arrives to define the trend.

Article Produced By
Ramiro Burgos

Ramiro is a technical analyst specializing in stocks, futures, options and Bitcoin. He provides weekly analysis on the bitcoin price for Bitsonline. Based in Buenos Aires, Argentina, Ramiro has worked in the financial industry since 1987, with his technical analyses appearing in local and global news publications.

https://bitsonline.com/bitcoin-price-bears-behind/

Investing In Cryptocurrencies 101: A Beginner’s Guide

Investing In Cryptocurrencies 101: A Beginner’s Guide

                                Investing In Cryptocurrencies

Investing In Cryptocurrencies 101

Before talking about investing directly, we need to talk about the historical perspective of cryptocurrencies that will help you more in appreciating this invention.

History Of Cryptocurrencies

This goes back to the global 2008 Financial Crisis and when you talk about it, you can’t avoid without mentioning Bitcoin. In the month of October 2008, a paper was published on The Cryptography mailing list by an anonymous guy under the pseudonym “Satoshi Nakamoto“. Until today, the real identity of Satoshi Nakamoto is unknown but there are some fun facts on Satoshi Nakamoto which you can read here. Bitcoin was invented to put a full stop to insidious modern day banking and to create an alternative for people who wanted to opt out of the banking system. It was not a mere coincidence that Satoshi created and announced Bitcoin just after the financial crisis of 2008. In my opinion, and in the opinion of several other tech-economists, it was an all-out attack on the central banking system, a system that has become incompetent as well as insidious.

Satoshi Nakamoto-labeled text on the Bitcoin genesis block clearly indicated that after the 2008 bailout of banks, the crisis would hit soon again. The text of the label was “03/Jan/2009 Chancellor on brink of the second bailout for banks”. Bitcoin was actually created to provide people the alternative to modern day banking and saving them from the inflationary policies of corrupt governments. It was also created to show the world that decentralized trust can be created if backed by solid mathematical models – cryptography. Hence, Bitcoin, the world’s first cryptocurrency, was created. Since then, this space has progressed by leaps and bounds. Today, we have more than 1500 cryptocurrencies around us. If you don’t trust me, take a look at the number of coins listed on CoinMarketCap.

Get Your Mind Set For A Roller-Coaster Ride

Important: Crypto isn’t for the weak hearted. Don’t blame me later for not warning you. If you are getting into the crypto world, be prepared for a roller-coaster ride because it is a wildly volatile asset class. If you can’t handle a drop of 80% and then ride a wave up to 200-300%, this is not the place for you. Also, if you think you will reap benefits to the tune of 300-400% on your investment in a matter of days, you are grossly mistaken. There are no guarantees, and a lot will depend on your knowledge, risk appetite, and luck.But you know what, I deliberately missed one year: 2014. In that year, Bitcoin prices plummeted, incurring a 62% loss to investors. Also, at the Ever since the start of 2018, Bitcoin has lost its 69% value. This is just to give you a fair idea of what you are getting into.

Never Invest More Than What You Can Afford To Lose

That is the basic rule of any investment. Never invest more than what you can afford to lose. I am saying this because I have witnessed first-hand the wild volatility of this market and know quite a few people who have a lost a lot by investing more than what they can afford to lose. If you don’t follow these basic investing principles, you may end up like some of these people: This all not to scare you. Instead, this is to warn you about the wrong mindset people have which results in losing a lot of money.

Don’t Fall For Scams

Usually, people are lured by the fact that crypto is a get-rich-quick scheme and there would be LAMBOS (a funny acronym used for Lamborghinis in crypto space). But is that really true? Yes, it is. Early investors have already made a huge amount of money. And out of these super rich guys, some will launch their own crypto MLM scams just like Amit Bhardwaj, who scammed many people of millions of dollars. That’s why you need to learn how to discern common cryptocurrency scams and invest only in good coins. (Read: 7 Most Common Types Of Cryptocurrency Scams & Tips to Avoid Them) This brings us to the next topic of finding coins that have a use case as well as decent chances of price appreciation.

Only Invest In Unicorn Coins

Do you know our habit?

We don’t invest in coins that we haven’t researched. Having said that, we don’t gamble and always do a thorough fundamental analysis of prospective coins that we think are worth buying/selling. And so far so good, all the coins that we have covered on CoinSutra are doing pretty well. That doesn’t mean you should blindly follow us as we are not your investment advisors. But we can give you a head start in the right direction. So far we have covered more than 20 cryptocurrencies that we believe have a good use case. Here they are:

Find Out Reliable Exchanges If You Don’t Want to Lose Your $$$

Fake and unreliable crypto exchanges are the most common cryptocurrency scams you will see happening in this space. Also, you will find that exchanges without proper security measures are sure to get hacked sometime or the other. Here are the testimonials of the top 5 Biggest Bitcoin Hacks Ever that speak for themselves.

Confused?

Well, anyone would be because exchanges are the first point of contact from where we buy/sell cryptocurrencies. That is why one needs to pick them carefully. For this task, you can rely on CoinSutra completely as we thoroughly vet crypto exchanges before using them ourselves and recommending to our audience. Here is the recommended list of exchanges:

  1. Binance: Offers mobile app and probably the fastest growing exchange. If you need to pick only one, this is the best and #1 in 2019.
  2. Bitmex: The whale of cryptocurrency exchanges. You can do margin trading if that’s your thing.
  3. KuCoin: One of the strongest exchanges that also offers a mobile app. They have been constantly updating their mobile app to make it one of the best in the industry.
  4. Gate.io: Many new cryptos can be found here. Unique approach and something you should sign up for in 2018. Also offers mobile app just like KuCoin and Binance.
  5. Changelly: Perfect for quick crypto exchange. Easy to use and great for beginners.
  6. Bittrex: Another high-quality exchange with lots of coins.

For Buying cryptocurrencies using credit/debit card.

  1. CEX: My favorite
  2. Changelly: Reliable
  3. CoinMama: Old but gold

Now that you know where you can get your cryptocurrencies, it makes sense in talking about what you can do with these to maximize your profits.

Profit Making Strategies In Crypto

Once you get hold of your cryptocurrencies depending upon its category you can do a lot many things to maximize your profits. Some of these strategies are:

#1. Buying & HODLing

#2. Buying & Holding Cryptocurrencies For Dividends

#3. Stake Cryptocurrencies

#4. Run Masternodes

# 5. Day Trading Cryptocurrencies

# 6. Airdrops: Cryptocurrencies Airdrops- Everything You Need To Know

#7. ICOs (beware of ICO scams): 5 Tips For Beginners Before Investing In ICOs

#8. Mining (Not feasible, initial investment high)

There are various methods of earning profits by investing in cryptocurrencies, and the same has been discussed in detail in our guide Top Ways To Earn Money From Cryptocurrencies.

Last Rule:

Lazy Enough To Ignore Crypto Security: Better Don’t Invest

If you are too lazy to follow the basic standards of online digital security, crypto isn’t your field.

  • Have good HD wallets
  • Use Hardware wallets like Ledger Nano X and Trezor
  • Have 2-FA authentication On Mobile Always
  • Password Managers like Dashlane
  • Firewalls & Antivirus
  • Seed key back-up
  • PIN code and Passphrase protection etc…

Also, always use the best wallets that allow you to control your funds and avoid using hosted wallets where you don own your private keys. It is so because:

If you don’t own your private key, you don’t own your cryptocurrencies.”

Also, learn about basic security tenants here, here and here because we have written these only for you. Portfolio Management Is A MUST In Crypto!!

All set:

Now, you have picked the winning projects, learned the security measures and picked the right wallet. But one thing is still left… Any guesses? Well, no prizes for this, as now the only thing left is how to track your investments and get insights on your profit/loss status as the market is always moving. That’s where you will need a crypto portfolio management tool.

  • Investors can use something as simple as CoinTracking 

There are plenty more, but these two will serve your purpose well. However, if you are extra choosy, don’t forget to take a look at our exclusive list of Best Cryptocurrency & AltCoins Portfolio Management Apps of 2019.

Self-Eduction Is The Key To Monetary Sovereignty

Crypto is all about your own monetary sovereignty by being your own bank. If you are not up for it yet, educate yourself more on this until you get it. Because if you get hacked or lose your money, no one else is to be blamed other than you. But that doesn’t mean you should get scared and do nothing. Instead, I would say start small and try to grow from there.

  • Be Up to Date

Always keep a tab on news and rumors because the crypto market is highly influenced by that. Doing this will help you make better strategies for buying/holding/selling particular crypto.

  • Don’t Over Do

Don’t spoil your health by sticking to your laptop for 24 hours. Instead, stick to a model and follow that regularly for successful investment habits.

  • Teach Others

Going back to why it started: It started to free people from the banks and traditional financial system. So if people don’t learn about this new approach to money, i.e. cryptocurrencies, it would probably fail. Therefore, extend a hand to help people learn about it so that cryptos can thrive.

  • Bonus****

Last, but not least, there are some bonus tools and services that will help you in monitoring price, development status, news, the potential of a coin, and volatility of various coins throughout your investment journey. And for this we have listed 6 Tools Every Cryptocurrency Investor Must Have From Day One, so go through it and share it with your friends.

Article Produced By
Harsh Agrawal

An award-winning blogger with a track record of 10+ years. An international speaker and author who loves blockchain and crypto world.After discovering about decentralized finance and with his background of Information technology, he made his mission to help others learn and get started with it via CoinSutra.Join us via email and social channels to get the latest updates straight to your inbox.

https://coinsutra.com/cryptocurrency-investing/

How To Instantly Buy Bitcoin With Debit or Credit card

How To Instantly Buy Bitcoin With Debit or Credit card

        
            Websites to buy Bitcoins

 is on its way to becoming mainstream, but the biggest hurdle is letting users instantly buy bitcoins. Most of the Bitcoin exchanges accept many payment options, with the exception of credit/debit cards. One reason for this is because of the irreversible nature of Bitcoin. However, there are many legit Bitcoin exchanges that have started accepting credit & debit cards as a payment method.

Here are some of the popular & legit Bitcoin websites where you can use your debit or credit card to buy bitcoins. I have tested these all myself. Regarding using a credit card, most of these sites use your cash limit on the credit card, so you need to check with your bank to find out what the cash limit on your card is.

So, without further delay, here’s that list:

  1. Cex.io
  2. Bitit
  3. CoinBase
  4. Coinmama
  5. Wirex

Do note that, a few credit card companies have stopped allowing the purchase of Bitcoin with Credit cards due to the volatility of the market:

  • Chase
  • Bank of America
  • Citi Bank

List Of Websites To Purchase Bitcoin Using Debit Card or Credit Card:

1. Coinmama

Coinmama is another site where you can use your Credit or debit card to purchase Bitcoins instantly. Unlike other sites, CoinMama doesn’t offer Bitcoin wallet & you need to add your Bitcoin Wallet address on which you want to receive Bitcoins. I found the price of Bitcoins to be higher here in comparison to CEX.io. However, this is another option that you should keep when you need to buy Bitcoins immediately.

2. Bitit

Bitit is a France based Bitcoin company that is selling popular cryptocurrencies including BTC. And they proudly claim to be the easiest place to get started with cryptocurrencies and I too believe so because they are selling cryptos in exchange of more than 10 fiat currencies. Also, one can use their service for buying bitcoin from credit/debit cards instantly as they support Visa, MasterCard, American Express, & Maestro powered debit/credit cards.

The process to get started here is simple and as explained below:
And after verification you will be entitled to these limits:

  • Purchase up to 1500€ per week via credit/debit card
  • Purchase up to 2500€/week by cash voucher, e-wallet or direct banking.

3. Cex.io

I used my travel card (prepaid USD card) to purchase bitcoins on Cex.io & it worked like a charm. When you have verified your account, go to the “Cards” section & add your cards. It may take 2-3 days for card verification, but once it’s verified, you can use it to instantly purchase bitcoins. Along with BTC, you can also buy ETH (Ethereum) using your credit/debit card.

4. CoinBase: (USA customers only)

CoinBase is one of the most popular websites to purchase Bitcoin, Litecoin & ETH. They also support purchasing Bitcoins using Visa debit/credit card & the process is instant. This feature is available to you only if you are from the USA. If are from any other country, you should look at other options listed here. To get started buying Bitcoins using a debit card on Coinbase, here is what you need to do:

  • Register for an account on Coinbase here
  • Complete KYC
  • Go to Payment settings page & click on Add payment method.
  • Select card & add debit/credit card.
  • Coinbase will make two small transactions.
  • Login to your card statement account & notice the small transaction amount.
  • Add it to your Coinbase account under the payment page (This would verify the card)

After this you can start purchasing Bitcoins anytime instantly using your added debit or credit card.

5. Wirex

Wirex is providing a complete crypto banking solution for UK residents and much more. Using Wirex you can buy Bitcoin easily. When you register on Wirex and complete you KYC you get access to a crypto linked bank account. Here you can top-up your account with a debit/credit card and use this top-up to buy BTC anytime. If you are someone looking for a complete banking solution, Wirex is the way to go as they have their physical cards to available for the UK. Here is the deal from CoinSutra: Wirex Deal: Free Virtual and Physical Bitcoin Debit Card.I will keep updating this exclusive list of sites that allow purchasing bitcoins using a credit & debit card.

Frequently asked questions:

Can you buy Bitcoins with a credit card?

Yes, there are many services you can use to buy bitcoin with a credit card.For now, it’s your turn to recommend any site that accepts credit or debit card as a payment method for bitcoins. Do let us know in the comments section below.

Also, check out:

  • How to Buy Bitcoin with PayPal
  • How To Buy Bitcoins With Cash
  • Best Methods To Buy Bitcoin with PayPal – 2019 Guide
  • When To Use A Bitcoin/Altcoin Mobile Wallet?

Article Produced By
Harsh Agrawal

An award-winning blogger with a track record of 10+ years. An international speaker and author who loves blockchain and crypto world.After discovering about decentralized finance and with his background of Information technology, he made his mission to help others learn and get started with it via CoinSutra.Join us via email and social channels to get the latest updates straight to your inbox.

https://coinsutra.com/buy-bitcoins-debit-credit-card/

Germany wants to introduce Blockchain securities in 2019

Germany wants to introduce Blockchain securities in 2019

                             

Germany is not considered a pioneer in digitization.

Fast Internet is a nuisance in many places, networked mobility new territory and top-end IT research chronically underfunded. But at least in one area, the Grand Coalition in Berlin wants to put pressure: in promoting blockchain technology. Until this Monday, it was worked on in the ministries, this Wednesday, the blockchain strategy is already adopted by the Federal Cabinet. Contrary to some fears, the strategy for decentralized database technology and virtual mapping of assets (tokens) has by no means been tentative. The Federal Government is obviously willing to make Germany the Blockchain pioneer – despite all the problems that brings the still young technology with it. “Using blockchain technology, all imaginable values, rights and obligations in tangible and intangible goods can be represented by tokens and their trade and interchangeability can potentially be simplified,” the strategy states.

Germany has a “dynamic ecosystem of developers and providers of blockchain-based services” and thus “a promising basis for the development of a token economy”. “To clarify and develop the potential (…) and to prevent abuse possibilities action of the Federal Government is required.” This action is now taking concrete shape: By 2019, the Grand Coalition wants to submit a bill for Blockchain bonds. Specifically, the strategy states: “The Federal Government wants to open German law for electronic securities. The currently mandatory specification of the securitized embodiment of securities (ie in paper form) should no longer apply without restriction. “

Electronic debt will come this year. Electronic shares and investment fund shares will subsequently be audited. “By the end of 2020, the Federal Government will investigate potential applications in corporate and cooperative law,” it states. In the end, there could be a “blockchain society” whose shareholders are established and vote by virtue of a virtual register. Thomas Heilmann, the blockchain expert of the CDU / CSU parliamentary group and father of the idea of ??the digital security, also sees significant progress: “The strategy is a good signal for the digital economy. Germany is becoming a pioneer in blockchain technology. And the substantive ideas that the CDU / CSU parliamentary group set in June can be found in good part. “

Not only Blockchain securities are to be regulated quickly. The government plans to “publish a bill this year to regulate the public offering of certain crypto-tokens,” said the strategy. A public offer of tokens is likely to take place only “if the provider has previously published an information sheet prepared in accordance with legal requirements, the publication of the Federal Financial Supervisory Authority (Bafin) has allowed.” The aim is a “high level of investor protection” and “legal certainty over with certain token designs associated legal consequences “. The Federal Government is reacting to the problems on the market for virtual IPOs, so-called ICOs.

Article Produced By
TheBitcoinNews.com – Bitcoin News source since 2012

Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. TheBitcoinNews.com holds several Cryptocurrencies, and this information does NOT constitute investment advice or an offer to invest. Everything on this website can be seen as Advertisment and most comes from Press Releases, TheBitcoinNews.com is is not responsible for any of the content of or from external sites and feeds. Sponsored or guest posts, articles and PRs are NOT always flagged as this. Expert opinions and Price predictions are not supported by us and comes up from 3th part websites.

https://thebitcoinnews.com/germany-wants-to-introduce-blockchain-securities-in-2019/https://thebitcoinnews.com/germany-wants-to-introduce-blockchain-securities-in-2019/

EU Crypto Victim Claims Expand

EU Crypto Victim Claims Expand

                                 

Today a third and find Request for Consultation requesting that at least €10 billion

in a compensation fund be set aside for victims of cryptocurrency related crime and fraud was lodged by crypto lawyer Dr. Jonathan Levy with the European Union Commission. The claim is on behalf of over 30 named victims with losses now totaling over €20 million. The EU’s position is that the fix for crypto crime and fraud is that all crypto currency wallets will be regulated by the beginning of 2020.  But not a penny set aside for victims who have lost billions of Euros to organized crime syndicates.

The victims’ lawyer lead counsel, Dr. Jonathan Levy rejects the EU position:

“Billions of Euros in crypto assets and cash are now in the hands of organized gangs of crypto criminals.  This is a national security issue.  The European Union Commission is ignoring its own rules on data protection, anti-money laundering and payment processing. Currently, 10-20 billion Euros in crypto assets are within reach and may be lawfully seized by the EU to compensate victims.  This is our immediate goal.”

Dr. Levy in today’s communication to the EU expanded the cryptocurrency victims claim process to include ICOs, crypto casinos, and cloud mining frauds. Levy also called the EU and UK government for ignoring previous complaints about ongoing frauds and bitmixing. He suggested the EU was deliberately ignoring its own laws and that the UK was aiding and abetting crypto crime through nonregulation and permitting the .IO top level domain (British Indian Ocean Territory) to become the world’s largest offshore money laundering center by volume. More importantly, Levy reminded the EU Commission that individual Bitcoin and Cryptocurrency “Full Nodes” were operating as unlicensed payment processors and transfer agents and thus personally liable for Bitcoin related claims. If the victims’ claims are not addressed, Dr. levy promises legal action against the EU Commission before the hard Brexit date of October 31, 2019.

Article Produced By
Dr. Jon Levy

Dr. Jon Levy is a solicitor who specialises in transnational law and private international law. He has represented the former president of the Republic of China, Chen Shuibian, the former Deputy Prime Minister of Yugoslavia, and numerous African entities and political figures. He has been engaged by clients against the US Office of Foreign Asset Control (OFAC), CIA, US Army, and UK Cabinet. As a litigator he specialises in transnational asset recovery and has taken up cases against the Vatican Bank, UBS AG, the Swiss National Bank, Emaar Corporation, and many others.

https://thebitcoinnews.com/eu-crypto-victim-claims-expand/

Preparing For Bitcoin Mass Adoption

Preparing For Bitcoin Mass Adoption
                           

The world of cryptocurrency is on the constant expansion

with new blockchain protocols and cryptocurrency mushrooming every day, each one of them is coming up with promises to offer unique experiences. There are more than 2,000 existing cryptocurrencies and each of these competing currencies is striving to gain a big chunk of the user tra?c. This competitive spirit is good but unfortunately, the whole cryptocurrency world has not yet presented itself in one binding form for mass adoption. Bitcoin has a long way to go if it wants to escape the niche adoption among tech geeks and libertarians and be a more global artifact. To scale up bitcoin use and make it suitable for mass adoption, the following things should be considered.

1. Customer protection through the involvement of intermediaries

The general public notion about bitcoin is a bit hostile. Most people see it to be too technical. Some regard it as a money laundering scheme. There are also those who adopt it with great suspicion as they are familiar that the whole process to often involves placing a great deal of trust to the selling merchant. Only a few buyers and sellers hire escrow agents to mediate the business, which then again raises the expense and complicates the whole process.

User’s digital assets are stored in a digital wallet with a security key. However, in the absence of a reputable custodian, these security keys are susceptible to unauthorized access. Involvement of reputable and trustworthy intermediaries such as Paxful would be a definite help to raise security and reliability of cryptocurrency tradings. The possibility of keeping your bitcoin wallet safe, easy management of the user private keys and reliable monetary transactions are some of the well-known merits of bitcoin and other cryptocurrencies, which are on the hold and they need to spread around to aspiring public thereby improving Bitcoin’s image.

2. Regulatory provision

Cryptocurrency trading is liberal in the sense that it contains both legitimate and fraudulent offerings to all prospective users. Since bitcoin is still in its early adoption days, there are a ridiculous number of schemes and scams posing as honest, seemingly practical, legit transactions. Enforcing sets of regulation to uniformize any and all the transaction(s) is very much needed in order to check these scams. These regulations could be some sort of legal document that merchant(s) and buyer(s) sign. The document could also contain a mutual agreement or provision for repercussions on failure to perform. These customary practices could also set up an exchange rate and enable buyer-seller to interact vis-a-vis. Easier said than done, regulatory customs are two-edged swords as one way it would add up legality and transparency to the transaction while in another way, it would unintentionally expose the privacy of the business. As a result, regulatory provision could scare bitcoin traders and merchants away.

3. Address to the issues of volatility

The volatility of ?at currencies is as old as the currencies itself. Bitcoin also suffers the same fate as the volatility of bitcoin obstructs the ?uidity of the transaction. Today you might have to pay $1,500 for a bitcoin but tomorrow you might have to pay $1,700. The price is always changing and there’s nothing we can do about it. Volatility impacts both the sellers and buyers equally as under uncertainty. Sellers would likely jack up the price in order to compensate for additional risks while at the same time, the buyer would likely be struggling to choose between buying and waiting. Should bitcoin be legitimized and be treated as an equal peer to the ?at currencies, the volatility could be addressed appreciably. By the rule of economics, volatility will gradually decrease with the increase of adopters hence the increase in market cap. Legitimacy certainly looks like a far cry now given the occasional chaotic nature of price fluctuations.

Many pump-and-dump schemes work to artificially increase the value of a currency by buying in bulk and then sell when the supply is low. This causes massive fluctuations in prices and places cryptocurrencies as unstable commodities in the eyes of the public. Some sort of regulation has to be introduced to stop these Ponzi schemes so the public can differentiate fraudulent schemes from more legitimate ones.

4. Speedy and energy e?cient operability

Bitcoin must be able to process as many as 7,000 transactions per second just to compete with the traditional payment system. So far, it has fallen behind to around seven to ten transactions per second. Additionally, it must be equipped with the ability to record the transaction history correctly in an easily accessible database.

Monetary transaction through Bitcoin often generates large collections of tra?c in the site, which must be handled very neatly. There are new emerging cryptocurrency trading platforms which process transactions reliably, neatly, and cheaply. In order to mine these cryptocurrencies, you’ll need some equipment. These pieces of equipment have deceptive looks of old computer sets and are operated with electricity. They must process fast and must work in an e?cient manner to be effective. However, if such mining equipment consumes more electric power than necessary, mining cryptos becomes tedious ?nancially and input-wise. Governments could track down on such heavy electricity drawing places. Make sure that you take this into account, especially if you live in a place where crypto mining is deemed illegal.  So developers must set up the as per the statutory binding regulation. Search for a new frontier market where the cost of electricity is cheap could be a to initiate crypto mining. The recent developments regarding proof of stake over proof of work and using solar energy to mine have been encouraging but they should be more reliable and widely accepted.

Article Produced By
Live Coin Watch

https://news.livecoinwatch.com/preparing-for-bitcoin-mass-adoption/

This Week in Crypto: Akon Talks Up Bitcoin Ethereum Istanbul Testnet Launch Pushed Samsung Doubles Down on Blockchain

This Week in Crypto: Akon Talks Up Bitcoin, Ethereum Istanbul Testnet Launch Pushed, Samsung Doubles Down on Blockchain
                                

This Week in Crypto:

  • Bakkt Starts to Store Bitcoin for Institutional Clients Prior to Futures Launch: This week, Bakkt finally launched its Bitcoin custody product, giving institutions a way to securely store their BTC via the new platform. “Today our Warehouse opens for customer bitcoin deposits and withdrawals as we prepare for the Bakkt Bitcoin Daily & Monthly Futures, launching September 23. The availability of physical delivery brings more flexibility in managing bitcoin exposure,” the platform announced in a recent tweet. Analysts expect this new platform to revolutionize how institutional investors invest in Bitcoin; some even think that Bakkt will kick off Bitcoin’s rally to fresh all-time highs.
  • Ethereum Istanbul Testnet Integration Pushed Back: Sorry Ethereum fans, Istanbul hasn’t happened yet. The upgrade (or at least the testnet iteration), which is expected to bring the popular blockchain a number of improvements and changes, was recently pushed back by the core developer team. According to CoinDesk, Hudson Jameson, a community manager at the Ethereum Foundation, told developers in a call on Friday that Istanbul’s testnet activation date will be pushed to October 2nd from the original tentative September 4th date. According to the developers, the later date is due to an influx of Ethereum Improvement Protocols submitted for review for the upgrade.
  • VanEck Launches Institutional-Centric Bitcoin Product: On Tuesday, VanEck Securities Corp. and SolidX Management LLC, two pro-crypto firms that are behind a leading Bitcoin exchange-traded fund (ETF) application, revealed that they were going to be proactive, launching a workaround product. According to Bloomberg, they said that by utilizing a certain rule of a historical securities act, the duo would be able to issue shares in the VanEck SolidX Bitcoin Trust to qualified institutional investors. VanEck’s head of ETF product, Ed Lopez, is hopeful that institutional demand for Bitcoin will materialize in demand for this new “clear” product.
  • China Confirms ‘Deets’ About Centralized Crypto: Speaking of central banks, an official of the People’s Bank of China purportedly stated that the new centralized crypto will be supported across major e-payments platforms, including WeChat Pay and Alipay. Mu Changchun added that the tokens are effectively digital versions of the yuan.
  • Apple Sees Potential in Cryptocurrency, Yet Unlikely to Take the Plunge Yet: Speaking to CNN, Apple finds cryptocurrency “interesting” — whatever that means. Jennifer Bailey, vice president at Apple Pay, explained in an interview that the topic has “interesting long-term potential”, but added that right now, Apple’s digital payments ecosystem is only focused on “what consumers are using today”. While this statement was short and seemingly forcefully nebulous, Bailey seems to be hinting that should digital assets gain enough traction, Apple may delve into the crypto game.
  • Samsung Launches a Crypto-Centric Iteration of Galaxy Note 10: According to a Wall Street Journal Article published Thursday, South Korean technology behemoth Samsung is launching an iteration of its flagship smartphone — the Galaxy Note 10 — centered around crypto and blockchain. Dubbed the “KlaytnPhone”, a name attributed to the device in reference to social media firm Kakao’s blockchain, the Samsung phone will purportedly only be sold in South Korea. It, the report states, is effectively identical to the stock Note 10. But, it will sport a pre-installed crypto wallet and certain blockchain applications. Also, owners of the device will purportedly be sent some of the Klay cryptocurrency (too bad it’s not Bitcoin, eh?), the currency of Klaytn.
  • Akon Talks Up Bitcoin In Front of Millions: “Cryptocurrencies are actually much more stable than fiat money” may read like any old tweet from a Bitcoin maximalist, but this was the opening declaration legendary artist Akon made in an interview with The Breakfast Club, a radio show followed by millions. As he explains, unlike government-issued fiat money, Bitcoin is “ultimately more controlled by the people” than the dollar, having a decentralized verification model and a transparent issuance/inflation schedule.

Article Produced By
Nick Chong

https://news.livecoinwatch.com/this-week-crypto/