South Korean Government Falsifies Report Claiming 10% Tax on Crypto Transactions
The Ministry of Finance of South Korea has put an end to the speculations and claims that were hovering over the Korean crypto industry in the past few weeks by refuting the report that stated that the regulatory authority had imposed 10% income tax on cryptocurrency investments.
Cryptocurrencies have been in the limelight since the time they first made their presence in the marketspace during the global depression phase, in the form of Bitcoin. From then until now, the digital currencies have faced ups and downs periodically. The recent topic of utmost importance in the crypto arena is “taxation” and its implications on the governments and the crypto investors. The topic of taxation popped up as a strong concern amongst the traders, especially after the tightening of the regulatory norms by the governing authorities worldwide.
With the constant warnings and guidelines being given by the global watchdogs, governments from countries around the globe were compelled to reveal their outlook in the matter loud and clear for the public understanding. Where some countries like Thailand waived taxes on cryptocurrency gains, others like the US imposed a capital gains tax on each and every microtransaction made by the traders. However, South Korea failed to present its perspective in public, and this led to the brewing of speculations in the market.
Recently, a report published in Korean newspaper Chosun Ilbo about the statement given by an unidentified high-ranking official from the Ministry of Finance sparked the news about the imposition of a 10% tax on all crypto trades. The report read: “We have already decided to tax profits from investments in cryptocurrency. The question is only how much time we should give investors and when to start implementing it.”
The report also stated that the government is likely to provide a two-year grace period before the tax code will come into effect.
In response, the Ministry of Finance denied the accuracy of the report by stating that it “is different from the fact.”
The credibility of the article was supported by the reports published earlier in the year that opined Korea’s planning to execute their cryptocurrency tax framework in June 2018.
Though the report created a lot of chaos in the crypto domain, the recent take of the Ministry of Finance on it has indicated that there are no signs of the Korean government giving an official statement on the crypto tax module anytime in the near future.
The Ministry of Finance of South Korea has put an end to the speculations and claims that were hovering over the Korean crypto industry in the past few weeks by refuting the report that stated that the regulatory authority had imposed 10% income tax on cryptocurrency investments.
Cryptocurrencies have been in the limelight since the time they first made their presence in the marketspace during the global depression phase, in the form of Bitcoin. From then until now, the digital currencies have faced ups and downs periodically. The recent topic of utmost importance in the crypto arena is “taxation” and its implications on the governments and the crypto investors. The topic of taxation popped up as a strong concern amongst the traders, especially after the tightening of the regulatory norms by the governing authorities worldwide.
With the constant warnings and guidelines being given by the global watchdogs, governments from countries around the globe were compelled to reveal their outlook in the matter loud and clear for the public understanding. Where some countries like Thailand waived taxes on cryptocurrency gains, others like the US imposed a capital gains tax on each and every microtransaction made by the traders. However, South Korea failed to present its perspective in public, and this led to the brewing of speculations in the market.
Recently, a report published in Korean newspaper Chosun Ilbo about the statement given by an unidentified high-ranking official from the Ministry of Finance sparked the news about the imposition of a 10% tax on all crypto trades. The report read: “We have already decided to tax profits from investments in cryptocurrency. The question is only how much time we should give investors and when to start implementing it.”
The report also stated that the government is likely to provide a two-year grace period before the tax code will come into effect.
In response, the Ministry of Finance denied the accuracy of the report by stating that it “is different from the fact.”
The credibility of the article was supported by the reports published earlier in the year that opined Korea’s planning to execute their cryptocurrency tax framework in June 2018.
Though the report created a lot of chaos in the crypto domain, the recent take of the Ministry of Finance on it has indicated that there are no signs of the Korean government giving an official statement on the crypto tax module anytime in the near future.
Russian Authorities Charge Two Anonymous Crypto Scammers
Ever since the popularity of cryptocurrencies has seen a tremendous jump in the financial market, the rate of crimes, frauds, and illicit activities concerning digital assets have also surged up at an equally fast pace. In a recent incident, the regulatory authorities held two Russian citizens under prosecution for attempting to sabotage the computer systems of state organizations with an aim to mine cryptocurrencies in a fraudulent manner.
The process of using a person’s computer system for mining cryptocurrencies without the consent or knowledge of the owner of the system is known as cryptojacking. The instances of cryptojacking have been on the rise all this while and the regulatory authorities have been constantly giving warning to the users act instantly even at the slightest fear of hacking threat.
According to the report published by local media portal Tass on December 16, the two anonymous intruders executed their malign plan by infecting the hardware of the system with a malicious program that uses a web browser to mine cryptocurrencies. Out of the two scammers, one designed the botnet to hack the computers around different regions of the country. The other suspect channelized his operations to mine crypto using the hardware at the state water utility JSC Rostovvodokanal.
Nikolay Murashov, the Deputy Director of Russia’s National Coordination Center for Computer Incidents, addressed a press conference and stated that “up to 80% of the computer’s free power can be used to generate virtual coins, and a legitimate user may not even know about it.” The spearhead warned organizations to maintain the highest standards of cybersecurity to avoid such intrusions by fraudsters who aim to crumble the operational capacities of the businesses.
This is not for the first time that Russia has been subjected to a cyber breach incident. In February 2018, the country’s security agents trapped a nuclear engineer’s group from a top-secret nuclear warhead platform who attempted to mine Bitcoin using the state’s most powerful supercomputer.
Russia is gearing up to bring legislation that would render the authorities to seize digital asset holdings during judicial proceedings. The initiative will help the authorities to eliminate hacking risks and fraudulent activities in the country.
Ever since the popularity of cryptocurrencies has seen a tremendous jump in the financial market, the rate of crimes, frauds, and illicit activities concerning digital assets have also surged up at an equally fast pace. In a recent incident, the regulatory authorities held two Russian citizens under prosecution for attempting to sabotage the computer systems of state organizations with an aim to mine cryptocurrencies in a fraudulent manner.
The process of using a person’s computer system for mining cryptocurrencies without the consent or knowledge of the owner of the system is known as cryptojacking. The instances of cryptojacking have been on the rise all this while and the regulatory authorities have been constantly giving warning to the users act instantly even at the slightest fear of hacking threat.
According to the report published by local media portal Tass on December 16, the two anonymous intruders executed their malign plan by infecting the hardware of the system with a malicious program that uses a web browser to mine cryptocurrencies. Out of the two scammers, one designed the botnet to hack the computers around different regions of the country. The other suspect channelized his operations to mine crypto using the hardware at the state water utility JSC Rostovvodokanal.
Nikolay Murashov, the Deputy Director of Russia’s National Coordination Center for Computer Incidents, addressed a press conference and stated that “up to 80% of the computer’s free power can be used to generate virtual coins, and a legitimate user may not even know about it.” The spearhead warned organizations to maintain the highest standards of cybersecurity to avoid such intrusions by fraudsters who aim to crumble the operational capacities of the businesses.
This is not for the first time that Russia has been subjected to a cyber breach incident. In February 2018, the country’s security agents trapped a nuclear engineer’s group from a top-secret nuclear warhead platform who attempted to mine Bitcoin using the state’s most powerful supercomputer.
Russia is gearing up to bring legislation that would render the authorities to seize digital asset holdings during judicial proceedings. The initiative will help the authorities to eliminate hacking risks and fraudulent activities in the country.
Is Bitcoin SV About to Sabotage Itself?
As a major crypto company warned that their users will not be able to receive funds to their Bitcoin Satoshi’s Vision (BSV) wallets due to the coin's hard fork in February 2020, people online wonder if the project is sabotaging itself.
Digital asset custody company BitGo said that this comes as a result of the Genesis hard fork that BSV Protocol developers have scheduled for block height 620538, currently estimated to happen on February 4 next year.
The first beta version for the Genesis Hard Fork has already been released, and two public testnets created: Genesis Testnet and Genesis Reset, the latter of which will follow a 48-hour reset cycle for repeated testing of the transition, a blog post on Bitcoin SV site explained. “This hard fork represents a significant milestone in Bitcoin SV’s journey to restore the original Bitcoin protocol,” it said.
However, once completed, the consensus rule change will allegedly render Pay-to-Script-Hash (P2SH) outputs invalid, and with them all BitGo BSV wallets, as these use P2SH-based multi-signature addresses.
Making P2SH outputs invalid could potentially carry major consequences for BSV, backed by Craig Wright, and its users, if it turns out that more companies and service providers will follow BitGo’s course of action. We’ve asked Bitcoinsv.io about this situation and how will it affect BSV, and we’ll update the text should we get a response.
In case of BitGo, which was founded in 2013 and supports more than 200 coins and tokens, it means that users can still spend the funds they already held in P2SH, but they will not be able to receive any to the BitGo BSV wallet – including the change returned from a BitGo wallet. Therefore, all users will have to choose one of the two available options: either move their BSV to an external wallet, or contact BitGo to convert BSV into Bitcoin (BTC).
The second option can be seen as quite ironic given the history the two coins share (BSV is a hard fork of Bitcoin Cash (BCH), which in turn is a hard fork of BTC), as well as the animosity between the two communities – a point that hasn’t escaped online commenters.
People online have also wondered why would a project narrow down the options for their users and turn them to the competition, as it seems counter-intuitive and going against adoption. For example, Jameson Lopp, Chief Technology Officer (CTO) of crypto security specialist Casa, commented: “Play stupid games, win stupid prizes. BSV is essentially delisting itself.”
BSV, ranked 9th by market capitalization, is currently (13:22 UTC) trading at c. USD 78. The price has gone down 10% in the past 24 hours, while other coins from the top 10 are down 5%-13% today.
As a major crypto company warned that their users will not be able to receive funds to their Bitcoin Satoshi’s Vision (BSV) wallets due to the coin's hard fork in February 2020, people online wonder if the project is sabotaging itself.
Digital asset custody company BitGo said that this comes as a result of the Genesis hard fork that BSV Protocol developers have scheduled for block height 620538, currently estimated to happen on February 4 next year.
The first beta version for the Genesis Hard Fork has already been released, and two public testnets created: Genesis Testnet and Genesis Reset, the latter of which will follow a 48-hour reset cycle for repeated testing of the transition, a blog post on Bitcoin SV site explained. “This hard fork represents a significant milestone in Bitcoin SV’s journey to restore the original Bitcoin protocol,” it said.
However, once completed, the consensus rule change will allegedly render Pay-to-Script-Hash (P2SH) outputs invalid, and with them all BitGo BSV wallets, as these use P2SH-based multi-signature addresses.
Making P2SH outputs invalid could potentially carry major consequences for BSV, backed by Craig Wright, and its users, if it turns out that more companies and service providers will follow BitGo’s course of action. We’ve asked Bitcoinsv.io about this situation and how will it affect BSV, and we’ll update the text should we get a response.
In case of BitGo, which was founded in 2013 and supports more than 200 coins and tokens, it means that users can still spend the funds they already held in P2SH, but they will not be able to receive any to the BitGo BSV wallet – including the change returned from a BitGo wallet. Therefore, all users will have to choose one of the two available options: either move their BSV to an external wallet, or contact BitGo to convert BSV into Bitcoin (BTC).
The second option can be seen as quite ironic given the history the two coins share (BSV is a hard fork of Bitcoin Cash (BCH), which in turn is a hard fork of BTC), as well as the animosity between the two communities – a point that hasn’t escaped online commenters.
People online have also wondered why would a project narrow down the options for their users and turn them to the competition, as it seems counter-intuitive and going against adoption. For example, Jameson Lopp, Chief Technology Officer (CTO) of crypto security specialist Casa, commented: “Play stupid games, win stupid prizes. BSV is essentially delisting itself.”
BSV, ranked 9th by market capitalization, is currently (13:22 UTC) trading at c. USD 78. The price has gone down 10% in the past 24 hours, while other coins from the top 10 are down 5%-13% today.
CipherTrace Hints at Financial Institutions Incompetence to Trace Digital Currency Transactions
CipherTrace has taken the crypto world in a blow by stating that nearly $2 billion digital currency transactions, processed by the top 10 highly reputed U.S banking entities, go traceless on a yearly basis. CipherTrace takes pride in being the world’s first blockchain forensics team created by the entrepreneurs from Silicon Valley.
The leading blockchain analysis platform has highlighted a suite of financial organizations that have failed to adopt a law-abiding framework for the fulfillment of KYC/AML norms. The firm stated that the unaccounted pool of funds is directed via money service business’ (MSBs) transactions that involve virtual currency exchanges and brokerage services.
As per the statement given by the CipherTrace team, the chief cause for the processing of the transactions, unknowingly, by the banking institutions is the lack of adoption of the latest technological excellence required for the tracing of such trading activities. The report mentioned nearly two-third of the top crypto exchanges as institutions following a “weak KYC” mechanism. It revealed that one of the exchanges allowed the CipherTrace team to withdraw 0.25 BTC per day without any substantial scrutiny, which exposed the weak ecosystem.
In a general rule, the financial institutions need to detect the MSB transactions and report it to the financial watchdog FATF or the Financial Action Task Force. CipherTrace strongly affirmed that the banking institutions would have to comply with the given regulatory guidelines released by FATF, in the future.
“Financial institutions are exposed to cryptocurrency-related risks because they have no way to detect underlying threats,” stated Dave Jevans, the honorable CEO of CipherTrace.
The report highlighted that though the current year witnessed a downfall in crypto-related crimes, there were cases of multiple crypto exchange frauds and hacks, which amounted to $4.4 billion. CipherTrace gave a special mention to the exchanges that halted the operations of privacy coins in accordance with the FATF guidelines.
“In anticipation of the new FATF AML regulations, many cryptocurrency exchanges have preemptively jettisoned their privacy coins; yet, 32 percent of exchanges, including those determined to have weak KYC, still have privacy coins listed,” read the report.
The firm affirmed that stringent regulatory actions have played an important role in reducing malicious and fraudulent activities in the crypto niche. The report stated that “Ciphertrace had previously speculated that the shift from outright thefts to exit scams and other frauds perpetrated by insiders indicated that crypto exchanges had begun to adequately invest in hardening their IT infrastructures.”
CipherTrace has taken the crypto world in a blow by stating that nearly $2 billion digital currency transactions, processed by the top 10 highly reputed U.S banking entities, go traceless on a yearly basis. CipherTrace takes pride in being the world’s first blockchain forensics team created by the entrepreneurs from Silicon Valley.
The leading blockchain analysis platform has highlighted a suite of financial organizations that have failed to adopt a law-abiding framework for the fulfillment of KYC/AML norms. The firm stated that the unaccounted pool of funds is directed via money service business’ (MSBs) transactions that involve virtual currency exchanges and brokerage services.
As per the statement given by the CipherTrace team, the chief cause for the processing of the transactions, unknowingly, by the banking institutions is the lack of adoption of the latest technological excellence required for the tracing of such trading activities. The report mentioned nearly two-third of the top crypto exchanges as institutions following a “weak KYC” mechanism. It revealed that one of the exchanges allowed the CipherTrace team to withdraw 0.25 BTC per day without any substantial scrutiny, which exposed the weak ecosystem.
In a general rule, the financial institutions need to detect the MSB transactions and report it to the financial watchdog FATF or the Financial Action Task Force. CipherTrace strongly affirmed that the banking institutions would have to comply with the given regulatory guidelines released by FATF, in the future.
“Financial institutions are exposed to cryptocurrency-related risks because they have no way to detect underlying threats,” stated Dave Jevans, the honorable CEO of CipherTrace.
The report highlighted that though the current year witnessed a downfall in crypto-related crimes, there were cases of multiple crypto exchange frauds and hacks, which amounted to $4.4 billion. CipherTrace gave a special mention to the exchanges that halted the operations of privacy coins in accordance with the FATF guidelines.
“In anticipation of the new FATF AML regulations, many cryptocurrency exchanges have preemptively jettisoned their privacy coins; yet, 32 percent of exchanges, including those determined to have weak KYC, still have privacy coins listed,” read the report.
The firm affirmed that stringent regulatory actions have played an important role in reducing malicious and fraudulent activities in the crypto niche. The report stated that “Ciphertrace had previously speculated that the shift from outright thefts to exit scams and other frauds perpetrated by insiders indicated that crypto exchanges had begun to adequately invest in hardening their IT infrastructures.”
MoneyGram May Not Be Holding Any XRP, but They Share Equal Vision: MoneyGram CEO
MoneyGram is one of the world’s fastest-growing money transfer company and it possesses a huge market share in the United States. Recently, MoneyGram has announced many new partnerships to sustain in the market amidst tough competitions from its other peers. In an interview with CNN’s Julia Chatterley, MoneyGram’s CEO Alex Holmes described in detail about their vision and partnership with the crypto major, Ripple.
CNN correspondent Julia asked Alex the role of MoneyGram and what the company is doing to tackle border digitization. Alex briefly explained why it is the best time to focus on cross border transfer. As per him, as cross border migration is on the rise, people are sending money in huge volumes from one country to another. MoneyGram has been working traditionally on agency network basis covering 350,000 locations spreading across 200 countries in the world. However, in recent years, MoneyGram has been forwarding with an aim to modernize the way of business by introducing digitization. To cope with the advancement in the whole industry and across the globe, MoneyGram aims at making a paradigm shift in the way it handles money transfers.
When asked about the percentage of transactions done digitally compared to in-store transactions, Alex indicated that they are still miles to go before catching up on the global average of 40%. As far as the last quarter’s statistics are concerned, MoneyGram’s one-fifth of all transactions were done in digital mode. Alex also added that over the last 24 months, they have been increasing their online presence in many countries and they seemed to be pretty excited about the new changes like app launch, loyalty program, and transaction notifications.
Julia asked Alex about the rationale behind choosing Ripple as its partner and about the investment of 50 million USD that happened in June. To which Alex replied that moving money cross border is an extremely tough and complex task to do. He further explained that in the case of cross-border transfers, money physically doesn’t move, but it is the data that moves. To do that, they have to make the settlement engines available in the receiver’s country and place liquidity as well that requires loads of working capital in almost 122 different currencies. As per Alex, the whole crypto industry and blockchain technology have the potential to transform the money transfer market as it facilitates instant transfers. On specifically why Ripple, he explained that the partnership with Ripple helps them understand how they can send money without holding liquidity all over the globe and it copes with their vision as well. He said, “They (Ripple) also have the vision that encapsulates what we are trying to do as well … I think and Ripple and its crypto XRP are innovative in that sense.”
Julia asked Alex whether the association with Ripple is only about the instant transaction, or it is also related to bringing down the costs. To which Alex replied as of today, the transaction cost should be minimum and the transaction should be done instantly. However, this has not been possible because of the high cost of foreign exchange, banking transaction cost and volatility of the value of currencies. With the association with Ripple, they aim at checking both.
Quoting the most popular question, Julia went on asking if Alex holds any digital currency or XRP. Alex clarified that neither he nor MoneyGram holds any digital currency or XRP due to cumbersome regulations and changing accounting standards. MoneyGram tends to hold XRP for a while only to sell it for the completion of transactions on behalf of its customers. Alex also added that by tying up with Visa Direct, they are aiming at enhancing their global presence and competing with the organizations providing free service.
MoneyGram is one of the world’s fastest-growing money transfer company and it possesses a huge market share in the United States. Recently, MoneyGram has announced many new partnerships to sustain in the market amidst tough competitions from its other peers. In an interview with CNN’s Julia Chatterley, MoneyGram’s CEO Alex Holmes described in detail about their vision and partnership with the crypto major, Ripple.
CNN correspondent Julia asked Alex the role of MoneyGram and what the company is doing to tackle border digitization. Alex briefly explained why it is the best time to focus on cross border transfer. As per him, as cross border migration is on the rise, people are sending money in huge volumes from one country to another. MoneyGram has been working traditionally on agency network basis covering 350,000 locations spreading across 200 countries in the world. However, in recent years, MoneyGram has been forwarding with an aim to modernize the way of business by introducing digitization. To cope with the advancement in the whole industry and across the globe, MoneyGram aims at making a paradigm shift in the way it handles money transfers.
When asked about the percentage of transactions done digitally compared to in-store transactions, Alex indicated that they are still miles to go before catching up on the global average of 40%. As far as the last quarter’s statistics are concerned, MoneyGram’s one-fifth of all transactions were done in digital mode. Alex also added that over the last 24 months, they have been increasing their online presence in many countries and they seemed to be pretty excited about the new changes like app launch, loyalty program, and transaction notifications.
Julia asked Alex about the rationale behind choosing Ripple as its partner and about the investment of 50 million USD that happened in June. To which Alex replied that moving money cross border is an extremely tough and complex task to do. He further explained that in the case of cross-border transfers, money physically doesn’t move, but it is the data that moves. To do that, they have to make the settlement engines available in the receiver’s country and place liquidity as well that requires loads of working capital in almost 122 different currencies. As per Alex, the whole crypto industry and blockchain technology have the potential to transform the money transfer market as it facilitates instant transfers. On specifically why Ripple, he explained that the partnership with Ripple helps them understand how they can send money without holding liquidity all over the globe and it copes with their vision as well. He said, “They (Ripple) also have the vision that encapsulates what we are trying to do as well … I think and Ripple and its crypto XRP are innovative in that sense.”
Julia asked Alex whether the association with Ripple is only about the instant transaction, or it is also related to bringing down the costs. To which Alex replied as of today, the transaction cost should be minimum and the transaction should be done instantly. However, this has not been possible because of the high cost of foreign exchange, banking transaction cost and volatility of the value of currencies. With the association with Ripple, they aim at checking both.
Quoting the most popular question, Julia went on asking if Alex holds any digital currency or XRP. Alex clarified that neither he nor MoneyGram holds any digital currency or XRP due to cumbersome regulations and changing accounting standards. MoneyGram tends to hold XRP for a while only to sell it for the completion of transactions on behalf of its customers. Alex also added that by tying up with Visa Direct, they are aiming at enhancing their global presence and competing with the organizations providing free service.
BitEclipse is a new and reliable online broker and exchange platform allowing users to safely perform both online and offline trades. The platform’s main attraction is the familiar and easy-to-use interface that many traders already know how to use and love.
BitEclipse has also added a cryptocurrency broker network, which allows users to trade funds via a dealer network, as opposed to a centralized exchange. This over-the-counter (OTC) market comprise sellers and buyers who individually large pools of crypto, and pair them for sale. The other benefit is that the OTC market helps you to avoid slippage on your purchase and also to earn a discount. With BitEclipse cryptocurrency broker service, you get to enjoy a more flexible, faster and more convenient settlement for all trades.
Our platform is built to serve a wider community by offering the choice of trading between multiple assets including Forex, Commodity, Index CFD, and Crypto. It is also available worldwide with active users in multiple countries and to top it all off, there is no limit on how much can be traded. Besides, the fees are highly competitive—provides fast and reliable transactions with minimal fees.
At the core of BitEclipse platform, is the BitEclipse Token (BET). BET is a non-blockchained beneficial token which gives traders & IB affiliators (Introducing Broker) more power or/and right for investment and marketing within the platform. The token can also be utilized as a Margin Fund of trading with BitEclipse. BET will be available for purchase during the initial exchange offering (IEO) sale.
BitEclipse has the goal of providing cryptocurrency trading internationally, making sure that the ‘golden fruit’ is shared by everyone including the unbanked populations across the globe. Considering the financial needs of every individual customer, BitEclipse created one of the leading technology platforms to trade freely and confidently.
Start trading crypto, forex and any other asset with BitEclipse.
Telegram: https://t.me/BitEclipse
Twitter: https://twitter.com/biteclipse96122
BitEclipse has also added a cryptocurrency broker network, which allows users to trade funds via a dealer network, as opposed to a centralized exchange. This over-the-counter (OTC) market comprise sellers and buyers who individually large pools of crypto, and pair them for sale. The other benefit is that the OTC market helps you to avoid slippage on your purchase and also to earn a discount. With BitEclipse cryptocurrency broker service, you get to enjoy a more flexible, faster and more convenient settlement for all trades.
Our platform is built to serve a wider community by offering the choice of trading between multiple assets including Forex, Commodity, Index CFD, and Crypto. It is also available worldwide with active users in multiple countries and to top it all off, there is no limit on how much can be traded. Besides, the fees are highly competitive—provides fast and reliable transactions with minimal fees.
At the core of BitEclipse platform, is the BitEclipse Token (BET). BET is a non-blockchained beneficial token which gives traders & IB affiliators (Introducing Broker) more power or/and right for investment and marketing within the platform. The token can also be utilized as a Margin Fund of trading with BitEclipse. BET will be available for purchase during the initial exchange offering (IEO) sale.
BitEclipse has the goal of providing cryptocurrency trading internationally, making sure that the ‘golden fruit’ is shared by everyone including the unbanked populations across the globe. Considering the financial needs of every individual customer, BitEclipse created one of the leading technology platforms to trade freely and confidently.
Start trading crypto, forex and any other asset with BitEclipse.
Telegram: https://t.me/BitEclipse
Twitter: https://twitter.com/biteclipse96122
Cryptocurrency : The Upcoming and Beyond
Money has always been an essential part of society for centuries. The same helped in economic growth, and thus, the money was protected in the best way possible according to the different periods. The modern-day money has to go through different channels before coming in the hand of an individual. The revolution that changed the definition of money gained popularity from 2009. The digital money was a peer to peer networking thing that attracted many. Due to the same, cryptocurrencies were recognized as a diverse opportunity for growth. Some even said the cryptocurrency is the future of the next-gen economy.
Past of the cryptocurrency
Walking down the memory lane, the cryptocurrency caught up the buzz in 2013. Bitcoin was the nucleus of many media reports as the coin escalated to $266. In the subsequent years, the currency was spotted in 10 folds. The entire market cap was at an astounding level, and thus, the same was a magnet for the investors who wanted the future in their hands. In 2017, Bitcoin was crowned as the king of the cryptocurrency market. The coin began the year at $1,000, and by the last quarter, Bitcoin was at $17,000. In 2018, the coin escalated nearly to $20,000 at the beginning of the year, but the pullback pressure compelled the coin to close the year at $3,000.
Current Scenario of the cryptocurrency
The cryptocurrencies are the present time that has broken many restrictions. The currencies are used in gaming zones. There are Bitcoin ATMs that allow dealing by converting cash or credit card or debit card or bank transfer into Bitcoins. Alongside, there are many upcoming opportunities emerging which would give new horizons for the cryptocurrencies.
The current year spotted not only Bitcoin but coins like Litecoin, Ethereum, Ripple making its way to the top. Tron Ecosystem, the parent company of Tron, captured many headlines in the first and second quarters. Litecoin emerged as a surprise for many as the momentum in currency was better than Bitcoin. Litecoin started the year at $30 and in 6 months, the currency jumped to an approx value of $150. The digits here have quintupled in just two quarters. However, the surge wasn’t locked in Litecoin and the present value of the coin is approx $40. Bitcoin started 2019 with a marvelous pace. The coin escalated to $13,700 in the second quarter but the surge couldn’t stay for long and now, at the time of writing, the currency is around $7,000.
In 2019, there was a lot of news circulating new ventures in the market. The same is going to give 2020 a new set of opportunities. There are few exchanges planning to adopt the cryptocurrencies to give it more exposure. Also, in conjunction with the ongoing popularity, the cryptocurrency restricted countries are planning to lift the boundation.
Emergence of stability
The last couple of years are reflecting the drastic change in the volatility in the cryptocurrency. In 2018, the opening price was around $13,000 and the closing was $3,000. There was around $10,000 loss in 12 months. The picture seems to improve in 2019, as the currency started at $3,000 and is likely to close around $7,500. Instead of loss, there is a possibility of profit in Bitcoin. Alongside this, stable coins are paving their way for success. Tether and EOS, being the mainstream coins in the market, somehow managed to stay at the top of the list with their stable characteristics amidst the violate market. The coming year would carry similar potential coins with leading stability in the market.
Money has always been an essential part of society for centuries. The same helped in economic growth, and thus, the money was protected in the best way possible according to the different periods. The modern-day money has to go through different channels before coming in the hand of an individual. The revolution that changed the definition of money gained popularity from 2009. The digital money was a peer to peer networking thing that attracted many. Due to the same, cryptocurrencies were recognized as a diverse opportunity for growth. Some even said the cryptocurrency is the future of the next-gen economy.
Past of the cryptocurrency
Walking down the memory lane, the cryptocurrency caught up the buzz in 2013. Bitcoin was the nucleus of many media reports as the coin escalated to $266. In the subsequent years, the currency was spotted in 10 folds. The entire market cap was at an astounding level, and thus, the same was a magnet for the investors who wanted the future in their hands. In 2017, Bitcoin was crowned as the king of the cryptocurrency market. The coin began the year at $1,000, and by the last quarter, Bitcoin was at $17,000. In 2018, the coin escalated nearly to $20,000 at the beginning of the year, but the pullback pressure compelled the coin to close the year at $3,000.
Current Scenario of the cryptocurrency
The cryptocurrencies are the present time that has broken many restrictions. The currencies are used in gaming zones. There are Bitcoin ATMs that allow dealing by converting cash or credit card or debit card or bank transfer into Bitcoins. Alongside, there are many upcoming opportunities emerging which would give new horizons for the cryptocurrencies.
The current year spotted not only Bitcoin but coins like Litecoin, Ethereum, Ripple making its way to the top. Tron Ecosystem, the parent company of Tron, captured many headlines in the first and second quarters. Litecoin emerged as a surprise for many as the momentum in currency was better than Bitcoin. Litecoin started the year at $30 and in 6 months, the currency jumped to an approx value of $150. The digits here have quintupled in just two quarters. However, the surge wasn’t locked in Litecoin and the present value of the coin is approx $40. Bitcoin started 2019 with a marvelous pace. The coin escalated to $13,700 in the second quarter but the surge couldn’t stay for long and now, at the time of writing, the currency is around $7,000.
In 2019, there was a lot of news circulating new ventures in the market. The same is going to give 2020 a new set of opportunities. There are few exchanges planning to adopt the cryptocurrencies to give it more exposure. Also, in conjunction with the ongoing popularity, the cryptocurrency restricted countries are planning to lift the boundation.
Emergence of stability
The last couple of years are reflecting the drastic change in the volatility in the cryptocurrency. In 2018, the opening price was around $13,000 and the closing was $3,000. There was around $10,000 loss in 12 months. The picture seems to improve in 2019, as the currency started at $3,000 and is likely to close around $7,500. Instead of loss, there is a possibility of profit in Bitcoin. Alongside this, stable coins are paving their way for success. Tether and EOS, being the mainstream coins in the market, somehow managed to stay at the top of the list with their stable characteristics amidst the violate market. The coming year would carry similar potential coins with leading stability in the market.
The Top 3 Online Kratom Vendors who Accept Crytpo
Ever since the inception of cryptocurrency, the world has completely changed in terms of many businesses conducting transactions online. Cryptocurrency is beneficial for many reasons. The first and most concrete reason for using cryptocurrency is that it is fast, and secondly, data is safe over the internet. Kratom is an illegal herb that is sold by many top-notch vendors online. Although, not all but some of them accept payment in cryptocurrency. In this article, we will guide you through some top-notch kratom vendors that have introduced payment in bitcoin and other digital currencies for the benefit of the customers.
Kratom Crazy
As a veteran in its field, Kratom Crazy has over ten years’ experience of satisfying thousands of customers. Kratom crazy introduced payment via crypto just a few months back. If you pay via eCheck or bitcoin, you become eligible for a 10% discount. Kratom Crazy is applauded by many customers because the company sells lab-tested right quality products on the website. Secondly, they have a vast array of kratom strains to choose from. Once you visit their website, you will come across advertisements for coupon codes and bulk discounts on the top right corner. So, what are you waiting for? Head over to this website to avail of massive discounts.
Kraken Kratom
This company holds a positive reputation in the minds of kratom fans all across the globe. Traditionally they would ship in specific countries, but now they ship kratom products to different countries in the world. If you order using bitcoin, you become eligible for a 10% discount. Secondly, by paying in the digital currency, you also become a part of their online club that provides whopping discounts to customers. It is very simple to avail discount; all you have to do is choose payment in bitcoin while proceeding to check out. Therefore, Kraken Kratom is a suitable vendor if you want to pay online via cryptocurrency from anywhere in the world.
The Golden Monk
If you want to buy kratom of the finest quality online, head over to The Golden Monk. This company has been serving customers for more than a decade and is liked by customers because of their versatility. Apart from selling a vast array of kratom strains, you will also come across multiple payment options on this website. You can easily pay through bitcoin and avail a 10% discount. You will be intrigued to know that they have a special spin wheel that provides up to a 10% discount to the customers. However, this percentage varies according to the number of visits you pay to the website. The Golden Monk has a user-friendly website that is easy to navigate. Just before you check out, choose the mode of payment and easily pay via cryptocurrency.
Though there are other vendors as well, the ones mentioned above have joined the crypto bandwagon and are successfully serving many customers. Hadn’t it been for cryptocurrency, online payments would have never been this fast.
Ever since the inception of cryptocurrency, the world has completely changed in terms of many businesses conducting transactions online. Cryptocurrency is beneficial for many reasons. The first and most concrete reason for using cryptocurrency is that it is fast, and secondly, data is safe over the internet. Kratom is an illegal herb that is sold by many top-notch vendors online. Although, not all but some of them accept payment in cryptocurrency. In this article, we will guide you through some top-notch kratom vendors that have introduced payment in bitcoin and other digital currencies for the benefit of the customers.
Kratom Crazy
As a veteran in its field, Kratom Crazy has over ten years’ experience of satisfying thousands of customers. Kratom crazy introduced payment via crypto just a few months back. If you pay via eCheck or bitcoin, you become eligible for a 10% discount. Kratom Crazy is applauded by many customers because the company sells lab-tested right quality products on the website. Secondly, they have a vast array of kratom strains to choose from. Once you visit their website, you will come across advertisements for coupon codes and bulk discounts on the top right corner. So, what are you waiting for? Head over to this website to avail of massive discounts.
Kraken Kratom
This company holds a positive reputation in the minds of kratom fans all across the globe. Traditionally they would ship in specific countries, but now they ship kratom products to different countries in the world. If you order using bitcoin, you become eligible for a 10% discount. Secondly, by paying in the digital currency, you also become a part of their online club that provides whopping discounts to customers. It is very simple to avail discount; all you have to do is choose payment in bitcoin while proceeding to check out. Therefore, Kraken Kratom is a suitable vendor if you want to pay online via cryptocurrency from anywhere in the world.
The Golden Monk
If you want to buy kratom of the finest quality online, head over to The Golden Monk. This company has been serving customers for more than a decade and is liked by customers because of their versatility. Apart from selling a vast array of kratom strains, you will also come across multiple payment options on this website. You can easily pay through bitcoin and avail a 10% discount. You will be intrigued to know that they have a special spin wheel that provides up to a 10% discount to the customers. However, this percentage varies according to the number of visits you pay to the website. The Golden Monk has a user-friendly website that is easy to navigate. Just before you check out, choose the mode of payment and easily pay via cryptocurrency.
Though there are other vendors as well, the ones mentioned above have joined the crypto bandwagon and are successfully serving many customers. Hadn’t it been for cryptocurrency, online payments would have never been this fast.
Trinity Users Can Directly Purchase IOTA From the Wallet With Moonpay
As per the recent update, the users on trinity wallet who are keen on purchasing IOTA directly from the wallet, are presently allowed to do so by using IOTA’s integration with MoonPay, “a FIAT/IOTA onramp that enables purchasing directly from the wallet.”
At the moment, the users can buy IOTA tokens utilizing a credit or a debit card for a fee of 4.5 percent above €100 with a minimum charge of €4.99. Even though it is a bit expensive for some users, the convenience of buying IOTA with a debit or a credit card exceeds the card processing charges.
Sometime in the future, users can also have the option to link their bank accounts to buy with GBP/EUR for small fees. Moreover, no KYC is needed for purchases under €150, and IOTA does not need any data from MoonPay for the KYC procedure.
Besides, IOTA considers this to be a significant step to improve growth and development in the IOTA environment. In this way, this new improvement provides IOTA clients FIAT/IOTA onramp makes it special.
Last July, The IOTA Foundation declared the release of the Trinity wallet on all major desktop and mobile platforms. Trinity holds two standards for its users, such as security and user-friendliness. Currently, with over 1.8 billion dollars worth of IOTA is transacted and more than 160,000 downloads over all platforms, Trinity has become a huge achievement.
Additionally, this makes a flawless client experience for purchasing the digital token IOTA. Moreover, MoonPay, in particular, is not a specialized trading platform; it will allow users who are non-traders to explore and buy IOTA Tokens at their convenience, without the requirement of going through crypto exchanges. Besides, this is a major step in expanding the usage of the Trinity wallet.
Currently, MoonPay is accessible to users from Europe and Asia and may be available for US members in the future. This may be a restriction to MoonPay, yet they are working hard to get IOTA approved for US residents shortly.
As per the recent update, the users on trinity wallet who are keen on purchasing IOTA directly from the wallet, are presently allowed to do so by using IOTA’s integration with MoonPay, “a FIAT/IOTA onramp that enables purchasing directly from the wallet.”
At the moment, the users can buy IOTA tokens utilizing a credit or a debit card for a fee of 4.5 percent above €100 with a minimum charge of €4.99. Even though it is a bit expensive for some users, the convenience of buying IOTA with a debit or a credit card exceeds the card processing charges.
Sometime in the future, users can also have the option to link their bank accounts to buy with GBP/EUR for small fees. Moreover, no KYC is needed for purchases under €150, and IOTA does not need any data from MoonPay for the KYC procedure.
Besides, IOTA considers this to be a significant step to improve growth and development in the IOTA environment. In this way, this new improvement provides IOTA clients FIAT/IOTA onramp makes it special.
Last July, The IOTA Foundation declared the release of the Trinity wallet on all major desktop and mobile platforms. Trinity holds two standards for its users, such as security and user-friendliness. Currently, with over 1.8 billion dollars worth of IOTA is transacted and more than 160,000 downloads over all platforms, Trinity has become a huge achievement.
Additionally, this makes a flawless client experience for purchasing the digital token IOTA. Moreover, MoonPay, in particular, is not a specialized trading platform; it will allow users who are non-traders to explore and buy IOTA Tokens at their convenience, without the requirement of going through crypto exchanges. Besides, this is a major step in expanding the usage of the Trinity wallet.
Currently, MoonPay is accessible to users from Europe and Asia and may be available for US members in the future. This may be a restriction to MoonPay, yet they are working hard to get IOTA approved for US residents shortly.
Huobi Wallet Will Support ADA Staking During Cardano Mainnet Live
Good news coming for Huobi wallet users. Huobi wallet, in its latest tweet, has announced that the Huobi users can join them for staking ADA currency to earn incentives.
The tweet mentions that when the Cardano mainnet turns live on the Huobi wallet, it will support the Staking of ADA. Wallet users are invited to delegate their stakes during this mainnet.
The Huobi wallet node will also be available for Shelley Incentivized testnet and more details will soon be revealed in the upcoming days on social media.
What is the Huobi Wallet?
Huobi Wallet is a multi-asset and cross-chain exchange crypto wallet where the users can exchange various crypto coins following a simplified procedure. It is a decentralized app browser and enables the staking of coins for the PoS network. It supports the exchange of all top cryptocurrencies including BTC, EOS, ETH, USDT TRX, etc. along with ERC-20 tokens and supports for almost seven blockchains.
This decentralized wallet provides Digital Asset Management (DAM) services and is equipped with advanced security. It is supported by the Changelly crypto exchange.
What is Cardano and its Rewards Program?
Cardano is one of the largest decentralized cryptocurrency networks globally. To promote their newly launched Shelley network, they have launched various reward programs using their ADA crypto coins.
Huobi Wallet will now support the reward program, i.e. designed to build a strong and decentralized network of wallet users across the world. According to the promotional policy, wallet users can earn ADA coins as rewards advancing their support on the Shelley network.
ADA represents the amount of participation stake on the network. The amount of ADA is equal to the size of the stake. If one holds 5% ADA, he has 5% participation in the network.
Incentive Mechanism of Cardano
The rewards model works broadly on rationality that if the participant works harder, he will be benefited maximum. It is set on coded protocols, which include the details of different levels of stake delegation and when and how the incentives will be paid. It thus ensures the active collaboration of participants to contribute to the network out of self-interest.
The incentive model on testnet depends on the percentage of network participation. The users will be incentivized for delegating the stakes or for operating the stake pool.
Approximately 3.8 million ADA will be available as a reward. If the network participation goes up to 50 %, then annual rewards will be 7–8%. But, if the participation is lower than 50%, then the rewards can go up to 13–15%. For stake pool operators, assuming 10,000,000 ADA, the stake pool operation will go up to 12–13 percent.
How one can participate?
As part of the participation, the delegation of stakes can be done on the Shelley network on the Cardano platform.
If one holds ADA in their official wallets Yoroi or Daedalus, he/she can participate in the Incentivized Testnet. One can download any of the testnet wallets and start delegating the stakes to earn real rewards in the form of ADA.
The rewards will be transferred to the mainnet after the incentivized testnet ends.
Good news coming for Huobi wallet users. Huobi wallet, in its latest tweet, has announced that the Huobi users can join them for staking ADA currency to earn incentives.
The tweet mentions that when the Cardano mainnet turns live on the Huobi wallet, it will support the Staking of ADA. Wallet users are invited to delegate their stakes during this mainnet.
The Huobi wallet node will also be available for Shelley Incentivized testnet and more details will soon be revealed in the upcoming days on social media.
What is the Huobi Wallet?
Huobi Wallet is a multi-asset and cross-chain exchange crypto wallet where the users can exchange various crypto coins following a simplified procedure. It is a decentralized app browser and enables the staking of coins for the PoS network. It supports the exchange of all top cryptocurrencies including BTC, EOS, ETH, USDT TRX, etc. along with ERC-20 tokens and supports for almost seven blockchains.
This decentralized wallet provides Digital Asset Management (DAM) services and is equipped with advanced security. It is supported by the Changelly crypto exchange.
What is Cardano and its Rewards Program?
Cardano is one of the largest decentralized cryptocurrency networks globally. To promote their newly launched Shelley network, they have launched various reward programs using their ADA crypto coins.
Huobi Wallet will now support the reward program, i.e. designed to build a strong and decentralized network of wallet users across the world. According to the promotional policy, wallet users can earn ADA coins as rewards advancing their support on the Shelley network.
ADA represents the amount of participation stake on the network. The amount of ADA is equal to the size of the stake. If one holds 5% ADA, he has 5% participation in the network.
Incentive Mechanism of Cardano
The rewards model works broadly on rationality that if the participant works harder, he will be benefited maximum. It is set on coded protocols, which include the details of different levels of stake delegation and when and how the incentives will be paid. It thus ensures the active collaboration of participants to contribute to the network out of self-interest.
The incentive model on testnet depends on the percentage of network participation. The users will be incentivized for delegating the stakes or for operating the stake pool.
Approximately 3.8 million ADA will be available as a reward. If the network participation goes up to 50 %, then annual rewards will be 7–8%. But, if the participation is lower than 50%, then the rewards can go up to 13–15%. For stake pool operators, assuming 10,000,000 ADA, the stake pool operation will go up to 12–13 percent.
How one can participate?
As part of the participation, the delegation of stakes can be done on the Shelley network on the Cardano platform.
If one holds ADA in their official wallets Yoroi or Daedalus, he/she can participate in the Incentivized Testnet. One can download any of the testnet wallets and start delegating the stakes to earn real rewards in the form of ADA.
The rewards will be transferred to the mainnet after the incentivized testnet ends.
Uzbekistan Tightens Norms for Crypto Dealing; Bans Purchases
The residents of Uzbekistan will not be able to indulge in the purchasing of digital currencies from the licensed cryptocurrencies exchanges operating in the country in accordance with the latest regulatory amendments being introduced by the National Agency for Project Management on December 6, 2019. By pulling back the operability capacities of private individuals concerning the purchase of virtual currencies, the country has become a major point of discussion in the crypto world.
According to the latest reports concerning the issue, the agency has allowed the investors to sell off their digital holdings which they have traded from reliable and legal trading activities on registered crypto exchange platforms, Sputnik and Forklog.
The new amendments have put an end to the use of cryptocurrencies as a payment mode in the country. The registered exchanges will entertain the requests of only those investors who will be 18 years of age or more, having verified identities, and their names should not be in the list of individuals who are suspected of illicit activities like money laundering and terror financing.
The stringent actions taken by the Uzbekistan government have come as a surprise to many crypto enthusiasts as the country was showing signs of becoming a heaven for blockchain-based businesses and projects. In 2018, the country gave its legal acceptance for digital currency trading and allowed exchange licensing through a presidential decree. The country paved the way for the easy flow of digital currencies in the country. With a view to expanding the crypto operations in the country, the government signed a pact with the Korean Blockchain Business Association which was to provide the necessary aid for the successful execution of the Uzbekistan Revolution 4.0 project. The highly anticipated project was focused on strengthening the blockchain network in the country by the establishment of a trading exchange, blockchain academy, and legalization of ICOs.
Despite the introduction of the new policies, the Uzbekistan government is hopeful that promising foreign investments, projects, and entities will surely move to the country in the future.
The residents of Uzbekistan will not be able to indulge in the purchasing of digital currencies from the licensed cryptocurrencies exchanges operating in the country in accordance with the latest regulatory amendments being introduced by the National Agency for Project Management on December 6, 2019. By pulling back the operability capacities of private individuals concerning the purchase of virtual currencies, the country has become a major point of discussion in the crypto world.
According to the latest reports concerning the issue, the agency has allowed the investors to sell off their digital holdings which they have traded from reliable and legal trading activities on registered crypto exchange platforms, Sputnik and Forklog.
The new amendments have put an end to the use of cryptocurrencies as a payment mode in the country. The registered exchanges will entertain the requests of only those investors who will be 18 years of age or more, having verified identities, and their names should not be in the list of individuals who are suspected of illicit activities like money laundering and terror financing.
The stringent actions taken by the Uzbekistan government have come as a surprise to many crypto enthusiasts as the country was showing signs of becoming a heaven for blockchain-based businesses and projects. In 2018, the country gave its legal acceptance for digital currency trading and allowed exchange licensing through a presidential decree. The country paved the way for the easy flow of digital currencies in the country. With a view to expanding the crypto operations in the country, the government signed a pact with the Korean Blockchain Business Association which was to provide the necessary aid for the successful execution of the Uzbekistan Revolution 4.0 project. The highly anticipated project was focused on strengthening the blockchain network in the country by the establishment of a trading exchange, blockchain academy, and legalization of ICOs.
Despite the introduction of the new policies, the Uzbekistan government is hopeful that promising foreign investments, projects, and entities will surely move to the country in the future.
Hedera Hashgraph Postpones HABR Token Distribution to Investors
Having established itself as a leading distributed ledger technology platform using the asynchronous Byzantine Fault Tolerance consensus algorithm, Hedera Hashgraph has announced that it has postponed the issuance of Hedera tokens with a view to bringing stability in the price of the digital assets which are currently plummeting on a continuous run.
According to the latest piece of information on the matter, the firm will be offering compensation to investors in lieu of the delay caused to them. The firm will hand over some additional tokens to the investors, along with the token amount prescribed in their sale agreement.
Mance Harmon, who works as the CEO and co-founder of Hedera Hashgraph stated that “Participating SAFT holders would receive additional allocations of coins, made on an annual basis, the cumulative sum of which, over time, would equal the value of their original principal investment, in exchange for stretching out the release schedule for their remaining coins.”
The tokens were traded off during the two initial coin offerings carried upon by the platform earlier. The two ICOs helped the firm to pool in a whopping amount of $110 million in its credit. However, the disbursement of tokens to the accredited investors witnessed a major downfall in the price value of the native HBAR tokens. Surprisingly, in September, when the tokens made their first appearance in the niche, the digital assets enjoyed a high trade value of 10.2127 cents. Soon with further release of tokens, the price plummets to nearly 90% of its debut price.
The Hedera Hashgraph team decided to delay the issuance of tokens to the investors with a view to halting the downward fluctuations of the coins, but to their horror, the decline failed to have any substantial effect on the price value as the token value continued to drop drastically even after the broadcasting of the news.
“The rate of adoption and demand for HBARs to use on the network has not been what we originally expected; however we are confident that the initiatives that the Council is undertaking will bring the Hedera network closer to achieving the goal,” quoted Mance.
Hedera Hashgraph boasts of strong support from the globally reputed firms, including IBM, Tata Communications Ltd., Magalu, DLA Piper, Deutsche Telekom AG, Nomura Holdings Inc., etc.
Having established itself as a leading distributed ledger technology platform using the asynchronous Byzantine Fault Tolerance consensus algorithm, Hedera Hashgraph has announced that it has postponed the issuance of Hedera tokens with a view to bringing stability in the price of the digital assets which are currently plummeting on a continuous run.
According to the latest piece of information on the matter, the firm will be offering compensation to investors in lieu of the delay caused to them. The firm will hand over some additional tokens to the investors, along with the token amount prescribed in their sale agreement.
Mance Harmon, who works as the CEO and co-founder of Hedera Hashgraph stated that “Participating SAFT holders would receive additional allocations of coins, made on an annual basis, the cumulative sum of which, over time, would equal the value of their original principal investment, in exchange for stretching out the release schedule for their remaining coins.”
The tokens were traded off during the two initial coin offerings carried upon by the platform earlier. The two ICOs helped the firm to pool in a whopping amount of $110 million in its credit. However, the disbursement of tokens to the accredited investors witnessed a major downfall in the price value of the native HBAR tokens. Surprisingly, in September, when the tokens made their first appearance in the niche, the digital assets enjoyed a high trade value of 10.2127 cents. Soon with further release of tokens, the price plummets to nearly 90% of its debut price.
The Hedera Hashgraph team decided to delay the issuance of tokens to the investors with a view to halting the downward fluctuations of the coins, but to their horror, the decline failed to have any substantial effect on the price value as the token value continued to drop drastically even after the broadcasting of the news.
“The rate of adoption and demand for HBARs to use on the network has not been what we originally expected; however we are confident that the initiatives that the Council is undertaking will bring the Hedera network closer to achieving the goal,” quoted Mance.
Hedera Hashgraph boasts of strong support from the globally reputed firms, including IBM, Tata Communications Ltd., Magalu, DLA Piper, Deutsche Telekom AG, Nomura Holdings Inc., etc.
Forwarded from CryptoRank Analytics
Merry Christmas!
STEX announced 0% TRADING FEE during Christmas holidays (25–27 December 2019) for all Customers!
It's a really great offer, none of the exchanges have made such a generous gift. read more
@CryptoRankNews
STEX announced 0% TRADING FEE during Christmas holidays (25–27 December 2019) for all Customers!
It's a really great offer, none of the exchanges have made such a generous gift. read more
@CryptoRankNews
Chinese Police Clamps Down Fraudulent Bitcoin Miners and Scammers
In a major clampdown, the police forces hailing from Tangshan city, China have confiscated 6,890 bitcoin rigs operating in the region, stated the report furbished by the China Central Television, the state broadcaster on Monday. The report suggested that the strict action was a joint effort of security agencies of multiple regions in the Chinese territory along with the State Electric Power Department with an aim to fight the burgeoning problem of power theft.
The crucial report released by CCTV affirmed that the Hebei Tangshan Police officials kept a scrutinizing view to find a solution to their suspicions. They probed into the premises of over 70,000 households, mines, villages, factories, etc. in association with the power supply department and other entities. During this investigation, the cops detected the presence of an unclaimed private transformer in a village in Shuangqiao Town, Tangshan, Hebei. Soon, the officials got affirmed that the transformer was being used to mine bitcoin and so barged on to the site and captivated 1,906 bitcoin miners from the place.
During the probe, the cops got another major hint and followed the clues to find three high-power transformers along with 790 bitcoin mining machines. The cops seized the transformers as well as the machines on account of electricity theft. The police officials revealed that the electricity which was fraudulently used by the miners on a daily basis was sufficient to cater to the electricity requirements of over 5,000 houses for a day.
Apart from the Hebei crackdown, the police officials also gave a major jolt to the bitcoin miners who were illegally involved in the consumption of electricity. A video released by social media platform Weibo on Monday showed the police forces arrested 72 Cloud Token operators from the city of Taiyuan, Shanxi province, China. The video caption stated that the cops were able to discover the scam that involved more than 30 million yuan dwindled from over 300 victims.
Recently, the Chinese media reports highlighted the seizing of 7,000 mining rigs that were involved in electricity theft in one of the provinces of the country.
In a major clampdown, the police forces hailing from Tangshan city, China have confiscated 6,890 bitcoin rigs operating in the region, stated the report furbished by the China Central Television, the state broadcaster on Monday. The report suggested that the strict action was a joint effort of security agencies of multiple regions in the Chinese territory along with the State Electric Power Department with an aim to fight the burgeoning problem of power theft.
The crucial report released by CCTV affirmed that the Hebei Tangshan Police officials kept a scrutinizing view to find a solution to their suspicions. They probed into the premises of over 70,000 households, mines, villages, factories, etc. in association with the power supply department and other entities. During this investigation, the cops detected the presence of an unclaimed private transformer in a village in Shuangqiao Town, Tangshan, Hebei. Soon, the officials got affirmed that the transformer was being used to mine bitcoin and so barged on to the site and captivated 1,906 bitcoin miners from the place.
During the probe, the cops got another major hint and followed the clues to find three high-power transformers along with 790 bitcoin mining machines. The cops seized the transformers as well as the machines on account of electricity theft. The police officials revealed that the electricity which was fraudulently used by the miners on a daily basis was sufficient to cater to the electricity requirements of over 5,000 houses for a day.
Apart from the Hebei crackdown, the police officials also gave a major jolt to the bitcoin miners who were illegally involved in the consumption of electricity. A video released by social media platform Weibo on Monday showed the police forces arrested 72 Cloud Token operators from the city of Taiyuan, Shanxi province, China. The video caption stated that the cops were able to discover the scam that involved more than 30 million yuan dwindled from over 300 victims.
Recently, the Chinese media reports highlighted the seizing of 7,000 mining rigs that were involved in electricity theft in one of the provinces of the country.
Craig Wright Discloses Timestamped Document on Origin of Satoshi Nakamoto Name
Recently, Craig Wright revealed a report clarifying the origin of his supposed false name “Satoshi Nakamoto.” The blurry passage found from an academic journal has appeared timestamped to early 2008, yet closer examination demonstrated that not only the date format was wrong, but also the whole date would have been photoshopped.
In an interview made public by the industry news outlet, Modern observer on December 19th, Wright has revealed a document to the interviewer showing an article from the digital database of academic journals JSTOR, dated January 5th, 2008.
Nonetheless, nothing has made Craig slow down from the hits he has taken from the last six months. After losing the Kleiman case in August, Craig, who had self-proclaimed himself as Satoshi Nakamoto, kept on weaving more false claims than the one that got him in a tough situation the first time.
In an offer to claim that he is the creator of Bitcoin, Wright presented what must be depicted as one of the most negligently altered documents in crypto history. Further, in the interview with the Modern Observer, Wright remarked that he had been occupied with uncovering “old documents” indicating the beginning of Bitcoin.
“Not too bad. I’ve just been digging up old documents. Trying to figure out what the horrible, horrible start of bitcoin was.”
Craig then presented a printout of an article from JSTOR, a digital database of academic journals indicating it was accessed on January 5th, 2008. Moreover, in 1967, the article was initially published in a Japanese academic journal known as Monumenta Nipponica, which was co-created by Tominaga Nakamoto, an eighteenth-century Japanese philosopher.
Tominaga Nakamoto’s ideas on “honest money and the rational nature of things” had to get on well with Wright, who said he had the option to relate to both his ideas and his character. He said, Satoshi really signifies “intelligent learning,” which Wright accepts that it fits completely with Nakamoto’s achievement.
OpenTimestamps, a well known Bitcoin timestamping service ran by Peter Todd, stated that contrary to blockchain stamps, which are a progression of hash functions and concatenation operations implemented in a sequence that results in a Bitcoin Merkle block; Wright’s timestamp is just a number on a bit of paper held up to a webcam. In its tweet,
Besides, the clarification took no time to be exposed, however. Additionally, Crypto researcher, seeking Satoshi, known for exposing the most of Wright’s past claims, called attention to that the date on the document as though they were messed with. Several twitter users had pointed the first thing fault with this document was that the date format appeared to be wrong.
Recently, Craig Wright revealed a report clarifying the origin of his supposed false name “Satoshi Nakamoto.” The blurry passage found from an academic journal has appeared timestamped to early 2008, yet closer examination demonstrated that not only the date format was wrong, but also the whole date would have been photoshopped.
In an interview made public by the industry news outlet, Modern observer on December 19th, Wright has revealed a document to the interviewer showing an article from the digital database of academic journals JSTOR, dated January 5th, 2008.
Nonetheless, nothing has made Craig slow down from the hits he has taken from the last six months. After losing the Kleiman case in August, Craig, who had self-proclaimed himself as Satoshi Nakamoto, kept on weaving more false claims than the one that got him in a tough situation the first time.
In an offer to claim that he is the creator of Bitcoin, Wright presented what must be depicted as one of the most negligently altered documents in crypto history. Further, in the interview with the Modern Observer, Wright remarked that he had been occupied with uncovering “old documents” indicating the beginning of Bitcoin.
“Not too bad. I’ve just been digging up old documents. Trying to figure out what the horrible, horrible start of bitcoin was.”
Craig then presented a printout of an article from JSTOR, a digital database of academic journals indicating it was accessed on January 5th, 2008. Moreover, in 1967, the article was initially published in a Japanese academic journal known as Monumenta Nipponica, which was co-created by Tominaga Nakamoto, an eighteenth-century Japanese philosopher.
Tominaga Nakamoto’s ideas on “honest money and the rational nature of things” had to get on well with Wright, who said he had the option to relate to both his ideas and his character. He said, Satoshi really signifies “intelligent learning,” which Wright accepts that it fits completely with Nakamoto’s achievement.
OpenTimestamps, a well known Bitcoin timestamping service ran by Peter Todd, stated that contrary to blockchain stamps, which are a progression of hash functions and concatenation operations implemented in a sequence that results in a Bitcoin Merkle block; Wright’s timestamp is just a number on a bit of paper held up to a webcam. In its tweet,
Besides, the clarification took no time to be exposed, however. Additionally, Crypto researcher, seeking Satoshi, known for exposing the most of Wright’s past claims, called attention to that the date on the document as though they were messed with. Several twitter users had pointed the first thing fault with this document was that the date format appeared to be wrong.
Bitwala Concluded a Remarkable 2019 With Promises of More Developments for 2020
As another year ended, for the crypto industry, it is a year well passed. Amongst advancements in the whole industry, Bitwala seems to have left a strong footprint. Bitwala has launched the biggest break since its inception- the world’s first crypto bank account. Here is a massive step towards merging the fine line between the fiat currency and cryptocurrency. Let’s see the major steps Bitwala has taken in this significant 2019.
As mentioned earlier, the biggest event for Bitwala was the creation of a crypto bank account. There have always been reservations amongst the market participants in the real utility of cryptocurrencies in the financial world. Bitwala has taken the responsibility to mitigate the gap and it has done quite well. In its organization base, it has improved as well. It started operation with a small team that has now converted into a workforce of 60 professionals belonging to over 25 nations as it stepped into its fourth year.
Amongst all of its associations, the major one is its partnership with CryptoTax with the aim of providing custom tax reports. It has also increased the limit of trading volume to 30,000 euros for seven days. For the convenience of its users, it has rolled out a smooth app for both Android and iOS with an easy user interface.
The year 2019 gave Bitwala the recognition of becoming one of the well-funded cryptocurrency start-ups in Europe as it received 13 million Euros. Bitwala has shipped its crypto cards to over 32 nations. The users of Bitwala come from 168 nations. The most exciting fact is that the customer with the furthest distance from Bitwala’s Berlin office is 17,745 km away.
With these major developments, Bitwala doesn’t seem to be complacent anytime soon. It is closing this year with the anticipation of many more exciting developments for 2020. As Bitcoin will be celebrating its 11th Birthday next year and its halving is also scheduled, Bitwala seems to be ready for the new developments. With a promise of adding many more cryptocurrencies, Bitwala is bidding farewell to this exciting year.
As another year ended, for the crypto industry, it is a year well passed. Amongst advancements in the whole industry, Bitwala seems to have left a strong footprint. Bitwala has launched the biggest break since its inception- the world’s first crypto bank account. Here is a massive step towards merging the fine line between the fiat currency and cryptocurrency. Let’s see the major steps Bitwala has taken in this significant 2019.
As mentioned earlier, the biggest event for Bitwala was the creation of a crypto bank account. There have always been reservations amongst the market participants in the real utility of cryptocurrencies in the financial world. Bitwala has taken the responsibility to mitigate the gap and it has done quite well. In its organization base, it has improved as well. It started operation with a small team that has now converted into a workforce of 60 professionals belonging to over 25 nations as it stepped into its fourth year.
Amongst all of its associations, the major one is its partnership with CryptoTax with the aim of providing custom tax reports. It has also increased the limit of trading volume to 30,000 euros for seven days. For the convenience of its users, it has rolled out a smooth app for both Android and iOS with an easy user interface.
The year 2019 gave Bitwala the recognition of becoming one of the well-funded cryptocurrency start-ups in Europe as it received 13 million Euros. Bitwala has shipped its crypto cards to over 32 nations. The users of Bitwala come from 168 nations. The most exciting fact is that the customer with the furthest distance from Bitwala’s Berlin office is 17,745 km away.
With these major developments, Bitwala doesn’t seem to be complacent anytime soon. It is closing this year with the anticipation of many more exciting developments for 2020. As Bitcoin will be celebrating its 11th Birthday next year and its halving is also scheduled, Bitwala seems to be ready for the new developments. With a promise of adding many more cryptocurrencies, Bitwala is bidding farewell to this exciting year.
Justin Sun Reveals New Acquisition for BitTorrent Coming in Next 3 Days
Justin Sun has announced that expansion of the BitTorrent community as the platform is set to have a major acquisition of another reputed platform from the industry. The official Twitter post of Justin Sun didn’t disclose the name of the organization to be acquired by BitTorrent.
The leader has promised to make a public announcement in the next three days and has urged the Tron and BitTorrent users to glue their eyes for the announcement. Based on the latest rumors doing rounds in the industry, the new acquisition for BitTorrent might be the well-known blockchain-pegged content distribution solution, Steemit.
Earlier, a local Chinese news portal published a report about Justin Sun gearing up to integrate Steemit into his platform. Though, at that moment, Justin and his team did not refute the claims altogether. However, later, Nadav Dakner, the CEO of InboundJunction & Marketacross, a PR and media firm, revealed that the report was fake and had nothing to do with the real facts.
Interestingly, the rumors garnered attention from the domain owing to the fact that Tron and Steemit are official partners, as was declared by the Tron Foundation in the 2018 niTRON summit.
BitTorrent has established itself as a globally renowned communication protocol designed for P2P sharing of distributed data and files over the Internet. It was acquired by the Tron network in July 2019 which strengthened the position of Tron in the crypto arena.
Justin Sun has announced that expansion of the BitTorrent community as the platform is set to have a major acquisition of another reputed platform from the industry. The official Twitter post of Justin Sun didn’t disclose the name of the organization to be acquired by BitTorrent.
The leader has promised to make a public announcement in the next three days and has urged the Tron and BitTorrent users to glue their eyes for the announcement. Based on the latest rumors doing rounds in the industry, the new acquisition for BitTorrent might be the well-known blockchain-pegged content distribution solution, Steemit.
Earlier, a local Chinese news portal published a report about Justin Sun gearing up to integrate Steemit into his platform. Though, at that moment, Justin and his team did not refute the claims altogether. However, later, Nadav Dakner, the CEO of InboundJunction & Marketacross, a PR and media firm, revealed that the report was fake and had nothing to do with the real facts.
Interestingly, the rumors garnered attention from the domain owing to the fact that Tron and Steemit are official partners, as was declared by the Tron Foundation in the 2018 niTRON summit.
BitTorrent has established itself as a globally renowned communication protocol designed for P2P sharing of distributed data and files over the Internet. It was acquired by the Tron network in July 2019 which strengthened the position of Tron in the crypto arena.
Tronwallet Conducts Biggest TWX Buyback & Burn
TronWallet, the renowned P2P cryptocurrency wallet of Tron Foundation, recorded a whopping TWX buyback and burn amounting to 136 million on December 27, 2019. The development has been purposefully conducted to bring stability in the supply of the digital currency.
According to the reports, the quarter ending development has been the biggest TWX buyback and burn score ever since the wallet’s launch in the marketspace. The TronWallet platform shared the news about its latest remarkable achievement with its Tron community members through an official tweet on its Twitter handle.
The tweet rose the hopes of the Tron community as it mentioned about the platform’s future plans for TWX, which will soon be revealed to the members.
Interestingly, the TRON network is currently enjoying a successful run in the crypto domain. The last week saw the addition of nine more TRON DApps on the platform, which made its total touch the mark of 657, as reported by DappReview. The report also highlighted that the trading volume enjoyed a surge of 23% in comparison to the preceding week. This affirmed that the Tron community is likely to end the year while sailing on a steady success boat.
TronWallet, the renowned P2P cryptocurrency wallet of Tron Foundation, recorded a whopping TWX buyback and burn amounting to 136 million on December 27, 2019. The development has been purposefully conducted to bring stability in the supply of the digital currency.
According to the reports, the quarter ending development has been the biggest TWX buyback and burn score ever since the wallet’s launch in the marketspace. The TronWallet platform shared the news about its latest remarkable achievement with its Tron community members through an official tweet on its Twitter handle.
The tweet rose the hopes of the Tron community as it mentioned about the platform’s future plans for TWX, which will soon be revealed to the members.
Interestingly, the TRON network is currently enjoying a successful run in the crypto domain. The last week saw the addition of nine more TRON DApps on the platform, which made its total touch the mark of 657, as reported by DappReview. The report also highlighted that the trading volume enjoyed a surge of 23% in comparison to the preceding week. This affirmed that the Tron community is likely to end the year while sailing on a steady success boat.
McAfee of 2019 to McAfee of 2020: What the Crypto Advocate Had to Say?
The crypto industry is one of the most fragile industries in the world and is heavily dependent on market influencers. This is because the industry itself is quite young, and there’s a dearth of extensive and exhaustive data that could help interpret the market conditions. Thus, the role of influencers, especially those who are from technical backgrounds, is extremely crucial for the industry. One of the biggest names among such influencers is that of a computer scientist and anti-virus pioneer John McAfee.
McAfee, who himself is on the run from the US authorities, has been quite vocal about his views on cryptocurrencies and is the biggest proponents of Bitcoin and other cryptos. In fact, he is among the first persons to claim that BTC will touch the million-dollar mark in the next few years. As the year is about to end, we look at what McAfee had to say about Bitcoin in 2019, and what does he predict for 2020:
The tussle with Craig Wright
John McAfee was one of the prominent personalities that came out openly against self-proclaimed Bitcoin creator and Bitcoin SV chief Craig Wright. McAfee was among the firsts to debunk Wright’s claim of being Satoshi Nakamoto and did so in a hilarious manner saying,
“I am the real Craig Wright. I can prove it. Absolutely. I’m filing a patent on my existence as Craig Wright. I can prove I am him at a finger’s snap. But I’m not going to. You must simply believe me. I will be suing Craig, soon, for impersonating me. Unlike me, he is serveable.”
In turn, Craig Wright called McAfee a “scam artist,” and threatened to drag him to the court. However, McAfee had the last laugh as Wright’s own legal battle grew tragic for him. Currently, Bitcoin SV is going through a tough phase, and problems for Wright doesn’t seem to end anytime soon.
The $1 Million Prediction for Bitcoin
2018 was a disastrous year for Bitcoin as the apex crypto fell from its all-time peak of around $20,000 in December 2017 to less than $4,000 in January 2019. Things started to improve in February when Bitcoin broke its six months-long losing spree. Predicting a mega bull return, McAfee predicted that BTC would hit $1 million by the end of 2020, a claim which seems to be far from reality at the moment.
After a mini bull run till late July, BTC has come down steadily from its yearly peak of around $14,000 to less than $7,200 as of date. In spite of this, McAfee has stuck to his bull prediction stating that he agreed with the midterm $50,000 prediction by Peter Brandt and also reiterated that BTC would touch $1,000,000 by the end of 2020.
Promoted Use of Crypto in Daily Life
McAfee has been a long-time advocate of cryptocurrencies. This became even more apparent when he promoted BeatzCoin, a cryptocurrency targeted towards empowering artists, stating that it was one of the best. His support for the use of crypto became even more apparent when he stated that using fiat currencies is “slavery”, and that the government is afraid of crypto.
Similarly, McAfee also showed his open support for Dogecoin, an altcoin that began life as a joke but has successfully acquired a market cap of around $360 million. He seconded Tesla boss Elon Musk’s prediction that Dogecoin “will go to the moon.”
The crypto industry is one of the most fragile industries in the world and is heavily dependent on market influencers. This is because the industry itself is quite young, and there’s a dearth of extensive and exhaustive data that could help interpret the market conditions. Thus, the role of influencers, especially those who are from technical backgrounds, is extremely crucial for the industry. One of the biggest names among such influencers is that of a computer scientist and anti-virus pioneer John McAfee.
McAfee, who himself is on the run from the US authorities, has been quite vocal about his views on cryptocurrencies and is the biggest proponents of Bitcoin and other cryptos. In fact, he is among the first persons to claim that BTC will touch the million-dollar mark in the next few years. As the year is about to end, we look at what McAfee had to say about Bitcoin in 2019, and what does he predict for 2020:
The tussle with Craig Wright
John McAfee was one of the prominent personalities that came out openly against self-proclaimed Bitcoin creator and Bitcoin SV chief Craig Wright. McAfee was among the firsts to debunk Wright’s claim of being Satoshi Nakamoto and did so in a hilarious manner saying,
“I am the real Craig Wright. I can prove it. Absolutely. I’m filing a patent on my existence as Craig Wright. I can prove I am him at a finger’s snap. But I’m not going to. You must simply believe me. I will be suing Craig, soon, for impersonating me. Unlike me, he is serveable.”
In turn, Craig Wright called McAfee a “scam artist,” and threatened to drag him to the court. However, McAfee had the last laugh as Wright’s own legal battle grew tragic for him. Currently, Bitcoin SV is going through a tough phase, and problems for Wright doesn’t seem to end anytime soon.
The $1 Million Prediction for Bitcoin
2018 was a disastrous year for Bitcoin as the apex crypto fell from its all-time peak of around $20,000 in December 2017 to less than $4,000 in January 2019. Things started to improve in February when Bitcoin broke its six months-long losing spree. Predicting a mega bull return, McAfee predicted that BTC would hit $1 million by the end of 2020, a claim which seems to be far from reality at the moment.
After a mini bull run till late July, BTC has come down steadily from its yearly peak of around $14,000 to less than $7,200 as of date. In spite of this, McAfee has stuck to his bull prediction stating that he agreed with the midterm $50,000 prediction by Peter Brandt and also reiterated that BTC would touch $1,000,000 by the end of 2020.
Promoted Use of Crypto in Daily Life
McAfee has been a long-time advocate of cryptocurrencies. This became even more apparent when he promoted BeatzCoin, a cryptocurrency targeted towards empowering artists, stating that it was one of the best. His support for the use of crypto became even more apparent when he stated that using fiat currencies is “slavery”, and that the government is afraid of crypto.
Similarly, McAfee also showed his open support for Dogecoin, an altcoin that began life as a joke but has successfully acquired a market cap of around $360 million. He seconded Tesla boss Elon Musk’s prediction that Dogecoin “will go to the moon.”
Verady and Thomson Reuters Collaborates to Develop Tool for Compliance in Crypto Taxes
As blockchain and cryptocurrency trading has been increasing its wings in every industry, there is a growing demand for regulations, especially in the United States, where a high level of discrepancies can be observed in the cryptocurrency transactions.
Atlanta based crypto auditing firm Verady, in collaboration with media giant Thomson Reuters has thus developed a software tool “Virtual Currency Organizer” for crypto- taxation to bring the cryptocurrency industry under tax regime.
Owing to the non-clarity in tax-related regulations for cryptocurrency transactions, Verady’s blockchain-powered tax return tool is a boon to regulate the cryptocurrency bracket.
At the backdrop of recently restructured financial policies in the US, a chaotic environment can be witnessed in the crypto-related businesses and among the taxpayers.
Various financial regulatory authorities differ in their outlook on crypto tax-related matters. The Department of Treasury recognizes cryptocurrencies as a currency, whereas the IRS classifies cryptos as property. The CFTC treats them as a commodity.
Verady tapped in this loopholes in the crypto standards and has invented the technological framework for tax compliance in crypto space for tracking and reporting of cryptocurrency transactions. The collaboration is aimed at addressing the needs of the customer’s crypto business and providing them reliable solutions for more ease in tax return filings.
Kell Canty recently confirmed the collaboration news on twitter. He tweeted that they have collaborated with Thomson Reuters to develop a tool that will help for crypto tax returns with digital asset management.
As blockchain and cryptocurrency trading has been increasing its wings in every industry, there is a growing demand for regulations, especially in the United States, where a high level of discrepancies can be observed in the cryptocurrency transactions.
Atlanta based crypto auditing firm Verady, in collaboration with media giant Thomson Reuters has thus developed a software tool “Virtual Currency Organizer” for crypto- taxation to bring the cryptocurrency industry under tax regime.
Owing to the non-clarity in tax-related regulations for cryptocurrency transactions, Verady’s blockchain-powered tax return tool is a boon to regulate the cryptocurrency bracket.
At the backdrop of recently restructured financial policies in the US, a chaotic environment can be witnessed in the crypto-related businesses and among the taxpayers.
Various financial regulatory authorities differ in their outlook on crypto tax-related matters. The Department of Treasury recognizes cryptocurrencies as a currency, whereas the IRS classifies cryptos as property. The CFTC treats them as a commodity.
Verady tapped in this loopholes in the crypto standards and has invented the technological framework for tax compliance in crypto space for tracking and reporting of cryptocurrency transactions. The collaboration is aimed at addressing the needs of the customer’s crypto business and providing them reliable solutions for more ease in tax return filings.
Kell Canty recently confirmed the collaboration news on twitter. He tweeted that they have collaborated with Thomson Reuters to develop a tool that will help for crypto tax returns with digital asset management.
