Litecoin was created by Charlie Lee, the ex-Google employee, who had the vision to create a lighter version of Bitcoin. It was released as an open-source client on GitHub. Litecoin Network was made live on October 13, 2011, and is a soft fork of Bitcoin Core client. How Is Litecoin Different From Bitcoin? Bitcoin has […]
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Cryptocurrency mining is experiencing a setback due to hyped-up power prices. As a result, mining businesses are either shutting down or resorting to illegal activities and facing lawsuits.
Chipmakers as Nvidia Corp and Taiwan Semiconductor Manufacturing Co who supply to the mining industry and Bitmain Technologies Ltd the renowned mining-rig designers, pursuing ICOs are suffering from the decline in mining.
Bitmain is facing a lawsuit for more than $5 million for unauthorized crypto mining. Gor Gevorkyan, a Los Angeles County resident filed a suit at the Northern District of California federal court against Bitmain’s US and China-based entities for pulling power supply from customers without their knowledge. Bitmain’s ASIC devices were preconfigured to use their customer’s electricity for cryptocurrency mining for Bitmain’s benefit, and not their customer’s.
The document further reflects that more than 100 class members were involved and the debatable aggregate amount is over $5,000,000 not including the fees, cost or interest. Gevorkyan had purchased Bitmain ASIC devices as the AntMiner S9 to mine Bitcoin and ended with large electricity bills.
The unfair business practice continued until Gevorkyan’s personal cryptocurrency account was linked with the ASIC devices. Gevorkyan and others involved have asked for full restitution for the unlawful practices and an order for Bitmain to “cease the acts of unfair competition alleged” and interests at the highest allowable rate and costs and fees, as noted by Coindesk.
JPMorgan Chase & Co. stated that some are losing money in the mining industry due to falling Bitcoin Prices. “This suggests that prices have declined to a point where mining is becoming uneconomical for some,” Nikolaos Panigirtzoglou, JPMorgan strategists wrote in a Nov. 23 report, as noted by Business Tech. Those who survive the decline in cryptocurrency mining would eventually benefit, notes Ryan Rabaglia from cryptocurrency dealing firm OSL, Hong Kong.
Bitcoin miners feel threatened to shut down due to high electricity bills primarily as evident from the November drop in hash rate by 24% as against August peak, as per Blockchain.com. It takes $7000 to mine one Bitcoin with Bitmain’s Antminer S9, as reported by Fundstrat Global Advisors.
The cryptocurrency mining continues to suffer from the hype in electricity prices which is affecting the company.
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You can now buy cryptocurrency feeling secure by utilizing the services of Paypal and advice from SEC as to which companies to trade with and not.
In May, Thailand’s main crypto regulator, Securities and Exchange Commission, Thai SEC began its function and only the authorized crypto operators by the SEC could operate Crypto business.
The SEC has not fully, but only temporarily approved seven of the digital asset issuer or operator companies. The six approved companies include Bitcoin Co. Ltd. (Bx), Cash2coins, Bitkub Online Co. Ltd., Coin Asset Co. Ltd., Satang Corporation (Tdax), and Southeast Asia Digital Exchange Co. Ltd. (Seadex). And the last one, Coins Th has been approved as a crypto dealer.
Tdax rebranded as Satang Pro in September, is currently developing a new wallet which will be the first digital asset payment platform and provide buying, selling and paying for utility services in Thailand. It is assumed to take the priority in mobile phones and gift cards.
Besides advising which companies to trade with, SEC has also warned against a few unauthorized companies. The 14 unauthorized websites include payniex.com, thaiexchanger.com, misterchanger.com, egtexchange.com, superrichexchanger.com, digicardshop.com, emoneythai.com, i-exch.com, gamershoppings.com, exchangercoin.com, ecurrencyplus.com, lnwexchanger.com, ecurrencythailand.com, and R Exchange’s Facebook page. After the warnings by the SEC, some of the companies have removed their crypto offerings.
Besides receiving the guidance of the SEC to help people trade online a few reputable online services have come up to add to the convenience of trading experience. VirWox is a virtual exchange for digital currencies started in 2007. VirWox is helpful as Paypal doesn’t support Bitcoin personally, but their platform may still be used to buy Bitcoin. A third party that specializes in such transactions can be used as a medium to buy bitcoin. Paypal freezes accounts for 180 days if they feel that their terms are being violated. Paypal and Bitcoin both have attracted a lot of scammers so to avoid the situation, Paypal has banned Bitcoin. VirWox uses Linden Dollars that can be purchased on the platform using PayPal or a credit card. The digital currency Linden dollars use is used in the video game Second Life and was added on the platform in 2011, as observed by Coin Central.
So with the support of the online payment service and advice from SEC provided by Bitcoin.com on which authorized companies to trade with, one feels more assured to buy cryptocurrency.
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The much-required crypto regulation that has started out in a few countries including Venezuela has encouraged to Buy cryptocurrency despite the current Bitcoin and cryptocurrency value drop.
The bill on cryptocurrency regulation has been approved by the Constituent National Assembly of Venezuela. Country’s leader Nicolas Maduro proposed the law with 64 articles and five transitory provisions. The oil-backed, Petro cryptocurrency has been validated as the commercial exchange unit within the economy as it states the prospect to purchase goods and services, which has further encouraged people to buy cryptocurrency. The anti-money laundering law also has been amended as per Prensa, the Cuban news agency. Venezuela’s crypto exchanges have been permitted for carrying out foreign exchange operations.
Though the market is currently witnessing a drop in the cryptocurrency value. The bitcoin had reached $20,000 a year ago and then settled between $6,000 and $7,000 for a longer period before coming further downwards to $4,000. The optimistic Iqbal Gandham from eToro, the crypto-currency trading firm in the UK predicts that in the next 4 to 5 years its worth will go up to $500,000 and $1m, as cited in BBC. The cryptocurrency invested heavily in marketing, including sponsorship of Premier League football clubs and purchase of adverts on London Underground. Iqbal Gandham feels that not only the crypto market but currently the entire market is witnessing a downfall in prices as so are the shares of Amazon and Apple.
As per the head of the special commission on crypto frameworks, Andres Eloy Mendez, the new measure help combat the financial and commercial blockade put forth by the US government. The Petro bring the possibility of establishing good international business relations while avoiding sanctions as it is independent of central bank and free of restrictions. The official launch of Petro’s sale began in Venezuela in October. Because the digital of Petro has been suspended by Google.
Petro was first, officially announced in December 2017. In August the President of Venezuela decided to use it as a unit of account for goods, services, and salaries, as observed by Cointelegraph. September brought the news of advancement by Maduro that Petro would be used for commercial transactions internationally as well.
Manuel Quevedo Venezuela’s state oil company announced using Petro for trading crude oil to OPEC Organization of the Petroleum Exporting Countries in 2019.
Even though Petro has not been listed in any of the major crypto exchanges on the globe, it is being used vitally. So with the regulation of cryptocurrencies, there is a complete encouragement to buy cryptocurrencies despite the current dip.
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This Thanksgiving if you must suggest a cryptocurrency to your someone, make sure you name Ripple. Similar conversations happened last year and many advised Bitcoin and we can’t be sure whether they still are meeting over Thanksgiving dinner this year.
On the other hand, Ripple’s XRP, with the second largest coin market capitalization, is the most disruptive crypto company in the financial technology industry and about to step into banking now. Bank of America wants to capitalize on the potential of blockchain and wants to create a mobile app which helps the customer to transact without being asked for authentication repeatedly. Ripple supports more than 100 financial institutions which may appeal to Bank of America as is envisioned by many.
Unfortunately, Bitcoin dipped and those who invested in $1000 during Thanksgiving week last year have lost 45% and are left with $450, and those after a week, about 55%. And it gets worse for those who waited till Christmas, are left with only $763.
Bitcoin was at $10,000 last November and an amazing $20,000 in the middle of December as per CoinMarketCap. But today it has dropped below $4,300.
Last year Bitcoin was described as digital gold and, the BX3 Capital’s partner and co-founder of the crypto advisory firm, Kyle Asman, was using it for online gambling. Bitcoin went up due to fear of missing out and people began investing in it. Then the ICO, Initial Coin Offering, came in which managed to gather billions from an investor, and many were frauds and others had to settle with the US regulators as they had not registered them as securities, as published on CNBC.
Bitcoin was tough to buy due to heavy coding. When Coinbase exchange came out thigs looked up. At one point it was valued at $8 billion and more than 50,000 customers were signing in, as note by CEO Brian Armstrong. The rapid rise also happened with the introduction of Bitcoin Futures market.
But this year it is a contrasting story. Ripple that has usurped the market from nowhere, has a success story in financial services and seems to have attracted the attention of Bank of America who wants banking to be a more pleasurable experience for its customers, as published by Ethereum World News. So if you must at all advice, Ripple cryptocurrency it is this year.
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Policing crypto exchanges is the requirement of the day that will flourish the transfer markets and help people save their hard earned money. Migrants who have to send money to places as Somalia, which doesn’t have a functioning government, it may sum up to life or death situation for them. The traditional banking services are limited or simply cut down upon the money transfer services – the only means to get the money to their reliant families.
All migrant-wage-earners send back money to their families or home countries and high remittance fees are charged making the money transfer a multi-billion dollar industry. Remittance payments totaled to $55bn in 2017 from the US to India, Mexico and China, and in 2015 totaled $582bn worldwide. Cryptocurrencies can help negate the charges and other complications in sending the money cross-border.
The crypto market is developing and now with Binance which will be integrating KYC- Know Your Customer software, will change the security scenario to a positive in favor of crypto money transfers. The software will be provided by $26.4 billion NY company, Definitive, a seller of technology to financial companies, with 40, 000 customers and more than 400,000 end users in 190 countries. Blackstone Group owns the company in the majority and Thomson Reuters in minority.
Binance, the crypto exchange transacting more than $1.7 billion daily, follows the AML Anti-Money Laundering standards in the fiat world and incorporates advanced third-party transaction monitoring tools, and their own proprietary tools, will help build trust with regulators and financial institutions.”
The KYC is a mandatory system in most countries that requires keeping track of customer’s identity and financial situation and helps customer and company from unnecessarily losing money. The stress tested software – ‘World Check,’ that draws information from authoritative sources in over 200 countries, was successful with more than 100 financial institutions and regulators, as reported by Finance Magnates.
World Check will encourage remittance payers to choose cryptocurrency over the traditional banking system. As per World Bank, India, China, the Philippines, Mexico and Nigeria are the top 5 remittance destinations that use Paypal or Western Union money transfer service. And, for each $500 sent, an amount of 6%, $30 is charged. And in contrary, Litecoin with aid of Stellar Lumens costs a fraction of a cent – a $99 million would cost a mere transaction fee of $0.40, as reported by Forbes.
So, policing crypto exchanges along with stablecoins that could bear the volatility of cryptocurrency will help the cross-border payments, save people their hard earned money and let the recipients enjoy maximum benefits. Not to mention that it would save billions of dollars.
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With little demand in crypto mining, the industry is witnessing a hangover and discouragement in growth with a US-Chinese trade war.
Californian based chip designer Nvidia entered its third quarter with a crypto hangover. The pricing was volatile and it drew away business as people were waiting for it to stabilize to invest. In the fourth quarter, the expected $3.4 billion was missed and instead only $2.7 billion is now expected.
The company has witnessed 19% drop in its shares and $20 Billion loss in Value with the market coming down. The company suffered great loss as the expected buyers as gamers and data center entities did not materialize.
The market is uncertain as tax rates and electricity rates have not been regulated for crypto mining and other operations and also the uncertainty whether the governments’ of a specific region will be supportive in the future or not.
The US County Chean County Public Utility District has decided to raise the electricity rates for cryptocurrency mining, similar to the current structure. The miners will have to buy additional power as mining creates a fluctuating load on the supply. With the new changes, the county lost all its investor to other businesses. All the related fields as programming, finance, etc. to blockchain and cryptocurrency will witness a job loss.
To top this, crackdowns by the Chinese government who have previously done the same with Facebook and Google have banned crypto exchanges in the country. The mining companies are using subsidized electricity rates who are making a massive amount and have been enjoying the unlimited supply in the past with no government interference. Now with the Chinese government mandating the companies to register with Power Supply Bureau, the companies would have to disclose their real identities, as noted by Coinnounce. Furthermore, they will have to undergo tax inspection, disclose their income source and power supply required by them each month. Power cuts are expected where mining is currently happening.
With all these changes, it is no wonder that Bitcoin mining is becoming a monopoly market. And big entities as Antpool, mining more than 18% of bitcoin blocks, is controlling the mining operations. So we can see how companies as Nvidia, as reported by Live Bitcoin News, are getting affected and how other factors in an effort to regulate the industry are making the crypto mining sluggish.
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2019 will be witnessing a digital revolution with crypto exchanges offering new possibilities for investors, entrepreneurs, startups to invest in innovative crypto businesses.
The London founded cryptocurrency exchange and also a wallet operator, Luno has decided to open its headquarters in Kuala Lumpur in early 2019. The company will invest RM25mil and create about 100 high skilled jobs. It aims to be an education hub, training center and support provider to customers in Southeast Asia, Africa and Europe. The regulatory setup by the Malaysian Government has provided a framework to approve, monitor digital exchanges in coins and tokens. The company has registered as mandatory by Bank Negara Malaysia as a reporting institution to fulfill central bank’s policy for Digital Currencies on Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT).
Cryptocurrency exchange business allows individuals to trade or sell their cryptocurrency for fiat currency in USD, EUR, AUD and INR. Purchasing a readymade script and making the investment in securing the exchange would get you going. Companies as “BitExchange” have built readymade projects for new businesses in 2019 allowing complete access to the Source code to help them save time.
A cross-border blockchain payment app using Stellar Lumen’s token XLM eliminates the middlemen as banks and exchange agencies from transaction process who cost at every step. The payment made from one country will be converted to XLM tokens and be transferred in fiat amount to recipient’s bank account in his currency. At a fraction of the cost for transactions, this business is bound to boom, as reported by AMBCrypto.
Bitcoin Wallet service platform that to securely store other people’s cryptocurrencies, where they may send and receive and integrate with other businesses will help make payments. Charging fees at every transaction would be lucrative.
Helping aspirants to gain public investors through crowdfunding for their path-breaking ideas on a platform where the public may see the idea and contribute a small amount around $5. When backed by large numbers, the amount usually exceeds expectations, as reported on The Star.
So go ahead and cash in on the business of crypto exchanges and wallets as operators like Luno, and hopefully, 2019 will be as fortunate for you
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As much as the US wants to embrace the cryptocurrency in the regular monetary exchange system, it cannot in the election campaign donations due to the flickering nature of bitcoin value.
Though the U.S. Federal Election Commission had initially allowed BTC Bitcoin at the value $5666.77 +-0.0% in 2014 elections, currently, only eight states have allowed whereas seven have completely banned the use of cryptocurrency contribution.
William Baker, a Michigan state legislature candidate was informed by the Michigan Department of State in a letter dated November 8 in reciprocation to an inquiry prior to the midterm elections that donations could not be made in Bitcoin as per MCFA Michigan Campaign Finance Act and APA Administrative Procedures Act. Ruth Johnson, Michigan Secretary of State elaborated that due to their frequently fluctuating values neither bitcoin nor any other crypto tokens were acceptable as a dollar value could not be assigned to them in administrative terms.
Even California, the Silicon Valley, has banned donations in cryptocurrency as the uniformity in the making of the digital assets vary. Bitcoin may be easily tracked along with its sender, but the anonymous coin Monero cannot be tracked. Also due to difficulty incurred at different points of transactions, including, the date it was sold to the donor, the date it was contributed to the candidate and the day it was recorded on campaign statement, and also the recording of the bitcoin value at different points in the transaction process, as reported on CCN.
A possibility of foreign interference in elections influencing operations is a concern as expressed by Scott Duekeke, the Director of DarkTower, a cyber-threat analysis company in the Senate hearing in June.
Center for Public Integrity finds it impossible to detect the reporting of donations made to the candidates in state electoral campaign. Austin Petersen of Missouri, Republican returned the received Bitcoin donations in 2018 elections, exceeding the federal government limits. In 2012 Mark Warden, Republican, New Hampshire, returned his bitcoins received from South Africa and Europe, as reported on Bitcoinist.
So even though the US is pro-cryptocurrency usage with eight states in favor, the volatility of bitcoin value and the task of recordings transactions are hurdles that may be crossed in time.
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The Indian economy today is not running parallel with the contemporary market choices especially where the acceptance of the flourishing cashless, virtual cryptocurrency is concerned.
The virtual crypto coins that are safe to buy, sell, and spend through the internet, and easy to keep is not being welcomed by the Indian economy with open arms. The cryptocurrencies have made a niche for themselves in the world market and have been accepted in some other prominent countries as Prague within the Czech Republic; Buenos Aires- the capital of Argentina, San Francisco, Madrid in Spain and New York City in the U.S.
The RBI on 6th April through a circular forced the exchanges to shut-down any fiat to cryptocurrency transactions in India, and on the other hand cryptocurrency exchanges have started trading in peer-to-peer (P2P). Loop, a trading platform, is the latest P2P addition by Koinex for the Indian investors.
Today, amongst the most demanded cryptocurrencies, the Bitcoin, takes the lead with $10 billion current market worth, followed by the cryptocurrency Ether of the Ethereum platform capable of executing peer-to-peer smart contacts. It allows coding and endorsing of contracts by people without a third party involvement; Litecoin falls third in the list with a market cap of roughly $180 million and it can be used as a currency, be mined and used for transactions; Monero stands at the fourth place with its secure private and untraceable feature as with the ring signature technology; and Ripple with $243 million market cap stands at the fifth spot. The Ripple currency (XRP) comes with the Ripple system and has integrated into a few payment systems and banks, to reduce costs.
In spite of these advancements, there are cases pending to be heard by the Supreme Court, some against and others in favor of cryptocurrency. As reported in Bitcoin Exchange Guide, the last three-bench hearing which was headed by Subhash Chandra Garg Supreme Court was held on July 20th and has been set to be concluded on 9/11 (September 11) with Reserve Bank of India wanting to ban cryptocurrency use in the country to minimize any illegal transaction that may affect the flow of international finances.
RBI defended itself saying that the circular was issued as a precautionary step until the regulation of cryptocurrency. Also, RBI vocalized its take on the matter saying that cryptocurrency being “a stateless digital currency” would only welcome illegal dealings as it was beyond government interference. Similarly, the SBI is also against the use of cryptocurrency.
The RBI – the central bank of India changed its take from April when it announced that it will not give any services to businesses or individuals dealing with cryptocurrencies and issued circular to all exchanges to follow the order.
The RBI on July 21 told Supreme Court that it felt that it was necessary to regulate cryptocurrency to keep a check on the possibility of any illegal transaction which may affect the flow of international funds, as stated by Financial Express. Shyam Divan, senior advocate of RBI, told Chief Justice Dipak Misra’s bench that it was mandatory to regulate Bitcoin and other cryptocurrencies as they were means for illegal transactions otherwise.
Another petition filed by father and son duo – Siddharth and Vijay Dalmia, asked to hold back the sale, purchase of illegal cryptocurrencies which may be used for illegal activities as funding terrorism and rebellion as noted by The Hindu. Bitcoin News stated that the petition was heard by Supreme Court last November and RBI amongst other government departments were issued notices. When the RBI showed negligence and said that people had been informed on the usage of cryptocurrency, another petition was filed pointing at lack of adequate efforts being made by the central bank.
The fate of Indian economy is at the decisive curve of juncture where this decision can can make or break traders’ virtues. Cointelegraph reported that by an anonymous source in the government has mentioned that the cryptocurrency may be put as a commodity instead of banning them from the system.
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