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Intervention by Visa spelled an end to European crypto debit cards for the majority of customers on Thursday. Around a dozen crypto companies were affected by the shutdown, which instantly wiped out their services across Europe. Issuers such as Bitwala, Tenx, Bitpay, and Xapo were left high and dry after a Visa subsidiary stopped processing payments. Two of the companies affected have since spoken to news.Bitcoin.com, revealing their plans to find an alternative solution.
Also read: Visa Veto Leaves Several European Cryptocurrency Cards Locked Out
Crypto Card Holders Are Locked Out
On Thursday, news.Bitcoin.com reported on a sudden crackdown on crypto cards within Europe, orchestrated by Visa subsidiary Wavecrest. The report explained how “the prepaid cards, which have become extremely popular in the crypto community, provide a means of indirectly paying for goods and services using cryptocurrency.”
Bridging the gap between fiat and crypto is one of the biggest challenges cryptocurrency platforms face. Hybrid cards, which allow a debit card to be funded with crypto and then used to make purchases in the local fiat currency, were seen as a smart solution. That all changed this week when hundreds of thousands of European crypto-holders found their cards had been rendered useless.
Tenx was one of those companies affected by the ban. The company’s co-founder, Dr. Julian Hosp, told news.Bitcoin.com that around 200,000 customers had been impacted, but signaled that a resolution is on the horizon:
Tenx was prepared for this, as the company has recently entered partnership with a new card issuing partner and is in the process of getting the new cards live to replace the old ones as soon as possible. Meanwhile, Tenx customers will be able to withdraw their funds from their accounts as of Monday evening (January 8), while they await developments.
Dr Hosp also appeared on a live Hangout on Saturday to explain more about the current situation. The company’s co-founder seems upbeat, telling news.Bitcoin.com of plans to introduce a “live virtual currencies card” and obtain a banking licence for better fiat currency integration.
The Hunt for a New Issuer
Wirex is another crypto card firm that finds itself without a payment processing partner after Visa slammed the door. The company claims to be Wavecrest’s largest client, with over one million customers – most of whom don’t use crypto cards, it should be noted. Nevertheless, the effects of the Visa veto were still dramatic: around 600,000 Wirex plastic or virtual card holders were left without service after the ban.
Interestingly, Wirex CEO Pavel Matveev asserts that Visa are blameless in this, insisting that the blame lies solely with Wavecrest. He told news.Bitcoin.com: “Wavecrest have been violating Visa rules for months…it’s 100% Wavecrest’s fault and they knew it was coming a couple of months ago.”
Like Tenx, Wirex is confident the situation won’t leave its European customers serviceless. Pavel says they have four alternative issuers to choose from, one of which is based in Europe. “For us,” he said, “it’s a question of switching issuer and re-issuing cards, so it’s just a temporary problem; but for a lot of companies it’s the end of their business – they don’t have an alternative issuer and finding one plus integration might take anyway from 6 to 18 months”.
Who’s to Blame?
Some in the cryptocurrency community were swift to point the finger at Visa in the aftermath of the ban, though there is no evidence as yet that the order came from up high. Given that it processes more than 100 billion transactions a year versus bitcoin’s circa 130 million, it’s premature to assert that Visa is feeling threatened by cryptocurrency. Whatever bitcoin is, be it a store of value or a medium of exchange, it is not, as yet, a Visa killer. Nor is Visa, or its subsidiary Wavecrest, a crypto killer.
It seems likely that the majority of European card issuers will be able to resume service in the near future. Customers will be wary, though, of putting all their faith in one crypto card, in the knowledge that a repeat of the Wavecrest incident could see service suspended at any time.
Do you think Visa are culpable, or was this matter none of their doing? Let us know in the comments section below.
Images courtesy of Shutterstock.
Tired of those other forums on the subject of Bitcoin? Check forum.Bitcoin.com.
The post Crypto Card Issuers Seek Solutions in the Wake of a European Ban appeared first on Bitcoin News.
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Coinbase will no longer be accepting deposits from Nationwide bank. The move comes due to the bank’s SEPA processing being handled by German bank Commerzbank, who has a new companywide policy of not dealing with money related to Bitcoin.
The Coinbase website has announced that they will no longer be accepting deposits from Nationwide Bank. Nationwide’s line on events appears to be that it is their SEPA payment processing, handled by Germany’s Commerzbank who have been associated with a company-wide policy of refusing to deal with transactions related to Bitcoin and cryptocurrency.
Bitcointalk forum user micalith posted the message he received when trying to facilitate a transfer using Nationwide:
Nationwide Bank’s correspondent bank for SEPA transfers is Commerzbank – please note that Commerzbank has adopted an internal policy and no longer allows transfers related to Bitcoin.
Online Reception and Reports
Initial outrage was first stoked on Reddit where users reacted to the news with indignation and outright hostility alongside other users reporting that they had also faced problems when depositing from Nationwide Bank via SEPA, although others who used debit cards in the UK reported that their payments had been successful, at least in the past. Some users suggested that Nationwide Bank users should switch banks.
Similar reactions abound on Twitter as well:
@CoinbaseSupport I paid in 3 separate payments to my @coinbase account using nationwide, as soon as i try to send a SEPA to verify a withdrawal you now claim not to accept payments from nationwide. Easy in, impossible out. How do i get my money back?
— Christy Nevin (@ChristyNevin) December 31, 2017
@coinbase I urgently need clarification on when a withdrawal from my GBP wallet will reach my account. You have taken a €1 SEPA payment from me which @AskNationwide has charged me £9 for. You are now claiming you do not accept Nationwide deposits. Whats going on?
— Tom Farmery (@TomFarmery1) December 31, 2017
@AskNationwide Why can i no longer use Coinbase with my Nationwide account? I don't understand what it is to do with you guys what i spend my money on. Been with nationwide since i was old enough to have a bank account, time to change i think.
— Simon Jordan (@shime553) January 5, 2018
Commerzbank Bank
Commerzbank is Germany’s second-largest bank after Bavaria-based BayernLB. Their refusal to deal with Bitcoin is perhaps not surprising given the establishment’s conviction of laundering hundreds of billions of dollars over more than a decade for Iran, Sudan, and Myanmar.
The Justice Department said Commerzbank used non-transparent methods. Assistant Attorney General Leslie Caldwell stated:
Commerzbank committed these crimes even though managers inside the bank raised red flags about its sanctions-violating practices. Financial institutions must heed this message: banks that operate in the United States must comply with our laws, and banks that ignore the warnings of those charged with compliance will pay a very steep price.
This stance taken by Commerzbank has not stopped the bank from appropriating the very same Blockchain technology which drives Bitcoin for themselves. Bitcoinist previously reported on Commerzbank and other European banks joining IBM’s blockchain initiative last year.
Do you bank with Nationwide or Commerzbank? Will you continue to bank with them in light of their anti-bitcoin policies? Let us know in the comments below.
Images courtesy of AdobeStock, Pixmedia, Coinbase
The post Coinbase Announces They Will No Longer Accept Deposits from Nationwide Bank appeared first on Bitcoinist.com.
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It looks as if Silicon Valley and Wall Street are coming together just to see who can shower cryptocurrency ventures with more money.
Also Read: Strong Cryptocurrency CFD Volumes Bring Record Revenues for Plus 500
Blocktower Capital Crypto Hedge Fund
Blocktower Capital is a cryptocurrency hedge fund headed by former Goldman Sachs vice president Matthew Goetz. The new venture was only launched in August 2017 and has already said to have raised about $140 million.
Investors in Blocktower reportedly include family offices and other entities such as venture capital firms such as Union Square Ventures LLC and Andreessen Horowitz.
Some of the raised funds were apparently redirected towards boosting the company’s staff, now estimated to sport eight executives. On Thursday Blocktower issued a statement that it hired Michael Bucella, who was also with Goldman Sachs since 2008. Bucella’s last role at the bank was related to multi-asset sales in Canada, where he headed strategic partnerships and business development.
Alpha Potential Is Abundant
On its sparse website Blocktower Capital’s only description of its investment strategy, goals or operation is “bringing professional trading and portfolio management to an emerging digital asset class.” There is no mention of what cryptocurrencies they will focus on for trading, as well as whether they will invest in ICO tokens or stocks of any ‘blockchain’ companies.
However, CEO Goetz, described what is the opportunity the fund can capitalize on: “It’s a wildly inefficient market where alpha potential is abundant — more than anything we’ve seen in our careers. We think it’s a rare opportunity for investors. It’s not often there’s a new capital market being born in front of you.”
This sentiment appears to be shared among more and more investors in both the finance and the venture capital worlds. A few notable examples include legendary value investor Bill Miller who now holds half of his hedge fund in bitcoin, TechCrunch and CrunchFund founder Michael Arrington‘s $100 million XRP hedge fund, billionaire investor Michael Novogratz and most recently Peter Thiel’s Founders Fund.
Would you invest in a cryptocurrency hedge fund run by former ex-Goldman Sachs executives? Tell us what you think in the comments section below.
Images courtesy of Shutterstock.
Do you like to research and read about Bitcoin technology? Check out Bitcoin.com’s Wiki page for an in-depth look at Bitcoin’s innovative technology and interesting history.
The post Cryptocurrency Hedge Fund Headed by Ex-Goldman Sachs VP Raises $140 Million appeared first on Bitcoin News.
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Reddit user reports he’s lost all his cryptocurrency after a second-hand Ledger wallet scam.
A man’s life savings disappeared from a Ledger brand Nano hardware wallet after Reddit user moodyrocket purchased the wallet second-hand on eBay. The stolen coins amount to over $34,000.
According to posts on Reddit, the seller of the wallet utilized a ‘man in the middle’ attack, inserting his own recovery seed rather than the random seed assigned by the manufacturer. According to the post:
“I have not used my Ledger in a week, today I decide to check the value of my XRP, Litecoin and Dash only to discover that all of them showed up as zero and had been transferred somewhere else yesterday all around the same time at 7:30pm. I am not sure how this is possible as I have not access my Ledger in a week. I do not know what do to as the total value is over £25000, has by currency been stolen or is it something else? I am at a lost here and right now feel so physical sick. Some please help.”
The post shows the extent to which thieves will go to access coin wallets. Ledger’s CEO (user murzika) has offered to help ‘bring the seller to justice’ through legal means.
Need for security
As values of cryptocurrencies continue to increase, the reality of security needs continues to increase. Stories of theft and hacking continue to proliferate. For individual users some additional technology may eventually be required. Vadim Onishchenko, CEO of Blockchain photo security system Selfllery told Cointelegraph:
"We used to ask ourselves: Where is it better to keep your money, at home in a safe or in the bank? None of these options is ever completely safe. Cryptocurrency is no different: the safety issue is very complex, because there are lots of ways to break into accounts, or to force people to give over their holdings. There needs to be a mechanism ensuring complete safety, because the current options are all lacking. A new technology is needed to protect cryptocurrency."
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Investments in exchange-traded funds (ETFs) broke all records last year, boasting assets under management of $3.4 trillion USD. In this regard, a Bitcoin-based ETF managed by ARK Investment Management LLC became the best-performing ETF of 2017, delivering gains of over 87 percent. In parallel, more investment institutions are rushing petitions to the U.S. Securities and Exchange Commission (SEC) to launch Bitcoin-based ETFs.
Investing in Bitcoin and Disruptive Technologies Was Profitable in 2017
Fourth Industrial Revolution innovations such as Bitcoin, artificial intelligence, and driverless cars are becoming quite profitable to financial companies focusing on disruptive technologies.
For example, ARK Investment Management LLC, an active manager of thematic ETFs, reports that ARK Innovation ETFs (ARKK), which includes exposure to Bitcoin, posted returns of 87.4 percent in 2017.
This ETF concentrates its investments on industrial innovation, genomics, and Web x.0. As of the end of November 2017, ARK Innovation ETF owned 13.69 percent of Bitcoin Investment Trust.
Likewise, the company reports that the ARK Next Generation Internet ETF (ARKW), which also contains Bitcoin exposure, delivered similar spectacular returns of over 87 percent. In addition to cryptocurrencies, this ETF focuses on innovation and advancements in big data, cloud computing, Internet of Things (IoT), E-commerce, and digital media.
Bitcoin led the best-performing ETFs this year https://t.co/fnY8w0L3oT
��� CNBC (@CNBC) December 29, 2017
Bitcoin exposures in these two ETFs are indirectly held via positions in the publicly traded Grayscale Bitcoin Investment Trust.
Rush to Get SEC’s Approval for Bitcoin ETFs is Intensifying
ETF investments broke all records in 2017. According to CNBC, ETFs had inflows of $476 billion USD, while assets under management reached $3.4 trillion USD. Therefore, CNBC estimates, “investors will continue to pour money into low-cost index ETFs.”
The rollout of Cboe Bitcoin futures in December 2017 triggered investment companies to seek SEC approval to launch ETFs. Now, the rush to file Bitcoin ETFs is accelerating. For example, Direxion and GraniteShares recently joined the long list of those seeking SEC’s approval to trade Bitcoin-based ETFs.
According to Direxion’s filing, dated December 15, 2017, its Bitcoin ETF seeks “to provide total return that exceeds that of bitcoin futures contracts over a complete market cycle.” If approved, this ETF will be actively managed. And it would be listed and traded on the NYSE Arca, Inc.
GraniteShares also filed on December 15, 2017, a petition for approval of two ETFs: GraniteShares Bitcoin ETF and the GraniteShares Short Bitcoin ETF. The shares of each of these funds will be listed on the Cboe BZX Exchange, Inc.
The list above shows that financial managers are betting on Bitcoin’s success. And, as a result of the outstanding 2017 returns delivered by ARK Investment’s Bitcoin-driven ETFs, Bitcoin will most likely continue to captivate fund managers with greater momentum.
What do you think about the potential impact of the SEC approval of Bitcoin-related ETFs? Let us know in the comments below.
Images courtesy of Pixabay, Bloomberg
The post 2017’s Best-Performing ETFs Were Bitcoin-driven appeared first on Bitcoinist.com.
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The cryptocurrency market is at an all-time high as coins recover from a brief holiday bear season into a bullish New Year. But could this unprecedented growth in value attract cybercriminals?
Currently, there is a huge bullish run by Bitcoin and other alternate coins on the cryptocurrency market even with the recent correction that saw Bitcoin slightly drop in value over the holidays. However, now that the New Year has kicked off, cryptocurrencies are going up in price. But could this surge in value be open season for cybercriminals?
For instance, the month of December last year saw Coinbase (a leading exchange in the US) temporarily suspended Bitcoin Cash trading on its platform amid allegations of insider trading. In addition to that, the US Securities and Exchange Commission stopped a fraudulent initial coin offering for the first time. The fraudsters had lured thousands of investors with a promise of doubling their investments within months while the ICO raised $15 million.
Insider trading and fraudulent ICOs aside, the real threat to digital currencies still remains cyber theft. Simply put, hackers and cyber criminals pose a much more frightful menace to investors.
After all, we are living in a sophisticated digital age and since there are widespread digital tools and avenues that a hacker can use, the average person can hardly avoid or stop an attack once it begins.
Frankly, one of the biggest pain points in the world of cryptocurrency is cybercrime. In fact, a report from the US Department of Homeland Security reports that between 2009 to 2015, more than a quarter of Bitcoin exchanges were attacked.
Surprisingly, however, such reports have not been enough to keep cryptocurrencies from growing in value. Cyber criminals follow the money, however, and at the moment, it’s easy to see that the cryptocurrency market is where the money is as it currently stands at a market capitalization of about 816 billion according to CoinMarketCap.
With the rising price of Bitcoin, cyber heists have become even more profitable as it only takes a single attack to potentially make off with millions of dollars.
How to Protect Your Cryptocurrency Holdings
With the cryptocurrency prices on the rise, investors need to be more vigilant than ever when it comes to protecting their digital assets. In most countries, the U.S. included, digital currencies are not recognized as legal tender so investors have little to no recourse when their funds are stolen.
So, how can an individual investor take measures to protect a digital assets account? No measure is absolutely foolproof but there are steps that you can take to minimize your risk of theft:
Installing an antivirus with anti-phishing support
Using a VPN to protect your internet connection
Adding an extra access protection layer with 2FA
Using a hardware wallet to store your cryptocurrencies
Setting up firewall protection
Do you believe that no one including well-funded corporations is 100 percent safe from hackers? What are you doing to protect your cryptocurrencies? Talk to us!
Images courtesy of AdobeStock, Shutterstock
The post Is The Meteoric Rise In Cryptocurrencies Triggering More Cyber Attacks? appeared first on Bitcoinist.com.
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The government of Vietnam has taken steps to accelerate the adoption of cryptocurrency regulation that will affect Bitcoin. The executive power in Hanoi has insisted that the framework should be ready by the end of January. Amendments to the tax code are expected to help tap into proceeds from “virtual property and digital money”.
Also read: Cryptocurrency Mining Soars in Vietnam – Over 7000 Rigs Imported
Indochina Catching Up
The new impetus was given by a high-ranking government official who insisted on hastening the legal process. Deputy Prime Minister Vuong Dinh Hue has asked the Ministry of Justice and the State Bank to quickly complete the legal framework and report to the government. According to Vietnamese media, the documents should be presented to the Council of ministers by the end of the month.
The central bank of Vietnam shall assume prime responsibility for proposing amendments to the taxation laws. Respective supplements related to cryptocurrencies should be promulgated soon after the introduction of the regulatory regime. It is not yet clear whether the new legislation will define Bitcoin and its alternatives as investment assets, means of payment, or both. The exact tax rates and their scope in regards to income and profit from trading and mining are still to be defined.
With its indentations to speed up the process of “managing Bitcoin”, Vietnam is trying to catch up with China and South Korea, which recently moved in the same direction. But the Vietnamese authorities now have a chance to do a better job. They can take into account certain mistakes made by their Asian neighbors who are tightening the loophole.
Stalemate in the Status Quo
In Vietnam, and elsewhere on the Asian continent, cryptocurrencies drew significant attention in the past year, despite warnings by some experts and officials about the risks stemming from their volatile character in the absence of comprehensive legal guidance. The disruptive nature of “virtual money”, as cryptos are referred to by many in power, has divided opinions around the world about how to “manage” the phenomenon while taking advantage of it. Officials have been wondering how to sheer off some of their value worth more than $800 billion now…Or stop them in their tracks, if they prove too damaging to the status quo.
That’s a dilemma that Vietnamese officials are also facing and scratching their heads over. At a National Assembly hearing in November, the Governor of the State Bank of Vietnam Le Minh Hung said that under current Vietnamese regulations, bitcoin was not legal tender or a “permitted means of payment”, as the bizhub edition of Việt Nam News reported. According to the central bank, the issuance and use of Bitcoin and other cryptocurrencies for payment purposes was prohibited. However, Hung added that “from the perspective of treating it as an investment asset”, the SBV would co-operate with the justice ministry to “study the legal framework for managing” Bitcoin.
A project to develop this framework, “with an aim to protect legal rights of investors”, was approved by the government back in August. The Việt Nam News article also reads that the nature of cryptocurrencies must be clarified and the country “must learn from international experiences” – in order to minimize risks, while “ensuring flexibility and promoting innovation”. But then:
It is increasingly clear to this reporter that the only rational way out will be to negotiate, not as victors, but as an honorable people…
Rush Part of Broader Move
Whether Vietnamese authorities are losing their “Cronkites” or local media is simply relaying the mood in the corridors of power in Hanoi is hard to tell. It is important to note, though, that the rush towards cryptocurrency regulation is part of a broader move to implement changes in the “economic management” of several sectors. Ministries and other branches of the executive structure have been assigned duties and responsibilities to “quickly finalize and propose plans” to do that.
Beside the legal framework for managing Bitcoin, the finance ministry has been urged to complete a project on expanding the tax base of the non-state sector. And the Ministry of Planning and Investment was asked to provide a statistical overview of the whole Vietnamese economy. So, if Bitcoin is not singled out and put up against the wall, maybe peace is on the way in Vietnam.
Do you think Vietnam will employ a more positive approach towards Bitcoin regulation? Share your thoughts in the comments section below.
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The post Vietnam Expedites Cryptocurrency Legal Framework – Ready End of January appeared first on Bitcoin News.
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The South Korean authorities will start inspecting major banks for their compliance with cryptocurrency regulations on Monday. This move follows the regulators’ recent announcement prohibiting the use of virtual bank accounts for anonymous trading.
Also read: Russian Regulators Draft Law to Restrict Crypto Mining, Payments, and Token Sales
Inspecting 6 Major Banks
The South Korean Financial Intelligence Unit (FIU), under the Financial Services Commission (FSC), and the Financial Supervisory Service (FSS) said on Sunday, January 7, that they will jointly inspect 6 major banks for compliance of cryptocurrency regulation.
The inspection will take place between January 8 and 11. Woori Bank, KB Kookmin Bank, Shinhan Bank, Nonghyup Bank, Korea Development Bank (KDB), and Industrial Bank of Korea (IBK) will be inspected.
This move follows the government’s clampdown on the use of virtual accounts for anonymous trading at the end of last month, as news.Bitcoin.com previously reported. Financial News described:
The FIU and FSS will check whether banks have properly implemented their anti-money laundering obligations to operate virtual accounts…The FIU has imposed more than 40 checklists on suspicious transactions, stipulating virtual currency as a ‘high risk’ transaction.
The Korea Herald commented, “It is rare for the two organizations to conduct a joint survey, a move that industry watchers viewed as beyond a watch on anti-money laundering measures by the banks and ultimately intended to cool the overheated market.”
Real-Name System Expected Around Jan 20
Last week, the FSS revealed that the amount of fiat deposits at crypto exchanges as of December 12 last year amounted to 2.067 trillion won [~USD$1.95 billion]. Furthermore, 111 virtual bank accounts were detected at the six aforementioned banks at the end of December, the news outlet detailed.
In an effort to end anonymous trading, the government has prohibited banks and crypto exchanges from both issuing new virtual accounts and adding new members to existing ones, as news.Bitcoin.com previously explained.
The government is developing a real-name identification system which is expected to be introduced around January 20. Joongang Daily elaborated:
The real name confirmation service that banks are building by the end of this month is a method of allowing deposits and withdrawals only when the account of the trader who is identified and the account of [the trader at] the virtual currency exchange are the same.
What do you think of the government inspecting major banks for crypto regulation compliance? Let us know in the comments section below.
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Although many people and countries can’t seem to get over the bitcoin fever, one country, in particular, is head over heels for the hottest coin in the crypto world and that country happens to be Japan.
Japanese’s have embraced this cryptocurrency and have been very passionate about it for quite some time now. Talking about the passion for Bitcoin in Japan, reports suggest that almost one-third of bitcoin transactions made globally in December were in the Japanese official currency, the yen.
This huge development led to the suggestion by many cryptocurrency analysts that the well-known Mrs. Watanabe, the shorthand for individual foreign exchange investors in Japan, was the reason for the explosive euphoria behind the price of bitcoin which saw it rise to over $19,000 for the first time before dipping in form.
Bitcoin has caught the eyes of many investors who see the cryptocurrency as a sure way to make some quick buck. One of these investors is Mai Fujimoto who is popularly known for Japanese social media as “Miss Bitcoin” who says she now invests her entire savings in the cryptocurrency that is blowing up in Japan.
“I convert all my disposable income into cryptocurrency,” the 32-year-old tells AFP. “I’ve been doing this for nearly a year now. I convert all my savings into cryptocurrency instead of putting them in a bank,” she stated when talking to reporters.
Bitcoin’s Journey in Japan
Truth be told, bitcoin’s journey into Japan wasn’t a smooth one at the beginning. The virtual currency made its entry into the mainstream in Japan in 2014, a time where Mt. Gox, a Tokyo based bitcoin exchange had bagged almost 70% of the global turnover of Bitcoin trading in its pocket. In the second month of that same year, Mt. Gox out of the blue shut down its website and also closed its exchange after it came to light that the bitcoin exchange had been hacked.
$450 million worth of bitcoins were missing with many believing that they were stolen. This series of events led to an unpleasant outcome in the country with Mark Karpels, the CEO getting arrested and charged with embezzlement and fraud. Bitcoin’s image in Japan was then considered nothing more than some kind of currency associated with theft, fraudulent transactions and Ponzi schemes and for some years to come, it remained the same.
Things eventually started to change about bitcoin in Japan when a bitcoin exchange named Bitflyer was created by a group with a former Goldman Sachs trader.
Another bitcoin exchange named QUIONE also was started in Japan and this time by a Singapore based company. These new developments gradually build bitcoin’s damaged reputation from the ground up to the top again. A turning point then arrived when some local cryptocurrencies such as Monacoin made an appearance into the crypto world.
Then came 2017, the breakthrough year for the crypto world. Crypto trading in Japan sky-rocketed in Japan when the Payment Services Act made it possible for virtual currencies to be deemed as legal forms of payment in Japan. Before that, Korea and China had shut down all cryptocurrency exchanges as well as placing a ban on all cryptocurrency related activities popularly known as ICOs. This placed Japan in a comfortable position as well as cryptocurrency trading was concerned and are now reaping its benefits.
The approval of the operation of 11 cryptocurrency exchanges officially by the FSA (Financial regulators of Japan) in September also proved to be a huge positive for Japan’s crypto trading. To add icing to the cake, 17 cryptocurrencies were also given the green light to be traded on these exchanges. Notable ones included Bitcoin, Litecoin, Ripple, and Ethereum.
Another factor for the rise of bitcoin in Japan is the removal of the consumption tax which was discouraging investors outside of Japan from buying bitcoins on Japan’s market. This was made possible by another tax reform on the 1st of July.
The future of Bitcoin in Japan
Japan has the world’s third-biggest economy and with the inclusion of digital currencies into the economy, it is no surprise that a major growth is being expected in the coming years.
As a matter of fact, some highly ranked companies in Japan have begun accepting bitcoin as a form of payment. GMO, a Japanese internet company also announced last year that, starting in February this year, some of the salaries of its employees will be paid in the form of cryptocurrency. The company stated that the option will be gradually available to all of its full-time employees, a number which exceeds 4,000.
Employees who will be on board with the plan will have the option to select how much of their monthly salary they want to receive in bitcoin. This is at the lowest an amount of $88 and a maximum of $882.
Koji Higashi, an expert in the crypto-business in Japan, speaking on these positive initiatives to the crypto world stated that: “The involvement of big companies, the sense of security derived from government approval and media exposure really brought in a whole new group of people to the market.”
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Fortune has devoted the entire front page of its first 2018 edition to Bitcoin, announcing it has “all the answers” about its behavior this year.
A Bitcoin ‘Platypus’
In an extensive analysis of the potential upsides and downsides for investors over the next twelve months, the publication focuses on bubble fears and includes some surprises from cryptocurrency industry figures.
“Just like the platypus is not good at being a reptile, a beaver, a duck, or an otter, but it’s great at being a platypus,” Blockchain Capital’s Spencer Bogart told the publication in discussing Bitcoin’s status.
Bitcoin is not good at being a currency, a commodity, or a fintech company, but it’s great at being Bitcoin. It’s creating its own category and asset class.
Mainstream media outlets have turned broadly negative on the largest cryptocurrency over the past weeks as prices cool off from highs of $20,000. That cryptocurrency, in general, is in a bubble has become a go-to theme for many publications, while some have conversely taken to championing specific coins at the expense of Bitcoin, notably CNBC and Russia Today with Bitcoin Cash.
Armstrong Warms To Bubble Theory
Brian Armstrong, CEO of embattled US wallet and exchange Coinbase, meanwhile “confided,” as Fortune describes it, that the bubble narrative is a “probable” explanation after all.
Speaking about the overall total cryptocurrency market cap, Armstrong declared:
We probably are in a bubble. […] We haven’t really earned the value of that half trillion.
Deserving or not, that market cap is expected to continue trending upwards, with bullish investor Mike Novogratz forecasting a one-of-a-kind “global” bubble unlike any other:
The fact that this is our first global mania… will make this the single most speculative bubble of our lifetimes.
Should that perspective hold true, cryptoassets’ utility will likely prove crucial in allowing them to retain value and prevent spectacular investor losses.
That topic is especially pertinent to Ripple in the first week of 2018, as unprecedented price highs are countered with criticism that the platform’s XRP token is less than reliable due to client businesses not needing to actually use it.
What do you think about Bitcoin’s treatment by mainstream media? Let us know in the comments below!
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The post Fortune Goes All-Out For Bitcoin As Coinbase CEO Admits ‘Bubble’ appeared first on Bitcoinist.com.
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When you are dealing with platforms that are supposed to be the on-ramps to the money of the future it’s hard to accept worse performance than the systems of the past. Unfortunately, this an issue plaguing all major cryptocurrency exchanges at the moment with Coinbase being one of the leading examples right now.
Also Read: Binance Exchange Disables New User Registrations
Coinbase Delays
San Francisco-based cryptocurrency exchange Coinbase is experiencing several disruptions to its normal business operations. According to the company’s status page, it is now facing transactions delays, wire processing delays and ID verification delays. Coinbase also reports users are getting degraded performance for both bitcoin (BTC) and ethereum (ETH).
The Coinbase team blames all these problems on high traffic, high volumes and a need to cope with a backlog of transactions. This is in common with other exchanges all around the world who say they can’t handle the massive influx of new traders without causing operational problems. Also similar to the other trading venues, the Coinbase team promises they are working on adding additional resources to optimize their systems to scale.
Users Frustrated
While the Coinbase team is working on fixing the current issues and upgrading the exchange’s ability to handle more traffic in the future, users are going public with their suffering. The Coinbase Reddit forum is dominated by complaints regarding very long delays and a lack of proper answers for support. A few posters updated that the company processed their transactions only after they got a considerable amount of attention, suggesting it was done as a PR move.
In general, users are calling on the company to take stronger actions to resolve the situation, and chief among those to halt new client registrations were recently done by Binance, CEX.IO, Bitfinex, and Bittrex. Some higher profile members of the bitcoin community have even taken to social media to threaten Coinbase with legal actions if their concerns are not met.
Have any recent exchange issues affected your trading? Let us know in the comments section below.
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The US Securities and Exchange Commission (SEC) received yet another request to approve Wall Street bitcoin exchange-traded funds (ETFs). This time, the New York Stock Exchange (NYSE) wishes to list five new ETFs, so-called leveraged and inverse funds which increase risk and reward.
Also read: African Central Banks Urged to Ditch Dollar and Buy Bitcoin
Wall Street Goes Short, Gets Bear, with Proposed Risky Bitcoin ETFs
The trope for years has been bitcoin’s volatility, risk, is too great for the sober adults of professional finance to be bothered. That myth was thoroughly smashed on 4 January 2018 when the NYSE Arca filed a fifty page request with the SEC. Wall Street wants Direxion Asset Management’s five ETFs, known as leveraged or inverse funds. The proposed funds up the risk level by twice, in either direction, and are short term investments. They’re easily some of the riskiest funds put forward.
ETFs are prized because they’re traded like stocks with the muscle of mutual funds. The SEC has yet to approve bitcoin ETFs, and applications for rule-changes are stacking up. Some estimates have requests for the cryptocurrency to be formally listed at nearly a dozen. This year enthusiasts will learn the financial product’s fate, most experts believe.
Direxion is presently asking five funds be listed: Direxion Daily Bitcoin Bear 1X Shares, Direxion Daily Bitcoin 1.25X Bull Shares, Direxion Daily Bitcoin 1.5X Bull Shares, Direxion Daily Bitcoin 2X Bull Shares, and Direxion Daily Bitcoin 2X Bear Shares. If approved they’d trade on the NYSE’s Arca market. Investors could see their returns as much as double; they could also see losses compound in the other direction just as fast.
Twice as Fast in Either Direction
The funds aren’t necessarily tethered to bitcoin’s spot price, but are instead a way to track bitcoin futures on markets such as those created by NYSE rivals Cboe and CME, with “investment results (before fees and expenses) that correlate positively to either 125%, 150%, or 200% the daily return of the target benchmark,” according to the filing.
That assumes a bull market, but, again, losses are multiplied as well which logically means these are for short term investing (longer options are available). ETFs would bring even more mainstreaming to bitcoin with regard to the broader investment community.
It’s a curious move, but the risks are sure to attract investment. One would assume the natural bitcoin price spikes would be enough for adrenaline junkies. But there is still widespread skepticism and worry about actually owning and holding bitcoin among Wall Street types. Nevertheless, such short-term volatility is something many traders value. Indeed the filing insists the Direxion ETFs “enhance competition among market participants, to the benefit of investors and the marketplace.”
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We are in 2018 and the cryptocurrency market is heading towards the $1 trillion dollars’ mark. The last year the cryptocurrency market experienced an incredible growth, passing from $17 billion dollars and reaching $643 billion dollars. At the moment of writing this article, the cryptocurrency market could soon cross $850 billion dollars.
Why is the Market Growing so Fast?
Between September 2017 and January 2018, the cryptocurrency market grew more than 6 times. What happened that so much money arrived at the markets? Since September, Bitcoin and most of the known cryptocurrencies like Ethereum, Litecoin and Ripple, have skyrocketed. The main reason of this price surge was the important coverage that mainstream news sources gave to cryptocurrencies.
When the Chicago Board Options Exchange and the Chicago Mercantile Exchange decided to offer Bitcoin futures, the media started to cover more topics regarding cryptocurrencies. Besides that, institutional investors, like banks, hedge funds and wealthy individuals started to place money in cryptocurrencies. It is a high risk investment, but it certainly gives an important return.
Cryptocurrency Market $1 Trillion Dollars
Many of the new investors wanted to be part of the game before it was too late. During the last part of the last year, investments were placed on settled cryptocurrencies. At the moment, we see that virtual currencies that with less time in the markets and less exposure are surging exponentially.
This situation can be explained simply by knowing that a lot of investors wanted to have the same ROI as the early investors in Bitcoin. It is not clear whether Bitcoin, Ethereum and Litecoin could keep growing and reach a similar growth rate than during the last years. But new cheap alt-coins could give investors this fast money that some of them expect to have.
Can we Reach $1 Trillion Dollars
Because of this surge, Bitcoin has lost its supremacy. One year ago, Bitcoin had 86,6 percent of the total cryptocurrency market capitalization. At the moment, it only owns 34,6 percent, just a fraction of what it had one year ago. Bitcoin lost part of its dominance when Ethereum and Ripple started to grow between March and June. Since then, Bitcoin recovered part of the lost market reaching almost 65 percent of the total market value in December. Since then, the market capitalization of cryptocurrencies more than doubled. And since November it multiplied by five times!
If we don’t see this trend broken, in the coming days/weeks the market could reach $1 trillion dollars. We need to pay attention. The upward trend that alt-coins are experiencing could soon change direction. If it happens, Bitcoin could take the lead again and start to recover part of the market lost.
Bitcoin is used to be traded against several alt-coins, not the US Dollar. That’s why Bitcoin could experience a new price surge or a positive trend in the coming weeks if alt-coiners decide to take profits.
The post Cryptocurrency Market Ready to Reach $1 Trillion Dollars appeared first on CoinStaker | Bitcoin News.
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Popular petitions are an important part of the political process in Brazil, but current methodology makes them almost impossible to use. Now the country is turning to the Ethereum blockchain for a solution.
In many political systems, the voice of the people is often not heard. To combat such a situation, Brazil has an intriguing mechanism embedded within its constitution: popular petitions. Successful popular petitions must be heard within the country’s legislature, but there are some significant hurdles lying in wait for activists who wish to use them. However, Brazil is turning to the power of the Ethereum blockchain to make signing and verifying popular petitions so much easier.
Complicated Politics
To say that Brazil has a complicated electoral system is putting it mildly. The Economist even refers to the country’s politics as “sleazy.” There are several dozen political parties and thousands of candidates for voters to choose from. Yet cutting through the chaff is the popular petition that allows citizens a direct means to make their government listen to them.
If a petition garners signatures from at least 1% of the electorate, then the petition must be heard in the country’s congress. This is easier said that done as Brazil boasts a population of 207 million people, with 145 million people on the electoral rolls. Law professor Henrique Araújo Costa notes that Brazil hasn’t been fulfilling this constitutional requirement because:
In part this is due to the absence of a platform that can securely collect the signatures of one percent of voters. We’ve been through a sort of crisis regarding the legitimacy…of our laws.
Blockchain to the Rescue
The problem of popular petitions is twofold. The first is gathering the signatures in the first place as the country is the size of the entire European Union. The second is that verifying the signatures is essentially impossible. This means that very few petitions have become law – in fact, only four have done so.
This lack of success has been a major sore spot with Brazilians as the petitions give them a voice and force politicians to actually tackle subjects that they would prefer not to. Costa notes:
Popular [petitions] always arise on very sensitive themes. If we do not overcome this security issue regarding the collection of signatures, we will still be further from achieving the exercise of citizenship that our Congress promised decades ago.
However, the Ethereum blockchain can serve as an ideal solution to the problems associated with popular petitions. The blockchain will allow people to instantly verify that their signature is attached to a specific petition.
The setup being created is a cell phone app that Brazilians can use to register their details with. They can use the app to create a petition, sign a petition, and to keep track of how many people have attached their name to a particular petition. As the names are put through hashing and become part of the Ethereum blockchain, there’s no way for someone to alter the data. Privacy is fully protected as a person can verify that they signed a petition, but they cannot see who else has signed it through the app. The result is cryptographic proof that a person’s signature is embedded within the petition’s hash.
Overall, this is a tremendous use for blockchain technology. Allowing people to create and sign petitions using an app hugely reduces the cost in both time and money for gathering signatures. The only downside is that the ease of use could lead to some frivolous petitions being launched, but whoever said democracy was easy?
What do you think about Brazil turning to the Ethereum blockchain to handle popular petitions? Should other countries follow suit? Let us know in the comments below.
Images courtesy of Pxhere, Pixabay, and Bitcoinist archives.
The post Sign Here! Brazil Harnessing Ethereum Blockchain for Political Expression appeared first on Bitcoinist.com.
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