IMPACT OF EXCHANGE RATE VOLATILITY ON IMPORTS IN NIGERIA ...

Can Cryptocurrencies Truly Be Our Saviour when Economies are Crashing?

Can Cryptocurrencies Truly Be Our Saviour when Economies are Crashing?

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Cryptocurrencies & blockchain, the technology upon which cryptocurrency runs has been touted as truly revolutionary. After the first cryptocurrency went live in 2009, it sparked a light in dim time.
Necessitating an escape from the financial world controlled by the fraudulent and manipulative government and corporations. Bitcoin was seen as the saviour to the dying fiat currencies which has continually robbed people of their wealth through inflationary pressures aggravated by reckless government funds mismanagement.
As a tool for radical and transformative change, Bitcoin has grown from insignificance into global relevance today. But what is its position as of today?

The Idea & Industry

The cryptocurrency industry has grown considerably over the years. From a single cryptocurrency to thousands of crypto tokens or coins, each doing something of its own, although others bear similarities in their designs and functions.
The idea behind bitcoin and cryptocurrency generally was a rebellious idea. An idea that stems from the disgust of the maladministration of the fiat currency. This distrust resulted in the writing of the bitcoin white paper with its significant title “A Peer-to-Peer Electronic Cash System”.
An alternative financial system that doesn’t require the trust of a third party to enable the flow of economic events. Such a revolutionary idea. An idea which has turned into a global multibillion-dollar industry and growing still, at an impressive rate.

Alternative Tender

Crypto enthusiasts have always wanted to use their crypto to purchase daily goods, pay bills and do just about what the naira, dollar, euro, pounds, etc do. As much as they want to acquire that “Lambo”, they also would love to use their bitcoin to purchase their coffee, ice cream, etc.
Over the years with several firms developing great solutions, users are now able to purchase items using crypto but then, there exists a fundamental problem. Are they paying in crypto or fiat? This is a contestable argument.
If I send my bitcoin directly to the seller in exchange for a plate of tasty Nigerian jollof rice, am I paying with bitcoin or naira? For most, it’s understandable they are paying with bitcoin. But then, I am paying in naira. Reason being that the jollof rice is priced in Naira NGN. The difference here is WITH and IN. A matter of semantics.

Crypto Volatility

For most people who do not see cryptocurrency gaining global adoption as an effective means of economic exchange, their reason mostly stems from the volatile nature of this new asset class. The fear of receiving payment of 4500NGN for goods sold at 5000NGN in BTC has been a significant argument against why cryptocurrency will be used for economic exchange.
Although newer products have emerged that seek to remedy this issue by providing instant clearing for crypto transactions, crypto ‘faithfuls’ still hold on to the belief that volatility is a feature, not a bug.

Stablecoins

Stablecoins now provide a safe way of protecting oneself against volatility. Stablecoin facilitates crypto security as well as the non-volatile nature which fiat of sound economies carries. This presents stablecoins as a valid alternative to national fiat currencies. Currently, there are lots of activities ongoing for nations in a bid to develop their own Central Bank Digital Currency – CDBC.
In times of great national distress, the value of fiat currencies is normally shaken. This is normal and is why nations try as much as possible to prevent events that may destabilize their nations due to the correlative effects to their national currencies.

COVID-19

The current pandemic sweeping across the nations of the world is a true definition of distress. For Nigeria as a country with the majority of its revenue tied to crude oil, it faces serious economic challenges which have resulted in a reduction in the value of the naira.
The Central Bank of Nigeria a few weeks back via a circular, announced that the present fundamentals do not support the devaluation of the naira, however, there have been reports of commercial banks charging users above N400 per dollar.
While the purpose of this article is not to examine the naira and the several elements affecting it, this premise was necessary since it’s a fiat currency.
This begs the question “can cryptocurrency truly be our savior when economies are crashing?”
Nigeria is not the only nation currently affected by the Coronavirus pandemic. In fact, Nigeria is one of the countries with fewer cases though, this isn’t the only reason for the current position of the naira. Cryptocurrencies like bitcoin are notably volatile and in times of national or global crisis, people would argue they can’t hold value.
The next alternatives are usually Stablecoins, an innovation that is not even up to seven years since the very first stablecoin was introduced. But then this comes with a problem of its own. Since Stablecoins are pegged to their fiat currency counterparts, as the fiat currency of a nation goes down, the same goes for the stablecoin.
While it is understandable that not all nations will go to dust at the same time, people may move from one country’s fiat currency pegged stablecoin to another and this will just be an organized and consented pump.
The problem remains that cryptocurrency may not be the savior when the economies are crashing. The only way this can be is when the goods are priced in a standard unit of a coin, perhaps BTC.
Written By: Ben
Edited By: Mosun
Graphics By: Jacobite
submitted by Telos4africa to u/Telos4africa [link] [comments]

JIL TOKENS - A complete overview of the company

JIL TOKENS - A complete overview of the company

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The J1 is a cryptocurrency that can act as fiat currency, replace costly credit card fees as well as eliminate the need for gift cards. With these enticing features, the J1 will attract mainstream adoption as a competitive payment solution. A key factor of any cryptocurrency is its utility. If you cannot use it for something, such as investments or payments, then it will have no perceived value. In the case of the J1, it is useful as a payment solution thus its utility is high.
In addition to the obvious utility of the J1, it adds the highly sought after liquidity to the world of cryptocurrency. According to Investopedia, “liquidity describes the degree to which an asset or security can be quickly bought or sold in the market without affecting the price of the asset.” Following that definition, most people would conclude there are no liquid cryptocurrencies in the market. Until now! That’s the very definition of the J1! Therefore, our token is an important game changer for users, merchants, and for the cryptocurrency ecosystem as a whole. We are the cryptocurrency of the future!
Prior to appreciating the full benefits the J1 can bring, understanding the advantages of cryptocurrency is paramount. These advantages consist of low transaction costs, international boundless portability, convertibility, trust-free ownership, exchange, pseudo-anonymity, real-time transparency and almost complete immunity against problems with the banking system. Despite these advantages, there remain barriers preventing the mainstream adoption and daily use of cryptocurrency. These include volatile price fluctuations, inadequate mass market insight of the technology, inaccessibility, scalability issues, and the lack of user-friendliness for non-technical users.
Recognizing these issues, the J1, sets out to rectify them. These tokens are to be utilized in the same manner as traditional paper or fiat money. They are tied directly to the United States Dollar (USD). Simply stated, the J1 is the tokenization of USD on the blockchain. In turn, the value of the J1 serves to solve many of the liquidity issues suffered by other tokens. Additionally, these tokens maintain the lowest fees for any user as well as making it an optimal currency for merchants. These are just a few features that truly set the J1 apart not only from traditional fiat currency, but other cryptocurrencies as well.

ECOSYSTEMSCORE

+ONE MISSION
We aim to be an international form of payment which enables users to make purchases and that merchants will recognize and accept. This will allow consumers and merchants to unite online and offline around the world seamlessl
+TRANSPARENCY AND TRUST
Utilizing the Ethereum blockchain as our audit method provides transparency, trust and accountability between buyers, merchants and during p2p transactions.
Another way we establish trust is through our registrations in the U.S. and Nigeria. U.S: JONES Industries LLC RC4026434, JILTOKENS Multiconcept Enterprises BN4440995. Nigeria: JILTOKENS Industries Limited RC1666125, JILTOKENS Multiconcept Enterprises BN3072186.
+BLOCKCHAIN BASED PROFILES
We rely on tokenization which is defined as replacing sensitive data with a set of identification symbols that retain information without compromising security. This allows users to remain virtually anonymous.
+PAYMENT FLEXIBILITY
Users benefit from our J1 token because it can be utilized in any situation that involves compensation due to its extreme adaptability in all transactions. This is due to its understandable monetary value and the absence of volatility. Merchants can benefit by increasing their sale revenue when accepting the J1 for payment due to our low fixed redemption rates

MISSION

“It’s definitely possible for cryptocurrency to be great at payments in the future, but the necessary pieces are not in place.” – Kevin Pan The mission of the J1 is to prove this statement wrong. This will be accomplished by​ ​the expansion of knowledge regarding cryptocurrencies, encouraging everyday use while providing a simplified way to make purchases throughout the world.
Blockchain Technology Our limited edition token, the JILT is an ERC-20 token built on the Ethereum blockchain which employs the smart contract protocol. Ethereum allows developers to program their own smart contracts, or ‘autonomous agents’. The language is ‘Turing-complete’. Turing completeness is a term used to identify a computer or software that is capable of solving any problem that a Turing machine can. In other words, it supports a broader set of computational instructions or code, much broader than Bitcoin. The JILT maintains accountability and transparency by using the Ethereum blockchain as its audit method.
Secure Management
Thanks again to the blockchain and p2p transfers, the J1 is practically safe from fraudulent tactics. By using it, no one can steal your card, pin number, passwords or any other personal information. Moreover, as cryptocurrency becoming stolen or lost is increasing in frequency everyday, the J1 serves as an extra layer of security. It is a smart solution against keeping your hard-earned money away from hackers.

J1 TOKEN

The J1 token will be available for purchase after we raise sufficient awareness and popularity through our free JILT giveaway phases and token sale. Prices for the J1 will be $1 per token. Simply stated, the J1 is the tokenization of USD on the blockchain. The J1 will be implemented on a private blockchain (to be determined at a later date). This will reduce user fees and maintain our goal of simplicity as well as create mass adoption
Allocation of funds: Will be allocated for the continued development: 20% Will be allocated toward marketing and business development:20% Will be allocated into the reserve: 20% Allocated to the JIL TOKENS team and board members: 20% allocated to customer service development: 10% allocated to legal compliance operations: 10%
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TEAM


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Learn more: Our site: https://www.jiltokens.io (https://www.jiltokens.io/)/
Twitter: https://twitter.com/TokensJil
Facebook: https://m.facebook.com/JIL-Tokens-2055773947853026 (https://m.facebook.com/JIL-Tokens-2055773947853026/)/
Instagram: https://www.instagram.com/jil_tokens (https://www.instagram.com/jil_tokens)
YouTube: https://m.youtube.com/channel/UC6OhZ0NqnLcvzXUm_WkhW3Q (https://m.youtube.com/channel/UC6OhZ0NqnLcvzXUm_WkhW3Q) Whitepaper: https://www.jiltokens.io/general-whitepape Telegram: https://t.me/JILINT
bounty0x USERNAME: bandit
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Why Are Gift Cards So Heavily Discounted on Redeeem?

Why Are Gift Cards So Heavily Discounted on Redeeem?
One of the most common questions we get from new buyers on Redeeem goes something like this: "I see a bunch of Amazon Gift Cards selling for 20-30% discount our site... are they legit?" Our answer is obviously and emphatically "yes", but the true reason deserves a much longer explanation.
First, it's worth pointing out that sellers set their own rates and we have strict requirements for purchase receipts on Redeeem. Every gift card and receipt is carefully reviewed by our validators before it can be posted for sale. We have a zero-fraud policy and rely heavily on Trust Ratings to help us resolve disputes fairly and efficiently. All users on the platform are required to complete KYC and identity verification after a certain volume. We take trust very seriously.
So why are gift cards so cheap? A better question would be: "Why are people willing to pay a 20-30% premium to buy bitcoin?" Bitcoin is still hard to buy for most people around the world. Gift cards are the easiest way to buy bitcoin for people in some countries, and people who have it don't part ways with it easily.
Let's break the reasons into categories...
1. Limited Access
Banks the past few years have been notorious for blocking crypto. Wells Fargo, Bank of America, Citigroup, Chase, Discover, Capital One and 20+ other banks have formally banned crypto purchases on credit card, ACH and wires, despite investing in blockchain technology heavily behind the scenes. Banks vary in their strictness in enforcing these laws, but it’s well documented that many wires into Coinbase and other exchanges have been getting blocked.
In their defense, crypto still has unclear tangible value, high monetary risks, limited regulation, high fraud, virtually no insurance, and irreversible transactions—making it unpopular to many large institutions.
2. Price Speculation
April 2019 had the highest volume of future bets placed on bitcoin ever, at 22,000 open contracts. Bitcoin is a highly volatile investment vehicle with high volume, making it perfect for day-traders. So the number of contracts continues to increase every month globally. The kind of bets these traders are placing can yield as high as 800% returns, so they may not care about a 20% loss upfront.
3. Speed
Exchanges are very slow. For new users on Coinbase who choose the ACH option, it takes about 4 days to actually own and withdraw bitcoin from Coinbase. If you choose to send a wire, this cost you $25 anyway which is roughly 25% cost of buying a $100 gift card. And we already know other marketplaces like CardCash and Raise regularly send checks in the mail. People are willing to pay a premium for speed—especially considering the price volatility of bitcoin.
4. Exchange Limits
Crypto exchanges often have low purchase limits for bitcoin. It’s easier to buy gift cards across multiple retail stores like CVS, Walgreens, Ralphs, etc and sell them for bitcoin than buying directly with a credit or debit card. Many people reported their bank accounts being frozen for trading too much crypto.
5. Foreign Demand
China has huge demand for bitcoin. After the Chinese government banned bitcoin and cryptocurrency trading in September 2017, a large number of Chinese investors still actively trade bitcoin, circumventing restrictions through use of VPNs, stablecoins, and OTC markets, and they are willing to pay a premium. Other countries (not named China) have demand for bitcoin because its a more useful currency than their own fiat, especially in Africa.
6. Taxation
Many countries have some unusual tax laws for cryptocurrencies. In Israel, cryptocurrencies are taxed as high as 50% capital gains for businesses. In China, despite a blanket ban on crypto trading, the P2P and OTC markets are still legal (and active). For many wealthy Chinese, bitcoin (and stablecoins) are tax havens for their money, and they may be willing to pay a premium to get bitcoin.
7. Hyperinflation
Nigeria has the #15 highest inflation rate in the world. Other countries like Venezuela and Argentina are desperate to move their earnings into an asset that not only will retain its value, but may actually increase. Many citizens in of these hyperinflationary countries would rather get paid in a gift card or bitcoin in exchange for goods or services—knowing its a safer asset to hold.
8. Corruption
Corrupt governments also impact people’s willingness to convert fiat currencies into cryptocurrencies, as they believe it is a safer place for their money. According to the Human Rights Foundation, more than 50% of the world’s population still lives under an authoritarian regime where their money could be at risk of forfeiture. This accounts for more than 2.6 billion people that live in nations tainted by repression, corruption and human rights abuses. A currency like bitcoin gives them protection from these factors, even at a 20-30% premium.
9. Unbanked
Amazon has over 250,000 “Turks” working on Mechanical Turk, and most have the option to be paid in Amazon Gift Cards rather than their fiat currency. Some % of this population that doesn’t have bank accounts, this is a great only way to cash out their earnings, even with a hefty fee. Amazon pays out hundreds of millions of dollars a year to their Turks, and not many of them are in countries where bitcoin exchanges are available.
10. Risk
Amazon and other retailers have a reputation for shutting down accounts of buyers with money trapped inside. They will do this if buyers have unusual buying patterns or buy too many secondhand gift cards from non-authorized retailers. With every trade comes the inherent risk that the entire gift card will be frozen by the retailer or become invalid in some other way. It's not guaranteed money, and this is reflected in the price.

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submitted by levi_d-19 to Redeeem [link] [comments]

Top 10 Ways to Earn Bitcoin in 2020

Top 10 Ways to Earn Bitcoin in 2020

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Back in 2018, the most popular way to earn bitcoin seemed to be through Initial Coin Offerings (ICOs). Over $6 billion was raised in Q1 2018 for crypto projects — many with just a white paper and a website. Business was good for founders and investors until the end of 2018 when scammers were the only ones laughing. Most investors lost money, and capital investments into ICO dropped 97%. Companies like TruStory even launched whose sole mission was to stop ICO scams from happening. By Q1 2019, less than $900 million was raised through ICOs —with regulation being the coup de gras.
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So where has all the momentum shifted? The second wave of crypto projects will undoubtedly reward profits over potential. This article examines the top ways you can earn bitcoin in 2020 — from faucets and bitcoin mining to crypto savings accounts. The biggest winners of 2020 will likely fall into one of the following 10 categories. The strategy that is right for you will depend on your skills, network, access to capital, location, risk tolerance and investment timeline.

#1 - Holding
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Arguably the best way to make money on Bitcoin is to buy it and hold it for many years. Smart investors rely on a strategy called Dollar Cost Averaging (DCA) to reduce market volatility. This works by investing a fixed amount on a regular schedule, ie $100 once a week for 10 weeks, which helps offset the crypto market volatility. The hard part is being patient with the investment and resisting the urge to daytrade or sell too quickly.

#2 - Lending
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A number of fintech companies like BlockFi and BitBond now offer the ability to earn interest on your crypto holdings. Interest rates range start around 8% and can go as high as 20% for trusted lenders. The interest clients earn typically compounds monthly, although these returns mimic that of the S&P 500 so this is considered a low risk/reward option.

#3 - Day Trading
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A common way to earn Bitcoin trading is through trading cryptocurrencies on exchanges using 1X to as high as 100X leverage. Traders can also bet on the index of any crypto on sites like eToro or Robinhood. Daytraders will trade based on charts and trends, and try to grow their portfolio.
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Another much safer form of arbitrage is dropshipping. You can source products on Amazon or from sites like Oberlo who will help you find the right products to buy. You can build an e-commerce store using Shopify or just sell on eBay. If you have a store and supply chain already, it's easy to start accepting Bitcoin using a payment gateway like CoinPayments or BitPay.
Other peer-to-peer exchanges like Paxful, Purse and Redeeem allow you to trade gift cards and other digital and physical goods for bitcoin.

#4 - Gambling
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Gambling with Bitcoin is highly addictive, risky, largely unregulated, and offers the biggest and fastest financial volatility. Some popular crypto gambling sites include CloudBet, BetOnline, FortuneJack, Bovada, BetUS and hundreds of others. For more rankings, click here.

#5 - Mining
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Despite the fact that over 80% of Bitcoin has already been mined, bitcoin mining is still a $4 billion annual industry. Since mining was intentionally developed to require advanced hardware, it's an expensive process that requires large mining facilities to be profitable. For this reason, most large-scale mining operations are located in China where electricity is cheap.
To be successful, individual miners are forced to join collective mining pools like MinerGate or simply mine as a fun hobby with Coinmine or Homeyminer and not worry about the ROI. To learn more, click here.

#6 - Faucets
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A faucet is just a website that gives free coins to every visitor for staying on the site or engaging with content. Some examples are Cointiply, FreeBitcoin, SatoshiQuiz and others. Keep in mind, a satoshi represents roughly 0.00000001 bitcoin, so 100 satoshi is about 1 penny. It would take 100 correct trivia answers on SatoshiQuiz to make $1 USD. It's far more profitable to own a Bitcoin faucet and make money on advertisements.

#7 - Services
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There are dozens of job boards online where you can earn bitcoin for a variety of independent contractor services. Many clients on Upwork, Freelancer and other non-crypto platforms will gladly 15% discounts or more if they can pay their freelancers in bitcoin and avoid the costs of the marketplace. Other more dedicated sites are listed below.
Jobs4Bitcoin — Reddit job board for bitcoin tasks
AngelList — Job board for crypto companies and projects
Earn.com — Earn bitcoin while learning about crypto
CryptoGrind — Escrow for bitcoin freelancers
CryptoJobs — Job board for bitcoin freelancers
Coinality — Job board for crypto freelancers
Bitfortip — Earn bitcoin for helping people Indeed — Job board for crypto companies BitWage — HR services for paying in crypto XBTFreelancer — Freelancers get paid in bitcoin

#8 - Exchanges
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The simplest and lowest-cost exchange is a Bitcoin ATM. As of January 2019, there were 4,213 Bitcoin or cryptocurrency ATMs worldwide. With many countries like Venezuela, Argentina and Nigeria experiencing hyperinflation, the world's 2.3 billion unbanked people will continue to demand bitcoin and stablecoins as hedges against inflation. The estimated startup costs for a Bitcoin ATM is about $25,000 per location, according to CoinATMRadar.
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Building a crypto exchange or peer-to-peer trading platform will be a more expensive way to earn bitcoin as an exchange. This requires building a website, hosting wallets on the blockchain, building security protocols, creating KYC/AML policies, accepting crypto payments, building two sides of a marketplace, and a little marketing, branding and legal work. Some examples of successful P2P trading platforms are Paxful, Purse and Redeeem.
The fiat to crypto exchanges like Gemini, Coinbase and Kraken usually require venture funding, large engineering teams and banking partnerships for proper custody of the funds. Fiat exchanges also have to register as a Money Services Business (MSB). For a full list of fiat exchanges, click here.

#9 - Affiliate Rewards
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Affiliate programs in crypto are endless, and they can come in many different shapes and sizes. Products like Lolli and Pei will reward you with bitcoin cashback everywhere you shop. Exchanges like Changelly will give you a percentage of their fee revenue for referring clients. Wallets like Abra will give you $25 for each signup. The optimal strategy is picking a familiar product that you know and love. For a list of affiliate programs, click here.

#10 - Content
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Bitcoin is King. Content is King. So Bitcoin Content must be God. The ability to research, write and publish high-quality content on Bitcoin, blockchain and cryptocurrencies will be a highly coveted asset in 2020. It's free to start a Medium blog, video blog or podcast and share your ideas to passionate audiences on Facebook, Twitter, Reddit or Quora. Try to build an audience first then turn on AdSense or activate other partnerships to start collecting passive revenue for your content.
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The Regulatory/Legal Environment

Hello! My name is Daria Volkova and I am the Head of Platinum Legal Department. Our team believes that these are exciting times for the crypto market. We supported more than 100 clients, created and promoted their STO and ICO campaigns, got from an idea to funding in a matter of 2.5 months! See the full list of our services: Platinum.fund We are more than proud to present our education project. The UBAI can help you to learn specifics about cryptocurrencies and blockchain technologies. Learn all about ICO avenues and opportunities, plug into the world of trading cryptocurrency markets, become an expert in scam projects, promoting ICOs and STOs, launching your own campaigns and many more! What are the different cryptocurrency regulations in major countries? Find the answer after reading this article.
Cryptocurrency Regulations across Major Countries
Cryptocurrency and the blockchain industry may seem sufficiently exciting and attractive to you now. After all, you are taking the time and effort to study this course. You may be planning to work in cryptocurrency and the blockchain industry. Of course, we want to encourage you and help you proceed toward your goal. But it is also important you understand the regulations guiding the blockchain industry to help keep yourself out of trouble.
This year, in particular, seems to be the year in which a lot of countries are looking to finally coalesce the regulations relating to the blockchain industry into a workable legal framework. Some countries are more accommodating to cryptocurrency and blockchain technological innovations while others are still more cautious. We will examine how each major country is forming their own regulatory framework for the blockchain industry.
Canada
Cryptocurrencies are not considered legal tender in Canada. This was clearly expressed by the country’s Financial Consumer Agency (FCA). Canada, like the US, has yet to clearly define or legislate a framework surrounding cryptocurrencies. But Canada still appears to be among the most transparent of countries for the nation’s interpretation and enforcement of the law surrounding cryptocurrencies (aside from Switzerland). For the time being, Canada has clearly stated its reluctance to adopt cryptocurrency as a legal tender, due to its high volatility. “ “The United States of America (USA)
There are certain laws regarding transactions in virtual currency in the US today but there is still no comprehensive legal framework. The Commodity Futures Trading Commission currently regulates virtual currencies as commodities. The CFTC is the first US regulator to allow for public cryptocurrency trading. The Securities and Exchange Commission requires registration of any virtual currency traded in the US if it is classified as a security (e.g. by the Howey test).
The regulatory authorities have not yet formulated or offered a coherent framework for regulations regarding cryptocurrencies. Typical of most legislators and regulatory agencies in the US, the Securities and Exchange Commission (SEC) has intensified its focus on the pressing need for comprehensive regulation. And it seems everyone is waiting for the right catalyst to coalesce into a usable set of legal guidelines that can protect the investing public and also allow for blockchain and cryptocurrency innovation as well.
If cryptocurrency becomes a form of legal tender in the US, there will likely be stringent laws on its use. However, if cryptocurrency is treated like a security, cryptocurrencies would be regulated under securities law as interpreted by the SEC. Present securities laws place a large number of limitations on who is able to buy securities, how they are traded, and how to ensure transparency in the flow of information relevant to investors. Also note that non-US investors may experience their own difficulties getting a license to trade cryptocurrencies in the country. “ “Japan
Japan has always been one of the most positive and forward-thinking nations regarding cryptocurrencies and the blockchain. Of course, they were cautious at first, and they knew no more than anyone else in government, which means they literally knew nothing. But they took time to research, learn, and develop an approach to regulate the industry without killing it. The official policy is clear: Protect the public interest, but also encourage the growth of the industry with a legal framework that allows for innovation in blockchain and cryptocurrencies.
China
The situation in China is a sad one. The country has been taking increasingly strict actions to discourage and outlaw any activity related to the blockchain industry. China has banned ICOs, frozen all accounts associated with cryptocurrency, stopped bitcoin miners and even ordered a nationwide ban on all forms of cryptocurrency trading.
China has the strictest laws against cryptocurrency. Yet, despite that fact, as of 2017, 50% of the world’s mining population was from China! If you are involved with the cryptocurrency industry it is strongly advised to stay away from China, and avoid transactions with Chinese business because of the unpredictable and negative legal framework.
“ “The United Kingdom & European Union
Brexit is scheduled to take place in March 2019, yet the UK and the EU still remain united in their regulatory attitude toward cryptocurrencies. There are also reports that the UK and EU are planning to end anonymity for cryptocurrency traders.
The UK and EU are both trying to control all the scams and frauds. They are working with cryptocurrency platforms to stop or at least report all suspicious transactions. This adds a degree of regulatory burden on the exchanges as well as increasing the associated compliance costs. Cryptocurrencies are extremely volatile. They are a high-risk investment. Governments across Europe are greatly concerned about the possibility of both retail and sophisticated investors losing a lot of money.
This has led to a situation similar to that in the US. The regulatory authorities have not yet formulated or offered a coherent framework for regulations regarding cryptocurrencies. There is an intense focus on the pressing need for comprehensive regulation. And everyone is waiting for the right catalyst to coalesce into a usable set of legal guidelines that can protect the investing public and allow for blockchain and cryptocurrency innovation as well. We certainly hope for intelligent and effective legislation from all the major countries. “ “Accommodating & Unaccommodating Countries
Below is a list of countries we have not specifically covered, but they have each taken an active position on a regulatory framework for cryptocurrencies. The following countries are either supportive or at least neutral toward cryptocurrencies:
-Switzerland. -Australia. -Nigeria. -Ghana. -South Africa. -Singapore.
Countries with the most stringent and negative cryptocurrency regulation:
-Venezuela. -South Korea. -India. -Russia.
Did you know?
It is not uncommon to see Bitcoin and other cryptocurrency ATMs throughout Japan.
Exchange robberies and hacks like MtGox, and the recent loss of $530 million NEM coins have led to serious debate in the Japanese government. The industry needs to provide a secure and manageable solution to these problems. Voluntary self-regulation and close cooperation with regulatory authorities is the most favored solution. It seems the regulators are working hard behind the scenes right now leading the industry in the desired direction in typical Japanese fashion. “ “Blockchain Industry Regulations in the USA
Based on the information received from the Columbia Science and Technology Law Review, there was a variety of responses from different government bodies about blockchain regulations. The regulators responses ranged from indifference to suspicion, and to positive expectation and excitement.
The US government has tremendous constitutional power to regulate business and industry, including of course the blockchain industry if it so desires. But basically, the federal government has been relatively indifferent and has even refused to speak on blockchain regulations despite the interest of various federal agencies. As of 2017, eight states in the US were working on bills promoting the use of cryptocurrency and blockchain technologies. It is even reported that a few states have actually begun the final steps before voting and passing legislation into law.
On April 3, 2018 Arizona introduced a law allowing corporations to hold and share data on the blockchain. The governor, Doug Ducey, put forward the legislation after the state began accepting signatures and smart contracts recorded on the blockchain as legally valid documentation. In 2017, Delaware was the first state to pass legislation allowing for shares of stocks to be legally traded on the blockchain.
Other notable developments have occurred in the US at the state or local level. Vermont makes use of blockchain as evidence in trials. Chicago uses blockchain to maintain real estate records. New York is currently evaluating four bills for the application of data storage on the blockchain. “ ” Blockchain Regulations in Europe
The entire European Union has approached blockchain with a positive and welcoming attitude. The EU has taken the position that they want to actively encourage innovation. This philosophy could support the development of cryptocurrencies in two ways:
-Encouraging the exploration of uses testing the impact and effect of the laws in a way that allows for a more finely-tuned and sophisticated understanding for all parties involved.
-Giving entrepreneurs the confidence that their target markets will be more trusting of their solution since they are operating with the explicit legal support of the state.
This approach, along with the EU’s scope as the regulator of 28 different countries, will encourage growth across the entire crypto ecosystem, and may end up transforming Europe into one of the most desirable destinations for blockchain development. Entrepreneurs are likely to move to the EU bloc to access the rich vein of available talent, as well as the positive and supportive laws.
The EU has actually disclosed through its executive arm that it is working on the use of blockchain for distributed ledger based projects. EU officials have constantly stated they are looking for ways to support more innovation with distributed ledger technology. The European Commission said it was “”actively monitoring Blockchain and DLT developments”” and has work in progress to explore “”DLT benefits and challenges as well as fields for application in financial services””.
The official press release stated that the commission clearly wants to “”pilot projects to foster decentralized innovation ecosystems and help reshape interactions between consumers, producers, creators and among citizens, businesses and administrations to the end benefit of society””. “ “Blockchain Regulations in Europe §2
Switzerland has gradually become the favored hub for cryptocurrency and blockchain development in Europe. This position has been enhanced through a Swiss non-profit blockchain and cryptographic technology ecosystem known as the Crypto Valley Association.
The Crypto Valley Association has begun working on the development of an ICO Code of Conduct to take advantage of the ban imposed by China on token crowd sales. They are hoping to capture the Chinese and Asian entrepreneurs searching for a new home.
Other countries are not as accepting of this new DLT technology and have even gone as far as classifying it as illegal and immoral behavior. There have been hyperbolic concerns most notably from China that cryptocurrencies will destabilize world financial markets.
There are various pilot projects and efforts to prove the benefits of cryptocurrencies and the blockchain industry currently being tested all across Europe. Yet even now they are barely scratching the surface of the full potential of the blockchain.
Country-by-Country Cryptocurrency Adoption
Citizens of countries all over the world have varying attitudes about cryptocurrency. These attitudes and sentiments can be very significant to the future adoption of cryptocurrencies because politicians and regulators tend to act in consideration of the collective opinion of the public. Some countries were more accommodating at first but then became stricter, despite positive public interest, basically saying they are still not sure about the possible consequences and benefits of the technology. “ “Country-by-Country Cryptocurrency Adoption
Estonia
Surprisingly enough this small Baltic nation has gained a reputation for being quick to accept technological innovation. Estonia has a tech-friendly government eager to accommodate the innovative use of cryptocurrency in fields ranging from blockchain technology for healthcare and banking services; and even granting citizens the right to become what is known as “e-Residents”.
As e-Residents, Estonian citizens and businesses are provided with digital business authentication. It is also one of the first countries to employ the use of a blockchain-based e-voting service that enabled people to become shareholders of NASDAQ’s Tallinn Stock Exchange.
This fascinating and highly innovative country is now host to a number of Bitcoin ATMs and startups, like Paxful. They are cryptocurrency friendly, and cryptocurrency user friendly as well. Estonia also has highest internet penetration rates in the world.
Estonia may be a fine place to consider basing your ICO due to the friendly legal and regulatory environment.
This and a lot more you can learn on our website: www.ubai.co! “ “Country-by-Country Cryptocurrency Adoption
The United States of America
The USA is the world’s dominant superpower, and it should come as no surprise that it has the highest number of cryptocurrency users in the world. It also has the highest bitcoin trading volume and the highest number of bitcoin ATMs.
Powered by Silicon Valley, which is home to a lot of cryptocurrency and blockchain startups, the US stands at the forefront of all things relating to cryptocurrency worldwide. Many other nations are planning to follow the US lead concerning cryptocurrency regulations. This means the USA will serve as the testing ground for cryptocurrency and crypto-regulation in the years to come. This is likely where the future regulatory framework will take shape.
Bitcoin in particular has shown massive growth in the US. This can only be interpreted as a strong tailwind for a positive regulatory environment because the population at large supports blockchain technology.
For the moment, due to regulatory paralysis and the resultant legal vacuum, ICOs are strongly advised against raising funds or basing operations in the US. The SEC has been particularly strict in its enforcement of securities and investment law which require an ICO to do an oppressive amount of compliance work. “ “Country-by-Country Cryptocurrency Adoption
Denmark
When it comes to technological advancements and the standard of living of its citizens, Denmark is among the world leaders. It is considered one of the most developed countries in the world. It is also at the forefront of countries looking to reduce the use of cash money and advance to the use of 100% digital currency. As such, sentiment among the general public and political sphere actively supports the adoption of cryptocurrencies as a means of payment. The only question left is which particular cryptocurrency system to adopt. It is still unclear whether bitcoin is the one, or BTC will mainly just be accepted as a means of exchange. There are also discussions in Denmark about when to redesign its national financial system; this would be a “world first”, and a radical leap forward for cryptocurrencies.
Another fascinating thing is that the Danish Central Bank has declared BTC as a non-currency; meaning its use is not subject to the country’s currency regulations. Some of the top bitcoin startups and exchanges such as CCDEK have their foundations in Denmark.
With its open market and encouraging regulatory framework, Denmark might very well rival Switzerland in Western Europe for the position of the continent’s preeminent ICO and blockchain industry hub. “ “Country-by-Country Cryptocurrency Adoption
Sweden
Sweden is quite similar to Denmark, for its social and demographic climate, and also for the government’s desire to eliminate cash. The Swedish Riksbank recently introduced negative interest rates. This can cause a spike in the demand for coins in the near future as citizens look for the best way to preserve their wealth. Negative interest rates like we have seen in Europe and Japan also, actively corrode savers’ wealth because people are actually paying a percentage of their savings to the central bank to hold their cash, in addition to losing out to inflation at the same time.
Sweden has taken the boldest step yet in all of continental Europe to legalize cryptocurrency. The country legalized the use of BTC and other cryptocurrencies as a means of payment by official public declaration. It is however expected that exchanges should file for a license in accordance with AML/CTF and KYC regulations.
Sweden is also home to a number of cryptocurrency startups such as the Safello Bitcoin exchange, and Stockholm-based KnCMiner. The gradually increasing trading volume of cryptocurrency has been a good indicator of the country’s appreciating demand for cryptocurrencies. “ “Country-by-Country Cryptocurrency Adoption
The Netherlands
The Netherlands is quite fascinating in its own right. How can a country not be referred to as Bitcoin-friendly when it can boast about having its own “Bitcoin City”? There are over 100 merchants that sell goods that can be purchased with cryptocurrency in Bitcoin City.
There are no regulations restricting the use of BTC in the Netherlands under the Act on Financial Supervision of the Netherlands. This explains why a lot of startups, BTC ATMs, and even a Bitcoin Embassy can be found in the heart of Amsterdam (the capital of Netherlands).
The friendly climate for cryptocurrency has led to a lot of very active bitcoin communities across the nation hosting regular meetups and other events. The country’s banking sector has been looking to incorporate BTC and blockchain to reduce costs and improve banking technology. The Netherlands is also a popular location for many important bitcoin conferences and bitcoin companies such as BitPay.
The Netherlands is increasingly becoming a prominent place for ICOs and blockchain related businesses to base their operations. “ “Country-by-Country Cryptocurrency Adoption
Finland
Well-known as the home of Nokia, Finland has constantly been at the forefront of technological innovation, just like its other Scandinavian neighbors. The Finnish Central Board of Taxes (CBT) has even gone as far as classifying bitcoin as a financial service, exempting it and cryptocurrency purchases from the VAT. What more could be better for Bitcoin?
Finland also boasts a significant number of BTC ATMs despite its small population. The capital of Helsinki alone is reported to have 10 ATMs for BTC. The country is also home to top exchanges such as FinCCX and Bittiraha.fi. As of January 2016, the most expensive bitcoin sale took place in Finland. It involved the sale of a Tesla Model S worth over €140,000 at Auto-Outlet Helsinki Oy.
Canada
Canada is home to a variety of bitcoin startups and ATMs. It is considered to be more favorable toward cryptocurrencies than the USA. The country has two cities on its eastern and western coasts, Toronto and Vancouver, that are recognized as “Bitcoin hubs”.
Canada has a vibrant cryptocurrency community and is home to startups such as Decentral, the Vanbex Group and a large number of merchants who accept cryptocurrencies as payment. Vancouver is known to have over 20 ATMs while Toronto is well-known for holding large cryptocurrency conferences.
There has been constant growth in cryptocurrency trading volume in the country. Canada might be the best location in North America to base an ICO or operate a blockchain business due to its supportive regulatory environment and a rich ecosystem for cryptocurrency, with human talent, ATMs and other tools, etc. “ “Country-by-Country Cryptocurrency Adoption
United Kingdom
The UK is one of the absolute top financial hubs in the world. It is also a center of innovation. There are a large number of bitcoin and blockchain related startups, BTMs and active communities. All of the previously listed crypto-friendly features make the UK a very desirable environment for bitcoin. The UK has identified the inevitable need for a new payment solution and is gradually bracing itself for a widespread adoption of cryptocurrency in the future. There are even a few local pubs that accept BTC as a means of payment.
It is also interesting to note that the Bank of England has been closely monitoring bitcoin technology and has requested ideas from citizens on the improvement of its monetary system. Bitcoin is presently seen as “private money” where VAT is imposed from suppliers of goods and services that accept cryptocurrency as payment. Profits and losses incurred from cryptocurrency trading are also subject to capital gains tax, just as in the US.
In the UK, it has become increasingly clear that BTC can be part of a bigger story, and the trading volume indicates steady growth. There are not clear laws against cryptocurrencies at the present time. But the lack of regulatory momentum suggests we may see more positive developments soon. One thing to keep in mind, while the Brexit is still in progress, the British government may be more likely to legislate on non-core issues. “ “Country-by-Country Cryptocurrency Adoption
Australia
The major banks in Australia have been quite hostile toward bitcoin, but at least the country has removed the burden of “double taxation” on cryptocurrency. This was good news to the local business community because blockchain startups had begun to leave the country as a direct result of unfavorable taxation and closure of bank accounts.
The use of BTC still remains unregulated, there is no law or regulation restricting the use of cryptocurrencies by Australian citizens. Cryptocurrencies are regarded as a form of property in Australia, and purchases with BTC, for example, are referred to as “barter”.
The Australian Securities Exchange (ASX), you will remember, is transitioning its CHESS verification system to a blockchain solution that should go live at the beginning of 2019. Cryptocurrencies in Australia are seen a lot like they are in the US. Topics like the imposition of capital gains tax, concern about securities law, the legal debate about using cryptocurrency as payment for goods and services, etc., are all problematic for regulators. While the general population is quite comfortable and supportive of cryptocurrencies and blockchain solutions, at the present it is not a high priority for the government to legislate or regulate. “ “Taxation and Cryptocurrency
Tax is of course one of the most important factors in financial matters on both a personal and corporate level. Taxes greatly influence investment decisions and returns, regardless of industry or size. It is one of the first things every individual or group considers before investing. Notably, in Australia and the USA, cryptocurrency gains are treated as capital gains and taxed at up to 50% of the return.
Some countries have low cryptocurrency taxes specifically to encourage the blockchain industry. By offering a more competitive tax rate, countries are implicitly supporting cryptocurrency and actively trying to offer a better return profile than other countries. We will discuss the different taxation regimes in a wide range of countries so you can ascertain the financial advantages and disadvantages of a variety of locations.
Belarus
Belarus charges 0% in taxation until 2023. That exemption is specifically for cryptocurrency exchanges and transactions. This has been done to help Belarus build a special economic zone, referred to as ‘HTP Belarus’. Their goal is to have an economic zone strong enough to compete with the likes of Silicon Valley.
The government of Belarus has also declared smart contracts as legal documents. Anyone looking to set up a blockchain company or a cryptocurrency startup should seriously consider Belarus. It has a supportive regulatory and legal environment which actively encourages the blockchain industry and does not impose punitive taxes upon those inside the industry.
“ “Taxation and Cryptocurrency
Portugal
Any and all personal income received from cryptocurrency transactions is tax-free in Portugal at the present moment. Income from cryptocurrency trading is categorized as something legally different from traditional income or capital gains.
The Portuguese government stated clearly that any kind of sale of cryptocurrency does not fall under capital income or capital gain. If an individual is however found to be carrying out professional activity, or any business activity related to cryptocurrencies, that is a different matter and such income will be subject to taxation.
From a personal perspective, Portugal is one of the leading countries where an individual can carry out their cryptocurrency transactions and enjoy a decent standard of living in the same country too. However, for ICO and Blockchain businesses it is not recommended to base your operations in Portugal.
China
China is famous the world over for being home to some of the largest cryptocurrency mines and many active cryptocurrency investors; yet at the same time China makes it illegal to conduct any cryptocurrency related business or investment.
But China still has an especially attractive environment for investors. Hong Kong runs on a policy of zero VAT or capital gains tax so it is easy to recommend you base your business there. Hong Kong also stands out as a major financial hub in the heart of Asia. “ “Taxation and Cryptocurrency
Netherlands
Actually, Netherlands was the first country to make use of a non-zero tax rate policy for cryptocurrencies. So, it may seem reasonable to expect a discouraging tax situation. But the fact is, Netherland’s tax policy is rather advantageous for cryptocurrency. They have a very simple, low-tax regime.
Cryptocurrency assets need to be declared with the total assets owned by an individual at the beginning of the year to assess their value. Cryptocurrency gains will be taxed at the highest tax bracket for capital income of just around 5%. The Netherlands is strongly recommended as a good country to work and live in, from both a personal and corporate perspective.
Germany
Germany is the economic center of the EU. This makes it a great place to start a cryptocurrency or blockchain company. Financial technology has been thriving there for more than ten years, and Germany has favorable cryptocurrency laws too.
Bitcoin and cryptocurrency assets have a 0% tax when used in making payments due to no VAT levied for making payments with BTC, because there is no “value added” through cryptocurrency as a fiscal product.
Germany offers a moderately compelling case for both blockchain business and individuals. While the tax rate on income at the company level is not competitive, the ability to pay for services in crypto as well as hold cryptocurrency assets and sell them at zero percent taxation rate is compelling. “ “Where to Base Your ICO
Let’s talk about the countries that are most accommodating with regard ICOs. Start-up ICO companies, like any company, essentially require three key principles for operation. The first is a sound legal and regulatory framework wherein the rule of law is preserved and business encouraged. The second is the ability to hire or acquire talented individuals to work at the firm. The third and final is the tax system and access to associated financial systems in order to allow the enterprise to succeed.
Estonia
This country is, perhaps surprisingly, widely referred to as the most digital society in the world. Estonians are known to be pathfinders deeply involved in setting up an efficient, secure, and transparent internet ecosystem.
The country ranks first when it comes to the number of ICOs per inhabitant. It has an incredibly supportive tax regime, actually among the most competitive in the world, as well as a deep pool of talent across all areas of the digital spectrum. Estonia offers possibly the most supportive and friendly regulatory and legal framework in the world for an ICO. This, in combination with a zero percent tax rate at both a personal and corporate level, combine to make Estonia one of the single most appealing locations from which you can launch and operate your ICO. “ “Where to Base Your ICO
Singapore
Singapore is another important regional hub in Asia for its strong rule of law as well as low taxation. The country offers one of the highest standards of living in the world. It is centrally located in the heart of Asia, so it easy to travel and recruit talent from surrounding countries. At the present there are not any specific regulations targeting the blockchain industry, but it is one of the world’s largest countries by funds raised for ICOs. It has a competitive tax regime in combination with strict AML and KYC. All of these factors make Singapore Asia’s leading location to launch and base an ICO.
The regulatory situation around the world may seem rather complicated. That is because it is. Laws and regulations are changing rapidly all over the world. And the regulatory framework is the most significant point of concern for a startup ICO. You should carefully study not only the current regulations surrounding your particular venture and how its tokenomics affects its classification, but you also need a reasonable sense of where the country is likely to be six months or a year later. Ideally you would base your ICO in a country that is supportive now, and all timeframes into the future with a competitive and legally sound tax system.
Where to Base Your ICO
Slovenia
Slovenia has recently transformed itself into the leading destination for blockchain technology in Europe. The government of Slovenia has placed a strong emphasis on the study of blockchain technology in public administration, and there has been an amazing success rate for ICOs in Slovenia. While the Slovenian government is a leader in terms of adopting cryptocurrencies, its rate of taxation is still considered quite high at 19%, even though that is still lower than other European countries. ICOs are considered to be normal business activities where you are taxed based on the funds received from an ICO less the expenses of doing business.
Switzerland
Switzerland is trying to remain relevant for the blockchain industry and for ICOs. The Swiss finance ministry is actively trying to attract investors to the country. Switzerland is considered a very important crypto location due to fact it was home to four of the largest ICOs in the world. The country is also very attractive to investors because of its friendly regulations and digital expertise. The taxation and regulatory environment is extremely secure and positive towards the cryptocurrency and blockchain industry in general.
Are there successful ICOs that have originated from the specific countries considered? Read the full article to get the answer! UBAI.co
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Stablecoins — Carrying the Way to the Crypto Promised Land

Stablecoins — Carrying the Way to the Crypto Promised Land

What are Stablecoins?

In cryptocurrency, most avid traders prefer having an option for stability to trade out of their volatile holdings while still maintaining decentralized assets that avoid the need to exchange into Fiat currency. We traders sometimes need a period of rest for our crypto portfolios to not have the potential to significantly increase or decrease in value. This is exactly what the appropriately named stablecoins allow us to accomplish.
These crypto tokens are designed to peg their values closely to the value of various currencies, such as the ever popular dollar, at an approximate 1:1 ratio. By doing so, cryptocurrency traders are able to use them as a means of exchange in order to essentially liquidate their other volatile cryptocurrencies. Doing so negates the risk of major price fluctuations in their portfolios.
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The availability of stablecoins is still just two and a half years old, and the power that they hold are entirely up to the markets. But, According to Phil Glazer at Bitwise Asset Management, he believes that as time goes on, a successful cryptocurrency that has a fixed price relative to our main Fiat currencies will have a major positive effect on cryptocurrency as a whole. He states,
“A fixed price cryptocurrency would enable a greater number of use cases than current cryptocurrencies allow. At the moment, cryptocurrencies are primarily held by investors and speculators seeking to profit from price appreciation. Few people hold and use cryptocurrencies like they would US dollars (receiving a salary, paying for groceries, etc.) because prices fluctuate significantly day-to-day.”
In the current landscape of cryptocurrency exchanges, only a select number of cryptoassets can be exchanged for currently tradeable stablecoins. Trading pairs involving stablecoins are some of the most heavily exchanged. In fact, the combination of trading USDT (aka Tether, which I’ll talk about more later in this piece) for Bitcoin is currently the most popular trading pair among exchanges where this pair is offered.
Why is USDT so highly exchanged when its value intentionally doesn’t garner a profit or loss? Well, stablecoins are, by design, not the roller coaster ride in value the way most other cryptocurrencies are, and that is precisely what gives them appeal. If you are riding recent highs in Bitcoin and decide it’s time to sell off a portion of them temporarily, Tether allows you to do so at Bitcoin’s market price. If BTC loses 15% of its value relative to the dollar the following day, your holdings that were converted to Tether did not actually lose any value.
Tether and other stablecoins allow you to essentially “sit out” from the market highs and lows any time you please, and be comfortable knowing those coins do not change in value relative to the dollar.
The existence of stablecoins on exchanges allows traders to cycle in and out of positions in Bitcoin and other volatile coins with ease while keeping their holdings out of the centralized bank systems. Swapping heavily volatile coins like Bitcoin for the least volatile coins available (stablecoins) on an exchange any time the trader so chooses is a huge advantage for anyone looking to de-risk and protect their portfolio values for any given timeframe. Investors and traders need stability in their own holdings on and off in order to counter the large spikes in crypto market volatility that occurs on both short-term and long-term time scales. They also need a quick way to exit and enter their positions when major news occurs and prices may react at a moment’s notice.
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But why can’t we simply convert any of our cryptocurrency holdings to actual US dollars at the drop of a hat? Why do we even need a specialized stable token designed to replicate the true value of the US dollar around the clock? We already have something that is easily used for exchanging goods and services, both in person and on the internet. It’s called the dollar. And additionally, traditional stocks and equities can be bought and sold using USD in just about every online brokerage out there. However, there are a couple reasons that stablecoins are alternatively offered by most exchanges:
  • There are no money transmission laws applicable to sending cryptocurrency from one location to another. The same cannot be said about the dollar.
  • The overwhelming majority of altcoins simply do not have the volume and following yet for exchanges to justify offering direct fiat buying and selling. But remember that the keyword is “yet”.
  • From a global perspective, there are many countries experiencing hyperinflation that have crypto traders looking for ways to easily exchange their holdings for something pegged to the value of the US dollar. In countries like Nigeria or Egypt, the volatility of their country-based currencies far outweigh the dollar, making Tether a convenient, easy, and uncomplicated option to trade for and convert their own volatile currencies into.

The Not so Stable History of Crypto’s Top Stablecoin

The often notorious and polarizing Tether coin (USDT) has been around and circulated through cryptocurrency exchanges and wallets around the globe since early 2016. The questionable aspect to the world’s currently most traded stablecoin lies with their concerningly underwhelming track record regarding their transparency of their fund backing. The coin’s team claims that each USDT coin is backed by a dollar of hard currency reserves. However, only grainy, highly questioned evidence has been provided to disprove the notion that they do not have all of their tokens backed by real dollars. Bringing forth evidence of hard USD currency backing through periodic audits of the company would alleviate concerns and instill confidence in traders’ minds.
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Frequent inquiries for proof of this claim have been met with mostly radio silence from the Tether team. As of June 1, 2018, the stablecoin had a market cap of an astonishing $2.55 billion. Shortly after this date, a transparency report was released with the backing of law firm Freeh Sporkin & Sullivan LLP that unofficially stated that their investigation found Tether to have the fund backing they claimed. The company was supposedly investigated by the law firm without warning, and it was announced that Tether’s bank account records exceeded its June 1st market cap by $7 million, thus indicating that it has full backing of its market supply of tokens. However, the vagueness and lack of many specific details of this report only temporarily silenced critics.
A week prior to the time of this writing, Bloomberg conducted an investigative report that heavily questioned Tether’s transparency report. In it, they noted that the popular cryptocurrency exchange, Kraken, has been the host to numerous suspicious Tether trades, many of which are indicative signs of blatant market manipulation. Wash trading and very specific trade amounts have been triggered and met with almost no temporary price movements in the overall value of Tether. It is unclear whether there are people associated with Tether or the exchange who have anything to do with these market manipulation tactics, but it seems as though Tether at least would have knowledge of these trades based on the lack of price movement to numbers that would normally move the value of their coin considerably.
Wash trading is the act of both buying and selling a coin simultaneously in order to mislead traders into assuming false information about a specific coin or entire market. Many suspect that these peculiar trades have occurred on the exchange without proper price movement. As a result of these scandals and several others involving the largest stablecoin, red flags are up, and Tether remains controversial as a legitimate stablecoin.
Yes, as I stated earlier in this article, stablecoins are designed to not have significant price movement. However, several who have looked into the matter have concluded that these significant trades should be at least temporarily moving the price of Tether to around $1.10, which would cause Tether to issue more coins into circulation and inevitably bring their value back to the intended $1.00. Instead, the price has only seemed to range from approximately $0.99 to $1.01, causing analysts to question if these orders are actually real or just showing up in order books to create false impressions of heavy market demand.
In addition, the Bloomberg report referenced a passage by University of Texas professor John Griffin, who said that there are some very specific orders that are “suggestive of wash trading”.
On top of all the confusion surrounding this so-called transparency report and the abundance of polarizing opinions it received, there had already been a $33 million hack of Tether coins in November, 2017. This opened doors to questions regarding the safety, vulnerabilities, and susceptibility to future security breaches of a coin that ironically is intended to instill a sense of calm in surrounding heavily fluctuating markets.
Despite the lack of fund backed evidence, which would be a major concern in virtually any other investable sector in the world, Tether is still a highly owned token constantly being exchanged throughout the cryptocurrency world. Not only that, but many are unaware that US Tether (USDT) is currently the second most traded cryptocurrency behind only Bitcoin. Stablecoins can also be used as helpful market indicators regarding the overall sentiment of the market based on how they are being traded. According to Joseph Young, an analyst at News BTC,
“The daily trading volume of USDT can be considered as a direct representation of the volatility in the cryptocurrency market; if the volume of Tether is abnormally large in a downward trend, it signifies that traders are selling cryptocurrencies to USDT, and if the volume of Tether is unusually large in a bull market, it demonstrates that traders are selling their USDT reserves to acquire more cryptocurrencies.”
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Available Stablecoin Options

Lately, many exchanges have been following Coinbase’s footsteps and slowly implementing USD trading for top traded coins like Bitcoin and Ethereum. But trading into centralized Fiat currencies is not exactly a great option if you are a believer in decentralized currency as the future. These fiat-pegged stablecoins I will be listing below are intended to be a convenience for users to exchange, not a burden that traders should feel forced into as an alternative to US dollars. There are three main types of stablecoins that currently are available for traders to get their hands on:
  • Fiat collateralized coins are coins that have a central entity that holds the equivalent amount of currency they intend to represent in currency. These fund-backed tokens are expected to be based on the reserve of fiat currency that allows them to place the appropriate 1:1 ratio between the value of a single token and a single dollar. Examples of these coins are:
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  • Tether (USDT), the leading stablecoin which I have already discussed in depth, has been circulating on exchanges since early 2016. Originally known as Realcoin, it is currently the largest asset backed token that acts as a link between crypto and fiat. Due to security and liquidity issues regarding their dollar reserves, external audit intentions by the company that so far have yet to exist, and a theft of $31 million USDT in November 2017 that caused a temporary cease of trading, their reputation has taken a minor, but not yet devastating hit.
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  • True USD (TUSD) is a relatively new fiat collateralized option for investors that is already available on several exchanges. They have capitalized on the controversy surrounding USDT, and they attempt to address particulars that people worry about with Tether, such as transparency of assets through daily proof of bank account information and monthly audits. TUSD was created with the intention of solving a few use cases, such as financial services and online commerce. They ideally see themselves as a replacement for USD on crypto exchanges. And for what it’s worth, the tokens run on the Ethereum blockchain as opposed to Tether’s Bitcoin blockchain.
  • Cryptocurrency collateralized stablecoins are the decentralized answer to fiat collateralized coins. Instead of being backed by Fiat currency, these coins are backed by actual cryptocurrency, such as Bitcoin or Ethereum and the use of smart contracts:
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  • Maker Dao (DAI) has some similarities to Tether and other stable coins, such as their soft-pegged price to a US dollar, non-minable nature, and collateral-backed asset type. However, instead of being backed by fiat US dollars, DAI uses overcollateralized Ethereum smart contracts. It is also issued on the Ethereum blockchain, as opposed to the Bitcoin blockchain. Their use case intends to lend toward four markets:
    • Gambling markets
    • Financial markets
    • International trade
    • Transparent accounting systems
https://preview.redd.it/gd2y0wv2a7811.png?width=277&format=png&auto=webp&s=911dcfe0db82fc93fa7a392c134649ea2b2beb4b
  • BitUSD (BITUSD) is an interesting price-stable cryptocurrency, as it is backed by the BitShares core currency, BTS. Traders have the ability to convert them to an exchange rate that is dependent on their “trustworthy price feed” that is based on the median of several sources which are updated hourly. An intriguing claim by BITUSD is that their token is always expected to be worth at least $1.00, which would imply that the coin has the ability to be worth at least one US dollar at all times, but never less. We have already seen USDT and TUSD have a value below one dollar, so this would be a very valuable aspect of a stablecoin. However, keep in mind that they are used exclusively to buy BitShares, making converting to Fiat more tedious than alternative options.
  • Non-collateralized stablecoins are interesting in the fact that there is no collateral backing associated with these types of coins. These coins usually implement an algorithm or some form of an expanding and contracting supply of its own value, which is based on the price and demand of it by traders.
https://preview.redd.it/kfqz5pc9a7811.png?width=245&format=png&auto=webp&s=6429cbfa4c9867d953370e737b8225164ee791e2
  • Basis is an upcoming non-collateralized stablecoin that algorithmically adjusts its own supply based on the demand it is receiving in order to accurately peg itself to the value of a dollar without any need for a fiat or crypto backing. I will be releasing a feature article on this coin shortly as it gets closer to its public availability. Many consider the idea of it to be revolutionary to the crypto world, and if successful, could become an actual threat to the Federal Reserve and its centralized monetary policy.
https://preview.redd.it/gja88mjk97811.png?width=112&format=png&auto=webp&s=88ac4a98b505f58f60e37270e839b3490deeef27
  • Haven (XHV), which claims to be untraceable, is a fork of the popular privacy coin, Monero (XMR). The coin works by implementing a “mint and burn” system which takes a transaction from a user’s wallet that they trigger, and sends it to a smart contract that in turn retains the Haven’s value at the moment of transaction. This balance stays on the blockchain, and is impossible to track back to the person making the transaction. By using this unique method, XHV’s use case allows users to send funds to offshore storage contract, while simultaneously being able to retain blockchain fund value to give the user the ability to trade their Haven and respond to market fluctuations.
In addition to the several tokens I have named, there are also several other stablecoins that are expected to be made readily available for cryptocurrency traders in the near future, including Kowala, Augmint, and Carbon. With several existing, emerging, and soon to be planned options in the stablecoin landscape, traders and investors have some options moving forward in how to prevent portions of their crypto portfolios from violently fluctuating. If stablecoins are able to accomplish what is expected and required of them (maintaining stability in an extremely volatile sector) without doubts in their validity, their existence will be a major boon for cryptocurrency.
Mass adoption of crypto in general will be an extreme uphill battle without these safe, reliable stablecoins for traders to buy and sell in and out of when waters get choppy. The currency-pegged tokens will open wide doors for Bitcoin, Ethereum, and other top coins if they are able to scale to a global audience. Chrisjan Pauw, an author at Cointelegraph, states,
“For truly decentralized stablecoins to work, there must also be a system in place that can reliably obtain the exchange rate between the stablecoin and the pegged asset, without leaning on third-party institutions that can be manipulated.”
This is precisely what we need from a stablecoin to lift up all of cryptocurrency, and we will see in the months and years to come how well these coins can execute the goals that they set out to accomplish.
Read more about cryptocurrency and find out how to successfully trade at: https://samsa2.samsa.ai/
This article and related content is for informational purposes only. It should not be considered investment advice, and you should consult a financial advisor and do your own research and due diligence prior to making any investments. Where securities or commodities are referenced, it is only for illustrative purposes only, and does not imply any position on securities or commodities classification. To the extent that Samsa services are offered or discussed, those services are available only for Samsa whitelisted assets only.
submitted by SamsaPlatform to Samsa_ai [link] [comments]

SWISSBORG´S DAILY INSIDER - WEEK 28

SWISSBORG´S DAILY INSIDER - WEEK 28
https://preview.redd.it/snwsg0et7w811.png?width=1000&format=png&auto=webp&s=8bc1fcf1989ec0a08373c3e8d4d3df93804b3231

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Friday, 13. July 2018

Police Seize $1.5 Million in Crypto During FIFA Gambling Crackdown Local police officials in China seized more than $1.5 million worth of cryptocurrencies as part of a crackdown on gambling during the 2018 FIFA World Cup.
New York State Regulators Approve New Power Rate Structure for Crypto Miners New York state regulators have approved a new electricity rate scheme for cryptocurrency miners that will allow them to negotiate contracts
OKCoin Exchange Launches in US With Fiat-to-Crypto Trading Cryptocurrency exchange OKCoin has launched a branch in the U.S. market to offer trading services between U.S. dollars and several major cryptocurrencies.
Gas Price Up, Referendum II on Hold.
The Median price is today at 9 Gwei with a Time to Confirm of 2.1 min. We still waiting for a range of 2-3 Gwei which is too Time consuming for the moment.
Ethereum Average Gas Price Chart Source: Etherscan.io
Daily Performances
Weekly Top 5 Price comparison
- BTC. - ETH - XRP - BCH . - EOS
https://preview.redd.it/tenmbq29fo911.png?width=945&format=png&auto=webp&s=58bcb52d8bfbeecddba93b7be039247c85c1c634
Technical Analysis - BTC
Bitcoin risked falling below the current inverse Head & Shoulder neckline around $6,073 but has since recovered slightly to keep the pattern in play. We would expect to see an upwards impulse towards $8,000, where it would meet the downward trend resistance. At this time, we are awaiting to see how this formation plays out.
https://preview.redd.it/7ho8s9ucfo911.png?width=1213&format=png&auto=webp&s=982a2317bdfb8dcef4e15900f364ec0fb32be8eb
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Thursday, 12. July 2018

Canadian Crypto Exchange Coinsquare to Launch in JapanCoinsquare has announced its plan to enter the Japanese market pending approval by the country's financial regulator. The new exchange will be launched under the Dlta21x brand.
Korean Lawmakers Hasten to Regulate Cryptocurrency, Legalize ICOsAccording to a report by the Korea Times, a number of lawmakers across different political spectrums are seeking to fast-track cryptocurrency regulations that could plausibly lead to lifting the current ICO
Bitmain-Backed Opera Web Browser Adds Built-In Ethereum WalletPopular internet browser Opera will become the first mainstream web interface to add native support for an ethereum wallet.
Gas Price Up, Referendum II on Hold.
The Gas price continues to decrease and has now a recommended price of 10 Gwei with a Median tome to confirm of 1.4 min. This is a very good reversal. We expect to start the distribution soon with a target price of 2-3 Gwei and the slowest time.
Ethereum Average GasPrice ChartSource: Etherscan.io
https://preview.redd.it/xcublwz49h911.png?width=1192&format=png&auto=webp&s=a8439989233a9176a015543b5fe4b17050c5fc12
Daily Performances
Weekly Top 5 Price comparison
- BTC. - ETH - XRP - BCH . - EOS
https://preview.redd.it/yvhg8mng9h911.png?width=1044&format=png&auto=webp&s=69993278ad0e48c669e7e6e1eb9aa6361710871e
Technical Analysis - BTC
BTCUSD it is still potentially drawing the right shoulder and break above the neckline, currently at $6,760, we would expect to see an upwards impulse towards $8,000, where it would meet the downward trend resistance. At this time, we are awaiting to see how this formation plays out.
https://preview.redd.it/lhz6t1tq9h911.png?width=1312&format=png&auto=webp&s=6df78065b03bb95a6440434c7231f7e27c9088fa
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Wednesday, 11. July 2018

Nigerian Entrepreneurs are Choosing Bitcoin Over the National Currency A growing number of businessmen in Nigeria are opting for handling their business using the digital currency instead of the Naira.
Crypto Wallet Ledger is Attracting Samsung and Google as Investors: ReportLeading hardware crypto wallet manufacturer and developer Ledger sold more than 1 million hardware wallets in 2017, recording a profit of $29 million.
PBoC Will 'Crush' Foreign ICOs Targeting Chinese Investors: OfficialPan Gongsheng, a vice governor of the People's Bank of China, has once more issued strong statements on initial coin offerings.
**Gas Price Up, Referendum II on Hold.*\*
The congestion across the Ethereum network and the sudden hike in the Gas price, sometimes climbing more than five times, led us to delay of distribution of our RSB2 tokens. Lately, it seems that the Gas price is finally going down. We will announce distribution as soon as possible when the cost of transactions drop to the fair price of 2. We are following the market closely and we will provide you with daily updates
https://preview.redd.it/50a2m2m36c911.png?width=1190&format=png&auto=webp&s=0d95f70882e563f1fe17ca51060e6d0de91aa455
Source: Etherscan.io
Daily Performances
As expected we continue to see gappy moves in thin trading. $6,000 level will likely be a strong magnet given the large open interest in September options. Implied volatility is ticking up slowly despite tight ranges but it is unlikely the market can independently break out of the current consolidative phase without external catalysts.
Weekly Top 5 Price comparison
- BTC . - ETH . - XRP . - BCH . - EOS
https://preview.redd.it/i5cmi7z0cb911.png?width=1080&format=png&auto=webp&s=22154e3b8b1ecd376c0220b8d10278832a52ad49
Technical Analysis - BTC
BTCUSD is potentially completing an inverted head and shoulder pattern. Should it complete the right shoulder and break above the neckline, currently at $6,870, we would expect to see an upwards impulse towards $8,000, where it would meet the downward trend resistance. At this time, we are awaiting to see how this formation plays out.
https://preview.redd.it/6h9xnzl5cb911.png?width=1348&format=png&auto=webp&s=8f1364b11f97d20ba6697618509a0291a10495a6
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Tuesday,10. July 2018

Decentralized Crypto Exchange Bancor Hacked, $12M in Ether Stolen Bancor stated that a vulnerability was exploited to steal 24,984 ETH (approx $12 million), $1 million worth of NPXS and $10 million worth of BNT.
Major Futures Exchange Cboe Files For Bitcoin ETF, Increasing ProbabilityCboe has filed for a bitcoin ETF with the US SEC, to enable investors in the public market to trade bitcoin in an OTC ecosystem.
Bitcoin Could go Mainstream Within 10 Years: Imperial College ResearchCryptocurrencies possess the potential of becoming a widely used form of payment within the coming decade.
BitGo Adds 57 Ethereum Tokens In Largest-Ever Custody Service ExpansionBitcoin veterans are jumping into the token economy with new licenses and custody options.
Daily Performances
Nothing much has changed in the broad crypto landscape. BTC has remained comfortably above 20DMA despite the $6,000 level magnet, and also has been resilient to negative news. Light volumes still indicate a lack of conviction but $6,800-$7,000 range to the upside seems to be the short term target necessary for another leg higher. Summer season may bring more quiet trading but external shocks and/or significant news may cause a gappy move - more likely to the upside.
Weekly Top 5 Price comparison
- BTC . - ETH . - XRP . - BCH . - EOS
https://preview.redd.it/t92pi3lry2911.png?width=1080&format=png&auto=webp&s=71b5e4891458a4d5fa98114c6f523bd46de3e813
Technical Analysis - BTC
After periods of lower lows and retest of $6,000-a key support line and April lows, it seems like Bitcoin prices are making a turn for the better.. BTCUSD continues to be in a short term uptrend which is positive, but it is facing various resistance levels all the way to $7,000. Closing above $7,000 for a few days would be a strong confirmation of a new strong uptrend. Until then, we remain cautiously optimistic.
https://preview.redd.it/ebu1dci2z2911.png?width=1348&format=png&auto=webp&s=dba7150d5a37efba69caffbf3407ccff16efaa0c
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Monday, 9. July 2018

Winklevoss Crypto Exchange Hires NYSE Technology Executive The Gemini cryptocurrency exchange hired Robert Cornish from the New York Stock Exchange to serve as its first chief technology officer.
German Bank Offers Special Accounts to Cryptocurrency Firms Solarisbank has launched a new banking service plan focused on clients from the digital currency industry.
Crypto Exchange Binance Expects up to $1 Billion Profit in 2018 Binance expects a net profit of up to $1 billion USD this year. It has already registered about $300 million of revenue in 2018 and a five-fold increase in the number of users.
Swiss Stock Exchange to Tokenize Securities With New DLT PlatformSwitzerland's principal stock exchange will build a blockchain-based platform to tokenize traditional securities for further trading and settlement.
Daily Performances
Over the weekend, there were somewhat positive industry news coming out (see news above). BTC has been attempting to break above the key $6,800 level to confirm a break away from downward trends. In options, September $6,000 puts have large open interest so if we are able to break away the market should get lighter. Volatility in upside calls ($9,000, 10k strikes) are closely watched for bullish signals.
Weekly Top 5 Price comparison
https://preview.redd.it/fmddcoj68w811.png?width=1044&format=png&auto=webp&s=f2fb90ebb37737be00551745912a2ff0dd430258
- BTC . - ETH . - XRP . - BCH . - EOS
Technical Analysis - BTC
BTCUSD continues to be in a short term uptrend which is positive, but it is facing various resistance levels all the way to $7,000. Closing above $7,000 for a few days would be a strong confirmation of a new strong uptrend. Until then, we remain cautiously optimistic
https://preview.redd.it/qnhqboya8w811.png?width=1312&format=png&auto=webp&s=5ac1f4f9fea6f94731a688a6aa7828eb9fa363b0
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Many thanks to Mariem @SwissBorg for providing us with THE latest news.
Disclaimer: Insider aims to provide our community with updates and information regarding financial markets and the blockchain world.This is our way of communicating with our community. It is meant to be used for informational purposes not to be mistaken for financial advice.Our opinion, when shared, is just that, it may not apply directly to your individual situation. Any information gleaned here is to be used at the readers' own risk, SwissBorg does not accept any responsibility for individual decisions made based on reading our daily blog. Any information we provide on our daily blog is accurate and true to the best of our knowledge, there may be omissions, errors or mistakes.
Copyright © 2018 SwissBorg, All rights reserved
submitted by Otilia_SwissBorg to swissborg [link] [comments]

Bitcoin surges (BIG TIME) in Nigeria amid currency volatility.

The Nigerian Naira depreciated over 40% between June and August of 2016 (link #2). Coinciding with the volatile movement in the USD/NGN exchange rate in June, Nigerian interest in Bitcoin has been steadily growing. Google trend data suggests more people are inquiring about Bitcoin in Nigeria right now than the U.S. and Hong Kong combined during the 2013 price peak (link #1). LocalBitcoins indicates a growing number of Bitcoin sellers available to potential local buyers and with a population of 180 million people, over half of which use the internet, Bitcoin could see growing adoption if currency issues remain prevalent in the region. While Gross National Income per capita is low at $2,950USD, limiting the potential for a large influx of capital, Bitcoin adoption driven by human needs rather than an expected ROI is a welcome reinforcement to the cryptocurrency communities larger interests. It remains to be seen if Bitcoin can take hold as an enduring tool for the average Nigerian.
As a side note I think it's unfortunate we don't have a more in depth perspective from Bitcoin users or new adopters in regions with expanding interests. Polling newcomers in Bitcoin related subreddits regarding their country of origin and the incentives that are driving them to seek out Bitcoin could be really valuable in understanding how Bitcoin as a whole is evolving.
Links below: https://www.google.com/trends/explore?date=today%205-y,today%205-y,today%205-y&geo=NG,HK,US&q=bitcoin,bitcoin,bitcoin
https://www.bloomberg.com/quote/USDNGN:CUR
https://www.bloomberg.com/news/articles/2016-06-19/naira-seen-tumbling-in-face-of-dollar-demand-as-nigeria-ends-peg
https://www.focus-economics.com/country-indicatonigeria/exchange-rate
https://localbitcoins.com/buy-bitcoins-online/NG/nigeria/#
submitted by flo3low to Bitcoin [link] [comments]

How to sound like a genius as a Bitcoin newb.

It’s time for more bitcoin conference porn! The fall schedule (glut) kicks off today in London with an Inside Bitcoins conference. Unfortunately, I’ll miss it. Instead, I’ll be at MIT giving a presentation on how students there can scale from “Zero to One” in Bitcoin.
My favorite slide of the short overview, which is also relevant to #bitcoinconf attendees is without a doubt how to simply “sound smart” as a newcomer to Bitcoin. That’s really half of the battle; I’ve learned from personal experience. Leaders in this industry who are exponentially smarter than me were willing to talk to me as a peer mere weeks after I first learned about bitcoin last November, mostly because I faked it ‘til I made it.*
So I feel a moral responsibility to share ten things that can make any newb sound like a seasoned vet. Much like a pick-up artist**, you’ll have to craft your own style and will look silly occasionally, but at least you can sleep easy knowing that you will fool 99% of onlookers with this framework.
Here are my top ten tips for sounding smarter than you really are when it comes to Bitcoin…
1) Know simple BTC grammar. Discredit anyone who misspells bitcoin as BitCoin or bit coin, and gently correct those who conflate Bitcoin the protocol (capitalized) with bitcoin the currency (lower-case). This is a slam dunk, I’ve-been-here-a-while, pro tip. Don’t be a jerk about it, but politely help this other newcomer scale to your level of intelligence.
Congrats, you’re already ahead of the curve.
2) Acknowledge that bitcoin is a crappy currency, but a high-potential commodity. Bitcoin is volatile and will be for a very long time. It’s designed to appreciate in value or to fail — without much middle ground. As a unit of account or store of value, it’s terrible, but it is also a very high-potential commodity. Holding the “currency” means (among other things) that you are betting bitcoin displaces gold as a long-term reserve — that one inherently worthless commodity (gold) will be replaced by another (bitcoin), because bitcoin will at least be tied to a very valuable network. You also believe that as the critical exchange, investment, and derivative infrastructure is built out, mainstream people will use what are essentially fiat-denominated bitcoins anyway (thanks to hedging wizardry). Oh, and on that last point, you’ll stop referring “dollars” and instead reference “fiat.”
3) Point out that all currencies fluctuate in relative value, but at least BTC appreciates. This is in some ways a close corollary to #2. People like to criticize bitcoin’s “extreme” volatility, but the truth is that the currency’s volatility is falling and will continue to fall steadily as it grows larger. Moreover, it will look less volatile relative to the currencies of many smaller, developing economies, especially those with high inflation like Argentina or Nigeria. (BTC is the 90th most popular global currency by M1.) At least with bitcoin, you have a ~50% chance on any given day that you’ll enjoy upside volatility, instead of slow and steady devaluation. Many people outside of the US and Europe are going to play those odds.
4) Understand that Bitcoin is not decentralized, it is distributed. There are basically 10 people in the world who ultimately control Bitcoin right now, so it’s not decentralized. You’ve got 5-10 Bitcoin core developers who contribute updates to the code base only if they are accepted by the 5-10 mining behemoths that call the shots. In theory, anyone can “fork” the Bitcoin core if they don’t like the miners’ rules, but most people will agree that this is infeasible at best. It doesn’t help that no one knows who controls most of the global mining power or even who invented Bitcoin. Sounds shady, and in truth, it is more of a black box than most will admit. The good news is that the block chain is universally distributed, so at least people can see the global ledger of transactions, even if they don’t appreciate that a group smaller than the Fed actually controls Bitcoin.
Brownie points if you know who Gavin Andresen is, because many newbs don’t! I’ll put it to you this way: Gavin is bitcoin’s Mark Zuckerberg to Satoshi’s Winklevii — if only the Winkevoss twins had come up with a clever seigniorage model for social networking and faded to the background gracefully once they had Zuck on board. Gavin and the other core developers aren’t household names by pure chance — the media is simply too obsessed with the mysterious Satoshi.
5) Admit that Bitcoin is not cheaper than credit cards. A common pitch is that bitcoin is much cheaper than credit cards, but this simply is not true in most real-world use cases. Bitcoin merely appears less expensive for most retail transactions because those charging the transaction fees - the miners - care more about the large 25 BTC / block mining reward subsidies than they do the variable transaction fees. For now. As mining gets more expensive and the mining reward shrinks over the next decade, bitcoin’s transaction fees will start looking a heck of a lot more like interchange rates. In addition, if you go up one level to the payment processors like BitPay and Coinbase, either the merchant or the consumer (or a combination) is paying 100-150 basis points to cover bitcoin transaction costs - not a tremendous price difference from card networks.
Bitcoin has many advantages over credit cards — security, interoperability, universality, etc. — but cost generally isn’t one of them.
6) Remittances aren’t a near-term killer app; cross-border transactions are. As much as bitcoiners like to bash Western Union and Money Gram, and as despicable as some of these remittance platforms can be, they still exist for a reason. Doing safe, secure and legal remittance is more expensive than it seems at first glance. And while it’s nice to think that crypto could flow freely to those already familiar with mobile money, this theory has one big flaw: the infrastructure and awareness for bitcoin isn’t even close to there yet in developing economies. Sure, a migrant worker could send bitcoin to a relative’s mobile phone in Zimbabwe, but good luck safely exchanging that for usable day-to-day currency - especially at a cheaper rate than the evil remittance empires.
Business to business cross-border transactions, on the other hand, are infinitely more likely to succeed on a faster timeline. More sophisticated parties, with better access to bitcoin exchanges and financial services, solving a more straightforward and nominally larger problem.
7) Pick at least one bitcoin company to hate, and know why you hate them so much. I honestly don’t think I’ve met a single person in this industry who hasn’t completely crapped all over at least one leading bitcoin company behind closed doors. In fairness, even when I’m not playing devil’s advocate, I have still been legitimately guilty of giving the business to all of these companies myself. But for most non-bully-pulpiteers, it’s simply easier and less abrasive to whisper criticisms. It doesn’t matter whether you pick Circle (“Wall Street sell-outs”), Coinbase (“young, naive and overextended”), Xapo (“shady insurance dealings”), Blockchain (“short-sighted ideologues”), or BitPay (“first, but not best”). All that matters is that you hate at least one of them.
8) Tell everyone how much you love Andreas, but that he’s too political for your liking. First you have to watch an Andreas Antonopoulos presentation and learn how to spell Antonopoulos. He speaks beautifully and sincerely and intelligently, and if Aaron Sorkin ever wrote a show about bitcoin, Andreas would be the protagonist, a la President Bartlet (West Wing) or Will McAvoy (Newsroom). He’s a perfect embodiment of what bitcoin should be — indeed, it’s fun to believe in his type of future — but the realist in you knows to just eat popcorn while watching this artist at work. You don’t actually need to believe what he says for bitcoin to go mainstream. In fact, if you are easily influenced, you probably shouldn’t because many of his most strongly held beliefs simply aren’t practical.
9) Learn the defensive pitch for the Bitcoin Foundation. It goes something like this: “You know, it’s not that easy to herd cats in this industry and these guys have been very valuable in serving as a voice for such a diverse community. At the end of the day, none of the leading entrepreneurs have time to do much advocacy work outside of their own companies, and the Bitcoin Foundation is crucial in promoting investment in the Bitcoin core technology. It’s easy to criticize them — and look, they’ve definitely made some mistakes — but like most non-profits, these guys are underpaid, overworked and only get criticism, never praise.” The more you say this, the truer it sounds. (See TBI, March 2014, for why this is ironic.)
10) Rehearse this phrase or some close iteration of it.
"Ethereum is really interesting, but it just seems like they will have an uphill battle to beat out Bitcoin innovations like side chains and tree chains given Bitcoin’s network effects."***
If you want to immediately be deified like a core developer, state this with confidence and maintain eye contact with your listener during cocktail hour, then just shake hands and walk away. This is a newb trump card, and it sounds smart on so many levels that you will leave your audience with no choice but to admire your crypto fluency. Uttering this phrase without stammering usually comes with an admission ticket to any conference VIP after-party you’d like. (I usually just use one of my several aliases, until one of them is on the list.)
Good luck!
*Still trying to make it.
**There are actually a surprising number of former and current pick-up artists in bitcoin. No joke. (I’m not one of them.)
***Full disclosure: I have said this verbatim and still don’t know what it means. But it sounds smart.
http://two-bit-idiot.tumblr.com/post/97561749484/sound-smart-at-bitcoinconf
submitted by twobitidiot to Bitcoin [link] [comments]

01-01 07:32 - 'Bitcoin surges (BIG TIME) in Nigeria amid currency volatility.' (self.Bitcoin) by /u/flo3low removed from /r/Bitcoin within 589-594min

'''
The Nigerian Naira depreciated over 40% between June and August of 2016 (link #2). Coinciding with the volatile movement in the USD/NGN exchange rate in June, Nigerian interest in Bitcoin has been steadily growing. Google trend data suggests more people are inquiring about Bitcoin in Nigeria right now than the U.S. and Hong Kong combined during the 2013 price peak (link #1). LocalBitcoins indicates a growing number of Bitcoin sellers available to potential local buyers and with a population of 180 million people, over half of which use the internet, Bitcoin could see growing adoption if currency issues remain prevalent in the region. While Gross National Income per capita is low at $2,950USD, limiting the potential for a large influx of capital, Bitcoin adoption driven by human needs rather than an expected ROI is a welcome reinforcement to the cryptocurrency communities larger interests. It remains to be seen if Bitcoin can take hold as an enduring tool for the average Nigerian.
As a side note I think it's unfortunate we don't have a more in depth perspective from Bitcoin users or new adopters in regions with expanding interests. Polling newcomers in Bitcoin related subreddits regarding their country of origin and the incentives that are driving them to seek out Bitcoin could be really valuable in understanding how Bitcoin as a whole is evolving.
Links below: [link]1
[link]2
[link]3
[link]4
[link]5
'''
Bitcoin surges (BIG TIME) in Nigeria amid currency volatility.
Go1dfish undelete link
unreddit undelete link
Author: flo3low
1: https://www.google.com/trends/explore?date=today%205-y,today%205-y,today%205-y&geo=NG,HK,US&q=bitcoin,bitcoin,bitcoin 2: w***bl*omberg.com/q*ote/***NGN:CU* 3: *ww*bloom*erg**om/n*ws/art***es*2*16-*6-*****ira-seen-tumbl*ng-in-face-o*-dollar-d***nd*as-n*ge**a*ends-peg 4: *ww.focus-economics.*om/cou**ry-in**ca*or*ni*e*ia**x*ha**e-ra*e 5: loca*bitco*n*.com/*uy-bitc*i*s**n*in*/*G/nig*r*a/#
Unknown links are censored to prevent spreading illicit content.
submitted by removalbot to removalbot [link] [comments]

BITCOIN MASSIVE REJECTION Insane Volatility Ahead... Programmer explains Bitcoin volatility and Coinbase being investigated for ... Nigeria's Economy and Cost of Living How to Buy and Sell Bitcoin in Nigeria  Luno Exchange ... Bitcoin Prices are Falling -- Bitcoin volatility sees ...

Luno is a Bitcoin exchange with a presence in South Africa, Singapore, Nigeria, Malaysia and Indonesia. It offers 0% fees for market makers, meaning you can avoid fees if you place a buy order then wait for a seller to take it. Luno also offers an Instant Buy feature. We may receive compensation when you use Luno. In finance, an 1 BTC to NGN exchange rate is the Bitcoin to >Nigerian Naira rate at which 1 Bitcoin to Nigerian Naira will be exchanged for another. It is also regarded as the value of 1 BTC to NGN in relation to another currency. For example, an interbank exchange rate of 114 Japanese yen to the United States dollar means that ¥114 will be exchanged for each US$1 or that US$1 will be ... In Nigeria, the parallel rate vis-a-vis the USD is some 30% higher than the official rate. In Venezuela it ’ s even worse. The official rate is USD1 = VEF10, but Google-sourced news sites put it closer to VEF1,500 to 1,700 (or even VEF3,000+!). I did some quick research on bitcoin and cryptocurrencies and found that they have a lot of positive qualities that make them particularly attractive ... Bitcoin Exchange Rate To Naira For the purpose of symbolic identification, bitcoin is denoted with two “ticker symbols’’ which are XBT and BTC. In conversion, bitcoin can be split into subunits of either 1/1000 millibitcoin or 1/100000000 satoshi. Bitcoin use around the world has been increasing at a steady pace with the initial bubble Bitcoin experienced in 2013/14 propelling Bitcoin in the eyes of investors and traders alike. Bitcoin has grown significantly over the past year coming from lows of around $220 almost doubling in value to its current level. The inherent Bitcoin volatility has not only provided Nigerians with a medium to ...

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BITCOIN MASSIVE REJECTION Insane Volatility Ahead... Programmer explains

This video is unavailable. Watch Queue Queue Bitcoin plunged on Friday, extending a fall that saw the crypto-currency lose more than a third of its value from a record of nearly $20,000 (£15,000).The cr... This video explains how to buy and selling bitcoin with your locall currency(Naira) on the Luno Exchange platform. Signup to buy bitcoin using this link http... This video is unavailable. Watch Queue Queue. Watch Queue Queue The inflation rate currently sits at 16.01% which is massive. The country like many countries is largely oil dependent which is something we're seeing in Algeria, Venezuela and in the past Zimbabwe.

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