Month: March 2018

Things are not looking great for Bitcoin as of right now. The price is dropping, and so are the number of transactions. This latter part is always subject to interpretation, though. While things may look a bit bleak now, there is no reason to believe the situation won’t improve. In fact, it seems things will most certainly get better over the next few months.

Bitcoin Transaction Volume Dip

Using Bitcoin as a currency means competing transactions. When the Bitcoin transaction numbers are on the decline, people get concerned. It seems to indicate there is less demand for BTC, as well as little interest in effectively using it. At the same time, the Bitcoin transaction volume is affected by a lot of different factors.

1/ For the first time in Bitcoin's history, transactions per day are not increasing. We are around October 2015 tx levels. This, imo has to turn around for value to substantially increase. Economic Activity = Value. Less Economic Activity = Bearish pic.twitter.com/Vt152fiTza

— Joseph (@josephkunzler) March 31, 2018

As has become apparent recently, transaction batching is quite popular now. This means people will see “fewer” transactions, but it’s a positive development overall. Batching leads to lower fees and faster confirmation, which is all anyone can ask for. Even, we are currently at the Bitcoin transaction level of October 2015. It is clearly not the sign people are looking for.

Looking at the bigger picture, the Bitcoin transaction volume was increasing quite rapidly. This trend has become apparent for several years now. Even so, there have been a few dips along the way. This is by far the steeper dip, but it is not just because there is less economic activity per se. Looking forward, things may very well pick up once again.

The Future Still Looks Bright

Various improvements will come to Bitcoin users. SegWit adoption is increasing, which will help Bitcoin scale a bit. Additionally, the Lightning Network is inching closer to being released every day. Those two developments alone will have a positive impact on the Bitcoin network from a  technical level.

At the same time, merchants and retailers show a renewed interest in Bitcoin. This is despite the price volatility so many people are concerned about right now. Once people spend Bitcoin again, the overall transaction volume will rise. Users will also benefit from the lower fees and even micropayment solutions as well.

Especially retailers in South Korea are keen on Bitcoin. Combined with the ongoing efforts in Japan, the Bitcoin transaction volume will pick up sooner rather than later. It may take some time until things improve, though. Keeping the long-term picture in mind at all times has never been more important. Bitcoin is still in the early stages. Gradually, things will improve, and all of this becomes a footnote in the history of cryptocurrency.

Image Courtesy of Shutterstock

The post A Lower Bitcoin Transaction Volume is a Sign of Maturity appeared first on NewsBTC.

When dealing with Bitcoin and other cryptocurrencies, it is important to keep religious rules in mind at all times. Two Turkish imams found that out the hard way, as they have been fired over their Bitcoin activity. It’s a very strange turn of events, although it isn’t entirely surprising.

The Fatwa Against Bitcoin Trading

For those who are unaware, using, buying, and trading Bitcoin is perfectly legal in Turkey as of right now. There is no official law against this type of activity, yet that doesn’t mean there won’t be repercussions for getting involved in cryptocurrency. This is especially true when you are a religious leader of sorts, as there are various rules to take into account at all times.

As it happens, Turkey is subject to a fatwa against Bitcoin and other cryptocurrencies. This fatwa was issued against the use and trading of cryptocurrencies in late 2017. At that time, religious leaders in the country determined that Bitcoin and altcoins were not compatible with Islam, which is a serious matter. Although it may seem strange to the Western world, such a fatwa carries a lot of weight in Turkey and other Islamic countries.

Because of this existing fatwa, two Turkish imams recently lost their jobs. Both individuals were using Bitcoin on the internet, and they eventually became people of interest in an ongoing investigation by the country’s Directorate of Religious Affairs. As one would expect, this investigation made it clear that both imams were in violation of the fatwa, and thus firing them was the only logical outcome.

Although it is the first time such a harsh course of action has been taken, it may not be the last. Islamic countries take a very strict approach to finance, and any violations of agreements and rules will cause problems for the perpetrators. It is good to see these guidelines apply to everyone in the same manner, even if they are an imam.

It is unclear whether both imams will appeal this decision, although there are no grounds on which to do so. After all, they were all too aware of the fatwa against trading cryptocurrencies, yet they still decided to enrich themselves and use Bitcoin for financial gain. Although it is possible that they might have evaded the authorities with a bit more luck on their side, it is evident the Turkish Directorate of Religious Affairs doesn’t take kindly to such violations.

It will be quite interesting to see how other Islamic countries approach Bitcoin trading in the future. As of right now, it seems the fatwa against cryptocurrency trading only exists in Turkey, but that may not be the case much longer. It creates some very interesting discussions regardless. At the same time, it also shows the allure of cryptocurrency leaves no one untouched, which can only be considered a good thing.

This article originally appeared on Bitcoin Magazine.

While the ICO industry is seemingly firing on all cylinders, the risks have not diminished by any means. In fact, it seems this situation has only become worse over time. With the mounting number of scams and defunct projects, it is evident something will need to change in the very near future.

ICOs Need to Rethink a few Things

No one will deny that the ICO industry is very alluring. Dozens of innovative projects are launching every single week, although it remains to be seen whether or not these projects can succeed in the long run. As such, the risks for investors are quite significant and need to be taken into account at all times.

While most of the ICO projects on the market have nothing but honest intentions, their technical prowess may not be sufficient to turn them into successful ventures. More specifically, a fair few projects fail simply because they could not deliver the promised goods. While that in itself is not necessarily surprising, one would expect companies raising millions of dollars to be successful in one way or another.

To make matters worse, there is a growing number of ICO scams to contend with as well. Scams and fraud are making their mark on the industry as a whole, which is not good news for any project active in this industry. A fair few token sales are pure money grabs first and foremost, with no intention of ever building a project or infrastructure.

All of this has attracted a lot of attention from regulators all over the world. For its part, the SEC is actively cracking down on ICOs right now, which can only be considered a good thing. Other countries are also taking harsh action against initial coin offerings and the risks they represent. Rest assured that type of scrutiny will not be slowing down anytime soon.

The bigger question is how all of these concerns can be alleviated in the future. There needs to be more ICO transparency and accountability in general. Achieving such a goal is pretty much impossible using the tools we have today unless all ICO creators suddenly adopted a completely different mindset. That seems rather unlikely, as it is not necessarily in their best interest to pursue this option.

Even so, a self-regulatory approach could still work out fine for the ICO industry as a whole. Assuming projects want to look into this option in the future, self-regulation seems to be the right course of action moving forward. Whether or not we will ever see an effort to impose self-regulation upon the ICO industry remains to be seen. It is evident all other solutions clearly aren’t working as of right now.

ICOs have revolutionised the way startups are conceived, created and funded; the traditional venture capital model is now well and truly disrupted. According to figures collated by Coinschedule, investment dollars in ICOs were merely in the millions in 2016, but last year the figure soared into the billions. We’ve barely turned the corner into 2018, but a total of $2.8 billion has already been tied up in new token offerings, suggesting the ICO boom is far from over.

It’s not all good news however. On the flip side of the altcoin, a greater number of these projects are failing than ever before. The ICO marketplace has become a crowded bazaar of the weird and the wonderful and it’s harder than ever to stand out from the crowd. No longer can ICO marketers throw a blockchain and a few buzzwords at a project and expect it to be taken seriously. It’s time to get tough with yourselves. Here are 7 of the most egregious mistakes ICO marketers are still making.

1. The Confusing Project

One of the most bewildering aspects of many ICOs is their inability to clearly explain exactly what their product or service actually does. If that sounds familiar you need to get back to basics. Failing to explain the fundamentals of your project leaves you in no man’s land when you attempt to sell the benefits. This is marketing 101 and yet so many tokens remain resolutely blockchained to their first hurdle.

What problem will your project address? How will it work? What makes a blockchain solution better than what is already on offer? Put yourself in the shoes of your audience. If they can’t get a handle on your product they’re never going to pick it up.

2. Poor Design Choices

WordPress may be a great step up on your average geocities site, but when it comes to ICO marketing it doesn’t breed confidence when your token offering website is so obviously straight off the shelf. The great majority of ICOs are attempting to raise millions in funding but many wear their websites like a ragged charity shop jacket. A little care, thought and effort goes a long way. A little money takes you further.

On the opposite end of the scale flashy time tunnels, shooting stars and elements pinging around the screen don’t convey the correct message either. Okay, the neural networks aren’t completely terrible, but if you spend any time looking at your ICOs you’ll see a dozen or so using the same effect. If you’re doing the same thing as everybody else how exactly do you expect to set yourself apart?

There’s a reason the best salespeople wear smart, well-fitted clothes, but rarely super flashy ones. People don’t want to hand over their hard-earned money to paupers or princes.

3. Bad Writing

One of the great things about the internet is it allows people from all kinds of backgrounds to come together and work together. What it doesn’t do is make people marketing multi-linguists, able to write a compelling sales pitch in a number of different languages. Just because you can communicate in another language doesn’t mean you can sell in it.

You should know where your primary markets are and what languages you need for all of your promotional material. Hire a professional writer and native language speaker for each. Nothing sets off alarm bells sooner than bad writing. Poor writing is more easily spotted than good writing is accomplished.

Bonus mistake – too many buzzwords: this is the writing equivalent of the overly flashy website. Words and acronyms such as ‘decentralized’, ‘ecosystem’, ‘ITO’, ‘P2P’, ‘ecommerce’, ‘disrupt’, and so on should be used sparingly and only when necessary.

4. Leaving Out Crucial Details

It is almost unbelievable how many ICOs bury pertinent information in their whitepapers or neglect to include it entirely. Let’s be perfectly clear: if you can’t be bothered to clearly state when the ICO (and pre-ICO) begins and ends, what the price of the token is, what the minimum and maximum contribution is and what the soft and hard caps are, your ICO deserves to fail.

Besides a whitepaper the very basics include a roadmap and details on the development team. People want to do their due diligence on you. If you’re not helping them in that aim it raises questions as to why.

5. Failure to Communicate 

Once you’ve clearly set out your project and what it does, created a functional and attractive website with punchy writing and all the important facts included, remember to keep visitors and ICO participants informed. Creating a buzz and enthusiasm for your product is an ongoing process, not an event.

Maintain all social media accounts and engage in chat applications regularly and don’t be afraid to inject some personality into your interactions. If you have a roadmap (which you should) communicate your progress across all media. Missing milestones can lead people to think you’ve taken the vehicle off-road.

Keeping the lines of communication throughout the process increases your chance of nurturing further commitment from existing ICO participants, much like the age-old sales maxim: the best customer you can have is the one you’ve already got.

6. Just Tokenomics?
   
   Eventually, every token issue in some shape or form, boils down to the tokens themselves. The tokens are a microcosm of everything else you do. Even if everything else about your project makes good business sense, if you can’t properly explain the point, usage and benefits of the tokens themselves your ICO simply won’t work.

A meaningless token doesn’t always mean the project has no merit, but in most cases, the two go together. At the very least it shows a lack of joined-up thinking. If your token has real merit that has to be clearly communicated as part of your marketing strategy.

7. Overselling the Benefits

Following high-profile scams such as Bitconnect, investors are becoming increasingly wary of high returns, grandiose claims and big promises. ICOs have inherent risk, that’s exactly why you need to be so careful in your approach. Failure to keep your claims grounded in reality will scare investors from your website 300% faster than from your competitors. Absolutely guaranteed! Okay, so not really, but you get the point. ICO marketers everywhere – remember to keep it real.

The post The 7 Biggest Mistakes ICO Marketers Make appeared first on NewsBTC.

Groundbreaking cryptocurrency solution platform, CoinMetro, has extended its Token Generation event due to the overwhelming community request. Contributors now have up to on the March 31st, 2018 to contribute to the development of a truly revolutionary cryptocurrency exchange platform, giving new participants the opportunity to be a part of a history-making Token Generation Event (TGE) that grants them further access to lifetime bonuses, and a myriad of value-added benefits for participating.

Developed by a highly-talented and professional team of industry veterans, CoinMetro has raised almost $15 million for its much-lauded XCM token. The Hong Kong-based company kickstarted its event with a bang, raising $4 million within the first twelve hours and garnering critical acclaim for it’s for its standards defining ecosystem for all cryptocurrencies.

While 2018 is proving to be quite the eventful year for cryptocurrencies, CoinMetro is leading the charge for a truly decentralized, secure, and transparent cryptocurrency exchange. The platform simplifies cryptocurrency exchange through an intuitive and easy-to-use interface underpinned by blockchain technology.

CoinMetro Token Sale

Partnering with leading Forex broker, FXPIG, CoinMetro will offer up to 20% of their net profits for its Token Buyback Program, lifetime discounted fees on both platforms and the exclusive invitation to TGE supported by the platform or partners.

CoinMetro has extended the TGE for its XCM utility token. The event will now end on 31st of March, 2018. Contributors to the event are being offered XCM tokens at $0.15. Bonus and pricing structure for participants are as follows:

100M COIN Sold – 8% TBPR 1 + lifetime CM discount 2 +0.01 price increase

150M COIN Sold – 11% TBPR 1 + 0.01 price increase

200M COIN Sold – 14% TBPR 1 + lifetime pre-pre-token sale invites +0.01 price increase

250M COIN Sold – 17% TBPR 1 + lifetime FXPIG discount 3 +0.01 price increase

300M COIN Sold – 20% TBPR 1

Note: “TBPR” stands for “Token Buyback Program Reserve”

About CoinMetro

CoinMetro has continued to work tirelessly to become a regulated company and has succeeded in registering for an eMoney license in Georgia. The registration permits it to execute its payment services, enabling it to deal with fiat transactions with countries outside of the EU.

CoinMetro has also established a new team in Estonia to help facilitate the acquisition of licenses required to work across multiple jurisdictions. With these licenses, CoinMetro can operate a seamless payment ecosystem across EU and around the world, offering services that include: Credit Cards, SEPA transfers, SWIFT transfers, and external wallet systems for EU residents.

CoinMetro boosts of a remarkable success story based on uniquely innovative features integrated into the platform, some of which are:

• Crypto Debit Cards, for instant payment online and offline.

• A Multi-Currency wallet that supports both Fiat and Crypto

• Atomic Swaps, a smart contract escrow tool facilitating P2P token exchange between traders that does not require any intermediary, eliminating third-party fees.

• An ICO Express feature that simplifies the tokenization process, enabling developers to launch their TGEs on the platform and immediately list their tokens
• An ETCF Board that addresses and solves the current ERC20 liquidity problem. This feature also gives both experienced and inexperienced crypto investors easy tools for portfolio diversification.
• The TAM (Tokenized Asset Management) platform creates an ecosystem for asset managers from other markets, providing CoinMetro clients with the ability to profit from their collective trading experience.
• Crypto Lending feature that allows users to make passive income by loaning their cryptocurrency out.

Visit the CoinMetro Official Site – https://coinmetro.com/

The post All-in-One Cryptocurrency Solution Platform, CoinMetro, Raises Almost $15 million, Extends Sale Date to March 31st appeared first on BitcoinNews.com.

The FBI’s recent PSA tells crypto investors to be careful about contacting alleged “tech support” due to noted increase in tech support scams to steal crypto holdings #NEWS

Operator of Japanese crypto exchange GMO Coin establishes new group to increase security measures for customer information #NEWS

The financial sector continues to show an increasing interest in blockchain technology and cryptocurrencies. To that end, the Ubank team is looking to enter the crypto market with a new blockchain-based platform. It is a very surprising undertaking designed to make cryptocurrency investment more appealing to consumers.

UBcoin Market Has Potential

When looking at this new project from Ubank, it is clear they have the best interests of cryptocurrency at heart. Or so it would seem, at least, as the new platform is designed to let users buy and sell real goods in exchange for various cryptocurrencies. While it is not a unique business model by any means, the backing of an active mobile payments company tends to lend a bit more credibility to these kinds of offerings.

Ubcoin Market positions itself as a bridge between cryptocurrency and the real world. Anyone will be able to become a cryptocurrency investor through this new platform regardless of previous cryptocurrency or blockchain knowledge. More advanced users can spend their cryptocurrency wealth on goods and services in which they are interested. It seems to offer something for everyone, although its chances of success remain undetermined.

While it is evident there is a growing demand for cryptocurrency exposure on the part of consumers, competing with traditional exchanges will not be easy for Ubank. It seems the company doesn’t necessarily want to compete with those exchanges either, although it does aim to make it more convenient to buy and use cryptocurrency in general. That in itself is a positive development, as a lot of consumers struggle with the concept of cryptocurrency.

Bringing some much-needed competition to e-commerce platforms by focusing on cryptocurrency is a positive development overall. While a lot of consumers already buy and sell goods on peer-to-peer platforms right now, it is evident there is always room for a platform with a slightly different approach. Ubcoin Market doesn’t want to compete with any company where sellers are looking for fiat currency payments, although they may win over some souls in the process.

By being able to accept cryptocurrency payments, users are in a position to hold onto this new form of money or convert it to other currencies as they see fit. Even if they convert it to regular money in the end, they are still crypto investors for a brief period of time. The big question is whether or not this platform can be successful, especially given the immense volatility affecting all cryptocurrency markets as of right now.

Under the hood, Ubcoin Market will use AI to pre-screen seller postings, which is a rather novel approach. Combining this with the Ethereum blockchain and all of its features will certainly lead to some interesting developments moving forward. It will be interesting to see how many people show an initial interest in this new project, as it has not yet come to market.

Safein, the decentralized wallet and identity platform, has announced their launch with the pre-sale event scheduled for the 3rd April after a successful whitelist registration. The platform have received some exposure as a Identity payment platform with a lot of potential and its presale will see the platorm’s native SFN token be launched for the first time. Safein have decided to split the funding rounds and include a bonus structure.

Disclosure: This is a Sponsored Article

The initial round will see 12 million SFN tokens sold at a reduced price, so participants can get up to 71% extra of 12,000 SFN per ETH. The second token presale will get participants 10,500 SFN per ETH contributed. The Safein team have gone to the trouble of adjusting the rate of SFN per ETH for participants, to account for the fluctuation of the value of ETH in recent times.

The Safein Platform

Safein maintains that by using their wallet customers can improve the way that they pay, registe rand complete identity authentication with total anonymity whilst maintaining total control over their spending. They have the power to revoke access with a click and users will be able to see their entire history including registrations, logins, and payments. Safein claims that simplifying payments is another feature of their mission, whether fiat or cryptocurrency. Its initial target markets include cryptocurrency and gaming sectors and various business areas in which its service will be most beneficial to its online user base.

The platform also plans to standardize crypto payments on all e-commerce websites, Safein plans to enter various business areas in which its service will be most beneficial to its online user-base and eliminate redundant registrations and KYC procedures.The platform will also look to standardize crypto payments on all e-commerce websites by allowing users to utilize a digital wallet attached to an account enabling the purchase of goods directly. The account can then be attached to mobile devices.

Vladas Jurkevicius C0-founder at Safein suggests that the wallet ‘focusses on both sides of the business’ guaranteeing full control of user privacy whilst allowing merchants to verify user identities for free. E-commerce according to Safein is one Industry that Blockchain technology could make a huge impact on as Blockchain technology can offer improvements in data protection, cybersecurity, and money laundering. The need to scan a photograph, or produce proof of address in order to join a trading platform may soon be a thing of the past.

To find out more, visit the Website: https://www.safein.com/

French minister of finance and economics, Bruno Le Maire, has made comments recently which appear to extol the merits of cryptocurrency and blockchain technologies as being revolutionary.

Le Maire suggested that blockchain technology would offer startups the option to “…create a network of trust without intermediaries…and offer increased traceability of transactions” generating a climate for a more efficient French economy.

The minister suggested that France should become “actors” rather than “spectators” although he clarified that the government should still be wary of speculation, security issues and criminal activities such as money laundering.

French comments were made prior to the recent G20 summit this month in which there was at least some agreement on cryptocurrencies regarding the need for regulation. France and Germany are in agreement, both advocating moves towards a regulatory framework for cryptocurrencies. German banks have made it quite clear that effective regulation of virtual currencies is an international imperative.

Some French enthusiasm for cryptocurrency at a governmental level can be due in part to French National Assembly member Laure de La Raudiere, a Republican who represents the Eure-et -Loir region of France. As part of another investigation into the use of blockchain technology, she was asked to lead The National Assembly’s Mission d’information in order to inform legislators on how the technology should be used and regulated. La Raudiere’s is scheduled to take six months to complete this prior to the G20’s next meeting where cryptocurrency regulation will return to the agenda.

Less vague, and certainly more optimistic, comments were recently made by Raudiere when she suggested that recent legislative amendments attempting to ban peer-to-peer technology revealed a “total misunderstanding” of the nature of the technology, pointing out that most of the time it was the way technology was used, not the technology itself that required restrictions.

The post French CryptoCurrency Plan Unclear but Optimistic appeared first on BitcoinNews.com.

Leading tech firm Intel is looking to patent a hardware development that would accelerate the process of Bitcoin mining chips, as revealed in recently published documents.

Accelerating Bitcoin mining

The application for the patent was submitted to the US Patent and Trademark Office in September 2016, with the details made publicly available on 29 March 2018. The formal request seeks to patent specifically a “Bitcoin Mining Hardware Accelerator With Optimized Message Digest and Message Scheduler Datapath”.

Intel outlines the benefits of the mining hardware accelerator in the application, detailing the process by which the software can increase the efficiency of Bitcoin mining. The hardware is described as consuming less electricity than standard software used for mining, increasing the economic efficiency.

Acquiring a patent such as this addresses the problems associated with conventional Bitcoin mining. As addressed in the application, the hardware utilized in the mining process ”uses brute force to repeatedly and endlessly perform SHA-256 functions”. This results in the process of Bitcoin mining being both power-intensive and employing large amounts of hardware space.

The hardware accelerator reportedly offers to reduce the space used, as well as cut the amount of power consumed during mining by up to 35% against a general-purpose processor.

Intel’s links to Bitcoin

This latest event follows previously reported connections between Intel and Silicon Valley bitcoin mining startup, 21 Inc. Intel originally developed chips for the fledgeling company, although plans to incorporate these chips into other Intel products never reached the market.

In March 2015, Intel reportedly listed a job application citing they needed a researcher to “investigate hardware and software capabilities that advance the performance, robustness, and scalability of open, decentralized ledgers.”.

A patent applied for by Intel in December 2017 illustrates the company’s focus again on the energy-intensive process involved in genetic sequencing. This patent does not, however, focus explicitly on mining any form of cryptocurrency.

If a leading industry company such as Intel should choose to invest further in the development of Bitcoin or blockchain innovations, the potential impact could be significant.

The post Intel Pursues Patent for Bitcoin Mining Hardware Accelerator appeared first on BitcoinNews.com.