Day: May 7, 2018

South East Asia‘s largest economy, Indonesia, is seeing both public and private sectors investing in applying blockchain technology to address issues surrounding the storage and application of data within the country in a number of sectors, reports Reuters.

The problems have arisen due to the sheer volume of data, which is now generated by a population of 250 million inhabitants across a huge total of 17, 000 islands. The Indonesian Financial Services Authority has now gathered a team to investigate how blockchain can support the country’s industries.

Tech firm Online Pajak has launched a solution via a blockchain-driven app to assist in simplifying the country’s tax sector. The app allows customers to share encrypted data with the tax and treasury office as well as banks. Company founder, Charles Guinot, points out that the app will not only reduce paperwork and errors but fill current gaps in the current system.

He suggests: “Today in Indonesia, there’s no proof you’ve paid.” The new system will ensure an accurate and clear record of payment for private individuals and companies alike.

Elections is another area being looked at, having been a problem within the country in the past due to fraud and polls not being able to reach a population that is widely dispersed across Indonesia’s many islands. An Australian firm, Horizon State, has found a solution to some of these problems with a new app concept due to launch later this year, enabling direct polling on local policy issues.

Banks are looking at DLT with more interest, as discovered by a survey published last year indicating that about 80% of financial institution executives see blockchain impacting future markets. Rico Ustahavia Frans, director of digital banking and technology at Bank Mandiri, Indonesia’s second-biggest bank by assets, said it was currently looking at applying blockchain, once regulators had formulated guidelines for banking and financial institutions.

The Indonesian government reports that is now looking into how it can disperse funds to numerous recipients in the farming sector using the new technology.

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The iGaming industry is one of the fastest growing markets in the world, registering a growth rate of over 9% per year while reaching annual revenues upwards of $5 trillion. The attractive market is set to receive a further boost with Luckchemy, a comprehensive, scalable and transparent iGaming platform. Driven by a unique combination of off-chain cryptography and blockchain technology, the platform is designed to provide a whole suite of RMG and lottery offerings. In order to put that into practice, Luckchemy has announced the launch of the token sale campaign, which went live on April 30, 2018.

What Challenges do Operators face in the industry?

Players want transparency, simplicity, minimal initial deposit, fast registration, and a variety of games on the same platform. Operators face several challenges in the iGaming industry today, including:

• Lack of trust in operators – Most players don’t trust the casino developers and operators due to potential fraudulent activities, which makes it hard to get new players to sign up.
• The market is much more competitive than ever before. It is very difficult to fight with big, popular brands.
• The cost of marketing and advertising is rising. Small start-up budgets don’t allow to conduct an active marketing and PR campaign. The way from offline to online is expensive, because starting an online lottery needs a team.
• Apart from the challenges related to the competitive market, developers also must pass through strict regulations and licensing constraints, which makes the entire set up not just costly but stressful.

Luckchemy Addresses these Challenges Quite Competitively!

The development of Luckchemy proceeds with full steam as its creators work on developing a top-class entertainment solution to meet the rapidly evolving lifestyle of the users. The platform will provide a solution that stands apart from rest of the options currently available in the market.

Luckchemy starts with the lottery and scratchers games as its initial products. The platform will develop and publish products by anticipating the interactions with many entities including third-party content providers. In order to ensure speed, while maintaining provable fairness, the platform will use blockchain interactions judiciously and supplement it with off-chain cryptography and other technologies. This way, it will be able to maximize scalability and provide the best user experience.

The Luckchemy platform is powered by LUK token, which not only enables blockchain interaction, but also acts as the official internal currency on the platform. Those participating in the on-going LUK token sale (there is a 40% discount now) will gain access to special monthly draws for token holders, making them eligible to additional potential winnings.

To know more about the platform and to participate in its ongoing token sale, please visit Luckchemy official website. You may also read the official White Paper or visit the Facebook, Twitter, Telegram, Medium, Instagram and LinkedIn to get connected to the team.

The post Luckchemy to Address Market Participants’ Challenges & Outperform Other Similar Platforms appeared first on NewsBTC.

Charlie Munger had provided yet another unique metaphor for the crypto phenomenon, comparing cryptocurrencies to “trading freshly harvested baby brains”

It is estimated that the digital asset market, which consists of currencies like Bitcoin, Ethereum, and Litecoin, will grow to a staggering US$5 trillion by 2058. This domain has been growing steadily and has drawn interest from a plethora of investors, miners, and entrepreneurs in just two to three years. Even though blockchain technology has yet to gain widespread acceptance, this sector is projected to reach an even higher overall market capitalization as that happens.

Nexo is an all-new blockchain-driven platform that aims to provide interested users with instant crypto-backed loans. As things stand today, there are no ways for digital asset owners to utilize their crypto holdings other than to sell them at lucrative rates. Nexo makes use of a highly innovative business model wherein users can retain 100% ownership of their digital assets while having immediate access to cash.

According to the company, these instant crypto-backed loans are an “automatic, flexible and cost-efficient means of obtaining liquidity that is secured by the value of the client’s digital assets.” The entire process of procuring loans is simple and can be completed within a matter of minutes. Some of the key benefits of using Nexo include:

• No hidden fees
• No capital gains taxes
• No credit checks

Even a high level of transparency is ensured, since the platform utilizes blockchain technology, smart contracts, and algorithmic processes, all of which are executed via the native Nexo Oracle module.

Overview of the platform

• Nexo’s core dev and business teams consist of individuals who have been in the fintech sector for more than a decade.
• The company is strictly supervised by multiple European banking and financial services regulators.
• The Nexo advisory board consists of many prominent members of the finance industry, including the founders of TechCrunch and Polymath.
• The NEXO token is US-SEC compliant and is backed by the underlying assets of Nexo’s loan portfolio.
• Nexo has an easy-to-use UI which is bolstered by a high degree of privacy and anonymity.

Key Features

The NEXO token is a US-SEC compliant, dividend-paying, asset-backed security-currency which is backed by the underlying assets of Nexo’s loan portfolio. Nexo’s clients have the opportunity to receive cash instantly anywhere from various parts of the globe. Such a high level of asset liquidity is something which is not common in the crypto sector.

Key offerings of this platform

While withdrawing large amounts of physical funds is still difficult using Nexo, the company provides its retail clients with a free credit card that can be used for making daily transactions. Also worth mentioning is the fact that with Nexo’s instant crypto loan service, customers are able to maximize their capital gains and other benefits.

Owners do not have to pay any platform, transaction, or withdrawal fees, all of which are commonly charged by other service providers. Furthermore, since there is no sale event, additional taxes which would otherwise comprise up to 39% of a user’s earnings can be minimized.

Overview of Nexo’s UI

Lastly, Nexo does not perform any credit checks that could potentially damage one’s credit ratings. This is made possible by the fact that crypto loans are completely secured by the value of digital assets stored in the Nexo Wallet. Not only that, original ownership of digital assets is secured and guaranteed by transparent loan contracts, which are immutably recorded onto a blockchain ledger.

How it Works

Nexo’s business model is unique and was devised to provide clients with instant crypto loans, thus unlocking the true value of digital assets.

Visual representation of how the Nexo ecosystem works

For starters, the client is required to transfer their held crypto assets to their Nexo wallet. Subsequently, relevant blockchain confirmations for the crypto assets in question are carried out, after which the Nexo oracle automatically calculates details pertaining to individual loan limits and then sets up the loan for the customer.

The client then receives their requested loan amount in either USD or EUR. The loan limit is instantly available by bank transfer or via the free Nexo credit card. Also, depending upon the needs of particular clients, they can choose the most convenient way in which to use their cash, as well as the currencies in which they would like to receive the funds.

However, the loan limit is based on the market value of the crypto assets in the Nexo wallet. Thus, if the value of the currency in question were to appreciate, the Nexo oracle would automatically increase the loan limit.

Lastly, clients have the ability to repay their loans in a host of innovative ways including:

• Bank transfer
• Physical exchange of funds using fiat or crypto assets

Special discounts on interest rates are granted to those choosing to make payments with NEXO tokens.

About the team

Kosta Kantchev is the co-founder of Credissimo, the company that governs Nexo. He has been in the European fintech sector for over a decade and, according to his online bio, was an early adopter of bitcoin. He has also been associated with a host of blockchain projects that aim to allow loan repayments in cryptocurrencies worldwide.

Vasil Petrov is the CTO of Nexo. He has over 16 years of experience in niche domains such as:

• System administration
• Back-end development
• Architecture design of high-load and full-cycle projects

In addition to his work at Nexo, Vasil has also co-founded a US multichannel video and internet service that currently boasts more than 150,000 customers.

Token Performance Details

All transactions taking place within the platform have the potential to be governed by a native currency called NEXO.

 Nexo token lifetime performance data (courtesy of CoinMarketCap)

Introduced into the crypto market just under a week ago, the price of a single Nexo token has remained relatively stable. The currency hit its value high on May 3 when it touched a price of $0.268 per token.

Final Thoughts

With Nexo providing customers with a fully operational instant lending platform which adheres to the strictest KYC and AML global compliance standards, it would not be surprising to see this service do well this year.

However, before investing big in this project, individuals should do a bit of research on their own and determine the pros and cons of this venture for themselves.

If you would like to start investing in this project, NEXO tokens are currently being traded on IDEX.

A Japanese venture aims to make crypto investments accessible to all, so anyone can “actively pursue their own definition of wealth” #SPONSORED

In an interview with CNBC Charlie Munger, Warren Buffet, and Bill Gates, three staunch anti-Bitcoiner’s, shocked no one by talking negatively about cryptocurrencies. Disappointingly, the news network neglected to invite anyone who might possibly offer rebuttal to the trio’s lambasting of Bitcoin.

Are These Old Dogs Capable of Learning New Tricks Anyway?

Vice President at Berkshire Hathaway, Charlie Munger, was first to lay into Bitcoin. He called it “worthless artificial gold” before stating that its ability to facilitate illegal activities isn’t something desirable for the world.

He went on to reference Oscar Wilde in a curiously nonsensical analogy:

“Bitcoin reminds me of Oscar Wilde’s definition of fox hunting – the pursuit of the uneatabe by the unspeakable.”

We’re not exactly sure what makes someone who wants to store their value in an asset that’s untouchable by governments or the value debasing antics of central bankers an “unspeakable” – perhaps Munger simply wanted to show off the fact that he once read Oscar Wilde. Unfortunately, he neglected to elaborate on his reference. He did continue his tirade against Bitcoin proponents by resorting to school yard insults though:

“I think it [Bitcoin] is a scum-ball activity.”

Finally, when queried about his opinion of Goldman Sachs’ decision to launch a trading desk later this year, Munger said that he didn’t expect every investment bank to agree with his own thoughts. He supported this by muttering something inaudible about “animal spirits.”

The interview then moved to Microsoft founder and multi-billionaire Bill Gates. The presenter asked Gates if he owned any Bitcoin, to which he replied:

“Somebody gave me some for my birthday then a few years later I thought, ‘hey I’m going to sell that,’ so, no.”

In possibly the only positive sentiment of the entire interview, Gates did go on to admit that sharing of databases and verifying transactions using a blockchain was “a good thing”. However, when talking about Bitcoin, he generally agreed with Munger about the speculative nature of the asset. He concluded by stating that if there was an easy way to short Bitcoin, he would do it.

The last to speak in the highly one-sided interview was Warren Buffet. The Berkshire Hathaway CEO rounded off the interview succinctly and with typical contempt for proponents of Bitcoin :

“If people react when you criticise their investment, if they get mad, they’re gambling… If they really like what they own, what difference would it make? If I criticise their wife or something, they don’t get all upset about it [laughs].”

Of course, we should hardly be surprised that the likes of Buffet and Munger don’t fully grasp the significance of Bitcoin. Those of a younger generation who are trying to make a life for themselves in a post-financial crash world understand the importance of an unconfiscatable asset class that cannot be driven into the ground by banking cartels gambling with people’s futures. A couple of eighty-something year-old billionaires couldn’t be much further removed from the people that Bitcoin could truly hold revolutionary potential for.

The post Charlie Munger Says Bitcoin is “a Scum-Ball Activity,” Resorts to Childish Insults appeared first on NewsBTC.

A week after adding zcash, Circle’s trading platform Invest is adding monero.

Bitcoin.com has been deleted from CoinMarketCap‘s Bitcoin page after being listed as the secondary Bitcoin website for many years.

CoinMarketCap is an extremely popular tool that lists important information about almost every cryptocurrency in existence, which includes over a thousand different coins, and is ranked by Alexa as the 181st most popular website in the world. It is a big blow to Bitcoin.com’s legitimacy and future traffic to be delisted from CoinMarketCap.

There was no official announcement from CoinMarketCap regarding the deletion of Bitcoin.com, but the action occurred amid threats of legal action from the cryptocurrency community that Bitcoin.com was misleading and defrauding users by showing Bitcoin Cash as the default currency. Both the Bitcoin.com wallet software and a page to buy Bitcoin with your credit card displays Bitcoin Cash as the primary and recommended option, with actual Bitcoin being secondary.

The CEO of Bitcoin.com, Roger Ver, has been an avid supporter of Bitcoin Cash and argues that it is the “real” Bitcoin. He has been promoting Bitcoin Cash on his twitter feed and on his websites. Bitcoin Cash was created in August 2017 and directly forked from the Bitcoin blockchain; the main difference from Bitcoin is that Bitcoin Cash has a larger block size of 8 MB which allows more transactions per block, lowering transaction fees.

Bitcoin transaction fees exceeded USD 50 at one point during the last year, and was over USD 20 for two months straight. These extremely high fees per transaction made Bitcoin unusable as a currency to buy everyday things like a cup of coffee, and instead made it only feasible to use for investment purposes when dealing with large amounts of money.

Bitcoin Cash transaction fees have been much lower than Bitcoin since its inception in August 2017, although this is also partially owing to a lower value (Bitcoin Cash trades at about 15% of Bitcoin value) – hence its name since it is purportedly cheaper to use Bitcoin Cash as a currency due to the lower fee. Fortunately, Bitcoin transaction fees have declined to less than USD 1 at time of writing, although it is inevitable that transaction fees will increase as the value and popularity of Bitcoin rises in the future.

Regardless of transaction fees and the arguments of Roger Ver, Bitcoin Cash has much to catch up on if it were to consider itself a “true” version of Bitcoin. For one, it would have to address the fact that Bitcoin has far more mining power maintaining and securing the Bitcoin blockchain, with a more numerous and diverse – hence, more decentralized – distribution of nodes.

Considering how misleading it is for new users to be told that Bitcoin Cash is the real Bitcoin, it would make sense for this recent move by CoinMarketCap.

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Bitcoin Vietnam Co., Ltd., the oldest cryptocurrency exchange in the country, is having its domain name, bitcoin.vn, seized by the Vietnamese government. The Ministry of Information and Communications (MIC) has also decided to fine the company 40 million VND (approximately $1758) for illegal social networking and setting up an illegal site.

Bitcoin Vietnam Has Domain Seized by Government

Ho Chi Minh City-based cryptocurrency exchange Bitcoin Vietnam, which was officially launched on July 9, 2014, is currently facing an ordeal after being approached by governmental authorities for having “operating a blog without a proper license”.

The Vietnam Radio, Television and Electronic Information Department of the Ministry of Information and Communications has fined Bitcoin Vietnam 15 million VND (approximately $659) for operating the illegal blog and 25 million VND (approximately $1100) for illegal social networking. This unauthorized social networking consists of allowing readers to comment on blog posts. Additionally, the agency has confiscated the domain name Bitcoin.vn, which will be suspended for 45 days.

Vietnam has made it illegal to issue, distribute, and use digital currencies with a law that came into force on 01 January 2018. Bitcoin Vietnam continued operating its cryptocurrency exchange business since then and now risks being prosecuted for criminal liability.

The operator shared via Twitter the document signed by Le Quang Tu Do, Vice Deputy of the Ministry.

“Under the provisions of Decree No. 96/2014/ND-CP dated 1b7 October 2014 on administrative handling of monetary and banking activities, issuance, distribution and usage of illegal payment instruments (including bitcoin and other virtual currencies) will be subject to administrative penalties. At the same time as from 01/01/2018, the acts of issuing, distributing and using illegal payment means as above shall be prosecuted for criminal liability under the Penal Code 2015 amended and supplemented in 2017.”

Bitcoin Vietnam first announced that its primary domain, bitcoin.vn, would be temporarily suspended by VNNIC on March 6.

“VNNIC shall suspend operation of the domain name bitcoin.vn to be handled by the functional agencies according to the provisions of law. The suspension period is 45 days, from 15:00 on 05/03/2018”, said the agency’s statement.

Bitcoin Vietnam Co was given 10 days to follow with the sanctioning decisions, which the cryptocurrency exchange already did. The domain is down and the exchange is currently operating under the Bitcoinvn.io domain.

The cryptocurrency ecosystem in the country has thrived in the last few years, but a decree issued October 30 by the State Bank of Vietnam (SBV) determined that virtual currencies are not a legal form of payment. Fines can go up to 200 million Dong (about $9,000 US) for those who violate the government’s rules.

The post Vietnam’s Biggest Bitcoin Exchange Has its Domain Seized by Government appeared first on NewsBTC.

Humanity is becoming increasingly reliant on technology, as it shapes our development in the modern world. The emergence of blockchain technology is such a development, that has the potential to revolutionise society. Blockchain technology has enabled many companies to take advantage of a decentralised ecosystem. These decentralised market places utilise tokens or cryptocurrencies to allow users to transact with complete transparency. This advancement has let to multiple exchanges emerging which allow users to trade and connect without the necessity of a third party.

Introducing BINEX.TRADE

BINEX.TRADE is a leading cryptocurrency exchange that gives back to its users. The platform is designed to reward its users as BINEX.Trade shares its trade commission with BEX token holders, making BEX a real utility token. In this sense, the exchange is set to reinvent the sharing economics by rewarding its stakeholders from their daily trade revenue.

The BINEX.TRADE platform is catered to all cryptocurrency traders. Whether a user is new to cryptocurrency or is a more seasoned trader, BINEX.TRADE is a standout new platform. Their focus has been to incorporate a trending news section which encourage users to engage with the cryptocurrency sphere. Users are also welcomed to immerse themselves with an interactive community with BINEX.TRADE, through social media and news outlets. This allows traders from all levels of experience to stay up to date with the current affairs in the cryptocurrency market. Allowing users to stay on point with their decision making to optimise their trading performance.

The BINEX.TRADE User Interface

BINEX.TRADE are excited to launch their new exchange that is catered to a quality user experience. The user interface has a notable ergonomic design, using a single window to benefit veteran and novice traders alike. With a summary of market news, public sentiment and currency trading values, users are bolstered with all the necessary information to maximise their trading potential. The primary currency pairing will incorporate the top cryptocurrencies, BTC, ETH, USD and BEX. With the launch of the BEX utility token bonus system, new traders are given easy access with a seamless transition into cryptocurrency trading.

Whether you are an experienced cryptocurrency trader or new to the markets BINEX.TRADE is the platform for you. The platform offers a basic and advanced format to suit users needs. The aim of a multi-functional interface allows users to benefit from a platform that works around your ability and knowledge. As you develop, the platform is designed to suit all of your needs.

The BINEX.TRADE Token Event

The BINEX.TRADE exchange is designed to be as transparent as possible, while rewarding users for their participation. This is made possible by the BEX Token Event which began March 9th and is currently in the pre-registration phase. During this time, participants can purchase BEX tokens, in exchange for ETH. BINEX.TRADE is certainly giving back to its contributors, as they are offer 70% trading commissions back with traders on a daily payout. During the pre-registration period, participants are able to obtain up to 5 BEX tokens.

Get to Know BINEX.TRADE

By using the BINEX.TRADE platform users are benefited with the latest news and market reports in one simple interface. By immersing themselves in the BINEX.TRADE platform and community, users can place cryptocurrency trades immediately with proficiency and confidence. This is a simple way to execute trades allowing users to have complete control over the price at which their trade takes places. Users are therefore reassured with knowledge that they can buy or sell cryptocurrency a specific price.

You can find out more information on BINEX.TRADE by visiting their website or reading their Whitepaper. To

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This article originally appeared on Bitcoin Magazine.