Day: June 28, 2018

The project, closely tied to Neo, has big plans for enterprise applications and digital identity.

A new study from the Ontario Securities Commission states that five percent of provincial residents own crypto, while many hodlers lack fundamental knowledge

Bitcoin Price Key Highlights

• Bitcoin price was previously consolidating in an ascending triangle pattern before breaking lower.
• This suggests that further losses are in the cards, especially as a small bearish flag is forming.
• Technical indicators signals are reflecting a slowdown in bearish momentum, though.

Bitcoin price could be in for more losses as it broke below the ascending triangle, but technical indicators say otherwise.

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA to confirm that the path of least resistance is to the downside. In other words, the selloff is more likely to carry on than to reverse. The 100 SMA is also close to the broken triangle support to add to its strength as resistance in a pullback.

However, the gap between the moving averages is narrowing to signal slowing bearish pressure. This could even be followed by an upward crossover which might draw buyers back in.

Also, RSI is indicating oversold conditions or that sellers are exhausted. Turning higher could bring bullish pressure back in and lead to a retest of the broken triangle bottom around $6,100. Similarly stochastic is in the oversold region to show that sellers might take it easy and let buyers take over.

Still, it’s worth noting that the triangle pattern spans $5,800 to $6,250 so the resulting selloff could be of the same height. A small bearish flag can also be seen to signal likely continuation.

BTCUSD Chart from TradingView

Bitcoin has had a pretty rough week as regulatory jitters have returned and risk appetite has been subdued. Last week, Japan’s FSA stepped up its restrictions on exchanges related to AML and KYC checks and South Korea’s regulators appear to be following suit.

In the US, the DOJ has reportedly arrested 35 criminals by posing undercover in the darknet. Further arrests are expected, leading traders to stay cautious and be quick about booking profits.

The post Bitcoin (BTC) Price Watch: Another Day, Another Breakdown appeared first on NewsBTC.

Ethereum Classic has often been characterized as a second-rate version of the main Ethereum (ETH) network, which is why the Coinbase decision to add it to its exclusive list of traded tokens was met with bewilderment by many in the market. The listing announcement led to a temporary turnaround in ETC’s fortunes but the wider market downturn has put paid to any hopes of a longer bull run.

Binance announced Thursday it was launching a crypto-fiat exchange in Uganda, along with its first fiat-crypto exchange in general.

“Cryptocurrencies have become a must-have attribute of a modern person,” says Vladimir Gorbunov, co-founder of Crypterium. Yet, they don’t have much use beyond trading and investment. How can we turn cryptocurrencies into real money that you can spend in the nearest supermarket? NewsBTC spoke directly with Vladimir to get the answers.

NewsBTC: Define Crypetrium for our readers in layman’s terms.

Vladimir Gorbunov: Crypterium is the first global crypto bank that enables you to spend your cryptocurrency just as quickly as cash: in the nearest supermarket, while traveling, or shopping online, whenever and wherever you want.

The purpose is crystal clear to any cryptocurrency holder who currently has pretty much no way to spend crypto in real life. Though they want to pay their bills, pay off loans and make everyday purchases with crypto, they don’t have such an opportunity at the moment. We are giving them that opportunity.

Why would anyone want to pay with crypto when there are cash and cards?

First of all, there’s already an integral part of the economy that receives income in cryptocurrencies. There are cryptocurrency miners, service providers that accept crypto payments, from lawyers to PR agencies, etc. All those people need a way to spend their hard-earned money without going through exchange hassle and losing a substantial amount of money on the conversion.

Secondly, crypto is convenient. It’s fast and secure, and it gives you real control over your money 24/7. Bitcoin and other cryptocurrencies have already become, in a way, a must-have attribute of a modern person. Now, the said person is just in need of a way to efficiently use crypto.

How big is the audience you’re targeting?

To realize the depth of the problem we are solving, merely take a look at our token buyer database. It’s one of the largest in the world – we have over 400,000 registered users. It’s clear we are working on an urgent matter that concerns our audience – and that’s precisely why we have received so much support from the community.

We are also planning to reach billions of currently unbanked people and bring them all the advantages of the new payment systems based on crypto.

What do you think keeps an average Joe away from using cryptocurrency for payments today?

Several obstacles are ranging from market volatility and the current decrease in cryptocurrencies’ value to the lack of comprehensible legal ways of buying crypto. Today, potential crypto buyers often have to turn to shady marketplaces or exchange outlets that have enormous fees of 10 – 25%. Add to it the vast amount of theft and fraud, and you’ll see why people hesitate to get into crypto. In a way, the crypto world today is the “Wild West.”

How your solution is overcoming those obstacles?

For starters, we are going to provide the most convenient and efficient way to purchase cryptocurrencies. Crypterium App is going to offer a simple and cheap solution of buying crypto right from your bank card anywhere in the world with minimal fees. We are planning to bring these solutions to life as early as this year. And then you’ll be able to shop with this cryptocurrencies while merchants will still be able to get fiat. So we’ll manage the whole range of fiat to crypto and crypto to fiat operations.

You mentioned reaching unbanked people with your solution. Why do you think they need cryptocurrency, and how will they buy it, if they don’t have cards?

You are right, countries like Cuba and specific regions across Asia and Africa currently have no payment terminals and no infrastructure. However, that doesn’t mean the citizens of those countries do not need to transfer funds, including international payments, or have a universal payment solution when traveling abroad.

We will enable them to purchase crypto for cash at particular outlets or Crypterium terminals that we are going to set worldwide. We are preparing a whole array of solutions for that: integrating with PoS terminals, establishing partnerships with many payment terminal networks, etc.

Once a user gets their preferred cryptocurrency on their Crypterium account, they can transfer it through Crypterium App to any recipient – even to those who don’t have a bank account but owns a smartphone. That’s the next-generation payment experience, and we are going to have it in place within 12 – 18 months.

“The critical word is execution.”

There are already several projects out there that have proposed to make digital currencies more spendable like cash. How is Crypterium any different from any of them?

First of all, most of the companies that claim they would provide the solution don’t have anything to offer yet. Our R&D department has analyzed more than 80 companies that have offered some crypto-fiat payment solution, and it turns out that only 3 or 4 of them have launched an actual product. So here’s the first part: in the crypto economy, the critical word for any project is, Execution.

Why do you think Crypterium can execute its payment solutions better than other companies?

Our main advantage is our team with vast experience in building and implementing FinTech solutions. We know this industry like the back of our hand: we know how to establish partnerships, we have worked with contactless payments, we have seen it all.

Look at our CEO Marc O’Brien, who previously held the position of CEO of Visa UK for six years. Crypterium founders have built dozens of successful ventures with a particular focus on simplifying real-world issues through technology. Crypterium is supported by legendary entrepreneurs, like co-founder of TechCrunch Keith Teare. This stellar team is capable of achieving the most important goal: building the best product with the best functionality.

How’s Crypterium functionality different from other crypto payment solutions?

We aren’t just creating a payment solution. Instead, we are building up a whole ecosystem that will cater to the needs of any cryptocurrency holder. In addition to buying crypto and making payments with it, we are going to introduce crypto loans along with investment scenarios. We are also putting much effort into the development and expansion of our partnership network.

Terminal networks, QR payment solutions and everything else we are developing – these are the steps we are taking towards Crypterium’s ultimate goal to make a smartphone the only thing needed for a complete banking experience.

“We burn our tokens, but we’ll never run out of them.”

Tell us about your cryptocurrency. Is there even a need to develop another cryptocurrency? If so, what purpose does it serve?

Just as a machine operates on fuel, Crypterium payment solutions are powered by CRPT tokens. You can compare it to “gas” powering the transactions on Ethereum. Every time someone makes a payment, a fee equal to 0.5% of the value of the trade in CRPT is taken from user’s account and burned. That’s our token economy: the smart contract controls the whole process.

What happens when you burn them all?

The number of tokens will reduce over time, but it’s practically impossible to burn all of them. It’s just simple logic: per the laws of economics, increasing demand for tokens will raise their price, thereby reducing the amount that is going to be burned for each transaction.

Here’s an example: if you pay for a $100 plane ticket with Crypterium App, when CRPT is worth $0.5, you’d burn one token. But if the CRPT price increases, for example to $2, you’d only need to burn 0.25 CRPT for the same transaction. Simply put, the token-burning rate will be continually decreasing. Think of it as an asymptote graph. Moreover, CRPT token is not an integer and has 18 digits after the decimal point.

CRPT is currently listed on two exchanges. Do you have plans to add more this year?

We are planning to boost the number of listings next year, introducing a new one almost every month. As for 2018, we are planning to get listed on 3-4 new exchanges by the end of the year.

Even now, CRPT trading volumes are going up. It’s great to know that our token isn’t falling below the market price, and it is ahead of the market during upswing periods.

“We’re establishing hundreds of partnerships.”

Merchant adoption, in general, has been very slow. There are still limitations like slow transaction confirmation. How does Crypterium fare when it comes to making instant PoS payments like Visa or MasterCard? If you do offer instant payments, how do you achieve such scalability in a crypto-environment?

One of the main advantages of Crypterium ecosystem is its enormous internal processing capability. Our servers can process up to 1 million transactions per minute, and we can do most of the processing within our system and not on the blockchain itself. This way, the speed of transactions within our system is virtually limitless.

We’ve read there are many traditional payment gateways you are trying to tap with Crypterium – like Apple Pay, for instance. Is it even possible seeing that all these centralized entities have endless terms and conditions? How do you explain a possible relationship between a crypto solution and a service like Apple or Android Pay?

There are two ways to get access to Apple Pay and Android Pay. We can do it on our own or through third-party partnerships. In the first scenario, once we obtain our E-Money license, we can quickly apply and connect to Apple Pay and Android Pay. We’ve already got the experience and technologies to do that. The downside is that obtaining this license can take a considerable amount of time.

In the second case, we’ll turn to our partners, 70% of which are already connected to Apple Pay and Android Pay. This way, the first version of our solution will be based on our existing partnerships.

How do you persuade companies like Visa or MasterCard to work with you?

We have a lot of critical potential partners on our radar, including but not limited to significant payment providers such as Visa, MasterCard, and UnionPay. We are in talks with some cardless payment infrastructures. We are developing IBAN payments and looking for any other improvements we can make.

Crypterium will establish hundreds of partnerships and integrations; of course, Visa and MasterCard are likely to be there at some point. But once again, we are not prioritizing any potential partner right now.

Different countries have different laws and regulations: how long will it take Crypterium to create a truly global solution?

Crypterium consists of two essential parts: the crypto part and the fiat part. We are unique in that we completely separate the two elements from each other. The fiat part essentially has nothing to do with cryptocurrencies: for instance, a merchant receives fiat money even though the payment was made in crypto. It means we are going through all the regulatory procedures and meeting all the requirements for a traditional bank. We are planning to settle all regulatory issues in the critical regions by the end of this year.

Also, some countries don’t require us to obtain a license; we’ll launch there sooner. Marc O’Brien, our CEO, is a world-class specialist with massive experience in banking and payment systems; he will surely be instrumental in dealing with any regulatory disparities across the globe.

What are the critical markets for Crypterium?

Europe, the USA, and Asia are the top priority regions for us, followed by Brazil and Australia. Next are other countries where we are opening offices and working with regulators. Russia isn’t omitted either, even though it’s not at the top of the list: we’ve got a partner bank here and are ready to implement bill payments and transfers.

A hypothetical question: what if the demand of CRPT token drops, say, in front of another solution? Is there any backup plan?

The cryptomarket is comprised of hundreds of millions of people. One competing solution won’t change anything: after all, today’s society doesn’t have an exclusive social medium, an exclusive taxi service or an exclusive bank, so why would Crypterium be exclusive? Once again, it comes down to execution, not to the idea itself. Among the quantity and quality of services, well-thought tariff strategy, and product scalability, Crypterium has all the chances to seize and retain market leadership.

The post “We’ll help you pay for everything with Crypto” – An Interview with Co-Founder of Crypterium appeared first on NewsBTC.

This article originally appeared on Bitcoin Magazine.

A report from the Financial Stability Committee of the German Bundestag has found that the crypto industry is too small to pose a threat to the country’s financial stability

Charles Hoskinson is the man behind Cardano and leads the Cardano Foundation. He’s authoritative and spearheads Cardano’s development. In the spirit of interoperability, he reached out to Justin Sun of Tron. In a publicized tweet, he asked him to consider integrating Mantis, which ETC uses, instead of their code which appears to be an “Ethereum Java” fork. Even though this didn’t affect price, ADA is relatively stable and testing major support at 12 cents.

From the News

In 10 short years, blockchain and crypto has been propelled to the mainstream. During this formative stage, there are supporters-who have their reasons- and critics who think this buzz will die off naturally. Well, yes it may or may not.

.@LarsBrunjes is leading the work on incentives in #Cardano, the means of encouraging people to participate in the protocol and behave in a way that is in the best interests of all users and the system as a whole. Watch his presentation on incentives here: https://t.co/WMtu41fMVz

— Input Output (@InputOutputHK) June 22, 2018

Regardless of their stand, many argue that Cardano is here to stay. They look at Charles, the main point man and see a future where DApps would run smoothly with minimum fees, a scalable network and above all with a tinge of regulatory consideration all in Cardano.

Cardano uses a proof-of-stake algorithm called Ouroboros. IOHK's latest research paper in this field is Ouroboros Genesis which is a step forward in the cryptography that powers cryptocurrency systems. Watch the video by Professor Kiayias here: https://t.co/dVtT8tZqIZ

— Cardano Community (@cardanocom) June 22, 2018

Since their project announcement, Cardano takes pride in their Proof of Stake consensus algorithm that is secure and publically audited. Besides, its source code is peer reviewed and has some impressive updates as far as their wallets and source code development are concerned. That’s not all. Cardano’s team features expert engineers and blockchain influencers prioritizing the creation of an interoperable, sustainable and an efficient platform.

Emurgo Welcomes Indonesia’s Hero Group

Great news! EMURGO announce joint venture with Indonesian companies to use #Cardano blockchain to aid supply chain management, financial & energy sectors! $ADA @cardanocom @emurgo_io @CardanoStiftung https://t.co/LIq6QHRGNC

— NinjaPool | Cardano ADA Staking Pool (@NinjaPool) June 27, 2018

On the other hand, Emurgo, a wing of Cardano that helps businesses integrate with their blockchain has announced a joint venture with some of the leading Indonesian enterprises. In a consortium led by Hero Group, Emurgo and Cardano believes they can provide efficient solutions and consequently help scale their business. In a statement, the President of Hero Group said blockchain “will change global trade, retail and financing” and “which they need to understand and be involved in its growth and expansion”.

Cardano (ADA) Technical Analysis

Weekly Chart

Cardano (ADA) Weekly Chart by Trading View

Still at position 6 in the liquidity table, ADA continue to struggle against sell pressure. In week over week basis, ADA is down 20 percent and might even add more assuming there is a break below 12 cents. This is the main support line as highlighted in our previous analysis.

Because of the speed of depreciation especially after last week’s spike in sell pressure, my recommendation-when we take a top-down approach is to stay neutral. That’s until after there are strong movements either in line with the general ADA sellers or when buyers step in to stem these bears and prevent movement below ADA’s all-time lows at 7 cents.

Daily Chart

Cardano (ADA) Daily Chart by Trading View

In the last 24 hours, there has been a slowdown in ADA’s depreciation. Unlike previous days, it’s actually down a one percent but still at around 12 cents. What’s of importance us is to trade with the trend and while would have been perfect, the mere fact that we are at a key support line and near ADA’s all-time lows calls for caution.

Technically, we take a neutral stand but with a bearish skew but if there is a recovery and ADA prices appreciate past 17 cents, we shall tow in with the buyers and buy on dips cancelling the current bear stance.

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.

The post IOHK: “Cardano works for the Best Interest of the User and Ecosystem”: Cardano (ADA) Technical Analysis appeared first on NewsBTC.

Although we are yet to see confirmations, the fact that most alt coin prices as Litecoin, IOTA, EOS and to some degree Stellar Lumens are stable and trading within tight ranges means bear pressure is slowing down.

Well, it may be a coincidence because this week marks the end of bearish June where pull backs are common. We shall nonetheless take the optimistic approach waiting for prices to edge past key resistance line forming a spring board for further gains in the second half of the year.

Let’s have a look at these charts:

EOS Technical Analysis

EOS Daily Chart by Trading View

At long last, the confusion, criticism and “centralization” calls are subsiding all thanks to a decision made by Dan Larimer, the CTO of EOS. One thing should be clear: that EOS is a unique blockchain project and the first that has WET governance in place. This means, there are elements of arbitration and that gave birth to ECAF.

ECAF actions which many claim were all over the place and to some extent unprofessional more so when they issued a directive freezing 27 accounts is about to be clipped. In fact Dan Larimer, while suggesting that the constitution be rechecked because “ECAF action damage to community from ECAF is greater than funds we hope to restore to users” and that “Arbitration should be limited to correction of intent of code” were the basis of a constitution check limiting ECAF’s “undefined and unpredictable power.”

Whether you use ETH, BTC, or EOS there is a community governance process which enables upgrades and transaction reversals. Whether you vote by stake or by hash power, votes are cast and decisions are made. Wise men plan for civilized dispute resolution before it happens.

— Daniel Larimer (@bytemaster7) June 24, 2018

It’s highly that these events are behind EOS price support. In the last day alone, EOS is up three percent and actually finding support at our intermittent support at $7. This means that while the general trend is bearish, aggressive traders can pick out bottoms and start buying at current prices with stops at $7. However, conservatives should first stay on the sidelines and wait for bulls to push prices above $9. On the reverse side, any break below $7 cancels this risky buys and ushers sellers aiming for $4.

Litecoin (LTC) Technical Analysis

Litecoin Daily Chart by Trading View

Cryptofuse is attempting to do something no other company has tried before: Take the blockchain offline. This by all accounts is a pretty ambitious drive but a feasible one because contrary to popular opinion, not many people have internet access.

Our Mission at Cryptofuse, Inc is simple.

We're Revolutionizing the #Blockchain industry by offering secure offline transactions, as a service.

A small fee is paid based on the amount of offline trades, one in, one out.

See what we're up to at https://t.co/J0fVlTWzDN!

— CryptoFuse, Inc (@CryptoFuseInc) June 20, 2018

So it’s a no brainer that availing technology that enables offline transactions without causing duplication within the mainnet will help boost adoption. With that you can send Litecoin transactions, smart contracts and a lot more even in the absence of the internet all thanks to the Mesh technology which they incorporate.

Like EOS, Litecoin bulls are rejecting lower lows and is a tad bit stable, trading above $70. There is a double bar bull reversal pattern at around the first bear target and support at $70. However, what we need to conclusively make a trading decision is a break above $90 in line with our initial trade projection. However, traders can begin buying today with tight stops at $70 with first buy targets at $110. That would entail trading the pull back on a bear trend.

Stellar Lumens (XLM) Technical Analysis

Stellar Lumens Daily Chart by Trading View

As we conclude the month, Stellar Lumens (XLM) prices seems to be recovering, rejecting lower lows at around April lows. Regardless, we remain caution, preferring to trade with the trend and sell on every high, the simple fact that XLM is finding support means buyers can take advantage of this pull back. Ideally, what we wish to see is an up-thrust above 20 cents if XLM buyers are in charge or break below 15 cents signaling trend continuation. Either way, risk averse traders have to wait for a potential break out and trade accordingly.

Tron (TRX) Technical Analysis

Tron Daily Chart by Trading View

Fans of porn wishing to upgrade to premium can now pay using TRX coins. The rubber stamp was sealed by Tron and Justin Sun. As this partnership reverberates across the crypto-verse, Tron Super Representative Elections is ongoing. Out of the 100 candidates, two-CryptoDiva and Skypeople– are active, validating blocks. Unlike events after EOS mainnet launch, there is sanity and super nodes aren’t blocking accounts. Once TRX coins are released by exchanges, voting will pick up.

CryptoDiva became the first community node which generated blocks. After GRs are all replaced by the elected SRs, TRON will officially launch. CryptoDiva is the world’s leading blockchain capital group, which is based on the CryptoDiva Foundation

— Eric (@2ez28u) June 27, 2018

Price wise and like other coins, TRX is stable and up one percent at press time. Now, while our sell trades are live, our stops are at June 26 highs of 4.3 cents. If TRX appreciates, reversing those losses then I recommend exiting sells and taking longs with stops at 4 cents. There is a word of caution though. Those who want a more complete double bottoms to print should wait for prices to move above our official buy triggers at 5 cents before buying.

IOTA (IOT) Technical Analysis

IOTA Daily Chart by Trading View

In lower time frames, IOTA prices are moving within a tight trade range, a consolidation with short term buy triggers at $1.1. While sellers are technically in charge, sticking to our previous trade plan and waiting for clarity is priority. So, for those trading with the trend and anticipating sells, wait for a break below 90 cents. Otherwise, if today ends up bullish, closing above $1.1, then buy with targets at $1.3 and $1 with stops at 90 cents.

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.

The post Dan Larimer: “Wise men plan for civilized dispute resolution before it happens” :EOS, Litecoin, Stellar Lumens, Tron and IOTA Technical Analysis appeared first on NewsBTC.

A double-spending vulnerability in Tether has been discovered by a Chinese cybersecurity firm

The Reserve Bank of India (RBI) decided, in a circular issued on April 6, that banks in the country will no longer be allowed to do business with crypto exchanges. The deadline, which expires on July 5, is forcing companies to prepare for the worst. Zebpay, one of the largest digital currency operators in India, has even asked its customers to withdraw their funds before the deadline ends.

Cryptocurrency Exchange Asks Users to Withdraw Funds as RBI Deadline Looms

As the RBI deadline looms, industry players within the crypto-space are drawing up contingency plans including moving overseas.

Others may soon be switching to over-the-counter (OTC) trading in order to bypass the ban over centralized cryptocurrency exchanges and potentially resulting in more Bitcoin trading in the country. In the future, we will see decentralized protocols take over and put the issue to rest.

As digital currency operators like Zebpay ask users to withdraw their funds, many traders on these exchanges are unwilling to liquidate their holdings just yet as they wait for the market to move up again. With the deadline set for July 5, there are not many alternatives. Zebpay has stated that, while the matter is being challenged in the court, it may be incapable of transferring funds back to its users after the deadline if banks discontinue the services.

“While our industry is challenging this legally, the outcome is beyond our control. Hence, if you are holding any rupees, or depositing any rupees in Zebpay, there could soon come a time when we may not be able to honour withdrawal requests. Please continue only if you understand this risk.”

Rupee deposits and withdrawals are at risk if the deadline goes through and banks shut down their services to cryptocurrency exchanges. “This can cause discontinuation of crypto trade based on rupees, or at least cause significant price movements,” said the company, who recommended users to make their withdrawal requests while banks still support them.

The rbi put forward a circular on April 6 that prohibited regulated financial entities from supporting risks associated with cryptocurrencies. The reasoning behind the central bank’s decision is that a large cryptocurrency ecosystem in India could endanger financial stability, according to RBI Deputy Governor BP Kanungo.

The threat centralized cryptocurrency exchanges face in India, however, is an opportunity for peer-to-peer operators. Given that neither the RBI nor the Indian government fully banned cryptocurrencies, decentralized exchanges, and peer-to-peer platforms are able to completely bypass the traditional financial system.

Featured image from Shutterstock.

The post Indian Crypto Exchange Asks Users to Withdraw Funds Before July 5 appeared first on NewsBTC.