Day: July 15, 2018

The former Vice President of the Investment Management Division at major Wall Street financial firm Goldman Sachs, Christopher Mattis, said in an interview on CNBC that he would invest his mother’s money into Bitcoin. He is now the Co-Founder of Crescent Crypto Asset Management and expects Bitcoin’s price to return to USD 15,000.

In general, he says Bitcoin is a long-term investment, and it isn’t proper to look at 1-month price fluctuations when investing since there is a large amount of short-term price volatility. He recommends to all of his investors that they look 2-5 years into the future when dealing with Bitcoin. This is an excellent advice since Bitcoin has a tendency to increase in price by an order of magnitude every 2-3 years. It is combined with a tendency to decline 90% from the peak of a rally, which often scares investors out of the Bitcoin market, only to be followed by an even bigger rally.

Christopher Mattis thinks that more smart regulation in the crypto space can be good for the Bitcoin market, and his view is that regulators have generally been positive towards crypto. Like other cryptocurrency experts, Christopher Mattis thinks a Bitcoin exchange-traded fund (ETF) can be a positive catalyst for the market, and he also says cryptocurrency custodianship will bring in institutional investment money that has been waiting on the sidelines. Additionally, he says it’s hard to draw a causation between the launch of Bitcoin futures and the decline in the market, which is a theory proposed by Thomas Lee at Fundstrat Global Advisors.

Christopher Mattis says that his firm Crypto Asset Management is getting many new crypto investors despite the market downturn, and that these investors recognize that Bitcoin will be going up long term, and that low Bitcoin prices are actually a good thing since it facilitates a better investment entry point.

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Like most coins, there is some upward pressure for Bitcoin and what a time to capitalize on. In the past week or so, we have seen the influence of $6,000 our main support line and 2018 lows. Because of these developments, odds of further gains are high and this opens the door for Bitcoin buyers to search for loading opportunities in lower time frames.

From the News

By design, cryptocurrencies are meant to exist on their own without government interventions. To make this a reality, these coins exist digitally in an often regulated environment. Aside the regurgitation of stale crypto news by mainstream media, we have seen how useful they are for struggling economies hit by hyperinflation. Bitcoin for example is in use in Zimbabwe and in Bolivia where their government issued paper monies are worthless.

These encouraging cases give a glimpse of the future where the value of any currency is determined by the community and not by a government entity working in cohorts with rogue politicians. Talking of rules and regulation and the Chilean Court of Appeal has ordered the country’s state bank Banco Estado to reopen the deposit account of OrionX. OrionX is one of Chile’s cryptocurrency exchanges.

#Bitcoin may not be a financial asset or instrument, but its chart sure moves like one. Clear patterns that any chartist will recognise, esp. with a logarithmic Y-axis (linear scale, chart 2, less relevant for such big moves). In fact, recent rise less steep than in Q1 13, Q4 13 pic.twitter.com/tvTOyAGpso

— Geert De Clercq (@gvdeclercq) January 4, 2018

It’s along this value proposition that ADVFN CEO thinks Bitcoin is on the path of hitting $20,000 and later $2 million. According to their bright analysis, Clem Chambers of ADVFN noticed that prices of Bitcoin often expand at 26 percent per time period and this effectively makes Bitcoin a logarithmic asset that moves non-linearly. So, in his projection, within 10 time periods assuming Bitcoin continues to compound at 26 percent, Bitcoin valuation shall reach $2 million.

Bitcoin (BTC) Technical Analysis

Weekly Chart

Bitcoin Weekly Chart by Trading View

The reaction at $6,000 has been impressive and technically this is beneficial for Bitcoin bulls. While bears have been on a rampage for the best parts of Q2, odds are high that there is a recovery boiling up this quarter.

It’s from the charts really. Clearly, there was a  rejection of further buys right after week ending July 1 bull pressure confirmation. Then again, last week’s candlestick shape is hinting.

Week ending July 16 had a long lower wick meaning Bitcoin buyers were pushing up higher in lower time frame. However, the major take away was that this was happening right at main support—at $6,000.

Daily Chart

Bitcoin Daily Chart by Trading View

So far, Bitcoin prices are up three percent and rejecting further lower lows. Of course, this is overly positive for hawks and my trade suggestion demands patience for risk-on traders until after prices edge past $6,800 and $7,000.

The reasoning is simple: $7,000 is July 2 highs. Besides, it marks the upper limit of an intra-range resistance and bull trigger. However, this doesn’t mean risk off traders should capitalize on this resurgence. They can buy on dips with stops at $6,000 and first targets at $10,000.

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 Bitcoin (BTC) Technical Analysis: Purging “Useless” Coins Will Pump Bitcoin to $20,000 Says Clam Chambers appeared first on NewsBTC.

There is a crypto recovery that comes even in the face of allegations. We have seen how Tone Vays is tearing down Litecoin-TokenPay partnership while Justo is laying down his claims that EOS is actually undercutting Ethereum. Either way, both coins are in the green and setting the pace for further gains in IOTA, Stellar Lumens and Tron-which has their TVM launch in a forth night.

Let’s have a look at these charts:

EOS Technical Analysis

EOS Daily Chart by Trading View

So according to a dApp developer, Justo, Ethereum has been systematically spamming the Ethereum network causing the prices of Gas to hit the roof. In a well researched post that is now doing rounds in Reddit, Justo said there is no coincidence between the current high through put in EOS and the clog that is taking place in Ethereum.

It's now clear EOS is behind Sybil attack on Ethereum that's why the gas price is almost 100 Gwei https://t.co/sHCAi2U7Ya

— Ethereum 24/7 (@Ethereum247) July 15, 2018

It seems like the heightened activity in Ethereum is well orchestrated by EOS through proxy accounts. In his findings he found out that these accounts often distribute useless, non-functional tokens in their billions coinciding with times when there is a technical hitch at EOS. While these attacks are on and off, EOS- he alleges spend upwards of $2 million a day to execute such kind of attacks.

Despite these claims-which Dan refutes, EOS closed the week on a high. At current prices, it is up five percent in the last hour and that follows a nice doji candlestick rejecting lower lows right at the intermittent support line at $7.

Because of this, I suggest taking longs with every dip in lower time frames with stops at July 14 lows at around $7. Now, because this injection of buy momentum is happening right in the middle of sell trend, conservative targets should be at $10 and later $14.

Litecoin (LTC) Technical Analysis

Litecoin Daily Chart by Trading View

In an expected twist of events, Tone Vays, a blockchain influencer and Bitcoin advocate went hard on Litecoin Foundation and TokenPay partnership. We highlighted the nature of that partnership early and in it, Litecoin did buy into a bank and their intention is to make banks more crypto friendly.

1 of 8: Disclaimer 1 – The main purpose of this tweet storm to to piss off every #Litecoin believer for the what I hope is the final time
Disclaimer 2 – "The ONLY #Shitcoin that is NOT a Scam is the ones you have not yet Research" – @saifedean
Disclaimer 3 – @tokenpay is a #Scam

— Tone Vays [@Bitcoin] (@ToneVays) July 13, 2018

Now Tone thinks TokenPay is “a scam” and lacks experience in the crypto space despite their claims. He also challenged Charlie Lee saying that he has lost all respect when he aired his opinion when Pornhub and Verge partnered in April.

Regardless of this venom, Litecoin is doing alright. Aside its deep liquidity, Litecoin is up five percent in the last hour and with a nice double bar reversal pattern rejection prices below $70 beckons buyers. In my view, my suggestion is to add LTC longs with every retracement in lower time frames with stops at $70. As before, we shall treat this potential recovery as a pull back, a retest of $110 and in that case, our short term and first bull target is $110.

Stellar Lumens (XLM) Technical Analysis

Stellar Lumens Daily Chart by Trading View

Coin listing at CoinBase is a big deal for any crypto that seeks to add deep market participation and pump in price. We can borrow leave from ETC and BCH events and that’s why we expect Stellar Lumens to find further support and perhaps build up on Tempo’s announcement.

Today we are announcing that we’re exploring the addition of the following assets to Coinbase: Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC) and 0x (ZRX). https://t.co/qoECyR0V1f

— Coinbase (@coinbase) July 13, 2018

Even though CoinBase said they will be doing exploratory works on these coins, Stellar Lumens being a decentralized project with a multi-billion market cap will boost its chances.

Like EOS and Litecoin, XLM is up four percent in the last 24 hours and what’s important is the confirmation of July 13-14 double bar bullish reversal candlestick. Yesterday was particularly bullish and simply because of that we might see prices edging past 22 cents, our buy trigger line.

Our suggestion today is to buy on dips or wait for a conclusive close above 22 cents before loading on longs. In the latter’s case, stops would be at July 15 lows at 19 cents and with a common first take profit target at 30 cents.

Tron (TRX) Technical Analysis

Tron Daily Chart by Trading View

The concept of a virtual machine that competes with that of Ethereum has been around for some times. We have Ubiq and now Tron is working on their own VM that is lightweight meaning it uses minimum resources while not compromising on performance and what’s even important is that is compatible with that of Ethereum.

15 days countdown to #TRON Virtual Machine. #TRX $TRX #TVM pic.twitter.com/HDrR7Dvf5X

— Justin Sun (@justinsuntron) July 15, 2018

A major standout for TVM that will officially launch on July 31 is that it would be free to use utilizing the concept of bandwidth that every user or dApp developer would be assigned with.

So far, it’s good for TRX though I’m not convinced that this would last for long. The reasons are there to see: buy momentum is relatively week. Yes, buyers can sync with the general upbeat crypto environment and load with targets at 4 cents but my suggestion is to wait for cancellation of this bear trend.

That will happen only when we see Tron (TRX) buyers edging past 4 cents reversing this bear break out pattern.

IOTA (IOT) Technical Analysis

IOTA Daily Chart by Trading View

In line with our previous trade plan, our execution of IOTA trade was largely dependent on how prices reacted at 90 cents. As it is 90 cents is our anchor support line and should bears break below it then we would sell with every bounce in lower time frame.

Encouragingly though, buyers are in charge and so far IOTA is up four percent. My recommendation is to buy on dips with stops at 90 cents and short term targets at $1.3 or around July 2 highs.

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 Litecoin, EOS, Stellar, Tron, IOTA Technical Analysis: EOS isn’t Stupid to “Attack” Ethereum says Dan Larimer appeared first on NewsBTC.

Moon Zebra has installed the first two-way Bitcoin ATM in Malta. The two-way Bitcoin ATMs allow users to both buy Bitcoin with fiat and to convert Bitcoin back to fiat, and are far rarer than typical one-way Bitcoin ATMs that only allow users to buy Bitcoin with fiat. Even though this is only the 4th Bitcoin ATM installed in Malta, it is a major positive step for Malta, which has been called ‘Blockchain Island’ by many for its extremely favorable stance towards crypto and blockchain companies, including giving the world’s biggest crypto exchange Binance a fiat bank account.

Two-way Bitcoin ATMs are essential for the global adoption of Bitcoin as a currency, allowing users to quickly and easily move money between fiat and crypto. Now people in Malta who are paid with Bitcoin by their jobs can easily turn their Bitcoin into cold hard cash and use it to buy food, necessities, and pay rent

According to Coin ATM Radar, there are 1,256 two-way Bitcoin ATMs in the world versus 2,218 one-way Bitcoin ATMs, as of this writing on 15 July 2018. A two-way Bitcoin ATM provides all the functionality of a cryptocurrency exchange and is much faster. Typically it takes several days to convert Bitcoin into fiat when using a cryptocurrency exchange, and it requires a bank account. Bitcoin ATMs are nearly instant, usually requiring 1 confirmation which takes about 10 minutes before dispensing cash for deposited Bitcoin. Also, Bitcoin ATMs don’t require a bank account, making them the only option for unbankable Bitcoin users besides Bitcoin dealers.

Although Bitcoin ATMs typically charge higher fees than a cryptocurrency exchange for both buying and selling, on the order of 5-10%, the time saved is worth it. This is especially true since the near instant nature of Bitcoin ATMs protect users from market volatility; Bitcoin price fluctuations can easily exceed 5% in a day and sometimes even 10%, so it is worth a fee to make an instant Bitcoin to fiat transaction.

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The anniversary of the blockchain split that took place on August 1, 2017 is just two weeks away. Over the past few months Bitcoin Cash (BCH) infrastructure support and development has been exponential, while BCH proponents have also seen a bunch more announcements during the second week of July.

Also read: Have You Tried Blockchain 5.0 Yet? Nobody Else Has Either

The Bitcoin Cash Network Has Seen Massive Infrastructure Support and Steady Development Over the Last Year

A lot has changed since August 1, 2017, and in two weeks the Bitcoin Cash community will be celebrating the blockchain split. As of today, the BCH chain has seen over 60,000 blocks mined since the first hard fork, and since then the network has seen two more upgrades. The first upgrade changed the decentralized currency’s Difficulty Adjustment Algorithm (DAA), and the second fork upgraded the block size from 8 MB to 32 MB. Further, the BCH developers re-enabled a few Satoshi OP_Codes and increased the data carrier size which added a bunch of new features to the protocol.

The Fourth Largest Market Capitalization and the Fifth Highest Trade Volumes

Since the DAA was fixed, the BCH chain’s difficulty has been running perfectly and on July 15 the chain is operating at 12.69% of the bitcoin core’s (BTC) difficulty. Markets have done extremely well over the past year as well. BCH was averaging $300 per coin during its first week, now the token is worth $726 seeing a 142 percent increase. The digital asset commands a whopping $12.4Bn market valuation and with $320Mn traded over the past 24-hours, which puts BCH at the fifth position out of 1600+ other coins by trade volume. The top five BCH exchanges today include Coinex with $55Mn in volume, Okex with $40Mn, Binance – $33Mn, Hitbtc – $29Mn, and – Rightbtc -$24Mn. The top currencies swapped with BCH includes tether (USDT 48%) followed by bitcoin core (BTC 35%), USD (6.7%), ETH (3.7%), and KRW (2.4%). BCH markets are seeing some recovery since last week and are up 3 percent over the last 24-hours.

This Week’s Bitcoin Cash News and Developments

A lot has happened in within the BCH ecosystem this week. For instance, the highly anticipated privacy-centric BCH mixing platform Cash Shuffle has seen steady development and a stable release should be launched soon. The firm Robinhood added bitcoin cash support this week – adding another infrastructure provider to the massive list of apps that have implemented BCH. Bitcoin Cash supporters will be pleased to hear that Bitcoin XT has released its J version and OSX binaries are back. Furthermore, the developer Unwriter has launched another platform called Chaintrend.org. The app is a powerful OP_Return trend analytics engine with a simple JSON query language powered by bitdb.

In other news, we recently reported on a project called Bitreon that was supposed to be a Patreon-like application that uses bitcoin cash. Unfortunately, there were some discrepancies with the creator of the project and a particular donor. It seems the creator of Bitreon refuses to refund the donor’s funds and the Bitreon founder states that his platform will still launch in a couple of weeks. Even though he denies any wrongdoing the BCH community doesn’t seem too pleased with the situation and how he’s chosen to deal with the donor.  

BCH Proponents Believe the Future Looks Bright

Besides the disappointing Bitreon rumors, there have been a lot of positive things happening across the Bitcoin Cash ecosystem overall, and BCH proponents are looking forward to the upcoming anniversary. On August 15, the community will likely find out what the next upgrade will feature as the November 15th hard fork software should be completed by then. Bitcoin ABC also plans to launch the finished stable 0.18 version of the ABC-client on October 15 – which will contain the necessary code changes for the hard fork. Bitcoin cashers have a lot to look forward to over the next few months and most of the decentralized currency’s supporters are pleased with the current direction.

What do you think about the latest events and announcements taking place within the Bitcoin Cash environment? Let us know your thoughts on this subject in the comment section below.

Images via Pixabay, Bitcointalk.org, Chaintrend, and Satoshi Pulse. 

Want to create your own secure cold storage paper wallet? Check our tools section.

The post BCH Roundup: Steady Development, Market Uptrends, and New Apps appeared first on Bitcoin News.

Financial services might be something you take for granted. Depositing, borrowing and withdrawing capital is as easy as going to your local bank branch, but there are billions of individuals worldwide with no access to something as simple as a bank account.

77% Of Filipino Adults Do Not Have Access To Financial Services

CNN’s Philippines branch recently reported that a survey conducted by Philippine’s central bank (Bangko Sentral ng Pilipinas) has found that approximately 77% of Filipino adults do not own a bank account.

2017’s ‘Financial Inclusion Survey’ (FIS) found that 15.8 million adult Filipinos have bank accounts, while 52.8 million are unbanked, resulting in 22.6% and 77.4% figures respectively. Whereas western countries such as Canada, the U.K., and Sweden have over 98% of their eligible population banked, a far cry from the figures seen in the Philippines. 

Despite organizations like the U.N. claiming to be working on the issue, for the Philippines, the issue is still as prevalent as ever. According to CNN, the 77% unbanked statistic has barely changed in the past two years, only seeing marginal increases in comparison to the first FIS report released by Bangko Sentral ng Pilipinas (BSP).

These breathtaking numbers may lead some to ask, why are there still so many individuals unbanked?

The Filipinos partaking in the survey brought attention to six reasons why obtaining a bank account was not a feasible task. Firstly, 60% claimed to not have enough capital to fund a bank account, while 21% cited no reason, maybe indicating a lack of interest towards banking. Another 18% said that they did not hold the required documents to see eye to eye with banks. The other three reasons included the high costs associated with banking services, a lack of knowledge about banking and finally, a lack of awareness.

Cryptocurrencies’ Role With The Unbanked Population

In many developing nations, more people have access to the internet through mobile devices than people with bank accounts. This is the primary reason why many cryptocurrency proponents, experts, and entrepreneurs have brought attention to the role cryptocurrencies can play in an unbanked-majority region.

Using cryptocurrencies can be as easy as downloading an app on your cell phone, and finding a way to obtain a cryptocurrency like Bitcoin or Ethereum. For cryptocurrency users in developing countries, peer-to-peer networks develop, where goods and services can be traded with cryptocurrencies, holding a role as an alternative currency.

Breaking Down The Remittance Barriers 

Despite seeing use with unbanked citizens spread, cryptocurrencies and blockchain-backed technologies have also begun knock at the door of current remittance transfer systems, with entrepreneurs finding ways to use blockchains as a medium to replace remittance networks.

As NewsBTC reported in late May, the Phillippines’ economic structure is mainly focused on remittance payments, which can often be expensive and inaccessible for much of the population. But then again, banks can also be inaccessible for many Filipinos, creating a large unbanked population as aforementioned.

But one of the Philippines’ largest financial institutions, UnionBank, has announced a strategic partnership with the blockchain development firm ConsenSys. The partnership will see the two entities collaborate to integrate Kaledio, a business-grade Ethereum protocol, into banking services, hopefully facilitating more seamless transfers of information and transactions. As a result, UnionBank hopes to cut costs and find ways to provide a wider portion of Filipinos with banking services.

Up-to-date news about this topic has been sparse, but it has become apparent that any moves to make banking more accessible will be welcomed by the locals.

Cryptocurrencies, in their permissionless, accesible and uncensorable nature can be used by anyone, anywhere and at any time. So therein lies a value of cryptocurrencies and decentralized technologies.

Image from Shutterstock

The post The Unbanked Population: Crypto’s Calling Card? appeared first on NewsBTC.

The US has been ranked as the “most favorable” country for Initial Coin offerings (ICOs) according to a recent report linked to the Crypto Finance Conference, writes Cointelegraph.

According to the report, figures show that the US has seen 30 crypto start-ups launched, along with Switzerland and Singapore in the top three with 15 and 11 project launches respectively. The data was compiled by examining 100 ICO’s worldwide in terms of fundraising and designating their countries of origin.

The report also identified Russia, the UK, and Estonia as good locations for startup fundraising industry. Many crypto companies are now doing business in Estonia with Lithuania and Latvia, also experiencing an economic boom recently. Estonia’s widespread adoption of cryptocurrencies and fintech has become a breeding ground for new startups.

The start-up frenzy reached it hiatus in March of this year with $2.94 being raised in one month, although as many as 1000 cryptocurrencies have gone to the wall on the back of Bitcoin’s recent declining fortunes this year. The good news for the industry is the doubling of 2017’s start-ups in just the first half of 2018.

Second place Switzerland on the ICO report seems to be going from strength to strength with regulators attempts to support mainstream use, and startups in Crypto Valley are thriving as a result. Another step along that road has been the recent announcement that the country’s stock exchange, SIX, will open its doors to digital currencies.

Third place Singapore continues to deal with regulatory issues as it grows as an Asian start-up hub. Singapore, always at the forefront of technological advancement saw startup Tangem release its own version of a physical bitcoin banknote recently.

The US, in top place in the recent report in the ICO popularity stakes, continues to focus its attention on regulating the industry, particularly at State level. New major mining projects are making use of past defunct industry locations and making new homes in such installations, replacing steel for the cryptocurrency as the states attempt to integrate crypto into existing tax legislation.

Arizona is one of many states regulating ICO’s with a view to paving the way for regulatory framework for initial coin offerings (ICOs) in the state, although earlier this year both New Hampshire and the state of Georgia failed to pass a bill that was to require the state to accept cryptocurrencies for payment of taxes and license fees.

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Decentralised Capital, an Australian advisory firm “specializing in blockchain assets” and “asset management services,” has announced a partnership with Custodian Vaults, an Australian private vaulting company, to offer insured cryptocurrency custody services to the Australasian market.

Also Read: Have You Tried Blockchain 5.0 Yet? Nobody Else Has Either

Decentralised Capital and Custodian Vaults Partner to Provide Cryptocurrency Custody Services

It has been announced that Decentralised Capital and Custodian Vaults are teaming up to provide insured cryptocurrency custody services in the form of what the companies are describing as Australia’s first insured cryptocurrency vault

According to According to Australian Financial Review, Stephen Moss, Decentralised Capital’s founder and the son of former Macquarie Bank property chief, Bill Moss, described the project as seeking to provide “a solution for the next phase of the industry” adding “it gives real security […] You can’t hack your way into the safe.”

Mr. Moss emphasized that his company is hoping to ride the cryptocurrency boom for the long-haul, stating:”In my opinion bitcoin will not be remembered as the bubble, but the pin. While the short-term future of bitcoin may be debatable, the blockchain and its benefits are not.”

The founder of Decentralised Capital stated that “the new vault provide[s] customers [with] direct access to their holdings and combined physical surveillance, biometric identification, pin codes, CCTV monitoring, alarm and fire control systems.” Additionally, the vault premises “also house a private Wi-Fi room to allow cryptocurrency transfers in and out.”

Custody Services Aimed at Crypto High Rollers

The companies’ vault services will is expected to predominantly target institutional and wealthy investors, in addition to cryptocurrency exchangers and issuers of initial coin offerings. Mr. Moss has stated that the digital currencies held in the companies’ possession insured, however, did not provide the insurance provider’s name.

Janie Simpson, the director of Pallion – a precious metals firm that owns Custodian Vaults, described the company’s decision to enter into the cryptocurrency custody industry as having been spurred by growing customer demand.

“While traditionally we have offered secure vault services for clients storing precious metals and other assets, we are increasingly receiving interest from clients searching for solutions to store cryptocurrency,” Mrs. Simpson said.

Do you feel that cryptocurrency investors are in need of a greater array of custodianship services? Share your thoughts in the comments section below!

Images courtesy of Shutterstock

At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Australian Firms Partner to Provide Crypto Custody Services appeared first on Bitcoin News.

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This is a sponsored press release and does not necessarily reflect the opinions or views held by any employees of NullTX. This is not investment, trading, or gambling advice. Always conduct your own independent research.

BX, a blockchain-based betting and prediction market ecosystem, officially announced today an Initial Token Sale (ITO), to raise funds for its betting and market prediction ecosystem, designed to change the way the world bets.  With the vision to create a new betting experience, BX allows any user to take over the role of the bookmaker, create their own markets, place and offer bets with self-determined odds, and even participate in the outcome determination of a market.

“Our decentralized, blockchain based approach will eliminate non-distributed processes and allow players to benefit from full transparency and total control over their betting experience.” explains Christian Heins, Co-Founder, Management and Execution Expert at BX.

Traditional online bookmakers face many problems, including lack of trust, lack of transparency, strict regulations, and high operational costs, resulting in high margin odds in favor of the bookmaker, stemming from their centralized structures.  These problems can be frustrating to users, making it impossible to ascertain whether the odds are fair or set too far in the bookmaker’s favour. Additionally, they even can get limited, restricted or banned – if they are too successful.

BX aims to neutralise these problems and weaknesses in the current betting industry by introducing the BX ecosystem, which allows the players to benefit from full transparency and total freedom in their betting experience. BX is a powerful and distributed betting and prediction market ecosystem that runs on self-executing smart contracts.

All BX betting transactions, as well as payouts, will run safely, autonomously and transparently on the Ethereum blockchain using smart contracts. BX cuts out the middleman and give its users full control over their funds and betting transactions.

Joschka Kupich, Co-Founder and Product Development Expert at BX says, “We are developing a decentralized betting exchange that will create a whole new user experience. In the BX ecosystem, everyone can create a new betting market and become a Market Owner. The odds solely depend on the supply and demand of the users which will result in higher and fairer odds than any traditional betting operator can offer.”

The BX project kicked off in 2017 and has already begun the development of its product. The BX pre-ITO aims to launch on the 3rd September until the 17th September, with the main ITO following soon after. Significant bonuses will be available to those who contribute early in the pre and main ITO.

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The company is committed to excellence and has ensured that this new ecosystem will be simple and accessible for all users.

To keep up to date with the latest news and announcements please visit: https://bx.bet/en/

This is a sponsored press release and does not necessarily reflect the opinions or views held by any employees of NullTX. This is not investment, trading, or gambling advice. Always conduct your own independent research.

A court of appeal in Chile has recently overturned an action taken by a major bank to close the account of a cryptocurrency exchange, as the pressure is mounting on banks to justify punitive actions against the industry.

The Fourth Chamber of the Court of Appeals of Santiago has ruled in favor of OrionX cryptocurrency exchange, one of several appeals for similar cases against five other banks by cryptocurrency exchanges in the country.

The court ruled against the Banco Estado, one of Chile’s largest banks, stating that the exchange was being prevented:

“…from developing an activity that, although not regulated, does not prevent the bank from adopting less intensive security measures such as the development of effective monitoring and control programs before the final closure of the account.”

The ruling suggested that the banks’ inference that the exchange may be involved in money laundering through some of its digital currencies could not be proven by the bank and that cryptocurrencies “as new forms of investment and payment…cannot necessarily be identified with the commission of criminal acts.”

This is not the first of such suits, as last month six other major banks faced lawsuits for prohibiting crypto exchanges from doing business and there may be more to follow. As of now, the banks appear to be at the receiving end of all the court rulings, which have been in favor of the crypto exchanges.

Another ten banks’ actions were recently contested by crypto exchanges Buda.com and Crytomkt. The court ordered 3 exchanges’ accounts to be reopened whilst the case is still pending.

Local news source Diario Financiero has reported that five more banks are being accused of unfairly closing exchange accounts and have suits pending. The banks involved include Santander, Banco de Chile, Banco de Crédito e Inversiones (Bci), Scotiabank, and Itaú; all responsible for closing crypto exchange accounts are denying them access to banking services for business.

Both Santander and the Banco de Chile have responded to accusations that they had singled out cryptocurrency exchanges: Santander stated that “the use of a current account would not be essential for the digital currency traders,”  which would seem to be little reason for denying a service for the exchange if asked for.

The Banco de Chile said that it had no concerns regarding the “alleged danger of the activity carried out”  but that as it “lacked concrete information”  regarding the exchange’s services, it was justified in its actions of denying service.

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