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Billionaire Investor: Most Crypto Will Fail, Bitcoin is King

The ideology of Bitcoin maximalism is heavily contested in the cryptocurrency community, with many seeing an aversion to altcoins as a stigma from the bygone Bitcoin-centric market. However, an investing legend from legacy markets has taken a stand as a fighter for Bitcoin, and Bitcoin only, claiming that most other cryptocurrencies are worthless. Bill Miller

The post Billionaire Investor: Most Crypto Will Fail, Bitcoin is King appeared first on NewsBTC.

The ideology of Bitcoin maximalism is heavily contested in the cryptocurrency community, with many seeing an aversion to altcoins as a stigma from the bygone Bitcoin-centric market. However, an investing legend from legacy markets has taken a stand as a fighter for Bitcoin, and Bitcoin only, claiming that most other cryptocurrencies are worthless.

Bill Miller — An Unlikely Bitcoin Proponent

On Friday, Bill Miller, a sixty-eight year-old investor and fund manager with a net worth of $2 billion, took to Bloomberg to discuss his opinions on the cryptocurrency industry.

Miller first outlined his stake in the cryptocurrency market, noting that  he holds large amounts of Bitcoin in a partnership he is a part of, along with a “pretty significant” personal position in the foremost crypto asset at an average buy-in of $300.

As covered by NewsBTC, Miller has long been a cryptocurrency proponent, investing over $1 billion of his hedge fund’s liquid assets, in Bitcoin over the past few years. Taking into account that his net worth is in the range of the hundreds of millions and an average acquisition cost of $300, it is likely that crypto assets make up a majority of his own fortune.

When prompted to talk about why he would make such an investment, he stated:

“It is an interesting technological experiment, that we don’t know how it is going to come out. Right now, at $7,800 or wherever it is today, is much less risky than when it was at $100, for the reason that every day that it doesn’t blow up, go to zero, or get regulated out of existence, is that more money is going to flow into the ecosystem.”

He later brought up an intriguing point about the scarcity of Bitcoin, and how there are currently only ~17 million of the cryptocurrency in circulation for 25 million millionaires worldwide. Taking these figures into account, the American investor went on to add that if every millionaire was to acquire one Bitcoin, the price of the asset would go up “non-linearly (exponentially).”

While this ambition seems advantageous, it is likely that the scarcity of Bitcoin will only drive prices higher moving into the future.

“Most Altcoins Are Worthless”

When queried about if the concept of the value of scarcity applies to altcoins, Miller adamantly stated that a majority of the over 1600 altcoins are worthless, pointing out that Bitcoin is one of the most stable assets in this nascent industry.

He also noted that the largest cryptocurrency by market capitalization has the highest chance of succeeding, while Etherum follows closely behind the so-called “digital gold” from his perspective.

There are two primary types of industry observers. Firstly, legacy market on-lookers who like to state that “Bitcoin doesn’t have intrinsic value” due to the fact that it doesn’t directly generate capital/profit as a result of the network’s operations. Secondly, crypto advocates who note that the “intrinsic value” argument is wildly misconstrued, as Bitcoin shouldn’t be valued in the same way a publicly-traded firm is.

Miller seems to be in the same boat as the latter, as he sees a multitude of ways to fairly value Bitcoin. The primary method which he sees to value such a crypto asset is to view it as a “non-correlated asset that is most similar to gold,” while it also can be transported with ease and can be utilized in retail environments.

As was later added, Bitcoin could eventually be seen as a direct alternative to gold, a “digital gold” if you may, with traditional institutions and “various central banks” acquiring Bitcoin as just another asset to keep under lock and key. If this forecast comes true, values for this asset will likely skyrocket, with Miller noting that Bitcoin could reach a valuation of one-third of the market capitalization of gold, which currently sits at $8 trillion.

He closed off the interview making an interesting point, noting that crypto investors shouldn’t put too many eggs in one basket, and should treat their investment into crypto assets as a “positive expectation lottery ticket” that could multiply to “10, 20 or even 50% of your assets in a couple of years.”

Featured Image From Shutterstock

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Billionaire Investor: Most Crypto Will Fail, Bitcoin is King – newsBTC

newsBTCBillionaire Investor: Most Crypto Will Fail, Bitcoin is KingnewsBTCThe ideology of Bitcoin maximalism is heavily contested in the cryptocurrency community, with many seeing an aversion to altcoins as a stigma from the bygone Bitcoin-centric mark…


newsBTC

Billionaire Investor: Most Crypto Will Fail, Bitcoin is King
newsBTC
The ideology of Bitcoin maximalism is heavily contested in the cryptocurrency community, with many seeing an aversion to altcoins as a stigma from the bygone Bitcoin-centric market. However, an investing legend from legacy markets has taken a stand as

and more »

North America: Crypto and Blockchain News Roundup, 20th to 26th July 2018

North America Welcome to our weekly roundup of all important blockchain and cryptocurrency news from around the world. Follow the latest developments in the cryptocurrency space continent by continent, country by country. USA CFTC Chair says lack of regulations stifling US blockchain development: At a recent United States Congressional hearing, the chairman of Commodity Futures …

The post North America: Crypto and Blockchain News Roundup, 20th to 26th July 2018 appeared first on BitcoinNews.com.

North America

Welcome to our weekly roundup of all important blockchain and cryptocurrency news from around the world. Follow the latest developments in the cryptocurrency space continent by continent, country by country.

USA

CFTC Chair says lack of regulations stifling US blockchain development: At a recent United States Congressional hearing, the chairman of Commodity Futures Trading Commission (CFTC) has said that the need for blockchain development is apparent but that lack of regulations are hampering the current development.

The committee’s agenda for the public hearing was regarding CFTC and Christopher Giancarlo, the Chairman of CFTC, said that his organization couldn’t participate in Proof of Concept (PoC) or beta tests for new blockchain innovations because of no laws protecting the space.

Overall, Giancarlo was of the view that the US may fall behind in the crucial technology of the future and how it was the regulators’ job to come up with the right regulations in the space.

Winklevoss twins ‘Bitcoin Billionaires’ book to come out in 2019: Tyler and Cameron Winklevoss, the twins from the infamous Facebook litigation case that settled for USD 65 million, are the feature of a new book called ‘Bitcoin Billionaires’, the rights for which have been bought by Little Brown’s publishing director. A possible Hollywood film may also be in the cards as well, according to latest reports.

The Winklevoss twins have tasted immense success with the Bitcoin market as they are the co-founders of the cryptocurrency trading platform Gemini and started hodling Bitcoin back when it was just USD 6. They were the first registered Bitcoin billionaires in the world and hence the name of the book.

The book primarily revolves around their dealings with the SEC, Bitcoin and the establishment creating issues for them. It also shows a new aspect of their relationship with Facebook.

CNBC’s Brian Kelly says Bitcoin is not going away: While the mainstream media is always abuzz with allegations that cryptocurrencies are a Ponzi scheme or too risky of an investment, Brian Kelly of CNBC has chipped in and said that the Bitcoin market is not going anywhere and it will remain bullish for a long time.

The renowned news presenter said that the signs are looking good for the premier cryptocurrency in the world and the recent price surge could be the start of a long-awaited run for the crypto market that has seen its value plummet by almost a third since the start of the calendar year. Kelly also talked in length about Bitcoin’s past, present and future struggles with the SEC, including the famous 2013 case involving Bitcoin billionaires, the Winklevoss twins.

He said: “Institutions are starting to get serious. I can tell you from the calls I am getting. People who looked at [BTC] in December did not like the price. They are coming back now and saying, “Alright this thing is not going away. We need to understand what it is”.”

Ex-JP Morgan banker says avoiding financial crisis may depend on blockchain: An ex-JP Morgan banking executive has said that blockchain technology could hold the key to avoiding another financial crisis.

Pang Huodong, the ex-VP of North American investment firm and bank JP Morgan, said at the Asian Blockchain Institute (of which he is an honorary member) that blockchain technology could have the key for installing faith back into the financial market after the horrendous crash of 2008.

He said: “[When I began to work at JPMorgan in 2007,] 13 people managed [the bank’s] USD 40+ billion [assets]… when the 2008 financial crisis was at its worst, [the] average daily loss was USD 300 million. It is only gradually that I understood that blockchain technology may be the key to avoiding the next global financial crisis.”

He also said that blockchain systems could not only reduce the chances of a financial crisis but also improve the costs associated.

SEC to decide on Bitcoin ETFs by 21 September 2018: The US’s Securities and Exchange Commission (SEC) has decided on a date of 21 September 2018 to arrive on a decision regarding Bitcoin Exchange Traded Funds (ETFs).

The New York Stock Exchange previously applied to list Direxion Bitcoin-related funds back in January this year. The SEC generally takes a decision within 180 days but has postponed the judgement for 60 days as it is allowed to do so.

If Bitcoin ETFs are approved, a major rally for the biggest cryptocurrency could be on the cards in September.

Johnny Depp may portray Bitcoin billionaire Matthew Mellon in new biopic: Johnny Depp is reportedly considering the role of Matthew Mellon, the late Bitcoin billionaire in a new film that highlights the life of the crypto pioneer.

The film will reportedly cover the family background of Mellon as well as he is the descendant of the founder of the Mellon bank, the largest bank outside Wall Street in the US.

US politician to go ahead with crypto donations despite regulatory hurdles: The Chairman of Wisconsin state libertarian party and candidate for Governor Phir Anderson has announced that he is accepting cryptocurrencies in campaign donations despite expected backlash from competitors and officials.

While Anderson says the law is clear on this as the Federal Election Commission says anything of value can be given as donation, he is required to liquidate the funds into US dollars before using it. However, the Wisconsin Ethics Commission (WEC) was approached by his party to provide formal guidance on the matter as well.

Coinbase turning political with new Public Action Committee (PAC): The US Federal Election Commission revealed that Coinbase, one of the largest cryptocurrency exchanges in the country, has formed a Public Action Committee to lobby for its interests in the crypto community.

The news is unexpected as it is the first such case of a crypto exchange forming a PAC and getting into politics and lobbying. Coinbase will now try to influence the US congressmen on cryptocurrency regulation especially its own application on becoming a securities trader. A sum of USD 78,000 has already been spent on Brian Forde, the congressional candidate and former advisor to ex-President Barack Obama.

Canada

58% of Canadians hodling Bitcoin: A recent study by the Bank of Canada has suggested that more than 58% of Canadian investors are hodling cryptocurrencies to sell it later on.

The study was published on 23 July 2018 but is based on Bitcoin practices in 2017. The Bitcoin Omnibus Survey (BTCOS) was also conducted in 2016 and that time, it was found that the primary function of Bitcoin by Canadians was online transactions only.

Some 12% of Canadians surveyed also said that they were involved in it due to friends and family being involved while 7% said that they were investing in it because of it being a new technology.

Canada is becoming more attractive to blockchain and cryptocurrency startups from around the world due to helpful regulation.

Hydro-Quebec announces vision for crypto mining: Quebec, Canada’s electricity-rich province, may be fast becoming the hub of cryptocurrency mining in the region but due to ever-increasing demand for electricity by miners, the electric company Hydro-Quebec tried to address some of the concerns raised by the crypto community.

A total of 500 MW of surplus electricity has been set out by the power company for mining purposes and the company will be able to shut the miners down for 300 hours a year maximum to account for peak times of the year.

Most of the concerns were raised by non-mining companies who actually said that the mining companies were becoming a concern for them due to their electricity-hungry operations.

 

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Openbazaar Users Can Now Trade 1500 Cryptocurrencies With No KYC

Openbazaar Users Can Now Trade 1500 Cryptocurrencies With No KYCThis Friday the decentralized marketplace Openbazaar announced the release of its 2.2.2 version which adds a variety of new features and improvements. One particular feature added to the latest Openbazaar release allows users to trade 1,500+ cryptocurrencies with no fees. Moreover, all the swaps are peer-to-peer trades between two parties with no KYC process.  Also […]

The post Openbazaar Users Can Now Trade 1500 Cryptocurrencies With No KYC appeared first on Bitcoin News.

Openbazaar Users Can Now Trade 1500 Cryptocurrencies With No KYC

This Friday the decentralized marketplace Openbazaar announced the release of its 2.2.2 version which adds a variety of new features and improvements. One particular feature added to the latest Openbazaar release allows users to trade 1,500+ cryptocurrencies with no fees. Moreover, all the swaps are peer-to-peer trades between two parties with no KYC process. 

Also Read: Bitcoin Unlimited Merges Graphene Block Propagation Technology

Openbazaar Launches Version 2.2.2 With Two New Important Features

Openbazaar Users Can Now Trade 1500 Cryptocurrencies With No KYC The Openbazaar development team has released a new version of the platform that adds a few new features and bug fixes. Openbazaar version 2.2.2 was released on July 27 and the application allows for peer-to-peer cryptocurrency trades with a vast quantity of different digital assets. The developers explain that the release includes two major protocol improvements within the Openbazaar environment.     

“The first is the ability for users offering to trade coins to mark up or discount their price — Instead of only being able to offer a trade at market price, they can choose to add a markup, which will automatically increase the price to the buyer based on the percentage they choose,” explains Openbazaar’s announcement blog post.  

They can also choose to offer a discount from market price — The software constantly is updating the market price of the cryptocurrencies involved in the trade, and will add the markup or discount at the moment the trade happens.

The Ability to Trade 1,500+ Cryptocurrencies With No Fees and No KYC/AML Processes

The announcement further details that the second feature includes the major update to how many cryptocurrencies can be traded on Openbazaar. The development team notes that prior to the 2.2.2 release there were about 60 different coins available to trade. Openbazaar has implemented price feeds from the data site Coinmarketcap and there are now 1,500+ coins that can be traded.

Openbazaar Users Can Now Trade 1500 Cryptocurrencies With No KYC “If you want to see if a specific coin is available, download Openbazaar and start the process of creating a cryptocurrency listing,” the Openbazaar developers detail.

As always, there are no fees to pay and no accounts to sign up for — It’s a direct swap of cryptocurrencies between you and the other party, and if you choose a moderated payment (highly recommended) then there’s a third party available in case of dispute.

The cryptocurrency community seemed to like the latest Openbazaar announcement across social media and digital asset focused forums. The biggest plus for most digital currency proponents is the means to buy and sell coins without fees — But people really appreciated the ability to trade without all the annoying KYC/AML processes tethered to more than 90 percent of exchanges out there today.

What do you think about Openbazaar adding 1,500+ different cryptocurrencies to the platform for peer-to-peer trading? Let us know what you think about this subject in the comment section below.  


Images via Shutterstock, Openbazaar logo, and the OB Blog. 


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The post Openbazaar Users Can Now Trade 1500 Cryptocurrencies With No KYC appeared first on Bitcoin News.

Huge Wind Farm to Power Bitcoin Mining Will Be Built in North Africa – Bitcoinist

BitcoinistHuge Wind Farm to Power Bitcoin Mining Will Be Built in North AfricaBitcoinistAs Bitcoin mining becomes more expensive and is criticized as being detrimental to the environment, several initiatives are being put forward to reverse this situat…


Bitcoinist

Huge Wind Farm to Power Bitcoin Mining Will Be Built in North Africa
Bitcoinist
As Bitcoin mining becomes more expensive and is criticized as being detrimental to the environment, several initiatives are being put forward to reverse this situation. The latest move comes from Brookstone Partners, which involves building a 900
Can a Wind Farm Help Morocco Become the Next Bitcoin Mining Paradise?newsBTC

all 4 news articles »

Europe: Crypto and Blockchain News Roundup, 20th to 26th July 2018

Europe Welcome to our weekly roundup of all important blockchain and cryptocurrency news from around the world. Follow the latest developments in the cryptocurrency space continent by continent, country by country. Malta Cryptocurrency rules not yet enforced in Malta: Malta’s new cryptocurrency regulatory framework is not in effect right now. The three cryptocurrency-centric bills were …

The post Europe: Crypto and Blockchain News Roundup, 20th to 26th July 2018 appeared first on BitcoinNews.com.

Europe

Welcome to our weekly roundup of all important blockchain and cryptocurrency news from around the world. Follow the latest developments in the cryptocurrency space continent by continent, country by country.

Malta

Cryptocurrency rules not yet enforced in Malta: Malta’s new cryptocurrency regulatory framework is not in effect right now.

The three cryptocurrency-centric bills were passed by the country’s parliament in June, thus setting out a number of progressive changes to the country’s cryptocurrency scene. However, the Malta Financial Services Authority has said that none of these laws are in force as of now.

The reason given is because the government is working on the development of Virtual Assets Financial Framework that will which will enable the regulation to be enforced.

It is, however, unclear when the framework will be ready for implementation.

UK

Surrey police first to confiscate and sell BTC in the UK: UK’s Surrey county police has reportedly completed the liquidation of more than BTC 296 confiscated earlier this year from money laundering suspects, according to Forbes.

Latvian national Seregjs Teresko was the first to be arrested and deported for money laundering in the country and the BTC were recovered from him. He is currently serving nine years in prison for his crimes.

However, the sale was poorly timed as at that time, the Bitcoin were valued at USD 1.5 million but since then, the currency appreciated a lot. The local AML court declared the sale legal and the police department was allowed to keep 18.8% of the funds for its operational fund while a budget bonus was also announced for the local police totaling around USD 385,000.

A spokesperson for the police said:

“Our responsibility was to ask the courts for permission to act, within the existing legal frameworks, and once given that permission, to take action… We wouldn’t speculate by holding onto any asset or property (whether Bitcoin, jewelry, vehicle or otherwise) that was seized under Proceeds of Crime Act in the hope of it changing in value.”

Germany

German Bundesliga joins English Premier League in opening doors for crypto: According to latest reports from Germany, the popular football league Bundesliga has joined the English Premier league in welcoming cryptocurrency and blockchain.

The German club Hamburg SV based in Hamburg city has signed a partnership with fintech company NAGA for the 2018/2019 season. NAGA was founded in the same city back in 2015 and continues to post impressive gains while complying with local laws.

NAGA executive director Benjamin Bilski said regarding the partnership:

“Our values and entrepreneurial attitudes are a perfect match, especially as HSV is open to new technologies, which is exactly what NAGA stands for. Because we are very familiar with statistics and technology, sophisticated and constantly new applications play a big role in our success.”

The move follows the EPL team Wolverhampton that made a local cryptocurrency exchange CoinDeal its main sponsor in a first in the continent.

Ethereum co-founder labels Berlin most important city in blockchain development: News from Germany show that Ethereum co-founder Joseph Lubin has said that “Berlin is the most important city in the Blockchain cosmos”.

Lubin made these comments to a local German News outlet. He said:

“Berlin has the infrastructure, Berlin has the talent, the really good programmers are here… the government needs to set up more programs to promote blockchain.”

While Lubin acknowledged that Blockchain and cryptocurrency in general was in its initial stages of development, he is pinning hopes on the popularity of cryptocurrencies to bring the world’s attention to the genre.

Azerbaijan

Azerbaijan to apply blockchain technology: Azerbaijan is the host to the first big cryptocurrency conference in the country hosted in Baku. The conference will host ICOs, exchanges and blockchain companies from around the world according to latest reports from the EuroAsian country.

While the country presented a largely conservative stance on cryptocurrencies in the past, it is slowly but surely opening up to the idea of cryptocurrencies.

Nidjat Imanov, deputy-director of the Department of Tax Policy and Strategic Studies at the Ministry of Taxes stated regarding cryptocurrency taxation:

“Incomes from operations with cryptocurrencies will be taxed. Formally, this means – corporate profit tax for legal entities and personal income tax for individuals… If someone bought cryptocurrency and then sold it at a higher price, that amount must be reported as income and subjected to taxation.”

Ukraine

Cryptocurrency regulations proposed in Ukraine after growing popularity: The Ukrainian National Securities and Exchange Commission (NSMCS) has said in a statement that the regulatory body Financial Stability Council (FSC) is considering cryptocurrency legislation in the country after increasing appeal for cryptocurrency and blockchain investment.

As of right now, the Ukrainian government hasn’t proposed legalization of cryptocurrencies in the country despite increasing levels of activity in the country but legislation talks are underway for the future.

The head of the NSMCS has suggested to move forward to recognize cryptocurrencies as tokens or financial instruments before finalizing on regulation to give the government a legal footing on the matter.

Russia

Russian cryptocurrency experts see 10 times cut in wages despite high demand: A recent documentation by the government of Russia shows the cryptocurrency sphere has seen a big cut in wages of the crypto employees despite the sector being in high demand.

A study by hh.ru shows that security analysts, project managers and legal experts got RUB 100,000, a cut of 40% from last year alone. PR specialists also faced a cut of nearly 50% during the same period as well.

 

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SEC Commissioner: Bitcoin Is Regulated And Mature Enough To Have An ETF – Forbes

ForbesSEC Commissioner: Bitcoin Is Regulated And Mature Enough To Have An ETFForbesOn July 26, the US Securities and Exchange Commission (SEC) officially rejected the Bitcoin exchange-traded fund (ETF) application filed by the Winklevoss twins, citing …


Forbes

SEC Commissioner: Bitcoin Is Regulated And Mature Enough To Have An ETF
Forbes
On July 26, the US Securities and Exchange Commission (SEC) officially rejected the Bitcoin exchange-traded fund (ETF) application filed by the Winklevoss twins, citing lack of measures in the ETF to prevent price manipulation. The official SEC ...

and more »

Asia and Australia: Crypto and Blockchain News Roundup, 20th to 26th July 2018

Asia and Australia Welcome to our weekly roundup of all important blockchain and cryptocurrency news from around the world. Follow the latest developments in the cryptocurrency space continent by continent, country by country. South Korea Financial watchdog urges lawmakers to move forward with crypto bill: The South Korean Financial Services Commission (FSC) has urged the nation’s …

The post Asia and Australia: Crypto and Blockchain News Roundup, 20th to 26th July 2018 appeared first on BitcoinNews.com.

Asia and Australia

Welcome to our weekly roundup of all important blockchain and cryptocurrency news from around the world. Follow the latest developments in the cryptocurrency space continent by continent, country by country.

South Korea

Financial watchdog urges lawmakers to move forward with crypto bill: The South Korean Financial Services Commission (FSC) has urged the nation’s lawmakers to pass the first cryptocurrency regulatory bill in the country according to latest reports from Bloomberg this week.

Hong Seong-ki the head of the FSC’s cryptocurrency security team has already warned the security and money laundering issues associated with the country’s unchecked cryptocurrency exchanges. He said:

“While crypto markets have seen rapid growth, such trading platforms don’t seem to be well-enough prepared in terms of security. We’re trying to legislate the most urgent and important things first, aiming for money-laundering prevention [AML] and investor protection. The bill should be passed as soon as possible.”

FSC joined the probe in May this year following a request to look into Anti Money Laundering (AML) compliance by many of Korea’s exchanges. While the FSC is pushing for the new bill, it is yet clear how much support it commands from the assembly itself.

Japan

New regulator limits margin trading loans: A new Japanese internal regulator has set a limit on margin trading loans in cryptocurrency exchanges. Margin trading is a process of borrowing money to trade in cryptocurrency when the investor has insufficient money.

The new borrowing limit under the newly-formed Japan Virtual Currency Exchange Association shows that Japan is ready to regulate where it matters because margin trading bears the risk of losing a lot of money. The limit right now is set at four times the deposit amount.

According to the Financial Services Agency of Japan, 142,000 cryptocurrency traders were present in Japan in April but the total number of traders is as much as 3 million according to other statistics.

Internal affairs denies links to crypto exchange inquiries: Japan’s Interior Ministry has refuted any claims of it being linked to the latest FSA investigations into cryptocurrency exchanges.

Interior Minister Seiko Noda was accused of meddling in the investigations by local crypto outlets. The current investigation involves a non-registered Tokyo-based cryptocurrency exchange which had previously remained unresponsive to FSA inquiries.

Noda rejected the allegations and stated that it was overall a matter of getting “an overall general account of cryptocurrency exchanges” but many in the crypto community showed their disapproval through social media.

The FSA is an autonomous organization in Japan that regulates the financial industry in the country and doesn’t take direct dictation from the government.

China

Ethereum blockchain used to overcome Chinese censorship on vaccines: According to latest reports from China, a vaccine scandal is forcing Chinese social workers to use blockchain to bypass Chinese censorship on medicines in the country.

Reports claim that ChangChun Changsheng Biotech company sold unsafe vaccines in the country, resulting in public condemnation. The story that broke through a blogger’s expose went viral in WeChat, the Chinese social media network.

But, due to the Chinese government’s hard-handed measure, the post from social media was removed by censor boards on social media. However, a group of users used a ETH 0.001 transfer with the story attached and helped break the censorship. Due to the decentralized nature of the Ethereum blockchain, it was out of reach for the Chinese authorities.

Blockchains, especially programmable ones like Ethereum and NEO, are being used to overcome censorship in the country that has some of the toughest systems in place in the world.

Chinese study reveals positive effects of blockchain: A latest Chinese study done under China’s Ministry of Industry and Information Technology (MIIT) and Tencent Holdings has reaffirmed the notion that investing in blockchain will have a profound impact on improving financial services in the country.

While China itself has banned ICOs, exchanges and cryptocurrencies, it is one of the most progressive countries in adopting blockchain in various areas of governance. Recently, a USD 1.4 billion fund was established to further blockchain progress in the country.

Iran

US accused of stealing BTC 500 from Iranian holders: President of Iran’s Blockchain Association Sepehr Muhammadi has said that over BTC 500 (worth USD 4.1 million) have been seized from Iranian citizens by US authorities.

Muhammadi said that Bitcoin confiscations were still being done to Iranian citizens in the garb of sanctions against the Iranian government. He said:

“Last year, a remarkable volume of Bitcoins which belonged to some Iranians were confiscated for unspecific reasons by the federal government of the United States, and the process of confiscation is still continuing. The owners of confiscated Bitcoins are unable to take legal action against the US inside Iran as cryptocurrencies are banned in the country. The association is looking to take international legal action, but they have not yet found a legal expert in anti-money laundering law who will handle the case.”

The best way for Iranians to avoid this controversy is to hold their coins in a wallet and not an online exchange that governments and hackers have easy access to.

India

Indian law commission recognizes crypto as online electronic payment: An Indian Law Commission has recognized cryptocurrency as an online payment method.

The lawmakers from the country are debating on whether allowing cryptocurrency should be allowed as a legally accepted payment in the multi-billion dollar sports betting industry that is currently in the process of being legalized.

Pakistan

Pakistanis looking to crypto to avoid dollar inflation: Pakistan’s national currency rupee’s recent fall against the dollar is resulting in some Pakistanis looking towards Bitcoin and other cryptocurrencies as a safe bet, according to latest reports from Forbes.

Pakistan is suffering from foreign currency liquidity issues and that is the reason why the US dollar has jumped up to 25% since the start of the calendar year, thus causing panic in financial circles, amplified by the recent elections.

Australia

Australian blockchain innovators using blockchain to tackle election rigging: An Australian startup is using blockchain to help improve the election processes in other countries.

The project is currently being tested in Indonesia where almost every other election is branded as rigged because of widespread nature of the constellation of islands that make up the country.

The Melbourne-based Horizon State Blockchain startup is working on a test case to launch a community-voter platform in Sumatra that would provide greater transparency and accuracy.

 

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Word on the Street: One ETF proposal down, two to go

The market found respite from the rejection of a bitcoin ETF as there are still two more ETF proposals lodged with the SEC from experienced fund managers. 

The market found respite from the rejection of a bitcoin ETF as there are still two more ETF proposals lodged with the SEC from experienced fund managers. 

US Gallup Poll Shows Only 2% of American Investors Own Bitcoin

US Gallup Poll Shows Only 2% of American Investors Own BitcoinAccording to a Wells Fargo Gallup Investor and Retirement Optimism Index poll, just 2 percent of Americans surveyed own bitcoin. The poll is based on US adults who have at least $10,000 or more invested in things like mutual funds, stocks, and bonds. The Gallup survey also reveals that 26 percent of the US residents […]

The post US Gallup Poll Shows Only 2% of American Investors Own Bitcoin appeared first on Bitcoin News.

US Gallup Poll Shows Only 2% of American Investors Own Bitcoin

According to a Wells Fargo Gallup Investor and Retirement Optimism Index poll, just 2 percent of Americans surveyed own bitcoin. The poll is based on US adults who have at least $10,000 or more invested in things like mutual funds, stocks, and bonds. The Gallup survey also reveals that 26 percent of the US residents surveyed are “intrigued” by bitcoin but have no plans in investing any time soon.

Also Read: Bitcoin Cash Fund to Help Promote Future r/MillionaireMakers Drawings

Gallup Data Says American Investors Find Bitcoin Investment “Risky” But Young Investors Say They Would Jump in if Bitcoin Was “More Mainstream”

Wells Fargo has published the results of a Gallup Investor poll which shows only 2 percent of US residents own some bitcoin. The ‘Investor and Retirement Optimism Index’ survey was conducted online between May 7-14, 2018 and the web study consisted of 1,921 American investors ages 18 and older.

US Gallup Poll Shows Only 2% of American Investors Own Bitcoin“Bitcoin, the leading form of digital currency that has seen its price soar, crash and rise again in the past year, has made little headway with U.S. investors,” explains the report authored by Lydia Sadd.  

According to a Wells Fargo/Gallup poll, just 2% of investors say they currently own bitcoin, and less than 1% plan to buy it in the near future — While most investors say they have no interest in ever buying bitcoin, about one in four (26%) say they are intrigued by it but won’t be buying it anytime soon.

US Gallup Poll Shows Only 2% of American Investors Own Bitcoin

Most US Investors Are on the Sidelines

75 percent of the longitudinal panel of U.S. investors surveyed stated they found cryptocurrency investment “risky” while 23 percent of those polled found the investment to be “somewhat risky”. Only 2 percent of the investors polled said bitcoin investments were “not too risky” and just 0.5 percent found it to be “not risky at all”. The study found that because a majority of individuals believe bitcoin is risky, most prefer “security over growth” and “US investors prefer to play it safe with their investments.”

US Gallup Poll Shows Only 2% of American Investors Own Bitcoin

“Looking to the future, however, many younger investors who currently say they are intrigued may be converted to investors once the currency goes more mainstream,” Sadd notes.

For now, most investors are on the sidelines, knowing little to nothing about bitcoin. Few are already invested in it, and even fewer plan to jump in soon.  

Sadd’s web study also concludes that out of the 2 percent that owned bitcoin, ownership is more common among wealthier investors (earning $90,000 USD a year or more) while low-income investors don’t invest in bitcoin as much.

US Gallup Poll Shows Only 2% of American Investors Own Bitcoin

The researcher also notes that three in 10 of the investors (29%) polled knew some things about cryptocurrencies. 67 percent said they’ve heard of specific digital currencies but don’t have that much knowledge about them, and 5 percent have never heard of any types of virtual currencies.

What do you think about the findings within the Wells Fargo/Gallup poll? Let us know what you think about this subject in the comment section below.


Images via Shutterstock, and Wells Fargo’s Gallup poll


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Deconstructing the ‘Coinbase effect’

Coinbase declaring its interest in trading a token has acted as a blue ribbon for a number of alternate digital assets. The sway the company has on crypto markets is undeniable, but what is the substance behind the ‘Coinbase effect’?

Coinbase declaring its interest in trading a token has acted as a blue ribbon for a number of alternate digital assets. The sway the company has on crypto markets is undeniable, but what is the substance behind the ‘Coinbase effect’?

Africa and the Middle East: Crypto and Blockchain News Roundup, 20th to 26th July 2018

Africa and the Middle East Welcome to our weekly roundup of all important blockchain and cryptocurrency news from around the world. Follow the latest developments in the cryptocurrency space continent by continent, country by country. Africa South Africa Startup lets South Africans invest in crypto for as little as 70 Rands: SAFCOIN, a digital currency …

The post Africa and the Middle East: Crypto and Blockchain News Roundup, 20th to 26th July 2018 appeared first on BitcoinNews.com.

Africa and the Middle East

Welcome to our weekly roundup of all important blockchain and cryptocurrency news from around the world. Follow the latest developments in the cryptocurrency space continent by continent, country by country.

Africa

South Africa

Startup lets South Africans invest in crypto for as little as 70 Rands: SAFCOIN, a digital currency startup, is giving South Africans the opportunity to invest in their latest coin project with a minimum investment of 70 rands (SAR) per token valued at USD 18.6.

Neil Ferreira, the co-founder of the coin project said:

“We want to make cryptocurrency trading as accessible as possible, to as many Africans as possible. So it was crucial that our platform was easy to use, secure, and that the tokens were affordable. For the price of a takeaway meal, South Africans can be part of the growing cryptocurrency movement.”

However, South Africans are more interested in investing in Bitcoin rather than other ICOs and cryptocurrencies at the moment, according to latest surveys.

South African community launches own crypto: A small white community living in a remote town of South Africa of Orania and notorious for its closed population consisting of Afrikaners is considering launching its own cryptocurrency according to their Twitter, one of the few communication sources within the community.

The community living in remote area Northern Cape, a province in South Africa, includes just about 1,600 people and almost everybody knows each other. The Town’s Chamber of Commerce published a post on Twitter that it has decided to launch its own cryptocurrency which will present itself as an alternative option to the local Ora currency that may be subject to inflation in the future.

Now, the E-Ora as the new cryptocurrency is called is not an alternative to a cryptocurrency but just fiat currency in digital form under the security and transparency of a blockchain. Daniel James, the chairman of the Chamber of Commerce said:

“If the rand became so weak that one were to decide to walk away from it, one could perhaps couple (the E-Ora) to something else, such as a basket of currencies out there. Or something inside Orania. Something comparable that has value.”

The digital currency is currently being tested out but there are no concrete plans of its full adoption presented by the Chamber.

The largest city of South Africa gets a crypto ATM: The city of Johannesburg, the most populous one in South Africa, is now home to its first cryptocurrency ATM.

The ATM has been installed in the North Western Part of the city’s metro area and is compatible with all major coins. Customers can buy Bitcoin, Ethereum and Litecoin with fiat cash using this ATM. The ATM was installed by the Spar store manager, George Neophytou who said:

“I asked permission to use this location because I work here. What better place to set it up, so that if a user required help, I’d be on site to help.”

Cryptocurrencies are becoming popular in South Africa and more and more stores are now accepting direct cryptocurrency payments as well.

Kenya

DASH looking to expand to Kenya and East Africa: Dash Hub Africa, a project of Dash’s Decentralized Autonomous Organization (DAO) is looking to establish a Dash ecosystem in Kenya and work towards other areas of East Africa according to the project’s coordinator, Abduallah Adeleke.

The project aims at increased adoption of Dash around the world and Africa, in particular where businesses and consumers can use the cryptocurrency on a daily basis. Adeleke is also trying to form an enthusiastic Dash community in the region that will accept it.

Dash Hub Africa is also active in 17 other members including Nigeria, Kenya, Ghana and Togo.

Ethiopia

Blockchain and crypto being used to help refugees: Ethiopia, one of the largest homes of refugees in the world (almost 750,000 from Somalia, Sudan and Eritrea) is trying to use blockchain to help organizations cater for the needs of the displaced people.

Humanitarian organizations are now finding new ways to use blockchain in providing support for African refugees in Ethiopia. The new uses include using the technology as a means of identification that could help solve the issue of refugees being stranded between borders.

Middle East

Israel

Bank of Israel studying crypto adoption: The Central Bank of Israel’s Deputy Governor Dr Bodo-Trachtenberg has said that the bank is optimistic about adopting cryptocurrencies in the central bank’s operations, according to Finance Magnates.

The move comes after increasing tussles between financial institutions and cryptocurrency circles due to lack of regulations had created an environment of hostility in the country. The words of the deputy governor who spoke at the Bit2C Coin Conference in the country have largely been received positively by the crypto community.

United Arab Emirates

Crypto regulations discussed in judicial review: Dubai’s top Judicial Institute in its annual judicial review has addressed the rise of cryptocurrencies and regulations in the country.

According to the ‘Emirates Law, Business & Practice’, the magazine in question, it will dedicate some space for the future of cryptocurrencies in the country and discuss the necessary regulations that need to be passed by the government from a legal perspective.

 

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