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Jeff Garzik started writing software code for Bitcoin after reading a blog post about the digital currency in July 2010. At the time, he was working remotely for open-source powerhouse Red Hat Inc from an RV parked in an empty lot in Raleigh, North Carolina.
He soon became the third-biggest contributor to Bitcoin’s code after the cryptocurrency’s anonymous creator Satoshi Nakamoto and developer Gavin Andresen, and remained so through 2014. Looking back 10 years after its creation, Garzik says he is proud, even though Bitcoin is not what he envisioned it would become.
As a father I enjoy watching my kids grow up, even as they make mistakes or grow in ways that I wouldn’t expect,” said Garzik, who has given away Bitcoin valued at more than US$100mil (RM417.83mil) based on current prices.
During the initial period, Garzik, 44, worked directly with Nakamoto, corresponding via private email and the Bitcointalk forum, until the token’s creator abruptly disappeared in 2011. Former collaborators and journalists have been guessing since about who he or she or they were – a matter of importance since Nakamoto controls about 1 million Bitcoins, and could impact the cryptocurrency’s market price.
”My personal theory is that it’s Floridian Dave Kleiman,” Garzik said in an phone interview. “It matches his coding style, this gentleman was self taught. And the Bitcoin coder was someone who was very, very smart, but not a classically trained software engineer.”
Kleiman, a former Florida sheriff’s officer who ended up becoming a computer forensics expert, died in 2013. Kleiman’s estate is suing Australian Craig Wright, who has claimed to be Nakamoto, for allegedly seizing billions of dollars worth of Bitcoins and intellectual property from Kleiman. Wright denies the claim.
Nakamoto’s vision of Bitcoin as private money hasn’t come to fruition. Its use in commerce is actually falling, according to a recent analysis from researcher Chainalysis. Instead, speculators and investors have treated it as an asset like gold. That’s fine with the Atlanta-based Garzik.
”It is an organism, it’s something that evolves,” said Garzik, who worked for crypto payment processor BitPay and still sits on its board, as well as the boards of blockchain-technology company BitFury and the Linux Foundation. “It hasn’t evolved in the direction of high-volume payments, which is something we thought about in the very early days: getting merchants to accept Bitcoins. But on the store-of-value side it’s unquestionably a success.”
Garzik continued coding for Bitcoin until 2016, when he shifted focus to his own ventures amid bickering among developers and miners over how to scale the network. Bloq Inc, a startup Garzik co-founded, has sought to carve out a niche serving enterprise clients. Bloq, where Andresen sits on the advisory board, now has 30 employees and clients among Fortune 50 companies as well as cryptocurrency-focused firms.
Developer bounties
Today, Bitcoin is worth about US$6,500 (RM27,156) – a far cry from last December’s high of almost US$20,000 (RM83,564), but way more than when Garzik first started working on the project. He remembers a party to celebrate Bitcoin hitting US$1 (RM4.18) back in 2011.
Garzik declined to disclose his current holdings, but said he gave away 15,678 Bitcoins about seven years ago in developer bounties to spur work on the software. They would be worth more than US$100mil at current prices. He has no regrets about the giveaway, and said what matters is that Bitcoin is still around.
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Thursday, 8 September 2022
Sunday, 13 January 2019
UK Investor Who Lost a Million Still Has Faith in Bitcoin
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It’s a familiar story, but it still hurts for those who have had the same experience as investor Peter McCormack who lost $1 million in the recent bear market. But he has faith.
McCormack claims that he got himself too “caught up in the hype’ during the buoyant and heady cryptocurrency market in 2017. The ex-London advertising agency manager decided that after losing his job in 2016 he’d try investing GBP 5000 (USD 6,400) in Bitcoin.
By the spring of 2017 his modest BTC investment with some extra purchases swelled to $300,000 and like many other investors at this time decided that he was in for the long ride. What happened next in the market is history, of course.
By the end of the year, his portfolio was worth GBP 1.2 million but crashed in January of 2018 wiping out his investments, having traveled and splurged money on dining out, travel, and extravagant family gifts, meanwhile dipping into his BTC throughout 2017.
“I wish I had taken everything out before the bubble burst, I have earned money in the past through hard work and enjoyed it more,” he reflected, adding “Much of my spending was quite frivolous.”
Today McCormack still podcasts and is surprisingly upbeat about Bitcoin, but warns others to be more careful with their money than he was. To him, cryptocurrency remains a “force for good” despite his up and down relationship with the market, particularly, in some undeveloped or war-torn countries where bitcoin and other digital currencies are empowering communities and minorities, he argues.
Saturday, 12 January 2019
New Blockchain Center Backed by Microsoft and IBM Opens in New York City
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A long-lasting bearish trend that holds its grip over the crypto-market does not seem to scare away the technology major fans. Thus the NYC Economic Development Corp. backed by IBM and Microsoft is opening a new business centre devoted to the blockchain.
Some may say that the time of Bitcoin and other top cryptocurrencies has passed. The crypto-market is shattering under an onslaught of major price swings and ubiquitous capital outflow. Lots of crypto-startups that stemmed from a vivid dream of widespread Bitcoin adoption are forced to shut down their offices and downshift their personnel. The newspapers frequently use a term Crypto Winter to describe a current trend rolling out in the industry.
Nevertheless, while digital assets empowered by the blockchain technology are undergoing hard times, the technology itself is almost at the peak. Blockchain-based systems of a distributed digital ledger are successfully implemented in many first-class companies including American retail giant Walmart Inc. Moreover, the blockchain technology has been a keynote address of large tech companies like Blue Big and Microsoft Corp. that have been exploiting the technology to test numerous user applications.
No wonder that while naysayers get sharp and vocal in their claims of crypto-frenzy, some companies stay loyal to the blockchain technology and consider a nascent decline as an explicit opportunity.
Blockchain Centre
For example, the NYC Economic Development Corp. refuses to drive the last nail in the coffin of cryptos and the blockchain saying that the market plunge is temporary and it is very common for such a robust technology. As a part of a partnership with affiliates of venture-capital fund Future\Perfect Ventures and the Global Blockchain Business Council, the corporation does not think of better time to build a brand-new Blockchain Centre located in downtown Manhattan.
The EDC spokesman commented on the opening saying that the corporation is playing a long game and it is not going to give up on the blockchain. The chief strategy officer at the EDC, Ana Arino was cited as saying: “While we don’t know what the future holds, we want to make sure we have a seat at the table shaping it.”
The location chosen for Blockchain Centre is quite trendy. The Flatiron district hosts many innovative tech companies and it is also called a New York alternative of Silicon Valley.
The 4,000-square-foot centre will offer everything from coding classes to lunch lectures for software developers to the general public. Tenants of the 12-story building include data aggregator Quovo Inc., startup investor Palm Drive Capital LLC and beauty services outfit Glamsquad Inc.
The city of New York is providing the one-time initial investment of $100,000. Further, the operators are expecting to raise funds via membership dues and corporate partnerships. It is worth mentioning that IBM and Microsoft Corp. have reportedly joined a list of the project’s strategic partners as Jalak Jobanputra, managing partner at Future\Perfect Ventures, reveals.
Speaking of the Blockchain Centre Jobanputra said: “This is a neutral spot, there’s no one platform or company that has undue influence over programming. What we want entrepreneurs to have is a choice.”
New York and the Blockchain
Being at the frontier of the financial world, New York is ready to embrace every initiative. The blockchain is no exception. According to Bloomberg, last year New York’s blockchain startups received more than $500 million in venture capital funding that is up 500% compared to the previous year. The same surge was observed at the job market offering more than 2,200 blockchain-related job postings.
Considering the sheer blockchain demand, the State of New York is officially launching a cryptocurrency task force in a genuine attempt to understand cryptocurrency markets and all their underlying blockchain technology.
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Wednesday, 9 January 2019
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Tuesday, 8 January 2019
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Friday, 4 January 2019
In 2019 Cryptos Will Gradually Enter a Bullish Phase, Says VC Fred Wilson
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The bears ruled the entire cryptocurrency market in the whole of 2018. Analysts and investors believed that things would turn up after every plunge only for them to get worse. However, the rally experienced during the last week of 2018 revived hope of a bullish market in 2019.
Fred Wilson, venture capitalist, blogger and Union Square Ventures co-founder, the company which invested in such brands as Twitter, Tumblr, Foursquare, Zynga, Kickstarter, has published his annual post projecting what will happen in the year ahead.
In the post, he tries to divine the financial worlds and technology. He expects a bumpy ride for investors with shaky equities markets and he believes Trump is a one-term president. Despite all the mishaps expected to happen in 2019 globally with China’s growth rate also slowing down considerably, Wilson remains extensively optimistic.
The technology investor acknowledged that 2018 was a devastating phase for the crypto world with bitcoin shedding over 70% of its value. Many in the crypto space are wondering whether the latest drop is the bottom or if the worst is yet to happen. Although Wilson says that 2019 is going to be rough, he believes that there is some light at the end of the tunnel.
Bulls at the End of the Tunnel
The recent drops are just part of the process of finding the bottom for the large, liquid, and lasting crypto-tokens. But, the process may take much of 2019 to play out perfectly. There might be some bullish runs, followed by significant selling pressures that will push the markets to retest the lows.
After the bottoming out process ends later in 2019, the markets will gradually enter a new bullish era. Wilson expects that the launch of anticipated blockchain-based projects will give the cryptocurrency markets the much-needed momentum. Smart Contracts will also deliver some real progress.
Fred Wilson said:
“I think we will see a number of “next gen” smart contract platforms ship and challenge Ethereum for leadership in this super important area of the crypto sector. I also expect the Ethereum open source community to ship a number of important improvements to its system in 2019 and defend their leadership in the smart contract space.”
However, the success of the markets is also dependent on regulators who may make misguided rules that may harm the budding high-quality projects. More crypto scams and failures are on the horizon as well since the technology is still new and not yet mainstream. Although there are several stumbling blocks in the crypto markets for 2019, Wilson presents a generally positive outlook for the future of crypto.
This message may give a sigh of relief for the undecided investors who are advised to wait out most of 2019 until the bullish phase dominates the markets.
Sunday, 9 December 2018
SEC Slaps $50,000 Fine on Delaware-Based Crypto Investment Fund
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On December 7, 2018, the United States Securities and Exchange Commission (SEC) issued a cease and desist order and a penalty of $50,000 against Delaware-based crypto assets fund firm CoinAlpha Advisors LLC.
SEC Hits Crypto Fund for Violating Securities Law According to the filing published on the commission’s website, the SEC charged CoinAlpha Advisors LLC for acting as an unregistered securities dealer. Additionally, the filing highlights that the accused company violated SEC laws by offering securities through interstate commerce.
Reportedly, CoinAlpha LLC was established in July 2017 to act as manager of the investment fund dubbed CoinAlpha Flacon LP. The fund was launched in October 2017 with the sole purpose of investing in digital assets.
From October 2017 to May 2018, the investment fund managed to raise over $600,000 from twenty-two investors spread across multiple U.S. states. As part of the investment, investors gained limited partnership interest in the crypto-focused investment fund. The SEC filing states:
“Through this offering, the investors purchased limited partnership interests in the Fund in exchange for a pro rata share of any profits derived from the Fund’s investment in digital assets.”
The order notes that CoinAlpha filed for a “Notice of Exempt Offering of Securities” a month after it was set up. However, the request for exemption was turned down by the securities regulator citing that the firm was not eligible for such an indemnity.
Additionally, the agency pointed out a number of irregularities in the CoinAlpha’s know-your-customer (KYC) system. The SEC states that the investment fund failed to ensure the status of the accreditation status of its investors.
CoinAlpha Cooperates with the SEC
zNotably, CoinAlpha agreed to halt its offering after being contacted by the securities regulator in October 2018. Furthermore, the Delaware-based fund cooperated with SEC to get its website, offering strategy materials, and social media posts audited.
The commission reached an agreement with CoinAlpha by imposing a $50,000 fine and instructing the firm to reimburse all its investors, to which the company has agreed. The filing read:
“Respondent further voluntarily reimbursed all fees it had already collected, surrendered all rights to future management and incentive fees, unwound the Fund, and made payments to ensure that no Fund investor suffered a loss. During the Commission staff’s investigation, Respondent retained a third party who determined that all 22 investors were accredited investors.”
Recently, the SEC has been aggressively pursuing crypto-related firms and individuals. Just a week back, the commission fined American professional boxer Floyd Mayweather Jr. and music producer DJ Khaled for illegally promoting crypto projects. Both celebrities paid a combined penalty of over $750,000.
Is SEC trying to make crypto sector more institutional friendly by removing entities operating illegally? Let us know your views in the comments section.
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On December 7, 2018, the United States Securities and Exchange Commission (SEC) issued a cease and desist order and a penalty of $50,000 against Delaware-based crypto assets fund firm CoinAlpha Advisors LLC.
SEC Hits Crypto Fund for Violating Securities Law According to the filing published on the commission’s website, the SEC charged CoinAlpha Advisors LLC for acting as an unregistered securities dealer. Additionally, the filing highlights that the accused company violated SEC laws by offering securities through interstate commerce.
Reportedly, CoinAlpha LLC was established in July 2017 to act as manager of the investment fund dubbed CoinAlpha Flacon LP. The fund was launched in October 2017 with the sole purpose of investing in digital assets.
From October 2017 to May 2018, the investment fund managed to raise over $600,000 from twenty-two investors spread across multiple U.S. states. As part of the investment, investors gained limited partnership interest in the crypto-focused investment fund. The SEC filing states:
“Through this offering, the investors purchased limited partnership interests in the Fund in exchange for a pro rata share of any profits derived from the Fund’s investment in digital assets.”
The order notes that CoinAlpha filed for a “Notice of Exempt Offering of Securities” a month after it was set up. However, the request for exemption was turned down by the securities regulator citing that the firm was not eligible for such an indemnity.
Additionally, the agency pointed out a number of irregularities in the CoinAlpha’s know-your-customer (KYC) system. The SEC states that the investment fund failed to ensure the status of the accreditation status of its investors.
CoinAlpha Cooperates with the SEC
zNotably, CoinAlpha agreed to halt its offering after being contacted by the securities regulator in October 2018. Furthermore, the Delaware-based fund cooperated with SEC to get its website, offering strategy materials, and social media posts audited.
The commission reached an agreement with CoinAlpha by imposing a $50,000 fine and instructing the firm to reimburse all its investors, to which the company has agreed. The filing read:
“Respondent further voluntarily reimbursed all fees it had already collected, surrendered all rights to future management and incentive fees, unwound the Fund, and made payments to ensure that no Fund investor suffered a loss. During the Commission staff’s investigation, Respondent retained a third party who determined that all 22 investors were accredited investors.”
Recently, the SEC has been aggressively pursuing crypto-related firms and individuals. Just a week back, the commission fined American professional boxer Floyd Mayweather Jr. and music producer DJ Khaled for illegally promoting crypto projects. Both celebrities paid a combined penalty of over $750,000.
Is SEC trying to make crypto sector more institutional friendly by removing entities operating illegally? Let us know your views in the comments section.
Thursday, 22 November 2018
Tobacco Shops In France Get Permission To Sell Bitcoins
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French tobacco shops are starting to trade two most liquid cryptocurrencies — bitcoin and ether, from January 1, 2019. Local regulators supported the initiative since the people’s interest in digital money is growing, Europe 1 reports.
At the beginning of the new year, up to 4000 stores will join the crypto industry and install the terminals for purchasing digital currencies. Later, 27,000 enterprises throughout France will also receive the software. Tobacco shops will sell small portions of bitcoin and ether, equal to 50, 100 or 250 euros.
To implement this initiative, the local federation of tobacco shops gained the approval of the country's central bank. However, according to Le Monde, this permission was not mandatory, as the stores will only be intermediaries in the cryptocurrency sales. The KeplerK and Bimedia platforms will perform as the dealers of the digital currencies, and will also provide processing services.
The regulator reportedly signed an agreement with the federation to meet the demands of local residents for cryptocurrency. Moreover, there is a political motive in this step — French authorities are going to raise prices for cigarettes, what may hamper the business of tobacco stores. Earlier, shopkeepers threatened to go out on strike because of high taxes on tobacco. Therefore, the support of the cryptocurrency trading will allow the central bank to improve relations with the local businesses.
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French tobacco shops are starting to trade two most liquid cryptocurrencies — bitcoin and ether, from January 1, 2019. Local regulators supported the initiative since the people’s interest in digital money is growing, Europe 1 reports.
At the beginning of the new year, up to 4000 stores will join the crypto industry and install the terminals for purchasing digital currencies. Later, 27,000 enterprises throughout France will also receive the software. Tobacco shops will sell small portions of bitcoin and ether, equal to 50, 100 or 250 euros.
To implement this initiative, the local federation of tobacco shops gained the approval of the country's central bank. However, according to Le Monde, this permission was not mandatory, as the stores will only be intermediaries in the cryptocurrency sales. The KeplerK and Bimedia platforms will perform as the dealers of the digital currencies, and will also provide processing services.
The regulator reportedly signed an agreement with the federation to meet the demands of local residents for cryptocurrency. Moreover, there is a political motive in this step — French authorities are going to raise prices for cigarettes, what may hamper the business of tobacco stores. Earlier, shopkeepers threatened to go out on strike because of high taxes on tobacco. Therefore, the support of the cryptocurrency trading will allow the central bank to improve relations with the local businesses.
Saturday, 17 November 2018
Tom Lee Has Slashed His Price Target on Bitcoin from $25,000 to $15,000
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The popular digital currency supporter has sharply reduced his price target from $25,000 to $15,000 on bitcoin for the year-end.
Sherlock by Sherlock November 17, 2018 in Crypto news, Opinion
As the bitcoin price traded below the psychological level of $6,000 mark, Fundstrat Global Advisors co-founder, Tom Lee, has slashed his price target on bitcoin nearly half. However, the revised target price is much higher than the current trading price. Significantly, his comments come on the heels of seven out of top ten cryptocurrencies witnessing a double-digit drop in the 7-day period.
Break-Even Point
The popular digital currency supporter has sharply reduced his price target from $25,000 to $15,000 on bitcoin for the year-end. He believes that the important driver is ‘break-even’ point. This meant that mining costs should match the trading price. According to him, the matching level reduced to $7,000 from his previous estimate of 8,000. This is based on the Bitmain’s S9 mining machine. This would mean a fair value of roughly 2.2 times of the fresh break-even price.
Bitcoin is trading around $5,450 at the time of writing and has shed 13.56 percent for the one-week period. Despite the existing sluggishness or the bearishness, Lee is confident of a recovery in bitcoin price. In a research note to clients, he pointed out the earlier bear market during the period 2013 – 2015 and said that it “never sustained a move below breakeven.” The former chief equity strategist at J.P. Morgan Lee thinks that the psychological breaking down of $6,000 has driven a fresh wave of pessimism.
Negative Swing in Sentiment
He also pointed out that there is a negative swing in sentiment that is much worse relative to the fundamental implications. Lee said that most of the price movement was fueled by certain events like the argument over bitcoin cash. There have been several tweets on bitcoin cash hard fork and splitting into bitcoin ABC or bitcoin SV. Significantly, bitcoin cash itself was a fork from bitcoin.
Though the bitcoin price remained somewhat stable in October, the sell-off has started a few days back after remaining around $6,400 levels. However, Lee is unmoved by the current condition and sees bullishness on the most valuable digital coin with the belief that institutional involvement will boost the price before the current year ends. He pointed out the wider infrastructure creation for institutional involvement to support his belief.
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The popular digital currency supporter has sharply reduced his price target from $25,000 to $15,000 on bitcoin for the year-end.
Sherlock by Sherlock November 17, 2018 in Crypto news, Opinion
As the bitcoin price traded below the psychological level of $6,000 mark, Fundstrat Global Advisors co-founder, Tom Lee, has slashed his price target on bitcoin nearly half. However, the revised target price is much higher than the current trading price. Significantly, his comments come on the heels of seven out of top ten cryptocurrencies witnessing a double-digit drop in the 7-day period.
Break-Even Point
The popular digital currency supporter has sharply reduced his price target from $25,000 to $15,000 on bitcoin for the year-end. He believes that the important driver is ‘break-even’ point. This meant that mining costs should match the trading price. According to him, the matching level reduced to $7,000 from his previous estimate of 8,000. This is based on the Bitmain’s S9 mining machine. This would mean a fair value of roughly 2.2 times of the fresh break-even price.
Bitcoin is trading around $5,450 at the time of writing and has shed 13.56 percent for the one-week period. Despite the existing sluggishness or the bearishness, Lee is confident of a recovery in bitcoin price. In a research note to clients, he pointed out the earlier bear market during the period 2013 – 2015 and said that it “never sustained a move below breakeven.” The former chief equity strategist at J.P. Morgan Lee thinks that the psychological breaking down of $6,000 has driven a fresh wave of pessimism.
Negative Swing in Sentiment
He also pointed out that there is a negative swing in sentiment that is much worse relative to the fundamental implications. Lee said that most of the price movement was fueled by certain events like the argument over bitcoin cash. There have been several tweets on bitcoin cash hard fork and splitting into bitcoin ABC or bitcoin SV. Significantly, bitcoin cash itself was a fork from bitcoin.
Though the bitcoin price remained somewhat stable in October, the sell-off has started a few days back after remaining around $6,400 levels. However, Lee is unmoved by the current condition and sees bullishness on the most valuable digital coin with the belief that institutional involvement will boost the price before the current year ends. He pointed out the wider infrastructure creation for institutional involvement to support his belief.
Sunday, 11 November 2018
Thursday, 8 November 2018
What an ETF Is and What It Means for Bitcoin?
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What an ETF Is and What It Means for Bitcoin
To start, a short explanation: an ETF is a fund that holds an underlying asset or assets, be they stocks, commodities, bonds, etc., which are then divided into shares for investors to buy. In structure, an ETF functions like a hedge fund, the primary difference being that an ETF is traded on a public market like shares of a stock, while a hedge fund is not.
With that primer in mind, we can now unpack the processes and jargon that constitute an ETF’s many working parts.
Typically, an ETF features four primary stakeholders:
a sponsor (the entity who creates the ETF)
a custodian (the entity who stores and manages the underlying asset/s)
authorized participants (financial institutions or accredited individuals who create and redeem a block of the ETF’s shares)
shareholders/investors (those who purchase the shares on the open market)
More or less, authorized participants and sponsors are in charge of the ETF’s supply. The participants create or redeem blocks of shares (called creation units) directly from the sponsor; typically, these creation units are settled in-kind, meaning they are purchased for or redeemed in the underlying asset.
Once participants have purchased creation units, these units are then divided into shares and traded on public exchanges.
For bitcoin, an ETF would function similarly to ETFs for other commodities like gold and silver. Its sponsor, most likely a trust of sorts, would employ the help of a custodian to store the physical bitcoins backing the ETFs (or, in the case of futures, the futures contracts) and related cash flow, and it would also rely on eager financial institutions to jumpstart circulation by purchasing shares to trade on a regulated, legacy exchange like the NYSE, CME or Cboe.
Many investors see the bitcoin ETF as the hitherto undiscovered holy grail of institutional-grade bitcoin investments, something that could push the market to new heights. In the broader market, ETFs are considered to be a low-barrier, low-cost alternative to other investment vehicles like hedge funds, and per this rationale, community members in favor of a bitcoin ETF say it would finally give institutional investors easy, reliable access to the crypto market. Supporting this thesis, proponents often point to the impacts ETFs had on the underlying gold market, noting that bitcoin would likely experience a similar price stimulation.
Detractors don’t think this is a good thing. They believe that, by encouraging a flood of institutional money, a bitcoin ETF would drown the market in inflated valuations, an argument critics in other markets have made by insisting that ETFs distort prices and liquidity. So the argument goes: Why would we create an investment vessel that could leave bitcoin susceptible to the same inflationary threats that it was created to avoid?
Saturday, 3 November 2018
Binance Off To Flying Start In Uganda With 40,000 Users In First Week
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Binance has stepped into Uganda with a flourish as 40,000 new users signed up to the exchange in the hope of bypassing the Ugandan Shilling (UGX).
Many citizens of African countries are unbanked, either by choice or due to complicated prohibitive rules which make it hard to open an account. Uganda is no different, with a recorded 3/4 of the population without any form of conventional banking.
This is Binance’s first fiat-crypto exchange with UGX, the primary fiat currency and comes less than a month after the company acquired an EUR bank account in Malta, with more exchanges to come, according to CEO Changpeng Zhao. Binance’s enigmatic boss clearly realises the potential of Africa as a new investment hub due to the unbanked nature of much of its population:
“Uganda is a really interesting situation, only 11% of the population has bank accounts. It’s both a challenge and an opportunity. So it may be easier to adopt cryptocurrency as a form of currency instead of trying to push for bank adoption”.
Africans have been clever in dealing with financial barriers, and using cryptocurrency is increasingly becoming a go-to way in order to sidestep banking restrictions or weak state currencies. Corruption is also another factor never far from the surface in some African economies often necessitating the need for a clever approach by locals in order to conduct their everyday business.
Recently, neigbouring Kenyan Distributed Ledgers and Artificial Intelligence task force chairman Bitange Ndemo said that that government should consider tokenizing the economy to deal with “increasing” rates of corruption and uncertainties-such is Africa’s increasing faith in crypto ahead of local fiat currencies.
Wei Zhou, Binance’s chief financial officer, suggested that one reason for the exchange’s surge of clientele in the first week is the fact that it is so easy for Uganda’s unbanked to access the system, commenting, “They [users] just have to have money within the mobile payment system. They don’t have to have bank accounts.”
The country’s president, Yoweri Museveni, said recently that he welcomed and embraced blockchain technology in Uganda since it provides full transparency, and added that he was aware how businesses were being negatively impacted by what he called “secrets and deceit.”
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Binance has stepped into Uganda with a flourish as 40,000 new users signed up to the exchange in the hope of bypassing the Ugandan Shilling (UGX).
Many citizens of African countries are unbanked, either by choice or due to complicated prohibitive rules which make it hard to open an account. Uganda is no different, with a recorded 3/4 of the population without any form of conventional banking.
This is Binance’s first fiat-crypto exchange with UGX, the primary fiat currency and comes less than a month after the company acquired an EUR bank account in Malta, with more exchanges to come, according to CEO Changpeng Zhao. Binance’s enigmatic boss clearly realises the potential of Africa as a new investment hub due to the unbanked nature of much of its population:
“Uganda is a really interesting situation, only 11% of the population has bank accounts. It’s both a challenge and an opportunity. So it may be easier to adopt cryptocurrency as a form of currency instead of trying to push for bank adoption”.
Africans have been clever in dealing with financial barriers, and using cryptocurrency is increasingly becoming a go-to way in order to sidestep banking restrictions or weak state currencies. Corruption is also another factor never far from the surface in some African economies often necessitating the need for a clever approach by locals in order to conduct their everyday business.
Recently, neigbouring Kenyan Distributed Ledgers and Artificial Intelligence task force chairman Bitange Ndemo said that that government should consider tokenizing the economy to deal with “increasing” rates of corruption and uncertainties-such is Africa’s increasing faith in crypto ahead of local fiat currencies.
Wei Zhou, Binance’s chief financial officer, suggested that one reason for the exchange’s surge of clientele in the first week is the fact that it is so easy for Uganda’s unbanked to access the system, commenting, “They [users] just have to have money within the mobile payment system. They don’t have to have bank accounts.”
The country’s president, Yoweri Museveni, said recently that he welcomed and embraced blockchain technology in Uganda since it provides full transparency, and added that he was aware how businesses were being negatively impacted by what he called “secrets and deceit.”
Wednesday, 31 October 2018
How Blockchain is Changing the Nature of Credit Cards
While blockchain has considerable, yet partly unsused potential in the wider financial markets, PumaPay has come to reform credit transactions and introduce cryptocurrencies into the consumer mainstream.
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Bitcoin remains the poster boy for the cryptocurrency market, while it’s also the most famous application of the ground-breaking blockchain technology. This should not distract from the diverse nature of blockchain, however, which has the potential to disrupt numerous markets and is expected to achieve a cumulative value of $16 billion by 2024.
Blockchain certainly has considerable potential in the wider financial markets, with banks and lenders keen to integrate this technology to drive greater efficiency and transparency across the board.
One example of this exists in the form of PumaPay, which has built a blockchain-based protocol to reform how everyday financial transactions are completed. But how does this work, and what does it mean for consumer credit across the globe.
How PumaPay is Seeking to Reform Consumer Credit
At the heart of this project of two core objectives; namely the reformation of credit transactions in the modern economy and the introduction of cryptocurrencies into the consumer mainstream.
In terms of the former, the company’s product is built on the premise that today’s credit and debit cards are unfit purpose in the prevailing economic climate. This may seem like an unfair assertion, particularly given the recent diversification in this space and the emergence of bad credit products and cards that offer cash back or lucrative sign-on bonuses.
However, the PumaPay system has been developed using open-source technology, which enables merchants and users to pull funds out of a customer’s account with express consent. This would replace the outdated method that sees shoppers push money to a retailer, before the cash flows through a long line of intermediaries as part of a process that can take days to complete.
This would also leverage the secure and transparent nature of blockchain to excellent effect, reforming the payment process withoutplacing customer’s hard-earned money at risk.
What are the Benefits of This and What do They Mean for the Financial Market?
In addition to being quicker and more secure, this type of platform also offers considerable cost-efficiencies to merchants.
More specifically, it creates a scenario in which the number and volume of transaction fees can be reduced dramatically. This reduces the cost of everyday financial transactions for allparties, with customers poised to benefit considerably over a concerted period of time.
This advanced platform is also scalable and extremely flexible, with the introduction of cryptocurrencies creating an additional payment option for customers and merchants across the globe. As a result, customers will be able to execute cryptocurrency payments both on- and offline, creating instantaneous transactions that carry next to no fees.
So what does this mean for current debit and credit cards and the financial sector as a whole? In simple terms, it provides a challenge to the status quo, providing a reform of the typical payment process along with its associated fees and delays.
While neither PumaPay or similar startups yet in a position to consistently challenge market leading names such as Visa or Mastercard, there’s no doubt that the new platform could emerge as the modern standard for completing payments.
The question that remains is whether PumaPay will successfully drive this change or an existing provider will quickly integrate blockchain technology into their core products?
For more latest news update Crypto currency training Crypto trading signals & automated trading software join below given telegram channel
Join- https://t.me/btctradingclub
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Bitcoin remains the poster boy for the cryptocurrency market, while it’s also the most famous application of the ground-breaking blockchain technology. This should not distract from the diverse nature of blockchain, however, which has the potential to disrupt numerous markets and is expected to achieve a cumulative value of $16 billion by 2024.
Blockchain certainly has considerable potential in the wider financial markets, with banks and lenders keen to integrate this technology to drive greater efficiency and transparency across the board.
One example of this exists in the form of PumaPay, which has built a blockchain-based protocol to reform how everyday financial transactions are completed. But how does this work, and what does it mean for consumer credit across the globe.
How PumaPay is Seeking to Reform Consumer Credit
At the heart of this project of two core objectives; namely the reformation of credit transactions in the modern economy and the introduction of cryptocurrencies into the consumer mainstream.
In terms of the former, the company’s product is built on the premise that today’s credit and debit cards are unfit purpose in the prevailing economic climate. This may seem like an unfair assertion, particularly given the recent diversification in this space and the emergence of bad credit products and cards that offer cash back or lucrative sign-on bonuses.
However, the PumaPay system has been developed using open-source technology, which enables merchants and users to pull funds out of a customer’s account with express consent. This would replace the outdated method that sees shoppers push money to a retailer, before the cash flows through a long line of intermediaries as part of a process that can take days to complete.
This would also leverage the secure and transparent nature of blockchain to excellent effect, reforming the payment process withoutplacing customer’s hard-earned money at risk.
What are the Benefits of This and What do They Mean for the Financial Market?
In addition to being quicker and more secure, this type of platform also offers considerable cost-efficiencies to merchants.
More specifically, it creates a scenario in which the number and volume of transaction fees can be reduced dramatically. This reduces the cost of everyday financial transactions for allparties, with customers poised to benefit considerably over a concerted period of time.
This advanced platform is also scalable and extremely flexible, with the introduction of cryptocurrencies creating an additional payment option for customers and merchants across the globe. As a result, customers will be able to execute cryptocurrency payments both on- and offline, creating instantaneous transactions that carry next to no fees.
So what does this mean for current debit and credit cards and the financial sector as a whole? In simple terms, it provides a challenge to the status quo, providing a reform of the typical payment process along with its associated fees and delays.
While neither PumaPay or similar startups yet in a position to consistently challenge market leading names such as Visa or Mastercard, there’s no doubt that the new platform could emerge as the modern standard for completing payments.
The question that remains is whether PumaPay will successfully drive this change or an existing provider will quickly integrate blockchain technology into their core products?
Tuesday, 30 October 2018
WBTC will Bring Bitcoin-Backed Tokens to Ethereum
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A new project called Wrapped Bitcoin (WBTC) will soon allow Bitcoin-backed tokens to be circulated on Ethereum. The token’s release has been scheduled for January 2019.
WBTC will combine the strengths of two leading coins. Bitcoin has consistently led the crypto market and is widely used throughout the crypto world. Ethereum, although second-place to Bitcoin in terms of market cap, is the leading platform for blockchain development.
With these things in mind, WBTC will blend Bitcoin’s ubiquity with Ethereum’s extendibility, allowing Bitcoin-equivalent tokens to be used in Ethereum-based dApps and decentralized exchanges.
Creators and Partners
The WBTC project is led by BitGo, Kyber Network, and Republic Protocol. BitGo is a wallet and crypto custody provider; as such, it will hold the project’s BTC reserves. Meanwhile, Kyber is a liquidity protocol that will enable users to easily swap their BTC and WBTC tokens.
Various decentralized exchanges and crypto projects have also partnered with WBTC, the most notable of which are MakerDAO, IDEX, and Gnosis. Several other projects are also listed in last week’s announcement, and the project will seek out further adoption as the January release approaches.
Suggested Reading : Choose a cryptocurrency wallet.
Token Management
The WBTC token is generated in a manner similar to stablecoins like Tether. WBTC cannot be mined; instead, it is minted and backed by a reserve of BTC tokens that are held by a custodian. As a result, the price of WBTC will be pegged to the price of Bitcoin, avoiding some of Ethereum’s volatility.
Generally, users will obtain existing WBTC tokens from merchants. However, tokens must also be created and destroyed. When users convert their WBTC tokens to actual Bitcoin, those WBTC tokens will be burnt. Meanwhile, new tokens can be minted by the custodian with the approval of merchants and community members.
Because both WBTC and BTC operate on public blockchains, users will be able to see that the project’s BTC reserves actually exist, ensuring that the two supplies are kept at a 1:1 ratio. WBTC’s reserve status will be prominently displayed on the project’s dashboard. The various WBTC partners will also form a DAO and routinely audit these balances.
Reception and Alternatives
The community reaction to WBTC’s announcement has been mixed. Some are critical of the project’s reliance on a centralized supply of tokens, which puts control in the hands of a few groups.
Centralization is not strictly necessary to create a cross-chain solution: Dogethereum, for example, bridged Dogecoin and Ethereum and implemented a two-way peg without using a centralized reserve.
Kyber Network has laid out some of the factors that led WBTC to choose a centralized reserve model over alternatives, such as atomic swaps and two-way relays. They concluded that some degree of centralization was necessary:
“Evaluating all these approaches, it was very clear that the current state of the industry and technical progress would not permit for a completely decentralized yet practical user-friendly solution.”
It is hard to predict whether WBTC will win over the crypto community in January. Regardless, efforts such as WBTC may go a long way toward uniting previously competitive blockchain platforms. volatility,” said Danial Daychopan, chief executive officer of Plutus, an app that allows crypto transactions.
Join- https://t.me/btctradingclub
Join- https://t.me/freebitmexsignals
https://play.google.com/store/apps/details?id=com.freecryptosignals.app
A new project called Wrapped Bitcoin (WBTC) will soon allow Bitcoin-backed tokens to be circulated on Ethereum. The token’s release has been scheduled for January 2019.
WBTC will combine the strengths of two leading coins. Bitcoin has consistently led the crypto market and is widely used throughout the crypto world. Ethereum, although second-place to Bitcoin in terms of market cap, is the leading platform for blockchain development.
With these things in mind, WBTC will blend Bitcoin’s ubiquity with Ethereum’s extendibility, allowing Bitcoin-equivalent tokens to be used in Ethereum-based dApps and decentralized exchanges.
Creators and Partners
The WBTC project is led by BitGo, Kyber Network, and Republic Protocol. BitGo is a wallet and crypto custody provider; as such, it will hold the project’s BTC reserves. Meanwhile, Kyber is a liquidity protocol that will enable users to easily swap their BTC and WBTC tokens.
Various decentralized exchanges and crypto projects have also partnered with WBTC, the most notable of which are MakerDAO, IDEX, and Gnosis. Several other projects are also listed in last week’s announcement, and the project will seek out further adoption as the January release approaches.
Suggested Reading : Choose a cryptocurrency wallet.
Token Management
The WBTC token is generated in a manner similar to stablecoins like Tether. WBTC cannot be mined; instead, it is minted and backed by a reserve of BTC tokens that are held by a custodian. As a result, the price of WBTC will be pegged to the price of Bitcoin, avoiding some of Ethereum’s volatility.
Generally, users will obtain existing WBTC tokens from merchants. However, tokens must also be created and destroyed. When users convert their WBTC tokens to actual Bitcoin, those WBTC tokens will be burnt. Meanwhile, new tokens can be minted by the custodian with the approval of merchants and community members.
Because both WBTC and BTC operate on public blockchains, users will be able to see that the project’s BTC reserves actually exist, ensuring that the two supplies are kept at a 1:1 ratio. WBTC’s reserve status will be prominently displayed on the project’s dashboard. The various WBTC partners will also form a DAO and routinely audit these balances.
Reception and Alternatives
The community reaction to WBTC’s announcement has been mixed. Some are critical of the project’s reliance on a centralized supply of tokens, which puts control in the hands of a few groups.
Centralization is not strictly necessary to create a cross-chain solution: Dogethereum, for example, bridged Dogecoin and Ethereum and implemented a two-way peg without using a centralized reserve.
Kyber Network has laid out some of the factors that led WBTC to choose a centralized reserve model over alternatives, such as atomic swaps and two-way relays. They concluded that some degree of centralization was necessary:
“Evaluating all these approaches, it was very clear that the current state of the industry and technical progress would not permit for a completely decentralized yet practical user-friendly solution.”
It is hard to predict whether WBTC will win over the crypto community in January. Regardless, efforts such as WBTC may go a long way toward uniting previously competitive blockchain platforms. volatility,” said Danial Daychopan, chief executive officer of Plutus, an app that allows crypto transactions.
Monday, 29 October 2018
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Sell Target - 280-330-370
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