Showing posts with label cryptosignals. Show all posts
Showing posts with label cryptosignals. Show all posts

Saturday, 12 January 2019

Ripple Signs Up 13 New Companies Scoring 200 Customers Worldwide


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London-based Euro Exim Bank will become the first bank to publicly announce using the XRP cryptocurrency for cross-border payments. Meanwhile, RippleNet managed to 
achieve next milestone scoring 200 consumers worldwide.


Ripple, San Fransico based provider of leading enterprise blockchain solutions for payments, has announced that now 200 global customers are signed up for RippleNet.


In a blog post, the company stated that 13 financial companies had already signed up for Ripple’s payment technology, RippleNet. Among them are Euro Exim Bank, JNFX, SendFriend, Transpaygo, FTCS, Ahli Bank of Kuwait, BFC, ConnectPay, Bahrain, WorldCom Finance, Pontual/USEND, Olympia Trust Company, and Rendimento.

Kaushik Punjani, Director at Euro Exim Bank, commented:


As a result, Euro Exim Bank, along with JNFX, SendFriend, Transpaygo, and FTCS will use the digital asset XRP for liquidity when sending a cross-border payment, which helps financial institutions avoid the hassle of pre-funding accounts in destination currencies, allowing them to make faster, lower cost payments than they can through the traditional correspondent banking system.

David Lighton, the founder of SendFriend, said:


The existing correspondent banking system is slow, inefficient and costly. SendFriend was founded at MIT with the belief that there must be a better way to send payments. We are excited to partner with Ripple to do just that. Through our partnership, we are bringing our customers a next-generation, blockchain payment solution that leverages XRP to address many of the efficiency and equity problems with existing remittances. For them, that means cheaper and faster payments.”

Other institutions that have recently joined RippleNet, like CIMB or Olympia Trust Company, will use Ripple technology for immediate settlement and more transparency payments.

Currently, RippleNet operates in over 40 countries across six continents. According to Ripple’s CEO Brad Garlinghouse, RippleNet is seeing two or three new customers join each week since last year. He said:



A number of other companies have already started using xRapid, which uses the XRP cryptocurrency, for international payments. Among them are MercuryFX, Cuallix, and Catalyst Corporate Credit Union. Back in June 2018, Ripple’s CEO predicted that major banks would use xRapid as a liquidity tool, and his prediction seems to be true. London-based Euro Exim Bank, which focuses on providing financial services for export and import companies, will become the first bank to publicly announce using the XRP cryptocurrency for cross-border payments.



SWIFT vs RIPPLE
Since Ripple has started gaining traction, it can not remain unnoticed by companies providing the same services. The Society for Worldwide Interbank Financial Telecommunication (SWIFT), the global provider of secure financial messaging services, is considered as Ripple’s major competitor.

The two companies are set to face off in Germany at the ITC conference that will take place in February. The companies will be represented by their global heads of banking – that’s Marjan Delatinne for Ripple and Wim Raymaekers for SWIFT. The debate will be mainly centered on each company’s perception of what the future looks like.

Just for a reminder, Ripple’s CEO Brad Garlinghouse recently dismissed all the rumors around Ripple-Swift potential partnership, highlighting:

“What we’re doing and executing on a day-by-day basi

Saturday, 5 January 2019

Satoshi Nakamoto:-Mysterious Bitcoin Creator World’s 44th Most Powerful Person in Finance


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A faceless person called Satoshi Nakamoto has bagged a rank among the world’s top 100 global finance leaders, leaving well-known personalities like Mark Zuckerberg, Kristalina Georgieva, and Paul Krugman behind.

Worth.com has named Satoshi Nakamoto the 44th most powerful individual in finance. The pseudonym, who could be a man or a woman, a person or a group of persons, an Earthling or an alien – or just about anything, is the entity behind the creation of Bitcoin, the world’s first peer-to-peer electronic cash payment protocol which has become a multi-billion dollar market containing thousands of financial and technological startups.

A Game Changer
Bitcoin allows people to send and receive payments directly to each other without needing a payment institution. It maintains the record of these transactions on a public ledger called the blockchain – practically doing what a bank does – at a much cheaper and faster rate.

Some of the world’s leading corporations of the likes of IBM, Bank of America, MasterCard, and JP Morgan are patenting solutions based on the bitcoin’s open-source solution, the blockchain. New startups are cloning its characteristics to create their allegedly “improved” user-specific solutions.

Bitcoin is also considered to be a financial weapon against an inflation-friendly fiat system. Nakamoto introduced a 21 million supply cap on the digital currency. The finite supply makes bitcoin more scarce than gold, the reason why speculators purchase and sell the digital currency in open markets like any other financial instrument.



Nakamoto is believed to control 980,000 bitcoins—roughly 5 percent of all of the Bitcoin that can ever be mined—giving him a net worth of $19.4 billion at the currency’s high point. It’s also enough of the cryptocurrency to allow Nakamoto to flood the market and tank Bitcoin’s value if he decides to cash out—either for profit or to prove some kind of the philosophical point—however unlikely that might be.



Blythe Masters Beats Nakamoto
Blythe Masters, the former chief executive officer of Digital Asset Holdings, a New York-based blockchain development firm, came in the 27th position of the same list. Her decade of experience in Wall Street helped Digital Asset land major clients in the banking sector, most notably the Australian Securities Exchange and Google.

Masters left Digital Asset, citing personal reasons, in December 2018.

Another crypto personality, Kelly Loeffler, the CEO of Bakkt, an ICE-backed bitcoin futures platform, also made to the list of global finance leaders, coming 72. From her profile:

If Bakkt succeeds, it will not only boost investor trust and access to Bitcoin as an asset, it will also give ICE a serious edge over the myriad other startups trying to corner this emerging market.

Nobel Prize Nomination
In 2015, UCLA Professor Bhagwan Chowdhry had sought nomination for Nakamoto for the Nobel Prize for Economic Sciences. But the Royal Swedish Academy of Sciences said that it would only nominate an anonymous person if he or she revealed themselves.

The prize, as in this instance, the Sveriges Riksbank Prize in Economic Science in Memory of Alfred Nobel, is never awarded anonymously nor posthumously.

The crypto community had expressed its disappointment over the matter, but they had also speculated on how the government agencies would treat the real Satoshi Nakamoto once his identity is open in public. Queries were also raised about whether Nakamoto should be given the entire credit of creating Bitcoin when he had support from many researchers

Dogecoin Price Loses the 60 Satoshi Level Following Minor Dip


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When it comes to determining the polarity of a specific altcoin or digital asset, comparing it to Dogecoin’s success is often a valuable metric. This meme currency of the internet has carved out its own path and proven to be successful on many different occasions. As a result, the Dogecoin price is still holding its own fairly well across the board.

Dogecoin Price Momentum Remains Somewhat Stable


It has become more than apparent price stability is a valuable trait in the world of cryptocurrency. Many currencies see an uptrend and following dip occur on a rather regular basis. While that makes speculators and traders some good money in the process, the holders and long-term investors would rather see some price stability emerge. Dogecoin, oddly enough, checks the right boxes in this regard for a lot of people.


Even in early 2019, it would appear the Dogecoin price remains rather stable first and foremost. Although there is a 2.1% loss in USD value and a 2.7% loss in BTC value, one DOGE is valued at $0.0023 or 59 Satoshi. That is still a more than respectable level for this altcoin, although it may prove somewhat difficult to turn this ship around in the near future.

On social media, there are always a few interesting Dogecoin-related discussions to take note of. It would appear a relatively new site, known as Dogeweather, is currently getting some people excited. It is a very interesting, albeit niche site, but one that can effectively help spread the word about Dogecoin is an interesting manner as well. It is always heartwarming to see new projects themed around Dogecoin launch at opportune times.


As is usually the case where Dogecoin is concerned, there will be some arbitrage opportunities worth to explore. An interesting price gap between Gate and LiveCoin has become apparent in the past few hours, although it remains to be seen how long this price difference can remain in place. Even so, it is an extra way of making money while being involved in Dogecoin, which is always an option worth exploring.



Every day needs a funny Dogecoin meme and the one shared by CryptoSurfer is quite interesting for multiple reasons. Not only does it create a sense of “Dogeception”, but it also shows how everyone should have a little Doge. Given the value of this coin and the ease of which it can be mined, earned, or bought, there is no reason for cryptocurrency enthusiasts to not have at least one Dogecoin.



Under the current market conditions, it would appear the Dogecoin price downtrend might remain in place. It seems doubtful any massive crash will occur in the coming hours and days, although that may primarily depend on what Bitcoin’s price does in the days to come. The loss of the 60 Satoshi level may be somewhat of a downer for Dogecoin traders, but it can easily be recaptured if the trading volume continues to grow a bit.



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.



Friday, 21 December 2018

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Tuesday, 18 December 2018

Google Announces $1B Investment in New York City


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Tech companies such as Amazon and Apple have announced billion-dollar real estate projects in recent weeks; now Google is joining the fray. This morning the search engine giant announced it was investing $1 billion to establish a new 1.7-million-square foot campus in Manhattan’s West Village neighborhood. The campus will be focused around 315 and 345 Hudson St., where Google has signed lease agreements, and at 550 Washington St., where it has signed a letter of intent.

Called Google Hudson Square, it will be the primary location for its New York-based operations.

Google, of course, already has a robust presence in New York City; the company has been here for close to twenty years and now employs some 7,000 local workers. Earlier this year, it announced the $2.4 billion purchase of the Manhattan Chelsea Market and also announced plans lease additional space at Pier 57.

According to a blog post by Google, the company hopes to start moving into the two Hudson Street buildings by 2020, followed by 550 Washington Street in 2022 once the building is complete.

With these investments, Google will have the capacity to more than double the number of its employees in New York over the next 10 years to 14,000.

“Our investment in New York is a huge part of our commitment to grow and invest in US facilities, offices and jobs, writes CFO Ruth Porat in the post. “In fact, we’re growing faster outside the Bay Area than within it, and this year opened new offices and data centers in locations like Detroit, Boulder, Los Angeles, Tennessee and Alabama.”

“And as we continue to grow across the country, we look forward to calling New York City home for many years to come.”

Saturday, 15 December 2018

Why does SEC Commissioner Hester Peirce fight for a Bitcoin ETF?


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Hester Peirce is a Commissioner of the Securities and Exchange Comission (SEC) and has repeatedly made headlines in the crypto world this year as she has been perhaps the most outspoken voice for the approval of a Bitcoin ETF. Although this has so far failed to lead to realization, she has been clear in her view that the SEC needs to embrace this new technology with realistic regulation, not ignore it or ban it outright.

Commissioner Peirce graduated from Case Western Reserve University with a BA in Economics and then went on to get her JD from Yale Law School, graduating in 1997. She worked as a clerk for Judge Roger Barry Andewelt on the Court of Federal Claims and then for the law firm Wilmer, Cutler & Pickering.

After that she got her first work at the SEC, first as a Staff Attorney and then as counsel to Commissioner Paul S. Atkins. This led to her joining Senator Richard Shelby’s Committee on Banking, Housing, and Urban Affairs. During this time she oversaw aspects of regulatory recovery from the 2008 financial crisis and the implementation of the Dodd-Frank Act.

It is perhaps not surprising that Peirce eventually took the views on cryptocurrency she has, as it is the 2008 financial crisis that also inspired the creation of Bitcoin in the first place. In some ways, both Peirce and crypto were forged by the fires of this crisis.

Peirce then went on to become a Senior Research Fellow and Director of the Financial Markets Working Group at the Mercatus Center at George Mason University. During this time her research focused around the role of regulation in working markets.

Finally, in 2018 she was appointed Commissioner at the SEC by President Donald Trump, a role she still has to this day.

Her role in defending a path to a Bitcoin ETF

Commissioner Peirce first got the attention of the crypto community in July of this year when she famously dissented from the SEC's decision to deny rule changes that would have allowed for a Winklevoss Bitcoin ETF.





Peirce feels the mistake the SEC made was that it used the reasoning that the market for Bitcoin was too underdeveloped and risky for investors. Peirce points out that it is not the job of the SEC to determine the safety of the market but rather create the rules that protect investors from unsafe markets. Ironically, rejecting new rules because the market isn't safe is only reinforcing an unsafe market.

In Peirce's own words:

"More institutional participation would ameliorate many of the Commission’s concerns with the bitcoin market that underlie its disapproval order. More generally, the Commission’s interpretation and application of the statutory standard sends a strong signal that innovation is unwelcome in our markets, a signal that may have effects far beyond the fate of bitcoin ETPs."

Taking such a vocal stance on the subject, and a very reasonable and well explained one at that, immediately attracted the love of the cryptocurrency community and earning her the unofficial title of “Crypto Mom.”

Coinbase announces instant PayPal withdrawals now available for all U.S. Customers


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Coinbase have announced that their new PayPal feature allowing U.S customers to withdraw to PayPal accounts has gone live as of today. 

The announcement is part of the "12 days of Coinbase" announcements, where each day at noon PST Coinbase announce new features, support for new cryptocurrencies, and more. Todays feature is the launch of the PayPal feature allowing U.S customers to withdraw directly to PayPal at zero fee cost to the client. 

Recap: Coinbase quietly introduces free PayPal withdrawals

The new feature will allow U.S customers access to their funds in a faster withdrawal method, utilizing one of the world's easiest and most widely-used payment platforms. With zero fees and fast withdrawals, the new feature will be most welcomed by U.S traders.

Coinbase commented on the announcement stating that they want to help their customers in having flexibility in using cryptocurrencies and being a part of the open financial system - "This integration is a big step forward in realizing that vision, allowing you to smoothly and instantly transfer your funds to cash."

Coinbase also announced that support for more countries will roll out in 2019. 

Tuesday, 11 December 2018

UK Parliament Offered To Add Bitcoin As Tax Payment


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The representative of the Conservative Party in the UK Parliament, Eddie Hughes stated the need to adopt Bitcoin to pay taxes and utility bills, The Daily Express reports.



According to Hughes, blockchain technologies are of great interest in society, hence his colleagues in the Parliament have to understand how they work. The speaker, for his part, said that he himself is a crypto enthusiast who has amateur knowledge in the blockchain field.



The idea of ​​introducing Bitcoin to pay for services was prompted by the Royal National Lifeboat Institution, which had started accepting digital currencies as donations. According to Hughes, this example indicates the possibility of using bitcoin as a means of payment in municipal systems.



In his speech, the lawmaker appealed to the recent decision by the authorities of the American state of Ohio to adopt bitcoin so that companies registered within the jurisdiction of the state could use the cryptocurrency to pay taxes.





Hughes concluded that in order to maintain the status of a progressive country, the UK should move one step ahead of events.



As it was previously reported, Tokyo authorities intend to take up the struggle against residents who evade paying taxes on profits received from cryptocurrency trading.

Thursday, 6 December 2018

Denmark has over 1,500 Restaurants that accept Bitcoin

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Strapped for cash with a bad case of the munchies? You’re in luck. If you live in Denmark, that is. You can now use your bitcoins again at Hungry.dk to order online takeaway from over 1,500 restaurants.

Denmark may be more famous for its pastries and its Vikings, but it seems the small Northern European country is breaking new terrain once again, just like its ancestors prior.

There aren’t all that many places that allow you to buy food with bitcoin and it’s not often that much of an incentive since you could end up losing out big time when the market goes up.

But still, it’s nice to know that there are companies blazing the trail for virtual currencies to use as a form of payment–and people who actually want to use their bitcoins in this way.

BUYING WITH BITCOINS ON HUNGRY.DK SINCE 2014


Actually, the fact that Hungry.dk accepts bitcoin payments isn’t really new since they were offering the service as far back as 2014 (light years when it comes to cryptocurrency evolution). However, as explained to Bitcoinist by a Hungry.dk representative:

We have accepted Bitcoins as a payment method for quite some time. We decided to remove the feature temporarily last year though because the average transaction time took too long, and the experience wasn’t the best.

The problems have since been solved, and we have added the option again… Hungry.dk handle the payment, so you will always be able to use Bitcoins with all the restaurants currently found on Hungry.dk.

Blockchain becomes Necessary for German Businessman like Internet

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A poll conducted by the German Association for IT, Telecommunications and New Media (Bitkom) unveiled that every third major company in the country considers blockchain technology as groundbreaking as the Internet, according to the press release of the organization.



Based on the extensive research, the Bitkom experts concluded that German entrepreneurs consider blockchain to be one of three most promising technologies along with artificial intelligence (AI) and the Internet of things (IoT)


About 15% of companies-respondents believe that distributed ledger will drastically change the society and the economy, as happened with the advent of the Internet. Nearly 36% of large enterprises, with the number of employees from 500 and above, adhere to this opinion.



Almost half of the survey participants (46%) believe that Germany is late with the development and use of blockchain and is already far behind other countries. 40% of the surveyed state that the country is in the middle of the list of countries that actively use blockchain technology.



A previous Bitkom survey, which was conducted in November 2018, showed that 60% of German companies do not want to address the blockchain matter because they do not know how to find a practical application of the technology.



In February 2018, the organization conducted a study on the awareness of German citizens about bitcoin. Then 64% of citizens reported that they are familiar with cryptocurrency. Meanwhile, in 2016, only 4% of the country's population knew what bitcoin is.



Earlier, a study by the World Trade Organization revealed that blockchain might bring $3 trillion to the economy in the next 20 years.

Wednesday, 5 December 2018

Banks in Latin America Launch a Blockchain-based Platform for Loans

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Two banks in Latin America have collaborated to develop a Blockchain-based platform that will aid in issuing loans. The banks are Itaú Unibanco Holding SA and Standard Chartered. They revealed in a statement that they aim to eliminate fraud and cut the legal cost that is usually involved.

Blockchain-based Platform to be Used to a Handle Client Loans

R3, a New York-based startup is the developer of the Blockchain platform. This platform is called Corda, and the new system will be used to handle clients’ loans. These loans are known as club-loans because the lenders are usually a small group of people, and the amount to be lent is considerably small.

Currently, it can take weeks before transactions can be completed because about 2,000 emails have to be sent between parties who will be involved. Asides being a complex process, there are also legal costs to consider. The level of risks associated can be said to be high since it may be difficult to detect fraud in financial transactions easily.

New Platform Promises Faster and More Efficient Transactions
Therefore, Blockchain technology which is reputably known to be faster, more efficient and reliable has been relied upon. Its application in this area will bring about efficiency in the processes and transparency between parties. Ricardo Nuno, Itaú’s treasury managing director, has also revealed that it will help to reduce legal cost.

To ensure the smooth operation of Corda, the banks have tested it by issuing loans. First of all, Itaú Unibanco and Standard Chartered raised $100 million and then negotiated the terms of the loan. Although the money was not transferred, it was said that in future, the money could be sent to the receiving party.

Financial Institutions are Adopting Blockchain Technology
More banks are adopting Blockchain technology either in combating fraud or facilitating their processes. An example is SWIFT India, a financial services provider who has collaborated with the Fintech firm, MonetaGO. The former will use MonetaGO’s Blockchain platform for secure messaging. In this case, banks in India will be able to share the same DLT network to gain access to its stored information.

Thailand’s Revenue Department, on the other hand, has decided to use the Distributed Ledger Technology to combat VAT payment fraud. The department has decided that VAT invoices will now be stored on Blockchain to make them traceable. As a result, it will help to resolve issues relating to tax refund claims

Bitfinex and Ethfinex Now Lists Six Different Stablecoins

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Bitfinex and Ethfinex, two leading digital asset exchanges, now enable clients to trade all six major stablecoins on both exchanges in an attempt to create coin agnostic platforms, the companies announced in a Medium post on December 4, 2018.

Six Stablecoins Now Available for Trading on Bitfinex
Starting on December 4, 2018, customers of Bitfinex and Ethfinex will be able to trade all six major stablecoins on both exchanges.

According to the company’s Medium post announcing the news, all stablecoins on Bitfinex and Ethfinex will be traded against the U.S. dollar. The USD Coin (USDC), Paxos Standard Token (PAX), True USD (TUSD), and the Gemini Dollar (GUSD) are all new additions to the exchange, joining Tether (USDT) and Dai (DAI).

Bitfinex is considered to be a pioneer when it comes to stablecoin adoption, as it was the first to introduce Dai, an Ethereum collateralized stablecoin, onto its platform. The company said that deposits and withdrawals for the four newly added stablecoins would be limited only to verified traders.

The announcement continues Bitfinex’s heritage of providing a neutral, coin-agnostic platform. Earlier in November, the exchange introduced USDT/USD and EURT/EUR Tether trading pairs, enabling their users to trade Tether-fiat directly on their platform.


Bitfinex and Ethfinex, two leading digital asset exchanges, now enable clients to trade all six major stablecoins on both exchanges in an attempt to create coin agnostic platforms, the companies announced in a Medium post on December 4, 2018.

Six Stablecoins Now Available for Trading on Bitfinex
Starting on December 4, 2018, customers of Bitfinex and Ethfinex will be able to trade all six major stablecoins on both exchanges.

According to the company’s Medium post announcing the news, all stablecoins on Bitfinex and Ethfinex will be traded against the U.S. dollar. The USD Coin (USDC), Paxos Standard Token (PAX), True USD (TUSD), and the Gemini Dollar (GUSD) are all new additions to the exchange, joining Tether (USDT) and Dai (DAI).

Bitfinex is considered to be a pioneer when it comes to stablecoin adoption, as it was the first to introduce Dai, an Ethereum collateralized stablecoin, onto its platform. The company said that deposits and withdrawals for the four newly added stablecoins would be limited only to verified traders.

The announcement continues Bitfinex’s heritage of providing a neutral, coin-agnostic platform. Earlier in November, the exchange introduced USDT/USD and EURT/EUR Tether trading pairs, enabling their users to trade Tether-fiat directly on their platform.


This replaced the previous 1:1 conversion on deposits and withdrawals provided by Bitfinex and reflected the increasing range of choice in the stablecoin market and customer demands.

Increased Market Demand for Stablecoins
Created in 2014, Tether was the only stablecoin available to traders for years and was a response to a clear market need to allow movements of funds quickly between different exchanges while benefiting from the stability of the U.S. Dollar.

Following the boom Tether saw in 2017, the skyrocketing demand caused the stablecoin market to expand, with five alternatives launching since March 2018 rapidly. With around $186 billion, stablecoins are currently the fastest growing sector of the crypto market.

Questions about legitimacy and true value have been contributing factors in the plummeting price of cryptocurrencies and tokens, and have been directly responsible for the rise of stablecoins. With the trust in Tether withering in 2018, the increase in the number of stablecoins available is has been a welcome reprieve for crypto traders.

Worldwide, stablecoins in their fundraising ICO phases have attracted millions of dollars’ worth of investment from reputable multinational corporations. This proves that stablecoins are a respected alternative to traditional banking, valued for their reliable software that leaves no room for error.

Saturday, 1 December 2018

Why Chicago is Fast Becoming the Crypto Trading Capital of the World

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Beginning with the founding of the Chicago Board of Trade (CBOT) in 1848, Chicago has a long and illustrious history as a trading town.  The CBOT introduced standardized futures contracts, and more than a century later spun off the CBOE which pioneered standardized option contracts.  The Chicago Mercantile Exchange launched in 1898 as an egg & butter exchange and in 1972 spun off the International Monetary Market, the first exchange to trade financial futures.  For the past 45 years, the CBOT, CBOE, & CME have established Chicago as the derivatives capital of the world trading both options and futures on grains, meats, stocks, bonds, foreign currencies, and other financial products. 

Fast forward to 2018 and Chicago is once again leading the charge as it has begun to trade derivatives on a revolutionary new product.  In December 2017, both Cboe Global Markets and the CME Group began trading futures on bitcoin.  The two derivative exchanges are the most prominent local enterprises to enter the cryptocurrency markets but an entire ecosystem has begun to emerge in Chicago and is rapidly gaining momentum.    

Chicago is home to a number of spot exchanges which trade the cryptocurrencies that underlie the derivative contracts.  Athena Bitcoin operates more than 70 crypto ATMs in 8 states across the USA and has entered Latin America.  Digital Mint has over 70 crypto ATMs in Chicago alone and close to 200 nationwide.  Bcause runs the largest mining operation in North America and is building the world’s first full-stack cryptocurrency ecosystem.  Seed CX offers institutional trading and settlement for both spot and derivatives in cryptocurrencies.  Beaxy aims to create an all-in-one cryptocurrency exchange.  The Eris Exchange, which is backed by Cboe Global Markets, DRW, ED&F Man Capital Markets, NEX Opportunities, Susquehanna, TD Ameritrade, Valor Equity Partners and Virtu Financial, is launching a platform to trade both spot and futures which will settle with the physical delivery of cryptocurrency.  Edge Financial Technologies is on target to launch a cryptocurrency platform for both retail and institutional traders in the first quarter of 2019.  CFX launched the first platform in the U.S. to facilitate the trading of regulated security tokens.  The Bitnomial Exchange is waiting for approval from the CFTC.                           




Exchanges from other cities are establishing a foothold in Chicago, too.  Coinbase opened a permanent office in Chicago and announced plans to hire 90 software developers in the next three years.  The San Juan Mercantile Exchange is launching the world’s first digital asset exchange for high frequency traders and plans to open offices in three cities including Chicago.  Kraken is moving its headquarters from San Francisco to Chicago.

Why are Kraken, Coinbase, and the San Juan Mercantile Exchange coming to Chicago?  The answer is that they want access to our trading community with its abundance of resources including traders, liquidity, technology, and developers.  According to Paul Bauerschmidt, former CME executive and leader of Coinbase’s Chicago office:  “Chicago is super valuable to us because of the talent that’s here.  If you move to one of the coasts, you…will get access to talent, but it’s much harder to come by.  And, in Chicago, we’ve got an incredible exchange and trading community.”  And, according to Fred Grede, CEO of Bcause:  “They’re starting to figure out that the real center of liquidity in these kinds of markets is right here in Chicago, and that it’s a tremendous pool of resources.  I don’t mean to get into any disrespect for New York.”                        

DRW, founded by billionaire trader Don Wilson, was the first trading firm in Chicago to jump into the crypto space.  In 2014, DRW spun off Cumberland Mining which runs the largest over-the-counter cryptocurrency trading desk in the world.  In 2017, Akuna Capital, Blue Fire Capital, CMT Digital, DV Trading, and Consolidated Trading launched cryptocurrency trading desks.  In January 2018, Trading Technologies announced a partnership with Coinbase to provide cryptocurrency trading in both spot and derivative markets.  In April 2018, Hehmeyer Trading launched the first cryptocurrency index fund.  Jump Trading, the largest trader of U.S. Treasuries in the world, ‘jumped’ into cryptocurrency trading in mid-2017 and, in June 2018, launched an over-the-counter cryptocurrency trading platform.  XR Trading and TransMarket Group also began trading cryptocurrencies in 2018.  Geneva Trading is in the process of forming a cryptocurrency trading team.   

In summary, Chicago has all the ingredients to become the ‘Crypto Trading Capital of the World’ with its abundance of derivative exchanges, spot exchanges, traders, investors, developers, etc.  One of the keys will be to bring together the major players in Chicago’s emerging crypto ecosystem to foster collaboration.  There is competition to be sure among the various players but there is also such a thing as co-opetition.  As the saying goes, a rising tide lifts all boats.  For many years, the CBOT, CME & CBOE have competed against each other but find another city or region in the world which could boast three of the biggest and most successful exchanges on the planet.     

Stay tuned as FinTank (FinTank.org), a local Fintech hub and accelerator specializing in crypto assets, is getting ready to facilitate collaboration by launching Chicago’s first online crypto community for traders, investors, miners, entrepreneurs, developers, consultants, senior-level executives, and other blockchain/digital currency players and enthusiasts.  FinTank is partnering with two startups in its accelerator—Crypto Markets and Coinifide —to build a platform that offers in-depth content, experiential learning, and job leads to enhance the knowledge, skill set, and economic opportunities for participants in Chicago’s burgeoning crypto community.

Friday, 30 November 2018

Is Bitcoin dead? 8 reasons why it is NOT


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Is the price of Bitcoin down to zero? 
No.

Bitcoin is trading above $4000 at the time of writing. Yes, that's far from the all time high of close to $20K, but people are still buying Bitcoin every day, every hour, every minute. Don't forget that only two years ago, one Bitcoin was worth $736, and in September of 2017 BTC was still trading below $4000.

Many people got hurt post-bull run, but zoom out and look at the bigger picture. Patience is the name of the game here.


Is this the worst Bitcoin bear market EVER?
Nope, we've been here before.
We've seen worse.
And we survived.

Be like the hodlers who got through the 2011 crash. Who dealt with the -83% retracement in 2013. Who were not afraid anymore during the 2013-2015 bear market because they knew that Bitcoin would come back stronger, eventually.



Hi CNBC Crypto Crew, can you please discuss about the gains after each of the last 4 major Bitcoin crashes (80% or more) in the past 9 years. 

The 2014-2016 bear market resulted in a 13,100% gain from the bottom of $150.




Did Bitcoin stop working? 
No. 
Every 10 minutes or so, a new block is created on the Bitcoin network. Every 10 minutes, assets, sometimes worth millions of dollars, are being sent across the world, fast, for a low fee. Bitcoin dead? Miners are still mining, blocks are still being created, transactions are still being confirmed. The fact $BTC dropped in price didn't change anything to that.





Are institutional investors walking off because of the BTC price drop?
No.
What would institutional investors be more interested in? Buy at the all time high together with the retail investors, or wait for the inevitable correction and buy in 5 times cheaper?

And if they buy at those cheap prices, would they send out a tweet right away, stating 'I just bought 9000BTC on Bitfinex'? No. They accumulate quietly, knowing that, at some point, retail FOMO will push their ROI.

Some big players might be buying already, some institutional investors might be waiting on the sidelines for the price to drop even further, or for regulation to be implemented, or for the right products to be launched. But one thing that's certain is that when it comes to buying, institutional investors like blood on the streets more than hype.

As Michael Novogratz says, when the time is right, institutional FOMO will kick in too.



Did the fundamentals of Bitcoin change?
No.
Let's just steer away from the price action for now. Is transaction volume on the Bitcoin network still high? Are people actually using it? 'Pomp', take it away and explain to us why Bitcoin fundamentals haven't changed at all.

Monday, 19 November 2018

Bitcoin reach $5.5k to $19k in 33 Days,in 2017 is it possible 2019

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Mainstream media, renowned economists and other crypto critics have killed Bitcoin more than 300 times since its launch. But the digital currency always come back from the dead.

Every bitcoin crash from the past has witnessed a surge in crypto-doomsday theories. As a relatively new market, BTC charts do not behave like any conventional asset out there. They demonstrate wild price fluctuations that are adequately scary for weak-hearted traders. Even then, every serious BTC fall eventually turns into an equally vibrant bullish action. Traders, speculating on the long-term potential of the digital currency, buy the dips, hold on to them, and awaits a rally to exit on a profitable note.

The latest Bitcoin crash somewhat repeats the same cycle of death and resurrection. Only this time, the negativities are more intense presumably because of analysts. Almost every prominent Bitcoin bull had pushed $6,000 as an unbeatable bottom. They had reasons, of course. The said level had defended the bullish forts throughout this depressive year. Every extended selling attempt reversed from $6,000 area. Miners recognized it as break-even level based on their return on investments. Factors such as these led the industry to believe that $6,000 will hold the bears for good.

The belief got shattered on Thursday when Bitcoin established a new yearly low below their presumed bottom. The price found interim support at $5,188, attempted an upside correction, and is now trading at $5,471 on Coinbase at the time of writing. However, the market can extend its selling action, for the correction appears weak. In short, BTC is bleeding and in need of blood bags.

Why 2019 is Crucial


Bitcoin bull Tom Lee almost doubled down his price prediction for the digital currency, from a whopping $25,000 to a modest $15,000 by the end of this year. Whether the market will be able to recover to a five-figure value cannot be known yet, but it certainly has enough going on in the background.

Bitcoin ETF, for instance, still holds relevance to how the digital currency sentiment would be in the future. The US Securities and Exchange Commission (SEC) has rejected nine Bitcoin ETF applications but keeping one under review. The decision about it will come before the last quarter of 2018. VanEck, the ETF’s applicant, is confident about its approval this time, so the bitcoin speculators have enough positive sentiments to keep the market afloat until then.

Similarly, large-scale institutions are launching crypto products to cater to big investors. Fidelity, ICE, Galaxy Digital – the list is growing already. Alex Krüger, a prominent market researcher, claimed that the Wall Street alone had injected $5.9 billion worth of capital into the crypto space. The fruits of such investments will take time to flourish, but they will thrive in a longer run.

In 2017, the Bitcoin market added multi-billion dollars to its market cap within just 33 days. Between the said period, the BTC/USD value shot up to $19,000 from a mere $5,500. And that happened because the speculation was high. In the present, there is speculation. But it is more realistic. So a near-term fall might scare-off day traders but long-term speculators are holding their grounds.

Friday, 16 November 2018

Is McAfee sweating already? His Bitcoin prediction is now almost 300 days behind

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Remember that famous Bitcoin prediction of John McAfee? Bitcoin at $1 million by 2020 or a certain private part gets eaten on national television? Well, after this week's Bitcoin crash, things are not looking very promising for McAfee right now.

The crypto enthusiast first predicted Bitcoin to reach $500K in 2020, stating that he will 'eat his dick on national television' if that doesn't happen.


In November 2017, four months after his first bet, McAfee took it a step further and predicted Bitcoin at $1 million by the end of 2020, adding that 'I will still eat my dick if wrong'.


When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5,000 at the end of 2017. BTC has accelerated much faster than my model assumptions. I now predict Bircoin at $1 million by the end of 2020. I will still eat my dick if wrong.


McAfee had every reason to be confident at that time. On November 29 2017, the day of his $1 million predicition, Bitcoin was trading 128% above the average trend line leading to $1 million by the end of 2020. A handy McAfee predictor tool keeping track of the progress, Bircoin.top, explaines that 'Bitcoin needs to grow at a rate of 0.484095526 % per day from 2017-07-17 to 2020-12-31 to get from $ 2,244.27 (price on the day of his first prediction) to $ 1,000,000.00'. 


At the all time high of Bitcoin, mid-December 2017, Bitcoin's price was 314% above the red line, and 296 days ahead of the growth that is needed for McAfee's prediction to come true. 
298 days behind


Things are looking different these days. With Bitcoin's price dropping from close to $20K to the current levels of $5.5K, McAfee is losing sight of the average trend line going towards the $1 million. Currently, the price of Bitcoin is 76,3% below and 298 days of average growth behind the red line. Bitcoin should have been $23,520.75 at this point to be on schedule. 
'
I cannot loose the bet'


McAfee, however, doesn't seem to be worried at all. On Thursday, he posted on Twitter that 'we are still on schedule to get to $1 million by 2020'. 'I cannot lose the bet. It is mathematically impossible. What you have been seeing is short term (< 18 months) nonsense. Ignore it and look at fundamentals.'

Sunday, 11 November 2018

Bitcoin pioneer who gave away over US$100mil has no Regrets

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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.